# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-25-266582
**Filing Date:** 2025-11
**Character Count:** 6338988
**Document Hash:** ccb1536ec4a26348b9e8b5cb17c5a4fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-266582.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-266582

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663

**ORGANIZATION NAME:**
- **EIN:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 251453360

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares iBoxx $ Investment Grade Corporate Bond ETF (Series ID: S000004361)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000012091 | iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD             |

### iShares Core U.S. Aggregate Bond ETF (Series ID: S000004362)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000012092 | iShares Core U.S. Aggregate Bond ETF | AGG             |

### iShares 1-5 Year Investment Grade Corporate Bond ETF (Series ID: S000013697)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000037539 | iShares 1-5 Year Investment Grade Corporate Bond ETF | IGSB            |

### iShares 5-10 Year Investment Grade Corporate Bond ETF (Series ID: S000013698)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000037540 | iShares 5-10 Year Investment Grade Corporate Bond ETF | IGIB            |

### iShares Broad USD Investment Grade Corporate Bond ETF (Series ID: S000013699)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000037541 | iShares Broad USD Investment Grade Corporate Bond ETF | USIG            |

### iShares Intermediate Government/Credit Bond ETF (Series ID: S000013700)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000037542 | iShares Intermediate Government/Credit Bond ETF | GVI             |

### iShares Government/Credit Bond ETF (Series ID: S000013701)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000037543 | iShares Government/Credit Bond ETF | GBF             |

### iShares MBS ETF (Series ID: S000013702)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000037544 | iShares MBS ETF | MBB             |

### iShares iBoxx $ High Yield Corporate Bond ETF (Series ID: S000016772)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000046846 | iShares iBoxx $ High Yield Corporate Bond ETF | HYG             |

### iShares 10+ Year Investment Grade Corporate Bond ETF (Series ID: S000026651)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000080009 | iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB            |

### iShares Core 10+ Year USD Bond ETF (Series ID: S000026652)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000080010 | iShares Core 10+ Year USD Bond ETF | ILTB            |

### iShares Core 5-10 Year USD Bond ETF (Series ID: S000055401)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000174365 | iShares Core 5-10 Year USD Bond ETF | IMTB            |

### iShares High Yield Systematic Bond ETF (Series ID: S000057341)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000182992 | iShares High Yield Systematic Bond ETF | HYDB            |

### iShares Investment Grade Systematic Bond ETF (Series ID: S000057342)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000182993 | iShares Investment Grade Systematic Bond ETF | IGEB            |

### iShares ESG Aware 1-5 Year USD Corporate Bond ETF (Series ID: S000058036)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000189864 | iShares ESG Aware 1-5 Year USD Corporate Bond ETF | SUSB            |

### iShares ESG Aware USD Corporate Bond ETF (Series ID: S000058037)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000189865 | iShares ESG Aware USD Corporate Bond ETF | SUSC            |

### iShares ESG Aware U.S. Aggregate Bond ETF (Series ID: S000062159)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000201167 | iShares ESG Aware U.S. Aggregate Bond ETF | EAGG            |

### iShares ESG Advanced Total USD Bond Market ETF (Series ID: S000068817)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000219898 | iShares ESG Advanced Universal USD Bond ETF | EUSB            |

?xml version='1.0' encoding='ASCII'? iShares Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-09729

Name of Fund:

iShares Trust

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

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

2/28/2026

Date of reporting period:

8/31/2025

Item 1 — Report to Stockholders

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

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares 10+ Year Investment Grade Corporate Bond ETF

### IGLB \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares 10+ Year Investment Grade Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares 10+ Year Investment Grade Corporate Bond ETF | $2 | 0.04%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2461765561 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3773 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 3.0% |
| Aa | 11.4% |
| A | 42.0% |
| Baa | 40.6% |
| Ba | 1.5% |
| Not Rated | 1.5% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 10-15 Years | 16.8% |
| 15-20 Years | 21.4% |
| More than 20 Years | 61.8% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares 10+ Year Investment Grade Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

IGLB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares 1-5 Year Investment Grade Corporate Bond ETF

### IGSB \| NASDAQ

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares 1-5 Year Investment Grade Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | $2 | 0.04%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$21428051177 |
| Number of Portfolio Holdings | &nbsp;&nbsp;4388 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 1.1% |
| Aa | 9.6% |
| A | 44.0% |
| Baa | 41.5% |
| Ba | 1.8% |
| Not Rated | 2.0% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total<br> Investments*<sup>(a)</sup>* |
| 1-2 Years | 22.3% |
| 2-3 Years | 25.5% |
| 3-4 Years | 22.4% |
| 4-5 Years | 24.0% |
| 5-6 Years | 5.0% |
| 6-7 Years | 0.2% |
| 7-8 Years | 0.2% |
| 8-9 Years | 0.1% |
| 9-10 Years | 0.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares 1-5 Year Investment Grade Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

IGSB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares 5-10 Year Investment Grade Corporate Bond ETF

### IGIB \| NASDAQ

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares 5-10 Year Investment Grade Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | $2 | 0.04%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$16186993594 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2885 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 0.7% |
| Aa | 6.8% |
| A | 41.2% |
| Baa | 47.1% |
| Ba | 1.7% |
| Not Rated | 2.5% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 5-10 Years | 92.0% |
| 10-15 Years | 6.1% |
| 15-20 Years | 0.1% |
| More than 20 Years | 1.8% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares 5-10 Year Investment Grade Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

IGIB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares Broad USD Investment Grade Corporate Bond ETF

### USIG \| NASDAQ

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares Broad USD Investment Grade Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Broad USD Investment Grade Corporate Bond ETF | $2 | 0.04%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$14722334781 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11037 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 1.5% |
| Aa | 9.2% |
| A | 42.8% |
| Baa | 43.0% |
| Ba | 1.6% |
| Not Rated | 1.9% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 1-5 Years | 39.8% |
| 5-10 Years | 27.7% |
| 10-15 Years | 7.0% |
| 15-20 Years | 6.7% |
| More than 20 Years | 18.8% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares Broad USD Investment Grade Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

USIG-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares Core 10+ Year USD Bond ETF

### ILTB \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares Core 10+ Year USD Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core 10+ Year USD Bond ETF | $3 | 0.06%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$572840110 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3730 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 47.3% |
| Aa | 7.3% |
| A | 19.3% |
| Baa | 21.3% |
| Ba | 2.5% |
| B | 0.6% |
| Caa | 0.7% |
| Ca | 0.1% |
| Not Rated | 0.9% |

---

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Corporate Bonds & Notes | 45.5% |
| U.S. Government & Agency Obligations | 45.4% |
| Foreign Government Obligations | 7.4% |
| Municipal Debt Obligations | 1.7% |
| Asset-Backed Securities | 0.0 %(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares Core 10+ Year USD Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

ILTB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares Core 5-10 Year USD Bond ETF

### IMTB \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares Core 5-10 Year USD Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core 5-10 Year USD Bond ETF | $3 | 0.05%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$254296768 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3238 |
| Portfolio Turnover Rate | &nbsp;&nbsp;159% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 73.5% |
| Aa | 2.0% |
| A | 7.8% |
| Baa | 9.8% |
| Ba | 2.9% |
| B | 1.8% |
| Caa | 0.7% |
| Ca | 0.1% |
| Not Rated | 1.4% |

---

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government & Agency Obligations | 72.5% |
| Corporate Bonds & Notes | 23.2% |
| Foreign Government Obligations | 4.0% |
| Collateralized Mortgage Obligations | 0.7% |
| Municipal Debt Obligations | 0.1% |
| Common Stocks | 0.0 %(b) |
| TBA Sales Commitments | (0.5)% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares Core 5-10 Year USD Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

IMTB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares Core U.S. Aggregate Bond ETF

### AGG \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares Core U.S. Aggregate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core U.S. Aggregate Bond ETF | $2 | 0.03%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$130636427767 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12730 |
| Portfolio Turnover Rate | &nbsp;&nbsp;31% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 73.3% |
| Aa | 2.8% |
| A | 11.3% |
| Baa | 11.2% |
| Ba | 0.5% |
| Not Rated | 0.9% |

---

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government & Agency Obligations | 71.1% |
| Corporate Bonds & Notes | 24.8% |
| Foreign Government Obligations | 2.3% |
| Collateralized Mortgage Obligations | 1.0% |
| Municipal Debt Obligations | 0.5% |
| Asset-Backed Securities | 0.4% |
| TBA Sales Commitments | (0.1)% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares Core U.S. Aggregate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

AGG-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares ESG Advanced Total USD Bond Market ETF

### EUSB \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares ESG Advanced Total USD Bond Market ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Advanced Total USD Bond Market ETF | $6 | 0.12%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$746613556 |
| Number of Portfolio Holdings | &nbsp;&nbsp;4285 |
| Portfolio Turnover Rate | &nbsp;&nbsp;51% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 64.6% |
| Aa | 3.4% |
| A | 9.9% |
| Baa | 15.4% |
| Ba | 3.0% |
| B | 1.5% |
| Caa | 0.4% |
| Ca | 0.1% |
| Not Rated | 1.7% |

---

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government & Agency Obligations | 61.6% |
| Corporate Bonds & Notes | 30.7% |
| Foreign Government Obligations | 6.6% |
| Collateralized Mortgage Obligations | 1.0% |
| Asset-Backed Securities | 0.4% |
| TBA Sales Commitments | (0.3)% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares ESG Advanced Total USD Bond Market ETF

Semi-Annual Shareholder Report — August 31, 2025

EUSB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares ESG Aware 1-5 Year USD Corporate Bond ETF

### SUSB \| NASDAQ

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares ESG Aware 1-5 Year USD Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Aware 1-5 Year USD Corporate Bond ETF | $6 | 0.12%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1018541884 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1707 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 0.8% |
| Aa | 5.3% |
| A | 44.7% |
| Baa | 46.6% |
| Ba | 1.5% |
| Not Rated | 1.1% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total<br> Investments*<sup>(a)</sup>* |
| 1-2 Years | 19.1% |
| 2-3 Years | 27.6% |
| 3-4 Years | 24.0% |
| 4-5 Years | 22.8% |
| 5-6 Years | 6.0% |
| 6-7 Years | 0.2% |
| 8-9 Years | 0.1% |
| 9-10 Years | 0.2% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares ESG Aware 1-5 Year USD Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

SUSB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares ESG Aware U.S. Aggregate Bond ETF

### EAGG \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares ESG Aware U.S. Aggregate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Aware U.S. Aggregate Bond ETF | $5 | 0.10%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4106476418 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5168 |
| Portfolio Turnover Rate | &nbsp;&nbsp;49% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 73.6% |
| Aa | 2.4% |
| A | 10.6% |
| Baa | 12.4% |
| Ba | 0.2% |
| Not Rated | 0.8% |

---

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government & Agency Obligations | 70.5% |
| Corporate Bonds & Notes | 25.0% |
| Foreign Government Obligations | 3.2% |
| Collateralized Mortgage Obligations | 1.1% |
| Asset-Backed Securities | 0.4% |
| Municipal Debt Obligations | 0.0 %(b) |
| TBA Sales Commitments | (0.2)% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares ESG Aware U.S. Aggregate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

EAGG-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares ESG Aware USD Corporate Bond ETF

### SUSC \| NASDAQ

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares ESG Aware USD Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Aware USD Corporate Bond ETF | $9 | 0.18%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1196010117 |
| Number of Portfolio Holdings | &nbsp;&nbsp;4133 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 1.2% |
| Aa | 5.9% |
| A | 42.2% |
| Baa | 48.1% |
| Ba | 1.5% |
| Not Rated | 1.1% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 1-5 Years | 37.6% |
| 5-10 Years | 27.9% |
| 10-15 Years | 8.1% |
| 15-20 Years | 6.3% |
| More than 20 Years | 20.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares ESG Aware USD Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

SUSC-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares Government/Credit Bond ETF

### GBF \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares Government/Credit Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Government/Credit Bond ETF | $10 | 0.20%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$135965523 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3202 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 65.1% |
| Aa | 3.5% |
| A | 14.1% |
| Baa | 16.2% |
| Ba | 0.7% |
| Not Rated | 0.4% |

---

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government & Agency Obligations | 62.8% |
| Corporate Bonds & Notes | 32.8% |
| Foreign Government Obligations | 3.7% |
| Municipal Debt Obligations | 0.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares Government/Credit Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

GBF-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares High Yield Systematic Bond ETF

### HYDB \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares High Yield Systematic Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares High Yield Systematic Bond ETF | $18 | 0.35%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1622632813 |
| Number of Portfolio Holdings | &nbsp;&nbsp;279 |
| Portfolio Turnover Rate | &nbsp;&nbsp;46% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Baa | 0.7% |
| Ba | 35.6% |
| B | 46.3% |
| Caa | 9.1% |
| Ca | 0.1% |
| Not Rated | 8.2% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 0-1 Year | 1.3% |
| 1-5 Years | 64.4% |
| 5-10 Years | 33.2% |
| 10-15 Years | 0.6% |
| More than 20 Years | 0.5% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares High Yield Systematic Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

HYDB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares iBoxx $ High Yield Corporate Bond ETF

### HYG \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares iBoxx $ High Yield Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares iBoxx $ High Yield Corporate Bond ETF | $25 | 0.49%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$17990154797 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1290 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating\** | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aa | 0.1% |
| Baa | 1.3% |
| Ba | 44.4% |
| B | 39.9% |
| Caa | 11.8% |
| Ca | 0.6% |
| C | 0.0% |
| Not Rated | 1.9% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 0-1 Year | 0.2% |
| 1-5 Years | 59.4% |
| 5-10 Years | 37.3% |
| 10-15 Years | 0.4% |
| More than 20 Years | 2.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

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

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

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares iBoxx $ High Yield Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

HYG-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares iBoxx $ Investment Grade Corporate Bond ETF

### LQD \| NYSE Arca

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares iBoxx $ Investment Grade Corporate Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | $7 | 0.14%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$30245355825 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2928 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 2.4% |
| Aa | 7.6% |
| A | 46.3% |
| Baa | 41.0% |
| Ba | 2.2% |
| Not Rated | 0.5% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 1-5 Years | 19.2% |
| 5-10 Years | 38.1% |
| 10-15 Years | 8.7% |
| 15-20 Years | 7.6% |
| More than 20 Years | 26.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

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

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

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares iBoxx $ Investment Grade Corporate Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

LQD-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares Intermediate Government/Credit Bond ETF

### GVI \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares Intermediate Government/Credit Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Intermediate Government/Credit Bond ETF | $10 | 0.20%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3540116502 |
| Number of Portfolio Holdings | &nbsp;&nbsp;5903 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 68.8% |
| Aa | 2.9% |
| A | 13.6% |
| Baa | 13.7% |
| Ba | 0.5% |
| Not Rated | 0.5% |

---

Portfolio composition

---

| | |
|:---|:---|
| *Investment Type* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government & Agency Obligations | 65.8% |
| Corporate Bonds & Notes | 30.0% |
| Foreign Government Obligations | 4.0% |
| Municipal Debt Obligations | 0.2% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares Intermediate Government/Credit Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

GVI-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares Investment Grade Systematic Bond ETF

### IGEB \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares Investment Grade Systematic Bond ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Investment Grade Systematic Bond ETF | $9 | 0.18%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1328100544 |
| Number of Portfolio Holdings | &nbsp;&nbsp;480 |
| Portfolio Turnover Rate | &nbsp;&nbsp;31% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Credit quality allocation

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Aaa | 2.5% |
| Aa | 4.4% |
| A | 15.0% |
| Baa | 71.9% |
| Ba | 4.1% |
| Not Rated | 2.1% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total*<br> *Investments*<sup>(a)</sup>* |
| 0-1 Year | 0.4% |
| 1-5 Years | 19.4% |
| 5-10 Years | 49.3% |
| 10-15 Years | 6.9% |
| 15-20 Years | 2.7% |
| More than 20 Years | 21.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Credit quality ratings shown reflect the ratings assigned by Moody's Investors Service ("Moody's"), a widely used independent, nationally recognized statistical rating organization. Moody's credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares Investment Grade Systematic Bond ETF

Semi-Annual Shareholder Report — August 31, 2025

IGEB-08/25-SAR

![TSR - BLK iShares Logo](g98161images_5304.jpg)

### iShares MBS ETF

### MBB \| NASDAQ

#### Semi-Annual Shareholder Report — August 31, 2025

------

This semi-annual shareholder report contains important information about iShares MBS ETF (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MBS ETF | $2 | 0.04%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$41019801216 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11387 |
| Portfolio Turnover Rate | &nbsp;&nbsp;71% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

Issuer allocation

---

| | |
|:---|:---|
| *Issuer* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Uniform Mortgage-Backed Securities | 75.3% |
| Government National Mortgage Association | 22.7% |
| Federal Home Loan Mortgage Corp. | 1.9% |
| Federal National Mortgage Association | 0.1% |

---

Maturity allocation

---

| | |
|:---|:---|
| *Maturity* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| 1-5 Years | 0.3% |
| 5-10 Years | 1.9% |
| 10-15 Years | 7.6% |
| 15-20 Years | 3.3% |
| 20-25 Years | 14.8% |
| 25-30 Years | 71.4% |
| 30-35 Years | 0.7% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g98161images_5305.jpg)

iShares MBS ETF

Semi-Annual Shareholder Report — August 31, 2025

MBB-08/25-SAR

------

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

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

------

August 31, 2025

![](g98161img2e5632ff1.jpg)

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

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

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

---

| |
|:---|
| **iShares Trust** |
| • iShares Broad USD Investment Grade Corporate Bond ETF \| USIG \| NASDAQ |
| • iShares 1-5 Year Investment Grade Corporate Bond ETF \| IGSB \| NASDAQ |
| • iShares 5-10 Year Investment Grade Corporate Bond ETF \| IGIB \| NASDAQ |
| • iShares 10+ Year Investment Grade Corporate Bond ETF \| IGLB \| NYSE Arca |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 237 |
| [Statements of Operations](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 238 |
| [Statements of Changes in Net Assets](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 239 |
| [Financial Highlights](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 241 |
| [Notes to Financial Statements](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 245 |
| [Additional Information](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 254 |
| [Board Review and Approval of Investment Advisory Contract](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 255 |
| [Glossary of Terms Used in these Financial Statements](#xx_577797a9-61fd-414a-bfa5-976fb674bcab_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 260 |

---

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 2.40%, 03/01/31 | &nbsp;&nbsp; $917 | $820110 |
| 3.38%, 03/01/41 | &nbsp;&nbsp; 964 | 711583 |
| 4.65%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1653 | 1665728 |
| 4.75%, 03/30/30 | &nbsp;&nbsp; 1485 | 1496911 |
| 5.38%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 768 | 778609 |
| 5.40%, 10/01/48<sup>(a)</sup> | &nbsp;&nbsp; 471 | 428603 |
| Omnicom Group Inc. |  |  |
| 2.45%, 04/30/30 | &nbsp;&nbsp; 1948 | 1788885 |
| 2.60%, 08/01/31 | &nbsp;&nbsp; 1420 | 1278444 |
| 4.20%, 06/01/30 | &nbsp;&nbsp; 1012 | 1003168 |
| 5.30%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 445 | 451718 |
|  |  | 10423759 |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| Airbus SE |  |  |
| 3.15%, 04/10/27<sup>(b)</sup> | &nbsp;&nbsp; 1320 | 1303562 |
| 3.95%, 04/10/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 1235 | 1004562 |
| BAE Systems Finance Inc., 7.50%, 07/01/27<sup>(b)</sup> | &nbsp;&nbsp; 1075 | 1138285 |
| BAE Systems Holdings Inc., 4.75%, <br> 10/07/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 818 | 737987 |
| BAE Systems PLC |  |  |
| 1.90%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2215 | 1949152 |
| 3.00%, 09/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1425 | 929443 |
| 3.40%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2735 | 2640921 |
| 5.00%, 03/26/27<sup>(b)</sup> | &nbsp;&nbsp; 1335 | 1350277 |
| 5.13%, 03/26/29<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1588297 |
| 5.25%, 03/26/31<sup>(b)</sup> | &nbsp;&nbsp; 510 | 531243 |
| 5.30%, 03/26/34<sup>(b)</sup> | &nbsp;&nbsp; 2430 | 2493466 |
| 5.50%, 03/26/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1320 | 1288742 |
| 5.80%, 10/11/41<sup>(b)</sup> | &nbsp;&nbsp; 852 | 871916 |
| Boeing Co. (The) |  |  |
| 2.70%, 02/01/27 | &nbsp;&nbsp; 1555 | 1519923 |
| 2.80%, 03/01/27 | &nbsp;&nbsp; 562 | 549626 |
| 2.95%, 02/01/30 | &nbsp;&nbsp; 1185 | 1111215 |
| 3.20%, 03/01/29 | &nbsp;&nbsp; 1595 | 1533986 |
| 3.25%, 02/01/28 | &nbsp;&nbsp; 1622 | 1584013 |
| 3.25%, 03/01/28 | &nbsp;&nbsp; 922 | 897916 |
| 3.25%, 02/01/35 | &nbsp;&nbsp; 1366 | 1165630 |
| 3.30%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 498 | 420115 |
| 3.38%, 06/15/46 | &nbsp;&nbsp; 660 | 451780 |
| 3.45%, 11/01/28 | &nbsp;&nbsp; 752 | 733381 |
| 3.50%, 03/01/39<sup>(a)</sup> | &nbsp;&nbsp; 631 | 500169 |
| 3.50%, 03/01/45<sup>(a)</sup> | &nbsp;&nbsp; 464 | 326816 |
| 3.55%, 03/01/38 | &nbsp;&nbsp; 560 | 458062 |
| 3.60%, 05/01/34 | &nbsp;&nbsp; 1678 | 1495450 |
| 3.63%, 02/01/31 | &nbsp;&nbsp; 2490 | 2377527 |
| 3.63%, 03/01/48 | &nbsp;&nbsp; 788 | 548979 |
| 3.65%, 03/01/47 | &nbsp;&nbsp; 650 | 458916 |
| 3.75%, 02/01/50<sup>(a)</sup> | &nbsp;&nbsp; 2198 | 1565325 |
| 3.83%, 03/01/59 | &nbsp;&nbsp; 389 | 261242 |
| 3.85%, 11/01/48 | &nbsp;&nbsp; 551 | 395388 |
| 3.90%, 05/01/49 | &nbsp;&nbsp; 1382 | 1005375 |
| 3.95%, 08/01/59<sup>(a)</sup> | &nbsp;&nbsp; 1772 | 1220115 |
| 5.04%, 05/01/27 | &nbsp;&nbsp; 2870 | 2896738 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 6525 | 6692891 |
| 5.71%, 05/01/40 | &nbsp;&nbsp; 5165 | 5182463 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 9014 | 8668195 |
| 5.88%, 02/15/40 | &nbsp;&nbsp; 810 | 818347 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 6062 | 5820865 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 6.13%, 02/15/33 | &nbsp;&nbsp; $764 | $813982 |
| 6.26%, 05/01/27 | &nbsp;&nbsp; 1115 | 1147354 |
| 6.30%, 05/01/29 | &nbsp;&nbsp; 2525 | 2681361 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 1830 | 1987508 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 4335 | 4747459 |
| 6.63%, 02/15/38<sup>(a)</sup> | &nbsp;&nbsp; 567 | 620453 |
| 6.86%, 05/01/54 | &nbsp;&nbsp; 4125 | 4523449 |
| 6.88%, 03/15/39 | &nbsp;&nbsp; 728 | 808560 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; 2245 | 2487422 |
| Embraer Netherlands Finance BV |  |  |
| 5.98%, 02/11/35<sup>(a)</sup> | &nbsp;&nbsp; 265 | 274937 |
| 6.95%, 01/17/28<sup>(b)</sup> | &nbsp;&nbsp; 100 | 104369 |
| 7.00%, 07/28/30<sup>(b)</sup> | &nbsp;&nbsp; 1140 | 1231949 |
| GE Capital Funding LLC, 4.55%, 05/15/32 | &nbsp;&nbsp; 705 | 708306 |
| GE Capital International Funding Co. Unlimited <br> Co., 4.42%, 11/15/35<br>| &nbsp;&nbsp; 1675 | 1621017 |
| General Dynamics Corp. |  |  |
| 2.25%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 960 | 866281 |
| 2.63%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 775 | 754431 |
| 2.85%, 06/01/41 | &nbsp;&nbsp; 865 | 633596 |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 1293 | 1286257 |
| 3.60%, 11/15/42 | &nbsp;&nbsp; 719 | 574626 |
| 3.63%, 04/01/30 | &nbsp;&nbsp; 1802 | 1770293 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 2501 | 2495590 |
| 4.25%, 04/01/40 | &nbsp;&nbsp; 1347 | 1216033 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 1125 | 932427 |
| 4.95%, 08/15/35 | &nbsp;&nbsp; 530 | 535595 |
| General Electric Co. |  |  |
| 4.30%, 07/29/30 | &nbsp;&nbsp; 810 | 813491 |
| 4.35%, 05/01/50 | &nbsp;&nbsp; 665 | 563216 |
| 4.50%, 03/11/44 | &nbsp;&nbsp; 905 | 806791 |
| 4.90%, 01/29/36<sup>(a)</sup> | &nbsp;&nbsp; 1420 | 1426207 |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 1295 | 1388863 |
| 6.15%, 08/07/37 | &nbsp;&nbsp; 495 | 540344 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 1365 | 1544695 |
| 6.88%, 01/10/39<sup>(a)</sup> | &nbsp;&nbsp; 1105 | 1294762 |
| HEICO Corp. |  |  |
| 5.25%, 08/01/28 | &nbsp;&nbsp; 1185 | 1217908 |
| 5.35%, 08/01/33 | &nbsp;&nbsp; 955 | 980911 |
| Hexcel Corp. |  |  |
| 4.20%, 02/15/27 | &nbsp;&nbsp; 575 | 571224 |
| 5.88%, 02/26/35 | &nbsp;&nbsp; 480 | 489449 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 | &nbsp;&nbsp; 1015 | 976302 |
| 4.85%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 345 | 353092 |
| 5.90%, 02/01/27 | &nbsp;&nbsp; 685 | 699514 |
| 5.95%, 02/01/37<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 1111520 |
| 6.75%, 01/15/28 | &nbsp;&nbsp; 530 | 557812 |
| L3Harris Technologies Inc. |  |  |
| 1.80%, 01/15/31 | &nbsp;&nbsp; 1608 | 1406831 |
| 2.90%, 12/15/29 | &nbsp;&nbsp; 1121 | 1058609 |
| 3.85%, 12/15/26 | &nbsp;&nbsp; 1102 | 1096468 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 3546 | 3566067 |
| 4.85%, 04/27/35 | &nbsp;&nbsp; 917 | 901293 |
| 5.05%, 06/01/29 | &nbsp;&nbsp; 910 | 934355 |
| 5.05%, 04/27/45 | &nbsp;&nbsp; 814 | 761092 |
| 5.25%, 06/01/31 | &nbsp;&nbsp; 1250 | 1297567 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 1120 | 1147557 |
| 5.40%, 01/15/27 | &nbsp;&nbsp; 1870 | 1899514 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 2185 | 2256752 |
| 5.50%, 08/15/54<sup>(a)</sup> | &nbsp;&nbsp; 930 | 895115 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 5.60%, 07/31/53 | &nbsp;&nbsp; $941 | $914868 |
| 6.15%, 12/15/40 | &nbsp;&nbsp; 606 | 644305 |
| Lockheed Martin Corp. |  |  |
| 1.85%, 06/15/30 | &nbsp;&nbsp; 1180 | 1062574 |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 1366 | 851835 |
| 3.60%, 03/01/35 | &nbsp;&nbsp; 1019 | 928869 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 1739 | 1376896 |
| 3.90%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 1332616 |
| 4.07%, 12/15/42 | &nbsp;&nbsp; 2145 | 1802565 |
| 4.09%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 2636 | 2058059 |
| 4.15%, 08/15/28 | &nbsp;&nbsp; 800 | 804199 |
| 4.15%, 06/15/53 | &nbsp;&nbsp; 1585 | 1242424 |
| 4.30%, 06/15/62<sup>(a)</sup> | &nbsp;&nbsp; 1224 | 952497 |
| 4.40%, 08/15/30 | &nbsp;&nbsp; 1030 | 1038125 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 1100 | 1113188 |
| 4.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 1227246 |
| 4.50%, 05/15/36 | &nbsp;&nbsp; 812 | 783020 |
| 4.70%, 12/15/31 | &nbsp;&nbsp; 645 | 658454 |
| 4.70%, 05/15/46 | &nbsp;&nbsp; 2182 | 1948079 |
| 4.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1530 | 1530937 |
| 4.80%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 740 | 742314 |
| 5.00%, 08/15/35 | &nbsp;&nbsp; 1200 | 1207479 |
| 5.10%, 11/15/27 | &nbsp;&nbsp; 1445 | 1480088 |
| 5.20%, 02/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1620 | 1505807 |
| 5.20%, 02/15/64 | &nbsp;&nbsp; 1005 | 913684 |
| 5.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1510 | 1573588 |
| 5.70%, 11/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1510 | 1504115 |
| 5.72%, 06/01/40 | &nbsp;&nbsp; 585 | 611614 |
| 5.90%, 11/15/63 | &nbsp;&nbsp; 1250 | 1279831 |
| Series B, 6.15%, 09/01/36 | &nbsp;&nbsp; 885 | 971809 |
| Northrop Grumman Corp. |  |  |
| 3.20%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1011 | 998605 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 3449 | 3386662 |
| 3.85%, 04/15/45 | &nbsp;&nbsp; 1063 | 838671 |
| 4.03%, 10/15/47 | &nbsp;&nbsp; 3979 | 3155625 |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 1457 | 1469063 |
| 4.60%, 02/01/29 | &nbsp;&nbsp; 785 | 797258 |
| 4.65%, 07/15/30 | &nbsp;&nbsp; 1345 | 1368032 |
| 4.70%, 03/15/33 | &nbsp;&nbsp; 1430 | 1431010 |
| 4.75%, 06/01/43 | &nbsp;&nbsp; 1554 | 1400697 |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 1310 | 1312219 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 1525 | 1356818 |
| 5.05%, 11/15/40 | &nbsp;&nbsp; 489 | 471469 |
| 5.15%, 05/01/40 | &nbsp;&nbsp; 841 | 825101 |
| 5.20%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1765 | 1623937 |
| 5.25%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 990 | 1012263 |
| 5.25%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1680 | 1566278 |
| Northrop Grumman Systems Corp., 7.75%, <br> 02/15/31<br>| &nbsp;&nbsp; 330 | 378973 |
| Rolls-Royce PLC, 5.75%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 565 | 580107 |
| RTX Corp. |  |  |
| 1.90%, 09/01/31 | &nbsp;&nbsp; 1655 | 1434229 |
| 2.25%, 07/01/30 | &nbsp;&nbsp; 1871 | 1710610 |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 1307 | 1144986 |
| 2.65%, 11/01/26 | &nbsp;&nbsp; 1182 | 1161532 |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 1950 | 1186740 |
| 3.03%, 03/15/52 | &nbsp;&nbsp; 1940 | 1228949 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; 1777 | 1749895 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 1660 | 1092882 |
| 3.50%, 03/15/27 | &nbsp;&nbsp; 1875 | 1858384 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 1762 | 1337145 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 4.05%, 05/04/47 | &nbsp;&nbsp; $1252 | $993370 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 4994 | 4999382 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 1437 | 1174787 |
| 4.20%, 12/15/44 | &nbsp;&nbsp; 420 | 341692 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 1783 | 1481263 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 1584 | 1465567 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 5869 | 5172590 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 3150 | 2704459 |
| 4.70%, 12/15/41 | &nbsp;&nbsp; 845 | 767100 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 894 | 803945 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 1041 | 987234 |
| 5.15%, 02/27/33<sup>(a)</sup> | &nbsp;&nbsp; 2190 | 2249436 |
| 5.38%, 02/27/53<sup>(a)</sup> | &nbsp;&nbsp; 2295 | 2170235 |
| 5.40%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 975 | 1009255 |
| 5.70%, 04/15/40 | &nbsp;&nbsp; 570 | 592721 |
| 5.75%, 11/08/26 | &nbsp;&nbsp; 1940 | 1972194 |
| 5.75%, 01/15/29 | &nbsp;&nbsp; 1135 | 1191427 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 1865 | 2013769 |
| 6.05%, 06/01/36 | &nbsp;&nbsp; 595 | 643709 |
| 6.10%, 03/15/34 | &nbsp;&nbsp; 2135 | 2317746 |
| 6.13%, 07/15/38 | &nbsp;&nbsp; 880 | 953824 |
| 6.40%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 2085 | 2255675 |
| 6.70%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 820 | 876295 |
| 7.20%, 08/15/27 | &nbsp;&nbsp; 375 | 396584 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 1320 | 1478386 |
|  |  | 248820747 |
| **Agriculture — 1.3%** | **Agriculture — 1.3%** | **Agriculture — 1.3%** |
| Altria Group Inc. |  |  |
| 2.45%, 02/04/32 | &nbsp;&nbsp; 2820 | 2454970 |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 1030 | 1012975 |
| 3.40%, 05/06/30 | &nbsp;&nbsp; 1593 | 1527311 |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 2456 | 1842321 |
| 3.70%, 02/04/51 | &nbsp;&nbsp; 2081 | 1440734 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; 2519 | 1875395 |
| 4.00%, 02/04/61<sup>(a)</sup> | &nbsp;&nbsp; 1590 | 1124221 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; 1510 | 1237188 |
| 4.45%, 05/06/50 | &nbsp;&nbsp; 917 | 721306 |
| 4.50%, 08/06/30<sup>(a)</sup> | &nbsp;&nbsp; 655 | 655161 |
| 4.50%, 05/02/43 | &nbsp;&nbsp; 1112 | 929716 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; 3554 | 3610472 |
| 4.88%, 02/04/28 | &nbsp;&nbsp; 925 | 938986 |
| 5.25%, 08/06/35<sup>(a)</sup> | &nbsp;&nbsp; 325 | 324364 |
| 5.38%, 01/31/44<sup>(a)</sup> | &nbsp;&nbsp; 2675 | 2558335 |
| 5.63%, 02/06/35 | &nbsp;&nbsp; 760 | 780452 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 3159 | 3224109 |
| 5.95%, 02/14/49<sup>(a)</sup> | &nbsp;&nbsp; 4216 | 4191029 |
| 6.20%, 11/01/28 | &nbsp;&nbsp; 1185 | 1252777 |
| 6.20%, 02/14/59 | &nbsp;&nbsp; 528 | 525250 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 770 | 860918 |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 1350 | 812324 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 1365 | 1242177 |
| 3.25%, 03/27/30 | &nbsp;&nbsp; 1602 | 1541148 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 710 | 536412 |
| 4.02%, 04/16/43 | &nbsp;&nbsp; 778 | 644277 |
| 4.50%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 425 | 419525 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 750 | 631565 |
| 4.54%, 03/26/42 | &nbsp;&nbsp; 520 | 459393 |
| 5.38%, 09/15/35 | &nbsp;&nbsp; 895 | 937880 |
| 5.77%, 03/01/41<sup>(c)</sup> | &nbsp;&nbsp; 495 | 520822 |
| 5.94%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; 541 | 586324 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| BAT Capital Corp. |  |  |
| 2.26%, 03/25/28 | &nbsp;&nbsp; $2828 | $2694263 |
| 2.73%, 03/25/31 | &nbsp;&nbsp; 2209 | 2009334 |
| 3.22%, 09/06/26 | &nbsp;&nbsp; 1400 | 1384759 |
| 3.46%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 967 | 937204 |
| 3.56%, 08/15/27 | &nbsp;&nbsp; 4078 | 4024973 |
| 3.73%, 09/25/40 | &nbsp;&nbsp; 650 | 519778 |
| 3.98%, 09/25/50<sup>(a)</sup> | &nbsp;&nbsp; 510 | 367092 |
| 4.39%, 08/15/37 | &nbsp;&nbsp; 4108 | 3710267 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 3381 | 2739256 |
| 4.70%, 04/02/27 | &nbsp;&nbsp; 1409 | 1416493 |
| 4.74%, 03/16/32 | &nbsp;&nbsp; 1637 | 1633132 |
| 4.76%, 09/06/49<sup>(a)</sup> | &nbsp;&nbsp; 1496 | 1232995 |
| 4.91%, 04/02/30<sup>(a)</sup> | &nbsp;&nbsp; 1835 | 1865890 |
| 5.28%, 04/02/50 | &nbsp;&nbsp; 873 | 773356 |
| 5.35%, 08/15/32 | &nbsp;&nbsp; 1640 | 1688069 |
| 5.63%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1675 | 1718498 |
| 5.65%, 03/16/52 | &nbsp;&nbsp; 1004 | 930770 |
| 5.83%, 02/20/31 | &nbsp;&nbsp; 1995 | 2109760 |
| 6.00%, 02/20/34 | &nbsp;&nbsp; 1415 | 1501519 |
| 6.25%, 08/15/55 | &nbsp;&nbsp; 1000 | 1008618 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; 1870 | 2017641 |
| 6.42%, 08/02/33 | &nbsp;&nbsp; 2235 | 2436706 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 1225 | 1358881 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; 1660 | 1844647 |
| 7.75%, 10/19/32 | &nbsp;&nbsp; 835 | 967226 |
| BAT International Finance PLC |  |  |
| 4.45%, 03/16/28 | &nbsp;&nbsp; 1675 | 1681023 |
| 5.93%, 02/02/29 | &nbsp;&nbsp; 2100 | 2206872 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.00%, 04/21/26<sup>(a)</sup> | &nbsp;&nbsp; 1021 | 1004560 |
| 2.75%, 05/14/31 | &nbsp;&nbsp; 1838 | 1679219 |
| 3.20%, 04/21/31 | &nbsp;&nbsp; 1065 | 992656 |
| 3.75%, 09/25/27 | &nbsp;&nbsp; 1064 | 1056514 |
| 4.10%, 01/07/28<sup>(a)</sup> | &nbsp;&nbsp; 595 | 594671 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 1220 | 1214192 |
| 4.55%, 08/04/30 | &nbsp;&nbsp; 600 | 603221 |
| 4.65%, 09/17/34 | &nbsp;&nbsp; 1455 | 1417014 |
| 4.90%, 04/21/27 | &nbsp;&nbsp; 585 | 590241 |
| 5.15%, 08/04/35<sup>(a)</sup> | &nbsp;&nbsp; 600 | 601417 |
| 5.25%, 04/21/32 | &nbsp;&nbsp; 365 | 372495 |
| Cargill Inc. |  |  |
| 1.70%, 02/02/31<sup>(b)</sup> | &nbsp;&nbsp; 1435 | 1260440 |
| 2.13%, 04/23/30<sup>(b)</sup> | &nbsp;&nbsp; 1028 | 943865 |
| 2.13%, 11/10/31<sup>(b)</sup> | &nbsp;&nbsp; 1444 | 1268239 |
| 3.13%, 05/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1160 | 764956 |
| 3.25%, 05/23/29<sup>(b)</sup> | &nbsp;&nbsp; 1570 | 1525891 |
| 3.63%, 04/22/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 845 | 840340 |
| 3.88%, 05/23/49<sup>(b)</sup> | &nbsp;&nbsp; 590 | 451014 |
| 4.00%, 06/22/32<sup>(b)</sup> | &nbsp;&nbsp; 1140 | 1102849 |
| 4.38%, 04/22/52<sup>(b)</sup> | &nbsp;&nbsp; 859 | 700602 |
| 4.63%, 02/11/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 765 | 775902 |
| 4.75%, 04/24/33<sup>(b)</sup> | &nbsp;&nbsp; 740 | 743696 |
| 4.76%, 11/23/45<sup>(b)</sup> | &nbsp;&nbsp; 1207 | 1074342 |
| 5.13%, 10/11/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 852 | 880904 |
| 5.13%, 02/11/35<sup>(b)</sup> | &nbsp;&nbsp; 895 | 912197 |
| Imperial Brands Finance PLC |  |  |
| 3.88%, 07/26/29<sup>(b)</sup> | &nbsp;&nbsp; 2284 | 2233298 |
| 4.50%, 06/30/28<sup>(b)</sup> | &nbsp;&nbsp; 800 | 805093 |
| 5.50%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1875 | 1942251 |
| 5.63%, 07/01/35<sup>(b)</sup> | &nbsp;&nbsp; 845 | 853469 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 5.88%, 07/01/34<sup>(b)</sup> | &nbsp;&nbsp; $1135 | $1172970 |
| 6.13%, 07/27/27<sup>(b)</sup> | &nbsp;&nbsp; 1695 | 1750181 |
| 6.38%, 07/01/55<sup>(b)</sup> | &nbsp;&nbsp; 945 | 948224 |
| Japan Tobacco Inc. |  |  |
| 4.85%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 605 | 615532 |
| 5.25%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1075 | 1116395 |
| 5.85%, 06/15/35<sup>(b)</sup> | &nbsp;&nbsp; 565 | 596697 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.95%, 04/20/35<sup>(b)</sup><br>| &nbsp;&nbsp; 1435 | 1491855 |
| JT International Financial Services BV, 6.88%, <br> 10/24/32<sup>(b)</sup><br>| &nbsp;&nbsp; 705 | 785598 |
| Philip Morris International Inc. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 1223 | 1080554 |
| 2.10%, 05/01/30 | &nbsp;&nbsp; 1295 | 1178148 |
| 3.13%, 08/17/27 | &nbsp;&nbsp; 923 | 906867 |
| 3.13%, 03/02/28 | &nbsp;&nbsp; 941 | 920262 |
| 3.38%, 08/15/29 | &nbsp;&nbsp; 1600 | 1553419 |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 1439 | 1165156 |
| 4.13%, 04/28/28 | &nbsp;&nbsp; 1155 | 1157579 |
| 4.13%, 03/04/43 | &nbsp;&nbsp; 1443 | 1209344 |
| 4.25%, 11/10/44 | &nbsp;&nbsp; 1995 | 1683719 |
| 4.38%, 11/01/27 | &nbsp;&nbsp; 1350 | 1359857 |
| 4.38%, 04/30/30 | &nbsp;&nbsp; 825 | 829604 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 1250 | 1090725 |
| 4.50%, 03/20/42 | &nbsp;&nbsp; 1277 | 1129053 |
| 4.63%, 11/01/29 | &nbsp;&nbsp; 1690 | 1716634 |
| 4.75%, 02/12/27 | &nbsp;&nbsp; 1220 | 1231042 |
| 4.75%, 11/01/31 | &nbsp;&nbsp; 1485 | 1506430 |
| 4.88%, 02/15/28 | &nbsp;&nbsp; 2730 | 2780473 |
| 4.88%, 02/13/29 | &nbsp;&nbsp; 1852 | 1891341 |
| 4.88%, 04/30/35 | &nbsp;&nbsp; 975 | 965823 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 1050 | 957355 |
| 4.90%, 11/01/34 | &nbsp;&nbsp; 910 | 906049 |
| 5.13%, 11/17/27 | &nbsp;&nbsp; 2620 | 2675565 |
| 5.13%, 02/15/30 | &nbsp;&nbsp; 3463 | 3583771 |
| 5.13%, 02/13/31 | &nbsp;&nbsp; 2490 | 2572942 |
| 5.25%, 09/07/28 | &nbsp;&nbsp; 1170 | 1208905 |
| 5.25%, 02/13/34 | &nbsp;&nbsp; 2655 | 2712728 |
| 5.38%, 02/15/33 | &nbsp;&nbsp; 3230 | 3343661 |
| 5.50%, 09/07/30 | &nbsp;&nbsp; 1190 | 1251809 |
| 5.63%, 11/17/29 | &nbsp;&nbsp; 1870 | 1968170 |
| 5.63%, 09/07/33 | &nbsp;&nbsp; 1930 | 2025827 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 2365 | 2503780 |
| 6.38%, 05/16/38 | &nbsp;&nbsp; 2505 | 2773636 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | &nbsp;&nbsp; 1218 | 1253528 |
| 5.85%, 08/15/45 | &nbsp;&nbsp; 3786 | 3652646 |
| 6.15%, 09/15/43 | &nbsp;&nbsp; 862 | 865372 |
| 7.25%, 06/15/37 | &nbsp;&nbsp; 740 | 837655 |
|  |  | 186331288 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| AS Mileage Plan IP Ltd. |  |  |
| 5.02%, 10/20/29<sup>(b)</sup> | &nbsp;&nbsp; 925 | 926389 |
| 5.31%, 10/20/31<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1001371 |
| Delta Air Lines Inc. |  |  |
| 3.75%, 10/28/29<sup>(a)</sup> | &nbsp;&nbsp; 1005 | 974497 |
| 4.38%, 04/19/28 | &nbsp;&nbsp; 735 | 735820 |
| 4.95%, 07/10/28 | &nbsp;&nbsp; 950 | 961680 |
| 5.25%, 07/10/30 | &nbsp;&nbsp; 670 | 683269 |
| Delta Air Lines Inc./SkyMiles IP Ltd., 4.75%, <br> 10/20/28<sup>(b)</sup><br>| &nbsp;&nbsp; 5290 | 5319897 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| Southwest Airlines Co. |  |  |
| 2.63%, 02/10/30 | &nbsp;&nbsp; $1266 | $1164204 |
| 3.00%, 11/15/26 | &nbsp;&nbsp; 444 | 436562 |
| 3.45%, 11/16/27 | &nbsp;&nbsp; 254 | 249526 |
| 5.13%, 06/15/27 | &nbsp;&nbsp; 3373 | 3411242 |
| United Airlines Inc., 4.63%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 950 | 934889 |
|  |  | 16799346 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| NIKE Inc. |  |  |
| 2.38%, 11/01/26 | &nbsp;&nbsp; 1458 | 1431832 |
| 2.75%, 03/27/27 | &nbsp;&nbsp; 1480 | 1452895 |
| 2.85%, 03/27/30 | &nbsp;&nbsp; 2880 | 2733975 |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 1854 | 1475160 |
| 3.38%, 11/01/46 | &nbsp;&nbsp; 816 | 592714 |
| 3.38%, 03/27/50<sup>(a)</sup> | &nbsp;&nbsp; 2395 | 1679519 |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 990 | 780077 |
| 3.88%, 11/01/45 | &nbsp;&nbsp; 1708 | 1356216 |
| PVH Corp., 5.50%, 06/13/30 | &nbsp;&nbsp; 525 | 535235 |
| Ralph Lauren Corp. |  |  |
| 2.95%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1581 | 1492450 |
| 5.00%, 06/15/32 | &nbsp;&nbsp; 40 | 40823 |
| Tapestry Inc. |  |  |
| 3.05%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 785 | 702968 |
| 4.13%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 617 | 614902 |
| 5.10%, 03/11/30<sup>(a)</sup> | &nbsp;&nbsp; 620 | 633669 |
| 5.50%, 03/11/35<sup>(a)</sup> | &nbsp;&nbsp; 470 | 475093 |
|  |  | 15997528 |
| **Auto Manufacturers — 2.8%** | **Auto Manufacturers — 2.8%** | **Auto Manufacturers — 2.8%** |
| American Honda Finance Corp. |  |  |
| 1.30%, 09/09/26 | &nbsp;&nbsp; 1165 | 1131118 |
| 1.80%, 01/13/31 | &nbsp;&nbsp; 940 | 820359 |
| 2.00%, 03/24/28 | &nbsp;&nbsp; 1124 | 1065755 |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 1150 | 1079512 |
| 2.30%, 09/09/26<sup>(a)</sup> | &nbsp;&nbsp; 782 | 766711 |
| 2.35%, 01/08/27 | &nbsp;&nbsp; 775 | 756789 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 892 | 880299 |
| 4.40%, 10/05/26 | &nbsp;&nbsp; 1280 | 1283121 |
| 4.40%, 09/05/29<sup>(a)</sup> | &nbsp;&nbsp; 1520 | 1529192 |
| 4.45%, 10/22/27 | &nbsp;&nbsp; 1395 | 1405592 |
| 4.55%, 07/09/27 | &nbsp;&nbsp; 475 | 478438 |
| 4.55%, 03/03/28<sup>(a)</sup> | &nbsp;&nbsp; 1260 | 1271345 |
| 4.60%, 04/17/30 | &nbsp;&nbsp; 1480 | 1493526 |
| 4.70%, 01/12/28 | &nbsp;&nbsp; 1010 | 1023549 |
| 4.80%, 03/05/30 | &nbsp;&nbsp; 970 | 989766 |
| 4.85%, 10/23/31 | &nbsp;&nbsp; 1370 | 1388322 |
| 4.90%, 03/12/27<sup>(a)</sup> | &nbsp;&nbsp; 1080 | 1091314 |
| 4.90%, 07/09/27 | &nbsp;&nbsp; 1020 | 1033643 |
| 4.90%, 03/13/29 | &nbsp;&nbsp; 1220 | 1247914 |
| 4.90%, 01/10/34<sup>(a)</sup> | &nbsp;&nbsp; 940 | 938097 |
| 5.05%, 07/10/31 | &nbsp;&nbsp; 1440 | 1477345 |
| 5.13%, 07/07/28 | &nbsp;&nbsp; 1505 | 1543948 |
| 5.15%, 07/09/32 | &nbsp;&nbsp; 715 | 728457 |
| 5.20%, 03/05/35<sup>(a)</sup> | &nbsp;&nbsp; 760 | 764522 |
| 5.65%, 11/15/28 | &nbsp;&nbsp; 1250 | 1303876 |
| 5.85%, 10/04/30 | &nbsp;&nbsp; 1070 | 1139386 |
| BMW Finance NV, 2.85%, 08/14/29<sup>(b)</sup> | &nbsp;&nbsp; 1260 | 1196018 |
| BMW U.S. Capital LLC |  |  |
| 1.95%, 08/12/31<sup>(b)</sup> | &nbsp;&nbsp; 820 | 708657 |
| 2.55%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 1112 | 1000426 |
| 3.30%, 04/06/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 782 | 772132 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 3.45%, 04/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; $886 | $876796 |
| 3.63%, 04/18/29<sup>(b)</sup> | &nbsp;&nbsp; 1350 | 1322806 |
| 3.70%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 745 | 702310 |
| 3.75%, 04/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1236 | 1226246 |
| 3.95%, 08/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 828 | 824501 |
| 4.15%, 08/11/27<sup>(b)</sup> | &nbsp;&nbsp; 245 | 245089 |
| 4.15%, 04/09/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1610 | 1603247 |
| 4.50%, 08/11/30<sup>(b)</sup> | &nbsp;&nbsp; 610 | 610473 |
| 4.60%, 08/13/27<sup>(b)</sup> | &nbsp;&nbsp; 950 | 957876 |
| 4.65%, 03/19/27<sup>(b)</sup> | &nbsp;&nbsp; 625 | 629876 |
| 4.65%, 08/13/29<sup>(b)</sup> | &nbsp;&nbsp; 1030 | 1043589 |
| 4.75%, 03/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1380 | 1401909 |
| 4.85%, 08/13/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1015 | 1033801 |
| 4.90%, 04/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 985 | 996505 |
| 4.90%, 04/02/29<sup>(b)</sup> | &nbsp;&nbsp; 1245 | 1270201 |
| 5.05%, 08/11/28<sup>(b)</sup> | &nbsp;&nbsp; 1300 | 1332575 |
| 5.05%, 03/21/30<sup>(b)</sup> | &nbsp;&nbsp; 980 | 1007657 |
| 5.15%, 08/11/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 705 | 716365 |
| 5.15%, 04/02/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 815 | 822849 |
| 5.20%, 08/11/35<sup>(b)</sup> | &nbsp;&nbsp; 725 | 721007 |
| 5.40%, 03/21/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 560 | 572503 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; 1440 | 1269832 |
| 2.60%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1318 | 779592 |
| 4.25%, 05/09/28 | &nbsp;&nbsp; 530 | 534273 |
| 4.70%, 02/15/31 | &nbsp;&nbsp; 1135 | 1153127 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 985 | 926950 |
| 4.90%, 02/20/29 | &nbsp;&nbsp; 525 | 539546 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 875 | 896057 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 1040 | 1062462 |
| 5.45%, 02/20/54<sup>(a)</sup> | &nbsp;&nbsp; 1595 | 1544859 |
| 7.13%, 03/01/28 | &nbsp;&nbsp; 360 | 385729 |
| Daimler Truck Finance North America LLC |  |  |
| 2.00%, 12/14/26<sup>(b)</sup> | &nbsp;&nbsp; 1495 | 1454101 |
| 2.38%, 12/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 820 | 773210 |
| 2.50%, 12/14/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1420 | 1252919 |
| 3.65%, 04/07/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1252 | 1240852 |
| 4.30%, 08/12/27<sup>(b)</sup> | &nbsp;&nbsp; 435 | 435628 |
| 4.65%, 10/12/30<sup>(b)</sup> | &nbsp;&nbsp; 600 | 601104 |
| 4.95%, 01/13/28<sup>(b)</sup> | &nbsp;&nbsp; 705 | 714925 |
| 5.00%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1040 | 1049877 |
| 5.00%, 10/12/32<sup>(b)</sup> | &nbsp;&nbsp; 605 | 605324 |
| 5.13%, 09/25/27<sup>(b)</sup> | &nbsp;&nbsp; 860 | 874010 |
| 5.13%, 01/19/28<sup>(b)</sup> | &nbsp;&nbsp; 1140 | 1160291 |
| 5.13%, 09/25/29<sup>(b)</sup> | &nbsp;&nbsp; 740 | 759809 |
| 5.25%, 01/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1640 | 1690063 |
| 5.38%, 01/13/32<sup>(b)</sup> | &nbsp;&nbsp; 925 | 950524 |
| 5.38%, 01/18/34<sup>(b)</sup> | &nbsp;&nbsp; 945 | 960086 |
| 5.38%, 06/25/34<sup>(b)</sup> | &nbsp;&nbsp; 900 | 912252 |
| 5.40%, 09/20/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1245 | 1284513 |
| 5.50%, 09/20/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 985 | 1010359 |
| 5.63%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 725 | 745080 |
| Ford Holdings LLC, 9.30%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 475 | 542020 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 3815 | 3270583 |
| 4.35%, 12/08/26 | &nbsp;&nbsp; 2295 | 2282788 |
| 4.75%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 3405 | 2635986 |
| 5.29%, 12/08/46 | &nbsp;&nbsp; 2260 | 1834988 |
| 6.10%, 08/19/32<sup>(a)</sup> | &nbsp;&nbsp; 3320 | 3354328 |
| 6.63%, 10/01/28 | &nbsp;&nbsp; 160 | 168489 |
| 7.40%, 11/01/46<sup>(a)</sup> | &nbsp;&nbsp; 730 | 762621 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 7.45%, 07/16/31<sup>(a)</sup> | &nbsp;&nbsp; $1325 | $1459544 |
| 9.63%, 04/22/30<sup>(a)</sup> | &nbsp;&nbsp; 515 | 599418 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90%, 02/16/28 | &nbsp;&nbsp; 1410 | 1337310 |
| 2.90%, 02/10/29 | &nbsp;&nbsp; 1745 | 1606317 |
| 3.63%, 06/17/31 | &nbsp;&nbsp; 1645 | 1480959 |
| 3.82%, 11/02/27 | &nbsp;&nbsp; 1500 | 1459804 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 2835 | 2636116 |
| 4.13%, 08/17/27 | &nbsp;&nbsp; 2190 | 2148104 |
| 4.27%, 01/09/27 | &nbsp;&nbsp; 1605 | 1589346 |
| 4.95%, 05/28/27 | &nbsp;&nbsp; 2351 | 2345330 |
| 5.11%, 05/03/29 | &nbsp;&nbsp; 2680 | 2643035 |
| 5.13%, 11/05/26 | &nbsp;&nbsp; 1285 | 1287122 |
| 5.30%, 09/06/29 | &nbsp;&nbsp; 1205 | 1196384 |
| 5.80%, 03/05/27 | &nbsp;&nbsp; 2185 | 2201917 |
| 5.80%, 03/08/29 | &nbsp;&nbsp; 2085 | 2108138 |
| 5.85%, 05/17/27 | &nbsp;&nbsp; 1962 | 1981599 |
| 5.88%, 11/07/29 | &nbsp;&nbsp; 1880 | 1900210 |
| 5.92%, 03/20/28 | &nbsp;&nbsp; 930 | 943858 |
| 6.05%, 03/05/31 | &nbsp;&nbsp; 1315 | 1335982 |
| 6.05%, 11/05/31 | &nbsp;&nbsp; 2135 | 2160530 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 2715 | 2669234 |
| 6.50%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 1970 | 1985591 |
| 6.53%, 03/19/32<sup>(a)</sup> | &nbsp;&nbsp; 1370 | 1408135 |
| 6.80%, 05/12/28 | &nbsp;&nbsp; 2420 | 2513177 |
| 6.80%, 11/07/28 | &nbsp;&nbsp; 2425 | 2523875 |
| 7.12%, 11/07/33 | &nbsp;&nbsp; 2060 | 2153783 |
| 7.20%, 06/10/30<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 1328014 |
| 7.35%, 11/04/27 | &nbsp;&nbsp; 2450 | 2550433 |
| 7.35%, 03/06/30 | &nbsp;&nbsp; 2090 | 2225135 |
| General Motors Co. |  |  |
| 4.20%, 10/01/27 | &nbsp;&nbsp; 1539 | 1534608 |
| 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1282 | 1302952 |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 1245 | 1187778 |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 1773 | 1658280 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 2108 | 1834087 |
| 5.35%, 04/15/28 | &nbsp;&nbsp; 380 | 388552 |
| 5.40%, 10/15/29 | &nbsp;&nbsp; 1505 | 1552450 |
| 5.40%, 04/01/48<sup>(a)</sup> | &nbsp;&nbsp; 1215 | 1066675 |
| 5.60%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2075 | 2131598 |
| 5.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1035 | 1069008 |
| 5.95%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1655 | 1556142 |
| 6.25%, 04/15/35 | &nbsp;&nbsp; 880 | 912089 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 2630 | 2598337 |
| 6.60%, 04/01/36 | &nbsp;&nbsp; 2108 | 2236825 |
| 6.75%, 04/01/46 | &nbsp;&nbsp; 1304 | 1350260 |
| 6.80%, 10/01/27 | &nbsp;&nbsp; 1553 | 1620876 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 02/26/27 | &nbsp;&nbsp; 1515 | 1471373 |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 1949 | 1717341 |
| 2.40%, 04/10/28 | &nbsp;&nbsp; 1696 | 1615021 |
| 2.40%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1410 | 1328292 |
| 2.70%, 08/20/27 | &nbsp;&nbsp; 1389 | 1347599 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 1672 | 1484036 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 2000 | 1778323 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 1757 | 1669260 |
| 3.85%, 01/05/28<sup>(a)</sup> | &nbsp;&nbsp; 604 | 596440 |
| 4.00%, 10/06/26 | &nbsp;&nbsp; 1163 | 1157118 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 1405 | 1390383 |
| 4.35%, 01/17/27 | &nbsp;&nbsp; 1883 | 1881108 |
| 4.90%, 10/06/29<sup>(a)</sup> | &nbsp;&nbsp; 1335 | 1344937 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.00%, 04/09/27 | &nbsp;&nbsp; $2055 | $2071690 |
| 5.00%, 07/15/27 | &nbsp;&nbsp; 725 | 733022 |
| 5.05%, 04/04/28 | &nbsp;&nbsp; 1480 | 1504458 |
| 5.35%, 07/15/27 | &nbsp;&nbsp; 1515 | 1542801 |
| 5.35%, 01/07/30 | &nbsp;&nbsp; 1665 | 1702829 |
| 5.40%, 05/08/27 | &nbsp;&nbsp; 1867 | 1898241 |
| 5.45%, 07/15/30 | &nbsp;&nbsp; 1470 | 1509255 |
| 5.45%, 09/06/34 | &nbsp;&nbsp; 1230 | 1218090 |
| 5.55%, 07/15/29 | &nbsp;&nbsp; 1925 | 1984639 |
| 5.60%, 06/18/31 | &nbsp;&nbsp; 1110 | 1146359 |
| 5.63%, 04/04/32 | &nbsp;&nbsp; 1570 | 1606697 |
| 5.65%, 01/17/29<sup>(a)</sup> | &nbsp;&nbsp; 863 | 889841 |
| 5.75%, 02/08/31 | &nbsp;&nbsp; 1682 | 1745216 |
| 5.80%, 06/23/28 | &nbsp;&nbsp; 2025 | 2096074 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; 1995 | 2071461 |
| 5.85%, 04/06/30 | &nbsp;&nbsp; 1250 | 1306468 |
| 5.90%, 01/07/35<sup>(a)</sup> | &nbsp;&nbsp; 2025 | 2056424 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 1902 | 1949519 |
| 6.00%, 01/09/28<sup>(a)</sup> | &nbsp;&nbsp; 1560 | 1615891 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 2274 | 2357361 |
| 6.15%, 07/15/35 | &nbsp;&nbsp; 1270 | 1304483 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 1483 | 1572469 |
| Honda Motor Co. Ltd. |  |  |
| 2.53%, 03/10/27 | &nbsp;&nbsp; 1235 | 1206047 |
| 2.97%, 03/10/32 | &nbsp;&nbsp; 1375 | 1240810 |
| 4.44%, 07/08/28 | &nbsp;&nbsp; 1565 | 1574785 |
| 4.69%, 07/08/30 | &nbsp;&nbsp; 1585 | 1599591 |
| 5.34%, 07/08/35 | &nbsp;&nbsp; 1470 | 1477852 |
| Hyundai Capital America |  |  |
| 1.65%, 09/17/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1570 | 1527253 |
| 1.80%, 01/10/28<sup>(b)</sup> | &nbsp;&nbsp; 1310 | 1235609 |
| 2.00%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1741 | 1632852 |
| 2.10%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1660 | 1553921 |
| 2.38%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1345 | 1290864 |
| 2.75%, 09/27/26<sup>(b)</sup> | &nbsp;&nbsp; 958 | 941733 |
| 3.00%, 02/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 681 | 667975 |
| 3.50%, 11/02/26<sup>(b)</sup> | &nbsp;&nbsp; 1114 | 1102419 |
| 4.30%, 09/24/27<sup>(b)</sup> | &nbsp;&nbsp; 1430 | 1428385 |
| 4.55%, 09/26/29<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1540850 |
| 4.75%, 09/26/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1010 | 1015497 |
| 4.85%, 03/25/27<sup>(b)</sup> | &nbsp;&nbsp; 750 | 755563 |
| 4.88%, 06/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 385 | 388286 |
| 4.88%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp; 1365 | 1379056 |
| 4.90%, 06/23/28<sup>(b)</sup> | &nbsp;&nbsp; 780 | 790211 |
| 5.00%, 01/07/28<sup>(b)</sup> | &nbsp;&nbsp; 1655 | 1677229 |
| 5.10%, 06/24/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 775 | 790640 |
| 5.15%, 03/27/30<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1021244 |
| 5.25%, 01/08/27<sup>(b)</sup> | &nbsp;&nbsp; 1270 | 1283952 |
| 5.28%, 06/24/27<sup>(b)</sup> | &nbsp;&nbsp; 1645 | 1669014 |
| 5.30%, 03/19/27<sup>(b)</sup> | &nbsp;&nbsp; 1225 | 1241369 |
| 5.30%, 01/08/29<sup>(b)</sup> | &nbsp;&nbsp; 1135 | 1164031 |
| 5.30%, 06/24/29<sup>(b)</sup> | &nbsp;&nbsp; 1480 | 1519318 |
| 5.30%, 01/08/30<sup>(b)</sup> | &nbsp;&nbsp; 420 | 432222 |
| 5.35%, 03/19/29<sup>(b)</sup> | &nbsp;&nbsp; 890 | 913441 |
| 5.40%, 01/08/31<sup>(b)</sup> | &nbsp;&nbsp; 1095 | 1130390 |
| 5.40%, 06/24/31<sup>(b)</sup> | &nbsp;&nbsp; 1155 | 1190807 |
| 5.40%, 03/29/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 780 | 801641 |
| 5.40%, 06/23/32<sup>(b)</sup> | &nbsp;&nbsp; 815 | 837340 |
| 5.60%, 03/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1240 | 1276126 |
| 5.68%, 06/26/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1525 | 1575925 |
| 5.70%, 06/26/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 960 | 1003304 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.80%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $1129 | $1182200 |
| 5.95%, 09/21/26<sup>(b)</sup> | &nbsp;&nbsp; 1075 | 1091412 |
| 6.10%, 09/21/28<sup>(b)</sup> | &nbsp;&nbsp; 1575 | 1647968 |
| 6.20%, 09/21/30<sup>(b)</sup> | &nbsp;&nbsp; 810 | 865617 |
| 6.38%, 04/08/30<sup>(b)</sup> | &nbsp;&nbsp; 1310 | 1401607 |
| 6.50%, 01/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1205 | 1277208 |
| Hyundai Capital Services Inc. |  |  |
| 2.50%, 01/24/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 600 | 585112 |
| 3.63%, 08/29/27<sup>(b)</sup> | &nbsp;&nbsp; 305 | 300612 |
| 5.13%, 02/05/27<sup>(b)</sup> | &nbsp;&nbsp; 505 | 510025 |
| 5.13%, 02/05/29<sup>(b)</sup> | &nbsp;&nbsp; 300 | 306208 |
| 5.25%, 01/22/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1145 | 1167850 |
| Kia Corp. |  |  |
| 1.75%, 10/16/26<sup>(b)</sup> | &nbsp;&nbsp; 150 | 145760 |
| 2.75%, 02/14/27<sup>(b)</sup> | &nbsp;&nbsp; 390 | 381656 |
| 3.50%, 10/25/27<sup>(b)</sup> | &nbsp;&nbsp; 685 | 673489 |
| Mercedes-Benz Finance North America LLC |  |  |
| 2.45%, 03/02/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1515 | 1360544 |
| 2.63%, 03/10/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1120 | 1043341 |
| 3.10%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1228 | 1175489 |
| 3.45%, 01/06/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1268 | 1257127 |
| 3.75%, 02/22/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1586 | 1573791 |
| 4.30%, 02/22/29<sup>(b)</sup> | &nbsp;&nbsp; 775 | 777180 |
| 4.65%, 04/01/27<sup>(b)</sup> | &nbsp;&nbsp; 600 | 604346 |
| 4.75%, 08/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1320 | 1334786 |
| 4.75%, 03/31/28<sup>(b)</sup> | &nbsp;&nbsp; 1115 | 1131793 |
| 4.80%, 11/13/26<sup>(b)</sup> | &nbsp;&nbsp; 715 | 720701 |
| 4.80%, 01/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1320 | 1331727 |
| 4.80%, 03/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1680 | 1707704 |
| 4.80%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1210 | 1233144 |
| 4.85%, 01/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1525 | 1553856 |
| 4.90%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 865 | 877882 |
| 5.00%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 550 | 562984 |
| 5.00%, 01/11/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1175 | 1178341 |
| 5.05%, 08/03/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1075 | 1085292 |
| 5.10%, 08/03/28<sup>(b)</sup> | &nbsp;&nbsp; 1490 | 1528027 |
| 5.10%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 650 | 669083 |
| 5.13%, 08/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 975 | 978524 |
| 5.25%, 11/29/27<sup>(b)</sup> | &nbsp;&nbsp; 1015 | 1038352 |
| 5.45%, 04/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 300 | 306942 |
| 8.50%, 01/18/31 | &nbsp;&nbsp; 2122 | 2537027 |
| PACCAR Financial Corp. |  |  |
| 2.00%, 02/04/27 | &nbsp;&nbsp; 575 | 559828 |
| 4.00%, 08/08/28 | &nbsp;&nbsp; 450 | 451160 |
| 4.00%, 09/26/29 | &nbsp;&nbsp; 1205 | 1206481 |
| 4.25%, 06/23/27<sup>(a)</sup> | &nbsp;&nbsp; 625 | 628820 |
| 4.45%, 08/06/27 | &nbsp;&nbsp; 1065 | 1078074 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 840 | 853841 |
| 4.55%, 05/08/30 | &nbsp;&nbsp; 550 | 560510 |
| 4.60%, 01/10/28<sup>(a)</sup> | &nbsp;&nbsp; 820 | 832893 |
| 4.60%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 880 | 896899 |
| 4.95%, 08/10/28<sup>(a)</sup> | &nbsp;&nbsp; 390 | 401514 |
| 5.00%, 05/13/27 | &nbsp;&nbsp; 865 | 880257 |
| 5.00%, 03/22/34 | &nbsp;&nbsp; 495 | 505848 |
| 5.20%, 11/09/26 | &nbsp;&nbsp; 635 | 644241 |
| Series R, 4.50%, 11/25/26 | &nbsp;&nbsp; 540 | 544140 |
| Stellantis Finance U.S. Inc. |  |  |
| 1.71%, 01/29/27<sup>(b)</sup> | &nbsp;&nbsp; 1408 | 1351126 |
| 2.69%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1890 | 1611233 |
| 5.35%, 03/17/28<sup>(b)</sup> | &nbsp;&nbsp; 650 | 656637 |
| 5.63%, 01/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1245 | 1265192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.75%, 03/18/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $610 | $617572 |
| 6.38%, 09/12/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1296 | 1341072 |
| 6.45%, 03/18/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1630 | 1644034 |
| Toyota Motor Corp. |  |  |
| 2.36%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 721 | 653728 |
| 2.76%, 07/02/29 | &nbsp;&nbsp; 640 | 611189 |
| 3.67%, 07/20/28<sup>(a)</sup> | &nbsp;&nbsp; 565 | 563854 |
| 4.19%, 06/30/27<sup>(a)</sup> | &nbsp;&nbsp; 775 | 777813 |
| 4.45%, 06/30/30 | &nbsp;&nbsp; 520 | 525911 |
| 5.05%, 06/30/35<sup>(a)</sup> | &nbsp;&nbsp; 755 | 762492 |
| 5.12%, 07/13/28 | &nbsp;&nbsp; 935 | 964695 |
| 5.12%, 07/13/33 | &nbsp;&nbsp; 690 | 713175 |
| Toyota Motor Credit Corp. |  |  |
| 1.15%, 08/13/27 | &nbsp;&nbsp; 1137 | 1077752 |
| 1.65%, 01/10/31 | &nbsp;&nbsp; 1255 | 1095392 |
| 1.90%, 01/13/27 | &nbsp;&nbsp; 1310 | 1274252 |
| 1.90%, 04/06/28 | &nbsp;&nbsp; 1296 | 1232986 |
| 1.90%, 09/12/31<sup>(a)</sup> | &nbsp;&nbsp; 1018 | 885457 |
| 2.15%, 02/13/30 | &nbsp;&nbsp; 1872 | 1720261 |
| 2.40%, 01/13/32 | &nbsp;&nbsp; 675 | 597786 |
| 3.05%, 03/22/27 | &nbsp;&nbsp; 2105 | 2075657 |
| 3.05%, 01/11/28 | &nbsp;&nbsp; 701 | 686891 |
| 3.20%, 01/11/27 | &nbsp;&nbsp; 1329 | 1315493 |
| 3.38%, 04/01/30 | &nbsp;&nbsp; 2032 | 1965359 |
| 3.65%, 01/08/29 | &nbsp;&nbsp; 1165 | 1151178 |
| 4.35%, 10/08/27 | &nbsp;&nbsp; 2340 | 2357603 |
| 4.45%, 06/29/29 | &nbsp;&nbsp; 1170 | 1184416 |
| 4.50%, 05/14/27 | &nbsp;&nbsp; 1400 | 1411721 |
| 4.55%, 09/20/27 | &nbsp;&nbsp; 1703 | 1722192 |
| 4.55%, 08/09/29 | &nbsp;&nbsp; 1110 | 1128310 |
| 4.55%, 05/17/30 | &nbsp;&nbsp; 1300 | 1318710 |
| 4.60%, 01/08/27<sup>(a)</sup> | &nbsp;&nbsp; 600 | 605376 |
| 4.60%, 10/10/31<sup>(a)</sup> | &nbsp;&nbsp; 1493 | 1507230 |
| 4.63%, 01/12/28 | &nbsp;&nbsp; 1715 | 1739475 |
| 4.65%, 01/05/29 | &nbsp;&nbsp; 1530 | 1558167 |
| 4.70%, 01/12/33 | &nbsp;&nbsp; 765 | 768741 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 1280 | 1309734 |
| 4.80%, 01/05/34 | &nbsp;&nbsp; 855 | 861325 |
| 4.95%, 01/09/30 | &nbsp;&nbsp; 1265 | 1304116 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 1190 | 1229309 |
| 5.10%, 03/21/31<sup>(a)</sup> | &nbsp;&nbsp; 1290 | 1337685 |
| 5.25%, 09/11/28 | &nbsp;&nbsp; 1445 | 1496198 |
| 5.35%, 01/09/35 | &nbsp;&nbsp; 1070 | 1104947 |
| 5.40%, 11/20/26 | &nbsp;&nbsp; 1365 | 1387210 |
| 5.45%, 11/10/27 | &nbsp;&nbsp; 1225 | 1262043 |
| 5.55%, 11/20/30<sup>(a)</sup> | &nbsp;&nbsp; 1970 | 2086356 |
| Series B, 5.00%, 03/19/27 | &nbsp;&nbsp; 1530 | 1551657 |
| Volkswagen Group of America Finance LLC |  |  |
| 1.63%, 11/24/27<sup>(b)</sup> | &nbsp;&nbsp; 936 | 881759 |
| 3.20%, 09/26/26<sup>(b)</sup> | &nbsp;&nbsp; 945 | 931914 |
| 3.75%, 05/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1620 | 1554848 |
| 4.35%, 06/08/27<sup>(b)</sup> | &nbsp;&nbsp; 2050 | 2044294 |
| 4.60%, 06/08/29<sup>(b)</sup> | &nbsp;&nbsp; 1300 | 1299964 |
| 4.75%, 11/13/28<sup>(b)</sup> | &nbsp;&nbsp; 2454 | 2466714 |
| 4.85%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 780 | 785437 |
| 4.95%, 03/25/27<sup>(b)</sup> | &nbsp;&nbsp; 600 | 603968 |
| 4.95%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 805 | 814827 |
| 5.05%, 03/27/28<sup>(b)</sup> | &nbsp;&nbsp; 1945 | 1972724 |
| 5.25%, 03/22/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1130 | 1152128 |
| 5.30%, 03/22/27<sup>(b)</sup> | &nbsp;&nbsp; 975 | 987123 |
| 5.35%, 03/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1340 | 1374724 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.60%, 03/22/34<sup>(a)(b)</sup> | &nbsp;&nbsp; $725 | $736532 |
| 5.65%, 09/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1750 | 1804270 |
| 5.65%, 03/25/32<sup>(b)</sup> | &nbsp;&nbsp; 995 | 1019454 |
| 5.70%, 09/12/26<sup>(b)</sup> | &nbsp;&nbsp; 950 | 960903 |
| 5.80%, 03/27/35<sup>(b)</sup> | &nbsp;&nbsp; 870 | 885974 |
| 5.90%, 09/12/33<sup>(b)</sup> | &nbsp;&nbsp; 750 | 776136 |
| 6.00%, 11/16/26<sup>(b)</sup> | &nbsp;&nbsp; 715 | 727406 |
| 6.20%, 11/16/28<sup>(b)</sup> | &nbsp;&nbsp; 1510 | 1580786 |
| 6.45%, 11/16/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1575 | 1694568 |
|  |  | 406543829 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 2641 | 1586943 |
| 3.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1190 | 1078096 |
| 4.15%, 05/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1700 | 1227363 |
| 4.35%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 799 | 796040 |
| 4.40%, 10/01/46 | &nbsp;&nbsp; 611 | 470493 |
| 4.65%, 09/13/29 | &nbsp;&nbsp; 825 | 828329 |
| 5.15%, 09/13/34 | &nbsp;&nbsp; 795 | 777613 |
| 5.40%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 653 | 568991 |
| 5.75%, 09/13/54 | &nbsp;&nbsp; 705 | 641362 |
| BorgWarner Inc. |  |  |
| 2.65%, 07/01/27 | &nbsp;&nbsp; 1739 | 1691744 |
| 4.38%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1084 | 897495 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 530 | 540546 |
| 5.40%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 735 | 747875 |
| Denso Corp. |  |  |
| 1.24%, 09/16/26<sup>(b)</sup> | &nbsp;&nbsp; 720 | 697399 |
| 4.42%, 09/11/29<sup>(b)</sup> | &nbsp;&nbsp; 800 | 803640 |
| Lear Corp. |  |  |
| 2.60%, 01/15/32 | &nbsp;&nbsp; 700 | 609964 |
| 3.50%, 05/30/30<sup>(a)</sup> | &nbsp;&nbsp; 660 | 628984 |
| 3.55%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 600 | 391546 |
| 3.80%, 09/15/27 | &nbsp;&nbsp; 1322 | 1309334 |
| 4.25%, 05/15/29 | &nbsp;&nbsp; 1032 | 1024554 |
| 5.25%, 05/15/49<sup>(a)</sup> | &nbsp;&nbsp; 1054 | 925298 |
| LG Energy Solution Ltd. |  |  |
| 5.25%, 04/02/28<sup>(b)</sup> | &nbsp;&nbsp; 600 | 609298 |
| 5.38%, 07/02/27<sup>(b)</sup> | &nbsp;&nbsp; 585 | 593509 |
| 5.38%, 07/02/29<sup>(b)</sup> | &nbsp;&nbsp; 610 | 623786 |
| 5.38%, 04/02/30<sup>(b)</sup> | &nbsp;&nbsp; 735 | 752218 |
| 5.50%, 07/02/34<sup>(b)</sup> | &nbsp;&nbsp; 740 | 741721 |
| 5.63%, 09/25/26<sup>(b)</sup> | &nbsp;&nbsp; 295 | 298444 |
| 5.75%, 09/25/28<sup>(b)</sup> | &nbsp;&nbsp; 195 | 201316 |
| 5.88%, 04/02/35<sup>(b)</sup> | &nbsp;&nbsp; 1200 | 1231841 |
| Magna International Inc. |  |  |
| 2.45%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1442 | 1327167 |
| 5.05%, 03/14/29<sup>(a)</sup> | &nbsp;&nbsp; 845 | 865113 |
| 5.50%, 03/21/33<sup>(a)</sup> | &nbsp;&nbsp; 720 | 742417 |
| 5.88%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 370 | 384939 |
| Motherson Global Investments BV, 5.63%, <br> 07/11/29<sup>(b)</sup><br>| &nbsp;&nbsp; 145 | 148310 |
| Toyota Industries Corp., 3.57%, 03/16/28<sup>(b)</sup> | &nbsp;&nbsp; 250 | 245755 |
|  |  | 27009443 |
| **Banks — 21.1%** | **Banks — 21.1%** | **Banks — 21.1%** |
| ABN AMRO Bank NV |  |  |
| 2.47%, 12/13/29, (1-year CMT + <br> 1.100%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2495 | 2354689 |
| 3.32%, 03/13/37, (5-year CMT + <br> 1.900%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1697 | 1521123 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.20%, 07/07/28<sup>(b)</sup> | &nbsp;&nbsp; $1295 | $1298298 |
| 4.72%, 01/22/27<sup>(b)</sup> | &nbsp;&nbsp; 250 | 252116 |
| 4.99%, 12/03/28, (1-year CMT + <br> 0.780%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1350 | 1368338 |
| 5.52%, 12/03/35, (1-year CMT + <br> 1.250%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1275 | 1304885 |
| 6.34%, 09/18/27, (1-year CMT + <br> 1.650%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1860 | 1896918 |
| AIB Group PLC |  |  |
| 5.32%, 05/15/31, (1-day SOFR + <br> 1.650%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1010 | 1036414 |
| 5.87%, 03/28/35, (1-day SOFR Index + <br> 1.910%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1440 | 1497023 |
| 6.61%, 09/13/29, (1-day SOFR + <br> 2.330%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1195 | 1271066 |
| ANZ Bank New Zealand Ltd. |  |  |
| 5.55%, 08/11/32, (5-year CMT + <br> 2.700%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1000 | 1017926 |
| 5.90%, 07/10/34, (5-year CMT + <br> 1.500%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 860 | 893001 |
| ANZ New Zealand International Ltd./London |  |  |
| 2.55%, 02/13/30<sup>(b)</sup> | &nbsp;&nbsp; 1395 | 1301072 |
| 3.45%, 07/17/27<sup>(b)</sup> | &nbsp;&nbsp; 832 | 822157 |
| 3.45%, 01/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 897 | 885053 |
| 5.36%, 08/14/28<sup>(b)</sup> | &nbsp;&nbsp; 1450 | 1501751 |
| ASB Bank Ltd. |  |  |
| 1.63%, 10/22/26<sup>(b)</sup> | &nbsp;&nbsp; 895 | 870429 |
| 2.38%, 10/22/31<sup>(b)</sup> | &nbsp;&nbsp; 1110 | 990009 |
| 5.28%, 06/17/32, (5-year CMT + <br> 2.250%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1125 | 1137940 |
| 5.40%, 11/29/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1375 | 1410954 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 2.57%, 11/25/35, (5-year CMT + <br> 1.700%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2898 | 2585921 |
| 5.20%, 09/30/35, (1-year CMT + <br> 1.470%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1750 | 1738091 |
| 5.73%, 09/18/34, (5-year CMT + <br> 1.618%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1440 | 1491417 |
| 5.82%, 06/18/36, (1-year CMT + <br> 1.350%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2145 | 2210708 |
| 6.74%, 12/08/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1900 | 2088859 |
| Australia & New Zealand Banking Group <br> Ltd./New York<br>|  |  |
| 3.92%, 09/30/27 | &nbsp;&nbsp; 1550 | 1549802 |
| 4.42%, 12/16/26<sup>(a)</sup> | &nbsp;&nbsp; 860 | 864895 |
| 4.62%, 12/16/29 | &nbsp;&nbsp; 1435 | 1468724 |
| 4.75%, 01/18/27 | &nbsp;&nbsp; 1690 | 1707712 |
| 4.90%, 07/16/27 | &nbsp;&nbsp; 1155 | 1176181 |
| Australia & New Zealand Banking Group <br> Ltd/New York NY, Series A, 4.36%, <br> 06/18/28<sup>(a)</sup><br>| &nbsp;&nbsp; 830 | 840113 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; 1610 | 1665288 |
| 6.03%, 03/13/35, (1-year CMT + <br> 1.950%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1485 | 1560155 |
| 6.14%, 09/14/28, (1-year CMT + 2.700%)<sup>(d)</sup> | &nbsp;&nbsp; 825 | 854107 |
| 7.88%, 11/15/34, (1-year CMT + 3.300%)<sup>(d)</sup> | &nbsp;&nbsp; 1275 | 1466760 |
| Banco de Chile, 2.99%, 12/09/31<sup>(b)</sup> | &nbsp;&nbsp; 330 | 295662 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Banco de Credito del Peru SA |  |  |
| 5.80%, 03/10/35, (5-year CMT + <br> 2.244%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; $770 | $785400 |
| 5.85%, 01/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 735 | 765993 |
| Banco de Credito e Inversiones SA |  |  |
| 2.88%, 10/14/31<sup>(b)</sup> | &nbsp;&nbsp; 690 | 623417 |
| 3.50%, 10/12/27<sup>(b)</sup> | &nbsp;&nbsp; 902 | 887341 |
| Banco General SA, 4.13%, 08/07/27<sup>(b)</sup> | &nbsp;&nbsp; 515 | 509850 |
| Banco Inbursa SA Institucion De Banca Multiple <br> Grupo Financiero Inbursa, 4.38%, <br> 04/11/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 682 | 678695 |
| Banco Internacional del Peru SAA Interbank, <br> 3.25%, 10/04/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 463 | 456152 |
| Banco Nacional de Panama, 2.50%, 08/11/30<sup>(b)</sup> | &nbsp;&nbsp; 1541 | 1332010 |
| Banco Santander Chile, 3.18%, 10/26/31<sup>(b)</sup> | &nbsp;&nbsp; 200 | 184980 |
| Banco Santander Mexico SA Institucion de <br> Banca Multiple Grupo Financiero Santand, <br> 5.62%, 12/10/29<sup>(b)</sup><br>| &nbsp;&nbsp; 295 | 303467 |
| Banco Santander SA |  |  |
| 1.72%, 09/14/27, (1-year CMT + 0.900%)<sup>(d)</sup> | &nbsp;&nbsp; 2585 | 2514703 |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 2235 | 2014796 |
| 2.96%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 1285 | 1187010 |
| 3.23%, 11/22/32, (1-year CMT + 1.600%)<sup>(d)</sup> | &nbsp;&nbsp; 1395 | 1268953 |
| 3.31%, 06/27/29<sup>(a)</sup> | &nbsp;&nbsp; 1660 | 1603670 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 1937 | 1861158 |
| 3.80%, 02/23/28 | &nbsp;&nbsp; 1697 | 1679649 |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(d)</sup> | &nbsp;&nbsp; 2850 | 2845399 |
| 4.25%, 04/11/27 | &nbsp;&nbsp; 1825 | 1826478 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 2085 | 2093842 |
| 5.29%, 08/18/27 | &nbsp;&nbsp; 2310 | 2352490 |
| 5.37%, 07/15/28, (1-year CMT + 0.950%)<sup>(d)</sup> | &nbsp;&nbsp; 2355 | 2402653 |
| 5.44%, 07/15/31 | &nbsp;&nbsp; 2280 | 2386134 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(d)</sup> | &nbsp;&nbsp; 1930 | 2003375 |
| 5.55%, 03/14/28, (1-year CMT + 1.250%)<sup>(d)</sup> | &nbsp;&nbsp; 1255 | 1277285 |
| 5.57%, 01/17/30 | &nbsp;&nbsp; 1240 | 1293605 |
| 5.59%, 08/08/28 | &nbsp;&nbsp; 2150 | 2235458 |
| 6.03%, 01/17/35 | &nbsp;&nbsp; 1715 | 1820381 |
| 6.35%, 03/14/34<sup>(a)</sup> | &nbsp;&nbsp; 1983 | 2102675 |
| 6.53%, 11/07/27, (1-year CMT + 1.650%)<sup>(d)</sup> | &nbsp;&nbsp; 1590 | 1629368 |
| 6.61%, 11/07/28 | &nbsp;&nbsp; 2165 | 2316944 |
| 6.92%, 08/08/33 | &nbsp;&nbsp; 3110 | 3426887 |
| 6.94%, 11/07/33 | &nbsp;&nbsp; 2440 | 2769108 |
| Bangkok Bank PCL/Hong Kong |  |  |
| 3.47%, 09/23/36, (5-year CMT + <br> 2.150%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1245 | 1130587 |
| 4.30%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 765 | 764555 |
| 4.45%, 09/19/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1100 | 1103673 |
| 5.30%, 09/21/28<sup>(b)</sup> | &nbsp;&nbsp; 1055 | 1082311 |
| 5.50%, 09/21/33<sup>(b)</sup> | &nbsp;&nbsp; 1210 | 1256493 |
| 5.65%, 07/05/34<sup>(b)</sup> | &nbsp;&nbsp; 1220 | 1284849 |
| 6.06%, 03/25/40, (5-year CMT + <br> 1.780%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1425 | 1452309 |
| 9.03%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 185 | 209696 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(d)</sup> | &nbsp;&nbsp; 5532 | 4917931 |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(d)</sup> | &nbsp;&nbsp; 4808 | 4246106 |
| 2.09%, 06/14/29, (1-day SOFR + 1.060%)<sup>(d)</sup> | &nbsp;&nbsp; 5145 | 4861284 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(d)</sup> | &nbsp;&nbsp; 6442 | 5685026 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(d)</sup> | &nbsp;&nbsp; 3599 | 3113540 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(d)</sup><br>| &nbsp;&nbsp; 6049 | 5587114 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.55%, 02/04/28, (1-day SOFR + 1.050%)<sup>(d)</sup> | &nbsp;&nbsp; $3610 | $3527588 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(d)</sup> | &nbsp;&nbsp; 5043 | 4500467 |
| 2.59%, 04/29/31, (1-day SOFR + 2.150%)<sup>(d)</sup> | &nbsp;&nbsp; 5332 | 4930881 |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(d)</sup> | &nbsp;&nbsp; 8701 | 6271196 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(d)</sup> | &nbsp;&nbsp; 7197 | 6529019 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(d)</sup> | &nbsp;&nbsp; 1892 | 1176641 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3103 | 2935041 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(d)</sup> | &nbsp;&nbsp; 5850 | 5283372 |
| 2.97%, 07/21/52, (1-day SOFR + <br> 1.560%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3305 | 2121074 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4007 | 3848351 |
| 3.25%, 10/21/27 | &nbsp;&nbsp; 4418 | 4352647 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 5358 | 4129800 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(d)</sup><br>| &nbsp;&nbsp; 10322 | 10143312 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR + <br> 1.632%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3244 | 3208889 |
| 3.71%, 04/24/28, (3-mo. CME Term SOFR + <br> 1.774%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3595 | 3565414 |
| 3.82%, 01/20/28, (3-mo. CME Term SOFR + <br> 1.837%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4476 | 4450139 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(d)</sup> | &nbsp;&nbsp; 4167 | 3848593 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2408 | 1892546 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4481 | 4454149 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4831 | 4790819 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2660 | 2327523 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(d)</sup><br>| &nbsp;&nbsp; 8911 | 7007834 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3257 | 2988628 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 2892 | 2893544 |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4981 | 4993356 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4013 | 3308115 |
| 4.38%, 04/27/28, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 3722 | 3730149 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3627 | 3086573 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(d)</sup> | &nbsp;&nbsp; 6610 | 6541528 |
| 4.62%, 05/09/29, (1-day SOFR + 1.110%)<sup>(d)</sup> | &nbsp;&nbsp; 4965 | 5021005 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; 937 | 871063 |
| 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(d)</sup> | &nbsp;&nbsp; 5390 | 5461122 |
| 4.98%, 01/24/29, (1-day SOFR + 0.830%)<sup>(d)</sup> | &nbsp;&nbsp; 4020 | 4091554 |
| 5.00%, 04/22/30<sup>(a)</sup> | &nbsp;&nbsp; 80 | 80055 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 3208 | 3041990 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(d)</sup> | &nbsp;&nbsp; 8215 | 8345059 |
| 5.16%, 01/24/31, (1-day SOFR + 1.000%)<sup>(d)</sup> | &nbsp;&nbsp; 4715 | 4866271 |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(d)</sup> | &nbsp;&nbsp; 5580 | 5721543 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(d)</sup> | &nbsp;&nbsp; 9443 | 9686288 |
| 5.43%, 08/15/35, (1-day SOFR +1.913%)<sup>(d)</sup> | &nbsp;&nbsp; 3940 | 3965819 |
| 5.46%, 05/09/36, (1-day SOFR + <br> 1.640%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 4720 | 4848320 |
| 5.47%, 01/23/35, (1-day SOFR + 1.650%)<sup>(d)</sup> | &nbsp;&nbsp; 8495 | 8777938 |
| 5.51%, 01/24/36, (1-day SOFR + 1.310%)<sup>(d)</sup> | &nbsp;&nbsp; 5400 | 5563043 |
| 5.52%, 10/25/35, (1-day SOFR + 1.738%)<sup>(d)</sup> | &nbsp;&nbsp; 5250 | 5296794 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.74%, 02/12/36, (1-day SOFR + 1.697%)<sup>(d)</sup> | &nbsp;&nbsp; $3785 | $3877871 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(d)</sup> | &nbsp;&nbsp; 4465 | 4667290 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(d)</sup> | &nbsp;&nbsp; 5765 | 6116467 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 2563 | 2677464 |
| 5.93%, 09/15/27, (1-day SOFR + 1.340%)<sup>(d)</sup> | &nbsp;&nbsp; 3090 | 3139874 |
| 6.00%, 10/15/36 | &nbsp;&nbsp; 2003 | 2130302 |
| 6.11%, 01/29/37 | &nbsp;&nbsp; 2989 | 3175073 |
| 6.20%, 11/10/28, (1-day SOFR + 1.990%)<sup>(d)</sup> | &nbsp;&nbsp; 3810 | 3970677 |
| 6.22%, 09/15/26 | &nbsp;&nbsp; 655 | 667903 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 2653 | 3190733 |
| Series L, 4.18%, 11/25/27 | &nbsp;&nbsp; 3602 | 3599604 |
| Series L, 4.75%, 04/21/45 | &nbsp;&nbsp; 1069 | 941102 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3409 | 3098550 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1858 | 1316931 |
| Bank of Ireland Group PLC |  |  |
| 2.03%, 09/30/27, (1-year CMT + <br> 1.100%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 600 | 584271 |
| 5.60%, 03/20/30, (1-day SOFR <br> +1.620%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 960 | 997061 |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26 | &nbsp;&nbsp; 2155 | 2092565 |
| 2.65%, 03/08/27 | &nbsp;&nbsp; 2085 | 2044334 |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(d)</sup> | &nbsp;&nbsp; 2297 | 2017809 |
| 3.80%, 12/15/32, (5-year USD Swap + <br> 1.432%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2173 | 2129835 |
| 4.64%, 09/10/30, (1-day SOFR + 1.250%)<sup>(d)</sup> | &nbsp;&nbsp; 1460 | 1479999 |
| 5.00%, 01/27/29, (1-day SOFR Index + <br> 0.670%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3440 | 3508962 |
| 5.20%, 02/01/28 | &nbsp;&nbsp; 1960 | 2011429 |
| 5.27%, 12/11/26 | &nbsp;&nbsp; 1775 | 1799436 |
| 5.37%, 06/04/27<sup>(a)</sup> | &nbsp;&nbsp; 1325 | 1354571 |
| 5.51%, 06/04/31 | &nbsp;&nbsp; 1680 | 1767091 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 1720 | 1796957 |
| 7.30%, 11/26/84, (5-year CMT + 3.010%)<sup>(d)</sup> | &nbsp;&nbsp; 1475 | 1546974 |
| 7.70%, 05/26/84, (5-year CMT + 3.452%)<sup>(d)</sup> | &nbsp;&nbsp; 1275 | 1329367 |
| Series f2f, 4.57%, 09/10/27, (1-day SOFR + <br> 0.880%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1405 | 1408422 |
| Series H, 4.70%, 09/14/27 | &nbsp;&nbsp; 1670 | 1689128 |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.05%, 10/15/26 | &nbsp;&nbsp; 803 | 777184 |
| 1.65%, 07/14/28 | &nbsp;&nbsp; 665 | 626414 |
| 1.65%, 01/28/31 | &nbsp;&nbsp; 772 | 678306 |
| 1.80%, 07/28/31 | &nbsp;&nbsp; 785 | 688107 |
| 2.05%, 01/26/27<sup>(a)</sup> | &nbsp;&nbsp; 930 | 906289 |
| 2.50%, 01/26/32<sup>(a)</sup> | &nbsp;&nbsp; 1105 | 986240 |
| 3.00%, 10/30/28 | &nbsp;&nbsp; 881 | 852228 |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 1468 | 1452416 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 1894 | 1834251 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 1220 | 1205882 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR + <br> 1.331%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1530 | 1517137 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 1591 | 1593479 |
| 3.85%, 04/26/29 | &nbsp;&nbsp; 700 | 697243 |
| 3.99%, 06/13/28, (1-day SOFR + <br> 1.151%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 820 | 819619 |
| 4.29%, 06/13/33, (1-day SOFR + 1.418%)<sup>(d)</sup> | &nbsp;&nbsp; 1497 | 1462594 |
| 4.44%, 06/09/28, (1-day SOFR + 0.680%)<sup>(d)</sup> | &nbsp;&nbsp; 575 | 578660 |
| 4.54%, 02/01/29, (1-day SOFR + 1.169%)<sup>(d)</sup> | &nbsp;&nbsp; 1220 | 1234553 |
| 4.60%, 07/26/30, (1-day SOFR + 1.755%)<sup>(d)</sup> | &nbsp;&nbsp; 780 | 793750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.71%, 02/01/34, (1-day SOFR + 1.512%)<sup>(d)</sup> | &nbsp;&nbsp; $1130 | $1126079 |
| 4.73%, 04/20/29, (1-day SOFR + 1.135%)<sup>(d)</sup> | &nbsp;&nbsp; 1465 | 1489164 |
| 4.89%, 07/21/28, (1-day SOFR + 0.840%)<sup>(d)</sup> | &nbsp;&nbsp; 1255 | 1274990 |
| 4.94%, 02/11/31, (1-day SOFR + 0.887%)<sup>(d)</sup> | &nbsp;&nbsp; 1505 | 1546464 |
| 4.97%, 04/26/34, (1-day SOFR + 1.606%)<sup>(d)</sup> | &nbsp;&nbsp; 1430 | 1444000 |
| 4.98%, 03/14/30, (1-day SOFR + 1.085%)<sup>(d)</sup> | &nbsp;&nbsp; 1770 | 1819105 |
| 5.06%, 07/22/32, (1-day SOFR + 1.230%)<sup>(d)</sup> | &nbsp;&nbsp; 1935 | 1993183 |
| 5.19%, 03/14/35, (1-day SOFR + 1.418%)<sup>(d)</sup> | &nbsp;&nbsp; 1684 | 1715966 |
| 5.23%, 11/20/35, (1-day SOFR + 1.253%)<sup>(d)</sup> | &nbsp;&nbsp; 1540 | 1571209 |
| 5.32%, 06/06/36, (1-day SOFR + <br> 1.350%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1030 | 1056230 |
| 5.61%, 07/21/39, (1-day SOFR + 1.770%)<sup>(d)</sup> | &nbsp;&nbsp; 805 | 832279 |
| 5.80%, 10/25/28, (1-day SOFR Index + <br> 1.802%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1565 | 1621049 |
| 5.83%, 10/25/33, (1-day SOFR Index + <br> 2.074%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2269 | 2424418 |
| 6.32%, 10/25/29, (1-day SOFR + 1.598%)<sup>(d)</sup> | &nbsp;&nbsp; 1690 | 1800708 |
| 6.47%, 10/25/34, (1-day SOFR + 1.845%)<sup>(d)</sup> | &nbsp;&nbsp; 1970 | 2177218 |
| Series J, 1.90%, 01/25/29<sup>(a)</sup> | &nbsp;&nbsp; 812 | 758851 |
| Bank of New Zealand |  |  |
| 2.29%, 01/27/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 839300 |
| 2.87%, 01/27/32<sup>(b)</sup> | &nbsp;&nbsp; 450 | 406148 |
| 4.85%, 02/07/28<sup>(b)</sup> | &nbsp;&nbsp; 1255 | 1277109 |
| 5.08%, 01/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1305 | 1343411 |
| 5.70%, 01/28/35, (5-year CMT + <br> 1.300%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 325 | 335281 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26 | &nbsp;&nbsp; 1412 | 1371879 |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 965 | 939304 |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 1295 | 1145651 |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 1505 | 1322835 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 1040 | 1023550 |
| 4.40%, 09/08/28, (1-day SOFR + 1.000%)<sup>(d)</sup> | &nbsp;&nbsp; 1770 | 1778836 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(d)</sup> | &nbsp;&nbsp; 2149 | 2061913 |
| 4.74%, 11/10/32, (1-day SOFR + 1.440%)<sup>(d)</sup> | &nbsp;&nbsp; 1165 | 1176687 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 2210 | 2261862 |
| 4.93%, 02/14/29, (1-day SOFR + 0.890%)<sup>(d)</sup> | &nbsp;&nbsp; 2040 | 2074871 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(d)</sup> | &nbsp;&nbsp; 1750 | 1800243 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 1345 | 1388014 |
| 5.35%, 12/07/26 | &nbsp;&nbsp; 1670 | 1693430 |
| 5.40%, 06/04/27 | &nbsp;&nbsp; 1485 | 1519836 |
| 5.45%, 08/01/29 | &nbsp;&nbsp; 1255 | 1308883 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 1390 | 1464124 |
| 7.35%, 04/27/85, (5-year CMT + 2.903%)<sup>(d)</sup> | &nbsp;&nbsp; 1315 | 1351692 |
| 8.00%, 01/27/84, (5-year CMT + 4.017%)<sup>(d)</sup> | &nbsp;&nbsp; 1265 | 1347933 |
| 8.63%, 10/27/82, (5-year CMT + 4.389%)<sup>(d)</sup> | &nbsp;&nbsp; 640 | 677834 |
| Series 2, 3.63%, 10/27/81, (5-year CMT + <br> 2.613%)<sup>(d)</sup><br>| &nbsp;&nbsp; 972 | 916780 |
| Bank OZK, 2.75%, 10/01/31, (3-mo. CME Term <br> SOFR + 2.090%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 575 | 523250 |
| BankUnited Inc., 5.13%, 06/11/30<sup>(a)</sup> | &nbsp;&nbsp; 575 | 575074 |
| Banque Federative du Credit Mutuel SA |  |  |
| 1.60%, 10/04/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1165 | 1132368 |
| 4.59%, 10/16/28<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1009071 |
| 4.75%, 07/13/27<sup>(b)</sup> | &nbsp;&nbsp; 1205 | 1217925 |
| 5.09%, 01/23/27<sup>(b)</sup> | &nbsp;&nbsp; 810 | 819114 |
| 5.19%, 02/16/28<sup>(b)</sup> | &nbsp;&nbsp; 1070 | 1093802 |
| 5.54%, 01/22/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 885 | 922399 |
| 5.79%, 07/13/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1600 | 1665965 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27, (1-year CMT + 1.050%)<sup>(d)</sup> | &nbsp;&nbsp; 3155 | 3077713 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.65%, 06/24/31, (1-year CMT + 1.900%)<sup>(d)</sup> | &nbsp;&nbsp; $1862 | $1707906 |
| 2.67%, 03/10/32, (1-year CMT + 1.200%)<sup>(d)</sup> | &nbsp;&nbsp; 1832 | 1651104 |
| 2.89%, 11/24/32, (1-year CMT + 1.300%)<sup>(d)</sup> | &nbsp;&nbsp; 2455 | 2199236 |
| 3.33%, 11/24/42, (1-year CMT + 1.300%)<sup>(d)</sup> | &nbsp;&nbsp; 1770 | 1322422 |
| 3.56%, 09/23/35, (5-year CMT + 2.900%)<sup>(d)</sup> | &nbsp;&nbsp; 1713 | 1600473 |
| 3.81%, 03/10/42, (1-year CMT + 1.700%)<sup>(d)</sup> | &nbsp;&nbsp; 1810 | 1411758 |
| 4.34%, 01/10/28 | &nbsp;&nbsp; 2355 | 2356155 |
| 4.48%, 11/11/29, (1-day SOFR + 1.080%)<sup>(d)</sup> | &nbsp;&nbsp; 1800 | 1803223 |
| 4.84%, 05/09/28 | &nbsp;&nbsp; 3179 | 3194699 |
| 4.84%, 09/10/28, (1-day SOFR + 1.340%)<sup>(d)</sup> | &nbsp;&nbsp; 1455 | 1470455 |
| 4.94%, 09/10/30, (1-day SOFR + 1.560%)<sup>(d)</sup> | &nbsp;&nbsp; 2675 | 2717891 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 2350 | 2110676 |
| 4.97%, 05/16/29<sup>(d)</sup> | &nbsp;&nbsp; 2693 | 2733106 |
| 5.09%, 02/25/29, (1-day SOFR + <br> 0.960%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2480 | 2520305 |
| 5.09%, 06/20/30<sup>(d)</sup> | &nbsp;&nbsp; 2660 | 2697839 |
| 5.25%, 08/17/45<sup>(a)</sup> | &nbsp;&nbsp; 2520 | 2366376 |
| 5.34%, 09/10/35, (1-day SOFR + 1.910%)<sup>(d)</sup> | &nbsp;&nbsp; 3075 | 3078545 |
| 5.37%, 02/25/31, (1-day SOFR + <br> 1.230%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3136 | 3234507 |
| 5.50%, 08/09/28, (1-year CMT + 2.650%)<sup>(d)</sup> | &nbsp;&nbsp; 3045 | 3111643 |
| 5.67%, 03/12/28, (1-day SOFR +1.490%)<sup>(d)</sup> | &nbsp;&nbsp; 1785 | 1818958 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(d)</sup> | &nbsp;&nbsp; 3095 | 3220435 |
| 5.75%, 08/09/33, (1-year CMT + <br> 3.000%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1545 | 1615454 |
| 5.79%, 02/25/36, (1-day SOFR + 1.590%)<sup>(d)</sup> | &nbsp;&nbsp; 3460 | 3568958 |
| 5.86%, 08/11/46, (1-day SOFR + 1.830%)<sup>(d)</sup> | &nbsp;&nbsp; 1725 | 1713719 |
| 6.04%, 03/12/55, (1-day SOFR + <br> 2.420%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1360 | 1391072 |
| 6.22%, 05/09/34, (1-day SOFR + 2.980%)<sup>(d)</sup> | &nbsp;&nbsp; 3250 | 3468913 |
| 6.49%, 09/13/29, (1-day SOFR + <br> 2.220%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1945 | 2061688 |
| 6.50%, 09/13/27, (1-day SOFR + 1.880%)<sup>(d)</sup> | &nbsp;&nbsp; 2245 | 2291610 |
| 6.69%, 09/13/34, (1-day SOFR + 2.620%)<sup>(d)</sup> | &nbsp;&nbsp; 2435 | 2667573 |
| 7.12%, 06/27/34, (1-day SOFR + <br> 3.570%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2235 | 2471617 |
| 7.39%, 11/02/28, (1-year CMT + 3.300%)<sup>(d)</sup> | &nbsp;&nbsp; 2365 | 2513875 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(d)</sup> | &nbsp;&nbsp; 3092 | 3530846 |
| BBVA Bancomer SA/Texas, 5.25%, <br> 09/10/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 990 | 1015641 |
| Blackstone Reg Finance Co. LLC, 5.00%, <br> 12/06/34<br>| &nbsp;&nbsp; 860 | 858623 |
| BNP Paribas SA |  |  |
| 1.90%, 09/30/28, (1-day SOFR + <br> 1.609%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2322 | 2205563 |
| 2.16%, 09/15/29, (1-day SOFR + <br> 1.218%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2570 | 2404960 |
| 2.59%, 01/20/28, (1-day SOFR + <br> 1.228%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2638 | 2574232 |
| 2.59%, 08/12/35, (5-year CMT + <br> 2.050%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2744 | 2454487 |
| 2.82%, 01/26/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 1845 | 1304249 |
| 2.87%, 04/19/32, (3-mo. CME Term SOFR + <br> 1.387%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3967 | 3595425 |
| 3.05%, 01/13/31, (1-day SOFR + <br> 1.507%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3530 | 3311480 |
| 3.13%, 01/20/33, (1-day SOFR + <br> 1.561%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1975 | 1779104 |
| 3.50%, 11/16/27<sup>(b)</sup> | &nbsp;&nbsp; 2410 | 2367476 |
| 4.38%, 03/01/33, (5-year USD Swap + <br> 1.483%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2790 | 2754335 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.40%, 08/14/28<sup>(b)</sup> | &nbsp;&nbsp; $3292 | $3298517 |
| 4.63%, 03/13/27<sup>(b)</sup> | &nbsp;&nbsp; 2468 | 2472256 |
| 4.79%, 05/09/29, (1-day SOFR + <br> 1.450%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 950 | 958903 |
| 5.09%, 05/09/31, (1-day SOFR + <br> 1.678%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 930 | 944761 |
| 5.13%, 01/13/29, (1-year CMT + <br> 1.450%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3015 | 3072055 |
| 5.18%, 01/09/30, (1-day SOFR + <br> 1.520%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2805 | 2874398 |
| 5.20%, 01/10/30, (3-mo. CME Term SOFR + <br> 2.829%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1515 | 1545968 |
| 5.28%, 11/19/30, (1-day SOFR + <br> 1.280%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2560 | 2622283 |
| 5.34%, 06/12/29, (1-year CMT + <br> 1.500%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2705 | 2776487 |
| 5.50%, 05/20/30, (1-day SOFR + <br> 1.590%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2570 | 2653620 |
| 5.74%, 02/20/35, (1-day SOFR + <br> 1.880%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2735 | 2845866 |
| 5.79%, 01/13/33, (1-day SOFR + <br> 1.620%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3850 | 4011630 |
| 5.89%, 12/05/34, (1-day SOFR + <br> 1.866%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3125 | 3292214 |
| 5.91%, 11/19/35, (1-day SOFR + <br> 1.920%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 3260 | 3321528 |
| BPCE SA |  |  |
| 2.05%, 10/19/27, (1-day SOFR + <br> 1.087%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1722 | 1675125 |
| 2.28%, 01/20/32, (1-day SOFR + <br> 1.312%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2218 | 1947999 |
| 2.70%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1636 | 1532328 |
| 3.12%, 10/19/32, (1-day SOFR + <br> 1.730%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2662 | 2351415 |
| 3.25%, 01/11/28<sup>(b)</sup> | &nbsp;&nbsp; 1450 | 1418143 |
| 3.38%, 12/02/26<sup>(a)</sup> | &nbsp;&nbsp; 746 | 739278 |
| 3.50%, 10/23/27<sup>(b)</sup> | &nbsp;&nbsp; 2230 | 2187883 |
| 3.58%, 10/19/42, (1-day SOFR + <br> 1.952%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1170 | 844504 |
| 3.65%, 01/14/37, (5-year CMT + <br> 1.900%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1570 | 1405071 |
| 4.63%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp; 1320 | 1326953 |
| 4.75%, 07/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1297 | 1311198 |
| 5.13%, 01/18/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1045 | 1065669 |
| 5.20%, 01/18/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 780 | 790237 |
| 5.28%, 05/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1285 | 1322475 |
| 5.39%, 05/28/31, (1-day SOFR + <br> 1.581%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1620 | 1658826 |
| 5.72%, 01/18/30, (1-year CMT + <br> 1.959%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1590 | 1642886 |
| 5.75%, 07/19/33, (1-day SOFR + <br> 2.865%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1643 | 1692566 |
| 5.88%, 01/14/31, (1-day SOFR + <br> 1.680%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1970 | 2052635 |
| 5.94%, 05/30/35, (1-day SOFR + <br> 1.850%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1800 | 1860039 |
| 6.03%, 05/28/36, (1-day SOFR + <br> 1.956%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1500 | 1554680 |
| 6.29%, 01/14/36, (1-day SOFR + <br> 2.040%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2655 | 2793522 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.51%, 01/18/35, (1-year CMT + <br> 2.791%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; $1470 | $1540023 |
| 6.61%, 10/19/27, (1-day SOFR + <br> 1.980%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1110 | 1135827 |
| 6.71%, 10/19/29, (1-day SOFR + <br> 2.270%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1990 | 2112298 |
| 6.92%, 01/14/46, (1-day SOFR + <br> 2.610%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1615 | 1684208 |
| 7.00%, 10/19/34, (1-day SOFR + <br> 2.590%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1655 | 1827134 |
| Brookfield Finance Inc., 6.30%, 01/15/55, <br> (5-year CMT + 2.076%)<sup>(d)</sup><br>| &nbsp;&nbsp; 670 | 653032 |
| CaixaBank SA |  |  |
| 4.63%, 07/03/29, (1-day SOFR + <br> 1.140%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1320 | 1329652 |
| 4.89%, 07/03/31, (1-day SOFR + <br> 1.360%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1320 | 1335196 |
| 5.58%, 07/03/36, (1-day SOFR <br> +1.790%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1255 | 1268531 |
| 5.67%, 03/15/30, (1-day SOFR Index + <br> 1.780%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1775 | 1845212 |
| 6.04%, 06/15/35, (1-day SOFR <br> +2.260%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1715 | 1806086 |
| 6.21%, 01/18/29, (1-day SOFR + <br> 2.700%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2305 | 2399735 |
| 6.68%, 09/13/27, (1-day SOFR + <br> 2.080%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1450 | 1482323 |
| 6.84%, 09/13/34, (1-day SOFR + <br> 2.770%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1040 | 1151242 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.45%, 04/07/27<sup>(a)</sup> | &nbsp;&nbsp; 1630 | 1615985 |
| 3.60%, 04/07/32 | &nbsp;&nbsp; 1990 | 1874039 |
| 4.51%, 09/11/27, (1-day SOFR + <br> 0.930%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1485 | 1488191 |
| 4.63%, 09/11/30, (1-day SOFR + <br> 1.335%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1090 | 1102710 |
| 4.86%, 01/13/28, (1-day SOFR + 0.720%)<sup>(d)</sup> | &nbsp;&nbsp; 1015 | 1023545 |
| 4.86%, 03/30/29, (1-day SOFR + <br> 1.030%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2275 | 2308271 |
| 5.00%, 04/28/28<sup>(a)</sup> | &nbsp;&nbsp; 1740 | 1780541 |
| 5.24%, 06/28/27 | &nbsp;&nbsp; 2065 | 2105803 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(d)</sup> | &nbsp;&nbsp; 1435 | 1481320 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 1800 | 1863138 |
| 5.93%, 10/02/26 | &nbsp;&nbsp; 1320 | 1344310 |
| 5.99%, 10/03/28 | &nbsp;&nbsp; 1380 | 1453125 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 1825 | 1970058 |
| 6.95%, 01/28/85, (5-year CMT + 2.833%)<sup>(d)</sup> | &nbsp;&nbsp; 630 | 633653 |
| Capital One NA |  |  |
| 2.70%, 02/06/30<sup>(a)</sup> | &nbsp;&nbsp; 875 | 819564 |
| 4.65%, 09/13/28<sup>(a)</sup> | &nbsp;&nbsp; 1505 | 1523564 |
| CIMB Bank Bhd, 2.13%, 07/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 790 | 761170 |
| Citibank NA |  |  |
| 4.58%, 05/29/27 | &nbsp;&nbsp; 4200 | 4233759 |
| 4.84%, 08/06/29<sup>(a)</sup> | &nbsp;&nbsp; 2620 | 2685570 |
| 4.88%, 11/19/27, (1-day SOFR + 0.712%)<sup>(d)</sup> | &nbsp;&nbsp; 3640 | 3667488 |
| 4.91%, 05/29/30 | &nbsp;&nbsp; 3180 | 3263308 |
| 5.49%, 12/04/26 | &nbsp;&nbsp; 2965 | 3012047 |
| 5.57%, 04/30/34 | &nbsp;&nbsp; 2920 | 3057880 |
| 5.80%, 09/29/28 | &nbsp;&nbsp; 3360 | 3521717 |
| Citigroup Inc. |  |  |
| 2.52%, 11/03/32, (1-day SOFR + 1.177%)<sup>(d)</sup> | &nbsp;&nbsp; 2969 | 2628391 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(d)</sup> | &nbsp;&nbsp; $5110 | $4588695 |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(d)</sup> | &nbsp;&nbsp; 5800 | 5324465 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(d)</sup> | &nbsp;&nbsp; 4504 | 4177581 |
| 2.90%, 11/03/42, (1-day SOFR + 1.379%)<sup>(d)</sup> | &nbsp;&nbsp; 2105 | 1496822 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(d)</sup> | &nbsp;&nbsp; 3487 | 3295221 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(d)</sup> | &nbsp;&nbsp; 5066 | 4575944 |
| 3.07%, 02/24/28, (1-day SOFR + 1.280%)<sup>(d)</sup> | &nbsp;&nbsp; 4603 | 4521302 |
| 3.20%, 10/21/26 | &nbsp;&nbsp; 4428 | 4378091 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR + <br> 1.413%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3743 | 3686428 |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR + <br> 1.652%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3837 | 3794375 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(d)</sup> | &nbsp;&nbsp; 4522 | 4248761 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1991 | 1723755 |
| 3.89%, 01/10/28, (3-mo. CME Term SOFR + <br> 1.825%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4231 | 4205413 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4490 | 4433853 |
| 4.08%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.454%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3008 | 2997303 |
| 4.13%, 07/25/28 | &nbsp;&nbsp; 3540 | 3535686 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR + <br> 2.101%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1687 | 1386809 |
| 4.30%, 11/20/26<sup>(a)</sup> | &nbsp;&nbsp; 1659 | 1659284 |
| 4.41%, 03/31/31, (1-day SOFR + <br> 3.914%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 6334 | 6319917 |
| 4.45%, 09/29/27 | &nbsp;&nbsp; 6640 | 6658109 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(d)</sup> | &nbsp;&nbsp; 4995 | 5017632 |
| 4.64%, 05/07/28, (1-day SOFR + 1.143%)<sup>(d)</sup> | &nbsp;&nbsp; 3505 | 3524496 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 1909 | 1671851 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 3973 | 3444379 |
| 4.66%, 05/24/28, (1-day SOFR + 1.887%)<sup>(d)</sup> | &nbsp;&nbsp; 2475 | 2490272 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 3176 | 2766598 |
| 4.79%, 03/04/29, (1-day SOFR + 0.870%)<sup>(d)</sup> | &nbsp;&nbsp; 3785 | 3834509 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(d)</sup> | &nbsp;&nbsp; 4292 | 4311215 |
| 4.95%, 05/07/31, (1-day SOFR + 1.463%)<sup>(d)</sup> | &nbsp;&nbsp; 3615 | 3682917 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(d)</sup> | &nbsp;&nbsp; 4540 | 4658832 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 1488 | 1411373 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(d)</sup> | &nbsp;&nbsp; 2351 | 2295290 |
| 5.41%, 09/19/39, (5-year CMT + 1.730%)<sup>(d)</sup> | &nbsp;&nbsp; 1520 | 1504999 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(d)</sup> | &nbsp;&nbsp; 4025 | 4137513 |
| 5.59%, 11/19/34, (5-year CMT + 1.280%)<sup>(d)</sup> | &nbsp;&nbsp; 1665 | 1701439 |
| 5.61%, 03/04/56, (1-day SOFR + 1.746%)<sup>(d)</sup> | &nbsp;&nbsp; 3325 | 3245049 |
| 5.83%, 02/13/35, (1-day SOFR + 2.056%)<sup>(d)</sup> | &nbsp;&nbsp; 4535 | 4662398 |
| 5.88%, 02/22/33 | &nbsp;&nbsp; 1593 | 1679012 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 1904 | 1976256 |
| 6.00%, 10/31/33<sup>(a)</sup> | &nbsp;&nbsp; 1007 | 1073736 |
| 6.02%, 01/24/36, (1-day SOFR + 1.830%)<sup>(d)</sup> | &nbsp;&nbsp; 5135 | 5305837 |
| 6.13%, 08/25/36 | &nbsp;&nbsp; 1177 | 1234997 |
| 6.17%, 05/25/34, (1-day SOFR + 2.661%)<sup>(d)</sup> | &nbsp;&nbsp; 5130 | 5404532 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(d)</sup> | &nbsp;&nbsp; 4284 | 4642855 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 633 | 670552 |
| 6.63%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1842 | 2030799 |
| 6.68%, 09/13/43 | &nbsp;&nbsp; 1957 | 2167470 |
| 6.88%, 03/05/38<sup>(a)</sup> | &nbsp;&nbsp; 470 | 536732 |
| 6.88%, 02/15/98<sup>(a)</sup> | &nbsp;&nbsp; 311 | 348188 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 3045 | 3845369 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3800 | 3840075 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citizens Bank NA, 4.58%, 08/09/28, (1-day <br> SOFR + 2.000%)<sup>(d)</sup><br>| &nbsp;&nbsp; $1270 | $1276408 |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; 1090 | 999684 |
| 2.64%, 09/30/32 | &nbsp;&nbsp; 1113 | 940528 |
| 3.25%, 04/30/30 | &nbsp;&nbsp; 1885 | 1782510 |
| 5.25%, 03/05/31, (1-day SOFR + 1.259%)<sup>(d)</sup> | &nbsp;&nbsp; 1115 | 1139957 |
| 5.64%, 05/21/37, (5-year CMT + <br> 2.750%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 710 | 713132 |
| 5.72%, 07/23/32, (1-day SOFR + 1.910%)<sup>(d)</sup> | &nbsp;&nbsp; 2055 | 2146293 |
| 5.84%, 01/23/30, (1-day SOFR + 2.010%)<sup>(d)</sup> | &nbsp;&nbsp; 1510 | 1570466 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(d)</sup> | &nbsp;&nbsp; 1195 | 1299659 |
| CoBank ACB |  |  |
| 7.13%, (5-year CMT + 2.818%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 20 | 20493 |
| 7.25%, (5-year CMT + 2.880%)<sup>(d)(e)</sup> | &nbsp;&nbsp; 250 | 256848 |
| Comerica Bank, 5.33%, 08/25/33, (1-day SOFR <br> + 2.610%)<sup>(d)</sup><br>| &nbsp;&nbsp; 535 | 527159 |
| Comerica Inc. |  |  |
| 4.00%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1069 | 1053905 |
| 5.98%, 01/30/30, (1-day SOFR + <br> 2.155%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1540 | 1597690 |
| Commonwealth Bank of Australia |  |  |
| 1.88%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1194 | 1052843 |
| 2.55%, 03/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1591 | 1557928 |
| 2.63%, 09/06/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1355 | 1336533 |
| 2.69%, 03/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2640 | 2388522 |
| 3.15%, 09/19/27<sup>(b)</sup> | &nbsp;&nbsp; 1507 | 1483586 |
| 3.31%, 03/11/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 1652 | 1235893 |
| 3.61%, 09/12/34, (5-year CMT + <br> 2.050%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2341 | 2250273 |
| 3.74%, 09/12/39<sup>(b)</sup> | &nbsp;&nbsp; 2471 | 2037133 |
| 3.78%, 03/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1455 | 1366667 |
| 3.90%, 03/16/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1502 | 1502628 |
| 3.90%, 07/12/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 2263 | 1819513 |
| 4.32%, 01/10/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1506 | 1214798 |
| 4.61%, 03/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1135 | 1162358 |
| 5.84%, 03/13/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2015 | 2103564 |
| 5.93%, 03/14/46, (1-year CMT + <br> 1.320%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2010 | 2035617 |
| Commonwealth Bank of Australia/New York |  |  |
| 4.42%, 03/14/28 | &nbsp;&nbsp; 1285 | 1300005 |
| 4.58%, 11/27/26 | &nbsp;&nbsp; 1800 | 1813196 |
| Cooperatieve Rabobank UA |  |  |
| 1.98%, 12/15/27, (1-year CMT + <br> 0.730%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2310 | 2242945 |
| 3.65%, 04/06/28, (1-year CMT + <br> 1.220%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2286 | 2265371 |
| 3.76%, 04/06/33, (1-year CMT + <br> 1.420%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2100 | 1976508 |
| 4.66%, 08/22/28, (1-year CMT + <br> 1.750%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2135 | 2150793 |
| 4.99%, 05/27/31, (1-year CMT + <br> 0.920%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1370 | 1398442 |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 2527 | 2494500 |
| 5.25%, 08/04/45<sup>(a)</sup> | &nbsp;&nbsp; 1677 | 1558603 |
| 5.45%, 03/05/30, (1-year CMT + <br> 1.120%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1150 | 1194523 |
| 5.56%, 02/28/29, (1-year CMT + <br> 1.400%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1630 | 1683118 |
| 5.71%, 01/21/33, (1-year CMT + <br> 1.000%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1415 | 1488532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.75%, 12/01/43 | &nbsp;&nbsp; $2160 | $2157107 |
| 5.80%, 09/30/2110<sup>(b)</sup> | &nbsp;&nbsp; 350 | 332968 |
| Cooperatieve Rabobank UA/NY |  |  |
| 4.37%, 05/27/27 | &nbsp;&nbsp; 1010 | 1017483 |
| 4.49%, 10/17/29<sup>(a)</sup> | &nbsp;&nbsp; 1145 | 1162844 |
| 4.80%, 01/09/29 | &nbsp;&nbsp; 780 | 797833 |
| 4.88%, 01/21/28 | &nbsp;&nbsp; 1225 | 1251492 |
| 5.04%, 03/05/27 | &nbsp;&nbsp; 1250 | 1269208 |
| 5.50%, 10/05/26 | &nbsp;&nbsp; 985 | 1000697 |
| Credit Agricole SA |  |  |
| 2.02%, 01/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1425 | 1384485 |
| 2.81%, 01/11/41<sup>(b)</sup> | &nbsp;&nbsp; 2582 | 1765243 |
| 3.25%, 01/14/30<sup>(b)</sup> | &nbsp;&nbsp; 2609 | 2457807 |
| 4.00%, 01/10/33, (5-year USD Swap + <br> 1.644%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2330 | 2286373 |
| 4.63%, 09/11/28, (1-day SOFR + <br> 1.210%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1730 | 1738016 |
| 5.13%, 03/11/27<sup>(b)</sup> | &nbsp;&nbsp; 1480 | 1503366 |
| 5.22%, 05/27/31, (1-day SOFR + <br> 1.460%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 855 | 874560 |
| 5.23%, 01/09/29, (1-day SOFR + <br> 1.130%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1920 | 1953361 |
| 5.30%, 07/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1970 | 2030930 |
| 5.34%, 01/10/30, (1-day SOFR + <br> 1.690%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1300 | 1336612 |
| 5.37%, 03/11/34<sup>(b)</sup> | &nbsp;&nbsp; 1295 | 1340113 |
| 5.51%, 07/05/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1185 | 1241732 |
| 5.86%, 01/09/36, (1-day SOFR + <br> 1.740%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2925 | 3038506 |
| 6.25%, 01/10/35, (1-day SOFR + <br> 2.670%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2605 | 2721529 |
| 6.32%, 10/03/29, (1-day SOFR + <br> 1.860%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3200 | 3375725 |
| Credit Agricole SA/London, 4.13%, 01/10/27<sup>(b)</sup> | &nbsp;&nbsp; 1361 | 1357826 |
| Danske Bank A/S |  |  |
| 1.55%, 09/10/27, (1-year CMT + <br> 0.730%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1105 | 1073352 |
| 4.30%, 04/01/28, (1-year CMT + <br> 1.750%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2165 | 2165510 |
| 4.38%, 06/12/28<sup>(b)</sup> | &nbsp;&nbsp; 1549 | 1554674 |
| 4.61%, 10/02/30, (1-year CMT + <br> 1.100%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1610 | 1621123 |
| 5.43%, 03/01/28, (1-year CMT + <br> 0.950%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1530 | 1555877 |
| 5.71%, 03/01/30, (1-year CMT + <br> 1.400%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2220 | 2316771 |
| Danske Bank AS, 5.02%, 03/04/31, (1-year <br> CMT + 0.930%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1265 | 1290178 |
| DBS Group Holdings Ltd. |  |  |
| 1.19%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 250 | 239892 |
| 4.40%, 03/21/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50699 |
| Deutsche Bank AG/New York NY |  |  |
| 2.31%, 11/16/27, (1-day SOFR + 1.219%)<sup>(d)</sup> | &nbsp;&nbsp; 2450 | 2389835 |
| 2.55%, 01/07/28, (1-day SOFR + 1.318%)<sup>(d)</sup> | &nbsp;&nbsp; 2175 | 2124073 |
| 3.04%, 05/28/32, (1-day SOFR + 1.718%)<sup>(d)</sup> | &nbsp;&nbsp; 1728 | 1576866 |
| 3.55%, 09/18/31, (1-day SOFR + 3.043%)<sup>(d)</sup> | &nbsp;&nbsp; 3152 | 2989138 |
| 3.73%, 01/14/32, (1-day SOFR + 2.757%)<sup>(d)</sup> | &nbsp;&nbsp; 1355 | 1271222 |
| 3.74%, 01/07/33, (1-day SOFR + 2.257%)<sup>(d)</sup> | &nbsp;&nbsp; 2070 | 1896505 |
| 4.88%, 12/01/32, (5-year USD ICE Swap + <br> 2.553%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2015 | 2008281 |
| 4.95%, 08/04/31, (1-day SOFR + 1.300%)<sup>(d)</sup> | &nbsp;&nbsp; 1385 | 1396388 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(d)</sup> | &nbsp;&nbsp; $2195 | $2230513 |
| 5.30%, 05/09/31, (1-day SOFR + 1.720%)<sup>(d)</sup> | &nbsp;&nbsp; 1395 | 1429273 |
| 5.37%, 09/09/27<sup>(a)</sup> | &nbsp;&nbsp; 905 | 926313 |
| 5.40%, 09/11/35, (1-day SOFR + <br> 2.050%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2010 | 2024743 |
| 5.41%, 05/10/29 | &nbsp;&nbsp; 1745 | 1815974 |
| 5.71%, 02/08/28, (1-day SOFR + <br> 1.594%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1230 | 1252873 |
| 5.88%, 07/08/31, (1-day SOFR + 5.438%)<sup>(d)</sup> | &nbsp;&nbsp; 900 | 931026 |
| 6.72%, 01/18/29, (1-day SOFR + 3.180%)<sup>(d)</sup> | &nbsp;&nbsp; 2250 | 2367357 |
| 6.82%, 11/20/29, (1-day SOFR + 2.510%)<sup>(d)</sup> | &nbsp;&nbsp; 1925 | 2062764 |
| 7.08%, 02/10/34, (1-day SOFR + 3.650%)<sup>(d)</sup> | &nbsp;&nbsp; 2550 | 2768917 |
| Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1685 | 1723067 |
| DNB Bank ASA |  |  |
| 1.61%, 03/30/28, (1-year CMT + <br> 0.680%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1050 | 1008132 |
| 4.85%, 11/05/30, (1-day SOFR + <br> 1.050%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1540 | 1572426 |
| Federation des Caisses Desjardins du Quebec |  |  |
| 4.55%, 08/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1196 | 1206904 |
| 4.57%, 08/26/30<sup>(b)</sup> | &nbsp;&nbsp; 400 | 402114 |
| 5.25%, 04/26/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1390 | 1438038 |
| 5.70%, 03/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1155 | 1198812 |
| Fifth Third Bancorp |  |  |
| 1.71%, 11/01/27, (1-day SOFR + 0.685%)<sup>(d)</sup> | &nbsp;&nbsp; 1530 | 1484205 |
| 2.55%, 05/05/27 | &nbsp;&nbsp; 1237 | 1206072 |
| 3.95%, 03/14/28 | &nbsp;&nbsp; 1198 | 1192373 |
| 4.06%, 04/25/28, (1-day SOFR + 1.355%)<sup>(d)</sup> | &nbsp;&nbsp; 1025 | 1021896 |
| 4.34%, 04/25/33, (1-day SOFR + <br> 1.660%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1355 | 1310736 |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2046 | 2070900 |
| 4.90%, 09/06/30, (1-day SOFR + 1.486%)<sup>(d)</sup> | &nbsp;&nbsp; 740 | 752763 |
| 5.63%, 01/29/32, (1-day SOFR + 1.840%)<sup>(d)</sup> | &nbsp;&nbsp; 1430 | 1497486 |
| 6.34%, 07/27/29, (1-day SOFR + 2.340%)<sup>(d)</sup> | &nbsp;&nbsp; 1980 | 2089935 |
| 6.36%, 10/27/28, (1-day SOFR Index + <br> 2.192%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1644 | 1716989 |
| 8.25%, 03/01/38<sup>(a)</sup> | &nbsp;&nbsp; 1525 | 1868354 |
| Fifth Third Bank NA |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 962 | 936659 |
| 4.97%, 01/28/28, (1-day SOFR + 0.810%)<sup>(d)</sup> | &nbsp;&nbsp; 1135 | 1146984 |
| First Citizens BancShares Inc./NC |  |  |
| 5.23%, 03/12/31, (1-day SOFR + 1.410%)<sup>(d)</sup> | &nbsp;&nbsp; 775 | 786154 |
| 6.25%, 03/12/40, (5-year CMT + 1.970%)<sup>(d)</sup> | &nbsp;&nbsp; 750 | 753175 |
| First Horizon Bank, 5.75%, 05/01/30 | &nbsp;&nbsp; 645 | 663609 |
| First-Citizens Bank & Trust Co., 6.13%, <br> 03/09/28<br>| &nbsp;&nbsp; 920 | 955299 |
| FNB Corp./PA, 5.72%, 12/11/30, (1-day SOFR <br> Index + 1.930%)<sup>(d)</sup><br>| &nbsp;&nbsp; 465 | 473719 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 1430 | 1508423 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(d)</sup> | &nbsp;&nbsp; 4720 | 4585718 |
| 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(d)</sup> | &nbsp;&nbsp; 6833 | 6653339 |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(d)</sup> | &nbsp;&nbsp; 4051 | 3558167 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(d)</sup> | &nbsp;&nbsp; 6841 | 6059731 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; 3453 | 3229197 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(d)</sup> | &nbsp;&nbsp; 6123 | 5526038 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(d)</sup> | &nbsp;&nbsp; 5127 | 5006359 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(d)</sup> | &nbsp;&nbsp; 4882 | 4364854 |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(d)</sup> | &nbsp;&nbsp; 2394 | 1720018 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(d)</sup> | &nbsp;&nbsp; $6195 | $5633276 |
| 3.21%, 04/22/42, (1-day SOFR + 1.513%)<sup>(d)</sup> | &nbsp;&nbsp; 3936 | 2961279 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(d)</sup> | &nbsp;&nbsp; 3316 | 2537466 |
| 3.50%, 11/16/26<sup>(a)</sup> | &nbsp;&nbsp; 4109 | 4075052 |
| 3.62%, 03/15/28, (1-day SOFR + 1.846%)<sup>(d)</sup> | &nbsp;&nbsp; 5535 | 5478024 |
| 3.69%, 06/05/28, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4173 | 4134580 |
| 3.80%, 03/15/30 | &nbsp;&nbsp; 4465 | 4387578 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4346 | 4300985 |
| 3.85%, 01/26/27 | &nbsp;&nbsp; 4455 | 4434284 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4084 | 3592249 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5506 | 5509882 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2615 | 2381034 |
| 4.48%, 08/23/28, (1-day SOFR + 1.725%)<sup>(d)</sup> | &nbsp;&nbsp; 3985 | 4002582 |
| 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(d)</sup> | &nbsp;&nbsp; 3185 | 3220004 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 2887 | 2564329 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 3058 | 2751443 |
| 4.94%, 04/23/28, (1-day SOFR + 1.319%)<sup>(d)</sup> | &nbsp;&nbsp; 3075 | 3107232 |
| 5.02%, 10/23/35, (1-day SOFR + 1.420%)<sup>(d)</sup> | &nbsp;&nbsp; 4970 | 4938791 |
| 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(d)</sup> | &nbsp;&nbsp; 3875 | 3967118 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 3490 | 3193850 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(d)</sup> | &nbsp;&nbsp; 3560 | 3668279 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 5295 | 5466749 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(d)</sup> | &nbsp;&nbsp; 5585 | 5680111 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(d)</sup> | &nbsp;&nbsp; 5035 | 5191845 |
| 5.56%, 11/19/45, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 4815 | 4759549 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(d)</sup> | &nbsp;&nbsp; 4443 | 4652957 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(d)</sup> | &nbsp;&nbsp; 4985 | 4968983 |
| 5.85%, 04/25/35, (1-day SOFR + 1.552%)<sup>(d)</sup> | &nbsp;&nbsp; 3940 | 4154493 |
| 5.95%, 01/15/27 | &nbsp;&nbsp; 1460 | 1495962 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 2290 | 2508799 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 3967 | 4257893 |
| 6.45%, 05/01/36<sup>(a)</sup> | &nbsp;&nbsp; 1518 | 1651778 |
| 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(d)</sup> | &nbsp;&nbsp; 4705 | 5006826 |
| 6.56%, 10/24/34, (1-day SOFR + 1.950%)<sup>(d)</sup> | &nbsp;&nbsp; 2185 | 2423874 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 8420 | 9358849 |
| HBOS PLC, 6.00%, 11/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 621 | 639059 |
| HSBC Bank USA NA/New York |  |  |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 735 | 764912 |
| 5.88%, 11/01/34 | &nbsp;&nbsp; 535 | 564617 |
| 7.00%, 01/15/39 | &nbsp;&nbsp; 1110 | 1298976 |
| HSBC Holdings PLC |  |  |
| 2.01%, 09/22/28, (1-day SOFR + 1.732%)<sup>(d)</sup> | &nbsp;&nbsp; 3235 | 3088697 |
| 2.21%, 08/17/29, (1-day SOFR + <br> 1.285%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3690 | 3476193 |
| 2.25%, 11/22/27, (1-day SOFR + 1.100%)<sup>(d)</sup> | &nbsp;&nbsp; 1494 | 1456912 |
| 2.36%, 08/18/31, (1-day SOFR + 1.947%)<sup>(d)</sup> | &nbsp;&nbsp; 3170 | 2860103 |
| 2.80%, 05/24/32, (1-day SOFR + 1.187%)<sup>(d)</sup> | &nbsp;&nbsp; 5197 | 4696010 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(d)</sup> | &nbsp;&nbsp; 2932 | 2720709 |
| 2.87%, 11/22/32, (1-day SOFR + 1.410%)<sup>(d)</sup> | &nbsp;&nbsp; 3860 | 3473018 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4717 | 4642236 |
| 4.04%, 03/13/28, (3-mo. CME Term SOFR + <br> 1.808%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4113 | 4097677 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4761 | 4794615 |
| 4.76%, 06/09/28, (1-day SOFR + 2.110%)<sup>(d)</sup> | &nbsp;&nbsp; 4185 | 4216087 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.76%, 03/29/33, (1-day SOFR + 2.530%)<sup>(d)</sup> | &nbsp;&nbsp; $3135 | $3094166 |
| 4.90%, 03/03/29, (1-day SOFR + 1.030%)<sup>(d)</sup> | &nbsp;&nbsp; 2690 | 2728559 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 3987 | 4087672 |
| 5.13%, 11/19/28, (1-day SOFR + 1.040%)<sup>(d)</sup> | &nbsp;&nbsp; 2565 | 2606920 |
| 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(d)</sup> | &nbsp;&nbsp; 2820 | 2888777 |
| 5.21%, 08/11/28, (1-day SOFR + 2.610%)<sup>(d)</sup> | &nbsp;&nbsp; 3790 | 3850347 |
| 5.24%, 05/13/31, (1-day SOFR + 1.570%)<sup>(d)</sup> | &nbsp;&nbsp; 3205 | 3294633 |
| 5.25%, 03/14/44<sup>(a)</sup> | &nbsp;&nbsp; 2340 | 2208166 |
| 5.29%, 11/19/30, (1-day SOFR + 1.290%)<sup>(d)</sup> | &nbsp;&nbsp; 3840 | 3959831 |
| 5.40%, 08/11/33, (1-day SOFR + 2.870%)<sup>(d)</sup> | &nbsp;&nbsp; 3910 | 4035586 |
| 5.45%, 03/03/36, (1-day SOFR + 1.560%)<sup>(d)</sup> | &nbsp;&nbsp; 3750 | 3810958 |
| 5.55%, 03/04/30, (1-day SOFR + 1.460%)<sup>(d)</sup> | &nbsp;&nbsp; 2575 | 2673821 |
| 5.60%, 05/17/28, (1-day SOFR + 1.060%)<sup>(d)</sup> | &nbsp;&nbsp; 3000 | 3062933 |
| 5.72%, 03/04/35, (1-day SOFR + 1.780%)<sup>(d)</sup> | &nbsp;&nbsp; 2500 | 2622807 |
| 5.73%, 05/17/32, (1-day SOFR + 1.520%)<sup>(d)</sup> | &nbsp;&nbsp; 3575 | 3749767 |
| 5.79%, 05/13/36, (1-day SOFR + <br> 1.880%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3330 | 3464551 |
| 5.87%, 11/18/35, (1-day SOFR + 1.900%)<sup>(d)</sup> | &nbsp;&nbsp; 2835 | 2910848 |
| 6.10%, 01/14/42<sup>(a)</sup> | &nbsp;&nbsp; 1685 | 1795170 |
| 6.16%, 03/09/29, (1-day SOFR + 1.970%)<sup>(d)</sup> | &nbsp;&nbsp; 3660 | 3818423 |
| 6.25%, 03/09/34, (1-day SOFR + <br> 2.390%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3640 | 3930874 |
| 6.33%, 03/09/44, (1-day SOFR + <br> 2.650%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 4345 | 4661829 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 3525 | 3809410 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 4228 | 4527053 |
| 6.55%, 06/20/34, (1-day SOFR + <br> 2.980%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3070 | 3293724 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 1444 | 1590742 |
| 7.39%, 11/03/28, (1-day SOFR + 3.350%)<sup>(d)</sup> | &nbsp;&nbsp; 4160 | 4421465 |
| 7.40%, 11/13/34, (1-day SOFR + 3.020%)<sup>(d)</sup> | &nbsp;&nbsp; 3230 | 3639637 |
| 7.63%, 05/17/32<sup>(a)</sup> | &nbsp;&nbsp; 550 | 622862 |
| 8.11%, 11/03/33, (1-day SOFR + <br> 4.250%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3175 | 3693667 |
| HSBC USA Inc. |  |  |
| 4.65%, 06/03/28 | &nbsp;&nbsp; 1005 | 1019254 |
| 5.29%, 03/04/27 | &nbsp;&nbsp; 1435 | 1460593 |
| 7.20%, 07/15/97 | &nbsp;&nbsp; 255 | 301183 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(d)</sup> | &nbsp;&nbsp; 1070 | 910451 |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 1285 | 1189607 |
| 4.44%, 08/04/28, (1-day SOFR + 1.970%)<sup>(d)</sup> | &nbsp;&nbsp; 1227 | 1230498 |
| 5.02%, 05/17/33, (1-day SOFR + 2.050%)<sup>(d)</sup> | &nbsp;&nbsp; 738 | 738761 |
| 5.27%, 01/15/31, (1-day SOFR + <br> 1.276%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1990 | 2051591 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1930 | 1994358 |
| 6.14%, 11/18/39, (5-year CMT + 1.700%)<sup>(d)</sup> | &nbsp;&nbsp; 835 | 859387 |
| 6.21%, 08/21/29, (1-day SOFR + 2.020%)<sup>(d)</sup> | &nbsp;&nbsp; 1580 | 1665072 |
| Huntington National Bank (The) |  |  |
| 4.55%, 05/17/28, (1-day SOFR Index + <br> 1.650%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1500 | 1507745 |
| 4.87%, 04/12/28, (1-day SOFR + 0.720%)<sup>(d)</sup> | &nbsp;&nbsp; 1310 | 1322228 |
| 5.65%, 01/10/30 | &nbsp;&nbsp; 1415 | 1482146 |
| ICICI Bank Ltd./Dubai, 3.80%, 12/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 600 | 592625 |
| Independent Bank Corp., 7.25%, 04/01/35, <br> (3-mo. CME Term SOFR + 3.530%)<sup>(d)</sup><br>| &nbsp;&nbsp; 455 | 466395 |
| Industrial & Commercial Bank of China <br> Ltd./New York, 3.54%, 11/08/27<sup>(a)</sup><br>| &nbsp;&nbsp; 1623 | 1604937 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + 1.316%)<sup>(d)</sup> | &nbsp;&nbsp; 1557 | 1421876 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.95%, 03/29/27 | &nbsp;&nbsp; $2574 | $2564464 |
| 4.02%, 03/28/28, (1-day SOFR + 1.830%)<sup>(d)</sup> | &nbsp;&nbsp; 2350 | 2341467 |
| 4.05%, 04/09/29<sup>(a)</sup> | &nbsp;&nbsp; 1614 | 1601661 |
| 4.25%, 03/28/33, (1-day SOFR + 2.070%)<sup>(d)</sup> | &nbsp;&nbsp; 1695 | 1645296 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 1942 | 1962259 |
| 4.86%, 03/25/29, (1-day SOFR + 1.010%)<sup>(d)</sup> | &nbsp;&nbsp; 1405 | 1425002 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1235 | 1264492 |
| 5.34%, 03/19/30, (1-day SOFR + <br> 1.440%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2110 | 2177869 |
| 5.53%, 03/25/36, (1-day SOFR + 1.610%)<sup>(d)</sup> | &nbsp;&nbsp; 1775 | 1816979 |
| 5.55%, 03/19/35, (1-day SOFR + <br> 1.770%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2405 | 2479043 |
| 6.08%, 09/11/27, (1-day SOFR + 1.560%)<sup>(d)</sup> | &nbsp;&nbsp; 1430 | 1454053 |
| 6.11%, 09/11/34, (1-day SOFR + 2.090%)<sup>(d)</sup> | &nbsp;&nbsp; 2250 | 2407227 |
| Intercorp Peru Ltd., 3.88%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 125 | 120441 |
| Intesa Sanpaolo SpA |  |  |
| 3.88%, 07/14/27<sup>(b)</sup> | &nbsp;&nbsp; 632 | 626681 |
| 3.88%, 01/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 575 | 566948 |
| 4.20%, 06/01/32, (1-year CMT + <br> 2.600%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1035 | 968646 |
| 4.95%, 06/01/42, (1-year CMT + <br> 2.750%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1530 | 1257632 |
| 6.63%, 06/20/33<sup>(b)</sup> | &nbsp;&nbsp; 2005 | 2190222 |
| 7.20%, 11/28/33<sup>(b)</sup> | &nbsp;&nbsp; 2315 | 2617886 |
| 7.78%, 06/20/54, (1-year CMT + <br> 3.900%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2430 | 2791340 |
| 7.80%, 11/28/53<sup>(b)</sup> | &nbsp;&nbsp; 2415 | 2868254 |
| 8.25%, 11/21/33, (1-year CMT + <br> 4.400%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1985 | 2321515 |
| Series NR, 4.00%, 09/23/29<sup>(b)</sup> | &nbsp;&nbsp; 155 | 151822 |
| Series NR, 4.70%, 09/23/49<sup>(b)</sup> | &nbsp;&nbsp; 750 | 593558 |
| JPMorgan Chase & Co. |  |  |
| 1.47%, 09/22/27, (1-day SOFR + 0.765%)<sup>(d)</sup> | &nbsp;&nbsp; 4299 | 4174321 |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3016 | 2649188 |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(d)</sup> | &nbsp;&nbsp; 5028 | 4420465 |
| 2.07%, 06/01/29, (1-day SOFR + 1.015%)<sup>(d)</sup> | &nbsp;&nbsp; 3450 | 3263482 |
| 2.18%, 06/01/28, (1-day SOFR + 1.890%)<sup>(d)</sup> | &nbsp;&nbsp; 2790 | 2697605 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(d)</sup> | &nbsp;&nbsp; 4435 | 4097997 |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3215 | 2289129 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(d)</sup> | &nbsp;&nbsp; 4833 | 4309074 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 6108 | 5523080 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(d)</sup><br>| &nbsp;&nbsp; 6393 | 6021366 |
| 2.95%, 10/01/26 | &nbsp;&nbsp; 4107 | 4060479 |
| 2.95%, 02/24/28, (1-day SOFR + 1.170%)<sup>(d)</sup> | &nbsp;&nbsp; 3405 | 3342862 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR + <br> 2.515%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4878 | 4553853 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(d)</sup> | &nbsp;&nbsp; 6062 | 5498971 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2787 | 2147241 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(d)</sup> | &nbsp;&nbsp; 4160 | 2781842 |
| 3.16%, 04/22/42, (3-mo. CME Term SOFR + <br> 1.460%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3513 | 2665439 |
| 3.33%, 04/22/52, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 6101 | 4221085 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR + <br> 1.207%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3679 | 3624980 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.54%, 05/01/28, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(d)</sup><br>| &nbsp;&nbsp; $4388 | $4340492 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 1916 | 1898365 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4161 | 4079336 |
| 3.78%, 02/01/28, (3-mo. CME Term SOFR + <br> 1.599%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4491 | 4464565 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR + <br> 1.622%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4045 | 3576778 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4958 | 3900573 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5708 | 4545756 |
| 4.01%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3489 | 3475469 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.722%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2538 | 2037087 |
| 4.13%, 12/15/26 | &nbsp;&nbsp; 3010 | 3010857 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4149 | 4152671 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 2502 | 2516667 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3227 | 2695663 |
| 4.32%, 04/26/28, (1-day SOFR + 1.560%)<sup>(d)</sup> | &nbsp;&nbsp; 5555 | 5561623 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4191 | 4223950 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5109 | 5146667 |
| 4.51%, 10/22/28, (1-day SOFR + 0.860%)<sup>(d)</sup> | &nbsp;&nbsp; 3260 | 3281705 |
| 4.57%, 06/14/30, (1-day SOFR + 1.750%)<sup>(d)</sup> | &nbsp;&nbsp; 3605 | 3644706 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(d)</sup> | &nbsp;&nbsp; 4035 | 4017900 |
| 4.60%, 10/22/30, (1-day SOFR + 1.040%)<sup>(d)</sup> | &nbsp;&nbsp; 4325 | 4372191 |
| 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(d)</sup> | &nbsp;&nbsp; 5671 | 5741188 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 1910 | 1765713 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(d)</sup> | &nbsp;&nbsp; 7258 | 7358830 |
| 4.92%, 01/24/29, (1-day SOFR + <br> 0.800%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3425 | 3486021 |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(d)</sup> | &nbsp;&nbsp; 4980 | 4951883 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 3319 | 3034528 |
| 4.98%, 07/22/28, (1-day SOFR + 0.930%)<sup>(d)</sup> | &nbsp;&nbsp; 3805 | 3859599 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(d)</sup> | &nbsp;&nbsp; 4845 | 4969113 |
| 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(d)</sup> | &nbsp;&nbsp; 4140 | 4240557 |
| 5.04%, 01/23/28, (1-day SOFR + 1.190%)<sup>(d)</sup> | &nbsp;&nbsp; 3465 | 3501228 |
| 5.10%, 04/22/31, (1-day SOFR + <br> 1.435%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 4025 | 4152559 |
| 5.14%, 01/24/31, (1-day SOFR + <br> 1.010%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2440 | 2514488 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(d)</sup> | &nbsp;&nbsp; 5965 | 6080399 |
| 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(d)</sup> | &nbsp;&nbsp; 4435 | 4568363 |
| 5.34%, 01/23/35, (1-day SOFR + <br> 1.620%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 4655 | 4781559 |
| 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(d)</sup> | &nbsp;&nbsp; 7480 | 7722333 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 2850 | 2848063 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(d)</sup> | &nbsp;&nbsp; 4630 | 4780755 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 2390 | 2442688 |
| 5.53%, 11/29/45, (1-day SOFR + 1.550%)<sup>(d)</sup> | &nbsp;&nbsp; 4240 | 4258088 |
| 5.57%, 04/22/28, (1-day SOFR + 0.930%)<sup>(d)</sup> | &nbsp;&nbsp; 3895 | 3978287 |
| 5.57%, 04/22/36, (1-day SOFR + 1.680%)<sup>(d)</sup> | &nbsp;&nbsp; 5365 | 5577636 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(d)</sup> | &nbsp;&nbsp; 4660 | 4865039 |
| 5.58%, 07/23/36<sup>(a)</sup> | &nbsp;&nbsp; 2610 | 2662218 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 3046 | 3123785 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.63%, 08/16/43 | &nbsp;&nbsp; $2101 | $2116961 |
| 5.72%, 09/14/33, (1-day SOFR + 2.580%)<sup>(d)</sup> | &nbsp;&nbsp; 5510 | 5784647 |
| 5.77%, 04/22/35, (1-day SOFR + 1.490%)<sup>(d)</sup> | &nbsp;&nbsp; 4685 | 4947325 |
| 6.07%, 10/22/27, (1-day SOFR + 1.330%)<sup>(d)</sup> | &nbsp;&nbsp; 3525 | 3594261 |
| 6.09%, 10/23/29, (1-day SOFR + 1.570%)<sup>(d)</sup> | &nbsp;&nbsp; 4105 | 4330539 |
| 6.25%, 10/23/34, (1-day SOFR + 1.810%)<sup>(d)</sup> | &nbsp;&nbsp; 4280 | 4675650 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 4107 | 4586744 |
| 7.63%, 10/15/26 | &nbsp;&nbsp; 1107 | 1149664 |
| 8.00%, 04/29/27 | &nbsp;&nbsp; 2249 | 2389943 |
| 8.75%, 09/01/30 | &nbsp;&nbsp; 942 | 1120771 |
| JPMorgan Chase Bank NA, 5.11%, 12/08/26 | &nbsp;&nbsp; 4375 | 4431395 |
| KBC Group NV |  |  |
| 4.93%, 10/16/30, (1-year CMT + <br> 1.070%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1790 | 1822000 |
| 5.80%, 01/19/29, (1-year CMT + <br> 2.100%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1695 | 1751821 |
| 6.32%, 09/21/34, (1-year CMT + <br> 2.050%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1610 | 1743437 |
| KEB Hana Bank |  |  |
| 1.25%, 12/16/26<sup>(b)</sup> | &nbsp;&nbsp; 285 | 274771 |
| 3.25%, 03/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | 518332 |
| 3.50%, (5-year CMT + 2.409%)<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 395 | 387839 |
| 5.38%, 04/23/27<sup>(b)</sup> | &nbsp;&nbsp; 170 | 173449 |
| 5.38%, 04/23/29<sup>(b)</sup> | &nbsp;&nbsp; 335 | 348661 |
| 5.75%, 10/24/28<sup>(b)</sup> | &nbsp;&nbsp; 385 | 403697 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; 1535 | 1532495 |
| KeyBank NA/Cleveland OH |  |  |
| 3.90%, 04/13/29 | &nbsp;&nbsp; 890 | 868574 |
| 4.90%, 08/08/32 | &nbsp;&nbsp; 1260 | 1235570 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 1629 | 1680245 |
| 6.95%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 844163 |
| KeyCorp |  |  |
| 2.25%, 04/06/27<sup>(a)</sup> | &nbsp;&nbsp; 1138 | 1102444 |
| 2.55%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1275 | 1192506 |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 1652 | 1649337 |
| 4.79%, 06/01/33, (1-day SOFR Index + <br> 2.060%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1245 | 1232945 |
| 5.12%, 04/04/31, (1-day SOFR Index + <br> 1.227%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 360 | 368259 |
| 6.40%, 03/06/35, (1-day SOFR Index + <br> 2.420%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1635 | 1756357 |
| KKR Group Finance Co. XII LLC, 4.85%, <br> 05/17/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1263 | 1269336 |
| Kookmin Bank |  |  |
| 2.38%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 100 | 97597 |
| 2.50%, 11/04/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 505 | 456235 |
| 4.38%, 05/08/28<sup>(b)</sup> | &nbsp;&nbsp; 185 | 186320 |
| 4.63%, 04/21/28<sup>(b)</sup> | &nbsp;&nbsp; 324 | 328244 |
| 4.63%, 05/08/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30619 |
| 5.25%, 05/08/29<sup>(b)</sup> | &nbsp;&nbsp; 350 | 363406 |
| 5.38%, 05/08/27<sup>(b)</sup> | &nbsp;&nbsp; 380 | 387850 |
| Lloyds Banking Group PLC |  |  |
| 3.37%, 12/14/46, (5-year CMT + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 2546 | 1844680 |
| 3.57%, 11/07/28<sup>(d)</sup> | &nbsp;&nbsp; 2735 | 2694175 |
| 3.75%, 01/11/27 | &nbsp;&nbsp; 1955 | 1944736 |
| 3.75%, 03/18/28, (1-year CMT + 1.800%)<sup>(d)</sup> | &nbsp;&nbsp; 1687 | 1672748 |
| 4.34%, 01/09/48<sup>(a)</sup> | &nbsp;&nbsp; 2204 | 1769491 |
| 4.38%, 03/22/28 | &nbsp;&nbsp; 2741 | 2752413 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 1990 | 2010051 |
| 4.82%, 06/13/29, (1-year CMT + 0.830%)<sup>(d)</sup> | &nbsp;&nbsp; 1900 | 1926870 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.98%, 08/11/33, (1-year CMT + <br> 2.300%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; $2190 | $2195713 |
| 5.09%, 11/26/28, (1-year CMT + <br> 0.850%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2320 | 2358791 |
| 5.30%, 12/01/45<sup>(a)</sup> | &nbsp;&nbsp; 855 | 798317 |
| 5.46%, 01/05/28, (1-year CMT + <br> 1.375%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2330 | 2363283 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(d)</sup> | &nbsp;&nbsp; 1760 | 1809006 |
| 5.68%, 01/05/35, (1-year CMT + 1.750%)<sup>(d)</sup> | &nbsp;&nbsp; 2675 | 2772483 |
| 5.72%, 06/05/30, (1-year CMT + <br> 1.070%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1985 | 2076479 |
| 5.87%, 03/06/29, (1-year CMT + 1.700%)<sup>(d)</sup> | &nbsp;&nbsp; 2010 | 2087119 |
| 6.07%, 06/13/36, (1-year CMT + 1.600%)<sup>(d)</sup> | &nbsp;&nbsp; 2030 | 2097933 |
| 7.95%, 11/15/33, (1-year CMT + 3.750%)<sup>(d)</sup> | &nbsp;&nbsp; 1940 | 2238490 |
| M&T Bank Corp. |  |  |
| 4.55%, 08/16/28, (1-day SOFR Index + <br> 1.780%)<sup>(d)</sup><br>| &nbsp;&nbsp; 738 | 741006 |
| 4.83%, 01/16/29, (1-day SOFR + 0.930%)<sup>(d)</sup> | &nbsp;&nbsp; 1045 | 1056836 |
| 5.05%, 01/27/34, (1-day SOFR + 1.850%)<sup>(d)</sup> | &nbsp;&nbsp; 1505 | 1493478 |
| 5.18%, 07/08/31, (1-day SOFR + 1.400%)<sup>(d)</sup> | &nbsp;&nbsp; 1220 | 1248257 |
| 5.39%, 01/16/36, (1-day SOFR + 1.610%)<sup>(d)</sup> | &nbsp;&nbsp; 1220 | 1222625 |
| 5.40%, 07/30/35, (5-year CMT + 1.430%)<sup>(d)</sup> | &nbsp;&nbsp; 400 | 403351 |
| 6.08%, 03/13/32, (1-day SOFR + 2.260%)<sup>(d)</sup> | &nbsp;&nbsp; 1560 | 1656214 |
| 7.41%, 10/30/29, (1-day SOFR + <br> 2.800%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1245 | 1355530 |
| Macquarie Bank Ltd. |  |  |
| 3.05%, 03/03/36, (5-year CMT + <br> 1.700%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1900 | 1712670 |
| 3.62%, 06/03/30<sup>(b)</sup> | &nbsp;&nbsp; 1450 | 1381858 |
| 4.33%, 06/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 255 | 257272 |
| 5.27%, 07/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1030 | 1054137 |
| 5.39%, 12/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1210 | 1232581 |
| 5.64%, 08/13/36, (1-year CMT + <br> 1.450%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 600 | 604078 |
| 6.80%, 01/18/33<sup>(b)</sup> | &nbsp;&nbsp; 1600 | 1743328 |
| Macquarie Group Ltd. |  |  |
| 1.63%, 09/23/27, (1-day SOFR + <br> 0.910%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1375 | 1335501 |
| 1.94%, 04/14/28, (1-day SOFR + <br> 0.995%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 955 | 919786 |
| 2.69%, 06/23/32, (1-day SOFR + <br> 1.440%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1740 | 1566185 |
| 2.87%, 01/14/33, (1-day SOFR + <br> 1.532%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1984 | 1771262 |
| 3.76%, 11/28/28, (3-mo. CME Term SOFR + <br> 1.634%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1386 | 1367415 |
| 4.10%, 06/21/28, (1-day SOFR + <br> 2.125%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1010 | 1005226 |
| 4.44%, 06/21/33, (1-day SOFR + <br> 2.405%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1210 | 1180858 |
| 4.65%, 03/27/29, (3-mo. CME Term SOFR + <br> 1.989%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 760 | 766408 |
| 5.03%, 01/15/30, (3-mo. CME Term SOFR + <br> 2.012%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1393 | 1422127 |
| 5.49%, 11/09/33, (1-day SOFR + <br> 2.865%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1015 | 1056010 |
| 5.89%, 06/15/34, (1-day SOFR + <br> 2.380%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1605 | 1706298 |
| 6.26%, 12/07/34, (1-day SOFR + <br> 2.303%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1595 | 1733858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Manufacturers & Traders Trust Co. |  |  |
| 3.40%, 08/17/27 | &nbsp;&nbsp; $916 | $899984 |
| 4.70%, 01/27/28 | &nbsp;&nbsp; 1955 | 1979406 |
| 4.76%, 07/06/28, (1-day SOFR + <br> 0.950%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1380 | 1390786 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 1.64%, 10/13/27, (1-year CMT + 0.670%)<sup>(d)</sup> | &nbsp;&nbsp; 2025 | 1966981 |
| 2.05%, 07/17/30 | &nbsp;&nbsp; 2250 | 2025034 |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(d)</sup> | &nbsp;&nbsp; 3035 | 2683754 |
| 2.34%, 01/19/28, (1-year CMT + 0.830%)<sup>(d)</sup> | &nbsp;&nbsp; 2395 | 2332575 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(d)</sup> | &nbsp;&nbsp; 1191 | 1059461 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 2054 | 1912525 |
| 2.76%, 09/13/26 | &nbsp;&nbsp; 1470 | 1448434 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(d)</sup> | &nbsp;&nbsp; 1734 | 1553470 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 3036 | 2921999 |
| 3.29%, 07/25/27<sup>(a)</sup> | &nbsp;&nbsp; 646 | 637378 |
| 3.68%, 02/22/27<sup>(a)</sup> | &nbsp;&nbsp; 1524 | 1515805 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 2531 | 2502529 |
| 3.75%, 07/18/39 | &nbsp;&nbsp; 2818 | 2443575 |
| 3.96%, 03/02/28<sup>(a)</sup> | &nbsp;&nbsp; 1808 | 1804482 |
| 4.05%, 09/11/28<sup>(a)</sup> | &nbsp;&nbsp; 1352 | 1353914 |
| 4.08%, 04/19/28, (1-year CMT + 1.300%)<sup>(d)</sup> | &nbsp;&nbsp; 1620 | 1615590 |
| 4.15%, 03/07/39<sup>(a)</sup> | &nbsp;&nbsp; 873 | 812102 |
| 4.29%, 07/26/38<sup>(a)</sup> | &nbsp;&nbsp; 751 | 707154 |
| 4.32%, 04/19/33, (1-year CMT + 1.550%)<sup>(d)</sup> | &nbsp;&nbsp; 1060 | 1032568 |
| 5.02%, 07/20/28, (1-year CMT + 1.950%)<sup>(d)</sup> | &nbsp;&nbsp; 2200 | 2234247 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(d)</sup> | &nbsp;&nbsp; 2245 | 2291491 |
| 5.16%, 04/24/31, (1-year CMT + 1.170%)<sup>(d)</sup> | &nbsp;&nbsp; 1795 | 1851194 |
| 5.20%, 01/16/31, (1-year CMT + 0.780%)<sup>(d)</sup> | &nbsp;&nbsp; 1715 | 1769671 |
| 5.24%, 04/19/29, (1-year CMT + 1.700%)<sup>(d)</sup> | &nbsp;&nbsp; 1275 | 1308324 |
| 5.26%, 04/17/30, (1-year CMT + 0.820%)<sup>(d)</sup> | &nbsp;&nbsp; 1280 | 1320848 |
| 5.35%, 09/13/28, (1-year CMT + 1.900%)<sup>(d)</sup> | &nbsp;&nbsp; 1745 | 1784958 |
| 5.41%, 04/19/34, (1-year CMT + <br> 1.970%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1665 | 1736985 |
| 5.42%, 02/22/29, (1-year CMT + 1.380%)<sup>(d)</sup> | &nbsp;&nbsp; 1530 | 1574897 |
| 5.43%, 04/17/35, (1-year CMT + 1.000%)<sup>(d)</sup> | &nbsp;&nbsp; 2675 | 2757300 |
| 5.44%, 02/22/34, (1-year CMT + <br> 1.630%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2095 | 2181809 |
| 5.47%, 09/13/33, (1-year CMT + 2.125%)<sup>(d)</sup> | &nbsp;&nbsp; 1011 | 1052865 |
| 5.48%, 02/22/31, (1-year CMT + 1.530%)<sup>(d)</sup> | &nbsp;&nbsp; 995 | 1038280 |
| 5.57%, 01/16/36, (1-year CMT + 0.950%)<sup>(d)</sup> | &nbsp;&nbsp; 1910 | 1986138 |
| 5.62%, 04/24/36, (1-year CMT + 1.270%)<sup>(d)</sup> | &nbsp;&nbsp; 2405 | 2506639 |
| Mizuho Financial Group Inc. |  |  |
| 1.98%, 09/08/31, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1720 | 1527682 |
| 2.17%, 05/22/32, (1-year CMT + 0.870%)<sup>(d)</sup> | &nbsp;&nbsp; 1213 | 1066747 |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2337 | 2106742 |
| 2.26%, 07/09/32, (1-year CMT + <br> 0.900%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 751 | 658755 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 1915 | 1693158 |
| 2.59%, 05/25/31, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1100 | 1014152 |
| 2.84%, 09/13/26 | &nbsp;&nbsp; 1214 | 1197683 |
| 2.87%, 09/13/30, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(d)</sup><br>| &nbsp;&nbsp; 845 | 798796 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1409 | 1348371 |
| 3.17%, 09/11/27 | &nbsp;&nbsp; 1575 | 1547361 |
| 3.26%, 05/22/30, (1-year CMT + 1.250%)<sup>(d)</sup> | &nbsp;&nbsp; 1750 | 1686885 |
| 3.66%, 02/28/27 | &nbsp;&nbsp; 721 | 716860 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.02%, 03/05/28 | &nbsp;&nbsp; $1695 | $1693216 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1640 | 1641896 |
| 4.71%, 07/08/31, (1-year CMT + 0.920%)<sup>(d)</sup> | &nbsp;&nbsp; 1630 | 1648755 |
| 5.10%, 05/13/31, (1-year CMT + 0.820%)<sup>(d)</sup> | &nbsp;&nbsp; 930 | 954586 |
| 5.32%, 07/08/36, (1-year CMT + 1.070%)<sup>(d)</sup> | &nbsp;&nbsp; 2425 | 2462673 |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(d)</sup> | &nbsp;&nbsp; 825 | 853549 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(d)</sup> | &nbsp;&nbsp; 970 | 1004516 |
| 5.41%, 09/13/28, (1-year CMT + <br> 2.050%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1630 | 1666960 |
| 5.42%, 05/13/36, (1-year CMT + 0.980%)<sup>(d)</sup> | &nbsp;&nbsp; 1020 | 1048395 |
| 5.58%, 05/26/35, (1-year CMT + 1.300%)<sup>(d)</sup> | &nbsp;&nbsp; 1290 | 1340331 |
| 5.59%, 07/10/35, (1-year CMT + 1.300%)<sup>(d)</sup> | &nbsp;&nbsp; 1205 | 1254011 |
| 5.67%, 05/27/29, (1-year CMT + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 1385 | 1437464 |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(d)</sup> | &nbsp;&nbsp; 1302 | 1366621 |
| 5.74%, 05/27/31, (1-year CMT + 1.650%)<sup>(d)</sup> | &nbsp;&nbsp; 1500 | 1580948 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(d)</sup> | &nbsp;&nbsp; 1430 | 1507129 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(d)</sup> | &nbsp;&nbsp; 1730 | 1823371 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(d)</sup> | &nbsp;&nbsp; 2165 | 2255219 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(d)</sup> | &nbsp;&nbsp; 4889 | 4240603 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(d)</sup> | &nbsp;&nbsp; 4609 | 4002542 |
| 2.24%, 07/21/32, (1-day SOFR + 1.178%)<sup>(d)</sup> | &nbsp;&nbsp; 5784 | 5081591 |
| 2.48%, 01/21/28, (1-day SOFR + 1.000%)<sup>(d)</sup> | &nbsp;&nbsp; 3860 | 3767849 |
| 2.48%, 09/16/36, (1-day SOFR + 1.360%)<sup>(d)</sup> | &nbsp;&nbsp; 4900 | 4248618 |
| 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(d)</sup> | &nbsp;&nbsp; 7095 | 6295693 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(d)</sup> | &nbsp;&nbsp; 5581 | 5201380 |
| 2.80%, 01/25/52, (1-day SOFR + 1.430%)<sup>(d)</sup> | &nbsp;&nbsp; 3488 | 2149069 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(d)</sup> | &nbsp;&nbsp; 3990 | 3594155 |
| 3.22%, 04/22/42, (1-day SOFR + 1.485%)<sup>(d)</sup> | &nbsp;&nbsp; 3394 | 2585593 |
| 3.59%, 07/22/28<sup>(d)</sup> | &nbsp;&nbsp; 4837 | 4777677 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(d)</sup> | &nbsp;&nbsp; 4685 | 4533035 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 4756 | 4730635 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4992 | 4942146 |
| 3.95%, 04/23/27 | &nbsp;&nbsp; 3055 | 3044100 |
| 3.97%, 07/22/38<sup>(d)</sup> | &nbsp;&nbsp; 3451 | 3044805 |
| 4.21%, 04/20/28, (1-day SOFR + 1.610%)<sup>(d)</sup> | &nbsp;&nbsp; 3733 | 3733665 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 3788 | 3238168 |
| 4.35%, 09/08/26 | &nbsp;&nbsp; 3493 | 3495657 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 3342 | 2847226 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5325 | 5348409 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1830 | 1704822 |
| 4.65%, 10/18/30, (1-day SOFR + 1.100%)<sup>(d)</sup> | &nbsp;&nbsp; 4655 | 4699737 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(d)</sup> | &nbsp;&nbsp; 3490 | 3518477 |
| 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(d)</sup> | &nbsp;&nbsp; 3705 | 3795420 |
| 5.12%, 02/01/29, (1-day SOFR + 1.730%)<sup>(d)</sup> | &nbsp;&nbsp; 4100 | 4187509 |
| 5.16%, 04/20/29, (1-day SOFR + 1.590%)<sup>(d)</sup> | &nbsp;&nbsp; 4340 | 4437058 |
| 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(d)</sup> | &nbsp;&nbsp; 4097 | 4211322 |
| 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(d)</sup> | &nbsp;&nbsp; 5495 | 5664108 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(d)</sup> | &nbsp;&nbsp; 4165 | 4299108 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(d)</sup> | &nbsp;&nbsp; 5145 | 5252608 |
| 5.30%, 04/20/37, (1-day SOFR + <br> 2.620%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2995 | 3013347 |
| 5.32%, 07/19/35, (1-day SOFR + 1.555%)<sup>(d)</sup> | &nbsp;&nbsp; 5305 | 5406080 |
| 5.42%, 07/21/34, (1-day SOFR + 1.880%)<sup>(d)</sup> | &nbsp;&nbsp; 4100 | 4232976 |
| 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(d)</sup> | &nbsp;&nbsp; 3810 | 3931583 |
| 5.47%, 01/18/35, (1-day SOFR + <br> 1.730%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 3785 | 3902744 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.52%, 11/19/55, (1-day SOFR + 1.710%)<sup>(d)</sup> | &nbsp;&nbsp; $5025 | $4900538 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(d)</sup> | &nbsp;&nbsp; 4740 | 4900735 |
| 5.60%, 03/24/51, (1-day SOFR + 4.840%)<sup>(d)</sup> | &nbsp;&nbsp; 3545 | 3500348 |
| 5.65%, 04/13/28, (1-day SOFR +1.010%)<sup>(d)</sup> | &nbsp;&nbsp; 2630 | 2686466 |
| 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(d)</sup> | &nbsp;&nbsp; 4035 | 4213738 |
| 5.66%, 04/17/36, (1-day SOFR + 1.757%)<sup>(d)</sup> | &nbsp;&nbsp; 4900 | 5100294 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 5105 | 5387532 |
| 5.94%, 02/07/39, (5-year CMT + 1.800%)<sup>(d)</sup> | &nbsp;&nbsp; 2475 | 2571377 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(d)</sup> | &nbsp;&nbsp; 3145 | 3267860 |
| 6.30%, 10/18/28, (1-day SOFR + 2.240%)<sup>(d)</sup> | &nbsp;&nbsp; 3630 | 3784847 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(d)</sup> | &nbsp;&nbsp; 4415 | 4825732 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 3538 | 3892800 |
| 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(d)</sup> | &nbsp;&nbsp; 3175 | 3374971 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(d)</sup> | &nbsp;&nbsp; 3695 | 4102050 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; 1888 | 2174656 |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2370 | 2414023 |
| Morgan Stanley Bank NA |  |  |
| 4.45%, 10/15/27, (1-day SOFR + 0.680%)<sup>(d)</sup> | &nbsp;&nbsp; 3365 | 3367719 |
| 4.95%, 01/14/28, (1-day SOFR + 1.080%)<sup>(d)</sup> | &nbsp;&nbsp; 2660 | 2684595 |
| 4.97%, 07/14/28, (1-day SOFR + 0.930%)<sup>(d)</sup> | &nbsp;&nbsp; 2660 | 2696968 |
| 5.02%, 01/12/29, (1-day SOFR + 0.906%)<sup>(d)</sup> | &nbsp;&nbsp; 3350 | 3407395 |
| 5.50%, 05/26/28, (1-day SOFR + 0.865%)<sup>(d)</sup> | &nbsp;&nbsp; 3212 | 3283315 |
| 5.88%, 10/30/26 | &nbsp;&nbsp; 2970 | 3028246 |
| Morgan Stanley Private Bank N.A. |  |  |
| 4.47%, 07/06/28, (1-day SOFR + 0.770%)<sup>(d)</sup> | &nbsp;&nbsp; 3695 | 3711810 |
| 4.73%, 07/18/31, (1-day SOFR + 1.080%)<sup>(d)</sup> | &nbsp;&nbsp; 4275 | 4335054 |
| MUFG Bank Ltd., 4.70%, 03/10/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 320 | 286303 |
| National Australia Bank Ltd. |  |  |
| 1.89%, 01/12/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1810 | 1760241 |
| 2.33%, 08/21/30<sup>(b)</sup> | &nbsp;&nbsp; 3055 | 2748369 |
| 2.65%, 01/14/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 1740 | 1188330 |
| 2.99%, 05/21/31<sup>(b)</sup> | &nbsp;&nbsp; 1817 | 1654840 |
| 3.35%, 01/12/37, (5-year CMT + <br> 1.700%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1917 | 1720918 |
| 3.50%, 01/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1055 | 1049153 |
| 3.93%, 08/02/34, (5-year CMT + <br> 1.880%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2586 | 2514860 |
| 4.95%, 01/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1000 | 1025263 |
| 5.18%, 06/11/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1240 | 1291799 |
| 5.90%, 01/14/36, (1-year CMT + <br> 1.300%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2265 | 2355620 |
| 6.43%, 01/12/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 2020 | 2182585 |
| National Australia Bank Ltd./New York |  |  |
| 3.91%, 06/09/27 | &nbsp;&nbsp; 1440 | 1439614 |
| 4.31%, 06/13/28 | &nbsp;&nbsp; 1770 | 1786675 |
| 4.50%, 10/26/27 | &nbsp;&nbsp; 1585 | 1603011 |
| 4.53%, 06/13/30 | &nbsp;&nbsp; 1515 | 1541476 |
| 4.79%, 01/10/29 | &nbsp;&nbsp; 1125 | 1152562 |
| 4.90%, 06/13/28<sup>(a)</sup> | &nbsp;&nbsp; 1485 | 1522216 |
| 4.90%, 01/14/30<sup>(a)</sup> | &nbsp;&nbsp; 1145 | 1183560 |
| 4.94%, 01/12/28 | &nbsp;&nbsp; 1735 | 1775331 |
| 5.09%, 06/11/27 | &nbsp;&nbsp; 1215 | 1239883 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29 | &nbsp;&nbsp; 1055 | 1061270 |
| 4.95%, 02/01/28, (1-day SOFR + 0.795%)<sup>(d)</sup> | &nbsp;&nbsp; 1045 | 1054776 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 1850 | 1925685 |
| National Securities Clearing Corp. |  |  |
| 4.35%, 05/20/27<sup>(b)</sup> | &nbsp;&nbsp; 365 | 367654 |
| 4.70%, 05/20/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 570 | 582712 |
| 4.90%, 06/26/29<sup>(b)</sup> | &nbsp;&nbsp; 1120 | 1149784 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.00%, 05/30/28<sup>(b)</sup> | &nbsp;&nbsp; $1155 | $1184861 |
| 5.10%, 11/21/27<sup>(b)</sup> | &nbsp;&nbsp; 1385 | 1414709 |
| NatWest Group PLC |  |  |
| 3.03%, 11/28/35, (5-year CMT + 2.350%)<sup>(d)</sup> | &nbsp;&nbsp; 1445 | 1316124 |
| 3.07%, 05/22/28, (1-year CMT + 2.550%)<sup>(d)</sup> | &nbsp;&nbsp; 1807 | 1772545 |
| 4.45%, 05/08/30<sup>(a)(d)</sup> | &nbsp;&nbsp; 2010 | 2016570 |
| 4.89%, 05/18/29<sup>(d)</sup> | &nbsp;&nbsp; 2633 | 2675224 |
| 4.96%, 08/15/30, (1-year CMT + <br> 1.220%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1865 | 1903951 |
| 5.08%, 01/27/30<sup>(d)</sup> | &nbsp;&nbsp; 3011 | 3076855 |
| 5.12%, 05/23/31, (1-year CMT + 1.050%)<sup>(d)</sup> | &nbsp;&nbsp; 2000 | 2048750 |
| 5.52%, 09/30/28, (1-year CMT + 2.270%)<sup>(d)</sup> | &nbsp;&nbsp; 1210 | 1239760 |
| 5.58%, 03/01/28, (1-year CMT + <br> 1.100%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1745 | 1777437 |
| 5.78%, 03/01/35, (1-year CMT + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 2355 | 2462479 |
| 5.81%, 09/13/29, (1-year CMT + <br> 1.950%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1890 | 1974335 |
| 6.02%, 03/02/34, (1-year CMT + 2.100%)<sup>(d)</sup> | &nbsp;&nbsp; 1620 | 1726737 |
| 6.48%, 06/01/34, (5-year CMT + 2.200%)<sup>(d)</sup> | &nbsp;&nbsp; 1695 | 1780278 |
| NatWest Markets PLC |  |  |
| 1.60%, 09/29/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1485 | 1444960 |
| 4.79%, 03/21/28<sup>(b)</sup> | &nbsp;&nbsp; 865 | 880865 |
| 5.02%, 03/21/30<sup>(b)</sup> | &nbsp;&nbsp; 1985 | 2040909 |
| 5.41%, 05/17/29<sup>(b)</sup> | &nbsp;&nbsp; 1290 | 1338807 |
| 5.42%, 05/17/27<sup>(b)</sup> | &nbsp;&nbsp; 1380 | 1409141 |
| NBK SPC Ltd. |  |  |
| 1.63%, 09/15/27, (1-day SOFR + <br> 1.050%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 535 | 517928 |
| 5.50%, 06/06/30, (1-day SOFR + <br> 1.160%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 125 | 129006 |
| NBK Tier 1 Ltd., 3.63%, (6-year CMT + <br> 2.875%)<sup>(b)(d)(e)</sup><br>| &nbsp;&nbsp; 240 | 234187 |
| NongHyup Bank |  |  |
| 4.25%, 07/06/27<sup>(b)</sup> | &nbsp;&nbsp; 150 | 150355 |
| 4.75%, 07/22/29<sup>(b)</sup> | &nbsp;&nbsp; 100 | 102339 |
| 4.88%, 07/03/28<sup>(b)</sup> | &nbsp;&nbsp; 200 | 204049 |
| Nordea Bank Abp |  |  |
| 1.50%, 09/30/26<sup>(b)</sup> | &nbsp;&nbsp; 2110 | 2050345 |
| 4.25%, 08/28/30<sup>(b)</sup> | &nbsp;&nbsp; 1200 | 1201541 |
| 4.38%, 03/17/28<sup>(b)</sup> | &nbsp;&nbsp; 90 | 91075 |
| 4.38%, 09/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 910 | 921825 |
| 4.63%, 09/13/33, (5-year USD Swap + <br> 1.690%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 992 | 989383 |
| 5.00%, 03/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 670 | 680318 |
| 5.38%, 09/22/27<sup>(b)</sup> | &nbsp;&nbsp; 1705 | 1747452 |
| Norinchukin Bank (The) |  |  |
| 1.28%, 09/22/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1470 | 1422401 |
| 2.08%, 09/22/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2250 | 1943216 |
| 4.87%, 09/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1185 | 1194655 |
| 5.07%, 09/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 462 | 460916 |
| 5.09%, 10/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 730 | 745393 |
| 5.43%, 03/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1571 | 1608081 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 1901 | 1728937 |
| 3.15%, 05/03/29 | &nbsp;&nbsp; 669 | 649364 |
| 3.38%, 05/08/32<sup>(a)(d)</sup> | &nbsp;&nbsp; 893 | 873016 |
| 3.65%, 08/03/28 | &nbsp;&nbsp; 1009 | 1001874 |
| 4.00%, 05/10/27 | &nbsp;&nbsp; 1424 | 1424570 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 1515 | 1649752 |
| PNC Bank N.A., 4.43%, 07/21/28, (1-day SOFR <br> + 0.727%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2020 | 2027615 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| PNC Bank NA |  |  |
| 2.70%, 10/22/29 | &nbsp;&nbsp; $1420 | $1336039 |
| 3.10%, 10/25/27<sup>(a)</sup> | &nbsp;&nbsp; 1531 | 1502612 |
| 3.25%, 01/22/28 | &nbsp;&nbsp; 1395 | 1373154 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 2060 | 2053507 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + 0.979%)<sup>(d)</sup> | &nbsp;&nbsp; 2045 | 1818581 |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 3129 | 2923201 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 1099 | 1082597 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 2470 | 2417212 |
| 4.63%, 06/06/33, (1-day SOFR Index + <br> 1.850%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1234 | 1214319 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(d)</sup> | &nbsp;&nbsp; 2830 | 2861598 |
| 4.90%, 05/13/31, (1-day SOFR + 1.333%)<sup>(d)</sup> | &nbsp;&nbsp; 1670 | 1704222 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(d)</sup> | &nbsp;&nbsp; 2315 | 2342221 |
| 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(d)</sup> | &nbsp;&nbsp; 1655 | 1710224 |
| 5.30%, 01/21/28, (1-day SOFR + 1.342%)<sup>(d)</sup> | &nbsp;&nbsp; 1505 | 1528117 |
| 5.35%, 12/02/28, (1-day SOFR + 1.620%)<sup>(d)</sup> | &nbsp;&nbsp; 1890 | 1938682 |
| 5.37%, 07/21/36, (1-day SOFR + 1.417%)<sup>(d)</sup> | &nbsp;&nbsp; 2160 | 2195019 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(d)</sup> | &nbsp;&nbsp; 2375 | 2426532 |
| 5.49%, 05/14/30, (1-day SOFR + 1.198%)<sup>(d)</sup> | &nbsp;&nbsp; 3040 | 3164586 |
| 5.58%, 06/12/29, (1-day SOFR + 1.841%)<sup>(d)</sup> | &nbsp;&nbsp; 4116 | 4269768 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(d)</sup> | &nbsp;&nbsp; 2721 | 2808861 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(d)</sup> | &nbsp;&nbsp; 2465 | 2569886 |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(d)</sup> | &nbsp;&nbsp; 1150 | 1222249 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2445 | 2618856 |
| 6.62%, 10/20/27, (1-day SOFR Index + <br> 1.730%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1805 | 1850174 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(d)</sup> | &nbsp;&nbsp; 3500 | 3929713 |
| Regions Bank/Birmingham AL, 6.45%, <br> 06/26/37<sup>(a)</sup><br>| &nbsp;&nbsp; 1205 | 1302404 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28<sup>(a)</sup> | &nbsp;&nbsp; 1108 | 1035640 |
| 5.50%, 09/06/35, (1-day SOFR <br> +2.060%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1450 | 1471967 |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(d)</sup> | &nbsp;&nbsp; 1450 | 1509302 |
| 7.38%, 12/10/37 | &nbsp;&nbsp; 569 | 646222 |
| Rheinland-Pfalz Bank, 6.88%, 02/23/28<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 135 | 142628 |
| Royal Bank of Canada |  |  |
| 1.40%, 11/02/26 | &nbsp;&nbsp; 1240 | 1202466 |
| 2.05%, 01/21/27 | &nbsp;&nbsp; 780 | 759068 |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 2890 | 2575366 |
| 3.63%, 05/04/27 | &nbsp;&nbsp; 1926 | 1914435 |
| 3.88%, 05/04/32 | &nbsp;&nbsp; 1858 | 1788775 |
| 4.24%, 08/03/27 | &nbsp;&nbsp; 2497 | 2509010 |
| 4.50%, 08/06/29, (1-day SOFR + 0.890%)<sup>(d)</sup> | &nbsp;&nbsp; 2000 | 2017932 |
| 4.51%, 10/18/27, (1-day SOFR Index + <br> 0.720%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1195 | 1197729 |
| 4.52%, 10/18/28, (1-day SOFR Index + <br> 0.860%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1430 | 1440225 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3270 | 3297906 |
| 4.70%, 08/06/31, (1-day SOFR + 1.060%)<sup>(d)</sup> | &nbsp;&nbsp; 1600 | 1616122 |
| 4.72%, 03/27/28, (1-day SOFR Index + <br> 0.810%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1665 | 1678858 |
| 4.88%, 01/19/27<sup>(a)</sup> | &nbsp;&nbsp; 1965 | 1988690 |
| 4.90%, 01/12/28<sup>(a)</sup> | &nbsp;&nbsp; 1434 | 1463757 |
| 4.95%, 02/01/29 | &nbsp;&nbsp; 1910 | 1965867 |
| 4.97%, 01/24/29, (1-day SOFR + 0.830%)<sup>(d)</sup> | &nbsp;&nbsp; 3010 | 3065446 |
| 4.97%, 08/02/30, (1-day SOFR + 1.000%)<sup>(d)</sup> | &nbsp;&nbsp; 2205 | 2252088 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; $1920 | $1967607 |
| 5.00%, 02/01/33 | &nbsp;&nbsp; 2725 | 2793440 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 1390 | 1421244 |
| 5.15%, 02/04/31, (1-day SOFR + 1.030%)<sup>(d)</sup> | &nbsp;&nbsp; 2910 | 2997459 |
| 5.15%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2070 | 2138850 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 1855 | 1916057 |
| 6.00%, 11/01/27 | &nbsp;&nbsp; 2130 | 2216064 |
| 6.35%, 11/24/84, (5-year CMT + <br> 2.257%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1590 | 1540527 |
| 6.75%, 08/24/85, (5-year CMT + 2.815%)<sup>(d)</sup> | &nbsp;&nbsp; 1960 | 1991425 |
| 7.50%, 05/02/84, (5-year CMT + 2.887%)<sup>(d)</sup> | &nbsp;&nbsp; 1315 | 1374888 |
| Santander Holdings USA Inc. |  |  |
| 2.49%, 01/06/28, (1-day SOFR + <br> 1.249%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1470 | 1432197 |
| 3.24%, 10/05/26 | &nbsp;&nbsp; 1170 | 1155304 |
| 4.40%, 07/13/27 | &nbsp;&nbsp; 1652 | 1655865 |
| 5.35%, 09/06/30, (1-day SOFR + 1.940%)<sup>(d)</sup> | &nbsp;&nbsp; 1970 | 2023717 |
| 5.47%, 03/20/29, (1-day SOFR + 1.610%)<sup>(d)</sup> | &nbsp;&nbsp; 1035 | 1059527 |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(d)</sup> | &nbsp;&nbsp; 1645 | 1709564 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(d)</sup> | &nbsp;&nbsp; 1260 | 1322476 |
| 6.34%, 05/31/35, (1-day SOFR + <br> 2.138%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1220 | 1296432 |
| 6.50%, 03/09/29, (1-day SOFR + 2.356%)<sup>(d)</sup> | &nbsp;&nbsp; 1670 | 1748085 |
| 6.57%, 06/12/29, (1-day SOFR + 2.700%)<sup>(d)</sup> | &nbsp;&nbsp; 1154 | 1213711 |
| 7.66%, 11/09/31, (1-day SOFR + 3.280%)<sup>(d)</sup> | &nbsp;&nbsp; 1240 | 1396359 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.47%, 01/11/28, (1-day SOFR + 1.220%)<sup>(d)</sup> | &nbsp;&nbsp; 1390 | 1354034 |
| 2.90%, 03/15/32, (1-day SOFR + 1.475%)<sup>(d)</sup> | &nbsp;&nbsp; 1625 | 1480696 |
| 3.82%, 11/03/28<sup>(a)(d)</sup> | &nbsp;&nbsp; 1695 | 1673794 |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(d)</sup><br>| &nbsp;&nbsp; 115 | 116488 |
| 5.63%, 09/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 880 | 774003 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2260 | 2357846 |
| 6.53%, 01/10/29, (1-day SOFR + 2.600%)<sup>(d)</sup> | &nbsp;&nbsp; 2114 | 2214466 |
| Shinhan Bank Co. Ltd. |  |  |
| 1.38%, 10/21/26<sup>(b)</sup> | &nbsp;&nbsp; 355 | 344504 |
| 3.75%, 09/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 810 | 800178 |
| 4.00%, 04/23/29<sup>(b)</sup> | &nbsp;&nbsp; 932 | 914598 |
| 4.38%, 04/13/32<sup>(b)</sup> | &nbsp;&nbsp; 840 | 816048 |
| 4.50%, 04/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 475 | 479747 |
| 4.63%, 05/13/30<sup>(b)</sup> | &nbsp;&nbsp; 185 | 189010 |
| 5.75%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 385 | 397359 |
| Shinhan Financial Group Co. Ltd., 5.00%, <br> 07/24/28<sup>(b)</sup><br>| &nbsp;&nbsp; 485 | 495555 |
| Skandinaviska Enskilda Banken AB |  |  |
| 1.20%, 09/09/26<sup>(b)</sup> | &nbsp;&nbsp; 1045 | 1014423 |
| 4.38%, 06/02/28<sup>(b)</sup> | &nbsp;&nbsp; 435 | 439596 |
| 4.50%, 09/03/30<sup>(b)</sup> | &nbsp;&nbsp; 800 | 801111 |
| 5.13%, 03/05/27<sup>(b)</sup> | &nbsp;&nbsp; 890 | 904718 |
| 5.38%, 03/05/29<sup>(b)</sup> | &nbsp;&nbsp; 1140 | 1180132 |
| Societe Generale SA |  |  |
| 2.80%, 01/19/28, (1-year CMT + <br> 1.300%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1885 | 1840560 |
| 2.89%, 06/09/32, (1-year CMT + <br> 1.300%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1835 | 1634178 |
| 3.00%, 01/22/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1453 | 1357598 |
| 3.34%, 01/21/33, (1-year CMT + <br> 1.600%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1475 | 1328016 |
| 3.63%, 03/01/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 1440 | 1035799 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.65%, 07/08/35, (5-year CMT + <br> 3.000%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; $876 | $811128 |
| 4.00%, 01/12/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1155 | 1148123 |
| 4.03%, 01/21/43, (1-year CMT + <br> 1.900%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1155 | 854006 |
| 4.68%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 680 | 685723 |
| 4.75%, 09/14/28<sup>(b)</sup> | &nbsp;&nbsp; 776 | 780342 |
| 5.25%, 02/19/27<sup>(b)</sup> | &nbsp;&nbsp; 425 | 429227 |
| 5.25%, 05/22/29, (1-day SOFR + <br> 1.420%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1600 | 1624275 |
| 5.50%, 04/13/29, (1-year CMT + <br> 1.200%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 250 | 255535 |
| 5.51%, 05/22/31, (1-day SOFR + <br> 1.650%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1600 | 1638557 |
| 5.52%, 01/19/28, (1-year CMT + <br> 1.500%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1365 | 1382483 |
| 5.63%, 01/19/30, (1-year CMT + <br> 1.750%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1680 | 1729606 |
| 5.63%, 11/24/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 735 | 670367 |
| 6.07%, 01/19/35, (1-year CMT + <br> 2.100%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1975 | 2039485 |
| 6.10%, 04/13/33, (1-year CMT + <br> 1.600%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1475 | 1540193 |
| 6.22%, 06/15/33, (1-year CMT + <br> 3.200%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1782 | 1844723 |
| 6.45%, 01/10/29, (1-year CMT + <br> 2.550%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1975 | 2053986 |
| 6.69%, 01/10/34, (1-year CMT + <br> 2.950%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2285 | 2459136 |
| 7.13%, 01/19/55, (1-year CMT + <br> 2.950%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1705 | 1747492 |
| 7.37%, 01/10/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 1440 | 1516771 |
| Standard Chartered Bank, 8.00%, 05/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 995 | 1138486 |
| Standard Chartered Bank/New York, 4.85%, <br> 12/03/27<br>| &nbsp;&nbsp; 10 | 10182 |
| Standard Chartered PLC |  |  |
| 2.61%, 01/12/28, (1-year CMT + <br> 1.180%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2045 | 1997558 |
| 2.68%, 06/29/32, (1-year CMT + <br> 1.200%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1605 | 1426406 |
| 3.27%, 02/18/36, (5-year CMT + <br> 2.300%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2056 | 1874635 |
| 3.60%, 01/12/33, (1-year CMT + <br> 1.900%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1755 | 1609000 |
| 4.30%, 02/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1635 | 1629680 |
| 4.31%, 05/21/30<sup>(b)(d)</sup> | &nbsp;&nbsp; 1330 | 1321177 |
| 4.64%, 04/01/31, (1-year CMT + <br> 3.850%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2730 | 2737942 |
| 4.87%, 03/15/33, (5-year USD ICE Swap + <br> 1.970%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1075 | 1078605 |
| 5.01%, 10/15/30, (1-year CMT + <br> 1.150%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2320 | 2361233 |
| 5.24%, 05/13/31, (1-year CMT + <br> 1.350%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 615 | 630511 |
| 5.30%, 01/09/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 1808 | 1677439 |
| 5.40%, 08/12/36, (1-year CMT + <br> 1.200%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2225 | 2222519 |
| 5.55%, 01/21/29, (1-year CMT + <br> 1.050%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1220 | 1250607 |
| 5.69%, 05/14/28, (1-year CMT + <br> 1.050%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1545 | 1577863 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.70%, 03/26/44<sup>(a)(b)</sup> | &nbsp;&nbsp; $2461 | $2374598 |
| 5.91%, 05/14/35, (1-year CMT + <br> 1.450%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2490 | 2606643 |
| 6.10%, 01/11/35, (1-year CMT + <br> 2.100%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2075 | 2208135 |
| 6.23%, 01/21/36, (1-year CMT + <br> 1.430%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1835 | 1961079 |
| 6.30%, 01/09/29, (1-year CMT + <br> 2.450%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2410 | 2508444 |
| 6.30%, 07/06/34, (1-year CMT + <br> 2.580%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1675 | 1803869 |
| 6.75%, 02/08/28, (1-year CMT + <br> 1.850%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 175 | 180594 |
| 7.02%, 02/08/30, (1-year CMT + <br> 2.200%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1485 | 1604342 |
| 7.77%, 11/16/28, (1-year CMT + <br> 3.450%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1780 | 1907736 |
| State Street Bank & Trust Co. |  |  |
| 4.59%, 11/25/26 | &nbsp;&nbsp; 750 | 755794 |
| 4.78%, 11/23/29 | &nbsp;&nbsp; 1070 | 1099894 |
| State Street Corp. |  |  |
| 1.68%, 11/18/27, (1-day SOFR + 0.560%)<sup>(d)</sup> | &nbsp;&nbsp; 968 | 938666 |
| 2.20%, 02/07/28, (1-day SOFR + 0.730%)<sup>(d)</sup> | &nbsp;&nbsp; 1685 | 1639506 |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 1662 | 1482142 |
| 2.40%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; 1817 | 1704050 |
| 2.62%, 02/07/33, (1-day SOFR + 1.002%)<sup>(d)</sup> | &nbsp;&nbsp; 653 | 582767 |
| 3.03%, 11/01/34, (1-day SOFR + 1.490%)<sup>(d)</sup> | &nbsp;&nbsp; 1005 | 942944 |
| 3.15%, 03/30/31, (1-day SOFR + 2.650%)<sup>(d)</sup> | &nbsp;&nbsp; 1225 | 1172119 |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 786 | 789170 |
| 4.16%, 08/04/33, (1-day SOFR + 1.726%)<sup>(d)</sup> | &nbsp;&nbsp; 1265 | 1226539 |
| 4.33%, 10/22/27 | &nbsp;&nbsp; 1815 | 1830349 |
| 4.42%, 05/13/33, (1-day SOFR + 1.605%)<sup>(d)</sup> | &nbsp;&nbsp; 1085 | 1073951 |
| 4.53%, 02/20/29, (1-day SOFR + 1.018%)<sup>(d)</sup> | &nbsp;&nbsp; 2045 | 2066828 |
| 4.54%, 02/28/28 | &nbsp;&nbsp; 1235 | 1252531 |
| 4.54%, 04/24/28, (1-day SOFR + 0.950%)<sup>(d)</sup> | &nbsp;&nbsp; 580 | 584395 |
| 4.68%, 10/22/32, (1-day SOFR + 1.050%)<sup>(d)</sup> | &nbsp;&nbsp; 1555 | 1576202 |
| 4.73%, 02/28/30 | &nbsp;&nbsp; 1370 | 1400803 |
| 4.82%, 01/26/34, (1-day SOFR + 1.567%)<sup>(d)</sup> | &nbsp;&nbsp; 1265 | 1269943 |
| 4.83%, 04/24/30<sup>(a)</sup> | &nbsp;&nbsp; 1320 | 1355719 |
| 4.99%, 03/18/27 | &nbsp;&nbsp; 1430 | 1452094 |
| 5.15%, 02/28/36, (1-day SOFR + 1.217%)<sup>(d)</sup> | &nbsp;&nbsp; 990 | 1002533 |
| 5.16%, 05/18/34, (1-day SOFR + 1.890%)<sup>(d)</sup> | &nbsp;&nbsp; 1430 | 1466665 |
| 5.68%, 11/21/29, (1-day SOFR + 1.484%)<sup>(d)</sup> | &nbsp;&nbsp; 1290 | 1353793 |
| 5.82%, 11/04/28, (1-day SOFR + 1.715%)<sup>(d)</sup> | &nbsp;&nbsp; 775 | 802446 |
| 6.12%, 11/21/34, (1-day SOFR + 1.958%)<sup>(d)</sup> | &nbsp;&nbsp; 885 | 950204 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.40%, 09/17/26 | &nbsp;&nbsp; 2860 | 2779235 |
| 1.71%, 01/12/31 | &nbsp;&nbsp; 835 | 727929 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 3500 | 3276079 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 2465 | 2225556 |
| 2.14%, 09/23/30 | &nbsp;&nbsp; 1109 | 994621 |
| 2.17%, 01/14/27<sup>(a)</sup> | &nbsp;&nbsp; 995 | 969499 |
| 2.22%, 09/17/31<sup>(a)</sup> | &nbsp;&nbsp; 1853 | 1633595 |
| 2.30%, 01/12/41 | &nbsp;&nbsp; 1070 | 731120 |
| 2.47%, 01/14/29 | &nbsp;&nbsp; 1092 | 1034380 |
| 2.72%, 09/27/29 | &nbsp;&nbsp; 955 | 900656 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 1870 | 1749818 |
| 2.93%, 09/17/41 | &nbsp;&nbsp; 750 | 543208 |
| 3.01%, 10/19/26<sup>(a)</sup> | &nbsp;&nbsp; 1682 | 1660693 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 4375 | 4179219 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.05%, 01/14/42 | &nbsp;&nbsp; $1480 | $1112676 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 1130 | 1114920 |
| 3.36%, 07/12/27<sup>(a)</sup> | &nbsp;&nbsp; 2038 | 2014401 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 1794 | 1778457 |
| 3.54%, 01/17/28 | &nbsp;&nbsp; 1481 | 1462468 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 1009 | 1005222 |
| 4.31%, 10/16/28 | &nbsp;&nbsp; 854 | 859806 |
| 4.66%, 07/08/31, (1-day SOFR + 1.190%)<sup>(d)</sup> | &nbsp;&nbsp; 1300 | 1314996 |
| 4.95%, 07/08/33, (1-day SOFR + 1.380%)<sup>(d)</sup> | &nbsp;&nbsp; 1105 | 1119689 |
| 5.24%, 04/15/30 | &nbsp;&nbsp; 1335 | 1382234 |
| 5.25%, 07/08/36, (1-day SOFR + <br> 1.500%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1205 | 1222574 |
| 5.32%, 07/09/29 | &nbsp;&nbsp; 1360 | 1409020 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 1805 | 1888687 |
| 5.45%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1345 | 1408144 |
| 5.52%, 01/13/28<sup>(a)</sup> | &nbsp;&nbsp; 3090 | 3192372 |
| 5.56%, 07/09/34 | &nbsp;&nbsp; 2425 | 2536885 |
| 5.63%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2065 | 2167115 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 2285 | 2410681 |
| 5.72%, 09/14/28 | &nbsp;&nbsp; 1790 | 1869593 |
| 5.77%, 01/13/33 | &nbsp;&nbsp; 2710 | 2876247 |
| 5.78%, 07/13/33<sup>(a)</sup> | &nbsp;&nbsp; 975 | 1035333 |
| 5.80%, 07/13/28 | &nbsp;&nbsp; 1425 | 1489767 |
| 5.80%, 07/08/46, (1-day SOFR + <br> 1.780%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 255 | 253019 |
| 5.81%, 09/14/33<sup>(a)</sup> | &nbsp;&nbsp; 1465 | 1565326 |
| 5.84%, 07/09/44 | &nbsp;&nbsp; 1825 | 1857148 |
| 5.85%, 07/13/30<sup>(a)</sup> | &nbsp;&nbsp; 1280 | 1363014 |
| 6.18%, 07/13/43<sup>(a)</sup> | &nbsp;&nbsp; 1575 | 1681279 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 1.35%, 09/16/26<sup>(b)</sup> | &nbsp;&nbsp; 1073 | 1041800 |
| 2.80%, 03/10/27<sup>(b)</sup> | &nbsp;&nbsp; 1055 | 1034463 |
| 4.45%, 09/10/27<sup>(b)</sup> | &nbsp;&nbsp; 1725 | 1736232 |
| 4.50%, 03/13/28<sup>(b)</sup> | &nbsp;&nbsp; 1210 | 1221667 |
| 4.50%, 09/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1520 | 1534512 |
| 4.70%, 03/13/30<sup>(b)</sup> | &nbsp;&nbsp; 875 | 891617 |
| 4.85%, 09/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 890 | 884531 |
| 4.95%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 595 | 604352 |
| 5.05%, 03/13/35<sup>(b)</sup> | &nbsp;&nbsp; 990 | 996861 |
| 5.20%, 03/07/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 990 | 1005796 |
| 5.20%, 03/07/29<sup>(b)</sup> | &nbsp;&nbsp; 835 | 860951 |
| 5.35%, 03/07/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 750 | 773374 |
| 5.50%, 03/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1110 | 1146640 |
| 5.55%, 09/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 775 | 806539 |
| 5.65%, 09/14/26<sup>(b)</sup> | &nbsp;&nbsp; 610 | 618627 |
| Svenska Handelsbanken AB |  |  |
| 3.95%, 06/10/27<sup>(b)</sup> | &nbsp;&nbsp; 1105 | 1105239 |
| 4.38%, 05/23/28<sup>(b)</sup> | &nbsp;&nbsp; 940 | 950080 |
| 5.13%, 05/28/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 964 | 981993 |
| 5.50%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1280 | 1326340 |
| Swedbank AB |  |  |
| 1.54%, 11/16/26<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1495052 |
| 5.00%, 11/20/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 835 | 860293 |
| 5.08%, 05/21/30<sup>(b)</sup> | &nbsp;&nbsp; 1135 | 1165196 |
| 5.34%, 09/20/27<sup>(b)</sup> | &nbsp;&nbsp; 1830 | 1871543 |
| 5.41%, 03/14/29<sup>(b)</sup> | &nbsp;&nbsp; 1230 | 1274113 |
| 6.14%, 09/12/26<sup>(b)</sup> | &nbsp;&nbsp; 825 | 840366 |
| Synchrony Bank, 5.63%, 08/23/27 | &nbsp;&nbsp; 964 | 985266 |
| Synovus Bank, 5.63%, 02/15/28 | &nbsp;&nbsp; 745 | 760418 |
| Synovus Financial Corp., 6.17%, 11/01/30, <br> (1-day SOFR +2.347%)<sup>(d)</sup><br>| &nbsp;&nbsp; 375 | 390060 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Toronto-Dominion Bank (The) |  |  |
| 1.25%, 09/10/26<sup>(a)</sup> | &nbsp;&nbsp; $2140 | $2079163 |
| 1.95%, 01/12/27<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 1175808 |
| 2.00%, 09/10/31<sup>(a)</sup> | &nbsp;&nbsp; 1550 | 1368834 |
| 2.45%, 01/12/32<sup>(a)</sup> | &nbsp;&nbsp; 1150 | 1016934 |
| 2.80%, 03/10/27 | &nbsp;&nbsp; 1715 | 1683077 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 2551 | 2345457 |
| 3.63%, 09/15/31, (5-year USD Swap + <br> 2.205%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2177 | 2155831 |
| 4.11%, 06/08/27 | &nbsp;&nbsp; 2388 | 2389568 |
| 4.46%, 06/08/32<sup>(a)</sup> | &nbsp;&nbsp; 3325 | 3290938 |
| 4.57%, 12/17/26 | &nbsp;&nbsp; 2155 | 2165219 |
| 4.57%, 06/02/28 | &nbsp;&nbsp; 1575 | 1593284 |
| 4.69%, 09/15/27 | &nbsp;&nbsp; 3285 | 3323364 |
| 4.78%, 12/17/29 | &nbsp;&nbsp; 1665 | 1701359 |
| 4.81%, 06/03/30 | &nbsp;&nbsp; 1275 | 1302177 |
| 4.86%, 01/31/28 | &nbsp;&nbsp; 2150 | 2185941 |
| 4.98%, 04/05/27 | &nbsp;&nbsp; 1235 | 1251008 |
| 4.99%, 04/05/29 | &nbsp;&nbsp; 1515 | 1553736 |
| 5.15%, 09/10/34, (5-year CMT + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 1515 | 1529447 |
| 5.16%, 01/10/28 | &nbsp;&nbsp; 2280 | 2333183 |
| 5.26%, 12/11/26 | &nbsp;&nbsp; 1075 | 1090214 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 1190 | 1237352 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 2020 | 2096585 |
| 7.25%, 07/31/84, (5-year CMT + 2.977%)<sup>(d)</sup> | &nbsp;&nbsp; 1080 | 1121995 |
| 8.13%, 10/31/82, (5-year CMT + 4.075%)<sup>(d)</sup> | &nbsp;&nbsp; 1893 | 1993596 |
| Truist Bank |  |  |
| 2.25%, 03/11/30 | &nbsp;&nbsp; 2288 | 2084555 |
| 3.80%, 10/30/26 | &nbsp;&nbsp; 1200 | 1192588 |
| 4.42%, 07/24/28, (1-day SOFR + 0.770%)<sup>(d)</sup> | &nbsp;&nbsp; 1635 | 1639915 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | &nbsp;&nbsp; 1450 | 1371982 |
| 1.89%, 06/07/29, (1-day SOFR + 0.862%)<sup>(d)</sup> | &nbsp;&nbsp; 1976 | 1859457 |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 1475 | 1326650 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 1196 | 1178253 |
| 4.12%, 06/06/28, (1-day SOFR + 1.368%)<sup>(d)</sup> | &nbsp;&nbsp; 1605 | 1604756 |
| 4.87%, 01/26/29, (1-day SOFR + 1.435%)<sup>(d)</sup> | &nbsp;&nbsp; 2785 | 2827973 |
| 4.92%, 07/28/33, (1-day SOFR + 2.240%)<sup>(d)</sup> | &nbsp;&nbsp; 1630 | 1606042 |
| 5.07%, 05/20/31, (1-day SOFR + <br> 1.309%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1855 | 1900533 |
| 5.12%, 01/26/34, (1-day SOFR + 1.852%)<sup>(d)</sup> | &nbsp;&nbsp; 2400 | 2416999 |
| 5.15%, 08/05/32, (1-day SOFR + 1.571%)<sup>(d)</sup> | &nbsp;&nbsp; 1625 | 1672475 |
| 5.44%, 01/24/30, (1-day SOFR + 1.620%)<sup>(d)</sup> | &nbsp;&nbsp; 2255 | 2337690 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(d)</sup> | &nbsp;&nbsp; 3190 | 3322975 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(d)</sup> | &nbsp;&nbsp; 2635 | 2769835 |
| 6.12%, 10/28/33, (1-day SOFR + <br> 2.300%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1285 | 1373643 |
| 7.16%, 10/30/29, (1-day SOFR + 2.446%)<sup>(d)</sup> | &nbsp;&nbsp; 2960 | 3212617 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 2824 | 2468690 |
| 2.22%, 01/27/28, (1-day SOFR + 0.730%)<sup>(d)</sup> | &nbsp;&nbsp; 2115 | 2055956 |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(d)</sup> | &nbsp;&nbsp; 2380 | 2048004 |
| 2.68%, 01/27/33, (1-day SOFR + 1.020%)<sup>(d)</sup> | &nbsp;&nbsp; 1507 | 1330071 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 1737 | 1659452 |
| 3.90%, 04/26/28 | &nbsp;&nbsp; 1838 | 1835750 |
| 4.55%, 07/22/28, (1-day SOFR + 1.660%)<sup>(d)</sup> | &nbsp;&nbsp; 2944 | 2964290 |
| 4.65%, 02/01/29, (1-day SOFR + 1.230%)<sup>(d)</sup> | &nbsp;&nbsp; 2760 | 2791439 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(d)</sup> | &nbsp;&nbsp; 3395 | 3374661 |
| 4.97%, 07/22/33, (1-day SOFR + 2.110%)<sup>(d)</sup> | &nbsp;&nbsp; 2110 | 2096063 |
| 5.05%, 02/12/31, (1-day SOFR + 1.061%)<sup>(d)</sup> | &nbsp;&nbsp; 2040 | 2092871 |
| 5.08%, 05/15/31, (1-day SOFR + 1.296%)<sup>(d)</sup> | &nbsp;&nbsp; 575 | 590771 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.10%, 07/23/30, (1-day SOFR + 1.250%)<sup>(d)</sup> | &nbsp;&nbsp; $2160 | $2222128 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(d)</sup> | &nbsp;&nbsp; 2400 | 2482757 |
| 5.42%, 02/12/36, (1-day SOFR + <br> 1.411%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1975 | 2020970 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(d)</sup> | &nbsp;&nbsp; 3180 | 3314033 |
| 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(d)</sup> | &nbsp;&nbsp; 2680 | 2792501 |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(d)</sup> | &nbsp;&nbsp; 2825 | 2979277 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(d)</sup> | &nbsp;&nbsp; 2360 | 2495374 |
| 6.79%, 10/26/27, (1-day SOFR + <br> 1.880%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1170 | 1202469 |
| Series X, 3.15%, 04/27/27 | &nbsp;&nbsp; 1988 | 1961263 |
| U.S. Bank NA/Cincinnati OH, 4.51%, 10/22/27, <br> (1-day SOFR + 0.690%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1470 | 1474023 |
| UBS AG/London |  |  |
| 4.50%, 06/26/48<sup>(a)</sup> | &nbsp;&nbsp; 1860 | 1613089 |
| 5.65%, 09/11/28 | &nbsp;&nbsp; 2420 | 2527649 |
| UBS AG/Stamford CT |  |  |
| 4.86%, 01/10/28, (1-day SOFR + 0.720%)<sup>(d)</sup> | &nbsp;&nbsp; 685 | 691263 |
| 5.00%, 07/09/27<sup>(a)</sup> | &nbsp;&nbsp; 2255 | 2292571 |
| 7.50%, 02/15/28 | &nbsp;&nbsp; 3645 | 3933389 |
| UBS Group AG |  |  |
| 2.10%, 02/11/32, (1-year CMT + <br> 1.000%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3167 | 2784560 |
| 2.75%, 02/11/33, (1-year CMT + <br> 1.100%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2370 | 2088841 |
| 3.09%, 05/14/32, (1-day SOFR + <br> 1.730%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 5908 | 5437924 |
| 3.13%, 08/13/30<sup>(b)(d)</sup> | &nbsp;&nbsp; 2655 | 2531660 |
| 3.18%, 02/11/43, (1-year CMT + <br> 1.100%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2585 | 1917750 |
| 3.87%, 01/12/29<sup>(b)(d)</sup> | &nbsp;&nbsp; 3507 | 3473881 |
| 4.19%, 04/01/31, (1-day SOFR + <br> 3.730%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 4781 | 4724757 |
| 4.25%, 03/23/28<sup>(b)</sup> | &nbsp;&nbsp; 5260 | 5250231 |
| 4.28%, 01/09/28<sup>(b)</sup> | &nbsp;&nbsp; 4137 | 4131989 |
| 4.75%, 05/12/28, (1-year CMT + <br> 1.750%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1945 | 1959279 |
| 4.88%, 05/15/45 | &nbsp;&nbsp; 3783 | 3444665 |
| 4.99%, 08/05/33, (1-year CMT + <br> 2.400%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2635 | 2650000 |
| 5.38%, 09/06/45, (1-year USD ICE Swap + <br> 1.860%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 2125 | 2063031 |
| 5.43%, 02/08/30, (1-year CMT + <br> 1.520%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2790 | 2881710 |
| 5.58%, 05/09/36, (1-day SOFR + <br> 1.760%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2400 | 2468045 |
| 5.62%, 09/13/30, (1-year USD ICE Swap + <br> 1.340%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2790 | 2914906 |
| 5.70%, 02/08/35, (1-year CMT + <br> 1.770%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 3930 | 4097094 |
| 5.96%, 01/12/34, (1-year CMT + <br> 2.200%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3280 | 3482146 |
| 6.25%, 09/22/29, (1-year CMT + <br> 1.800%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2815 | 2971620 |
| 6.30%, 09/22/34, (1-year CMT + <br> 2.000%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3230 | 3494994 |
| 6.33%, 12/22/27, (1-year CMT + <br> 1.600%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1870 | 1918441 |
| 6.44%, 08/11/28, (1-day SOFR + <br> 3.700%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3205 | 3331301 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.54%, 08/12/33, (1-day SOFR + <br> 3.920%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; $4425 | $4852394 |
| 9.02%, 11/15/33, (1-day SOFR + <br> 5.020%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3245 | 4041718 |
| UniCredit SpA |  |  |
| 3.13%, 06/03/32, (1-year CMT + <br> 1.550%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2102 | 1929649 |
| 4.63%, 04/12/27<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1003492 |
| 5.46%, 06/30/35, (5-year CMT + <br> 4.750%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1950 | 1957356 |
| 5.86%, 06/19/32, (5-year USD ICE Swap + <br> 3.703%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1730 | 1753570 |
| 7.30%, 04/02/34, (5-year USD ICE Swap + <br> 4.914%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1615 | 1722866 |
| United Overseas Bank Ltd. |  |  |
| 2.00%, 10/14/31, (5-year CMT + <br> 1.230%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 705 | 686606 |
| 3.86%, 10/07/32, (5-year CMT + <br> 1.450%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1792 | 1774764 |
| 4.40%, 04/02/28<sup>(b)</sup> | &nbsp;&nbsp; 190 | 192346 |
| Wachovia Corp. |  |  |
| 5.50%, 08/01/35 | &nbsp;&nbsp; 1405 | 1433963 |
| 7.50%, 04/15/35 | &nbsp;&nbsp; 806 | 944542 |
| Webster Financial Corp., 4.10%, 03/25/29<sup>(a)</sup> | &nbsp;&nbsp; 463 | 453730 |
| Wells Fargo & Co. |  |  |
| 2.39%, 06/02/28, (1-day SOFR + 2.100%)<sup>(d)</sup> | &nbsp;&nbsp; 4955 | 4802306 |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4861 | 4505409 |
| 2.88%, 10/30/30, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5735 | 5415403 |
| 3.00%, 10/23/26 | &nbsp;&nbsp; 5212 | 5143728 |
| 3.07%, 04/30/41, (1-day SOFR + 2.530%)<sup>(d)</sup> | &nbsp;&nbsp; 5864 | 4464370 |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 6726 | 6201824 |
| 3.53%, 03/24/28, (1-day SOFR + 1.510%)<sup>(d)</sup> | &nbsp;&nbsp; 6995 | 6920417 |
| 3.58%, 05/22/28, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4435 | 4387403 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 3645 | 2899111 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 5072 | 5068648 |
| 4.30%, 07/22/27 | &nbsp;&nbsp; 4383 | 4399281 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 3261 | 2681314 |
| 4.48%, 04/04/31, (3-mo. CME Term SOFR + <br> 4.032%)<sup>(d)</sup><br>| &nbsp;&nbsp; 4355 | 4370434 |
| 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(d)</sup> | &nbsp;&nbsp; 5584 | 4733053 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 2983 | 2581687 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 3434 | 2961082 |
| 4.81%, 07/25/28, (1-day SOFR + 1.980%)<sup>(d)</sup> | &nbsp;&nbsp; 4895 | 4947301 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(d)</sup> | &nbsp;&nbsp; 7271 | 7313887 |
| 4.90%, 11/17/45<sup>(a)</sup> | &nbsp;&nbsp; 3075 | 2723468 |
| 4.97%, 04/23/29, (1-day SOFR + 1.370%)<sup>(d)</sup> | &nbsp;&nbsp; 5000 | 5094869 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR + <br> 4.502%)<sup>(d)</sup><br>| &nbsp;&nbsp; 9372 | 8470303 |
| 5.15%, 04/23/31, (1-day SOFR + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 6600 | 6797298 |
| 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 4860 | 5005839 |
| 5.21%, 12/03/35, (1-day SOFR + 1.380%)<sup>(d)</sup> | &nbsp;&nbsp; 4200 | 4235232 |
| 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(d)</sup> | &nbsp;&nbsp; 3610 | 3729110 |
| 5.38%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 985 | 1038072 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 3104 | 2960199 |
| 5.39%, 04/24/34, (1-day SOFR + <br> 2.020%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 6115 | 6292805 |
| 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(d)</sup> | &nbsp;&nbsp; 4990 | 5149345 |
| 5.56%, 07/25/34, (1-day SOFR + 1.990%)<sup>(d)</sup> | &nbsp;&nbsp; 6745 | 7003346 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.57%, 07/25/29, (1-day SOFR + 1.740%)<sup>(d)</sup> | &nbsp;&nbsp; $6850 | $7101394 |
| 5.61%, 04/23/36, (1-day SOFR + <br> 1.740%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 4170 | 4329440 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 3996 | 3904074 |
| 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(d)</sup> | &nbsp;&nbsp; 5405 | 5528113 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; 951 | 980073 |
| 6.30%, 10/23/29, (1-day SOFR + 1.790%)<sup>(d)</sup> | &nbsp;&nbsp; 4790 | 5077322 |
| 6.49%, 10/23/34, (1-day SOFR + 2.060%)<sup>(d)</sup> | &nbsp;&nbsp; 5297 | 5825006 |
| Series B, 7.95%, 11/15/29 | &nbsp;&nbsp; 680 | 760698 |
| Series W, 4.90%, 01/24/28, (1-day SOFR + <br> 0.780%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3585 | 3616154 |
| Wells Fargo Bank NA |  |  |
| 5.25%, 12/11/26 | &nbsp;&nbsp; 3095 | 3138271 |
| 5.85%, 02/01/37<sup>(a)</sup> | &nbsp;&nbsp; 1720 | 1801746 |
| 5.95%, 08/26/36 | &nbsp;&nbsp; 1060 | 1122933 |
| 6.60%, 01/15/38 | &nbsp;&nbsp; 2210 | 2476237 |
| Westpac Banking Corp. |  |  |
| 1.95%, 11/20/28 | &nbsp;&nbsp; 2617 | 2461683 |
| 2.15%, 06/03/31 | &nbsp;&nbsp; 1398 | 1256940 |
| 2.65%, 01/16/30 | &nbsp;&nbsp; 1120 | 1057780 |
| 2.67%, 11/15/35, (5-year CMT + <br> 1.750%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2539 | 2275370 |
| 2.96%, 11/16/40<sup>(a)</sup> | &nbsp;&nbsp; 1586 | 1196700 |
| 3.02%, 11/18/36, (5-year CMT + 1.530%)<sup>(d)</sup> | &nbsp;&nbsp; 2102 | 1870948 |
| 3.13%, 11/18/41 | &nbsp;&nbsp; 1650 | 1218493 |
| 3.35%, 03/08/27 | &nbsp;&nbsp; 1499 | 1486490 |
| 3.40%, 01/25/28<sup>(a)</sup> | &nbsp;&nbsp; 1669 | 1650995 |
| 4.04%, 08/26/27 | &nbsp;&nbsp; 995 | 997319 |
| 4.11%, 07/24/34, (5-year CMT + <br> 2.000%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1932 | 1890968 |
| 4.32%, 11/23/31, (5-year USD ICE Swap + <br> 2.236%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2213 | 2204704 |
| 4.35%, 07/01/30 | &nbsp;&nbsp; 1475 | 1491398 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 1548 | 1413561 |
| 4.60%, 10/20/26 | &nbsp;&nbsp; 1035 | 1042479 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 1105 | 1144400 |
| 5.41%, 08/10/33, (1-year CMT + 2.680%)<sup>(d)</sup> | &nbsp;&nbsp; 1544 | 1577330 |
| 5.46%, 11/18/27 | &nbsp;&nbsp; 2025 | 2090133 |
| 5.54%, 11/17/28 | &nbsp;&nbsp; 1795 | 1881913 |
| 5.62%, 11/20/35, (1-year CMT + 1.200%)<sup>(d)</sup> | &nbsp;&nbsp; 2380 | 2422556 |
| 6.82%, 11/17/33 | &nbsp;&nbsp; 1065 | 1183442 |
| Westpac New Zealand Ltd. |  |  |
| 4.90%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1567558 |
| 4.94%, 02/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1095 | 1124139 |
| 5.13%, 02/26/27<sup>(b)</sup> | &nbsp;&nbsp; 845 | 856624 |
| 5.20%, 02/28/29<sup>(b)</sup> | &nbsp;&nbsp; 1315 | 1355121 |
| Wintrust Financial Corp., 4.85%, 06/06/29 | &nbsp;&nbsp; 542 | 537316 |
| Woori Bank |  |  |
| 2.00%, 01/20/27<sup>(b)</sup> | &nbsp;&nbsp; 205 | 199309 |
| 4.75%, 01/24/27<sup>(b)</sup> | &nbsp;&nbsp; 395 | 398411 |
| 4.75%, 01/24/29<sup>(b)</sup> | &nbsp;&nbsp; 290 | 295121 |
| 4.88%, 01/26/28<sup>(b)</sup> | &nbsp;&nbsp; 545 | 554640 |
| 5.13%, 08/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 780 | 794812 |
| 6.38%, (5-year CMT +2.277%)<sup>(b)(d)(e)</sup> | &nbsp;&nbsp; 250 | 257361 |
| Zions Bancorp N.A., 4.70%, 08/18/28, (1-day <br> SOFR + 1.155%)<sup>(d)</sup><br>| &nbsp;&nbsp; 500 | 501849 |
| Zions Bancorp NA |  |  |
| 3.25%, 10/29/29 | &nbsp;&nbsp; 810 | 751598 |
| 6.82%, 11/19/35, (1-day SOFR + 2.830%)<sup>(d)</sup> | &nbsp;&nbsp; 225 | 235742 |
|  |  | 3110916844 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Anheuser-Busch <br> Companies LLC/Anheuser-Busch InBev <br> Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; $8574 | $8367797 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 14390 | 13135609 |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 1180 | 1049691 |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 1250 | 1219938 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 2293 | 2086606 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 3537 | 3442155 |
| 3.75%, 07/15/42<sup>(a)</sup> | &nbsp;&nbsp; 500 | 400810 |
| 4.35%, 06/01/40<sup>(a)</sup> | &nbsp;&nbsp; 495 | 445330 |
| 4.38%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 940280 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 2898 | 2442757 |
| 4.50%, 06/01/50 | &nbsp;&nbsp; 1530 | 1340004 |
| 4.60%, 04/15/48<sup>(a)</sup> | &nbsp;&nbsp; 970 | 853015 |
| 4.60%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 90 | 72613 |
| 4.75%, 01/23/29 | &nbsp;&nbsp; 3260 | 3331410 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 980 | 843718 |
| 4.90%, 01/23/31 | &nbsp;&nbsp; 1294 | 1339489 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 2561 | 2412733 |
| 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1895 | 1937591 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 3329 | 3397513 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 6530 | 6416991 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 3242 | 3264785 |
| 5.88%, 06/15/35 | &nbsp;&nbsp; 540 | 580903 |
| 6.63%, 08/15/33 | &nbsp;&nbsp; 482 | 540349 |
| 8.00%, 11/15/39 | &nbsp;&nbsp; 761 | 965716 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 2029 | 2587847 |
| Bacardi Ltd. |  |  |
| 4.70%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1650 | 1663263 |
| 5.15%, 05/15/38<sup>(b)</sup> | &nbsp;&nbsp; 870 | 815299 |
| 5.30%, 05/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1190 | 1047954 |
| Bacardi Ltd./Bacardi-Martini BV |  |  |
| 5.25%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1285 | 1312568 |
| 5.40%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 897 | 899205 |
| 5.90%, 06/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 375 | 359571 |
| Bacardi-Martini BV |  |  |
| 5.55%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 555 | 574663 |
| 6.00%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 785 | 807281 |
| Becle SAB de CV, 2.50%, 10/14/31<sup>(b)</sup> | &nbsp;&nbsp; 1035 | 878812 |
| Brown-Forman Corp. |  |  |
| 3.75%, 01/15/43 | &nbsp;&nbsp; 580 | 454002 |
| 4.00%, 04/15/38 | &nbsp;&nbsp; 730 | 647148 |
| 4.50%, 07/15/45 | &nbsp;&nbsp; 1189 | 1023413 |
| 4.75%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 1020828 |
| Cia Cervecerias Unidas SA, 3.35%, 01/19/32<sup>(b)</sup> | &nbsp;&nbsp; 525 | 470452 |
| Coca-Cola Co. (The) |  |  |
| 1.00%, 03/15/28 | &nbsp;&nbsp; 2095 | 1956831 |
| 1.38%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2016 | 1745993 |
| 1.45%, 06/01/27 | &nbsp;&nbsp; 2303 | 2212655 |
| 1.50%, 03/05/28 | &nbsp;&nbsp; 1215 | 1150100 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 3235 | 2903519 |
| 2.00%, 03/05/31 | &nbsp;&nbsp; 1394 | 1250520 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 1799 | 1680253 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 2745 | 2442956 |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 1871 | 1369524 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 2065 | 1222546 |
| 2.60%, 06/01/50 | &nbsp;&nbsp; 2591 | 1582783 |
| 2.75%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 1662 | 974510 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 2.88%, 05/05/41 | &nbsp;&nbsp; $1247 | $940360 |
| 2.90%, 05/25/27 | &nbsp;&nbsp; 717 | 706361 |
| 3.00%, 03/05/51<sup>(a)</sup> | &nbsp;&nbsp; 2790 | 1843740 |
| 3.38%, 03/25/27 | &nbsp;&nbsp; 1612 | 1601064 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 2183 | 2127763 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 930 | 767169 |
| 4.65%, 08/14/34<sup>(a)</sup> | &nbsp;&nbsp; 1355 | 1370628 |
| 5.00%, 05/13/34<sup>(a)</sup> | &nbsp;&nbsp; 1420 | 1466914 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 2410 | 2279339 |
| 5.30%, 05/13/54 | &nbsp;&nbsp; 1750 | 1687492 |
| 5.40%, 05/13/64 | &nbsp;&nbsp; 2840 | 2735120 |
| Coca-Cola Consolidated Inc. |  |  |
| 5.25%, 06/01/29 | &nbsp;&nbsp; 1375 | 1419865 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 770 | 798161 |
| Coca-Cola Europacific Partners PLC, 1.50%, <br> 01/15/27<sup>(b)</sup><br>| &nbsp;&nbsp; 872 | 840096 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.85%, 09/01/32 | &nbsp;&nbsp; 1165 | 965354 |
| 2.75%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; 2065 | 1941903 |
| 5.10%, 05/06/35 | &nbsp;&nbsp; 755 | 755951 |
| 5.25%, 11/26/43<sup>(a)</sup> | &nbsp;&nbsp; 535 | 513938 |
| Coca-Cola Icecek A/S, 4.50%, 01/20/29<sup>(b)</sup> | &nbsp;&nbsp; 260 | 255780 |
| Constellation Brands Inc. |  |  |
| 2.25%, 08/01/31 | &nbsp;&nbsp; 1697 | 1490323 |
| 2.88%, 05/01/30 | &nbsp;&nbsp; 1058 | 989614 |
| 3.15%, 08/01/29 | &nbsp;&nbsp; 1743 | 1672267 |
| 3.50%, 05/09/27 | &nbsp;&nbsp; 883 | 873107 |
| 3.60%, 02/15/28 | &nbsp;&nbsp; 1480 | 1460511 |
| 3.70%, 12/06/26 | &nbsp;&nbsp; 1000 | 993029 |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 1055 | 754941 |
| 4.10%, 02/15/48 | &nbsp;&nbsp; 1081 | 831758 |
| 4.35%, 05/09/27 | &nbsp;&nbsp; 840 | 842099 |
| 4.50%, 05/09/47 | &nbsp;&nbsp; 1012 | 834434 |
| 4.65%, 11/15/28 | &nbsp;&nbsp; 945 | 956269 |
| 4.75%, 05/09/32<sup>(a)</sup> | &nbsp;&nbsp; 980 | 979634 |
| 4.80%, 01/15/29 | &nbsp;&nbsp; 930 | 943604 |
| 4.80%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 400 | 406124 |
| 4.90%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1157050 |
| 5.25%, 11/15/48 | &nbsp;&nbsp; 682 | 617604 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 1540 | 1400535 |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 1255 | 1080181 |
| 2.38%, 10/24/29 | &nbsp;&nbsp; 1873 | 1751848 |
| 3.88%, 05/18/28 | &nbsp;&nbsp; 1005 | 1003698 |
| 3.88%, 04/29/43 | &nbsp;&nbsp; 725 | 588132 |
| 5.30%, 10/24/27 | &nbsp;&nbsp; 1455 | 1493225 |
| 5.38%, 10/05/26 | &nbsp;&nbsp; 1210 | 1225075 |
| 5.50%, 01/24/33 | &nbsp;&nbsp; 1335 | 1399439 |
| 5.63%, 10/05/33 | &nbsp;&nbsp; 1090 | 1154889 |
| 5.88%, 09/30/36 | &nbsp;&nbsp; 993 | 1068239 |
| Diageo Investment Corp. |  |  |
| 4.25%, 05/11/42 | &nbsp;&nbsp; 798 | 690412 |
| 5.13%, 08/15/30 | &nbsp;&nbsp; 1640 | 1701250 |
| 5.63%, 04/15/35 | &nbsp;&nbsp; 1250 | 1315917 |
| 7.45%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 835 | 993790 |
| Embotelladora Andina SA, 3.95%, 01/21/50<sup>(b)</sup> | &nbsp;&nbsp; 130 | 96525 |
| Fomento Economico Mexicano SAB de CV |  |  |
| 3.50%, 01/16/50 | &nbsp;&nbsp; 435 | 312438 |
| 4.38%, 05/10/43 | &nbsp;&nbsp; 155 | 134099 |
| Heineken NV |  |  |
| 3.50%, 01/29/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2327 | 2297578 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.00%, 10/01/42<sup>(b)</sup> | &nbsp;&nbsp; $841 | $687024 |
| 4.35%, 03/29/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 930 | 762172 |
| JDE Peet's NV |  |  |
| 1.38%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1193 | 1143575 |
| 2.25%, 09/24/31<sup>(b)</sup> | &nbsp;&nbsp; 921 | 801390 |
| Keurig Dr Pepper Inc. |  |  |
| 2.25%, 03/15/31 | &nbsp;&nbsp; 984 | 867007 |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 767 | 754204 |
| 3.20%, 05/01/30 | &nbsp;&nbsp; 1431 | 1348538 |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 779 | 503695 |
| 3.43%, 06/15/27 | &nbsp;&nbsp; 1042 | 1025242 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 1370 | 967841 |
| 3.95%, 04/15/29 | &nbsp;&nbsp; 1795 | 1765104 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 1200 | 1143649 |
| 4.35%, 05/15/28 | &nbsp;&nbsp; 790 | 789141 |
| 4.42%, 12/15/46 | &nbsp;&nbsp; 668 | 536145 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 886 | 721967 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 1902 | 1496060 |
| 4.60%, 05/25/28<sup>(a)</sup> | &nbsp;&nbsp; 1935 | 1943761 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 680 | 680079 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 1120 | 1140432 |
| 5.09%, 05/25/48 | &nbsp;&nbsp; 795 | 697600 |
| 5.10%, 03/15/27 | &nbsp;&nbsp; 575 | 580446 |
| 5.15%, 05/15/35 | &nbsp;&nbsp; 705 | 696205 |
| 5.30%, 03/15/34 | &nbsp;&nbsp; 990 | 998931 |
| Series 10, 5.20%, 03/15/31 | &nbsp;&nbsp; 1249 | 1277350 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46<sup>(a)</sup> | &nbsp;&nbsp; 3025 | 2394668 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 1857 | 1692425 |
| PepsiCo Inc. |  |  |
| 1.40%, 02/25/31 | &nbsp;&nbsp; 1432 | 1240022 |
| 1.63%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1849 | 1657929 |
| 1.95%, 10/21/31 | &nbsp;&nbsp; 1920 | 1686716 |
| 2.38%, 10/06/26<sup>(a)</sup> | &nbsp;&nbsp; 1481 | 1456839 |
| 2.63%, 03/19/27 | &nbsp;&nbsp; 860 | 843509 |
| 2.63%, 07/29/29<sup>(a)</sup> | &nbsp;&nbsp; 1469 | 1397268 |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 1135 | 804236 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 2604 | 2459342 |
| 2.75%, 10/21/51 | &nbsp;&nbsp; 1657 | 1022682 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 1655 | 1070686 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 2502 | 2459192 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 816 | 578255 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 1352 | 1008638 |
| 3.50%, 03/19/40 | &nbsp;&nbsp; 730 | 610993 |
| 3.60%, 02/18/28 | &nbsp;&nbsp; 1365 | 1358269 |
| 3.60%, 08/13/42 | &nbsp;&nbsp; 530 | 423209 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 1587 | 1177778 |
| 3.88%, 03/19/60 | &nbsp;&nbsp; 780 | 581957 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 2158 | 2097035 |
| 4.00%, 03/05/42<sup>(a)</sup> | &nbsp;&nbsp; 730 | 622986 |
| 4.00%, 05/02/47 | &nbsp;&nbsp; 870 | 702944 |
| 4.10%, 01/15/29 | &nbsp;&nbsp; 1180 | 1182761 |
| 4.20%, 07/18/52 | &nbsp;&nbsp; 1007 | 819261 |
| 4.25%, 10/22/44 | &nbsp;&nbsp; 175 | 149565 |
| 4.30%, 07/23/30 | &nbsp;&nbsp; 760 | 764740 |
| 4.40%, 02/07/27 | &nbsp;&nbsp; 625 | 629466 |
| 4.45%, 02/07/28 | &nbsp;&nbsp; 1220 | 1236657 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 998 | 1013928 |
| 4.45%, 02/15/33 | &nbsp;&nbsp; 1295 | 1298708 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 1825 | 1598944 |
| 4.50%, 07/17/29 | &nbsp;&nbsp; 1150 | 1171898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.60%, 02/07/30 | &nbsp;&nbsp; $1300 | $1330595 |
| 4.60%, 07/17/45 | &nbsp;&nbsp; 482 | 436237 |
| 4.65%, 07/23/32 | &nbsp;&nbsp; 1000 | 1011294 |
| 4.65%, 02/15/53 | &nbsp;&nbsp; 830 | 720525 |
| 4.80%, 07/17/34 | &nbsp;&nbsp; 1265 | 1274939 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 600 | 581206 |
| 5.00%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 1800 | 1832056 |
| 5.00%, 07/23/35 | &nbsp;&nbsp; 1000 | 1009266 |
| 5.13%, 11/10/26 | &nbsp;&nbsp; 860 | 870893 |
| 5.25%, 07/17/54 | &nbsp;&nbsp; 1100 | 1051362 |
| 5.50%, 01/15/40<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 1262153 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 1322 | 1452341 |
| Pepsico Singapore Financing I Pte Ltd. |  |  |
| 4.55%, 02/16/29 | &nbsp;&nbsp; 1020 | 1037130 |
| 4.65%, 02/16/27 | &nbsp;&nbsp; 855 | 863405 |
| 4.70%, 02/16/34 | &nbsp;&nbsp; 590 | 587380 |
| Pernod Ricard International Finance LLC |  |  |
| 1.25%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1730 | 1606326 |
| 1.63%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1754 | 1512794 |
| 2.75%, 10/01/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 845 | 487417 |
| Pernod Ricard SA, 5.50%, 01/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 1615 | 1534303 |
| Suntory Holdings Ltd., 5.12%, 06/11/29<sup>(b)</sup> | &nbsp;&nbsp; 1080 | 1108169 |
|  |  | 240519790 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; 2276 | 2126837 |
| 2.00%, 01/15/32 | &nbsp;&nbsp; 1550 | 1332057 |
| 2.20%, 02/21/27 | &nbsp;&nbsp; 2558 | 2490029 |
| 2.30%, 02/25/31 | &nbsp;&nbsp; 2279 | 2047255 |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 2303 | 2130542 |
| 2.77%, 09/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1591 | 928721 |
| 2.80%, 08/15/41 | &nbsp;&nbsp; 1130 | 812640 |
| 3.00%, 02/22/29 | &nbsp;&nbsp; 1450 | 1395428 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 1220 | 781127 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 2630 | 2035820 |
| 3.20%, 11/02/27 | &nbsp;&nbsp; 1725 | 1692621 |
| 3.35%, 02/22/32 | &nbsp;&nbsp; 1530 | 1426711 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 2554 | 1783757 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 1940 | 1930668 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 1235 | 1193393 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 1498 | 1166575 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 3952 | 3342930 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 2080 | 1602805 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 2420 | 2041220 |
| 4.66%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 5844 | 4961215 |
| 4.88%, 03/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1665 | 1437815 |
| 4.95%, 10/01/41 | &nbsp;&nbsp; 981 | 910700 |
| 5.15%, 03/02/28<sup>(a)</sup> | &nbsp;&nbsp; 6255 | 6401129 |
| 5.15%, 11/15/41 | &nbsp;&nbsp; 1205 | 1138625 |
| 5.25%, 03/02/30 | &nbsp;&nbsp; 4105 | 4252345 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 6920 | 7104191 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 4310 | 4259467 |
| 5.65%, 06/15/42 | &nbsp;&nbsp; 780 | 773863 |
| 5.65%, 03/02/53 | &nbsp;&nbsp; 6850 | 6624980 |
| 5.75%, 03/15/40 | &nbsp;&nbsp; 645 | 661367 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 4494 | 4319155 |
| 6.38%, 06/01/37 | &nbsp;&nbsp; 914 | 1004304 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 780 | 843475 |
| 6.90%, 06/01/38 | &nbsp;&nbsp; 415 | 468603 |
| Baxalta Inc., 5.25%, 06/23/45 | &nbsp;&nbsp; 786 | 733591 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | &nbsp;&nbsp; $2746 | $2499928 |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 3651 | 2277068 |
| 3.25%, 02/15/51 | &nbsp;&nbsp; 1186 | 747328 |
| 5.05%, 01/15/31 | &nbsp;&nbsp; 305 | 313012 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 1769 | 1584386 |
| 5.75%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 230 | 237408 |
| 6.45%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 870 | 885853 |
| Bio-Rad Laboratories Inc. |  |  |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 688 | 677574 |
| 3.70%, 03/15/32 | &nbsp;&nbsp; 1320 | 1230673 |
| CSL Finance PLC |  |  |
| 3.85%, 04/27/27<sup>(b)</sup> | &nbsp;&nbsp; 887 | 883939 |
| 4.05%, 04/27/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1230 | 1228323 |
| 4.25%, 04/27/32<sup>(b)</sup> | &nbsp;&nbsp; 1650 | 1618628 |
| 4.63%, 04/27/42<sup>(b)</sup> | &nbsp;&nbsp; 665 | 594380 |
| 4.75%, 04/27/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 1815 | 1551399 |
| 4.95%, 04/27/62<sup>(a)(b)</sup> | &nbsp;&nbsp; 800 | 688744 |
| 5.11%, 04/03/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 735 | 751775 |
| 5.42%, 04/03/54<sup>(b)</sup> | &nbsp;&nbsp; 1005 | 945025 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 1487 | 1405806 |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 1893 | 1672510 |
| 2.60%, 10/01/40 | &nbsp;&nbsp; 1881 | 1356310 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 2387 | 1488390 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 1990 | 1959160 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 1621 | 1487951 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 2681 | 2188767 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 2773 | 2422056 |
| 4.60%, 09/01/35 | &nbsp;&nbsp; 1689 | 1647914 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 4293 | 3849412 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 1210 | 1242284 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 2594 | 2368490 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; 1630 | 1653035 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 1625 | 1688064 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 1645 | 1599768 |
| 5.55%, 10/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1586 | 1551319 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 1205 | 1172821 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 1658 | 1693673 |
| Illumina Inc. |  |  |
| 2.55%, 03/23/31 | &nbsp;&nbsp; 1134 | 1010204 |
| 4.65%, 09/09/26 | &nbsp;&nbsp; 475 | 476169 |
| 5.75%, 12/13/27 | &nbsp;&nbsp; 1205 | 1239722 |
| Regeneron Pharmaceuticals Inc. |  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 2414 | 2124641 |
| 2.80%, 09/15/50 | &nbsp;&nbsp; 1522 | 903408 |
| Royalty Pharma PLC |  |  |
| 1.75%, 09/02/27 | &nbsp;&nbsp; 1979 | 1882631 |
| 2.15%, 09/02/31<sup>(a)</sup> | &nbsp;&nbsp; 989 | 861264 |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 1948 | 1746129 |
| 3.30%, 09/02/40 | &nbsp;&nbsp; 1677 | 1269627 |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 1210 | 775451 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 1751 | 1183956 |
| 5.15%, 09/02/29 | &nbsp;&nbsp; 1100 | 1129886 |
| 5.40%, 09/02/34<sup>(a)</sup> | &nbsp;&nbsp; 850 | 860816 |
| 5.90%, 09/02/54 | &nbsp;&nbsp; 910 | 873427 |
|  |  | 145656465 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/46<sup>(b)</sup> | &nbsp;&nbsp; 645 | 557583 |
| 6.88%, 09/29/39<sup>(b)</sup> | &nbsp;&nbsp; 390 | 427140 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 7.13%, 07/15/36<sup>(b)</sup> | &nbsp;&nbsp; $653 | $745717 |
| Amrize Finance US LLC |  |  |
| 4.60%, 04/07/27<sup>(b)</sup> | &nbsp;&nbsp; 345 | 346758 |
| 4.70%, 04/07/28<sup>(b)</sup> | &nbsp;&nbsp; 780 | 789659 |
| 4.95%, 04/07/30<sup>(b)</sup> | &nbsp;&nbsp; 570 | 581789 |
| 5.40%, 04/07/35<sup>(b)</sup> | &nbsp;&nbsp; 1775 | 1800979 |
| Carrier Global Corp. |  |  |
| 2.49%, 02/15/27 | &nbsp;&nbsp; 604 | 590965 |
| 2.70%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1290 | 1185591 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 3409 | 3202617 |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 2623 | 2096201 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 2224 | 1622454 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 1395 | 1487081 |
| 6.20%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1030 | 1095126 |
| Cemex SAB de CV |  |  |
| 3.88%, 07/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1235 | 1154495 |
| 5.20%, 09/17/30<sup>(b)</sup> | &nbsp;&nbsp; 330 | 331079 |
| 5.45%, 11/19/29<sup>(b)</sup> | &nbsp;&nbsp; 150 | 151111 |
| CRH America Finance Inc. |  |  |
| 3.40%, 05/09/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1063 | 1048150 |
| 3.95%, 04/04/28<sup>(b)</sup> | &nbsp;&nbsp; 1672 | 1660974 |
| 4.40%, 05/09/47<sup>(b)</sup> | &nbsp;&nbsp; 290 | 240215 |
| 4.50%, 04/04/48<sup>(b)</sup> | &nbsp;&nbsp; 935 | 785847 |
| 5.40%, 05/21/34 | &nbsp;&nbsp; 990 | 1016583 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 2000 | 2063239 |
| 5.88%, 01/09/55<sup>(a)</sup> | &nbsp;&nbsp; 825 | 836520 |
| CRH America Inc., 5.13%, 05/18/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 815 | 749862 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 1770 | 1821169 |
| 5.20%, 05/21/29 | &nbsp;&nbsp; 1275 | 1316034 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp; 1025 | 916597 |
| Fortune Brands Innovations Inc. |  |  |
| 3.25%, 09/15/29 | &nbsp;&nbsp; 1391 | 1328658 |
| 4.00%, 03/25/32 | &nbsp;&nbsp; 910 | 863402 |
| 4.50%, 03/25/52<sup>(a)</sup> | &nbsp;&nbsp; 770 | 613410 |
| 5.88%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 927 | 978251 |
| GCC SAB de CV, 3.61%, 04/20/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 415 | 376024 |
| JH North America Holdings Inc. |  |  |
| 5.88%, 01/31/31<sup>(b)</sup> | &nbsp;&nbsp; 95 | 96037 |
| 6.13%, 07/31/32<sup>(b)</sup> | &nbsp;&nbsp; 1630 | 1654409 |
| Johnson Controls International PLC |  |  |
| 4.50%, 02/15/47 | &nbsp;&nbsp; 868 | 733876 |
| 4.63%, 07/02/44<sup>(a)</sup> | &nbsp;&nbsp; 754 | 654090 |
| 4.95%, 07/02/64<sup>(c)</sup> | &nbsp;&nbsp; 496 | 419974 |
| 6.00%, 01/15/36 | &nbsp;&nbsp; 654 | 706559 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA<br>|  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 976 | 864527 |
| 2.00%, 09/16/31 | &nbsp;&nbsp; 1050 | 908440 |
| 4.90%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1185 | 1197468 |
| 5.50%, 04/19/29 | &nbsp;&nbsp; 2015 | 2100800 |
| Lennox International Inc. |  |  |
| 1.70%, 08/01/27 | &nbsp;&nbsp; 715 | 681966 |
| 5.50%, 09/15/28 | &nbsp;&nbsp; 1025 | 1061885 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 1746 | 1556530 |
| 3.20%, 07/15/51 | &nbsp;&nbsp; 1655 | 1096837 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 489 | 482472 |
| 3.50%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 816 | 804775 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 865 | 702130 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 815 | 819794 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 5.50%, 12/01/54 | &nbsp;&nbsp; $1180 | $1132211 |
| Series CB, 2.50%, 03/15/30 | &nbsp;&nbsp; 1110 | 1029396 |
| Masco Corp. |  |  |
| 1.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1204 | 1126748 |
| 2.00%, 10/01/30 | &nbsp;&nbsp; 676 | 602414 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 1075 | 940354 |
| 3.13%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 512 | 314877 |
| 3.50%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 517 | 509621 |
| 4.50%, 05/15/47<sup>(a)</sup> | &nbsp;&nbsp; 849 | 686383 |
| Mohawk Industries Inc. |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 200 | 192777 |
| 5.85%, 09/18/28<sup>(a)</sup> | &nbsp;&nbsp; 680 | 710572 |
| Owens Corning |  |  |
| 3.50%, 02/15/30 | &nbsp;&nbsp; 450 | 434370 |
| 3.88%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 830 | 809905 |
| 3.95%, 08/15/29 | &nbsp;&nbsp; 1173 | 1159800 |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 946 | 767603 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 856 | 695023 |
| 5.50%, 06/15/27 | &nbsp;&nbsp; 630 | 643929 |
| 5.70%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 985 | 1030148 |
| 5.95%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 1014593 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 589 | 670573 |
| St Marys Cement Inc./Canada, 5.75%, <br> 04/02/34<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 153488 |
| Trane Technologies Financing Ltd. |  |  |
| 3.80%, 03/21/29 | &nbsp;&nbsp; 1819 | 1801582 |
| 4.50%, 03/21/49 | &nbsp;&nbsp; 634 | 533278 |
| 4.65%, 11/01/44 | &nbsp;&nbsp; 466 | 413172 |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 870 | 887725 |
| 5.25%, 03/03/33 | &nbsp;&nbsp; 1025 | 1059126 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 3.75%, 08/21/28 | &nbsp;&nbsp; 944 | 940366 |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 430 | 353883 |
| 5.75%, 06/15/43 | &nbsp;&nbsp; 879 | 901556 |
| UltraTech Cement Ltd., 2.80%, 02/16/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 575 | 524356 |
| Votorantim Cimentos International SA, 7.25%, <br> 04/05/41<sup>(b)</sup><br>| &nbsp;&nbsp; 335 | 371890 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 1560 | 1504487 |
| 3.90%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; 733 | 730609 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 1271 | 1074957 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 977 | 845015 |
| 4.95%, 12/01/29 | &nbsp;&nbsp; 1255 | 1287525 |
| 5.35%, 12/01/34 | &nbsp;&nbsp; 1095 | 1121607 |
| 5.70%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1275 | 1259009 |
|  |  | 81558777 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Air Liquide Finance SA |  |  |
| 2.25%, 09/10/29<sup>(b)</sup> | &nbsp;&nbsp; 1258 | 1177979 |
| 2.50%, 09/27/26<sup>(b)</sup> | &nbsp;&nbsp; 1610 | 1583705 |
| 3.50%, 09/27/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1202 | 909181 |
| Air Products and Chemicals Inc. |  |  |
| 1.85%, 05/15/27 | &nbsp;&nbsp; 1248 | 1205735 |
| 2.05%, 05/15/30 | &nbsp;&nbsp; 1869 | 1705026 |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 1411 | 1031153 |
| 2.80%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1704 | 1061979 |
| 4.30%, 06/11/28 | &nbsp;&nbsp; 1025 | 1033991 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 1721 | 1752877 |
| 4.75%, 02/08/31 | &nbsp;&nbsp; 1275 | 1305470 |
| 4.80%, 03/03/33 | &nbsp;&nbsp; 1150 | 1158755 |
| 4.85%, 02/08/34<sup>(a)</sup> | &nbsp;&nbsp; 1924 | 1936190 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 4.90%, 10/11/32 | &nbsp;&nbsp; $895 | $913257 |
| Albemarle Corp. |  |  |
| 4.65%, 06/01/27 | &nbsp;&nbsp; 1175 | 1175168 |
| 5.05%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 985 | 964120 |
| 5.45%, 12/01/44 | &nbsp;&nbsp; 575 | 494448 |
| 5.65%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 785 | 671277 |
| Alpek SAB de CV |  |  |
| 3.25%, 02/25/31<sup>(b)</sup> | &nbsp;&nbsp; 1142 | 993596 |
| 4.25%, 09/18/29<sup>(b)</sup> | &nbsp;&nbsp; 205 | 193121 |
| Bayport Polymers LLC |  |  |
| 4.74%, 04/14/27<sup>(b)</sup> | &nbsp;&nbsp; 175 | 175136 |
| 5.14%, 04/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 600 | 585522 |
| Cabot Corp. |  |  |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 578 | 572236 |
| 4.00%, 07/01/29 | &nbsp;&nbsp; 991 | 980136 |
| 5.00%, 06/30/32 | &nbsp;&nbsp; 740 | 745302 |
| CF Industries Inc. |  |  |
| 4.50%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 1153 | 1153964 |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 1205 | 1077370 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 1210 | 1208768 |
| 5.38%, 03/15/44 | &nbsp;&nbsp; 1165 | 1088686 |
| Chevron Phillips Chemical Co. LLC/Chevron <br> Phillips Chemical Co. LP<br>|  |  |
| 3.40%, 12/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1099 | 1088903 |
| 3.70%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1405 | 1389260 |
| 4.75%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 630 | 642773 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30 | &nbsp;&nbsp; 1798 | 1587836 |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 1830 | 1206717 |
| 4.25%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 762 | 695904 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 1954 | 1568030 |
| 4.63%, 10/01/44 | &nbsp;&nbsp; 1095 | 886594 |
| 4.80%, 11/30/28<sup>(a)</sup> | &nbsp;&nbsp; 1574 | 1595561 |
| 4.80%, 05/15/49 | &nbsp;&nbsp; 1275 | 1013620 |
| 5.15%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 975 | 969054 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 1228 | 1107611 |
| 5.35%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1085 | 1075106 |
| 5.55%, 11/30/48 | &nbsp;&nbsp; 1196 | 1075555 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1075 | 956170 |
| 5.95%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1230 | 1141142 |
| 6.30%, 03/15/33 | &nbsp;&nbsp; 870 | 931510 |
| 6.90%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1415 | 1485907 |
| 7.38%, 11/01/29 | &nbsp;&nbsp; 1514 | 1678852 |
| 9.40%, 05/15/39 | &nbsp;&nbsp; 863 | 1114032 |
| DuPont de Nemours Inc. |  |  |
| 4.73%, 11/15/28 | &nbsp;&nbsp; 4081 | 4162309 |
| 5.32%, 11/15/38 | &nbsp;&nbsp; 1576 | 1643969 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 3561 | 3582581 |
| Eastman Chemical Co. |  |  |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 1250 | 1256525 |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 1500 | 1251213 |
| 4.80%, 09/01/42<sup>(a)</sup> | &nbsp;&nbsp; 1034 | 891595 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 1655 | 1686140 |
| 5.63%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 1285 | 1305940 |
| 5.75%, 03/08/33<sup>(a)</sup> | &nbsp;&nbsp; 855 | 889061 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | &nbsp;&nbsp; 1185 | 1018771 |
| 1.65%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 830 | 803571 |
| 2.13%, 02/01/32 | &nbsp;&nbsp; 1045 | 908872 |
| 2.13%, 08/15/50 | &nbsp;&nbsp; 827 | 444429 |
| 2.70%, 11/01/26 | &nbsp;&nbsp; 1091 | 1073919 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 2.70%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; $1390 | $846789 |
| 2.75%, 08/18/55 | &nbsp;&nbsp; 958 | 569036 |
| 3.25%, 12/01/27 | &nbsp;&nbsp; 1049 | 1034187 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 715 | 571214 |
| 4.30%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 245 | 247121 |
| 4.80%, 03/24/30<sup>(a)</sup> | &nbsp;&nbsp; 1241 | 1276411 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 1015 | 1022010 |
| 5.25%, 01/15/28 | &nbsp;&nbsp; 1004 | 1033987 |
| 5.50%, 12/08/41 | &nbsp;&nbsp; 615 | 621955 |
| EIDP Inc. |  |  |
| 2.30%, 07/15/30 | &nbsp;&nbsp; 1003 | 921143 |
| 4.80%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 735 | 735262 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 825 | 846459 |
| EQUATE Petrochemical Co. KSC, 4.25%, <br> 11/03/26<sup>(b)</sup><br>| &nbsp;&nbsp; 1737 | 1728440 |
| FMC Corp. |  |  |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 1115 | 1100076 |
| 3.45%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1176 | 1113489 |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 770 | 573497 |
| 5.65%, 05/18/33<sup>(a)</sup> | &nbsp;&nbsp; 1005 | 1001922 |
| 6.38%, 05/18/53<sup>(a)</sup> | &nbsp;&nbsp; 841 | 807919 |
| GC Treasury Center Co. Ltd. |  |  |
| 2.98%, 03/18/31<sup>(b)</sup> | &nbsp;&nbsp; 892 | 814523 |
| 4.30%, 03/18/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 499 | 394010 |
| 4.40%, 03/30/32<sup>(b)</sup> | &nbsp;&nbsp; 260 | 249846 |
| International Flavors & Fragrances Inc. |  |  |
| 1.83%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1076 | 1020316 |
| 2.30%, 11/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1412 | 1262936 |
| 3.27%, 11/15/40<sup>(b)</sup> | &nbsp;&nbsp; 571 | 425556 |
| 3.47%, 12/01/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1357 | 903941 |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 725 | 564737 |
| 4.45%, 09/26/28 | &nbsp;&nbsp; 860 | 862638 |
| 5.00%, 09/26/48<sup>(a)</sup> | &nbsp;&nbsp; 1171 | 1006966 |
| Kraton Corp., 5.00%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 615 | 624579 |
| LG Chem Ltd. |  |  |
| 2.38%, 07/07/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 790 | 695650 |
| 3.63%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 220 | 213223 |
| Linde Inc./CT |  |  |
| 1.10%, 08/10/30 | &nbsp;&nbsp; 1468 | 1273905 |
| 2.00%, 08/10/50 | &nbsp;&nbsp; 598 | 311051 |
| 3.55%, 11/07/42<sup>(a)</sup> | &nbsp;&nbsp; 1010 | 801353 |
| Lubrizol Corp. (The), 6.50%, 10/01/34 | &nbsp;&nbsp; 680 | 764411 |
| LYB Finance Co. BV, 8.10%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 805 | 847240 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 1607 | 1354268 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 1163 | 1027184 |
| LYB International Finance II BV, 3.50%, <br> 03/02/27<sup>(a)</sup><br>| &nbsp;&nbsp; 920 | 908471 |
| LYB International Finance III LLC |  |  |
| 2.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1255 | 1122281 |
| 3.38%, 10/01/40 | &nbsp;&nbsp; 1415 | 1037853 |
| 3.63%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 1802 | 1168800 |
| 3.80%, 10/01/60<sup>(a)</sup> | &nbsp;&nbsp; 694 | 434473 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 1693 | 1218480 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 1771 | 1281970 |
| 5.50%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1140 | 1134243 |
| 5.63%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1075 | 1100323 |
| 6.15%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 740 | 763861 |
| LyondellBasell Industries NV, 4.63%, <br> 02/26/55<sup>(a)</sup><br>| &nbsp;&nbsp; 1655 | 1272265 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Ma'aden Sukuk Ltd. |  |  |
| 5.25%, 02/13/30<sup>(b)</sup> | &nbsp;&nbsp; $615 | $631845 |
| 5.50%, 02/13/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 410 | 427723 |
| MEGlobal BV, 2.63%, 04/28/28<sup>(b)</sup> | &nbsp;&nbsp; 385 | 365680 |
| MEGlobal Canada ULC, 5.88%, 05/18/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 897682 |
| Mosaic Co. (The) |  |  |
| 4.05%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 509 | 506394 |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 420 | 371757 |
| 5.38%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 575 | 592781 |
| 5.45%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 777 | 797372 |
| 5.63%, 11/15/43 | &nbsp;&nbsp; 940 | 901757 |
| NewMarket Corp., 2.70%, 03/18/31 | &nbsp;&nbsp; 870 | 787630 |
| Nutrien Ltd. |  |  |
| 2.95%, 05/13/30 | &nbsp;&nbsp; 665 | 625436 |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 820 | 612255 |
| 4.00%, 12/15/26 | &nbsp;&nbsp; 811 | 808127 |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 834 | 761485 |
| 4.20%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1425 | 1422076 |
| 4.50%, 03/12/27 | &nbsp;&nbsp; 575 | 577671 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 1105 | 1123887 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 757 | 677583 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 1155 | 1020624 |
| 5.20%, 06/21/27 | &nbsp;&nbsp; 725 | 736374 |
| 5.25%, 03/12/32 | &nbsp;&nbsp; 930 | 955646 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 1133 | 1054196 |
| 5.40%, 06/21/34<sup>(a)</sup> | &nbsp;&nbsp; 920 | 937191 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 871 | 866299 |
| 5.80%, 03/27/53<sup>(a)</sup> | &nbsp;&nbsp; 1170 | 1151077 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 1052 | 1092933 |
| 6.13%, 01/15/41 | &nbsp;&nbsp; 650 | 669006 |
| Orbia Advance Corp. SAB de CV |  |  |
| 2.88%, 05/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 830 | 699482 |
| 5.50%, 01/15/48<sup>(b)</sup> | &nbsp;&nbsp; 907 | 711777 |
| 5.88%, 09/17/44<sup>(b)</sup> | &nbsp;&nbsp; 1260 | 1055753 |
| 6.75%, 09/19/42<sup>(b)</sup> | &nbsp;&nbsp; 565 | 523886 |
| 7.50%, 05/13/35<sup>(b)</sup> | &nbsp;&nbsp; 1270 | 1309218 |
| PPG Industries Inc. |  |  |
| 2.55%, 06/15/30 | &nbsp;&nbsp; 800 | 738696 |
| 2.80%, 08/15/29 | &nbsp;&nbsp; 642 | 609078 |
| 3.75%, 03/15/28 | &nbsp;&nbsp; 1368 | 1356494 |
| 5.50%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp; 205 | 205051 |
| Rohm & Haas Co., 7.85%, 07/15/29 | &nbsp;&nbsp; 90 | 100227 |
| RPM International Inc. |  |  |
| 2.95%, 01/15/32 | &nbsp;&nbsp; 632 | 565709 |
| 3.75%, 03/15/27 | &nbsp;&nbsp; 835 | 828118 |
| 4.25%, 01/15/48 | &nbsp;&nbsp; 480 | 393377 |
| 4.55%, 03/01/29 | &nbsp;&nbsp; 1200 | 1206087 |
| 5.25%, 06/01/45 | &nbsp;&nbsp; 522 | 483472 |
| SABIC Capital II BV, 4.50%, 10/10/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1485 | 1492419 |
| Sherwin-Williams Co. (The) |  |  |
| 2.20%, 03/15/32 | &nbsp;&nbsp; 925 | 800475 |
| 2.30%, 05/15/30 | &nbsp;&nbsp; 941 | 861671 |
| 2.90%, 03/15/52 | &nbsp;&nbsp; 990 | 599055 |
| 2.95%, 08/15/29 | &nbsp;&nbsp; 1418 | 1348223 |
| 3.30%, 05/15/50 | &nbsp;&nbsp; 790 | 530327 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 2625 | 2594087 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 1065 | 788651 |
| 4.00%, 12/15/42<sup>(a)</sup> | &nbsp;&nbsp; 475 | 386721 |
| 4.30%, 08/15/28 | &nbsp;&nbsp; 800 | 803446 |
| 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 800 | 804300 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 2196 | 1850486 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 4.55%, 03/01/28 | &nbsp;&nbsp; $985 | $995137 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 672 | 571909 |
| 4.80%, 09/01/31 | &nbsp;&nbsp; 690 | 704468 |
| 5.15%, 08/15/35 | &nbsp;&nbsp; 800 | 805834 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 3.50%, 09/10/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1155 | 772637 |
| 4.25%, 05/07/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 675 | 669433 |
| 4.25%, 01/22/50<sup>(b)</sup> | &nbsp;&nbsp; 785 | 609644 |
| 5.50%, 09/10/34<sup>(b)</sup> | &nbsp;&nbsp; 945 | 939973 |
| 6.50%, 11/07/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1195 | 1276224 |
| Syensqo Finance America LLC |  |  |
| 5.65%, 06/04/29<sup>(b)</sup> | &nbsp;&nbsp; 600 | 623331 |
| 5.85%, 06/04/34<sup>(b)</sup> | &nbsp;&nbsp; 630 | 651415 |
| Syngenta Finance NV, 5.18%, 04/24/28<sup>(b)</sup> | &nbsp;&nbsp; 100 | 101003 |
| Westlake Corp. |  |  |
| 2.88%, 08/15/41 | &nbsp;&nbsp; 755 | 513124 |
| 3.13%, 08/15/51 | &nbsp;&nbsp; 1035 | 630147 |
| 3.38%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1075 | 1026021 |
| 3.38%, 08/15/61<sup>(a)</sup> | &nbsp;&nbsp; 580 | 343761 |
| 4.38%, 11/15/47 | &nbsp;&nbsp; 909 | 707702 |
| 5.00%, 08/15/46 | &nbsp;&nbsp; 1245 | 1084197 |
| Yara International ASA |  |  |
| 3.15%, 06/04/30<sup>(b)</sup> | &nbsp;&nbsp; 1380 | 1292534 |
| 4.75%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1851 | 1864712 |
| 7.38%, 11/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 915 | 1028437 |
|  |  | 178125866 |
| **Closed-end Funds — 0.0%** | **Closed-end Funds — 0.0%** | **Closed-end Funds — 0.0%** |
| Pershing Square Holdings Ltd/Fund, 4.95%, <br> 07/15/39<sup>(b)</sup><br>| &nbsp;&nbsp; 130 | 114679 |
| **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| 3.10%, 02/02/31<sup>(b)</sup> | &nbsp;&nbsp; 150 | 130534 |
| 3.83%, 02/02/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17753 |
| 4.00%, 07/30/27<sup>(b)</sup> | &nbsp;&nbsp; 150 | 145689 |
| 4.20%, 08/04/27<sup>(b)</sup> | &nbsp;&nbsp; 1146 | 1117957 |
| 4.38%, 07/03/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 828554 |
| 5.00%, 08/02/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 305 | 253726 |
| American University (The), Series 2019, 3.67%, <br> 04/01/49<br>| &nbsp;&nbsp; 810 | 602677 |
| Ashtead Capital Inc. |  |  |
| 2.45%, 08/12/31<sup>(b)</sup> | &nbsp;&nbsp; 1593 | 1395940 |
| 4.00%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1167 | 1154392 |
| 4.25%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1320 | 1300428 |
| 4.38%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1315 | 1312011 |
| 5.50%, 08/11/32<sup>(b)</sup> | &nbsp;&nbsp; 730 | 746706 |
| 5.55%, 05/30/33<sup>(b)</sup> | &nbsp;&nbsp; 1175 | 1197122 |
| 5.80%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1485 | 1538570 |
| 5.95%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1295 | 1354880 |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; 2109 | 1841449 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 1895 | 1793433 |
| 4.45%, 09/09/34 | &nbsp;&nbsp; 1370 | 1346316 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 1130 | 1153991 |
| Block Financial LLC |  |  |
| 2.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1145 | 1084208 |
| 3.88%, 08/15/30 | &nbsp;&nbsp; 1181 | 1133789 |
| 5.38%, 09/15/32 | &nbsp;&nbsp; 275 | 276704 |
| Brown University, Series A, 2.92%, 09/01/50 | &nbsp;&nbsp; 605 | 393590 |
| California Endowment (The), Series 2021, <br> 2.50%, 04/01/51<br>| &nbsp;&nbsp; 672 | 377876 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| California Institute of Technology |  |  |
| 3.65%, 09/01/2119 | &nbsp;&nbsp; $653 | $410988 |
| 4.32%, 08/01/45 | &nbsp;&nbsp; 570 | 480338 |
| 4.70%, 11/01/2111 | &nbsp;&nbsp; 437 | 350842 |
| Case Western Reserve University, 5.41%, <br> 06/01/2122<br>| &nbsp;&nbsp; 140 | 129056 |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/27 | &nbsp;&nbsp; 1771 | 1761731 |
| 4.00%, 05/01/32 | &nbsp;&nbsp; 1195 | 1162617 |
| 4.20%, 05/01/28 | &nbsp;&nbsp; 645 | 648726 |
| CK Hutchison International 23 Ltd. |  |  |
| 4.75%, 04/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1720 | 1746776 |
| 4.88%, 04/21/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1485 | 1497141 |
| Claremont Mckenna College, 3.78%, <br> 01/01/2122<br>| &nbsp;&nbsp; 240 | 151229 |
| Cornell University, 4.84%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 130 | 130619 |
| DP World Crescent Ltd. |  |  |
| 3.75%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 970 | 937839 |
| 4.85%, 09/26/28<sup>(b)</sup> | &nbsp;&nbsp; 2330 | 2350609 |
| 5.50%, 05/08/35<sup>(b)</sup> | &nbsp;&nbsp; 335 | 346225 |
| DP World Ltd./United Arab Emirates |  |  |
| 4.70%, 09/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1065 | 904796 |
| 5.63%, 09/25/48<sup>(b)</sup> | &nbsp;&nbsp; 2288 | 2211378 |
| 6.85%, 07/02/37<sup>(b)</sup> | &nbsp;&nbsp; 3235 | 3669260 |
| Duke University |  |  |
| 3.20%, 10/01/38<sup>(a)</sup> | &nbsp;&nbsp; 285 | 235394 |
| 3.30%, 10/01/46 | &nbsp;&nbsp; 525 | 377631 |
| Series 2020, 2.68%, 10/01/44 | &nbsp;&nbsp; 720 | 513140 |
| Series 2020, 2.76%, 10/01/50 | &nbsp;&nbsp; 233 | 146721 |
| Series 2020, 2.83%, 10/01/55 | &nbsp;&nbsp; 823 | 504454 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/30<sup>(b)</sup> | &nbsp;&nbsp; 1345 | 1371410 |
| 5.64%, 03/13/27<sup>(b)</sup> | &nbsp;&nbsp; 855 | 871196 |
| 6.32%, 12/04/28<sup>(b)</sup> | &nbsp;&nbsp; 1340 | 1418700 |
| Emory University |  |  |
| Series 2020, 2.14%, 09/01/30 | &nbsp;&nbsp; 225 | 204512 |
| Series 2020, 2.97%, 09/01/50 | &nbsp;&nbsp; 730 | 469594 |
| Equifax Inc. |  |  |
| 2.35%, 09/15/31 | &nbsp;&nbsp; 1755 | 1547452 |
| 3.10%, 05/15/30 | &nbsp;&nbsp; 1585 | 1496550 |
| 4.80%, 09/15/29 | &nbsp;&nbsp; 735 | 747097 |
| 5.10%, 12/15/27 | &nbsp;&nbsp; 1590 | 1620059 |
| 5.10%, 06/01/28 | &nbsp;&nbsp; 1525 | 1559833 |
| 7.00%, 07/01/37 | &nbsp;&nbsp; 643 | 717308 |
| ERAC USA Finance LLC |  |  |
| 3.30%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 1168 | 1155005 |
| 4.20%, 11/01/46<sup>(b)</sup> | &nbsp;&nbsp; 1076 | 884314 |
| 4.50%, 02/15/45<sup>(b)</sup> | &nbsp;&nbsp; 1059 | 912726 |
| 4.60%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1805 | 1829344 |
| 4.90%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 1275 | 1288039 |
| 5.00%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 935 | 957448 |
| 5.20%, 10/30/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1130 | 1155270 |
| 5.40%, 05/01/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 1825 | 1748927 |
| 5.63%, 03/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 965 | 959337 |
| 6.70%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1198 | 1345074 |
| 7.00%, 10/15/37<sup>(b)</sup> | &nbsp;&nbsp; 1806 | 2087792 |
| Experian Finance PLC |  |  |
| 2.75%, 03/08/30<sup>(b)</sup> | &nbsp;&nbsp; 1225 | 1152759 |
| 4.25%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1211 | 1209425 |
| 5.25%, 08/17/35<sup>(b)</sup> | &nbsp;&nbsp; 645 | 656107 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Ford Foundation (The) |  |  |
| Series 2017, 3.86%, 06/01/47<sup>(a)</sup> | &nbsp;&nbsp; $742 | $576392 |
| Series 2020, 2.42%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 695 | 406325 |
| Series 2020, 2.82%, 06/01/70 | &nbsp;&nbsp; 439 | 244168 |
| George Washington University (The) |  |  |
| 4.87%, 09/15/45 | &nbsp;&nbsp; 625 | 560099 |
| Series 2014, 4.30%, 09/15/44<sup>(a)</sup> | &nbsp;&nbsp; 495 | 418585 |
| Series 2016, 3.55%, 09/15/46 | &nbsp;&nbsp; 523 | 386620 |
| Series 2018, 4.13%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 1144 | 915101 |
| Georgetown University (The) |  |  |
| 5.12%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 95 | 87562 |
| Series 20A, 2.94%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 565 | 357603 |
| Series A, 5.22%, 10/01/2118 | &nbsp;&nbsp; 425 | 363199 |
| Series B, 4.32%, 04/01/49 | &nbsp;&nbsp; 806 | 655409 |
| Global Payments Inc. |  |  |
| 2.15%, 01/15/27 | &nbsp;&nbsp; 1136 | 1104344 |
| 2.90%, 05/15/30 | &nbsp;&nbsp; 1503 | 1387252 |
| 2.90%, 11/15/31 | &nbsp;&nbsp; 1796 | 1605412 |
| 3.20%, 08/15/29 | &nbsp;&nbsp; 2379 | 2258876 |
| 4.15%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 1383 | 1019979 |
| 4.45%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1090 | 1092621 |
| 4.95%, 08/15/27 | &nbsp;&nbsp; 1185 | 1197966 |
| 5.30%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 900 | 921985 |
| 5.40%, 08/15/32 | &nbsp;&nbsp; 1145 | 1165470 |
| 5.95%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1313 | 1248649 |
| GXO Logistics Inc. |  |  |
| 2.65%, 07/15/31 | &nbsp;&nbsp; 685 | 607087 |
| 6.25%, 05/06/29 | &nbsp;&nbsp; 1170 | 1226887 |
| 6.50%, 05/06/34<sup>(a)</sup> | &nbsp;&nbsp; 755 | 798497 |
| Howard University, 5.21%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 200 | 173955 |
| ITR Concession Co. LLC, 5.18%, 07/15/35<sup>(b)</sup> | &nbsp;&nbsp; 845 | 835427 |
| Johns Hopkins University |  |  |
| 4.71%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; 470 | 473578 |
| Series 2013, 4.08%, 07/01/53 | &nbsp;&nbsp; 540 | 427137 |
| Series A, 2.81%, 01/01/60 | &nbsp;&nbsp; 384 | 223718 |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(b)</sup> | &nbsp;&nbsp; 345 | 352907 |
| Leland Stanford Junior University (The) |  |  |
| 1.29%, 06/01/27 | &nbsp;&nbsp; 455 | 434611 |
| 2.41%, 06/01/50 | &nbsp;&nbsp; 745 | 438175 |
| 3.46%, 05/01/47 | &nbsp;&nbsp; 400 | 295229 |
| 3.65%, 05/01/48 | &nbsp;&nbsp; 815 | 632471 |
| Series 2025, 4.15%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1065 | 1069668 |
| Massachusetts Institute of Technology |  |  |
| 3.07%, 04/01/52 | &nbsp;&nbsp; 530 | 351943 |
| 3.89%, 07/01/2116<sup>(a)</sup> | &nbsp;&nbsp; 2515 | 1716135 |
| 3.96%, 07/01/38 | &nbsp;&nbsp; 505 | 460549 |
| 4.68%, 07/01/2114 | &nbsp;&nbsp; 446 | 369120 |
| 5.60%, 07/01/2111 | &nbsp;&nbsp; 950 | 927790 |
| 5.62%, 06/01/55 | &nbsp;&nbsp; 590 | 602169 |
| Series F, 2.99%, 07/01/50 | &nbsp;&nbsp; 996 | 661861 |
| Series G, 2.29%, 07/01/51 | &nbsp;&nbsp; 825 | 464378 |
| Metropolitan Museum of Art (The), Series 2015, <br> 3.40%, 07/01/45<sup>(a)</sup><br>| &nbsp;&nbsp; 425 | 314334 |
| Moody's Corp. |  |  |
| 2.00%, 08/19/31<sup>(a)</sup> | &nbsp;&nbsp; 815 | 715969 |
| 2.55%, 08/18/60<sup>(a)</sup> | &nbsp;&nbsp; 555 | 281646 |
| 2.75%, 08/19/41<sup>(a)</sup> | &nbsp;&nbsp; 1085 | 763959 |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 835 | 511524 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 1400 | 1377796 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 416 | 274205 |
| 3.75%, 02/25/52 | &nbsp;&nbsp; 805 | 587713 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 4.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; $728 | $731189 |
| 4.25%, 08/08/32 | &nbsp;&nbsp; 810 | 797045 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 880 | 780136 |
| 5.00%, 08/05/34<sup>(a)</sup> | &nbsp;&nbsp; 795 | 805232 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 939 | 897952 |
| Northeastern University, Series 2020, 2.89%, <br> 10/01/50<br>| &nbsp;&nbsp; 55 | 36419 |
| Northwestern University |  |  |
| 3.69%, 12/01/38<sup>(a)</sup> | &nbsp;&nbsp; 565 | 501492 |
| 3.87%, 12/01/48<sup>(a)</sup> | &nbsp;&nbsp; 535 | 417189 |
| 4.64%, 12/01/44 | &nbsp;&nbsp; 610 | 575860 |
| 4.94%, 12/01/35 | &nbsp;&nbsp; 185 | 188122 |
| Series 2017, 3.66%, 12/01/57<sup>(a)</sup> | &nbsp;&nbsp; 385 | 275254 |
| Series 2020, 2.64%, 12/01/50 | &nbsp;&nbsp; 660 | 404753 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 2073 | 1902989 |
| 2.65%, 10/01/26 | &nbsp;&nbsp; 1984 | 1953490 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 2683 | 2558397 |
| 3.25%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1971 | 1339451 |
| 3.90%, 06/01/27 | &nbsp;&nbsp; 975 | 973958 |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 1645 | 1634857 |
| 4.45%, 03/06/28 | &nbsp;&nbsp; 566 | 572375 |
| 5.05%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1510 | 1380498 |
| 5.10%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1112255 |
| 5.15%, 06/01/34 | &nbsp;&nbsp; 1420 | 1450275 |
| 5.25%, 06/01/62<sup>(a)</sup> | &nbsp;&nbsp; 755 | 693387 |
| 5.50%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 830 | 803098 |
| Pelabuhan Indonesia Persero PT, 5.38%, <br> 05/05/45<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 917 | 856482 |
| Port of Newcastle Investments Financing Pty <br> Ltd., 5.90%, 11/24/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 95 | 98017 |
| President and Fellows of Harvard College |  |  |
| 2.52%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 800 | 481439 |
| 3.15%, 07/15/46 | &nbsp;&nbsp; 946 | 680258 |
| 3.30%, 07/15/56 | &nbsp;&nbsp; 380 | 258062 |
| 3.62%, 10/01/37<sup>(a)</sup> | &nbsp;&nbsp; 663 | 587514 |
| 3.75%, 11/15/52 | &nbsp;&nbsp; 760 | 574311 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 427 | 415669 |
| 4.89%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 115 | 118625 |
| 5.26%, 03/15/36 | &nbsp;&nbsp; 65 | 67427 |
| 6.50%, 01/15/39<sup>(b)</sup> | &nbsp;&nbsp; 626 | 709583 |
| Series ., 4.61%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14936 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 1056 | 915460 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 1293 | 1205032 |
| 3.05%, 10/01/41 | &nbsp;&nbsp; 1125 | 808176 |
| 4.30%, 08/09/28 | &nbsp;&nbsp; 600 | 601754 |
| 4.50%, 01/15/31 | &nbsp;&nbsp; 600 | 599259 |
| 4.75%, 08/09/27 | &nbsp;&nbsp; 1005 | 1015880 |
| 5.10%, 08/09/35 | &nbsp;&nbsp; 600 | 594015 |
| 5.25%, 08/09/34 | &nbsp;&nbsp; 1325 | 1341523 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 1531 | 1452948 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 1460 | 1455066 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 590 | 602667 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 685 | 691783 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 205 | 209422 |
| Rentokil Terminix Funding LLC |  |  |
| 5.00%, 04/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 990 | 1008214 |
| 5.63%, 04/28/35<sup>(b)</sup> | &nbsp;&nbsp; 790 | 802052 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Rockefeller Foundation (The), Series 2020, <br> 2.49%, 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; $1396 | $825490 |
| Rollins Inc., 5.25%, 02/24/35 | &nbsp;&nbsp; 790 | 795224 |
| S&P Global Inc. |  |  |
| 1.25%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1443 | 1255234 |
| 2.30%, 08/15/60 | &nbsp;&nbsp; 1071 | 535515 |
| 2.45%, 03/01/27 | &nbsp;&nbsp; 1715 | 1674934 |
| 2.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 802 | 752372 |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 1937 | 1853617 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 2285 | 2087367 |
| 2.95%, 01/22/27 | &nbsp;&nbsp; 995 | 979354 |
| 3.25%, 12/01/49 | &nbsp;&nbsp; 1144 | 794041 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 1745 | 1301523 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 745 | 551265 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 1564 | 1574341 |
| 4.50%, 05/15/48<sup>(a)</sup> | &nbsp;&nbsp; 295 | 247028 |
| 4.75%, 08/01/28 | &nbsp;&nbsp; 1154 | 1177139 |
| 5.25%, 09/15/33 | &nbsp;&nbsp; 1125 | 1174108 |
| 6.55%, 11/15/37 | &nbsp;&nbsp; 685 | 765761 |
| Thomas Jefferson University, 3.85%, 11/01/57 | &nbsp;&nbsp; 111 | 76486 |
| TR Finance LLC |  |  |
| 5.50%, 08/15/35 | &nbsp;&nbsp; 870 | 891580 |
| 5.65%, 11/23/43 | &nbsp;&nbsp; 619 | 607885 |
| 5.85%, 04/15/40 | &nbsp;&nbsp; 945 | 972900 |
| Transurban Finance Co. Pty. Ltd. |  |  |
| 2.45%, 03/16/31<sup>(b)</sup> | &nbsp;&nbsp; 1379 | 1240636 |
| 3.38%, 03/22/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 626 | 618764 |
| Triton Container International Ltd., 3.15%, <br> 06/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 940 | 835162 |
| Triton Container International Ltd./TAL <br> International Container Corp., 3.25%, <br> 03/15/32<br>| &nbsp;&nbsp; 945 | 833844 |
| Trustees of Boston College |  |  |
| 3.13%, 07/01/52<sup>(a)</sup> | &nbsp;&nbsp; 466 | 316387 |
| 3.99%, 07/01/47 | &nbsp;&nbsp; 290 | 234894 |
| Trustees of Columbia University in the City of <br> New York (The), Series 2024, 4.36%, <br> 10/01/35<br>| &nbsp;&nbsp; 5 | 4850 |
| Trustees of Dartmouth College |  |  |
| 3.47%, 06/01/46<sup>(a)</sup> | &nbsp;&nbsp; 705 | 518863 |
| 4.27%, 06/01/30 | &nbsp;&nbsp; 335 | 337747 |
| Trustees of Princeton University (The) |  |  |
| 4.20%, 03/01/52 | &nbsp;&nbsp; 220 | 181756 |
| 4.65%, 07/01/30 | &nbsp;&nbsp; 75 | 76716 |
| 5.70%, 03/01/39 | &nbsp;&nbsp; 1004 | 1071703 |
| Series 2020, 2.52%, 07/01/50<sup>(a)</sup> | &nbsp;&nbsp; 400 | 243771 |
| Trustees of the University of Pennsylvania <br> (The)<br>|  |  |
| 3.61%, 02/15/2119 | &nbsp;&nbsp; 427 | 268160 |
| 4.67%, 09/01/2112 | &nbsp;&nbsp; 270 | 218835 |
| Series 2020, 2.40%, 10/01/50 | &nbsp;&nbsp; 445 | 256376 |
| Trustees of Tufts College |  |  |
| 3.10%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 710 | 457789 |
| Series 2012, 5.02%, 04/15/2112 | &nbsp;&nbsp; 220 | 183485 |
| UL Solutions Inc., 6.50%, 10/20/28<sup>(b)</sup> | &nbsp;&nbsp; 475 | 502470 |
| United Rentals North America Inc., 6.00%, <br> 12/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1155 | 1184074 |
| University of Chicago (The) |  |  |
| 4.00%, 10/01/53 | &nbsp;&nbsp; 500 | 387697 |
| Series 20B, 2.76%, 04/01/45 | &nbsp;&nbsp; 829 | 647609 |
| Series C, 2.55%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 470 | 304359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| University of Miami, 4.06%, 04/01/52<sup>(a)</sup> | &nbsp;&nbsp; $580 | $453188 |
| University of Notre Dame du Lac |  |  |
| Series 2015, 3.44%, 02/15/45 | &nbsp;&nbsp; 728 | 552453 |
| Series 2017, 3.39%, 02/15/48 | &nbsp;&nbsp; 633 | 462673 |
| University of Southern California |  |  |
| 2.81%, 10/01/50 | &nbsp;&nbsp; 565 | 352542 |
| 3.03%, 10/01/39 | &nbsp;&nbsp; 1341 | 1103623 |
| 4.98%, 10/01/53<sup>(a)</sup> | &nbsp;&nbsp; 300 | 274225 |
| 5.25%, 10/01/2111<sup>(a)</sup> | &nbsp;&nbsp; 305 | 277778 |
| Series 2017, 3.84%, 10/01/47 | &nbsp;&nbsp; 700 | 549296 |
| Series 21A, 2.95%, 10/01/51 | &nbsp;&nbsp; 625 | 398884 |
| Series A, 3.23%, 10/01/2120 | &nbsp;&nbsp; 525 | 296504 |
| Varanasi Aurangabad Nh-2 Tollway Pvt Ltd., <br> 5.90%, 02/28/34<sup>(b)</sup><br>| &nbsp;&nbsp; 275 | 286600 |
| Verisk Analytics Inc. |  |  |
| 3.63%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 949 | 677514 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 1289 | 1288183 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 480 | 481932 |
| 5.13%, 02/15/36 | &nbsp;&nbsp; 825 | 819576 |
| 5.25%, 06/05/34 | &nbsp;&nbsp; 695 | 708630 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 1335 | 1346340 |
| 5.50%, 06/15/45 | &nbsp;&nbsp; 589 | 567398 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 1019 | 1076706 |
| Washington University (The) |  |  |
| 3.52%, 04/15/54<sup>(a)</sup> | &nbsp;&nbsp; 570 | 406045 |
| 4.35%, 04/15/2122 | &nbsp;&nbsp; 355 | 265686 |
| Wesleyan University, 4.78%, 07/01/2116 | &nbsp;&nbsp; 370 | 291274 |
| William Marsh Rice University |  |  |
| 3.57%, 05/15/45 | &nbsp;&nbsp; 315 | 247433 |
| 3.77%, 05/15/55 | &nbsp;&nbsp; 490 | 365351 |
| WK Kellogg Foundation Trust, 2.44%, <br> 10/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 205 | 118409 |
| Yale University |  |  |
| Series 2020, 1.48%, 04/15/30 | &nbsp;&nbsp; 840 | 748682 |
| Series 2020, 2.40%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 742 | 436322 |
| Series 2025, 4.70%, 04/15/32 | &nbsp;&nbsp; 240 | 244624 |
|  |  | 196743367 |
| **Computers — 1.8%** | **Computers — 1.8%** | **Computers — 1.8%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | &nbsp;&nbsp; 1765 | 1765750 |
| 4.05%, 10/04/29 | &nbsp;&nbsp; 2475 | 2471992 |
| 4.25%, 10/04/31 | &nbsp;&nbsp; 2310 | 2302607 |
| 4.50%, 10/04/34 | &nbsp;&nbsp; 2335 | 2280614 |
| Amdocs Ltd., 2.54%, 06/15/30 | &nbsp;&nbsp; 1360 | 1242105 |
| Apple Inc. |  |  |
| 1.20%, 02/08/28 | &nbsp;&nbsp; 3905 | 3672838 |
| 1.25%, 08/20/30 | &nbsp;&nbsp; 2297 | 2016104 |
| 1.40%, 08/05/28 | &nbsp;&nbsp; 3675 | 3440114 |
| 1.65%, 05/11/30 | &nbsp;&nbsp; 3315 | 2989140 |
| 1.65%, 02/08/31 | &nbsp;&nbsp; 4675 | 4130497 |
| 1.70%, 08/05/31 | &nbsp;&nbsp; 1820 | 1599314 |
| 2.05%, 09/11/26 | &nbsp;&nbsp; 2799 | 2747725 |
| 2.20%, 09/11/29 | &nbsp;&nbsp; 3306 | 3096514 |
| 2.38%, 02/08/41 | &nbsp;&nbsp; 2268 | 1588116 |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 1966 | 1153221 |
| 2.55%, 08/20/60 | &nbsp;&nbsp; 2666 | 1511438 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 4333 | 2683465 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 4659 | 2858617 |
| 2.70%, 08/05/51 | &nbsp;&nbsp; 2870 | 1772742 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 2729 | 1596703 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 2215 | 1305457 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 2.90%, 09/12/27<sup>(a)</sup> | &nbsp;&nbsp; $3360 | $3306616 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 2412 | 1601560 |
| 3.00%, 06/20/27<sup>(a)</sup> | &nbsp;&nbsp; 2735 | 2700527 |
| 3.00%, 11/13/27 | &nbsp;&nbsp; 2500 | 2464799 |
| 3.20%, 05/11/27 | &nbsp;&nbsp; 3244 | 3210751 |
| 3.25%, 08/08/29 | &nbsp;&nbsp; 2025 | 1982216 |
| 3.35%, 02/09/27 | &nbsp;&nbsp; 3190 | 3167805 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 2650 | 2513332 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 3143 | 2435533 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 1575 | 1235424 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 1923 | 1515864 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 4519 | 3776672 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 3233 | 2613213 |
| 3.95%, 08/08/52 | &nbsp;&nbsp; 2805 | 2206588 |
| 4.00%, 05/10/28 | &nbsp;&nbsp; 2320 | 2335675 |
| 4.00%, 05/12/28<sup>(a)</sup> | &nbsp;&nbsp; 1965 | 1978320 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 2100 | 1645100 |
| 4.15%, 05/10/30<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 1038520 |
| 4.20%, 05/12/30 | &nbsp;&nbsp; 1540 | 1560865 |
| 4.25%, 02/09/47 | &nbsp;&nbsp; 1569 | 1343945 |
| 4.30%, 05/10/33 | &nbsp;&nbsp; 1600 | 1612213 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 3036 | 2681005 |
| 4.45%, 05/06/44 | &nbsp;&nbsp; 1639 | 1504185 |
| 4.50%, 05/12/32<sup>(a)</sup> | &nbsp;&nbsp; 1610 | 1641084 |
| 4.50%, 02/23/36<sup>(a)</sup> | &nbsp;&nbsp; 2280 | 2288842 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 6344 | 5802858 |
| 4.75%, 05/12/35 | &nbsp;&nbsp; 1665 | 1691043 |
| 4.85%, 05/10/53<sup>(a)</sup> | &nbsp;&nbsp; 1995 | 1885366 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1345 | 1313880 |
| 4.00%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 920 | 895579 |
| 5.95%, 08/04/33<sup>(a)</sup> | &nbsp;&nbsp; 1132 | 1182025 |
| 5.95%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 860 | 885047 |
| CGI Inc. |  |  |
| 1.45%, 09/14/26 | &nbsp;&nbsp; 1025 | 997912 |
| 2.30%, 09/14/31 | &nbsp;&nbsp; 900 | 791351 |
| 4.95%, 03/14/30<sup>(b)</sup> | &nbsp;&nbsp; 710 | 724358 |
| Dell Inc. |  |  |
| 5.40%, 09/10/40<sup>(a)</sup> | &nbsp;&nbsp; 557 | 541419 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 634 | 672365 |
| 7.10%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 865 | 925842 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/41 | &nbsp;&nbsp; 1676 | 1247664 |
| 3.45%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1046 | 714444 |
| 4.35%, 02/01/30 | &nbsp;&nbsp; 1795 | 1791254 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 885 | 897504 |
| 4.85%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1230 | 1196305 |
| 4.90%, 10/01/26 | &nbsp;&nbsp; 2666 | 2677055 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 1120 | 1147876 |
| 5.25%, 02/01/28 | &nbsp;&nbsp; 2005 | 2056916 |
| 5.30%, 10/01/29 | &nbsp;&nbsp; 2388 | 2472331 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; 1565 | 1612709 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 1530 | 1563292 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 1380 | 1405797 |
| 5.75%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1705 | 1798945 |
| 6.10%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 821 | 848113 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 1482 | 1593302 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 1738 | 2104649 |
| 8.35%, 07/15/46<sup>(a)</sup> | &nbsp;&nbsp; 1154 | 1467572 |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/26 | &nbsp;&nbsp; 1130 | 1099735 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 2.38%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; $1395 | $1310338 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp; 1147 | 1021571 |
| Gartner Inc. |  |  |
| 3.63%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1010 | 964352 |
| 3.75%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1310 | 1232586 |
| 4.50%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1005 | 993141 |
| Genpact Luxembourg SARL/Genpact USA Inc., <br> 6.00%, 06/04/29<br>| &nbsp;&nbsp; 740 | 769454 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27 | &nbsp;&nbsp; 2180 | 2190334 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 1835 | 1837589 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 2810 | 2826984 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 2345 | 2365112 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 3100 | 3047751 |
| 5.25%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1390 | 1430432 |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 2330 | 2151699 |
| 6.20%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1265 | 1354481 |
| 6.35%, 10/15/45 | &nbsp;&nbsp; 2434 | 2507901 |
| HP Inc. |  |  |
| 2.65%, 06/17/31<sup>(a)</sup> | &nbsp;&nbsp; 1745 | 1567126 |
| 3.00%, 06/17/27 | &nbsp;&nbsp; 1732 | 1696768 |
| 3.40%, 06/17/30<sup>(a)</sup> | &nbsp;&nbsp; 1028 | 978035 |
| 4.00%, 04/15/29 | &nbsp;&nbsp; 1965 | 1940723 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 1255 | 1209846 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 1770 | 1793126 |
| 5.40%, 04/25/30<sup>(a)</sup> | &nbsp;&nbsp; 700 | 727101 |
| 5.50%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1860 | 1910758 |
| 6.00%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 2010 | 2043395 |
| 6.10%, 04/25/35<sup>(a)</sup> | &nbsp;&nbsp; 480 | 501886 |
| IBM International Capital Pte Ltd. |  |  |
| 4.60%, 02/05/27 | &nbsp;&nbsp; 785 | 790382 |
| 4.60%, 02/05/29 | &nbsp;&nbsp; 1175 | 1192078 |
| 4.75%, 02/05/31 | &nbsp;&nbsp; 1305 | 1330994 |
| 4.90%, 02/05/34 | &nbsp;&nbsp; 1620 | 1623394 |
| 5.25%, 02/05/44<sup>(a)</sup> | &nbsp;&nbsp; 1445 | 1385554 |
| 5.30%, 02/05/54 | &nbsp;&nbsp; 2475 | 2291573 |
| International Business Machines Corp. |  |  |
| 1.70%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2137 | 2056400 |
| 1.95%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2425 | 2190585 |
| 2.20%, 02/09/27 | &nbsp;&nbsp; 1073 | 1045388 |
| 2.72%, 02/09/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 539077 |
| 2.85%, 05/15/40 | &nbsp;&nbsp; 1274 | 942957 |
| 2.95%, 05/15/50 | &nbsp;&nbsp; 1197 | 756604 |
| 3.30%, 01/27/27<sup>(a)</sup> | &nbsp;&nbsp; 374 | 370201 |
| 3.43%, 02/09/52 | &nbsp;&nbsp; 1105 | 752618 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 4321 | 4236249 |
| 4.00%, 06/20/42<sup>(a)</sup> | &nbsp;&nbsp; 1783 | 1475897 |
| 4.15%, 07/27/27 | &nbsp;&nbsp; 1530 | 1534634 |
| 4.15%, 05/15/39 | &nbsp;&nbsp; 3399 | 2997038 |
| 4.25%, 05/15/49 | &nbsp;&nbsp; 5268 | 4220866 |
| 4.40%, 07/27/32<sup>(a)</sup> | &nbsp;&nbsp; 1135 | 1127662 |
| 4.50%, 02/06/28<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 1617504 |
| 4.65%, 02/10/28<sup>(a)</sup> | &nbsp;&nbsp; 1395 | 1415351 |
| 4.70%, 02/19/46 | &nbsp;&nbsp; 1110 | 977154 |
| 4.75%, 02/06/33<sup>(a)</sup> | &nbsp;&nbsp; 1305 | 1315264 |
| 4.90%, 07/27/52 | &nbsp;&nbsp; 1410 | 1241040 |
| 5.10%, 02/06/53 | &nbsp;&nbsp; 1035 | 938398 |
| 5.60%, 11/30/39 | &nbsp;&nbsp; 1350 | 1393026 |
| 5.88%, 11/29/32<sup>(a)</sup> | &nbsp;&nbsp; 933 | 1003677 |
| 6.22%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1197 | 1246133 |
| 6.50%, 01/15/28 | &nbsp;&nbsp; 993 | 1048189 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 7.13%, 12/01/96 | &nbsp;&nbsp; $430 | $509838 |
| Series .., 4.80%, 02/10/30 | &nbsp;&nbsp; 1580 | 1619121 |
| Series .., 5.00%, 02/10/32<sup>(a)</sup> | &nbsp;&nbsp; 1570 | 1609684 |
| Series .., 5.20%, 02/10/35 | &nbsp;&nbsp; 1395 | 1417317 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 1735 | 1703805 |
| Kyndryl Holdings Inc. |  |  |
| 2.05%, 10/15/26 | &nbsp;&nbsp; 1015 | 987755 |
| 2.70%, 10/15/28 | &nbsp;&nbsp; 1152 | 1095272 |
| 3.15%, 10/15/31 | &nbsp;&nbsp; 1425 | 1292422 |
| 4.10%, 10/15/41 | &nbsp;&nbsp; 1132 | 890447 |
| 6.35%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 940 | 995244 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 1207 | 1073110 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 865 | 860624 |
| 5.40%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 795 | 821329 |
| 5.50%, 03/15/35 | &nbsp;&nbsp; 695 | 711374 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 615 | 644707 |
| Lenovo Group Ltd. |  |  |
| 3.42%, 11/02/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1030 | 972682 |
| 5.83%, 01/27/28<sup>(b)</sup> | &nbsp;&nbsp; 485 | 500053 |
| 6.54%, 07/27/32<sup>(b)</sup> | &nbsp;&nbsp; 610 | 666159 |
| NetApp Inc. |  |  |
| 2.38%, 06/22/27<sup>(a)</sup> | &nbsp;&nbsp; 1230 | 1190204 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 1490 | 1373054 |
| 5.50%, 03/17/32 | &nbsp;&nbsp; 1155 | 1195848 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 985 | 1015239 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | &nbsp;&nbsp; 1098 | 1003536 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | &nbsp;&nbsp; 405 | 380413 |
| 3.10%, 02/01/32 | &nbsp;&nbsp; 365 | 325111 |
|  |  | 258872959 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1420 | 1402815 |
| 3.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 722 | 674461 |
| 3.70%, 08/01/47 | &nbsp;&nbsp; 987 | 766234 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 1116 | 911230 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 655 | 661555 |
| 4.60%, 03/01/28 | &nbsp;&nbsp; 811 | 826468 |
| 4.60%, 03/01/33 | &nbsp;&nbsp; 731 | 741878 |
| Conopco Inc. |  |  |
| Series E, 7.25%, 12/15/26 | &nbsp;&nbsp; 590 | 613466 |
| Series F, 6.63%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 280 | 297143 |
| Coty Inc./HFC Prestige Products Inc./HFC <br> Prestige International U.S. LLC<br>|  |  |
| 4.75%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 440 | 430574 |
| 6.63%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 770 | 787504 |
| Estee Lauder Companies Inc. (The) |  |  |
| 1.95%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1315 | 1159622 |
| 2.38%, 12/01/29 | &nbsp;&nbsp; 1782 | 1653470 |
| 2.60%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1570 | 1458862 |
| 3.13%, 12/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1269 | 812713 |
| 3.15%, 03/15/27 | &nbsp;&nbsp; 870 | 858174 |
| 3.70%, 08/15/42 | &nbsp;&nbsp; 467 | 357163 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 837 | 658387 |
| 4.38%, 05/15/28 | &nbsp;&nbsp; 1150 | 1157906 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 794 | 654290 |
| 4.65%, 05/15/33 | &nbsp;&nbsp; 1110 | 1102820 |
| 5.00%, 02/14/34<sup>(a)</sup> | &nbsp;&nbsp; 930 | 938711 |
| 5.15%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 964 | 911547 |
| 6.00%, 05/15/37<sup>(a)</sup> | &nbsp;&nbsp; 771 | 825559 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/27 | &nbsp;&nbsp; $3205 | $3167801 |
| 3.38%, 03/24/29 | &nbsp;&nbsp; 1113 | 1087314 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 3085 | 2908883 |
| 4.00%, 03/24/52<sup>(a)</sup> | &nbsp;&nbsp; 1870 | 1435138 |
| Kenvue Inc. |  |  |
| 4.85%, 05/22/32 | &nbsp;&nbsp; 1200 | 1221878 |
| 4.90%, 03/22/33 | &nbsp;&nbsp; 1995 | 2026451 |
| 5.00%, 03/22/30 | &nbsp;&nbsp; 2285 | 2363111 |
| 5.05%, 03/22/28 | &nbsp;&nbsp; 1870 | 1917294 |
| 5.05%, 03/22/53<sup>(a)</sup> | &nbsp;&nbsp; 2274 | 2077365 |
| 5.10%, 03/22/43<sup>(a)</sup> | &nbsp;&nbsp; 1245 | 1193612 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 1239 | 1128355 |
| L'Oreal SA, 5.00%, 05/20/35<sup>(b)</sup> | &nbsp;&nbsp; 1320 | 1345274 |
| Procter & Gamble Co. (The) |  |  |
| 1.20%, 10/29/30 | &nbsp;&nbsp; 1957 | 1708092 |
| 1.90%, 02/01/27 | &nbsp;&nbsp; 1040 | 1013095 |
| 1.95%, 04/23/31 | &nbsp;&nbsp; 1520 | 1365525 |
| 2.30%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1550 | 1398425 |
| 2.45%, 11/03/26 | &nbsp;&nbsp; 1201 | 1181561 |
| 2.80%, 03/25/27 | &nbsp;&nbsp; 894 | 879480 |
| 2.85%, 08/11/27 | &nbsp;&nbsp; 1422 | 1397756 |
| 3.00%, 03/25/30 | &nbsp;&nbsp; 2525 | 2424430 |
| 3.50%, 10/25/47 | &nbsp;&nbsp; 870 | 659428 |
| 3.55%, 03/25/40 | &nbsp;&nbsp; 868 | 746424 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 875 | 659571 |
| 3.95%, 01/26/28 | &nbsp;&nbsp; 1085 | 1091432 |
| 4.05%, 05/01/30 | &nbsp;&nbsp; 1140 | 1145838 |
| 4.05%, 01/26/33<sup>(a)</sup> | &nbsp;&nbsp; 1165 | 1155097 |
| 4.15%, 10/24/29 | &nbsp;&nbsp; 1145 | 1156495 |
| 4.35%, 01/29/29 | &nbsp;&nbsp; 1325 | 1344458 |
| 4.55%, 01/29/34 | &nbsp;&nbsp; 1185 | 1195170 |
| 4.55%, 10/24/34<sup>(a)</sup> | &nbsp;&nbsp; 855 | 859340 |
| 4.60%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 955 | 962186 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 497 | 528602 |
| 5.55%, 03/05/37 | &nbsp;&nbsp; 1362 | 1468443 |
| 5.80%, 08/15/34 | &nbsp;&nbsp; 710 | 769218 |
| Unilever Capital Corp. |  |  |
| 1.38%, 09/14/30 | &nbsp;&nbsp; 1150 | 1013425 |
| 1.75%, 08/12/31 | &nbsp;&nbsp; 1675 | 1461762 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 1630 | 1516788 |
| 2.90%, 05/05/27<sup>(a)</sup> | &nbsp;&nbsp; 1820 | 1792554 |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 2215 | 2194368 |
| 4.25%, 08/12/27 | &nbsp;&nbsp; 1710 | 1721608 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 1320 | 1319840 |
| 4.88%, 09/08/28 | &nbsp;&nbsp; 1585 | 1627186 |
| 5.00%, 12/08/33<sup>(a)</sup> | &nbsp;&nbsp; 1254 | 1296189 |
| 5.90%, 11/15/32 | &nbsp;&nbsp; 1644 | 1790034 |
| Series 30Y, 2.63%, 08/12/51 | &nbsp;&nbsp; 1205 | 728450 |
|  |  | 84107298 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| Ferguson Finance PLC |  |  |
| 3.25%, 06/02/30<sup>(b)</sup> | &nbsp;&nbsp; 1078 | 1020437 |
| 4.25%, 04/20/27<sup>(b)</sup> | &nbsp;&nbsp; 545 | 543551 |
| 4.50%, 10/24/28<sup>(b)</sup> | &nbsp;&nbsp; 1685 | 1693410 |
| 4.65%, 04/20/32<sup>(b)</sup> | &nbsp;&nbsp; 1165 | 1147180 |
| LKQ Corp. |  |  |
| 5.75%, 06/15/28 | &nbsp;&nbsp; 870 | 899119 |
| 6.25%, 06/15/33 | &nbsp;&nbsp; 825 | 872416 |
| Marubeni Corp., 5.38%, 04/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 455 | 466309 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Distribution & Wholesale (continued)** | **Distribution & Wholesale (continued)** | **Distribution & Wholesale (continued)** |
| Mitsubishi Corp. |  |  |
| 5.00%, 07/05/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $900 | $921279 |
| 5.00%, 07/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 715 | 735538 |
| 5.13%, 07/17/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 765 | 784410 |
| WW Grainger Inc. |  |  |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 900 | 699077 |
| 4.20%, 05/15/47 | &nbsp;&nbsp; 766 | 623288 |
| 4.45%, 09/15/34 | &nbsp;&nbsp; 855 | 836442 |
| 4.60%, 06/15/45 | &nbsp;&nbsp; 1433 | 1269593 |
|  |  | 12512049 |
| **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26 | &nbsp;&nbsp; 5200 | 5093503 |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 6240 | 6003658 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 6265 | 5735804 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 2510 | 2231017 |
| 3.65%, 07/21/27 | &nbsp;&nbsp; 1512 | 1496868 |
| 3.85%, 10/29/41 | &nbsp;&nbsp; 2810 | 2262543 |
| 3.88%, 01/23/28<sup>(a)</sup> | &nbsp;&nbsp; 983 | 975657 |
| 4.63%, 10/15/27 | &nbsp;&nbsp; 773 | 778304 |
| 4.63%, 09/10/29 | &nbsp;&nbsp; 1965 | 1980909 |
| 4.88%, 04/01/28 | &nbsp;&nbsp; 1070 | 1085954 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 1910 | 1884014 |
| 5.10%, 01/19/29 | &nbsp;&nbsp; 1140 | 1166400 |
| 5.30%, 01/19/34 | &nbsp;&nbsp; 1270 | 1286947 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 1175 | 1212844 |
| 5.75%, 06/06/28<sup>(a)</sup> | &nbsp;&nbsp; 1815 | 1882510 |
| 6.10%, 01/15/27 | &nbsp;&nbsp; 1245 | 1272227 |
| 6.15%, 09/30/30 | &nbsp;&nbsp; 1405 | 1506177 |
| 6.45%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1725 | 1780699 |
| 6.50%, 01/31/56, (5-year CMT + <br> 2.441%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 700 | 720096 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(d)</sup> | &nbsp;&nbsp; 915 | 957994 |
| Affiliated Managers Group Inc. |  |  |
| 3.30%, 06/15/30 | &nbsp;&nbsp; 822 | 781198 |
| 5.50%, 08/20/34 | &nbsp;&nbsp; 515 | 522392 |
| Air Lease Corp. |  |  |
| 2.10%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1082 | 1017982 |
| 2.20%, 01/15/27 | &nbsp;&nbsp; 922 | 897316 |
| 2.88%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1165 | 1043523 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 875 | 826619 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 1254 | 1170617 |
| 3.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 805 | 770547 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 1158 | 1144957 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 855 | 845369 |
| 4.63%, 10/01/28 | &nbsp;&nbsp; 865 | 874141 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 715 | 733924 |
| 5.20%, 07/15/31 | &nbsp;&nbsp; 865 | 890280 |
| 5.30%, 02/01/28 | &nbsp;&nbsp; 1165 | 1192322 |
| 5.85%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1200964 |
| Air Lease Corp. Sukuk Ltd., 5.85%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1090 | 1113428 |
| Aircastle Ltd. |  |  |
| 2.85%, 01/26/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1227 | 1180651 |
| 5.95%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1165 | 1215263 |
| 6.50%, 07/18/28<sup>(b)</sup> | &nbsp;&nbsp; 1020 | 1072531 |
| Aircastle Ltd. / Aircastle Ireland DAC, 5.00%, <br> 09/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 1020 | 1028272 |
| Aircastle Ltd./Aircastle Ireland DAC |  |  |
| 5.25%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 805 | 821429 |
| 5.75%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 745 | 777212 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28 | &nbsp;&nbsp; $1460 | $1363165 |
| 4.75%, 06/09/27<sup>(a)</sup> | &nbsp;&nbsp; 1225 | 1230864 |
| 5.54%, 01/17/31, (1-day SOFR Index + <br> 1.730%)<sup>(d)</sup><br>| &nbsp;&nbsp; 675 | 689942 |
| 5.55%, 07/31/33, (1-day SOFR + 1.780%)<sup>(d)</sup> | &nbsp;&nbsp; 950 | 955257 |
| 5.74%, 05/15/29, (1-day SOFR Index + <br> 1.960%)<sup>(d)</sup><br>| &nbsp;&nbsp; 755 | 775322 |
| 6.18%, 07/26/35, (1-day SOFR + 2.290%)<sup>(d)</sup> | &nbsp;&nbsp; 1035 | 1064026 |
| 6.85%, 01/03/30, (1-day SOFR + <br> 2.282%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1400 | 1485422 |
| 6.99%, 06/13/29, (1-day SOFR + 3.260%)<sup>(d)</sup> | &nbsp;&nbsp; 1419 | 1501741 |
| 7.10%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1414 | 1491256 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 3850 | 4402475 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 1790 | 1740235 |
| 2.55%, 03/04/27 | &nbsp;&nbsp; 2958 | 2893412 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 2704 | 2672627 |
| 4.05%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 1675 | 1679262 |
| 4.05%, 12/03/42<sup>(a)</sup> | &nbsp;&nbsp; 1590 | 1343798 |
| 4.35%, 07/20/29, (1-day SOFR + 0.810%)<sup>(d)</sup> | &nbsp;&nbsp; 2575 | 2588278 |
| 4.42%, 08/03/33, (1-day SOFR + 1.760%)<sup>(d)</sup> | &nbsp;&nbsp; 2390 | 2348329 |
| 4.73%, 04/25/29, (1-day SOFR + 1.260%)<sup>(d)</sup> | &nbsp;&nbsp; 2525 | 2566484 |
| 4.92%, 07/20/33, (1-day SOFR + 1.220%)<sup>(d)</sup> | &nbsp;&nbsp; 1750 | 1772376 |
| 4.99%, 05/26/33, (1-day SOFR + 2.255%)<sup>(d)</sup> | &nbsp;&nbsp; 1311 | 1320384 |
| 5.02%, 04/25/31, (1-day SOFR + 1.440%)<sup>(d)</sup> | &nbsp;&nbsp; 2610 | 2681843 |
| 5.04%, 07/26/28, (1-day SOFR + 0.930%)<sup>(d)</sup> | &nbsp;&nbsp; 2010 | 2042446 |
| 5.04%, 05/01/34, (1-day SOFR + 1.835%)<sup>(d)</sup> | &nbsp;&nbsp; 2125 | 2158799 |
| 5.09%, 01/30/31, (1-day SOFR Index + <br> 1.020%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2200 | 2267454 |
| 5.10%, 02/16/28, (1-day SOFR + 1.000%)<sup>(d)</sup> | &nbsp;&nbsp; 2470 | 2499520 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.280%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2275 | 2347301 |
| 5.28%, 07/26/35, (1-day SOFR + 1.420%)<sup>(d)</sup> | &nbsp;&nbsp; 2680 | 2736856 |
| 5.44%, 01/30/36, (1-day SOFR Index + <br> 1.320%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2130 | 2189415 |
| 5.53%, 04/25/30, (1-day SOFR Index + <br> 1.090%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2455 | 2563639 |
| 5.63%, 07/28/34, (1-day SOFR + 1.930%)<sup>(d)</sup> | &nbsp;&nbsp; 565 | 583665 |
| 5.67%, 04/25/36, (1-day SOFR + <br> 1.790%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 2330 | 2434621 |
| 5.85%, 11/05/27 | &nbsp;&nbsp; 2485 | 2578567 |
| 5.92%, 04/25/35, (1-day SOFR + 1.630%)<sup>(d)</sup> | &nbsp;&nbsp; 880 | 927153 |
| 6.49%, 10/30/31, (1-day SOFR + 1.940%)<sup>(d)</sup> | &nbsp;&nbsp; 2100 | 2299458 |
| American Express Credit Corp., 3.30%, <br> 05/03/27<br>| &nbsp;&nbsp; 650 | 642915 |
| Ameriprise Financial Inc. |  |  |
| 2.88%, 09/15/26 | &nbsp;&nbsp; 811 | 800418 |
| 4.50%, 05/13/32<sup>(a)</sup> | &nbsp;&nbsp; 825 | 824257 |
| 5.15%, 05/15/33 | &nbsp;&nbsp; 1045 | 1073557 |
| 5.20%, 04/15/35 | &nbsp;&nbsp; 1055 | 1067453 |
| 5.70%, 12/15/28 | &nbsp;&nbsp; 1410 | 1477656 |
| Andrew W Mellon Foundation (The), Series <br> 2020, 0.95%, 08/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; 1035 | 978518 |
| Apollo Global Management Inc. |  |  |
| 5.15%, 08/12/35 | &nbsp;&nbsp; 615 | 612322 |
| 5.80%, 05/21/54 | &nbsp;&nbsp; 1295 | 1273865 |
| 6.00%, 12/15/54, (5-year CMT + <br> 2.168%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 400 | 397920 |
| 6.38%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 930 | 1025420 |
| Ares Finance Co. II LLC, 3.25%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1030 | 973611 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Ares Finance Co. IV LLC, 3.65%, 02/01/52<sup>(a)(b)</sup> | &nbsp;&nbsp; $955 | $658652 |
| Ares Management Corp. |  |  |
| 5.60%, 10/11/54 | &nbsp;&nbsp; 1215 | 1141895 |
| 6.38%, 11/10/28<sup>(a)</sup> | &nbsp;&nbsp; 690 | 730958 |
| Atlas Warehouse Lending Co. LP |  |  |
| 6.05%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 190 | 193637 |
| 6.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1510 | 1545808 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 09/20/26<sup>(b)</sup> | &nbsp;&nbsp; 1207 | 1175836 |
| 3.50%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp; 1085 | 1064083 |
| 4.75%, 04/14/27<sup>(b)</sup> | &nbsp;&nbsp; 215 | 216007 |
| 4.80%, 10/24/30<sup>(b)</sup> | &nbsp;&nbsp; 1550 | 1549307 |
| 5.13%, 04/10/30<sup>(b)</sup> | &nbsp;&nbsp; 675 | 686121 |
| 5.38%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 910 | 933209 |
| 6.25%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 935 | 976090 |
| 6.38%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 574 | 613686 |
| 6.75%, 10/25/28<sup>(b)</sup> | &nbsp;&nbsp; 1180 | 1257363 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.53%, 11/18/27<sup>(b)</sup> | &nbsp;&nbsp; 3013 | 2891710 |
| 2.75%, 02/21/28<sup>(b)</sup> | &nbsp;&nbsp; 1770 | 1695921 |
| 3.25%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1010 | 991397 |
| 4.95%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 975 | 984727 |
| 5.15%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 845 | 859300 |
| 5.38%, 05/30/30<sup>(b)</sup> | &nbsp;&nbsp; 1365 | 1401840 |
| 5.75%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1663 | 1720972 |
| 5.75%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1515 | 1573285 |
| 6.38%, 05/04/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1880 | 1966288 |
| BGC Group Inc. |  |  |
| 6.15%, 04/02/30<sup>(b)</sup> | &nbsp;&nbsp; 1155 | 1179986 |
| 6.60%, 06/10/29 | &nbsp;&nbsp; 710 | 740259 |
| 8.00%, 05/25/28 | &nbsp;&nbsp; 685 | 732367 |
| Blackstone Holdings Finance Co. LLC |  |  |
| 1.60%, 03/30/31<sup>(b)</sup> | &nbsp;&nbsp; 898 | 777845 |
| 1.63%, 08/05/28<sup>(b)</sup> | &nbsp;&nbsp; 1198 | 1118496 |
| 2.00%, 01/30/32<sup>(b)</sup> | &nbsp;&nbsp; 1658 | 1417842 |
| 2.50%, 01/10/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1128 | 1049777 |
| 2.55%, 03/30/32<sup>(b)</sup> | &nbsp;&nbsp; 725 | 633861 |
| 2.80%, 09/30/50<sup>(b)</sup> | &nbsp;&nbsp; 672 | 405214 |
| 2.85%, 08/05/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 955 | 583090 |
| 3.15%, 10/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 802 | 783082 |
| 3.20%, 01/30/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 1515 | 993402 |
| 3.50%, 09/10/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 850 | 597272 |
| 4.00%, 10/02/47<sup>(b)</sup> | &nbsp;&nbsp; 684 | 529752 |
| 4.45%, 07/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 665 | 559700 |
| 5.00%, 06/15/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 841 | 768355 |
| 5.90%, 11/03/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1225 | 1266975 |
| 6.20%, 04/22/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1860 | 2013109 |
| 6.25%, 08/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 481 | 496997 |
| Blue Owl Finance LLC |  |  |
| 3.13%, 06/10/31 | &nbsp;&nbsp; 1178 | 1067999 |
| 4.13%, 10/07/51<sup>(a)</sup> | &nbsp;&nbsp; 660 | 464199 |
| 4.38%, 02/15/32 | &nbsp;&nbsp; 800 | 761622 |
| 6.25%, 04/18/34<sup>(a)</sup> | &nbsp;&nbsp; 1335 | 1393813 |
| BOC Aviation Ltd. |  |  |
| 2.63%, 09/17/30<sup>(b)</sup> | &nbsp;&nbsp; 1280 | 1186921 |
| 3.00%, 09/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1561 | 1490430 |
| 3.50%, 09/18/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1215 | 1199071 |
| BOC Aviation USA Corp. |  |  |
| 4.63%, 09/04/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 735 | 748467 |
| 4.88%, 05/03/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1105 | 1121245 |
| 5.25%, 01/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 880 | 915791 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.75%, 11/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $1605 | $1680051 |
| Brookfield Asset Management Ltd., 5.80%, <br> 04/24/35<br>| &nbsp;&nbsp; 1165 | 1207381 |
| Brookfield Capital Finance LLC, 6.09%, <br> 06/14/33<br>| &nbsp;&nbsp; 784 | 834725 |
| Brookfield Finance I U.K. PLC/Brookfield <br> Finance Inc., 2.34%, 01/30/32<br>| &nbsp;&nbsp; 1665 | 1441498 |
| Brookfield Finance Inc. |  |  |
| 2.72%, 04/15/31 | &nbsp;&nbsp; 1025 | 936063 |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 1100 | 756193 |
| 3.63%, 02/15/52 | &nbsp;&nbsp; 775 | 537798 |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 1894 | 1880564 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 1704 | 1702838 |
| 4.70%, 09/20/47<sup>(a)</sup> | &nbsp;&nbsp; 1503 | 1291334 |
| 4.85%, 03/29/29 | &nbsp;&nbsp; 1666 | 1693547 |
| 5.33%, 01/15/36 | &nbsp;&nbsp; 940 | 934262 |
| 5.68%, 01/15/35 | &nbsp;&nbsp; 760 | 785602 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 1600 | 1602528 |
| 6.35%, 01/05/34 | &nbsp;&nbsp; 1045 | 1129883 |
| Brookfield Finance LLC/Brookfield Finance Inc., <br> 3.45%, 04/15/50<br>| &nbsp;&nbsp; 1219 | 827666 |
| Caja de Compensacion de Asignacion Familiar <br> de Los Andes, 7.00%, 07/30/29<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | 105781 |
| Cantor Fitzgerald LP |  |  |
| 4.50%, 04/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 655 | 649973 |
| 7.20%, 12/12/28<sup>(b)</sup> | &nbsp;&nbsp; 1240 | 1328935 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + 0.855%)<sup>(d)</sup> | &nbsp;&nbsp; 1886 | 1832474 |
| 2.36%, 07/29/32, (1-day SOFR + 1.337%)<sup>(d)</sup> | &nbsp;&nbsp; 1524 | 1311182 |
| 2.62%, 11/02/32, (1-day SOFR + <br> 1.265%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1210 | 1074624 |
| 3.27%, 03/01/30, (1-day SOFR + 1.790%)<sup>(d)</sup> | &nbsp;&nbsp; 2180 | 2100871 |
| 3.65%, 05/11/27 | &nbsp;&nbsp; 1697 | 1681817 |
| 3.75%, 03/09/27<sup>(a)</sup> | &nbsp;&nbsp; 2011 | 1998746 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 2509 | 2486579 |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 1613 | 1609339 |
| 4.93%, 05/10/28, (1-day SOFR + 2.057%)<sup>(d)</sup> | &nbsp;&nbsp; 2775 | 2803006 |
| 5.25%, 07/26/30, (1-day SOFR + 2.600%)<sup>(d)</sup> | &nbsp;&nbsp; 1375 | 1414035 |
| 5.27%, 05/10/33, (1-day SOFR + 2.370%)<sup>(d)</sup> | &nbsp;&nbsp; 2203 | 2240652 |
| 5.46%, 07/26/30, (1-day SOFR +1.560%)<sup>(d)</sup> | &nbsp;&nbsp; 1345 | 1392275 |
| 5.47%, 02/01/29, (1-day SOFR + 2.080%)<sup>(d)</sup> | &nbsp;&nbsp; 1580 | 1621876 |
| 5.70%, 02/01/30, (1-day SOFR + 1.905%)<sup>(d)</sup> | &nbsp;&nbsp; 1505 | 1560098 |
| 5.82%, 02/01/34, (1-day SOFR + 2.600%)<sup>(d)</sup> | &nbsp;&nbsp; 2005 | 2087047 |
| 5.88%, 07/26/35, (1-day SOFR +1.990%)<sup>(d)</sup> | &nbsp;&nbsp; 1720 | 1789658 |
| 6.05%, 02/01/35, (1-day SOFR + 2.260%)<sup>(d)</sup> | &nbsp;&nbsp; 1565 | 1648865 |
| 6.18%, 01/30/36, (1-day SOFR + 2.036%)<sup>(d)</sup> | &nbsp;&nbsp; 2505 | 2583798 |
| 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(d)</sup> | &nbsp;&nbsp; 2665 | 2797111 |
| 6.38%, 06/08/34, (1-day SOFR + 2.860%)<sup>(d)</sup> | &nbsp;&nbsp; 2935 | 3157159 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 1160 | 1276770 |
| 7.15%, 10/29/27, (1-day SOFR + <br> 2.440%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1010 | 1040714 |
| 7.62%, 10/30/31, (1-day SOFR + 3.070%)<sup>(d)</sup> | &nbsp;&nbsp; 2800 | 3176797 |
| 7.96%, 11/02/34, (1-day SOFR Index + <br> 3.370%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1760 | 2059340 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30 | &nbsp;&nbsp; 853 | 750828 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 1005 | 916655 |
| 3.65%, 01/12/27 | &nbsp;&nbsp; 1165 | 1158288 |
| Charles Schwab Corp. (The) |  |  |
| 1.65%, 03/11/31 | &nbsp;&nbsp; 1424 | 1236412 |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 1387 | 1199195 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 2.00%, 03/20/28<sup>(a)</sup> | &nbsp;&nbsp; $1935 | $1844524 |
| 2.30%, 05/13/31 | &nbsp;&nbsp; 1405 | 1262814 |
| 2.45%, 03/03/27 | &nbsp;&nbsp; 2294 | 2242175 |
| 2.75%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 922 | 876383 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 1405 | 1273726 |
| 3.20%, 03/02/27 | &nbsp;&nbsp; 925 | 913383 |
| 3.20%, 01/25/28<sup>(a)</sup> | &nbsp;&nbsp; 1540 | 1511568 |
| 3.25%, 05/22/29 | &nbsp;&nbsp; 940 | 914358 |
| 3.30%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1169 | 1156193 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 1064 | 1063847 |
| 4.63%, 03/22/30 | &nbsp;&nbsp; 975 | 995680 |
| 5.64%, 05/19/29, (1-day SOFR + 2.210%)<sup>(d)</sup> | &nbsp;&nbsp; 1902 | 1978460 |
| 5.85%, 05/19/34, (1-day SOFR + 2.500%)<sup>(d)</sup> | &nbsp;&nbsp; 1615 | 1717377 |
| 6.14%, 08/24/34, (1-day SOFR + 2.010%)<sup>(d)</sup> | &nbsp;&nbsp; 2135 | 2319943 |
| 6.20%, 11/17/29, (1-day SOFR + 1.878%)<sup>(d)</sup> | &nbsp;&nbsp; 2024 | 2153712 |
| CI Financial Corp. |  |  |
| 3.20%, 12/17/30<sup>(a)</sup> | &nbsp;&nbsp; 1660 | 1491903 |
| 4.10%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 685 | 487403 |
| 7.50%, 05/30/29<sup>(b)</sup> | &nbsp;&nbsp; 710 | 753057 |
| Citadel Finance LLC, 5.90%, 02/10/30<sup>(b)</sup> | &nbsp;&nbsp; 3260 | 3306667 |
| Citadel LP |  |  |
| 4.88%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 808 | 809764 |
| 6.00%, 01/23/30<sup>(b)</sup> | &nbsp;&nbsp; 585 | 609372 |
| 6.38%, 01/23/32<sup>(b)</sup> | &nbsp;&nbsp; 950 | 1000312 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.50%, 06/18/30<sup>(b)</sup> | &nbsp;&nbsp; 100 | 102330 |
| 6.20%, 06/18/35<sup>(b)</sup> | &nbsp;&nbsp; 1340 | 1376109 |
| Citigroup Global Markets Holdings Inc., 5.00%, <br> 05/28/29<br>| &nbsp;&nbsp; 20 | 20681 |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 1640 | 1478981 |
| 3.75%, 06/15/28 | &nbsp;&nbsp; 1092 | 1088031 |
| 4.15%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp; 1196 | 995030 |
| 4.40%, 03/15/30 | &nbsp;&nbsp; 1510 | 1525458 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 1296 | 1297115 |
| Credit Suisse USA LLC, 7.13%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1453 | 1660605 |
| Eaton Vance Corp., 3.50%, 04/06/27<sup>(a)</sup> | &nbsp;&nbsp; 631 | 624934 |
| Enact Holdings Inc., 6.25%, 05/28/29 | &nbsp;&nbsp; 980 | 1022636 |
| FMR LLC |  |  |
| 4.95%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 790 | 791642 |
| 5.15%, 02/01/43<sup>(b)</sup> | &nbsp;&nbsp; 407 | 382588 |
| 6.45%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 770 | 849574 |
| 6.50%, 12/14/40<sup>(b)</sup> | &nbsp;&nbsp; 780 | 864847 |
| 7.57%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1265 | 1414034 |
| Franklin Resources Inc. |  |  |
| 1.60%, 10/30/30 | &nbsp;&nbsp; 1617 | 1419408 |
| 2.95%, 08/12/51 | &nbsp;&nbsp; 695 | 425266 |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; 630 | 601279 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 570 | 568523 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1787 | 1582672 |
| 2.75%, 10/15/32 | &nbsp;&nbsp; 865 | 745441 |
| 4.15%, 01/23/30<sup>(a)</sup> | &nbsp;&nbsp; 1751 | 1728198 |
| 4.85%, 01/15/27 | &nbsp;&nbsp; 1238 | 1246941 |
| 5.88%, 07/21/28 | &nbsp;&nbsp; 1635 | 1704543 |
| 6.20%, 04/14/34<sup>(a)</sup> | &nbsp;&nbsp; 2385 | 2516395 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 825 | 866432 |
| 6.45%, 06/08/27 | &nbsp;&nbsp; 632 | 653055 |
| 6.50%, 01/20/43 | &nbsp;&nbsp; 629 | 654488 |
| 6.63%, 10/23/43 | &nbsp;&nbsp; 430 | 446423 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| KKR Group Finance Co. II LLC, 5.50%, <br> 02/01/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $968 | $931704 |
| Lazard Group LLC |  |  |
| 3.63%, 03/01/27 | &nbsp;&nbsp; 621 | 620654 |
| 4.38%, 03/11/29 | &nbsp;&nbsp; 1002 | 1000718 |
| 4.50%, 09/19/28 | &nbsp;&nbsp; 936 | 940128 |
| 5.63%, 08/01/35<sup>(a)</sup> | &nbsp;&nbsp; 475 | 478503 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 560 | 592420 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 906 | 891149 |
| LPL Holdings Inc. |  |  |
| 4.00%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2060 | 2013413 |
| 4.38%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 655 | 631623 |
| 4.63%, 11/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1415 | 1414660 |
| 4.90%, 04/03/28 | &nbsp;&nbsp; 415 | 420281 |
| 5.15%, 06/15/30 | &nbsp;&nbsp; 870 | 888323 |
| 5.20%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1520 | 1554971 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 1035 | 1046125 |
| 5.70%, 05/20/27 | &nbsp;&nbsp; 930 | 947868 |
| 5.75%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 410 | 416321 |
| 6.00%, 05/20/34<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 1653193 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 820 | 877765 |
| LSEG U.S. Fin Corp. |  |  |
| 4.88%, 03/28/27<sup>(b)</sup> | &nbsp;&nbsp; 900 | 909404 |
| 5.30%, 03/28/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1015 | 1042242 |
| LSEGA Financing PLC |  |  |
| 2.00%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 2143 | 2030515 |
| 2.50%, 04/06/31<sup>(b)</sup> | &nbsp;&nbsp; 1448 | 1301844 |
| 3.20%, 04/06/41<sup>(b)</sup> | &nbsp;&nbsp; 1466 | 1110424 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 5.15%, 03/17/30<sup>(b)</sup> | &nbsp;&nbsp; 705 | 712929 |
| 5.20%, 03/27/28<sup>(b)</sup> | &nbsp;&nbsp; 560 | 568067 |
| 6.40%, 03/26/29<sup>(b)</sup> | &nbsp;&nbsp; 770 | 808500 |
| 6.50%, 03/26/31<sup>(b)</sup> | &nbsp;&nbsp; 685 | 732648 |
| 8.13%, 03/30/29<sup>(b)</sup> | &nbsp;&nbsp; 230 | 239766 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | &nbsp;&nbsp; 155 | 157107 |
| 6.40%, 11/04/29 | &nbsp;&nbsp; 1035 | 1066683 |
| Mastercard Inc. |  |  |
| 1.90%, 03/15/31 | &nbsp;&nbsp; 2060 | 1834353 |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 1375 | 1209114 |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 1130 | 1116823 |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 2225 | 2151410 |
| 2.95%, 03/15/51 | &nbsp;&nbsp; 1136 | 736187 |
| 3.30%, 03/26/27 | &nbsp;&nbsp; 1553 | 1539157 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 2540 | 2471612 |
| 3.50%, 02/26/28<sup>(a)</sup> | &nbsp;&nbsp; 1081 | 1072054 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 1837 | 1382795 |
| 3.80%, 11/21/46 | &nbsp;&nbsp; 1020 | 805005 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 2414 | 1869681 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 845 | 674721 |
| 4.10%, 01/15/28 | &nbsp;&nbsp; 1565 | 1574487 |
| 4.35%, 01/15/32 | &nbsp;&nbsp; 1195 | 1195724 |
| 4.55%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 930 | 945250 |
| 4.55%, 01/15/35 | &nbsp;&nbsp; 1100 | 1086173 |
| 4.85%, 03/09/33 | &nbsp;&nbsp; 1270 | 1298433 |
| 4.88%, 03/09/28 | &nbsp;&nbsp; 1105 | 1131503 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 1570 | 1599256 |
| 4.95%, 03/15/32 | &nbsp;&nbsp; 755 | 782473 |
| Mitsubishi HC Capital Inc. |  |  |
| 3.97%, 04/13/30<sup>(b)</sup> | &nbsp;&nbsp; 150 | 146030 |
| 5.08%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1095 | 1108415 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Mitsubishi HC Finance America LLC |  |  |
| 5.15%, 10/24/29<sup>(b)</sup> | &nbsp;&nbsp; $240 | $245595 |
| 5.66%, 02/28/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 775 | 804949 |
| 5.81%, 09/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 660 | 686355 |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1276 | 1116561 |
| 2.50%, 12/21/40 | &nbsp;&nbsp; 1254 | 872937 |
| 3.25%, 04/28/50 | &nbsp;&nbsp; 1035 | 697519 |
| 3.95%, 03/07/52 | &nbsp;&nbsp; 874 | 654117 |
| 5.35%, 06/28/28 | &nbsp;&nbsp; 1775 | 1831405 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 1787 | 1863158 |
| 5.95%, 08/15/53 | &nbsp;&nbsp; 1320 | 1345199 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 680 | 697336 |
| Neuberger Berman Group LLC/Neuberger <br> Berman Finance Corp.<br>|  |  |
| 4.50%, 03/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 598 | 599348 |
| 4.88%, 04/15/45<sup>(b)</sup> | &nbsp;&nbsp; 440 | 376551 |
| Nomura Holdings Inc. |  |  |
| 2.17%, 07/14/28 | &nbsp;&nbsp; 1724 | 1628578 |
| 2.33%, 01/22/27 | &nbsp;&nbsp; 1920 | 1868193 |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 1695 | 1518684 |
| 2.68%, 07/16/30 | &nbsp;&nbsp; 1704 | 1563246 |
| 2.71%, 01/22/29 | &nbsp;&nbsp; 795 | 752083 |
| 3.00%, 01/22/32 | &nbsp;&nbsp; 1190 | 1070135 |
| 3.10%, 01/16/30 | &nbsp;&nbsp; 2510 | 2366668 |
| 4.90%, 07/01/30 | &nbsp;&nbsp; 1165 | 1181731 |
| 5.39%, 07/06/27 | &nbsp;&nbsp; 870 | 886767 |
| 5.49%, 06/29/35 | &nbsp;&nbsp; 1055 | 1077379 |
| 5.59%, 07/02/27 | &nbsp;&nbsp; 1035 | 1058743 |
| 5.61%, 07/06/29<sup>(a)</sup> | &nbsp;&nbsp; 895 | 932725 |
| 5.78%, 07/03/34<sup>(a)</sup> | &nbsp;&nbsp; 1670 | 1749867 |
| 5.84%, 01/18/28 | &nbsp;&nbsp; 1275 | 1318740 |
| 6.07%, 07/12/28 | &nbsp;&nbsp; 1310 | 1371818 |
| 6.09%, 07/12/33<sup>(a)</sup> | &nbsp;&nbsp; 930 | 999964 |
| 6.18%, 01/18/33 | &nbsp;&nbsp; 790 | 849805 |
| Nuveen LLC |  |  |
| 4.00%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1690 | 1686357 |
| 5.55%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 950 | 994933 |
| 5.85%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1125 | 1176561 |
| ORIX Corp. |  |  |
| 2.25%, 03/09/31 | &nbsp;&nbsp; 885 | 790362 |
| 3.70%, 07/18/27 | &nbsp;&nbsp; 600 | 594562 |
| 4.00%, 04/13/32<sup>(a)</sup> | &nbsp;&nbsp; 910 | 875107 |
| 4.65%, 09/10/29<sup>(a)</sup> | &nbsp;&nbsp; 710 | 719160 |
| 5.00%, 09/13/27 | &nbsp;&nbsp; 530 | 538453 |
| 5.20%, 09/13/32<sup>(a)</sup> | &nbsp;&nbsp; 720 | 741637 |
| 5.40%, 02/25/35<sup>(a)</sup> | &nbsp;&nbsp; 700 | 715911 |
| Power Finance Corp. Ltd. |  |  |
| 3.95%, 04/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1086 | 1062562 |
| 6.15%, 12/06/28<sup>(b)</sup> | &nbsp;&nbsp; 990 | 1040842 |
| Radian Group Inc. |  |  |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 890 | 891413 |
| 6.20%, 05/15/29 | &nbsp;&nbsp; 980 | 1026212 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 1275 | 932495 |
| 4.65%, 04/01/30 | &nbsp;&nbsp; 992 | 1011483 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 1399 | 1263113 |
| REC Ltd. |  |  |
| 4.75%, 09/27/29<sup>(b)</sup> | &nbsp;&nbsp; 305 | 308324 |
| 5.63%, 04/11/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 695 | 714785 |
| Stifel Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 800 | 783741 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| SURA Asset Management SA, 6.35%, <br> 05/13/32<sup>(b)</sup><br>| &nbsp;&nbsp; $205 | $217710 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31<sup>(a)</sup> | &nbsp;&nbsp; 1615 | 1432127 |
| 3.95%, 12/01/27 | &nbsp;&nbsp; 1761 | 1737199 |
| 5.02%, 07/29/29, (1-day SOFR + 1.395%)<sup>(d)</sup> | &nbsp;&nbsp; 200 | 201407 |
| 5.15%, 03/19/29<sup>(a)</sup> | &nbsp;&nbsp; 1268 | 1283521 |
| 5.45%, 03/06/31, (1-day SOFR + 1.680%)<sup>(d)</sup> | &nbsp;&nbsp; 380 | 387127 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1380 | 1429234 |
| 6.00%, 07/29/36, (1-day SOFR + 2.070%)<sup>(d)</sup> | &nbsp;&nbsp; 535 | 540744 |
| TPG Operating Group II LP |  |  |
| 5.38%, 01/15/36 | &nbsp;&nbsp; 575 | 572296 |
| 5.88%, 03/05/34 | &nbsp;&nbsp; 990 | 1037040 |
| USAA Capital Corp. |  |  |
| 2.13%, 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 672 | 615097 |
| 4.38%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 465 | 470107 |
| 5.25%, 06/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 550 | 561761 |
| Visa Inc. |  |  |
| 0.75%, 08/15/27 | &nbsp;&nbsp; 879 | 830099 |
| 1.10%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1764 | 1518203 |
| 1.90%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2263 | 2192051 |
| 2.00%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; 2942 | 1574001 |
| 2.05%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2768 | 2542422 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 1768 | 1342296 |
| 2.75%, 09/15/27 | &nbsp;&nbsp; 1790 | 1751547 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 1887 | 1457388 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 2619 | 2503796 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 4747 | 4107171 |
| Voya Financial Inc. |  |  |
| 4.70%, 01/23/48<sup>(d)</sup> | &nbsp;&nbsp; 579 | 561872 |
| 4.80%, 06/15/46 | &nbsp;&nbsp; 628 | 546679 |
| 5.00%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp; 660 | 650035 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 631 | 620526 |
| Western Union Co. (The) |  |  |
| 2.75%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 891 | 785464 |
| 6.20%, 11/17/36<sup>(a)</sup> | &nbsp;&nbsp; 913 | 928920 |
| 6.20%, 06/21/40<sup>(a)</sup> | &nbsp;&nbsp; 575 | 573550 |
|  |  | 470828673 |
| **Electric — 8.8%** | **Electric — 8.8%** | **Electric — 8.8%** |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 2.00%, 04/29/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1145 | 1082398 |
| 3.40%, 04/29/51<sup>(b)</sup> | &nbsp;&nbsp; 1850 | 1298271 |
| 4.00%, 10/03/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1340 | 1053855 |
| 4.38%, 01/24/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 70333 |
| 4.38%, 10/09/31<sup>(b)</sup> | &nbsp;&nbsp; 315 | 314995 |
| 4.70%, 04/24/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1890 | 1897066 |
| 4.75%, 03/09/37<sup>(b)</sup> | &nbsp;&nbsp; 1955 | 1909488 |
| 4.88%, 04/23/30<sup>(b)</sup> | &nbsp;&nbsp; 1752 | 1796100 |
| 6.50%, 10/27/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 1389 | 1572476 |
| Acwa Power Management And Investments <br> One Ltd., 5.95%, 12/15/39<sup>(b)</sup><br>| &nbsp;&nbsp; 92 | 92995 |
| Adani Electricity Mumbai Ltd. |  |  |
| 3.87%, 07/22/31<sup>(b)</sup> | &nbsp;&nbsp; 300 | 271913 |
| 3.95%, 02/12/30<sup>(b)</sup> | &nbsp;&nbsp; 647 | 600642 |
| Adani Transmission Step-One Ltd., 4.25%, <br> 05/21/36<sup>(b)</sup><br>| &nbsp;&nbsp; 382 | 337496 |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 767 | 510346 |
| 3.80%, 10/01/47 | &nbsp;&nbsp; 522 | 383557 |
| 3.95%, 06/01/28 | &nbsp;&nbsp; 859 | 852764 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.70%, 05/15/32 | &nbsp;&nbsp; $805 | $798947 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 955 | 848822 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 785 | 800127 |
| 5.45%, 05/15/29 | &nbsp;&nbsp; 1170 | 1214338 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; 705 | 725855 |
| Series E, 6.65%, 02/15/33 | &nbsp;&nbsp; 629 | 686139 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 480 | 364864 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 763 | 515354 |
| Series I, 2.10%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1317 | 1186907 |
| AEP Transmission Co. LLC |  |  |
| 3.10%, 12/01/26 | &nbsp;&nbsp; 752 | 743297 |
| 3.15%, 09/15/49 | &nbsp;&nbsp; 410 | 273448 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 839 | 633752 |
| 3.80%, 06/15/49 | &nbsp;&nbsp; 575 | 427006 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 540 | 426242 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 545 | 441282 |
| 4.50%, 06/15/52 | &nbsp;&nbsp; 1035 | 866217 |
| 5.15%, 04/01/34 | &nbsp;&nbsp; 680 | 688602 |
| 5.38%, 06/15/35 | &nbsp;&nbsp; 155 | 158784 |
| 5.40%, 03/15/53 | &nbsp;&nbsp; 1065 | 1020225 |
| Series M, 3.65%, 04/01/50 | &nbsp;&nbsp; 815 | 597690 |
| Series N, 2.75%, 08/15/51 | &nbsp;&nbsp; 712 | 436353 |
| AES Andes SA |  |  |
| 6.25%, 03/14/32<sup>(b)</sup> | &nbsp;&nbsp; 85 | 87988 |
| 6.30%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 185 | 191469 |
| AES Corp. (The) |  |  |
| 2.45%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1990 | 1782977 |
| 3.95%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1224 | 1181248 |
| 5.45%, 06/01/28 | &nbsp;&nbsp; 1865 | 1908697 |
| 5.80%, 03/15/32 | &nbsp;&nbsp; 1225 | 1260407 |
| Alabama Power Co. |  |  |
| 3.00%, 03/15/52 | &nbsp;&nbsp; 1070 | 685355 |
| 3.05%, 03/15/32 | &nbsp;&nbsp; 1175 | 1076967 |
| 3.13%, 07/15/51 | &nbsp;&nbsp; 1090 | 716049 |
| 3.45%, 10/01/49 | &nbsp;&nbsp; 904 | 639235 |
| 3.75%, 09/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1070 | 1066569 |
| 3.75%, 03/01/45 | &nbsp;&nbsp; 1331 | 1033178 |
| 3.85%, 12/01/42 | &nbsp;&nbsp; 535 | 429270 |
| 3.94%, 09/01/32 | &nbsp;&nbsp; 1037 | 998867 |
| 4.10%, 01/15/42<sup>(a)</sup> | &nbsp;&nbsp; 380 | 318119 |
| 4.15%, 08/15/44 | &nbsp;&nbsp; 681 | 560646 |
| 4.30%, 01/02/46<sup>(a)</sup> | &nbsp;&nbsp; 685 | 571166 |
| 5.10%, 04/02/35 | &nbsp;&nbsp; 815 | 825122 |
| 5.50%, 03/15/41<sup>(a)</sup> | &nbsp;&nbsp; 295 | 294316 |
| 5.70%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 299 | 318261 |
| 5.85%, 11/15/33 | &nbsp;&nbsp; 525 | 560845 |
| 6.00%, 03/01/39 | &nbsp;&nbsp; 896 | 960711 |
| 6.13%, 05/15/38 | &nbsp;&nbsp; 395 | 431627 |
| Series 11-C, 5.20%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp; 396 | 385231 |
| Series 20-A, 1.45%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 990 | 867925 |
| Series A, 4.30%, 07/15/48 | &nbsp;&nbsp; 841 | 697298 |
| Series B, 3.70%, 12/01/47 | &nbsp;&nbsp; 1011 | 763960 |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(b)</sup> | &nbsp;&nbsp; 955 | 1022621 |
| Alfa Desarrollo SpA, 4.55%, 09/27/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1275 | 1003827 |
| Alliant Energy Finance LLC |  |  |
| 3.60%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 739 | 676440 |
| 4.25%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 660 | 654025 |
| 5.40%, 06/06/27<sup>(b)</sup> | &nbsp;&nbsp; 915 | 926032 |
| 5.95%, 03/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 625 | 657433 |
| Ameren Corp. |  |  |
| 1.75%, 03/15/28 | &nbsp;&nbsp; 1050 | 989308 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 1.95%, 03/15/27 | &nbsp;&nbsp; $885 | $855280 |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 1209 | 1155185 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 1500 | 1533246 |
| 5.38%, 03/15/35 | &nbsp;&nbsp; 780 | 792461 |
| 5.70%, 12/01/26 | &nbsp;&nbsp; 980 | 996050 |
| Ameren Illinois Co. |  |  |
| 1.55%, 11/15/30 | &nbsp;&nbsp; 810 | 707656 |
| 2.90%, 06/15/51 | &nbsp;&nbsp; 625 | 388060 |
| 3.25%, 03/15/50 | &nbsp;&nbsp; 520 | 349247 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 932 | 704829 |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 775 | 771918 |
| 3.85%, 09/01/32 | &nbsp;&nbsp; 990 | 942721 |
| 4.15%, 03/15/46 | &nbsp;&nbsp; 790 | 646567 |
| 4.30%, 07/01/44<sup>(a)</sup> | &nbsp;&nbsp; 348 | 290709 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 884 | 745961 |
| 4.80%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp; 490 | 435306 |
| 4.95%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1260 | 1281623 |
| 5.55%, 07/01/54 | &nbsp;&nbsp; 945 | 926610 |
| 5.63%, 03/01/55<sup>(a)</sup> | &nbsp;&nbsp; 740 | 737095 |
| 5.90%, 12/01/52 | &nbsp;&nbsp; 725 | 739998 |
| American Electric Power Co. Inc. |  |  |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 730 | 668526 |
| 3.20%, 11/13/27 | &nbsp;&nbsp; 918 | 899449 |
| 3.25%, 03/01/50 | &nbsp;&nbsp; 658 | 429548 |
| 3.88%, 02/15/62, (5-year CMT + 2.675%)<sup>(d)</sup> | &nbsp;&nbsp; 645 | 625321 |
| 5.20%, 01/15/29 | &nbsp;&nbsp; 1685 | 1737593 |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 1344 | 1407576 |
| 5.75%, 11/01/27 | &nbsp;&nbsp; 1021 | 1052968 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 825 | 879762 |
| 6.95%, 12/15/54, (5-year CMT + <br> 2.675%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 255 | 271105 |
| 7.05%, 12/15/54, (5-year CMT + 2.750%)<sup>(d)</sup> | &nbsp;&nbsp; 335 | 349191 |
| Series J, 4.30%, 12/01/28 | &nbsp;&nbsp; 1047 | 1052373 |
| American Transmission Systems Inc. |  |  |
| 2.65%, 01/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 872 | 774966 |
| 5.00%, 09/01/44<sup>(b)</sup> | &nbsp;&nbsp; 623 | 569354 |
| Appalachian Power Co. |  |  |
| 4.40%, 05/15/44<sup>(a)</sup> | &nbsp;&nbsp; 472 | 389491 |
| 4.45%, 06/01/45 | &nbsp;&nbsp; 513 | 420163 |
| 4.50%, 08/01/32 | &nbsp;&nbsp; 855 | 843873 |
| 5.65%, 04/01/34 | &nbsp;&nbsp; 635 | 657427 |
| 7.00%, 04/01/38 | &nbsp;&nbsp; 783 | 878884 |
| Series AA, 2.70%, 04/01/31 | &nbsp;&nbsp; 850 | 773650 |
| Series L, 5.80%, 10/01/35 | &nbsp;&nbsp; 505 | 519024 |
| Series P, 6.70%, 08/15/37 | &nbsp;&nbsp; 420 | 459790 |
| Series X, 3.30%, 06/01/27 | &nbsp;&nbsp; 875 | 861666 |
| Series Y, 4.50%, 03/01/49 | &nbsp;&nbsp; 802 | 651124 |
| Series Z, 3.70%, 05/01/50 | &nbsp;&nbsp; 825 | 579255 |
| Arizona Public Service Co. |  |  |
| 2.20%, 12/15/31 | &nbsp;&nbsp; 892 | 777903 |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 540 | 529209 |
| 2.60%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 950 | 891675 |
| 2.65%, 09/15/50 | &nbsp;&nbsp; 895 | 529970 |
| 2.95%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 655 | 638743 |
| 3.35%, 05/15/50 | &nbsp;&nbsp; 790 | 538358 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 750 | 514689 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 700 | 526885 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 740 | 582105 |
| 4.25%, 03/01/49 | &nbsp;&nbsp; 686 | 542811 |
| 4.35%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 831128 |
| 4.50%, 04/01/42 | &nbsp;&nbsp; 745 | 641679 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.70%, 01/15/44<sup>(a)</sup> | &nbsp;&nbsp; $140 | $118658 |
| 5.05%, 09/01/41 | &nbsp;&nbsp; 610 | 564275 |
| 5.50%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 475 | 479603 |
| 5.55%, 08/01/33 | &nbsp;&nbsp; 900 | 932844 |
| 5.70%, 08/15/34 | &nbsp;&nbsp; 1145 | 1186250 |
| 5.90%, 08/15/55 | &nbsp;&nbsp; 805 | 801957 |
| 6.35%, 12/15/32 | &nbsp;&nbsp; 825 | 897661 |
| Atlantic City Electric Co. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 600 | 539656 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 927 | 924583 |
| Atlantica Transmision Sur SA, 6.88%, <br> 04/30/43<sup>(b)</sup><br>| &nbsp;&nbsp; 103 | 109668 |
| Ausgrid Finance Pty Ltd., 4.35%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 400 | 400034 |
| Avangrid Inc., 3.80%, 06/01/29 | &nbsp;&nbsp; 1929 | 1896177 |
| Avista Corp. |  |  |
| 4.00%, 04/01/52<sup>(a)</sup> | &nbsp;&nbsp; 695 | 522662 |
| 4.35%, 06/01/48 | &nbsp;&nbsp; 1015 | 825324 |
| Baltimore Gas & Electric Co. |  |  |
| 2.25%, 06/15/31 | &nbsp;&nbsp; 920 | 824327 |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 580 | 364732 |
| 3.20%, 09/15/49 | &nbsp;&nbsp; 654 | 438069 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 891 | 653445 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 494 | 374202 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 940 | 753077 |
| 4.55%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 825 | 695286 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 830 | 855537 |
| 5.40%, 06/01/53 | &nbsp;&nbsp; 1345 | 1271677 |
| 5.45%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 1803256 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 635 | 629822 |
| 6.35%, 10/01/36<sup>(a)</sup> | &nbsp;&nbsp; 522 | 576479 |
| Basin Electric Power Cooperative, 4.75%, <br> 04/26/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 460 | 397352 |
| Berkshire Hathaway Energy Co. |  |  |
| 1.65%, 05/15/31 | &nbsp;&nbsp; 855 | 740039 |
| 2.85%, 05/15/51<sup>(a)</sup> | &nbsp;&nbsp; 2295 | 1401100 |
| 3.25%, 04/15/28 | &nbsp;&nbsp; 1124 | 1103238 |
| 3.70%, 07/15/30 | &nbsp;&nbsp; 1641 | 1607405 |
| 3.80%, 07/15/48 | &nbsp;&nbsp; 1308 | 982248 |
| 4.25%, 10/15/50 | &nbsp;&nbsp; 1338 | 1059085 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 1587 | 1308067 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 1149 | 990070 |
| 4.60%, 05/01/53 | &nbsp;&nbsp; 1620 | 1344852 |
| 5.15%, 11/15/43 | &nbsp;&nbsp; 1173 | 1114780 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 939 | 999082 |
| 6.13%, 04/01/36 | &nbsp;&nbsp; 2701 | 2912020 |
| 8.48%, 09/15/28 | &nbsp;&nbsp; 500 | 561914 |
| Black Hills Corp. |  |  |
| 2.50%, 06/15/30 | &nbsp;&nbsp; 965 | 885147 |
| 3.05%, 10/15/29 | &nbsp;&nbsp; 942 | 890734 |
| 3.15%, 01/15/27 | &nbsp;&nbsp; 792 | 779655 |
| 3.88%, 10/15/49 | &nbsp;&nbsp; 1015 | 736131 |
| 4.20%, 09/15/46 | &nbsp;&nbsp; 440 | 342540 |
| 4.35%, 05/01/33 | &nbsp;&nbsp; 609 | 581095 |
| 5.95%, 03/15/28 | &nbsp;&nbsp; 725 | 753839 |
| 6.00%, 01/15/35 | &nbsp;&nbsp; 900 | 946627 |
| 6.15%, 05/15/34 | &nbsp;&nbsp; 805 | 852956 |
| Brookfield Infrastructure Finance ULC, 6.75%, <br> 03/15/55, (5-year CMT + 2.453%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 95 | 96563 |
| Buffalo Energy Mexico Holdings/Buffalo Energy <br> Infrastructure/Buffalo Energy, 7.88%, <br> 02/15/39<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1119 | 1194788 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Capital Power U.S. Holdings Inc. |  |  |
| 5.26%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; $260 | $264470 |
| 6.19%, 06/01/35<sup>(b)</sup> | &nbsp;&nbsp; 110 | 113750 |
| Celeo Redes Operacion Chile SA, 5.20%, <br> 06/22/47<sup>(b)</sup><br>| &nbsp;&nbsp; 267 | 242225 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; 708 | 546367 |
| 3.60%, 03/01/52<sup>(a)</sup> | &nbsp;&nbsp; 615 | 443275 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 884 | 691416 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 1037 | 898997 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 960 | 982998 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 720 | 728704 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 965 | 969483 |
| 5.15%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 620 | 629854 |
| 5.20%, 10/01/28 | &nbsp;&nbsp; 1200 | 1238039 |
| 5.30%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 715 | 679256 |
| Series AA, 3.00%, 02/01/27 | &nbsp;&nbsp; 500 | 492227 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 1196 | 970043 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 646 | 408854 |
| Series AE, 2.35%, 04/01/31 | &nbsp;&nbsp; 740 | 667553 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 1140 | 776482 |
| Series AG, 3.00%, 03/01/32 | &nbsp;&nbsp; 515 | 469673 |
| Series ai., 4.45%, 10/01/32 | &nbsp;&nbsp; 725 | 716331 |
| Series AJ, 4.85%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 640 | 566154 |
| Series AQ, 4.95%, 08/15/35 | &nbsp;&nbsp; 295 | 292503 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 675 | 763002 |
| Series Z, 2.40%, 09/01/26 | &nbsp;&nbsp; 556 | 546448 |
| CenterPoint Energy Inc. |  |  |
| 2.65%, 06/01/31 | &nbsp;&nbsp; 750 | 679611 |
| 2.95%, 03/01/30 | &nbsp;&nbsp; 847 | 795336 |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 1025 | 1061876 |
| 6.70%, 05/15/55, (5-year CMT + 2.586%)<sup>(d)</sup> | &nbsp;&nbsp; 940 | 962633 |
| Series A, 7.00%, 02/15/55, (5-year CMT + <br> 3.254%)<sup>(d)</sup><br>| &nbsp;&nbsp; 240 | 252186 |
| Series B, 6.85%, 02/15/55, (5-year CMT + <br> 2.946%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 265 | 277761 |
| CEZ A/S, 5.63%, 04/03/42<sup>(b)</sup> | &nbsp;&nbsp; 70 | 62698 |
| China Southern Power Grid International <br> Finance BVI Co. Ltd., 3.50%, 05/08/27<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 198488 |
| Cleco Corporate Holdings LLC |  |  |
| 3.38%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 494 | 461374 |
| 4.97%, 05/01/46 | &nbsp;&nbsp; 562 | 481170 |
| Cleco Power LLC |  |  |
| 6.00%, 12/01/40 | &nbsp;&nbsp; 415 | 426477 |
| 6.50%, 12/01/35<sup>(a)</sup> | &nbsp;&nbsp; 397 | 434438 |
| Cleveland Electric Illuminating Co. (The) |  |  |
| 3.50%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 665 | 651792 |
| 4.55%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 655 | 648934 |
| 5.95%, 12/15/36 | &nbsp;&nbsp; 582 | 606584 |
| CMS Energy Corp. |  |  |
| 2.95%, 02/15/27 | &nbsp;&nbsp; 502 | 491902 |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 1140 | 1124606 |
| 3.75%, 12/01/50, (5-year CMT + 2.900%)<sup>(d)</sup> | &nbsp;&nbsp; 601 | 546263 |
| 4.70%, 03/31/43 | &nbsp;&nbsp; 547 | 471440 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(d)</sup> | &nbsp;&nbsp; 844 | 816225 |
| 4.88%, 03/01/44<sup>(a)</sup> | &nbsp;&nbsp; 598 | 528080 |
| 6.50%, 06/01/55, (5-year CMT + 1.961%)<sup>(d)</sup> | &nbsp;&nbsp; 1255 | 1280154 |
| Colbun SA |  |  |
| 3.15%, 03/06/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 610 | 573158 |
| 3.15%, 01/19/32<sup>(b)</sup> | &nbsp;&nbsp; 400 | 361355 |
| 3.95%, 10/11/27<sup>(b)</sup> | &nbsp;&nbsp; 642 | 636993 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Cometa Energia SA de CV, 6.38%, <br> 04/24/35<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $603 | $625694 |
| Comision Federal de Electricidad |  |  |
| 3.35%, 02/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1725 | 1539838 |
| 3.88%, 07/26/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1611 | 1394448 |
| 4.68%, 02/09/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1462 | 1047130 |
| 4.69%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1607 | 1575252 |
| 4.75%, 02/23/27<sup>(b)</sup> | &nbsp;&nbsp; 660 | 659763 |
| 5.70%, 01/24/30<sup>(b)</sup> | &nbsp;&nbsp; 535 | 538547 |
| 5.75%, 02/14/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 1307 | 1182291 |
| 6.13%, 06/16/45<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18070 |
| 6.26%, 02/15/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 1155 | 1038775 |
| 6.45%, 01/24/35<sup>(b)</sup> | &nbsp;&nbsp; 1475 | 1485110 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | &nbsp;&nbsp; 802 | 736869 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 926 | 595859 |
| 3.15%, 03/15/32 | &nbsp;&nbsp; 395 | 362704 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 1119 | 846897 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 1009 | 1001570 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 647 | 501037 |
| 3.80%, 10/01/42 | &nbsp;&nbsp; 464 | 369014 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 1425 | 1124208 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 700 | 541965 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 695 | 583130 |
| 4.60%, 08/15/43 | &nbsp;&nbsp; 502 | 444423 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 625 | 556120 |
| 4.90%, 02/01/33 | &nbsp;&nbsp; 315 | 319325 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 395 | 408427 |
| 5.30%, 02/01/53 | &nbsp;&nbsp; 990 | 926915 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 525 | 517065 |
| 5.95%, 06/01/55 | &nbsp;&nbsp; 975 | 1001936 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 734 | 814647 |
| Series 122, 2.95%, 08/15/27 | &nbsp;&nbsp; 905 | 888056 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 981 | 740214 |
| Series 127, 3.20%, 11/15/49 | &nbsp;&nbsp; 666 | 446554 |
| Series 130, 3.13%, 03/15/51 | &nbsp;&nbsp; 1180 | 766106 |
| Series 131, 2.75%, 09/01/51 | &nbsp;&nbsp; 760 | 455042 |
| Series 133, 3.85%, 03/15/52 | &nbsp;&nbsp; 775 | 575916 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 1260 | 992696 |
| 4.30%, 04/15/44 | &nbsp;&nbsp; 765 | 650875 |
| 4.65%, 01/01/29<sup>(a)</sup> | &nbsp;&nbsp; 765 | 777866 |
| 4.90%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 570 | 573767 |
| 4.95%, 01/15/30 | &nbsp;&nbsp; 820 | 841376 |
| 4.95%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 615 | 618027 |
| 5.25%, 01/15/53 | &nbsp;&nbsp; 735 | 686470 |
| Series A, 2.05%, 07/01/31 | &nbsp;&nbsp; 486 | 428133 |
| Series A, 3.20%, 03/15/27 | &nbsp;&nbsp; 817 | 806897 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 700 | 574575 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 2.40%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1402 | 1270575 |
| 3.20%, 12/01/51 | &nbsp;&nbsp; 1205 | 791922 |
| 3.60%, 06/15/61<sup>(a)</sup> | &nbsp;&nbsp; 1020 | 687178 |
| 3.70%, 11/15/59 | &nbsp;&nbsp; 1225 | 847330 |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 780 | 776416 |
| 3.85%, 06/15/46 | &nbsp;&nbsp; 1019 | 792443 |
| 3.95%, 03/01/43 | &nbsp;&nbsp; 1225 | 990261 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 1504 | 1295769 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 1375 | 1176437 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 1124 | 906570 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 1250 | 1046676 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.13%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; $50 | $51154 |
| 5.20%, 03/01/33 | &nbsp;&nbsp; 815 | 841920 |
| 5.38%, 05/15/34 | &nbsp;&nbsp; 1140 | 1180766 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 1115 | 1163681 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 900 | 864322 |
| 5.70%, 06/15/40 | &nbsp;&nbsp; 830 | 851115 |
| 5.70%, 05/15/54 | &nbsp;&nbsp; 1675 | 1656052 |
| 5.90%, 11/15/53 | &nbsp;&nbsp; 1505 | 1535524 |
| 6.15%, 11/15/52 | &nbsp;&nbsp; 915 | 956750 |
| Series 05-A, 5.30%, 03/01/35 | &nbsp;&nbsp; 534 | 546779 |
| Series 06-A, 5.85%, 03/15/36 | &nbsp;&nbsp; 775 | 822813 |
| Series 06-B, 6.20%, 06/15/36 | &nbsp;&nbsp; 700 | 759372 |
| Series 06-E, 5.70%, 12/01/36 | &nbsp;&nbsp; 395 | 413376 |
| Series 07-A, 6.30%, 08/15/37 | &nbsp;&nbsp; 788 | 863476 |
| Series 08-B, 6.75%, 04/01/38 | &nbsp;&nbsp; 1009 | 1146723 |
| Series 09-C, 5.50%, 12/01/39 | &nbsp;&nbsp; 788 | 796158 |
| Series 12-A, 4.20%, 03/15/42 | &nbsp;&nbsp; 749 | 635104 |
| Series 2017, 3.88%, 06/15/47 | &nbsp;&nbsp; 969 | 740351 |
| Series 20A, 3.35%, 04/01/30 | &nbsp;&nbsp; 1231 | 1193177 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 1535 | 1186587 |
| Series A, 4.13%, 05/15/49 | &nbsp;&nbsp; 1150 | 901369 |
| Series B, 2.90%, 12/01/26 | &nbsp;&nbsp; 625 | 614268 |
| Series B, 3.13%, 11/15/27 | &nbsp;&nbsp; 842 | 826547 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 830 | 488734 |
| Series C, 4.00%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 535 | 395177 |
| Series C, 4.30%, 12/01/56 | &nbsp;&nbsp; 731 | 572228 |
| Series D, 4.00%, 12/01/28 | &nbsp;&nbsp; 895 | 896101 |
| Series E, 4.65%, 12/01/48 | &nbsp;&nbsp; 963 | 828510 |
| Consorcio Transmantaro SA |  |  |
| 4.70%, 04/16/34<sup>(b)</sup> | &nbsp;&nbsp; 1250 | 1225603 |
| 5.20%, 04/11/38<sup>(b)</sup> | &nbsp;&nbsp; 645 | 629040 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 03/01/28 | &nbsp;&nbsp; 1425 | 1477138 |
| 5.60%, 06/15/42 | &nbsp;&nbsp; 1285 | 1261348 |
| 5.75%, 10/01/41 | &nbsp;&nbsp; 826 | 832278 |
| 5.75%, 03/15/54 | &nbsp;&nbsp; 1505 | 1471574 |
| 5.80%, 03/01/33 | &nbsp;&nbsp; 945 | 1005051 |
| 6.13%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 980 | 1062987 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 1510 | 1619621 |
| 6.50%, 10/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1380 | 1487282 |
| Consumers Energy Co. |  |  |
| 3.10%, 08/15/50 | &nbsp;&nbsp; 1160 | 771433 |
| 3.25%, 08/15/46 | &nbsp;&nbsp; 985 | 707801 |
| 3.50%, 08/01/51 | &nbsp;&nbsp; 1145 | 831305 |
| 3.60%, 08/15/32 | &nbsp;&nbsp; 565 | 531307 |
| 3.75%, 02/15/50 | &nbsp;&nbsp; 528 | 392415 |
| 3.80%, 11/15/28 | &nbsp;&nbsp; 696 | 691006 |
| 3.95%, 05/15/43<sup>(a)</sup> | &nbsp;&nbsp; 625 | 510984 |
| 3.95%, 07/15/47 | &nbsp;&nbsp; 655 | 514763 |
| 4.05%, 05/15/48 | &nbsp;&nbsp; 1120 | 900322 |
| 4.10%, 11/15/45 | &nbsp;&nbsp; 225 | 182983 |
| 4.20%, 09/01/52 | &nbsp;&nbsp; 850 | 683009 |
| 4.35%, 04/15/49 | &nbsp;&nbsp; 971 | 806072 |
| 4.35%, 08/31/64 | &nbsp;&nbsp; 490 | 370088 |
| 4.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 875 | 883184 |
| 4.60%, 05/30/29 | &nbsp;&nbsp; 765 | 778126 |
| 4.63%, 05/15/33 | &nbsp;&nbsp; 1215 | 1206152 |
| 4.65%, 03/01/28 | &nbsp;&nbsp; 865 | 877010 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 1250 | 1276113 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 1045 | 1072040 |
| 5.05%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 725 | 730713 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Dayton Power & Light Co. (The) |  |  |
| 3.95%, 06/15/49 | &nbsp;&nbsp; $705 | $514194 |
| 4.55%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 890 | 892417 |
| Delmarva Power & Light Co. |  |  |
| 4.00%, 06/01/42<sup>(a)</sup> | &nbsp;&nbsp; 345 | 283294 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 531 | 434302 |
| Dominion Energy Inc. |  |  |
| 4.25%, 06/01/28 | &nbsp;&nbsp; 988 | 990198 |
| 4.35%, 08/15/32 | &nbsp;&nbsp; 770 | 747369 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 910 | 920071 |
| 4.70%, 12/01/44 | &nbsp;&nbsp; 740 | 635337 |
| 4.85%, 08/15/52 | &nbsp;&nbsp; 1210 | 1019503 |
| 5.00%, 06/15/30 | &nbsp;&nbsp; 1250 | 1284134 |
| 5.38%, 11/15/32 | &nbsp;&nbsp; 1330 | 1372430 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 1255 | 1271432 |
| 6.20%, 02/15/56, (5-year CMT + 2.006%)<sup>(d)</sup> | &nbsp;&nbsp; 40 | 39867 |
| 6.63%, 05/15/55, (5-year CMT + 2.207%)<sup>(d)</sup> | &nbsp;&nbsp; 2050 | 2100045 |
| 7.00%, 06/15/38 | &nbsp;&nbsp; 746 | 849188 |
| Series A, 4.60%, 03/15/49 | &nbsp;&nbsp; 664 | 545774 |
| Series A, 6.88%, 02/01/55, (5-year CMT + <br> 2.386%)<sup>(d)</sup><br>| &nbsp;&nbsp; 80 | 83623 |
| Series B, 3.30%, 04/15/41 | &nbsp;&nbsp; 775 | 579157 |
| Series B, 3.60%, 03/15/27 | &nbsp;&nbsp; 605 | 599750 |
| Series B, 5.95%, 06/15/35 | &nbsp;&nbsp; 1210 | 1273535 |
| Series B, 7.00%, 06/01/54, (5-year CMT + <br> 2.511%)<sup>(d)</sup><br>| &nbsp;&nbsp; 125 | 133780 |
| Series C, 2.25%, 08/15/31 | &nbsp;&nbsp; 1640 | 1445098 |
| Series C, 3.38%, 04/01/30 | &nbsp;&nbsp; 2136 | 2049601 |
| Series C, 4.05%, 09/15/42 | &nbsp;&nbsp; 844 | 675388 |
| Series C, 4.90%, 08/01/41 | &nbsp;&nbsp; 866 | 779646 |
| Series E, 6.30%, 03/15/33 | &nbsp;&nbsp; 855 | 916025 |
| Series F, 5.25%, 08/01/33 | &nbsp;&nbsp; 864 | 874927 |
| Dominion Energy South Carolina Inc. |  |  |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 667 | 588396 |
| 5.10%, 06/01/65 | &nbsp;&nbsp; 785 | 692591 |
| 5.30%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 540 | 558405 |
| 5.45%, 02/01/41 | &nbsp;&nbsp; 545 | 540115 |
| 6.05%, 01/15/38 | &nbsp;&nbsp; 881 | 939007 |
| 6.25%, 10/15/53 | &nbsp;&nbsp; 1070 | 1149393 |
| 6.63%, 02/01/32 | &nbsp;&nbsp; 532 | 592652 |
| Series 2025, 5.30%, 01/15/35 | &nbsp;&nbsp; 735 | 753358 |
| Series A, 2.30%, 12/01/31 | &nbsp;&nbsp; 715 | 632475 |
| DTE Electric Co. |  |  |
| 2.25%, 03/01/30 | &nbsp;&nbsp; 599 | 552695 |
| 2.95%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 920 | 596971 |
| 3.70%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; 828 | 640079 |
| 3.70%, 06/01/46 | &nbsp;&nbsp; 694 | 526681 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 807 | 614029 |
| 3.95%, 06/15/42 | &nbsp;&nbsp; 504 | 411374 |
| 3.95%, 03/01/49 | &nbsp;&nbsp; 1614 | 1262539 |
| 4.25%, 05/14/27 | &nbsp;&nbsp; 55 | 55220 |
| 4.30%, 07/01/44 | &nbsp;&nbsp; 600 | 503690 |
| 4.85%, 12/01/26 | &nbsp;&nbsp; 905 | 915462 |
| 5.20%, 04/01/33 | &nbsp;&nbsp; 1100 | 1139273 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 800 | 823063 |
| 5.25%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 750 | 765529 |
| 5.40%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 930 | 899129 |
| 5.70%, 10/01/37 | &nbsp;&nbsp; 326 | 343279 |
| 5.85%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 265 | 270914 |
| Series A, 1.90%, 04/01/28 | &nbsp;&nbsp; 1170 | 1110143 |
| Series A, 3.00%, 03/01/32 | &nbsp;&nbsp; 790 | 727060 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series A, 4.00%, 04/01/43<sup>(a)</sup> | &nbsp;&nbsp; $823 | $676625 |
| Series A, 4.05%, 05/15/48 | &nbsp;&nbsp; 855 | 689388 |
| Series A, 6.63%, 06/01/36 | &nbsp;&nbsp; 160 | 179801 |
| Series B, 3.25%, 04/01/51 | &nbsp;&nbsp; 792 | 540846 |
| Series B, 3.65%, 03/01/52 | &nbsp;&nbsp; 697 | 505096 |
| Series C, 2.63%, 03/01/31 | &nbsp;&nbsp; 893 | 819243 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | &nbsp;&nbsp; 1000 | 985533 |
| 2.95%, 03/01/30 | &nbsp;&nbsp; 624 | 587831 |
| 4.88%, 06/01/28 | &nbsp;&nbsp; 1270 | 1291724 |
| 4.95%, 07/01/27 | &nbsp;&nbsp; 1205 | 1221059 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 2185 | 2240393 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 2265 | 2334668 |
| 5.85%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1460 | 1533180 |
| Series C, 3.40%, 06/15/29 | &nbsp;&nbsp; 978 | 945875 |
| Duke Energy Carolinas LLC |  |  |
| 2.45%, 08/15/29 | &nbsp;&nbsp; 861 | 809494 |
| 2.45%, 02/01/30 | &nbsp;&nbsp; 1028 | 960438 |
| 2.55%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 642 | 586421 |
| 2.85%, 03/15/32 | &nbsp;&nbsp; 715 | 647335 |
| 2.95%, 12/01/26 | &nbsp;&nbsp; 1206 | 1191484 |
| 3.20%, 08/15/49 | &nbsp;&nbsp; 1269 | 854721 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 810 | 566001 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 1347 | 956687 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 952 | 713730 |
| 3.75%, 06/01/45 | &nbsp;&nbsp; 884 | 683687 |
| 3.88%, 03/15/46 | &nbsp;&nbsp; 908 | 704692 |
| 3.95%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1112 | 1111343 |
| 3.95%, 03/15/48 | &nbsp;&nbsp; 1107 | 863004 |
| 4.00%, 09/30/42 | &nbsp;&nbsp; 1072 | 886316 |
| 4.25%, 12/15/41 | &nbsp;&nbsp; 1050 | 905738 |
| 4.85%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 884 | 910104 |
| 4.85%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 785 | 788495 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 2015 | 2060114 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 830 | 853793 |
| 5.30%, 02/15/40 | &nbsp;&nbsp; 1247 | 1249181 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; 1625 | 1540957 |
| 5.40%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1541 | 1485359 |
| 6.00%, 01/15/38 | &nbsp;&nbsp; 787 | 843695 |
| 6.05%, 04/15/38 | &nbsp;&nbsp; 972 | 1043587 |
| 6.10%, 06/01/37 | &nbsp;&nbsp; 816 | 873618 |
| 6.45%, 10/15/32 | &nbsp;&nbsp; 725 | 799801 |
| Series A, 6.00%, 12/01/28 | &nbsp;&nbsp; 912 | 960814 |
| Duke Energy Corp. |  |  |
| 2.45%, 06/01/30 | &nbsp;&nbsp; 1353 | 1243806 |
| 2.55%, 06/15/31 | &nbsp;&nbsp; 1674 | 1506644 |
| 2.65%, 09/01/26 | &nbsp;&nbsp; 1747 | 1720622 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 1242 | 1220027 |
| 3.25%, 01/15/82, (5-year CMT + 2.321%)<sup>(d)</sup> | &nbsp;&nbsp; 834 | 804449 |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 1149 | 865754 |
| 3.40%, 06/15/29 | &nbsp;&nbsp; 1065 | 1033579 |
| 3.50%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1133 | 768948 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 2320 | 1729202 |
| 3.95%, 08/15/47 | &nbsp;&nbsp; 811 | 613109 |
| 4.20%, 06/15/49 | &nbsp;&nbsp; 1000 | 772882 |
| 4.30%, 03/15/28 | &nbsp;&nbsp; 1670 | 1678485 |
| 4.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1815 | 1790799 |
| 4.80%, 12/15/45 | &nbsp;&nbsp; 967 | 833488 |
| 4.85%, 01/05/27 | &nbsp;&nbsp; 660 | 665815 |
| 4.85%, 01/05/29 | &nbsp;&nbsp; 840 | 855832 |
| 5.00%, 12/08/27 | &nbsp;&nbsp; 1060 | 1079749 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.00%, 08/15/52 | &nbsp;&nbsp; $1865 | $1626693 |
| 5.45%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1270 | 1311061 |
| 5.75%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1070 | 1128761 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; 1075 | 1047724 |
| 6.10%, 09/15/53 | &nbsp;&nbsp; 1235 | 1254574 |
| 6.45%, 09/01/54, (5-year CMT + 2.588%)<sup>(d)</sup> | &nbsp;&nbsp; 870 | 900774 |
| Duke Energy Florida LLC |  |  |
| 1.75%, 06/15/30 | &nbsp;&nbsp; 1025 | 915681 |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 1097 | 981921 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 1196 | 1122969 |
| 3.00%, 12/15/51 | &nbsp;&nbsp; 875 | 552124 |
| 3.20%, 01/15/27 | &nbsp;&nbsp; 1197 | 1184605 |
| 3.40%, 10/01/46 | &nbsp;&nbsp; 919 | 660171 |
| 3.80%, 07/15/28 | &nbsp;&nbsp; 1413 | 1407797 |
| 3.85%, 11/15/42 | &nbsp;&nbsp; 682 | 545393 |
| 4.20%, 07/15/48 | &nbsp;&nbsp; 702 | 562775 |
| 5.65%, 04/01/40 | &nbsp;&nbsp; 680 | 704126 |
| 5.88%, 11/15/33 | &nbsp;&nbsp; 1030 | 1101313 |
| 5.95%, 11/15/52 | &nbsp;&nbsp; 809 | 829408 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 985 | 1044246 |
| 6.35%, 09/15/37 | &nbsp;&nbsp; 724 | 792252 |
| 6.40%, 06/15/38 | &nbsp;&nbsp; 1663 | 1841886 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 955 | 585439 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 769 | 588798 |
| 5.25%, 03/01/34 | &nbsp;&nbsp; 450 | 462875 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 985 | 937007 |
| 5.90%, 05/15/55 | &nbsp;&nbsp; 470 | 478429 |
| 6.12%, 10/15/35 | &nbsp;&nbsp; 544 | 588576 |
| 6.35%, 08/15/38 | &nbsp;&nbsp; 877 | 964874 |
| 6.45%, 04/01/39 | &nbsp;&nbsp; 669 | 739919 |
| Series UUU, 4.20%, 03/15/42 | &nbsp;&nbsp; 355 | 296114 |
| Series WWW, 4.90%, 07/15/43 | &nbsp;&nbsp; 560 | 507404 |
| Series YYY, 3.25%, 10/01/49 | &nbsp;&nbsp; 752 | 510050 |
| Duke Energy Ohio Inc. |  |  |
| 2.13%, 06/01/30 | &nbsp;&nbsp; 864 | 784796 |
| 3.65%, 02/01/29 | &nbsp;&nbsp; 599 | 589438 |
| 3.70%, 06/15/46 | &nbsp;&nbsp; 590 | 442717 |
| 4.30%, 02/01/49 | &nbsp;&nbsp; 1119 | 901538 |
| 5.25%, 04/01/33 | &nbsp;&nbsp; 700 | 721180 |
| 5.30%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 580 | 592527 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 660 | 640816 |
| 5.65%, 04/01/53 | &nbsp;&nbsp; 595 | 582760 |
| Duke Energy Progress LLC |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 1270 | 1116381 |
| 2.50%, 08/15/50 | &nbsp;&nbsp; 1027 | 596627 |
| 2.90%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 732 | 452822 |
| 3.40%, 04/01/32 | &nbsp;&nbsp; 845 | 794346 |
| 3.45%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1209 | 1184092 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 801 | 586428 |
| 3.70%, 09/01/28 | &nbsp;&nbsp; 871 | 863561 |
| 3.70%, 10/15/46 | &nbsp;&nbsp; 691 | 520040 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 795 | 607374 |
| 4.10%, 05/15/42 | &nbsp;&nbsp; 764 | 641155 |
| 4.10%, 03/15/43 | &nbsp;&nbsp; 809 | 669102 |
| 4.15%, 12/01/44 | &nbsp;&nbsp; 807 | 665373 |
| 4.20%, 08/15/45 | &nbsp;&nbsp; 1089 | 900116 |
| 4.35%, 03/06/27 | &nbsp;&nbsp; 210 | 211313 |
| 4.38%, 03/30/44 | &nbsp;&nbsp; 708 | 598170 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; 1159 | 1169761 |
| 5.10%, 03/15/34 | &nbsp;&nbsp; 890 | 908083 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.25%, 03/15/33 | &nbsp;&nbsp; $870 | $898998 |
| 5.35%, 03/15/53 | &nbsp;&nbsp; 1035 | 975079 |
| 5.55%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 880 | 856226 |
| 6.30%, 04/01/38 | &nbsp;&nbsp; 610 | 666169 |
| Duquesne Light Holdings Inc. |  |  |
| 2.53%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 777 | 693771 |
| 2.78%, 01/07/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 710 | 624428 |
| 3.62%, 08/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 679 | 665822 |
| E.ON International Finance BV, 6.65%, <br> 04/30/38<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1580 | 1749059 |
| Edison International |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 1110 | 1091999 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 1130 | 1140989 |
| 5.25%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 465 | 457367 |
| 5.45%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 965 | 975640 |
| 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1141 | 1161598 |
| 6.25%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 910 | 946599 |
| 6.95%, 11/15/29 | &nbsp;&nbsp; 940 | 997440 |
| EDP Finance BV, 1.71%, 01/24/28<sup>(b)</sup> | &nbsp;&nbsp; 1737 | 1640370 |
| El Paso Electric Co. |  |  |
| 5.00%, 12/01/44<sup>(a)</sup> | &nbsp;&nbsp; 494 | 425475 |
| 6.00%, 05/15/35 | &nbsp;&nbsp; 719 | 744690 |
| Electricite de France SA |  |  |
| 4.50%, 09/21/28<sup>(b)</sup> | &nbsp;&nbsp; 2453 | 2471077 |
| 4.75%, 10/13/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 457 | 449547 |
| 4.88%, 09/21/38<sup>(b)</sup> | &nbsp;&nbsp; 720 | 672249 |
| 4.88%, 01/22/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 1826 | 1592722 |
| 4.95%, 10/13/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 1474 | 1297606 |
| 5.00%, 09/21/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 2019 | 1763883 |
| 5.25%, 10/13/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 560 | 481771 |
| 5.60%, 01/27/40<sup>(b)</sup> | &nbsp;&nbsp; 983 | 980792 |
| 5.65%, 04/22/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1200 | 1249623 |
| 5.70%, 05/23/28<sup>(b)</sup> | &nbsp;&nbsp; 780 | 807025 |
| 5.75%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 900 | 925728 |
| 5.95%, 04/22/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1200 | 1263313 |
| 6.00%, 04/22/64<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 1894289 |
| 6.00%, 01/22/2114<sup>(b)</sup> | &nbsp;&nbsp; 752 | 714029 |
| 6.25%, 05/23/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1145 | 1241785 |
| 6.38%, 01/13/55<sup>(b)</sup> | &nbsp;&nbsp; 1100 | 1103008 |
| 6.90%, 05/23/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 1580 | 1690813 |
| 6.95%, 01/26/39<sup>(b)</sup> | &nbsp;&nbsp; 2904 | 3227943 |
| Elm Road Generating Station Supercritical LLC, <br> 6.09%, 02/11/40<sup>(b)</sup><br>| &nbsp;&nbsp; 295 | 313286 |
| Emera U.S. Finance LP |  |  |
| 2.64%, 06/15/31 | &nbsp;&nbsp; 745 | 663016 |
| 4.75%, 06/15/46 | &nbsp;&nbsp; 2461 | 2050794 |
| Emirates Semb Corp. Water & Power Co. <br> PJSC, 4.45%, 08/01/35<sup>(b)</sup><br>| &nbsp;&nbsp; 506 | 482208 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 944 | 938216 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 1676 | 1696870 |
| Enel Finance America LLC, 2.88%, <br> 07/12/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1540 | 1077633 |
| Enel Finance International NV |  |  |
| 2.13%, 07/12/28<sup>(b)</sup> | &nbsp;&nbsp; 2100 | 1977058 |
| 2.50%, 07/12/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1911 | 1702925 |
| 3.50%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 2285 | 2241301 |
| 3.63%, 05/25/27<sup>(b)</sup> | &nbsp;&nbsp; 1565 | 1548817 |
| 4.63%, 06/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1515 | 1525676 |
| 4.75%, 05/25/47<sup>(b)</sup> | &nbsp;&nbsp; 2590 | 2204700 |
| 4.88%, 06/14/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1320 | 1366288 |
| 5.00%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1750 | 1769605 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.13%, 06/26/29<sup>(b)</sup> | &nbsp;&nbsp; $1975 | $2024322 |
| 5.50%, 06/26/34<sup>(b)</sup> | &nbsp;&nbsp; 1510 | 1549112 |
| 5.50%, 06/15/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 1788 | 1656797 |
| 6.00%, 10/07/39<sup>(b)</sup> | &nbsp;&nbsp; 2322 | 2400989 |
| 6.80%, 09/15/37<sup>(b)</sup> | &nbsp;&nbsp; 1640 | 1825610 |
| 7.50%, 10/14/32<sup>(b)</sup> | &nbsp;&nbsp; 1265 | 1451228 |
| 7.75%, 10/14/52<sup>(b)</sup> | &nbsp;&nbsp; 1495 | 1798542 |
| Engie Energia Chile SA |  |  |
| 3.40%, 01/28/30<sup>(b)</sup> | &nbsp;&nbsp; 430 | 402648 |
| 6.38%, 04/17/34<sup>(b)</sup> | &nbsp;&nbsp; 380 | 399348 |
| Engie SA |  |  |
| 5.25%, 04/10/29<sup>(b)</sup> | &nbsp;&nbsp; 1065 | 1094945 |
| 5.63%, 04/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1050 | 1088182 |
| 5.88%, 04/10/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 760 | 763526 |
| Entergy Arkansas LLC |  |  |
| 2.65%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1190 | 698636 |
| 3.35%, 06/15/52 | &nbsp;&nbsp; 742 | 504071 |
| 4.00%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 635 | 634901 |
| 4.20%, 04/01/49 | &nbsp;&nbsp; 890 | 703654 |
| 4.95%, 12/15/44 | &nbsp;&nbsp; 401 | 362181 |
| 5.15%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 710 | 730747 |
| 5.30%, 09/15/33 | &nbsp;&nbsp; 540 | 557984 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 1185 | 1229007 |
| 5.75%, 06/01/54 | &nbsp;&nbsp; 600 | 597338 |
| Entergy Corp. |  |  |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 1365 | 1284947 |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 1014 | 904593 |
| 2.80%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 991 | 922873 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 1261 | 1243320 |
| 3.75%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1133 | 806678 |
| 7.13%, 12/01/54, (5-year CMT + 2.670%)<sup>(d)</sup> | &nbsp;&nbsp; 1315 | 1369511 |
| Entergy Louisiana LLC |  |  |
| 1.60%, 12/15/30 | &nbsp;&nbsp; 621 | 543408 |
| 2.35%, 06/15/32 | &nbsp;&nbsp; 834 | 726375 |
| 2.40%, 10/01/26 | &nbsp;&nbsp; 714 | 700751 |
| 2.90%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1093 | 677533 |
| 3.05%, 06/01/31 | &nbsp;&nbsp; 463 | 433085 |
| 3.10%, 06/15/41<sup>(a)</sup> | &nbsp;&nbsp; 605 | 448972 |
| 3.12%, 09/01/27 | &nbsp;&nbsp; 1001 | 983647 |
| 3.25%, 04/01/28 | &nbsp;&nbsp; 924 | 908126 |
| 4.00%, 03/15/33 | &nbsp;&nbsp; 1224 | 1160848 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 1466 | 1176453 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 870 | 688013 |
| 4.75%, 09/15/52 | &nbsp;&nbsp; 890 | 764330 |
| 4.95%, 01/15/45 | &nbsp;&nbsp; 884 | 788184 |
| 5.15%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1060 | 1072949 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 865 | 890344 |
| 5.70%, 03/15/54 | &nbsp;&nbsp; 995 | 971761 |
| 5.80%, 03/15/55 | &nbsp;&nbsp; 1170 | 1164199 |
| Entergy Mississippi LLC |  |  |
| 2.85%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 695 | 675096 |
| 3.50%, 06/01/51 | &nbsp;&nbsp; 525 | 358293 |
| 3.85%, 06/01/49 | &nbsp;&nbsp; 782 | 585444 |
| 5.00%, 09/01/33 | &nbsp;&nbsp; 595 | 601423 |
| 5.80%, 04/15/55 | &nbsp;&nbsp; 550 | 547548 |
| 5.85%, 06/01/54 | &nbsp;&nbsp; 660 | 654488 |
| Entergy Texas Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 1073 | 936123 |
| 3.55%, 09/30/49 | &nbsp;&nbsp; 747 | 527518 |
| 4.00%, 03/30/29 | &nbsp;&nbsp; 730 | 726626 |
| 4.50%, 03/30/39 | &nbsp;&nbsp; 646 | 590487 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.00%, 09/15/52 | &nbsp;&nbsp; $540 | $477104 |
| 5.15%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 298 | 275880 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 810 | 824156 |
| 5.55%, 09/15/54 | &nbsp;&nbsp; 775 | 738306 |
| 5.80%, 09/01/53 | &nbsp;&nbsp; 540 | 532134 |
| Evergy Inc. |  |  |
| 2.90%, 09/15/29 | &nbsp;&nbsp; 909 | 861188 |
| 6.65%, 06/01/55, (5-year CMT + 2.558%)<sup>(d)</sup> | &nbsp;&nbsp; 240 | 243508 |
| Evergy Kansas Central Inc. |  |  |
| 3.10%, 04/01/27 | &nbsp;&nbsp; 630 | 621513 |
| 3.25%, 09/01/49 | &nbsp;&nbsp; 930 | 612412 |
| 3.45%, 04/15/50 | &nbsp;&nbsp; 775 | 536541 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 897 | 734704 |
| 4.13%, 03/01/42 | &nbsp;&nbsp; 965 | 803683 |
| 4.25%, 12/01/45 | &nbsp;&nbsp; 551 | 453229 |
| 4.63%, 09/01/43 | &nbsp;&nbsp; 376 | 321964 |
| 4.70%, 03/13/28 | &nbsp;&nbsp; 470 | 475872 |
| 5.25%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 500 | 506525 |
| 5.70%, 03/15/53 | &nbsp;&nbsp; 630 | 619685 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 730 | 776613 |
| Evergy Kansas South Inc., 4.30%, <br> 07/15/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 105 | 86215 |
| Evergy Metro Inc. |  |  |
| 4.20%, 06/15/47 | &nbsp;&nbsp; 525 | 423364 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 562 | 446917 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 570 | 575877 |
| 5.13%, 08/15/35 | &nbsp;&nbsp; 450 | 449732 |
| 5.30%, 10/01/41 | &nbsp;&nbsp; 664 | 641706 |
| 5.40%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 555 | 572626 |
| Series 2019, 4.13%, 04/01/49 | &nbsp;&nbsp; 572 | 447245 |
| Series 2020, 2.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1224 | 1120713 |
| Series B, 6.05%, 11/15/35 | &nbsp;&nbsp; 494 | 532763 |
| Evergy Missouri West Inc. |  |  |
| 3.75%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 342 | 315198 |
| 5.15%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 770 | 784027 |
| 5.65%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 650 | 665058 |
| Eversource Energy |  |  |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 300 | 270409 |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 992 | 974094 |
| 3.38%, 03/01/32 | &nbsp;&nbsp; 1145 | 1049900 |
| 3.45%, 01/15/50 | &nbsp;&nbsp; 1020 | 708701 |
| 4.60%, 07/01/27 | &nbsp;&nbsp; 990 | 996367 |
| 5.00%, 01/01/27 | &nbsp;&nbsp; 580 | 585483 |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 920 | 922887 |
| 5.45%, 03/01/28 | &nbsp;&nbsp; 2290 | 2355227 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 1100 | 1124410 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 1315 | 1391860 |
| 5.95%, 02/01/29 | &nbsp;&nbsp; 1440 | 1510606 |
| 5.95%, 07/15/34 | &nbsp;&nbsp; 1215 | 1274489 |
| Series M, 3.30%, 01/15/28 | &nbsp;&nbsp; 905 | 886466 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; 959 | 955834 |
| Series R, 1.65%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 967 | 848232 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | &nbsp;&nbsp; 1040 | 1018779 |
| 3.35%, 03/15/32 | &nbsp;&nbsp; 1003 | 931194 |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 2442 | 2415477 |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 1240 | 941342 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 1087 | 904070 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 1083 | 902691 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 887 | 864613 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 1542 | 1408829 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.13%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; $940 | $970457 |
| 5.15%, 03/15/28 | &nbsp;&nbsp; 1662 | 1700146 |
| 5.15%, 03/15/29 | &nbsp;&nbsp; 940 | 967245 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 1290 | 1331541 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 1840 | 1896438 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 1825 | 1728878 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 895 | 925652 |
| 5.88%, 03/15/55 | &nbsp;&nbsp; 730 | 721825 |
| 6.50%, 03/15/55, (5-year CMT + 1.975%)<sup>(d)</sup> | &nbsp;&nbsp; 540 | 557773 |
| 7.60%, 04/01/32 | &nbsp;&nbsp; 460 | 532310 |
| Fells Point Funding Trust, 3.05%, 01/31/27<sup>(b)</sup> | &nbsp;&nbsp; 1550 | 1523358 |
| FIEMEX Energia - Banco Actinver SA Institucion <br> de Banca Multiple, 7.25%, 01/31/41<sup>(b)</sup><br>| &nbsp;&nbsp; 2397 | 2461100 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | &nbsp;&nbsp; 430 | 398857 |
| Series B, 2.25%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 675 | 606150 |
| Series B, 3.90%, 07/15/27 | &nbsp;&nbsp; 2229 | 2212728 |
| Series C, 3.40%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1130 | 758766 |
| Series C, 4.85%, 07/15/47 | &nbsp;&nbsp; 1325 | 1138968 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 3.25%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 890 | 868595 |
| 3.60%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 364 | 354442 |
| 4.30%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1366 | 1366202 |
| 5.20%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 610 | 624246 |
| 6.15%, 10/01/38<sup>(a)</sup> | &nbsp;&nbsp; 405 | 436360 |
| FirstEnergy Transmission LLC |  |  |
| 2.87%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1184 | 1138022 |
| 4.55%, 01/15/30 | &nbsp;&nbsp; 620 | 624966 |
| 4.55%, 04/01/49<sup>(b)</sup> | &nbsp;&nbsp; 990 | 821270 |
| 4.75%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 540 | 538464 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 715 | 708982 |
| 5.45%, 07/15/44<sup>(b)</sup> | &nbsp;&nbsp; 975 | 933330 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32<sup>(a)</sup> | &nbsp;&nbsp; 2712 | 2418676 |
| 2.88%, 12/04/51 | &nbsp;&nbsp; 2084 | 1302786 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 1298 | 870365 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 1289 | 973010 |
| 3.80%, 12/15/42 | &nbsp;&nbsp; 797 | 647022 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 1725 | 1367038 |
| 3.99%, 03/01/49 | &nbsp;&nbsp; 1060 | 829634 |
| 4.05%, 06/01/42 | &nbsp;&nbsp; 1025 | 858899 |
| 4.05%, 10/01/44 | &nbsp;&nbsp; 860 | 706711 |
| 4.13%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 934745 |
| 4.13%, 06/01/48 | &nbsp;&nbsp; 937 | 755751 |
| 4.40%, 05/15/28 | &nbsp;&nbsp; 1440 | 1453421 |
| 4.63%, 05/15/30 | &nbsp;&nbsp; 1140 | 1161769 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 1460 | 1472188 |
| 4.95%, 06/01/35 | &nbsp;&nbsp; 880 | 882830 |
| 5.00%, 08/01/34 | &nbsp;&nbsp; 825 | 834135 |
| 5.05%, 04/01/28 | &nbsp;&nbsp; 1550 | 1591440 |
| 5.10%, 04/01/33 | &nbsp;&nbsp; 1080 | 1107534 |
| 5.13%, 06/01/41 | &nbsp;&nbsp; 530 | 505156 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 1240 | 1286727 |
| 5.25%, 02/01/41 | &nbsp;&nbsp; 680 | 669237 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 2155 | 2228494 |
| 5.30%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1240 | 1181953 |
| 5.60%, 06/15/54 | &nbsp;&nbsp; 1480 | 1465909 |
| 5.63%, 04/01/34 | &nbsp;&nbsp; 592 | 629532 |
| 5.65%, 02/01/37 | &nbsp;&nbsp; 715 | 746067 |
| 5.69%, 03/01/40 | &nbsp;&nbsp; 800 | 831509 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 1425 | 1426521 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.80%, 03/15/65 | &nbsp;&nbsp; $1240 | $1255449 |
| 5.95%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; 405 | 439006 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 1070 | 1147886 |
| 5.96%, 04/01/39 | &nbsp;&nbsp; 880 | 935983 |
| Series A, 3.30%, 05/30/27 | &nbsp;&nbsp; 950 | 939511 |
| Fortis Inc./Canada, 3.06%, 10/04/26 | &nbsp;&nbsp; 1700 | 1674207 |
| Georgia Power Co. |  |  |
| 3.25%, 03/30/27 | &nbsp;&nbsp; 710 | 701683 |
| 4.30%, 03/15/42 | &nbsp;&nbsp; 1828 | 1580193 |
| 4.30%, 03/15/43 | &nbsp;&nbsp; 707 | 600714 |
| 4.55%, 03/15/30 | &nbsp;&nbsp; 920 | 934614 |
| 4.65%, 05/16/28<sup>(a)</sup> | &nbsp;&nbsp; 1225 | 1243122 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 1215 | 1220039 |
| 4.85%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1010 | 1034738 |
| 4.95%, 05/17/33 | &nbsp;&nbsp; 1613 | 1632679 |
| 5.00%, 02/23/27<sup>(a)</sup> | &nbsp;&nbsp; 395 | 400536 |
| 5.13%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1266 | 1176717 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 1135 | 1152093 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 1990 | 2039732 |
| 5.40%, 06/01/40 | &nbsp;&nbsp; 389 | 395924 |
| Series 10-C, 4.75%, 09/01/40 | &nbsp;&nbsp; 979 | 915350 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 1230 | 830976 |
| Series B, 2.65%, 09/15/29 | &nbsp;&nbsp; 1243 | 1175830 |
| Series B, 3.70%, 01/30/50<sup>(a)</sup> | &nbsp;&nbsp; 932 | 688542 |
| Great River Energy, 6.25%, 07/01/38<sup>(b)</sup> | &nbsp;&nbsp; 338 | 355186 |
| Hanwha Futureproof Corp., 4.75%, 04/30/28<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5080 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 830 | 948902 |
| Idaho Power Co. |  |  |
| 3.65%, 03/01/45 | &nbsp;&nbsp; 175 | 129105 |
| 5.20%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 655 | 671520 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 840 | 807484 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 920 | 910202 |
| 5.80%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 420 | 420229 |
| Series K, 4.20%, 03/01/48 | &nbsp;&nbsp; 800 | 643395 |
| Indiana Michigan Power Co. |  |  |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 740 | 479905 |
| 3.85%, 05/15/28 | &nbsp;&nbsp; 430 | 427784 |
| 4.25%, 08/15/48 | &nbsp;&nbsp; 845 | 673926 |
| 5.63%, 04/01/53 | &nbsp;&nbsp; 780 | 756375 |
| 6.05%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; 645 | 694535 |
| Series K, 4.55%, 03/15/46 | &nbsp;&nbsp; 720 | 612864 |
| Series L, 3.75%, 07/01/47 | &nbsp;&nbsp; 497 | 371200 |
| Indianapolis Power & Light Co. |  |  |
| 4.05%, 05/01/46<sup>(b)</sup> | &nbsp;&nbsp; 700 | 551361 |
| 4.70%, 09/01/45<sup>(b)</sup> | &nbsp;&nbsp; 390 | 330879 |
| 5.05%, 08/15/35<sup>(b)</sup> | &nbsp;&nbsp; 400 | 398274 |
| 5.65%, 12/01/32<sup>(b)</sup> | &nbsp;&nbsp; 635 | 658192 |
| 5.70%, 04/01/54<sup>(b)</sup> | &nbsp;&nbsp; 1380 | 1349379 |
| Infraestructura Energetica Nova SAPI de CV |  |  |
| 3.75%, 01/14/28<sup>(b)</sup> | &nbsp;&nbsp; 190 | 186358 |
| 4.75%, 01/15/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1175 | 888888 |
| 4.88%, 01/14/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 737 | 570294 |
| Interchile SA, 4.50%, 06/30/56<sup>(b)</sup> | &nbsp;&nbsp; 1615 | 1334287 |
| Interconexion Electrica SA ESP, 3.83%, <br> 11/26/33<sup>(b)</sup><br>| &nbsp;&nbsp; 234 | 208845 |
| International Transmission Co., 4.63%, <br> 08/15/43<br>| &nbsp;&nbsp; 265 | 228779 |
| Interstate Power & Light Co. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 1144 | 1043221 |
| 3.10%, 11/30/51<sup>(a)</sup> | &nbsp;&nbsp; 425 | 270625 |
| 3.50%, 09/30/49<sup>(a)</sup> | &nbsp;&nbsp; 995 | 694226 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.60%, 04/01/29 | &nbsp;&nbsp; $889 | $872375 |
| 3.70%, 09/15/46 | &nbsp;&nbsp; 1175 | 862861 |
| 4.10%, 09/26/28 | &nbsp;&nbsp; 995 | 995446 |
| 4.70%, 10/15/43 | &nbsp;&nbsp; 477 | 413737 |
| 4.95%, 09/30/34 | &nbsp;&nbsp; 618 | 609077 |
| 5.45%, 09/30/54 | &nbsp;&nbsp; 310 | 293238 |
| 5.60%, 06/29/35<sup>(a)</sup> | &nbsp;&nbsp; 930 | 961594 |
| 5.70%, 10/15/33 | &nbsp;&nbsp; 555 | 575354 |
| 6.25%, 07/15/39<sup>(a)</sup> | &nbsp;&nbsp; 481 | 512009 |
| IPALCO Enterprises Inc. |  |  |
| 4.25%, 05/01/30 | &nbsp;&nbsp; 1225 | 1196465 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 875 | 882416 |
| Israel Electric Corp. Ltd. |  |  |
| 4.25%, 08/14/28<sup>(b)</sup> | &nbsp;&nbsp; 1470 | 1444275 |
| 7.75%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 165 | 174402 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1312 | 1232871 |
| 3.35%, 11/15/27 | &nbsp;&nbsp; 1002 | 982485 |
| 4.95%, 09/22/27<sup>(b)</sup> | &nbsp;&nbsp; 1815 | 1838344 |
| 5.30%, 07/01/43 | &nbsp;&nbsp; 1015 | 947353 |
| 5.40%, 06/01/33<sup>(b)</sup> | &nbsp;&nbsp; 835 | 850114 |
| 5.65%, 05/09/34<sup>(b)</sup> | &nbsp;&nbsp; 610 | 631505 |
| Jersey Central Power & Light Co. |  |  |
| 2.75%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 595 | 528349 |
| 5.10%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1145 | 1144014 |
| 6.15%, 06/01/37<sup>(a)</sup> | &nbsp;&nbsp; 423 | 456536 |
| Johnsonville Aeroderivative Combustion Turbine <br> Generation LLC, 5.08%, 10/01/54<br>| &nbsp;&nbsp; 477 | 451055 |
| Kallpa Generacion SA |  |  |
| 4.13%, 08/16/27<sup>(b)</sup> | &nbsp;&nbsp; 710 | 705128 |
| 5.88%, 01/30/32<sup>(b)</sup> | &nbsp;&nbsp; 165 | 171188 |
| Kentucky Power Co., 7.00%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 715 | 773226 |
| Kentucky Utilities Co. |  |  |
| 3.30%, 06/01/50 | &nbsp;&nbsp; 800 | 539737 |
| 4.38%, 10/01/45 | &nbsp;&nbsp; 882 | 741387 |
| 5.13%, 11/01/40 | &nbsp;&nbsp; 1640 | 1594508 |
| 5.45%, 04/15/33 | &nbsp;&nbsp; 565 | 586806 |
| 5.85%, 08/15/55 | &nbsp;&nbsp; 670 | 665135 |
| Series 1, 4.65%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 334 | 289015 |
| Liberty Utilities Co. |  |  |
| 5.58%, 01/31/29<sup>(b)</sup> | &nbsp;&nbsp; 495 | 510588 |
| 5.87%, 01/31/34<sup>(b)</sup> | &nbsp;&nbsp; 620 | 636495 |
| Liberty Utilities Finance GP 1, 2.05%, <br> 09/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1413 | 1257922 |
| LLPL Capital Pte Ltd., 6.88%, 02/04/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 513 | 530614 |
| Louisville Gas & Electric Co. |  |  |
| 4.25%, 04/01/49 | &nbsp;&nbsp; 662 | 526165 |
| 4.38%, 10/01/45<sup>(a)</sup> | &nbsp;&nbsp; 538 | 452271 |
| 4.65%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 440 | 380678 |
| 5.13%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp; 585 | 568627 |
| 5.45%, 04/15/33 | &nbsp;&nbsp; 545 | 567424 |
| Louisville Gas and Electric Co., Series ., 5.85%, <br> 08/15/55<br>| &nbsp;&nbsp; 850 | 843455 |
| Majapahit Holding BV, 7.88%, 06/29/37<sup>(b)</sup> | &nbsp;&nbsp; 145 | 176169 |
| Massachusetts Electric Co. |  |  |
| 1.73%, 11/24/30<sup>(b)</sup> | &nbsp;&nbsp; 954 | 828047 |
| 4.00%, 08/15/46<sup>(b)</sup> | &nbsp;&nbsp; 620 | 489473 |
| 5.87%, 02/26/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 735 | 723751 |
| 5.90%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 1280 | 1319240 |
| Mexico Generadora de Energia S de rl, 5.50%, <br> 12/06/32<sup>(b)</sup><br>| &nbsp;&nbsp; 230 | 231374 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| MidAmerican Energy Co. |  |  |
| 2.70%, 08/01/52<sup>(a)</sup> | &nbsp;&nbsp; $940 | $572808 |
| 3.10%, 05/01/27 | &nbsp;&nbsp; 748 | 738333 |
| 3.15%, 04/15/50 | &nbsp;&nbsp; 1105 | 739796 |
| 3.65%, 04/15/29 | &nbsp;&nbsp; 1890 | 1864716 |
| 3.65%, 08/01/48 | &nbsp;&nbsp; 1227 | 909749 |
| 3.95%, 08/01/47<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 784606 |
| 4.25%, 05/01/46 | &nbsp;&nbsp; 896 | 741279 |
| 4.25%, 07/15/49 | &nbsp;&nbsp; 1362 | 1102128 |
| 4.40%, 10/15/44 | &nbsp;&nbsp; 778 | 666354 |
| 4.80%, 09/15/43 | &nbsp;&nbsp; 603 | 546099 |
| 5.30%, 02/01/55 | &nbsp;&nbsp; 935 | 880699 |
| 5.35%, 01/15/34 | &nbsp;&nbsp; 835 | 866646 |
| 5.75%, 11/01/35 | &nbsp;&nbsp; 645 | 683876 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 560 | 598677 |
| 5.85%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1715 | 1760977 |
| 6.75%, 12/30/31 | &nbsp;&nbsp; 500 | 565306 |
| Mid-Atlantic Interstate Transmission LLC, <br> 4.10%, 05/15/28<sup>(b)</sup><br>| &nbsp;&nbsp; 548 | 546345 |
| Minejesa Capital BV |  |  |
| 4.63%, 08/10/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 823 | 816668 |
| 5.63%, 08/10/37<sup>(b)</sup> | &nbsp;&nbsp; 795 | 786826 |
| Mississippi Power Co. |  |  |
| 3.95%, 03/30/28 | &nbsp;&nbsp; 709 | 708342 |
| Series 12-A, 4.25%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 753 | 647914 |
| Series B, 3.10%, 07/30/51 | &nbsp;&nbsp; 551 | 359826 |
| Monongahela Power Co. |  |  |
| 3.55%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 880 | 870451 |
| 5.40%, 12/15/43<sup>(b)</sup> | &nbsp;&nbsp; 1165 | 1134636 |
| 5.85%, 02/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 930 | 977979 |
| Narragansett Electric Co. (The) |  |  |
| 3.40%, 04/09/30<sup>(b)</sup> | &nbsp;&nbsp; 1502 | 1443101 |
| 3.92%, 08/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 720 | 717200 |
| 4.17%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 435 | 354342 |
| 5.35%, 05/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1315 | 1345828 |
| 5.64%, 03/15/40<sup>(a)(b)</sup> | &nbsp;&nbsp; 351 | 357205 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 1325 | 1363528 |
| 5.60%, 06/12/28 | &nbsp;&nbsp; 980 | 1014263 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 1135 | 1202345 |
| National Grid USA |  |  |
| 5.80%, 04/01/35 | &nbsp;&nbsp; 440 | 451930 |
| 8.00%, 11/15/30 | &nbsp;&nbsp; 230 | 263555 |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| 1.35%, 03/15/31 | &nbsp;&nbsp; 749 | 640745 |
| 1.65%, 06/15/31 | &nbsp;&nbsp; 703 | 606288 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 1075 | 999369 |
| 2.75%, 04/15/32 | &nbsp;&nbsp; 700 | 629226 |
| 3.05%, 04/25/27<sup>(a)</sup> | &nbsp;&nbsp; 850 | 836518 |
| 3.40%, 02/07/28 | &nbsp;&nbsp; 1041 | 1025472 |
| 3.70%, 03/15/29 | &nbsp;&nbsp; 782 | 771428 |
| 3.90%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; 604 | 600451 |
| 4.02%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 661 | 634372 |
| 4.12%, 09/16/27 | &nbsp;&nbsp; 1250 | 1252830 |
| 4.15%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 742 | 719745 |
| 4.30%, 03/15/49 | &nbsp;&nbsp; 903 | 748741 |
| 4.40%, 11/01/48 | &nbsp;&nbsp; 640 | 537606 |
| 4.75%, 02/07/28 | &nbsp;&nbsp; 530 | 538295 |
| 4.80%, 02/05/27 | &nbsp;&nbsp; 650 | 656138 |
| 4.80%, 03/15/28 | &nbsp;&nbsp; 1365 | 1391864 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.85%, 02/07/29 | &nbsp;&nbsp; $1085 | $1110703 |
| 4.95%, 02/07/30 | &nbsp;&nbsp; 565 | 582116 |
| 5.00%, 02/07/31<sup>(a)</sup> | &nbsp;&nbsp; 845 | 872915 |
| 5.00%, 08/15/34 | &nbsp;&nbsp; 885 | 893366 |
| 5.05%, 09/15/28 | &nbsp;&nbsp; 810 | 831086 |
| 5.10%, 05/06/27 | &nbsp;&nbsp; 700 | 711554 |
| 5.15%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 860 | 891877 |
| 5.60%, 11/13/26<sup>(a)</sup> | &nbsp;&nbsp; 710 | 720817 |
| 5.80%, 01/15/33 | &nbsp;&nbsp; 1250 | 1330712 |
| 7.13%, 09/15/53, (5-year CMT + 3.533%)<sup>(d)</sup> | &nbsp;&nbsp; 260 | 272983 |
| Series C, 8.00%, 03/01/32 | &nbsp;&nbsp; 635 | 752409 |
| Series D, 4.15%, 08/25/28 | &nbsp;&nbsp; 925 | 928342 |
| Nevada Power Co. |  |  |
| 5.38%, 09/15/40<sup>(a)</sup> | &nbsp;&nbsp; 587 | 580211 |
| 5.45%, 05/15/41 | &nbsp;&nbsp; 315 | 308157 |
| 5.90%, 05/01/53 | &nbsp;&nbsp; 670 | 664110 |
| 6.00%, 03/15/54 | &nbsp;&nbsp; 810 | 817163 |
| 6.25%, 05/15/55, (5-year CMT + 1.936%)<sup>(d)</sup> | &nbsp;&nbsp; 5 | 5016 |
| Series CC, 3.70%, 05/01/29 | &nbsp;&nbsp; 1109 | 1091733 |
| Series DD, 2.40%, 05/01/30 | &nbsp;&nbsp; 996 | 921346 |
| Series EE, 3.13%, 08/01/50<sup>(a)</sup> | &nbsp;&nbsp; 455 | 288913 |
| Series N, 6.65%, 04/01/36 | &nbsp;&nbsp; 595 | 658338 |
| Series R, 6.75%, 07/01/37 | &nbsp;&nbsp; 530 | 594122 |
| New England Power Co. |  |  |
| 2.81%, 10/06/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 765 | 466745 |
| 3.80%, 12/05/47<sup>(b)</sup> | &nbsp;&nbsp; 935 | 714107 |
| 5.94%, 11/25/52<sup>(b)</sup> | &nbsp;&nbsp; 495 | 495958 |
| New York State Electric & Gas Corp. |  |  |
| 2.15%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1070 | 927359 |
| 3.25%, 12/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 417 | 412050 |
| 3.30%, 09/15/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 601 | 391954 |
| 5.05%, 08/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 430 | 426680 |
| 5.30%, 08/15/34<sup>(b)</sup> | &nbsp;&nbsp; 750 | 763561 |
| 5.65%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | 545412 |
| 5.85%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp; 725 | 766554 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 1.88%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1560 | 1511956 |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 2592 | 2444819 |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 3147 | 2868973 |
| 2.44%, 01/15/32 | &nbsp;&nbsp; 1529 | 1340464 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 1630 | 1539423 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 795 | 492138 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 795 | 776701 |
| 3.55%, 05/01/27 | &nbsp;&nbsp; 2285 | 2261481 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(d)</sup> | &nbsp;&nbsp; 1702 | 1640162 |
| 4.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1940 | 1956652 |
| 4.69%, 09/01/27 | &nbsp;&nbsp; 860 | 868127 |
| 4.80%, 12/01/77<sup>(a)(d)</sup> | &nbsp;&nbsp; 536 | 516934 |
| 4.85%, 02/04/28<sup>(a)</sup> | &nbsp;&nbsp; 1640 | 1666997 |
| 4.90%, 02/28/28 | &nbsp;&nbsp; 2050 | 2084916 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 1710 | 1746427 |
| 5.00%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp; 1070 | 1103326 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 1940 | 1971601 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 1730 | 1780891 |
| 5.05%, 02/28/33<sup>(a)</sup> | &nbsp;&nbsp; 1660 | 1684011 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 1960 | 1993336 |
| 5.25%, 02/28/53 | &nbsp;&nbsp; 1612 | 1475610 |
| 5.30%, 03/15/32 | &nbsp;&nbsp; 1115 | 1152832 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 1565 | 1599745 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1255 | 1191554 |
| 5.65%, 05/01/79<sup>(a)(d)</sup> | &nbsp;&nbsp; 766 | 763870 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.90%, 03/15/55 | &nbsp;&nbsp; $1315 | $1309836 |
| 6.38%, 08/15/55, (5-year CMT + 2.053%)<sup>(d)</sup> | &nbsp;&nbsp; 2005 | 2066916 |
| 6.70%, 09/01/54, (5-year CMT + 2.364%)<sup>(d)</sup> | &nbsp;&nbsp; 360 | 369796 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(d)</sup> | &nbsp;&nbsp; 1405 | 1484395 |
| Series ., 6.50%, 08/15/55, (5-year CMT + <br> 1.979%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1710 | 1791049 |
| Niagara Energy SAC, 5.75%, 10/03/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1625 | 1641236 |
| Niagara Mohawk Power Corp. |  |  |
| 1.96%, 06/27/30<sup>(b)</sup> | &nbsp;&nbsp; 1201 | 1074657 |
| 2.76%, 01/10/32<sup>(b)</sup> | &nbsp;&nbsp; 680 | 601302 |
| 3.03%, 06/27/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 595 | 369854 |
| 4.12%, 11/28/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 485 | 404910 |
| 4.28%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 808 | 807764 |
| 4.28%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp; 616 | 578392 |
| 4.65%, 10/03/30<sup>(b)</sup> | &nbsp;&nbsp; 695 | 698020 |
| 5.29%, 01/17/34<sup>(b)</sup> | &nbsp;&nbsp; 1010 | 1018365 |
| 5.66%, 01/17/54<sup>(b)</sup> | &nbsp;&nbsp; 1120 | 1069097 |
| 5.78%, 09/16/52<sup>(b)</sup> | &nbsp;&nbsp; 1065 | 1035560 |
| 6.00%, 07/03/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 580 | 576427 |
| Northern States Power Co. |  |  |
| 5.05%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 1223021 |
| 5.65%, 05/15/55 | &nbsp;&nbsp; 455 | 451239 |
| Northern States Power Co./MN |  |  |
| 2.25%, 04/01/31 | &nbsp;&nbsp; 580 | 527069 |
| 2.60%, 06/01/51 | &nbsp;&nbsp; 1026 | 616062 |
| 2.90%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1201 | 775673 |
| 3.20%, 04/01/52 | &nbsp;&nbsp; 812 | 551898 |
| 3.40%, 08/15/42 | &nbsp;&nbsp; 641 | 490346 |
| 3.60%, 05/15/46 | &nbsp;&nbsp; 569 | 427080 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 966 | 720531 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 516 | 418069 |
| 4.13%, 05/15/44 | &nbsp;&nbsp; 437 | 365081 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 930 | 781182 |
| 4.85%, 08/15/40 | &nbsp;&nbsp; 371 | 346318 |
| 5.10%, 05/15/53 | &nbsp;&nbsp; 980 | 899542 |
| 5.25%, 07/15/35 | &nbsp;&nbsp; 330 | 336195 |
| 5.35%, 11/01/39 | &nbsp;&nbsp; 480 | 491382 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 1250 | 1208675 |
| 6.20%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp; 554 | 607386 |
| 6.25%, 06/01/36 | &nbsp;&nbsp; 585 | 644899 |
| Northern States Power Co./WI, 5.65%, <br> 06/15/54<br>| &nbsp;&nbsp; 465 | 464542 |
| NorthWestern Corp. |  |  |
| 4.18%, 11/15/44<sup>(a)</sup> | &nbsp;&nbsp; 685 | 558865 |
| 5.07%, 03/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 65 | 66605 |
| NRG Energy Inc. |  |  |
| 2.45%, 12/02/27<sup>(b)</sup> | &nbsp;&nbsp; 1738 | 1659348 |
| 4.45%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 858 | 849753 |
| 7.00%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1215 | 1327705 |
| NSTAR Electric Co. |  |  |
| 1.95%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 427 | 374454 |
| 3.10%, 06/01/51<sup>(a)</sup> | &nbsp;&nbsp; 715 | 470965 |
| 3.20%, 05/15/27 | &nbsp;&nbsp; 1044 | 1029638 |
| 3.25%, 05/15/29 | &nbsp;&nbsp; 860 | 834638 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 820 | 812732 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 480 | 409175 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 704 | 583284 |
| 4.85%, 03/01/30 | &nbsp;&nbsp; 845 | 865351 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 640 | 569138 |
| 5.20%, 03/01/35 | &nbsp;&nbsp; 805 | 817583 |
| 5.40%, 06/01/34 | &nbsp;&nbsp; 870 | 899256 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.50%, 03/15/40<sup>(a)</sup> | &nbsp;&nbsp; $515 | $521935 |
| OGE Energy Corp., 5.45%, 05/15/29 | &nbsp;&nbsp; 760 | 789773 |
| Oglethorpe Power Corp. |  |  |
| 3.75%, 08/01/50 | &nbsp;&nbsp; 750 | 527360 |
| 4.20%, 12/01/42<sup>(a)</sup> | &nbsp;&nbsp; 520 | 415045 |
| 4.25%, 04/01/46<sup>(a)</sup> | &nbsp;&nbsp; 388 | 301766 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 1115 | 914644 |
| 4.55%, 06/01/44<sup>(a)</sup> | &nbsp;&nbsp; 295 | 245645 |
| 5.05%, 10/01/48 | &nbsp;&nbsp; 854 | 758116 |
| 5.25%, 09/01/50 | &nbsp;&nbsp; 615 | 552385 |
| 5.38%, 11/01/40 | &nbsp;&nbsp; 890 | 867762 |
| 5.80%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 735 | 709532 |
| 5.90%, 02/01/55 | &nbsp;&nbsp; 510 | 499526 |
| 5.95%, 11/01/39 | &nbsp;&nbsp; 671 | 692413 |
| 6.19%, 01/01/31<sup>(b)</sup> | &nbsp;&nbsp; 386 | 405043 |
| 6.20%, 12/01/53 | &nbsp;&nbsp; 665 | 680377 |
| Ohio Edison Co. |  |  |
| 4.95%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 620 | 633669 |
| 5.50%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51554 |
| 6.88%, 07/15/36 | &nbsp;&nbsp; 530 | 600502 |
| 8.25%, 10/15/38<sup>(a)</sup> | &nbsp;&nbsp; 370 | 476356 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 800 | 598371 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 610 | 469450 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 615 | 618569 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 660 | 683790 |
| Series D, 6.60%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 450 | 495194 |
| Series F, 5.85%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 395 | 409551 |
| Series G, 6.60%, 02/15/33 | &nbsp;&nbsp; 430 | 477777 |
| Series P, 2.60%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 585 | 544205 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 757 | 653015 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; 1015 | 610211 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.25%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 651 | 625305 |
| 3.30%, 03/15/30 | &nbsp;&nbsp; 574 | 550287 |
| 3.80%, 08/15/28 | &nbsp;&nbsp; 651 | 647524 |
| 3.85%, 08/15/47 | &nbsp;&nbsp; 650 | 503842 |
| 3.90%, 05/01/43<sup>(a)</sup> | &nbsp;&nbsp; 275 | 224164 |
| 4.00%, 12/15/44 | &nbsp;&nbsp; 565 | 454057 |
| 4.15%, 04/01/47 | &nbsp;&nbsp; 950 | 768716 |
| 4.55%, 03/15/44 | &nbsp;&nbsp; 335 | 292813 |
| 5.25%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; 195 | 192053 |
| 5.40%, 01/15/33 | &nbsp;&nbsp; 755 | 782987 |
| 5.60%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1205 | 1168596 |
| 5.80%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 830 | 828701 |
| 5.85%, 06/01/40<sup>(a)</sup> | &nbsp;&nbsp; 250 | 262424 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 1030 | 609214 |
| 2.75%, 05/15/30 | &nbsp;&nbsp; 1510 | 1415018 |
| 3.10%, 09/15/49 | &nbsp;&nbsp; 1154 | 755267 |
| 3.70%, 11/15/28 | &nbsp;&nbsp; 805 | 797280 |
| 3.70%, 05/15/50 | &nbsp;&nbsp; 752 | 542804 |
| 3.75%, 04/01/45 | &nbsp;&nbsp; 1085 | 837755 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 595 | 452055 |
| 3.80%, 06/01/49 | &nbsp;&nbsp; 875 | 649589 |
| 4.10%, 11/15/48 | &nbsp;&nbsp; 1103 | 871349 |
| 4.15%, 06/01/32 | &nbsp;&nbsp; 675 | 653708 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 235 | 236811 |
| 4.50%, 03/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 725 | 729989 |
| 4.55%, 09/15/32 | &nbsp;&nbsp; 1320 | 1311235 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 855 | 758076 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.60%, 06/01/52 | &nbsp;&nbsp; $815 | $672244 |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 905 | 920184 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 1590 | 1412717 |
| 5.25%, 09/30/40 | &nbsp;&nbsp; 815 | 803246 |
| 5.30%, 06/01/42<sup>(a)</sup> | &nbsp;&nbsp; 690 | 666758 |
| 5.35%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 945 | 971472 |
| 5.35%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 592 | 554434 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 1180 | 1143597 |
| 5.65%, 11/15/33 | &nbsp;&nbsp; 915 | 968677 |
| 5.80%, 04/01/55<sup>(b)</sup> | &nbsp;&nbsp; 1195 | 1195081 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 625 | 704958 |
| 7.25%, 01/15/33 | &nbsp;&nbsp; 755 | 863785 |
| 7.50%, 09/01/38 | &nbsp;&nbsp; 665 | 800965 |
| Pacific Gas and Electric Co. |  |  |
| 2.10%, 08/01/27 | &nbsp;&nbsp; 1370 | 1312960 |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 3312 | 2937202 |
| 3.00%, 06/15/28 | &nbsp;&nbsp; 1260 | 1214258 |
| 3.25%, 06/01/31 | &nbsp;&nbsp; 1630 | 1494649 |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 785 | 772091 |
| 3.30%, 12/01/27 | &nbsp;&nbsp; 2080 | 2030601 |
| 3.30%, 08/01/40 | &nbsp;&nbsp; 1671 | 1235740 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 3357 | 2201773 |
| 3.75%, 07/01/28 | &nbsp;&nbsp; 1653 | 1621898 |
| 3.75%, 08/15/42 | &nbsp;&nbsp; 799 | 583377 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 1381 | 997459 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 1028 | 745391 |
| 4.20%, 03/01/29 | &nbsp;&nbsp; 750 | 742631 |
| 4.20%, 06/01/41 | &nbsp;&nbsp; 840 | 664210 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; 1035 | 778223 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 1004 | 771097 |
| 4.40%, 03/01/32 | &nbsp;&nbsp; 660 | 636716 |
| 4.45%, 04/15/42 | &nbsp;&nbsp; 746 | 596051 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 3363 | 2870064 |
| 4.50%, 12/15/41<sup>(a)</sup> | &nbsp;&nbsp; 503 | 403100 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 5117 | 5067787 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 675 | 548531 |
| 4.65%, 08/01/28 | &nbsp;&nbsp; 1110 | 1111161 |
| 4.75%, 02/15/44<sup>(a)</sup> | &nbsp;&nbsp; 1817 | 1504988 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 5411 | 4480373 |
| 5.00%, 06/04/28 | &nbsp;&nbsp; 840 | 852000 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; 1005 | 856531 |
| 5.45%, 06/15/27 | &nbsp;&nbsp; 940 | 954094 |
| 5.55%, 05/15/29 | &nbsp;&nbsp; 1760 | 1809564 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 1640 | 1662326 |
| 5.80%, 05/15/34 | &nbsp;&nbsp; 1715 | 1753644 |
| 5.90%, 06/15/32 | &nbsp;&nbsp; 1071 | 1113790 |
| 5.90%, 10/01/54 | &nbsp;&nbsp; 825 | 771435 |
| 6.00%, 08/15/35 | &nbsp;&nbsp; 1310 | 1354897 |
| 6.10%, 01/15/29 | &nbsp;&nbsp; 1395 | 1455662 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 1450 | 1523327 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 915 | 885397 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; 1580 | 1678287 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 935 | 965918 |
| 6.75%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 2195 | 2265852 |
| 6.95%, 03/15/34 | &nbsp;&nbsp; 1590 | 1741849 |
| PacifiCorp |  |  |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 762 | 704040 |
| 2.90%, 06/15/52 | &nbsp;&nbsp; 1970 | 1160820 |
| 3.30%, 03/15/51 | &nbsp;&nbsp; 1052 | 671354 |
| 3.50%, 06/15/29 | &nbsp;&nbsp; 915 | 890154 |
| 4.10%, 02/01/42 | &nbsp;&nbsp; 510 | 408051 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.13%, 01/15/49 | &nbsp;&nbsp; $1167 | $885787 |
| 4.15%, 02/15/50 | &nbsp;&nbsp; 982 | 743982 |
| 5.10%, 02/15/29 | &nbsp;&nbsp; 870 | 891054 |
| 5.25%, 06/15/35 | &nbsp;&nbsp; 515 | 516132 |
| 5.30%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1120 | 1161887 |
| 5.35%, 12/01/53 | &nbsp;&nbsp; 1935 | 1730666 |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1815 | 1844863 |
| 5.50%, 05/15/54 | &nbsp;&nbsp; 1665 | 1522510 |
| 5.75%, 04/01/37 | &nbsp;&nbsp; 1042 | 1065127 |
| 5.80%, 01/15/55 | &nbsp;&nbsp; 2480 | 2345205 |
| 6.00%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp; 956 | 985592 |
| 6.10%, 08/01/36<sup>(a)</sup> | &nbsp;&nbsp; 719 | 758972 |
| 6.25%, 10/15/37 | &nbsp;&nbsp; 886 | 937036 |
| 6.35%, 07/15/38 | &nbsp;&nbsp; 504 | 535335 |
| 7.70%, 11/15/31 | &nbsp;&nbsp; 372 | 433205 |
| Palomino Funding Trust I, 7.23%, 05/17/28<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1062036 |
| PECO Energy Co. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 568 | 352451 |
| 2.85%, 09/15/51 | &nbsp;&nbsp; 605 | 374906 |
| 3.00%, 09/15/49 | &nbsp;&nbsp; 644 | 419048 |
| 3.05%, 03/15/51 | &nbsp;&nbsp; 610 | 390742 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; 595 | 447490 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; 1025 | 801192 |
| 4.15%, 10/01/44 | &nbsp;&nbsp; 480 | 397337 |
| 4.38%, 08/15/52 | &nbsp;&nbsp; 645 | 527615 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; 545 | 468445 |
| 4.80%, 10/15/43<sup>(a)</sup> | &nbsp;&nbsp; 470 | 420306 |
| 4.90%, 06/15/33 | &nbsp;&nbsp; 810 | 823618 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; 1060 | 995827 |
| 5.95%, 10/01/36 | &nbsp;&nbsp; 285 | 305423 |
| Pertamina Geothermal Energy PT, 5.15%, <br> 04/27/28<sup>(b)</sup><br>| &nbsp;&nbsp; 466 | 472803 |
| Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 3.00%, 06/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1032 | 963095 |
| 3.38%, 02/05/30<sup>(b)</sup> | &nbsp;&nbsp; 420 | 401743 |
| 3.88%, 07/17/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1075 | 1052659 |
| 4.00%, 06/30/50<sup>(b)</sup> | &nbsp;&nbsp; 1640 | 1207537 |
| 4.13%, 05/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2992 | 2980845 |
| 4.38%, 02/05/50<sup>(b)</sup> | &nbsp;&nbsp; 810 | 639890 |
| 4.88%, 07/17/49<sup>(b)</sup> | &nbsp;&nbsp; 1353 | 1142722 |
| 5.25%, 10/24/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 1818 | 1677038 |
| 5.25%, 05/15/47<sup>(b)</sup> | &nbsp;&nbsp; 795 | 717231 |
| 5.38%, 01/25/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1070 | 1100836 |
| 5.45%, 05/21/28<sup>(b)</sup> | &nbsp;&nbsp; 1645 | 1687911 |
| 6.15%, 05/21/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1635 | 1648741 |
| 6.25%, 01/25/49<sup>(b)</sup> | &nbsp;&nbsp; 884 | 903831 |
| Pinnacle West Capital Corp. |  |  |
| 4.90%, 05/15/28 | &nbsp;&nbsp; 935 | 948967 |
| 5.15%, 05/15/30 | &nbsp;&nbsp; 355 | 365207 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 1033 | 858678 |
| 5.20%, 03/15/34 | &nbsp;&nbsp; 925 | 947453 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 425 | 408842 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 788 | 879178 |
| 7.90%, 12/15/38<sup>(a)</sup> | &nbsp;&nbsp; 335 | 430020 |
| PPL Capital Funding Inc. |  |  |
| 4.13%, 04/15/30 | &nbsp;&nbsp; 619 | 613203 |
| 5.25%, 09/01/34 | &nbsp;&nbsp; 865 | 878635 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 629 | 409778 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.95%, 06/01/47 | &nbsp;&nbsp; $762 | $602587 |
| 4.13%, 06/15/44 | &nbsp;&nbsp; 530 | 444073 |
| 4.15%, 10/01/45 | &nbsp;&nbsp; 731 | 606859 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 639 | 516016 |
| 4.75%, 07/15/43 | &nbsp;&nbsp; 325 | 293035 |
| 4.85%, 02/15/34 | &nbsp;&nbsp; 820 | 825671 |
| 5.00%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 1036501 |
| 5.20%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; 210 | 203136 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 1400 | 1326547 |
| 5.55%, 08/15/55 | &nbsp;&nbsp; 1600 | 1563386 |
| 6.25%, 05/15/39 | &nbsp;&nbsp; 620 | 680283 |
| Progress Energy Inc. |  |  |
| 6.00%, 12/01/39 | &nbsp;&nbsp; 959 | 1008154 |
| 7.00%, 10/30/31 | &nbsp;&nbsp; 825 | 929954 |
| 7.75%, 03/01/31 | &nbsp;&nbsp; 1024 | 1186294 |
| PSEG Power LLC, 5.20%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 350 | 360118 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31 | &nbsp;&nbsp; 835 | 728780 |
| 3.55%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 415 | 299197 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 698 | 536172 |
| 3.70%, 06/15/28 | &nbsp;&nbsp; 413 | 410328 |
| 3.80%, 06/15/47 | &nbsp;&nbsp; 1093 | 817785 |
| 3.95%, 03/15/43 | &nbsp;&nbsp; 385 | 303119 |
| 4.05%, 09/15/49 | &nbsp;&nbsp; 575 | 438763 |
| 4.10%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 530 | 514652 |
| 4.10%, 06/15/48 | &nbsp;&nbsp; 805 | 620903 |
| 4.30%, 03/15/44 | &nbsp;&nbsp; 621 | 508977 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 700 | 568389 |
| 4.75%, 08/15/41 | &nbsp;&nbsp; 260 | 232728 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 725 | 720002 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 1385 | 1260107 |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 1785 | 1816495 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 1090 | 1070964 |
| 5.85%, 05/15/55 | &nbsp;&nbsp; 1760 | 1734949 |
| 6.50%, 08/01/38 | &nbsp;&nbsp; 550 | 601572 |
| Series 17, 6.25%, 09/01/37 | &nbsp;&nbsp; 551 | 593890 |
| Series 34, 3.20%, 03/01/50 | &nbsp;&nbsp; 842 | 553236 |
| Series 35, 1.90%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 832 | 733013 |
| Series 36, 2.70%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1135 | 662127 |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | &nbsp;&nbsp; 640 | 472161 |
| 4.40%, 07/01/28 | &nbsp;&nbsp; 610 | 616381 |
| 5.15%, 01/15/53 | &nbsp;&nbsp; 525 | 484484 |
| 5.35%, 10/01/33 | &nbsp;&nbsp; 1070 | 1114333 |
| Series V, 2.20%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 553 | 493321 |
| Public Service Co. of Oklahoma |  |  |
| 5.20%, 01/15/35 | &nbsp;&nbsp; 820 | 822273 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 840 | 858011 |
| 5.45%, 01/15/36 | &nbsp;&nbsp; 1300 | 1315972 |
| Series G, 6.63%, 11/15/37 | &nbsp;&nbsp; 405 | 442904 |
| Series J, 2.20%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 915 | 803770 |
| Series K, 3.15%, 08/15/51 | &nbsp;&nbsp; 535 | 332469 |
| Public Service Electric & Gas Co. |  |  |
| 1.90%, 08/15/31 | &nbsp;&nbsp; 795 | 692919 |
| 2.05%, 08/01/50 | &nbsp;&nbsp; 776 | 409470 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 690 | 677178 |
| 2.45%, 01/15/30 | &nbsp;&nbsp; 945 | 880974 |
| 2.70%, 05/01/50 | &nbsp;&nbsp; 810 | 495025 |
| 3.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 1009575 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 629 | 408461 |
| 3.10%, 03/15/32 | &nbsp;&nbsp; 1335 | 1226098 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.15%, 01/01/50 | &nbsp;&nbsp; $595 | $399954 |
| 3.20%, 05/15/29 | &nbsp;&nbsp; 540 | 524393 |
| 3.20%, 08/01/49 | &nbsp;&nbsp; 666 | 454672 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 764 | 565569 |
| 3.65%, 09/01/28 | &nbsp;&nbsp; 1197 | 1184721 |
| 3.65%, 09/01/42 | &nbsp;&nbsp; 590 | 463656 |
| 3.70%, 05/01/28 | &nbsp;&nbsp; 221 | 219807 |
| 3.80%, 01/01/43 | &nbsp;&nbsp; 550 | 442252 |
| 3.80%, 03/01/46 | &nbsp;&nbsp; 980 | 760728 |
| 3.85%, 05/01/49 | &nbsp;&nbsp; 759 | 577895 |
| 3.95%, 05/01/42 | &nbsp;&nbsp; 685 | 562797 |
| 4.05%, 05/01/48 | &nbsp;&nbsp; 690 | 548900 |
| 4.15%, 11/01/45<sup>(a)</sup> | &nbsp;&nbsp; 450 | 363683 |
| 4.65%, 03/15/33 | &nbsp;&nbsp; 965 | 963984 |
| 4.85%, 08/01/34 | &nbsp;&nbsp; 910 | 912483 |
| 4.90%, 12/15/32 | &nbsp;&nbsp; 741 | 753883 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 380 | 384925 |
| 5.13%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 585 | 540749 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 330 | 341046 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 790 | 811276 |
| 5.30%, 08/01/54 | &nbsp;&nbsp; 805 | 764612 |
| 5.38%, 11/01/39<sup>(a)</sup> | &nbsp;&nbsp; 400 | 407086 |
| 5.45%, 08/01/53 | &nbsp;&nbsp; 670 | 651164 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 775 | 754611 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 525 | 534985 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 200 | 211305 |
| 5.80%, 05/01/37<sup>(a)</sup> | &nbsp;&nbsp; 605 | 644697 |
| Series D, 5.25%, 07/01/35 | &nbsp;&nbsp; 40 | 41009 |
| Series I, 4.00%, 06/01/44<sup>(a)</sup> | &nbsp;&nbsp; 450 | 356979 |
| Series K, 4.05%, 05/01/45<sup>(a)</sup> | &nbsp;&nbsp; 465 | 371045 |
| Public Service Electric and Gas Co. |  |  |
| 4.90%, 08/15/35 | &nbsp;&nbsp; 500 | 498121 |
| Series Q, 5.50%, 03/01/55<sup>(a)</sup> | &nbsp;&nbsp; 920 | 898407 |
| Public Service Enterprise Group Inc. |  |  |
| 1.60%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 947 | 826977 |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 1305 | 1158362 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 585 | 598124 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 690 | 711649 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 640 | 653185 |
| 5.45%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 885 | 909566 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 1120 | 1160641 |
| 5.88%, 10/15/28 | &nbsp;&nbsp; 1115 | 1167324 |
| 6.13%, 10/15/33 | &nbsp;&nbsp; 750 | 804296 |
| Puget Energy Inc. |  |  |
| 2.38%, 06/15/28 | &nbsp;&nbsp; 1140 | 1081741 |
| 4.10%, 06/15/30 | &nbsp;&nbsp; 990 | 965146 |
| 4.22%, 03/15/32 | &nbsp;&nbsp; 1045 | 991034 |
| 5.73%, 03/15/35 | &nbsp;&nbsp; 640 | 650978 |
| Puget Sound Energy Inc. |  |  |
| 2.89%, 09/15/51 | &nbsp;&nbsp; 525 | 317683 |
| 3.25%, 09/15/49 | &nbsp;&nbsp; 895 | 596571 |
| 4.22%, 06/15/48 | &nbsp;&nbsp; 950 | 766545 |
| 4.30%, 05/20/45 | &nbsp;&nbsp; 857 | 698492 |
| 4.43%, 11/15/41 | &nbsp;&nbsp; 689 | 584567 |
| 5.33%, 06/15/34 | &nbsp;&nbsp; 495 | 506521 |
| 5.45%, 06/01/53 | &nbsp;&nbsp; 530 | 501153 |
| 5.48%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 425 | 434323 |
| 5.64%, 04/15/41<sup>(a)</sup> | &nbsp;&nbsp; 275 | 272970 |
| 5.69%, 06/15/54 | &nbsp;&nbsp; 1060 | 1044342 |
| 5.76%, 10/01/39 | &nbsp;&nbsp; 600 | 619305 |
| 5.76%, 07/15/40<sup>(a)</sup> | &nbsp;&nbsp; 585 | 590136 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.80%, 03/15/40 | &nbsp;&nbsp; $545 | $560736 |
| 6.27%, 03/15/37 | &nbsp;&nbsp; 465 | 503483 |
| 6.72%, 06/15/36 | &nbsp;&nbsp; 235 | 259037 |
| 7.02%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 380 | 403889 |
| Rochester Gas and Electric Corp., 3.10%, <br> 06/01/27<sup>(b)</sup><br>| &nbsp;&nbsp; 1009 | 993785 |
| Ruwais Power Co. PJSC, 6.00%, 08/31/36<sup>(b)</sup> | &nbsp;&nbsp; 255 | 264047 |
| RWE Finance U.S. LLC |  |  |
| 5.88%, 04/16/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1600 | 1669540 |
| 6.25%, 04/16/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1605 | 1628051 |
| San Diego Gas & Electric Co. |  |  |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 1025 | 732787 |
| 3.95%, 11/15/41<sup>(a)</sup> | &nbsp;&nbsp; 587 | 476664 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 749 | 595800 |
| 4.30%, 04/01/42<sup>(a)</sup> | &nbsp;&nbsp; 456 | 382913 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 1074 | 975294 |
| 4.95%, 08/15/28 | &nbsp;&nbsp; 1415 | 1452250 |
| 5.35%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 425 | 438460 |
| 5.35%, 05/15/40 | &nbsp;&nbsp; 350 | 346072 |
| 5.35%, 04/01/53 | &nbsp;&nbsp; 1240 | 1155992 |
| 5.40%, 04/15/35 | &nbsp;&nbsp; 1030 | 1055683 |
| 5.55%, 04/15/54 | &nbsp;&nbsp; 1010 | 965616 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 425 | 454064 |
| Series FFF, 6.13%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; 450 | 474936 |
| Series RRR, 3.75%, 06/01/47 | &nbsp;&nbsp; 792 | 591116 |
| Series TTT, 4.10%, 06/15/49 | &nbsp;&nbsp; 855 | 665628 |
| Series UUU, 3.32%, 04/15/50 | &nbsp;&nbsp; 797 | 536585 |
| Series VVV, 1.70%, 10/01/30 | &nbsp;&nbsp; 1183 | 1040732 |
| Series WWW, 2.95%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1475 | 925036 |
| Series XXX, 3.00%, 03/15/32 | &nbsp;&nbsp; 860 | 781650 |
| Saudi Electricity Global Sukuk Co. 2, 5.06%, <br> 04/08/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1330 | 1262330 |
| Saudi Electricity Global Sukuk Co. 3, 5.50%, <br> 04/08/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1846 | 1827195 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 1704 | 1674838 |
| 3.40%, 02/01/28 | &nbsp;&nbsp; 1362 | 1333777 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 1458 | 1429133 |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 1698 | 1430555 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 1485 | 1111581 |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(d)</sup> | &nbsp;&nbsp; 1655 | 1603955 |
| 5.50%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1325 | 1361088 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 1189 | 1214187 |
| 6.40%, 10/01/54, (5-year CMT + 2.632%)<sup>(d)</sup> | &nbsp;&nbsp; 1290 | 1273314 |
| 6.55%, 04/01/55, (5-year CMT + 2.138%)<sup>(d)</sup> | &nbsp;&nbsp; 1020 | 1004541 |
| 6.63%, 04/01/55, (5-year CMT + 2.354%)<sup>(d)</sup> | &nbsp;&nbsp; 590 | 591636 |
| 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(d)</sup> | &nbsp;&nbsp; 520 | 527667 |
| Sierra Pacific Power Co. |  |  |
| 5.90%, 03/15/54 | &nbsp;&nbsp; 625 | 620830 |
| Series P, 6.75%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp; 365 | 405198 |
| Sociedad de Transmision Austral SA, 4.00%, <br> 01/27/32<sup>(b)</sup><br>| &nbsp;&nbsp; 260 | 244871 |
| Solar Star Funding LLC, 5.38%, 06/30/35<sup>(b)</sup> | &nbsp;&nbsp; 843 | 870539 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 1048 | 942509 |
| 2.75%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 842 | 739653 |
| 2.85%, 08/01/29 | &nbsp;&nbsp; 896 | 843307 |
| 3.45%, 02/01/52 | &nbsp;&nbsp; 1065 | 692343 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 2027 | 1395463 |
| 3.90%, 12/01/41 | &nbsp;&nbsp; 530 | 406784 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 2958 | 2199315 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.05%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; $1075 | $848489 |
| 4.40%, 09/06/26 | &nbsp;&nbsp; 225 | 225139 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 882 | 772730 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 1521 | 1279285 |
| 4.88%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 875 | 882366 |
| 5.15%, 06/01/29 | &nbsp;&nbsp; 950 | 969636 |
| 5.20%, 06/01/34 | &nbsp;&nbsp; 1190 | 1183849 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 1605 | 1642209 |
| 5.30%, 03/01/28 | &nbsp;&nbsp; 1235 | 1262305 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 1320 | 1365485 |
| 5.45%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 1062472 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 754 | 733994 |
| 5.63%, 02/01/36<sup>(a)</sup> | &nbsp;&nbsp; 613 | 616354 |
| 5.65%, 10/01/28 | &nbsp;&nbsp; 830 | 859346 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 760 | 700075 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 950 | 889074 |
| 5.85%, 11/01/27 | &nbsp;&nbsp; 1245 | 1282591 |
| 5.88%, 12/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1090 | 1035142 |
| 5.90%, 03/01/55<sup>(a)</sup> | &nbsp;&nbsp; 975 | 931038 |
| 5.95%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1420 | 1493757 |
| 6.00%, 01/15/34 | &nbsp;&nbsp; 1032 | 1075046 |
| 6.05%, 03/15/39 | &nbsp;&nbsp; 1005 | 1031626 |
| 6.20%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1205 | 1197339 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 1345 | 1414416 |
| Series 04-G, 5.75%, 04/01/35 | &nbsp;&nbsp; 760 | 782817 |
| Series 05-B, 5.55%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 305 | 306790 |
| Series 05-E, 5.35%, 07/15/35 | &nbsp;&nbsp; 892 | 890594 |
| Series 06-E, 5.55%, 01/15/37 | &nbsp;&nbsp; 630 | 624047 |
| Series 08-A, 5.95%, 02/01/38 | &nbsp;&nbsp; 925 | 945633 |
| Series 13-A, 3.90%, 03/15/43<sup>(a)</sup> | &nbsp;&nbsp; 625 | 479010 |
| Series 20A, 2.95%, 02/01/51 | &nbsp;&nbsp; 1415 | 856524 |
| Series A, 4.20%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 898 | 890315 |
| Series B, 3.65%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 700 | 688617 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 1002 | 834440 |
| Series C, 3.60%, 02/01/45 | &nbsp;&nbsp; 689 | 493886 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 2050 | 1548110 |
| Series D, 4.70%, 06/01/27 | &nbsp;&nbsp; 1175 | 1181350 |
| Series E, 5.45%, 06/01/52 | &nbsp;&nbsp; 586 | 521167 |
| Series G, 2.50%, 06/01/31 | &nbsp;&nbsp; 756 | 668876 |
| Series H, 3.65%, 06/01/51 | &nbsp;&nbsp; 825 | 561126 |
| Southern Co. (The) |  |  |
| 4.25%, 07/01/36 | &nbsp;&nbsp; 849 | 781392 |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 3480 | 2890870 |
| 4.85%, 06/15/28 | &nbsp;&nbsp; 1495 | 1524924 |
| 4.85%, 03/15/35 | &nbsp;&nbsp; 1270 | 1246940 |
| 5.11%, 08/01/27 | &nbsp;&nbsp; 1105 | 1126214 |
| 5.20%, 06/15/33 | &nbsp;&nbsp; 1480 | 1511905 |
| 5.50%, 03/15/29 | &nbsp;&nbsp; 1775 | 1850327 |
| 5.70%, 10/15/32 | &nbsp;&nbsp; 825 | 869672 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 1870 | 1958208 |
| Series 2025, 6.38%, 03/15/55, (5-year CMT <br> + 2.069%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 750 | 784751 |
| Series 21-A, 3.75%, 09/15/51, (5-year CMT + <br> 2.915%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1440 | 1418266 |
| Series 21-B, 1.75%, 03/15/28 | &nbsp;&nbsp; 647 | 610746 |
| Series A, 3.70%, 04/30/30 | &nbsp;&nbsp; 1885 | 1839684 |
| Southern Power Co. |  |  |
| 5.15%, 09/15/41 | &nbsp;&nbsp; 878 | 829733 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 521 | 490917 |
| Series F, 4.95%, 12/15/46<sup>(a)</sup> | &nbsp;&nbsp; 658 | 577423 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Southwestern Electric Power Co. |  |  |
| 3.25%, 11/01/51 | &nbsp;&nbsp; $1130 | $728535 |
| 5.30%, 04/01/33 | &nbsp;&nbsp; 785 | 797477 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 745 | 775460 |
| Series J, 3.90%, 04/01/45 | &nbsp;&nbsp; 724 | 547715 |
| Series K, 2.75%, 10/01/26 | &nbsp;&nbsp; 731 | 718766 |
| Series L, 3.85%, 02/01/48 | &nbsp;&nbsp; 719 | 522928 |
| Series M, 4.10%, 09/15/28 | &nbsp;&nbsp; 1278 | 1275691 |
| Southwestern Public Service Co. |  |  |
| 3.40%, 08/15/46 | &nbsp;&nbsp; 620 | 428043 |
| 3.70%, 08/15/47 | &nbsp;&nbsp; 682 | 497817 |
| 3.75%, 06/15/49 | &nbsp;&nbsp; 542 | 389934 |
| 4.50%, 08/15/41 | &nbsp;&nbsp; 770 | 675140 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 835 | 842129 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 406 | 412443 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 894 | 894430 |
| Series 6, 4.40%, 11/15/48 | &nbsp;&nbsp; 668 | 532810 |
| Series 8, 3.15%, 05/01/50 | &nbsp;&nbsp; 940 | 604746 |
| SP Group Treasury Pte Ltd. |  |  |
| 3.38%, 02/27/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1021 | 1000147 |
| 4.63%, 11/21/29<sup>(b)</sup> | &nbsp;&nbsp; 295 | 302172 |
| SP PowerAssets Ltd., 3.00%, 09/26/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 650 | 637333 |
| Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(b)</sup><br>| &nbsp;&nbsp; 865 | 826169 |
| State Grid Overseas Investment 2013 Ltd., <br> 4.38%, 05/22/43<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 140019 |
| State Grid Overseas Investment 2014 Ltd., <br> 4.85%, 05/07/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 945 | 933889 |
| State Grid Overseas Investment BVI Ltd. |  |  |
| 3.50%, 05/04/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4035 | 4010794 |
| 4.00%, 05/04/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 707 | 618902 |
| 4.25%, 05/02/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 905 | 912118 |
| System Energy Resources Inc. |  |  |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 880 | 876791 |
| 6.00%, 04/15/28 | &nbsp;&nbsp; 395 | 411496 |
| Tampa Electric Co. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 901 | 816673 |
| 3.45%, 03/15/51 | &nbsp;&nbsp; 699 | 483459 |
| 3.63%, 06/15/50 | &nbsp;&nbsp; 685 | 488203 |
| 4.10%, 06/15/42 | &nbsp;&nbsp; 435 | 363695 |
| 4.20%, 05/15/45<sup>(a)</sup> | &nbsp;&nbsp; 510 | 424282 |
| 4.30%, 06/15/48 | &nbsp;&nbsp; 422 | 343472 |
| 4.35%, 05/15/44 | &nbsp;&nbsp; 487 | 412267 |
| 4.45%, 06/15/49 | &nbsp;&nbsp; 653 | 537095 |
| 4.90%, 03/01/29 | &nbsp;&nbsp; 1085 | 1110624 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 431 | 379962 |
| 5.15%, 03/01/35 | &nbsp;&nbsp; 855 | 861872 |
| 6.15%, 05/15/37 | &nbsp;&nbsp; 360 | 381058 |
| 6.55%, 05/15/36<sup>(a)</sup> | &nbsp;&nbsp; 335 | 368744 |
| Tierra Mojada Luxembourg II SARL, 5.75%, <br> 12/01/40<sup>(b)</sup><br>| &nbsp;&nbsp; 620 | 595781 |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; 447 | 483755 |
| Trans-Allegheny Interstate Line Co., 5.00%, <br> 01/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 1205 | 1234476 |
| Transelec SA, 3.88%, 01/12/29<sup>(b)</sup> | &nbsp;&nbsp; 100 | 97769 |
| Tri-State Generation & Transmission <br> Association Inc.<br>|  |  |
| 4.70%, 11/01/44<sup>(a)</sup> | &nbsp;&nbsp; 420 | 339069 |
| 6.00%, 06/15/40<sup>(b)</sup> | &nbsp;&nbsp; 932 | 947747 |
| Tucson Electric Power Co. |  |  |
| 1.50%, 08/01/30 | &nbsp;&nbsp; 1087 | 946139 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.25%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; $600 | $550916 |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 476 | 308290 |
| 4.00%, 06/15/50 | &nbsp;&nbsp; 1002 | 752499 |
| 4.85%, 12/01/48 | &nbsp;&nbsp; 551 | 478246 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 560 | 565455 |
| 5.50%, 04/15/53<sup>(a)</sup> | &nbsp;&nbsp; 730 | 686901 |
| 5.90%, 04/15/55<sup>(a)</sup> | &nbsp;&nbsp; 650 | 641900 |
| Union Electric Co. |  |  |
| 2.15%, 03/15/32 | &nbsp;&nbsp; 945 | 817570 |
| 2.63%, 03/15/51 | &nbsp;&nbsp; 1000 | 591560 |
| 2.95%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 876 | 861506 |
| 2.95%, 03/15/30 | &nbsp;&nbsp; 715 | 680762 |
| 3.25%, 10/01/49 | &nbsp;&nbsp; 545 | 364202 |
| 3.50%, 03/15/29 | &nbsp;&nbsp; 1076 | 1054944 |
| 3.65%, 04/15/45 | &nbsp;&nbsp; 957 | 733624 |
| 3.90%, 09/15/42 | &nbsp;&nbsp; 580 | 470061 |
| 3.90%, 04/01/52 | &nbsp;&nbsp; 915 | 691550 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 712 | 558053 |
| 5.13%, 03/15/55 | &nbsp;&nbsp; 740 | 674795 |
| 5.20%, 04/01/34 | &nbsp;&nbsp; 945 | 967545 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 810 | 827300 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 650 | 597725 |
| 5.30%, 08/01/37 | &nbsp;&nbsp; 485 | 491015 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 785 | 750493 |
| 8.45%, 03/15/39 | &nbsp;&nbsp; 530 | 684060 |
| Virginia Electric & Power Co. |  |  |
| 2.30%, 11/15/31 | &nbsp;&nbsp; 830 | 732921 |
| 2.40%, 03/30/32<sup>(a)</sup> | &nbsp;&nbsp; 895 | 785621 |
| 2.45%, 12/15/50 | &nbsp;&nbsp; 1469 | 824947 |
| 2.95%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1815 | 1130705 |
| 3.30%, 12/01/49 | &nbsp;&nbsp; 882 | 591078 |
| 4.00%, 01/15/43 | &nbsp;&nbsp; 915 | 739879 |
| 4.45%, 02/15/44 | &nbsp;&nbsp; 965 | 822284 |
| 4.60%, 12/01/48 | &nbsp;&nbsp; 910 | 773902 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 1200 | 1216809 |
| 5.00%, 01/15/34 | &nbsp;&nbsp; 755 | 758553 |
| 5.05%, 08/15/34 | &nbsp;&nbsp; 1085 | 1094532 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 1025 | 1033239 |
| 5.30%, 08/15/33 | &nbsp;&nbsp; 820 | 843581 |
| 5.35%, 01/15/54 | &nbsp;&nbsp; 850 | 792027 |
| 5.45%, 04/01/53 | &nbsp;&nbsp; 1270 | 1202141 |
| 5.55%, 08/15/54 | &nbsp;&nbsp; 985 | 948765 |
| 5.65%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 950 | 929446 |
| 5.70%, 08/15/53 | &nbsp;&nbsp; 995 | 975701 |
| 6.35%, 11/30/37 | &nbsp;&nbsp; 937 | 1019581 |
| 8.88%, 11/15/38 | &nbsp;&nbsp; 983 | 1306290 |
| Series A, 2.88%, 07/15/29 | &nbsp;&nbsp; 1010 | 966760 |
| Series A, 3.50%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1135 | 1126159 |
| Series A, 3.80%, 04/01/28 | &nbsp;&nbsp; 1390 | 1386032 |
| Series A, 6.00%, 05/15/37 | &nbsp;&nbsp; 975 | 1037995 |
| Series B, 2.95%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 667 | 657474 |
| Series B, 3.75%, 05/15/27 | &nbsp;&nbsp; 963 | 958195 |
| Series B, 3.80%, 09/15/47<sup>(a)</sup> | &nbsp;&nbsp; 1227 | 926659 |
| Series B, 4.20%, 05/15/45 | &nbsp;&nbsp; 550 | 450082 |
| Series B, 6.00%, 01/15/36 | &nbsp;&nbsp; 789 | 838522 |
| Series C, 4.00%, 11/15/46 | &nbsp;&nbsp; 848 | 664830 |
| Series C, 4.63%, 05/15/52 | &nbsp;&nbsp; 1055 | 883615 |
| Series D, 4.65%, 08/15/43 | &nbsp;&nbsp; 955 | 842005 |
| Vistra Operations Co. LLC |  |  |
| 3.70%, 01/30/27<sup>(b)</sup> | &nbsp;&nbsp; 1351 | 1338043 |
| 4.30%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1394 | 1380229 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.05%, 12/30/26<sup>(b)</sup> | &nbsp;&nbsp; $150 | $151105 |
| 5.70%, 12/30/34<sup>(b)</sup> | &nbsp;&nbsp; 1225 | 1248896 |
| 6.00%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 605 | 630290 |
| 6.95%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1750 | 1932425 |
| WEC Energy Group Inc. |  |  |
| 1.38%, 10/15/27 | &nbsp;&nbsp; 999 | 945733 |
| 1.80%, 10/15/30 | &nbsp;&nbsp; 321 | 284402 |
| 2.20%, 12/15/28 | &nbsp;&nbsp; 715 | 671952 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 875 | 888418 |
| 5.15%, 10/01/27 | &nbsp;&nbsp; 640 | 651844 |
| 5.60%, 09/12/26 | &nbsp;&nbsp; 363 | 367503 |
| Wisconsin Electric Power Co. |  |  |
| 1.70%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 475 | 447363 |
| 3.65%, 12/15/42<sup>(a)</sup> | &nbsp;&nbsp; 405 | 312043 |
| 4.25%, 06/01/44 | &nbsp;&nbsp; 455 | 376118 |
| 4.30%, 12/15/45 | &nbsp;&nbsp; 245 | 200578 |
| 4.30%, 10/15/48<sup>(a)</sup> | &nbsp;&nbsp; 630 | 520042 |
| 4.60%, 10/01/34 | &nbsp;&nbsp; 620 | 611530 |
| 4.75%, 09/30/32<sup>(a)</sup> | &nbsp;&nbsp; 835 | 851527 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 495 | 510263 |
| 5.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 625 | 564266 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 362 | 386646 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 520 | 559849 |
| Wisconsin Power and Light Co. |  |  |
| 1.95%, 09/16/31<sup>(a)</sup> | &nbsp;&nbsp; 640 | 555595 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 562 | 538144 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 855 | 835550 |
| 3.65%, 04/01/50 | &nbsp;&nbsp; 475 | 336375 |
| 3.95%, 09/01/32 | &nbsp;&nbsp; 1025 | 981647 |
| 4.10%, 10/15/44 | &nbsp;&nbsp; 275 | 217031 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 1010 | 1018733 |
| 5.38%, 03/30/34 | &nbsp;&nbsp; 630 | 650580 |
| 6.38%, 08/15/37 | &nbsp;&nbsp; 485 | 532768 |
| 7.60%, 10/01/38<sup>(a)</sup> | &nbsp;&nbsp; 395 | 468759 |
| Wisconsin Public Service Corp. |  |  |
| 2.85%, 12/01/51 | &nbsp;&nbsp; 1100 | 671875 |
| 3.30%, 09/01/49 | &nbsp;&nbsp; 715 | 485421 |
| 3.67%, 12/01/42 | &nbsp;&nbsp; 607 | 476094 |
| 4.55%, 12/01/29 | &nbsp;&nbsp; 425 | 432609 |
| 4.75%, 11/01/44 | &nbsp;&nbsp; 894 | 797972 |
| Xcel Energy Inc. |  |  |
| 1.75%, 03/15/27 | &nbsp;&nbsp; 895 | 862722 |
| 2.35%, 11/15/31 | &nbsp;&nbsp; 420 | 369290 |
| 2.60%, 12/01/29 | &nbsp;&nbsp; 920 | 857963 |
| 3.35%, 12/01/26 | &nbsp;&nbsp; 822 | 812655 |
| 3.40%, 06/01/30 | &nbsp;&nbsp; 1265 | 1211378 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 660 | 450385 |
| 4.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1074 | 1072060 |
| 4.60%, 06/01/32 | &nbsp;&nbsp; 1025 | 1009274 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 695 | 703586 |
| 4.80%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 513 | 456943 |
| 5.45%, 08/15/33 | &nbsp;&nbsp; 1450 | 1481808 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 1545 | 1580156 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 805 | 822898 |
| 6.50%, 07/01/36 | &nbsp;&nbsp; 465 | 506132 |
|  |  | 1298277881 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| ABB Finance USA Inc. |  |  |
| 3.80%, 04/03/28<sup>(a)</sup> | &nbsp;&nbsp; 676 | 677719 |
| 4.38%, 05/08/42<sup>(a)</sup> | &nbsp;&nbsp; 770 | 681150 |
| Acuity Brands Lighting Inc., 2.15%, 12/15/30 | &nbsp;&nbsp; 839 | 749856 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| Emerson Electric Co. |  |  |
| 0.88%, 10/15/26 | &nbsp;&nbsp; $1261 | $1218953 |
| 1.80%, 10/15/27 | &nbsp;&nbsp; 949 | 908971 |
| 1.95%, 10/15/30 | &nbsp;&nbsp; 1145 | 1032952 |
| 2.00%, 12/21/28 | &nbsp;&nbsp; 1420 | 1336278 |
| 2.20%, 12/21/31 | &nbsp;&nbsp; 1425 | 1265467 |
| 2.75%, 10/15/50 | &nbsp;&nbsp; 841 | 527385 |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 1755 | 1099510 |
| 5.00%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 775 | 789344 |
| 5.25%, 11/15/39 | &nbsp;&nbsp; 635 | 643225 |
| 6.00%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 495 | 541038 |
| 6.13%, 04/15/39<sup>(a)</sup> | &nbsp;&nbsp; 230 | 251352 |
| Molex Electronic Technologies LLC |  |  |
| 4.75%, 04/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 750 | 757942 |
| 5.25%, 04/30/32<sup>(b)</sup> | &nbsp;&nbsp; 705 | 715707 |
|  |  | 13196849 |
| **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 1183 | 1144461 |
| Allegion U.S. Holding Co. Inc. |  |  |
| 3.55%, 10/01/27 | &nbsp;&nbsp; 875 | 861345 |
| 5.41%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; 674 | 698329 |
| 5.60%, 05/29/34 | &nbsp;&nbsp; 635 | 653512 |
| Amphenol Corp. |  |  |
| 2.20%, 09/15/31 | &nbsp;&nbsp; 1190 | 1053014 |
| 2.80%, 02/15/30 | &nbsp;&nbsp; 1762 | 1666609 |
| 4.35%, 06/01/29 | &nbsp;&nbsp; 1195 | 1206046 |
| 4.38%, 06/12/28 | &nbsp;&nbsp; 905 | 913645 |
| 5.00%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1462411 |
| 5.05%, 04/05/27 | &nbsp;&nbsp; 940 | 954247 |
| 5.05%, 04/05/29<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1031144 |
| 5.25%, 04/05/34 | &nbsp;&nbsp; 855 | 883575 |
| 5.38%, 11/15/54<sup>(a)</sup> | &nbsp;&nbsp; 805 | 781487 |
| Arrow Electronics Inc. |  |  |
| 2.95%, 02/15/32 | &nbsp;&nbsp; 1101 | 972117 |
| 3.88%, 01/12/28 | &nbsp;&nbsp; 1155 | 1139982 |
| 5.15%, 08/21/29<sup>(a)</sup> | &nbsp;&nbsp; 1040 | 1063832 |
| 5.88%, 04/10/34 | &nbsp;&nbsp; 795 | 824436 |
| Avnet Inc. |  |  |
| 3.00%, 05/15/31 | &nbsp;&nbsp; 685 | 620266 |
| 5.50%, 06/01/32 | &nbsp;&nbsp; 535 | 541179 |
| 6.25%, 03/15/28 | &nbsp;&nbsp; 1030 | 1072572 |
| Flex Ltd. |  |  |
| 4.88%, 06/15/29 | &nbsp;&nbsp; 1368 | 1383202 |
| 4.88%, 05/12/30 | &nbsp;&nbsp; 1319 | 1333229 |
| 5.25%, 01/15/32 | &nbsp;&nbsp; 750 | 765397 |
| 6.00%, 01/15/28 | &nbsp;&nbsp; 1170 | 1211559 |
| Fortive Corp., 4.30%, 06/15/46 | &nbsp;&nbsp; 1026 | 835440 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 | &nbsp;&nbsp; 1580 | 1511635 |
| 1.75%, 09/01/31 | &nbsp;&nbsp; 2585 | 2226279 |
| 1.95%, 06/01/30 | &nbsp;&nbsp; 1600 | 1446715 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 2331 | 2289723 |
| 2.70%, 08/15/29 | &nbsp;&nbsp; 1400 | 1331345 |
| 2.80%, 06/01/50 | &nbsp;&nbsp; 1399 | 874881 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 860 | 655569 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 1585 | 1595130 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 1165 | 1143027 |
| 4.65%, 07/30/27 | &nbsp;&nbsp; 1860 | 1882602 |
| 4.70%, 02/01/30 | &nbsp;&nbsp; 1880 | 1915767 |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 895 | 908668 |
| 4.88%, 09/01/29 | &nbsp;&nbsp; 1175 | 1210182 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| 4.95%, 02/15/28 | &nbsp;&nbsp; $1315 | $1345645 |
| 4.95%, 09/01/31 | &nbsp;&nbsp; 935 | 964048 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 1910 | 1948073 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 2230 | 2245071 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 2790 | 2594607 |
| 5.35%, 03/01/64 | &nbsp;&nbsp; 1005 | 936088 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 647 | 656675 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 860 | 907689 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 870 | 914026 |
| Hubbell Inc. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 502 | 449469 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 750 | 735034 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 803 | 790330 |
| Jabil Inc. |  |  |
| 3.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 902 | 827912 |
| 3.60%, 01/15/30 | &nbsp;&nbsp; 1017 | 977086 |
| 3.95%, 01/12/28 | &nbsp;&nbsp; 1290 | 1278984 |
| 4.25%, 05/15/27 | &nbsp;&nbsp; 1225 | 1225146 |
| 5.45%, 02/01/29 | &nbsp;&nbsp; 790 | 811961 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 1295 | 1229442 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 1252 | 1257733 |
| 4.95%, 10/15/34 | &nbsp;&nbsp; 540 | 535734 |
| 5.35%, 07/30/30 | &nbsp;&nbsp; 775 | 805195 |
| TD SYNNEX Corp. |  |  |
| 2.38%, 08/09/28 | &nbsp;&nbsp; 1268 | 1201750 |
| 2.65%, 08/09/31 | &nbsp;&nbsp; 1144 | 1019069 |
| 6.10%, 04/12/34 | &nbsp;&nbsp; 715 | 749077 |
| Trimble Inc. |  |  |
| 4.90%, 06/15/28 | &nbsp;&nbsp; 1331 | 1350211 |
| 6.10%, 03/15/33 | &nbsp;&nbsp; 755 | 802705 |
| Tyco Electronics Group SA |  |  |
| 2.50%, 02/04/32 | &nbsp;&nbsp; 1215 | 1079501 |
| 3.13%, 08/15/27 | &nbsp;&nbsp; 1161 | 1140229 |
| 4.50%, 02/09/31 | &nbsp;&nbsp; 680 | 685446 |
| 4.63%, 02/01/30 | &nbsp;&nbsp; 760 | 773936 |
| 5.00%, 05/09/35 | &nbsp;&nbsp; 430 | 428270 |
| 7.13%, 10/01/37 | &nbsp;&nbsp; 865 | 1011274 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28 | &nbsp;&nbsp; 871 | 827835 |
| 2.95%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1282 | 1164690 |
|  |  | 79734500 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| Continental Wind LLC, 6.00%, 02/28/33<sup>(b)</sup> | &nbsp;&nbsp; 51 | 52167 |
| Hanwha Energy USA Holdings Corp., 4.38%, <br> 07/02/28<sup>(b)</sup><br>| &nbsp;&nbsp; 35 | 35240 |
| Sweihan PV Power Co. PJSC, 3.63%, <br> 01/31/49<sup>(b)</sup><br>| &nbsp;&nbsp; 678 | 562652 |
|  |  | 650059 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Aeropuerto Internacional de Tocumen SA |  |  |
| 4.00%, 08/11/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 790 | 632316 |
| 5.13%, 08/11/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 2492 | 1896412 |
| Cellnex Finance Co. SA, 3.88%, 07/07/41<sup>(b)</sup> | &nbsp;&nbsp; 525 | 410157 |
| CIMIC Finance USA Pty. Ltd., 7.00%, <br> 03/25/34<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 935 | 1008571 |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | &nbsp;&nbsp; 880 | 920464 |
| 6.35%, 08/18/28 | &nbsp;&nbsp; 1300 | 1370570 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| LBJ Infrastructure Group LLC, 3.80%, <br> 12/31/57<sup>(b)</sup><br>| &nbsp;&nbsp; $585 | $395774 |
| MasTec Inc. |  |  |
| 4.50%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1130 | 1123095 |
| 5.90%, 06/15/29 | &nbsp;&nbsp; 775 | 809512 |
| Mexico City Airport Trust |  |  |
| 3.88%, 04/30/28<sup>(b)</sup> | &nbsp;&nbsp; 904 | 881246 |
| 4.25%, 10/31/26<sup>(b)</sup> | &nbsp;&nbsp; 1445 | 1436778 |
| 5.50%, 10/31/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1422 | 1205808 |
| 5.50%, 07/31/47<sup>(b)</sup> | &nbsp;&nbsp; 2951 | 2494923 |
| Sitios Latinoamerica SAB de CV |  |  |
| 5.38%, 04/04/32<sup>(b)</sup> | &nbsp;&nbsp; 1680 | 1653258 |
| 6.00%, 11/25/29<sup>(b)</sup> | &nbsp;&nbsp; 160 | 164892 |
| Ste Transcore Holdings Inc. |  |  |
| 3.38%, 05/05/27<sup>(b)</sup> | &nbsp;&nbsp; 250 | 247424 |
| 3.75%, 05/05/32<sup>(b)</sup> | &nbsp;&nbsp; 150 | 144396 |
| Summit Digitel Infrastructure Ltd., 2.88%, <br> 08/12/31<sup>(b)</sup><br>| &nbsp;&nbsp; 170 | 153138 |
| Vinci SA, 3.75%, 04/10/29<sup>(b)</sup> | &nbsp;&nbsp; 1990 | 1953752 |
|  |  | 18902486 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Flutter Treasury DAC, 5.88%, 06/04/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30546 |
| Flutter Treasury Designated Activity Co., 6.38%, <br> 04/29/29<sup>(b)</sup><br>| &nbsp;&nbsp; 445 | 460991 |
| Genm Capital Labuan Ltd., 3.88%, 04/19/31<sup>(b)</sup> | &nbsp;&nbsp; 830 | 762596 |
| WMG Acquisition Corp. |  |  |
| 3.00%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 645 | 594532 |
| 3.75%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 270 | 256226 |
| 3.88%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 875 | 831432 |
|  |  | 2936323 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| GFL Environmental Inc., 3.50%, 09/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 175 | 169502 |
| Nature Conservancy (The), Series A, 3.96%, <br> 03/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 445 | 343669 |
| Republic Services Inc. |  |  |
| 1.45%, 02/15/31 | &nbsp;&nbsp; 1760 | 1515181 |
| 1.75%, 02/15/32 | &nbsp;&nbsp; 1279 | 1087154 |
| 2.30%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1301 | 1202727 |
| 2.38%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1105 | 952667 |
| 3.05%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 903 | 603924 |
| 3.38%, 11/15/27 | &nbsp;&nbsp; 1073 | 1060704 |
| 3.95%, 05/15/28 | &nbsp;&nbsp; 1643 | 1642433 |
| 4.75%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 840 | 862322 |
| 4.88%, 04/01/29 | &nbsp;&nbsp; 1405 | 1440757 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 780 | 806152 |
| 5.00%, 12/15/33 | &nbsp;&nbsp; 965 | 987817 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 1245 | 1267050 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 850 | 867756 |
| 5.20%, 11/15/34 | &nbsp;&nbsp; 800 | 820858 |
| 5.70%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; 540 | 555418 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 782 | 852488 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; 1325 | 1368252 |
| 5.45%, 09/18/33 | &nbsp;&nbsp; 920 | 950302 |
| 5.50%, 09/18/26 | &nbsp;&nbsp; 1125 | 1136655 |
| Waste Connections Inc. |  |  |
| 2.20%, 01/15/32 | &nbsp;&nbsp; 850 | 742133 |
| 2.60%, 02/01/30 | &nbsp;&nbsp; 1117 | 1049990 |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 1565 | 985461 |
| 3.05%, 04/01/50 | &nbsp;&nbsp; 835 | 544869 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| 3.20%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; $844 | $778143 |
| 3.50%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 993 | 977256 |
| 4.20%, 01/15/33 | &nbsp;&nbsp; 1067 | 1036904 |
| 4.25%, 12/01/28 | &nbsp;&nbsp; 1021 | 1028428 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 1080 | 1095959 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 735 | 751526 |
| Waste Management Inc. |  |  |
| 1.15%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 915 | 854335 |
| 1.50%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1462 | 1264862 |
| 2.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 805 | 748533 |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 920 | 539775 |
| 2.95%, 06/01/41 | &nbsp;&nbsp; 940 | 694494 |
| 3.15%, 11/15/27 | &nbsp;&nbsp; 1713 | 1684074 |
| 3.88%, 01/15/29 | &nbsp;&nbsp; 945 | 937602 |
| 3.90%, 03/01/35 | &nbsp;&nbsp; 1028 | 945265 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 580 | 482354 |
| 4.15%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1575 | 1549365 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 1081 | 879562 |
| 4.50%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1475 | 1493310 |
| 4.63%, 02/15/30 | &nbsp;&nbsp; 1510 | 1537906 |
| 4.63%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 865 | 869776 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 1955 | 1993718 |
| 4.80%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1030 | 1050776 |
| 4.88%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2170 | 2231855 |
| 4.88%, 02/15/34 | &nbsp;&nbsp; 1610 | 1635259 |
| 4.95%, 07/03/27 | &nbsp;&nbsp; 1090 | 1109326 |
| 4.95%, 07/03/31 | &nbsp;&nbsp; 1440 | 1489868 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 2370 | 2381852 |
| 5.35%, 10/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1860 | 1781869 |
| 7.00%, 07/15/28 | &nbsp;&nbsp; 810 | 873607 |
|  |  | 58513800 |
| **Food — 2.0%** | **Food — 2.0%** | **Food — 2.0%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 1265 | 1379098 |
| Alfa SAB de CV, 6.88%, 03/25/44<sup>(b)</sup> | &nbsp;&nbsp; 755 | 823010 |
| Bimbo Bakeries USA Inc. |  |  |
| 4.00%, 05/17/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1132 | 829382 |
| 5.38%, 01/09/36<sup>(b)</sup> | &nbsp;&nbsp; 1560 | 1574024 |
| 6.05%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1210 | 1269472 |
| 6.40%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 925 | 1001290 |
| Cencosud SA |  |  |
| 4.38%, 07/17/27<sup>(b)</sup> | &nbsp;&nbsp; 1145 | 1140973 |
| 5.95%, 05/28/31<sup>(b)</sup> | &nbsp;&nbsp; 235 | 244797 |
| 6.63%, 02/12/45<sup>(b)</sup> | &nbsp;&nbsp; 380 | 393965 |
| CK Hutchison International 20 Ltd., 2.50%, <br> 05/08/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1450 | 1343679 |
| CK Hutchison International 21 Ltd., 2.50%, <br> 04/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 1240 | 1124828 |
| Conagra Brands Inc. |  |  |
| 1.38%, 11/01/27 | &nbsp;&nbsp; 1725 | 1617605 |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 2323 | 2348047 |
| 5.00%, 08/01/30 | &nbsp;&nbsp; 1030 | 1038673 |
| 5.30%, 10/01/26 | &nbsp;&nbsp; 875 | 883099 |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 1874 | 1768798 |
| 5.40%, 11/01/48<sup>(a)</sup> | &nbsp;&nbsp; 1850 | 1628200 |
| 5.75%, 08/01/35<sup>(a)</sup> | &nbsp;&nbsp; 805 | 808913 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 1325 | 1414605 |
| 7.13%, 10/01/26 | &nbsp;&nbsp; 385 | 395034 |
| 8.25%, 09/15/30 | &nbsp;&nbsp; 682 | 787867 |
| Danone SA, 2.95%, 11/02/26<sup>(b)</sup> | &nbsp;&nbsp; 3060 | 3016322 |
| Flowers Foods Inc. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 1078 | 950279 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 3.50%, 10/01/26 | &nbsp;&nbsp; $590 | $583124 |
| 5.75%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 825 | 840287 |
| 6.20%, 03/15/55 | &nbsp;&nbsp; 555 | 536637 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31<sup>(a)</sup> | &nbsp;&nbsp; 800 | 703193 |
| 2.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1463 | 1376497 |
| 3.00%, 02/01/51<sup>(a)</sup> | &nbsp;&nbsp; 1170 | 736775 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 1180 | 1164052 |
| 4.15%, 02/15/43<sup>(a)</sup> | &nbsp;&nbsp; 670 | 547397 |
| 4.20%, 04/17/28<sup>(a)</sup> | &nbsp;&nbsp; 2370 | 2371878 |
| 4.55%, 04/17/38 | &nbsp;&nbsp; 751 | 695991 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 630 | 633792 |
| 4.70%, 04/17/48<sup>(a)</sup> | &nbsp;&nbsp; 820 | 705652 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 1645 | 1681949 |
| 4.95%, 03/29/33<sup>(a)</sup> | &nbsp;&nbsp; 1635 | 1646084 |
| 5.25%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp; 1290 | 1296947 |
| 5.40%, 06/15/40<sup>(a)</sup> | &nbsp;&nbsp; 825 | 809274 |
| 5.50%, 10/17/28 | &nbsp;&nbsp; 1155 | 1200605 |
| Gruma SAB de CV |  |  |
| 5.39%, 12/09/34<sup>(b)</sup> | &nbsp;&nbsp; 170 | 173675 |
| 5.76%, 12/09/54<sup>(b)</sup> | &nbsp;&nbsp; 365 | 358978 |
| Grupo Bimbo SAB de CV |  |  |
| 4.00%, 09/06/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1150 | 849380 |
| 4.70%, 11/10/47<sup>(b)</sup> | &nbsp;&nbsp; 878 | 730891 |
| 4.88%, 06/27/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 575 | 504014 |
| Hershey Co. (The) |  |  |
| 1.70%, 06/01/30 | &nbsp;&nbsp; 1095 | 980566 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 690 | 646812 |
| 2.65%, 06/01/50 | &nbsp;&nbsp; 617 | 369641 |
| 3.13%, 11/15/49 | &nbsp;&nbsp; 869 | 579624 |
| 3.38%, 08/15/46 | &nbsp;&nbsp; 705 | 510173 |
| 4.25%, 05/04/28 | &nbsp;&nbsp; 840 | 847841 |
| 4.50%, 05/04/33<sup>(a)</sup> | &nbsp;&nbsp; 570 | 568580 |
| 4.55%, 02/24/28 | &nbsp;&nbsp; 1070 | 1087402 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 1075 | 1103185 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 1205 | 1239203 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 915 | 933363 |
| Hormel Foods Corp. |  |  |
| 1.70%, 06/03/28 | &nbsp;&nbsp; 1550 | 1456340 |
| 1.80%, 06/11/30 | &nbsp;&nbsp; 2211 | 1980249 |
| 3.05%, 06/03/51 | &nbsp;&nbsp; 1270 | 817050 |
| 4.80%, 03/30/27 | &nbsp;&nbsp; 730 | 737806 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 1235 | 1155725 |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 873 | 863412 |
| 3.90%, 06/01/50 | &nbsp;&nbsp; 629 | 452299 |
| 6.63%, 04/15/37 | &nbsp;&nbsp; 434 | 477336 |
| J.M. Smucker Co. (The) |  |  |
| 2.13%, 03/15/32 | &nbsp;&nbsp; 505 | 428319 |
| 2.38%, 03/15/30 | &nbsp;&nbsp; 1059 | 974999 |
| 3.38%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1162 | 1145071 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 1070 | 995135 |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 1155 | 946610 |
| 5.90%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1535 | 1611373 |
| 6.20%, 11/15/33 | &nbsp;&nbsp; 1600 | 1720282 |
| 6.50%, 11/15/43 | &nbsp;&nbsp; 1075 | 1140956 |
| 6.50%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1765 | 1876933 |
| JBS USA Holding Lux Sarl / JBS USA Foods <br> Group Holdings Inc. / JBS USA Food Co.<br>|  |  |
| 5.50%, 01/15/36<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1545081 |
| 6.25%, 03/01/56<sup>(b)</sup> | &nbsp;&nbsp; 2030 | 2000469 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 6.38%, 04/15/66<sup>(b)</sup> | &nbsp;&nbsp; $2025 | $1996252 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 3.00%, 02/02/29<sup>(a)</sup> | &nbsp;&nbsp; 1090 | 1042587 |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 1577 | 1396561 |
| 3.63%, 01/15/32 | &nbsp;&nbsp; 1090 | 1004617 |
| 3.75%, 12/01/31 | &nbsp;&nbsp; 1110 | 1043307 |
| 4.38%, 02/02/52 | &nbsp;&nbsp; 1710 | 1303138 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 2458 | 2546267 |
| 6.50%, 12/01/52 | &nbsp;&nbsp; 2590 | 2643069 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 2495 | 2736114 |
| 7.25%, 11/15/53 | &nbsp;&nbsp; 1640 | 1820819 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 6.38%, 02/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1370 | 1376840 |
| Kellanova |  |  |
| 2.10%, 06/01/30 | &nbsp;&nbsp; 972 | 881516 |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 1089 | 1074126 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 1310 | 1318229 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 1138 | 972221 |
| 5.25%, 03/01/33 | &nbsp;&nbsp; 455 | 468067 |
| 5.75%, 05/16/54<sup>(a)</sup> | &nbsp;&nbsp; 545 | 532223 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 1080 | 1238499 |
| Koninklijke Ahold Delhaize NV, 5.70%, <br> 10/01/40<sup>(a)</sup><br>| &nbsp;&nbsp; 670 | 690816 |
| Kraft Heinz Foods Co. |  |  |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 1425 | 1382640 |
| 3.88%, 05/15/27 | &nbsp;&nbsp; 2280 | 2265184 |
| 4.25%, 03/01/31 | &nbsp;&nbsp; 905 | 891451 |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 4400 | 3503805 |
| 4.63%, 01/30/29<sup>(a)</sup> | &nbsp;&nbsp; 915 | 923559 |
| 4.63%, 10/01/39 | &nbsp;&nbsp; 740 | 657169 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 2400 | 2003798 |
| 5.00%, 07/15/35 | &nbsp;&nbsp; 1270 | 1243908 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 2480 | 2218296 |
| 5.20%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 970 | 990783 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 2980 | 2654830 |
| 5.40%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 870 | 875155 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 1295 | 1171611 |
| 6.50%, 02/09/40 | &nbsp;&nbsp; 1065 | 1123629 |
| 6.75%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 760 | 838972 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 1400 | 1523283 |
| 7.13%, 08/01/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 1315 | 1459319 |
| Kroger Co. (The) |  |  |
| 1.70%, 01/15/31 | &nbsp;&nbsp; 805 | 701624 |
| 2.20%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 1486664 |
| 2.65%, 10/15/26 | &nbsp;&nbsp; 1122 | 1103376 |
| 3.70%, 08/01/27 | &nbsp;&nbsp; 1302 | 1292653 |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 930 | 706880 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 1222 | 913692 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 1795 | 1485704 |
| 4.50%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1454 | 1471970 |
| 4.65%, 01/15/48 | &nbsp;&nbsp; 855 | 719125 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 3445 | 3433571 |
| 5.00%, 04/15/42<sup>(a)</sup> | &nbsp;&nbsp; 717 | 658195 |
| 5.15%, 08/01/43<sup>(a)</sup> | &nbsp;&nbsp; 696 | 643208 |
| 5.40%, 07/15/40 | &nbsp;&nbsp; 533 | 523810 |
| 5.40%, 01/15/49 | &nbsp;&nbsp; 1131 | 1056138 |
| 5.50%, 09/15/54 | &nbsp;&nbsp; 3150 | 2949493 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 1870 | 1754352 |
| 6.90%, 04/15/38 | &nbsp;&nbsp; 962 | 1079616 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 740 | 849756 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 8.00%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; $594 | $669170 |
| Series B, 7.70%, 06/01/29 | &nbsp;&nbsp; 550 | 615693 |
| Mars Inc. |  |  |
| 1.63%, 07/16/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1045 | 875519 |
| 2.38%, 07/16/40<sup>(b)</sup> | &nbsp;&nbsp; 1496 | 1050339 |
| 2.45%, 07/16/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 660 | 369958 |
| 3.20%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1700 | 1625427 |
| 3.60%, 04/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1176 | 1066237 |
| 3.88%, 04/01/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 1565 | 1354452 |
| 3.95%, 04/01/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 605 | 494593 |
| 3.95%, 04/01/49<sup>(b)</sup> | &nbsp;&nbsp; 1197 | 934989 |
| 4.13%, 04/01/54<sup>(b)</sup> | &nbsp;&nbsp; 738 | 569541 |
| 4.20%, 04/01/59<sup>(a)(b)</sup> | &nbsp;&nbsp; 921 | 697317 |
| 4.45%, 03/01/27<sup>(b)</sup> | &nbsp;&nbsp; 1825 | 1836007 |
| 4.55%, 04/20/28<sup>(b)</sup> | &nbsp;&nbsp; 1735 | 1756935 |
| 4.60%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5390 | 5457136 |
| 4.65%, 04/20/31<sup>(b)</sup> | &nbsp;&nbsp; 1145 | 1163752 |
| 4.75%, 04/20/33<sup>(b)</sup> | &nbsp;&nbsp; 1875 | 1864476 |
| 4.80%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 6415 | 6537582 |
| 5.00%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 3165 | 3230397 |
| 5.20%, 03/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 7805 | 7877358 |
| 5.65%, 05/01/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 4960 | 4889625 |
| 5.70%, 05/01/55<sup>(b)</sup> | &nbsp;&nbsp; 7755 | 7562284 |
| 5.80%, 05/01/65<sup>(b)</sup> | &nbsp;&nbsp; 1780 | 1746650 |
| McCormick & Co. Inc./MD |  |  |
| 1.85%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1137 | 993475 |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 1042 | 961685 |
| 3.40%, 08/15/27 | &nbsp;&nbsp; 1581 | 1560830 |
| 4.20%, 08/15/47 | &nbsp;&nbsp; 665 | 529561 |
| 4.70%, 10/15/34 | &nbsp;&nbsp; 905 | 878718 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 740 | 745769 |
| Mondelez International Holdings Netherlands <br> BV, 1.25%, 09/24/26<sup>(b)</sup><br>| &nbsp;&nbsp; 580 | 562193 |
| Mondelez International Inc. |  |  |
| 1.50%, 02/04/31 | &nbsp;&nbsp; 965 | 833910 |
| 1.88%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 912 | 771075 |
| 2.63%, 03/17/27 | &nbsp;&nbsp; 1110 | 1085045 |
| 2.63%, 09/04/50<sup>(a)</sup> | &nbsp;&nbsp; 2127 | 1247122 |
| 2.75%, 04/13/30<sup>(a)</sup> | &nbsp;&nbsp; 1557 | 1457748 |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 865 | 788539 |
| 4.13%, 05/07/28 | &nbsp;&nbsp; 360 | 360622 |
| 4.25%, 05/06/28 | &nbsp;&nbsp; 730 | 732364 |
| 4.50%, 05/06/30 | &nbsp;&nbsp; 440 | 443131 |
| 4.75%, 02/20/29 | &nbsp;&nbsp; 885 | 905330 |
| 4.75%, 08/28/34<sup>(a)</sup> | &nbsp;&nbsp; 760 | 753774 |
| 5.13%, 05/06/35<sup>(a)</sup> | &nbsp;&nbsp; 605 | 612405 |
| 6.50%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp; 310 | 342995 |
| Nestle Capital Corp. |  |  |
| 4.65%, 03/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1055 | 1078298 |
| 4.75%, 03/12/31<sup>(b)</sup> | &nbsp;&nbsp; 890 | 914796 |
| 4.88%, 03/12/34<sup>(b)</sup> | &nbsp;&nbsp; 1090 | 1106182 |
| 5.10%, 03/12/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 630 | 591956 |
| Nestle Holdings Inc. |  |  |
| 1.00%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1825 | 1722500 |
| 1.15%, 01/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 788 | 759684 |
| 1.25%, 09/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1880 | 1641294 |
| 1.50%, 09/14/28<sup>(b)</sup> | &nbsp;&nbsp; 1695 | 1581239 |
| 1.88%, 09/14/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1878 | 1649215 |
| 2.50%, 09/14/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 1022 | 705815 |
| 2.63%, 09/14/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1175 | 710620 |
| 3.63%, 09/24/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2529 | 2507597 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 3.90%, 09/24/38<sup>(b)</sup> | &nbsp;&nbsp; $2099 | $1880160 |
| 4.00%, 09/24/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 3319 | 2658117 |
| 4.13%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1020 | 1024655 |
| 4.25%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 930 | 939489 |
| 4.30%, 10/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1695 | 1682130 |
| 4.70%, 01/15/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 1760 | 1547996 |
| 4.85%, 03/14/33<sup>(b)</sup> | &nbsp;&nbsp; 1745 | 1780514 |
| 4.95%, 03/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1285 | 1323298 |
| 5.00%, 03/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1965 | 2015324 |
| 5.00%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp; 1140 | 1173067 |
| 5.00%, 09/12/30<sup>(b)</sup> | &nbsp;&nbsp; 1095 | 1136146 |
| 5.00%, 09/12/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 540 | 558456 |
| Sigma Finance Netherlands BV, 4.88%, <br> 03/27/28<sup>(b)</sup><br>| &nbsp;&nbsp; 235 | 236257 |
| Smithfield Foods Inc. |  |  |
| 2.63%, 09/13/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1152 | 1007580 |
| 3.00%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 605 | 553069 |
| 4.25%, 02/01/27<sup>(b)</sup> | &nbsp;&nbsp; 992 | 982971 |
| 5.20%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 996 | 1009141 |
| Sysco Corp. |  |  |
| 2.40%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 880 | 813084 |
| 2.45%, 12/14/31 | &nbsp;&nbsp; 890 | 790783 |
| 3.15%, 12/14/51 | &nbsp;&nbsp; 1450 | 929696 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 1516 | 1495289 |
| 3.30%, 02/15/50<sup>(a)</sup> | &nbsp;&nbsp; 985 | 660437 |
| 4.45%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 945 | 781820 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 802 | 671348 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 745 | 660401 |
| 5.10%, 09/23/30 | &nbsp;&nbsp; 985 | 1015630 |
| 5.38%, 09/21/35 | &nbsp;&nbsp; 745 | 757309 |
| 5.40%, 03/23/35 | &nbsp;&nbsp; 945 | 964096 |
| 5.75%, 01/17/29 | &nbsp;&nbsp; 835 | 875122 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 1677 | 1783684 |
| 6.00%, 01/17/34<sup>(a)</sup> | &nbsp;&nbsp; 640 | 689333 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 755 | 832726 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 2001 | 2156656 |
| Tesco PLC, 6.15%, 11/15/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 750 | 775974 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 2030 | 1853900 |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 943 | 602310 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 1820 | 1819991 |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 945 | 904878 |
| 4.80%, 03/15/48 | &nbsp;&nbsp; 1330 | 1144007 |
| 5.20%, 03/19/27<sup>(a)</sup> | &nbsp;&nbsp; 840 | 852772 |
| 5.20%, 03/21/29 | &nbsp;&nbsp; 1415 | 1453112 |
| 5.25%, 10/13/54<sup>(a)</sup> | &nbsp;&nbsp; 715 | 643708 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 1280 | 1299384 |
| Tyson Foods Inc. |  |  |
| 3.55%, 06/02/27 | &nbsp;&nbsp; 2237 | 2213406 |
| 4.35%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2511 | 2511921 |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 1461 | 1219735 |
| 4.88%, 08/15/34 | &nbsp;&nbsp; 1031 | 1013218 |
| 5.10%, 09/28/48 | &nbsp;&nbsp; 2685 | 2408784 |
| 5.15%, 08/15/44 | &nbsp;&nbsp; 844 | 771457 |
| 5.40%, 03/15/29 | &nbsp;&nbsp; 1240 | 1284731 |
| 5.70%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1215 | 1266028 |
|  |  | 300969378 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Sodexo Inc. |  |  |
| 2.72%, 04/16/31<sup>(b)</sup> | &nbsp;&nbsp; 1448 | 1289781 |
| 5.15%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 840 | 862264 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food Service (continued)** | **Food Service (continued)** | **Food Service (continued)** |
| 5.80%, 08/15/35<sup>(b)</sup> | &nbsp;&nbsp; $285 | $295298 |
|  |  | 2447343 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 3.88%, 11/02/27<sup>(a)</sup> | &nbsp;&nbsp; 1085 | 1066755 |
| 4.20%, 01/29/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 685 | 653767 |
| 4.25%, 04/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 927 | 898599 |
| 5.15%, 01/29/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 690 | 583939 |
| 5.50%, 11/02/47 | &nbsp;&nbsp; 741 | 660461 |
| 5.50%, 04/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 820 | 733301 |
| Georgia-Pacific LLC |  |  |
| 2.10%, 04/30/27<sup>(b)</sup> | &nbsp;&nbsp; 789 | 765330 |
| 2.30%, 04/30/30<sup>(b)</sup> | &nbsp;&nbsp; 1094 | 1007322 |
| 4.40%, 06/30/28<sup>(b)</sup> | &nbsp;&nbsp; 720 | 726459 |
| 4.95%, 06/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 870 | 886696 |
| 7.25%, 06/01/28 | &nbsp;&nbsp; 1068 | 1153088 |
| 7.75%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1245 | 1415371 |
| 8.88%, 05/15/31 | &nbsp;&nbsp; 422 | 513581 |
| International Paper Co. |  |  |
| 4.35%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 962350 |
| 4.40%, 08/15/47 | &nbsp;&nbsp; 1162 | 944645 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 1230 | 1075957 |
| 5.00%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 830 | 824588 |
| 5.15%, 05/15/46<sup>(a)</sup> | &nbsp;&nbsp; 820 | 737871 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 1046 | 1064773 |
| 7.30%, 11/15/39 | &nbsp;&nbsp; 765 | 880185 |
| Inversiones CMPC SA |  |  |
| 3.00%, 04/06/31<sup>(b)</sup> | &nbsp;&nbsp; 1007 | 896085 |
| 3.85%, 01/13/30<sup>(b)</sup> | &nbsp;&nbsp; 940 | 901380 |
| 4.38%, 04/04/27<sup>(b)</sup> | &nbsp;&nbsp; 360 | 358347 |
| 6.13%, 06/23/33<sup>(b)</sup> | &nbsp;&nbsp; 900 | 931947 |
| 6.13%, 02/26/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 505 | 523967 |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | &nbsp;&nbsp; 1090 | 1018322 |
| 3.13%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1540 | 1363179 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 1930 | 1812302 |
| 5.00%, 01/15/30 | &nbsp;&nbsp; 1554 | 1551161 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 2602 | 2677200 |
| 7.00%, 03/16/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 1832 | 1999245 |
| Suzano International Finance BV, 5.50%, <br> 01/17/27<br>| &nbsp;&nbsp; 1892 | 1913217 |
| UPM-Kymmene OYJ, 7.45%, 11/26/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 135 | 142904 |
|  |  | 33644294 |
| **Gas — 0.7%** | **Gas — 0.7%** | **Gas — 0.7%** |
| APA Infrastructure Ltd. |  |  |
| 4.25%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 956 | 955287 |
| 5.00%, 03/23/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 440 | 431230 |
| 5.13%, 09/16/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 875 | 876922 |
| 5.75%, 09/16/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 360 | 350451 |
| Atmos Energy Corp. |  |  |
| 1.50%, 01/15/31 | &nbsp;&nbsp; 1015 | 877664 |
| 2.63%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 805 | 760490 |
| 2.85%, 02/15/52 | &nbsp;&nbsp; 1015 | 619598 |
| 3.00%, 06/15/27 | &nbsp;&nbsp; 940 | 925443 |
| 3.38%, 09/15/49 | &nbsp;&nbsp; 1037 | 715806 |
| 4.13%, 10/15/44 | &nbsp;&nbsp; 1269 | 1054470 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 938 | 740653 |
| 4.15%, 01/15/43 | &nbsp;&nbsp; 865 | 727357 |
| 4.30%, 10/01/48 | &nbsp;&nbsp; 957 | 790039 |
| 5.00%, 12/15/54<sup>(a)</sup> | &nbsp;&nbsp; 540 | 486286 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 5.45%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; $360 | $377540 |
| 5.50%, 06/15/41 | &nbsp;&nbsp; 604 | 608907 |
| 5.75%, 10/15/52 | &nbsp;&nbsp; 880 | 874648 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 1055 | 1136111 |
| 6.20%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 710 | 756272 |
| Series ., 5.20%, 08/15/35 | &nbsp;&nbsp; 820 | 830946 |
| Boston Gas Co. |  |  |
| 3.00%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 727 | 694204 |
| 3.15%, 08/01/27<sup>(b)</sup> | &nbsp;&nbsp; 689 | 675761 |
| 3.76%, 03/16/32<sup>(b)</sup> | &nbsp;&nbsp; 670 | 628284 |
| 4.49%, 02/15/42<sup>(b)</sup> | &nbsp;&nbsp; 795 | 668750 |
| 5.84%, 01/10/35<sup>(b)</sup> | &nbsp;&nbsp; 120 | 125817 |
| 6.12%, 07/20/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 655 | 648967 |
| Brooklyn Union Gas Co. (The) |  |  |
| 3.87%, 03/04/29<sup>(b)</sup> | &nbsp;&nbsp; 1330 | 1306313 |
| 4.27%, 03/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1161 | 900508 |
| 4.49%, 03/04/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 762 | 598491 |
| 4.50%, 03/10/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1680 | 1366313 |
| 4.63%, 08/05/27<sup>(b)</sup> | &nbsp;&nbsp; 740 | 744658 |
| 4.87%, 08/05/32<sup>(b)</sup> | &nbsp;&nbsp; 565 | 552485 |
| 6.39%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp; 825 | 879425 |
| 6.42%, 07/18/54<sup>(b)</sup> | &nbsp;&nbsp; 790 | 813991 |
| CenterPoint Energy Resources Corp. |  |  |
| 1.75%, 10/01/30 | &nbsp;&nbsp; 1028 | 905706 |
| 4.00%, 04/01/28 | &nbsp;&nbsp; 579 | 576667 |
| 4.40%, 07/01/32 | &nbsp;&nbsp; 790 | 774360 |
| 5.25%, 03/01/28 | &nbsp;&nbsp; 1539 | 1579994 |
| 5.40%, 03/01/33 | &nbsp;&nbsp; 493 | 504898 |
| 5.40%, 07/01/34 | &nbsp;&nbsp; 680 | 695547 |
| 5.85%, 01/15/41 | &nbsp;&nbsp; 512 | 519096 |
| 6.63%, 11/01/37<sup>(a)</sup> | &nbsp;&nbsp; 226 | 250041 |
| Centrica PLC, 5.38%, 10/16/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 740 | 669479 |
| East Ohio Gas Co. (The) |  |  |
| 2.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1242 | 1114334 |
| 3.00%, 06/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1267 | 786103 |
| ENN Energy Holdings Ltd. |  |  |
| 2.63%, 09/17/30<sup>(b)</sup> | &nbsp;&nbsp; 520 | 478423 |
| 4.63%, 05/17/27<sup>(b)</sup> | &nbsp;&nbsp; 325 | 326028 |
| Grupo Energia Bogota SA ESP |  |  |
| 4.88%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 635 | 633089 |
| 7.85%, 11/09/33<sup>(b)</sup> | &nbsp;&nbsp; 455 | 526762 |
| KeySpan Gas East Corp. |  |  |
| 3.59%, 01/18/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 640 | 420026 |
| 5.82%, 04/01/41<sup>(b)</sup> | &nbsp;&nbsp; 875 | 851063 |
| 5.99%, 03/06/33<sup>(b)</sup> | &nbsp;&nbsp; 760 | 795218 |
| Korea Gas Corp. |  |  |
| 2.88%, 07/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1480 | 1417807 |
| 6.25%, 01/20/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 590 | 643447 |
| Mega Advance Investments Ltd., 6.38%, <br> 05/12/41<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 162128 |
| Nakilat Inc., 6.07%, 12/31/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 787 | 832386 |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31 | &nbsp;&nbsp; 940 | 855422 |
| 3.95%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 820 | 811378 |
| 4.75%, 09/01/28 | &nbsp;&nbsp; 745 | 747320 |
| 5.50%, 10/01/26 | &nbsp;&nbsp; 705 | 712309 |
| 5.50%, 03/15/30 | &nbsp;&nbsp; 880 | 909206 |
| 5.95%, 03/15/35 | &nbsp;&nbsp; 720 | 742731 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 1147 | 993308 |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 1258 | 1200265 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 3.49%, 05/15/27 | &nbsp;&nbsp; $1486 | $1470342 |
| 3.60%, 05/01/30 | &nbsp;&nbsp; 1573 | 1524302 |
| 3.95%, 03/30/48<sup>(a)</sup> | &nbsp;&nbsp; 1244 | 958401 |
| 4.38%, 05/15/47 | &nbsp;&nbsp; 1750 | 1443497 |
| 4.80%, 02/15/44 | &nbsp;&nbsp; 1296 | 1148917 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 785 | 691388 |
| 5.20%, 07/01/29 | &nbsp;&nbsp; 1055 | 1088442 |
| 5.25%, 03/30/28 | &nbsp;&nbsp; 1625 | 1669711 |
| 5.25%, 02/15/43 | &nbsp;&nbsp; 806 | 757499 |
| 5.35%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1005 | 1027987 |
| 5.35%, 07/15/35 | &nbsp;&nbsp; 1680 | 1696498 |
| 5.40%, 06/30/33 | &nbsp;&nbsp; 765 | 787226 |
| 5.65%, 02/01/45 | &nbsp;&nbsp; 940 | 917070 |
| 5.80%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp; 460 | 472355 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 2515 | 2473039 |
| 5.95%, 06/15/41 | &nbsp;&nbsp; 634 | 644252 |
| 6.38%, 03/31/55, (5-year CMT + <br> 2.527%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 215 | 220783 |
| 6.95%, 11/30/54, (5-year CMT + 2.451%)<sup>(d)</sup> | &nbsp;&nbsp; 280 | 291141 |
| Northwest Natural Holding Co., 7.00%, <br> 09/15/55, (5-year CMT + 2.701%)<sup>(d)</sup><br>| &nbsp;&nbsp; 125 | 126902 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 583 | 530074 |
| 4.25%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 390 | 379040 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 676 | 562488 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 1087 | 952856 |
| 5.10%, 04/01/29 | &nbsp;&nbsp; 835 | 861252 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 2.50%, 03/15/31 | &nbsp;&nbsp; 1285 | 1156273 |
| 3.35%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 742 | 496642 |
| 3.50%, 06/01/29 | &nbsp;&nbsp; 969 | 944511 |
| 3.64%, 11/01/46 | &nbsp;&nbsp; 500 | 362901 |
| 4.10%, 09/18/34 | &nbsp;&nbsp; 460 | 425472 |
| 4.65%, 08/01/43 | &nbsp;&nbsp; 709 | 624601 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 615 | 540594 |
| 5.10%, 02/15/35 | &nbsp;&nbsp; 660 | 667480 |
| 5.40%, 06/15/33 | &nbsp;&nbsp; 610 | 628807 |
| Promigas SA ESP/Gases del Pacifico SAC, <br> 3.75%, 10/16/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 415 | 391074 |
| Snam SpA |  |  |
| 5.00%, 05/28/30<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1013364 |
| 5.75%, 05/28/35<sup>(b)</sup> | &nbsp;&nbsp; 1240 | 1270766 |
| 6.50%, 05/28/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 610 | 635372 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27 | &nbsp;&nbsp; 1355 | 1330800 |
| 3.75%, 09/15/42 | &nbsp;&nbsp; 569 | 443400 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 492 | 408874 |
| 5.05%, 09/01/34 | &nbsp;&nbsp; 875 | 882701 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 505 | 485295 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 1030 | 1051820 |
| 5.45%, 06/15/35 | &nbsp;&nbsp; 1365 | 1400330 |
| 5.60%, 04/01/54 | &nbsp;&nbsp; 790 | 763490 |
| 5.75%, 06/01/53 | &nbsp;&nbsp; 985 | 963315 |
| 6.00%, 06/15/55 | &nbsp;&nbsp; 1600 | 1622618 |
| 6.35%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 950 | 1010896 |
| Series KK, 5.75%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 250 | 260394 |
| Series UU, 4.13%, 06/01/48 | &nbsp;&nbsp; 702 | 550785 |
| Series VV, 4.30%, 01/15/49 | &nbsp;&nbsp; 855 | 682907 |
| Series WW, 3.95%, 02/15/50 | &nbsp;&nbsp; 669 | 502512 |
| Series XX, 2.55%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1115 | 1038770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Southern Co. Gas Capital Corp. |  |  |
| 3.95%, 10/01/46 | &nbsp;&nbsp; $947 | $729530 |
| 4.40%, 06/01/43 | &nbsp;&nbsp; 870 | 733651 |
| 4.40%, 05/30/47 | &nbsp;&nbsp; 790 | 643032 |
| 4.95%, 09/15/34 | &nbsp;&nbsp; 675 | 672126 |
| 5.15%, 09/15/32 | &nbsp;&nbsp; 850 | 866548 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 865 | 909871 |
| 5.88%, 03/15/41 | &nbsp;&nbsp; 1075 | 1093810 |
| 6.00%, 10/01/34 | &nbsp;&nbsp; 370 | 392747 |
| Series 2020-A, 1.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 789 | 686731 |
| Series 21A, 3.15%, 09/30/51 | &nbsp;&nbsp; 855 | 540150 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 649 | 587950 |
| 3.18%, 08/15/51 | &nbsp;&nbsp; 545 | 361108 |
| 3.70%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 358 | 353339 |
| 3.80%, 09/29/46<sup>(a)</sup> | &nbsp;&nbsp; 740 | 550667 |
| 4.05%, 03/15/32 | &nbsp;&nbsp; 1035 | 989153 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 611 | 471060 |
| 5.45%, 03/23/28 | &nbsp;&nbsp; 490 | 503995 |
| 5.80%, 12/01/27 | &nbsp;&nbsp; 540 | 556049 |
| Spire Inc., 4.70%, 08/15/44<sup>(a)</sup> | &nbsp;&nbsp; 425 | 355070 |
| Spire Missouri Inc. |  |  |
| 3.30%, 06/01/51 | &nbsp;&nbsp; 570 | 378133 |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 565 | 566185 |
| Series 2034, 5.15%, 08/15/34 | &nbsp;&nbsp; 565 | 578123 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 730 | 522807 |
| Series K, 3.80%, 09/15/46<sup>(a)</sup> | &nbsp;&nbsp; 731 | 549106 |
|  |  | 107777795 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Kennametal Inc. |  |  |
| 2.80%, 03/01/31 | &nbsp;&nbsp; 474 | 431971 |
| 4.63%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 530 | 533795 |
| Snap-on Inc. |  |  |
| 3.10%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 811 | 541819 |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 580 | 573341 |
| 4.10%, 03/01/48<sup>(a)</sup> | &nbsp;&nbsp; 703 | 569402 |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1551 | 1412765 |
| 2.75%, 11/15/50 | &nbsp;&nbsp; 1485 | 847651 |
| 3.00%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 530 | 474355 |
| 4.25%, 11/15/28 | &nbsp;&nbsp; 1682 | 1685393 |
| 4.85%, 11/15/48<sup>(a)</sup> | &nbsp;&nbsp; 720 | 609928 |
| 5.20%, 09/01/40<sup>(a)</sup> | &nbsp;&nbsp; 832 | 794321 |
| 6.00%, 03/06/28 | &nbsp;&nbsp; 890 | 926849 |
|  |  | 9401590 |
| **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** |
| Abbott Laboratories |  |  |
| 1.15%, 01/30/28 | &nbsp;&nbsp; 1232 | 1158548 |
| 1.40%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1506 | 1339250 |
| 3.75%, 11/30/26 | &nbsp;&nbsp; 2420 | 2415319 |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 2848 | 2830586 |
| 4.75%, 04/15/43 | &nbsp;&nbsp; 628 | 589740 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 4998 | 4676927 |
| 5.30%, 05/27/40 | &nbsp;&nbsp; 1436 | 1468873 |
| 6.00%, 04/01/39 | &nbsp;&nbsp; 731 | 802609 |
| 6.15%, 11/30/37 | &nbsp;&nbsp; 1010 | 1123577 |
| Agilent Technologies Inc. |  |  |
| 2.10%, 06/04/30 | &nbsp;&nbsp; 888 | 804041 |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 1672 | 1500848 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 2.75%, 09/15/29 | &nbsp;&nbsp; $929 | $879226 |
| 3.05%, 09/22/26 | &nbsp;&nbsp; 517 | 510311 |
| 4.20%, 09/09/27<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1000399 |
| 4.75%, 09/09/34<sup>(a)</sup> | &nbsp;&nbsp; 885 | 872602 |
| Alcon Finance Corp. |  |  |
| 2.60%, 05/27/30<sup>(b)</sup> | &nbsp;&nbsp; 1525 | 1414820 |
| 2.75%, 09/23/26<sup>(b)</sup> | &nbsp;&nbsp; 853 | 837508 |
| 3.00%, 09/23/29<sup>(b)</sup> | &nbsp;&nbsp; 1793 | 1709926 |
| 3.80%, 09/23/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 800 | 597613 |
| 5.38%, 12/06/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1168 | 1208617 |
| 5.75%, 12/06/52<sup>(b)</sup> | &nbsp;&nbsp; 1090 | 1086428 |
| Baxter International Inc. |  |  |
| 1.73%, 04/01/31 | &nbsp;&nbsp; 1496 | 1280218 |
| 1.92%, 02/01/27 | &nbsp;&nbsp; 2161 | 2090159 |
| 2.27%, 12/01/28 | &nbsp;&nbsp; 2685 | 2519640 |
| 2.54%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1925 | 1674654 |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 1340 | 822909 |
| 3.50%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; 792 | 548493 |
| 3.95%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1231 | 1209037 |
| 4.50%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp; 665 | 540201 |
| 6.25%, 12/01/37 | &nbsp;&nbsp; 311 | 324893 |
| Boston Scientific Corp. |  |  |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 2717 | 2536823 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 830 | 831939 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 605 | 603434 |
| 4.55%, 03/01/39 | &nbsp;&nbsp; 815 | 771296 |
| 4.70%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 945 | 837818 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 505 | 567240 |
| 7.38%, 01/15/40 | &nbsp;&nbsp; 475 | 573724 |
| Covidien International Finance SA, 6.55%, <br> 10/15/37<sup>(a)</sup><br>| &nbsp;&nbsp; 298 | 335980 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1640 | 986705 |
| 2.80%, 12/10/51 | &nbsp;&nbsp; 1690 | 1049453 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 877 | 752422 |
| Dentsply Sirona Inc., 3.25%, 06/01/30 | &nbsp;&nbsp; 1594 | 1464064 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29 | &nbsp;&nbsp; 1465 | 1378957 |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 1804 | 1457589 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 1409 | 999335 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | &nbsp;&nbsp; 1359 | 1366840 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | &nbsp;&nbsp; 1370 | 1398654 |
| 4.80%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 725 | 737135 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 905 | 929235 |
| 5.65%, 11/15/27 | &nbsp;&nbsp; 2904 | 2994501 |
| 5.86%, 03/15/30 | &nbsp;&nbsp; 1820 | 1932479 |
| 5.91%, 11/22/32 | &nbsp;&nbsp; 2770 | 2959427 |
| 6.38%, 11/22/52<sup>(a)</sup> | &nbsp;&nbsp; 1730 | 1847345 |
| Koninklijke Philips NV |  |  |
| 5.00%, 03/15/42 | &nbsp;&nbsp; 816 | 744039 |
| 6.88%, 03/11/38 | &nbsp;&nbsp; 1310 | 1454750 |
| Medtronic Global Holdings SCA |  |  |
| 4.25%, 03/30/28 | &nbsp;&nbsp; 1480 | 1491223 |
| 4.50%, 03/30/33 | &nbsp;&nbsp; 1620 | 1609469 |
| Medtronic Inc. |  |  |
| 4.00%, 04/01/43<sup>(a)</sup> | &nbsp;&nbsp; 295 | 246870 |
| 4.38%, 03/15/35 | &nbsp;&nbsp; 3095 | 3010540 |
| 4.63%, 03/15/45 | &nbsp;&nbsp; 2979 | 2671772 |
| Olympus Corp., 2.14%, 12/08/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 870 | 846905 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| Revvity Inc. |  |  |
| 1.90%, 09/15/28 | &nbsp;&nbsp; $1190 | $1107125 |
| 2.25%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 886679 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 785 | 700803 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 1840 | 1757879 |
| 3.63%, 03/15/51 | &nbsp;&nbsp; 955 | 650099 |
| Smith & Nephew PLC |  |  |
| 2.03%, 10/14/30 | &nbsp;&nbsp; 1917 | 1709784 |
| 5.15%, 03/20/27 | &nbsp;&nbsp; 585 | 593148 |
| 5.40%, 03/20/34 | &nbsp;&nbsp; 725 | 741918 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; 1620 | 1689064 |
| 5.45%, 02/25/27 | &nbsp;&nbsp; 1150 | 1172047 |
| 5.45%, 03/13/31 | &nbsp;&nbsp; 1815 | 1898738 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 2780 | 2886990 |
| 5.90%, 04/30/54<sup>(a)</sup> | &nbsp;&nbsp; 2260 | 2262339 |
| 6.00%, 05/15/64 | &nbsp;&nbsp; 950 | 947564 |
| STERIS Irish FinCo Unlimited Co. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 1572 | 1428290 |
| 3.75%, 03/15/51 | &nbsp;&nbsp; 1234 | 870295 |
| Stryker Corp. |  |  |
| 1.95%, 06/15/30 | &nbsp;&nbsp; 1863 | 1681301 |
| 2.90%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 820 | 534078 |
| 3.65%, 03/07/28<sup>(a)</sup> | &nbsp;&nbsp; 1284 | 1274182 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 941 | 782410 |
| 4.25%, 09/11/29 | &nbsp;&nbsp; 1300 | 1304365 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 678 | 581998 |
| 4.55%, 02/10/27 | &nbsp;&nbsp; 750 | 756124 |
| 4.63%, 09/11/34 | &nbsp;&nbsp; 1240 | 1222584 |
| 4.63%, 03/15/46<sup>(a)</sup> | &nbsp;&nbsp; 1598 | 1414210 |
| 4.70%, 02/10/28 | &nbsp;&nbsp; 1270 | 1288832 |
| 4.85%, 12/08/28 | &nbsp;&nbsp; 1295 | 1326862 |
| 4.85%, 02/10/30<sup>(a)</sup> | &nbsp;&nbsp; 1105 | 1133755 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 1040 | 1063764 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.75%, 10/15/28 | &nbsp;&nbsp; 1197 | 1119102 |
| 2.00%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1899 | 1675189 |
| 2.60%, 10/01/29 | &nbsp;&nbsp; 1438 | 1362420 |
| 2.80%, 10/15/41<sup>(a)</sup> | &nbsp;&nbsp; 1975 | 1424703 |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 1318 | 1088745 |
| 4.80%, 11/21/27 | &nbsp;&nbsp; 1290 | 1311674 |
| 4.95%, 11/21/32<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 1052392 |
| 4.98%, 08/10/30<sup>(a)</sup> | &nbsp;&nbsp; 1505 | 1557544 |
| 5.00%, 12/05/26 | &nbsp;&nbsp; 1575 | 1592499 |
| 5.00%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 2145 | 2208949 |
| 5.09%, 08/10/33 | &nbsp;&nbsp; 1325 | 1363366 |
| 5.20%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; 760 | 783940 |
| 5.30%, 02/01/44 | &nbsp;&nbsp; 649 | 634496 |
| 5.40%, 08/10/43 | &nbsp;&nbsp; 1220 | 1207318 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 1785 | 1600645 |
| 3.55%, 03/20/30 | &nbsp;&nbsp; 605 | 582664 |
| 4.25%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 562 | 518769 |
| 4.45%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; 930 | 793677 |
| 4.70%, 02/19/27 | &nbsp;&nbsp; 920 | 926539 |
| 5.05%, 02/19/30 | &nbsp;&nbsp; 1130 | 1162947 |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 1069032 |
| 5.35%, 12/01/28 | &nbsp;&nbsp; 970 | 1004486 |
| 5.50%, 02/19/35 | &nbsp;&nbsp; 785 | 809963 |
| 5.75%, 11/30/39 | &nbsp;&nbsp; 592 | 598866 |
|  |  | 144343087 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services — 3.2%** | **Health Care - Services — 3.2%** | **Health Care - Services — 3.2%** |
| AdventHealth Obligated Group, Series E, <br> 2.80%, 11/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; $245 | $148894 |
| Adventist Health System/West |  |  |
| 2.95%, 03/01/29 | &nbsp;&nbsp; 757 | 713398 |
| 3.63%, 03/01/49 | &nbsp;&nbsp; 880 | 586433 |
| 5.43%, 03/01/32 | &nbsp;&nbsp; 585 | 597020 |
| 5.76%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 410 | 413195 |
| Advocate Health & Hospitals Corp. |  |  |
| 3.39%, 10/15/49 | &nbsp;&nbsp; 232 | 163259 |
| 3.83%, 08/15/28 | &nbsp;&nbsp; 170 | 169084 |
| 4.27%, 08/15/48 | &nbsp;&nbsp; 377 | 308392 |
| Series 2020, 2.21%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 65 | 59592 |
| Series 2020, 3.01%, 06/15/50 | &nbsp;&nbsp; 625 | 404413 |
| Aetna Inc. |  |  |
| 3.88%, 08/15/47 | &nbsp;&nbsp; 420 | 303944 |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 997 | 829557 |
| 4.75%, 03/15/44 | &nbsp;&nbsp; 695 | 582683 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 1290 | 1400461 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 920 | 1001784 |
| AHS Hospital Corp. |  |  |
| 5.02%, 07/01/45 | &nbsp;&nbsp; 775 | 721178 |
| Series 2021, 2.78%, 07/01/51<sup>(a)</sup> | &nbsp;&nbsp; 890 | 544515 |
| Allina Health System |  |  |
| 2.90%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 255 | 155980 |
| 4.81%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 865 | 758686 |
| Series 2019, 3.89%, 04/15/49 | &nbsp;&nbsp; 783 | 588037 |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | &nbsp;&nbsp; 1470 | 1172575 |
| 4.85%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 722 | 641574 |
| Series B, 2.53%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1462 | 1375089 |
| Series B, 3.11%, 11/15/39 | &nbsp;&nbsp; 1215 | 952458 |
| Banner Health |  |  |
| 1.90%, 01/01/31<sup>(a)</sup> | &nbsp;&nbsp; 625 | 554536 |
| 2.34%, 01/01/30 | &nbsp;&nbsp; 765 | 709148 |
| 2.91%, 01/01/42<sup>(a)</sup> | &nbsp;&nbsp; 505 | 363482 |
| 2.91%, 01/01/51 | &nbsp;&nbsp; 770 | 484840 |
| Series 2020, 3.18%, 01/01/50<sup>(a)</sup> | &nbsp;&nbsp; 624 | 417443 |
| Baptist Health South Florida Inc., Series 2017, <br> 4.34%, 11/15/41<sup>(a)</sup><br>| &nbsp;&nbsp; 605 | 517722 |
| Baptist Health South Florida Obligated Group, <br> Series 2021, 3.12%, 11/15/71<br>| &nbsp;&nbsp; 105 | 60138 |
| Baptist Healthcare System Obligated Group, <br> Series 20B, 3.54%, 08/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; 494 | 345103 |
| BayCare Health System Inc., Series 2020, <br> 3.83%, 11/15/50<br>| &nbsp;&nbsp; 715 | 540339 |
| Baylor Scott & White Holdings |  |  |
| 3.97%, 11/15/46 | &nbsp;&nbsp; 525 | 416243 |
| 4.19%, 11/15/45 | &nbsp;&nbsp; 1087 | 898299 |
| Series 2021, 1.78%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 629 | 556528 |
| Series 2021, 2.84%, 11/15/50 | &nbsp;&nbsp; 1220 | 764267 |
| Beth Israel Lahey Health Inc., Series L, 3.08%, <br> 07/01/51<sup>(a)</sup><br>| &nbsp;&nbsp; 525 | 334333 |
| Bon Secours Mercy Health Inc. |  |  |
| 3.46%, 06/01/30 | &nbsp;&nbsp; 1135 | 1098847 |
| Series 2018, 4.30%, 07/01/28 | &nbsp;&nbsp; 410 | 411109 |
| Catholic Health Services of Long Island <br> Obligated Group, Series 2020, 3.37%, <br> 07/01/50<br>| &nbsp;&nbsp; 620 | 422123 |
| Cedars-Sinai Health System, Series 2021, <br> 2.29%, 08/15/31<br>| &nbsp;&nbsp; 545 | 487356 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; $3290 | $3039422 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 3540 | 3016319 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 2060 | 1745801 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 3520 | 3110579 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 3565 | 3248797 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 3460 | 3378877 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 5105 | 4916718 |
| Children's Health System of Texas, 2.51%, <br> 08/15/50<br>| &nbsp;&nbsp; 1075 | 616321 |
| Children's Hospital Corp. (The) |  |  |
| Series 2017, 4.12%, 01/01/47 | &nbsp;&nbsp; 745 | 607797 |
| Series 2020, 2.59%, 02/01/50<sup>(a)</sup> | &nbsp;&nbsp; 245 | 145927 |
| Children's Hospital Medical Center/Cincinnati <br> OH, 4.27%, 05/15/44<br>| &nbsp;&nbsp; 679 | 567187 |
| Children's Hospital of Philadelphia (The), Series <br> 2020, 2.70%, 07/01/50<br>| &nbsp;&nbsp; 895 | 545674 |
| Children's Hospital/DC, Series 2020, 2.93%, <br> 07/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; 515 | 322587 |
| CHRISTUS Health, Series C, 4.34%, 07/01/28 | &nbsp;&nbsp; 965 | 968552 |
| Cigna Group (The) |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 2420 | 2170172 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 2635 | 2428822 |
| 3.05%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1288 | 1260873 |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 1484 | 1130064 |
| 3.40%, 03/01/27 | &nbsp;&nbsp; 2060 | 2037893 |
| 3.40%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp; 2090 | 1402742 |
| 3.40%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 2405 | 1604884 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 1584 | 1188334 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 6205 | 6238648 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 3888 | 3649670 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 2294 | 1994659 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 4658 | 4047171 |
| 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1720 | 1766979 |
| 5.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1550 | 1605107 |
| 5.25%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2015 | 2054839 |
| 5.38%, 02/15/42<sup>(a)</sup> | &nbsp;&nbsp; 675 | 629043 |
| 5.40%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1230 | 1274148 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 2270 | 2147207 |
| 6.13%, 11/15/41 | &nbsp;&nbsp; 889 | 918191 |
| City of Hope |  |  |
| Series 2013, 5.62%, 11/15/43 | &nbsp;&nbsp; 670 | 651721 |
| Series 2018, 4.38%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp; 710 | 569067 |
| Cleveland Clinic Foundation (The), 4.86%, <br> 01/01/2114<sup>(a)</sup><br>| &nbsp;&nbsp; 585 | 487175 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | &nbsp;&nbsp; 53 | 49021 |
| 3.35%, 10/01/29 | &nbsp;&nbsp; 788 | 759826 |
| 3.82%, 10/01/49 | &nbsp;&nbsp; 492 | 359503 |
| 3.91%, 10/01/50 | &nbsp;&nbsp; 630 | 459054 |
| 4.19%, 10/01/49 | &nbsp;&nbsp; 1058 | 817644 |
| 4.35%, 11/01/42<sup>(a)</sup> | &nbsp;&nbsp; 650 | 548955 |
| 5.32%, 12/01/34 | &nbsp;&nbsp; 1000 | 1009977 |
| 5.55%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 960 | 907326 |
| 6.46%, 11/01/52 | &nbsp;&nbsp; 300 | 316975 |
| Community Health Network Inc., Series 20-A, <br> 3.10%, 05/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 537 | 336606 |
| Corewell Health Obligated Group, Series 19A, <br> 3.49%, 07/15/49<br>| &nbsp;&nbsp; 799 | 573942 |
| Cottage Health Obligated Group, Series 2020, <br> 3.30%, 11/01/49<br>| &nbsp;&nbsp; 1199 | 822359 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Dartmouth-Hitchcock Health, Series B, 4.18%, <br> 08/01/48<br>| &nbsp;&nbsp; $747 | $573577 |
| Dignity Health |  |  |
| 4.50%, 11/01/42 | &nbsp;&nbsp; 100 | 84331 |
| 5.27%, 11/01/64 | &nbsp;&nbsp; 340 | 296849 |
| Duke University Health System Inc., Series <br> 2017, 3.92%, 06/01/47<br>| &nbsp;&nbsp; 1132 | 889343 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 1841 | 1678928 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 1621 | 1468362 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 1672 | 1585515 |
| 3.13%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1574 | 1007984 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 2135 | 1478812 |
| 3.65%, 12/01/27 | &nbsp;&nbsp; 2870 | 2845606 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 1458 | 1037721 |
| 4.10%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2170 | 2168466 |
| 4.10%, 05/15/32 | &nbsp;&nbsp; 987 | 950040 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 2415 | 1953418 |
| 4.50%, 10/30/26 | &nbsp;&nbsp; 730 | 732779 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 1400 | 1152892 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 1252 | 1009596 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 1487 | 1300994 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 1605 | 1395607 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 1340 | 1149327 |
| 4.75%, 02/15/30 | &nbsp;&nbsp; 1215 | 1234809 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 1645 | 1638220 |
| 4.85%, 08/15/54 | &nbsp;&nbsp; 400 | 329134 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 1795 | 1826318 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 936 | 856134 |
| 5.13%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1880 | 1661342 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 1445 | 1487852 |
| 5.20%, 02/15/35 | &nbsp;&nbsp; 2745 | 2761759 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 1885 | 1926882 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 1410 | 1467609 |
| 5.65%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1695 | 1606598 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 2265 | 2158511 |
| 5.85%, 01/15/36 | &nbsp;&nbsp; 500 | 524635 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 1300 | 1246787 |
| 5.95%, 12/15/34 | &nbsp;&nbsp; 715 | 756090 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 1315 | 1324798 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 800 | 864875 |
| Franciscan Missionaries of Our Lady Health <br> System Inc., Series B, 3.91%, 07/01/49<sup>(a)</sup><br>| &nbsp;&nbsp; 187 | 138098 |
| Fred Hutchinson Cancer Center, 4.97%, <br> 01/01/52<br>| &nbsp;&nbsp; 265 | 234759 |
| Fresenius Medical Care U.S. Finance III Inc. |  |  |
| 1.88%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 1332 | 1286436 |
| 2.38%, 02/16/31<sup>(b)</sup> | &nbsp;&nbsp; 1096 | 962982 |
| 3.00%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 755 | 672229 |
| 3.75%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 859 | 834167 |
| Hackensack Meridian Health Inc. |  |  |
| 4.21%, 07/01/48 | &nbsp;&nbsp; 520 | 420384 |
| 4.50%, 07/01/57<sup>(a)</sup> | &nbsp;&nbsp; 542 | 445822 |
| Series 2020, 2.68%, 09/01/41 | &nbsp;&nbsp; 950 | 661716 |
| Series 2020, 2.88%, 09/01/50 | &nbsp;&nbsp; 1130 | 704456 |
| Hartford HealthCare Corp., 3.45%, 07/01/54<sup>(a)</sup> | &nbsp;&nbsp; 205 | 144641 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 1530 | 1348827 |
| 3.13%, 03/15/27 | &nbsp;&nbsp; 1621 | 1594774 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 1655 | 1601979 |
| 3.50%, 09/01/30 | &nbsp;&nbsp; 4515 | 4302995 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 3.50%, 07/15/51 | &nbsp;&nbsp; $2695 | $1768604 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 3229 | 3003104 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 3521 | 3487278 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 870 | 727865 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 1781 | 1782409 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 3390 | 2692098 |
| 5.00%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1170 | 1191173 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 2016 | 1901730 |
| 5.20%, 06/01/28 | &nbsp;&nbsp; 1098 | 1124674 |
| 5.25%, 03/01/30 | &nbsp;&nbsp; 1210 | 1250361 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 3368 | 2973370 |
| 5.38%, 09/01/26 | &nbsp;&nbsp; 1512 | 1517648 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 3070 | 3186577 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 2180 | 2207934 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; 1325 | 1373191 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 2035 | 2091249 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 2436 | 2253068 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 2000 | 2055591 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; 2843 | 2932330 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; 2355 | 2422595 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 1800 | 1876237 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 1830 | 1748096 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 1720 | 1648018 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 2340 | 2258265 |
| 6.10%, 04/01/64<sup>(a)</sup> | &nbsp;&nbsp; 877 | 846039 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; 2065 | 2050099 |
| 7.50%, 11/06/33 | &nbsp;&nbsp; 470 | 537800 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co.<br>|  |  |
| 2.20%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1604 | 1452811 |
| 3.20%, 06/01/50<sup>(b)</sup> | &nbsp;&nbsp; 916 | 575030 |
| 5.20%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1560 | 1605390 |
| 5.45%, 06/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1050 | 1067009 |
| 5.88%, 06/15/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1740 | 1660631 |
| Highmark Inc., 2.55%, 05/10/31<sup>(b)</sup> | &nbsp;&nbsp; 942 | 821791 |
| Hoag Memorial Hospital Presbyterian, 3.80%, <br> 07/15/52<sup>(a)</sup><br>| &nbsp;&nbsp; 650 | 485943 |
| Horizon Mutual Holdings Inc., 6.20%, <br> 11/15/34<sup>(b)</sup><br>| &nbsp;&nbsp; 1115 | 1082692 |
| Humana Inc. |  |  |
| 1.35%, 02/03/27 | &nbsp;&nbsp; 655 | 629104 |
| 2.15%, 02/03/32<sup>(a)</sup> | &nbsp;&nbsp; 1747 | 1481191 |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 390 | 370946 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 1252 | 1227079 |
| 3.95%, 03/15/27 | &nbsp;&nbsp; 1122 | 1118546 |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 733 | 526756 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 846 | 716773 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 834 | 693422 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 1070 | 1083939 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 1124 | 977700 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 1395 | 1439835 |
| 5.50%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1085 | 974567 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 1235 | 1248746 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 865 | 895223 |
| 5.75%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 510 | 531559 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 1205 | 1119395 |
| 5.88%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 960 | 1003498 |
| 5.95%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 990 | 1036496 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 500 | 480377 |
| 8.15%, 06/15/38 | &nbsp;&nbsp; 390 | 471983 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| ICON Investments Six DAC |  |  |
| 5.81%, 05/08/27 | &nbsp;&nbsp; $790 | $806410 |
| 5.85%, 05/08/29 | &nbsp;&nbsp; 1207 | 1262284 |
| 6.00%, 05/08/34 | &nbsp;&nbsp; 795 | 826404 |
| Indiana University Health Inc. Obligated Group |  |  |
| 3.97%, 11/01/48 | &nbsp;&nbsp; 941 | 739610 |
| Series 2021, 2.85%, 11/01/51 | &nbsp;&nbsp; 365 | 224773 |
| Inova Health System Foundation, 4.07%, <br> 05/15/52<sup>(a)</sup><br>| &nbsp;&nbsp; 800 | 626515 |
| Integris Baptist Medical Center Inc., Series A, <br> 3.88%, 08/15/50<br>| &nbsp;&nbsp; 685 | 481887 |
| Iowa Health System, Series 2020, 3.67%, <br> 02/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; 530 | 383335 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | &nbsp;&nbsp; 1215 | 1253758 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 945 | 994778 |
| Johns Hopkins Health System Corp. (The), <br> 3.84%, 05/15/46<br>| &nbsp;&nbsp; 1315 | 1037393 |
| Kaiser Foundation Hospitals |  |  |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 1250 | 1233949 |
| 4.15%, 05/01/47<sup>(a)</sup> | &nbsp;&nbsp; 2367 | 1931440 |
| 4.88%, 04/01/42 | &nbsp;&nbsp; 977 | 908650 |
| Series 2019, 3.27%, 11/01/49 | &nbsp;&nbsp; 1867 | 1283399 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 1085 | 781126 |
| Series 2021, 3.00%, 06/01/51 | &nbsp;&nbsp; 2370 | 1515425 |
| Laboratory Corp. of America Holdings |  |  |
| 2.70%, 06/01/31 | &nbsp;&nbsp; 940 | 852673 |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 1125 | 1065524 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 945 | 936851 |
| 4.35%, 04/01/30 | &nbsp;&nbsp; 1620 | 1620811 |
| 4.55%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 875 | 867657 |
| 4.70%, 02/01/45 | &nbsp;&nbsp; 1687 | 1474131 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 1185 | 1163264 |
| Mass General Brigham Inc. |  |  |
| Series 2017, 3.77%, 07/01/48 | &nbsp;&nbsp; 15 | 11335 |
| Series 2020, 3.19%, 07/01/49 | &nbsp;&nbsp; 545 | 369037 |
| Series 2020, 3.34%, 07/01/60<sup>(a)</sup> | &nbsp;&nbsp; 920 | 596621 |
| Mayo Clinic |  |  |
| 3.77%, 11/15/43 | &nbsp;&nbsp; 385 | 310699 |
| Series 2013, 4.00%, 11/15/47 | &nbsp;&nbsp; 260 | 203999 |
| Series 2016, 4.13%, 11/15/52 | &nbsp;&nbsp; 340 | 269597 |
| Series 2021, 3.20%, 11/15/61 | &nbsp;&nbsp; 758 | 476010 |
| McLaren Health Care Corp., Series A, 4.39%, <br> 05/15/48<br>| &nbsp;&nbsp; 758 | 624418 |
| MedStar Health Inc., Series 20A, 3.63%, <br> 08/15/49<br>| &nbsp;&nbsp; 300 | 214268 |
| Memorial Health Services, 3.45%, 11/01/49 | &nbsp;&nbsp; 980 | 680710 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | &nbsp;&nbsp; 388 | 306781 |
| 5.00%, 07/01/42 | &nbsp;&nbsp; 285 | 269693 |
| Series 2015, 4.20%, 07/01/55 | &nbsp;&nbsp; 312 | 247472 |
| Series 2020, 2.96%, 01/01/50 | &nbsp;&nbsp; 200 | 128625 |
| Methodist Hospital (The), Series 20A, 2.71%, <br> 12/01/50<br>| &nbsp;&nbsp; 1214 | 734409 |
| Montefiore Obligated Group |  |  |
| 4.29%, 09/01/50 | &nbsp;&nbsp; 329 | 212388 |
| Series 18-C, 5.25%, 11/01/48 | &nbsp;&nbsp; 486 | 386812 |
| Mount Nittany Medical Center Obligated Group, <br> 3.80%, 11/15/52<sup>(a)</sup><br>| &nbsp;&nbsp; 345 | 252502 |
| MyMichigan Health, Series 2020, 3.41%, <br> 06/01/50<br>| &nbsp;&nbsp; 745 | 510034 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Nationwide Children's Hospital Inc., 4.56%, <br> 11/01/52<br>| &nbsp;&nbsp; $619 | $525236 |
| New York and Presbyterian Hospital (The) |  |  |
| 2.26%, 08/01/40 | &nbsp;&nbsp; 170 | 117836 |
| 2.61%, 08/01/60<sup>(a)</sup> | &nbsp;&nbsp; 238 | 127784 |
| 3.56%, 08/01/36 | &nbsp;&nbsp; 110 | 96733 |
| 4.02%, 08/01/45 | &nbsp;&nbsp; 610 | 498279 |
| 4.06%, 08/01/56 | &nbsp;&nbsp; 149 | 114391 |
| 4.76%, 08/01/2116<sup>(a)</sup> | &nbsp;&nbsp; 255 | 205054 |
| Series 2019, 3.95%, 08/01/2119<sup>(a)</sup> | &nbsp;&nbsp; 410 | 275912 |
| Northwell Healthcare Inc. |  |  |
| 3.81%, 11/01/49 | &nbsp;&nbsp; 477 | 344433 |
| 3.98%, 11/01/46<sup>(a)</sup> | &nbsp;&nbsp; 900 | 696472 |
| 4.26%, 11/01/47 | &nbsp;&nbsp; 1436 | 1148844 |
| 6.15%, 11/01/43 | &nbsp;&nbsp; 610 | 605726 |
| Northwestern Memorial Healthcare Obligated <br> Group, Series 2021, 2.63%, 07/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 440 | 264512 |
| Novant Health Inc. |  |  |
| 2.64%, 11/01/36<sup>(a)</sup> | &nbsp;&nbsp; 845 | 665080 |
| 3.17%, 11/01/51<sup>(a)</sup> | &nbsp;&nbsp; 1239 | 809060 |
| 3.32%, 11/01/61 | &nbsp;&nbsp; 668 | 422029 |
| 4.37%, 11/01/43 | &nbsp;&nbsp; 725 | 597056 |
| NY Society for Relief of Ruptured & Crippled <br> Maintaining Hosp Special Surgery, Series <br> 2020, 2.67%, 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 730 | 435089 |
| Ochsner Clinic Foundation, 5.90%, 05/15/45<sup>(a)</sup> | &nbsp;&nbsp; 665 | 666751 |
| OhioHealth Corp. |  |  |
| 2.30%, 11/15/31 | &nbsp;&nbsp; 665 | 594377 |
| 2.83%, 11/15/41<sup>(a)</sup> | &nbsp;&nbsp; 765 | 543786 |
| Series 2020, 3.04%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; 163 | 108832 |
| Orlando Health Obligated Group |  |  |
| 3.33%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 700 | 486250 |
| 4.09%, 10/01/48 | &nbsp;&nbsp; 797 | 633022 |
| 5.48%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 695 | 721808 |
| PeaceHealth Obligated Group |  |  |
| Series 2018, 4.79%, 11/15/48 | &nbsp;&nbsp; 725 | 604447 |
| Series 2020, 3.22%, 11/15/50 | &nbsp;&nbsp; 920 | 575391 |
| Piedmont Healthcare Inc. |  |  |
| 2.04%, 01/01/32 | &nbsp;&nbsp; 545 | 464547 |
| 2.86%, 01/01/52 | &nbsp;&nbsp; 760 | 467343 |
| Series 2042, 2.72%, 01/01/42 | &nbsp;&nbsp; 875 | 607380 |
| Premier Health Partners, Series G, 2.91%, <br> 11/15/26<br>| &nbsp;&nbsp; 457 | 448115 |
| Presbyterian Healthcare Services, 4.88%, <br> 08/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 715 | 626287 |
| Providence St Joseph Health Obligated Group, <br> 5.37%, 10/01/32<br>| &nbsp;&nbsp; 745 | 763614 |
| Providence St. Joseph Health Obligated Group |  |  |
| 5.40%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; 415 | 422154 |
| Series 19A, 2.53%, 10/01/29 | &nbsp;&nbsp; 1305 | 1216553 |
| Series 21A, 2.70%, 10/01/51<sup>(a)</sup> | &nbsp;&nbsp; 1183 | 681139 |
| Series A, 3.93%, 10/01/48 | &nbsp;&nbsp; 937 | 703932 |
| Series H, 2.75%, 10/01/26 | &nbsp;&nbsp; 441 | 434117 |
| Series I, 3.74%, 10/01/47 | &nbsp;&nbsp; 663 | 491400 |
| Queen's Health Systems (The), 4.81%, <br> 07/01/52<br>| &nbsp;&nbsp; 320 | 278976 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31<sup>(a)</sup> | &nbsp;&nbsp; 997 | 912858 |
| 2.95%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1448 | 1361230 |
| 4.20%, 06/30/29 | &nbsp;&nbsp; 950 | 950669 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 975 | 985633 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.63%, 12/15/29 | &nbsp;&nbsp; $1205 | $1223560 |
| 4.70%, 03/30/45<sup>(a)</sup> | &nbsp;&nbsp; 641 | 568627 |
| 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1090 | 1091567 |
| 6.40%, 11/30/33 | &nbsp;&nbsp; 915 | 1008116 |
| Rady Children's Hospital-San Diego, Series <br> 21A, 3.15%, 08/15/51<br>| &nbsp;&nbsp; 215 | 140795 |
| Roche Holdings Inc. |  |  |
| 1.93%, 12/13/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3410 | 3203858 |
| 2.08%, 12/13/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3352 | 2944039 |
| 2.31%, 03/10/27<sup>(b)</sup> | &nbsp;&nbsp; 1774 | 1732650 |
| 2.38%, 01/28/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1295 | 1268275 |
| 2.61%, 12/13/51<sup>(b)</sup> | &nbsp;&nbsp; 3425 | 2051202 |
| 3.63%, 09/17/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1160 | 1151616 |
| 4.00%, 11/28/44<sup>(b)</sup> | &nbsp;&nbsp; 1225 | 1009171 |
| 4.20%, 09/09/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1245 | 1250969 |
| 4.59%, 09/09/34<sup>(b)</sup> | &nbsp;&nbsp; 1725 | 1709444 |
| 4.79%, 03/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1880 | 1924548 |
| 4.91%, 03/08/31<sup>(b)</sup> | &nbsp;&nbsp; 1480 | 1527929 |
| 4.99%, 03/08/34<sup>(b)</sup> | &nbsp;&nbsp; 1695 | 1732311 |
| 5.22%, 03/08/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 2530 | 2414987 |
| 5.27%, 11/13/26<sup>(b)</sup> | &nbsp;&nbsp; 1655 | 1679450 |
| 5.34%, 11/13/28<sup>(b)</sup> | &nbsp;&nbsp; 2350 | 2441207 |
| 5.49%, 11/13/30<sup>(b)</sup> | &nbsp;&nbsp; 2355 | 2499661 |
| 5.59%, 11/13/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 2670 | 2850183 |
| 7.00%, 03/01/39<sup>(b)</sup> | &nbsp;&nbsp; 1575 | 1878804 |
| Rush Obligated Group, Series 2020, 3.92%, <br> 11/15/29<br>| &nbsp;&nbsp; 575 | 564659 |
| Seattle Children's Hospital, Series 2021, 2.72%, <br> 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 922 | 560792 |
| Sentara Health, 2.93%, 11/01/51 | &nbsp;&nbsp; 410 | 251886 |
| Sharp HealthCare, Series 20B, 2.68%, <br> 08/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 230 | 139758 |
| Southern Baptist Hospital of Florida Inc., 4.86%, <br> 07/15/45<br>| &nbsp;&nbsp; 713 | 634577 |
| SSM Health Care Corp. |  |  |
| 4.89%, 06/01/28 | &nbsp;&nbsp; 750 | 763213 |
| Series A, 3.82%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 883 | 878470 |
| Stanford Health Care |  |  |
| 3.03%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 625 | 402070 |
| Series 2018, 3.80%, 11/15/48 | &nbsp;&nbsp; 1066 | 816656 |
| Series 2020, 3.31%, 08/15/30 | &nbsp;&nbsp; 495 | 476156 |
| Summa Health, 3.51%, 11/15/51 | &nbsp;&nbsp; 325 | 255970 |
| Sutter Health |  |  |
| 5.16%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25441 |
| 5.55%, 08/15/53<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9751 |
| Series 2018, 3.70%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 302 | 299076 |
| Series 2018, 4.09%, 08/15/48 | &nbsp;&nbsp; 420 | 333298 |
| Series 2025, 5.21%, 08/15/32 | &nbsp;&nbsp; 690 | 713769 |
| Series 2025, 5.54%, 08/15/35 | &nbsp;&nbsp; 2040 | 2125869 |
| Series 20A, 2.29%, 08/15/30 | &nbsp;&nbsp; 335 | 306114 |
| Series 20A, 3.16%, 08/15/40 | &nbsp;&nbsp; 333 | 259298 |
| Series 20A, 3.36%, 08/15/50 | &nbsp;&nbsp; 360 | 245651 |
| Texas Health Resources |  |  |
| 2.33%, 11/15/50 | &nbsp;&nbsp; 785 | 435903 |
| 4.33%, 11/15/55<sup>(a)</sup> | &nbsp;&nbsp; 505 | 411553 |
| Toledo Hospital (The), 5.75%, 11/15/38<sup>(a)</sup> | &nbsp;&nbsp; 394 | 395162 |
| Trinity Health Corp. |  |  |
| 4.13%, 12/01/45 | &nbsp;&nbsp; 800 | 657881 |
| Series 2019, 3.43%, 12/01/48 | &nbsp;&nbsp; 575 | 414670 |
| Series 2021, 2.63%, 12/01/40<sup>(a)</sup> | &nbsp;&nbsp; 845 | 591335 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| UMass Memorial Health Care Obligated Group, <br> 5.36%, 07/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; $320 | $292093 |
| UnitedHealth Group Inc. |  |  |
| 3.70%, 05/15/27 | &nbsp;&nbsp; 1110 | 1103691 |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 2017 | 1824868 |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 2770 | 2473454 |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 1725 | 1252339 |
| 2.88%, 08/15/29 | &nbsp;&nbsp; 1895 | 1803828 |
| 2.90%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1965 | 1209198 |
| 2.95%, 10/15/27 | &nbsp;&nbsp; 1686 | 1648588 |
| 3.05%, 05/15/41 | &nbsp;&nbsp; 2495 | 1837766 |
| 3.13%, 05/15/60<sup>(a)</sup> | &nbsp;&nbsp; 1655 | 976932 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 3495 | 2280625 |
| 3.38%, 04/15/27 | &nbsp;&nbsp; 1005 | 994139 |
| 3.45%, 01/15/27 | &nbsp;&nbsp; 1123 | 1113601 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 1946 | 1579618 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 2226 | 1600988 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 1574 | 1169901 |
| 3.85%, 06/15/28 | &nbsp;&nbsp; 2050 | 2041405 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 1711 | 1698097 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 1917 | 1334623 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 923 | 749324 |
| 4.00%, 05/15/29 | &nbsp;&nbsp; 1937 | 1926866 |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 2540 | 2476861 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 1195 | 959093 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 2385 | 2394503 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 1103 | 924026 |
| 4.25%, 04/15/47 | &nbsp;&nbsp; 1333 | 1073629 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 2387 | 1909627 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 711 | 611738 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 595 | 600749 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 1753 | 1440829 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 2680 | 2626901 |
| 4.60%, 04/15/27 | &nbsp;&nbsp; 835 | 841752 |
| 4.63%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1860 | 1806162 |
| 4.63%, 11/15/41 | &nbsp;&nbsp; 1056 | 936823 |
| 4.65%, 01/15/31 | &nbsp;&nbsp; 1390 | 1408754 |
| 4.70%, 04/15/29 | &nbsp;&nbsp; 745 | 758459 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 3240 | 2860378 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 3334 | 2803875 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; 2120 | 2166044 |
| 4.90%, 04/15/31 | &nbsp;&nbsp; 1610 | 1646836 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 2460 | 2510170 |
| 4.95%, 05/15/62<sup>(a)</sup> | &nbsp;&nbsp; 1685 | 1425445 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 2930 | 2940665 |
| 5.05%, 04/15/53 | &nbsp;&nbsp; 3475 | 3049945 |
| 5.15%, 07/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3320 | 3373168 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 2760 | 2424999 |
| 5.25%, 02/15/28 | &nbsp;&nbsp; 2010 | 2066553 |
| 5.30%, 02/15/30 | &nbsp;&nbsp; 2042 | 2124868 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 1255 | 1282896 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 3455 | 3574058 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 2955 | 2727559 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 2350 | 2282988 |
| 5.50%, 04/15/64 | &nbsp;&nbsp; 1825 | 1679028 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 4555 | 4335741 |
| 5.70%, 10/15/40 | &nbsp;&nbsp; 535 | 545364 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 3065 | 2934340 |
| 5.80%, 03/15/36<sup>(a)</sup> | &nbsp;&nbsp; 1274 | 1340940 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 3275 | 3236237 |
| 5.95%, 02/15/41<sup>(a)</sup> | &nbsp;&nbsp; 570 | 589816 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.95%, 06/15/55 | &nbsp;&nbsp; $1405 | $1403724 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; 2460 | 2467116 |
| 6.50%, 06/15/37 | &nbsp;&nbsp; 953 | 1046437 |
| 6.63%, 11/15/37 | &nbsp;&nbsp; 1089 | 1206454 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 1668 | 1894963 |
| Universal Health Services Inc. |  |  |
| 1.65%, 09/01/26 | &nbsp;&nbsp; 1161 | 1128633 |
| 2.65%, 10/15/30 | &nbsp;&nbsp; 1405 | 1261123 |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 1027 | 883965 |
| 4.63%, 10/15/29 | &nbsp;&nbsp; 1015 | 1012523 |
| 5.05%, 10/15/34 | &nbsp;&nbsp; 850 | 818861 |
| UPMC |  |  |
| 5.04%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 255 | 258002 |
| 5.38%, 05/15/43 | &nbsp;&nbsp; 580 | 553161 |
| WakeMed, Series A, 3.29%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 160 | 106287 |
| West Virginia United Health System Obligated <br> Group, Series 2020, 3.13%, 06/01/50<br>| &nbsp;&nbsp; 201 | 123033 |
| Willis-Knighton Medical Center |  |  |
| Series 2018, 4.81%, 09/01/48 | &nbsp;&nbsp; 752 | 644205 |
| Series 2021, 3.07%, 03/01/51<sup>(a)</sup> | &nbsp;&nbsp; 858 | 526613 |
| Yale-New Haven Health Services Corp., Series <br> 2020, 2.50%, 07/01/50<br>| &nbsp;&nbsp; 410 | 234438 |
|  |  | 471118654 |
| **Holding Companies - Diversified — 0.7%** | **Holding Companies - Diversified — 0.7%** | **Holding Companies - Diversified — 0.7%** |
| Aercap Sukuk Ltd./Cayman Islands, 4.50%, <br> 10/03/29<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 147314 |
| Antares Holdings LP |  |  |
| 2.75%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 605 | 584803 |
| 3.75%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 575 | 558601 |
| 6.35%, 10/23/29<sup>(b)</sup> | &nbsp;&nbsp; 565 | 574748 |
| 6.50%, 02/08/29<sup>(b)</sup> | &nbsp;&nbsp; 125 | 127644 |
| 7.95%, 08/11/28<sup>(b)</sup> | &nbsp;&nbsp; 125 | 133000 |
| Apollo Debt Solutions BDC |  |  |
| 5.88%, 08/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 750 | 761047 |
| 6.55%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 805 | 838754 |
| 6.70%, 07/29/31 | &nbsp;&nbsp; 1650 | 1746024 |
| 6.90%, 04/13/29 | &nbsp;&nbsp; 1420 | 1494115 |
| Ares Capital Corp. |  |  |
| 2.88%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 870 | 847819 |
| 2.88%, 06/15/28 | &nbsp;&nbsp; 1988 | 1897493 |
| 3.20%, 11/15/31 | &nbsp;&nbsp; 1335 | 1189177 |
| 5.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 1058336 |
| 5.88%, 03/01/29 | &nbsp;&nbsp; 1650 | 1697992 |
| 5.95%, 07/15/29 | &nbsp;&nbsp; 1340 | 1385632 |
| 7.00%, 01/15/27 | &nbsp;&nbsp; 840 | 865533 |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; 1580 | 1606482 |
| Ares Strategic Income Fund |  |  |
| 5.45%, 09/09/28<sup>(b)</sup> | &nbsp;&nbsp; 765 | 769637 |
| 5.60%, 02/15/30 | &nbsp;&nbsp; 1150 | 1164247 |
| 5.70%, 03/15/28 | &nbsp;&nbsp; 1800 | 1824766 |
| 5.80%, 09/09/30<sup>(b)</sup> | &nbsp;&nbsp; 715 | 725942 |
| 6.20%, 03/21/32 | &nbsp;&nbsp; 1095 | 1126413 |
| 6.35%, 08/15/29 | &nbsp;&nbsp; 1210 | 1251084 |
| Bain Capital Specialty Finance Inc. |  |  |
| 2.55%, 10/13/26 | &nbsp;&nbsp; 479 | 466209 |
| 5.95%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 345 | 346458 |
| Barings BDC Inc. |  |  |
| 3.30%, 11/23/26 | &nbsp;&nbsp; 475 | 466353 |
| 7.00%, 02/15/29 | &nbsp;&nbsp; 215 | 222902 |
| Barings Private Credit Corp., 6.15%, <br> 06/11/30<sup>(b)</sup><br>| &nbsp;&nbsp; 575 | 573215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | &nbsp;&nbsp; $1570 | $1530930 |
| 3.25%, 03/15/27 | &nbsp;&nbsp; 1551 | 1518544 |
| 4.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1062 | 1036967 |
| 4.95%, 09/26/27 | &nbsp;&nbsp; 410 | 411646 |
| 5.25%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 550 | 551685 |
| 5.60%, 11/22/29 | &nbsp;&nbsp; 745 | 758534 |
| 5.95%, 07/16/29 | &nbsp;&nbsp; 850 | 877088 |
| 6.00%, 01/29/32 | &nbsp;&nbsp; 1580 | 1622107 |
| 6.00%, 11/22/34<sup>(a)</sup> | &nbsp;&nbsp; 1345 | 1354605 |
| 6.25%, 01/25/31 | &nbsp;&nbsp; 895 | 933937 |
| 7.30%, 11/27/28 | &nbsp;&nbsp; 990 | 1058180 |
| Blackstone Secured Lending Fund |  |  |
| 2.13%, 02/15/27 | &nbsp;&nbsp; 898 | 866113 |
| 2.75%, 09/16/26<sup>(a)</sup> | &nbsp;&nbsp; 1120 | 1099360 |
| 2.85%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 968545 |
| 5.30%, 06/30/30 | &nbsp;&nbsp; 850 | 857464 |
| 5.35%, 04/13/28 | &nbsp;&nbsp; 780 | 791334 |
| 5.88%, 11/15/27 | &nbsp;&nbsp; 745 | 762383 |
| Blue Owl Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 777 | 753256 |
| 2.88%, 06/11/28 | &nbsp;&nbsp; 1200 | 1132741 |
| 5.95%, 03/15/29 | &nbsp;&nbsp; 1415 | 1436998 |
| 6.20%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 960 | 984707 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | &nbsp;&nbsp; 155 | 160616 |
| Blue Owl Capital Corp. III, 3.13%, 04/13/27 | &nbsp;&nbsp; 510 | 495096 |
| Blue Owl Credit Income Corp. |  |  |
| 3.13%, 09/23/26<sup>(a)</sup> | &nbsp;&nbsp; 605 | 592735 |
| 4.70%, 02/08/27 | &nbsp;&nbsp; 685 | 683112 |
| 5.80%, 03/15/30 | &nbsp;&nbsp; 1825 | 1848634 |
| 5.90%, 05/23/28<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5069 |
| 6.60%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1480 | 1538991 |
| 6.65%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1149205 |
| 7.75%, 09/16/27<sup>(a)</sup> | &nbsp;&nbsp; 683 | 716972 |
| 7.75%, 01/15/29 | &nbsp;&nbsp; 765 | 819055 |
| 7.95%, 06/13/28 | &nbsp;&nbsp; 1610 | 1722843 |
| Blue Owl Technology Finance Corp. |  |  |
| 2.50%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 472 | 455658 |
| 6.10%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1140 | 1154270 |
| Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<sup>(a)</sup><br>| &nbsp;&nbsp; 1145 | 1185184 |
| Carlyle Secured Lending Inc., 6.75%, 02/18/30 | &nbsp;&nbsp; 395 | 410172 |
| CK Hutchison International 16 Ltd., 2.75%, <br> 10/03/26<sup>(b)</sup><br>| &nbsp;&nbsp; 400 | 393771 |
| CK Hutchison International 17 II Ltd., 3.25%, <br> 09/29/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1693 | 1662444 |
| CK Hutchison International 17 Ltd., 3.50%, <br> 04/05/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 665 | 657965 |
| CK Hutchison International 19 II Ltd. |  |  |
| 2.75%, 09/06/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1663 | 1572417 |
| 3.38%, 09/06/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1445 | 1029618 |
| CK Hutchison International 19 Ltd., 3.63%, <br> 04/11/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 644 | 631757 |
| Franklin BSP Capital Corp., 7.20%, 06/15/29 | &nbsp;&nbsp; 445 | 461975 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 575 | 557631 |
| 3.13%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; 1060 | 974510 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 712 | 685568 |
| 6.13%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 993152 |
| 6.88%, 08/15/29 | &nbsp;&nbsp; 855 | 872793 |
| 7.88%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 945 | 990278 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| Goldman Sachs BDC Inc., 6.38%, 03/11/27 | &nbsp;&nbsp; $285 | $291522 |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.88%, 05/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 400 | 406282 |
| 6.25%, 05/06/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 910 | 931894 |
| Golub Capital BDC Inc. |  |  |
| 2.05%, 02/15/27 | &nbsp;&nbsp; 535 | 513849 |
| 6.00%, 07/15/29 | &nbsp;&nbsp; 1060 | 1084559 |
| 7.05%, 12/05/28 | &nbsp;&nbsp; 630 | 665679 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 | &nbsp;&nbsp; 520 | 522067 |
| 5.80%, 09/12/29 | &nbsp;&nbsp; 595 | 601251 |
| 5.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 915 | 928156 |
| HA Sustainable Infrastructure Capital Inc. |  |  |
| 6.15%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 500 | 509780 |
| 6.38%, 07/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1520 | 1506826 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; 625 | 631347 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.75%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 610 | 557689 |
| 8.00%, 06/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 695 | 720885 |
| Hutchison Whampoa International 03/33 Ltd., <br> 7.45%, 11/24/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1335 | 1566307 |
| Inversiones La Construccion SA, 4.75%, <br> 02/07/32<sup>(b)</sup><br>| &nbsp;&nbsp; 110 | 105765 |
| JAB Holdings BV |  |  |
| 2.20%, 11/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 552 | 481823 |
| 3.75%, 05/28/51<sup>(b)</sup> | &nbsp;&nbsp; 885 | 583104 |
| 4.50%, 04/08/52<sup>(b)</sup> | &nbsp;&nbsp; 690 | 518467 |
| Main Street Capital Corp. |  |  |
| 5.40%, 08/15/28 | &nbsp;&nbsp; 435 | 436536 |
| 6.50%, 06/04/27 | &nbsp;&nbsp; 465 | 475249 |
| 6.95%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 495 | 518686 |
| Morgan Stanley Direct Lending Fund |  |  |
| 4.50%, 02/11/27 | &nbsp;&nbsp; 515 | 513397 |
| 6.00%, 05/19/30<sup>(a)</sup> | &nbsp;&nbsp; 495 | 506363 |
| 6.15%, 05/17/29<sup>(a)</sup> | &nbsp;&nbsp; 440 | 454213 |
| MSD Investment Corp., 6.25%, 05/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 445 | 451600 |
| New Mountain Finance Corp. |  |  |
| 6.20%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 455 | 462872 |
| 6.88%, 02/01/29 | &nbsp;&nbsp; 215 | 220694 |
| North Haven Private Income Fund LLC, 5.75%, <br> 02/01/30<br>| &nbsp;&nbsp; 110 | 110172 |
| Nuveen Churchill Direct Lending Corp., 6.65%, <br> 03/15/30<br>| &nbsp;&nbsp; 210 | 217343 |
| Oaktree Specialty Lending Corp. |  |  |
| 2.70%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 545 | 527687 |
| 6.34%, 02/27/30 | &nbsp;&nbsp; 470 | 474346 |
| 7.10%, 02/15/29 | &nbsp;&nbsp; 420 | 435052 |
| Oaktree Strategic Credit Fund |  |  |
| 6.19%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 735 | 746863 |
| 6.50%, 07/23/29<sup>(a)</sup> | &nbsp;&nbsp; 480 | 498622 |
| 8.40%, 11/14/28 | &nbsp;&nbsp; 380 | 412834 |
| Sixth Street Lending Partners |  |  |
| 5.75%, 01/15/30 | &nbsp;&nbsp; 870 | 883250 |
| 6.13%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1275 | 1314624 |
| 6.50%, 03/11/29 | &nbsp;&nbsp; 1110 | 1152209 |
| Sixth Street Specialty Lending Inc. |  |  |
| 5.63%, 08/15/30 | &nbsp;&nbsp; 500 | 506141 |
| 6.13%, 03/01/29 | &nbsp;&nbsp; 505 | 521164 |
| 6.95%, 08/14/28<sup>(a)</sup> | &nbsp;&nbsp; 478 | 505738 |
|  |  | 97653262 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| DR Horton Inc. |  |  |
| 1.30%, 10/15/26 | &nbsp;&nbsp; $1002 | $971305 |
| 1.40%, 10/15/27 | &nbsp;&nbsp; 1112 | 1053072 |
| 4.85%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 125 | 127684 |
| 5.00%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 1045293 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 845 | 865440 |
| Lennar Corp. |  |  |
| 4.75%, 11/29/27 | &nbsp;&nbsp; 1197 | 1206024 |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 479 | 482640 |
| 5.20%, 07/30/30 | &nbsp;&nbsp; 885 | 913846 |
| MDC Holdings Inc. |  |  |
| 2.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 905 | 800846 |
| 3.85%, 01/15/30 | &nbsp;&nbsp; 535 | 514155 |
| 3.97%, 08/06/61<sup>(a)</sup> | &nbsp;&nbsp; 352 | 224726 |
| 6.00%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 970 | 884318 |
| Meritage Homes Corp. |  |  |
| 3.88%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 305 | 297971 |
| 5.13%, 06/06/27 | &nbsp;&nbsp; 220 | 221298 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 780 | 787231 |
| NVR Inc., 3.00%, 05/15/30 | &nbsp;&nbsp; 1323 | 1249161 |
| PulteGroup Inc. |  |  |
| 5.00%, 01/15/27 | &nbsp;&nbsp; 397 | 400122 |
| 6.00%, 02/15/35 | &nbsp;&nbsp; 434 | 457036 |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 610 | 663783 |
| 7.88%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 423 | 497320 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 705 | 688698 |
| 4.35%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 885 | 887081 |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 565 | 568842 |
| 5.60%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 475 | 482244 |
|  |  | 16290136 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 850 | 830460 |
| 3.50%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 800 | 505942 |
| 4.40%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1153 | 1133336 |
| LG Electronics Inc. |  |  |
| 5.63%, 04/24/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 485 | 494317 |
| 5.63%, 04/24/29<sup>(b)</sup> | &nbsp;&nbsp; 85 | 88534 |
| Panasonic Holdings Corp. |  |  |
| 3.11%, 07/19/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 625 | 599284 |
| 5.30%, 07/16/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 770 | 792389 |
|  |  | 4444262 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | &nbsp;&nbsp; 755 | 647163 |
| 2.65%, 04/30/30 | &nbsp;&nbsp; 942 | 874184 |
| 4.88%, 12/06/28<sup>(a)</sup> | &nbsp;&nbsp; 1184 | 1205869 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 715 | 753414 |
| Church & Dwight Co. Inc. |  |  |
| 2.30%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp; 525 | 462540 |
| 3.15%, 08/01/27 | &nbsp;&nbsp; 1102 | 1084550 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 685 | 534160 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 940 | 844049 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 725 | 766518 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 1155 | 1031513 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 903 | 885877 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 1040 | 1036046 |
| 4.40%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 865 | 871898 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Household Products & Wares (continued)** | **Household Products & Wares (continued)** | **Household Products & Wares (continued)** |
| 4.60%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp; $950 | $952706 |
| Kimberly-Clark Corp. |  |  |
| 1.05%, 09/15/27 | &nbsp;&nbsp; 1318 | 1246430 |
| 2.00%, 11/02/31<sup>(a)</sup> | &nbsp;&nbsp; 1075 | 956239 |
| 2.88%, 02/07/50 | &nbsp;&nbsp; 834 | 536110 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 1379 | 1321406 |
| 3.20%, 04/25/29 | &nbsp;&nbsp; 1098 | 1069567 |
| 3.20%, 07/30/46 | &nbsp;&nbsp; 570 | 406561 |
| 3.70%, 06/01/43<sup>(a)</sup> | &nbsp;&nbsp; 465 | 369291 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 819 | 647210 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 1179 | 1180548 |
| 4.50%, 02/16/33 | &nbsp;&nbsp; 530 | 532078 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 580 | 577762 |
| 6.63%, 08/01/37<sup>(a)</sup> | &nbsp;&nbsp; 1191 | 1377845 |
| Kimberly-Clark de Mexico SAB de CV, 2.43%, <br> 07/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 760 | 691407 |
| Reckitt Benckiser Treasury Services PLC, <br> 3.00%, 06/26/27<sup>(b)</sup><br>| &nbsp;&nbsp; 3952 | 3879986 |
| SC Johnson & Son Inc. |  |  |
| 4.00%, 05/15/43<sup>(b)</sup> | &nbsp;&nbsp; 670 | 542155 |
| 4.35%, 09/30/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 550 | 444308 |
| 4.75%, 10/15/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1375 | 1203810 |
| 4.80%, 09/01/40<sup>(b)</sup> | &nbsp;&nbsp; 945 | 887793 |
| 5.75%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 95 | 99959 |
|  |  | 29920952 |
| **Insurance — 4.9%** | **Insurance — 4.9%** | **Insurance — 4.9%** |
| 200 Park Funding Trust, 5.74%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 2025 | 1983755 |
| Accident Fund Insurance Co. of America, <br> 8.50%, 08/01/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 240 | 238969 |
| ACE Capital Trust II, Series N, 9.70%, <br> 04/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 230 | 276396 |
| Aegon Funding Co. LLC, 5.50%, 04/16/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 850 | 863711 |
| Aegon Ltd., 5.50%, 04/11/48<sup>(d)</sup> | &nbsp;&nbsp; 957 | 962291 |
| Aflac Inc. |  |  |
| 2.88%, 10/15/26 | &nbsp;&nbsp; 662 | 652628 |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 1858 | 1817398 |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 645 | 508889 |
| 4.75%, 01/15/49<sup>(a)</sup> | &nbsp;&nbsp; 942 | 815178 |
| 6.45%, 08/15/40 | &nbsp;&nbsp; 535 | 582788 |
| AIA Group Ltd. |  |  |
| 3.20%, 09/16/40<sup>(b)</sup> | &nbsp;&nbsp; 2612 | 2034503 |
| 3.38%, 04/07/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1710 | 1657732 |
| 3.60%, 04/09/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2170 | 2136870 |
| 3.90%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 1050 | 1046662 |
| 4.50%, 03/16/46<sup>(b)</sup> | &nbsp;&nbsp; 2345 | 2081105 |
| 4.88%, 03/11/44<sup>(b)</sup> | &nbsp;&nbsp; 760 | 714059 |
| 4.95%, 04/04/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 920 | 939834 |
| 4.95%, 03/30/35<sup>(b)</sup> | &nbsp;&nbsp; 825 | 828791 |
| 5.38%, 04/05/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1495 | 1547740 |
| 5.40%, 09/30/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 785 | 751082 |
| 5.63%, 10/25/27<sup>(b)</sup> | &nbsp;&nbsp; 1570 | 1619840 |
| AIG SunAmerica Global Financing X, 6.90%, <br> 03/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 1276 | 1418432 |
| Alleghany Corp. |  |  |
| 3.25%, 08/15/51 | &nbsp;&nbsp; 1040 | 696722 |
| 3.63%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1060 | 1033717 |
| 4.90%, 09/15/44 | &nbsp;&nbsp; 687 | 626103 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Allianz SE |  |  |
| 5.60%, 09/03/54, (5-year CMT + <br> 2.771%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; $1660 | $1686894 |
| 6.35%, 09/06/53, (5-year CMT + <br> 3.232%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1045 | 1108903 |
| Allstate Corp. (The) |  |  |
| 1.45%, 12/15/30 | &nbsp;&nbsp; 1266 | 1089789 |
| 3.28%, 12/15/26 | &nbsp;&nbsp; 887 | 877283 |
| 3.85%, 08/10/49<sup>(a)</sup> | &nbsp;&nbsp; 842 | 633340 |
| 4.20%, 12/15/46 | &nbsp;&nbsp; 1232 | 1005546 |
| 4.50%, 06/15/43 | &nbsp;&nbsp; 809 | 701376 |
| 5.05%, 06/24/29 | &nbsp;&nbsp; 845 | 869774 |
| 5.25%, 03/30/33 | &nbsp;&nbsp; 905 | 931848 |
| 5.35%, 06/01/33 | &nbsp;&nbsp; 990 | 1026057 |
| 5.55%, 05/09/35<sup>(a)</sup> | &nbsp;&nbsp; 1081 | 1124017 |
| 5.95%, 04/01/36 | &nbsp;&nbsp; 585 | 624007 |
| 6.50%, 05/15/67<sup>(a)(d)</sup> | &nbsp;&nbsp; 775 | 799049 |
| American Financial Group Inc./OH |  |  |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 1205 | 988406 |
| 5.25%, 04/02/30<sup>(a)</sup> | &nbsp;&nbsp; 567 | 589090 |
| American International Group Inc. |  |  |
| 3.40%, 06/30/30 | &nbsp;&nbsp; 640 | 614977 |
| 3.88%, 01/15/35 | &nbsp;&nbsp; 750 | 691132 |
| 4.38%, 06/30/50 | &nbsp;&nbsp; 1803 | 1479986 |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 1325 | 1153343 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 1536 | 1347427 |
| 4.80%, 07/10/45 | &nbsp;&nbsp; 700 | 629376 |
| 4.85%, 05/07/30<sup>(a)</sup> | &nbsp;&nbsp; 845 | 864550 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 1380 | 1408530 |
| 5.45%, 05/07/35<sup>(a)</sup> | &nbsp;&nbsp; 545 | 561992 |
| 6.25%, 05/01/36<sup>(a)</sup> | &nbsp;&nbsp; 580 | 619036 |
| Series A-9, 5.75%, 04/01/48<sup>(a)(d)</sup> | &nbsp;&nbsp; 210 | 213918 |
| American National Global Funding |  |  |
| 5.25%, 06/03/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 795 | 810971 |
| 5.55%, 01/28/30<sup>(b)</sup> | &nbsp;&nbsp; 1180 | 1215832 |
| American National Group Inc. |  |  |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 977 | 984649 |
| 5.75%, 10/01/29 | &nbsp;&nbsp; 220 | 227159 |
| 6.00%, 07/15/35 | &nbsp;&nbsp; 975 | 985630 |
| 6.14%, 06/13/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 750 | 773467 |
| Americo Life Inc., 3.45%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 773 | 698037 |
| AmFam Holdings Inc. |  |  |
| 2.81%, 03/11/31<sup>(b)</sup> | &nbsp;&nbsp; 935 | 809558 |
| 3.83%, 03/11/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 886 | 558976 |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 1788 | 1676788 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 1338 | 1318514 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 942 | 950768 |
| 6.25%, 09/30/40 | &nbsp;&nbsp; 675 | 725665 |
| 8.21%, 01/01/27 | &nbsp;&nbsp; 384 | 402049 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.05%, 08/23/31 | &nbsp;&nbsp; 820 | 718302 |
| 2.60%, 12/02/31<sup>(a)</sup> | &nbsp;&nbsp; 880 | 787000 |
| 2.85%, 05/28/27 | &nbsp;&nbsp; 1045 | 1023708 |
| 2.90%, 08/23/51 | &nbsp;&nbsp; 1036 | 634723 |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 1492 | 1096332 |
| 5.00%, 09/12/32 | &nbsp;&nbsp; 985 | 1007643 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 1105 | 1143615 |
| Aon Global Ltd. |  |  |
| 4.25%, 12/12/42<sup>(a)</sup> | &nbsp;&nbsp; 550 | 451159 |
| 4.45%, 05/24/43 | &nbsp;&nbsp; 296 | 248278 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.60%, 06/14/44 | &nbsp;&nbsp; $930 | $805075 |
| 4.75%, 05/15/45 | &nbsp;&nbsp; 945 | 826057 |
| Aon North America Inc. |  |  |
| 5.13%, 03/01/27 | &nbsp;&nbsp; 1055 | 1069447 |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 1605 | 1651432 |
| 5.30%, 03/01/31 | &nbsp;&nbsp; 1095 | 1141511 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 2785 | 2875058 |
| 5.75%, 03/01/54 | &nbsp;&nbsp; 3155 | 3090473 |
| Arch Capital Finance LLC |  |  |
| 4.01%, 12/15/26 | &nbsp;&nbsp; 897 | 895417 |
| 5.03%, 12/15/46 | &nbsp;&nbsp; 879 | 795684 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | &nbsp;&nbsp; 1387 | 1001714 |
| 7.35%, 05/01/34 | &nbsp;&nbsp; 548 | 634948 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 997 | 921279 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31 | &nbsp;&nbsp; 1313 | 1162238 |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 866 | 542339 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 1975 | 1359575 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 1090 | 1099721 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 1415 | 1442464 |
| 5.00%, 02/15/32 | &nbsp;&nbsp; 715 | 727831 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 2500 | 2507039 |
| 5.45%, 07/15/34 | &nbsp;&nbsp; 1020 | 1049478 |
| 5.50%, 03/02/33 | &nbsp;&nbsp; 740 | 766307 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 2910 | 2741841 |
| 5.75%, 03/02/53 | &nbsp;&nbsp; 814 | 786573 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 955 | 918886 |
| 6.50%, 02/15/34 | &nbsp;&nbsp; 755 | 828345 |
| 6.75%, 02/15/54 | &nbsp;&nbsp; 1130 | 1234025 |
| Ascot Group Ltd. |  |  |
| 4.25%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 306 | 277153 |
| 6.35%, 06/15/35, (5-year CMT + <br> 2.375%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 625 | 648013 |
| Assurant Inc. |  |  |
| 2.65%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 750 | 653873 |
| 3.70%, 02/22/30<sup>(a)</sup> | &nbsp;&nbsp; 951 | 920572 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 810 | 821159 |
| 5.55%, 02/15/36 | &nbsp;&nbsp; 375 | 374754 |
| 6.75%, 02/15/34 | &nbsp;&nbsp; 590 | 640068 |
| Assured Guaranty Municipal Holdings Inc., <br> 6.40%, 12/15/66<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 475 | 439860 |
| Assured Guaranty U.S. Holdings Inc. |  |  |
| 3.15%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1245 | 1165976 |
| 3.60%, 09/15/51 | &nbsp;&nbsp; 927 | 633057 |
| 6.13%, 09/15/28 | &nbsp;&nbsp; 545 | 572933 |
| Athene Global Funding |  |  |
| 1.73%, 10/02/26<sup>(b)</sup> | &nbsp;&nbsp; 1040 | 1011777 |
| 1.99%, 08/19/28<sup>(b)</sup> | &nbsp;&nbsp; 1210 | 1134381 |
| 2.45%, 08/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 770 | 742133 |
| 2.50%, 03/24/28<sup>(b)</sup> | &nbsp;&nbsp; 1097 | 1048940 |
| 2.55%, 11/19/30<sup>(b)</sup> | &nbsp;&nbsp; 1215 | 1094419 |
| 2.65%, 10/04/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 990 | 879696 |
| 2.67%, 06/07/31<sup>(b)</sup> | &nbsp;&nbsp; 961 | 857551 |
| 2.72%, 01/07/29<sup>(b)</sup> | &nbsp;&nbsp; 820 | 774854 |
| 2.95%, 11/12/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 460 | 452273 |
| 4.72%, 10/08/29<sup>(b)</sup> | &nbsp;&nbsp; 1165 | 1170282 |
| 4.83%, 05/09/28<sup>(b)</sup> | &nbsp;&nbsp; 290 | 293549 |
| 4.95%, 01/07/27<sup>(b)</sup> | &nbsp;&nbsp; 600 | 605103 |
| 5.03%, 07/17/30<sup>(b)</sup> | &nbsp;&nbsp; 800 | 812571 |
| 5.32%, 11/13/31<sup>(b)</sup> | &nbsp;&nbsp; 1190 | 1218026 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.34%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; $795 | $805397 |
| 5.35%, 07/09/27<sup>(b)</sup> | &nbsp;&nbsp; 880 | 894545 |
| 5.38%, 01/07/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1030 | 1059595 |
| 5.52%, 03/25/27<sup>(b)</sup> | &nbsp;&nbsp; 1655 | 1683356 |
| 5.53%, 07/11/31<sup>(b)</sup> | &nbsp;&nbsp; 925 | 955033 |
| 5.54%, 08/22/35<sup>(b)</sup> | &nbsp;&nbsp; 650 | 646890 |
| 5.58%, 01/09/29<sup>(b)</sup> | &nbsp;&nbsp; 1795 | 1857116 |
| Athene Holding Ltd. |  |  |
| 3.45%, 05/15/52 | &nbsp;&nbsp; 1077 | 680615 |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 935 | 885119 |
| 3.95%, 05/25/51 | &nbsp;&nbsp; 1025 | 719709 |
| 4.13%, 01/12/28 | &nbsp;&nbsp; 1580 | 1576340 |
| 5.88%, 01/15/34 | &nbsp;&nbsp; 1075 | 1113811 |
| 6.15%, 04/03/30<sup>(a)</sup> | &nbsp;&nbsp; 1105 | 1179123 |
| 6.25%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1765 | 1742894 |
| 6.63%, 10/15/54, (5-year CMT + 2.607%)<sup>(d)</sup> | &nbsp;&nbsp; 990 | 993026 |
| 6.63%, 05/19/55 | &nbsp;&nbsp; 1560 | 1598828 |
| 6.65%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 750 | 811900 |
| 6.88%, 06/28/55, (5-year CMT + <br> 2.582%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 125 | 125991 |
| Augustar Life Insurance Co., 6.88%, <br> 06/15/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 405 | 369748 |
| AXA SA, 8.60%, 12/15/30 | &nbsp;&nbsp; 210 | 249379 |
| Axis Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | &nbsp;&nbsp; 823 | 807309 |
| 4.90%, 01/15/40, (5-year CMT + 3.186%)<sup>(d)</sup> | &nbsp;&nbsp; 607 | 588009 |
| Axis Specialty Finance PLC |  |  |
| 4.00%, 12/06/27<sup>(a)</sup> | &nbsp;&nbsp; 890 | 883056 |
| 5.15%, 04/01/45<sup>(a)</sup> | &nbsp;&nbsp; 540 | 487115 |
| Beacon Funding Trust, 6.27%, 08/15/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1975 | 1965344 |
| Belrose Funding Trust II, 6.79%, 05/15/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 1600 | 1658269 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1532 | 1353065 |
| 1.85%, 03/12/30<sup>(a)</sup> | &nbsp;&nbsp; 1467 | 1339992 |
| 2.30%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1365 | 1334693 |
| 2.50%, 01/15/51 | &nbsp;&nbsp; 1870 | 1104004 |
| 2.85%, 10/15/50 | &nbsp;&nbsp; 2690 | 1705513 |
| 2.88%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1937 | 1800133 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 5085 | 3861378 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 3603 | 2986186 |
| 4.25%, 01/15/49 | &nbsp;&nbsp; 3119 | 2595235 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 610 | 536659 |
| 4.40%, 05/15/42<sup>(a)</sup> | &nbsp;&nbsp; 1156 | 1057451 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 1250 | 1351654 |
| Berkshire Hathaway Inc., 4.50%, 02/11/43<sup>(a)</sup> | &nbsp;&nbsp; 1530 | 1418514 |
| Brighthouse Financial Global Funding |  |  |
| 2.00%, 06/28/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 638 | 593744 |
| 5.55%, 04/09/27<sup>(b)</sup> | &nbsp;&nbsp; 380 | 386067 |
| 5.65%, 06/10/29<sup>(b)</sup> | &nbsp;&nbsp; 560 | 575267 |
| Brighthouse Financial Inc. |  |  |
| 3.70%, 06/22/27<sup>(a)</sup> | &nbsp;&nbsp; 840 | 828356 |
| 3.85%, 12/22/51 | &nbsp;&nbsp; 580 | 359080 |
| 4.70%, 06/22/47<sup>(a)</sup> | &nbsp;&nbsp; 989 | 739543 |
| 5.63%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1014 | 1037196 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 1448 | 1286162 |
| 4.20%, 03/17/32<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 1010475 |
| 4.50%, 03/15/29 | &nbsp;&nbsp; 920 | 923464 |
| 4.60%, 12/23/26 | &nbsp;&nbsp; 725 | 728399 |
| 4.70%, 06/23/28 | &nbsp;&nbsp; 1010 | 1019674 |
| 4.90%, 06/23/30 | &nbsp;&nbsp; 825 | 835267 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.95%, 03/17/52<sup>(a)</sup> | &nbsp;&nbsp; $1185 | $1007435 |
| 5.25%, 06/23/32 | &nbsp;&nbsp; 1000 | 1022173 |
| 5.55%, 06/23/35<sup>(a)</sup> | &nbsp;&nbsp; 855 | 871488 |
| 5.65%, 06/11/34 | &nbsp;&nbsp; 755 | 774329 |
| 6.25%, 06/23/55 | &nbsp;&nbsp; 1630 | 1666478 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 1110 | 1203492 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 1165 | 1314674 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30 | &nbsp;&nbsp; 1470 | 1286902 |
| 2.85%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 643573 |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 1605 | 969957 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 870 | 743144 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 2797 | 2409048 |
| 4.65%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1685 | 1717936 |
| 4.90%, 08/15/35 | &nbsp;&nbsp; 1200 | 1193232 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 2400 | 2437785 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 475 | 539402 |
| Cincinnati Financial Corp. |  |  |
| 6.13%, 11/01/34 | &nbsp;&nbsp; 645 | 689141 |
| 6.92%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 755 | 808757 |
| CNA Financial Corp. |  |  |
| 2.05%, 08/15/30 | &nbsp;&nbsp; 1130 | 1005056 |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 993 | 979676 |
| 3.90%, 05/01/29 | &nbsp;&nbsp; 1319 | 1299923 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 580 | 580207 |
| 5.20%, 08/15/35 | &nbsp;&nbsp; 575 | 569209 |
| 5.50%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 535 | 551467 |
| CNO Financial Group Inc. |  |  |
| 5.25%, 05/30/29 | &nbsp;&nbsp; 1039 | 1059498 |
| 6.45%, 06/15/34 | &nbsp;&nbsp; 1000 | 1051495 |
| CNO Global Funding |  |  |
| 1.75%, 10/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 965 | 937733 |
| 2.65%, 01/06/29<sup>(b)</sup> | &nbsp;&nbsp; 1085 | 1024361 |
| 4.88%, 12/10/27<sup>(b)</sup> | &nbsp;&nbsp; 350 | 354743 |
| 4.95%, 09/09/29<sup>(b)</sup> | &nbsp;&nbsp; 875 | 894975 |
| 5.88%, 06/04/27<sup>(b)</sup> | &nbsp;&nbsp; 720 | 738586 |
| Constellation Insurance Inc., 6.80%, <br> 01/24/30<sup>(b)</sup><br>| &nbsp;&nbsp; 1125 | 1137401 |
| Corebridge Financial Inc. |  |  |
| 3.65%, 04/05/27 | &nbsp;&nbsp; 1965 | 1946930 |
| 3.85%, 04/05/29<sup>(a)</sup> | &nbsp;&nbsp; 1890 | 1862991 |
| 3.90%, 04/05/32 | &nbsp;&nbsp; 2000 | 1891377 |
| 4.35%, 04/05/42 | &nbsp;&nbsp; 930 | 782502 |
| 4.40%, 04/05/52 | &nbsp;&nbsp; 1990 | 1589123 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 1180 | 1232692 |
| 6.05%, 09/15/33 | &nbsp;&nbsp; 855 | 906710 |
| 6.38%, 09/15/54, (5-year CMT + 2.646%)<sup>(d)</sup> | &nbsp;&nbsp; 1305 | 1320952 |
| 6.88%, 12/15/52, (5-year CMT + 3.846%)<sup>(d)</sup> | &nbsp;&nbsp; 1450 | 1499518 |
| Corebridge Global Funding |  |  |
| 4.25%, 08/21/28<sup>(b)</sup> | &nbsp;&nbsp; 550 | 551575 |
| 4.65%, 08/20/27<sup>(b)</sup> | &nbsp;&nbsp; 1500 | 1514423 |
| 4.85%, 06/06/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 660 | 671615 |
| 4.90%, 01/07/28<sup>(b)</sup> | &nbsp;&nbsp; 400 | 407153 |
| 4.90%, 12/03/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 930 | 948638 |
| 4.90%, 08/21/32<sup>(b)</sup> | &nbsp;&nbsp; 550 | 551590 |
| 5.20%, 01/12/29<sup>(b)</sup> | &nbsp;&nbsp; 835 | 858473 |
| 5.20%, 06/24/29<sup>(b)</sup> | &nbsp;&nbsp; 1275 | 1312729 |
| 5.90%, 09/19/28<sup>(b)</sup> | &nbsp;&nbsp; 675 | 705948 |
| Dai-Ichi Life Insurance Co. Ltd. (The), 6.20%, <br> (5-year CMT + 2.515%)<sup>(b)(d)(e)</sup><br>| &nbsp;&nbsp; 3215 | 3333437 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| DaVinciRe Holdings Ltd., 5.95%, 04/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; $25 | $25537 |
| Doctors Co. An Interinsurance Exchange (The), <br> 4.50%, 01/18/32<sup>(b)</sup><br>| &nbsp;&nbsp; 435 | 385525 |
| Empower Finance 2020 LP |  |  |
| 1.36%, 09/17/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 893 | 842119 |
| 1.78%, 03/17/31<sup>(b)</sup> | &nbsp;&nbsp; 1002 | 890174 |
| 3.08%, 09/17/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1275 | 799331 |
| Enstar Finance LLC, 5.50%, 01/15/42, (5-year <br> CMT + 4.006%)<sup>(d)</sup><br>| &nbsp;&nbsp; 525 | 519037 |
| Enstar Group Ltd. |  |  |
| 3.10%, 09/01/31 | &nbsp;&nbsp; 1105 | 987344 |
| 4.95%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1245 | 1255536 |
| 7.50%, 04/01/45, (5-year CMT + <br> 3.186%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 465 | 484608 |
| Equitable America Global Funding |  |  |
| 4.65%, 06/09/28<sup>(b)</sup> | &nbsp;&nbsp; 1090 | 1100660 |
| 4.95%, 06/09/30<sup>(b)</sup> | &nbsp;&nbsp; 710 | 724252 |
| Equitable Financial Life Global Funding |  |  |
| 1.40%, 08/27/27<sup>(b)</sup> | &nbsp;&nbsp; 852 | 806092 |
| 1.70%, 11/12/26<sup>(b)</sup> | &nbsp;&nbsp; 798 | 774710 |
| 1.75%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 807 | 705876 |
| 1.80%, 03/08/28<sup>(b)</sup> | &nbsp;&nbsp; 1160 | 1094321 |
| 4.88%, 11/19/27<sup>(b)</sup> | &nbsp;&nbsp; 1140 | 1155407 |
| 5.00%, 03/27/30<sup>(b)</sup> | &nbsp;&nbsp; 305 | 312731 |
| 5.45%, 03/03/28<sup>(b)</sup> | &nbsp;&nbsp; 615 | 633481 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28 | &nbsp;&nbsp; 2941 | 2952291 |
| 4.57%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 892 | 893295 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 2032 | 1817446 |
| 5.59%, 01/11/33<sup>(a)</sup> | &nbsp;&nbsp; 765 | 795565 |
| 6.70%, 03/28/55, (5-year CMT + 2.390%)<sup>(d)</sup> | &nbsp;&nbsp; 480 | 489983 |
| 7.00%, 04/01/28 | &nbsp;&nbsp; 130 | 138701 |
| Essent Group Ltd., 6.25%, 07/01/29 | &nbsp;&nbsp; 615 | 645062 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 1610 | 995297 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 1845 | 1248144 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 720 | 635383 |
| F&G Annuities & Life Inc. |  |  |
| 6.25%, 10/04/34<sup>(a)</sup> | &nbsp;&nbsp; 950 | 956356 |
| 6.50%, 06/04/29 | &nbsp;&nbsp; 1035 | 1078632 |
| 7.40%, 01/13/28 | &nbsp;&nbsp; 830 | 872291 |
| F&G Global Funding |  |  |
| 2.00%, 09/20/28<sup>(b)</sup> | &nbsp;&nbsp; 1075 | 997123 |
| 2.30%, 04/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 765 | 740502 |
| 5.88%, 06/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 715 | 733559 |
| 5.88%, 01/16/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 585 | 604586 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | &nbsp;&nbsp; 955 | 897399 |
| 4.63%, 04/29/30 | &nbsp;&nbsp; 1121 | 1124224 |
| 4.85%, 04/17/28<sup>(a)</sup> | &nbsp;&nbsp; 1209 | 1225623 |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 1255 | 1294647 |
| 5.75%, 05/20/35<sup>(b)</sup> | &nbsp;&nbsp; 535 | 546388 |
| 6.00%, 12/07/33 | &nbsp;&nbsp; 970 | 1019953 |
| 6.10%, 03/15/55 | &nbsp;&nbsp; 680 | 670600 |
| 6.35%, 03/22/54 | &nbsp;&nbsp; 1775 | 1808287 |
| 6.50%, 05/20/55<sup>(b)</sup> | &nbsp;&nbsp; 500 | 514563 |
| Farmers Exchange Capital, 7.05%, <br> 07/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 640 | 675112 |
| Farmers Exchange Capital II, 6.15%, 11/01/53, <br> (3-mo. CME Term SOFR + 4.005%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 475 | 460461 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Farmers Exchange Capital III, 5.45%, 10/15/54, <br> (3-mo. CME Term SOFR + 3.454%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; $760 | $698125 |
| Farmers Insurance Exchange, 4.75%, <br> 11/01/57<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 576 | 478445 |
| Fidelis Insurance Holdings Ltd., 4.88%, <br> 06/30/30<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | 100622 |
| Fidelity National Financial Inc. |  |  |
| 2.45%, 03/15/31 | &nbsp;&nbsp; 1222 | 1076480 |
| 3.20%, 09/17/51 | &nbsp;&nbsp; 795 | 492075 |
| 3.40%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1205 | 1143835 |
| 4.50%, 08/15/28 | &nbsp;&nbsp; 997 | 999535 |
| First American Financial Corp. |  |  |
| 2.40%, 08/15/31 | &nbsp;&nbsp; 1227 | 1062944 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 1055 | 1012574 |
| 5.45%, 09/30/34 | &nbsp;&nbsp; 765 | 761155 |
| Five Corners Funding Trust II, 2.85%, <br> 05/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 2725 | 2547783 |
| Five Corners Funding Trust III, 5.79%, <br> 02/15/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1500 | 1572337 |
| Five Corners Funding Trust IV, 6.00%, <br> 02/15/53<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1120 | 1133024 |
| Fortitude Group Holdings LLC, 6.25%, <br> 04/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 1050 | 1090991 |
| GA Global Funding Trust |  |  |
| 1.95%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1207 | 1125111 |
| 2.25%, 01/06/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 780 | 757653 |
| 2.90%, 01/06/32<sup>(b)</sup> | &nbsp;&nbsp; 1170 | 1029642 |
| 4.40%, 09/23/27<sup>(b)</sup> | &nbsp;&nbsp; 1245 | 1247245 |
| 5.20%, 12/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 440 | 446869 |
| 5.40%, 01/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 645 | 669068 |
| 5.50%, 01/08/29<sup>(b)</sup> | &nbsp;&nbsp; 1065 | 1099838 |
| 5.50%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | 537662 |
| 5.90%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 890 | 915029 |
| Global Atlantic Fin Co. |  |  |
| 3.13%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1435 | 1295874 |
| 4.40%, 10/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1103 | 1086064 |
| 6.75%, 03/15/54<sup>(b)</sup> | &nbsp;&nbsp; 1315 | 1343171 |
| 7.95%, 06/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 911 | 1043601 |
| Globe Life Inc. |  |  |
| 2.15%, 08/15/30 | &nbsp;&nbsp; 912 | 815341 |
| 4.55%, 09/15/28 | &nbsp;&nbsp; 1175 | 1183343 |
| 4.80%, 06/15/32 | &nbsp;&nbsp; 545 | 543205 |
| 5.85%, 09/15/34 | &nbsp;&nbsp; 670 | 696731 |
| Great-West Lifeco Finance 2018 LP |  |  |
| 4.05%, 05/17/28<sup>(b)</sup> | &nbsp;&nbsp; 725 | 720076 |
| 4.58%, 05/17/48<sup>(b)</sup> | &nbsp;&nbsp; 1003 | 846502 |
| Great-West Lifeco Finance Delaware LP, <br> 4.15%, 06/03/47<sup>(b)</sup><br>| &nbsp;&nbsp; 1340 | 1065852 |
| Guardian Life Global Funding |  |  |
| 1.25%, 11/19/27<sup>(b)</sup> | &nbsp;&nbsp; 725 | 682134 |
| 1.40%, 07/06/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 880 | 839395 |
| 1.63%, 09/16/28<sup>(b)</sup> | &nbsp;&nbsp; 660 | 613821 |
| 3.25%, 03/29/27<sup>(b)</sup> | &nbsp;&nbsp; 720 | 710813 |
| 4.18%, 09/26/29<sup>(b)</sup> | &nbsp;&nbsp; 865 | 865751 |
| 4.80%, 04/28/30<sup>(b)</sup> | &nbsp;&nbsp; 845 | 862993 |
| 5.55%, 10/28/27<sup>(b)</sup> | &nbsp;&nbsp; 1060 | 1092332 |
| 5.74%, 10/02/28<sup>(b)</sup> | &nbsp;&nbsp; 905 | 947402 |
| Guardian Life Insurance Co. of America (The) |  |  |
| 3.70%, 01/22/70<sup>(a)(b)</sup> | &nbsp;&nbsp; 501 | 332257 |
| 4.85%, 01/24/77<sup>(b)</sup> | &nbsp;&nbsp; 981 | 804107 |
| 4.88%, 06/19/64<sup>(a)(b)</sup> | &nbsp;&nbsp; 570 | 482904 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Hanover Insurance Group Inc. (The) |  |  |
| 2.50%, 09/01/30 | &nbsp;&nbsp; $893 | $803764 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 400 | 400055 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.80%, 08/19/29<sup>(a)</sup> | &nbsp;&nbsp; 1244 | 1179953 |
| 2.90%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1110 | 694734 |
| 3.60%, 08/19/49 | &nbsp;&nbsp; 1460 | 1062089 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 568 | 480844 |
| 4.40%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 926 | 778735 |
| 5.95%, 10/15/36<sup>(a)</sup> | &nbsp;&nbsp; 658 | 700060 |
| 6.10%, 10/01/41 | &nbsp;&nbsp; 697 | 725622 |
| 6.63%, 03/30/40 | &nbsp;&nbsp; 492 | 540033 |
| Henneman Trust, 6.58%, 05/15/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 900 | 921097 |
| High Street Funding Trust III, 5.81%, <br> 02/15/55<sup>(b)</sup><br>| &nbsp;&nbsp; 600 | 575542 |
| Horace Mann Educators Corp., 7.25%, <br> 09/15/28<br>| &nbsp;&nbsp; 265 | 284735 |
| Intact Financial Corp., 5.46%, 09/22/32<sup>(b)</sup> | &nbsp;&nbsp; 870 | 889438 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 1260 | 1138690 |
| 4.00%, 11/23/51 | &nbsp;&nbsp; 1075 | 742463 |
| 5.17%, 06/08/27<sup>(a)</sup> | &nbsp;&nbsp; 612 | 619882 |
| 5.67%, 06/08/32<sup>(a)</sup> | &nbsp;&nbsp; 525 | 543363 |
| Jackson National Life Global Funding |  |  |
| 3.05%, 06/21/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 817 | 772543 |
| 4.60%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 300 | 302178 |
| 4.90%, 01/13/27<sup>(b)</sup> | &nbsp;&nbsp; 600 | 604315 |
| 5.25%, 04/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 940 | 958964 |
| 5.35%, 01/13/30<sup>(b)</sup> | &nbsp;&nbsp; 600 | 622279 |
| 5.55%, 07/02/27<sup>(b)</sup> | &nbsp;&nbsp; 70 | 71499 |
| Jackson National Life Insurance Co., 8.15%, <br> 03/15/27<sup>(b)</sup><br>| &nbsp;&nbsp; 660 | 688513 |
| Kemper Corp. |  |  |
| 2.40%, 09/30/30 | &nbsp;&nbsp; 955 | 846186 |
| 3.80%, 02/23/32 | &nbsp;&nbsp; 490 | 448200 |
| Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52, <br> (5-year CMT + 2.887%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 150 | 151980 |
| Liberty Mutual Group Inc. |  |  |
| 3.95%, 10/15/50<sup>(b)</sup> | &nbsp;&nbsp; 2236 | 1660737 |
| 3.95%, 05/15/60<sup>(b)</sup> | &nbsp;&nbsp; 1139 | 777479 |
| 4.57%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1991 | 2002807 |
| 4.85%, 08/01/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 1510 | 1300333 |
| 5.50%, 06/15/52<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1435278 |
| 6.50%, 03/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 482 | 514528 |
| 6.50%, 05/01/42<sup>(b)</sup> | &nbsp;&nbsp; 410 | 413899 |
| Liberty Mutual Insurance Co., 7.70%, <br> 10/15/97<sup>(b)</sup><br>| &nbsp;&nbsp; 85 | 95244 |
| Lincoln Financial Global Funding |  |  |
| 4.63%, 05/28/28<sup>(b)</sup> | &nbsp;&nbsp; 1120 | 1131157 |
| 4.63%, 08/18/30<sup>(b)</sup> | &nbsp;&nbsp; 475 | 478048 |
| 5.30%, 01/13/30<sup>(b)</sup> | &nbsp;&nbsp; 345 | 357622 |
| Lincoln National Corp. |  |  |
| 2.33%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1093 | 989155 |
| 3.05%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 808 | 769305 |
| 3.40%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 970 | 911890 |
| 3.40%, 03/01/32 | &nbsp;&nbsp; 510 | 465379 |
| 3.63%, 12/12/26<sup>(a)</sup> | &nbsp;&nbsp; 750 | 744571 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 601 | 593857 |
| 4.35%, 03/01/48 | &nbsp;&nbsp; 223 | 178930 |
| 5.85%, 03/15/34 | &nbsp;&nbsp; 1045 | 1084466 |
| 6.30%, 10/09/37 | &nbsp;&nbsp; 609 | 645875 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 7.00%, 06/15/40<sup>(a)</sup> | &nbsp;&nbsp; $734 | $823786 |
| Loews Corp. |  |  |
| 3.20%, 05/15/30 | &nbsp;&nbsp; 1400 | 1337143 |
| 4.13%, 05/15/43 | &nbsp;&nbsp; 1034 | 856393 |
| 6.00%, 02/01/35 | &nbsp;&nbsp; 280 | 302239 |
| Manulife Financial Corp. |  |  |
| 2.48%, 05/19/27 | &nbsp;&nbsp; 885 | 861145 |
| 3.70%, 03/16/32 | &nbsp;&nbsp; 1215 | 1159978 |
| 4.06%, 02/24/32, (5-year USD ICE Swap + <br> 1.647%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1405 | 1390654 |
| 5.38%, 03/04/46 | &nbsp;&nbsp; 1295 | 1269125 |
| Maple Grove Funding Trust I, 4.16%, <br> 08/15/51<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1205 | 817478 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 1016 | 982976 |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 1185 | 786110 |
| 3.50%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp; 842 | 829071 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 941 | 715413 |
| 4.30%, 11/01/47 | &nbsp;&nbsp; 686 | 546501 |
| 5.00%, 03/30/43 | &nbsp;&nbsp; 565 | 504088 |
| 5.00%, 04/05/46 | &nbsp;&nbsp; 646 | 571970 |
| 5.00%, 05/20/49<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 980256 |
| 6.00%, 05/16/54 | &nbsp;&nbsp; 870 | 862751 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 1410 | 1278783 |
| 2.38%, 12/15/31 | &nbsp;&nbsp; 665 | 589138 |
| 2.90%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 705 | 434995 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 1271 | 1036200 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 929 | 773356 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 2622 | 2644821 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 1455 | 1471903 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 1980 | 2015255 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 808 | 768959 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 1890 | 1934000 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 2231 | 1988012 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 3460 | 3473782 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 825 | 847867 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 1080 | 1041489 |
| 5.40%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1230 | 1280579 |
| 5.40%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 2755 | 2614639 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 1125 | 1075194 |
| 5.45%, 03/15/54 | &nbsp;&nbsp; 1130 | 1078079 |
| 5.70%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1437841 |
| 5.75%, 11/01/32 | &nbsp;&nbsp; 785 | 838960 |
| 5.88%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 570 | 611753 |
| 6.25%, 11/01/52 | &nbsp;&nbsp; 820 | 871229 |
| Massachusetts Mutual Life Insurance Co. |  |  |
| 3.20%, 12/01/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 1040 | 616447 |
| 3.38%, 04/15/50<sup>(b)</sup> | &nbsp;&nbsp; 1028 | 694365 |
| 3.73%, 10/15/70<sup>(b)</sup> | &nbsp;&nbsp; 1075 | 699136 |
| 4.50%, 04/15/65<sup>(b)</sup> | &nbsp;&nbsp; 505 | 380616 |
| 4.90%, 04/01/77<sup>(b)</sup> | &nbsp;&nbsp; 633 | 519148 |
| 5.08%, 02/15/69<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1650 | 1454928 |
| 5.38%, 12/01/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 637 | 589958 |
| 5.67%, 12/01/52<sup>(b)</sup> | &nbsp;&nbsp; 615 | 590115 |
| MassMutual Global Funding II |  |  |
| 1.55%, 10/09/30<sup>(b)</sup> | &nbsp;&nbsp; 1608 | 1408124 |
| 2.15%, 03/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 948 | 841860 |
| 2.35%, 01/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 625 | 610950 |
| 4.30%, 10/22/27<sup>(b)</sup> | &nbsp;&nbsp; 300 | 301449 |
| 4.35%, 09/17/31<sup>(b)</sup> | &nbsp;&nbsp; 895 | 892832 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.45%, 03/27/28<sup>(b)</sup> | &nbsp;&nbsp; $600 | $606965 |
| 4.55%, 05/07/30<sup>(b)</sup> | &nbsp;&nbsp; 1020 | 1032103 |
| 4.85%, 01/17/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1205 | 1232079 |
| 4.95%, 01/10/30<sup>(b)</sup> | &nbsp;&nbsp; 1025 | 1051077 |
| 5.05%, 12/07/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1240 | 1265869 |
| 5.05%, 06/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1465 | 1503504 |
| 5.05%, 08/26/35<sup>(b)</sup> | &nbsp;&nbsp; 800 | 799690 |
| 5.10%, 04/09/27<sup>(b)</sup> | &nbsp;&nbsp; 1275 | 1295538 |
| 5.15%, 05/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 975 | 1006187 |
| Meiji Yasuda Life Insurance Co. |  |  |
| 5.10%, 04/26/48, (5-year USD ICE Swap + <br> 3.150%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 990 | 992791 |
| 5.80%, 09/11/54, (5-year CMT + <br> 3.033%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2350 | 2393153 |
| 6.10%, 06/11/55, (5-year CMT + <br> 2.911%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 3525 | 3630186 |
| Mercury General Corp., 4.40%, 03/15/27 | &nbsp;&nbsp; 783 | 777750 |
| Met Tower Global Funding |  |  |
| 1.25%, 09/14/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 937 | 909890 |
| 4.00%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp; 865 | 862557 |
| 4.80%, 01/14/28<sup>(b)</sup> | &nbsp;&nbsp; 800 | 812833 |
| 4.85%, 01/16/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 700 | 706720 |
| 5.25%, 04/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 870 | 899848 |
| MetLife Capital Trust IV, 7.88%, 12/15/67<sup>(a)(b)</sup> | &nbsp;&nbsp; 1144 | 1258262 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 1702 | 1386614 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 1380 | 1158020 |
| 4.55%, 03/23/30 | &nbsp;&nbsp; 1635 | 1665748 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 1240 | 1094961 |
| 4.72%, 12/15/44 | &nbsp;&nbsp; 995 | 887689 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 1679 | 1536689 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 1650 | 1487226 |
| 5.25%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1630 | 1531001 |
| 5.30%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1435 | 1476972 |
| 5.38%, 07/15/33 | &nbsp;&nbsp; 1585 | 1658918 |
| 5.70%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1906 | 2019588 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 1251 | 1300039 |
| 6.38%, 06/15/34 | &nbsp;&nbsp; 1383 | 1534146 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 1934 | 2025206 |
| 6.50%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 936 | 1051536 |
| 9.25%, 04/08/68<sup>(b)</sup> | &nbsp;&nbsp; 625 | 742747 |
| 10.75%, 08/01/69 | &nbsp;&nbsp; 1001 | 1338102 |
| Series G, 6.35%, 03/15/55, (5-year CMT + <br> 2.078%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1440 | 1499797 |
| Metropolitan Life Global Funding I |  |  |
| 1.55%, 01/07/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1210 | 1051728 |
| 1.88%, 01/11/27<sup>(b)</sup> | &nbsp;&nbsp; 1082 | 1049950 |
| 2.40%, 01/11/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1105 | 967752 |
| 2.95%, 04/09/30<sup>(b)</sup> | &nbsp;&nbsp; 1805 | 1702113 |
| 3.00%, 09/19/27<sup>(b)</sup> | &nbsp;&nbsp; 1414 | 1383774 |
| 3.05%, 06/17/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 812 | 779744 |
| 3.30%, 03/21/29<sup>(b)</sup> | &nbsp;&nbsp; 735 | 714902 |
| 3.45%, 12/18/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1609 | 1595441 |
| 4.15%, 08/25/28<sup>(b)</sup> | &nbsp;&nbsp; 620 | 621965 |
| 4.30%, 08/25/29<sup>(b)</sup> | &nbsp;&nbsp; 1040 | 1043429 |
| 4.40%, 06/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 965 | 970767 |
| 4.85%, 01/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1525 | 1560414 |
| 4.90%, 01/09/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 600 | 614803 |
| 5.05%, 06/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 870 | 883900 |
| 5.05%, 01/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 945 | 965429 |
| 5.05%, 01/08/34<sup>(b)</sup> | &nbsp;&nbsp; 1070 | 1081466 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.15%, 03/28/33<sup>(b)</sup> | &nbsp;&nbsp; $1862 | $1914390 |
| 5.40%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp; 850 | 882570 |
| MGIC Investment Corp., 5.25%, 08/15/28 | &nbsp;&nbsp; 385 | 385154 |
| Mitsui Sumitomo Insurance Co. Ltd., 4.95%, <br> (5-year USD Swap + 3.256%)<sup>(a)(b)(d)(e)</sup><br>| &nbsp;&nbsp; 510 | 510412 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, 5.88%, 05/23/42, (5-year <br> CMT + 3.982%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1395 | 1442341 |
| Munich Re America Corp., Series B, 7.45%, <br> 12/15/26<br>| &nbsp;&nbsp; 165 | 172245 |
| Mutual of Omaha Companies Global Funding |  |  |
| 4.51%, 06/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 640 | 645052 |
| 4.75%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1110 | 1126707 |
| 5.35%, 04/09/27<sup>(b)</sup> | &nbsp;&nbsp; 955 | 971194 |
| 5.45%, 12/12/28<sup>(b)</sup> | &nbsp;&nbsp; 895 | 925806 |
| Mutual of Omaha Cos Global Funding, 5.00%, <br> 04/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 830 | 849657 |
| Mutual of Omaha Insurance Co. |  |  |
| 6.14%, 01/16/64, (10-year CMT + <br> 2.950%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 343 | 342481 |
| 6.80%, 06/15/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 175 | 191789 |
| National Life Insurance Co., 5.25%, <br> 07/19/68<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 180 | 148066 |
| Nationwide Financial Services Inc. |  |  |
| 3.90%, 11/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1845 | 1370837 |
| 5.30%, 11/18/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 610 | 562916 |
| 6.75%, 05/15/87 | &nbsp;&nbsp; 495 | 495626 |
| Nationwide Mutual Insurance Co. |  |  |
| 4.35%, 04/30/50<sup>(b)</sup> | &nbsp;&nbsp; 1934 | 1487760 |
| 4.95%, 04/22/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 692 | 590509 |
| 7.88%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 763 | 860997 |
| 8.25%, 12/01/31<sup>(b)</sup> | &nbsp;&nbsp; 629 | 735022 |
| 9.38%, 08/15/39<sup>(b)</sup> | &nbsp;&nbsp; 1022 | 1370997 |
| New York Life Global Funding |  |  |
| 1.20%, 08/07/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1245 | 1077026 |
| 1.85%, 08/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1229 | 1070132 |
| 3.00%, 01/10/28<sup>(b)</sup> | &nbsp;&nbsp; 1172 | 1144850 |
| 3.25%, 04/07/27<sup>(b)</sup> | &nbsp;&nbsp; 915 | 905193 |
| 3.90%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1170 | 1166635 |
| 3.90%, 10/16/28<sup>(b)</sup> | &nbsp;&nbsp; 80 | 78947 |
| 4.15%, 07/25/28<sup>(b)</sup> | &nbsp;&nbsp; 800 | 802571 |
| 4.40%, 12/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 560 | 564243 |
| 4.40%, 04/25/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1340 | 1354058 |
| 4.55%, 01/28/33<sup>(b)</sup> | &nbsp;&nbsp; 1820 | 1798451 |
| 4.60%, 12/05/29<sup>(b)</sup> | &nbsp;&nbsp; 600 | 608534 |
| 4.60%, 06/03/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1080 | 1098123 |
| 4.70%, 01/29/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1255 | 1278977 |
| 4.85%, 01/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1695 | 1724940 |
| 4.90%, 04/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 650 | 659413 |
| 4.90%, 06/13/28<sup>(b)</sup> | &nbsp;&nbsp; 1424 | 1456735 |
| 5.00%, 06/06/29<sup>(b)</sup> | &nbsp;&nbsp; 695 | 715413 |
| 5.00%, 01/09/34<sup>(b)</sup> | &nbsp;&nbsp; 1220 | 1238895 |
| 5.35%, 01/23/35<sup>(b)</sup> | &nbsp;&nbsp; 685 | 707908 |
| 5.45%, 09/18/26<sup>(b)</sup> | &nbsp;&nbsp; 1270 | 1287715 |
| New York Life Insurance Co. |  |  |
| 3.75%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1966 | 1440107 |
| 4.45%, 05/15/69<sup>(a)(b)</sup> | &nbsp;&nbsp; 1490 | 1137630 |
| 5.88%, 05/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1648 | 1734363 |
| 6.75%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 1741 | 1963020 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Nippon Life Insurance Co. |  |  |
| 2.75%, 01/21/51, (5-year CMT + <br> 2.653%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; $2610 | $2332148 |
| 2.90%, 09/16/51, (5-year CMT + <br> 2.600%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1135 | 1003587 |
| 3.40%, 01/23/50, (5-year CMT + <br> 2.612%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1907 | 1789543 |
| 4.00%, 09/19/47, (5-year USD ICE Swap + <br> 2.880%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 520 | 511920 |
| 5.95%, 04/16/54, (5-year CMT + <br> 2.590%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2040 | 2112796 |
| 6.25%, 09/13/53, (5-year CMT + <br> 2.954%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1225 | 1290895 |
| 6.50%, 04/30/55, (5-year CMT + <br> 3.189%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 2475 | 2639201 |
| NLG Global Funding, 5.40%, 01/23/30<sup>(b)</sup> | &nbsp;&nbsp; 1320 | 1372023 |
| NMI Holdings Inc., 6.00%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 490 | 503063 |
| Northwestern Mutual Global Funding |  |  |
| 1.70%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1125 | 1059896 |
| 1.75%, 01/11/27<sup>(b)</sup> | &nbsp;&nbsp; 1112 | 1078407 |
| 3.30%, 04/04/29<sup>(b)</sup> | &nbsp;&nbsp; 100 | 97058 |
| 4.11%, 09/12/27<sup>(b)</sup> | &nbsp;&nbsp; 970 | 971817 |
| 4.13%, 08/25/28<sup>(b)</sup> | &nbsp;&nbsp; 375 | 376306 |
| 4.35%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 990 | 996193 |
| 4.49%, 03/21/28<sup>(b)</sup> | &nbsp;&nbsp; 905 | 916393 |
| 4.60%, 06/03/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 780 | 793340 |
| 4.71%, 01/10/29<sup>(b)</sup> | &nbsp;&nbsp; 1150 | 1171132 |
| 4.90%, 06/12/28<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1576790 |
| 4.96%, 01/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 970 | 995580 |
| 5.07%, 03/25/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 865 | 878394 |
| 5.16%, 05/28/31<sup>(b)</sup> | &nbsp;&nbsp; 1280 | 1327005 |
| Northwestern Mutual Life Insurance Co. (The) |  |  |
| 3.45%, 03/30/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1605 | 1106978 |
| 3.63%, 09/30/59<sup>(a)(b)</sup> | &nbsp;&nbsp; 2019 | 1353567 |
| 3.85%, 09/30/47<sup>(b)</sup> | &nbsp;&nbsp; 2222 | 1677804 |
| 6.06%, 03/30/40<sup>(b)</sup> | &nbsp;&nbsp; 1460 | 1532511 |
| 6.17%, 05/29/55<sup>(b)</sup> | &nbsp;&nbsp; 1610 | 1679186 |
| Old Republic International Corp. |  |  |
| 3.85%, 06/11/51 | &nbsp;&nbsp; 1057 | 739048 |
| 5.75%, 03/28/34 | &nbsp;&nbsp; 690 | 708389 |
| Omnis Funding Trust, 6.72%, 05/15/55<sup>(b)</sup> | &nbsp;&nbsp; 1360 | 1404504 |
| OneAmerica Financial Partners Inc., 4.25%, <br> 10/15/50<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 520 | 396726 |
| Pacific Life Global Funding II |  |  |
| 1.45%, 01/20/28<sup>(b)</sup> | &nbsp;&nbsp; 857 | 807108 |
| 1.60%, 09/21/28<sup>(b)</sup> | &nbsp;&nbsp; 647 | 598459 |
| 2.45%, 01/11/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1000 | 868727 |
| 4.45%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 85 | 86046 |
| 4.50%, 08/28/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1045 | 1053046 |
| 4.85%, 02/10/30<sup>(b)</sup> | &nbsp;&nbsp; 445 | 454551 |
| 4.88%, 07/17/32<sup>(b)</sup> | &nbsp;&nbsp; 980 | 994023 |
| 4.90%, 04/04/28<sup>(b)</sup> | &nbsp;&nbsp; 790 | 805799 |
| 4.90%, 01/11/29<sup>(b)</sup> | &nbsp;&nbsp; 970 | 990140 |
| 5.50%, 07/18/28<sup>(b)</sup> | &nbsp;&nbsp; 770 | 796804 |
| Pacific Life Insurance Co. |  |  |
| 4.30%, 10/24/67<sup>(b)(d)</sup> | &nbsp;&nbsp; 1430 | 1118283 |
| 9.25%, 06/15/39<sup>(b)</sup> | &nbsp;&nbsp; 175 | 237214 |
| Pacific LifeCorp |  |  |
| 3.35%, 09/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1180 | 792123 |
| 5.13%, 01/30/43<sup>(b)</sup> | &nbsp;&nbsp; 670 | 623170 |
| 5.40%, 09/15/52<sup>(b)</sup> | &nbsp;&nbsp; 1075 | 1018704 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 6.60%, 09/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; $740 | $811848 |
| PartnerRe Finance B LLC |  |  |
| 3.70%, 07/02/29 | &nbsp;&nbsp; 1245 | 1218313 |
| 4.50%, 10/01/50, (5-year CMT + 3.815%)<sup>(d)</sup> | &nbsp;&nbsp; 745 | 697597 |
| Peachtree Corners Funding Trust II, 6.01%, <br> 05/15/35<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 555 | 577506 |
| Penn Mutual Life Insurance Co. (The), 3.80%, <br> 04/29/61<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 536 | 345519 |
| Pine Street Trust II, 5.57%, 02/15/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 830 | 763197 |
| Pine Street Trust III, 6.22%, 05/15/54<sup>(b)</sup> | &nbsp;&nbsp; 965 | 958455 |
| Pricoa Global Funding I |  |  |
| 1.20%, 09/01/26<sup>(b)</sup> | &nbsp;&nbsp; 1182 | 1148771 |
| 4.40%, 08/27/27<sup>(b)</sup> | &nbsp;&nbsp; 635 | 639176 |
| 4.65%, 08/27/31<sup>(b)</sup> | &nbsp;&nbsp; 895 | 903403 |
| 4.70%, 05/28/30<sup>(b)</sup> | &nbsp;&nbsp; 1075 | 1092621 |
| 4.75%, 08/26/32<sup>(b)</sup> | &nbsp;&nbsp; 755 | 759618 |
| 5.10%, 05/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 935 | 959585 |
| 5.35%, 05/28/35<sup>(b)</sup> | &nbsp;&nbsp; 1270 | 1302001 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 1024 | 923753 |
| Principal Financial Group Inc. |  |  |
| 2.13%, 06/15/30 | &nbsp;&nbsp; 833 | 754201 |
| 3.10%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 650 | 641954 |
| 3.70%, 05/15/29 | &nbsp;&nbsp; 1388 | 1362263 |
| 4.11%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 555 | 553759 |
| 4.30%, 11/15/46<sup>(a)</sup> | &nbsp;&nbsp; 675 | 558295 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 615 | 524683 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 680 | 607664 |
| 5.38%, 03/15/33 | &nbsp;&nbsp; 635 | 655632 |
| 5.50%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 465 | 444673 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 965 | 1034853 |
| Principal Life Global Funding II |  |  |
| 1.50%, 11/17/26<sup>(b)</sup> | &nbsp;&nbsp; 709 | 686779 |
| 1.50%, 08/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1127 | 981843 |
| 1.63%, 11/19/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 375 | 325209 |
| 2.50%, 09/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 692 | 647817 |
| 4.25%, 08/18/28<sup>(b)</sup> | &nbsp;&nbsp; 240 | 240515 |
| 4.60%, 08/19/27<sup>(b)</sup> | &nbsp;&nbsp; 1105 | 1113410 |
| 4.80%, 01/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 560 | 568005 |
| 4.95%, 11/27/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 645 | 659021 |
| 5.00%, 01/16/27<sup>(b)</sup> | &nbsp;&nbsp; 750 | 758300 |
| 5.10%, 01/25/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1360 | 1395294 |
| 5.50%, 06/28/28<sup>(b)</sup> | &nbsp;&nbsp; 790 | 815712 |
| Progressive Corp. (The) |  |  |
| 2.45%, 01/15/27 | &nbsp;&nbsp; 900 | 880802 |
| 2.50%, 03/15/27 | &nbsp;&nbsp; 860 | 840152 |
| 3.00%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 682 | 626655 |
| 3.20%, 03/26/30 | &nbsp;&nbsp; 925 | 890474 |
| 3.70%, 01/26/45 | &nbsp;&nbsp; 592 | 461428 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 740 | 548251 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 567 | 439493 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 1248 | 1247928 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 1546 | 1266455 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 1205 | 993926 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 770 | 659514 |
| 4.95%, 06/15/33 | &nbsp;&nbsp; 895 | 913258 |
| 6.25%, 12/01/32 | &nbsp;&nbsp; 705 | 780837 |
| 6.63%, 03/01/29 | &nbsp;&nbsp; 815 | 880374 |
| Protective Life Corp. |  |  |
| 3.40%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 716 | 686411 |
| 4.30%, 09/30/28<sup>(b)</sup> | &nbsp;&nbsp; 662 | 661732 |
| 5.35%, 08/10/52<sup>(b)</sup> | &nbsp;&nbsp; 150 | 142711 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Protective Life Global Funding |  |  |
| 1.30%, 09/20/26<sup>(b)</sup> | &nbsp;&nbsp; $743 | $721266 |
| 1.74%, 09/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1215 | 1073319 |
| 1.90%, 07/06/28<sup>(b)</sup> | &nbsp;&nbsp; 785 | 737338 |
| 4.34%, 09/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 450 | 451943 |
| 4.71%, 07/06/27<sup>(b)</sup> | &nbsp;&nbsp; 570 | 575321 |
| 4.77%, 12/09/29<sup>(b)</sup> | &nbsp;&nbsp; 645 | 657633 |
| 4.80%, 06/05/30<sup>(b)</sup> | &nbsp;&nbsp; 780 | 794542 |
| 4.99%, 01/12/27<sup>(b)</sup> | &nbsp;&nbsp; 705 | 712294 |
| 5.22%, 06/12/29<sup>(b)</sup> | &nbsp;&nbsp; 640 | 662881 |
| 5.43%, 01/14/32<sup>(b)</sup> | &nbsp;&nbsp; 810 | 839932 |
| 5.47%, 12/08/28<sup>(b)</sup> | &nbsp;&nbsp; 1100 | 1141689 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30<sup>(a)</sup> | &nbsp;&nbsp; 965 | 889083 |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 910 | 696917 |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(d)</sup> | &nbsp;&nbsp; 1260 | 1164077 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 2378 | 1735701 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 1190 | 1189557 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 1632 | 1270927 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 1667 | 1267453 |
| 4.35%, 02/25/50<sup>(a)</sup> | &nbsp;&nbsp; 1529 | 1252977 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 969 | 799881 |
| 4.50%, 09/15/47<sup>(a)(d)</sup> | &nbsp;&nbsp; 947 | 931954 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 1120 | 987152 |
| 5.13%, 03/01/52, (5-year CMT + 3.162%)<sup>(d)</sup> | &nbsp;&nbsp; 1390 | 1362098 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 1520 | 1546607 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 1253 | 1320878 |
| 5.70%, 09/15/48<sup>(d)</sup> | &nbsp;&nbsp; 1497 | 1520784 |
| 5.75%, 07/15/33 | &nbsp;&nbsp; 881 | 945364 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(d)</sup> | &nbsp;&nbsp; 1775 | 1831463 |
| 6.50%, 03/15/54, (5-year CMT + <br> 2.404%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1230 | 1292804 |
| 6.63%, 12/01/37 | &nbsp;&nbsp; 635 | 715182 |
| 6.63%, 06/21/40 | &nbsp;&nbsp; 570 | 640430 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(d)</sup> | &nbsp;&nbsp; 670 | 706659 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30<sup>(a)</sup> | &nbsp;&nbsp; 1704 | 1628278 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 715 | 671697 |
| Reinsurance Group of America Inc. |  |  |
| 3.15%, 06/15/30 | &nbsp;&nbsp; 1386 | 1312575 |
| 3.90%, 05/15/29 | &nbsp;&nbsp; 1080 | 1065860 |
| 3.95%, 09/15/26 | &nbsp;&nbsp; 850 | 847257 |
| 5.75%, 09/15/34 | &nbsp;&nbsp; 1125 | 1159854 |
| 6.00%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 730 | 770855 |
| Reliance Standard Life Global Funding II |  |  |
| 1.51%, 09/28/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 634 | 614910 |
| 2.75%, 01/21/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 462 | 448941 |
| 5.28%, 11/07/29<sup>(b)</sup> | &nbsp;&nbsp; 135 | 138044 |
| RenaissanceRe Finance Inc., 3.45%, 07/01/27 | &nbsp;&nbsp; 804 | 792439 |
| RenaissanceRe Holdings Ltd. |  |  |
| 3.60%, 04/15/29 | &nbsp;&nbsp; 860 | 836071 |
| 5.75%, 06/05/33 | &nbsp;&nbsp; 1110 | 1153662 |
| 5.80%, 04/01/35 | &nbsp;&nbsp; 825 | 855406 |
| RGA Global Funding |  |  |
| 2.00%, 11/30/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 690 | 671060 |
| 2.70%, 01/18/29<sup>(b)</sup> | &nbsp;&nbsp; 880 | 832318 |
| 4.35%, 08/25/28<sup>(b)</sup> | &nbsp;&nbsp; 575 | 576596 |
| 5.00%, 08/25/32<sup>(b)</sup> | &nbsp;&nbsp; 575 | 577205 |
| 5.05%, 12/06/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1085 | 1104767 |
| 5.25%, 01/09/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 785 | 811561 |
| 5.45%, 05/24/29<sup>(b)</sup> | &nbsp;&nbsp; 1405 | 1457738 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.50%, 01/11/31<sup>(b)</sup> | &nbsp;&nbsp; $1170 | $1222873 |
| 6.00%, 11/21/28<sup>(b)</sup> | &nbsp;&nbsp; 595 | 625279 |
| Sagicor Financial Co. Ltd., 5.30%, 05/13/28<sup>(b)</sup> | &nbsp;&nbsp; 225 | 224802 |
| Sammons Financial Group Global Funding |  |  |
| 4.95%, 06/12/30<sup>(b)</sup> | &nbsp;&nbsp; 1135 | 1152771 |
| 5.05%, 01/10/28<sup>(b)</sup> | &nbsp;&nbsp; 160 | 162745 |
| 5.10%, 12/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 170 | 174438 |
| Sammons Financial Group Inc. |  |  |
| 3.35%, 04/16/31<sup>(b)</sup> | &nbsp;&nbsp; 1335 | 1239741 |
| 4.45%, 05/12/27<sup>(b)</sup> | &nbsp;&nbsp; 880 | 878114 |
| 4.75%, 04/08/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 870 | 842146 |
| 6.88%, 04/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1100 | 1192383 |
| SBL Holdings Inc. |  |  |
| 5.00%, 02/18/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1120 | 1037907 |
| 5.13%, 11/13/26<sup>(b)</sup> | &nbsp;&nbsp; 610 | 606992 |
| 7.20%, 10/30/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 865 | 851316 |
| Securian Financial Group Inc., 4.80%, <br> 04/15/48<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 565 | 491074 |
| Selective Insurance Group Inc. |  |  |
| 5.38%, 03/01/49 | &nbsp;&nbsp; 540 | 480210 |
| 5.90%, 04/15/35 | &nbsp;&nbsp; 460 | 474616 |
| SiriusPoint Ltd., 7.00%, 04/05/29 | &nbsp;&nbsp; 245 | 259342 |
| Sompo International Holdings Ltd., 7.00%, <br> 07/15/34<br>| &nbsp;&nbsp; 400 | 446681 |
| Stewart Information Services Corp., 3.60%, <br> 11/15/31<br>| &nbsp;&nbsp; 961 | 864316 |
| Sumitomo Life Insurance Co. |  |  |
| 3.38%, 04/15/81, (5-year CMT + <br> 2.747%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 1203 | 1108231 |
| 4.00%, 09/14/77<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1520 | 1496520 |
| 5.88%, (5-year CMT + 2.841%)<sup>(a)(b)(d)(e)</sup> | &nbsp;&nbsp; 1440 | 1466648 |
| Swiss Re Finance Luxembourg SA, 5.00%, <br> 04/02/49, (5-year CMT + 3.582%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1014 | 1017175 |
| Swiss RE Subordinated Finance PLC |  |  |
| 5.70%, 04/05/35, (3-mo. CME Term SOFR + <br> 1.813%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 750 | 766800 |
| 6.19%, 04/01/46, (3-mo. CME Term SOFR + <br> 2.125%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1225 | 1235180 |
| Swiss Re Treasury U.S. Corp., 4.25%, <br> 12/06/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 525 | 441190 |
| Symetra Financial Corp., 5.87%, 04/03/32<sup>(b)</sup> | &nbsp;&nbsp; 330 | 340706 |
| Symetra Life Insurance Co., 6.55%, 10/01/55<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20329 |
| Teachers Insurance & Annuity Association <br> of America<br>|  |  |
| 3.30%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1927 | 1282334 |
| 4.27%, 05/15/47<sup>(b)</sup> | &nbsp;&nbsp; 3191 | 2571690 |
| 4.90%, 09/15/44<sup>(b)</sup> | &nbsp;&nbsp; 2479 | 2228547 |
| 6.85%, 12/16/39<sup>(b)</sup> | &nbsp;&nbsp; 1834 | 2079947 |
| Transatlantic Holdings Inc., 8.00%, 11/30/39 | &nbsp;&nbsp; 615 | 771271 |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; 785 | 464548 |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 1215 | 789428 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 877 | 683160 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 1166 | 934831 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 2198 | 1770512 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 1017 | 814767 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 788 | 662778 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 975 | 863388 |
| 5.05%, 07/24/35 | &nbsp;&nbsp; 365 | 367285 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 1304 | 1318076 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 1010 | 981321 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.70%, 07/24/55 | &nbsp;&nbsp; $480 | $480665 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 1210 | 1333373 |
| 6.75%, 06/20/36<sup>(a)</sup> | &nbsp;&nbsp; 885 | 1015843 |
| Travelers Property Casualty Corp., 6.38%, <br> 03/15/33<br>| &nbsp;&nbsp; 1014 | 1134383 |
| Trinity Acquisition PLC, 6.13%, 08/15/43<sup>(a)</sup> | &nbsp;&nbsp; 397 | 401469 |
| Trustage Financial Group Inc., 4.63%, <br> 04/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 485 | 461447 |
| Unum Group |  |  |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 656 | 646277 |
| 4.05%, 08/15/41<sup>(b)</sup> | &nbsp;&nbsp; 870 | 691762 |
| 4.13%, 06/15/51 | &nbsp;&nbsp; 830 | 610557 |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 900 | 710522 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 831 | 808342 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 380 | 370313 |
| W R Berkley Corp. |  |  |
| 3.15%, 09/30/61 | &nbsp;&nbsp; 540 | 326417 |
| 3.55%, 03/30/52<sup>(a)</sup> | &nbsp;&nbsp; 587 | 402744 |
| 4.00%, 05/12/50 | &nbsp;&nbsp; 655 | 492658 |
| 4.75%, 08/01/44 | &nbsp;&nbsp; 880 | 776978 |
| Western & Southern Financial Group Inc., <br> 5.75%, 07/15/33<sup>(b)</sup><br>| &nbsp;&nbsp; 805 | 840279 |
| Western & Southern Life Insurance Co. (The) |  |  |
| 3.75%, 04/28/61<sup>(b)</sup> | &nbsp;&nbsp; 605 | 404672 |
| 5.15%, 01/15/49<sup>(b)</sup> | &nbsp;&nbsp; 910 | 814684 |
| Western-Southern Global Funding |  |  |
| 4.50%, 07/16/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 475 | 478181 |
| 4.90%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 760 | 774771 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 1315 | 1245092 |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 911 | 669561 |
| 4.50%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1132 | 1141877 |
| 4.65%, 06/15/27 | &nbsp;&nbsp; 825 | 830364 |
| 5.05%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 725 | 642847 |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 650 | 668600 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 1325 | 1306433 |
| WR Berkley Corp., 6.25%, 02/15/37<sup>(a)</sup> | &nbsp;&nbsp; 415 | 443431 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 420 | 400392 |
|  |  | 722116384 |
| **Internet — 1.7%** | **Internet — 1.7%** | **Internet — 1.7%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.13%, 02/09/31<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1797980 |
| 2.70%, 02/09/41<sup>(a)</sup> | &nbsp;&nbsp; 1825 | 1323131 |
| 3.15%, 02/09/51 | &nbsp;&nbsp; 2630 | 1772914 |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 1160 | 745327 |
| 3.40%, 12/06/27<sup>(a)</sup> | &nbsp;&nbsp; 4032 | 3980853 |
| 4.00%, 12/06/37<sup>(a)</sup> | &nbsp;&nbsp; 1858 | 1695608 |
| 4.20%, 12/06/47<sup>(a)</sup> | &nbsp;&nbsp; 2990 | 2480753 |
| 4.40%, 12/06/57<sup>(a)</sup> | &nbsp;&nbsp; 1390 | 1148002 |
| 4.50%, 11/28/34<sup>(a)</sup> | &nbsp;&nbsp; 1027 | 1008135 |
| 4.88%, 05/26/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2035 | 2097302 |
| 5.25%, 05/26/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1620 | 1678305 |
| 5.63%, 11/26/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 950 | 955352 |
| Alphabet Inc. |  |  |
| 0.80%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2445 | 2312582 |
| 1.10%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3956 | 3458144 |
| 1.90%, 08/15/40 | &nbsp;&nbsp; 2295 | 1534947 |
| 2.05%, 08/15/50 | &nbsp;&nbsp; 4145 | 2262432 |
| 2.25%, 08/15/60<sup>(a)</sup> | &nbsp;&nbsp; 3302 | 1712021 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 1500 | 1509696 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 2200 | 2182042 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 5.25%, 05/15/55 | &nbsp;&nbsp; $2045 | $1991968 |
| 5.30%, 05/15/65 | &nbsp;&nbsp; 1245 | 1197381 |
| Amazon.com Inc. |  |  |
| 1.20%, 06/03/27 | &nbsp;&nbsp; 1995 | 1908544 |
| 1.50%, 06/03/30 | &nbsp;&nbsp; 3364 | 3004609 |
| 1.65%, 05/12/28 | &nbsp;&nbsp; 3530 | 3335903 |
| 2.10%, 05/12/31 | &nbsp;&nbsp; 4620 | 4143761 |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 4114 | 2448867 |
| 2.70%, 06/03/60 | &nbsp;&nbsp; 3246 | 1855089 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 3372 | 2529721 |
| 3.10%, 05/12/51 | &nbsp;&nbsp; 5235 | 3513907 |
| 3.15%, 08/22/27<sup>(a)</sup> | &nbsp;&nbsp; 5501 | 5430268 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 2631 | 1695100 |
| 3.30%, 04/13/27 | &nbsp;&nbsp; 3057 | 3032042 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; 2160 | 2130054 |
| 3.60%, 04/13/32 | &nbsp;&nbsp; 3930 | 3783188 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 4490 | 4079924 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 4029 | 3157343 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 5823 | 4802101 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 1765 | 1372485 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 3678 | 2993005 |
| 4.55%, 12/01/27 | &nbsp;&nbsp; 3380 | 3427827 |
| 4.65%, 12/01/29 | &nbsp;&nbsp; 2570 | 2638714 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; 3260 | 3332544 |
| 4.80%, 12/05/34<sup>(a)</sup> | &nbsp;&nbsp; 1970 | 2017267 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 2323 | 2247309 |
| Baidu Inc. |  |  |
| 1.63%, 02/23/27<sup>(a)</sup> | &nbsp;&nbsp; 285 | 274917 |
| 2.38%, 10/09/30 | &nbsp;&nbsp; 100 | 91610 |
| 2.38%, 08/23/31<sup>(a)</sup> | &nbsp;&nbsp; 615 | 555553 |
| 3.43%, 04/07/30<sup>(a)</sup> | &nbsp;&nbsp; 440 | 425862 |
| 3.63%, 07/06/27<sup>(a)</sup> | &nbsp;&nbsp; 610 | 604956 |
| 4.38%, 03/29/28 | &nbsp;&nbsp; 594 | 597987 |
| 4.88%, 11/14/28<sup>(a)</sup> | &nbsp;&nbsp; 455 | 464907 |
| Booking Holdings Inc., 3.55%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1156 | 1142996 |
| eBay Inc. |  |  |
| 2.60%, 05/10/31<sup>(a)</sup> | &nbsp;&nbsp; 1516 | 1377388 |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 1737 | 1624741 |
| 3.60%, 06/05/27 | &nbsp;&nbsp; 1307 | 1296434 |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 1555 | 1122663 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 1406 | 1151351 |
| 5.95%, 11/22/27 | &nbsp;&nbsp; 660 | 684943 |
| 6.30%, 11/22/32 | &nbsp;&nbsp; 570 | 624636 |
| Expedia Group Inc. |  |  |
| 2.95%, 03/15/31 | &nbsp;&nbsp; 1199 | 1107578 |
| 3.25%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2096 | 1997510 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 1912 | 1893567 |
| 4.63%, 08/01/27 | &nbsp;&nbsp; 1169 | 1176453 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 1605 | 1630839 |
| JD.com Inc. |  |  |
| 3.38%, 01/14/30 | &nbsp;&nbsp; 364 | 352532 |
| 4.13%, 01/14/50 | &nbsp;&nbsp; 100 | 79983 |
| Meituan |  |  |
| 3.05%, 10/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1290 | 1202864 |
| 4.50%, 04/02/28<sup>(b)</sup> | &nbsp;&nbsp; 825 | 826376 |
| 4.63%, 10/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1535 | 1539605 |
| Meta Platforms Inc. |  |  |
| 3.50%, 08/15/27 | &nbsp;&nbsp; 5442 | 5409837 |
| 3.85%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4894 | 4729911 |
| 4.30%, 08/15/29 | &nbsp;&nbsp; 1940 | 1965266 |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 4590 | 3824233 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 4.55%, 08/15/31 | &nbsp;&nbsp; $2425 | $2472239 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 2565 | 2615109 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 2767 | 2304894 |
| 4.75%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3815 | 3834309 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 2545 | 2626956 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 2880 | 2960412 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 5290 | 5074605 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 4160 | 4025244 |
| 5.60%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 4151867 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 2826 | 2816670 |
| Netflix Inc. |  |  |
| 4.38%, 11/15/26 | &nbsp;&nbsp; 1845 | 1856016 |
| 4.88%, 04/15/28 | &nbsp;&nbsp; 3025 | 3093854 |
| 4.88%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2199 | 2262625 |
| 4.90%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 830 | 848386 |
| 5.38%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1845 | 1933034 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 1315 | 1281783 |
| 5.88%, 11/15/28 | &nbsp;&nbsp; 3597 | 3798998 |
| 6.38%, 05/15/29 | &nbsp;&nbsp; 1845 | 1991375 |
| Prosus NV |  |  |
| 3.06%, 07/13/31<sup>(b)</sup> | &nbsp;&nbsp; 2142 | 1924667 |
| 3.26%, 01/19/27<sup>(b)</sup> | &nbsp;&nbsp; 880 | 863438 |
| 3.68%, 01/21/30<sup>(b)</sup> | &nbsp;&nbsp; 2116 | 2015917 |
| 3.83%, 02/08/51<sup>(b)</sup> | &nbsp;&nbsp; 2727 | 1787287 |
| 4.03%, 08/03/50<sup>(b)</sup> | &nbsp;&nbsp; 1955 | 1324008 |
| 4.19%, 01/19/32<sup>(b)</sup> | &nbsp;&nbsp; 1285 | 1221662 |
| 4.85%, 07/06/27<sup>(b)</sup> | &nbsp;&nbsp; 335 | 336531 |
| 4.99%, 01/19/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 1710 | 1343860 |
| Tencent Holdings Ltd. |  |  |
| 2.39%, 06/03/30<sup>(b)</sup> | &nbsp;&nbsp; 3251 | 3013181 |
| 2.88%, 04/22/31<sup>(b)</sup> | &nbsp;&nbsp; 1115 | 1042498 |
| 3.24%, 06/03/50<sup>(b)</sup> | &nbsp;&nbsp; 2885 | 2039687 |
| 3.29%, 06/03/60<sup>(a)(b)</sup> | &nbsp;&nbsp; 875 | 585004 |
| 3.60%, 01/19/28<sup>(b)</sup> | &nbsp;&nbsp; 3039 | 3011650 |
| 3.68%, 04/22/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 1130 | 929300 |
| 3.84%, 04/22/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 2965 | 2321434 |
| 3.93%, 01/19/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 1074 | 980697 |
| 3.94%, 04/22/61<sup>(b)</sup> | &nbsp;&nbsp; 1705 | 1310017 |
| 3.98%, 04/11/29<sup>(b)</sup> | &nbsp;&nbsp; 4479 | 4462683 |
| 4.53%, 04/11/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1905 | 1686128 |
| Tencent Music Entertainment Group, 2.00%, <br> 09/03/30<br>| &nbsp;&nbsp; 1075 | 962197 |
| Uber Technologies Inc. |  |  |
| 4.30%, 01/15/30 | &nbsp;&nbsp; 1985 | 1990423 |
| 4.50%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2435 | 2433033 |
| 4.80%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2370 | 2342901 |
| 5.35%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1975 | 1854411 |
| 6.25%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1440 | 1441369 |
| 7.50%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 250 | 249951 |
| VeriSign Inc. |  |  |
| 2.70%, 06/15/31 | &nbsp;&nbsp; 1540 | 1388016 |
| 4.75%, 07/15/27 | &nbsp;&nbsp; 1155 | 1155037 |
| 5.25%, 06/01/32 | &nbsp;&nbsp; 490 | 499694 |
| Weibo Corp., 3.38%, 07/08/30 | &nbsp;&nbsp; 1145 | 1082781 |
|  |  | 245049783 |
| **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** |
| ArcelorMittal SA |  |  |
| 4.25%, 07/16/29 | &nbsp;&nbsp; 1117 | 1112771 |
| 6.00%, 06/17/34<sup>(a)</sup> | &nbsp;&nbsp; 825 | 871293 |
| 6.35%, 06/17/54<sup>(a)</sup> | &nbsp;&nbsp; 785 | 795028 |
| 6.55%, 11/29/27 | &nbsp;&nbsp; 2130 | 2222152 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| 6.75%, 03/01/41<sup>(a)</sup> | &nbsp;&nbsp; $1001 | $1061430 |
| 6.80%, 11/29/32<sup>(a)</sup> | &nbsp;&nbsp; 1490 | 1649825 |
| 7.00%, 10/15/39 | &nbsp;&nbsp; 1224 | 1357026 |
| Gerdau Trade Inc., 5.75%, 06/09/35 | &nbsp;&nbsp; 1310 | 1334235 |
| GUSAP III LP |  |  |
| 4.25%, 01/21/30<sup>(b)</sup> | &nbsp;&nbsp; 725 | 703995 |
| 7.25%, 04/16/44<sup>(b)</sup> | &nbsp;&nbsp; 185 | 211759 |
| Nucor Corp. |  |  |
| 2.70%, 06/01/30 | &nbsp;&nbsp; 679 | 633692 |
| 2.98%, 12/15/55 | &nbsp;&nbsp; 712 | 431529 |
| 3.13%, 04/01/32 | &nbsp;&nbsp; 975 | 891939 |
| 3.85%, 04/01/52 | &nbsp;&nbsp; 915 | 685634 |
| 3.95%, 05/01/28 | &nbsp;&nbsp; 1165 | 1163126 |
| 4.30%, 05/23/27 | &nbsp;&nbsp; 955 | 957418 |
| 4.40%, 05/01/48 | &nbsp;&nbsp; 900 | 746579 |
| 4.65%, 06/01/30 | &nbsp;&nbsp; 980 | 994619 |
| 5.10%, 06/01/35 | &nbsp;&nbsp; 967 | 973717 |
| 5.20%, 08/01/43 | &nbsp;&nbsp; 280 | 268350 |
| 6.40%, 12/01/37 | &nbsp;&nbsp; 980 | 1078906 |
| POSCO |  |  |
| 4.50%, 08/04/27<sup>(b)</sup> | &nbsp;&nbsp; 145 | 145564 |
| 4.88%, 01/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 595 | 599358 |
| 5.75%, 01/17/28<sup>(b)</sup> | &nbsp;&nbsp; 710 | 733071 |
| 5.88%, 01/17/33<sup>(b)</sup> | &nbsp;&nbsp; 150 | 158051 |
| POSCO Holdings Inc. |  |  |
| 5.13%, 05/07/30<sup>(b)</sup> | &nbsp;&nbsp; 105 | 107732 |
| 5.75%, 05/07/35<sup>(b)</sup> | &nbsp;&nbsp; 120 | 125123 |
| Reliance Inc. |  |  |
| 2.15%, 08/15/30 | &nbsp;&nbsp; 1099 | 984982 |
| 6.85%, 11/15/36<sup>(a)</sup> | &nbsp;&nbsp; 500 | 558077 |
| Steel Dynamics Inc. |  |  |
| 1.65%, 10/15/27 | &nbsp;&nbsp; 337 | 319189 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 950 | 893749 |
| 3.25%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 771 | 507458 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 1270 | 1216939 |
| 5.00%, 12/15/26<sup>(a)</sup> | &nbsp;&nbsp; 746 | 746434 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 1075 | 1088526 |
| 5.38%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1105 | 1129361 |
| 5.75%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 485 | 472873 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | &nbsp;&nbsp; 1860 | 1771644 |
| 6.13%, 06/12/33<sup>(a)</sup> | &nbsp;&nbsp; 1900 | 2007295 |
| 6.40%, 06/28/54<sup>(a)</sup> | &nbsp;&nbsp; 2470 | 2470479 |
| 6.88%, 11/21/36<sup>(a)</sup> | &nbsp;&nbsp; 1268 | 1396239 |
| 6.88%, 11/10/39<sup>(a)</sup> | &nbsp;&nbsp; 1053 | 1158708 |
| Vale SA, 5.63%, 09/11/42 | &nbsp;&nbsp; 562 | 560922 |
|  |  | 39296797 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 902796 |
| 4.40%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 732 | 688121 |
| 5.10%, 04/01/52 | &nbsp;&nbsp; 474 | 359637 |
| Brunswick Corp./DE, 5.85%, 03/18/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 621737 |
| Carnival Corp. |  |  |
| 4.00%, 08/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 940 | 923212 |
| 7.00%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 585 | 616048 |
| Harley-Davidson Financial Services Inc. |  |  |
| 3.05%, 02/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 715 | 701923 |
| 5.95%, 06/11/29<sup>(b)</sup> | &nbsp;&nbsp; 1135 | 1175377 |
| 6.50%, 03/10/28<sup>(b)</sup> | &nbsp;&nbsp; 1355 | 1414338 |
| Harley-Davidson Inc., 4.63%, 07/28/45<sup>(a)</sup> | &nbsp;&nbsp; 593 | 469495 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| Polaris Inc., 6.95%, 03/15/29 | &nbsp;&nbsp; $695 | $735829 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 2510 | 2554806 |
| 5.63%, 09/30/31<sup>(b)</sup> | &nbsp;&nbsp; 2545 | 2585664 |
| 6.00%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 3055 | 3134341 |
| 6.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1515 | 1563601 |
| 7.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 60 | 63445 |
|  |  | 18510370 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Choice Hotels International Inc. |  |  |
| 3.70%, 12/01/29 | &nbsp;&nbsp; 888 | 847873 |
| 3.70%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1112 | 1041378 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 955 | 966024 |
| Hyatt Hotels Corp. |  |  |
| 4.38%, 09/15/28 | &nbsp;&nbsp; 1146 | 1147170 |
| 5.05%, 03/30/28 | &nbsp;&nbsp; 1260 | 1281038 |
| 5.25%, 06/30/29 | &nbsp;&nbsp; 755 | 774901 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 980 | 1003896 |
| 5.50%, 06/30/34 | &nbsp;&nbsp; 455 | 459456 |
| 5.75%, 01/30/27 | &nbsp;&nbsp; 695 | 707596 |
| 5.75%, 04/23/30 | &nbsp;&nbsp; 905 | 941755 |
| 5.75%, 03/30/32<sup>(a)</sup> | &nbsp;&nbsp; 960 | 994498 |
| Las Vegas Sands Corp. |  |  |
| 3.90%, 08/08/29<sup>(a)</sup> | &nbsp;&nbsp; 1230 | 1186346 |
| 5.63%, 06/15/28 | &nbsp;&nbsp; 765 | 783208 |
| 5.90%, 06/01/27 | &nbsp;&nbsp; 995 | 1014532 |
| 6.00%, 08/15/29 | &nbsp;&nbsp; 1095 | 1137260 |
| 6.00%, 06/14/30 | &nbsp;&nbsp; 300 | 312738 |
| 6.20%, 08/15/34 | &nbsp;&nbsp; 785 | 811986 |
| Marriott International Inc., 5.50%, 04/15/37 | &nbsp;&nbsp; 2505 | 2513918 |
| Marriott International Inc./MD |  |  |
| 4.20%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 290 | 290450 |
| 4.50%, 10/15/31 | &nbsp;&nbsp; 475 | 471006 |
| 4.50%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 700 | 673599 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 595 | 604694 |
| 4.88%, 05/15/29 | &nbsp;&nbsp; 890 | 906438 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 1222 | 1245923 |
| 5.00%, 10/15/27 | &nbsp;&nbsp; 1645 | 1671145 |
| 5.10%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 830 | 846773 |
| 5.25%, 10/15/35 | &nbsp;&nbsp; 475 | 471490 |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 1630 | 1653400 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 1660 | 1675967 |
| 5.45%, 09/15/26 | &nbsp;&nbsp; 525 | 531236 |
| 5.55%, 10/15/28 | &nbsp;&nbsp; 1100 | 1143028 |
| Series AA, 4.65%, 12/01/28 | &nbsp;&nbsp; 550 | 556466 |
| Series FF, 4.63%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1702 | 1713744 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 1875 | 1719436 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 1882 | 1726297 |
| Series II, 2.75%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; 545 | 466125 |
| Series X, 4.00%, 04/15/28 | &nbsp;&nbsp; 1162 | 1158130 |
| Sands China Ltd. |  |  |
| 2.30%, 03/08/27 | &nbsp;&nbsp; 680 | 657772 |
| 2.85%, 03/08/29 | &nbsp;&nbsp; 1037 | 970851 |
| 3.25%, 08/08/31 | &nbsp;&nbsp; 1195 | 1083434 |
| 4.38%, 06/18/30<sup>(a)</sup> | &nbsp;&nbsp; 1340 | 1305633 |
| 5.40%, 08/08/28 | &nbsp;&nbsp; 3250 | 3311620 |
|  |  | 44780230 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| AGCO Corp. |  |  |
| 5.45%, 03/21/27 | &nbsp;&nbsp; $720 | $729300 |
| 5.80%, 03/21/34<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1194180 |
| Caterpillar Financial Services Corp. |  |  |
| 1.10%, 09/14/27 | &nbsp;&nbsp; 1797 | 1701571 |
| 1.15%, 09/14/26 | &nbsp;&nbsp; 765 | 743191 |
| 1.70%, 01/08/27 | &nbsp;&nbsp; 1151 | 1117667 |
| 3.60%, 08/12/27<sup>(a)</sup> | &nbsp;&nbsp; 1394 | 1385941 |
| 4.38%, 08/16/29<sup>(a)</sup> | &nbsp;&nbsp; 1140 | 1155760 |
| 4.40%, 10/15/27 | &nbsp;&nbsp; 1540 | 1555350 |
| 4.40%, 03/03/28<sup>(a)</sup> | &nbsp;&nbsp; 650 | 657516 |
| 4.45%, 10/16/26 | &nbsp;&nbsp; 795 | 798812 |
| 4.50%, 01/07/27 | &nbsp;&nbsp; 350 | 352531 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 480 | 483613 |
| 4.60%, 11/15/27 | &nbsp;&nbsp; 1000 | 1014145 |
| 4.70%, 11/15/29 | &nbsp;&nbsp; 1620 | 1659626 |
| 4.80%, 01/08/30 | &nbsp;&nbsp; 915 | 943268 |
| 4.85%, 02/27/29 | &nbsp;&nbsp; 1115 | 1145182 |
| 5.00%, 05/14/27 | &nbsp;&nbsp; 695 | 707073 |
| Series K, 4.10%, 08/15/28 | &nbsp;&nbsp; 875 | 877953 |
| Caterpillar Inc. |  |  |
| 1.90%, 03/12/31<sup>(a)</sup> | &nbsp;&nbsp; 1052 | 937888 |
| 2.60%, 09/19/29<sup>(a)</sup> | &nbsp;&nbsp; 1010 | 955782 |
| 2.60%, 04/09/30 | &nbsp;&nbsp; 1447 | 1359569 |
| 3.25%, 09/19/49 | &nbsp;&nbsp; 1609 | 1124868 |
| 3.25%, 04/09/50 | &nbsp;&nbsp; 1814 | 1268086 |
| 3.80%, 08/15/42<sup>(a)</sup> | &nbsp;&nbsp; 2672 | 2200863 |
| 4.30%, 05/15/44 | &nbsp;&nbsp; 1019 | 881019 |
| 4.75%, 05/15/64 | &nbsp;&nbsp; 720 | 625928 |
| 5.20%, 05/15/35 | &nbsp;&nbsp; 1765 | 1808475 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 1491 | 1474862 |
| 5.30%, 09/15/35 | &nbsp;&nbsp; 615 | 635741 |
| 5.50%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 420 | 416598 |
| 6.05%, 08/15/36<sup>(a)</sup> | &nbsp;&nbsp; 715 | 782953 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | &nbsp;&nbsp; 755 | 759210 |
| 4.55%, 04/10/28<sup>(a)</sup> | &nbsp;&nbsp; 1170 | 1180543 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 885 | 894891 |
| 5.10%, 04/20/29 | &nbsp;&nbsp; 1250 | 1282226 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 910 | 943426 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 1012 | 1007290 |
| Deere & Co. |  |  |
| 2.88%, 09/07/49 | &nbsp;&nbsp; 954 | 624776 |
| 3.10%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1306 | 1251113 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 1789 | 1371382 |
| 3.90%, 06/09/42 | &nbsp;&nbsp; 1550 | 1312916 |
| 5.38%, 10/16/29<sup>(a)</sup> | &nbsp;&nbsp; 998 | 1048589 |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 1935 | 2017442 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 1095 | 1118563 |
| 7.13%, 03/03/31<sup>(a)</sup> | &nbsp;&nbsp; 567 | 647805 |
| 8.10%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 430 | 503382 |
| Dover Corp. |  |  |
| 2.95%, 11/04/29 | &nbsp;&nbsp; 923 | 878010 |
| 5.38%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 573 | 595606 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 662 | 646127 |
| 6.60%, 03/15/38 | &nbsp;&nbsp; 440 | 487832 |
| Eaton Capital ULC, 4.45%, 05/09/30 | &nbsp;&nbsp; 1370 | 1383431 |
| Flowserve Corp. |  |  |
| 2.80%, 01/15/32 | &nbsp;&nbsp; 810 | 710090 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 965 | 917890 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| IDEX Corp. |  |  |
| 2.63%, 06/15/31 | &nbsp;&nbsp; $885 | $800799 |
| 3.00%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 992419 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 580 | 592745 |
| Ingersoll Rand Inc. |  |  |
| 5.18%, 06/15/29 | &nbsp;&nbsp; 1000 | 1032920 |
| 5.20%, 06/15/27 | &nbsp;&nbsp; 1150 | 1169606 |
| 5.31%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1010 | 1054345 |
| 5.40%, 08/14/28<sup>(a)</sup> | &nbsp;&nbsp; 1105 | 1142787 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 1185 | 1225934 |
| 5.70%, 08/14/33 | &nbsp;&nbsp; 1555 | 1638813 |
| 5.70%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1035 | 1023129 |
| John Deere Capital Corp. |  |  |
| 1.30%, 10/13/26 | &nbsp;&nbsp; 642 | 623657 |
| 1.45%, 01/15/31 | &nbsp;&nbsp; 965 | 841624 |
| 1.50%, 03/06/28 | &nbsp;&nbsp; 872 | 822005 |
| 1.70%, 01/11/27 | &nbsp;&nbsp; 867 | 842127 |
| 1.75%, 03/09/27<sup>(a)</sup> | &nbsp;&nbsp; 863 | 834713 |
| 2.00%, 06/17/31 | &nbsp;&nbsp; 1175 | 1041179 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 783 | 768807 |
| 2.35%, 03/08/27 | &nbsp;&nbsp; 785 | 766906 |
| 2.45%, 01/09/30 | &nbsp;&nbsp; 1001 | 935952 |
| 2.80%, 09/08/27 | &nbsp;&nbsp; 853 | 835261 |
| 2.80%, 07/18/29 | &nbsp;&nbsp; 1087 | 1039171 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 900 | 882575 |
| 3.35%, 04/18/29 | &nbsp;&nbsp; 1175 | 1149106 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 1163 | 1141595 |
| 3.90%, 06/07/32<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 984080 |
| 4.15%, 09/15/27 | &nbsp;&nbsp; 1400 | 1407065 |
| 4.20%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1315 | 1323078 |
| 4.35%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 915 | 905468 |
| 4.38%, 10/15/30 | &nbsp;&nbsp; 800 | 806333 |
| 4.40%, 09/08/31 | &nbsp;&nbsp; 2376 | 2388580 |
| 4.50%, 01/08/27<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 1032777 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 2259 | 2294702 |
| 4.65%, 01/07/28 | &nbsp;&nbsp; 1055 | 1072556 |
| 4.70%, 06/10/30 | &nbsp;&nbsp; 1720 | 1765055 |
| 4.75%, 01/20/28<sup>(a)</sup> | &nbsp;&nbsp; 1760 | 1792895 |
| 4.85%, 03/05/27 | &nbsp;&nbsp; 675 | 684108 |
| 4.85%, 06/11/29 | &nbsp;&nbsp; 1490 | 1532915 |
| 4.85%, 10/11/29<sup>(a)</sup> | &nbsp;&nbsp; 847 | 874303 |
| 4.90%, 06/11/27 | &nbsp;&nbsp; 1380 | 1404807 |
| 4.90%, 03/03/28 | &nbsp;&nbsp; 1170 | 1197015 |
| 4.90%, 03/07/31 | &nbsp;&nbsp; 1785 | 1838895 |
| 4.95%, 07/14/28 | &nbsp;&nbsp; 2105 | 2162761 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 1695 | 1737710 |
| 5.15%, 09/08/26 | &nbsp;&nbsp; 450 | 455330 |
| 5.15%, 09/08/33<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 1659100 |
| Series ., 4.50%, 01/08/27 | &nbsp;&nbsp; 500 | 503794 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 1225 | 1250661 |
| Series I, 4.25%, 06/05/28 | &nbsp;&nbsp; 1340 | 1351284 |
| Series I, 4.55%, 06/05/30 | &nbsp;&nbsp; 1530 | 1554003 |
| Komatsu Finance America Inc., 5.50%, <br> 10/06/27<sup>(b)</sup><br>| &nbsp;&nbsp; 570 | 584279 |
| Nordson Corp. |  |  |
| 4.50%, 12/15/29 | &nbsp;&nbsp; 885 | 892493 |
| 5.60%, 09/15/28 | &nbsp;&nbsp; 640 | 663358 |
| 5.80%, 09/15/33 | &nbsp;&nbsp; 455 | 482835 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 561 | 498409 |
| 4.55%, 04/15/28 | &nbsp;&nbsp; 863 | 864202 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 5.65%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; $750 | $771575 |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/30 | &nbsp;&nbsp; 715 | 672729 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 790 | 795315 |
| Otis Worldwide Corp. |  |  |
| 2.29%, 04/05/27 | &nbsp;&nbsp; 800 | 778827 |
| 2.57%, 02/15/30 | &nbsp;&nbsp; 2719 | 2534506 |
| 3.11%, 02/15/40 | &nbsp;&nbsp; 1246 | 961025 |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 1252 | 867712 |
| 5.13%, 11/19/31<sup>(a)</sup> | &nbsp;&nbsp; 1420 | 1469550 |
| 5.25%, 08/16/28 | &nbsp;&nbsp; 1080 | 1113547 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28 | &nbsp;&nbsp; 1995 | 2065412 |
| 6.30%, 02/15/30 | &nbsp;&nbsp; 1975 | 2092207 |
| 6.40%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1965 | 2090534 |
| Rockwell Automation Inc. |  |  |
| 1.75%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1390 | 1208999 |
| 2.80%, 08/15/61 | &nbsp;&nbsp; 680 | 390962 |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 753 | 737973 |
| 4.20%, 03/01/49 | &nbsp;&nbsp; 1082 | 884109 |
| 6.25%, 12/01/37 | &nbsp;&nbsp; 312 | 352556 |
| 6.70%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 434 | 459302 |
| Weir Group Inc., 5.35%, 05/06/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25528 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 1258 | 1245763 |
| 4.70%, 09/15/28 | &nbsp;&nbsp; 2344 | 2374580 |
| 4.90%, 05/29/30 | &nbsp;&nbsp; 940 | 960922 |
| 5.50%, 05/29/35 | &nbsp;&nbsp; 840 | 861865 |
| 5.61%, 03/11/34 | &nbsp;&nbsp; 750 | 778380 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 1288 | 1230328 |
| 2.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 1113 | 1000045 |
| 3.25%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; 796 | 787067 |
| 4.38%, 11/01/46 | &nbsp;&nbsp; 685 | 563922 |
|  |  | 145516117 |
| **Manufacturing — 0.5%** | **Manufacturing — 0.5%** | **Manufacturing — 0.5%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26<sup>(a)</sup> | &nbsp;&nbsp; 1108 | 1086492 |
| 2.38%, 08/26/29 | &nbsp;&nbsp; 1871 | 1752490 |
| 2.88%, 10/15/27 | &nbsp;&nbsp; 1668 | 1629344 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 1403 | 1333667 |
| 3.13%, 09/19/46<sup>(a)</sup> | &nbsp;&nbsp; 1288 | 880481 |
| 3.25%, 08/26/49<sup>(a)</sup> | &nbsp;&nbsp; 1655 | 1119274 |
| 3.38%, 03/01/29 | &nbsp;&nbsp; 1352 | 1319323 |
| 3.63%, 09/14/28 | &nbsp;&nbsp; 1319 | 1303681 |
| 3.63%, 10/15/47 | &nbsp;&nbsp; 763 | 561556 |
| 3.70%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1077 | 782766 |
| 3.88%, 06/15/44 | &nbsp;&nbsp; 500 | 394855 |
| 4.00%, 09/14/48 | &nbsp;&nbsp; 1745 | 1373751 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 635 | 649390 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 925 | 939732 |
| 5.70%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; 1030 | 1083551 |
| Carlisle Companies Inc. |  |  |
| 2.20%, 03/01/32 | &nbsp;&nbsp; 865 | 739404 |
| 2.75%, 03/01/30 | &nbsp;&nbsp; 1550 | 1448709 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 1405 | 1391886 |
| 5.25%, 09/15/35 | &nbsp;&nbsp; 310 | 310043 |
| 5.55%, 09/15/40 | &nbsp;&nbsp; 250 | 250221 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 1247 | 1226258 |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 632 | 502589 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| 4.00%, 11/02/32 | &nbsp;&nbsp; $935 | $907816 |
| 4.15%, 03/15/33 | &nbsp;&nbsp; 1840 | 1797087 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 1798 | 1541637 |
| 4.35%, 05/18/28 | &nbsp;&nbsp; 1245 | 1256951 |
| 4.70%, 08/23/52<sup>(a)</sup> | &nbsp;&nbsp; 1175 | 1041538 |
| Illinois Tool Works Inc. |  |  |
| 2.65%, 11/15/26 | &nbsp;&nbsp; 1706 | 1682076 |
| 3.90%, 09/01/42 | &nbsp;&nbsp; 1765 | 1465219 |
| 4.88%, 09/15/41 | &nbsp;&nbsp; 1160 | 1091996 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 1078 | 1065501 |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 2146 | 2079715 |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 1257 | 990280 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 1195 | 968677 |
| 4.20%, 11/21/34<sup>(a)</sup> | &nbsp;&nbsp; 779 | 747816 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 2225 | 2232837 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 967 | 834784 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 1889 | 1915077 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 440 | 482852 |
| Pentair Finance SARL |  |  |
| 4.50%, 07/01/29 | &nbsp;&nbsp; 925 | 929527 |
| 5.90%, 07/15/32 | &nbsp;&nbsp; 704 | 742026 |
| Siemens Financieringsmaatschappij NV |  |  |
| 1.70%, 03/11/28<sup>(b)</sup> | &nbsp;&nbsp; 2358 | 2237990 |
| 2.15%, 03/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2696 | 2424575 |
| 2.35%, 10/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2575 | 2527455 |
| 2.88%, 03/11/41<sup>(b)</sup> | &nbsp;&nbsp; 2335 | 1734888 |
| 3.30%, 09/15/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1771 | 1296733 |
| 3.40%, 03/16/27<sup>(b)</sup> | &nbsp;&nbsp; 1825 | 1812298 |
| 4.20%, 03/16/47<sup>(b)</sup> | &nbsp;&nbsp; 2364 | 1982096 |
| 4.40%, 05/27/45<sup>(b)</sup> | &nbsp;&nbsp; 2827 | 2457108 |
| Siemens Funding BV |  |  |
| 4.35%, 05/26/28<sup>(b)</sup> | &nbsp;&nbsp; 1510 | 1524617 |
| 4.60%, 05/28/30<sup>(b)</sup> | &nbsp;&nbsp; 1590 | 1617476 |
| 4.90%, 05/28/32<sup>(b)</sup> | &nbsp;&nbsp; 1590 | 1625876 |
| 5.20%, 05/28/35<sup>(b)</sup> | &nbsp;&nbsp; 1945 | 2000711 |
| 5.80%, 05/28/55<sup>(b)</sup> | &nbsp;&nbsp; 2050 | 2112367 |
| 5.90%, 05/28/65<sup>(b)</sup> | &nbsp;&nbsp; 1205 | 1248231 |
| Teledyne Technologies Inc. |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 1090 | 1038387 |
| 2.75%, 04/01/31 | &nbsp;&nbsp; 1814 | 1662179 |
| Textron Inc. |  |  |
| 2.45%, 03/15/31 | &nbsp;&nbsp; 827 | 743838 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 1155 | 1084834 |
| 3.38%, 03/01/28 | &nbsp;&nbsp; 667 | 652907 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 665 | 658005 |
| 3.90%, 09/17/29 | &nbsp;&nbsp; 930 | 917363 |
| 5.50%, 05/15/35 | &nbsp;&nbsp; 880 | 896094 |
| 6.10%, 11/15/33 | &nbsp;&nbsp; 630 | 674433 |
|  |  | 80783336 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| Charter Communications Operating LLC / <br> Charter Communications Operating Capital<br>|  |  |
| 5.85%, 12/01/35 | &nbsp;&nbsp; 1025 | 1026810 |
| 6.70%, 12/01/55 | &nbsp;&nbsp; 825 | 815043 |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 2625 | 2442264 |
| 2.30%, 02/01/32 | &nbsp;&nbsp; 1770 | 1499642 |
| 2.80%, 04/01/31 | &nbsp;&nbsp; 2265 | 2038071 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 3.50%, 06/01/41 | &nbsp;&nbsp; $2545 | $1829527 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 2289 | 1624941 |
| 3.70%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 3494 | 2250094 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 2167 | 2135114 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 3057 | 1865506 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 3865 | 2561272 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; 2245 | 1396555 |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 2208 | 2194953 |
| 4.40%, 04/01/33 | &nbsp;&nbsp; 1625 | 1527779 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 2374 | 1612053 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; 4294 | 3322245 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 2846 | 2890511 |
| 5.13%, 07/01/49<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1625350 |
| 5.25%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 2480 | 2027097 |
| 5.38%, 04/01/38 | &nbsp;&nbsp; 1230 | 1152781 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 4216 | 3582641 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 1690 | 1383297 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 4010 | 3573789 |
| 6.10%, 06/01/29 | &nbsp;&nbsp; 1735 | 1823711 |
| 6.15%, 11/10/26 | &nbsp;&nbsp; 1720 | 1745787 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 3391 | 3533489 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 5637 | 5482942 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 2475 | 2625455 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; 1530 | 1631975 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; 850 | 849323 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3335 | 2875596 |
| 1.95%, 01/15/31 | &nbsp;&nbsp; 2682 | 2376625 |
| 2.35%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2076 | 2029229 |
| 2.45%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 2483 | 1328088 |
| 2.65%, 02/01/30 | &nbsp;&nbsp; 2684 | 2515858 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 1908 | 979502 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 2933 | 1738592 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 8450 | 5059058 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 9842 | 5666540 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 6181 | 3437883 |
| 3.15%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3328 | 3263044 |
| 3.20%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 1712 | 1442685 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 2378 | 1872751 |
| 3.30%, 02/01/27 | &nbsp;&nbsp; 2142 | 2118020 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 1416 | 1400233 |
| 3.40%, 04/01/30 | &nbsp;&nbsp; 2677 | 2589019 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 2291 | 1621096 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 2828 | 1923523 |
| 3.55%, 05/01/28 | &nbsp;&nbsp; 1916 | 1893073 |
| 3.75%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 2709 | 2250343 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 2107 | 1834465 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 3086 | 2360641 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 1662 | 1277287 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 1679 | 1284648 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 3471 | 2613989 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 1551 | 1155550 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 6997 | 7019315 |
| 4.20%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1931 | 1834138 |
| 4.25%, 10/15/30 | &nbsp;&nbsp; 3096 | 3100462 |
| 4.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2749 | 2671099 |
| 4.40%, 08/15/35 | &nbsp;&nbsp; 1521 | 1448337 |
| 4.55%, 01/15/29 | &nbsp;&nbsp; 2625 | 2662494 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 1495 | 1391734 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 1282 | 1099316 |
| 4.65%, 02/15/33 | &nbsp;&nbsp; 1895 | 1895294 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 4.65%, 07/15/42 | &nbsp;&nbsp; $1110 | $984890 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 3152 | 2691501 |
| 4.75%, 03/01/44 | &nbsp;&nbsp; 661 | 580368 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 1805 | 1809272 |
| 4.95%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1005 | 1026077 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 760 | 647619 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 1545 | 1597073 |
| 5.30%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1680 | 1729281 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 1665 | 1698627 |
| 5.35%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1834 | 1884516 |
| 5.35%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 2490 | 2284305 |
| 5.50%, 11/15/32 | &nbsp;&nbsp; 1705 | 1796342 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; 2075 | 1909404 |
| 5.65%, 06/15/35 | &nbsp;&nbsp; 1487 | 1559288 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 2040 | 1958818 |
| 6.05%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1650 | 1669111 |
| 6.40%, 03/01/40 | &nbsp;&nbsp; 510 | 552278 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 1222 | 1353293 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 1199 | 1333518 |
| 6.55%, 07/01/39<sup>(a)</sup> | &nbsp;&nbsp; 565 | 624204 |
| 6.95%, 08/15/37 | &nbsp;&nbsp; 870 | 989994 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 1029 | 1176803 |
| Cox Communications Inc. |  |  |
| 1.80%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1220 | 1062213 |
| 2.60%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1085 | 965571 |
| 2.95%, 10/01/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1085 | 610399 |
| 3.35%, 09/15/26<sup>(b)</sup> | &nbsp;&nbsp; 1263 | 1248817 |
| 3.50%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1596 | 1568850 |
| 3.60%, 06/15/51<sup>(b)</sup> | &nbsp;&nbsp; 935 | 589091 |
| 4.50%, 06/30/43<sup>(b)</sup> | &nbsp;&nbsp; 880 | 691792 |
| 4.60%, 08/15/47<sup>(b)</sup> | &nbsp;&nbsp; 795 | 603951 |
| 4.70%, 12/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 575 | 464461 |
| 4.80%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 1116 | 1046989 |
| 5.45%, 09/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1228 | 1267595 |
| 5.45%, 09/01/34<sup>(b)</sup> | &nbsp;&nbsp; 810 | 799587 |
| 5.70%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1903 | 1925876 |
| 5.80%, 12/15/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 1460 | 1297302 |
| 5.95%, 09/01/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1470 | 1333471 |
| 8.38%, 03/01/39<sup>(b)</sup> | &nbsp;&nbsp; 660 | 785712 |
| FactSet Research Systems Inc. |  |  |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 879 | 862411 |
| 3.45%, 03/01/32 | &nbsp;&nbsp; 970 | 893257 |
| Fox Corp. |  |  |
| 3.50%, 04/08/30<sup>(a)</sup> | &nbsp;&nbsp; 1513 | 1462243 |
| 4.71%, 01/25/29 | &nbsp;&nbsp; 3941 | 3985964 |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 1948 | 1924247 |
| 5.58%, 01/25/49<sup>(a)</sup> | &nbsp;&nbsp; 2287 | 2156100 |
| 6.50%, 10/13/33 | &nbsp;&nbsp; 2285 | 2487336 |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45<sup>(a)</sup> | &nbsp;&nbsp; 1245 | 864552 |
| 5.25%, 05/24/49<sup>(a)</sup> | &nbsp;&nbsp; 970 | 680145 |
| 6.13%, 01/31/46 | &nbsp;&nbsp; 1395 | 1120954 |
| 6.63%, 01/15/40<sup>(a)</sup> | &nbsp;&nbsp; 957 | 883096 |
| 8.50%, 03/11/32<sup>(a)</sup> | &nbsp;&nbsp; 582 | 653708 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 1465 | 1252429 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 620 | 640044 |
| 6.40%, 04/30/40<sup>(a)</sup> | &nbsp;&nbsp; 735 | 802037 |
| News Corp. |  |  |
| 3.88%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 665 | 642156 |
| 5.13%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 680 | 672168 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | &nbsp;&nbsp; $437 | $427412 |
| 3.38%, 02/15/28 | &nbsp;&nbsp; 613 | 598038 |
| 3.70%, 06/01/28 | &nbsp;&nbsp; 749 | 732881 |
| 4.20%, 06/01/29 | &nbsp;&nbsp; 557 | 548804 |
| 4.20%, 05/19/32 | &nbsp;&nbsp; 1271 | 1185601 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 2135 | 1622564 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 772 | 594438 |
| 4.85%, 07/01/42 | &nbsp;&nbsp; 849 | 690642 |
| 4.90%, 08/15/44<sup>(a)</sup> | &nbsp;&nbsp; 710 | 568567 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 1527 | 1517611 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 1313 | 1025241 |
| 5.25%, 04/01/44 | &nbsp;&nbsp; 426 | 346616 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 523 | 516232 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 1600 | 1439521 |
| 5.90%, 10/15/40<sup>(a)</sup> | &nbsp;&nbsp; 478 | 448212 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 1369 | 1452935 |
| 7.88%, 07/30/30 | &nbsp;&nbsp; 910 | 1026510 |
| Sky Group Finance Ltd., 6.50%, 10/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 401 | 440362 |
| TCI Communications Inc., 7.13%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1269 | 1358515 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 1538 | 1793784 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42 | &nbsp;&nbsp; 1943 | 1540935 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 2071 | 1871262 |
| 5.88%, 11/15/40 | &nbsp;&nbsp; 1722 | 1645295 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 2264 | 2345160 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 2292 | 2373274 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 2340 | 2548412 |
| TWDC Enterprises 18 Corp. |  |  |
| 2.95%, 06/15/27 | &nbsp;&nbsp; 1727 | 1700871 |
| 3.00%, 07/30/46<sup>(a)</sup> | &nbsp;&nbsp; 405 | 271821 |
| 3.70%, 12/01/42 | &nbsp;&nbsp; 900 | 719506 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 1775 | 1476488 |
| 4.38%, 08/16/41 | &nbsp;&nbsp; 559 | 492794 |
| Series B, 7.00%, 03/01/32 | &nbsp;&nbsp; 1088 | 1239595 |
| Series E, 4.13%, 12/01/41 | &nbsp;&nbsp; 923 | 793603 |
| Videotron Ltd. |  |  |
| 3.63%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 805 | 777091 |
| 5.13%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 330 | 330289 |
| 5.70%, 01/15/35<sup>(b)</sup> | &nbsp;&nbsp; 835 | 844601 |
| Walt Disney Co. (The) |  |  |
| 2.00%, 09/01/29 | &nbsp;&nbsp; 3634 | 3366538 |
| 2.20%, 01/13/28<sup>(a)</sup> | &nbsp;&nbsp; 2049 | 1974310 |
| 2.65%, 01/13/31 | &nbsp;&nbsp; 4345 | 4039594 |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 3215 | 2005405 |
| 3.38%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 792 | 786356 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 2910 | 2402725 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 4510 | 3310145 |
| 3.70%, 03/23/27 | &nbsp;&nbsp; 953 | 950121 |
| 3.80%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 2355 | 2329717 |
| 3.80%, 05/13/60<sup>(a)</sup> | &nbsp;&nbsp; 2339 | 1699081 |
| 4.63%, 03/23/40<sup>(a)</sup> | &nbsp;&nbsp; 1258 | 1196581 |
| 4.70%, 03/23/50<sup>(a)</sup> | &nbsp;&nbsp; 2785 | 2465488 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 1043 | 943846 |
| 4.75%, 11/15/46 | &nbsp;&nbsp; 1162 | 1041243 |
| 4.95%, 10/15/45 | &nbsp;&nbsp; 883 | 815892 |
| 5.40%, 10/01/43<sup>(a)</sup> | &nbsp;&nbsp; 979 | 975617 |
| 6.15%, 03/01/37 | &nbsp;&nbsp; 645 | 706962 |
| 6.15%, 02/15/41 | &nbsp;&nbsp; 1237 | 1334049 |
| 6.20%, 12/15/34 | &nbsp;&nbsp; 1635 | 1833814 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 6.40%, 12/15/35 | &nbsp;&nbsp; $1584 | $1784511 |
| 6.55%, 03/15/33 | &nbsp;&nbsp; 590 | 667566 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 2160 | 2477814 |
| 7.75%, 12/01/45<sup>(a)</sup> | &nbsp;&nbsp; 474 | 599368 |
|  |  | 295212876 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Precision Castparts Corp. |  |  |
| 3.90%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 455 | 373645 |
| 4.20%, 06/15/35 | &nbsp;&nbsp; 595 | 574350 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 816 | 688186 |
| Timken Co. (The) |  |  |
| 4.13%, 04/01/32 | &nbsp;&nbsp; 565 | 534586 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 915 | 921324 |
| Valmont Industries Inc. |  |  |
| 5.00%, 10/01/44<sup>(a)</sup> | &nbsp;&nbsp; 984 | 895049 |
| 5.25%, 10/01/54 | &nbsp;&nbsp; 575 | 511045 |
|  |  | 4498185 |
| **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
| Anglo American Capital PLC |  |  |
| 2.63%, 09/10/30<sup>(b)</sup> | &nbsp;&nbsp; 2165 | 1980193 |
| 2.88%, 03/17/31<sup>(b)</sup> | &nbsp;&nbsp; 1368 | 1251280 |
| 3.88%, 03/16/29<sup>(b)</sup> | &nbsp;&nbsp; 1020 | 1003368 |
| 3.95%, 09/10/50<sup>(b)</sup> | &nbsp;&nbsp; 920 | 688749 |
| 4.00%, 09/11/27<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49630 |
| 4.50%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1255 | 1260453 |
| 4.75%, 04/10/27<sup>(b)</sup> | &nbsp;&nbsp; 1105 | 1112014 |
| 4.75%, 03/16/52<sup>(b)</sup> | &nbsp;&nbsp; 1300 | 1084552 |
| 5.50%, 05/02/33<sup>(b)</sup> | &nbsp;&nbsp; 1485 | 1523849 |
| 5.63%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1635 | 1709105 |
| 5.75%, 04/05/34<sup>(b)</sup> | &nbsp;&nbsp; 1620 | 1680828 |
| 6.00%, 04/05/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 805 | 797635 |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | &nbsp;&nbsp; 905 | 871650 |
| 3.75%, 10/01/30 | &nbsp;&nbsp; 1097 | 1038045 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30<sup>(b)</sup> | &nbsp;&nbsp; 370 | 331735 |
| 5.63%, 05/13/32<sup>(b)</sup> | &nbsp;&nbsp; 740 | 757545 |
| 6.25%, 05/02/34<sup>(b)</sup> | &nbsp;&nbsp; 545 | 575840 |
| Barrick International Barbados Corp., 6.35%, <br> 10/15/36<sup>(b)</sup><br>| &nbsp;&nbsp; 1090 | 1179165 |
| Barrick Mining Corp. |  |  |
| 5.25%, 04/01/42 | &nbsp;&nbsp; 745 | 715543 |
| 6.45%, 10/15/35 | &nbsp;&nbsp; 570 | 625688 |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | &nbsp;&nbsp; 1306 | 1316152 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 1403 | 1423496 |
| 7.50%, 09/15/38 | &nbsp;&nbsp; 512 | 601815 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 1225 | 1275398 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 2059 | 1768929 |
| 4.75%, 02/28/28 | &nbsp;&nbsp; 1923 | 1957523 |
| 4.90%, 02/28/33 | &nbsp;&nbsp; 1348 | 1363949 |
| 5.00%, 02/21/30 | &nbsp;&nbsp; 1765 | 1822218 |
| 5.00%, 09/30/43 | &nbsp;&nbsp; 3681 | 3492947 |
| 5.10%, 09/08/28<sup>(a)</sup> | &nbsp;&nbsp; 1390 | 1431600 |
| 5.13%, 02/21/32 | &nbsp;&nbsp; 1430 | 1476635 |
| 5.25%, 09/08/26<sup>(a)</sup> | &nbsp;&nbsp; 1447 | 1461876 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 1361 | 1420473 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 2370 | 2443822 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| 5.30%, 02/21/35 | &nbsp;&nbsp; $2105 | $2163044 |
| 5.50%, 09/08/53 | &nbsp;&nbsp; 1235 | 1219848 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1919 | 1797561 |
| 3.15%, 01/14/30<sup>(b)</sup> | &nbsp;&nbsp; 1341 | 1256824 |
| 3.15%, 01/15/51<sup>(b)</sup> | &nbsp;&nbsp; 1037 | 638985 |
| 3.63%, 08/01/27<sup>(b)</sup> | &nbsp;&nbsp; 1865 | 1834621 |
| 3.70%, 01/30/50<sup>(b)</sup> | &nbsp;&nbsp; 4473 | 3055695 |
| 3.75%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 915 | 860955 |
| 4.25%, 07/17/42<sup>(b)</sup> | &nbsp;&nbsp; 1280 | 1017368 |
| 4.38%, 02/05/49<sup>(b)</sup> | &nbsp;&nbsp; 2015 | 1526766 |
| 4.50%, 08/01/47<sup>(b)</sup> | &nbsp;&nbsp; 2225 | 1747754 |
| 4.88%, 11/04/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 1467 | 1235099 |
| 5.13%, 02/02/33<sup>(b)</sup> | &nbsp;&nbsp; 1685 | 1661163 |
| 5.63%, 09/21/35<sup>(b)</sup> | &nbsp;&nbsp; 954 | 954816 |
| 5.63%, 10/18/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 1633 | 1513633 |
| 5.95%, 01/08/34<sup>(b)</sup> | &nbsp;&nbsp; 2837 | 2922776 |
| 6.15%, 10/24/36<sup>(b)</sup> | &nbsp;&nbsp; 325 | 335039 |
| 6.30%, 09/08/53<sup>(b)</sup> | &nbsp;&nbsp; 2215 | 2185846 |
| 6.33%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 750 | 783615 |
| 6.44%, 01/26/36<sup>(b)</sup> | &nbsp;&nbsp; 2777 | 2941211 |
| 6.78%, 01/13/55<sup>(b)</sup> | &nbsp;&nbsp; 1220 | 1254770 |
| Freeport Indonesia PT |  |  |
| 4.76%, 04/14/27<sup>(b)</sup> | &nbsp;&nbsp; 1410 | 1411074 |
| 5.32%, 04/14/32<sup>(b)</sup> | &nbsp;&nbsp; 2375 | 2423873 |
| 6.20%, 04/14/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 1625 | 1659655 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | &nbsp;&nbsp; 1045 | 1039691 |
| 4.25%, 03/01/30 | &nbsp;&nbsp; 840 | 829784 |
| 4.38%, 08/01/28 | &nbsp;&nbsp; 740 | 740000 |
| 4.63%, 08/01/30 | &nbsp;&nbsp; 1356 | 1358987 |
| 5.00%, 09/01/27 | &nbsp;&nbsp; 775 | 774616 |
| 5.25%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 950 | 963342 |
| 5.40%, 11/14/34 | &nbsp;&nbsp; 1200 | 1222218 |
| 5.45%, 03/15/43 | &nbsp;&nbsp; 3155 | 2986602 |
| Fresnillo PLC, 4.25%, 10/02/50<sup>(b)</sup> | &nbsp;&nbsp; 899 | 678971 |
| Glencore Canada Corp., 6.20%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 410 | 433044 |
| Glencore Finance Canada Ltd. |  |  |
| 5.55%, 10/25/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 676 | 645993 |
| 6.00%, 11/15/41<sup>(b)</sup> | &nbsp;&nbsp; 1030 | 1041186 |
| 6.90%, 11/15/37<sup>(b)</sup> | &nbsp;&nbsp; 939 | 1042537 |
| Glencore Funding LLC |  |  |
| 2.50%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1820 | 1661407 |
| 2.63%, 09/23/31<sup>(b)</sup> | &nbsp;&nbsp; 1395 | 1243942 |
| 2.85%, 04/27/31<sup>(b)</sup> | &nbsp;&nbsp; 1140 | 1039330 |
| 3.38%, 09/23/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 790 | 522912 |
| 3.88%, 10/27/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1035 | 1024933 |
| 3.88%, 04/27/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 732 | 533601 |
| 4.00%, 03/27/27<sup>(b)</sup> | &nbsp;&nbsp; 1652 | 1644468 |
| 4.88%, 03/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1439 | 1464100 |
| 4.91%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1040 | 1057274 |
| 5.19%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1490 | 1531462 |
| 5.34%, 04/04/27<sup>(b)</sup> | &nbsp;&nbsp; 1245 | 1264002 |
| 5.37%, 04/04/29<sup>(b)</sup> | &nbsp;&nbsp; 1360 | 1400868 |
| 5.40%, 05/08/28<sup>(b)</sup> | &nbsp;&nbsp; 935 | 961309 |
| 5.63%, 04/04/34<sup>(b)</sup> | &nbsp;&nbsp; 1815 | 1862302 |
| 5.67%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 1420 | 1452833 |
| 5.70%, 05/08/33<sup>(b)</sup> | &nbsp;&nbsp; 1295 | 1351401 |
| 5.89%, 04/04/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 740 | 723556 |
| 6.13%, 10/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1870 | 1963824 |
| 6.14%, 04/01/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 1215 | 1224163 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| 6.38%, 10/06/30<sup>(b)</sup> | &nbsp;&nbsp; $1045 | $1126604 |
| 6.50%, 10/06/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1280 | 1396875 |
| Gold Fields Orogen Holdings BVI Ltd., 6.13%, <br> 05/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 265 | 276505 |
| Indonesia Asahan Aluminium PT/Mineral <br> Industri Indonesia Persero PT<br>|  |  |
| 5.45%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1800 | 1861630 |
| 5.80%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 655 | 634020 |
| 6.53%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1216 | 1300894 |
| Industrias Penoles SAB de CV |  |  |
| 4.15%, 09/12/29<sup>(b)</sup> | &nbsp;&nbsp; 860 | 842083 |
| 4.75%, 08/06/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 706 | 571734 |
| 5.65%, 09/12/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1340 | 1238949 |
| Kinross Gold Corp. |  |  |
| 4.50%, 07/15/27 | &nbsp;&nbsp; 855 | 856508 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 870 | 940013 |
| 6.88%, 09/01/41<sup>(a)</sup> | &nbsp;&nbsp; 480 | 527368 |
| Minera Mexico SA de CV |  |  |
| 4.50%, 01/26/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1570 | 1233226 |
| 5.63%, 02/12/32<sup>(b)</sup> | &nbsp;&nbsp; 395 | 401834 |
| Newcastle Coal Infrastructure Group Pty. Ltd. |  |  |
| 4.40%, 09/29/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 577 | 573759 |
| 4.70%, 05/12/31<sup>(b)</sup> | &nbsp;&nbsp; 811 | 795215 |
| Newmont Corp. |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 786 | 714054 |
| 2.60%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1620 | 1447962 |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 717 | 672294 |
| 5.45%, 06/09/44<sup>(a)</sup> | &nbsp;&nbsp; 684 | 673848 |
| 5.88%, 04/01/35 | &nbsp;&nbsp; 942 | 1006487 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 3.25%, 05/13/30 | &nbsp;&nbsp; 1051 | 1006034 |
| 4.20%, 05/13/50 | &nbsp;&nbsp; 675 | 546842 |
| 5.35%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1465 | 1510499 |
| 5.75%, 11/15/41 | &nbsp;&nbsp; 895 | 901553 |
| Nexa Resources SA |  |  |
| 6.60%, 04/08/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 705 | 722397 |
| 6.75%, 04/09/34<sup>(b)</sup> | &nbsp;&nbsp; 840 | 888852 |
| Northern Star Resources Ltd., 6.13%, <br> 04/11/33<sup>(b)</sup><br>| &nbsp;&nbsp; 1055 | 1103949 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | &nbsp;&nbsp; 557 | 588910 |
| 6.13%, 12/15/33 | &nbsp;&nbsp; 1289 | 1402409 |
| 7.25%, 03/15/31 | &nbsp;&nbsp; 851 | 982728 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; 2075 | 1256252 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 1901 | 1875318 |
| 7.13%, 07/15/28 | &nbsp;&nbsp; 1605 | 1737519 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; 1351 | 1144895 |
| 4.38%, 03/12/27 | &nbsp;&nbsp; 540 | 543181 |
| 4.50%, 03/14/28<sup>(a)</sup> | &nbsp;&nbsp; 1635 | 1652392 |
| 4.75%, 03/22/42 | &nbsp;&nbsp; 1368 | 1248394 |
| 4.88%, 03/14/30<sup>(a)</sup> | &nbsp;&nbsp; 2695 | 2763150 |
| 5.00%, 03/14/32 | &nbsp;&nbsp; 950 | 973816 |
| 5.00%, 03/09/33<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1184612 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 1230 | 1127207 |
| 5.25%, 03/14/35 | &nbsp;&nbsp; 2945 | 3000169 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 2845 | 2845717 |
| 5.88%, 03/14/65 | &nbsp;&nbsp; 1155 | 1157386 |
| South32 Treasury Ltd., 4.35%, 04/14/32<sup>(b)</sup> | &nbsp;&nbsp; 1190 | 1135552 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; $2227 | $2088881 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 2488 | 2496626 |
| 6.75%, 04/16/40 | &nbsp;&nbsp; 1715 | 1892293 |
| 7.50%, 07/27/35 | &nbsp;&nbsp; 1804 | 2092701 |
| Vale Canada Ltd., 7.20%, 09/15/32 | &nbsp;&nbsp; 175 | 190894 |
| Yamana Gold Inc. |  |  |
| 2.63%, 08/15/31 | &nbsp;&nbsp; 1050 | 933454 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; 741 | 739699 |
|  |  | 182406492 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | &nbsp;&nbsp; 1565 | 1531063 |
| 3.25%, 02/15/29 | &nbsp;&nbsp; 1285 | 1229740 |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 1290 | 1239983 |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 1640 | 1526605 |
| 4.25%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 955 | 948492 |
| 5.10%, 03/01/30 | &nbsp;&nbsp; 570 | 579531 |
| 5.55%, 08/22/34 | &nbsp;&nbsp; 435 | 440325 |
|  |  | 7495739 |
| **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** |
| Adnoc Murban Rsc Ltd. |  |  |
| 4.25%, 09/11/29<sup>(b)</sup> | &nbsp;&nbsp; 1225 | 1229640 |
| 4.50%, 09/11/34<sup>(b)</sup> | &nbsp;&nbsp; 2425 | 2398450 |
| 5.13%, 09/11/54<sup>(b)</sup> | &nbsp;&nbsp; 2405 | 2254960 |
| Adnoc Murban Sukuk Ltd., 4.75%, <br> 05/06/35<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2405 | 2422539 |
| Aker BP ASA |  |  |
| 3.10%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1725 | 1567506 |
| 3.75%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1889 | 1818042 |
| 4.00%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1350 | 1296274 |
| 5.13%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1295 | 1254476 |
| 5.60%, 06/13/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1055 | 1091971 |
| 5.80%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; 1375 | 1227643 |
| 6.00%, 06/13/33<sup>(b)</sup> | &nbsp;&nbsp; 1655 | 1716992 |
| Antero Resources Corp. |  |  |
| 5.38%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 670 | 674893 |
| 7.63%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 160 | 163195 |
| APA Corp. |  |  |
| 4.25%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1030 | 996187 |
| 5.10%, 09/01/40<sup>(b)</sup> | &nbsp;&nbsp; 465 | 395545 |
| 5.35%, 07/01/49<sup>(b)</sup> | &nbsp;&nbsp; 720 | 571784 |
| 6.00%, 01/15/37<sup>(b)</sup> | &nbsp;&nbsp; 145 | 133355 |
| 6.10%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 715 | 715754 |
| 6.75%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 1090 | 1033537 |
| BG Energy Capital PLC, 5.13%, 10/15/41<sup>(b)</sup> | &nbsp;&nbsp; 1650 | 1557627 |
| BP Capital Markets America Inc. |  |  |
| 1.75%, 08/10/30<sup>(a)</sup> | &nbsp;&nbsp; 1752 | 1556743 |
| 2.72%, 01/12/32 | &nbsp;&nbsp; 3325 | 2995147 |
| 2.77%, 11/10/50<sup>(a)</sup> | &nbsp;&nbsp; 2735 | 1647449 |
| 2.94%, 06/04/51 | &nbsp;&nbsp; 3855 | 2388382 |
| 3.00%, 02/24/50<sup>(a)</sup> | &nbsp;&nbsp; 3521 | 2239670 |
| 3.00%, 03/17/52<sup>(a)</sup> | &nbsp;&nbsp; 2203 | 1379516 |
| 3.02%, 01/16/27 | &nbsp;&nbsp; 1405 | 1387946 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 2523 | 1865521 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 3308 | 2113203 |
| 3.54%, 04/06/27 | &nbsp;&nbsp; 842 | 836078 |
| 3.59%, 04/14/27 | &nbsp;&nbsp; 932 | 926663 |
| 3.63%, 04/06/30 | &nbsp;&nbsp; 2012 | 1968162 |
| 3.94%, 09/21/28 | &nbsp;&nbsp; 1966 | 1959817 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 4.23%, 11/06/28 | &nbsp;&nbsp; $3130 | $3145080 |
| 4.70%, 04/10/29 | &nbsp;&nbsp; 1920 | 1955791 |
| 4.81%, 02/13/33 | &nbsp;&nbsp; 3697 | 3708782 |
| 4.87%, 11/25/29 | &nbsp;&nbsp; 1955 | 2008806 |
| 4.89%, 09/11/33 | &nbsp;&nbsp; 2400 | 2413857 |
| 4.97%, 10/17/29 | &nbsp;&nbsp; 1415 | 1457149 |
| 4.99%, 04/10/34 | &nbsp;&nbsp; 1796 | 1813708 |
| 5.02%, 11/17/27 | &nbsp;&nbsp; 2064 | 2105607 |
| 5.23%, 11/17/34 | &nbsp;&nbsp; 3070 | 3135936 |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | &nbsp;&nbsp; 2298 | 2265726 |
| 3.72%, 11/28/28 | &nbsp;&nbsp; 1606 | 1589201 |
| 4.88%, (5-year CMT + 4.398%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 2740 | 2716136 |
| 6.13%, (5-year CMT + 1.924%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1730 | 1763801 |
| 6.45%, (5-year CMT + 2.153%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1970 | 2071199 |
| Burlington Resources LLC |  |  |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 850 | 906397 |
| 7.20%, 08/15/31 | &nbsp;&nbsp; 837 | 956551 |
| Canadian Natural Resources Ltd. |  |  |
| 2.95%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 999 | 931324 |
| 3.85%, 06/01/27 | &nbsp;&nbsp; 2293 | 2275746 |
| 4.95%, 06/01/47 | &nbsp;&nbsp; 1662 | 1435498 |
| 5.00%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 795 | 810374 |
| 5.40%, 12/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1160 | 1162072 |
| 5.85%, 02/01/35 | &nbsp;&nbsp; 592 | 607426 |
| 6.25%, 03/15/38 | &nbsp;&nbsp; 1822 | 1907479 |
| 6.45%, 06/30/33 | &nbsp;&nbsp; 735 | 783964 |
| 6.50%, 02/15/37 | &nbsp;&nbsp; 705 | 751290 |
| 6.75%, 02/01/39 | &nbsp;&nbsp; 678 | 728839 |
| 7.20%, 01/15/32 | &nbsp;&nbsp; 800 | 890069 |
| Cenovus Energy Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 1098 | 963801 |
| 3.75%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1627 | 1105510 |
| 4.25%, 04/15/27 | &nbsp;&nbsp; 661 | 660548 |
| 5.25%, 06/15/37 | &nbsp;&nbsp; 681 | 648724 |
| 5.40%, 06/15/47 | &nbsp;&nbsp; 1193 | 1063164 |
| 6.75%, 11/15/39 | &nbsp;&nbsp; 857 | 928405 |
| Chevron Corp. |  |  |
| 2.00%, 05/11/27 | &nbsp;&nbsp; 1761 | 1708989 |
| 2.24%, 05/11/30 | &nbsp;&nbsp; 2738 | 2524954 |
| 2.98%, 05/11/40<sup>(a)</sup> | &nbsp;&nbsp; 625 | 487063 |
| 3.08%, 05/11/50 | &nbsp;&nbsp; 1826 | 1216800 |
| Chevron USA Inc. |  |  |
| 1.02%, 08/12/27 | &nbsp;&nbsp; 1438 | 1364004 |
| 2.34%, 08/12/50<sup>(a)</sup> | &nbsp;&nbsp; 1379 | 786561 |
| 3.25%, 10/15/29 | &nbsp;&nbsp; 1279 | 1243996 |
| 3.85%, 01/15/28 | &nbsp;&nbsp; 1049 | 1050753 |
| 3.95%, 08/13/27<sup>(a)</sup> | &nbsp;&nbsp; 775 | 777337 |
| 4.05%, 08/13/28<sup>(a)</sup> | &nbsp;&nbsp; 995 | 1000865 |
| 4.30%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1650 | 1659152 |
| 4.41%, 02/26/27 | &nbsp;&nbsp; 660 | 665298 |
| 4.48%, 02/26/28 | &nbsp;&nbsp; 995 | 1010824 |
| 4.50%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1650 | 1652114 |
| 4.69%, 04/15/30 | &nbsp;&nbsp; 1560 | 1594494 |
| 4.82%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1180 | 1208626 |
| 4.85%, 10/15/35 | &nbsp;&nbsp; 1325 | 1319386 |
| 4.98%, 04/15/35 | &nbsp;&nbsp; 1300 | 1321541 |
| 5.25%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 855 | 847492 |
| 6.00%, 03/01/41 | &nbsp;&nbsp; 390 | 417377 |
| CNOOC Finance 2003 Ltd., 5.50%, <br> 05/21/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 325 | 346812 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| CNOOC Finance 2011 Ltd., 5.75%, <br> 01/26/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1000 | $1071476 |
| CNOOC Finance 2012 Ltd., 5.00%, <br> 05/02/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1025 | 1015485 |
| CNOOC Finance 2013 Ltd. |  |  |
| 2.88%, 09/30/29<sup>(a)</sup> | &nbsp;&nbsp; 685 | 658420 |
| 3.30%, 09/30/49<sup>(a)</sup> | &nbsp;&nbsp; 500 | 376482 |
| 4.25%, 05/09/43 | &nbsp;&nbsp; 1200 | 1084214 |
| CNOOC Finance 2014 ULC, 4.88%, 04/30/44 | &nbsp;&nbsp; 385 | 375802 |
| CNOOC Finance 2015 Australia Pty. Ltd., <br> 4.20%, 05/05/45<br>| &nbsp;&nbsp; 330 | 294024 |
| CNOOC Finance 2015 USA LLC, 4.38%, <br> 05/02/28<sup>(a)</sup><br>| &nbsp;&nbsp; 805 | 810068 |
| CNOOC Petroleum North America ULC |  |  |
| 5.88%, 03/10/35 | &nbsp;&nbsp; 135 | 149636 |
| 6.40%, 05/15/37 | &nbsp;&nbsp; 245 | 287584 |
| 7.50%, 07/30/39 | &nbsp;&nbsp; 195 | 255260 |
| CNPC HK Overseas Capital Ltd., 5.95%, <br> 04/28/41<sup>(b)</sup><br>| &nbsp;&nbsp; 250 | 271718 |
| Conoco Funding Co., 7.25%, 10/15/31 | &nbsp;&nbsp; 300 | 344237 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 1354 | 1079665 |
| 3.80%, 03/15/52 | &nbsp;&nbsp; 1917 | 1385718 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 2670 | 1912621 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 1282 | 1080779 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 2555 | 2603524 |
| 4.85%, 01/15/32 | &nbsp;&nbsp; 1345 | 1368090 |
| 4.88%, 10/01/47 | &nbsp;&nbsp; 590 | 525392 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 2145 | 2144887 |
| 5.05%, 09/15/33 | &nbsp;&nbsp; 1385 | 1414668 |
| 5.30%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1855 | 1700058 |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 2170 | 2044734 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1705 | 1617755 |
| 5.65%, 01/15/65 | &nbsp;&nbsp; 1080 | 1019738 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 1175 | 1117949 |
| 5.90%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 754 | 818123 |
| 5.90%, 05/15/38 | &nbsp;&nbsp; 695 | 736225 |
| 5.95%, 03/15/46 | &nbsp;&nbsp; 615 | 645153 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 2365 | 2640694 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 1018 | 1113353 |
| Continental Resources Inc./OK |  |  |
| 2.27%, 11/15/26<sup>(b)</sup> | &nbsp;&nbsp; 1383 | 1345380 |
| 2.88%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 1350 | 1159406 |
| 4.38%, 01/15/28 | &nbsp;&nbsp; 1923 | 1911245 |
| 4.90%, 06/01/44<sup>(a)</sup> | &nbsp;&nbsp; 1051 | 828358 |
| 5.75%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2710 | 2781904 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | &nbsp;&nbsp; 1400 | 1390602 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 1052 | 1050262 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 970 | 965939 |
| 5.60%, 03/15/34 | &nbsp;&nbsp; 835 | 845445 |
| 5.90%, 02/15/55 | &nbsp;&nbsp; 1400 | 1305948 |
| Devon Energy Corp. |  |  |
| 4.50%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1504 | 1504568 |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 1267 | 1068911 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 1290 | 1083397 |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2075 | 2033299 |
| 5.25%, 10/15/27 | &nbsp;&nbsp; 1178 | 1179648 |
| 5.60%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; 1995 | 1868505 |
| 5.75%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1690 | 1513349 |
| 5.88%, 06/15/28 | &nbsp;&nbsp; 780 | 780034 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 7.88%, 09/30/31 | &nbsp;&nbsp; $1064 | $1230693 |
| 7.95%, 04/15/32 | &nbsp;&nbsp; 760 | 877577 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 1356 | 1255927 |
| 3.25%, 12/01/26 | &nbsp;&nbsp; 1177 | 1163075 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 1802 | 1736865 |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 1213 | 910279 |
| 4.40%, 03/24/51<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 818371 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; 1690 | 1735841 |
| 5.20%, 04/18/27 | &nbsp;&nbsp; 1490 | 1512375 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 1965 | 1984944 |
| 5.55%, 04/01/35 | &nbsp;&nbsp; 1640 | 1658431 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 2510 | 2325972 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 1635 | 1512814 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 1670 | 1784674 |
| 6.25%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1180 | 1168575 |
| Empresa Nacional del Petroleo |  |  |
| 3.45%, 09/16/31<sup>(b)</sup> | &nbsp;&nbsp; 275 | 248944 |
| 4.50%, 09/14/47<sup>(b)</sup> | &nbsp;&nbsp; 1031 | 839234 |
| 5.25%, 11/06/29<sup>(b)</sup> | &nbsp;&nbsp; 1225 | 1243415 |
| 5.95%, 07/30/34<sup>(b)</sup> | &nbsp;&nbsp; 695 | 718815 |
| 6.15%, 05/10/33<sup>(b)</sup> | &nbsp;&nbsp; 1185 | 1239509 |
| Eni SpA |  |  |
| 4.25%, 05/09/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1930 | 1931933 |
| 5.50%, 05/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1610 | 1641709 |
| 5.70%, 10/01/40<sup>(b)</sup> | &nbsp;&nbsp; 950 | 916592 |
| 5.75%, 05/19/35<sup>(b)</sup> | &nbsp;&nbsp; 755 | 779565 |
| 5.95%, 05/15/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1820 | 1766836 |
| Series X-R, 4.75%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp; 1910 | 1931325 |
| Eni USA Inc., 7.30%, 11/15/27 | &nbsp;&nbsp; 1240 | 1318877 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 931 | 851560 |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 1463 | 1471563 |
| 4.40%, 07/15/28 | &nbsp;&nbsp; 1545 | 1559945 |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 1615 | 1420995 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 1950 | 1985529 |
| 5.10%, 01/15/36 | &nbsp;&nbsp; 360 | 358456 |
| 5.35%, 01/15/36 | &nbsp;&nbsp; 2110 | 2141478 |
| 5.65%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1085 | 1048860 |
| 5.95%, 07/15/55 | &nbsp;&nbsp; 1105 | 1114456 |
| EQT Corp. |  |  |
| 3.63%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1100 | 1027486 |
| 3.90%, 10/01/27 | &nbsp;&nbsp; 2045 | 2025612 |
| 4.50%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1290 | 1286279 |
| 4.75%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1635 | 1623437 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 848 | 857728 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 926 | 957048 |
| 5.75%, 02/01/34 | &nbsp;&nbsp; 1365 | 1413150 |
| 6.38%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 70 | 72569 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; 1190 | 1294237 |
| 7.50%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; 180 | 183293 |
| 7.50%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1130 | 1244738 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 1057 | 977706 |
| 3.00%, 04/06/27 | &nbsp;&nbsp; 962 | 949067 |
| 3.13%, 04/06/30 | &nbsp;&nbsp; 1888 | 1810597 |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 1212 | 842929 |
| 3.63%, 09/10/28 | &nbsp;&nbsp; 1250 | 1238720 |
| 3.63%, 04/06/40 | &nbsp;&nbsp; 774 | 654567 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 1957 | 1480237 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 1242 | 1042983 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 4.25%, 06/02/28 | &nbsp;&nbsp; $500 | $504108 |
| 4.25%, 11/23/41<sup>(a)</sup> | &nbsp;&nbsp; 724 | 642444 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 898 | 828811 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 1008 | 1001978 |
| 5.13%, 06/03/35 | &nbsp;&nbsp; 1025 | 1044011 |
| 6.50%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp; 605 | 650848 |
| 6.80%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 375 | 399857 |
| 7.15%, 01/15/29 | &nbsp;&nbsp; 175 | 191320 |
| 7.25%, 09/23/27 | &nbsp;&nbsp; 734 | 780919 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 1900 | 1849334 |
| 5.38%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 805 | 806517 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; 2090 | 2111082 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; 1335 | 1354385 |
| 5.88%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 430 | 431892 |
| 6.75%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 305 | 308320 |
| Exxon Mobil Corp. |  |  |
| 2.44%, 08/16/29<sup>(a)</sup> | &nbsp;&nbsp; 2607 | 2476608 |
| 2.61%, 10/15/30 | &nbsp;&nbsp; 3363 | 3136977 |
| 3.00%, 08/16/39 | &nbsp;&nbsp; 1342 | 1052685 |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 2664 | 1777206 |
| 3.29%, 03/19/27 | &nbsp;&nbsp; 1667 | 1655126 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 4406 | 3106618 |
| 3.48%, 03/19/30 | &nbsp;&nbsp; 3300 | 3228769 |
| 3.57%, 03/06/45 | &nbsp;&nbsp; 1900 | 1456901 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 4057 | 3338807 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 3171 | 2853297 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 4251 | 3519795 |
| GS Caltex Corp., 5.38%, 08/07/28<sup>(b)</sup> | &nbsp;&nbsp; 55 | 56640 |
| Harbour Energy PLC, 6.33%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 955 | 968511 |
| Helmerich & Payne Inc. |  |  |
| 2.90%, 09/29/31<sup>(a)</sup> | &nbsp;&nbsp; 1047 | 912469 |
| 4.65%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 715 | 713811 |
| 4.85%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 295 | 293948 |
| 5.50%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 815 | 783921 |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | &nbsp;&nbsp; 1800 | 1804177 |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 2361 | 2394997 |
| 5.80%, 04/01/47<sup>(a)</sup> | &nbsp;&nbsp; 907 | 916704 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 1354 | 1449853 |
| 7.13%, 03/15/33 | &nbsp;&nbsp; 874 | 1006021 |
| 7.30%, 08/15/31 | &nbsp;&nbsp; 1117 | 1287767 |
| 7.88%, 10/01/29 | &nbsp;&nbsp; 1046 | 1189199 |
| HF Sinclair Corp. |  |  |
| 4.50%, 10/01/30 | &nbsp;&nbsp; 670 | 654726 |
| 5.00%, 02/01/28 | &nbsp;&nbsp; 1060 | 1060758 |
| 5.50%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 450 | 451524 |
| 5.75%, 01/15/31 | &nbsp;&nbsp; 1125 | 1161725 |
| 6.25%, 01/15/35 | &nbsp;&nbsp; 1320 | 1358214 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru, <br> 7.75%, 11/05/38<sup>(b)</sup><br>| &nbsp;&nbsp; 985 | 1070941 |
| KazMunayGas National Co. JSC |  |  |
| 3.50%, 04/14/33<sup>(b)</sup> | &nbsp;&nbsp; 1065 | 944114 |
| 4.75%, 04/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 435 | 436714 |
| 5.38%, 04/24/30<sup>(b)</sup> | &nbsp;&nbsp; 2130 | 2170360 |
| 5.75%, 04/19/47<sup>(b)</sup> | &nbsp;&nbsp; 2345 | 2106581 |
| 6.38%, 10/24/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 2536 | 2430191 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 1329 | 1315948 |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 999 | 776168 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 1447 | 1218895 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.00%, 09/15/54 | &nbsp;&nbsp; $583 | $474245 |
| 5.13%, 12/15/26 | &nbsp;&nbsp; 1226 | 1235544 |
| 5.15%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2090 | 2149366 |
| 5.70%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1205 | 1230580 |
| 5.85%, 12/15/45<sup>(a)</sup> | &nbsp;&nbsp; 516 | 504439 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 2135 | 2244569 |
| Motiva Enterprises LLC, 6.85%, 01/15/40<sup>(b)</sup> | &nbsp;&nbsp; 1411 | 1529497 |
| Occidental Petroleum Corp. |  |  |
| 0.00%, 10/10/36<sup>(a)(f)</sup> | &nbsp;&nbsp; 987 | 568008 |
| 3.50%, 08/15/29 | &nbsp;&nbsp; 665 | 629264 |
| 4.10%, 02/15/47<sup>(a)</sup> | &nbsp;&nbsp; 604 | 422149 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 495 | 350801 |
| 4.40%, 04/15/46 | &nbsp;&nbsp; 780 | 590958 |
| 4.40%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 427 | 302463 |
| 4.63%, 06/15/45 | &nbsp;&nbsp; 620 | 474242 |
| 5.00%, 08/01/27 | &nbsp;&nbsp; 1145 | 1156310 |
| 5.20%, 08/01/29 | &nbsp;&nbsp; 1880 | 1904229 |
| 5.38%, 01/01/32 | &nbsp;&nbsp; 1435 | 1443418 |
| 5.55%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1470 | 1462790 |
| 6.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1760 | 1643358 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 1505 | 1573079 |
| 6.20%, 03/15/40<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1145674 |
| 6.38%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 625 | 652168 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 2740 | 2834366 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 1970 | 1978189 |
| 6.63%, 09/01/30 | &nbsp;&nbsp; 2565 | 2725936 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 1370 | 1529560 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; 945 | 1066722 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 540 | 615782 |
| 8.50%, 07/15/27 | &nbsp;&nbsp; 890 | 940452 |
| 8.88%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1565 | 1801093 |
| ORLEN SA, 6.00%, 01/30/35<sup>(b)</sup> | &nbsp;&nbsp; 1555 | 1608974 |
| Ovintiv Inc. |  |  |
| 5.65%, 05/15/28 | &nbsp;&nbsp; 1245 | 1281402 |
| 6.25%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 1097785 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 1045 | 1100158 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 772 | 794242 |
| 6.63%, 08/15/37 | &nbsp;&nbsp; 841 | 872825 |
| 7.10%, 07/15/53 | &nbsp;&nbsp; 353 | 364796 |
| 7.20%, 11/01/31 | &nbsp;&nbsp; 587 | 643510 |
| 7.38%, 11/01/31 | &nbsp;&nbsp; 800 | 885762 |
| 8.13%, 09/15/30 | &nbsp;&nbsp; 648 | 743217 |
| Patterson-UTI Energy Inc. |  |  |
| 3.95%, 02/01/28 | &nbsp;&nbsp; 620 | 604803 |
| 5.15%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 670 | 668448 |
| 7.15%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; 785 | 819741 |
| Pertamina Hulu Energi PT, 5.25%, 05/21/30<sup>(b)</sup> | &nbsp;&nbsp; 385 | 394065 |
| Pertamina Persero PT |  |  |
| 2.30%, 02/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1890 | 1678187 |
| 3.10%, 01/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 840 | 792915 |
| 3.10%, 08/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1395 | 1303943 |
| 3.65%, 07/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1855 | 1801243 |
| 4.15%, 02/25/60<sup>(a)(b)</sup> | &nbsp;&nbsp; 1480 | 1085171 |
| 4.18%, 01/21/50<sup>(b)</sup> | &nbsp;&nbsp; 1935 | 1498368 |
| 4.70%, 07/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1317 | 1108922 |
| 5.63%, 05/20/43<sup>(b)</sup> | &nbsp;&nbsp; 2070 | 2017173 |
| 6.00%, 05/03/42<sup>(b)</sup> | &nbsp;&nbsp; 1930 | 1959339 |
| 6.45%, 05/30/44<sup>(b)</sup> | &nbsp;&nbsp; 2172 | 2306027 |
| 6.50%, 05/27/41<sup>(b)</sup> | &nbsp;&nbsp; 435 | 462935 |
| 6.50%, 11/07/48<sup>(b)</sup> | &nbsp;&nbsp; 1410 | 1496523 |
| Petroliam Nasional Bhd, 7.63%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp; 870 | 901729 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Petronas Capital Ltd. |  |  |
| 2.48%, 01/28/32<sup>(a)(b)</sup> | &nbsp;&nbsp; $2810 | $2507509 |
| 3.40%, 04/28/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 2475 | 1634966 |
| 3.50%, 04/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4563 | 4434433 |
| 4.50%, 03/18/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 2840 | 2452328 |
| 4.55%, 04/21/50<sup>(b)</sup> | &nbsp;&nbsp; 4873 | 4145685 |
| 4.80%, 04/21/60<sup>(a)(b)</sup> | &nbsp;&nbsp; 1502 | 1313413 |
| 4.95%, 01/03/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1670 | 1728024 |
| 5.34%, 04/03/35<sup>(b)</sup> | &nbsp;&nbsp; 3040 | 3139417 |
| 5.85%, 04/03/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 2420 | 2473517 |
| Petronas Energy Canada Ltd., 2.11%, <br> 03/23/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 985 | 940504 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | &nbsp;&nbsp; 1716 | 1528044 |
| 3.30%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1730 | 1108628 |
| 3.90%, 03/15/28 | &nbsp;&nbsp; 1573 | 1563238 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 1426 | 1375549 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 2831 | 2473219 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 2570 | 2571594 |
| Phillips 66 Co. |  |  |
| 3.15%, 12/15/29 | &nbsp;&nbsp; 1313 | 1257204 |
| 3.55%, 10/01/26 | &nbsp;&nbsp; 894 | 886976 |
| 3.75%, 03/01/28 | &nbsp;&nbsp; 798 | 791527 |
| 4.68%, 02/15/45 | &nbsp;&nbsp; 785 | 659572 |
| 4.90%, 10/01/46 | &nbsp;&nbsp; 1084 | 933618 |
| 4.95%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1360 | 1381477 |
| 4.95%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1005 | 984807 |
| 5.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1670 | 1729809 |
| 5.30%, 06/30/33 | &nbsp;&nbsp; 1575 | 1609001 |
| 5.50%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 905 | 825429 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 810 | 752272 |
| Pioneer Natural Resources Co. |  |  |
| 1.90%, 08/15/30 | &nbsp;&nbsp; 1441 | 1288390 |
| 2.15%, 01/15/31 | &nbsp;&nbsp; 1053 | 944805 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 390 | 408598 |
| PTT Treasury Center Co. Ltd. |  |  |
| 3.70%, 07/16/70<sup>(a)(b)</sup> | &nbsp;&nbsp; 850 | 569684 |
| 4.50%, 10/25/42<sup>(b)</sup> | &nbsp;&nbsp; 80 | 68708 |
| PTTEP Treasury Center Co. Ltd. |  |  |
| 2.59%, 06/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1595 | 1545677 |
| 2.99%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 490 | 464178 |
| 3.90%, 12/06/59<sup>(b)</sup> | &nbsp;&nbsp; 975 | 711684 |
| 6.35%, 06/12/42<sup>(b)</sup> | &nbsp;&nbsp; 275 | 294243 |
| Qatar Energy |  |  |
| 1.38%, 09/12/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1947 | 1889785 |
| 2.25%, 07/12/31<sup>(b)</sup> | &nbsp;&nbsp; 3796 | 3376079 |
| 3.13%, 07/12/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 5935 | 4473975 |
| 3.30%, 07/12/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 6377 | 4354496 |
| QatarEnergy LNG S3 |  |  |
| 5.84%, 09/30/27<sup>(b)</sup> | &nbsp;&nbsp; 740 | 750265 |
| 6.33%, 09/30/27<sup>(b)</sup> | &nbsp;&nbsp; 696 | 705549 |
| Raizen Fuels Finance SA |  |  |
| 5.70%, 01/17/35<sup>(b)</sup> | &nbsp;&nbsp; 1785 | 1636666 |
| 6.45%, 03/05/34<sup>(b)</sup> | &nbsp;&nbsp; 1088 | 1061482 |
| 6.70%, 02/25/37<sup>(b)</sup> | &nbsp;&nbsp; 2730 | 2616923 |
| 6.95%, 03/05/54<sup>(b)</sup> | &nbsp;&nbsp; 2025 | 1869454 |
| Reliance Industries Ltd. |  |  |
| 2.88%, 01/12/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2690 | 2429453 |
| 3.63%, 01/12/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 2745 | 1984941 |
| 3.67%, 11/30/27<sup>(b)</sup> | &nbsp;&nbsp; 395 | 390327 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 3.75%, 01/12/62<sup>(b)</sup> | &nbsp;&nbsp; $1090 | $770087 |
| 4.88%, 02/10/45<sup>(b)</sup> | &nbsp;&nbsp; 520 | 473888 |
| 6.25%, 10/19/40<sup>(b)</sup> | &nbsp;&nbsp; 1055 | 1157631 |
| SA Global Sukuk Ltd. |  |  |
| 2.69%, 06/17/31<sup>(b)</sup> | &nbsp;&nbsp; 3827 | 3463741 |
| 4.25%, 10/02/29<sup>(b)</sup> | &nbsp;&nbsp; 1275 | 1269977 |
| 4.75%, 10/02/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2450 | 2443958 |
| Santos Finance Ltd. |  |  |
| 3.65%, 04/29/31<sup>(b)</sup> | &nbsp;&nbsp; 1806 | 1697586 |
| 6.88%, 09/19/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1445 | 1582893 |
| Saudi Arabian Oil Co. |  |  |
| 2.25%, 11/24/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2938 | 2655549 |
| 3.25%, 11/24/50<sup>(b)</sup> | &nbsp;&nbsp; 3599 | 2371446 |
| 3.50%, 04/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3061 | 2981732 |
| 3.50%, 11/24/70<sup>(b)</sup> | &nbsp;&nbsp; 3083 | 1921546 |
| 4.25%, 04/16/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 4637 | 4164304 |
| 4.38%, 04/16/49<sup>(b)</sup> | &nbsp;&nbsp; 4746 | 3844260 |
| 4.75%, 06/02/30<sup>(b)</sup> | &nbsp;&nbsp; 1015 | 1031451 |
| 5.25%, 07/17/34<sup>(b)</sup> | &nbsp;&nbsp; 3779 | 3873475 |
| 5.38%, 06/02/35<sup>(b)</sup> | &nbsp;&nbsp; 1680 | 1724825 |
| 5.75%, 07/17/54<sup>(b)</sup> | &nbsp;&nbsp; 3219 | 3074058 |
| 5.88%, 07/17/64<sup>(a)(b)</sup> | &nbsp;&nbsp; 3595 | 3420553 |
| 6.38%, 06/02/55<sup>(b)</sup> | &nbsp;&nbsp; 3825 | 3935677 |
| Shell Finance U.S. Inc. |  |  |
| 2.38%, 11/07/29 | &nbsp;&nbsp; 2000 | 1872786 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 2271 | 2149275 |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 2667 | 1822906 |
| 3.75%, 09/12/46 | &nbsp;&nbsp; 1834 | 1412194 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 2985 | 2380102 |
| 4.13%, 05/11/35<sup>(a)</sup> | &nbsp;&nbsp; 2064 | 1960540 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 4096 | 3487744 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 1606 | 1417071 |
| Shell International Finance BV |  |  |
| 2.38%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 365 | 346419 |
| 2.50%, 09/12/26 | &nbsp;&nbsp; 1631 | 1606254 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 250 | 236312 |
| 2.88%, 11/26/41 | &nbsp;&nbsp; 890 | 639581 |
| 3.00%, 11/26/51<sup>(a)</sup> | &nbsp;&nbsp; 1690 | 1083254 |
| 3.13%, 11/07/49 | &nbsp;&nbsp; 2202 | 1467336 |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 310 | 208474 |
| 3.63%, 08/21/42 | &nbsp;&nbsp; 981 | 773219 |
| 3.88%, 11/13/28 | &nbsp;&nbsp; 2645 | 2641638 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 675 | 540252 |
| 4.13%, 05/11/35 | &nbsp;&nbsp; 340 | 322805 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 890 | 757602 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 225 | 196832 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 1805 | 1840251 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 4383 | 4886019 |
| Sinopec Capital 2013 Ltd., 4.25%, 04/24/43<sup>(b)</sup> | &nbsp;&nbsp; 290 | 261216 |
| Sinopec Group Overseas Development 2012 <br> Ltd., 4.88%, 05/17/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1922 | 1876702 |
| Sinopec Group Overseas Development 2013 <br> Ltd., 5.38%, 10/17/43<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | 103473 |
| Sinopec Group Overseas Development 2015 <br> Ltd., 4.10%, 04/28/45<sup>(b)</sup><br>| &nbsp;&nbsp; 1675 | 1473932 |
| Sinopec Group Overseas Development 2016 <br> Ltd.<br>|  |  |
| 2.75%, 09/29/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1303 | 1284703 |
| 4.25%, 05/03/46<sup>(b)</sup> | &nbsp;&nbsp; 790 | 707139 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Sinopec Group Overseas Development 2017 <br> Ltd.<br>|  |  |
| 3.25%, 09/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; $1670 | $1645685 |
| 3.63%, 04/12/27<sup>(b)</sup> | &nbsp;&nbsp; 2145 | 2132623 |
| 4.00%, 09/13/47<sup>(b)</sup> | &nbsp;&nbsp; 750 | 642071 |
| 4.25%, 04/12/47<sup>(b)</sup> | &nbsp;&nbsp; 310 | 276479 |
| Sinopec Group Overseas Development 2018 <br> Ltd.<br>|  |  |
| 2.30%, 01/08/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1459 | 1350481 |
| 2.70%, 05/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2175 | 2068220 |
| 2.95%, 08/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1244 | 1202731 |
| 2.95%, 11/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1004 | 968827 |
| 3.10%, 01/08/51<sup>(b)</sup> | &nbsp;&nbsp; 1020 | 735193 |
| 3.35%, 05/13/50<sup>(b)</sup> | &nbsp;&nbsp; 1314 | 993540 |
| 3.44%, 11/12/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 665 | 514225 |
| 3.68%, 08/08/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1202 | 970115 |
| 4.25%, 09/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 890 | 899581 |
| 4.60%, 09/12/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1018 | 952034 |
| Suncor Energy Inc. |  |  |
| 3.75%, 03/04/51<sup>(a)</sup> | &nbsp;&nbsp; 1350 | 938816 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 1350 | 995734 |
| 5.95%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 859 | 894775 |
| 6.50%, 06/15/38 | &nbsp;&nbsp; 285 | 304019 |
| 6.80%, 05/15/38 | &nbsp;&nbsp; 959 | 1037369 |
| 6.85%, 06/01/39 | &nbsp;&nbsp; 1391 | 1521133 |
| 7.00%, 11/15/28 | &nbsp;&nbsp; 495 | 533838 |
| 7.15%, 02/01/32 | &nbsp;&nbsp; 860 | 961327 |
| Tengizchevroil Finance Co. International Ltd., <br> 3.25%, 08/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 620 | 565986 |
| Thaioil Treasury Center Co. Ltd. |  |  |
| 2.50%, 06/18/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 760 | 684742 |
| 3.50%, 10/17/49<sup>(b)</sup> | &nbsp;&nbsp; 1250 | 833416 |
| 3.75%, 06/18/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 970 | 680498 |
| 4.63%, 11/20/28<sup>(b)</sup> | &nbsp;&nbsp; 605 | 603280 |
| 4.88%, 01/23/43<sup>(b)</sup> | &nbsp;&nbsp; 195 | 166592 |
| 5.38%, 11/20/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 850 | 769567 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30 | &nbsp;&nbsp; 2256 | 2155932 |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 1568 | 1162818 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 4310 | 2831968 |
| 3.39%, 06/29/60 | &nbsp;&nbsp; 1161 | 747459 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 2224 | 2190494 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 1995 | 1403039 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | &nbsp;&nbsp; 1839 | 1837292 |
| 4.72%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; 1575 | 1574164 |
| 5.15%, 04/05/34<sup>(a)</sup> | &nbsp;&nbsp; 1825 | 1880983 |
| 5.28%, 09/10/54<sup>(a)</sup> | &nbsp;&nbsp; 1465 | 1353594 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 1970 | 1823411 |
| 5.49%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 2940 | 2798526 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 1995 | 1913853 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | &nbsp;&nbsp; 1174 | 1126015 |
| 2.80%, 12/01/31 | &nbsp;&nbsp; 960 | 866190 |
| 3.40%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 510 | 505369 |
| 3.65%, 12/01/51 | &nbsp;&nbsp; 1520 | 1025464 |
| 4.00%, 04/01/29 | &nbsp;&nbsp; 1412 | 1396140 |
| 4.00%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1158 | 827013 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 1333 | 1338092 |
| 4.90%, 03/15/45 | &nbsp;&nbsp; 658 | 575772 |
| 5.15%, 02/15/30 | &nbsp;&nbsp; 995 | 1024932 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 6.63%, 06/15/37 | &nbsp;&nbsp; $2261 | $2465749 |
| 7.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1260 | 1450862 |
| Var Energi ASA |  |  |
| 5.00%, 05/18/27<sup>(b)</sup> | &nbsp;&nbsp; 155 | 156283 |
| 5.88%, 05/22/30<sup>(b)</sup> | &nbsp;&nbsp; 1095 | 1134943 |
| 6.50%, 05/22/35<sup>(b)</sup> | &nbsp;&nbsp; 905 | 946364 |
| 7.50%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1700 | 1803836 |
| 8.00%, 11/15/32<sup>(b)</sup> | &nbsp;&nbsp; 2620 | 3002751 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | &nbsp;&nbsp; 425 | 428319 |
| 5.70%, 08/01/35 | &nbsp;&nbsp; 975 | 977603 |
| Woodside Finance Ltd. |  |  |
| 3.70%, 09/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 725 | 719489 |
| 3.70%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1755 | 1724655 |
| 4.50%, 03/04/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1881 | 1878637 |
| 4.90%, 05/19/28 | &nbsp;&nbsp; 75 | 75957 |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 1770 | 1734202 |
| 5.40%, 05/19/30 | &nbsp;&nbsp; 1065 | 1094462 |
| 5.70%, 05/19/32 | &nbsp;&nbsp; 695 | 718196 |
| 5.70%, 09/12/54 | &nbsp;&nbsp; 1410 | 1296752 |
| 6.00%, 05/19/35 | &nbsp;&nbsp; 2020 | 2087277 |
| XTO Energy Inc., 6.75%, 08/01/37 | &nbsp;&nbsp; 437 | 505397 |
|  |  | 642395076 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 1960 | 1886203 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 2.06%, 12/15/26 | &nbsp;&nbsp; 1087 | 1057937 |
| 3.14%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 930 | 894253 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 2648 | 2606638 |
| 4.08%, 12/15/47 | &nbsp;&nbsp; 2423 | 1885927 |
| 4.49%, 05/01/30 | &nbsp;&nbsp; 1402 | 1413193 |
| Guara Norte SARL, 5.20%, 06/15/34<sup>(b)</sup> | &nbsp;&nbsp; 373 | 360959 |
| Halliburton Co. |  |  |
| 2.92%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2163 | 2034051 |
| 4.50%, 11/15/41 | &nbsp;&nbsp; 705 | 603281 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 1493 | 1293440 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 1635 | 1593321 |
| 5.00%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 3223 | 2841190 |
| 6.70%, 09/15/38 | &nbsp;&nbsp; 1312 | 1437354 |
| 7.45%, 09/15/39 | &nbsp;&nbsp; 1653 | 1934027 |
| NOV Inc. |  |  |
| 3.60%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1123 | 1085604 |
| 3.95%, 12/01/42 | &nbsp;&nbsp; 1979 | 1498058 |
| Schlumberger Holdings Corp. |  |  |
| 2.65%, 06/26/30<sup>(b)</sup> | &nbsp;&nbsp; 1097 | 1019261 |
| 3.90%, 05/17/28<sup>(b)</sup> | &nbsp;&nbsp; 2482 | 2475719 |
| 4.30%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1514 | 1522834 |
| 4.50%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 640 | 644821 |
| 4.85%, 05/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 515 | 513590 |
| 5.00%, 05/29/27<sup>(b)</sup> | &nbsp;&nbsp; 650 | 659305 |
| 5.00%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 790 | 813489 |
| 5.00%, 06/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 720 | 720165 |
| Schlumberger Investment SA, 2.65%, <br> 06/26/30<sup>(a)</sup><br>| &nbsp;&nbsp; 1212 | 1126111 |
|  |  | 33920731 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| Amcor Finance USA Inc. |  |  |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 1000 | 1004586 |
| 5.63%, 05/26/33<sup>(a)</sup> | &nbsp;&nbsp; 750 | 779671 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| Amcor Flexibles North America Inc. |  |  |
| 2.63%, 06/19/30<sup>(a)</sup> | &nbsp;&nbsp; $1323 | $1216078 |
| 2.69%, 05/25/31 | &nbsp;&nbsp; 1348 | 1220274 |
| 3.10%, 09/15/26 | &nbsp;&nbsp; 580 | 571201 |
| 4.80%, 03/17/28 | &nbsp;&nbsp; 1280 | 1295620 |
| 5.10%, 03/17/30 | &nbsp;&nbsp; 475 | 486365 |
| 5.50%, 03/17/35 | &nbsp;&nbsp; 940 | 961030 |
| Amcor Group Finance PLC, 5.45%, 05/23/29 | &nbsp;&nbsp; 1105 | 1144285 |
| AptarGroup Inc., 3.60%, 03/15/32 | &nbsp;&nbsp; 360 | 330680 |
| Berry Global Inc. |  |  |
| 1.65%, 01/15/27 | &nbsp;&nbsp; 725 | 699950 |
| 5.50%, 04/15/28 | &nbsp;&nbsp; 975 | 1005608 |
| 5.65%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 920 | 956011 |
| 5.80%, 06/15/31 | &nbsp;&nbsp; 945 | 1000665 |
| CCL Industries Inc. |  |  |
| 3.05%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1310 | 1224269 |
| 3.25%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp; 715 | 704624 |
| Packaging Corp. of America |  |  |
| 3.00%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1130 | 1077995 |
| 3.05%, 10/01/51 | &nbsp;&nbsp; 1320 | 824930 |
| 3.40%, 12/15/27 | &nbsp;&nbsp; 1226 | 1203813 |
| 4.05%, 12/15/49 | &nbsp;&nbsp; 719 | 546127 |
| 5.20%, 08/15/35 | &nbsp;&nbsp; 330 | 331895 |
| 5.70%, 12/01/33 | &nbsp;&nbsp; 800 | 840276 |
| Sealed Air Corp., 1.57%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp; 1068 | 1031760 |
| Smurfit Kappa Treasury ULC |  |  |
| 5.20%, 01/15/30 | &nbsp;&nbsp; 950 | 980851 |
| 5.44%, 04/03/34 | &nbsp;&nbsp; 1650 | 1693553 |
| 5.78%, 04/03/54<sup>(a)</sup> | &nbsp;&nbsp; 1605 | 1579016 |
| Smurfit Westrock Financing DAC, 5.42%, <br> 01/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 560 | 570180 |
| Sonoco Products Co. |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 570 | 553546 |
| 2.85%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 775 | 690601 |
| 3.13%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1290 | 1214097 |
| 4.45%, 09/01/26 | &nbsp;&nbsp; 220 | 219935 |
| 4.60%, 09/01/29 | &nbsp;&nbsp; 925 | 929392 |
| 5.00%, 09/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1280 | 1252708 |
| 5.75%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 415 | 418844 |
| Stora Enso OYJ, 7.25%, 04/15/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 510 | 545436 |
| WestRock MWV LLC |  |  |
| 7.95%, 02/15/31 | &nbsp;&nbsp; 545 | 632839 |
| 8.20%, 01/15/30 | &nbsp;&nbsp; 1505 | 1731588 |
| WRKCo Inc. |  |  |
| 3.00%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 977 | 860339 |
| 3.38%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1009 | 995398 |
| 3.90%, 06/01/28 | &nbsp;&nbsp; 1085 | 1076980 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 1058 | 1052882 |
| 4.20%, 06/01/32 | &nbsp;&nbsp; 696 | 671232 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 1249 | 1275146 |
|  |  | 39402276 |
| **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
| AbbVie Inc. |  |  |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 5810 | 5733843 |
| 3.20%, 11/21/29 | &nbsp;&nbsp; 8788 | 8468165 |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 6483 | 5704631 |
| 4.25%, 11/14/28 | &nbsp;&nbsp; 2942 | 2966841 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 9320 | 7593665 |
| 4.30%, 05/14/36 | &nbsp;&nbsp; 2023 | 1916946 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 4139 | 3636730 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 3521 | 3025175 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.50%, 05/14/35 | &nbsp;&nbsp; $4335 | $4200625 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 2758 | 2700279 |
| 4.63%, 10/01/42 | &nbsp;&nbsp; 590 | 536600 |
| 4.65%, 03/15/28 | &nbsp;&nbsp; 1886 | 1917116 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 4342 | 3892361 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 1293 | 1167601 |
| 4.80%, 03/15/27 | &nbsp;&nbsp; 3685 | 3723102 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; 4375 | 4479240 |
| 4.85%, 06/15/44 | &nbsp;&nbsp; 1557 | 1429972 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 2095 | 2158317 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 2995 | 2702787 |
| 4.95%, 03/15/31 | &nbsp;&nbsp; 3395 | 3505457 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 4460 | 4543696 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 1725 | 1765693 |
| 5.35%, 03/15/44 | &nbsp;&nbsp; 1475 | 1442521 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 4995 | 4793643 |
| 5.50%, 03/15/64 | &nbsp;&nbsp; 2565 | 2464194 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 1325 | 1312260 |
| Astrazeneca Finance LLC |  |  |
| 1.75%, 05/28/28 | &nbsp;&nbsp; 2358 | 2230351 |
| 2.25%, 05/28/31 | &nbsp;&nbsp; 1270 | 1148062 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 1870 | 1892220 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 2005 | 2058972 |
| 4.88%, 03/03/28 | &nbsp;&nbsp; 1825 | 1866107 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 780 | 796189 |
| 4.90%, 03/03/30<sup>(a)</sup> | &nbsp;&nbsp; 1420 | 1466494 |
| 4.90%, 02/26/31 | &nbsp;&nbsp; 1705 | 1762813 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 2505 | 2559030 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30<sup>(a)</sup> | &nbsp;&nbsp; 2447 | 2147112 |
| 2.13%, 08/06/50 | &nbsp;&nbsp; 935 | 514829 |
| 3.00%, 05/28/51<sup>(a)</sup> | &nbsp;&nbsp; 1215 | 807298 |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 1310 | 1293943 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 2027 | 2027483 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 1770 | 1503921 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 1644 | 1431589 |
| 4.38%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp; 1261 | 1083935 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 3630 | 4099115 |
| Bayer Corp./New Jersey, 6.65%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1284 | 1346168 |
| Bayer U.S. Finance II LLC |  |  |
| 3.95%, 04/15/45<sup>(b)</sup> | &nbsp;&nbsp; 748 | 540528 |
| 4.20%, 07/15/34<sup>(b)</sup> | &nbsp;&nbsp; 759 | 695063 |
| 4.38%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 5637 | 5615339 |
| 4.40%, 07/15/44<sup>(b)</sup> | &nbsp;&nbsp; 1442 | 1132266 |
| 4.63%, 06/25/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 1617 | 1444172 |
| 4.65%, 11/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 480 | 378187 |
| 4.70%, 07/15/64<sup>(b)</sup> | &nbsp;&nbsp; 1180 | 875796 |
| 4.88%, 06/25/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 3440 | 2824946 |
| 5.50%, 07/30/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 745 | 750213 |
| Bayer U.S. Finance LLC |  |  |
| 6.13%, 11/21/26<sup>(b)</sup> | &nbsp;&nbsp; 1585 | 1612850 |
| 6.25%, 01/21/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1525 | 1604718 |
| 6.38%, 11/21/30<sup>(b)</sup> | &nbsp;&nbsp; 2120 | 2275055 |
| 6.50%, 11/21/33<sup>(b)</sup> | &nbsp;&nbsp; 2435 | 2609634 |
| 6.88%, 11/21/53<sup>(b)</sup> | &nbsp;&nbsp; 1195 | 1264608 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 1827 | 1606116 |
| 2.82%, 05/20/30 | &nbsp;&nbsp; 1381 | 1291801 |
| 3.70%, 06/06/27 | &nbsp;&nbsp; 3143 | 3120999 |
| 3.79%, 05/20/50 | &nbsp;&nbsp; 975 | 720792 |
| 4.30%, 08/22/32 | &nbsp;&nbsp; 960 | 936282 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.67%, 06/06/47 | &nbsp;&nbsp; $2539 | $2193609 |
| 4.69%, 02/13/28 | &nbsp;&nbsp; 1435 | 1454805 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 1661 | 1451525 |
| 4.87%, 02/08/29 | &nbsp;&nbsp; 1025 | 1045720 |
| 5.08%, 06/07/29 | &nbsp;&nbsp; 1310 | 1346571 |
| 5.11%, 02/08/34 | &nbsp;&nbsp; 785 | 794875 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13%, 11/13/27 | &nbsp;&nbsp; 1663 | 1567673 |
| 1.45%, 11/13/30 | &nbsp;&nbsp; 2266 | 1977935 |
| 2.35%, 11/13/40 | &nbsp;&nbsp; 1588 | 1091830 |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 2486 | 1442717 |
| 2.95%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2610 | 2381079 |
| 3.25%, 02/27/27 | &nbsp;&nbsp; 670 | 663005 |
| 3.25%, 08/01/42 | &nbsp;&nbsp; 820 | 617000 |
| 3.40%, 07/26/29 | &nbsp;&nbsp; 3986 | 3886772 |
| 3.45%, 11/15/27 | &nbsp;&nbsp; 1025 | 1016476 |
| 3.55%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 1915 | 1511113 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 3197 | 2309022 |
| 3.90%, 02/20/28 | &nbsp;&nbsp; 2573 | 2572232 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 1844 | 1308688 |
| 4.13%, 06/15/39 | &nbsp;&nbsp; 3085 | 2748414 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 6327 | 5064910 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 2159 | 1791503 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 460 | 398719 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 2052 | 1745121 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 1260 | 1109853 |
| 4.90%, 02/22/27 | &nbsp;&nbsp; 1395 | 1412341 |
| 4.90%, 02/22/29 | &nbsp;&nbsp; 2720 | 2793863 |
| 5.00%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1215 | 1129944 |
| 5.10%, 02/22/31 | &nbsp;&nbsp; 2365 | 2460502 |
| 5.20%, 02/22/34 | &nbsp;&nbsp; 3625 | 3721804 |
| 5.50%, 02/22/44 | &nbsp;&nbsp; 860 | 852571 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 4255 | 4103105 |
| 5.65%, 02/22/64<sup>(a)</sup> | &nbsp;&nbsp; 2790 | 2672273 |
| 5.75%, 02/01/31 | &nbsp;&nbsp; 1665 | 1780965 |
| 5.88%, 11/15/36 | &nbsp;&nbsp; 497 | 529444 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 1560 | 1680307 |
| 6.25%, 11/15/53 | &nbsp;&nbsp; 1965 | 2082470 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 2085 | 2230609 |
| 6.80%, 11/15/26 | &nbsp;&nbsp; 840 | 866580 |
| Cardinal Health Inc. |  |  |
| 3.41%, 06/15/27 | &nbsp;&nbsp; 1931 | 1906707 |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 1042 | 840278 |
| 4.50%, 09/15/30 | &nbsp;&nbsp; 650 | 651183 |
| 4.50%, 11/15/44 | &nbsp;&nbsp; 597 | 497224 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 635 | 542536 |
| 4.70%, 11/15/26 | &nbsp;&nbsp; 640 | 644068 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 829 | 723636 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 1720 | 1762547 |
| 5.13%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1325 | 1363647 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 650 | 645443 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 1125 | 1142550 |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 685 | 703494 |
| 5.75%, 11/15/54 | &nbsp;&nbsp; 1095 | 1052304 |
| Cencora Inc. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 1595 | 1461683 |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 940 | 881110 |
| 3.45%, 12/15/27 | &nbsp;&nbsp; 1673 | 1648431 |
| 4.25%, 03/01/45 | &nbsp;&nbsp; 915 | 743831 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 917 | 742630 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; 785 | 792562 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.85%, 12/15/29 | &nbsp;&nbsp; $945 | $966542 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 780 | 788594 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 555 | 559139 |
| CVS Health Corp. |  |  |
| 1.30%, 08/21/27 | &nbsp;&nbsp; 4097 | 3868538 |
| 1.75%, 08/21/30 | &nbsp;&nbsp; 2640 | 2307263 |
| 1.88%, 02/28/31 | &nbsp;&nbsp; 2135 | 1848321 |
| 2.13%, 09/15/31 | &nbsp;&nbsp; 1685 | 1454616 |
| 2.70%, 08/21/40 | &nbsp;&nbsp; 465 | 324218 |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 2867 | 2742604 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 1196 | 1184601 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 2294 | 2216235 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 1296 | 1085821 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 975 | 736373 |
| 4.30%, 03/25/28 | &nbsp;&nbsp; 7981 | 7977222 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 7776 | 7155751 |
| 4.88%, 07/20/35 | &nbsp;&nbsp; 1408 | 1350141 |
| 5.00%, 01/30/29 | &nbsp;&nbsp; 1880 | 1915958 |
| 5.00%, 09/15/32 | &nbsp;&nbsp; 1000 | 1004596 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 12839 | 11006825 |
| 5.13%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; 2445 | 2503626 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 6083 | 5361822 |
| 5.25%, 01/30/31 | &nbsp;&nbsp; 1720 | 1768718 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 2545 | 2574446 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 1805 | 1829153 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 985 | 896484 |
| 5.40%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1845 | 1906999 |
| 5.45%, 09/15/35 | &nbsp;&nbsp; 1425 | 1428198 |
| 5.55%, 06/01/31 | &nbsp;&nbsp; 2155 | 2251564 |
| 5.63%, 02/21/53 | &nbsp;&nbsp; 2045 | 1868022 |
| 5.70%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2437 | 2514016 |
| 5.88%, 06/01/53<sup>(a)</sup> | &nbsp;&nbsp; 2310 | 2188434 |
| 6.00%, 06/01/44 | &nbsp;&nbsp; 1370 | 1354449 |
| 6.00%, 06/01/63<sup>(a)</sup> | &nbsp;&nbsp; 839 | 795489 |
| 6.05%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1735 | 1685202 |
| 6.13%, 09/15/39 | &nbsp;&nbsp; 763 | 781173 |
| 6.20%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1775 | 1747053 |
| 6.25%, 06/01/27 | &nbsp;&nbsp; 680 | 702253 |
| 6.25%, 09/15/65 | &nbsp;&nbsp; 950 | 928575 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 2243 | 1256376 |
| 2.50%, 09/15/60<sup>(a)</sup> | &nbsp;&nbsp; 1362 | 741685 |
| 3.10%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 831 | 820155 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 1418 | 1391566 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 645 | 507496 |
| 3.95%, 05/15/47 | &nbsp;&nbsp; 761 | 612389 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 1585 | 1251239 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 2225 | 2230367 |
| 4.15%, 08/14/27 | &nbsp;&nbsp; 1890 | 1900939 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 995 | 776357 |
| 4.20%, 08/14/29 | &nbsp;&nbsp; 1550 | 1563687 |
| 4.25%, 03/15/31 | &nbsp;&nbsp; 1950 | 1954525 |
| 4.50%, 02/09/27 | &nbsp;&nbsp; 1585 | 1598156 |
| 4.50%, 02/09/29<sup>(a)</sup> | &nbsp;&nbsp; 1825 | 1855358 |
| 4.55%, 02/12/28 | &nbsp;&nbsp; 1490 | 1513107 |
| 4.55%, 10/15/32 | &nbsp;&nbsp; 1595 | 1602923 |
| 4.60%, 08/14/34 | &nbsp;&nbsp; 1875 | 1864294 |
| 4.70%, 02/27/33 | &nbsp;&nbsp; 1350 | 1368299 |
| 4.70%, 02/09/34 | &nbsp;&nbsp; 2275 | 2279369 |
| 4.75%, 02/12/30 | &nbsp;&nbsp; 1420 | 1459957 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 2102 | 1896205 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.90%, 02/12/32 | &nbsp;&nbsp; $1145 | $1182312 |
| 4.90%, 10/15/35 | &nbsp;&nbsp; 1950 | 1960942 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 1585 | 1409483 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 2605 | 2387606 |
| 5.05%, 08/14/54 | &nbsp;&nbsp; 1935 | 1790678 |
| 5.10%, 02/12/35 | &nbsp;&nbsp; 1905 | 1952465 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 2615 | 2381873 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 1185 | 1097417 |
| 5.50%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 465 | 476811 |
| 5.50%, 02/12/55 | &nbsp;&nbsp; 2015 | 1986972 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 695 | 736639 |
| 5.55%, 10/15/55 | &nbsp;&nbsp; 440 | 436564 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 1270 | 1258788 |
| 5.65%, 10/15/65<sup>(a)</sup> | &nbsp;&nbsp; 890 | 882524 |
| 5.95%, 11/15/37<sup>(a)</sup> | &nbsp;&nbsp; 435 | 468325 |
| EMD Finance LLC |  |  |
| 4.13%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp; 750 | 750094 |
| 4.38%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1650 | 1647973 |
| 4.63%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1800 | 1787467 |
| 5.00%, 10/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1650 | 1633467 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | &nbsp;&nbsp; 3084 | 3082940 |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 920 | 789022 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 1310 | 1326030 |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 960 | 961104 |
| 5.38%, 04/15/34 | &nbsp;&nbsp; 860 | 900315 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 4548 | 5062942 |
| GlaxoSmithKline Capital PLC |  |  |
| 3.38%, 06/01/29 | &nbsp;&nbsp; 1764 | 1721092 |
| 4.32%, 03/12/27 | &nbsp;&nbsp; 695 | 699391 |
| Johnson & Johnson |  |  |
| 0.95%, 09/01/27 | &nbsp;&nbsp; 2481 | 2352072 |
| 1.30%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3001 | 2646205 |
| 2.10%, 09/01/40 | &nbsp;&nbsp; 1835 | 1273596 |
| 2.25%, 09/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1555 | 900657 |
| 2.45%, 09/01/60 | &nbsp;&nbsp; 1968 | 1079327 |
| 2.90%, 01/15/28 | &nbsp;&nbsp; 2440 | 2395363 |
| 2.95%, 03/03/27 | &nbsp;&nbsp; 1568 | 1548598 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 1816 | 1573162 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 1379 | 1046427 |
| 3.55%, 03/01/36 | &nbsp;&nbsp; 1646 | 1488873 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 2582 | 2318802 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 3006 | 2406182 |
| 3.75%, 03/03/47 | &nbsp;&nbsp; 1793 | 1431138 |
| 4.38%, 12/05/33<sup>(a)</sup> | &nbsp;&nbsp; 1462 | 1466900 |
| 4.50%, 03/01/27 | &nbsp;&nbsp; 1100 | 1110764 |
| 4.50%, 09/01/40<sup>(a)</sup> | &nbsp;&nbsp; 1065 | 1019567 |
| 4.50%, 12/05/43<sup>(a)</sup> | &nbsp;&nbsp; 955 | 885159 |
| 4.55%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1005 | 1024060 |
| 4.70%, 03/01/30 | &nbsp;&nbsp; 2150 | 2214553 |
| 4.80%, 06/01/29 | &nbsp;&nbsp; 2040 | 2105827 |
| 4.85%, 03/01/32 | &nbsp;&nbsp; 1780 | 1844519 |
| 4.85%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; 449 | 436734 |
| 4.90%, 06/01/31 | &nbsp;&nbsp; 2045 | 2135498 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 741 | 772543 |
| 4.95%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1385 | 1447873 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 1845 | 1897429 |
| 5.25%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1495 | 1475644 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 1271 | 1391794 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 1527 | 1685066 |
| 6.95%, 09/01/29 | &nbsp;&nbsp; 1135 | 1266707 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| McKesson Corp. |  |  |
| 3.95%, 02/16/28 | &nbsp;&nbsp; $862 | $860118 |
| 4.25%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1320 | 1326743 |
| 4.65%, 05/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1380 | 1403802 |
| 4.88%, 03/15/44 | &nbsp;&nbsp; 692 | 614902 |
| 4.90%, 07/15/28 | &nbsp;&nbsp; 935 | 955119 |
| 4.95%, 05/30/32 | &nbsp;&nbsp; 1050 | 1070787 |
| 5.10%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 800 | 819781 |
| 5.25%, 05/30/35 | &nbsp;&nbsp; 1265 | 1289275 |
| Mead Johnson Nutrition Co. |  |  |
| 4.60%, 06/01/44 | &nbsp;&nbsp; 730 | 642913 |
| 5.90%, 11/01/39<sup>(a)</sup> | &nbsp;&nbsp; 435 | 454498 |
| Merck & Co. Inc. |  |  |
| 1.45%, 06/24/30<sup>(a)</sup> | &nbsp;&nbsp; 1110 | 980693 |
| 1.70%, 06/10/27<sup>(a)</sup> | &nbsp;&nbsp; 2444 | 2354632 |
| 1.90%, 12/10/28 | &nbsp;&nbsp; 2137 | 2006306 |
| 2.15%, 12/10/31 | &nbsp;&nbsp; 3355 | 2953862 |
| 2.35%, 06/24/40 | &nbsp;&nbsp; 1608 | 1133445 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 1966 | 1135854 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 3803 | 2308404 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 2475 | 1421163 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 2893 | 2838476 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 957 | 757686 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 3101 | 2428626 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 1771 | 1558644 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 2252 | 1774100 |
| 4.05%, 05/17/28 | &nbsp;&nbsp; 705 | 708740 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 2084 | 1768740 |
| 4.30%, 05/17/30 | &nbsp;&nbsp; 1940 | 1957899 |
| 4.50%, 05/17/33<sup>(a)</sup> | &nbsp;&nbsp; 2100 | 2100922 |
| 4.90%, 05/17/44 | &nbsp;&nbsp; 1470 | 1367091 |
| 5.00%, 05/17/53<sup>(a)</sup> | &nbsp;&nbsp; 2420 | 2191390 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 1500 | 1364528 |
| 6.50%, 12/01/33 | &nbsp;&nbsp; 1250 | 1413713 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 565 | 642483 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.75%, 11/15/36 | &nbsp;&nbsp; 818 | 872194 |
| 5.85%, 06/30/39<sup>(a)</sup> | &nbsp;&nbsp; 705 | 741549 |
| 5.95%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1535 | 1626123 |
| 6.40%, 03/01/28 | &nbsp;&nbsp; 1290 | 1361610 |
| Mylan Inc. |  |  |
| 4.55%, 04/15/28 | &nbsp;&nbsp; 1209 | 1201500 |
| 5.20%, 04/15/48 | &nbsp;&nbsp; 1133 | 908978 |
| 5.40%, 11/29/43 | &nbsp;&nbsp; 746 | 632143 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | &nbsp;&nbsp; 1956 | 1906476 |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 2704 | 2481202 |
| 2.75%, 08/14/50<sup>(a)</sup> | &nbsp;&nbsp; 2321 | 1460021 |
| 3.10%, 05/17/27 | &nbsp;&nbsp; 1455 | 1437638 |
| 3.70%, 09/21/42 | &nbsp;&nbsp; 1068 | 870692 |
| 3.80%, 09/18/29 | &nbsp;&nbsp; 1605 | 1598376 |
| 4.00%, 09/18/31 | &nbsp;&nbsp; 1745 | 1733363 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 1623 | 1336620 |
| 4.20%, 09/18/34<sup>(a)</sup> | &nbsp;&nbsp; 1130 | 1094783 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 3212 | 2844485 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 1255 | 1107626 |
| Pfizer Inc. |  |  |
| 1.70%, 05/28/30 | &nbsp;&nbsp; 1815 | 1625096 |
| 1.75%, 08/18/31 | &nbsp;&nbsp; 1583 | 1381791 |
| 2.55%, 05/28/40 | &nbsp;&nbsp; 1556 | 1122152 |
| 2.63%, 04/01/30 | &nbsp;&nbsp; 2728 | 2560716 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 2.70%, 05/28/50 | &nbsp;&nbsp; $1869 | $1139399 |
| 3.00%, 12/15/26<sup>(a)</sup> | &nbsp;&nbsp; 2722 | 2691763 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 2753 | 2710083 |
| 3.60%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1913 | 1902616 |
| 3.90%, 03/15/39 | &nbsp;&nbsp; 1488 | 1298351 |
| 4.00%, 12/15/36<sup>(a)</sup> | &nbsp;&nbsp; 1624 | 1496463 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 2129 | 1664642 |
| 4.10%, 09/15/38 | &nbsp;&nbsp; 1183 | 1063827 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 2394 | 1943186 |
| 4.20%, 09/15/48 | &nbsp;&nbsp; 1686 | 1375927 |
| 4.30%, 06/15/43 | &nbsp;&nbsp; 1196 | 1025509 |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 1513 | 1318325 |
| 5.60%, 09/15/40 | &nbsp;&nbsp; 1017 | 1043593 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 3720 | 4410280 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.45%, 05/19/28<sup>(a)</sup> | &nbsp;&nbsp; 6120 | 6194198 |
| 4.65%, 05/19/30<sup>(a)</sup> | &nbsp;&nbsp; 4775 | 4867744 |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 8205 | 8221410 |
| 5.11%, 05/19/43 | &nbsp;&nbsp; 4860 | 4604110 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 9700 | 9035914 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 6550 | 5968179 |
| Sanofi SA, 3.63%, 06/19/28 | &nbsp;&nbsp; 1886 | 1875969 |
| Shire Acquisitions Investments Ireland DAC, <br> 3.20%, 09/23/26<br>| &nbsp;&nbsp; 813 | 804568 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 2.05%, 03/31/30 | &nbsp;&nbsp; 3855 | 3499140 |
| 3.03%, 07/09/40 | &nbsp;&nbsp; 2630 | 1980072 |
| 3.18%, 07/09/50 | &nbsp;&nbsp; 3435 | 2241333 |
| 3.38%, 07/09/60<sup>(a)</sup> | &nbsp;&nbsp; 1536 | 970796 |
| 5.00%, 11/26/28 | &nbsp;&nbsp; 2843 | 2909583 |
| 5.30%, 07/05/34 | &nbsp;&nbsp; 1425 | 1455775 |
| 5.65%, 07/05/44<sup>(a)</sup> | &nbsp;&nbsp; 1110 | 1111484 |
| 5.65%, 07/05/54<sup>(a)</sup> | &nbsp;&nbsp; 800 | 774425 |
| 5.80%, 07/05/64<sup>(a)</sup> | &nbsp;&nbsp; 975 | 948859 |
| Takeda U.S. Financing Inc. |  |  |
| 5.20%, 07/07/35 | &nbsp;&nbsp; 2000 | 2009095 |
| 5.90%, 07/07/55 | &nbsp;&nbsp; 2410 | 2398060 |
| Utah Acquisition Sub Inc., 5.25%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 1336 | 1090487 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | &nbsp;&nbsp; 1173 | 1125674 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 1798 | 1616693 |
| 3.85%, 06/22/40 | &nbsp;&nbsp; 2316 | 1731885 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 2893 | 1906019 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | &nbsp;&nbsp; 3461 | 3692082 |
| 6.00%, 02/15/36 | &nbsp;&nbsp; 875 | 944142 |
| 6.50%, 02/01/34 | &nbsp;&nbsp; 1158 | 1296818 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 1409 | 1276919 |
| 3.00%, 09/12/27<sup>(a)</sup> | &nbsp;&nbsp; 1714 | 1679687 |
| 3.00%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 936 | 606069 |
| 3.90%, 08/20/28 | &nbsp;&nbsp; 1224 | 1222444 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 932 | 733893 |
| 4.15%, 08/17/28 | &nbsp;&nbsp; 850 | 852177 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 594 | 500147 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 1946 | 1758878 |
| 5.00%, 08/17/35 | &nbsp;&nbsp; 850 | 846526 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 1100 | 1163743 |
|  |  | 634615453 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines — 3.7%** | **Pipelines — 3.7%** | **Pipelines — 3.7%** |
| Abu Dhabi Crude Oil Pipeline LLC |  |  |
| 3.65%, 11/02/29<sup>(b)</sup> | &nbsp;&nbsp; $785 | $769223 |
| 4.60%, 11/02/47<sup>(b)</sup> | &nbsp;&nbsp; 3375 | 3090800 |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/31 | &nbsp;&nbsp; 1015 | 945738 |
| 3.60%, 09/01/32 | &nbsp;&nbsp; 840 | 769273 |
| 4.45%, 07/15/27 | &nbsp;&nbsp; 1208 | 1210400 |
| 4.80%, 05/03/29 | &nbsp;&nbsp; 1315 | 1334254 |
| 5.63%, 08/01/34 | &nbsp;&nbsp; 940 | 964198 |
| Cameron LNG LLC |  |  |
| 2.90%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1500 | 1371092 |
| 3.30%, 01/15/35<sup>(b)</sup> | &nbsp;&nbsp; 1355 | 1165819 |
| 3.40%, 01/15/38<sup>(b)</sup> | &nbsp;&nbsp; 780 | 669337 |
| 3.70%, 01/15/39<sup>(b)</sup> | &nbsp;&nbsp; 1525 | 1295250 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.74%, 12/31/39 | &nbsp;&nbsp; 985 | 816111 |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 1966 | 1909822 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 2104 | 2126520 |
| Cheniere Energy Inc. |  |  |
| 4.63%, 10/15/28 | &nbsp;&nbsp; 1330 | 1328957 |
| 5.65%, 04/15/34 | &nbsp;&nbsp; 2360 | 2409156 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 1878 | 1700078 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 2575 | 2481467 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; 3260 | 3253103 |
| 5.55%, 10/30/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 760 | 766985 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; 1970 | 2023362 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 2046 | 2142231 |
| Colonial Enterprises Inc. |  |  |
| 3.25%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1327 | 1235753 |
| 5.63%, 11/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 515 | 515173 |
| Colonial Pipeline Co. |  |  |
| 4.20%, 04/15/43<sup>(b)</sup> | &nbsp;&nbsp; 550 | 428630 |
| 4.25%, 04/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1125 | 852516 |
| 6.38%, 08/01/37<sup>(b)</sup> | &nbsp;&nbsp; 155 | 160361 |
| 7.63%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 720 | 818913 |
| Columbia Pipeline Group Inc., 5.80%, 06/01/45 | &nbsp;&nbsp; 835 | 817946 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 5.10%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 865 | 878528 |
| 5.68%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 835 | 854920 |
| 6.04%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1380 | 1443636 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.44%, 02/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 460 | 462137 |
| 5.70%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; 910 | 840604 |
| 5.93%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1570 | 1669634 |
| 5.96%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 815 | 776169 |
| 6.04%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2435 | 2577620 |
| 6.50%, 08/15/43<sup>(b)</sup> | &nbsp;&nbsp; 970 | 1008261 |
| 6.54%, 11/15/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 2135 | 2208692 |
| 6.71%, 08/15/63<sup>(a)(b)</sup> | &nbsp;&nbsp; 730 | 770901 |
| DCP Midstream Operating LP |  |  |
| 3.25%, 02/15/32 | &nbsp;&nbsp; 875 | 786999 |
| 5.13%, 05/15/29 | &nbsp;&nbsp; 1310 | 1338595 |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 885 | 824872 |
| 5.63%, 07/15/27 | &nbsp;&nbsp; 1450 | 1480355 |
| 6.45%, 11/03/36<sup>(b)</sup> | &nbsp;&nbsp; 595 | 622638 |
| 6.75%, 09/15/37<sup>(b)</sup> | &nbsp;&nbsp; 820 | 871041 |
| 8.13%, 08/16/30 | &nbsp;&nbsp; 440 | 504918 |
| DT Midstream Inc. |  |  |
| 4.13%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 530 | 515095 |
| 4.30%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1010 | 952146 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.38%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; $75 | $72157 |
| 5.80%, 12/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1240 | 1263569 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/54 | &nbsp;&nbsp; 1485 | 1417820 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 1180 | 1230105 |
| 6.20%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 295 | 301642 |
| Eastern Gas Transmission & Storage Inc. |  |  |
| 3.00%, 11/15/29 | &nbsp;&nbsp; 1124 | 1070492 |
| 3.90%, 11/15/49<sup>(a)</sup> | &nbsp;&nbsp; 501 | 359383 |
| 4.60%, 12/15/44 | &nbsp;&nbsp; 789 | 665066 |
| 4.80%, 11/01/43 | &nbsp;&nbsp; 662 | 580061 |
| EIG Pearl Holdings SARL |  |  |
| 3.55%, 08/31/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 943 | 856589 |
| 4.39%, 11/30/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1485 | 1204538 |
| El Paso Natural Gas Co. LLC |  |  |
| 3.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 425 | 387573 |
| 8.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 595 | 707852 |
| Enbridge Energy Partners LP |  |  |
| 5.50%, 09/15/40 | &nbsp;&nbsp; 1074 | 1046092 |
| 7.38%, 10/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1102 | 1266451 |
| Series B, 7.50%, 04/15/38 | &nbsp;&nbsp; 665 | 779061 |
| Enbridge Inc. |  |  |
| 1.60%, 10/04/26 | &nbsp;&nbsp; 862 | 837817 |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 1695 | 1426908 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 1760 | 1678591 |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 1675 | 1106965 |
| 3.70%, 07/15/27 | &nbsp;&nbsp; 1715 | 1700000 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 985 | 729307 |
| 4.25%, 12/01/26 | &nbsp;&nbsp; 1114 | 1114135 |
| 4.50%, 06/10/44 | &nbsp;&nbsp; 894 | 744853 |
| 4.60%, 06/20/28 | &nbsp;&nbsp; 845 | 854026 |
| 4.90%, 06/20/30<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1020882 |
| 5.25%, 04/05/27 | &nbsp;&nbsp; 800 | 812852 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; 1510 | 1558585 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 1346 | 1288982 |
| 5.50%, 07/15/77, (3-mo. CME Term SOFR + <br> 3.680%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1375 | 1369275 |
| 5.55%, 06/20/35 | &nbsp;&nbsp; 1455 | 1481786 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 2125 | 2193830 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 3775 | 3938058 |
| 5.90%, 11/15/26 | &nbsp;&nbsp; 1385 | 1409230 |
| 5.95%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 2005 | 1977860 |
| 6.00%, 11/15/28 | &nbsp;&nbsp; 1420 | 1496330 |
| 6.20%, 11/15/30 | &nbsp;&nbsp; 1280 | 1378006 |
| 6.25%, 03/01/78, (3-mo. CME Term SOFR + <br> 3.903%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1331 | 1339328 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 2085 | 2245554 |
| 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(d)</sup> | &nbsp;&nbsp; 1115 | 1159435 |
| 7.38%, 03/15/55, (5-year CMT + <br> 3.122%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 345 | 362436 |
| 7.38%, 01/15/83, (5-year CMT + 3.708%)<sup>(d)</sup> | &nbsp;&nbsp; 500 | 517365 |
| 7.63%, 01/15/83, (5-year CMT + <br> 4.418%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 490 | 523058 |
| 8.25%, 01/15/84, (5-year CMT + 3.785%)<sup>(d)</sup> | &nbsp;&nbsp; 1060 | 1129090 |
| 8.50%, 01/15/84, (5-year CMT + <br> 4.431%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1910 | 2160619 |
| Series 16-A, 6.00%, 01/15/77, (3-mo. CME <br> Term SOFR + 4.152%)<sup>(d)</sup><br>| &nbsp;&nbsp; 852 | 854328 |
| Series 20-A, 5.75%, 07/15/80, (5-year CMT + <br> 5.314%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1278 | 1276399 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Energy Transfer LP |  |  |
| 3.75%, 05/15/30 | &nbsp;&nbsp; $2685 | $2602969 |
| 4.00%, 10/01/27 | &nbsp;&nbsp; 1399 | 1391384 |
| 4.15%, 09/15/29 | &nbsp;&nbsp; 943 | 934548 |
| 4.20%, 04/15/27 | &nbsp;&nbsp; 927 | 925971 |
| 4.40%, 03/15/27 | &nbsp;&nbsp; 1192 | 1194366 |
| 4.90%, 03/15/35 | &nbsp;&nbsp; 1088 | 1044716 |
| 4.95%, 05/15/28 | &nbsp;&nbsp; 1557 | 1582537 |
| 4.95%, 06/15/28 | &nbsp;&nbsp; 1765 | 1792473 |
| 4.95%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 574 | 494698 |
| 5.00%, 05/15/44 | &nbsp;&nbsp; 790 | 682364 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 3305 | 2742965 |
| 5.15%, 02/01/43 | &nbsp;&nbsp; 723 | 640285 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 1615 | 1420459 |
| 5.20%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 425 | 437131 |
| 5.25%, 04/15/29 | &nbsp;&nbsp; 2340 | 2406165 |
| 5.25%, 07/01/29 | &nbsp;&nbsp; 1015 | 1046835 |
| 5.30%, 04/01/44 | &nbsp;&nbsp; 1083 | 969650 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 1723 | 1518952 |
| 5.35%, 05/15/45 | &nbsp;&nbsp; 1346 | 1205282 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 2621 | 2335194 |
| 5.50%, 06/01/27 | &nbsp;&nbsp; 1393 | 1416650 |
| 5.55%, 02/15/28 | &nbsp;&nbsp; 1864 | 1918251 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 2320 | 2355285 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 2240 | 2276541 |
| 5.63%, 05/01/27<sup>(b)</sup> | &nbsp;&nbsp; 675 | 675052 |
| 5.70%, 04/01/35 | &nbsp;&nbsp; 1994 | 2029948 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 2440 | 2536364 |
| 5.95%, 10/01/43 | &nbsp;&nbsp; 702 | 681604 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; 2923 | 2736841 |
| 6.00%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1525 | 1546638 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 1575 | 1509964 |
| 6.05%, 12/01/26 | &nbsp;&nbsp; 1555 | 1584818 |
| 6.05%, 06/01/41 | &nbsp;&nbsp; 1212 | 1210057 |
| 6.05%, 09/01/54 | &nbsp;&nbsp; 2115 | 2011133 |
| 6.10%, 12/01/28 | &nbsp;&nbsp; 895 | 941363 |
| 6.10%, 02/15/42 | &nbsp;&nbsp; 497 | 496050 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 1510 | 1485669 |
| 6.20%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 1935 | 1876247 |
| 6.25%, 04/15/49 | &nbsp;&nbsp; 2936 | 2878723 |
| 6.40%, 12/01/30 | &nbsp;&nbsp; 1695 | 1833945 |
| 6.50%, 02/01/42 | &nbsp;&nbsp; 1490 | 1544566 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 2245 | 2431850 |
| 6.63%, 10/15/36 | &nbsp;&nbsp; 745 | 804068 |
| 6.85%, 02/15/40<sup>(a)</sup> | &nbsp;&nbsp; 560 | 607753 |
| 7.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 1190 | 1244831 |
| 7.50%, 07/01/38 | &nbsp;&nbsp; 850 | 977238 |
| 8.25%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 619 | 705565 |
| Series 20Y, 5.80%, 06/15/38 | &nbsp;&nbsp; 975 | 982972 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 2233 | 2108416 |
| 3.13%, 07/31/29 | &nbsp;&nbsp; 2334 | 2249009 |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 1624 | 1054986 |
| 3.30%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1682 | 1103092 |
| 3.70%, 01/31/51 | &nbsp;&nbsp; 1596 | 1142240 |
| 3.95%, 02/15/27 | &nbsp;&nbsp; 1165 | 1162777 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 1516 | 1090457 |
| 4.15%, 10/16/28 | &nbsp;&nbsp; 1767 | 1774912 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 1999 | 1572701 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 2097 | 1691652 |
| 4.30%, 06/20/28 | &nbsp;&nbsp; 1320 | 1330094 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.45%, 02/15/43 | &nbsp;&nbsp; $1864 | $1611689 |
| 4.60%, 01/11/27 | &nbsp;&nbsp; 1370 | 1378347 |
| 4.60%, 01/15/31 | &nbsp;&nbsp; 2405 | 2426706 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 2285 | 1975139 |
| 4.85%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; 1470 | 1469825 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 1480 | 1346101 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 2356 | 2128029 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 1625 | 1452616 |
| 4.95%, 02/15/35 | &nbsp;&nbsp; 1770 | 1766535 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 897 | 777418 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 1906 | 1764625 |
| 5.20%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 2360 | 2381480 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 1480 | 1532858 |
| 5.38%, 02/15/78, (3-mo. CME Term SOFR + <br> 2.832%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1133 | 1120970 |
| 5.55%, 02/16/55<sup>(a)</sup> | &nbsp;&nbsp; 2030 | 1937383 |
| 5.70%, 02/15/42 | &nbsp;&nbsp; 1187 | 1194370 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 1005 | 1041876 |
| 6.13%, 10/15/39 | &nbsp;&nbsp; 1202 | 1280043 |
| 6.45%, 09/01/40 | &nbsp;&nbsp; 1130 | 1241758 |
| 7.55%, 04/15/38 | &nbsp;&nbsp; 680 | 805468 |
| Series D, 6.88%, 03/01/33 | &nbsp;&nbsp; 912 | 1026549 |
| Series E, 5.25%, 08/16/77, (3-mo. CME Term <br> SOFR + 3.295%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 1236 | 1223010 |
| Series H, 6.65%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 545 | 613507 |
| Series J, 5.75%, 03/01/35 | &nbsp;&nbsp; 615 | 641238 |
| Fermaca Enterprises S de RL de CV, 6.38%, <br> 03/30/38<sup>(b)</sup><br>| &nbsp;&nbsp; 443 | 440601 |
| Flex Intermediate Holdco LLC |  |  |
| 3.36%, 06/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1340 | 1224602 |
| 4.32%, 12/30/39<sup>(b)</sup> | &nbsp;&nbsp; 880 | 700718 |
| FLNG Liquefaction 2 LLC, 4.13%, 03/31/38<sup>(b)</sup> | &nbsp;&nbsp; 1685 | 1556758 |
| Florida Gas Transmission Co. LLC |  |  |
| 2.30%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 1050 | 925838 |
| 2.55%, 07/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 890 | 817741 |
| 5.75%, 07/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 685 | 705666 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 1.75%, 09/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 161 | 156274 |
| 2.16%, 03/31/34<sup>(b)</sup> | &nbsp;&nbsp; 2315 | 2087291 |
| 2.63%, 03/31/36<sup>(b)</sup> | &nbsp;&nbsp; 2605 | 2271931 |
| 2.94%, 09/30/40<sup>(b)</sup> | &nbsp;&nbsp; 2614 | 2189050 |
| 3.25%, 09/30/40<sup>(a)(b)</sup> | &nbsp;&nbsp; 2215 | 1767712 |
| GNL Quintero SA, 4.63%, 07/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 445 | 444176 |
| Gray Oak Pipeline LLC, 3.45%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 830 | 816772 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 2000 | 2069063 |
| 6.10%, 08/23/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 2000 | 2066116 |
| 6.13%, 02/23/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 1255 | 1323697 |
| 6.51%, 02/23/42<sup>(b)</sup> | &nbsp;&nbsp; 2290 | 2435883 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/35<sup>(b)</sup> | &nbsp;&nbsp; 850 | 859445 |
| 5.95%, 10/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 509 | 491520 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; 1044 | 899642 |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 1153 | 1033172 |
| 5.00%, 03/01/43 | &nbsp;&nbsp; 1130 | 1013070 |
| 5.40%, 09/01/44 | &nbsp;&nbsp; 830 | 768937 |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 1238 | 1166765 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 639 | 619021 |
| 5.80%, 03/15/35 | &nbsp;&nbsp; 930 | 960252 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 935 | 977127 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.50%, 02/01/37 | &nbsp;&nbsp; $623 | $663217 |
| 6.50%, 09/01/39 | &nbsp;&nbsp; 1017 | 1086548 |
| 6.55%, 09/15/40 | &nbsp;&nbsp; 794 | 847304 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 1800 | 2003393 |
| 7.30%, 08/15/33 | &nbsp;&nbsp; 805 | 908340 |
| 7.40%, 03/15/31 | &nbsp;&nbsp; 499 | 563745 |
| 7.50%, 11/15/40 | &nbsp;&nbsp; 716 | 832431 |
| 7.75%, 03/15/32 | &nbsp;&nbsp; 452 | 523731 |
| Kinder Morgan Inc. |  |  |
| 1.75%, 11/15/26 | &nbsp;&nbsp; 320 | 310796 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 1385 | 1221309 |
| 3.25%, 08/01/50 | &nbsp;&nbsp; 1082 | 688315 |
| 3.60%, 02/15/51 | &nbsp;&nbsp; 1922 | 1306540 |
| 4.30%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1937 | 1944368 |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 1478 | 1461116 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 2610 | 2665003 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 992 | 870410 |
| 5.10%, 08/01/29 | &nbsp;&nbsp; 1020 | 1048154 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 710 | 730120 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 2265 | 2291358 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 1241 | 1102651 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 1232 | 1239658 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 1550 | 1578178 |
| 5.45%, 08/01/52 | &nbsp;&nbsp; 1205 | 1093337 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 2993 | 2813602 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 505 | 524726 |
| 5.95%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1040 | 1009023 |
| 7.75%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1736 | 2006642 |
| 7.80%, 08/01/31 | &nbsp;&nbsp; 893 | 1033172 |
| Midwest Connector Capital Co. LLC, 4.63%, <br> 04/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 810 | 808975 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | &nbsp;&nbsp; 2625 | 2399918 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 2317 | 2304778 |
| 4.13%, 03/01/27 | &nbsp;&nbsp; 1932 | 1928068 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 1452 | 1451863 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 3052 | 2721494 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 2831 | 2295737 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 1646 | 1667206 |
| 4.80%, 02/15/31 | &nbsp;&nbsp; 1230 | 1230925 |
| 4.90%, 04/15/58 | &nbsp;&nbsp; 698 | 558388 |
| 4.95%, 09/01/32 | &nbsp;&nbsp; 1469 | 1460223 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 2508 | 2065416 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 1125 | 1115155 |
| 5.00%, 03/01/33 | &nbsp;&nbsp; 1630 | 1614481 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 1656 | 1441093 |
| 5.20%, 12/01/47 | &nbsp;&nbsp; 726 | 628249 |
| 5.40%, 04/01/35 | &nbsp;&nbsp; 1190 | 1181567 |
| 5.40%, 09/15/35 | &nbsp;&nbsp; 1730 | 1707886 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 2712 | 2734745 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 2470 | 2223301 |
| 5.65%, 03/01/53 | &nbsp;&nbsp; 1090 | 989085 |
| 5.95%, 04/01/55 | &nbsp;&nbsp; 1540 | 1452468 |
| 6.20%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1515 | 1472275 |
| NGPL PipeCo LLC |  |  |
| 3.25%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1385 | 1247377 |
| 4.88%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1531 | 1533077 |
| 7.77%, 12/15/37<sup>(b)</sup> | &nbsp;&nbsp; 742 | 850841 |
| Northern Natural Gas Co. |  |  |
| 3.40%, 10/16/51<sup>(b)</sup> | &nbsp;&nbsp; 1175 | 772845 |
| 4.10%, 09/15/42<sup>(b)</sup> | &nbsp;&nbsp; 420 | 334790 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.30%, 01/15/49<sup>(b)</sup> | &nbsp;&nbsp; $1390 | $1086674 |
| 5.63%, 02/01/54<sup>(b)</sup> | &nbsp;&nbsp; 870 | 820953 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 760 | 757536 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 1615 | 1520900 |
| 3.25%, 06/01/30 | &nbsp;&nbsp; 910 | 859513 |
| 3.40%, 09/01/29 | &nbsp;&nbsp; 1211 | 1162652 |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 1280 | 908209 |
| 4.00%, 07/13/27 | &nbsp;&nbsp; 955 | 951478 |
| 4.20%, 12/01/42<sup>(a)</sup> | &nbsp;&nbsp; 286 | 221182 |
| 4.20%, 03/15/45 | &nbsp;&nbsp; 385 | 291560 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 840 | 629945 |
| 4.25%, 09/24/27 | &nbsp;&nbsp; 315 | 315284 |
| 4.25%, 09/15/46 | &nbsp;&nbsp; 870 | 662852 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 1289 | 1286405 |
| 4.40%, 10/15/29 | &nbsp;&nbsp; 895 | 893732 |
| 4.45%, 09/01/49 | &nbsp;&nbsp; 980 | 764592 |
| 4.50%, 03/15/50 | &nbsp;&nbsp; 815 | 635451 |
| 4.55%, 07/15/28 | &nbsp;&nbsp; 1134 | 1142167 |
| 4.75%, 10/15/31 | &nbsp;&nbsp; 880 | 879988 |
| 4.85%, 02/01/49 | &nbsp;&nbsp; 800 | 651906 |
| 4.95%, 10/15/32 | &nbsp;&nbsp; 750 | 745342 |
| 4.95%, 07/13/47<sup>(a)</sup> | &nbsp;&nbsp; 969 | 819315 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 2445 | 2383875 |
| 5.05%, 04/01/45 | &nbsp;&nbsp; 460 | 398904 |
| 5.15%, 10/15/43 | &nbsp;&nbsp; 971 | 859101 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 1444 | 1258547 |
| 5.38%, 06/01/29 | &nbsp;&nbsp; 720 | 741318 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 750 | 742851 |
| 5.45%, 06/01/47<sup>(a)</sup> | &nbsp;&nbsp; 675 | 604428 |
| 5.55%, 11/01/26 | &nbsp;&nbsp; 1405 | 1421487 |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 765 | 701589 |
| 5.63%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 990 | 1012958 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 1699 | 1764865 |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 820 | 833947 |
| 5.70%, 11/01/54 | &nbsp;&nbsp; 2460 | 2242861 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 1210 | 1273120 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 1300 | 1183482 |
| 6.00%, 06/15/35 | &nbsp;&nbsp; 735 | 760921 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 2400 | 2525178 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 1200 | 1273525 |
| 6.25%, 10/15/55 | &nbsp;&nbsp; 2175 | 2124977 |
| 6.35%, 01/15/31 | &nbsp;&nbsp; 1141 | 1225477 |
| 6.40%, 05/01/37<sup>(a)</sup> | &nbsp;&nbsp; 680 | 707178 |
| 6.50%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1705 | 1834868 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 2795 | 2869913 |
| 7.15%, 01/15/51 | &nbsp;&nbsp; 514 | 550999 |
| ONEOK Partners LP |  |  |
| 6.13%, 02/01/41 | &nbsp;&nbsp; 1089 | 1098382 |
| 6.20%, 09/15/43 | &nbsp;&nbsp; 730 | 729739 |
| 6.65%, 10/01/36 | &nbsp;&nbsp; 1079 | 1168802 |
| 6.85%, 10/15/37 | &nbsp;&nbsp; 1050 | 1144605 |
| Pipeline Funding Co. LLC, 7.50%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 523 | 536720 |
| Plains All American Pipeline LP, 5.95%, <br> 06/15/35<br>| &nbsp;&nbsp; 1800 | 1854152 |
| Plains All American Pipeline LP/PAA <br> Finance Corp.<br>|  |  |
| 3.55%, 12/15/29 | &nbsp;&nbsp; 2242 | 2160041 |
| 3.80%, 09/15/30 | &nbsp;&nbsp; 1510 | 1456895 |
| 4.30%, 01/31/43 | &nbsp;&nbsp; 754 | 594505 |
| 4.50%, 12/15/26 | &nbsp;&nbsp; 1315 | 1315847 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.70%, 06/15/44 | &nbsp;&nbsp; $1359 | $1123486 |
| 4.90%, 02/15/45 | &nbsp;&nbsp; 1164 | 986203 |
| 5.15%, 06/01/42 | &nbsp;&nbsp; 902 | 806410 |
| 5.70%, 09/15/34 | &nbsp;&nbsp; 1165 | 1188400 |
| 6.65%, 01/15/37<sup>(a)</sup> | &nbsp;&nbsp; 965 | 1045126 |
| QazaqGaz NC JSC, 4.38%, 09/26/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 590 | 585164 |
| Sabal Trail Transmission LLC |  |  |
| 4.25%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1155 | 1147844 |
| 4.68%, 05/01/38<sup>(b)</sup> | &nbsp;&nbsp; 982 | 900276 |
| 4.83%, 05/01/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 695 | 590925 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 2901 | 2900310 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; 3356 | 3365704 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 2190 | 2202391 |
| 5.90%, 09/15/37 | &nbsp;&nbsp; 835 | 879153 |
| Sempra Infrastructure Partners LP, 3.25%, <br> 01/15/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 692 | 597643 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | &nbsp;&nbsp; 545 | 549672 |
| 5.03%, 10/01/29 | &nbsp;&nbsp; 765 | 774552 |
| 5.58%, 10/01/34 | &nbsp;&nbsp; 2060 | 2043522 |
| 6.18%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 965 | 915941 |
| Southern Natural Gas Co. LLC |  |  |
| 4.80%, 03/15/47<sup>(b)</sup> | &nbsp;&nbsp; 1173 | 1011617 |
| 5.45%, 08/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 215 | 216222 |
| 8.00%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 557 | 640189 |
| Spectra Energy Partners LP |  |  |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 1120 | 1107941 |
| 4.50%, 03/15/45 | &nbsp;&nbsp; 1179 | 984527 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 718 | 712147 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 1495 | 1409120 |
| 4.90%, 09/15/30 | &nbsp;&nbsp; 1305 | 1324969 |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 1290 | 1067125 |
| 5.20%, 07/01/27 | &nbsp;&nbsp; 1445 | 1468811 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 1950 | 1966844 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 1835 | 1848342 |
| 5.65%, 02/15/36 | &nbsp;&nbsp; 1185 | 1196861 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 1135 | 1200255 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 1430 | 1389881 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 1555 | 1640577 |
| 6.25%, 07/01/52 | &nbsp;&nbsp; 1213 | 1194359 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 1525 | 1648127 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; 1440 | 1471593 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 1627 | 1529545 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 1811 | 1803982 |
| 5.00%, 01/15/28 | &nbsp;&nbsp; 1338 | 1339306 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 2094 | 2133929 |
| 6.88%, 01/15/29 | &nbsp;&nbsp; 670 | 683065 |
| TC PipeLines LP, 3.90%, 05/25/27 | &nbsp;&nbsp; 1311 | 1303442 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 2.90%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1766 | 1650638 |
| 7.00%, 03/15/27 | &nbsp;&nbsp; 525 | 545258 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 1708 | 1839163 |
| 7.63%, 04/01/37<sup>(a)</sup> | &nbsp;&nbsp; 655 | 773756 |
| Texas Eastern Transmission LP |  |  |
| 3.50%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1010 | 993348 |
| 4.15%, 01/15/48<sup>(b)</sup> | &nbsp;&nbsp; 820 | 639197 |
| 7.00%, 07/15/32 | &nbsp;&nbsp; 750 | 836326 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| TMS Issuer Sarl, 5.78%, 08/23/32<sup>(b)</sup> | &nbsp;&nbsp; $1260 | $1313550 |
| TransCanada PipeLines Ltd. |  |  |
| 2.50%, 10/12/31<sup>(a)</sup> | &nbsp;&nbsp; 495 | 433693 |
| 4.10%, 04/15/30 | &nbsp;&nbsp; 2561 | 2521778 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 2160 | 2161334 |
| 4.63%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2095 | 2019374 |
| 4.88%, 05/15/48<sup>(a)</sup> | &nbsp;&nbsp; 420 | 367747 |
| 5.00%, 10/16/43<sup>(a)</sup> | &nbsp;&nbsp; 650 | 595482 |
| 5.10%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 1370 | 1234814 |
| 5.60%, 03/31/34 | &nbsp;&nbsp; 585 | 598758 |
| 5.85%, 03/15/36 | &nbsp;&nbsp; 894 | 926808 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 1265 | 1306369 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 1705 | 1797583 |
| 7.00%, 06/01/65, (5-year CMT + <br> 2.614%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 475 | 481800 |
| 7.25%, 08/15/38 | &nbsp;&nbsp; 1130 | 1283378 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 2120 | 2486048 |
| Transcanada Trust |  |  |
| 5.30%, 03/15/77<sup>(a)(d)</sup> | &nbsp;&nbsp; 1957 | 1944363 |
| 5.50%, 09/15/79, (1-day SOFR + 4.416%)<sup>(d)</sup> | &nbsp;&nbsp; 1494 | 1471742 |
| 5.60%, 03/07/82, (5-year CMT + 3.986%)<sup>(d)</sup> | &nbsp;&nbsp; 1160 | 1135787 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 1201 | 1142419 |
| 3.95%, 05/15/50 | &nbsp;&nbsp; 840 | 632316 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 958 | 955860 |
| 4.45%, 08/01/42 | &nbsp;&nbsp; 656 | 557869 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 1086 | 913665 |
| 5.40%, 08/15/41 | &nbsp;&nbsp; 705 | 677732 |
| Transportadora de Gas del Peru SA, 4.25%, <br> 04/30/28<sup>(b)</sup><br>| &nbsp;&nbsp; 120 | 119678 |
| Transportadora de Gas Internacional SA ESP, <br> 5.55%, 11/01/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 595 | 605375 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | &nbsp;&nbsp; 944 | 950972 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 1960 | 1905727 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 930 | 929042 |
| 4.75%, 08/15/28 | &nbsp;&nbsp; 845 | 849896 |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 1570 | 1311580 |
| 5.30%, 03/01/48<sup>(a)</sup> | &nbsp;&nbsp; 1290 | 1086887 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 1260 | 1244527 |
| 5.45%, 04/01/44 | &nbsp;&nbsp; 1100 | 966961 |
| 5.50%, 08/15/48 | &nbsp;&nbsp; 540 | 464075 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 895 | 935094 |
| 6.35%, 01/15/29 | &nbsp;&nbsp; 1035 | 1088593 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29<sup>(b)</sup> | &nbsp;&nbsp; 330 | 339256 |
| 5.70%, 09/30/31<sup>(b)</sup> | &nbsp;&nbsp; 267 | 277607 |
| 5.95%, 09/30/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1330 | 1363546 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31 | &nbsp;&nbsp; 2120 | 1918081 |
| 3.50%, 11/15/30 | &nbsp;&nbsp; 1807 | 1723072 |
| 3.50%, 10/15/51 | &nbsp;&nbsp; 1030 | 696321 |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 2632 | 2611119 |
| 4.63%, 06/30/30 | &nbsp;&nbsp; 995 | 1000236 |
| 4.65%, 08/15/32 | &nbsp;&nbsp; 1755 | 1732711 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 1005 | 1022823 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 1376 | 1183508 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 2100 | 2139492 |
| 4.90%, 01/15/45 | &nbsp;&nbsp; 822 | 720843 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 1749 | 1577842 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 2225 | 2230579 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.30%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; $1790 | $1846605 |
| 5.30%, 09/30/35 | &nbsp;&nbsp; 1270 | 1271106 |
| 5.30%, 08/15/52 | &nbsp;&nbsp; 1105 | 1000743 |
| 5.40%, 03/04/44 | &nbsp;&nbsp; 841 | 792849 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 1160 | 1190263 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 1385 | 1441613 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 840 | 819412 |
| 5.80%, 11/15/43 | &nbsp;&nbsp; 695 | 689342 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 1155 | 1119053 |
| 6.00%, 03/15/55 | &nbsp;&nbsp; 845 | 840350 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 2037 | 2164327 |
| 7.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 507 | 581450 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 733 | 885804 |
| Series A, 7.50%, 01/15/31 | &nbsp;&nbsp; 737 | 834836 |
|  |  | 547059971 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| Apollo Management Holdings LP |  |  |
| 2.65%, 06/05/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1029 | 949552 |
| 4.87%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1345 | 1364535 |
| 5.00%, 03/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 610 | 546144 |
| Brookfield Finance Inc., 5.81%, 03/03/55 | &nbsp;&nbsp; 780 | 764752 |
| Carlyle Finance LLC, 5.65%, 09/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 740 | 712919 |
| Carlyle Finance Subsidiary LLC, 3.50%, <br> 09/19/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1063 | 1030380 |
| Carlyle Holdings II Finance LLC, 5.63%, <br> 03/30/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1133 | 1103751 |
| EQT AB, 5.85%, 05/08/35<sup>(b)</sup> | &nbsp;&nbsp; 405 | 415131 |
| KKR & Co. Inc., 5.10%, 08/07/35 | &nbsp;&nbsp; 900 | 892896 |
| KKR Group Finance Co. III LLC, 5.13%, <br> 06/01/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1443 | 1331781 |
| KKR Group Finance Co. VI LLC, 3.75%, <br> 07/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 1553 | 1525348 |
| KKR Group Finance Co. VII LLC, 3.63%, <br> 02/25/50<sup>(b)</sup><br>| &nbsp;&nbsp; 925 | 658686 |
| KKR Group Finance Co. VIII LLC, 3.50%, <br> 08/25/50<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1385 | 959398 |
| KKR Group Finance Co. X LLC, 3.25%, <br> 12/15/51<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1120 | 727561 |
|  |  | 12982834 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Brookfield Corp., 7.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 350 | 400153 |
| CBRE Services Inc. |  |  |
| 2.50%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1122 | 1008443 |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 735 | 745529 |
| 5.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 780 | 808990 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 755 | 769982 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 1375 | 1460325 |
| Corp. Inmobiliaria Vesta SAB de CV, 3.63%, <br> 05/13/31<sup>(b)</sup><br>| &nbsp;&nbsp; 330 | 299367 |
| CoStar Group Inc., 2.80%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1915 | 1754963 |
| Jones Lang LaSalle Inc., 6.88%, 12/01/28 | &nbsp;&nbsp; 285 | 306222 |
| Mitsui Fudosan Co. Ltd. |  |  |
| 2.57%, 01/21/32<sup>(b)</sup> | &nbsp;&nbsp; 385 | 335854 |
| 3.65%, 07/20/27<sup>(b)</sup> | &nbsp;&nbsp; 150 | 148254 |
| 3.95%, 01/24/29<sup>(b)</sup> | &nbsp;&nbsp; 290 | 286071 |
| Ontario Teachers' Cadillac Fairview <br> Properties Trust<br>|  |  |
| 2.50%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1090 | 968868 |
| 3.88%, 03/20/27<sup>(b)</sup> | &nbsp;&nbsp; 760 | 753713 |
| 4.13%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1240 | 1232618 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| Sinochem Overseas Capital Co. Ltd., 6.30%, <br> 11/12/40<sup>(b)</sup><br>| &nbsp;&nbsp; $65 | $74281 |
|  |  | 11353633 |
| **Real Estate Investment Trusts — 3.2%** | **Real Estate Investment Trusts — 3.2%** | **Real Estate Investment Trusts — 3.2%** |
| Agree LP |  |  |
| 2.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 790 | 745001 |
| 2.60%, 06/15/33 | &nbsp;&nbsp; 475 | 402657 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 610 | 567860 |
| 4.80%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; 480 | 478154 |
| 5.60%, 06/15/35 | &nbsp;&nbsp; 640 | 658399 |
| 5.63%, 06/15/34 | &nbsp;&nbsp; 685 | 704568 |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 1501 | 1216267 |
| 2.00%, 05/18/32 | &nbsp;&nbsp; 1630 | 1365015 |
| 2.75%, 12/15/29 | &nbsp;&nbsp; 770 | 721511 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 1260 | 1076244 |
| 3.00%, 05/18/51 | &nbsp;&nbsp; 1287 | 786341 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 1157 | 1082269 |
| 3.55%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1560 | 1053510 |
| 3.95%, 01/15/27 | &nbsp;&nbsp; 630 | 627063 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 940 | 933847 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 1043 | 777218 |
| 4.50%, 07/30/29 | &nbsp;&nbsp; 907 | 910332 |
| 4.70%, 07/01/30 | &nbsp;&nbsp; 841 | 847905 |
| 4.75%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 898 | 866816 |
| 4.85%, 04/15/49 | &nbsp;&nbsp; 468 | 394621 |
| 4.90%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1192 | 1211223 |
| 5.15%, 04/15/53 | &nbsp;&nbsp; 855 | 748352 |
| 5.25%, 05/15/36 | &nbsp;&nbsp; 500 | 495699 |
| 5.50%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 790 | 800681 |
| 5.63%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1175 | 1103149 |
| American Assets Trust LP |  |  |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 864 | 779301 |
| 6.15%, 10/01/34 | &nbsp;&nbsp; 800 | 803305 |
| American Homes 4 Rent LP |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 711 | 627933 |
| 3.38%, 07/15/51 | &nbsp;&nbsp; 490 | 321433 |
| 3.63%, 04/15/32 | &nbsp;&nbsp; 960 | 893053 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 1115 | 1111827 |
| 4.30%, 04/15/52 | &nbsp;&nbsp; 540 | 416439 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 932 | 949127 |
| 4.95%, 06/15/30 | &nbsp;&nbsp; 515 | 525151 |
| 5.25%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 840 | 843351 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 1015 | 1042309 |
| 5.50%, 07/15/34 | &nbsp;&nbsp; 700 | 716470 |
| American Tower Corp. |  |  |
| 1.45%, 09/15/26 | &nbsp;&nbsp; 1099 | 1067344 |
| 1.50%, 01/31/28 | &nbsp;&nbsp; 1401 | 1314340 |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 1514 | 1334457 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 1563 | 1405710 |
| 2.30%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1541 | 1356563 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 1539 | 1396044 |
| 2.75%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1172 | 1148557 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 1827 | 1714876 |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 1183 | 740151 |
| 3.10%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 390 | 252826 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 678 | 667767 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 1432 | 1418077 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; 1572 | 1555085 |
| 3.60%, 01/15/28 | &nbsp;&nbsp; 1513 | 1492649 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 1215 | 1205599 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.70%, 10/15/49 | &nbsp;&nbsp; $948 | $686279 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 2926 | 2867521 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 1472 | 1456797 |
| 4.05%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1020 | 982632 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 1410 | 1437105 |
| 5.00%, 01/31/30 | &nbsp;&nbsp; 715 | 731722 |
| 5.20%, 02/15/29 | &nbsp;&nbsp; 1185 | 1218619 |
| 5.25%, 07/15/28 | &nbsp;&nbsp; 1415 | 1455632 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 940 | 964195 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 905 | 928858 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 1060 | 1093035 |
| 5.50%, 03/15/28 | &nbsp;&nbsp; 1308 | 1347797 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 1690 | 1754780 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 1681 | 1755612 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 1720 | 1797982 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 1180 | 1253700 |
| Americold Realty Operating Partnership LP |  |  |
| 5.41%, 09/12/34<sup>(a)</sup> | &nbsp;&nbsp; 775 | 761349 |
| 5.60%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 725 | 735065 |
| AvalonBay Communities Inc. |  |  |
| 1.90%, 12/01/28 | &nbsp;&nbsp; 890 | 832843 |
| 2.05%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 1050769 |
| 2.30%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1295 | 1192289 |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 1105 | 1004713 |
| 2.90%, 10/15/26 | &nbsp;&nbsp; 280 | 276317 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 861 | 844528 |
| 3.30%, 06/01/29 | &nbsp;&nbsp; 713 | 692179 |
| 3.35%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 897 | 886473 |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 472 | 368933 |
| 4.15%, 07/01/47 | &nbsp;&nbsp; 389 | 313233 |
| 4.35%, 04/15/48 | &nbsp;&nbsp; 472 | 393695 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 394 | 400933 |
| 5.00%, 08/01/35 | &nbsp;&nbsp; 595 | 592484 |
| 5.30%, 12/07/33 | &nbsp;&nbsp; 615 | 634644 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 730 | 752516 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 1802 | 1462165 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 1686 | 1447087 |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 1606 | 1578043 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 805 | 747298 |
| 3.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 1777 | 1651299 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 1360 | 1303256 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 2489 | 2490533 |
| 5.75%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1330 | 1347848 |
| 6.50%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1145 | 1228775 |
| 6.75%, 12/01/27 | &nbsp;&nbsp; 1615 | 1699356 |
| Brixmor Operating Partnership LP |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 615 | 585695 |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 615 | 544836 |
| 3.90%, 03/15/27 | &nbsp;&nbsp; 887 | 881829 |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 1703 | 1668844 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 1228 | 1217066 |
| 5.20%, 04/01/32 | &nbsp;&nbsp; 600 | 612447 |
| 5.50%, 02/15/34 | &nbsp;&nbsp; 565 | 575822 |
| 5.75%, 02/15/35 | &nbsp;&nbsp; 565 | 584963 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31 | &nbsp;&nbsp; 655 | 565725 |
| Camden Property Trust |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 1437 | 1347837 |
| 3.15%, 07/01/29 | &nbsp;&nbsp; 1139 | 1094374 |
| 3.35%, 11/01/49 | &nbsp;&nbsp; 447 | 309530 |
| 4.10%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 800743 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.90%, 01/15/34 | &nbsp;&nbsp; $615 | $617054 |
| 5.85%, 11/03/26 | &nbsp;&nbsp; 695 | 707689 |
| Cibanco SA Ibm/PLA Administradora Industrial <br> S de RL de CV, 4.96%, 07/18/29<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 148281 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 835 | 771046 |
| 2.75%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 805 | 725602 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 595 | 500464 |
| Cousins Properties LP |  |  |
| 5.25%, 07/15/30 | &nbsp;&nbsp; 705 | 723760 |
| 5.38%, 02/15/32 | &nbsp;&nbsp; 600 | 612068 |
| 5.88%, 10/01/34 | &nbsp;&nbsp; 620 | 641058 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 1747 | 1523754 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 1921 | 1701236 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 1360 | 1204590 |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 1324 | 1296862 |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 1900 | 1360098 |
| 3.10%, 11/15/29 | &nbsp;&nbsp; 1164 | 1104150 |
| 3.25%, 01/15/51 | &nbsp;&nbsp; 1567 | 1026074 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 1625 | 1534719 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 2420 | 2390149 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 2205 | 2176309 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 927 | 922085 |
| 4.00%, 11/15/49<sup>(a)</sup> | &nbsp;&nbsp; 292 | 217481 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 323 | 246773 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 1578 | 1569277 |
| 4.75%, 05/15/47 | &nbsp;&nbsp; 661 | 571542 |
| 4.80%, 09/01/28 | &nbsp;&nbsp; 1065 | 1077655 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; 1690 | 1711075 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 1897 | 1922785 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 1507 | 1510901 |
| 5.20%, 09/01/34 | &nbsp;&nbsp; 1220 | 1218923 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 203 | 181421 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 1669 | 1733976 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 1590 | 1657502 |
| CTR Partnership LP/CareTrust Capital Corp., <br> 3.88%, 06/30/28<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14604 |
| CubeSmart LP |  |  |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 720 | 627195 |
| 2.25%, 12/15/28 | &nbsp;&nbsp; 862 | 811124 |
| 2.50%, 02/15/32 | &nbsp;&nbsp; 960 | 836517 |
| 3.00%, 02/15/30 | &nbsp;&nbsp; 706 | 665903 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 602 | 593342 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 700 | 699724 |
| 5.13%, 11/01/35 | &nbsp;&nbsp; 215 | 211395 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1627 | 1587757 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 1632 | 1619211 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 965 | 972453 |
| 5.55%, 01/15/28 | &nbsp;&nbsp; 1590 | 1637711 |
| DOC DR LLC |  |  |
| 2.63%, 11/01/31 | &nbsp;&nbsp; 706 | 629028 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 822 | 817509 |
| 4.30%, 03/15/27 | &nbsp;&nbsp; 653 | 653338 |
| EPR Properties |  |  |
| 3.60%, 11/15/31 | &nbsp;&nbsp; 455 | 415993 |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 555 | 533003 |
| 4.50%, 06/01/27 | &nbsp;&nbsp; 410 | 408714 |
| 4.75%, 12/15/26 | &nbsp;&nbsp; 385 | 385344 |
| 4.95%, 04/15/28 | &nbsp;&nbsp; 375 | 377038 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; $900 | $922586 |
| Equinix Inc. |  |  |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 1306 | 1224665 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 1165 | 1116097 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 870 | 822049 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 1925 | 1735318 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 2081 | 1866463 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 547 | 538149 |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 1019 | 625382 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; 986 | 618539 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 2152 | 2055906 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 876 | 582224 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 2425 | 2308804 |
| ERP Operating LP |  |  |
| 1.85%, 08/01/31 | &nbsp;&nbsp; 850 | 743022 |
| 2.50%, 02/15/30 | &nbsp;&nbsp; 1025 | 954934 |
| 2.85%, 11/01/26 | &nbsp;&nbsp; 780 | 769340 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 1245 | 1194167 |
| 3.25%, 08/01/27 | &nbsp;&nbsp; 800 | 788209 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 962 | 948740 |
| 4.00%, 08/01/47<sup>(a)</sup> | &nbsp;&nbsp; 390 | 305496 |
| 4.15%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 963 | 965691 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 1174 | 1016788 |
| 4.50%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 485 | 418460 |
| 4.65%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 960 | 938139 |
| 4.95%, 06/15/32 | &nbsp;&nbsp; 955 | 975285 |
| Essential Properties LP |  |  |
| 2.95%, 07/15/31 | &nbsp;&nbsp; 617 | 555074 |
| 5.40%, 12/01/35 | &nbsp;&nbsp; 475 | 468652 |
| Essex Portfolio LP |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 600 | 514653 |
| 1.70%, 03/01/28 | &nbsp;&nbsp; 680 | 639858 |
| 2.55%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 495 | 442520 |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 898 | 793688 |
| 2.65%, 09/01/50 | &nbsp;&nbsp; 485 | 284495 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 812 | 767294 |
| 3.63%, 05/01/27 | &nbsp;&nbsp; 656 | 650171 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 1021 | 1009990 |
| 4.50%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 485 | 408488 |
| 5.38%, 04/01/35 | &nbsp;&nbsp; 760 | 776724 |
| 5.50%, 04/01/34 | &nbsp;&nbsp; 725 | 748247 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | &nbsp;&nbsp; 669 | 600018 |
| 2.35%, 03/15/32 | &nbsp;&nbsp; 1115 | 956339 |
| 2.40%, 10/15/31 | &nbsp;&nbsp; 955 | 838938 |
| 2.55%, 06/01/31 | &nbsp;&nbsp; 760 | 682358 |
| 3.88%, 12/15/27 | &nbsp;&nbsp; 1098 | 1088273 |
| 3.90%, 04/01/29 | &nbsp;&nbsp; 655 | 644762 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 517 | 511446 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 275 | 275889 |
| 5.35%, 01/15/35 | &nbsp;&nbsp; 690 | 695135 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 705 | 718299 |
| 5.40%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 790 | 797436 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; 1350 | 1410534 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 1345 | 1389574 |
| 5.90%, 01/15/31 | &nbsp;&nbsp; 1010 | 1072172 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 590 | 566467 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 925 | 908919 |
| 3.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 704 | 677516 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.63%, 08/01/46<sup>(a)</sup> | &nbsp;&nbsp; $444 | $317379 |
| 4.50%, 12/01/44<sup>(a)</sup> | &nbsp;&nbsp; 828 | 704278 |
| 5.38%, 05/01/28 | &nbsp;&nbsp; 565 | 580919 |
| First Industrial LP, 5.25%, 01/15/31 | &nbsp;&nbsp; 455 | 464570 |
| GLP Capital LP / GLP Financing II Inc. |  |  |
| 5.25%, 02/15/33 | &nbsp;&nbsp; 400 | 397708 |
| 5.75%, 11/01/37 | &nbsp;&nbsp; 400 | 393959 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; 1340 | 1195928 |
| 4.00%, 01/15/30 | &nbsp;&nbsp; 1142 | 1104783 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; 1203 | 1145209 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 1220 | 1242123 |
| 5.63%, 09/15/34 | &nbsp;&nbsp; 1490 | 1494691 |
| 5.75%, 06/01/28 | &nbsp;&nbsp; 1159 | 1189698 |
| 6.25%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 980 | 961016 |
| 6.75%, 12/01/33 | &nbsp;&nbsp; 625 | 672577 |
| Goodman U.S. Finance Five LLC, 4.63%, <br> 05/04/32<sup>(b)</sup><br>| &nbsp;&nbsp; 270 | 266566 |
| Goodman U.S. Finance Four LLC, 4.50%, <br> 10/15/37<sup>(b)</sup><br>| &nbsp;&nbsp; 415 | 381229 |
| Goodman U.S. Finance Six LLC, 5.13%, <br> 10/07/34<sup>(b)</sup><br>| &nbsp;&nbsp; 1030 | 1029751 |
| Goodman U.S. Finance Three LLC, 3.70%, <br> 03/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 887 | 874531 |
| Healthcare Realty Holdings LP |  |  |
| 2.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1167 | 1012578 |
| 2.05%, 03/15/31 | &nbsp;&nbsp; 683 | 586285 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 795 | 719084 |
| 3.10%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1014 | 953006 |
| 3.63%, 01/15/28 | &nbsp;&nbsp; 636 | 623819 |
| 3.75%, 07/01/27 | &nbsp;&nbsp; 1031 | 1021852 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | &nbsp;&nbsp; 1068 | 1026992 |
| 2.13%, 12/01/28 | &nbsp;&nbsp; 1067 | 998313 |
| 2.88%, 01/15/31 | &nbsp;&nbsp; 1193 | 1098538 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 1486 | 1406180 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 985 | 957038 |
| 4.75%, 01/15/33 | &nbsp;&nbsp; 450 | 446932 |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 995 | 1017331 |
| 5.38%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 775 | 783336 |
| 6.75%, 02/01/41 | &nbsp;&nbsp; 402 | 440190 |
| Highwoods Realty LP |  |  |
| 2.60%, 02/01/31 | &nbsp;&nbsp; 635 | 558039 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 573 | 529267 |
| 3.88%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 250 | 247010 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 492 | 484698 |
| 4.20%, 04/15/29 | &nbsp;&nbsp; 559 | 546949 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 155 | 175391 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 1130 | 1124593 |
| 5.70%, 06/15/32 | &nbsp;&nbsp; 680 | 698410 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 1000 | 1016869 |
| Series H, 3.38%, 12/15/29 | &nbsp;&nbsp; 936 | 888029 |
| Series I, 3.50%, 09/15/30 | &nbsp;&nbsp; 1456 | 1369036 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 835 | 741152 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 1301 | 1117341 |
| 2.30%, 11/15/28 | &nbsp;&nbsp; 1185 | 1118399 |
| 2.70%, 01/15/34 | &nbsp;&nbsp; 695 | 582706 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 940 | 899160 |
| 4.88%, 02/01/35 | &nbsp;&nbsp; 765 | 747307 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.95%, 01/15/33 | &nbsp;&nbsp; $650 | $648563 |
| 5.45%, 08/15/30 | &nbsp;&nbsp; 930 | 966770 |
| 5.50%, 08/15/33 | &nbsp;&nbsp; 635 | 651279 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32 | &nbsp;&nbsp; 868 | 711574 |
| 2.65%, 11/15/33 | &nbsp;&nbsp; 925 | 747523 |
| 3.05%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 947 | 870929 |
| 4.25%, 08/15/29 | &nbsp;&nbsp; 685 | 668871 |
| 4.75%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 855 | 857251 |
| 5.88%, 10/15/35 | &nbsp;&nbsp; 70 | 69670 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 560 | 572108 |
| Kimco Realty OP LLC |  |  |
| 1.90%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 643 | 610496 |
| 2.25%, 12/01/31 | &nbsp;&nbsp; 800 | 702609 |
| 2.70%, 10/01/30 | &nbsp;&nbsp; 936 | 863820 |
| 2.80%, 10/01/26 | &nbsp;&nbsp; 819 | 806067 |
| 3.20%, 04/01/32 | &nbsp;&nbsp; 980 | 896337 |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 466 | 335042 |
| 3.80%, 04/01/27 | &nbsp;&nbsp; 720 | 715480 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 693 | 549527 |
| 4.25%, 04/01/45<sup>(a)</sup> | &nbsp;&nbsp; 864 | 711136 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 510 | 423497 |
| 4.60%, 02/01/33 | &nbsp;&nbsp; 1050 | 1033694 |
| 4.85%, 03/01/35 | &nbsp;&nbsp; 785 | 773860 |
| 5.30%, 02/01/36<sup>(a)</sup> | &nbsp;&nbsp; 725 | 732557 |
| 6.40%, 03/01/34 | &nbsp;&nbsp; 785 | 858804 |
| Kite Realty Group LP |  |  |
| 4.00%, 10/01/26 | &nbsp;&nbsp; 557 | 554586 |
| 4.95%, 12/15/31 | &nbsp;&nbsp; 600 | 607116 |
| 5.20%, 08/15/32 | &nbsp;&nbsp; 330 | 335301 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 355 | 363099 |
| Kite Realty Group Trust, 4.75%, 09/15/30 | &nbsp;&nbsp; 795 | 797585 |
| Lineage OP LP, 5.25%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 245 | 247220 |
| LXP Industrial Trust |  |  |
| 2.38%, 10/01/31 | &nbsp;&nbsp; 528 | 456155 |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 705 | 641491 |
| 6.75%, 11/15/28 | &nbsp;&nbsp; 640 | 680409 |
| Mid-America Apartments LP |  |  |
| 1.10%, 09/15/26 | &nbsp;&nbsp; 708 | 686206 |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 857 | 746088 |
| 2.75%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 510 | 477849 |
| 2.88%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 469 | 293204 |
| 3.60%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 910 | 903455 |
| 3.95%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 996 | 989718 |
| 4.20%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 630 | 631632 |
| 4.95%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 575 | 575845 |
| 5.00%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 535 | 538603 |
| 5.30%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 600 | 624314 |
| National Health Investors Inc., 3.00%, 02/01/31 | &nbsp;&nbsp; 639 | 570829 |
| NNN REIT Inc. |  |  |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 744 | 687125 |
| 3.00%, 04/15/52 | &nbsp;&nbsp; 730 | 447061 |
| 3.10%, 04/15/50 | &nbsp;&nbsp; 493 | 312108 |
| 3.50%, 10/15/27 | &nbsp;&nbsp; 780 | 769518 |
| 3.50%, 04/15/51 | &nbsp;&nbsp; 580 | 395505 |
| 3.60%, 12/15/26 | &nbsp;&nbsp; 631 | 626918 |
| 4.30%, 10/15/28 | &nbsp;&nbsp; 612 | 612794 |
| 4.60%, 02/15/31 | &nbsp;&nbsp; 550 | 551612 |
| 4.80%, 10/15/48<sup>(a)</sup> | &nbsp;&nbsp; 502 | 433150 |
| 5.50%, 06/15/34 | &nbsp;&nbsp; 800 | 823474 |
| 5.60%, 10/15/33 | &nbsp;&nbsp; 859 | 893363 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; $1150 | $1000758 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 1123 | 1038228 |
| 3.63%, 10/01/29 | &nbsp;&nbsp; 783 | 749374 |
| 4.50%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1165 | 1166278 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 1010 | 1018165 |
| 5.20%, 07/01/30 | &nbsp;&nbsp; 715 | 725306 |
| Phillips Edison Grocery Center Operating <br> Partnership I LP<br>|  |  |
| 2.63%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 685 | 604254 |
| 4.95%, 01/15/35 | &nbsp;&nbsp; 380 | 370947 |
| 5.25%, 08/15/32 | &nbsp;&nbsp; 535 | 546023 |
| 5.75%, 07/15/34 | &nbsp;&nbsp; 455 | 469882 |
| Piedmont Operating Partnership LP |  |  |
| 2.75%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 407 | 344047 |
| 3.15%, 08/15/30 | &nbsp;&nbsp; 361 | 326643 |
| 6.88%, 07/15/29 | &nbsp;&nbsp; 150 | 158714 |
| 9.25%, 07/20/28 | &nbsp;&nbsp; 320 | 355673 |
| Prologis LP |  |  |
| 1.25%, 10/15/30 | &nbsp;&nbsp; 1338 | 1158227 |
| 1.63%, 03/15/31 | &nbsp;&nbsp; 637 | 554120 |
| 1.75%, 07/01/30 | &nbsp;&nbsp; 685 | 609519 |
| 1.75%, 02/01/31 | &nbsp;&nbsp; 695 | 610254 |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 821 | 796913 |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 951 | 504068 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 2921 | 2686047 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 1210 | 1058872 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 768 | 729379 |
| 3.00%, 04/15/50 | &nbsp;&nbsp; 1014 | 654336 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 487 | 316424 |
| 3.25%, 10/01/26 | &nbsp;&nbsp; 763 | 756459 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 769 | 758627 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 751 | 746730 |
| 4.00%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 984 | 983658 |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 604 | 609197 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 535 | 443177 |
| 4.63%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1120 | 1116980 |
| 4.75%, 01/15/31 | &nbsp;&nbsp; 1240 | 1265269 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 1315 | 1317491 |
| 4.88%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1309 | 1338769 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 1235 | 1246059 |
| 5.00%, 01/31/35<sup>(a)</sup> | &nbsp;&nbsp; 1170 | 1176251 |
| 5.13%, 01/15/34 | &nbsp;&nbsp; 1110 | 1134278 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 910 | 927815 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 1434 | 1340937 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 1475 | 1379345 |
| Prologis Targeted U.S. Logistics Fund LP |  |  |
| 5.25%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 845 | 872553 |
| 5.25%, 01/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 735 | 743135 |
| 5.50%, 04/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 545 | 560903 |
| Public Storage Operating Co. |  |  |
| 1.50%, 11/09/26 | &nbsp;&nbsp; 1262 | 1225500 |
| 1.85%, 05/01/28 | &nbsp;&nbsp; 1047 | 990070 |
| 1.95%, 11/09/28 | &nbsp;&nbsp; 1065 | 999302 |
| 2.25%, 11/09/31 | &nbsp;&nbsp; 1015 | 898059 |
| 2.30%, 05/01/31 | &nbsp;&nbsp; 1135 | 1018548 |
| 3.09%, 09/15/27 | &nbsp;&nbsp; 1050 | 1031371 |
| 3.39%, 05/01/29 | &nbsp;&nbsp; 860 | 839085 |
| 4.38%, 07/01/30 | &nbsp;&nbsp; 780 | 784871 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 620 | 618730 |
| 5.10%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1080 | 1113370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; $835 | $864276 |
| 5.35%, 08/01/53 | &nbsp;&nbsp; 1438 | 1370002 |
| Rayonier LP, 2.75%, 05/17/31 | &nbsp;&nbsp; 867 | 778046 |
| Realty Income Corp. |  |  |
| 1.80%, 03/15/33 | &nbsp;&nbsp; 720 | 590765 |
| 2.10%, 03/15/28 | &nbsp;&nbsp; 850 | 809947 |
| 2.20%, 06/15/28 | &nbsp;&nbsp; 977 | 930554 |
| 2.70%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 571 | 507293 |
| 2.85%, 12/15/32 | &nbsp;&nbsp; 1042 | 926304 |
| 3.00%, 01/15/27 | &nbsp;&nbsp; 836 | 823006 |
| 3.10%, 12/15/29 | &nbsp;&nbsp; 910 | 870836 |
| 3.20%, 01/15/27 | &nbsp;&nbsp; 745 | 733663 |
| 3.20%, 02/15/31 | &nbsp;&nbsp; 800 | 751450 |
| 3.25%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 776 | 751737 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 1570 | 1484325 |
| 3.40%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1108 | 1093892 |
| 3.40%, 01/15/30 | &nbsp;&nbsp; 926 | 893586 |
| 3.65%, 01/15/28 | &nbsp;&nbsp; 562 | 557450 |
| 3.95%, 08/15/27 | &nbsp;&nbsp; 1085 | 1082800 |
| 4.00%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 724 | 718798 |
| 4.13%, 10/15/26 | &nbsp;&nbsp; 759 | 757905 |
| 4.45%, 09/15/26 | &nbsp;&nbsp; 722 | 722557 |
| 4.65%, 03/15/47 | &nbsp;&nbsp; 890 | 774080 |
| 4.70%, 12/15/28 | &nbsp;&nbsp; 695 | 706227 |
| 4.75%, 02/15/29 | &nbsp;&nbsp; 825 | 840831 |
| 4.85%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 955 | 979490 |
| 4.90%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1005 | 1009559 |
| 5.13%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1260 | 1282131 |
| 5.13%, 04/15/35 | &nbsp;&nbsp; 1020 | 1027314 |
| 5.38%, 09/01/54 | &nbsp;&nbsp; 785 | 743293 |
| 5.63%, 10/13/32<sup>(a)</sup> | &nbsp;&nbsp; 1080 | 1136298 |
| 5.88%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 445 | 467163 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 796 | 758337 |
| 3.60%, 02/01/27 | &nbsp;&nbsp; 758 | 751889 |
| 3.70%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1073 | 1045854 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 497 | 496106 |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 668 | 558775 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 565 | 479958 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 560 | 571238 |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 555 | 556824 |
| 5.25%, 01/15/34 | &nbsp;&nbsp; 474 | 485048 |
| Rexford Industrial Realty LP |  |  |
| 2.13%, 12/01/30 | &nbsp;&nbsp; 704 | 622547 |
| 2.15%, 09/01/31 | &nbsp;&nbsp; 720 | 624478 |
| 5.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 800 | 811901 |
| Sabra Health Care LP |  |  |
| 3.20%, 12/01/31 | &nbsp;&nbsp; 975 | 880977 |
| 3.90%, 10/15/29 | &nbsp;&nbsp; 617 | 596548 |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 867 | 791919 |
| 2.85%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 530 | 464885 |
| 5.65%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 635 | 641408 |
| 6.10%, 04/01/34 | &nbsp;&nbsp; 500 | 524399 |
| Scentre Group Trust 1/Scentre Group Trust 2 |  |  |
| 3.75%, 03/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 965 | 957311 |
| 4.38%, 05/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1195 | 1197793 |
| Scentre Group Trust 2, 5.13%, 09/24/80, <br> (5-year CMT + 4.685%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 255 | 255266 |
| Simon Property Group LP |  |  |
| 1.38%, 01/15/27 | &nbsp;&nbsp; 920 | 886982 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 1.75%, 02/01/28 | &nbsp;&nbsp; $1165 | $1105546 |
| 2.20%, 02/01/31 | &nbsp;&nbsp; 1175 | 1051805 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 980 | 855129 |
| 2.45%, 09/13/29 | &nbsp;&nbsp; 2254 | 2114554 |
| 2.65%, 07/15/30 | &nbsp;&nbsp; 989 | 919761 |
| 2.65%, 02/01/32 | &nbsp;&nbsp; 1081 | 963855 |
| 3.25%, 11/30/26 | &nbsp;&nbsp; 1085 | 1073792 |
| 3.25%, 09/13/49<sup>(a)</sup> | &nbsp;&nbsp; 1997 | 1351411 |
| 3.38%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1364 | 1349971 |
| 3.38%, 12/01/27 | &nbsp;&nbsp; 1337 | 1320207 |
| 3.80%, 07/15/50 | &nbsp;&nbsp; 1152 | 856399 |
| 4.25%, 10/01/44<sup>(a)</sup> | &nbsp;&nbsp; 861 | 717600 |
| 4.25%, 11/30/46 | &nbsp;&nbsp; 830 | 681463 |
| 4.38%, 10/01/30 | &nbsp;&nbsp; 585 | 586494 |
| 4.75%, 09/26/34 | &nbsp;&nbsp; 1615 | 1587527 |
| 4.75%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 660 | 596288 |
| 5.13%, 10/01/35 | &nbsp;&nbsp; 975 | 974599 |
| 5.50%, 03/08/33<sup>(a)</sup> | &nbsp;&nbsp; 810 | 849923 |
| 5.85%, 03/08/53 | &nbsp;&nbsp; 990 | 989026 |
| 6.25%, 01/15/34 | &nbsp;&nbsp; 725 | 793196 |
| 6.65%, 01/15/54 | &nbsp;&nbsp; 840 | 926332 |
| 6.75%, 02/01/40 | &nbsp;&nbsp; 1174 | 1334280 |
| Store Capital LLC |  |  |
| 2.70%, 12/01/31 | &nbsp;&nbsp; 610 | 530945 |
| 2.75%, 11/18/30<sup>(a)</sup> | &nbsp;&nbsp; 585 | 527937 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 650 | 646324 |
| 4.63%, 03/15/29 | &nbsp;&nbsp; 601 | 596594 |
| 5.40%, 04/30/30<sup>(b)</sup> | &nbsp;&nbsp; 870 | 886460 |
| Sun Communities Operating LP |  |  |
| 2.30%, 11/01/28 | &nbsp;&nbsp; 1205 | 1140254 |
| 2.70%, 07/15/31 | &nbsp;&nbsp; 1158 | 1048055 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 1145 | 1100053 |
| Tanger Properties LP |  |  |
| 2.75%, 09/01/31 | &nbsp;&nbsp; 660 | 588265 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 651 | 640985 |
| 3.88%, 07/15/27 | &nbsp;&nbsp; 755 | 746712 |
| Trust Fibra Uno |  |  |
| 4.87%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1280 | 1240208 |
| 6.39%, 01/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1334 | 1189912 |
| 6.95%, 01/30/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 1235 | 1181900 |
| 7.38%, 02/13/34<sup>(b)</sup> | &nbsp;&nbsp; 1135 | 1193143 |
| 7.70%, 01/23/32<sup>(b)</sup> | &nbsp;&nbsp; 271 | 288810 |
| 8.25%, 01/23/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 932154 |
| UDR Inc. |  |  |
| 1.90%, 03/15/33 | &nbsp;&nbsp; 623 | 504886 |
| 2.10%, 08/01/32 | &nbsp;&nbsp; 705 | 594659 |
| 2.10%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 445 | 364013 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 467 | 460903 |
| 3.00%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 968 | 888504 |
| 3.10%, 11/01/34 | &nbsp;&nbsp; 558 | 475772 |
| 3.20%, 01/15/30 | &nbsp;&nbsp; 1092 | 1044844 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 670 | 661896 |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 443 | 436585 |
| 4.40%, 01/26/29 | &nbsp;&nbsp; 723 | 724837 |
| 5.13%, 09/01/34<sup>(a)</sup> | &nbsp;&nbsp; 470 | 471846 |
| Ventas Realty LP |  |  |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 835 | 743479 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 1027 | 971153 |
| 3.25%, 10/15/26 | &nbsp;&nbsp; 826 | 816164 |
| 3.85%, 04/01/27 | &nbsp;&nbsp; 720 | 716079 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 1535 | 1527442 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.38%, 02/01/45 | &nbsp;&nbsp; $500 | $411225 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 1320 | 1323988 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 981 | 989792 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 491 | 420503 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 860 | 850243 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 780 | 798117 |
| 5.63%, 07/01/34 | &nbsp;&nbsp; 695 | 718866 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 516 | 503829 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 1988 | 2003615 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 295 | 298207 |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 1610 | 1628046 |
| 5.13%, 11/15/31 | &nbsp;&nbsp; 1600 | 1619798 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 2325 | 2333109 |
| 5.63%, 04/01/35 | &nbsp;&nbsp; 920 | 930358 |
| 5.63%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1435 | 1310931 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 690 | 709591 |
| 6.13%, 04/01/54 | &nbsp;&nbsp; 1025 | 995940 |
| VICI Properties LP/VICI Note Co. Inc. |  |  |
| 3.75%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1010 | 998065 |
| 3.88%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1192 | 1163587 |
| 4.13%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1765 | 1704868 |
| 4.25%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 1860 | 1851721 |
| 4.50%, 09/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 705 | 703726 |
| 4.50%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 715 | 712198 |
| 4.63%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 2176778 |
| 5.75%, 02/01/27<sup>(b)</sup> | &nbsp;&nbsp; 870 | 881142 |
| WEA Finance LLC |  |  |
| 2.88%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 537 | 525119 |
| 3.50%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1135 | 1095694 |
| 4.13%, 09/20/28<sup>(b)</sup> | &nbsp;&nbsp; 921 | 909744 |
| 4.63%, 09/20/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 907 | 718927 |
| WEA Finance LLC/Westfield U.K. & Europe <br> Finance PLC, 4.75%, 09/17/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 750 | 628576 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29 | &nbsp;&nbsp; 895 | 836951 |
| 2.70%, 02/15/27 | &nbsp;&nbsp; 1013 | 993647 |
| 2.75%, 01/15/31 | &nbsp;&nbsp; 1073 | 988468 |
| 2.75%, 01/15/32 | &nbsp;&nbsp; 815 | 733203 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 1195 | 1096420 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 1364 | 1301097 |
| 3.85%, 06/15/32 | &nbsp;&nbsp; 730 | 697136 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 1249 | 1249205 |
| 4.25%, 04/15/28 | &nbsp;&nbsp; 1217 | 1224080 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 1290 | 1301916 |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 785 | 719896 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 1275 | 1282363 |
| 5.13%, 03/15/43 | &nbsp;&nbsp; 375 | 347283 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 715 | 786939 |
| Weyerhaeuser Co. |  |  |
| 3.38%, 03/09/33 | &nbsp;&nbsp; 635 | 571658 |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 1557 | 1539029 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 1557 | 1534050 |
| 4.00%, 03/09/52 | &nbsp;&nbsp; 870 | 656408 |
| 6.88%, 12/15/33 | &nbsp;&nbsp; 455 | 505918 |
| 6.95%, 10/01/27 | &nbsp;&nbsp; 715 | 753633 |
| 7.38%, 03/15/32 | &nbsp;&nbsp; 1069 | 1219365 |
| WP Carey Inc. |  |  |
| 2.25%, 04/01/33 | &nbsp;&nbsp; 709 | 586728 |
| 2.40%, 02/01/31 | &nbsp;&nbsp; 1179 | 1050487 |
| 2.45%, 02/01/32 | &nbsp;&nbsp; 525 | 454958 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.85%, 07/15/29 | &nbsp;&nbsp; $749 | $736705 |
| 4.25%, 10/01/26 | &nbsp;&nbsp; 796 | 794878 |
| 4.65%, 07/15/30 | &nbsp;&nbsp; 340 | 342050 |
| 5.38%, 06/30/34 | &nbsp;&nbsp; 555 | 562147 |
|  |  | 472819095 |
| **Retail — 2.1%** | **Retail — 2.1%** | **Retail — 2.1%** |
| 7-Eleven Inc. |  |  |
| 1.30%, 02/10/28<sup>(b)</sup> | &nbsp;&nbsp; 2095 | 1954555 |
| 1.80%, 02/10/31<sup>(b)</sup> | &nbsp;&nbsp; 3180 | 2744044 |
| 2.50%, 02/10/41<sup>(b)</sup> | &nbsp;&nbsp; 1312 | 878656 |
| 2.80%, 02/10/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 2061 | 1223366 |
| Alimentation Couche-Tard Inc. |  |  |
| 2.95%, 01/25/30<sup>(b)</sup> | &nbsp;&nbsp; 1954 | 1845717 |
| 3.44%, 05/13/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 1310 | 989929 |
| 3.55%, 07/26/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1583 | 1565279 |
| 3.63%, 05/13/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 580 | 403877 |
| 3.80%, 01/25/50<sup>(b)</sup> | &nbsp;&nbsp; 1153 | 839254 |
| 4.50%, 07/26/47<sup>(b)</sup> | &nbsp;&nbsp; 830 | 692263 |
| 5.27%, 02/12/34<sup>(b)</sup> | &nbsp;&nbsp; 1360 | 1379016 |
| 5.62%, 02/12/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 780 | 752013 |
| AutoNation Inc. |  |  |
| 1.95%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 880 | 823846 |
| 2.40%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; 989 | 862274 |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 740 | 730129 |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 970 | 903044 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 910 | 913238 |
| 5.89%, 03/15/35 | &nbsp;&nbsp; 795 | 812393 |
| AutoZone Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 831 | 719885 |
| 3.75%, 06/01/27 | &nbsp;&nbsp; 928 | 921322 |
| 3.75%, 04/18/29 | &nbsp;&nbsp; 774 | 761479 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 1225 | 1208576 |
| 4.50%, 02/01/28 | &nbsp;&nbsp; 1010 | 1020526 |
| 4.75%, 08/01/32 | &nbsp;&nbsp; 1225 | 1226903 |
| 4.75%, 02/01/33 | &nbsp;&nbsp; 905 | 899230 |
| 5.10%, 07/15/29 | &nbsp;&nbsp; 895 | 921716 |
| 5.13%, 06/15/30 | &nbsp;&nbsp; 1145 | 1181767 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 595 | 606349 |
| 5.40%, 07/15/34<sup>(a)</sup> | &nbsp;&nbsp; 990 | 1017296 |
| 6.25%, 11/01/28 | &nbsp;&nbsp; 885 | 939915 |
| 6.55%, 11/01/33 | &nbsp;&nbsp; 805 | 892271 |
| Best Buy Co. Inc. |  |  |
| 1.95%, 10/01/30 | &nbsp;&nbsp; 1297 | 1151896 |
| 4.45%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1067 | 1074606 |
| CK Hutchison International 20 Ltd., 3.38%, <br> 05/08/50<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1485 | 1053177 |
| CK Hutchison International 21 Ltd., 3.13%, <br> 04/15/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1037 | 780214 |
| CK Hutchison International 24 II Ltd. |  |  |
| 4.38%, 03/13/30<sup>(b)</sup> | &nbsp;&nbsp; 255 | 256191 |
| 4.75%, 09/13/34<sup>(b)</sup> | &nbsp;&nbsp; 570 | 566799 |
| CK Hutchison International 24 Ltd. |  |  |
| 5.38%, 04/26/29<sup>(b)</sup> | &nbsp;&nbsp; 1320 | 1369670 |
| 5.50%, 04/26/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2005 | 2094829 |
| Costco Wholesale Corp. |  |  |
| 1.38%, 06/20/27 | &nbsp;&nbsp; 2080 | 1990941 |
| 1.60%, 04/20/30 | &nbsp;&nbsp; 3514 | 3161377 |
| 1.75%, 04/20/32 | &nbsp;&nbsp; 1614 | 1386396 |
| 3.00%, 05/18/27 | &nbsp;&nbsp; 1659 | 1637171 |
| Darden Restaurants Inc. |  |  |
| 3.85%, 05/01/27 | &nbsp;&nbsp; 755 | 749242 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.35%, 10/15/27 | &nbsp;&nbsp; $700 | $703303 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 700 | 702493 |
| 4.55%, 02/15/48 | &nbsp;&nbsp; 501 | 410844 |
| 6.30%, 10/10/33 | &nbsp;&nbsp; 775 | 832096 |
| Dick's Sporting Goods Inc. |  |  |
| 3.15%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1270 | 1154248 |
| 4.10%, 01/15/52 | &nbsp;&nbsp; 1460 | 1035670 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30 | &nbsp;&nbsp; 1676 | 1611149 |
| 3.88%, 04/15/27 | &nbsp;&nbsp; 852 | 846925 |
| 4.13%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 831 | 826918 |
| 4.13%, 04/03/50<sup>(a)</sup> | &nbsp;&nbsp; 850 | 647828 |
| 4.63%, 11/01/27 | &nbsp;&nbsp; 890 | 896280 |
| 5.00%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1008336 |
| 5.20%, 07/05/28 | &nbsp;&nbsp; 681 | 698131 |
| 5.45%, 07/05/33<sup>(a)</sup> | &nbsp;&nbsp; 1067 | 1101917 |
| 5.50%, 11/01/52<sup>(a)</sup> | &nbsp;&nbsp; 500 | 466399 |
| Dollar Tree Inc. |  |  |
| 2.65%, 12/01/31 | &nbsp;&nbsp; 1515 | 1348831 |
| 3.38%, 12/01/51 | &nbsp;&nbsp; 840 | 539509 |
| 4.20%, 05/15/28 | &nbsp;&nbsp; 2291 | 2285305 |
| El Puerto de Liverpool SAB de CV |  |  |
| 3.88%, 10/06/26<sup>(b)</sup> | &nbsp;&nbsp; 150 | 148808 |
| 6.26%, 01/22/32<sup>(b)</sup> | &nbsp;&nbsp; 540 | 565759 |
| 6.66%, 01/22/37<sup>(b)</sup> | &nbsp;&nbsp; 770 | 815584 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34 | &nbsp;&nbsp; 1060 | 1049404 |
| Genuine Parts Co. |  |  |
| 1.88%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1003 | 881693 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 925 | 817277 |
| 4.95%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1320 | 1347471 |
| 6.50%, 11/01/28 | &nbsp;&nbsp; 820 | 872255 |
| 6.88%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; 565 | 634476 |
| Home Depot Inc. (The) |  |  |
| 0.90%, 03/15/28 | &nbsp;&nbsp; 895 | 831912 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 2235 | 1920180 |
| 1.50%, 09/15/28 | &nbsp;&nbsp; 1592 | 1483917 |
| 1.88%, 09/15/31 | &nbsp;&nbsp; 1925 | 1676853 |
| 2.13%, 09/15/26 | &nbsp;&nbsp; 1379 | 1353005 |
| 2.38%, 03/15/51 | &nbsp;&nbsp; 2035 | 1144144 |
| 2.50%, 04/15/27 | &nbsp;&nbsp; 1205 | 1178822 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 2527 | 2376152 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 1690 | 1025342 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 1955 | 1913526 |
| 2.88%, 04/15/27 | &nbsp;&nbsp; 1167 | 1148217 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 3122 | 3009088 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 2118 | 1421124 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 1915 | 1783310 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 2141 | 1719340 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 2530 | 1757104 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 1358 | 934476 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 2490 | 1804159 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 1687 | 1689790 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 1884 | 1479375 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 1653 | 1411208 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 2944 | 2472622 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 1590 | 1367293 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1825 | 1843023 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 2825 | 2419078 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 2355 | 2410711 |
| 4.85%, 06/25/31 | &nbsp;&nbsp; 1790 | 1848258 |
| 4.88%, 06/25/27 | &nbsp;&nbsp; 1275 | 1295455 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.88%, 02/15/44 | &nbsp;&nbsp; $1539 | $1424317 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 1285 | 1324026 |
| 4.95%, 09/30/26 | &nbsp;&nbsp; 1125 | 1135541 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 2985 | 3036169 |
| 4.95%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1705 | 1539372 |
| 5.30%, 06/25/54 | &nbsp;&nbsp; 2220 | 2111799 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 820 | 831859 |
| 5.40%, 06/25/64<sup>(a)</sup> | &nbsp;&nbsp; 630 | 599632 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 4928 | 5324808 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 1526 | 1613423 |
| InRetail Consumer, 3.25%, 03/22/28<sup>(b)</sup> | &nbsp;&nbsp; 245 | 237474 |
| Lowe's Companies Inc. |  |  |
| 1.30%, 04/15/28 | &nbsp;&nbsp; 1280 | 1194006 |
| 1.70%, 09/15/28 | &nbsp;&nbsp; 1840 | 1714750 |
| 1.70%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2015 | 1771001 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 2600 | 2369678 |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 1491 | 1045104 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 3067 | 1898924 |
| 3.10%, 05/03/27 | &nbsp;&nbsp; 2310 | 2272347 |
| 3.35%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1238 | 1223758 |
| 3.50%, 04/01/51 | &nbsp;&nbsp; 913 | 618003 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 2352 | 2308724 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 2137 | 1586335 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 2403 | 2281783 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 2576 | 1999856 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 2575 | 1995057 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 742 | 609417 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 1935 | 1484889 |
| 4.50%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2209 | 2236955 |
| 4.55%, 04/05/49<sup>(a)</sup> | &nbsp;&nbsp; 1360 | 1113682 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 824 | 728926 |
| 5.00%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1760 | 1790673 |
| 5.00%, 04/15/40 | &nbsp;&nbsp; 745 | 710297 |
| 5.00%, 09/15/43 | &nbsp;&nbsp; 371 | 339292 |
| 5.13%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 675 | 597260 |
| 5.15%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1445 | 1479805 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 785 | 809468 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 2490 | 2377246 |
| 5.75%, 07/01/53<sup>(a)</sup> | &nbsp;&nbsp; 780 | 754668 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 470 | 493887 |
| 5.80%, 09/15/62<sup>(a)</sup> | &nbsp;&nbsp; 1569 | 1509613 |
| 5.85%, 04/01/63<sup>(a)</sup> | &nbsp;&nbsp; 705 | 683167 |
| 6.50%, 03/15/29 | &nbsp;&nbsp; 1225 | 1321991 |
| 6.88%, 02/15/28 | &nbsp;&nbsp; 930 | 986089 |
| Marks & Spencer PLC, 7.13%, 12/01/37<sup>(b)</sup> | &nbsp;&nbsp; 210 | 230184 |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; 1542 | 1411838 |
| 2.63%, 09/01/29 | &nbsp;&nbsp; 1601 | 1515697 |
| 3.50%, 03/01/27 | &nbsp;&nbsp; 1279 | 1268406 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 1932 | 1914807 |
| 3.60%, 07/01/30 | &nbsp;&nbsp; 1514 | 1477637 |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 920 | 719691 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 2881 | 2092652 |
| 3.70%, 02/15/42 | &nbsp;&nbsp; 896 | 713417 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 1798 | 1788965 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 1255 | 1000094 |
| 4.40%, 02/12/31 | &nbsp;&nbsp; 675 | 677237 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 1820 | 1536597 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 1443 | 1208364 |
| 4.60%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 920 | 935908 |
| 4.60%, 09/09/32 | &nbsp;&nbsp; 1815 | 1833270 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.60%, 05/26/45 | &nbsp;&nbsp; $1080 | $945933 |
| 4.70%, 12/09/35 | &nbsp;&nbsp; 1367 | 1345972 |
| 4.80%, 08/14/28 | &nbsp;&nbsp; 1057 | 1080664 |
| 4.88%, 07/15/40 | &nbsp;&nbsp; 360 | 340859 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 2790 | 2526189 |
| 4.95%, 08/14/33<sup>(a)</sup> | &nbsp;&nbsp; 960 | 984359 |
| 4.95%, 03/03/35 | &nbsp;&nbsp; 715 | 719758 |
| 5.00%, 05/17/29 | &nbsp;&nbsp; 1060 | 1092631 |
| 5.00%, 02/13/36 | &nbsp;&nbsp; 600 | 600467 |
| 5.15%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 1335 | 1227451 |
| 5.20%, 05/17/34<sup>(a)</sup> | &nbsp;&nbsp; 535 | 551602 |
| 5.45%, 08/14/53<sup>(a)</sup> | &nbsp;&nbsp; 1230 | 1179610 |
| 5.70%, 02/01/39<sup>(a)</sup> | &nbsp;&nbsp; 766 | 798146 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 1362 | 1498714 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 1055 | 1157320 |
| O'Reilly Automotive Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 755 | 656411 |
| 3.60%, 09/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1149115 |
| 3.90%, 06/01/29 | &nbsp;&nbsp; 971 | 961551 |
| 4.20%, 04/01/30 | &nbsp;&nbsp; 1222 | 1218941 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 1012 | 1016187 |
| 4.70%, 06/15/32 | &nbsp;&nbsp; 1125 | 1126238 |
| 5.00%, 08/19/34 | &nbsp;&nbsp; 765 | 765364 |
| 5.75%, 11/20/26 | &nbsp;&nbsp; 805 | 818421 |
| Ross Stores Inc., 1.88%, 04/15/31 | &nbsp;&nbsp; 748 | 650311 |
| Starbucks Corp. |  |  |
| 2.00%, 03/12/27 | &nbsp;&nbsp; 1268 | 1228734 |
| 2.25%, 03/12/30 | &nbsp;&nbsp; 1290 | 1185755 |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 2144 | 1966442 |
| 3.00%, 02/14/32 | &nbsp;&nbsp; 1490 | 1361374 |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 917 | 612323 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 1009 | 997064 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 2037 | 1400863 |
| 3.55%, 08/15/29 | &nbsp;&nbsp; 1678 | 1645523 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 940 | 689915 |
| 4.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1465 | 1464300 |
| 4.30%, 06/15/45 | &nbsp;&nbsp; 710 | 581423 |
| 4.45%, 08/15/49 | &nbsp;&nbsp; 1747 | 1423601 |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 620 | 626474 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 1629 | 1349259 |
| 4.80%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 450 | 459784 |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 775 | 780265 |
| 4.85%, 02/08/27 | &nbsp;&nbsp; 575 | 580793 |
| 4.90%, 02/15/31 | &nbsp;&nbsp; 795 | 818278 |
| 5.00%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 810 | 819810 |
| 5.40%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 695 | 711246 |
| Target Corp. |  |  |
| 1.95%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1480 | 1441452 |
| 2.35%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1390 | 1294453 |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 935 | 872106 |
| 2.95%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1910 | 1196285 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 1484 | 1453127 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 1155 | 867122 |
| 3.90%, 11/15/47 | &nbsp;&nbsp; 1052 | 815161 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 1792 | 1498323 |
| 4.35%, 06/15/28 | &nbsp;&nbsp; 605 | 611319 |
| 4.40%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 765 | 758291 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1345 | 1345539 |
| 4.50%, 09/15/34 | &nbsp;&nbsp; 1360 | 1329574 |
| 4.80%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1805 | 1590341 |
| 5.00%, 04/15/35 | &nbsp;&nbsp; 1415 | 1418716 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 5.25%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp; $600 | $610990 |
| 6.35%, 11/01/32 | &nbsp;&nbsp; 359 | 398299 |
| 6.50%, 10/15/37 | &nbsp;&nbsp; 752 | 849846 |
| 7.00%, 01/15/38 | &nbsp;&nbsp; 765 | 893105 |
| Tiffany & Co., 4.90%, 10/01/44 | &nbsp;&nbsp; 580 | 532926 |
| TJX Companies Inc. (The) |  |  |
| 1.15%, 05/15/28 | &nbsp;&nbsp; 945 | 878951 |
| 1.60%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 930 | 812760 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 1455 | 1430214 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 1017 | 1009615 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 776 | 661181 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 1435 | 1258031 |
| 5.25%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 855 | 876971 |
| Walmart Inc. |  |  |
| 2.38%, 09/24/29<sup>(a)</sup> | &nbsp;&nbsp; 669 | 631061 |
| 2.50%, 09/22/41<sup>(a)</sup> | &nbsp;&nbsp; 1565 | 1102957 |
| 2.65%, 09/22/51<sup>(a)</sup> | &nbsp;&nbsp; 2418 | 1487378 |
| 2.95%, 09/24/49 | &nbsp;&nbsp; 1118 | 747963 |
| 3.25%, 07/08/29 | &nbsp;&nbsp; 1162 | 1136912 |
| 3.63%, 12/15/47 | &nbsp;&nbsp; 970 | 742793 |
| 3.70%, 06/26/28 | &nbsp;&nbsp; 2202 | 2199209 |
| 3.90%, 04/15/28 | &nbsp;&nbsp; 1475 | 1479903 |
| 3.95%, 06/28/38 | &nbsp;&nbsp; 1005 | 920141 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 963 | 970654 |
| 4.00%, 04/11/43 | &nbsp;&nbsp; 825 | 694245 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 2735 | 2240998 |
| 4.10%, 04/28/27 | &nbsp;&nbsp; 665 | 668096 |
| 4.10%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2265 | 2225192 |
| 4.15%, 09/09/32<sup>(a)</sup> | &nbsp;&nbsp; 1515 | 1503107 |
| 4.30%, 04/22/44 | &nbsp;&nbsp; 890 | 776800 |
| 4.35%, 04/28/30 | &nbsp;&nbsp; 1920 | 1949057 |
| 4.50%, 09/09/52 | &nbsp;&nbsp; 1686 | 1461612 |
| 4.50%, 04/15/53<sup>(a)</sup> | &nbsp;&nbsp; 2730 | 2372764 |
| 4.88%, 07/08/40 | &nbsp;&nbsp; 450 | 448627 |
| 4.90%, 04/28/35 | &nbsp;&nbsp; 1765 | 1792636 |
| 5.00%, 10/25/40<sup>(a)</sup> | &nbsp;&nbsp; 815 | 818869 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 2080 | 2175634 |
| 5.63%, 04/01/40 | &nbsp;&nbsp; 975 | 1036615 |
| 5.63%, 04/15/41 | &nbsp;&nbsp; 625 | 649904 |
| 5.88%, 04/05/27 | &nbsp;&nbsp; 135 | 139413 |
| 6.20%, 04/15/38 | &nbsp;&nbsp; 1325 | 1483025 |
| 6.50%, 08/15/37 | &nbsp;&nbsp; 1505 | 1724354 |
| 7.55%, 02/15/30 | &nbsp;&nbsp; 1045 | 1196060 |
|  |  | 313274982 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| Nationwide Building Society |  |  |
| 1.50%, 10/13/26<sup>(b)</sup> | &nbsp;&nbsp; 1491 | 1448161 |
| 2.97%, 02/16/28, (1-day SOFR + <br> 1.290%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1140 | 1117382 |
| 3.96%, 07/18/30<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 2195 | 2156006 |
| 4.00%, 09/14/26<sup>(b)</sup> | &nbsp;&nbsp; 1806 | 1795891 |
| 4.13%, 10/18/32, (5-year USD ICE Swap + <br> 1.849%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 513 | 504796 |
| 4.30%, 03/08/29<sup>(b)(d)</sup> | &nbsp;&nbsp; 1910 | 1909502 |
| 4.65%, 07/14/29, (1-day SOFR + <br> 1.060%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1250 | 1260396 |
| 4.85%, 07/27/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1400 | 1419144 |
| 5.13%, 07/29/29<sup>(b)</sup> | &nbsp;&nbsp; 935 | 964495 |
| 5.54%, 07/14/36, (1-day SOFR + <br> 1.650%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 620 | 631599 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Savings & Loans (continued)** | **Savings & Loans (continued)** | **Savings & Loans (continued)** |
| 6.56%, 10/18/27, (1-day SOFR + <br> 1.910%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; $1965 | $2010846 |
|  |  | 15218218 |
| **Semiconductors — 2.4%** | **Semiconductors — 2.4%** | **Semiconductors — 2.4%** |
| Advanced Micro Devices Inc. |  |  |
| 3.92%, 06/01/32 | &nbsp;&nbsp; 790 | 768019 |
| 4.32%, 03/24/28 | &nbsp;&nbsp; 1535 | 1550214 |
| 4.39%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1010 | 849330 |
| Analog Devices Inc. |  |  |
| 1.70%, 10/01/28 | &nbsp;&nbsp; 1755 | 1639842 |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 2045 | 1806745 |
| 2.80%, 10/01/41 | &nbsp;&nbsp; 1002 | 726721 |
| 2.95%, 10/01/51 | &nbsp;&nbsp; 1773 | 1137188 |
| 3.45%, 06/15/27 | &nbsp;&nbsp; 1180 | 1170719 |
| 3.50%, 12/05/26 | &nbsp;&nbsp; 1344 | 1335932 |
| 4.25%, 06/15/28 | &nbsp;&nbsp; 1275 | 1285327 |
| 4.25%, 10/01/32 | &nbsp;&nbsp; 85 | 84694 |
| 4.50%, 06/15/30 | &nbsp;&nbsp; 1730 | 1753316 |
| 5.05%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1070 | 1100054 |
| 5.30%, 12/15/45 | &nbsp;&nbsp; 715 | 688920 |
| 5.30%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 855 | 818389 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 1327 | 1190935 |
| 2.75%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1237 | 772694 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 1892 | 1875231 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 1965 | 1674850 |
| 4.80%, 06/15/29 | &nbsp;&nbsp; 1750 | 1798416 |
| 5.10%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 838 | 862166 |
| 5.85%, 06/15/41 | &nbsp;&nbsp; 935 | 978004 |
| Broadcom Corp./Broadcom Cayman <br> Finance Ltd.<br>|  |  |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 1473 | 1453310 |
| 3.88%, 01/15/27 | &nbsp;&nbsp; 4657 | 4637402 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1392 | 1324301 |
| 2.45%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 4575 | 4136390 |
| 2.60%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2585 | 2234193 |
| 3.14%, 11/15/35<sup>(b)</sup> | &nbsp;&nbsp; 5428 | 4592693 |
| 3.19%, 11/15/36<sup>(b)</sup> | &nbsp;&nbsp; 4545 | 3793884 |
| 3.42%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 3730 | 3399167 |
| 3.46%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1168 | 1159734 |
| 3.47%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 5218 | 4680247 |
| 3.50%, 02/15/41<sup>(b)</sup> | &nbsp;&nbsp; 4869 | 3859375 |
| 3.75%, 02/15/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 2987 | 2230607 |
| 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1687 | 1675530 |
| 4.11%, 09/15/28 | &nbsp;&nbsp; 2325 | 2324198 |
| 4.15%, 02/15/28 | &nbsp;&nbsp; 1382 | 1383547 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; 3475 | 3441054 |
| 4.15%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1805 | 1748767 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 3734 | 3639308 |
| 4.35%, 02/15/30 | &nbsp;&nbsp; 2250 | 2256500 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 2160 | 2180781 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 2455 | 2500507 |
| 4.80%, 04/15/28 | &nbsp;&nbsp; 2055 | 2092309 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 2655 | 2625876 |
| 4.90%, 07/15/32 | &nbsp;&nbsp; 2995 | 3031745 |
| 4.93%, 05/15/37<sup>(b)</sup> | &nbsp;&nbsp; 4142 | 4028553 |
| 5.00%, 04/15/30 | &nbsp;&nbsp; 1265 | 1301310 |
| 5.05%, 07/12/27 | &nbsp;&nbsp; 2055 | 2087023 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 3760 | 3866325 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 1320 | 1360857 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 5.15%, 11/15/31 | &nbsp;&nbsp; $2670 | $2760800 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; 1749 | 1805284 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 3025 | 3052527 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; 1430 | 1423310 |
| Foundry JV Holdco LLC |  |  |
| 5.50%, 01/25/31<sup>(b)</sup> | &nbsp;&nbsp; 2330 | 2419494 |
| 5.88%, 01/25/34<sup>(b)</sup> | &nbsp;&nbsp; 1760 | 1806851 |
| 5.90%, 01/25/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1200 | 1266305 |
| 5.90%, 01/25/33<sup>(b)</sup> | &nbsp;&nbsp; 1740 | 1823607 |
| 6.10%, 01/25/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 2090 | 2186686 |
| 6.15%, 01/25/32<sup>(b)</sup> | &nbsp;&nbsp; 1385 | 1470417 |
| 6.20%, 01/25/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 2445 | 2570963 |
| 6.25%, 01/25/35<sup>(b)</sup> | &nbsp;&nbsp; 1990 | 2105985 |
| 6.30%, 01/25/39<sup>(b)</sup> | &nbsp;&nbsp; 2115 | 2235712 |
| 6.40%, 01/25/38<sup>(b)</sup> | &nbsp;&nbsp; 1340 | 1434953 |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; 1805 | 1675213 |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 2250 | 1949717 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 3262 | 3009208 |
| 2.80%, 08/12/41 | &nbsp;&nbsp; 1406 | 942332 |
| 3.05%, 08/12/51<sup>(a)</sup> | &nbsp;&nbsp; 2065 | 1221012 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 1568 | 871416 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 1659 | 1626936 |
| 3.20%, 08/12/61<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 902085 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 3169 | 1978988 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 3139 | 2184169 |
| 3.75%, 03/25/27 | &nbsp;&nbsp; 1617 | 1601741 |
| 3.75%, 08/05/27 | &nbsp;&nbsp; 2065 | 2043262 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 2541 | 2475827 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 1467 | 1444403 |
| 4.00%, 12/15/32 | &nbsp;&nbsp; 1258 | 1182757 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 1841 | 1378762 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 1572 | 1157781 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 1875 | 1784531 |
| 4.25%, 12/15/42 | &nbsp;&nbsp; 973 | 779284 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 1118 | 983719 |
| 4.75%, 03/25/50<sup>(a)</sup> | &nbsp;&nbsp; 3565 | 2854666 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 1500 | 1303094 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 2930 | 2968560 |
| 4.90%, 07/29/45<sup>(a)</sup> | &nbsp;&nbsp; 1716 | 1452637 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 2725 | 2215240 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 1521 | 1216913 |
| 5.00%, 02/21/31 | &nbsp;&nbsp; 1045 | 1064560 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 1415 | 1135701 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 2045 | 2094564 |
| 5.15%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; 1340 | 1338417 |
| 5.20%, 02/10/33<sup>(a)</sup> | &nbsp;&nbsp; 3960 | 3988254 |
| 5.60%, 02/21/54<sup>(a)</sup> | &nbsp;&nbsp; 1815 | 1650644 |
| 5.63%, 02/10/43 | &nbsp;&nbsp; 1565 | 1482809 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 3215 | 2956478 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 1880 | 1734865 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 1379 | 953010 |
| 4.10%, 03/15/29 | &nbsp;&nbsp; 1648 | 1651573 |
| 4.65%, 07/15/32 | &nbsp;&nbsp; 1480 | 1493435 |
| 4.70%, 02/01/34 | &nbsp;&nbsp; 875 | 872383 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 2433 | 2207793 |
| 5.00%, 03/15/49 | &nbsp;&nbsp; 662 | 605973 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 1360 | 1263993 |
| 5.65%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 653 | 691680 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; $1628 | $1470203 |
| 2.88%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1468 | 934326 |
| 3.13%, 06/15/60 | &nbsp;&nbsp; 906 | 555547 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 2109 | 2108399 |
| 4.88%, 03/15/49 | &nbsp;&nbsp; 1385 | 1253975 |
| Marvell Technology Inc. |  |  |
| 2.45%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1525 | 1459995 |
| 2.95%, 04/15/31 | &nbsp;&nbsp; 1405 | 1290591 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 1010 | 1019206 |
| 4.88%, 06/22/28 | &nbsp;&nbsp; 1053 | 1067367 |
| 5.45%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 730 | 742411 |
| 5.75%, 02/15/29 | &nbsp;&nbsp; 1015 | 1058921 |
| 5.95%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 625 | 661744 |
| Microchip Technology Inc. |  |  |
| 4.90%, 03/15/28 | &nbsp;&nbsp; 1330 | 1348849 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 1055 | 1075793 |
| 5.05%, 02/15/30 | &nbsp;&nbsp; 1020 | 1040766 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 2218 | 1952367 |
| 3.37%, 11/01/41 | &nbsp;&nbsp; 2084 | 1558532 |
| 3.48%, 11/01/51<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 718508 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 1243 | 1250573 |
| 5.30%, 01/15/31 | &nbsp;&nbsp; 1800 | 1857476 |
| 5.33%, 02/06/29 | &nbsp;&nbsp; 1458 | 1499035 |
| 5.38%, 04/15/28 | &nbsp;&nbsp; 1157 | 1192884 |
| 5.65%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 165 | 172529 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 1090 | 1126747 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 1401 | 1470741 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 985 | 1035773 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 1775 | 1864936 |
| 6.75%, 11/01/29 | &nbsp;&nbsp; 2153 | 2337420 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | &nbsp;&nbsp; 2275 | 2143818 |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 2500 | 2237022 |
| 2.85%, 04/01/30 | &nbsp;&nbsp; 2895 | 2766846 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 1639 | 1626890 |
| 3.50%, 04/01/40 | &nbsp;&nbsp; 1992 | 1686159 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 3329 | 2477976 |
| 3.70%, 04/01/60 | &nbsp;&nbsp; 819 | 595951 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 1648 | 1477142 |
| 2.65%, 02/15/32 | &nbsp;&nbsp; 1568 | 1380002 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 885 | 634262 |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 942 | 926033 |
| 3.25%, 05/11/41<sup>(a)</sup> | &nbsp;&nbsp; 1830 | 1354617 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 795 | 511470 |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 1828 | 1749694 |
| 4.30%, 08/19/28 | &nbsp;&nbsp; 555 | 556171 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 1669 | 1667814 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 949 | 951735 |
| 4.85%, 08/19/32 | &nbsp;&nbsp; 735 | 734599 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 1114 | 1115405 |
| 5.25%, 08/19/35 | &nbsp;&nbsp; 975 | 968763 |
| 5.55%, 12/01/28 | &nbsp;&nbsp; 1148 | 1189413 |
| Qorvo Inc. |  |  |
| 3.38%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1457 | 1324820 |
| 4.38%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1530 | 1498545 |
| Qualcomm Inc. |  |  |
| 1.30%, 05/20/28 | &nbsp;&nbsp; 2192 | 2049961 |
| 1.65%, 05/20/32<sup>(a)</sup> | &nbsp;&nbsp; 2066 | 1737653 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 2.15%, 05/20/30 | &nbsp;&nbsp; $1615 | $1482335 |
| 3.25%, 05/20/27 | &nbsp;&nbsp; 3564 | 3528227 |
| 3.25%, 05/20/50<sup>(a)</sup> | &nbsp;&nbsp; 1564 | 1071285 |
| 4.25%, 05/20/32<sup>(a)</sup> | &nbsp;&nbsp; 910 | 904839 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 2570 | 2142137 |
| 4.50%, 05/20/30<sup>(a)</sup> | &nbsp;&nbsp; 1170 | 1189558 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 1851 | 1554456 |
| 4.65%, 05/20/35<sup>(a)</sup> | &nbsp;&nbsp; 1982 | 1973498 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 1075 | 1094164 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 2850 | 2602311 |
| 5.40%, 05/20/33 | &nbsp;&nbsp; 1035 | 1092838 |
| 6.00%, 05/20/53 | &nbsp;&nbsp; 1965 | 2053942 |
| QUALCOMM Inc., 5.00%, 05/20/35<sup>(a)</sup> | &nbsp;&nbsp; 1150 | 1161605 |
| Renesas Electronics Corp., 2.17%, 11/25/26<sup>(b)</sup> | &nbsp;&nbsp; 1340 | 1303553 |
| SK Hynix Inc. |  |  |
| 2.38%, 01/19/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1715 | 1536550 |
| 5.50%, 01/16/27<sup>(b)</sup> | &nbsp;&nbsp; 620 | 629464 |
| 5.50%, 01/16/29<sup>(b)</sup> | &nbsp;&nbsp; 960 | 992742 |
| 6.38%, 01/17/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 997 | 1041029 |
| 6.50%, 01/17/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 885 | 971276 |
| Skyworks Solutions Inc., 3.00%, 06/01/31 | &nbsp;&nbsp; 997 | 897927 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 882 | 857202 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 1555 | 1400662 |
| 1.90%, 09/15/31 | &nbsp;&nbsp; 980 | 862837 |
| 2.25%, 09/04/29<sup>(a)</sup> | &nbsp;&nbsp; 1370 | 1282542 |
| 2.70%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1035 | 622740 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 1229 | 1204192 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 790 | 751983 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 1717 | 1512447 |
| 4.10%, 08/16/52 | &nbsp;&nbsp; 695 | 546018 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 2499 | 2047521 |
| 4.50%, 05/23/30 | &nbsp;&nbsp; 1060 | 1076610 |
| 4.60%, 02/08/27 | &nbsp;&nbsp; 761 | 768425 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 1250 | 1271237 |
| 4.60%, 02/08/29<sup>(a)</sup> | &nbsp;&nbsp; 1205 | 1231434 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 895 | 912392 |
| 4.90%, 03/14/33<sup>(a)</sup> | &nbsp;&nbsp; 1451 | 1489982 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 1230 | 1125029 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 2337 | 2099066 |
| 5.10%, 05/23/35 | &nbsp;&nbsp; 795 | 812972 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 1370 | 1285677 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 1838 | 1788924 |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 2245 | 2041188 |
| 3.13%, 10/25/41<sup>(a)</sup> | &nbsp;&nbsp; 1195 | 947243 |
| 3.25%, 10/25/51<sup>(a)</sup> | &nbsp;&nbsp; 1795 | 1330892 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 1580 | 1577117 |
| 4.13%, 04/22/29<sup>(a)</sup> | &nbsp;&nbsp; 795 | 798056 |
| 4.25%, 04/22/32<sup>(a)</sup> | &nbsp;&nbsp; 1075 | 1077459 |
| 4.50%, 04/22/52<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 1268070 |
| TSMC Global Ltd. |  |  |
| 1.00%, 09/28/27<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1447049 |
| 1.38%, 09/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2071 | 1810686 |
| 1.75%, 04/23/28<sup>(b)</sup> | &nbsp;&nbsp; 1835 | 1732513 |
| 2.25%, 04/23/31<sup>(b)</sup> | &nbsp;&nbsp; 2570 | 2321241 |
| 4.38%, 07/22/27<sup>(b)</sup> | &nbsp;&nbsp; 270 | 271422 |
| 4.63%, 07/22/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 455 | 462557 |
| Xilinx Inc., 2.38%, 06/01/30 | &nbsp;&nbsp; 1453 | 1342877 |
|  |  | 346756851 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries Inc. |  |  |
| 2.04%, 08/16/28 | &nbsp;&nbsp; $1515 | $1418964 |
| 3.48%, 12/01/27 | &nbsp;&nbsp; 1231 | 1208773 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 1042 | 1027252 |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 860 | 886311 |
| 5.75%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 975 | 1011303 |
|  |  | 5552603 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 1370 | 1337695 |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 2768 | 2575122 |
| 4.75%, 01/17/28 | &nbsp;&nbsp; 819 | 835216 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 1552 | 1595170 |
| 4.85%, 04/04/27 | &nbsp;&nbsp; 845 | 857538 |
| 4.95%, 01/17/30 | &nbsp;&nbsp; 550 | 570999 |
| 4.95%, 04/04/34 | &nbsp;&nbsp; 1325 | 1357048 |
| 5.30%, 01/17/35 | &nbsp;&nbsp; 810 | 847175 |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | &nbsp;&nbsp; 1595 | 1631241 |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 920 | 947952 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 1165 | 1189123 |
| 5.95%, 12/01/54 | &nbsp;&nbsp; 540 | 525487 |
| Atlassian Corp. |  |  |
| 5.25%, 05/15/29 | &nbsp;&nbsp; 770 | 793099 |
| 5.50%, 05/15/34 | &nbsp;&nbsp; 955 | 975950 |
| Autodesk Inc. |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 1705 | 1500498 |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 1418 | 1338551 |
| 3.50%, 06/15/27 | &nbsp;&nbsp; 1224 | 1210207 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 805 | 819320 |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; 1751 | 1577633 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 1616 | 1530060 |
| Cadence Design Systems Inc. |  |  |
| 4.20%, 09/10/27 | &nbsp;&nbsp; 965 | 969036 |
| 4.30%, 09/10/29 | &nbsp;&nbsp; 1295 | 1304382 |
| 4.70%, 09/10/34 | &nbsp;&nbsp; 1095 | 1084067 |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/28<sup>(a)</sup> | &nbsp;&nbsp; 1610 | 1703773 |
| 6.85%, 08/02/33 | &nbsp;&nbsp; 925 | 972458 |
| Constellation Software Inc./Canada |  |  |
| 5.16%, 02/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 645 | 660452 |
| 5.46%, 02/16/34<sup>(b)</sup> | &nbsp;&nbsp; 660 | 671922 |
| Electronic Arts Inc. |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 1316 | 1156505 |
| 2.95%, 02/15/51 | &nbsp;&nbsp; 1067 | 662872 |
| Fidelity National Information Services Inc. |  |  |
| 1.65%, 03/01/28 | &nbsp;&nbsp; 1932 | 1820198 |
| 2.25%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1241 | 1101302 |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 1375 | 1005358 |
| 3.75%, 05/21/29 | &nbsp;&nbsp; 745 | 730559 |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 670 | 547130 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 1125 | 1148521 |
| 5.63%, 07/15/52<sup>(a)</sup> | &nbsp;&nbsp; 315 | 301801 |
| Series 30Y, 4.75%, 05/15/48 | &nbsp;&nbsp; 512 | 431860 |
| Fiserv Inc. |  |  |
| 2.25%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1663 | 1611259 |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 1818 | 1679781 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 5020 | 4874514 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 1710 | 1709039 |
| 4.40%, 07/01/49 | &nbsp;&nbsp; 3615 | 2890712 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.55%, 02/15/31 | &nbsp;&nbsp; $530 | $529905 |
| 4.75%, 03/15/30 | &nbsp;&nbsp; 1430 | 1450550 |
| 5.15%, 03/15/27 | &nbsp;&nbsp; 1025 | 1037963 |
| 5.15%, 08/12/34 | &nbsp;&nbsp; 1335 | 1338221 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 1085 | 1080729 |
| 5.35%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1070 | 1114059 |
| 5.38%, 08/21/28 | &nbsp;&nbsp; 1485 | 1531839 |
| 5.45%, 03/02/28 | &nbsp;&nbsp; 2010 | 2067563 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 1150 | 1177872 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 1320 | 1369603 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 2190 | 2272089 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 1269 | 1211106 |
| 1.65%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1031739 |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 1847 | 1908326 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 2130 | 2209119 |
| 5.25%, 09/15/26 | &nbsp;&nbsp; 1200 | 1212586 |
| 5.50%, 09/15/53 | &nbsp;&nbsp; 2090 | 2050017 |
| Microsoft Corp. |  |  |
| 1.35%, 09/15/30 | &nbsp;&nbsp; 1234 | 1092174 |
| 2.50%, 09/15/50 | &nbsp;&nbsp; 2218 | 1349412 |
| 2.53%, 06/01/50 | &nbsp;&nbsp; 9889 | 6045385 |
| 2.68%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 5542 | 3210561 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 9354 | 6121006 |
| 3.04%, 03/17/62<sup>(a)</sup> | &nbsp;&nbsp; 2891 | 1822975 |
| 3.30%, 02/06/27 | &nbsp;&nbsp; 6015 | 5971341 |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 1128 | 1122831 |
| 3.40%, 06/15/27 | &nbsp;&nbsp; 1048 | 1043967 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 2896 | 2613100 |
| 3.50%, 02/12/35<sup>(a)</sup> | &nbsp;&nbsp; 2587 | 2431721 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 715 | 579374 |
| 3.70%, 08/08/46 | &nbsp;&nbsp; 2610 | 2103090 |
| 3.75%, 02/12/45 | &nbsp;&nbsp; 985 | 811857 |
| 3.95%, 08/08/56 | &nbsp;&nbsp; 745 | 587034 |
| 4.00%, 02/12/55 | &nbsp;&nbsp; 840 | 673546 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 1353 | 1303538 |
| 4.20%, 11/03/35<sup>(a)</sup> | &nbsp;&nbsp; 1266 | 1254539 |
| 4.25%, 02/06/47 | &nbsp;&nbsp; 1620 | 1440201 |
| 4.45%, 11/03/45 | &nbsp;&nbsp; 1691 | 1554481 |
| 4.50%, 10/01/40 | &nbsp;&nbsp; 886 | 853112 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 692 | 620833 |
| 4.50%, 02/06/57 | &nbsp;&nbsp; 1150 | 1026353 |
| 4.75%, 11/03/55<sup>(a)</sup> | &nbsp;&nbsp; 685 | 615791 |
| 5.20%, 06/01/39 | &nbsp;&nbsp; 940 | 986742 |
| 5.30%, 02/08/41 | &nbsp;&nbsp; 2212 | 2301182 |
| MSCI Inc. |  |  |
| 3.25%, 08/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1090 | 962794 |
| 3.63%, 09/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1860 | 1773307 |
| 3.63%, 11/01/31<sup>(b)</sup> | &nbsp;&nbsp; 1200 | 1117579 |
| 3.88%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1280 | 1221404 |
| 4.00%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1665 | 1627511 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 1155 | 1145755 |
| Open Text Corp., 6.90%, 12/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1341 | 1391687 |
| Oracle Corp. |  |  |
| 2.30%, 03/25/28 | &nbsp;&nbsp; 3844 | 3673868 |
| 2.80%, 04/01/27 | &nbsp;&nbsp; 3685 | 3607868 |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 5437 | 4984915 |
| 2.95%, 04/01/30 | &nbsp;&nbsp; 5599 | 5272539 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 4700 | 4609793 |
| 3.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1165 | 1110359 |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 5064 | 4014197 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 3.60%, 04/01/50 | &nbsp;&nbsp; $7426 | $5078483 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 3809 | 2980618 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 2951 | 2517199 |
| 3.85%, 07/15/36 | &nbsp;&nbsp; 2088 | 1834631 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 5741 | 3833986 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 2096 | 1890088 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 5351 | 3860905 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 5042 | 3844379 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 3732 | 2819805 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 2477 | 1736296 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 3166 | 2488197 |
| 4.20%, 09/27/29<sup>(a)</sup> | &nbsp;&nbsp; 2730 | 2722881 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 2854 | 2711003 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 2069 | 1574642 |
| 4.50%, 05/06/28 | &nbsp;&nbsp; 2000 | 2017249 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 1596 | 1330192 |
| 4.65%, 05/06/30 | &nbsp;&nbsp; 1565 | 1587327 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 2875 | 2779192 |
| 4.80%, 08/03/28 | &nbsp;&nbsp; 3239 | 3301118 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 2460 | 2460969 |
| 5.25%, 02/03/32 | &nbsp;&nbsp; 2710 | 2785978 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 3677 | 3558499 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 3205 | 2854831 |
| 5.50%, 08/03/35 | &nbsp;&nbsp; 2880 | 2935584 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 1895 | 1680566 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 3945 | 3619335 |
| 6.00%, 08/03/55<sup>(a)</sup> | &nbsp;&nbsp; 2905 | 2837832 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 2129 | 2224626 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; 1630 | 1582443 |
| 6.15%, 11/09/29 | &nbsp;&nbsp; 2295 | 2453162 |
| 6.25%, 11/09/32<sup>(a)</sup> | &nbsp;&nbsp; 3745 | 4046484 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 2155 | 2337138 |
| 6.90%, 11/09/52<sup>(a)</sup> | &nbsp;&nbsp; 3895 | 4217030 |
| Paychex Inc. |  |  |
| 5.10%, 04/15/30 | &nbsp;&nbsp; 2790 | 2871611 |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 2730 | 2824028 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 1035 | 1071244 |
| Roper Technologies Inc. |  |  |
| 1.40%, 09/15/27 | &nbsp;&nbsp; 1627 | 1541795 |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 1701 | 1474919 |
| 2.00%, 06/30/30 | &nbsp;&nbsp; 1222 | 1097193 |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 1039 | 991246 |
| 3.80%, 12/15/26 | &nbsp;&nbsp; 1200 | 1192570 |
| 4.20%, 09/15/28 | &nbsp;&nbsp; 1733 | 1734149 |
| 4.25%, 09/15/28 | &nbsp;&nbsp; 305 | 306167 |
| 4.45%, 09/15/30 | &nbsp;&nbsp; 575 | 576188 |
| 4.50%, 10/15/29 | &nbsp;&nbsp; 795 | 801299 |
| 4.75%, 02/15/32 | &nbsp;&nbsp; 880 | 886182 |
| 4.90%, 10/15/34 | &nbsp;&nbsp; 1580 | 1563888 |
| 5.10%, 09/15/35 | &nbsp;&nbsp; 775 | 773116 |
| Salesforce Inc. |  |  |
| 1.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2086 | 1955540 |
| 1.95%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2520 | 2231588 |
| 2.70%, 07/15/41 | &nbsp;&nbsp; 2198 | 1580280 |
| 2.90%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 3248 | 2062626 |
| 3.05%, 07/15/61<sup>(a)</sup> | &nbsp;&nbsp; 2140 | 1295969 |
| 3.70%, 04/11/28 | &nbsp;&nbsp; 2877 | 2868413 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 2618 | 2293892 |
| Synopsys Inc. |  |  |
| 4.55%, 04/01/27 | &nbsp;&nbsp; 1980 | 1991705 |
| 4.65%, 04/01/28 | &nbsp;&nbsp; 1475 | 1494942 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.85%, 04/01/30 | &nbsp;&nbsp; $2720 | $2774531 |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 2195 | 2239295 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 3480 | 3510198 |
| 5.70%, 04/01/55 | &nbsp;&nbsp; 3400 | 3338223 |
| Take-Two Interactive Software Inc. |  |  |
| 3.70%, 04/14/27 | &nbsp;&nbsp; 1225 | 1216068 |
| 4.00%, 04/14/32 | &nbsp;&nbsp; 520 | 494634 |
| 4.95%, 03/28/28 | &nbsp;&nbsp; 2170 | 2211208 |
| 5.40%, 06/12/29 | &nbsp;&nbsp; 825 | 856284 |
| 5.60%, 06/12/34<sup>(a)</sup> | &nbsp;&nbsp; 240 | 249142 |
| VMware LLC |  |  |
| 1.80%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1643 | 1536663 |
| 2.20%, 08/15/31 | &nbsp;&nbsp; 2455 | 2153341 |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 2531 | 2516742 |
| 4.65%, 05/15/27 | &nbsp;&nbsp; 918 | 923854 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 1415 | 1432548 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 1642 | 1626294 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 1445 | 1422584 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 2270 | 2151696 |
|  |  | 322332116 |
| **Telecommunications — 3.8%** | **Telecommunications — 3.8%** | **Telecommunications — 3.8%** |
| America Movil SAB de CV |  |  |
| 2.88%, 05/07/30 | &nbsp;&nbsp; 1650 | 1539110 |
| 3.63%, 04/22/29 | &nbsp;&nbsp; 1835 | 1790842 |
| 4.38%, 07/16/42<sup>(a)</sup> | &nbsp;&nbsp; 1950 | 1667299 |
| 4.38%, 04/22/49<sup>(a)</sup> | &nbsp;&nbsp; 2007 | 1649692 |
| 4.70%, 07/21/32 | &nbsp;&nbsp; 1255 | 1245014 |
| 5.00%, 01/20/33 | &nbsp;&nbsp; 150 | 150990 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 625 | 661197 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 3300 | 3483185 |
| 6.38%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1650 | 1797636 |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | &nbsp;&nbsp; 4348 | 4102822 |
| 2.25%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4290 | 3715385 |
| 2.30%, 06/01/27 | &nbsp;&nbsp; 4252 | 4118333 |
| 2.55%, 12/01/33 | &nbsp;&nbsp; 6239 | 5251374 |
| 2.75%, 06/01/31 | &nbsp;&nbsp; 5127 | 4690520 |
| 3.10%, 02/01/43 | &nbsp;&nbsp; 1063 | 769286 |
| 3.30%, 02/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1535 | 991011 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 4044 | 3165981 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 12228 | 8186301 |
| 3.50%, 02/01/61<sup>(a)</sup> | &nbsp;&nbsp; 1090 | 694243 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 12095 | 8042563 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 5189 | 3631536 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 10759 | 7122202 |
| 3.80%, 02/15/27 | &nbsp;&nbsp; 1263 | 1256925 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 9533 | 6560034 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 2120 | 1455562 |
| 4.10%, 02/15/28 | &nbsp;&nbsp; 3000 | 2996240 |
| 4.25%, 03/01/27 | &nbsp;&nbsp; 2222 | 2224764 |
| 4.30%, 02/15/30 | &nbsp;&nbsp; 5890 | 5899035 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 2198 | 1859419 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 5365 | 5387970 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 1785 | 1478975 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 4070 | 3894057 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 2965 | 2446203 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 1590 | 1307614 |
| 4.65%, 06/01/44 | &nbsp;&nbsp; 806 | 694413 |
| 4.70%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2265 | 2299556 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 2965 | 2581555 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.80%, 06/15/44<sup>(a)</sup> | &nbsp;&nbsp; $777 | $686932 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 1754 | 1662713 |
| 4.85%, 07/15/45 | &nbsp;&nbsp; 535 | 470663 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 1076 | 1036840 |
| 5.15%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 471 | 443179 |
| 5.15%, 11/15/46 | &nbsp;&nbsp; 1265 | 1157721 |
| 5.15%, 02/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1008 | 904466 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 1840 | 1844225 |
| 5.35%, 09/01/40<sup>(a)</sup> | &nbsp;&nbsp; 1061 | 1042792 |
| 5.38%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2300 | 2343718 |
| 5.40%, 02/15/34 | &nbsp;&nbsp; 4589 | 4730780 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; 833 | 783638 |
| 5.55%, 08/15/41 | &nbsp;&nbsp; 983 | 967768 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 1060 | 1057246 |
| 5.70%, 03/01/57<sup>(a)</sup> | &nbsp;&nbsp; 718 | 686924 |
| 6.00%, 08/15/40<sup>(a)</sup> | &nbsp;&nbsp; 733 | 761293 |
| 6.05%, 08/15/56<sup>(a)</sup> | &nbsp;&nbsp; 2230 | 2242143 |
| 6.15%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 670 | 713526 |
| 6.25%, 03/29/41<sup>(a)</sup> | &nbsp;&nbsp; 505 | 533579 |
| 6.30%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp; 975 | 1050121 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 403 | 427511 |
| 6.55%, 02/15/39<sup>(a)</sup> | &nbsp;&nbsp; 692 | 758313 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 3.65%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 817 | 560506 |
| 4.30%, 07/29/49 | &nbsp;&nbsp; 1027 | 792927 |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 2113 | 1711587 |
| 5.10%, 05/11/33<sup>(a)</sup> | &nbsp;&nbsp; 1515 | 1532863 |
| 5.20%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1080 | 1084807 |
| 5.55%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1360 | 1274423 |
| Series US-4, 3.65%, 03/17/51 | &nbsp;&nbsp; 901 | 630266 |
| Series US-5, 2.15%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 867263 |
| Bharti Airtel Ltd., 3.25%, 06/03/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 530 | 500036 |
| British Telecommunications PLC |  |  |
| 3.25%, 11/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1887 | 1809213 |
| 4.25%, 11/08/49<sup>(b)</sup> | &nbsp;&nbsp; 860 | 672546 |
| 5.13%, 12/04/28 | &nbsp;&nbsp; 2095 | 2147461 |
| 9.63%, 12/15/30 | &nbsp;&nbsp; 4109 | 5058793 |
| Cisco Systems Inc. |  |  |
| 2.50%, 09/20/26 | &nbsp;&nbsp; 2132 | 2100059 |
| 4.55%, 02/24/28<sup>(a)</sup> | &nbsp;&nbsp; 1945 | 1974631 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 1900 | 1952258 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 2585 | 2617366 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 4225 | 4339502 |
| 4.95%, 02/26/31 | &nbsp;&nbsp; 4235 | 4384175 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 1605 | 1657679 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 3410 | 3505155 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 2100 | 2149002 |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 3195 | 3072599 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 1555 | 1485378 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 3095 | 3202407 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 1490 | 1470611 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 3061 | 3295744 |
| Corning Inc. |  |  |
| 3.90%, 11/15/49 | &nbsp;&nbsp; 701 | 533168 |
| 4.38%, 11/15/57 | &nbsp;&nbsp; 1205 | 961315 |
| 4.70%, 03/15/37 | &nbsp;&nbsp; 550 | 531707 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 710 | 643400 |
| 5.35%, 11/15/48 | &nbsp;&nbsp; 1021 | 964547 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 1726 | 1566351 |
| 5.75%, 08/15/40 | &nbsp;&nbsp; 751 | 769763 |
| 5.85%, 11/15/68<sup>(a)</sup> | &nbsp;&nbsp; 473 | 455016 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 7.25%, 08/15/36<sup>(a)</sup> | &nbsp;&nbsp; $507 | $521196 |
| Deutsche Telekom AG, 3.63%, 01/21/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1847 | 1328447 |
| Deutsche Telekom International Finance BV |  |  |
| 3.60%, 01/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1278 | 1266612 |
| 4.38%, 06/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2280 | 2291794 |
| 4.75%, 06/21/38<sup>(b)</sup> | &nbsp;&nbsp; 1016 | 965069 |
| 4.88%, 03/06/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 1488 | 1355834 |
| 8.75%, 06/15/30<sup>(g)</sup> | &nbsp;&nbsp; 5864 | 6930384 |
| 9.25%, 06/01/32 | &nbsp;&nbsp; 931 | 1166674 |
| Empresa Nacional de Telecomunicaciones SA |  |  |
| 3.05%, 09/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 750104 |
| 4.75%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp; 527 | 526567 |
| Juniper Networks Inc. |  |  |
| 2.00%, 12/10/30 | &nbsp;&nbsp; 928 | 813704 |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 1069 | 1044554 |
| 5.95%, 03/15/41 | &nbsp;&nbsp; 716 | 705569 |
| Koninklijke KPN NV, 8.38%, 10/01/30 | &nbsp;&nbsp; 898 | 1054956 |
| KT Corp. |  |  |
| 4.13%, 02/02/28<sup>(b)</sup> | &nbsp;&nbsp; 160 | 159495 |
| 4.38%, 01/03/29<sup>(b)</sup> | &nbsp;&nbsp; 75 | 75416 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1619 | 1456619 |
| 2.75%, 05/24/31 | &nbsp;&nbsp; 1690 | 1540596 |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 1372 | 1386807 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 1449 | 1464808 |
| 4.85%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 755 | 769083 |
| 5.00%, 04/15/29 | &nbsp;&nbsp; 820 | 839424 |
| 5.20%, 08/15/32 | &nbsp;&nbsp; 825 | 845733 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 1210 | 1242669 |
| 5.50%, 09/01/44 | &nbsp;&nbsp; 909 | 885036 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 845 | 871423 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 1105 | 1154362 |
| NBN Co. Ltd. |  |  |
| 1.63%, 01/08/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1674 | 1620668 |
| 2.50%, 01/08/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1470 | 1294044 |
| 2.63%, 05/05/31<sup>(b)</sup> | &nbsp;&nbsp; 2304 | 2103682 |
| 4.00%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp; 1330 | 1323832 |
| 4.25%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1120 | 1112778 |
| 5.75%, 10/06/28<sup>(b)</sup> | &nbsp;&nbsp; 1665 | 1744619 |
| 6.00%, 10/06/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1340 | 1444682 |
| Nokia OYJ |  |  |
| 4.38%, 06/12/27 | &nbsp;&nbsp; 1130 | 1122740 |
| 6.63%, 05/15/39 | &nbsp;&nbsp; 860 | 878566 |
| NTT Finance Corp. |  |  |
| 1.59%, 04/03/28<sup>(b)</sup> | &nbsp;&nbsp; 2715 | 2545179 |
| 2.07%, 04/03/31<sup>(b)</sup> | &nbsp;&nbsp; 732 | 642251 |
| 4.37%, 07/27/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1515 | 1518989 |
| 4.57%, 07/16/27<sup>(b)</sup> | &nbsp;&nbsp; 1765 | 1776195 |
| 4.62%, 07/16/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1415 | 1430098 |
| 4.88%, 07/16/30<sup>(b)</sup> | &nbsp;&nbsp; 3915 | 3975439 |
| 5.10%, 07/02/27<sup>(b)</sup> | &nbsp;&nbsp; 1325 | 1345117 |
| 5.11%, 07/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1570 | 1612844 |
| 5.14%, 07/02/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1820 | 1871274 |
| 5.17%, 07/16/32<sup>(b)</sup> | &nbsp;&nbsp; 2720 | 2771304 |
| 5.50%, 07/16/35<sup>(b)</sup> | &nbsp;&nbsp; 4005 | 4103395 |
| Ooredoo International Finance Ltd. |  |  |
| 2.63%, 04/08/31<sup>(b)</sup> | &nbsp;&nbsp; 1295 | 1183300 |
| 3.88%, 01/31/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1018 | 1010305 |
| 4.50%, 01/31/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 925 | 832267 |
| 4.63%, 10/10/34<sup>(b)</sup> | &nbsp;&nbsp; 460 | 456591 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; $1766 | $1740502 |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 1055 | 1043521 |
| 9.00%, 03/01/31 | &nbsp;&nbsp; 3938 | 4802801 |
| Rogers Communications Inc. |  |  |
| 2.90%, 11/15/26 | &nbsp;&nbsp; 977 | 959770 |
| 3.20%, 03/15/27 | &nbsp;&nbsp; 2231 | 2195146 |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 829 | 606883 |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 3166 | 2971012 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 1207 | 976308 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 1403 | 1200656 |
| 4.50%, 03/15/43<sup>(a)</sup> | &nbsp;&nbsp; 903 | 767684 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 3250 | 2617403 |
| 5.00%, 02/15/29 | &nbsp;&nbsp; 2048 | 2091613 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 1578 | 1419356 |
| 5.30%, 02/15/34 | &nbsp;&nbsp; 1670 | 1681947 |
| 5.45%, 10/01/43 | &nbsp;&nbsp; 851 | 802281 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 715 | 828589 |
| Saudi Telecom Co., 3.89%, 05/13/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1477 | 1458794 |
| SES Global Americas Holdings Inc., 5.30%, <br> 03/25/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 974 | 738091 |
| SES SA, 5.30%, 04/04/43<sup>(b)</sup> | &nbsp;&nbsp; 575 | 420883 |
| SK Telecom Co. Ltd., 6.63%, 07/20/27<sup>(b)</sup> | &nbsp;&nbsp; 125 | 130322 |
| Softbank Corp., 4.70%, 07/09/30<sup>(b)</sup> | &nbsp;&nbsp; 605 | 609118 |
| SoftBank Corp., 5.33%, 07/09/35<sup>(b)</sup> | &nbsp;&nbsp; 635 | 633681 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | &nbsp;&nbsp; 3270 | 3517766 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 3525 | 4274682 |
| Telefonica Emisiones SA |  |  |
| 4.10%, 03/08/27 | &nbsp;&nbsp; 2073 | 2066624 |
| 4.67%, 03/06/38<sup>(a)</sup> | &nbsp;&nbsp; 1305 | 1181520 |
| 4.90%, 03/06/48 | &nbsp;&nbsp; 2156 | 1811934 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 4242 | 3725005 |
| 5.52%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1373 | 1246384 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 3157 | 3515339 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 2135 | 2469731 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 1137 | 1113596 |
| 3.40%, 05/13/32 | &nbsp;&nbsp; 471 | 431732 |
| 3.70%, 09/15/27 | &nbsp;&nbsp; 1337 | 1324195 |
| 4.60%, 11/16/48 | &nbsp;&nbsp; 1000 | 839696 |
| T-Mobile USA Inc. |  |  |
| 2.05%, 02/15/28 | &nbsp;&nbsp; 3399 | 3236367 |
| 2.25%, 11/15/31 | &nbsp;&nbsp; 1862 | 1629178 |
| 2.40%, 03/15/29 | &nbsp;&nbsp; 1425 | 1340353 |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 4502 | 4077438 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 1922 | 1819638 |
| 2.70%, 03/15/32 | &nbsp;&nbsp; 1625 | 1439607 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 1580 | 1450507 |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 4196 | 3065657 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 5162 | 3391722 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 3356 | 3249607 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 4830 | 3193936 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 3715 | 3512110 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 2071 | 1352801 |
| 3.75%, 04/15/27 | &nbsp;&nbsp; 6334 | 6294097 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 11742 | 11501193 |
| 4.20%, 10/01/29 | &nbsp;&nbsp; 1460 | 1459368 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 3696 | 3283578 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 4944 | 4040618 |
| 4.70%, 01/15/35 | &nbsp;&nbsp; 1525 | 1478307 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.75%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; $2975 | $2979796 |
| 4.80%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1915 | 1950788 |
| 4.85%, 01/15/29 | &nbsp;&nbsp; 2010 | 2050555 |
| 4.95%, 03/15/28 | &nbsp;&nbsp; 1945 | 1981604 |
| 5.05%, 07/15/33 | &nbsp;&nbsp; 4160 | 4202674 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 1135 | 1162931 |
| 5.15%, 04/15/34 | &nbsp;&nbsp; 1875 | 1896143 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 2165 | 2204218 |
| 5.25%, 06/15/55 | &nbsp;&nbsp; 1565 | 1407507 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 2395 | 2418670 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; 299 | 299000 |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1218 | 1137337 |
| 5.65%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 3051 | 2921333 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 1905 | 2000473 |
| 5.75%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 2247 | 2174598 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 1135 | 1102225 |
| 5.88%, 11/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1895 | 1869934 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 1900 | 1912139 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30 | &nbsp;&nbsp; 2610 | 2275319 |
| 1.68%, 10/30/30 | &nbsp;&nbsp; 1948 | 1709369 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 4437 | 3870720 |
| 2.10%, 03/22/28 | &nbsp;&nbsp; 4418 | 4206549 |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 7070 | 6137632 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 6273 | 5689027 |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 4897 | 3471193 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 1795 | 1279692 |
| 2.88%, 11/20/50<sup>(a)</sup> | &nbsp;&nbsp; 3778 | 2331442 |
| 2.99%, 10/30/56 | &nbsp;&nbsp; 3746 | 2237335 |
| 3.00%, 03/22/27<sup>(a)</sup> | &nbsp;&nbsp; 1106 | 1086994 |
| 3.00%, 11/20/60<sup>(a)</sup> | &nbsp;&nbsp; 3028 | 1764860 |
| 3.15%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 2688 | 2565722 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 4948 | 3832783 |
| 3.55%, 03/22/51<sup>(a)</sup> | &nbsp;&nbsp; 5860 | 4164850 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 4787 | 3280065 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 1284 | 1019565 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 1663 | 1651373 |
| 3.88%, 03/01/52<sup>(a)</sup> | &nbsp;&nbsp; 2162 | 1601079 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 1910 | 1466106 |
| 4.02%, 12/03/29 | &nbsp;&nbsp; 6585 | 6534104 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 1932 | 1545720 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 2005 | 1864893 |
| 4.33%, 09/21/28 | &nbsp;&nbsp; 6258 | 6301265 |
| 4.40%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 3020 | 2884254 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 3522 | 3445129 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 2060 | 1721462 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 1170 | 987166 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 950 | 857810 |
| 4.78%, 02/15/35 | &nbsp;&nbsp; 1985 | 1935519 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 2105 | 1978579 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 3860 | 3437517 |
| 5.01%, 04/15/49<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 948965 |
| 5.01%, 08/21/54<sup>(a)</sup> | &nbsp;&nbsp; 1320 | 1168004 |
| 5.05%, 05/09/33<sup>(a)</sup> | &nbsp;&nbsp; 1930 | 1965202 |
| 5.25%, 04/02/35 | &nbsp;&nbsp; 2880 | 2907382 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 2023 | 2027529 |
| 5.40%, 07/02/37<sup>(b)</sup> | &nbsp;&nbsp; 4848 | 4868658 |
| 5.50%, 03/16/47 | &nbsp;&nbsp; 990 | 951398 |
| 5.50%, 02/23/54<sup>(a)</sup> | &nbsp;&nbsp; 1895 | 1818121 |
| 5.85%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 790 | 834211 |
| 6.40%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 625 | 686674 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 6.55%, 09/15/43 | &nbsp;&nbsp; $1255 | $1376134 |
| 7.75%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1080 | 1244837 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 1443 | 1124469 |
| 4.38%, 05/30/28<sup>(a)</sup> | &nbsp;&nbsp; 195 | 198580 |
| 4.38%, 02/19/43 | &nbsp;&nbsp; 625 | 533829 |
| 4.88%, 06/19/49 | &nbsp;&nbsp; 3152 | 2737763 |
| 5.00%, 05/30/38 | &nbsp;&nbsp; 947 | 921163 |
| 5.25%, 05/30/48 | &nbsp;&nbsp; 1766 | 1623313 |
| 5.63%, 02/10/53<sup>(a)</sup> | &nbsp;&nbsp; 1505 | 1421467 |
| 5.75%, 06/28/54 | &nbsp;&nbsp; 3165 | 3023284 |
| 5.75%, 02/10/63 | &nbsp;&nbsp; 415 | 390293 |
| 5.88%, 06/28/64 | &nbsp;&nbsp; 1640 | 1578057 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 1915 | 2062523 |
| 6.25%, 11/30/32 | &nbsp;&nbsp; 1861 | 2015865 |
| 7.88%, 02/15/30 | &nbsp;&nbsp; 1108 | 1267222 |
| Xiaomi Best Time International Ltd. |  |  |
| 2.88%, 07/14/31<sup>(b)</sup> | &nbsp;&nbsp; 1335 | 1231725 |
| 3.38%, 04/29/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 465 | 446716 |
| 4.10%, 07/14/51<sup>(b)</sup> | &nbsp;&nbsp; 685 | 542650 |
|  |  | 558276252 |
| **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 1107 | 1088941 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 793 | 784937 |
| 3.90%, 11/19/29 | &nbsp;&nbsp; 1575 | 1536917 |
| 5.10%, 05/15/44 | &nbsp;&nbsp; 797 | 702385 |
| 6.05%, 05/14/34 | &nbsp;&nbsp; 885 | 921030 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 1029 | 1066667 |
| Mattel Inc. |  |  |
| 3.75%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1277 | 1233406 |
| 5.45%, 11/01/41<sup>(a)</sup> | &nbsp;&nbsp; 650 | 584373 |
| 5.88%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 1327 | 1330535 |
| 6.20%, 10/01/40<sup>(a)</sup> | &nbsp;&nbsp; 495 | 492738 |
|  |  | 9741929 |
| **Transportation — 1.7%** | **Transportation — 1.7%** | **Transportation — 1.7%** |
| AP Moller - Maersk A/S |  |  |
| 4.50%, 06/20/29<sup>(b)</sup> | &nbsp;&nbsp; 1614 | 1632653 |
| 5.88%, 09/14/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1495 | 1580459 |
| Burlington Northern Santa Fe LLC |  |  |
| 2.88%, 06/15/52 | &nbsp;&nbsp; 1225 | 755796 |
| 3.05%, 02/15/51 | &nbsp;&nbsp; 1156 | 754601 |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 1528 | 1509990 |
| 3.30%, 09/15/51 | &nbsp;&nbsp; 1732 | 1186405 |
| 3.55%, 02/15/50 | &nbsp;&nbsp; 1519 | 1096916 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 1209 | 953747 |
| 4.05%, 06/15/48 | &nbsp;&nbsp; 1316 | 1051857 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 1190 | 972649 |
| 4.15%, 04/01/45 | &nbsp;&nbsp; 1247 | 1037149 |
| 4.15%, 12/15/48 | &nbsp;&nbsp; 1559 | 1265369 |
| 4.38%, 09/01/42 | &nbsp;&nbsp; 1162 | 1012271 |
| 4.40%, 03/15/42 | &nbsp;&nbsp; 960 | 845432 |
| 4.45%, 03/15/43 | &nbsp;&nbsp; 1272 | 1116100 |
| 4.45%, 01/15/53 | &nbsp;&nbsp; 1710 | 1419892 |
| 4.55%, 09/01/44 | &nbsp;&nbsp; 1270 | 1119748 |
| 4.70%, 09/01/45 | &nbsp;&nbsp; 1182 | 1062335 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 1587 | 1480141 |
| 4.95%, 09/15/41 | &nbsp;&nbsp; 785 | 739805 |
| 5.05%, 03/01/41 | &nbsp;&nbsp; 965 | 923846 |
| 5.15%, 09/01/43 | &nbsp;&nbsp; 1027 | 985586 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 5.20%, 04/15/54 | &nbsp;&nbsp; $2500 | $2332490 |
| 5.40%, 06/01/41 | &nbsp;&nbsp; 1027 | 1021991 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 1920 | 1865128 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 1445 | 1509963 |
| 5.80%, 03/15/56 | &nbsp;&nbsp; 1485 | 1506397 |
| 6.15%, 05/01/37<sup>(a)</sup> | &nbsp;&nbsp; 1182 | 1298949 |
| 6.20%, 08/15/36 | &nbsp;&nbsp; 499 | 549360 |
| 7.95%, 08/15/30 | &nbsp;&nbsp; 330 | 385825 |
| Canadian National Railway Co. |  |  |
| 2.45%, 05/01/50 | &nbsp;&nbsp; 1347 | 787157 |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 1470 | 1041330 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 160 | 122834 |
| 3.65%, 02/03/48 | &nbsp;&nbsp; 1089 | 824314 |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 1332 | 1273181 |
| 4.38%, 09/18/34 | &nbsp;&nbsp; 1140 | 1107191 |
| 4.40%, 08/05/52<sup>(a)</sup> | &nbsp;&nbsp; 945 | 790107 |
| 4.45%, 01/20/49 | &nbsp;&nbsp; 1171 | 1001690 |
| 4.50%, 11/07/43<sup>(a)</sup> | &nbsp;&nbsp; 345 | 299069 |
| 5.85%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; 615 | 665724 |
| 6.13%, 11/01/53 | &nbsp;&nbsp; 670 | 716049 |
| 6.20%, 06/01/36 | &nbsp;&nbsp; 610 | 677182 |
| 6.25%, 08/01/34 | &nbsp;&nbsp; 931 | 1030401 |
| 6.38%, 11/15/37 | &nbsp;&nbsp; 755 | 843777 |
| 6.71%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 565 | 641617 |
| 6.90%, 07/15/28 | &nbsp;&nbsp; 1060 | 1141492 |
| Canadian Pacific Railway Co. |  |  |
| 1.75%, 12/02/26<sup>(a)</sup> | &nbsp;&nbsp; 1549 | 1504844 |
| 2.05%, 03/05/30<sup>(a)</sup> | &nbsp;&nbsp; 1222 | 1111917 |
| 2.45%, 12/02/31 | &nbsp;&nbsp; 1510 | 1337650 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 1202 | 1141818 |
| 3.00%, 12/02/41<sup>(a)</sup> | &nbsp;&nbsp; 1645 | 1200121 |
| 3.10%, 12/02/51 | &nbsp;&nbsp; 2875 | 1868832 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 1074 | 760473 |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 1294 | 1293427 |
| 4.20%, 11/15/69 | &nbsp;&nbsp; 686 | 513739 |
| 4.30%, 05/15/43<sup>(a)</sup> | &nbsp;&nbsp; 1064 | 903056 |
| 4.70%, 05/01/48 | &nbsp;&nbsp; 1046 | 916494 |
| 4.80%, 03/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1465 | 1499884 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 930 | 910701 |
| 4.80%, 08/01/45 | &nbsp;&nbsp; 968 | 866485 |
| 4.95%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; 799 | 728606 |
| 5.20%, 03/30/35 | &nbsp;&nbsp; 875 | 891390 |
| 5.75%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 530 | 558045 |
| 5.75%, 01/15/42 | &nbsp;&nbsp; 507 | 500637 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 982 | 1045494 |
| 6.13%, 09/15/2115 | &nbsp;&nbsp; 1056 | 1063507 |
| 7.13%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 645 | 732487 |
| Central Japan Railway Co., 4.25%, 11/24/45<sup>(b)</sup> | &nbsp;&nbsp; 270 | 222331 |
| CH Robinson Worldwide Inc., 4.20%, <br> 04/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 1258 | 1259478 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 921 | 857195 |
| 2.50%, 05/15/51<sup>(a)</sup> | &nbsp;&nbsp; 894 | 512390 |
| 2.60%, 11/01/26 | &nbsp;&nbsp; 1385 | 1362191 |
| 3.25%, 06/01/27 | &nbsp;&nbsp; 1392 | 1373186 |
| 3.35%, 09/15/49 | &nbsp;&nbsp; 1100 | 760457 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 1485 | 1477693 |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 1486 | 1147573 |
| 3.80%, 04/15/50 | &nbsp;&nbsp; 931 | 696321 |
| 3.95%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 763 | 587028 |
| 4.10%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1515 | 1474271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.10%, 03/15/44 | &nbsp;&nbsp; $1343 | $1106975 |
| 4.25%, 03/15/29 | &nbsp;&nbsp; 1917 | 1924463 |
| 4.25%, 11/01/66 | &nbsp;&nbsp; 735 | 558716 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 1479 | 1219772 |
| 4.40%, 03/01/43<sup>(a)</sup> | &nbsp;&nbsp; 610 | 528463 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 828 | 696497 |
| 4.50%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1787 | 1491604 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 745 | 615309 |
| 4.65%, 03/01/68 | &nbsp;&nbsp; 745 | 605302 |
| 4.75%, 05/30/42 | &nbsp;&nbsp; 1140 | 1039712 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 1163 | 1023767 |
| 4.90%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 795 | 703694 |
| 5.05%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 1054899 |
| 5.20%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 905 | 936498 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 990 | 992532 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 665 | 716916 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 1101 | 1200339 |
| 6.22%, 04/30/40 | &nbsp;&nbsp; 1138 | 1231431 |
| Empresa de los Ferrocarriles del Estado |  |  |
| 3.07%, 08/18/50<sup>(b)</sup> | &nbsp;&nbsp; 520 | 312209 |
| 3.83%, 09/14/61<sup>(b)</sup> | &nbsp;&nbsp; 960 | 634833 |
| Empresa de Transporte de Pasajeros Metro SA |  |  |
| 3.65%, 05/07/30<sup>(b)</sup> | &nbsp;&nbsp; 805 | 784154 |
| 3.69%, 09/13/61<sup>(b)</sup> | &nbsp;&nbsp; 1080 | 736020 |
| 4.70%, 05/07/50<sup>(b)</sup> | &nbsp;&nbsp; 1989 | 1670760 |
| 5.00%, 01/25/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 1202 | 1068314 |
| ENA Master Trust, 4.00%, 05/19/48<sup>(b)</sup> | &nbsp;&nbsp; 670 | 492450 |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 975 | 866421 |
| 2.40%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 245 | 217716 |
| 3.10%, 08/05/29 | &nbsp;&nbsp; 1965 | 1875476 |
| 3.10%, 08/05/29<sup>(b)</sup> | &nbsp;&nbsp; 950 | 906719 |
| 3.25%, 05/15/41<sup>(b)</sup> | &nbsp;&nbsp; 15 | 10770 |
| 3.90%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 320 | 289035 |
| 4.05%, 02/15/48<sup>(a)</sup> | &nbsp;&nbsp; 1288 | 953987 |
| 4.05%, 02/15/48<sup>(b)</sup> | &nbsp;&nbsp; 65 | 48144 |
| 4.10%, 02/01/45<sup>(b)</sup> | &nbsp;&nbsp; 110 | 84522 |
| 4.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1260 | 1263163 |
| 4.25%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 65 | 65163 |
| 4.40%, 01/15/47<sup>(b)</sup> | &nbsp;&nbsp; 100 | 78589 |
| 4.55%, 04/01/46 | &nbsp;&nbsp; 1213 | 982513 |
| 4.55%, 04/01/46<sup>(b)</sup> | &nbsp;&nbsp; 370 | 299695 |
| 4.75%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1647 | 1377437 |
| 4.75%, 11/15/45<sup>(b)</sup> | &nbsp;&nbsp; 75 | 62725 |
| 4.90%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 105 | 101921 |
| 4.95%, 10/17/48<sup>(a)</sup> | &nbsp;&nbsp; 1073 | 904405 |
| 4.95%, 10/17/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1300 | 1095738 |
| 5.10%, 01/15/44<sup>(b)</sup> | &nbsp;&nbsp; 2010 | 1784295 |
| 5.25%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1022 | 899080 |
| 5.25%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1660 | 1460346 |
| JB Hunt Transport Services Inc., 4.90%, <br> 03/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 1190 | 1217850 |
| Kirby Corp., 4.20%, 03/01/28 | &nbsp;&nbsp; 1009 | 1006033 |
| Misc Capital Two Labuan Ltd., 3.75%, <br> 04/06/27<sup>(b)</sup><br>| &nbsp;&nbsp; 1415 | 1400284 |
| Norfolk Southern Corp. |  |  |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 852 | 766416 |
| 2.55%, 11/01/29 | &nbsp;&nbsp; 1371 | 1289852 |
| 2.90%, 08/25/51 | &nbsp;&nbsp; 1435 | 892898 |
| 3.00%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 849 | 772668 |
| 3.05%, 05/15/50 | &nbsp;&nbsp; 1552 | 1013159 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.15%, 06/01/27 | &nbsp;&nbsp; $668 | $658231 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 1244 | 789855 |
| 3.40%, 11/01/49 | &nbsp;&nbsp; 779 | 540131 |
| 3.70%, 03/15/53 | &nbsp;&nbsp; 831 | 600256 |
| 3.80%, 08/01/28 | &nbsp;&nbsp; 1225 | 1219103 |
| 3.94%, 11/01/47 | &nbsp;&nbsp; 1608 | 1262239 |
| 3.95%, 10/01/42 | &nbsp;&nbsp; 1281 | 1048889 |
| 4.05%, 08/15/52 | &nbsp;&nbsp; 1306 | 1006247 |
| 4.10%, 05/15/49 | &nbsp;&nbsp; 759 | 598076 |
| 4.10%, 05/15/2121 | &nbsp;&nbsp; 750 | 516778 |
| 4.15%, 02/28/48 | &nbsp;&nbsp; 1257 | 1013195 |
| 4.45%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 770 | 756190 |
| 4.45%, 06/15/45 | &nbsp;&nbsp; 1187 | 1018028 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 1375 | 1147240 |
| 4.65%, 01/15/46 | &nbsp;&nbsp; 1080 | 947419 |
| 4.80%, 08/15/43 | &nbsp;&nbsp; 245 | 217095 |
| 4.84%, 10/01/41 | &nbsp;&nbsp; 961 | 893106 |
| 5.05%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1635 | 1692492 |
| 5.10%, 05/01/35 | &nbsp;&nbsp; 760 | 768586 |
| 5.10%, 08/01/2118 | &nbsp;&nbsp; 600 | 502152 |
| 5.35%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1485 | 1413331 |
| 5.55%, 03/15/34 | &nbsp;&nbsp; 720 | 754985 |
| 5.95%, 03/15/64 | &nbsp;&nbsp; 935 | 952994 |
| 7.25%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 445 | 500642 |
| 7.80%, 05/15/27 | &nbsp;&nbsp; 770 | 815455 |
| Polar Tankers Inc., 5.95%, 05/10/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 993 | 1046798 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 602 | 587207 |
| 2.85%, 03/01/27 | &nbsp;&nbsp; 849 | 832394 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 614 | 603153 |
| 4.30%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 590 | 591165 |
| 4.85%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 555 | 566216 |
| 4.90%, 12/01/29 | &nbsp;&nbsp; 985 | 1005282 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 555 | 567092 |
| 5.00%, 03/15/30 | &nbsp;&nbsp; 840 | 859324 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 1125 | 1155487 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; 480 | 486821 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 965 | 997615 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; 650 | 677393 |
| 5.65%, 03/01/28 | &nbsp;&nbsp; 730 | 755650 |
| 6.30%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1010 | 1074475 |
| 6.60%, 12/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1155 | 1278909 |
| TTX Co. |  |  |
| 3.90%, 02/01/45<sup>(b)</sup> | &nbsp;&nbsp; 215 | 171314 |
| 4.20%, 07/01/46<sup>(b)</sup> | &nbsp;&nbsp; 705 | 582024 |
| 4.60%, 02/01/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 1339 | 1144893 |
| 4.65%, 06/15/44<sup>(b)</sup> | &nbsp;&nbsp; 205 | 177181 |
| 5.05%, 11/15/34<sup>(b)</sup> | &nbsp;&nbsp; 850 | 865218 |
| 5.50%, 09/25/26<sup>(b)</sup> | &nbsp;&nbsp; 773 | 782083 |
| 5.65%, 12/01/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | 516987 |
| 5.75%, 11/22/33<sup>(b)</sup> | &nbsp;&nbsp; 475 | 506264 |
| Union Pacific Corp. |  |  |
| 2.15%, 02/05/27 | &nbsp;&nbsp; 979 | 954241 |
| 2.38%, 05/20/31 | &nbsp;&nbsp; 1580 | 1435622 |
| 2.40%, 02/05/30 | &nbsp;&nbsp; 1799 | 1675590 |
| 2.80%, 02/14/32 | &nbsp;&nbsp; 2110 | 1913706 |
| 2.89%, 04/06/36 | &nbsp;&nbsp; 1244 | 1033034 |
| 2.95%, 03/10/52 | &nbsp;&nbsp; 1380 | 868477 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 1839 | 1066956 |
| 3.00%, 04/15/27 | &nbsp;&nbsp; 1063 | 1045712 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 1516 | 1159216 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.25%, 02/05/50<sup>(a)</sup> | &nbsp;&nbsp; $2732 | $1859261 |
| 3.35%, 08/15/46 | &nbsp;&nbsp; 720 | 515891 |
| 3.38%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 905 | 807864 |
| 3.38%, 02/14/42 | &nbsp;&nbsp; 730 | 560943 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 1884 | 1315337 |
| 3.55%, 08/15/39<sup>(a)</sup> | &nbsp;&nbsp; 927 | 774410 |
| 3.55%, 05/20/61 | &nbsp;&nbsp; 1208 | 800939 |
| 3.60%, 09/15/37 | &nbsp;&nbsp; 857 | 745292 |
| 3.70%, 03/01/29 | &nbsp;&nbsp; 1776 | 1757123 |
| 3.75%, 02/05/70<sup>(a)</sup> | &nbsp;&nbsp; 1115 | 745381 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 1790 | 1333001 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 1515 | 1024008 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 3157 | 2254923 |
| 3.85%, 02/14/72 | &nbsp;&nbsp; 710 | 484178 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 730 | 541032 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 2186 | 2185156 |
| 3.95%, 08/15/59 | &nbsp;&nbsp; 770 | 561927 |
| 4.00%, 04/15/47 | &nbsp;&nbsp; 940 | 741994 |
| 4.05%, 11/15/45 | &nbsp;&nbsp; 1190 | 960843 |
| 4.05%, 03/01/46 | &nbsp;&nbsp; 983 | 789212 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 812 | 591510 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 1078 | 880339 |
| 4.50%, 01/20/33<sup>(a)</sup> | &nbsp;&nbsp; 1360 | 1352336 |
| 4.50%, 09/10/48 | &nbsp;&nbsp; 867 | 730587 |
| 4.95%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 1261 | 1133872 |
| 4.95%, 05/15/53 | &nbsp;&nbsp; 830 | 746100 |
| 5.10%, 02/20/35<sup>(a)</sup> | &nbsp;&nbsp; 1630 | 1658324 |
| 5.15%, 01/20/63<sup>(a)</sup> | &nbsp;&nbsp; 440 | 397287 |
| 5.60%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1315 | 1296494 |
| 6.63%, 02/01/29 | &nbsp;&nbsp; 1192 | 1287642 |
| United Parcel Service Inc. |  |  |
| 2.40%, 11/15/26 | &nbsp;&nbsp; 1053 | 1033127 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 954 | 897871 |
| 3.05%, 11/15/27 | &nbsp;&nbsp; 1931 | 1898149 |
| 3.40%, 03/15/29 | &nbsp;&nbsp; 1489 | 1462074 |
| 3.40%, 11/15/46 | &nbsp;&nbsp; 940 | 677053 |
| 3.40%, 09/01/49 | &nbsp;&nbsp; 1098 | 758253 |
| 3.63%, 10/01/42<sup>(a)</sup> | &nbsp;&nbsp; 771 | 601133 |
| 3.75%, 11/15/47 | &nbsp;&nbsp; 1920 | 1449725 |
| 4.25%, 03/15/49 | &nbsp;&nbsp; 1344 | 1085515 |
| 4.45%, 04/01/30 | &nbsp;&nbsp; 2072 | 2108612 |
| 4.65%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 780 | 797105 |
| 4.88%, 03/03/33<sup>(a)</sup> | &nbsp;&nbsp; 1535 | 1568125 |
| 4.88%, 11/15/40<sup>(a)</sup> | &nbsp;&nbsp; 1244 | 1171239 |
| 5.05%, 03/03/53 | &nbsp;&nbsp; 1805 | 1623885 |
| 5.15%, 05/22/34<sup>(a)</sup> | &nbsp;&nbsp; 1270 | 1308376 |
| 5.20%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 927 | 917981 |
| 5.25%, 05/14/35<sup>(a)</sup> | &nbsp;&nbsp; 730 | 748282 |
| 5.30%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1955 | 1837453 |
| 5.50%, 05/22/54 | &nbsp;&nbsp; 1960 | 1880494 |
| 5.60%, 05/22/64 | &nbsp;&nbsp; 650 | 616863 |
| 5.95%, 05/14/55 | &nbsp;&nbsp; 1980 | 2002926 |
| 6.05%, 05/14/65 | &nbsp;&nbsp; 1145 | 1158006 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; 2394 | 2606789 |
| United Parcel Service of America Inc., 7.62%, <br> 04/01/30<sup>(c)</sup><br>| &nbsp;&nbsp; 815 | 928436 |
| Walmart Inc. |  |  |
| 1.05%, 09/17/26 | &nbsp;&nbsp; 1845 | 1791659 |
| 1.50%, 09/22/28 | &nbsp;&nbsp; 2175 | 2033045 |
| 1.80%, 09/22/31<sup>(a)</sup> | &nbsp;&nbsp; 2825 | 2492502 |
| 3.95%, 09/09/27 | &nbsp;&nbsp; 1700 | 1704412 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| XPO Inc., 6.25%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; $1480 | $1505703 |
|  |  | 250462548 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| Avolon Holdings Funding Ltd., 4.90%, <br> 10/10/30<sup>(b)</sup><br>| &nbsp;&nbsp; 1055 | 1060531 |
| DAE Funding LLC, 3.38%, 03/20/28<sup>(b)</sup> | &nbsp;&nbsp; 1020 | 983345 |
| GATX Corp. |  |  |
| 1.90%, 06/01/31 | &nbsp;&nbsp; 725 | 627966 |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 865 | 537027 |
| 3.25%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 508 | 501515 |
| 3.50%, 03/15/28 | &nbsp;&nbsp; 408 | 400137 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 711 | 654455 |
| 3.85%, 03/30/27 | &nbsp;&nbsp; 471 | 467135 |
| 4.00%, 06/30/30 | &nbsp;&nbsp; 780 | 766519 |
| 4.50%, 03/30/45 | &nbsp;&nbsp; 235 | 189502 |
| 4.55%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 630 | 634339 |
| 4.70%, 04/01/29 | &nbsp;&nbsp; 665 | 672864 |
| 4.90%, 03/15/33 | &nbsp;&nbsp; 705 | 703334 |
| 5.20%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 560 | 518053 |
| 5.40%, 03/15/27 | &nbsp;&nbsp; 360 | 365134 |
| 5.45%, 09/15/33 | &nbsp;&nbsp; 680 | 697628 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 855 | 870477 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 810 | 861107 |
| 6.05%, 06/05/54<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 1014521 |
| 6.90%, 05/01/34 | &nbsp;&nbsp; 775 | 864232 |
| Penske Truck Leasing Co. LP/PTL <br> Finance Corp.<br>|  |  |
| 3.35%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 773 | 741797 |
| 3.40%, 11/15/26<sup>(b)</sup> | &nbsp;&nbsp; 1058 | 1045499 |
| 4.20%, 04/01/27<sup>(b)</sup> | &nbsp;&nbsp; 967 | 964422 |
| 4.40%, 07/01/27<sup>(b)</sup> | &nbsp;&nbsp; 1277 | 1279396 |
| 5.25%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 775 | 798561 |
| 5.25%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1375 | 1418605 |
| 5.35%, 01/12/27<sup>(b)</sup> | &nbsp;&nbsp; 585 | 591892 |
| 5.35%, 03/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 850 | 875986 |
| 5.55%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1130 | 1165073 |
| 5.70%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1090 | 1121949 |
| 5.88%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 980 | 1011684 |
| 6.05%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 2360 | 2469236 |
| 6.20%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 795 | 851319 |
| SMBC Aviation Capital Finance DAC |  |  |
| 1.90%, 10/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 795 | 773046 |
| 2.30%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 610 | 576772 |
| 5.10%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 855 | 875931 |
| 5.30%, 04/03/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 945 | 970795 |
| 5.45%, 05/03/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1050 | 1078324 |
| 5.55%, 04/03/34<sup>(b)</sup> | &nbsp;&nbsp; 1325 | 1349574 |
| 5.70%, 07/25/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1940 | 2008005 |
|  |  | 35357687 |
| **Venture Capital — 0.0%** | **Venture Capital — 0.0%** | **Venture Capital — 0.0%** |
| Hercules Capital Inc. |  |  |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 600 | 586357 |
| 3.38%, 01/20/27<sup>(a)</sup> | &nbsp;&nbsp; 527 | 514528 |
| 6.00%, 06/16/30 | &nbsp;&nbsp; 350 | 354905 |
|  |  | 1455790 |
| **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
| American Water Capital Corp. |  |  |
| 2.30%, 06/01/31 | &nbsp;&nbsp; 780 | 695791 |
| 2.80%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 960 | 901486 |
| 2.95%, 09/01/27 | &nbsp;&nbsp; 1157 | 1133591 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| 3.00%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; $525 | $517420 |
| 3.25%, 06/01/51<sup>(a)</sup> | &nbsp;&nbsp; 765 | 513460 |
| 3.45%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 916 | 895063 |
| 3.45%, 05/01/50 | &nbsp;&nbsp; 879 | 617635 |
| 3.75%, 09/01/28 | &nbsp;&nbsp; 747 | 742247 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 2661 | 2014064 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 611 | 487084 |
| 4.15%, 06/01/49<sup>(a)</sup> | &nbsp;&nbsp; 903 | 713294 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 1042 | 839831 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 616 | 524675 |
| 4.30%, 09/01/45<sup>(a)</sup> | &nbsp;&nbsp; 386 | 328222 |
| 4.45%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 940 | 934984 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 785 | 803176 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 1290 | 1312406 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 950 | 912511 |
| 5.70%, 09/01/55 | &nbsp;&nbsp; 1560 | 1535148 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 869 | 977544 |
| Essential Utilities Inc. |  |  |
| 2.40%, 05/01/31 | &nbsp;&nbsp; 830 | 740968 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 819 | 760318 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 687 | 452582 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 905 | 880537 |
| 4.28%, 05/01/49 | &nbsp;&nbsp; 1121 | 873887 |
| 4.80%, 08/15/27 | &nbsp;&nbsp; 865 | 874200 |
| 5.25%, 08/15/35 | &nbsp;&nbsp; 450 | 447304 |
| 5.30%, 05/01/52 | &nbsp;&nbsp; 745 | 674743 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 510 | 519611 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 375 | 400254 |
|  |  | 24024036 |
| **Total Corporate Bonds & Notes — 98.1%** <br>**(Cost: $15,016,252,429)** | **Total Corporate Bonds & Notes — 98.1%** <br>**(Cost: $15,016,252,429)** | 14444773748 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |
| Development Bank of Japan Inc., 4.00%, <br> 08/28/27<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15023 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Eagle Funding Luxco Sarl, 5.50%, 08/17/30<sup>(b)</sup> | &nbsp;&nbsp; 7500 | 7605750 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Korea Electric Power Corp. |  |  |
| 4.00%, 06/14/27<sup>(b)</sup> | &nbsp;&nbsp; 960 | 957940 |
| 4.75%, 02/13/28<sup>(b)</sup> | &nbsp;&nbsp; 835 | 846639 |
| 4.88%, 01/31/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1610 | 1625955 |
| 5.13%, 04/23/34<sup>(b)</sup> | &nbsp;&nbsp; 455 | 466897 |
| 5.50%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 590 | 609391 |
| 7.00%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 910 | 945439 |
| Korea Gas Corp. |  |  |
| 2.00%, 07/13/31<sup>(b)</sup> | &nbsp;&nbsp; 1210 | 1070839 |
| 3.13%, 07/20/27<sup>(b)</sup> | &nbsp;&nbsp; 1341 | 1317214 |
| 3.88%, 07/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1265 | 1260675 |
| 4.25%, 07/10/30<sup>(b)</sup> | &nbsp;&nbsp; 340 | 342489 |
| 4.88%, 07/05/28<sup>(b)</sup> | &nbsp;&nbsp; 190 | 194172 |
| 5.00%, 07/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1035 | 1069857 |
| Korea Hydro & Nuclear Power Co. Ltd. |  |  |
| 3.13%, 07/25/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1210 | 1187808 |
| 4.25%, 07/27/27<sup>(b)</sup> | &nbsp;&nbsp; 570 | 571160 |
| 4.63%, 07/29/29<sup>(b)</sup> | &nbsp;&nbsp; 795 | 806620 |
| 5.00%, 07/18/28<sup>(b)</sup> | &nbsp;&nbsp; 400 | 409147 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Korea National Oil Corp. |  |  |
| 2.13%, 04/18/27<sup>(b)</sup> | &nbsp;&nbsp; $200 | $193729 |
| 2.38%, 04/07/31<sup>(b)</sup> | &nbsp;&nbsp; 970 | 881322 |
| 2.50%, 10/24/26<sup>(b)</sup> | &nbsp;&nbsp; 143 | 140343 |
| 2.63%, 04/18/32<sup>(b)</sup> | &nbsp;&nbsp; 500 | 446039 |
| 3.38%, 03/27/27<sup>(b)</sup> | &nbsp;&nbsp; 500 | 494224 |
| 4.13%, 09/30/27<sup>(b)</sup> | &nbsp;&nbsp; 150 | 149786 |
| 4.88%, 04/03/27<sup>(b)</sup> | &nbsp;&nbsp; 150 | 151687 |
| 4.88%, 04/03/28<sup>(b)</sup> | &nbsp;&nbsp; 150 | 152480 |
| 4.88%, 04/03/29<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1022944 |
|  |  | 17314796 |
| **Total Foreign Government Obligations — 0.2%** <br>**(Cost: $24,900,377)** | **Total Foreign Government Obligations — 0.2%** <br>**(Cost: $24,900,377)** | 24935569 |
| **Total Long-Term Investments — 98.3%** <br>**(Cost: $15,041,152,806)** | **Total Long-Term Investments — 98.3%** <br>**(Cost: $15,041,152,806)** | 14469709317 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 9.7%** | **Money Market Funds — 9.7%** | **Money Market Funds — 9.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(h)(i)(j)</sup><br>| &nbsp;&nbsp; 1362654760 | 1363336087 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(h)(i)</sup><br>| &nbsp;&nbsp; 70740000 | 70740000 |
| **Total Short-Term Securities — 9.7%** <br>**(Cost: $1,433,582,791)** | **Total Short-Term Securities — 9.7%** <br>**(Cost: $1,433,582,791)** | 1434076087 |
| **Total Investments — 108.0%** <br>**(Cost: $16,474,735,597)** | **Total Investments — 108.0%** <br>**(Cost: $16,474,735,597)** | 15903785404 |
| **Liabilities in Excess of Other Assets — (8.0)%** | **Liabilities in Excess of Other Assets — (8.0)%** | (1181450623)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $14722334781 |

---

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

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

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(d)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(e)</sup> Perpetual security with no stated maturity date.

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institu-<br> tional, SL Agency Shares<br>| $1366433622 | $— | &nbsp;&nbsp; $(3112226 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(19959)<br>| $34650 | $1363336087 | 1362654760 | $1934650 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| 11310000 | 59430000 <br><sup>(a)</sup><br>|  |  |  | 70740000 | 70740000 | 548089 |  |
|  |  |  |  | $(19959) | $34650 | $1434076087 |  | $2482739 | $— |

---

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Broad USD Investment Grade Corporate Bond ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14444773748 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14444773748 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 24935569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24935569 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1434076087 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1434076087 |
|  | &nbsp;&nbsp; $1434076087 | &nbsp;&nbsp; $14469709317 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15903785404 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 4.65%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; $3870 | $3899799 |
| 4.75%, 03/30/30 | &nbsp;&nbsp; 3030 | 3054304 |
| Omnicom Group Inc. |  |  |
| 2.45%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; 3795 | 3485019 |
| 4.20%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3350 | 3320765 |
|  |  | 13759887 |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| Airbus SE, 3.15%, 04/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4097 | 4045980 |
| BAE Systems Finance Inc., 7.50%, 07/01/27<sup>(b)</sup> | &nbsp;&nbsp; 3175 | 3361912 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 6785 | 6551608 |
| 5.00%, 03/26/27<sup>(b)</sup> | &nbsp;&nbsp; 3945 | 3990143 |
| 5.13%, 03/26/29<sup>(b)</sup> | &nbsp;&nbsp; 7635 | 7874446 |
| Boeing Co. (The) |  |  |
| 2.70%, 02/01/27 | &nbsp;&nbsp; 5630 | 5503002 |
| 2.80%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1779 | 1739831 |
| 2.95%, 02/01/30 | &nbsp;&nbsp; 4605 | 4318264 |
| 3.20%, 03/01/29 | &nbsp;&nbsp; 5985 | 5756055 |
| 3.25%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6628 | 6472775 |
| 3.25%, 03/01/28 | &nbsp;&nbsp; 1980 | 1928281 |
| 3.45%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2254 | 2198192 |
| 5.04%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; 11004 | 11106518 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 25542 | 26199205 |
| 6.26%, 05/01/27 | &nbsp;&nbsp; 5682 | 5846875 |
| 6.30%, 05/01/29 | &nbsp;&nbsp; 8215 | 8723715 |
| Embraer Netherlands Finance BV |  |  |
| 6.95%, 01/17/28<sup>(b)</sup> | &nbsp;&nbsp; 964 | 1006117 |
| 7.00%, 07/28/30<sup>(b)</sup> | &nbsp;&nbsp; 2180 | 2355832 |
| General Dynamics Corp. |  |  |
| 2.63%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2105 | 2049133 |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 3970 | 3949295 |
| 3.63%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 5105 | 5015176 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 6737 | 6722426 |
| General Electric Co., 4.30%, 07/29/30 | &nbsp;&nbsp; 6065 | 6091137 |
| HEICO Corp., 5.25%, 08/01/28 | &nbsp;&nbsp; 3837 | 3943555 |
| Hexcel Corp., 4.20%, 02/15/27 | &nbsp;&nbsp; 2140 | 2125945 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 | &nbsp;&nbsp; 4180 | 4020633 |
| 5.90%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 3175 | 3242275 |
| 6.75%, 01/15/28 | &nbsp;&nbsp; 3185 | 3352133 |
| L3Harris Technologies Inc. |  |  |
| 2.90%, 12/15/29 | &nbsp;&nbsp; 2967 | 2801867 |
| 3.85%, 12/15/26 | &nbsp;&nbsp; 2893 | 2878478 |
| 4.40%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5051 | 5079584 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 5362 | 5392344 |
| 5.05%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4795 | 4923332 |
| 5.40%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 7050 | 7161269 |
| Lockheed Martin Corp. |  |  |
| 1.85%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2560 | 2305246 |
| 4.15%, 08/15/28 | &nbsp;&nbsp; 2855 | 2869985 |
| 4.40%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3615 | 3643515 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 3265 | 3304143 |
| 4.50%, 02/15/29 | &nbsp;&nbsp; 3825 | 3879516 |
| 5.10%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4232 | 4334764 |
| Northrop Grumman Corp. |  |  |
| 3.20%, 02/01/27 | &nbsp;&nbsp; 4022 | 3972691 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 11800 | 11586723 |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 3375 | 3402942 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 4.60%, 02/01/29 | &nbsp;&nbsp; $2985 | $3031613 |
| 4.65%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4225 | 4297351 |
| Rolls-Royce PLC, 5.75%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5340 | 5482781 |
| RTX Corp. |  |  |
| 2.25%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4900 | 4479951 |
| 2.65%, 11/01/26 | &nbsp;&nbsp; 3976 | 3907149 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; 5879 | 5789326 |
| 3.50%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 6693 | 6633687 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 16971 | 16989290 |
| 5.75%, 11/08/26 | &nbsp;&nbsp; 6942 | 7057202 |
| 5.75%, 01/15/29 | &nbsp;&nbsp; 3188 | 3346492 |
| 6.70%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1990 | 2126619 |
| 7.20%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1810 | 1914179 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 3395 | 3802365 |
|  |  | 285884863 |
| **Agriculture — 1.1%** | **Agriculture — 1.1%** | **Agriculture — 1.1%** |
| Altria Group Inc. |  |  |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 3050 | 2999587 |
| 3.40%, 05/06/30 | &nbsp;&nbsp; 4420 | 4237737 |
| 4.50%, 08/06/30<sup>(a)</sup> | &nbsp;&nbsp; 2300 | 2300565 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; 11257 | 11435872 |
| 4.88%, 02/04/28<sup>(a)</sup> | &nbsp;&nbsp; 3235 | 3283912 |
| 6.20%, 11/01/28 | &nbsp;&nbsp; 2555 | 2701136 |
| Archer-Daniels-Midland Co., 3.25%, 03/27/30 | &nbsp;&nbsp; 5290 | 5089061 |
| BAT Capital Corp. |  |  |
| 2.26%, 03/25/28 | &nbsp;&nbsp; 9751 | 9289871 |
| 3.22%, 09/06/26 | &nbsp;&nbsp; 5538 | 5477711 |
| 3.46%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 3857 | 3738154 |
| 3.56%, 08/15/27 | &nbsp;&nbsp; 12822 | 12655272 |
| 4.70%, 04/02/27<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 5152254 |
| 4.91%, 04/02/30 | &nbsp;&nbsp; 5195 | 5282452 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; 5200 | 5610553 |
| BAT International Finance PLC |  |  |
| 4.45%, 03/16/28 | &nbsp;&nbsp; 6022 | 6043656 |
| 5.93%, 02/02/29 | &nbsp;&nbsp; 5760 | 6053135 |
| Bunge Ltd. Finance Corp. |  |  |
| 3.75%, 09/25/27 | &nbsp;&nbsp; 3725 | 3698791 |
| 4.10%, 01/07/28<sup>(a)</sup> | &nbsp;&nbsp; 2095 | 2093841 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 5445 | 5419077 |
| 4.55%, 08/04/30 | &nbsp;&nbsp; 3100 | 3116643 |
| 4.90%, 04/21/27 | &nbsp;&nbsp; 2855 | 2880576 |
| Cargill Inc. |  |  |
| 2.13%, 04/23/30<sup>(b)</sup> | &nbsp;&nbsp; 3040 | 2791196 |
| 3.25%, 05/23/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4260 | 4140315 |
| 3.63%, 04/22/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3030 | 3013292 |
| 4.63%, 02/11/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3620 | 3671590 |
| Imperial Brands Finance PLC |  |  |
| 3.88%, 07/26/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5915 | 5783693 |
| 4.50%, 06/30/28<sup>(b)</sup> | &nbsp;&nbsp; 2955 | 2973811 |
| 5.50%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 7530 | 7800079 |
| 6.13%, 07/27/27<sup>(b)</sup> | &nbsp;&nbsp; 5721 | 5907249 |
| Japan Tobacco Inc. |  |  |
| 4.85%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 745 | 757970 |
| 5.25%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5480 | 5691018 |
| Philip Morris International Inc. |  |  |
| 2.10%, 05/01/30 | &nbsp;&nbsp; 3495 | 3179636 |
| 3.13%, 08/17/27 | &nbsp;&nbsp; 2800 | 2751060 |
| 3.13%, 03/02/28 | &nbsp;&nbsp; 2715 | 2655167 |
| 3.38%, 08/15/29 | &nbsp;&nbsp; 4504 | 4372873 |
| 4.13%, 04/28/28<sup>(a)</sup> | &nbsp;&nbsp; 4070 | 4079089 |
| 4.38%, 11/01/27 | &nbsp;&nbsp; 4355 | 4386797 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 4.38%, 04/30/30 | &nbsp;&nbsp; $4310 | $4334054 |
| 4.63%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4765 | 4840095 |
| 4.75%, 02/12/27 | &nbsp;&nbsp; 4035 | 4071519 |
| 4.88%, 02/15/28 | &nbsp;&nbsp; 8738 | 8899551 |
| 4.88%, 02/13/29 | &nbsp;&nbsp; 5782 | 5904824 |
| 5.13%, 11/17/27 | &nbsp;&nbsp; 8823 | 9010119 |
| 5.13%, 02/15/30 | &nbsp;&nbsp; 12899 | 13348848 |
| 5.25%, 09/07/28 | &nbsp;&nbsp; 3985 | 4117509 |
| 5.63%, 11/17/29 | &nbsp;&nbsp; 7510 | 7904253 |
|  |  | 234945463 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| AS Mileage Plan IP Ltd., 5.02%, 10/20/29<sup>(b)</sup> | &nbsp;&nbsp; 3940 | 3945919 |
| Delta Air Lines Inc. |  |  |
| 3.75%, 10/28/29<sup>(a)</sup> | &nbsp;&nbsp; 2925 | 2836223 |
| 4.38%, 04/19/28<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2002232 |
| 4.95%, 07/10/28 | &nbsp;&nbsp; 6025 | 6099077 |
| 5.25%, 07/10/30 | &nbsp;&nbsp; 5253 | 5357030 |
| Delta Air Lines Inc./SkyMiles IP Ltd., 4.75%, <br> 10/20/28<sup>(b)</sup><br>| &nbsp;&nbsp; 19279 | 19388150 |
| Southwest Airlines Co. |  |  |
| 2.63%, 02/10/30 | &nbsp;&nbsp; 3265 | 3002469 |
| 3.00%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1572 | 1545667 |
| 3.45%, 11/16/27<sup>(a)</sup> | &nbsp;&nbsp; 1630 | 1601287 |
| 5.13%, 06/15/27 | &nbsp;&nbsp; 9746 | 9856496 |
| United Airlines Inc., 4.63%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 9210 | 9063503 |
|  |  | 64698053 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| NIKE Inc. |  |  |
| 2.38%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; 4892 | 4804199 |
| 2.75%, 03/27/27 | &nbsp;&nbsp; 5600 | 5497440 |
| 2.85%, 03/27/30<sup>(a)</sup> | &nbsp;&nbsp; 9010 | 8553166 |
| PVH Corp., 5.50%, 06/13/30 | &nbsp;&nbsp; 2900 | 2956535 |
| Ralph Lauren Corp., 2.95%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3890 | 3672125 |
| Tapestry Inc. |  |  |
| 4.13%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1730 | 1724117 |
| 5.10%, 03/11/30<sup>(a)</sup> | &nbsp;&nbsp; 4795 | 4900712 |
|  |  | 32108294 |
| **Auto Manufacturers — 4.6%** | **Auto Manufacturers — 4.6%** | **Auto Manufacturers — 4.6%** |
| American Honda Finance Corp. |  |  |
| 1.30%, 09/09/26<sup>(a)</sup> | &nbsp;&nbsp; 3543 | 3439959 |
| 2.00%, 03/24/28 | &nbsp;&nbsp; 3980 | 3773760 |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 3930 | 3689114 |
| 2.30%, 09/09/26 | &nbsp;&nbsp; 2305 | 2259935 |
| 2.35%, 01/08/27 | &nbsp;&nbsp; 1972 | 1925661 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 2575 | 2541222 |
| 4.40%, 10/05/26 | &nbsp;&nbsp; 3235 | 3242889 |
| 4.40%, 09/05/29<sup>(a)</sup> | &nbsp;&nbsp; 4470 | 4497033 |
| 4.45%, 10/22/27<sup>(a)</sup> | &nbsp;&nbsp; 3855 | 3884270 |
| 4.55%, 07/09/27 | &nbsp;&nbsp; 3785 | 3812394 |
| 4.55%, 03/03/28<sup>(a)</sup> | &nbsp;&nbsp; 2940 | 2966472 |
| 4.60%, 04/17/30 | &nbsp;&nbsp; 3720 | 3753997 |
| 4.70%, 01/12/28<sup>(a)</sup> | &nbsp;&nbsp; 2603 | 2637918 |
| 4.80%, 03/05/30 | &nbsp;&nbsp; 3365 | 3433569 |
| 4.90%, 03/12/27<sup>(a)</sup> | &nbsp;&nbsp; 3215 | 3248681 |
| 4.90%, 07/09/27<sup>(a)</sup> | &nbsp;&nbsp; 3670 | 3719087 |
| 4.90%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; 4185 | 4280755 |
| 5.13%, 07/07/28 | &nbsp;&nbsp; 4139 | 4246114 |
| 5.65%, 11/15/28 | &nbsp;&nbsp; 4740 | 4944298 |
| BMW Finance NV, 2.85%, 08/14/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2705 | 2567642 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| BMW U.S. Capital LLC |  |  |
| 3.30%, 04/06/27<sup>(a)(b)</sup> | &nbsp;&nbsp; $2952 | $2914750 |
| 3.45%, 04/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3078 | 3046026 |
| 3.63%, 04/18/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3905 | 3826340 |
| 3.75%, 04/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4170 | 4137093 |
| 3.95%, 08/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2950 | 2937534 |
| 4.15%, 08/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 870 | 870317 |
| 4.15%, 04/09/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5900 | 5875252 |
| 4.50%, 08/11/30<sup>(b)</sup> | &nbsp;&nbsp; 4230 | 4233278 |
| 4.60%, 08/13/27<sup>(b)</sup> | &nbsp;&nbsp; 4240 | 4275153 |
| 4.65%, 03/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4300 | 4333545 |
| 4.65%, 08/13/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3555 | 3601902 |
| 4.75%, 03/21/28<sup>(b)</sup> | &nbsp;&nbsp; 3580 | 3636836 |
| 4.90%, 04/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3975 | 4021430 |
| 4.90%, 04/02/29<sup>(b)</sup> | &nbsp;&nbsp; 4885 | 4983880 |
| 5.05%, 08/11/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5800 | 5945333 |
| 5.05%, 03/21/30<sup>(b)</sup> | &nbsp;&nbsp; 5660 | 5819732 |
| Cummins Inc. |  |  |
| 4.25%, 05/09/28 | &nbsp;&nbsp; 890 | 897175 |
| 4.90%, 02/20/29<sup>(a)</sup> | &nbsp;&nbsp; 2945 | 3026596 |
| 7.13%, 03/01/28 | &nbsp;&nbsp; 4373 | 4685538 |
| Daimler Truck Finance North America LLC |  |  |
| 2.00%, 12/14/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 6808 | 6621750 |
| 2.38%, 12/14/28<sup>(b)</sup> | &nbsp;&nbsp; 4390 | 4139501 |
| 3.65%, 04/07/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4093 | 4056555 |
| 4.30%, 08/12/27<sup>(b)</sup> | &nbsp;&nbsp; 1515 | 1517187 |
| 4.65%, 10/12/30<sup>(b)</sup> | &nbsp;&nbsp; 2100 | 2103865 |
| 4.95%, 01/13/28<sup>(b)</sup> | &nbsp;&nbsp; 3280 | 3326175 |
| 5.00%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4040 | 4078367 |
| 5.13%, 09/25/27<sup>(b)</sup> | &nbsp;&nbsp; 3440 | 3496040 |
| 5.13%, 01/19/28<sup>(b)</sup> | &nbsp;&nbsp; 3035 | 3089021 |
| 5.13%, 09/25/29<sup>(b)</sup> | &nbsp;&nbsp; 3295 | 3383205 |
| 5.25%, 01/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4960 | 5111411 |
| 5.40%, 09/20/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3205 | 3306718 |
| Ford Holdings LLC, 9.30%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2115 | 2413413 |
| Ford Motor Co. |  |  |
| 4.35%, 12/08/26<sup>(a)</sup> | &nbsp;&nbsp; 8505 | 8459743 |
| 6.63%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2520 | 2653707 |
| 9.63%, 04/22/30 | &nbsp;&nbsp; 2495 | 2903975 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90%, 02/16/28 | &nbsp;&nbsp; 3755 | 3561418 |
| 2.90%, 02/10/29<sup>(a)</sup> | &nbsp;&nbsp; 4010 | 3691306 |
| 3.82%, 11/02/27 | &nbsp;&nbsp; 4385 | 4267493 |
| 4.13%, 08/17/27 | &nbsp;&nbsp; 7065 | 6929844 |
| 4.27%, 01/09/27<sup>(a)</sup> | &nbsp;&nbsp; 5088 | 5038376 |
| 4.95%, 05/28/27 | &nbsp;&nbsp; 8560 | 8539354 |
| 5.11%, 05/03/29 | &nbsp;&nbsp; 8562 | 8443905 |
| 5.13%, 11/05/26<sup>(a)</sup> | &nbsp;&nbsp; 6230 | 6240286 |
| 5.30%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 4964250 |
| 5.80%, 03/05/27 | &nbsp;&nbsp; 8440 | 8505347 |
| 5.80%, 03/08/29 | &nbsp;&nbsp; 9205 | 9307149 |
| 5.85%, 05/17/27 | &nbsp;&nbsp; 8160 | 8241511 |
| 5.88%, 11/07/29 | &nbsp;&nbsp; 7025 | 7100519 |
| 5.92%, 03/20/28 | &nbsp;&nbsp; 5719 | 5804220 |
| 6.80%, 05/12/28<sup>(a)</sup> | &nbsp;&nbsp; 8415 | 8739001 |
| 6.80%, 11/07/28 | &nbsp;&nbsp; 8470 | 8815350 |
| 7.20%, 06/10/30<sup>(a)</sup> | &nbsp;&nbsp; 4545 | 4828660 |
| 7.35%, 11/04/27 | &nbsp;&nbsp; 8545 | 8895287 |
| 7.35%, 03/06/30 | &nbsp;&nbsp; 6550 | 6973508 |
| General Motors Co. |  |  |
| 4.20%, 10/01/27 | &nbsp;&nbsp; 4396 | 4383453 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.00%, 10/01/28 | &nbsp;&nbsp; $4180 | $4248316 |
| 5.35%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3535 | 3614559 |
| 5.40%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7510 | 7746775 |
| 5.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4315 | 4456782 |
| 6.80%, 10/01/27<sup>(a)</sup> | &nbsp;&nbsp; 5810 | 6063933 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 02/26/27 | &nbsp;&nbsp; 5638 | 5475645 |
| 2.40%, 04/10/28 | &nbsp;&nbsp; 5970 | 5684950 |
| 2.40%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5702 | 5371574 |
| 2.70%, 08/20/27 | &nbsp;&nbsp; 5382 | 5221581 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 5410 | 5139840 |
| 3.85%, 01/05/28<sup>(a)</sup> | &nbsp;&nbsp; 2445 | 2414395 |
| 4.00%, 10/06/26 | &nbsp;&nbsp; 4187 | 4165822 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 6205 | 6140447 |
| 4.35%, 01/17/27 | &nbsp;&nbsp; 7113 | 7105852 |
| 4.90%, 10/06/29 | &nbsp;&nbsp; 7065 | 7117590 |
| 5.00%, 04/09/27 | &nbsp;&nbsp; 7044 | 7101210 |
| 5.00%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2880 | 2911867 |
| 5.05%, 04/04/28<sup>(a)</sup> | &nbsp;&nbsp; 6660 | 6770062 |
| 5.35%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 6185 | 6298496 |
| 5.35%, 01/07/30 | &nbsp;&nbsp; 7268 | 7433131 |
| 5.40%, 05/08/27 | &nbsp;&nbsp; 6830 | 6944287 |
| 5.45%, 07/15/30 | &nbsp;&nbsp; 4855 | 4984649 |
| 5.55%, 07/15/29 | &nbsp;&nbsp; 7000 | 7216870 |
| 5.65%, 01/17/29<sup>(a)</sup> | &nbsp;&nbsp; 2535 | 2613845 |
| 5.80%, 06/23/28 | &nbsp;&nbsp; 7493 | 7755992 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; 8205 | 8519466 |
| 5.85%, 04/06/30<sup>(a)</sup> | &nbsp;&nbsp; 5085 | 5314713 |
| 6.00%, 01/09/28<sup>(a)</sup> | &nbsp;&nbsp; 5835 | 6044052 |
| Honda Motor Co. Ltd. |  |  |
| 2.53%, 03/10/27<sup>(a)</sup> | &nbsp;&nbsp; 11205 | 10942317 |
| 4.44%, 07/08/28 | &nbsp;&nbsp; 5580 | 5614890 |
| 4.69%, 07/08/30 | &nbsp;&nbsp; 7371 | 7438856 |
| Hyundai Capital America |  |  |
| 1.65%, 09/17/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 5725 | 5569125 |
| 1.80%, 01/10/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3865 | 3645518 |
| 2.00%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 4940 | 4633134 |
| 2.10%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 4785 | 4479223 |
| 2.38%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3727 | 3576989 |
| 2.75%, 09/27/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2889 | 2839943 |
| 3.00%, 02/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2999 | 2941641 |
| 3.50%, 11/02/26<sup>(b)</sup> | &nbsp;&nbsp; 3426 | 3390384 |
| 4.30%, 09/24/27<sup>(b)</sup> | &nbsp;&nbsp; 4990 | 4984363 |
| 4.55%, 09/26/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4995 | 4997757 |
| 4.85%, 03/25/27<sup>(b)</sup> | &nbsp;&nbsp; 3290 | 3314404 |
| 4.88%, 06/23/27<sup>(b)</sup> | &nbsp;&nbsp; 3910 | 3943376 |
| 4.88%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp; 4565 | 4612008 |
| 4.90%, 06/23/28<sup>(b)</sup> | &nbsp;&nbsp; 5495 | 5566938 |
| 5.00%, 01/07/28<sup>(b)</sup> | &nbsp;&nbsp; 4645 | 4707388 |
| 5.10%, 06/24/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3360 | 3427807 |
| 5.15%, 03/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4075 | 4161569 |
| 5.25%, 01/08/27<sup>(b)</sup> | &nbsp;&nbsp; 5600 | 5661519 |
| 5.28%, 06/24/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4595 | 4662078 |
| 5.30%, 03/19/27<sup>(b)</sup> | &nbsp;&nbsp; 4637 | 4698962 |
| 5.30%, 01/08/29<sup>(b)</sup> | &nbsp;&nbsp; 4080 | 4184358 |
| 5.30%, 06/24/29<sup>(b)</sup> | &nbsp;&nbsp; 4472 | 4590804 |
| 5.30%, 01/08/30<sup>(b)</sup> | &nbsp;&nbsp; 4725 | 4862499 |
| 5.35%, 03/19/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2705 | 2776243 |
| 5.60%, 03/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4715 | 4852365 |
| 5.68%, 06/26/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5547 | 5732235 |
| 5.70%, 06/26/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3005 | 3140552 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.80%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $3035 | $3178013 |
| 5.95%, 09/21/26<sup>(b)</sup> | &nbsp;&nbsp; 4155 | 4218434 |
| 6.10%, 09/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4405 | 4609080 |
| 6.38%, 04/08/30<sup>(b)</sup> | &nbsp;&nbsp; 3630 | 3883843 |
| 6.50%, 01/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4180 | 4430482 |
| Hyundai Capital Services Inc. |  |  |
| 2.50%, 01/24/27<sup>(b)</sup> | &nbsp;&nbsp; 4045 | 3944627 |
| 3.63%, 08/29/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1180 | 1163025 |
| 5.13%, 02/05/27<sup>(b)</sup> | &nbsp;&nbsp; 1010 | 1020049 |
| 5.13%, 02/05/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2835 | 2893666 |
| 5.25%, 01/22/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2725 | 2779381 |
| Kia Corp. |  |  |
| 1.75%, 10/16/26<sup>(b)</sup> | &nbsp;&nbsp; 2910 | 2827745 |
| 2.75%, 02/14/27<sup>(b)</sup> | &nbsp;&nbsp; 4480 | 4384148 |
| 3.50%, 10/25/27<sup>(b)</sup> | &nbsp;&nbsp; 530 | 521094 |
| Mercedes-Benz Finance North America LLC |  |  |
| 2.63%, 03/10/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1950 | 1816531 |
| 3.10%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3285 | 3144530 |
| 3.45%, 01/06/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4053 | 4018246 |
| 3.75%, 02/22/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5245 | 5204623 |
| 4.30%, 02/22/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1480 | 1484163 |
| 4.65%, 04/01/27<sup>(b)</sup> | &nbsp;&nbsp; 2400 | 2417383 |
| 4.75%, 08/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4210 | 4257160 |
| 4.75%, 03/31/28<sup>(b)</sup> | &nbsp;&nbsp; 2745 | 2786344 |
| 4.80%, 11/13/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 3175 | 3200317 |
| 4.80%, 01/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4595 | 4635822 |
| 4.80%, 03/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5457 | 5546987 |
| 4.80%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4920 | 5014107 |
| 4.85%, 01/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5915 | 6026924 |
| 4.90%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3805 | 3861667 |
| 5.00%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 3070824 |
| 5.10%, 08/03/28<sup>(b)</sup> | &nbsp;&nbsp; 4760 | 4881482 |
| 5.10%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3685 | 3793183 |
| 5.25%, 11/29/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2853 | 2918639 |
| PACCAR Financial Corp. |  |  |
| 2.00%, 02/04/27 | &nbsp;&nbsp; 1192 | 1160549 |
| 4.00%, 08/08/28<sup>(a)</sup> | &nbsp;&nbsp; 1325 | 1328415 |
| 4.00%, 09/26/29 | &nbsp;&nbsp; 2360 | 2362901 |
| 4.25%, 06/23/27 | &nbsp;&nbsp; 2405 | 2419699 |
| 4.45%, 08/06/27 | &nbsp;&nbsp; 3954 | 4002538 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 3180 | 3232400 |
| 4.55%, 05/08/30<sup>(a)</sup> | &nbsp;&nbsp; 2385 | 2430576 |
| 4.60%, 01/10/28<sup>(a)</sup> | &nbsp;&nbsp; 1435 | 1457563 |
| 4.60%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 3955 | 4030952 |
| 4.95%, 08/10/28 | &nbsp;&nbsp; 1005 | 1034670 |
| 5.00%, 05/13/27 | &nbsp;&nbsp; 2724 | 2772047 |
| 5.20%, 11/09/26 | &nbsp;&nbsp; 2645 | 2683490 |
| Series R, 4.50%, 11/25/26<sup>(a)</sup> | &nbsp;&nbsp; 1979 | 1994172 |
| Stellantis Finance U.S. Inc. |  |  |
| 1.71%, 01/29/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5029 | 4825861 |
| 5.35%, 03/17/28<sup>(b)</sup> | &nbsp;&nbsp; 2515 | 2540680 |
| 5.63%, 01/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3027 | 3076093 |
| 5.75%, 03/18/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4410 | 4464744 |
| Toyota Motor Corp. |  |  |
| 2.76%, 07/02/29<sup>(a)</sup> | &nbsp;&nbsp; 2790 | 2664401 |
| 3.67%, 07/20/28<sup>(a)</sup> | &nbsp;&nbsp; 2950 | 2944016 |
| 4.19%, 06/30/27 | &nbsp;&nbsp; 2780 | 2790092 |
| 4.45%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 3010 | 3044215 |
| 5.12%, 07/13/28<sup>(a)</sup> | &nbsp;&nbsp; 3023 | 3119009 |
| Toyota Motor Credit Corp. |  |  |
| 1.15%, 08/13/27<sup>(a)</sup> | &nbsp;&nbsp; 3395 | 3218089 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 1.90%, 01/13/27<sup>(a)</sup> | &nbsp;&nbsp; $4340 | $4221568 |
| 1.90%, 04/06/28<sup>(a)</sup> | &nbsp;&nbsp; 3353 | 3189970 |
| 2.15%, 02/13/30 | &nbsp;&nbsp; 4934 | 4534064 |
| 3.05%, 03/22/27 | &nbsp;&nbsp; 8025 | 7913133 |
| 3.05%, 01/11/28 | &nbsp;&nbsp; 2770 | 2714248 |
| 3.20%, 01/11/27 | &nbsp;&nbsp; 4280 | 4236500 |
| 3.38%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 5820 | 5629128 |
| 3.65%, 01/08/29 | &nbsp;&nbsp; 2975 | 2939702 |
| 4.35%, 10/08/27 | &nbsp;&nbsp; 7323 | 7378089 |
| 4.45%, 06/29/29 | &nbsp;&nbsp; 4495 | 4550386 |
| 4.50%, 05/14/27<sup>(a)</sup> | &nbsp;&nbsp; 5890 | 5939311 |
| 4.55%, 09/20/27 | &nbsp;&nbsp; 5985 | 6052447 |
| 4.55%, 08/09/29<sup>(a)</sup> | &nbsp;&nbsp; 5730 | 5824519 |
| 4.55%, 05/17/30 | &nbsp;&nbsp; 4095 | 4153937 |
| 4.60%, 01/08/27<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 3632255 |
| 4.63%, 01/12/28 | &nbsp;&nbsp; 5365 | 5441566 |
| 4.65%, 01/05/29 | &nbsp;&nbsp; 4685 | 4771250 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 4375 | 4476629 |
| 4.95%, 01/09/30 | &nbsp;&nbsp; 4075 | 4201006 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 5787 | 5978160 |
| 5.25%, 09/11/28 | &nbsp;&nbsp; 4450 | 4607668 |
| 5.40%, 11/20/26 | &nbsp;&nbsp; 5000 | 5081357 |
| 5.45%, 11/10/27 | &nbsp;&nbsp; 3985 | 4105505 |
| Series B, 5.00%, 03/19/27 | &nbsp;&nbsp; 5220 | 5293887 |
| Volkswagen Group of America Finance LLC |  |  |
| 1.63%, 11/24/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3100 | 2920356 |
| 3.20%, 09/26/26<sup>(b)</sup> | &nbsp;&nbsp; 2623 | 2586678 |
| 3.75%, 05/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3020 | 2898544 |
| 4.35%, 06/08/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6351 | 6333324 |
| 4.60%, 06/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2950 | 2949918 |
| 4.75%, 11/13/28<sup>(b)</sup> | &nbsp;&nbsp; 7165 | 7202121 |
| 4.85%, 08/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2760 | 2779239 |
| 4.95%, 03/25/27<sup>(b)</sup> | &nbsp;&nbsp; 2935 | 2954410 |
| 4.95%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3195 | 3234002 |
| 5.05%, 03/27/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4280 | 4341008 |
| 5.25%, 03/22/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5900 | 6015534 |
| 5.30%, 03/22/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5540 | 5608885 |
| 5.35%, 03/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3150 | 3231626 |
| 5.65%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp; 4080 | 4206527 |
| 5.70%, 09/12/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 4890 | 4946120 |
| 6.00%, 11/16/26<sup>(b)</sup> | &nbsp;&nbsp; 3955 | 4023623 |
| 6.20%, 11/16/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4375 | 4580090 |
|  |  | 994897277 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 2010 | 2002555 |
| 4.65%, 09/13/29<sup>(a)</sup> | &nbsp;&nbsp; 3480 | 3494041 |
| BorgWarner Inc. |  |  |
| 2.65%, 07/01/27<sup>(a)</sup> | &nbsp;&nbsp; 5773 | 5616125 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 3310 | 3375862 |
| Denso Corp. |  |  |
| 1.24%, 09/16/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1836 | 1778366 |
| 4.42%, 09/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3445 | 3460676 |
| Lear Corp. |  |  |
| 3.50%, 05/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1325 | 1262733 |
| 3.80%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2883 | 2855378 |
| 4.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2825 | 2804617 |
| LG Energy Solution Ltd. |  |  |
| 5.25%, 04/02/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2030 | 2061458 |
| 5.38%, 07/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1530 | 1552255 |
| 5.38%, 07/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4905 | 5015852 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| 5.38%, 04/02/30<sup>(b)</sup> | &nbsp;&nbsp; $3210 | $3285197 |
| 5.63%, 09/25/26<sup>(b)</sup> | &nbsp;&nbsp; 450 | 455253 |
| 5.75%, 09/25/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5820 | 6008514 |
| Magna International Inc. |  |  |
| 2.45%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4030 | 3709072 |
| 5.05%, 03/14/29<sup>(a)</sup> | &nbsp;&nbsp; 2735 | 2800100 |
| Motherson Global Investments BV, 5.63%, <br> 07/11/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 765 | 782465 |
| Toyota Industries Corp., 3.57%, 03/16/28<sup>(b)</sup> | &nbsp;&nbsp; 2205 | 2167556 |
|  |  | 54488075 |
| **Banks — 29.3%** | **Banks — 29.3%** | **Banks — 29.3%** |
| ABN AMRO Bank NV |  |  |
| 2.47%, 12/13/29, (1-year CMT + <br> 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5634 | 5317163 |
| 4.20%, 07/07/28<sup>(b)</sup> | &nbsp;&nbsp; 3175 | 3183086 |
| 4.72%, 01/22/27<sup>(b)</sup> | &nbsp;&nbsp; 450 | 453809 |
| 4.99%, 12/03/28, (1-year CMT + <br> 0.780%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4255 | 4312800 |
| 6.34%, 09/18/27, (1-year CMT + <br> 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5115 | 5216525 |
| AIB Group PLC |  |  |
| 5.32%, 05/15/31, (1-day SOFR + <br> 1.650%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4915 | 5043539 |
| 6.61%, 09/13/29, (1-day SOFR + <br> 2.330%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5682 | 6043681 |
| ANZ Bank New Zealand Ltd. |  |  |
| 5.55%, 08/11/32, (5-year CMT + <br> 2.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2420 | 2463382 |
| 5.90%, 07/10/34, (5-year CMT + <br> 1.500%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 1425 | 1479682 |
| ANZ New Zealand International Ltd./London |  |  |
| 2.55%, 02/13/30<sup>(b)</sup> | &nbsp;&nbsp; 5100 | 4756608 |
| 3.45%, 07/17/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2113 | 2088003 |
| 3.45%, 01/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2840 | 2802175 |
| 5.36%, 08/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5690 | 5893077 |
| ASB Bank Ltd. |  |  |
| 1.63%, 10/22/26<sup>(b)</sup> | &nbsp;&nbsp; 1935 | 1881876 |
| 5.28%, 06/17/32, (5-year CMT + <br> 2.250%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 1120 | 1132882 |
| 5.40%, 11/29/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3670 | 3765964 |
| Australia & New Zealand Banking Group Ltd., <br> 5.73%, 09/18/34, (5-year CMT + <br> 1.618%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6090 | 6307452 |
| Australia & New Zealand Banking Group <br> Ltd./New York<br>|  |  |
| 3.92%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; 4310 | 4309449 |
| 4.42%, 12/16/26 | &nbsp;&nbsp; 2885 | 2901421 |
| 4.62%, 12/16/29<sup>(a)</sup> | &nbsp;&nbsp; 5415 | 5542258 |
| 4.75%, 01/18/27 | &nbsp;&nbsp; 5987 | 6049746 |
| 4.90%, 07/16/27 | &nbsp;&nbsp; 4120 | 4195553 |
| Australia & New Zealand Banking Group <br> Ltd/New York NY, Series A, 4.36%, <br> 06/18/28<sup>(a)</sup><br>| &nbsp;&nbsp; 2770 | 2803752 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; 5627 | 5820232 |
| 6.14%, 09/14/28, (1-year CMT + <br> 2.700%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4262 | 4412370 |
| Banco de Credito del Peru SA |  |  |
| 3.25%, 09/30/31, (5-year CMT + <br> 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 150 | 146762 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.80%, 03/10/35, (5-year CMT + <br> 2.244%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $2970 | $3029400 |
| 5.85%, 01/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1200 | 1250600 |
| Banco de Credito e Inversiones SA, 3.50%, <br> 10/12/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1935 | 1903554 |
| Banco General SA, 4.13%, 08/07/27<sup>(b)</sup> | &nbsp;&nbsp; 1935 | 1915650 |
| Banco Inbursa SA Institucion De Banca Multiple <br> Grupo Financiero Inbursa, 4.38%, <br> 04/11/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2690 | 2676966 |
| Banco Internacional del Peru SAA Interbank, <br> 3.25%, 10/04/26<sup>(b)</sup><br>| &nbsp;&nbsp; 310 | 305415 |
| Banco Santander Mexico SA Institucion de <br> Banca Multiple Grupo Financiero Santand, <br> 5.62%, 12/10/29<sup>(b)</sup><br>| &nbsp;&nbsp; 2415 | 2484310 |
| Banco Santander SA |  |  |
| 1.72%, 09/14/27, (1-year CMT + 0.900%)<sup>(c)</sup> | &nbsp;&nbsp; 8126 | 7905019 |
| 3.31%, 06/27/29 | &nbsp;&nbsp; 5700 | 5506577 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 5600 | 5380735 |
| 3.80%, 02/23/28 | &nbsp;&nbsp; 5740 | 5681312 |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(c)</sup> | &nbsp;&nbsp; 8545 | 8531205 |
| 4.25%, 04/11/27<sup>(a)</sup> | &nbsp;&nbsp; 5195 | 5199206 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 6660 | 6688242 |
| 5.29%, 08/18/27 | &nbsp;&nbsp; 10010 | 10194123 |
| 5.37%, 07/15/28, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 8240 | 8406734 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 7030 | 7297266 |
| 5.55%, 03/14/28, (1-year CMT + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 5895 | 5999678 |
| 5.57%, 01/17/30 | &nbsp;&nbsp; 5770 | 6019436 |
| 5.59%, 08/08/28 | &nbsp;&nbsp; 8695 | 9040610 |
| 6.53%, 11/07/27, (1-year CMT + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 5725 | 5866750 |
| 6.61%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 7040 | 7534081 |
| Bangkok Bank PCL/Hong Kong |  |  |
| 4.30%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 2344 | 2342636 |
| 4.45%, 09/19/28<sup>(b)</sup> | &nbsp;&nbsp; 695 | 697320 |
| 5.30%, 09/21/28<sup>(b)</sup> | &nbsp;&nbsp; 2761 | 2832476 |
| 9.03%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 991 | 1123289 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(c)</sup> | &nbsp;&nbsp; 16560 | 14721788 |
| 2.09%, 06/14/29, (1-day SOFR + 1.060%)<sup>(c)</sup> | &nbsp;&nbsp; 17036 | 16096565 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(c)</sup><br>| &nbsp;&nbsp; 19020 | 17567682 |
| 2.55%, 02/04/28, (1-day SOFR + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 12423 | 12139399 |
| 2.59%, 04/29/31, (1-day SOFR + 2.150%)<sup>(c)</sup> | &nbsp;&nbsp; 18495 | 17103647 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11770 | 11132913 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13854 | 13305481 |
| 3.25%, 10/21/27<sup>(a)</sup> | &nbsp;&nbsp; 14456 | 14242159 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(c)</sup><br>| &nbsp;&nbsp; 34152 | 33560782 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR + <br> 1.632%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11732 | 11605022 |
| 3.71%, 04/24/28, (3-mo. CME Term SOFR + <br> 1.774%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11964 | 11865540 |
| 3.82%, 01/20/28, (3-mo. CME Term SOFR + <br> 1.837%)<sup>(c)</sup><br>| &nbsp;&nbsp; 15305 | 15216572 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14133 | 14048313 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(c)</sup><br>| &nbsp;&nbsp; 17070 | 16928023 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 11877 | 11883339 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(c)</sup><br>| &nbsp;&nbsp; $17280 | $17322864 |
| 4.38%, 04/27/28, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 13557 | 13586683 |
| 4.62%, 05/09/29, (1-day SOFR + 1.110%)<sup>(c)</sup> | &nbsp;&nbsp; 12895 | 13040455 |
| 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(c)</sup> | &nbsp;&nbsp; 17671 | 17904173 |
| 4.98%, 01/24/29, (1-day SOFR + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; 14510 | 14768269 |
| 5.16%, 01/24/31, (1-day SOFR + <br> 1.000%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 15275 | 15765068 |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 20015 | 20522703 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 15530 | 16233596 |
| 5.93%, 09/15/27, (1-day SOFR + 1.340%)<sup>(c)</sup> | &nbsp;&nbsp; 9080 | 9226555 |
| 6.20%, 11/10/28, (1-day SOFR + 1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 11709 | 12202796 |
| 6.22%, 09/15/26 | &nbsp;&nbsp; 3134 | 3195736 |
| Series L, 4.18%, 11/25/27 | &nbsp;&nbsp; 11556 | 11548312 |
| Bank of Ireland Group PLC |  |  |
| 2.03%, 09/30/27, (1-year CMT + <br> 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2495 | 2429592 |
| 5.60%, 03/20/30, (1-day SOFR <br> +1.620%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5482 | 5693636 |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 8931 | 8672250 |
| 2.65%, 03/08/27<sup>(a)</sup> | &nbsp;&nbsp; 9012 | 8836227 |
| 3.80%, 12/15/32, (5-year USD Swap + <br> 1.432%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6725 | 6591414 |
| 4.64%, 09/10/30, (1-day SOFR + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 5437 | 5511476 |
| 5.00%, 01/27/29, (1-day SOFR Index + <br> 0.670%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4725 | 4819723 |
| 5.20%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 7233 | 7422787 |
| 5.27%, 12/11/26 | &nbsp;&nbsp; 7812 | 7919544 |
| 5.37%, 06/04/27<sup>(a)</sup> | &nbsp;&nbsp; 5060 | 5172930 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 6197 | 6474270 |
| 7.70%, 05/26/84, (5-year CMT + 3.452%)<sup>(c)</sup> | &nbsp;&nbsp; 5430 | 5661541 |
| Series f2f, 4.57%, 09/10/27, (1-day SOFR + <br> 0.880%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6760 | 6776465 |
| Series H, 4.70%, 09/14/27 | &nbsp;&nbsp; 6253 | 6324623 |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.05%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; 4366 | 4225634 |
| 1.65%, 07/14/28<sup>(a)</sup> | &nbsp;&nbsp; 3043 | 2866434 |
| 2.05%, 01/26/27<sup>(a)</sup> | &nbsp;&nbsp; 7007 | 6828354 |
| 3.00%, 10/30/28 | &nbsp;&nbsp; 3710 | 3588837 |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 4760 | 4709470 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 2015 | 1951434 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 4505 | 4452867 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR + <br> 1.331%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6761 | 6704158 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 5372 | 5380371 |
| 3.85%, 04/26/29<sup>(a)</sup> | &nbsp;&nbsp; 2905 | 2893558 |
| 3.99%, 06/13/28, (1-day SOFR + 1.151%)<sup>(c)</sup> | &nbsp;&nbsp; 3298 | 3296466 |
| 4.44%, 06/09/28, (1-day SOFR + 0.680%)<sup>(c)</sup> | &nbsp;&nbsp; 3920 | 3944951 |
| 4.54%, 02/01/29, (1-day SOFR + 1.169%)<sup>(c)</sup> | &nbsp;&nbsp; 4548 | 4602253 |
| 4.60%, 07/26/30, (1-day SOFR + 1.755%)<sup>(c)</sup> | &nbsp;&nbsp; 3790 | 3856811 |
| 4.73%, 04/20/29, (1-day SOFR + 1.135%)<sup>(c)</sup> | &nbsp;&nbsp; 3470 | 3527235 |
| 4.89%, 07/21/28, (1-day SOFR + 0.840%)<sup>(c)</sup> | &nbsp;&nbsp; 3790 | 3850367 |
| 4.94%, 02/11/31, (1-day SOFR + 0.887%)<sup>(c)</sup> | &nbsp;&nbsp; 7940 | 8158755 |
| 4.98%, 03/14/30, (1-day SOFR + 1.085%)<sup>(c)</sup> | &nbsp;&nbsp; 3385 | 3478911 |
| 5.80%, 10/25/28, (1-day SOFR Index + <br> 1.802%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6315 | 6541166 |
| 6.32%, 10/25/29, (1-day SOFR + 1.598%)<sup>(c)</sup> | &nbsp;&nbsp; 5945 | 6334444 |
| Series J, 1.90%, 01/25/29 | &nbsp;&nbsp; 2960 | 2766254 |
| Bank of New Zealand |  |  |
| 2.29%, 01/27/27<sup>(b)</sup> | &nbsp;&nbsp; 996 | 972026 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.85%, 02/07/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $4613 | $4694266 |
| 5.08%, 01/30/29<sup>(b)</sup> | &nbsp;&nbsp; 4277 | 4402889 |
| 5.70%, 01/28/35, (5-year CMT + <br> 1.300%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 3335 | 3440499 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 3981 | 3867884 |
| 1.95%, 02/02/27<sup>(a)</sup> | &nbsp;&nbsp; 4334 | 4218596 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 3884 | 3822567 |
| 4.40%, 09/08/28, (1-day SOFR + <br> 1.000%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6439 | 6471143 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 7495 | 7670884 |
| 4.93%, 02/14/29, (1-day SOFR + 0.890%)<sup>(c)</sup> | &nbsp;&nbsp; 7250 | 7373927 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 5985 | 6156831 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 3850 | 3973127 |
| 5.35%, 12/07/26 | &nbsp;&nbsp; 5982 | 6065927 |
| 5.40%, 06/04/27<sup>(a)</sup> | &nbsp;&nbsp; 4490 | 4595328 |
| 5.45%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3985 | 4156094 |
| 7.35%, 04/27/85, (5-year CMT + 2.903%)<sup>(c)</sup> | &nbsp;&nbsp; 5535 | 5689443 |
| 8.00%, 01/27/84, (5-year CMT + <br> 4.017%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4200 | 4475352 |
| 8.63%, 10/27/82, (5-year CMT + 4.389%)<sup>(c)</sup> | &nbsp;&nbsp; 4230 | 4480061 |
| Series 2, 3.63%, 10/27/81, (5-year CMT + <br> 2.613%)<sup>(c)</sup><br>| &nbsp;&nbsp; 3366 | 3174775 |
| Bank OZK, 2.75%, 10/01/31, (3-mo. CME Term <br> SOFR + 2.090%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1305 | 1187550 |
| Banque Federative du Credit Mutuel SA |  |  |
| 1.60%, 10/04/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 3657 | 3554567 |
| 4.59%, 10/16/28<sup>(b)</sup> | &nbsp;&nbsp; 2800 | 2825399 |
| 4.75%, 07/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4880 | 4932342 |
| 5.09%, 01/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3135 | 3170276 |
| 5.19%, 02/16/28<sup>(b)</sup> | &nbsp;&nbsp; 4150 | 4242318 |
| 5.54%, 01/22/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5735 | 5977353 |
| 5.79%, 07/13/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4277 | 4453333 |
| Barclays Bank PLC |  |  |
| 4.40%, 06/15/27 | &nbsp;&nbsp; 370 | 371823 |
| 4.40%, 06/16/27<sup>(b)</sup> | &nbsp;&nbsp; 190 | 190935 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27, (1-year CMT + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 10052 | 9805758 |
| 2.65%, 06/24/31, (1-year CMT + <br> 1.900%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5875 | 5388802 |
| 4.34%, 01/10/28 | &nbsp;&nbsp; 6100 | 6102991 |
| 4.48%, 11/11/29, (1-day SOFR + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 6400 | 6411459 |
| 4.84%, 05/09/28<sup>(a)</sup> | &nbsp;&nbsp; 11225 | 11280434 |
| 4.84%, 09/10/28, (1-day SOFR + 1.340%)<sup>(c)</sup> | &nbsp;&nbsp; 5780 | 5841396 |
| 4.94%, 09/10/30, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 8732 | 8872008 |
| 4.97%, 05/16/29<sup>(c)</sup> | &nbsp;&nbsp; 10155 | 10306234 |
| 5.09%, 02/25/29, (1-day SOFR + 0.960%)<sup>(c)</sup> | &nbsp;&nbsp; 6940 | 7052789 |
| 5.09%, 06/20/30<sup>(a)(c)</sup> | &nbsp;&nbsp; 8690 | 8813617 |
| 5.37%, 02/25/31, (1-day SOFR + 1.230%)<sup>(c)</sup> | &nbsp;&nbsp; 10200 | 10520399 |
| 5.50%, 08/09/28, (1-year CMT + 2.650%)<sup>(c)</sup> | &nbsp;&nbsp; 10550 | 10780897 |
| 5.67%, 03/12/28, (1-day SOFR +1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 7155 | 7291116 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(c)</sup> | &nbsp;&nbsp; 11670 | 12142964 |
| 6.49%, 09/13/29, (1-day SOFR + 2.220%)<sup>(c)</sup> | &nbsp;&nbsp; 7465 | 7912854 |
| 6.50%, 09/13/27, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 7780 | 7941527 |
| 7.39%, 11/02/28, (1-year CMT + 3.300%)<sup>(c)</sup> | &nbsp;&nbsp; 8811 | 9365645 |
| BBVA Bancomer SA/Texas, 5.25%, <br> 09/10/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3395 | 3482930 |
| BNP Paribas SA |  |  |
| 1.90%, 09/30/28, (1-day SOFR + <br> 1.609%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7905 | 7508602 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.16%, 09/15/29, (1-day SOFR + <br> 1.218%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $8365 | $7827819 |
| 2.59%, 01/20/28, (1-day SOFR + <br> 1.228%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 9165 | 8943456 |
| 2.59%, 08/12/35, (5-year CMT + <br> 2.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5000 | 4472461 |
| 3.05%, 01/13/31, (1-day SOFR + <br> 1.507%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 12187 | 11432581 |
| 3.50%, 11/16/27<sup>(b)</sup> | &nbsp;&nbsp; 8330 | 8183018 |
| 4.38%, 03/01/33, (5-year USD Swap + <br> 1.483%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7910 | 7808884 |
| 4.40%, 08/14/28<sup>(b)</sup> | &nbsp;&nbsp; 12420 | 12444585 |
| 4.63%, 03/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8273 | 8287267 |
| 4.79%, 05/09/29, (1-day SOFR + <br> 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6635 | 6697179 |
| 5.09%, 05/09/31, (1-day SOFR + <br> 1.678%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8160 | 8289519 |
| 5.13%, 01/13/29, (1-year CMT + <br> 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 11805 | 12028395 |
| 5.18%, 01/09/30, (1-day SOFR + <br> 1.520%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10039 | 10287374 |
| 5.20%, 01/10/30, (3-mo. CME Term SOFR + <br> 2.829%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5015 | 5117511 |
| 5.28%, 11/19/30, (1-day SOFR + <br> 1.280%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10420 | 10673511 |
| 5.34%, 06/12/29, (1-year CMT + <br> 1.500%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8390 | 8611729 |
| 5.50%, 05/20/30, (1-day SOFR + <br> 1.590%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 9980 | 10304719 |
| BPCE SA |  |  |
| 2.05%, 10/19/27, (1-day SOFR + <br> 1.087%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5542 | 5391139 |
| 2.70%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2705 | 2533586 |
| 3.25%, 01/11/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4755 | 4650530 |
| 3.38%, 12/02/26 | &nbsp;&nbsp; 3105 | 3077021 |
| 3.50%, 10/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 7170 | 7034584 |
| 4.63%, 09/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5035 | 5061521 |
| 4.75%, 07/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3730 | 3770832 |
| 5.13%, 01/18/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3303 | 3368330 |
| 5.20%, 01/18/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3965 | 4017037 |
| 5.28%, 05/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3365 | 3463135 |
| 5.39%, 05/28/31, (1-day SOFR + <br> 1.581%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6225 | 6374191 |
| 5.72%, 01/18/30, (1-year CMT + <br> 1.959%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5655 | 5843093 |
| 5.88%, 01/14/31, (1-day SOFR + <br> 1.680%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7775 | 8101137 |
| 6.61%, 10/19/27, (1-day SOFR + <br> 1.980%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5957 | 6095603 |
| 6.71%, 10/19/29, (1-day SOFR + <br> 2.270%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7215 | 7658406 |
| CaixaBank SA |  |  |
| 4.63%, 07/03/29, (1-day SOFR + <br> 1.140%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5025 | 5061742 |
| 4.89%, 07/03/31, (1-day SOFR + <br> 1.360%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5475 | 5538028 |
| 5.67%, 03/15/30, (1-day SOFR Index + <br> 1.780%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5670 | 5894282 |
| 6.21%, 01/18/29, (1-day SOFR + <br> 2.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7369 | 7671865 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.68%, 09/13/27, (1-day SOFR + <br> 2.080%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $3507 | $3585176 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.45%, 04/07/27 | &nbsp;&nbsp; 5857 | 5806641 |
| 4.51%, 09/11/27, (1-day SOFR + <br> 0.930%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5685 | 5697215 |
| 4.63%, 09/11/30, (1-day SOFR + <br> 1.335%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4510 | 4562590 |
| 4.86%, 01/13/28, (1-day SOFR + 0.720%)<sup>(c)</sup> | &nbsp;&nbsp; 5760 | 5808489 |
| 4.86%, 03/30/29, (1-day SOFR + 1.030%)<sup>(c)</sup> | &nbsp;&nbsp; 8400 | 8522849 |
| 5.00%, 04/28/28 | &nbsp;&nbsp; 6392 | 6540930 |
| 5.24%, 06/28/27 | &nbsp;&nbsp; 7405 | 7551317 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(c)</sup> | &nbsp;&nbsp; 5360 | 5533013 |
| 5.26%, 04/08/29<sup>(a)</sup> | &nbsp;&nbsp; 6535 | 6764224 |
| 5.93%, 10/02/26 | &nbsp;&nbsp; 4425 | 4506495 |
| 5.99%, 10/03/28 | &nbsp;&nbsp; 3850 | 4054007 |
| 6.95%, 01/28/85, (5-year CMT + 2.833%)<sup>(c)</sup> | &nbsp;&nbsp; 2515 | 2529582 |
| Capital One NA |  |  |
| 2.70%, 02/06/30 | &nbsp;&nbsp; 2280 | 2135549 |
| 4.65%, 09/13/28 | &nbsp;&nbsp; 5122 | 5185179 |
| CIMB Bank Bhd, 2.13%, 07/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5370 | 5174032 |
| Citibank NA |  |  |
| 4.58%, 05/29/27 | &nbsp;&nbsp; 13535 | 13643791 |
| 4.84%, 08/06/29<sup>(a)</sup> | &nbsp;&nbsp; 8619 | 8834704 |
| 4.88%, 11/19/27, (1-day SOFR + 0.712%)<sup>(c)</sup> | &nbsp;&nbsp; 13089 | 13187845 |
| 4.91%, 05/29/30 | &nbsp;&nbsp; 15380 | 15782915 |
| 5.49%, 12/04/26 | &nbsp;&nbsp; 11485 | 11667236 |
| 5.80%, 09/29/28<sup>(a)</sup> | &nbsp;&nbsp; 14330 | 15019705 |
| Citigroup Inc. |  |  |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(c)</sup> | &nbsp;&nbsp; 16880 | 15496029 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(c)</sup> | &nbsp;&nbsp; 14090 | 13068854 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(c)</sup> | &nbsp;&nbsp; 14334 | 13545654 |
| 3.07%, 02/24/28, (1-day SOFR + 1.280%)<sup>(c)</sup> | &nbsp;&nbsp; 14414 | 14158169 |
| 3.20%, 10/21/26 | &nbsp;&nbsp; 17557 | 17359110 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR + <br> 1.413%)<sup>(c)</sup><br>| &nbsp;&nbsp; 12789 | 12595707 |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR + <br> 1.652%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14295 | 14136197 |
| 3.89%, 01/10/28, (3-mo. CME Term SOFR + <br> 1.825%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16102 | 16004623 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14075 | 13898995 |
| 4.08%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.454%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11430 | 11389352 |
| 4.13%, 07/25/28 | &nbsp;&nbsp; 10804 | 10790833 |
| 4.30%, 11/20/26 | &nbsp;&nbsp; 5641 | 5641965 |
| 4.41%, 03/31/31, (1-day SOFR + <br> 3.914%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 23467 | 23414824 |
| 4.45%, 09/29/27 | &nbsp;&nbsp; 21478 | 21536578 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(c)</sup> | &nbsp;&nbsp; 18560 | 18644094 |
| 4.64%, 05/07/28, (1-day SOFR + 1.143%)<sup>(c)</sup> | &nbsp;&nbsp; 13430 | 13504703 |
| 4.66%, 05/24/28, (1-day SOFR + 1.887%)<sup>(c)</sup> | &nbsp;&nbsp; 8915 | 8970008 |
| 4.79%, 03/04/29, (1-day SOFR + 0.870%)<sup>(c)</sup> | &nbsp;&nbsp; 12635 | 12800271 |
| 4.95%, 05/07/31, (1-day SOFR + 1.463%)<sup>(c)</sup> | &nbsp;&nbsp; 11175 | 11384950 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(c)</sup> | &nbsp;&nbsp; 16930 | 17373135 |
| 5.59%, 11/19/34, (5-year CMT + 1.280%)<sup>(c)</sup> | &nbsp;&nbsp; 7465 | 7628372 |
| 6.63%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3185 | 3373945 |
| Citizens Bank NA, 4.58%, 08/09/28, (1-day <br> SOFR + 2.000%)<sup>(c)</sup><br>| &nbsp;&nbsp; 3088 | 3103581 |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; 2220 | 2036055 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.25%, 04/30/30 | &nbsp;&nbsp; $4040 | $3820341 |
| 5.25%, 03/05/31, (1-day SOFR + 1.259%)<sup>(c)</sup> | &nbsp;&nbsp; 4680 | 4784750 |
| 5.84%, 01/23/30, (1-day SOFR + <br> 2.010%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7115 | 7399909 |
| CoBank ACB |  |  |
| 7.13%, (5-year CMT + 2.818%)<sup>(c)(d)</sup> | &nbsp;&nbsp; 1200 | 1229586 |
| 7.25%, (5-year CMT + 2.880%)<sup>(c)(d)</sup> | &nbsp;&nbsp; 525 | 539380 |
| Comerica Inc. |  |  |
| 4.00%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2789 | 2749618 |
| 5.98%, 01/30/30, (1-day SOFR + 2.155%)<sup>(c)</sup> | &nbsp;&nbsp; 5885 | 6105457 |
| Commonwealth Bank of Australia |  |  |
| 2.55%, 03/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4572 | 4476964 |
| 2.63%, 09/06/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 4657 | 4593532 |
| 3.15%, 09/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3955 | 3893552 |
| 3.61%, 09/12/34, (5-year CMT + <br> 2.050%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5370 | 5161883 |
| 3.90%, 03/16/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5735 | 5737397 |
| 4.61%, 03/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4755 | 4869616 |
| Commonwealth Bank of Australia/New York |  |  |
| 4.42%, 03/14/28 | &nbsp;&nbsp; 4145 | 4193400 |
| 4.58%, 11/27/26 | &nbsp;&nbsp; 7125 | 7177235 |
| Cooperatieve Rabobank UA |  |  |
| 1.98%, 12/15/27, (1-year CMT + <br> 0.730%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6982 | 6779326 |
| 3.65%, 04/06/28, (1-year CMT + <br> 1.220%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7234 | 7168720 |
| 4.66%, 08/22/28, (1-year CMT + <br> 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7489 | 7544398 |
| 4.99%, 05/27/31, (1-year CMT + <br> 0.920%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5145 | 5251812 |
| 5.45%, 03/05/30, (1-year CMT + <br> 1.120%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4185 | 4347026 |
| 5.56%, 02/28/29, (1-year CMT + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5690 | 5875425 |
| Cooperatieve Rabobank UA/NY |  |  |
| 4.37%, 05/27/27 | &nbsp;&nbsp; 3300 | 3324448 |
| 4.49%, 10/17/29<sup>(a)</sup> | &nbsp;&nbsp; 4010 | 4072493 |
| 4.80%, 01/09/29 | &nbsp;&nbsp; 2835 | 2899818 |
| 4.88%, 01/21/28 | &nbsp;&nbsp; 3615 | 3693179 |
| 5.04%, 03/05/27 | &nbsp;&nbsp; 3552 | 3606581 |
| 5.50%, 10/05/26 | &nbsp;&nbsp; 3670 | 3728485 |
| Credit Agricole SA |  |  |
| 2.02%, 01/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4407 | 4281703 |
| 3.25%, 01/14/30<sup>(b)</sup> | &nbsp;&nbsp; 6677 | 6290064 |
| 4.00%, 01/10/33, (5-year USD Swap + <br> 1.644%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7038 | 6906220 |
| 4.63%, 09/11/28, (1-day SOFR + <br> 1.210%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6349 | 6378419 |
| 5.13%, 03/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5053 | 5132775 |
| 5.22%, 05/27/31, (1-day SOFR + <br> 1.460%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10910 | 11159586 |
| 5.23%, 01/09/29, (1-day SOFR + <br> 1.130%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6540 | 6653636 |
| 5.30%, 07/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6865 | 7077326 |
| 5.34%, 01/10/30, (1-day SOFR + <br> 1.690%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5395 | 5546940 |
| 6.32%, 10/03/29, (1-day SOFR + <br> 1.860%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 9955 | 10501670 |
| Credit Agricole SA/London, 4.13%, <br> 01/10/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5077 | 5065159 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Danske Bank A/S |  |  |
| 1.55%, 09/10/27, (1-year CMT + <br> 0.730%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $4849 | $4710122 |
| 4.30%, 04/01/28, (1-year CMT + <br> 1.750%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 8621 | 8623030 |
| 4.38%, 06/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2793 | 2803231 |
| 4.61%, 10/02/30, (1-year CMT + <br> 1.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6195 | 6237801 |
| 5.43%, 03/01/28, (1-year CMT + <br> 0.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6289 | 6395367 |
| 5.71%, 03/01/30, (1-year CMT + <br> 1.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7062 | 7369838 |
| Danske Bank AS, 5.02%, 03/04/31, (1-year <br> CMT + 0.930%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 4535 | 4625261 |
| DBS Group Holdings Ltd. |  |  |
| 1.19%, 03/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2682 | 2573558 |
| 4.40%, 03/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 565 | 572894 |
| Deutsche Bank AG/New York NY |  |  |
| 2.31%, 11/16/27, (1-day SOFR + 1.219%)<sup>(c)</sup> | &nbsp;&nbsp; 9866 | 9623719 |
| 2.55%, 01/07/28, (1-day SOFR + 1.318%)<sup>(c)</sup> | &nbsp;&nbsp; 6773 | 6614411 |
| 4.88%, 12/01/32, (5-year USD ICE Swap + <br> 2.553%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5675 | 5656078 |
| 4.95%, 08/04/31, (1-day SOFR + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 8810 | 8882438 |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 7455 | 7575616 |
| 5.30%, 05/09/31, (1-day SOFR + 1.720%)<sup>(c)</sup> | &nbsp;&nbsp; 7795 | 7986510 |
| 5.37%, 09/09/27<sup>(a)</sup> | &nbsp;&nbsp; 2255 | 2308106 |
| 5.41%, 05/10/29<sup>(a)</sup> | &nbsp;&nbsp; 5597 | 5824644 |
| 5.71%, 02/08/28, (1-day SOFR + <br> 1.594%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5065 | 5159189 |
| 5.88%, 07/08/31, (1-day SOFR + 5.438%)<sup>(c)</sup> | &nbsp;&nbsp; 1015 | 1049990 |
| 6.72%, 01/18/29, (1-day SOFR + 3.180%)<sup>(c)</sup> | &nbsp;&nbsp; 8667 | 9119058 |
| 6.82%, 11/20/29, (1-day SOFR + 2.510%)<sup>(c)</sup> | &nbsp;&nbsp; 8540 | 9151172 |
| Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(c)</sup><br>| &nbsp;&nbsp; 7160 | 7321758 |
| DNB Bank ASA |  |  |
| 1.61%, 03/30/28, (1-year CMT + <br> 0.680%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 3050 | 2928384 |
| 4.85%, 11/05/30, (1-day SOFR + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8692 | 8875019 |
| Federation des Caisses Desjardins du Quebec |  |  |
| 4.55%, 08/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1878 | 1895122 |
| 4.57%, 08/26/30<sup>(b)</sup> | &nbsp;&nbsp; 1460 | 1467718 |
| 5.25%, 04/26/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5600 | 5793535 |
| 5.70%, 03/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4224 | 4384226 |
| Fifth Third Bancorp |  |  |
| 1.71%, 11/01/27, (1-day SOFR + <br> 0.685%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11580 | 11233397 |
| 2.55%, 05/05/27 | &nbsp;&nbsp; 3329 | 3245766 |
| 3.95%, 03/14/28 | &nbsp;&nbsp; 3575 | 3558209 |
| 4.06%, 04/25/28, (1-day SOFR + <br> 1.355%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1755 | 1749686 |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5685 | 5754188 |
| 4.90%, 09/06/30, (1-day SOFR + 1.486%)<sup>(c)</sup> | &nbsp;&nbsp; 4315 | 4389424 |
| 6.34%, 07/27/29, (1-day SOFR + 2.340%)<sup>(c)</sup> | &nbsp;&nbsp; 7127 | 7522711 |
| 6.36%, 10/27/28, (1-day SOFR Index + <br> 2.192%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5606 | 5854890 |
| Fifth Third Bank NA |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 2367 | 2304647 |
| 4.97%, 01/28/28, (1-day SOFR + <br> 0.810%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3415 | 3451059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| First Citizens BancShares Inc./NC, 5.23%, <br> 03/12/31, (1-day SOFR + 1.410%)<sup>(c)</sup><br>| &nbsp;&nbsp; $3380 | $3428645 |
| First Horizon Bank, 5.75%, 05/01/30 | &nbsp;&nbsp; 2000 | 2057703 |
| First Horizon Corp., 5.51%, 03/07/31, (1-day <br> SOFR + 1.766%)<sup>(c)</sup><br>| &nbsp;&nbsp; 2400 | 2471699 |
| First-Citizens Bank & Trust Co., 6.13%, <br> 03/09/28<sup>(a)</sup><br>| &nbsp;&nbsp; 2158 | 2240799 |
| FNB Corp./PA, 5.72%, 12/11/30, (1-day SOFR <br> Index + 1.930%)<sup>(c)</sup><br>| &nbsp;&nbsp; 3004 | 3060327 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(c)</sup> | &nbsp;&nbsp; 15799 | 15349525 |
| 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(c)</sup> | &nbsp;&nbsp; 23338 | 22724371 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; 11147 | 10424517 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(c)</sup> | &nbsp;&nbsp; 17359 | 16950534 |
| 3.50%, 11/16/26 | &nbsp;&nbsp; 15762 | 15631775 |
| 3.62%, 03/15/28, (1-day SOFR + 1.846%)<sup>(c)</sup> | &nbsp;&nbsp; 19526 | 19325005 |
| 3.69%, 06/05/28, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14694 | 14558715 |
| 3.80%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 15140 | 14877475 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13840 | 13696647 |
| 3.85%, 01/26/27 | &nbsp;&nbsp; 14188 | 14122025 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(c)</sup><br>| &nbsp;&nbsp; 20003 | 20017103 |
| 4.48%, 08/23/28, (1-day SOFR + 1.725%)<sup>(c)</sup> | &nbsp;&nbsp; 14625 | 14689525 |
| 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(c)</sup> | &nbsp;&nbsp; 12535 | 12672764 |
| 4.94%, 04/23/28, (1-day SOFR + 1.319%)<sup>(c)</sup> | &nbsp;&nbsp; 14920 | 15076392 |
| 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(c)</sup> | &nbsp;&nbsp; 14219 | 14557020 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(c)</sup> | &nbsp;&nbsp; 12945 | 13338729 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 17045 | 17597874 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(c)</sup> | &nbsp;&nbsp; 14167 | 14836471 |
| 5.95%, 01/15/27 | &nbsp;&nbsp; 4383 | 4490958 |
| 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(c)</sup> | &nbsp;&nbsp; 15295 | 16276174 |
| HSBC Holdings PLC |  |  |
| 2.01%, 09/22/28, (1-day SOFR + 1.732%)<sup>(c)</sup> | &nbsp;&nbsp; 11590 | 11065842 |
| 2.21%, 08/17/29, (1-day SOFR + 1.285%)<sup>(c)</sup> | &nbsp;&nbsp; 11593 | 10921274 |
| 2.25%, 11/22/27, (1-day SOFR + <br> 1.100%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5892 | 5745733 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(c)</sup> | &nbsp;&nbsp; 8675 | 8049848 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16651 | 16387084 |
| 4.04%, 03/13/28, (3-mo. CME Term SOFR + <br> 1.808%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14465 | 14411110 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17175 | 17296265 |
| 4.76%, 06/09/28, (1-day SOFR + 2.110%)<sup>(c)</sup> | &nbsp;&nbsp; 13281 | 13379655 |
| 4.90%, 03/03/29, (1-day SOFR + 1.030%)<sup>(c)</sup> | &nbsp;&nbsp; 8800 | 8926142 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 12995 | 13323126 |
| 5.13%, 11/19/28, (1-day SOFR + <br> 1.040%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8810 | 8953981 |
| 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 11885 | 12174864 |
| 5.21%, 08/11/28, (1-day SOFR + 2.610%)<sup>(c)</sup> | &nbsp;&nbsp; 13189 | 13399004 |
| 5.24%, 05/13/31, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 13130 | 13497204 |
| 5.29%, 11/19/30, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 15130 | 15602146 |
| 5.55%, 03/04/30, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 8750 | 9085799 |
| 5.60%, 05/17/28, (1-day SOFR + 1.060%)<sup>(c)</sup> | &nbsp;&nbsp; 10809 | 11035749 |
| 6.16%, 03/09/29, (1-day SOFR + 1.970%)<sup>(c)</sup> | &nbsp;&nbsp; 11575 | 12076023 |
| 7.39%, 11/03/28, (1-day SOFR + <br> 3.350%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12444 | 13226133 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HSBC USA Inc. |  |  |
| 4.65%, 06/03/28<sup>(a)</sup> | &nbsp;&nbsp; $4595 | $4660170 |
| 5.29%, 03/04/27<sup>(a)</sup> | &nbsp;&nbsp; 6165 | 6274950 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 1721 | 1593240 |
| 4.44%, 08/04/28, (1-day SOFR + <br> 1.970%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4069 | 4080600 |
| 5.27%, 01/15/31, (1-day SOFR + <br> 1.276%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8935 | 9211541 |
| 6.21%, 08/21/29, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 7002 | 7379010 |
| Huntington National Bank (The) |  |  |
| 4.55%, 05/17/28, (1-day SOFR Index + <br> 1.650%)<sup>(c)</sup><br>| &nbsp;&nbsp; 3450 | 3467813 |
| 4.87%, 04/12/28, (1-day SOFR + 0.720%)<sup>(c)</sup> | &nbsp;&nbsp; 4750 | 4794338 |
| 5.65%, 01/10/30<sup>(a)</sup> | &nbsp;&nbsp; 5670 | 5939059 |
| ICICI Bank Ltd./Dubai, 3.80%, 12/14/27<sup>(b)</sup> | &nbsp;&nbsp; 335 | 330882 |
| Independent Bank Corp., 7.25%, 04/01/35, <br> (3-mo. CME Term SOFR + 3.530%)<sup>(c)</sup><br>| &nbsp;&nbsp; 1610 | 1650321 |
| Industrial & Commercial Bank of China <br> Ltd./New York, 3.54%, 11/08/27<br>| &nbsp;&nbsp; 8064 | 7974252 |
| ING Groep NV |  |  |
| 3.95%, 03/29/27 | &nbsp;&nbsp; 8819 | 8786327 |
| 4.02%, 03/28/28, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 6265 | 6242251 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 5438 | 5396425 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 7127 | 7201350 |
| 4.86%, 03/25/29, (1-day SOFR + 1.010%)<sup>(c)</sup> | &nbsp;&nbsp; 5860 | 5943423 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6295 | 6445327 |
| 5.34%, 03/19/30, (1-day SOFR + <br> 1.440%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8610 | 8886945 |
| 6.08%, 09/11/27, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 6800 | 6914377 |
| Intercorp Peru Ltd., 3.88%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1360 | 1310401 |
| Intesa Sanpaolo SpA |  |  |
| 3.88%, 07/14/27<sup>(b)</sup> | &nbsp;&nbsp; 953 | 944980 |
| 3.88%, 01/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2122 | 2092286 |
| Series NR, 4.00%, 09/23/29<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 1959000 |
| JPMorgan Chase & Co. |  |  |
| 1.05%, 06/23/27<sup>(a)</sup> | &nbsp;&nbsp; 30 | 28857 |
| 1.47%, 09/22/27, (1-day SOFR + 0.765%)<sup>(c)</sup> | &nbsp;&nbsp; 16748 | 16262275 |
| 2.07%, 06/01/29, (1-day SOFR + 1.015%)<sup>(c)</sup> | &nbsp;&nbsp; 11364 | 10749625 |
| 2.18%, 06/01/28, (1-day SOFR + 1.890%)<sup>(c)</sup> | &nbsp;&nbsp; 9326 | 9017155 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(c)</sup> | &nbsp;&nbsp; 16420 | 15172291 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(c)</sup><br>| &nbsp;&nbsp; 20785 | 19576738 |
| 2.95%, 10/01/26 | &nbsp;&nbsp; 18670 | 18458520 |
| 2.95%, 02/24/28, (1-day SOFR + 1.170%)<sup>(c)</sup> | &nbsp;&nbsp; 10552 | 10359437 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR + <br> 2.515%)<sup>(c)</sup><br>| &nbsp;&nbsp; 12185 | 11375298 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR + <br> 1.207%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13025 | 12833748 |
| 3.54%, 05/01/28, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(c)</sup><br>| &nbsp;&nbsp; 15417 | 15250085 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 6250 | 6192473 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14200 | 13921311 |
| 3.78%, 02/01/28, (3-mo. CME Term SOFR + <br> 1.599%)<sup>(c)</sup><br>| &nbsp;&nbsp; 17167 | 17065953 |
| 4.01%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(c)</sup><br>| &nbsp;&nbsp; 12550 | 12501328 |
| 4.13%, 12/15/26 | &nbsp;&nbsp; 12839 | 12842655 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(c)</sup><br>| &nbsp;&nbsp; $14317 | $14329668 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 8900 | 8952171 |
| 4.32%, 04/26/28, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 17927 | 17948374 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14111 | 14221941 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(c)</sup><br>| &nbsp;&nbsp; 17842 | 17973542 |
| 4.51%, 10/22/28, (1-day SOFR + 0.860%)<sup>(c)</sup> | &nbsp;&nbsp; 11570 | 11647031 |
| 4.57%, 06/14/30, (1-day SOFR + 1.750%)<sup>(c)</sup> | &nbsp;&nbsp; 11605 | 11732818 |
| 4.60%, 10/22/30, (1-day SOFR + 1.040%)<sup>(c)</sup> | &nbsp;&nbsp; 14140 | 14294285 |
| 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 20566 | 20820539 |
| 4.92%, 01/24/29, (1-day SOFR + 0.800%)<sup>(c)</sup> | &nbsp;&nbsp; 11550 | 11755779 |
| 4.98%, 07/22/28, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 12205 | 12380134 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(c)</sup> | &nbsp;&nbsp; 15693 | 16095004 |
| 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(c)</sup> | &nbsp;&nbsp; 14383 | 14732350 |
| 5.04%, 01/23/28, (1-day SOFR + 1.190%)<sup>(c)</sup> | &nbsp;&nbsp; 13635 | 13777558 |
| 5.10%, 04/22/31, (1-day SOFR + <br> 1.435%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 15320 | 15805517 |
| 5.14%, 01/24/31, (1-day SOFR + <br> 1.010%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 15532 | 16006156 |
| 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 14087 | 14510604 |
| 5.57%, 04/22/28, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 14948 | 15267633 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(c)</sup> | &nbsp;&nbsp; 15554 | 16238373 |
| 6.07%, 10/22/27, (1-day SOFR + 1.330%)<sup>(c)</sup> | &nbsp;&nbsp; 11730 | 11960475 |
| 6.09%, 10/23/29, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 12857 | 13563394 |
| 7.63%, 10/15/26 | &nbsp;&nbsp; 6812 | 7074537 |
| 8.00%, 04/29/27 | &nbsp;&nbsp; 3127 | 3322967 |
| JPMorgan Chase Bank NA, 5.11%, 12/08/26 | &nbsp;&nbsp; 18155 | 18389024 |
| KBC Group NV |  |  |
| 4.93%, 10/16/30, (1-year CMT + <br> 1.070%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7720 | 7858009 |
| 5.80%, 01/19/29, (1-year CMT + <br> 2.100%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5670 | 5860074 |
| KEB Hana Bank |  |  |
| 1.25%, 12/16/26<sup>(b)</sup> | &nbsp;&nbsp; 2335 | 2251195 |
| 3.25%, 03/30/27<sup>(b)</sup> | &nbsp;&nbsp; 2635 | 2601534 |
| 3.50%, (5-year CMT + 2.409%)<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 1160 | 1138970 |
| 5.38%, 04/23/27<sup>(b)</sup> | &nbsp;&nbsp; 990 | 1010083 |
| 5.38%, 04/23/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1025 | 1066799 |
| 5.75%, 10/24/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 580 | 608167 |
| KeyBank NA/Cleveland OH |  |  |
| 3.90%, 04/13/29 | &nbsp;&nbsp; 1995 | 1946972 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 5518 | 5691586 |
| 6.95%, 02/01/28 | &nbsp;&nbsp; 1880 | 1983784 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | &nbsp;&nbsp; 4083 | 3955430 |
| 2.55%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4451 | 4163016 |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 4110 | 4103376 |
| 5.12%, 04/04/31, (1-day SOFR Index + <br> 1.227%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4740 | 4848740 |
| Kookmin Bank |  |  |
| 2.38%, 02/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 605 | 590464 |
| 4.38%, 05/08/28<sup>(b)</sup> | &nbsp;&nbsp; 400 | 402854 |
| 4.63%, 04/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3008 | 3047401 |
| 4.63%, 05/08/30<sup>(b)</sup> | &nbsp;&nbsp; 330 | 336813 |
| 5.25%, 05/08/29<sup>(b)</sup> | &nbsp;&nbsp; 295 | 306300 |
| 5.38%, 05/08/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 990 | 1010450 |
| Lloyds Banking Group PLC |  |  |
| 3.57%, 11/07/28<sup>(c)</sup> | &nbsp;&nbsp; 10067 | 9916730 |
| 3.75%, 01/11/27 | &nbsp;&nbsp; 6517 | 6482785 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.75%, 03/18/28, (1-year CMT + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; $5330 | $5284972 |
| 4.38%, 03/22/28 | &nbsp;&nbsp; 8982 | 9019399 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 7560 | 7636175 |
| 4.82%, 06/13/29, (1-year CMT + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; 5235 | 5309035 |
| 5.09%, 11/26/28, (1-year CMT + <br> 0.850%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7180 | 7300051 |
| 5.46%, 01/05/28, (1-year CMT + <br> 1.375%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7619 | 7727833 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 8245 | 8624973 |
| 5.87%, 03/06/29, (1-year CMT + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 7345 | 7626810 |
| M&T Bank Corp. |  |  |
| 4.55%, 08/16/28, (1-day SOFR Index + <br> 1.780%)<sup>(c)</sup><br>| &nbsp;&nbsp; 3165 | 3177893 |
| 4.83%, 01/16/29, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 2450 | 2477750 |
| 5.18%, 07/08/31, (1-day SOFR + 1.400%)<sup>(c)</sup> | &nbsp;&nbsp; 2890 | 2956936 |
| 5.40%, 07/30/35, (5-year CMT + 1.430%)<sup>(c)</sup> | &nbsp;&nbsp; 3900 | 3932671 |
| 7.41%, 10/30/29, (1-day SOFR + <br> 2.800%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5672 | 6175553 |
| Macquarie Bank Ltd. |  |  |
| 3.62%, 06/03/30<sup>(b)</sup> | &nbsp;&nbsp; 4105 | 3912087 |
| 4.33%, 06/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4540 | 4580451 |
| 5.27%, 07/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4820 | 4932951 |
| 5.39%, 12/07/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 4212 | 4290603 |
| Macquarie Group Ltd. |  |  |
| 1.63%, 09/23/27, (1-day SOFR + <br> 0.910%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4580 | 4448434 |
| 1.94%, 04/14/28, (1-day SOFR + <br> 0.995%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2748 | 2646672 |
| 3.76%, 11/28/28, (3-mo. CME Term SOFR + <br> 1.634%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4705 | 4641911 |
| 4.10%, 06/21/28, (1-day SOFR + <br> 2.125%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 3045 | 3030609 |
| 4.65%, 03/27/29, (3-mo. CME Term SOFR + <br> 1.989%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 2025 | 2042074 |
| 5.03%, 01/15/30, (3-mo. CME Term SOFR + <br> 2.012%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4756 | 4855445 |
| Manufacturers & Traders Trust Co. |  |  |
| 3.40%, 08/17/27 | &nbsp;&nbsp; 2280 | 2240135 |
| 4.70%, 01/27/28 | &nbsp;&nbsp; 6833 | 6918302 |
| 4.76%, 07/06/28, (1-day SOFR + <br> 0.950%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3500 | 3527355 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 1.64%, 10/13/27, (1-year CMT + 0.670%)<sup>(c)</sup> | &nbsp;&nbsp; 7398 | 7186036 |
| 2.05%, 07/17/30 | &nbsp;&nbsp; 8115 | 7303624 |
| 2.34%, 01/19/28, (1-year CMT + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; 7350 | 7158425 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 6501 | 6053225 |
| 2.76%, 09/13/26 | &nbsp;&nbsp; 4986 | 4912852 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 10205 | 9821805 |
| 3.29%, 07/25/27 | &nbsp;&nbsp; 6170 | 6087652 |
| 3.68%, 02/22/27<sup>(a)</sup> | &nbsp;&nbsp; 4827 | 4801045 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 8745 | 8646628 |
| 3.96%, 03/02/28<sup>(a)</sup> | &nbsp;&nbsp; 7303 | 7288789 |
| 4.05%, 09/11/28<sup>(a)</sup> | &nbsp;&nbsp; 4725 | 4731689 |
| 4.08%, 04/19/28, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 4862 | 4848765 |
| 5.02%, 07/20/28, (1-year CMT + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 7325 | 7439028 |
| 5.16%, 04/24/31, (1-year CMT + 1.170%)<sup>(c)</sup> | &nbsp;&nbsp; 5720 | 5899069 |
| 5.20%, 01/16/31, (1-year CMT + 0.780%)<sup>(c)</sup> | &nbsp;&nbsp; 6165 | 6361530 |
| 5.24%, 04/19/29, (1-year CMT + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 4147 | 4255389 |
| 5.26%, 04/17/30, (1-year CMT + 0.820%)<sup>(c)</sup> | &nbsp;&nbsp; 5095 | 5257593 |
| 5.35%, 09/13/28, (1-year CMT + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; 6715 | 6868764 |
| 5.42%, 02/22/29, (1-year CMT + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 5680 | 5846677 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.48%, 02/22/31, (1-year CMT + 1.530%)<sup>(c)</sup> | &nbsp;&nbsp; $2700 | $2817444 |
| Mizuho Financial Group Inc. |  |  |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5145 | 4638078 |
| 2.59%, 05/25/31, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(c)</sup><br>| &nbsp;&nbsp; 2760 | 2544600 |
| 2.84%, 09/13/26<sup>(a)</sup> | &nbsp;&nbsp; 3194 | 3151071 |
| 2.87%, 09/13/30, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(c)</sup><br>| &nbsp;&nbsp; 2655 | 2509828 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(c)</sup><br>| &nbsp;&nbsp; 4357 | 4169519 |
| 3.17%, 09/11/27<sup>(a)</sup> | &nbsp;&nbsp; 5930 | 5825938 |
| 3.26%, 05/22/30, (1-year CMT + <br> 1.250%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3005 | 2896623 |
| 3.66%, 02/28/27<sup>(a)</sup> | &nbsp;&nbsp; 1510 | 1501329 |
| 4.02%, 03/05/28 | &nbsp;&nbsp; 6765 | 6757879 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5825 | 5831736 |
| 4.71%, 07/08/31, (1-year CMT + 0.920%)<sup>(c)</sup> | &nbsp;&nbsp; 7310 | 7394109 |
| 5.10%, 05/13/31, (1-year CMT + 0.820%)<sup>(c)</sup> | &nbsp;&nbsp; 3940 | 4044159 |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(c)</sup> | &nbsp;&nbsp; 4165 | 4309131 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 4170 | 4318382 |
| 5.41%, 09/13/28, (1-year CMT + <br> 2.050%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4950 | 5062240 |
| 5.67%, 05/27/29, (1-year CMT + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 5370 | 5573416 |
| 5.74%, 05/27/31, (1-year CMT + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 4245 | 4474083 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 9400 | 9791714 |
| Morgan Stanley |  |  |
| 2.48%, 01/21/28, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 12838 | 12531514 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(c)</sup> | &nbsp;&nbsp; 21415 | 19958351 |
| 3.59%, 07/22/28<sup>(c)</sup> | &nbsp;&nbsp; 17549 | 17333773 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(c)</sup> | &nbsp;&nbsp; 17520 | 16951714 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 16980 | 16889441 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16965 | 16795576 |
| 3.95%, 04/23/27 | &nbsp;&nbsp; 11305 | 11264665 |
| 4.21%, 04/20/28, (1-day SOFR + 1.610%)<sup>(c)</sup> | &nbsp;&nbsp; 14000 | 14002495 |
| 4.35%, 09/08/26 | &nbsp;&nbsp; 12510 | 12519514 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(c)</sup><br>| &nbsp;&nbsp; 17170 | 17245481 |
| 4.65%, 10/18/30, (1-day SOFR + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 17170 | 17335015 |
| 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(c)</sup> | &nbsp;&nbsp; 12655 | 12963844 |
| 5.12%, 02/01/29, (1-day SOFR + 1.730%)<sup>(c)</sup> | &nbsp;&nbsp; 14315 | 14620533 |
| 5.16%, 04/20/29, (1-day SOFR + 1.590%)<sup>(c)</sup> | &nbsp;&nbsp; 15653 | 16003056 |
| 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 12843 | 13201368 |
| 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(c)</sup> | &nbsp;&nbsp; 13995 | 14425695 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(c)</sup> | &nbsp;&nbsp; 13965 | 14414656 |
| 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 12593 | 12994862 |
| 5.65%, 04/13/28, (1-day SOFR +1.010%)<sup>(c)</sup> | &nbsp;&nbsp; 8395 | 8575240 |
| 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 14125 | 14750695 |
| 6.30%, 10/18/28, (1-day SOFR + 2.240%)<sup>(c)</sup> | &nbsp;&nbsp; 12933 | 13484692 |
| 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 11200 | 11905409 |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11330 | 11540456 |
| Morgan Stanley Bank NA |  |  |
| 4.45%, 10/15/27, (1-day SOFR + 0.680%)<sup>(c)</sup> | &nbsp;&nbsp; 9750 | 9757880 |
| 4.95%, 01/14/28, (1-day SOFR + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 8807 | 8888431 |
| 4.97%, 07/14/28, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 8375 | 8491394 |
| 5.02%, 01/12/29, (1-day SOFR + 0.906%)<sup>(c)</sup> | &nbsp;&nbsp; 10850 | 11035893 |
| 5.50%, 05/26/28, (1-day SOFR + 0.865%)<sup>(c)</sup> | &nbsp;&nbsp; 11921 | 12185679 |
| 5.88%, 10/30/26 | &nbsp;&nbsp; 8985 | 9161208 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley Private Bank N.A. |  |  |
| 4.47%, 07/06/28, (1-day SOFR + 0.770%)<sup>(c)</sup> | &nbsp;&nbsp; $12335 | $12391116 |
| 4.73%, 07/18/31, (1-day SOFR + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 17770 | 18019629 |
| National Australia Bank Ltd. |  |  |
| 1.89%, 01/12/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6560 | 6379657 |
| 2.33%, 08/21/30<sup>(b)</sup> | &nbsp;&nbsp; 5000 | 4498148 |
| 3.50%, 01/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3459 | 3439829 |
| 3.93%, 08/02/34, (5-year CMT + <br> 1.880%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 8645 | 8407179 |
| National Australia Bank Ltd./New York |  |  |
| 3.91%, 06/09/27<sup>(a)</sup> | &nbsp;&nbsp; 6876 | 6874157 |
| 4.31%, 06/13/28 | &nbsp;&nbsp; 5460 | 5511439 |
| 4.50%, 10/26/27<sup>(a)</sup> | &nbsp;&nbsp; 5533 | 5595875 |
| 4.53%, 06/13/30<sup>(a)</sup> | &nbsp;&nbsp; 5335 | 5428235 |
| 4.79%, 01/10/29 | &nbsp;&nbsp; 5317 | 5447265 |
| 4.90%, 06/13/28<sup>(a)</sup> | &nbsp;&nbsp; 5795 | 5940229 |
| 4.90%, 01/14/30<sup>(a)</sup> | &nbsp;&nbsp; 4187 | 4328004 |
| 4.94%, 01/12/28<sup>(a)</sup> | &nbsp;&nbsp; 6295 | 6441332 |
| 5.09%, 06/11/27 | &nbsp;&nbsp; 4825 | 4923815 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29<sup>(a)</sup> | &nbsp;&nbsp; 6525 | 6563782 |
| 4.95%, 02/01/28, (1-day SOFR + <br> 0.795%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3157 | 3186535 |
| 5.60%, 12/18/28<sup>(a)</sup> | &nbsp;&nbsp; 5680 | 5912375 |
| National Securities Clearing Corp. |  |  |
| 4.35%, 05/20/27<sup>(b)</sup> | &nbsp;&nbsp; 3925 | 3953535 |
| 4.70%, 05/20/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2655 | 2714209 |
| 4.90%, 06/26/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3885 | 3988314 |
| 5.00%, 05/30/28<sup>(b)</sup> | &nbsp;&nbsp; 3600 | 3693073 |
| 5.10%, 11/21/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3969 | 4054138 |
| NatWest Group PLC |  |  |
| 3.07%, 05/22/28, (1-year CMT + <br> 2.550%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5013 | 4917414 |
| 4.45%, 05/08/30<sup>(a)(c)</sup> | &nbsp;&nbsp; 7194 | 7217515 |
| 4.89%, 05/18/29<sup>(a)(c)</sup> | &nbsp;&nbsp; 9620 | 9774270 |
| 4.96%, 08/15/30, (1-year CMT + <br> 1.220%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6910 | 7054319 |
| 5.08%, 01/27/30<sup>(a)(c)</sup> | &nbsp;&nbsp; 10015 | 10234042 |
| 5.12%, 05/23/31, (1-year CMT + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 7215 | 7390866 |
| 5.52%, 09/30/28, (1-year CMT + 2.270%)<sup>(c)</sup> | &nbsp;&nbsp; 5725 | 5865809 |
| 5.58%, 03/01/28, (1-year CMT + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 5805 | 5912906 |
| 5.81%, 09/13/29, (1-year CMT + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 7277 | 7601710 |
| 6.48%, 06/01/34, (5-year CMT + 2.200%)<sup>(c)</sup> | &nbsp;&nbsp; 5395 | 5666430 |
| NatWest Markets PLC |  |  |
| 1.60%, 09/29/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 4417 | 4297904 |
| 4.79%, 03/21/28<sup>(b)</sup> | &nbsp;&nbsp; 4245 | 4322855 |
| 5.02%, 03/21/30<sup>(b)</sup> | &nbsp;&nbsp; 5425 | 5577800 |
| 5.41%, 05/17/29<sup>(b)</sup> | &nbsp;&nbsp; 5600 | 5811876 |
| 5.42%, 05/17/27<sup>(b)</sup> | &nbsp;&nbsp; 4860 | 4962628 |
| NBK SPC Ltd. |  |  |
| 1.63%, 09/15/27, (1-day SOFR + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2288 | 2214990 |
| 5.50%, 06/06/30, (1-day SOFR + <br> 1.160%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 4085 | 4215912 |
| NBK Tier 1 Ltd., 3.63%, (6-year CMT + <br> 2.875%)<sup>(a)(b)(c)(d)</sup><br>| &nbsp;&nbsp; 2020 | 1971074 |
| NongHyup Bank |  |  |
| 4.25%, 07/06/27<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 3007096 |
| 4.88%, 07/03/28<sup>(b)</sup> | &nbsp;&nbsp; 4200 | 4285026 |
| Nordea Bank Abp |  |  |
| 1.50%, 09/30/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 7431 | 7220907 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.25%, 08/28/30<sup>(b)</sup> | &nbsp;&nbsp; $4000 | $4005135 |
| 4.38%, 03/17/28<sup>(b)</sup> | &nbsp;&nbsp; 595 | 602108 |
| 4.38%, 09/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4109 | 4162393 |
| 4.63%, 09/13/33, (5-year USD Swap + <br> 1.690%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 1950 | 1944857 |
| 5.00%, 03/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2057 | 2088677 |
| 5.38%, 09/22/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5743 | 5885993 |
| Norinchukin Bank (The) |  |  |
| 1.28%, 09/22/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 5955 | 5762175 |
| 4.87%, 09/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2825 | 2848016 |
| 5.09%, 10/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3015 | 3078577 |
| 5.43%, 03/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3775 | 3864104 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 4340 | 3947179 |
| 3.15%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 2790614 |
| 3.38%, 05/08/32<sup>(a)(c)</sup> | &nbsp;&nbsp; 1387 | 1355961 |
| 3.65%, 08/03/28 | &nbsp;&nbsp; 2750 | 2730577 |
| 4.00%, 05/10/27 | &nbsp;&nbsp; 4877 | 4878953 |
| PNC Bank N.A., 4.43%, 07/21/28, (1-day SOFR <br> + 0.727%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6550 | 6574693 |
| PNC Bank NA |  |  |
| 2.70%, 10/22/29 | &nbsp;&nbsp; 4670 | 4393873 |
| 3.10%, 10/25/27 | &nbsp;&nbsp; 5965 | 5854398 |
| 3.25%, 01/22/28 | &nbsp;&nbsp; 3945 | 3883220 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 7440 | 7416551 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 12032 | 11240638 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 4888 | 4815046 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 8165 | 7990499 |
| 4.90%, 05/13/31, (1-day SOFR + 1.333%)<sup>(c)</sup> | &nbsp;&nbsp; 7160 | 7306724 |
| 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(c)</sup> | &nbsp;&nbsp; 6105 | 6308711 |
| 5.30%, 01/21/28, (1-day SOFR + 1.342%)<sup>(c)</sup> | &nbsp;&nbsp; 6220 | 6315541 |
| 5.35%, 12/02/28, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 5595 | 5739115 |
| 5.49%, 05/14/30, (1-day SOFR + 1.198%)<sup>(c)</sup> | &nbsp;&nbsp; 10111 | 10525370 |
| 5.58%, 06/12/29, (1-day SOFR + 1.841%)<sup>(c)</sup> | &nbsp;&nbsp; 14713 | 15262657 |
| 6.62%, 10/20/27, (1-day SOFR Index + <br> 1.730%)<sup>(c)</sup><br>| &nbsp;&nbsp; 7339 | 7522676 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28<sup>(a)</sup> | &nbsp;&nbsp; 3715 | 3472385 |
| 5.72%, 06/06/30, (1-day SOFR <br> +1.490%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4142 | 4311400 |
| Rheinland-Pfalz Bank, 6.88%, 02/23/28<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; 20 | 21130 |
| Royal Bank of Canada |  |  |
| 1.40%, 11/02/26 | &nbsp;&nbsp; 4915 | 4766228 |
| 2.05%, 01/21/27 | &nbsp;&nbsp; 3460 | 3367148 |
| 3.63%, 05/04/27 | &nbsp;&nbsp; 6995 | 6952996 |
| 4.24%, 08/03/27 | &nbsp;&nbsp; 7243 | 7277837 |
| 4.50%, 08/06/29, (1-day SOFR + 0.890%)<sup>(c)</sup> | &nbsp;&nbsp; 7025 | 7087986 |
| 4.51%, 10/18/27, (1-day SOFR Index + <br> 0.720%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4180 | 4189547 |
| 4.52%, 10/18/28, (1-day SOFR Index + <br> 0.860%)<sup>(c)</sup><br>| &nbsp;&nbsp; 4935 | 4970287 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12295 | 12399924 |
| 4.70%, 08/06/31, (1-day SOFR + 1.060%)<sup>(c)</sup> | &nbsp;&nbsp; 6145 | 6206918 |
| 4.72%, 03/27/28, (1-day SOFR Index + <br> 0.810%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5305 | 5349155 |
| 4.88%, 01/19/27<sup>(a)</sup> | &nbsp;&nbsp; 8095 | 8192595 |
| 4.90%, 01/12/28 | &nbsp;&nbsp; 4229 | 4316757 |
| 4.95%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5837 | 6007731 |
| 4.97%, 01/24/29, (1-day SOFR + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; 8475 | 8631114 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.97%, 08/02/30, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; $8340 | $8518101 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6710 | 6876377 |
| 5.15%, 02/04/31, (1-day SOFR + <br> 1.030%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11265 | 11603565 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 5765 | 5954753 |
| 6.00%, 11/01/27 | &nbsp;&nbsp; 7821 | 8137011 |
| 6.75%, 08/24/85, (5-year CMT + 2.815%)<sup>(c)</sup> | &nbsp;&nbsp; 5000 | 5080165 |
| 7.50%, 05/02/84, (5-year CMT + 2.887%)<sup>(c)</sup> | &nbsp;&nbsp; 5665 | 5922995 |
| Santander Holdings USA Inc. |  |  |
| 2.49%, 01/06/28, (1-day SOFR + <br> 1.249%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5387 | 5248467 |
| 3.24%, 10/05/26 | &nbsp;&nbsp; 4279 | 4225254 |
| 4.40%, 07/13/27 | &nbsp;&nbsp; 6043 | 6057137 |
| 5.35%, 09/06/30, (1-day SOFR + 1.940%)<sup>(c)</sup> | &nbsp;&nbsp; 6295 | 6466650 |
| 5.47%, 03/20/29, (1-day SOFR + 1.610%)<sup>(c)</sup> | &nbsp;&nbsp; 4575 | 4683417 |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(c)</sup> | &nbsp;&nbsp; 4310 | 4479163 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(c)</sup> | &nbsp;&nbsp; 5605 | 5882919 |
| 6.50%, 03/09/29, (1-day SOFR + 2.356%)<sup>(c)</sup> | &nbsp;&nbsp; 5550 | 5809505 |
| 6.57%, 06/12/29, (1-day SOFR + <br> 2.700%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3164 | 3327712 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.47%, 01/11/28, (1-day SOFR + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 5397 | 5257353 |
| 3.82%, 11/03/28<sup>(c)</sup> | &nbsp;&nbsp; 5474 | 5405515 |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5690 | 5763623 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6690 | 6979641 |
| 6.53%, 01/10/29, (1-day SOFR + 2.600%)<sup>(c)</sup> | &nbsp;&nbsp; 7008 | 7341050 |
| Shinhan Bank Co. Ltd. |  |  |
| 1.38%, 10/21/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 924 | 896682 |
| 3.75%, 09/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1915 | 1891778 |
| 4.00%, 04/23/29<sup>(b)</sup> | &nbsp;&nbsp; 2080 | 2041162 |
| 4.50%, 04/12/28<sup>(b)</sup> | &nbsp;&nbsp; 2932 | 2961303 |
| 4.63%, 05/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1305 | 1333287 |
| Shinhan Financial Group Co. Ltd., 5.00%, <br> 07/24/28<sup>(b)</sup><br>| &nbsp;&nbsp; 2885 | 2947786 |
| Skandinaviska Enskilda Banken AB |  |  |
| 1.20%, 09/09/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2589 | 2513245 |
| 4.38%, 06/02/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4020 | 4062476 |
| 4.50%, 09/03/30<sup>(b)</sup> | &nbsp;&nbsp; 2600 | 2603610 |
| 5.13%, 03/05/27<sup>(b)</sup> | &nbsp;&nbsp; 2735 | 2780228 |
| 5.38%, 03/05/29<sup>(b)</sup> | &nbsp;&nbsp; 4202 | 4349925 |
| Societe Generale SA |  |  |
| 2.80%, 01/19/28, (1-year CMT + <br> 1.300%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6670 | 6512752 |
| 3.00%, 01/22/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7200 | 6727260 |
| 3.65%, 07/08/35, (5-year CMT + <br> 3.000%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 2900 | 2685242 |
| 4.00%, 01/12/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2829 | 2812155 |
| 4.68%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4055 | 4089128 |
| 4.75%, 09/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4015 | 4037466 |
| 5.25%, 02/19/27<sup>(b)</sup> | &nbsp;&nbsp; 5595 | 5650649 |
| 5.25%, 05/22/29, (1-day SOFR + <br> 1.420%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5600 | 5684962 |
| 5.50%, 04/13/29, (1-year CMT + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5600 | 5723986 |
| 5.51%, 05/22/31, (1-day SOFR + <br> 1.650%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5800 | 5939769 |
| 5.52%, 01/19/28, (1-year CMT + <br> 1.500%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6742 | 6828353 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.63%, 01/19/30, (1-year CMT + <br> 1.750%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; $5585 | $5749910 |
| 6.45%, 01/10/29, (1-year CMT + <br> 2.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7050 | 7331948 |
| Standard Chartered Bank/New York, 4.85%, <br> 12/03/27<sup>(a)</sup><br>| &nbsp;&nbsp; 1650 | 1680085 |
| Standard Chartered PLC |  |  |
| 2.61%, 01/12/28, (1-year CMT + <br> 1.180%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6604 | 6450794 |
| 4.30%, 02/19/27<sup>(b)</sup> | &nbsp;&nbsp; 6785 | 6762923 |
| 4.31%, 05/21/30<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 5731 | 5692983 |
| 4.64%, 04/01/31, (1-year CMT + <br> 3.850%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 10600 | 10630839 |
| 4.87%, 03/15/33, (5-year USD ICE Swap + <br> 1.970%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 2200 | 2207377 |
| 5.01%, 10/15/30, (1-year CMT + <br> 1.150%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 9485 | 9653576 |
| 5.24%, 05/13/31, (1-year CMT + <br> 1.350%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6545 | 6710072 |
| 5.55%, 01/21/29, (1-year CMT + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5945 | 6094145 |
| 5.69%, 05/14/28, (1-year CMT + <br> 1.050%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5275 | 5387203 |
| 6.30%, 01/09/29, (1-year CMT + <br> 2.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8722 | 9078277 |
| 6.75%, 02/08/28, (1-year CMT + <br> 1.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 3880 | 4004021 |
| 7.02%, 02/08/30, (1-year CMT + <br> 2.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 4200 | 4537534 |
| 7.77%, 11/16/28, (1-year CMT + <br> 3.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5815 | 6232294 |
| State Street Bank & Trust Co. |  |  |
| 4.59%, 11/25/26 | &nbsp;&nbsp; 7380 | 7437016 |
| 4.78%, 11/23/29 | &nbsp;&nbsp; 4980 | 5119135 |
| State Street Corp. |  |  |
| 1.68%, 11/18/27, (1-day SOFR + 0.560%)<sup>(c)</sup> | &nbsp;&nbsp; 2950 | 2860605 |
| 2.20%, 02/07/28, (1-day SOFR + 0.730%)<sup>(c)</sup> | &nbsp;&nbsp; 4070 | 3960113 |
| 2.40%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; 4755 | 4459414 |
| 3.03%, 11/01/34, (1-day SOFR + 1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 2975 | 2791303 |
| 3.15%, 03/30/31, (1-day SOFR + <br> 2.650%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2810 | 2688696 |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2766 | 2777155 |
| 4.33%, 10/22/27<sup>(a)</sup> | &nbsp;&nbsp; 7369 | 7431317 |
| 4.53%, 02/20/29, (1-day SOFR + 1.018%)<sup>(c)</sup> | &nbsp;&nbsp; 5685 | 5745682 |
| 4.54%, 02/28/28<sup>(a)</sup> | &nbsp;&nbsp; 7075 | 7175429 |
| 4.54%, 04/24/28, (1-day SOFR + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 2885 | 2906861 |
| 4.73%, 02/28/30 | &nbsp;&nbsp; 4150 | 4243309 |
| 4.83%, 04/24/30<sup>(a)</sup> | &nbsp;&nbsp; 5845 | 6003165 |
| 4.99%, 03/18/27<sup>(a)</sup> | &nbsp;&nbsp; 6222 | 6318134 |
| 5.68%, 11/21/29, (1-day SOFR + 1.484%)<sup>(c)</sup> | &nbsp;&nbsp; 5682 | 5962984 |
| 5.82%, 11/04/28, (1-day SOFR + 1.715%)<sup>(c)</sup> | &nbsp;&nbsp; 3193 | 3306075 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.40%, 09/17/26 | &nbsp;&nbsp; 10562 | 10263733 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 11610 | 10867222 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 10050 | 9073767 |
| 2.17%, 01/14/27<sup>(a)</sup> | &nbsp;&nbsp; 2100 | 2046178 |
| 2.47%, 01/14/29<sup>(a)</sup> | &nbsp;&nbsp; 3215 | 3045359 |
| 2.72%, 09/27/29<sup>(a)</sup> | &nbsp;&nbsp; 2995 | 2824570 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 7375 | 6901021 |
| 3.01%, 10/19/26<sup>(a)</sup> | &nbsp;&nbsp; 7202 | 7110768 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.04%, 07/16/29 | &nbsp;&nbsp; $14598 | $13944741 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 4060 | 4005819 |
| 3.36%, 07/12/27<sup>(a)</sup> | &nbsp;&nbsp; 10031 | 9914848 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 6707 | 6648891 |
| 3.54%, 01/17/28 | &nbsp;&nbsp; 4183 | 4130656 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 4194 | 4178295 |
| 4.31%, 10/16/28<sup>(a)</sup> | &nbsp;&nbsp; 3585 | 3609373 |
| 4.66%, 07/08/31, (1-day SOFR + 1.190%)<sup>(c)</sup> | &nbsp;&nbsp; 4500 | 4551910 |
| 5.24%, 04/15/30 | &nbsp;&nbsp; 4475 | 4633331 |
| 5.32%, 07/09/29 | &nbsp;&nbsp; 4505 | 4667379 |
| 5.52%, 01/13/28 | &nbsp;&nbsp; 10974 | 11337568 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 7045 | 7432494 |
| 5.72%, 09/14/28<sup>(a)</sup> | &nbsp;&nbsp; 6132 | 6404661 |
| 5.80%, 07/13/28<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 4312483 |
| 5.85%, 07/13/30<sup>(a)</sup> | &nbsp;&nbsp; 3852 | 4101821 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 1.35%, 09/16/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1098 | 1066073 |
| 2.80%, 03/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 7790 | 7638357 |
| 4.45%, 09/10/27<sup>(b)</sup> | &nbsp;&nbsp; 3805 | 3829775 |
| 4.50%, 03/13/28<sup>(b)</sup> | &nbsp;&nbsp; 3015 | 3044072 |
| 4.50%, 09/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3835 | 3871615 |
| 4.70%, 03/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3230 | 3291340 |
| 4.95%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2014 | 2045654 |
| 5.20%, 03/07/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3200 | 3251058 |
| 5.20%, 03/07/29<sup>(b)</sup> | &nbsp;&nbsp; 4190 | 4320220 |
| 5.50%, 03/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3560 | 3677512 |
| 5.55%, 09/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2810 | 2924353 |
| 5.65%, 09/14/26<sup>(b)</sup> | &nbsp;&nbsp; 940 | 953294 |
| Svenska Handelsbanken AB |  |  |
| 3.95%, 06/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3805 | 3805823 |
| 4.38%, 05/23/28<sup>(b)</sup> | &nbsp;&nbsp; 3655 | 3694192 |
| 5.13%, 05/28/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2870 | 2923567 |
| 5.50%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6202 | 6426530 |
| Swedbank AB |  |  |
| 1.54%, 11/16/26<sup>(b)</sup> | &nbsp;&nbsp; 13968 | 13560313 |
| 5.00%, 11/20/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4512 | 4648672 |
| 5.08%, 05/21/30<sup>(b)</sup> | &nbsp;&nbsp; 4265 | 4378468 |
| 5.34%, 09/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5235 | 5353841 |
| 5.41%, 03/14/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4255 | 4407602 |
| 6.14%, 09/12/26<sup>(b)</sup> | &nbsp;&nbsp; 1080 | 1100115 |
| Synchrony Bank, 5.63%, 08/23/27<sup>(a)</sup> | &nbsp;&nbsp; 2713 | 2772850 |
| Synovus Bank, 5.63%, 02/15/28 | &nbsp;&nbsp; 2876 | 2935521 |
| Synovus Financial Corp., 6.17%, 11/01/30, <br> (1-day SOFR +2.347%)<sup>(c)</sup><br>| &nbsp;&nbsp; 2840 | 2954057 |
| Toronto-Dominion Bank (The) |  |  |
| 1.25%, 09/10/26 | &nbsp;&nbsp; 8009 | 7781314 |
| 1.95%, 01/12/27 | &nbsp;&nbsp; 4122 | 4005523 |
| 2.80%, 03/10/27 | &nbsp;&nbsp; 5759 | 5651801 |
| 3.63%, 09/15/31, (5-year USD Swap + <br> 2.205%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8246 | 8165817 |
| 4.11%, 06/08/27 | &nbsp;&nbsp; 8430 | 8435534 |
| 4.57%, 12/17/26 | &nbsp;&nbsp; 7371 | 7405954 |
| 4.57%, 06/02/28 | &nbsp;&nbsp; 5820 | 5887564 |
| 4.69%, 09/15/27 | &nbsp;&nbsp; 8175 | 8270472 |
| 4.78%, 12/17/29<sup>(a)</sup> | &nbsp;&nbsp; 6072 | 6204597 |
| 4.81%, 06/03/30 | &nbsp;&nbsp; 4070 | 4156754 |
| 4.86%, 01/31/28 | &nbsp;&nbsp; 7175 | 7294942 |
| 4.98%, 04/05/27 | &nbsp;&nbsp; 4720 | 4781182 |
| 4.99%, 04/05/29 | &nbsp;&nbsp; 5360 | 5497045 |
| 5.15%, 09/10/34, (5-year CMT + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 5915 | 5971405 |
| 5.16%, 01/10/28 | &nbsp;&nbsp; 6620 | 6774419 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.26%, 12/11/26 | &nbsp;&nbsp; $5500 | $5577841 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 7007 | 7272659 |
| 7.25%, 07/31/84, (5-year CMT + <br> 2.977%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4055 | 4212675 |
| 8.13%, 10/31/82, (5-year CMT + 4.075%)<sup>(c)</sup> | &nbsp;&nbsp; 9980 | 10510347 |
| Truist Bank |  |  |
| 2.25%, 03/11/30 | &nbsp;&nbsp; 7975 | 7265877 |
| 3.80%, 10/30/26 | &nbsp;&nbsp; 3918 | 3893801 |
| 4.42%, 07/24/28, (1-day SOFR + 0.770%)<sup>(c)</sup> | &nbsp;&nbsp; 7605 | 7627860 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | &nbsp;&nbsp; 4420 | 4182179 |
| 1.89%, 06/07/29, (1-day SOFR + 0.862%)<sup>(c)</sup> | &nbsp;&nbsp; 5606 | 5275363 |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 3605 | 3242423 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 3605 | 3551506 |
| 4.12%, 06/06/28, (1-day SOFR + 1.368%)<sup>(c)</sup> | &nbsp;&nbsp; 4280 | 4279348 |
| 4.87%, 01/26/29, (1-day SOFR + 1.435%)<sup>(c)</sup> | &nbsp;&nbsp; 8127 | 8252400 |
| 5.07%, 05/20/31, (1-day SOFR + <br> 1.309%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8715 | 8928918 |
| 5.44%, 01/24/30, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 8335 | 8640641 |
| 7.16%, 10/30/29, (1-day SOFR + 2.446%)<sup>(c)</sup> | &nbsp;&nbsp; 10084 | 10944605 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 7902 | 6907785 |
| 2.22%, 01/27/28, (1-day SOFR + 0.730%)<sup>(c)</sup> | &nbsp;&nbsp; 8330 | 8097452 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 5805 | 5545837 |
| 3.90%, 04/26/28 | &nbsp;&nbsp; 4528 | 4522458 |
| 4.55%, 07/22/28, (1-day SOFR + 1.660%)<sup>(c)</sup> | &nbsp;&nbsp; 10382 | 10453554 |
| 4.65%, 02/01/29, (1-day SOFR + <br> 1.230%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9392 | 9498983 |
| 5.05%, 02/12/31, (1-day SOFR + 1.061%)<sup>(c)</sup> | &nbsp;&nbsp; 7760 | 7961117 |
| 5.08%, 05/15/31, (1-day SOFR + 1.296%)<sup>(c)</sup> | &nbsp;&nbsp; 7475 | 7680026 |
| 5.10%, 07/23/30, (1-day SOFR + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 6985 | 7185909 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 8615 | 8912061 |
| 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 9993 | 10412488 |
| 6.79%, 10/26/27, (1-day SOFR + <br> 1.880%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3890 | 3997953 |
| Series X, 3.15%, 04/27/27 | &nbsp;&nbsp; 8517 | 8402453 |
| U.S. Bank NA/Cincinnati OH |  |  |
| 4.51%, 10/22/27, (1-day SOFR + 0.690%)<sup>(c)</sup> | &nbsp;&nbsp; 6515 | 6532830 |
| 4.73%, 05/15/28, (1-day SOFR + <br> 0.910%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8440 | 8516519 |
| UBS AG/London, 5.65%, 09/11/28 | &nbsp;&nbsp; 7950 | 8303641 |
| UBS AG/Stamford CT |  |  |
| 4.86%, 01/10/28, (1-day SOFR + <br> 0.720%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5765 | 5817707 |
| 5.00%, 07/09/27<sup>(a)</sup> | &nbsp;&nbsp; 6542 | 6650997 |
| 7.50%, 02/15/28 | &nbsp;&nbsp; 14520 | 15668809 |
| UBS Group AG |  |  |
| 3.13%, 08/13/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 8635 | 8233854 |
| 3.87%, 01/12/29<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 11165 | 11059562 |
| 4.19%, 04/01/31, (1-day SOFR + <br> 3.730%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 16860 | 16661662 |
| 4.25%, 03/23/28<sup>(b)</sup> | &nbsp;&nbsp; 11710 | 11688252 |
| 4.28%, 01/09/28<sup>(b)</sup> | &nbsp;&nbsp; 12805 | 12789489 |
| 4.75%, 05/12/28, (1-year CMT + <br> 1.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6800 | 6849920 |
| 5.43%, 02/08/30, (1-year CMT + <br> 1.520%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 9885 | 10209931 |
| 5.62%, 09/13/30, (1-year USD ICE Swap + <br> 1.340%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10400 | 10865599 |
| 6.25%, 09/22/29, (1-year CMT + <br> 1.800%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8680 | 9162936 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.33%, 12/22/27, (1-year CMT + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $7415 | $7607082 |
| 6.44%, 08/11/28, (1-day SOFR + <br> 3.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10011 | 10405510 |
| UniCredit SpA |  |  |
| 4.63%, 04/12/27<sup>(b)</sup> | &nbsp;&nbsp; 105 | 105367 |
| 5.46%, 06/30/35, (5-year CMT + <br> 4.750%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 9400 | 9435461 |
| 5.86%, 06/19/32, (5-year USD ICE Swap + <br> 3.703%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 1585 | 1606595 |
| 7.30%, 04/02/34, (5-year USD ICE Swap + <br> 4.914%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 4980 | 5312615 |
| United Overseas Bank Ltd. |  |  |
| 2.00%, 10/14/31, (5-year CMT + <br> 1.230%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4300 | 4187810 |
| 3.86%, 10/07/32, (5-year CMT + <br> 1.450%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6267 | 6206723 |
| 4.40%, 04/02/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1190 | 1204695 |
| Webster Financial Corp., 4.10%, 03/25/29<sup>(a)</sup> | &nbsp;&nbsp; 1555 | 1523865 |
| Wells Fargo & Co. |  |  |
| 2.39%, 06/02/28, (1-day SOFR + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; 18458 | 17889195 |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17440 | 16164232 |
| 2.88%, 10/30/30, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(c)</sup><br>| &nbsp;&nbsp; 21487 | 20289583 |
| 3.00%, 10/23/26 | &nbsp;&nbsp; 19561 | 19304771 |
| 3.53%, 03/24/28, (1-day SOFR + 1.510%)<sup>(c)</sup> | &nbsp;&nbsp; 23096 | 22849743 |
| 3.58%, 05/22/28, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(c)</sup><br>| &nbsp;&nbsp; 17067 | 16883833 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 14069 | 14059702 |
| 4.30%, 07/22/27 | &nbsp;&nbsp; 14567 | 14621110 |
| 4.48%, 04/04/31, (3-mo. CME Term SOFR + <br> 4.032%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14290 | 14340642 |
| 4.81%, 07/25/28, (1-day SOFR + 1.980%)<sup>(c)</sup> | &nbsp;&nbsp; 17188 | 17371647 |
| 4.97%, 04/23/29, (1-day SOFR + 1.370%)<sup>(c)</sup> | &nbsp;&nbsp; 12477 | 12713737 |
| 5.15%, 04/23/31, (1-day SOFR + <br> 1.500%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 22760 | 23440378 |
| 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 15685 | 16155675 |
| 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(c)</sup> | &nbsp;&nbsp; 18538 | 19149649 |
| 5.57%, 07/25/29, (1-day SOFR + 1.740%)<sup>(c)</sup> | &nbsp;&nbsp; 24197 | 25085027 |
| 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 18585 | 19008322 |
| 6.30%, 10/23/29, (1-day SOFR + 1.790%)<sup>(c)</sup> | &nbsp;&nbsp; 15380 | 16302551 |
| Series B, 7.95%, 11/15/29 | &nbsp;&nbsp; 1630 | 1823438 |
| Series W, 4.90%, 01/24/28, (1-day SOFR + <br> 0.780%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13775 | 13894706 |
| Wells Fargo Bank NA, 5.25%, 12/11/26 | &nbsp;&nbsp; 12310 | 12482105 |
| Westpac Banking Corp. |  |  |
| 1.95%, 11/20/28 | &nbsp;&nbsp; 6889 | 6480143 |
| 2.65%, 01/16/30<sup>(a)</sup> | &nbsp;&nbsp; 3900 | 3683342 |
| 3.35%, 03/08/27<sup>(a)</sup> | &nbsp;&nbsp; 5591 | 5544341 |
| 3.40%, 01/25/28<sup>(a)</sup> | &nbsp;&nbsp; 5630 | 5569265 |
| 4.04%, 08/26/27 | &nbsp;&nbsp; 5550 | 5562935 |
| 4.11%, 07/24/34, (5-year CMT + <br> 2.000%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6740 | 6596856 |
| 4.32%, 11/23/31, (5-year USD ICE Swap + <br> 2.236%)<sup>(c)</sup><br>| &nbsp;&nbsp; 7578 | 7549590 |
| 4.35%, 07/01/30 | &nbsp;&nbsp; 5270 | 5328587 |
| 4.60%, 10/20/26 | &nbsp;&nbsp; 3550 | 3575652 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 4305 | 4458501 |
| 5.46%, 11/18/27 | &nbsp;&nbsp; 7069 | 7296370 |
| 5.54%, 11/17/28 | &nbsp;&nbsp; 7287 | 7639833 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Westpac New Zealand Ltd. |  |  |
| 4.90%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; $4248 | $4324017 |
| 4.94%, 02/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4995 | 5127922 |
| 5.13%, 02/26/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2735 | 2772625 |
| 5.20%, 02/28/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4145 | 4271466 |
| Wintrust Financial Corp., 4.85%, 06/06/29 | &nbsp;&nbsp; 1030 | 1021099 |
| Woori Bank |  |  |
| 2.00%, 01/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 999 | 971266 |
| 4.75%, 01/24/27<sup>(b)</sup> | &nbsp;&nbsp; 745 | 751433 |
| 4.75%, 01/24/29<sup>(b)</sup> | &nbsp;&nbsp; 2515 | 2559415 |
| 4.88%, 01/26/28<sup>(b)</sup> | &nbsp;&nbsp; 2845 | 2895324 |
| 5.13%, 08/06/28<sup>(b)</sup> | &nbsp;&nbsp; 1945 | 1981934 |
| 6.38%, (5-year CMT +2.277%)<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 2385 | 2455225 |
| Zions Bancorp N.A., 4.70%, 08/18/28, (1-day <br> SOFR + 1.155%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1500 | 1505548 |
| Zions Bancorp NA, 3.25%, 10/29/29 | &nbsp;&nbsp; 1930 | 1790845 |
|  |  | 6274033181 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 11085 | 10787754 |
| 4.75%, 01/23/29<sup>(a)</sup> | &nbsp;&nbsp; 14098 | 14406816 |
| Bacardi Ltd., 4.70%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 4805 | 4843624 |
| Bacardi Ltd./Bacardi-Martini BV, 5.25%, <br> 01/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 1240 | 1266602 |
| Bacardi-Martini BV, 5.55%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 3975 | 4115833 |
| Coca-Cola Co. (The) |  |  |
| 1.00%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7530 | 7033382 |
| 1.45%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 8508 | 8174237 |
| 1.50%, 03/05/28<sup>(a)</sup> | &nbsp;&nbsp; 4365 | 4131842 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 6025 | 5407636 |
| 2.13%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 5560 | 5193000 |
| 2.90%, 05/25/27 | &nbsp;&nbsp; 2886 | 2843178 |
| 3.38%, 03/25/27 | &nbsp;&nbsp; 5485 | 5447788 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 8397 | 8184527 |
| Coca-Cola Consolidated Inc., 5.25%, 06/01/29 | &nbsp;&nbsp; 4490 | 4636506 |
| Coca-Cola Europacific Partners PLC, 1.50%, <br> 01/15/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3063 | 2950935 |
| Coca-Cola Femsa SAB de CV, 2.75%, <br> 01/22/30<br>| &nbsp;&nbsp; 4915 | 4622011 |
| Coca-Cola Icecek A/S, 4.50%, 01/20/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 480 | 472210 |
| Constellation Brands Inc. |  |  |
| 2.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2235 | 2090537 |
| 3.15%, 08/01/29 | &nbsp;&nbsp; 4920 | 4720340 |
| 3.50%, 05/09/27 | &nbsp;&nbsp; 2454 | 2426505 |
| 3.60%, 02/15/28 | &nbsp;&nbsp; 3976 | 3923642 |
| 3.70%, 12/06/26<sup>(a)</sup> | &nbsp;&nbsp; 3384 | 3360409 |
| 4.35%, 05/09/27<sup>(a)</sup> | &nbsp;&nbsp; 3591 | 3599974 |
| 4.65%, 11/15/28 | &nbsp;&nbsp; 2985 | 3020596 |
| 4.80%, 01/15/29 | &nbsp;&nbsp; 2485 | 2521351 |
| 4.80%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2425 | 2462125 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 5330 | 4847305 |
| 2.38%, 10/24/29 | &nbsp;&nbsp; 7795 | 7290791 |
| 3.88%, 05/18/28<sup>(a)</sup> | &nbsp;&nbsp; 3035 | 3031069 |
| 5.30%, 10/24/27<sup>(a)</sup> | &nbsp;&nbsp; 4510 | 4628483 |
| 5.38%, 10/05/26 | &nbsp;&nbsp; 4730 | 4788928 |
| Diageo Investment Corp., 5.13%, 08/15/30 | &nbsp;&nbsp; 2400 | 2489634 |
| Heineken NV, 3.50%, 01/29/28<sup>(b)</sup> | &nbsp;&nbsp; 6720 | 6635034 |
| JDE Peet's NV, 1.38%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4222 | 4047087 |
| Keurig Dr Pepper Inc. |  |  |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 2198 | 2161330 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 3.20%, 05/01/30 | &nbsp;&nbsp; $3360 | $3166378 |
| 3.43%, 06/15/27 | &nbsp;&nbsp; 2833 | 2787438 |
| 3.95%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6017 | 5916786 |
| 4.35%, 05/15/28 | &nbsp;&nbsp; 2745 | 2742015 |
| 4.60%, 05/25/28<sup>(a)</sup> | &nbsp;&nbsp; 6337 | 6365691 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 2960 | 2960344 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 4310 | 4388625 |
| 5.10%, 03/15/27 | &nbsp;&nbsp; 4244 | 4284194 |
| PepsiCo Inc. |  |  |
| 1.63%, 05/01/30 | &nbsp;&nbsp; 4325 | 3878066 |
| 2.38%, 10/06/26<sup>(a)</sup> | &nbsp;&nbsp; 5634 | 5542085 |
| 2.63%, 03/19/27 | &nbsp;&nbsp; 2894 | 2838505 |
| 2.63%, 07/29/29 | &nbsp;&nbsp; 5749 | 5468275 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 9483 | 8956197 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 8970 | 8816529 |
| 3.60%, 02/18/28 | &nbsp;&nbsp; 4386 | 4364372 |
| 4.10%, 01/15/29 | &nbsp;&nbsp; 3715 | 3723693 |
| 4.30%, 07/23/30 | &nbsp;&nbsp; 3825 | 3848854 |
| 4.40%, 02/07/27 | &nbsp;&nbsp; 2805 | 2825042 |
| 4.45%, 02/07/28 | &nbsp;&nbsp; 4105 | 4161046 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 3677 | 3735685 |
| 4.50%, 07/17/29 | &nbsp;&nbsp; 5095 | 5192019 |
| 4.60%, 02/07/30 | &nbsp;&nbsp; 6500 | 6652973 |
| 5.13%, 11/10/26<sup>(a)</sup> | &nbsp;&nbsp; 3984 | 4034462 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 3225 | 3542965 |
| Pepsico Singapore Financing I Pte Ltd. |  |  |
| 4.55%, 02/16/29 | &nbsp;&nbsp; 2895 | 2943619 |
| 4.65%, 02/16/27 | &nbsp;&nbsp; 3159 | 3190055 |
| Pernod Ricard International Finance LLC, <br> 1.25%, 04/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 3724 | 3457778 |
| Suntory Holdings Ltd., 5.12%, 06/11/29<sup>(b)</sup> | &nbsp;&nbsp; 3460 | 3550245 |
|  |  | 285896957 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; 7330 | 6849612 |
| 2.20%, 02/21/27 | &nbsp;&nbsp; 9965 | 9700210 |
| 2.45%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; 7370 | 6818104 |
| 3.00%, 02/22/29<sup>(a)</sup> | &nbsp;&nbsp; 4495 | 4325827 |
| 3.20%, 11/02/27 | &nbsp;&nbsp; 5280 | 5180892 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 7305 | 7269862 |
| 5.15%, 03/02/28<sup>(a)</sup> | &nbsp;&nbsp; 21580 | 22084151 |
| 5.25%, 03/02/30 | &nbsp;&nbsp; 15934 | 16505934 |
| Biogen Inc., 2.25%, 05/01/30 | &nbsp;&nbsp; 8685 | 7906728 |
| Bio-Rad Laboratories Inc., 3.30%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2411 | 2374462 |
| CSL Finance PLC |  |  |
| 3.85%, 04/27/27<sup>(b)</sup> | &nbsp;&nbsp; 3005 | 2994630 |
| 4.05%, 04/27/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2341 | 2337808 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 4824 | 4560599 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 6847 | 6740890 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 4985 | 5118003 |
| Illumina Inc. |  |  |
| 4.65%, 09/09/26 | &nbsp;&nbsp; 2909 | 2916157 |
| 5.75%, 12/13/27 | &nbsp;&nbsp; 3090 | 3179038 |
| Royalty Pharma PLC |  |  |
| 1.75%, 09/02/27 | &nbsp;&nbsp; 6088 | 5791541 |
| 5.15%, 09/02/29 | &nbsp;&nbsp; 3055 | 3138002 |
|  |  | 125792450 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Amrize Finance US LLC |  |  |
| 4.60%, 04/07/27<sup>(b)</sup> | &nbsp;&nbsp; $2195 | $2206184 |
| 4.70%, 04/07/28<sup>(b)</sup> | &nbsp;&nbsp; 2375 | 2404409 |
| 4.95%, 04/07/30<sup>(b)</sup> | &nbsp;&nbsp; 6225 | 6353751 |
| Carrier Global Corp. |  |  |
| 2.49%, 02/15/27 | &nbsp;&nbsp; 4861 | 4756091 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 11942 | 11219024 |
| Cemex SAB de CV, 5.45%, 11/19/29<sup>(b)</sup> | &nbsp;&nbsp; 3960 | 3989332 |
| CRH America Finance Inc. |  |  |
| 3.40%, 05/09/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3152 | 3107967 |
| 3.95%, 04/04/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5223 | 5188556 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 6840 | 7037739 |
| 5.20%, 05/21/29 | &nbsp;&nbsp; 4247 | 4383684 |
| Fortune Brands Innovations Inc., 3.25%, <br> 09/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 4550 | 4346078 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA, 5.50%, 04/19/29<br>| &nbsp;&nbsp; 4495 | 4686399 |
| Lennox International Inc. |  |  |
| 1.70%, 08/01/27 | &nbsp;&nbsp; 1483 | 1414483 |
| 5.50%, 09/15/28 | &nbsp;&nbsp; 3110 | 3221916 |
| Martin Marietta Materials Inc. |  |  |
| 3.45%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1505 | 1484909 |
| 3.50%, 12/15/27 | &nbsp;&nbsp; 2965 | 2924213 |
| Series CB, 2.50%, 03/15/30 | &nbsp;&nbsp; 2190 | 2030970 |
| Masco Corp. |  |  |
| 1.50%, 02/15/28 | &nbsp;&nbsp; 4095 | 3832252 |
| 3.50%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1429305 |
| Mohawk Industries Inc. |  |  |
| 3.63%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1927773 |
| 5.85%, 09/18/28<sup>(a)</sup> | &nbsp;&nbsp; 3695 | 3861122 |
| Owens Corning |  |  |
| 3.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2860 | 2760663 |
| 3.88%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 390 | 380558 |
| 3.95%, 08/15/29 | &nbsp;&nbsp; 3300 | 3262864 |
| 5.50%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2615 | 2672814 |
| Trane Technologies Financing Ltd., 3.80%, <br> 03/21/29<sup>(a)</sup><br>| &nbsp;&nbsp; 4740 | 4694612 |
| Trane Technologies Global Holding Co. Ltd., <br> 3.75%, 08/21/28<br>| &nbsp;&nbsp; 3520 | 3506451 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 4479 | 4319613 |
| 3.90%, 04/01/27 | &nbsp;&nbsp; 1996 | 1989489 |
| 4.95%, 12/01/29 | &nbsp;&nbsp; 3230 | 3313710 |
|  |  | 108706931 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Air Liquide Finance SA |  |  |
| 2.25%, 09/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3455 | 3235229 |
| 2.50%, 09/27/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 5438 | 5349185 |
| Air Products and Chemicals Inc. |  |  |
| 1.85%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4053 | 3915739 |
| 2.05%, 05/15/30 | &nbsp;&nbsp; 3485 | 3179248 |
| 4.30%, 06/11/28<sup>(a)</sup> | &nbsp;&nbsp; 3585 | 3616446 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 4491 | 4574183 |
| Albemarle Corp., 4.65%, 06/01/27 | &nbsp;&nbsp; 4130 | 4130591 |
| Alpek SAB de CV, 4.25%, 09/18/29<sup>(b)</sup> | &nbsp;&nbsp; 2900 | 2731952 |
| Bayport Polymers LLC, 4.74%, 04/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1395 | 1396086 |
| Cabot Corp. |  |  |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 1498 | 1483063 |
| 4.00%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2265 | 2240169 |
| CF Industries Inc., 4.50%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 4326 | 4329617 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Chevron Phillips Chemical Co. LLC/Chevron <br> Phillips Chemical Co. LP<br>|  |  |
| 3.40%, 12/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; $4224 | $4185194 |
| 3.70%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3245 | 3208647 |
| 4.75%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2615 | 2668019 |
| Dow Chemical Co. (The) |  |  |
| 4.80%, 11/30/28<sup>(a)</sup> | &nbsp;&nbsp; 4818 | 4883999 |
| 7.38%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4003 | 4438868 |
| DuPont de Nemours Inc., 4.73%, 11/15/28 | &nbsp;&nbsp; 12890 | 13146819 |
| Eastman Chemical Co. |  |  |
| 4.50%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3155 | 3171469 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 4515 | 4599954 |
| Ecolab Inc. |  |  |
| 1.65%, 02/01/27 | &nbsp;&nbsp; 3136 | 3036143 |
| 2.70%, 11/01/26 | &nbsp;&nbsp; 4311 | 4243504 |
| 3.25%, 12/01/27 | &nbsp;&nbsp; 3190 | 3144954 |
| 4.30%, 06/15/28 | &nbsp;&nbsp; 1925 | 1941664 |
| 4.80%, 03/24/30 | &nbsp;&nbsp; 3380 | 3476445 |
| 5.25%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3070 | 3161693 |
| EIDP Inc., 2.30%, 07/15/30 | &nbsp;&nbsp; 2642 | 2426381 |
| EQUATE Petrochemical Co. KSC, 4.25%, <br> 11/03/26<sup>(b)</sup><br>| &nbsp;&nbsp; 6746 | 6712756 |
| FMC Corp. |  |  |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 2853 | 2814812 |
| 3.45%, 10/01/29 | &nbsp;&nbsp; 3055 | 2892610 |
| International Flavors & Fragrances Inc. |  |  |
| 1.83%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4756 | 4509871 |
| 4.45%, 09/26/28<sup>(a)</sup> | &nbsp;&nbsp; 1580 | 1584847 |
| Kraton Corp., 5.00%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 2795 | 2838533 |
| LG Chem Ltd., 3.63%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1615 | 1565250 |
| Linde Inc./CT, 1.10%, 08/10/30 | &nbsp;&nbsp; 3250 | 2820293 |
| LYB Finance Co. BV, 8.10%, 03/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4075 | 4288825 |
| LYB International Finance II BV, 3.50%, <br> 03/02/27<sup>(a)</sup><br>| &nbsp;&nbsp; 2020 | 1994687 |
| Ma'aden Sukuk Ltd., 5.25%, 02/13/30<sup>(b)</sup> | &nbsp;&nbsp; 5265 | 5409211 |
| MEGlobal BV, 2.63%, 04/28/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4530 | 4302676 |
| MEGlobal Canada ULC, 5.88%, 05/18/30<sup>(b)</sup> | &nbsp;&nbsp; 205 | 213982 |
| Mosaic Co. (The) |  |  |
| 4.05%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4255 | 4233213 |
| 5.38%, 11/15/28 | &nbsp;&nbsp; 2780 | 2865966 |
| Nutrien Ltd. |  |  |
| 2.95%, 05/13/30 | &nbsp;&nbsp; 2755 | 2591091 |
| 4.00%, 12/15/26 | &nbsp;&nbsp; 2419 | 2410430 |
| 4.20%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4350 | 4341074 |
| 4.50%, 03/12/27 | &nbsp;&nbsp; 2325 | 2335800 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 4561 | 4638958 |
| 5.20%, 06/21/27<sup>(a)</sup> | &nbsp;&nbsp; 2615 | 2656024 |
| Orbia Advance Corp. SAB de CV, 6.80%, <br> 05/13/30<sup>(b)</sup><br>| &nbsp;&nbsp; 3795 | 3872760 |
| PPG Industries Inc. |  |  |
| 2.55%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1765 | 1629747 |
| 2.80%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2240 | 2125131 |
| 3.75%, 03/15/28 | &nbsp;&nbsp; 4865 | 4824081 |
| Rohm & Haas Co., 7.85%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 500 | 556817 |
| RPM International Inc. |  |  |
| 3.75%, 03/15/27 | &nbsp;&nbsp; 2534 | 2513114 |
| 4.55%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 2638316 |
| SABIC Capital II BV, 4.50%, 10/10/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7150 | 7185721 |
| Sherwin-Williams Co. (The) |  |  |
| 2.30%, 05/15/30 | &nbsp;&nbsp; 2140 | 1959591 |
| 2.95%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5145 | 4891824 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 3.45%, 06/01/27 | &nbsp;&nbsp; $8892 | $8787283 |
| 4.30%, 08/15/28 | &nbsp;&nbsp; 2825 | 2837168 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 2825 | 2840186 |
| 4.55%, 03/01/28 | &nbsp;&nbsp; 1940 | 1959965 |
| Sociedad Quimica y Minera de Chile SA, <br> 4.25%, 05/07/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2790 | 2766991 |
| Syensqo Finance America LLC, 5.65%, <br> 06/04/29<sup>(b)</sup><br>| &nbsp;&nbsp; 3875 | 4025678 |
| Syngenta Finance NV, 5.18%, 04/24/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2715 | 2742240 |
| Westlake Corp., 3.38%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1720 | 1641634 |
| Yara International ASA |  |  |
| 3.15%, 06/04/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4110 | 3849503 |
| 4.75%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 5175 | 5213337 |
|  |  | 238797257 |
| **Commercial Services — 1.2%** | **Commercial Services — 1.2%** | **Commercial Services — 1.2%** |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| 4.00%, 07/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1935 | 1879390 |
| 4.20%, 08/04/27<sup>(b)</sup> | &nbsp;&nbsp; 4010 | 3911874 |
| 4.38%, 07/03/29<sup>(b)</sup> | &nbsp;&nbsp; 3635 | 3502085 |
| Ashtead Capital Inc. |  |  |
| 4.00%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3545 | 3506699 |
| 4.25%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 4025 | 3965321 |
| 4.38%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3200 | 3192726 |
| Automatic Data Processing Inc., 1.70%, <br> 05/15/28<br>| &nbsp;&nbsp; 6019 | 5696399 |
| Block Financial LLC |  |  |
| 2.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2100 | 1988504 |
| 3.88%, 08/15/30 | &nbsp;&nbsp; 1255 | 1204831 |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/27 | &nbsp;&nbsp; 6737 | 6701741 |
| 4.20%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2385 | 2398778 |
| CK Hutchison International 23 Ltd., 4.75%, <br> 04/21/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7020 | 7129285 |
| DP World Crescent Ltd. |  |  |
| 3.75%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3565 | 3446800 |
| 4.85%, 09/26/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7360 | 7425099 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/30<sup>(b)</sup> | &nbsp;&nbsp; 3700 | 3772652 |
| 5.64%, 03/13/27<sup>(b)</sup> | &nbsp;&nbsp; 4430 | 4513914 |
| 6.32%, 12/04/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4630 | 4901927 |
| Equifax Inc. |  |  |
| 3.10%, 05/15/30 | &nbsp;&nbsp; 3340 | 3153614 |
| 4.80%, 09/15/29 | &nbsp;&nbsp; 4150 | 4218301 |
| 5.10%, 12/15/27 | &nbsp;&nbsp; 4500 | 4585073 |
| 5.10%, 06/01/28 | &nbsp;&nbsp; 4093 | 4186489 |
| ERAC USA Finance LLC |  |  |
| 3.30%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 3953 | 3909018 |
| 4.60%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 5855 | 5933968 |
| 5.00%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4830 | 4945959 |
| Experian Finance PLC |  |  |
| 2.75%, 03/08/30<sup>(b)</sup> | &nbsp;&nbsp; 2080 | 1957337 |
| 4.25%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 3535 | 3530402 |
| Global Payments Inc. |  |  |
| 2.15%, 01/15/27 | &nbsp;&nbsp; 4226 | 4108237 |
| 2.90%, 05/15/30 | &nbsp;&nbsp; 5710 | 5270266 |
| 3.20%, 08/15/29 | &nbsp;&nbsp; 6897 | 6548747 |
| 4.45%, 06/01/28 | &nbsp;&nbsp; 2685 | 2691457 |
| 4.95%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2879 | 2910502 |
| 5.30%, 08/15/29 | &nbsp;&nbsp; 3135 | 3211580 |
| GXO Logistics Inc., 6.25%, 05/06/29<sup>(a)</sup> | &nbsp;&nbsp; 3767 | 3950155 |
| Kaspi.KZ JSC, 6.25%, 03/26/30<sup>(b)</sup> | &nbsp;&nbsp; 1010 | 1033147 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Leland Stanford Junior University (The) |  |  |
| 1.29%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; $2492 | $2380329 |
| Series 2025, 4.15%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 3013148 |
| Moody's Corp. |  |  |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 3275 | 3223058 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 2770 | 2782134 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 5095 | 4677148 |
| 2.65%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 7111 | 7001649 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 9640 | 9192302 |
| 3.90%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 2840 | 2836964 |
| 4.45%, 03/06/28 | &nbsp;&nbsp; 2315 | 2341076 |
| President and Fellows of Harvard College, <br> 4.89%, 03/15/30<br>| &nbsp;&nbsp; 110 | 113468 |
| Quanta Services Inc. |  |  |
| 4.30%, 08/09/28<sup>(a)</sup> | &nbsp;&nbsp; 2200 | 2206431 |
| 4.75%, 08/09/27<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 1223099 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30<sup>(a)</sup> | &nbsp;&nbsp; 5892 | 5591619 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 5897 | 5877071 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 3360 | 3432138 |
| Rentokil Terminix Funding LLC, 5.00%, <br> 04/28/30<sup>(b)</sup><br>| &nbsp;&nbsp; 4320 | 4399480 |
| S&P Global Inc. |  |  |
| 1.25%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 84 | 73070 |
| 2.45%, 03/01/27 | &nbsp;&nbsp; 6977 | 6814003 |
| 2.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3865 | 3625830 |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 7215 | 6904412 |
| 2.95%, 01/22/27 | &nbsp;&nbsp; 2912 | 2866209 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 5510 | 5546431 |
| 4.75%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3275 | 3340669 |
| Transurban Finance Co. Pty. Ltd., 3.38%, <br> 03/22/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2944 | 2909970 |
| Trustees of Dartmouth College, 4.27%, <br> 06/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 1345 | 1356029 |
| Trustees of Princeton University (The), 4.65%, <br> 07/01/30<br>| &nbsp;&nbsp; 10 | 10229 |
| UL Solutions Inc., 6.50%, 10/20/28<sup>(b)</sup> | &nbsp;&nbsp; 2170 | 2295494 |
| United Rentals North America Inc., 6.00%, <br> 12/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 8580 | 8795976 |
| Verisk Analytics Inc. |  |  |
| 4.13%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4015 | 4012455 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 1700 | 1706842 |
| Yale University, Series 2020, 1.48%, 04/15/30 | &nbsp;&nbsp; 2305 | 2054420 |
|  |  | 247885430 |
| **Computers — 1.8%** | **Computers — 1.8%** | **Computers — 1.8%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | &nbsp;&nbsp; 6564 | 6566790 |
| 4.05%, 10/04/29<sup>(a)</sup> | &nbsp;&nbsp; 7525 | 7515853 |
| Amdocs Ltd., 2.54%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3535 | 3228560 |
| Apple Inc. |  |  |
| 1.20%, 02/08/28 | &nbsp;&nbsp; 14581 | 13714124 |
| 1.25%, 08/20/30 | &nbsp;&nbsp; 675 | 592456 |
| 1.40%, 08/05/28 | &nbsp;&nbsp; 13265 | 12417175 |
| 1.65%, 05/11/30 | &nbsp;&nbsp; 10165 | 9165794 |
| 2.05%, 09/11/26 | &nbsp;&nbsp; 11087 | 10883897 |
| 2.20%, 09/11/29 | &nbsp;&nbsp; 10667 | 9991081 |
| 2.90%, 09/12/27<sup>(a)</sup> | &nbsp;&nbsp; 11813 | 11625314 |
| 3.00%, 06/20/27 | &nbsp;&nbsp; 8403 | 8297085 |
| 3.00%, 11/13/27<sup>(a)</sup> | &nbsp;&nbsp; 8566 | 8445387 |
| 3.20%, 05/11/27 | &nbsp;&nbsp; 10912 | 10800159 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 3.25%, 08/08/29<sup>(a)</sup> | &nbsp;&nbsp; $6095 | $5966225 |
| 3.35%, 02/09/27 | &nbsp;&nbsp; 12496 | 12409057 |
| 4.00%, 05/10/28 | &nbsp;&nbsp; 8428 | 8484942 |
| 4.00%, 05/12/28<sup>(a)</sup> | &nbsp;&nbsp; 8110 | 8164975 |
| 4.15%, 05/10/30<sup>(a)</sup> | &nbsp;&nbsp; 2905 | 2943318 |
| 4.20%, 05/12/30 | &nbsp;&nbsp; 6290 | 6375221 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4440 | 4337268 |
| 4.00%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2920 | 2842491 |
| CGI Inc. |  |  |
| 1.45%, 09/14/26<sup>(a)</sup> | &nbsp;&nbsp; 3412 | 3321831 |
| 4.95%, 03/14/30<sup>(b)</sup> | &nbsp;&nbsp; 4270 | 4356350 |
| Dell Inc., 7.10%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1990 | 2129973 |
| Dell International LLC/EMC Corp. |  |  |
| 4.35%, 02/01/30 | &nbsp;&nbsp; 4115 | 4106411 |
| 4.75%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 5620 | 5699407 |
| 4.90%, 10/01/26 | &nbsp;&nbsp; 9582 | 9621733 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 6940 | 7112733 |
| 5.25%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 5664 | 5810660 |
| 5.30%, 10/01/29 | &nbsp;&nbsp; 10310 | 10674093 |
| 6.10%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2892 | 2987507 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 2900 | 3117797 |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/26 | &nbsp;&nbsp; 3972 | 3865617 |
| 2.38%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4245 | 3987373 |
| Gartner Inc. |  |  |
| 3.63%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3960 | 3781025 |
| 4.50%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 2883 | 2848981 |
| Genpact Luxembourg SARL/Genpact USA Inc., <br> 6.00%, 06/04/29<sup>(a)</sup><br>| &nbsp;&nbsp; 2405 | 2500726 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27<sup>(a)</sup> | &nbsp;&nbsp; 7045 | 7078395 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 7097 | 7107014 |
| 4.55%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11357 | 11425644 |
| 5.25%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3372 | 3470085 |
| HP Inc. |  |  |
| 3.00%, 06/17/27 | &nbsp;&nbsp; 5540 | 5427305 |
| 3.40%, 06/17/30<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 1783867 |
| 4.00%, 04/15/29 | &nbsp;&nbsp; 6180 | 6103648 |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5174 | 5241602 |
| 5.40%, 04/25/30<sup>(a)</sup> | &nbsp;&nbsp; 3085 | 3204437 |
| IBM International Capital Pte Ltd. |  |  |
| 4.60%, 02/05/27 | &nbsp;&nbsp; 2997 | 3017549 |
| 4.60%, 02/05/29<sup>(a)</sup> | &nbsp;&nbsp; 3067 | 3111577 |
| International Business Machines Corp. |  |  |
| 1.70%, 05/15/27 | &nbsp;&nbsp; 6827 | 6569510 |
| 1.95%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7050 | 6368506 |
| 2.20%, 02/09/27 | &nbsp;&nbsp; 3627 | 3533663 |
| 3.30%, 01/27/27 | &nbsp;&nbsp; 2856 | 2826986 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 18435 | 18073421 |
| 4.15%, 07/27/27<sup>(a)</sup> | &nbsp;&nbsp; 4108 | 4120441 |
| 4.50%, 02/06/28<sup>(a)</sup> | &nbsp;&nbsp; 5995 | 6060584 |
| 4.65%, 02/10/28 | &nbsp;&nbsp; 4750 | 4819295 |
| 6.22%, 08/01/27 | &nbsp;&nbsp; 3124 | 3252230 |
| 6.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2480 | 2617833 |
| Series .., 4.80%, 02/10/30 | &nbsp;&nbsp; 6505 | 6666064 |
| Kyndryl Holdings Inc. |  |  |
| 2.05%, 10/15/26 | &nbsp;&nbsp; 3675 | 3576355 |
| 2.70%, 10/15/28 | &nbsp;&nbsp; 3190 | 3032914 |
| Leidos Inc., 4.38%, 05/15/30 | &nbsp;&nbsp; 3650 | 3631536 |
| Lenovo Group Ltd., 5.83%, 01/27/28<sup>(b)</sup> | &nbsp;&nbsp; 900 | 927933 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| NetApp Inc. |  |  |
| 2.38%, 06/22/27<sup>(a)</sup> | &nbsp;&nbsp; $3089 | $2989058 |
| 2.70%, 06/22/30<sup>(a)</sup> | &nbsp;&nbsp; 4390 | 4045442 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | &nbsp;&nbsp; 2000 | 1827935 |
| Western Digital Corp., 2.85%, 02/01/29 | &nbsp;&nbsp; 2200 | 2066442 |
|  |  | 384666660 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2810 | 2775993 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 3470 | 3504726 |
| 4.60%, 03/01/28 | &nbsp;&nbsp; 3143 | 3202947 |
| Conopco Inc. |  |  |
| Series E, 7.25%, 12/15/26 | &nbsp;&nbsp; 2140 | 2225115 |
| Series F, 6.63%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1885 | 2000412 |
| Coty Inc./HFC Prestige Products Inc./HFC <br> Prestige International U.S. LLC<br>|  |  |
| 4.75%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2390 | 2338800 |
| 6.63%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2800 | 2863652 |
| Estee Lauder Companies Inc. (The) |  |  |
| 2.38%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2045 | 1897501 |
| 2.60%, 04/15/30 | &nbsp;&nbsp; 4765 | 4427692 |
| 3.15%, 03/15/27 | &nbsp;&nbsp; 2575 | 2539997 |
| 4.38%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4357 | 4386952 |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/27 | &nbsp;&nbsp; 11360 | 11228148 |
| 3.38%, 03/24/29 | &nbsp;&nbsp; 6270 | 6125298 |
| Kenvue Inc. |  |  |
| 5.00%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 5776 | 5973449 |
| 5.05%, 03/22/28<sup>(a)</sup> | &nbsp;&nbsp; 6063 | 6216337 |
| Procter & Gamble Co. (The) |  |  |
| 1.90%, 02/01/27 | &nbsp;&nbsp; 5687 | 5539874 |
| 2.45%, 11/03/26 | &nbsp;&nbsp; 5096 | 5013517 |
| 2.80%, 03/25/27 | &nbsp;&nbsp; 2895 | 2847981 |
| 2.85%, 08/11/27 | &nbsp;&nbsp; 4030 | 3961291 |
| 3.00%, 03/25/30<sup>(a)</sup> | &nbsp;&nbsp; 6285 | 6034670 |
| 3.95%, 01/26/28 | &nbsp;&nbsp; 3700 | 3721934 |
| 4.05%, 05/01/30 | &nbsp;&nbsp; 4475 | 4497916 |
| 4.15%, 10/24/29 | &nbsp;&nbsp; 4470 | 4514877 |
| 4.35%, 01/29/29 | &nbsp;&nbsp; 3925 | 3982639 |
| Unilever Capital Corp. |  |  |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 5665 | 5271536 |
| 2.90%, 05/05/27<sup>(a)</sup> | &nbsp;&nbsp; 5773 | 5685940 |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 7680 | 7608463 |
| 4.25%, 08/12/27 | &nbsp;&nbsp; 4288 | 4317108 |
| 4.88%, 09/08/28 | &nbsp;&nbsp; 4030 | 4137263 |
|  |  | 128842028 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| Ferguson Finance PLC |  |  |
| 3.25%, 06/02/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2000 | 1893204 |
| 4.25%, 04/20/27<sup>(b)</sup> | &nbsp;&nbsp; 1525 | 1520947 |
| 4.50%, 10/24/28<sup>(b)</sup> | &nbsp;&nbsp; 4265 | 4286286 |
| LKQ Corp., 5.75%, 06/15/28 | &nbsp;&nbsp; 4340 | 4485263 |
| Mitsubishi Corp. |  |  |
| 5.00%, 07/05/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3115 | 3188649 |
| 5.00%, 07/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2985 | 3070740 |
|  |  | 18445089 |
| **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26<sup>(a)</sup> | &nbsp;&nbsp; 21000 | 20569916 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 3.00%, 10/29/28 | &nbsp;&nbsp; $21300 | $20493255 |
| 3.65%, 07/21/27<sup>(a)</sup> | &nbsp;&nbsp; 5686 | 5629095 |
| 3.88%, 01/23/28<sup>(a)</sup> | &nbsp;&nbsp; 3185 | 3161207 |
| 4.63%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3240 | 3262231 |
| 4.63%, 09/10/29 | &nbsp;&nbsp; 8370 | 8437765 |
| 4.88%, 04/01/28 | &nbsp;&nbsp; 4385 | 4450382 |
| 5.10%, 01/19/29 | &nbsp;&nbsp; 4520 | 4624674 |
| 5.75%, 06/06/28<sup>(a)</sup> | &nbsp;&nbsp; 5475 | 5678646 |
| 6.10%, 01/15/27 | &nbsp;&nbsp; 5055 | 5165550 |
| 6.45%, 04/15/27 | &nbsp;&nbsp; 8380 | 8650585 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(c)</sup> | &nbsp;&nbsp; 3665 | 3837212 |
| Affiliated Managers Group Inc., 3.30%, <br> 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 1955 | 1857959 |
| Air Lease Corp. |  |  |
| 2.10%, 09/01/28 | &nbsp;&nbsp; 2550 | 2399125 |
| 2.20%, 01/15/27 | &nbsp;&nbsp; 2110 | 2053511 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 3590 | 3391498 |
| 3.25%, 10/01/29 | &nbsp;&nbsp; 3350 | 3206626 |
| 3.63%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; 5507 | 5444971 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 2875 | 2842617 |
| 4.63%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 2905381 |
| 5.10%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2850 | 2925433 |
| 5.30%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3900 | 3991464 |
| 5.85%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 3882428 |
| Air Lease Corp. Sukuk Ltd., 5.85%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3585 | 3662054 |
| Aircastle Ltd. |  |  |
| 2.85%, 01/26/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4405 | 4238603 |
| 5.95%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3675 | 3833555 |
| 6.50%, 07/18/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3387 | 3561433 |
| Aircastle Ltd./Aircastle Ireland DAC, 5.25%, <br> 03/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3005 | 3066328 |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28<sup>(a)</sup> | &nbsp;&nbsp; 4475 | 4178194 |
| 4.75%, 06/09/27<sup>(a)</sup> | &nbsp;&nbsp; 2700 | 2712924 |
| 5.54%, 01/17/31, (1-day SOFR Index + <br> 1.730%)<sup>(c)</sup><br>| &nbsp;&nbsp; 3285 | 3357719 |
| 5.74%, 05/15/29, (1-day SOFR Index + <br> 1.960%)<sup>(c)</sup><br>| &nbsp;&nbsp; 2140 | 2197601 |
| 6.85%, 01/03/30, (1-day SOFR + 2.282%)<sup>(c)</sup> | &nbsp;&nbsp; 5192 | 5508793 |
| 6.99%, 06/13/29, (1-day SOFR + 3.260%)<sup>(c)</sup> | &nbsp;&nbsp; 4915 | 5201591 |
| 7.10%, 11/15/27 | &nbsp;&nbsp; 4150 | 4376742 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 6612 | 6428175 |
| 2.55%, 03/04/27<sup>(a)</sup> | &nbsp;&nbsp; 10069 | 9849144 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 9812 | 9698156 |
| 4.05%, 05/03/29 | &nbsp;&nbsp; 5814 | 5828794 |
| 4.35%, 07/20/29, (1-day SOFR + 0.810%)<sup>(c)</sup> | &nbsp;&nbsp; 9255 | 9302723 |
| 4.73%, 04/25/29, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 8730 | 8873427 |
| 5.02%, 04/25/31, (1-day SOFR + 1.440%)<sup>(c)</sup> | &nbsp;&nbsp; 8855 | 9098743 |
| 5.04%, 07/26/28, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 6730 | 6838637 |
| 5.09%, 01/30/31, (1-day SOFR Index + <br> 1.020%)<sup>(c)</sup><br>| &nbsp;&nbsp; 8510 | 8770923 |
| 5.10%, 02/16/28, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 9895 | 10013260 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.280%)<sup>(c)</sup><br>| &nbsp;&nbsp; 8047 | 8302739 |
| 5.53%, 04/25/30, (1-day SOFR Index + <br> 1.090%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7667 | 8006281 |
| 5.85%, 11/05/27<sup>(a)</sup> | &nbsp;&nbsp; 8095 | 8399800 |
| American Express Credit Corp., 3.30%, <br> 05/03/27<br>| &nbsp;&nbsp; 2500 | 2472748 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Ameriprise Financial Inc. |  |  |
| 2.88%, 09/15/26 | &nbsp;&nbsp; $3017 | $2977634 |
| 5.70%, 12/15/28 | &nbsp;&nbsp; 4124 | 4321880 |
| Andrew W Mellon Foundation (The), Series <br> 2020, 0.95%, 08/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; 875 | 827250 |
| Ares Finance Co. II LLC, 3.25%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2295 | 2169357 |
| Ares Management Corp., 6.38%, 11/10/28<sup>(a)</sup> | &nbsp;&nbsp; 3355 | 3554152 |
| Atlas Warehouse Lending Co. LP |  |  |
| 6.05%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 3040 | 3098198 |
| 6.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 3255 | 3332188 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 09/20/26<sup>(b)</sup> | &nbsp;&nbsp; 3608 | 3514844 |
| 3.50%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp; 4165 | 4084706 |
| 4.75%, 04/14/27<sup>(b)</sup> | &nbsp;&nbsp; 1490 | 1496981 |
| 5.13%, 04/10/30<sup>(b)</sup> | &nbsp;&nbsp; 3280 | 3334039 |
| 5.38%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3080 | 3158554 |
| 6.25%, 04/15/28<sup>(b)</sup> | &nbsp;&nbsp; 3395 | 3544199 |
| 6.38%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1340 | 1432647 |
| 6.75%, 10/25/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2957 | 3150865 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.53%, 11/18/27<sup>(b)</sup> | &nbsp;&nbsp; 11505 | 11041861 |
| 2.75%, 02/21/28<sup>(b)</sup> | &nbsp;&nbsp; 4290 | 4110454 |
| 3.25%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3257 | 3197011 |
| 4.95%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 4712 | 4759008 |
| 5.15%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 3690 | 3752448 |
| 5.38%, 05/30/30<sup>(b)</sup> | &nbsp;&nbsp; 4900 | 5032246 |
| 5.75%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 6565 | 6793854 |
| 5.75%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 5835 | 6059484 |
| 6.38%, 05/04/28<sup>(b)</sup> | &nbsp;&nbsp; 6225 | 6510714 |
| BGC Group Inc. |  |  |
| 6.15%, 04/02/30<sup>(b)</sup> | &nbsp;&nbsp; 4230 | 4321508 |
| 6.60%, 06/10/29<sup>(a)</sup> | &nbsp;&nbsp; 2960 | 3086151 |
| 8.00%, 05/25/28<sup>(a)</sup> | &nbsp;&nbsp; 1755 | 1876355 |
| Blackstone Holdings Finance Co. LLC |  |  |
| 1.63%, 08/05/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3945 | 3683195 |
| 2.50%, 01/10/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3500 | 3257287 |
| 3.15%, 10/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2069 | 2020196 |
| 5.90%, 11/03/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3758 | 3886769 |
| BOC Aviation Ltd. |  |  |
| 3.00%, 09/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6035 | 5762167 |
| 3.50%, 09/18/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3745 | 3695901 |
| BOC Aviation USA Corp. |  |  |
| 5.25%, 01/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3530 | 3673569 |
| 5.75%, 11/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3225 | 3375803 |
| Brookfield Finance Inc. |  |  |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 6825 | 6776584 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 4890 | 4886665 |
| 4.85%, 03/29/29 | &nbsp;&nbsp; 5835 | 5931482 |
| Caja de Compensacion de Asignacion Familiar <br> de Los Andes, 7.00%, 07/30/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1195 | 1264088 |
| Cantor Fitzgerald LP |  |  |
| 4.50%, 04/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2077 | 2061059 |
| 7.20%, 12/12/28<sup>(b)</sup> | &nbsp;&nbsp; 4540 | 4865617 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + 0.855%)<sup>(c)</sup> | &nbsp;&nbsp; 6538 | 6352446 |
| 3.27%, 03/01/30, (1-day SOFR + 1.790%)<sup>(c)</sup> | &nbsp;&nbsp; 7085 | 6827829 |
| 3.65%, 05/11/27 | &nbsp;&nbsp; 5634 | 5583592 |
| 3.75%, 03/09/27 | &nbsp;&nbsp; 7294 | 7249556 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 7884 | 7813546 |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 5309 | 5296949 |
| 4.93%, 05/10/28, (1-day SOFR + 2.057%)<sup>(c)</sup> | &nbsp;&nbsp; 8448 | 8533258 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.25%, 07/26/30, (1-day SOFR + 2.600%)<sup>(c)</sup> | &nbsp;&nbsp; $5212 | $5359963 |
| 5.46%, 07/26/30, (1-day SOFR +1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 5650 | 5848589 |
| 5.47%, 02/01/29, (1-day SOFR + <br> 2.080%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5777 | 5930112 |
| 5.70%, 02/01/30, (1-day SOFR + 1.905%)<sup>(c)</sup> | &nbsp;&nbsp; 5740 | 5950140 |
| 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(c)</sup> | &nbsp;&nbsp; 10000 | 10495727 |
| 7.15%, 10/29/27, (1-day SOFR + 2.440%)<sup>(c)</sup> | &nbsp;&nbsp; 4350 | 4482283 |
| Cboe Global Markets Inc., 3.65%, 01/12/27 | &nbsp;&nbsp; 4103 | 4079361 |
| Charles Schwab Corp. (The) |  |  |
| 2.00%, 03/20/28<sup>(a)</sup> | &nbsp;&nbsp; 7515 | 7163616 |
| 2.45%, 03/03/27<sup>(a)</sup> | &nbsp;&nbsp; 8713 | 8516160 |
| 2.75%, 10/01/29 | &nbsp;&nbsp; 3060 | 2908602 |
| 3.20%, 03/02/27 | &nbsp;&nbsp; 3531 | 3486655 |
| 3.20%, 01/25/28 | &nbsp;&nbsp; 4285 | 4205890 |
| 3.25%, 05/22/29<sup>(a)</sup> | &nbsp;&nbsp; 3325 | 3234298 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 4125 | 4079809 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 3680 | 3679470 |
| 4.63%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 3140 | 3206601 |
| 5.64%, 05/19/29, (1-day SOFR + 2.210%)<sup>(c)</sup> | &nbsp;&nbsp; 7103 | 7388541 |
| 6.20%, 11/17/29, (1-day SOFR + 1.878%)<sup>(c)</sup> | &nbsp;&nbsp; 7735 | 8230711 |
| CI Financial Corp., 7.50%, 05/30/29<sup>(b)</sup> | &nbsp;&nbsp; 4010 | 4253178 |
| Citadel Finance LLC, 5.90%, 02/10/30<sup>(b)</sup> | &nbsp;&nbsp; 11730 | 11897916 |
| Citadel LP |  |  |
| 4.88%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2826 | 2832170 |
| 6.00%, 01/23/30<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 3124984 |
| Citadel Securities Global Holdings LLC, 5.50%, <br> 06/18/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3705 | 3791313 |
| Citigroup Global Markets Holdings Inc., 5.00%, <br> 05/28/29<br>| &nbsp;&nbsp; 1250 | 1292575 |
| CME Group Inc. |  |  |
| 3.75%, 06/15/28 | &nbsp;&nbsp; 3802 | 3788182 |
| 4.40%, 03/15/30 | &nbsp;&nbsp; 4845 | 4894598 |
| Eaton Vance Corp., 3.50%, 04/06/27 | &nbsp;&nbsp; 1823 | 1805475 |
| Enact Holdings Inc., 6.25%, 05/28/29 | &nbsp;&nbsp; 4570 | 4768822 |
| FMR LLC, 7.57%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 4605 | 5147529 |
| Jefferies Financial Group Inc. |  |  |
| 4.15%, 01/23/30 | &nbsp;&nbsp; 6250 | 6168612 |
| 4.85%, 01/15/27 | &nbsp;&nbsp; 4322 | 4353213 |
| 5.88%, 07/21/28 | &nbsp;&nbsp; 6347 | 6616963 |
| 6.45%, 06/08/27 | &nbsp;&nbsp; 2072 | 2141029 |
| Lazard Group LLC |  |  |
| 3.63%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1868 | 1866960 |
| 4.38%, 03/11/29<sup>(a)</sup> | &nbsp;&nbsp; 2865 | 2861333 |
| 4.50%, 09/19/28<sup>(a)</sup> | &nbsp;&nbsp; 3702 | 3718326 |
| LPL Holdings Inc. |  |  |
| 4.00%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6250 | 6108655 |
| 4.63%, 11/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3845 | 3844076 |
| 4.90%, 04/03/28 | &nbsp;&nbsp; 1360 | 1377308 |
| 5.15%, 06/15/30 | &nbsp;&nbsp; 3025 | 3088710 |
| 5.20%, 03/15/30 | &nbsp;&nbsp; 4580 | 4685372 |
| 5.70%, 05/20/27 | &nbsp;&nbsp; 3045 | 3103504 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 3750 | 4014171 |
| LSEG U.S. Fin Corp., 4.88%, 03/28/27<sup>(b)</sup> | &nbsp;&nbsp; 3030 | 3061661 |
| LSEGA Financing PLC, 2.00%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 5585 | 5291846 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 5.15%, 03/17/30<sup>(b)</sup> | &nbsp;&nbsp; 3110 | 3144978 |
| 5.20%, 03/27/28<sup>(b)</sup> | &nbsp;&nbsp; 3515 | 3565637 |
| 6.40%, 03/26/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3035 | 3186750 |
| 8.13%, 03/30/29<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1605391 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | &nbsp;&nbsp; $1445 | $1464644 |
| 6.40%, 11/04/29 | &nbsp;&nbsp; 4095 | 4220354 |
| Mastercard Inc. |  |  |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 4217 | 4167824 |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 6235 | 6028783 |
| 3.30%, 03/26/27 | &nbsp;&nbsp; 5410 | 5361777 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 7895 | 7682432 |
| 3.50%, 02/26/28<sup>(a)</sup> | &nbsp;&nbsp; 3105 | 3079305 |
| 4.10%, 01/15/28 | &nbsp;&nbsp; 4168 | 4193265 |
| 4.55%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2480 | 2520666 |
| 4.88%, 03/09/28<sup>(a)</sup> | &nbsp;&nbsp; 4442 | 4548540 |
| Mitsubishi HC Capital Inc. |  |  |
| 3.97%, 04/13/30<sup>(b)</sup> | &nbsp;&nbsp; 400 | 389414 |
| 5.08%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3225 | 3264509 |
| Mitsubishi HC Finance America LLC |  |  |
| 5.15%, 10/24/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2740 | 2803873 |
| 5.81%, 09/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2790 | 2901408 |
| Nasdaq Inc., 5.35%, 06/28/28 | &nbsp;&nbsp; 5801 | 5985341 |
| Neuberger Berman Group LLC/Neuberger <br> Berman Finance Corp., 4.50%, 03/15/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2057 | 2061638 |
| Nomura Holdings Inc. |  |  |
| 2.17%, 07/14/28 | &nbsp;&nbsp; 5865 | 5540378 |
| 2.33%, 01/22/27 | &nbsp;&nbsp; 7334 | 7136109 |
| 2.68%, 07/16/30<sup>(a)</sup> | &nbsp;&nbsp; 6335 | 5811716 |
| 2.71%, 01/22/29 | &nbsp;&nbsp; 2885 | 2729257 |
| 3.10%, 01/16/30<sup>(a)</sup> | &nbsp;&nbsp; 7682 | 7243325 |
| 4.90%, 07/01/30 | &nbsp;&nbsp; 6610 | 6704927 |
| 5.39%, 07/06/27 | &nbsp;&nbsp; 2405 | 2451351 |
| 5.59%, 07/02/27 | &nbsp;&nbsp; 2940 | 3007443 |
| 5.61%, 07/06/29<sup>(a)</sup> | &nbsp;&nbsp; 3490 | 3637106 |
| 5.84%, 01/18/28 | &nbsp;&nbsp; 3290 | 3402866 |
| 6.07%, 07/12/28<sup>(a)</sup> | &nbsp;&nbsp; 5360 | 5612936 |
| Nuveen LLC |  |  |
| 4.00%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3910 | 3901573 |
| 5.55%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 3345 | 3503210 |
| ORIX Corp. |  |  |
| 3.70%, 07/18/27<sup>(a)</sup> | &nbsp;&nbsp; 1275 | 1263443 |
| 4.65%, 09/10/29<sup>(a)</sup> | &nbsp;&nbsp; 4245 | 4299767 |
| 5.00%, 09/13/27 | &nbsp;&nbsp; 7899 | 8024977 |
| Power Finance Corp. Ltd. |  |  |
| 3.95%, 04/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4990 | 4882305 |
| 6.15%, 12/06/28<sup>(b)</sup> | &nbsp;&nbsp; 1410 | 1482412 |
| Radian Group Inc. |  |  |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 2640 | 2644192 |
| 6.20%, 05/15/29 | &nbsp;&nbsp; 3915 | 4099614 |
| Raymond James Financial Inc., 4.65%, <br> 04/01/30<br>| &nbsp;&nbsp; 1800 | 1835352 |
| REC Ltd. |  |  |
| 4.75%, 09/27/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3795 | 3836354 |
| 5.63%, 04/11/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6260 | 6438205 |
| Stifel Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 1730 | 1694840 |
| Synchrony Financial |  |  |
| 3.95%, 12/01/27 | &nbsp;&nbsp; 6165 | 6081677 |
| 5.02%, 07/29/29, (1-day SOFR + 1.395%)<sup>(c)</sup> | &nbsp;&nbsp; 1385 | 1394742 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 3387 | 3428459 |
| 5.45%, 03/06/31, (1-day SOFR + <br> 1.680%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5080 | 5175271 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4420 | 4577692 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| USAA Capital Corp. |  |  |
| 2.13%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; $275 | $251714 |
| 4.38%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 1215 | 1228343 |
| 5.25%, 06/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 795 | 812001 |
| Visa Inc. |  |  |
| 0.75%, 08/15/27 | &nbsp;&nbsp; 2712 | 2561126 |
| 1.90%, 04/15/27 | &nbsp;&nbsp; 8686 | 8413679 |
| 2.05%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9180 | 8431875 |
| 2.75%, 09/15/27 | &nbsp;&nbsp; 4536 | 4438557 |
| Voya Financial Inc., 4.70%, 01/23/48<sup>(c)</sup> | &nbsp;&nbsp; 1773 | 1720551 |
|  |  | 923997647 |
| **Electric — 6.0%** | **Electric — 6.0%** | **Electric — 6.0%** |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 2.00%, 04/29/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4495 | 4249240 |
| 4.38%, 01/24/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2880 | 2893717 |
| 4.88%, 04/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1520 | 1558260 |
| Adani Electricity Mumbai Ltd., 3.95%, <br> 02/12/30<sup>(b)</sup><br>| &nbsp;&nbsp; 4725 | 4386449 |
| AEP Texas Inc. |  |  |
| 3.95%, 06/01/28 | &nbsp;&nbsp; 2740 | 2720109 |
| 5.45%, 05/15/29 | &nbsp;&nbsp; 2567 | 2664279 |
| Series I, 2.10%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4540 | 4091539 |
| AEP Transmission Co. LLC, 3.10%, 12/01/26 | &nbsp;&nbsp; 1936 | 1913596 |
| AES Andes SA, 6.30%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1340 | 1386856 |
| AES Corp. (The) |  |  |
| 3.95%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3860 | 3725177 |
| 5.45%, 06/01/28 | &nbsp;&nbsp; 7205 | 7373813 |
| Alabama Power Co., 3.75%, 09/01/27 | &nbsp;&nbsp; 3060 | 3050189 |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(b)</sup> | &nbsp;&nbsp; 2875 | 3078572 |
| Alliant Energy Finance LLC |  |  |
| 4.25%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1680 | 1664791 |
| 5.40%, 06/06/27<sup>(b)</sup> | &nbsp;&nbsp; 2165 | 2191104 |
| 5.95%, 03/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1935 | 2035413 |
| Ameren Corp. |  |  |
| 1.75%, 03/15/28 | &nbsp;&nbsp; 3085 | 2906681 |
| 1.95%, 03/15/27 | &nbsp;&nbsp; 2911 | 2813243 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 4057 | 4146919 |
| 5.70%, 12/01/26 | &nbsp;&nbsp; 3300 | 3354045 |
| Ameren Illinois Co., 3.80%, 05/15/28 | &nbsp;&nbsp; 1705 | 1698219 |
| American Electric Power Co. Inc. |  |  |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 2249 | 2059610 |
| 3.20%, 11/13/27 | &nbsp;&nbsp; 2990 | 2929577 |
| 3.88%, 02/15/62, (5-year CMT + 2.675%)<sup>(c)</sup> | &nbsp;&nbsp; 4245 | 4115483 |
| 5.20%, 01/15/29 | &nbsp;&nbsp; 5865 | 6048062 |
| 5.75%, 11/01/27 | &nbsp;&nbsp; 2811 | 2899014 |
| 7.05%, 12/15/54, (5-year CMT + 2.750%)<sup>(c)</sup> | &nbsp;&nbsp; 1925 | 2006545 |
| Series J, 4.30%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3502 | 3519971 |
| Appalachian Power Co., Series X, 3.30%, <br> 06/01/27<br>| &nbsp;&nbsp; 1935 | 1905512 |
| Arizona Public Service Co. |  |  |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 1463 | 1433765 |
| 2.60%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2485 | 2332433 |
| 2.95%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1716 | 1673410 |
| Atlantic City Electric Co., 4.00%, 10/15/28 | &nbsp;&nbsp; 2015 | 2009745 |
| Ausgrid Finance Pty Ltd., 4.35%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 475 | 475040 |
| Avangrid Inc., 3.80%, 06/01/29 | &nbsp;&nbsp; 4645 | 4565962 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.25%, 04/15/28 | &nbsp;&nbsp; 3428 | 3364680 |
| 3.70%, 07/15/30 | &nbsp;&nbsp; 6665 | 6528551 |
| 8.48%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1475 | 1657646 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Black Hills Corp. |  |  |
| 2.50%, 06/15/30 | &nbsp;&nbsp; $1440 | $1320842 |
| 3.05%, 10/15/29 | &nbsp;&nbsp; 2530 | 2392310 |
| 3.15%, 01/15/27 | &nbsp;&nbsp; 2421 | 2383264 |
| 5.95%, 03/15/28 | &nbsp;&nbsp; 2243 | 2332221 |
| Brookfield Infrastructure Finance ULC, 6.75%, <br> 03/15/55, (5-year CMT + 2.453%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1205 | 1224825 |
| Capital Power U.S. Holdings Inc., 5.26%, <br> 06/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 4125 | 4195911 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 4.80%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3170 | 3245942 |
| 5.20%, 10/01/28 | &nbsp;&nbsp; 2867 | 2957883 |
| Series AA, 3.00%, 02/01/27 | &nbsp;&nbsp; 1640 | 1614505 |
| Series Z, 2.40%, 09/01/26 | &nbsp;&nbsp; 1764 | 1733694 |
| CenterPoint Energy Inc. |  |  |
| 2.95%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2471 | 2320276 |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 3955 | 4097287 |
| 6.70%, 05/15/55, (5-year CMT + <br> 2.586%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2725 | 2790613 |
| Series A, 7.00%, 02/15/55, (5-year CMT + <br> 3.254%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2220 | 2332721 |
| China Southern Power Grid International <br> Finance BVI Co. Ltd., 3.50%, 05/08/27<sup>(b)</sup><br>| &nbsp;&nbsp; 1185 | 1176044 |
| Cleco Corporate Holdings LLC, 3.38%, <br> 09/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 195 | 182121 |
| Cleveland Electric Illuminating Co. (The), <br> 3.50%, 04/01/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2090 | 2048490 |
| CMS Energy Corp. |  |  |
| 2.95%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1605 | 1572714 |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 2052 | 2024290 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(c)</sup> | &nbsp;&nbsp; 2250 | 2175956 |
| Colbun SA |  |  |
| 3.15%, 03/06/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3100 | 2912771 |
| 3.95%, 10/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2590 | 2569800 |
| Comision Federal de Electricidad |  |  |
| 4.69%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 7180 | 7038149 |
| 4.75%, 02/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4230 | 4228481 |
| 5.70%, 01/24/30<sup>(b)</sup> | &nbsp;&nbsp; 4075 | 4102017 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | &nbsp;&nbsp; 2060 | 1892706 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 3360 | 3335258 |
| Series 122, 2.95%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1923 | 1886997 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.65%, 01/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1870 | 1901449 |
| 4.95%, 01/15/30 | &nbsp;&nbsp; 2640 | 2708821 |
| Series A, 3.20%, 03/15/27 | &nbsp;&nbsp; 2763 | 2728831 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 1545 | 1537901 |
| Series 20A, 3.35%, 04/01/30 | &nbsp;&nbsp; 2590 | 2510420 |
| Series B, 2.90%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; 1505 | 1479157 |
| Series B, 3.13%, 11/15/27 | &nbsp;&nbsp; 2585 | 2537557 |
| Series D, 4.00%, 12/01/28 | &nbsp;&nbsp; 2715 | 2718341 |
| Constellation Energy Generation LLC, 5.60%, <br> 03/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 4675 | 4846051 |
| Consumers Energy Co. |  |  |
| 3.80%, 11/15/28 | &nbsp;&nbsp; 1833 | 1819847 |
| 4.60%, 05/30/29 | &nbsp;&nbsp; 3545 | 3605827 |
| 4.65%, 03/01/28 | &nbsp;&nbsp; 2795 | 2833806 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 4725 | 4823707 |
| 4.90%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2803 | 2875528 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Dayton Power & Light Co. (The), 4.55%, <br> 08/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; $2175 | $2180908 |
| Dominion Energy Inc. |  |  |
| 4.25%, 06/01/28 | &nbsp;&nbsp; 3006 | 3012687 |
| 4.60%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5885 | 5950132 |
| 5.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4665 | 4792387 |
| Series A, 6.88%, 02/01/55, (5-year CMT + <br> 2.386%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5360 | 5602717 |
| Series B, 3.60%, 03/15/27 | &nbsp;&nbsp; 1885 | 1868642 |
| Series C, 3.38%, 04/01/30 | &nbsp;&nbsp; 9052 | 8685857 |
| DTE Electric Co. |  |  |
| 2.25%, 03/01/30 | &nbsp;&nbsp; 3053 | 2816991 |
| 4.25%, 05/14/27 | &nbsp;&nbsp; 1250 | 1254989 |
| 4.85%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; 1950 | 1972542 |
| Series A, 1.90%, 04/01/28 | &nbsp;&nbsp; 3079 | 2921478 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | &nbsp;&nbsp; 3668 | 3614936 |
| 2.95%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1705 | 1606174 |
| 4.88%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4882 | 4965507 |
| 4.95%, 07/01/27 | &nbsp;&nbsp; 7213 | 7309126 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 6830 | 7003150 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 6730 | 6937005 |
| Series C, 3.40%, 06/15/29 | &nbsp;&nbsp; 2840 | 2746712 |
| Duke Energy Carolinas LLC |  |  |
| 2.45%, 08/15/29 | &nbsp;&nbsp; 2445 | 2298738 |
| 2.45%, 02/01/30 | &nbsp;&nbsp; 3025 | 2826192 |
| 2.95%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; 3432 | 3390691 |
| 3.95%, 11/15/28 | &nbsp;&nbsp; 4680 | 4677234 |
| 4.85%, 03/15/30 | &nbsp;&nbsp; 2745 | 2826059 |
| Series A, 6.00%, 12/01/28 | &nbsp;&nbsp; 2046 | 2155509 |
| Duke Energy Corp. |  |  |
| 2.45%, 06/01/30 | &nbsp;&nbsp; 4765 | 4380439 |
| 2.65%, 09/01/26 | &nbsp;&nbsp; 8702 | 8570608 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 4367 | 4289741 |
| 3.25%, 01/15/82, (5-year CMT + <br> 2.321%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2828 | 2727797 |
| 3.40%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3005 | 2916344 |
| 4.30%, 03/15/28 | &nbsp;&nbsp; 5376 | 5403315 |
| 4.85%, 01/05/27 | &nbsp;&nbsp; 2800 | 2824670 |
| 4.85%, 01/05/29<sup>(a)</sup> | &nbsp;&nbsp; 3770 | 3841055 |
| 5.00%, 12/08/27<sup>(a)</sup> | &nbsp;&nbsp; 3100 | 3157756 |
| Duke Energy Florida LLC |  |  |
| 1.75%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3045 | 2720244 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 4725 | 4436481 |
| 3.20%, 01/15/27 | &nbsp;&nbsp; 3748 | 3709190 |
| 3.80%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3278 | 3265931 |
| Duke Energy Ohio Inc. |  |  |
| 2.13%, 06/01/30 | &nbsp;&nbsp; 210 | 190749 |
| 3.65%, 02/01/29 | &nbsp;&nbsp; 2431 | 2392194 |
| Duke Energy Progress LLC |  |  |
| 3.45%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3802 | 3723672 |
| 3.70%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1485 | 1472316 |
| 4.35%, 03/06/27 | &nbsp;&nbsp; 2980 | 2998638 |
| Duquesne Light Holdings Inc., 3.62%, <br> 08/01/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2065 | 2024922 |
| Edison International |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 3225 | 3172699 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 2924 | 2952435 |
| 5.45%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2907 | 2939051 |
| 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3394 | 3455270 |
| 6.25%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3350 | 3484733 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 6.95%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; $3270 | $3469818 |
| EDP Finance BV, 1.71%, 01/24/28<sup>(b)</sup> | &nbsp;&nbsp; 5130 | 4844617 |
| Electricite de France SA |  |  |
| 4.50%, 09/21/28<sup>(b)</sup> | &nbsp;&nbsp; 6000 | 6044215 |
| 5.65%, 04/22/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5125 | 5336933 |
| 5.70%, 05/23/28<sup>(b)</sup> | &nbsp;&nbsp; 8620 | 8918658 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 3339 | 3318541 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 5865 | 5938031 |
| Enel Finance International NV |  |  |
| 2.13%, 07/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5845 | 5502811 |
| 3.50%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 6985 | 6851418 |
| 3.63%, 05/25/27<sup>(b)</sup> | &nbsp;&nbsp; 5665 | 5606420 |
| 4.63%, 06/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4225 | 4254773 |
| 4.88%, 06/14/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3320 | 3436420 |
| 5.13%, 06/26/29<sup>(b)</sup> | &nbsp;&nbsp; 7647 | 7837968 |
| Engie Energia Chile SA, 3.40%, 01/28/30<sup>(b)</sup> | &nbsp;&nbsp; 2920 | 2734258 |
| Engie SA, 5.25%, 04/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4735 | 4868136 |
| Entergy Arkansas LLC, 4.00%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1835 | 1834714 |
| Entergy Corp. |  |  |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 3787 | 3564903 |
| 2.80%, 06/15/30 | &nbsp;&nbsp; 3010 | 2803076 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 4343 | 4282110 |
| 7.13%, 12/01/54, (5-year CMT + 2.670%)<sup>(c)</sup> | &nbsp;&nbsp; 7015 | 7305796 |
| Entergy Louisiana LLC |  |  |
| 2.40%, 10/01/26 | &nbsp;&nbsp; 2378 | 2333874 |
| 3.12%, 09/01/27 | &nbsp;&nbsp; 2728 | 2680708 |
| 3.25%, 04/01/28 | &nbsp;&nbsp; 2542 | 2498328 |
| Entergy Mississippi LLC, 2.85%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2135 | 2073857 |
| Entergy Texas Inc., 4.00%, 03/30/29 | &nbsp;&nbsp; 1900 | 1891219 |
| Evergy Inc. |  |  |
| 2.90%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 4973860 |
| 6.65%, 06/01/55, (5-year CMT + <br> 2.558%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2520 | 2556834 |
| Evergy Kansas Central Inc. |  |  |
| 3.10%, 04/01/27 | &nbsp;&nbsp; 1740 | 1716558 |
| 4.70%, 03/13/28 | &nbsp;&nbsp; 1735 | 1756678 |
| Evergy Metro Inc., Series 2020, 2.25%, <br> 06/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 2340 | 2142539 |
| Evergy Missouri West Inc., 5.15%, <br> 12/15/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2128 | 2166764 |
| Eversource Energy |  |  |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 3665 | 3598847 |
| 4.60%, 07/01/27<sup>(a)</sup> | &nbsp;&nbsp; 3441 | 3463131 |
| 5.00%, 01/01/27 | &nbsp;&nbsp; 2070 | 2089568 |
| 5.45%, 03/01/28 | &nbsp;&nbsp; 7422 | 7633404 |
| 5.95%, 02/01/29 | &nbsp;&nbsp; 4305 | 4516082 |
| Series M, 3.30%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2635 | 2581037 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; 2792 | 2782783 |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; 2500 | 2192947 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | &nbsp;&nbsp; 3775 | 3697972 |
| 4.05%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7410 | 7329520 |
| 5.15%, 03/15/28 | &nbsp;&nbsp; 5525 | 5651810 |
| 5.15%, 03/15/29 | &nbsp;&nbsp; 3677 | 3783573 |
| Fells Point Funding Trust, 3.05%, 01/31/27<sup>(b)</sup> | &nbsp;&nbsp; 5789 | 5689497 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | &nbsp;&nbsp; 3535 | 3278975 |
| Series B, 3.90%, 07/15/27 | &nbsp;&nbsp; 8475 | 8413130 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 3.25%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1830 | 1785987 |
| 3.60%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1800 | 1752736 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.30%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $2535 | $2535374 |
| 5.20%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2415 | 2471400 |
| FirstEnergy Transmission LLC |  |  |
| 2.87%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 3020 | 2902725 |
| 4.55%, 01/15/30 | &nbsp;&nbsp; 2395 | 2414182 |
| Florida Power & Light Co. |  |  |
| 4.40%, 05/15/28 | &nbsp;&nbsp; 4592 | 4634799 |
| 4.63%, 05/15/30 | &nbsp;&nbsp; 3356 | 3420084 |
| 5.05%, 04/01/28 | &nbsp;&nbsp; 6079 | 6241525 |
| 5.15%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4702 | 4879187 |
| Series A, 3.30%, 05/30/27 | &nbsp;&nbsp; 1713 | 1694086 |
| Fortis Inc./Canada, 3.06%, 10/04/26<sup>(a)</sup> | &nbsp;&nbsp; 6433 | 6335397 |
| Georgia Power Co. |  |  |
| 3.25%, 03/30/27 | &nbsp;&nbsp; 2145 | 2119872 |
| 4.55%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3460 | 3514960 |
| 4.65%, 05/16/28 | &nbsp;&nbsp; 4174 | 4235747 |
| 5.00%, 02/23/27<sup>(a)</sup> | &nbsp;&nbsp; 2655 | 2692212 |
| Series B, 2.65%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4135 | 3911551 |
| Hanwha Futureproof Corp., 4.75%, 04/30/28<sup>(b)</sup> | &nbsp;&nbsp; 410 | 416598 |
| Indiana Michigan Power Co., 3.85%, 05/15/28 | &nbsp;&nbsp; 2040 | 2029489 |
| Infraestructura Energetica Nova SAPI de CV, <br> 3.75%, 01/14/28<sup>(b)</sup><br>| &nbsp;&nbsp; 1180 | 1157380 |
| Interstate Power & Light Co. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 1860 | 1696146 |
| 3.60%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1325 | 1300221 |
| 4.10%, 09/26/28 | &nbsp;&nbsp; 3315 | 3316487 |
| IPALCO Enterprises Inc., 4.25%, 05/01/30 | &nbsp;&nbsp; 2885 | 2817798 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30<sup>(b)</sup> | &nbsp;&nbsp; 4285 | 4026564 |
| 3.35%, 11/15/27 | &nbsp;&nbsp; 3340 | 3274950 |
| 4.95%, 09/22/27<sup>(b)</sup> | &nbsp;&nbsp; 4902 | 4965049 |
| Kallpa Generacion SA, 4.13%, 08/16/27<sup>(b)</sup> | &nbsp;&nbsp; 3834 | 3807690 |
| Liberty Utilities Co., 5.58%, 01/31/29<sup>(b)</sup> | &nbsp;&nbsp; 3100 | 3197623 |
| MidAmerican Energy Co. |  |  |
| 3.10%, 05/01/27 | &nbsp;&nbsp; 2255 | 2225857 |
| 3.65%, 04/15/29 | &nbsp;&nbsp; 5085 | 5016975 |
| Mid-Atlantic Interstate Transmission LLC, <br> 4.10%, 05/15/28<sup>(b)</sup><br>| &nbsp;&nbsp; 3535 | 3524326 |
| Minejesa Capital BV, 4.63%, 08/10/30<sup>(b)</sup> | &nbsp;&nbsp; 3596 | 3569353 |
| Mississippi Power Co., 3.95%, 03/30/28<sup>(a)</sup> | &nbsp;&nbsp; 1785 | 1783342 |
| Monongahela Power Co., 3.55%, 05/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2594 | 2565853 |
| Narragansett Electric Co. (The) |  |  |
| 3.40%, 04/09/30<sup>(b)</sup> | &nbsp;&nbsp; 3550 | 3410792 |
| 3.92%, 08/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1350 | 1344751 |
| National Grid PLC, 5.60%, 06/12/28 | &nbsp;&nbsp; 4375 | 4527962 |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 3145 | 2923736 |
| 3.05%, 04/25/27 | &nbsp;&nbsp; 2038 | 2005675 |
| 3.40%, 02/07/28<sup>(a)</sup> | &nbsp;&nbsp; 4570 | 4501833 |
| 3.70%, 03/15/29 | &nbsp;&nbsp; 2715 | 2678296 |
| 3.90%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1979 | 1967370 |
| 4.12%, 09/16/27 | &nbsp;&nbsp; 3071 | 3077953 |
| 4.75%, 02/07/28 | &nbsp;&nbsp; 3140 | 3189144 |
| 4.80%, 02/05/27 | &nbsp;&nbsp; 3340 | 3371538 |
| 4.80%, 03/15/28 | &nbsp;&nbsp; 3708 | 3780975 |
| 4.85%, 02/07/29<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 2943107 |
| 4.95%, 02/07/30<sup>(a)</sup> | &nbsp;&nbsp; 2935 | 3023913 |
| 5.05%, 09/15/28 | &nbsp;&nbsp; 2285 | 2344484 |
| 5.10%, 05/06/27<sup>(a)</sup> | &nbsp;&nbsp; 2645 | 2688656 |
| 5.15%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2851 | 2956677 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.60%, 11/13/26 | &nbsp;&nbsp; $2146 | $2178694 |
| 7.13%, 09/15/53, (5-year CMT + <br> 3.533%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1790 | 1879385 |
| Series D, 4.15%, 08/25/28 | &nbsp;&nbsp; 2850 | 2860297 |
| Nevada Power Co. |  |  |
| 6.25%, 05/15/55, (5-year CMT + 1.936%)<sup>(c)</sup> | &nbsp;&nbsp; 1025 | 1028349 |
| Series CC, 3.70%, 05/01/29 | &nbsp;&nbsp; 2490 | 2451232 |
| Series DD, 2.40%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2645 | 2446746 |
| New York State Electric & Gas Corp. |  |  |
| 3.25%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 2160 | 2134358 |
| 5.65%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2140 | 2223205 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 1.88%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 5897 | 5715386 |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 8650 | 8158828 |
| 2.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 10680 | 9736457 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 5735 | 5416315 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 3210 | 3136115 |
| 3.55%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; 8295 | 8209620 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(c)</sup> | &nbsp;&nbsp; 3205 | 3088553 |
| 4.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 7108 | 7169011 |
| 4.69%, 09/01/27<sup>(a)</sup> | &nbsp;&nbsp; 3040 | 3068730 |
| 4.80%, 12/01/77<sup>(c)</sup> | &nbsp;&nbsp; 3120 | 3009020 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; 5950 | 6047946 |
| 4.90%, 02/28/28 | &nbsp;&nbsp; 7370 | 7495525 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 5625 | 5744824 |
| 5.00%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp; 4165 | 4294722 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 6383 | 6570769 |
| 5.65%, 05/01/79<sup>(a)(c)</sup> | &nbsp;&nbsp; 2786 | 2778255 |
| 6.38%, 08/15/55, (5-year CMT + 2.053%)<sup>(c)</sup> | &nbsp;&nbsp; 6000 | 6185286 |
| 6.70%, 09/01/54, (5-year CMT + 2.364%)<sup>(c)</sup> | &nbsp;&nbsp; 4495 | 4617309 |
| Niagara Mohawk Power Corp. |  |  |
| 1.96%, 06/27/30<sup>(b)</sup> | &nbsp;&nbsp; 3400 | 3042326 |
| 4.28%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2735 | 2734201 |
| NorthWestern Corp., 5.07%, 03/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1895 | 1941798 |
| NRG Energy Inc. |  |  |
| 2.45%, 12/02/27<sup>(b)</sup> | &nbsp;&nbsp; 4965 | 4740314 |
| 4.45%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2895 | 2867174 |
| NSTAR Electric Co. |  |  |
| 3.20%, 05/15/27 | &nbsp;&nbsp; 3896 | 3842402 |
| 3.25%, 05/15/29 | &nbsp;&nbsp; 2945 | 2858149 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 2090 | 2071476 |
| 4.85%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2670 | 2734304 |
| OGE Energy Corp., 5.45%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2020 | 2099133 |
| Ohio Edison Co., 4.95%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1805 | 1844795 |
| Ohio Power Co., Series P, 2.60%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1445 | 1344233 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.25%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2015 | 1935466 |
| 3.30%, 03/15/30 | &nbsp;&nbsp; 1735 | 1663325 |
| 3.80%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2430 | 2417025 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.75%, 05/15/30 | &nbsp;&nbsp; 3865 | 3621884 |
| 3.70%, 11/15/28 | &nbsp;&nbsp; 3715 | 3679371 |
| 4.30%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2325 | 2342918 |
| 4.50%, 03/20/27<sup>(b)</sup> | &nbsp;&nbsp; 2905 | 2924991 |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 3580 | 3640063 |
| Pacific Gas and Electric Co. |  |  |
| 2.10%, 08/01/27 | &nbsp;&nbsp; 5618 | 5384096 |
| 3.00%, 06/15/28 | &nbsp;&nbsp; 4702 | 4531301 |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 2365 | 2326107 |
| 3.30%, 12/01/27 | &nbsp;&nbsp; 6566 | 6410062 |
| 3.75%, 07/01/28 | &nbsp;&nbsp; 4723 | 4634135 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.20%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; $2256 | $2233835 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 19860 | 19668997 |
| 4.65%, 08/01/28 | &nbsp;&nbsp; 1682 | 1683759 |
| 5.00%, 06/04/28 | &nbsp;&nbsp; 2225 | 2256785 |
| 5.45%, 06/15/27 | &nbsp;&nbsp; 2622 | 2661314 |
| 5.55%, 05/15/29 | &nbsp;&nbsp; 5052 | 5194272 |
| 6.10%, 01/15/29 | &nbsp;&nbsp; 4717 | 4922121 |
| PacifiCorp |  |  |
| 3.50%, 06/15/29 | &nbsp;&nbsp; 2350 | 2286188 |
| 5.10%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2925 | 2995783 |
| Palomino Funding Trust I, 7.23%, 05/17/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2845 | 3021491 |
| Pertamina Geothermal Energy PT, 5.15%, <br> 04/27/28<sup>(b)</sup><br>| &nbsp;&nbsp; 2515 | 2551715 |
| Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 3.00%, 06/30/30<sup>(b)</sup> | &nbsp;&nbsp; 2715 | 2533723 |
| 3.38%, 02/05/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3960 | 3787861 |
| 3.88%, 07/17/29<sup>(b)</sup> | &nbsp;&nbsp; 3313 | 3244149 |
| 4.13%, 05/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 10705 | 10665087 |
| 5.38%, 01/25/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2155 | 2217105 |
| 5.45%, 05/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5590 | 5735821 |
| Pinnacle West Capital Corp. |  |  |
| 4.90%, 05/15/28 | &nbsp;&nbsp; 2500 | 2537346 |
| 5.15%, 05/15/30 | &nbsp;&nbsp; 1595 | 1640858 |
| PPL Capital Funding Inc., 4.13%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2325 | 2303228 |
| PSEG Power LLC, 5.20%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4700 | 4835864 |
| Public Service Co. of Colorado, 3.70%, <br> 06/15/28<br>| &nbsp;&nbsp; 1675 | 1664161 |
| Public Service Co. of New Hampshire, 4.40%, <br> 07/01/28<br>| &nbsp;&nbsp; 1835 | 1854194 |
| Public Service Electric & Gas Co. |  |  |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 2473 | 2427045 |
| 2.45%, 01/15/30 | &nbsp;&nbsp; 2065 | 1925092 |
| 3.00%, 05/15/27 | &nbsp;&nbsp; 2459 | 2421995 |
| 3.20%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2109 | 2048048 |
| 3.65%, 09/01/28 | &nbsp;&nbsp; 1519 | 1503418 |
| 3.70%, 05/01/28 | &nbsp;&nbsp; 1445 | 1437199 |
| Public Service Enterprise Group Inc. |  |  |
| 1.60%, 08/15/30 | &nbsp;&nbsp; 2130 | 1860044 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 3685 | 3767670 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 4525 | 4666972 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 4120 | 4269502 |
| 5.88%, 10/15/28 | &nbsp;&nbsp; 3565 | 3732298 |
| Puget Energy Inc. |  |  |
| 2.38%, 06/15/28 | &nbsp;&nbsp; 3232 | 3066831 |
| 4.10%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2835 | 2763828 |
| Puget Sound Energy Inc., 7.02%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1265 | 1344524 |
| Rochester Gas and Electric Corp., 3.10%, <br> 06/01/27<sup>(b)</sup><br>| &nbsp;&nbsp; 2860 | 2816872 |
| San Diego Gas & Electric Co., 4.95%, 08/15/28 | &nbsp;&nbsp; 3640 | 3735823 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 4203 | 4131069 |
| 3.40%, 02/01/28 | &nbsp;&nbsp; 5909 | 5786557 |
| 3.70%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 2573028 |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(c)</sup> | &nbsp;&nbsp; 5828 | 5648248 |
| 6.63%, 04/01/55, (5-year CMT + 2.354%)<sup>(c)</sup> | &nbsp;&nbsp; 1635 | 1639534 |
| 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(c)</sup> | &nbsp;&nbsp; 6760 | 6859676 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 2060 | 1852642 |
| 2.85%, 08/01/29 | &nbsp;&nbsp; 2935 | 2762397 |
| 4.40%, 09/06/26<sup>(a)</sup> | &nbsp;&nbsp; 2578 | 2579590 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.88%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; $2890 | $2914327 |
| 5.15%, 06/01/29 | &nbsp;&nbsp; 3435 | 3506000 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 5455 | 5581465 |
| 5.30%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3880 | 3965784 |
| 5.65%, 10/01/28 | &nbsp;&nbsp; 3303 | 3419783 |
| 5.85%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp; 4380 | 4512247 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 1820 | 1913932 |
| Series A, 4.20%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2835 | 2810738 |
| Series B, 3.65%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2425 | 2385567 |
| Series D, 4.70%, 06/01/27 | &nbsp;&nbsp; 3438 | 3456579 |
| Southern Co. (The) |  |  |
| 4.85%, 06/15/28 | &nbsp;&nbsp; 4315 | 4401370 |
| 5.11%, 08/01/27 | &nbsp;&nbsp; 4848 | 4941071 |
| 5.50%, 03/15/29 | &nbsp;&nbsp; 5845 | 6093050 |
| Series 21-A, 3.75%, 09/15/51, (5-year CMT + <br> 2.915%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5744 | 5657306 |
| Series 21-B, 1.75%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2415 | 2279678 |
| Series A, 3.70%, 04/30/30 | &nbsp;&nbsp; 5585 | 5450736 |
| Southwestern Electric Power Co. |  |  |
| Series K, 2.75%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 2253 | 2215294 |
| Series M, 4.10%, 09/15/28 | &nbsp;&nbsp; 3370 | 3363911 |
| SP Group Treasury Pte Ltd. |  |  |
| 3.38%, 02/27/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4540 | 4447274 |
| 4.63%, 11/21/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1440 | 1475010 |
| SP PowerAssets Ltd., 3.00%, 09/26/27<sup>(b)</sup> | &nbsp;&nbsp; 4285 | 4201498 |
| State Grid Overseas Investment BVI Ltd. |  |  |
| 3.50%, 05/04/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 17163 | 17060041 |
| 4.25%, 05/02/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5155 | 5195542 |
| System Energy Resources Inc., 6.00%, <br> 04/15/28<br>| &nbsp;&nbsp; 2069 | 2155407 |
| Tampa Electric Co., 4.90%, 03/01/29 | &nbsp;&nbsp; 3235 | 3311401 |
| Transelec SA, 3.88%, 01/12/29<sup>(b)</sup> | &nbsp;&nbsp; 180 | 175985 |
| Union Electric Co. |  |  |
| 2.95%, 06/15/27 | &nbsp;&nbsp; 2316 | 2277681 |
| 2.95%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2765 | 2632595 |
| 3.50%, 03/15/29 | &nbsp;&nbsp; 2505 | 2455980 |
| Virginia Electric & Power Co. |  |  |
| Series A, 2.88%, 07/15/29 | &nbsp;&nbsp; 2854 | 2731816 |
| Series A, 3.50%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4431 | 4396487 |
| Series A, 3.80%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3789 | 3778184 |
| Series B, 2.95%, 11/15/26 | &nbsp;&nbsp; 2389 | 2354882 |
| Series B, 3.75%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2949 | 2934287 |
| Vistra Operations Co. LLC |  |  |
| 3.70%, 01/30/27<sup>(b)</sup> | &nbsp;&nbsp; 4607 | 4562817 |
| 4.30%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 4780 | 4732781 |
| 5.05%, 12/30/26<sup>(b)</sup> | &nbsp;&nbsp; 665 | 669897 |
| WEC Energy Group Inc. |  |  |
| 1.38%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2918 | 2762411 |
| 2.20%, 12/15/28 | &nbsp;&nbsp; 3002 | 2821258 |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2860 | 2903857 |
| 5.15%, 10/01/27 | &nbsp;&nbsp; 2515 | 2561545 |
| 5.60%, 09/12/26 | &nbsp;&nbsp; 1654 | 1674516 |
| Wisconsin Electric Power Co. |  |  |
| 1.70%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 824 | 776058 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 2065 | 2128672 |
| Wisconsin Power and Light Co. |  |  |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 2014 | 1928509 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 2094 | 2046365 |
| Wisconsin Public Service Corp., 4.55%, <br> 12/01/29<br>| &nbsp;&nbsp; 1950 | 1984911 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Xcel Energy Inc. |  |  |
| 1.75%, 03/15/27 | &nbsp;&nbsp; $2934 | $2828187 |
| 2.60%, 12/01/29 | &nbsp;&nbsp; 3025 | 2821020 |
| 3.35%, 12/01/26 | &nbsp;&nbsp; 2815 | 2782998 |
| 3.40%, 06/01/30 | &nbsp;&nbsp; 3113 | 2981044 |
| 4.00%, 06/15/28 | &nbsp;&nbsp; 3670 | 3663372 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 2220 | 2247425 |
|  |  | 1294848755 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| ABB Finance USA Inc., 3.80%, 04/03/28<sup>(a)</sup> | &nbsp;&nbsp; 970 | 972466 |
| Emerson Electric Co. |  |  |
| 0.88%, 10/15/26 | &nbsp;&nbsp; 4049 | 3913990 |
| 1.80%, 10/15/27 | &nbsp;&nbsp; 2924 | 2800665 |
| 2.00%, 12/21/28<sup>(a)</sup> | &nbsp;&nbsp; 6255 | 5886213 |
| Molex Electronic Technologies LLC, 4.75%, <br> 04/30/28<sup>(b)</sup><br>| &nbsp;&nbsp; 2225 | 2248561 |
|  |  | 15821895 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 2970 | 2873245 |
| Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 | &nbsp;&nbsp; 2415 | 2377311 |
| Amphenol Corp. |  |  |
| 2.80%, 02/15/30 | &nbsp;&nbsp; 2925 | 2766646 |
| 4.35%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 3153885 |
| 4.38%, 06/12/28 | &nbsp;&nbsp; 2315 | 2337114 |
| 5.05%, 04/05/27<sup>(a)</sup> | &nbsp;&nbsp; 3420 | 3471833 |
| 5.05%, 04/05/29 | &nbsp;&nbsp; 2884 | 2973819 |
| Arrow Electronics Inc. |  |  |
| 3.88%, 01/12/28<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 3084367 |
| 5.15%, 08/21/29<sup>(a)</sup> | &nbsp;&nbsp; 3315 | 3390966 |
| Avnet Inc., 6.25%, 03/15/28 | &nbsp;&nbsp; 3005 | 3129204 |
| Flex Ltd. |  |  |
| 4.88%, 06/15/29 | &nbsp;&nbsp; 3789 | 3831107 |
| 4.88%, 05/12/30 | &nbsp;&nbsp; 3750 | 3790453 |
| 6.00%, 01/15/28 | &nbsp;&nbsp; 2485 | 2573267 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 5430 | 5195048 |
| 1.95%, 06/01/30 | &nbsp;&nbsp; 4835 | 4371792 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 8277 | 8130430 |
| 2.70%, 08/15/29 | &nbsp;&nbsp; 4630 | 4402948 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 4015 | 4040660 |
| 4.65%, 07/30/27 | &nbsp;&nbsp; 6520 | 6599228 |
| 4.70%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6455 | 6577806 |
| 4.88%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3114 | 3207240 |
| 4.95%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3321 | 3398392 |
| Hubbell Inc. |  |  |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 1525 | 1494570 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 2605 | 2563896 |
| Jabil Inc. |  |  |
| 3.60%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3215 | 3088820 |
| 3.95%, 01/12/28 | &nbsp;&nbsp; 2980 | 2954553 |
| 4.25%, 05/15/27 | &nbsp;&nbsp; 2983 | 2983357 |
| 5.45%, 02/01/29 | &nbsp;&nbsp; 1970 | 2024764 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 2737 | 2598443 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 4094 | 4112745 |
| 5.35%, 07/30/30 | &nbsp;&nbsp; 5032 | 5228056 |
| TD SYNNEX Corp., 2.38%, 08/09/28<sup>(a)</sup> | &nbsp;&nbsp; 2320 | 2198785 |
| Trimble Inc., 4.90%, 06/15/28 | &nbsp;&nbsp; 3660 | 3712826 |
| Tyco Electronics Group SA |  |  |
| 3.13%, 08/15/27 | &nbsp;&nbsp; 2359 | 2316796 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| 4.63%, 02/01/30 | &nbsp;&nbsp; $2620 | $2668043 |
| Vontier Corp., 2.40%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3290 | 3126955 |
|  |  | 126749370 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| Hanwha Energy USA Holdings Corp., 4.38%, <br> 07/02/28<sup>(b)</sup><br>| &nbsp;&nbsp; 185 | 186270 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| Jacobs Engineering Group Inc., 6.35%, <br> 08/18/28<br>| &nbsp;&nbsp; 3632 | 3829162 |
| MasTec Inc. |  |  |
| 4.50%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2700 | 2683502 |
| 5.90%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3100 | 3238049 |
| Mexico City Airport Trust |  |  |
| 3.88%, 04/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5735 | 5590650 |
| 4.25%, 10/31/26<sup>(b)</sup> | &nbsp;&nbsp; 3939 | 3916587 |
| Sitios Latinoamerica SAB de CV, 6.00%, <br> 11/25/29<sup>(b)</sup><br>| &nbsp;&nbsp; 610 | 628651 |
| Ste Transcore Holdings Inc., 3.38%, 05/05/27<sup>(b)</sup> | &nbsp;&nbsp; 6625 | 6556723 |
| Vinci SA, 3.75%, 04/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6288 | 6173465 |
|  |  | 32616789 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Flutter Treasury Designated Activity Co., 6.38%, <br> 04/29/29<sup>(b)</sup><br>| &nbsp;&nbsp; 2635 | 2729689 |
| WMG Acquisition Corp. |  |  |
| 3.75%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3615 | 3430580 |
| 3.88%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2560 | 2432533 |
|  |  | 8592802 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| GFL Environmental Inc., 3.50%, 09/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 450 | 435863 |
| Republic Services Inc. |  |  |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 3710 | 3429760 |
| 3.38%, 11/15/27 | &nbsp;&nbsp; 3730 | 3687257 |
| 3.95%, 05/15/28 | &nbsp;&nbsp; 4847 | 4845328 |
| 4.75%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2100 | 2155804 |
| 4.88%, 04/01/29 | &nbsp;&nbsp; 4775 | 4896523 |
| 5.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3010 | 3110921 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; 4245 | 4383569 |
| 5.50%, 09/18/26<sup>(a)</sup> | &nbsp;&nbsp; 3810 | 3849472 |
| Waste Connections Inc. |  |  |
| 2.60%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3725 | 3501532 |
| 3.50%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3135 | 3085296 |
| 4.25%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3260 | 3283718 |
| Waste Management Inc. |  |  |
| 1.15%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2900 | 2707728 |
| 2.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2710 | 2519904 |
| 3.15%, 11/15/27 | &nbsp;&nbsp; 4341 | 4267697 |
| 3.88%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2960 | 2936828 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 5240 | 5305046 |
| 4.63%, 02/15/30 | &nbsp;&nbsp; 4621 | 4706399 |
| 4.65%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4205 | 4288278 |
| 4.88%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4415 | 4540848 |
| 4.95%, 07/03/27 | &nbsp;&nbsp; 4026 | 4097381 |
| 7.00%, 07/15/28 | &nbsp;&nbsp; 1850 | 1995274 |
|  |  | 78030426 |
| **Food — 1.7%** | **Food — 1.7%** | **Food — 1.7%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 2975 | 3243332 |
| Bimbo Bakeries USA Inc., 6.05%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2260 | 2371079 |
| Cencosud SA, 4.38%, 07/17/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4905 | 4887747 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| CK Hutchison International 20 Ltd., 2.50%, <br> 05/08/30<sup>(b)</sup><br>| &nbsp;&nbsp; $350 | $324336 |
| Conagra Brands Inc. |  |  |
| 1.38%, 11/01/27 | &nbsp;&nbsp; 5592 | 5243853 |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 7325 | 7403979 |
| 5.00%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2825 | 2848787 |
| 5.30%, 10/01/26 | &nbsp;&nbsp; 2730 | 2755268 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 2465 | 2631699 |
| 7.13%, 10/01/26 | &nbsp;&nbsp; 1605 | 1646832 |
| Danone SA, 2.95%, 11/02/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 11534 | 11369367 |
| Flowers Foods Inc., 3.50%, 10/01/26 | &nbsp;&nbsp; 2090 | 2065641 |
| General Mills Inc. |  |  |
| 2.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1120 | 1053778 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 4307 | 4248788 |
| 4.20%, 04/17/28<sup>(a)</sup> | &nbsp;&nbsp; 8421 | 8427674 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 2971 | 2988883 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 6230 | 6369933 |
| 5.50%, 10/17/28<sup>(a)</sup> | &nbsp;&nbsp; 3422 | 3557117 |
| Hershey Co. (The) |  |  |
| 1.70%, 06/01/30 | &nbsp;&nbsp; 1520 | 1361150 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 2070 | 1940436 |
| 4.25%, 05/04/28<sup>(a)</sup> | &nbsp;&nbsp; 2735 | 2760530 |
| 4.55%, 02/24/28<sup>(a)</sup> | &nbsp;&nbsp; 2320 | 2357732 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 3590 | 3684124 |
| Hormel Foods Corp. |  |  |
| 1.70%, 06/03/28 | &nbsp;&nbsp; 4722 | 4436670 |
| 1.80%, 06/11/30<sup>(a)</sup> | &nbsp;&nbsp; 5610 | 5024512 |
| 4.80%, 03/30/27 | &nbsp;&nbsp; 2980 | 3011866 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 3860 | 3612227 |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 3042 | 3008590 |
| J.M. Smucker Co. (The) |  |  |
| 2.38%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1915 | 1763100 |
| 3.38%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3433 | 3382985 |
| 5.90%, 11/15/28 | &nbsp;&nbsp; 4952 | 5198385 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 3.00%, 02/02/29<sup>(a)</sup><br>| &nbsp;&nbsp; 4005 | 3830791 |
| Kellanova |  |  |
| 2.10%, 06/01/30 | &nbsp;&nbsp; 2695 | 2444120 |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 4335 | 4275790 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 4565 | 4593675 |
| Kraft Heinz Foods Co. |  |  |
| 3.75%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4720 | 4579693 |
| 3.88%, 05/15/27 | &nbsp;&nbsp; 7807 | 7756268 |
| 4.63%, 01/30/29<sup>(a)</sup> | &nbsp;&nbsp; 2560 | 2583946 |
| Kroger Co. (The) |  |  |
| 2.20%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2835 | 2593657 |
| 2.65%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; 4396 | 4323029 |
| 3.70%, 08/01/27 | &nbsp;&nbsp; 3074 | 3051933 |
| 4.50%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4310 | 4363266 |
| 8.00%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 400 | 450619 |
| Series B, 7.70%, 06/01/29 | &nbsp;&nbsp; 1915 | 2143730 |
| Mars Inc. |  |  |
| 3.20%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5080 | 4857158 |
| 4.45%, 03/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 11110 | 11177005 |
| 4.55%, 04/20/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5748 | 5820668 |
| 4.60%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 18545 | 18775990 |
| 4.80%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 26485 | 26991091 |
| McCormick & Co. Inc./MD |  |  |
| 2.50%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3060 | 2824143 |
| 3.40%, 08/15/27 | &nbsp;&nbsp; 4368 | 4312276 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Mondelez International Holdings Netherlands <br> BV, 1.25%, 09/24/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1980 | $1919210 |
| Mondelez International Inc. |  |  |
| 2.63%, 03/17/27 | &nbsp;&nbsp; 3985 | 3895408 |
| 2.75%, 04/13/30<sup>(a)</sup> | &nbsp;&nbsp; 4065 | 3805875 |
| 4.13%, 05/07/28 | &nbsp;&nbsp; 3163 | 3168469 |
| 4.25%, 05/06/28<sup>(a)</sup> | &nbsp;&nbsp; 2790 | 2799036 |
| 4.50%, 05/06/30<sup>(a)</sup> | &nbsp;&nbsp; 3650 | 3675975 |
| 4.75%, 02/20/29<sup>(a)</sup> | &nbsp;&nbsp; 3575 | 3657122 |
| Nestle Capital Corp., 4.65%, 03/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3755 | 3837923 |
| Nestle Holdings Inc. |  |  |
| 1.00%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6438 | 6076413 |
| 1.15%, 01/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3063 | 2952935 |
| 1.50%, 09/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5910 | 5513347 |
| 3.63%, 09/24/28<sup>(b)</sup> | &nbsp;&nbsp; 7415 | 7352248 |
| 4.13%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp; 3185 | 3199536 |
| 4.25%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2565 | 2591173 |
| 4.95%, 03/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3580 | 3686697 |
| 5.00%, 03/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4963 | 5090103 |
| 5.00%, 09/12/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2682 | 2759794 |
| Sigma Finance Netherlands BV, 4.88%, <br> 03/27/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1340 | 1347168 |
| Smithfield Foods Inc. |  |  |
| 4.25%, 02/01/27<sup>(b)</sup> | &nbsp;&nbsp; 2900 | 2873606 |
| 5.20%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 950 | 962534 |
| Sysco Corp. |  |  |
| 2.40%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4180 | 3862148 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 4433 | 4372439 |
| 5.75%, 01/17/29 | &nbsp;&nbsp; 3540 | 3710100 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 4275 | 4546959 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 2032 | 1855727 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 6104 | 6103968 |
| 5.20%, 03/19/27 | &nbsp;&nbsp; 2945 | 2989779 |
| 5.20%, 03/21/29 | &nbsp;&nbsp; 4030 | 4138546 |
| Tyson Foods Inc. |  |  |
| 3.55%, 06/02/27 | &nbsp;&nbsp; 7782 | 7699921 |
| 4.35%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5565 | 5567040 |
| 5.40%, 03/15/29 | &nbsp;&nbsp; 3845 | 3983703 |
|  |  | 356724150 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Sodexo Inc., 5.15%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2600 | 2668913 |
| **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 3.88%, 11/02/27 | &nbsp;&nbsp; 3020 | 2969217 |
| 4.20%, 01/29/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3105 | 2963424 |
| 4.25%, 04/30/29<sup>(b)</sup> | &nbsp;&nbsp; 2027 | 1964897 |
| Georgia-Pacific LLC |  |  |
| 2.10%, 04/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3695 | 3584151 |
| 2.30%, 04/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5205 | 4792607 |
| 4.40%, 06/30/28<sup>(b)</sup> | &nbsp;&nbsp; 3150 | 3178256 |
| 7.25%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1455 | 1570920 |
| 7.75%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3645 | 4143797 |
| Inversiones CMPC SA |  |  |
| 3.85%, 01/13/30<sup>(b)</sup> | &nbsp;&nbsp; 2620 | 2512358 |
| 4.38%, 04/04/27<sup>(b)</sup> | &nbsp;&nbsp; 2663 | 2650772 |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | &nbsp;&nbsp; 2510 | 2344943 |
| 5.00%, 01/15/30 | &nbsp;&nbsp; 5885 | 5874247 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 9536 | 9811600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** |
| Suzano International Finance BV, 5.50%, <br> 01/17/27<br>| &nbsp;&nbsp; $4410 | $4459454 |
| UPM-Kymmene OYJ, 7.45%, 11/26/27<sup>(b)</sup> | &nbsp;&nbsp; 1115 | 1180283 |
|  |  | 54000926 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| APA Infrastructure Ltd., 4.25%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5147 | 5143162 |
| Atmos Energy Corp. |  |  |
| 2.63%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2825 | 2668802 |
| 3.00%, 06/15/27 | &nbsp;&nbsp; 2726 | 2683784 |
| Boston Gas Co. |  |  |
| 3.00%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 2795 | 2668912 |
| 3.15%, 08/01/27<sup>(b)</sup> | &nbsp;&nbsp; 3065 | 3006105 |
| Brooklyn Union Gas Co. (The) |  |  |
| 3.87%, 03/04/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3400 | 3339446 |
| 4.63%, 08/05/27<sup>(b)</sup> | &nbsp;&nbsp; 1810 | 1821393 |
| CenterPoint Energy Resources Corp. |  |  |
| 4.00%, 04/01/28 | &nbsp;&nbsp; 1795 | 1787766 |
| 5.25%, 03/01/28 | &nbsp;&nbsp; 5330 | 5471976 |
| East Ohio Gas Co. (The), 2.00%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2820 | 2530130 |
| ENN Energy Holdings Ltd., 4.63%, <br> 05/17/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3585 | 3596339 |
| Grupo Energia Bogota SA ESP, 4.88%, <br> 05/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 2200 | 2193378 |
| Korea Gas Corp., 2.88%, 07/16/29<sup>(b)</sup> | &nbsp;&nbsp; 1795 | 1719570 |
| National Fuel Gas Co. |  |  |
| 3.95%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2188 | 2164995 |
| 4.75%, 09/01/28 | &nbsp;&nbsp; 1715 | 1720341 |
| 5.50%, 10/01/26 | &nbsp;&nbsp; 2045 | 2066201 |
| 5.50%, 03/15/30 | &nbsp;&nbsp; 3170 | 3275210 |
| NiSource Inc. |  |  |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 4934 | 4707557 |
| 3.49%, 05/15/27 | &nbsp;&nbsp; 5956 | 5893244 |
| 3.60%, 05/01/30 | &nbsp;&nbsp; 5875 | 5693119 |
| 5.20%, 07/01/29 | &nbsp;&nbsp; 3561 | 3673878 |
| 5.25%, 03/30/28<sup>(a)</sup> | &nbsp;&nbsp; 6335 | 6509305 |
| 6.95%, 11/30/54, (5-year CMT + <br> 2.451%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1925 | 2001594 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1460 | 1327459 |
| 5.10%, 04/01/29 | &nbsp;&nbsp; 3570 | 3682238 |
| Piedmont Natural Gas Co. Inc., 3.50%, <br> 06/01/29<br>| &nbsp;&nbsp; 3580 | 3489526 |
| Promigas SA ESP/Gases del Pacifico SAC, <br> 3.75%, 10/16/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2955 | 2784638 |
| Snam SpA, 5.00%, 05/28/30<sup>(b)</sup> | &nbsp;&nbsp; 4315 | 4372666 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27 | &nbsp;&nbsp; 4060 | 3987489 |
| Series XX, 2.55%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3990 | 3717212 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2665 | 2414309 |
| 3.70%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1164 | 1148844 |
| 5.45%, 03/23/28 | &nbsp;&nbsp; 1882 | 1935754 |
| 5.80%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1850 | 1904984 |
|  |  | 107101326 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Kennametal Inc., 4.63%, 06/15/28 | &nbsp;&nbsp; 1735 | 1747424 |
| Snap-on Inc., 3.25%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1588 | 1569768 |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4630 | 4217346 |
| 4.25%, 11/15/28 | &nbsp;&nbsp; 3045 | 3051142 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Hand & Machine Tools (continued)** | **Hand & Machine Tools (continued)** | **Hand & Machine Tools (continued)** |
| 6.00%, 03/06/28 | &nbsp;&nbsp; $2453 | $2554562 |
|  |  | 13140242 |
| **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** |
| Abbott Laboratories |  |  |
| 1.15%, 01/30/28 | &nbsp;&nbsp; 4215 | 3963700 |
| 1.40%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 3445945 |
| 3.75%, 11/30/26 | &nbsp;&nbsp; 9869 | 9849909 |
| Agilent Technologies Inc. |  |  |
| 2.10%, 06/04/30 | &nbsp;&nbsp; 3070 | 2779738 |
| 2.75%, 09/15/29 | &nbsp;&nbsp; 3355 | 3175246 |
| 3.05%, 09/22/26 | &nbsp;&nbsp; 1909 | 1884302 |
| 4.20%, 09/09/27<sup>(a)</sup> | &nbsp;&nbsp; 3295 | 3296314 |
| Alcon Finance Corp. |  |  |
| 2.60%, 05/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3820 | 3544008 |
| 2.75%, 09/23/26<sup>(b)</sup> | &nbsp;&nbsp; 2969 | 2915077 |
| 3.00%, 09/23/29<sup>(b)</sup> | &nbsp;&nbsp; 6925 | 6604149 |
| Baxter International Inc. |  |  |
| 1.92%, 02/01/27 | &nbsp;&nbsp; 8237 | 7966977 |
| 2.27%, 12/01/28 | &nbsp;&nbsp; 7735 | 7258628 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 2485 | 2440664 |
| Boston Scientific Corp. |  |  |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 7065 | 6596487 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 1150 | 1152686 |
| 4.00%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2150 | 2144435 |
| Dentsply Sirona Inc., 3.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3990 | 3664753 |
| DH Europe Finance II SARL, 2.60%, 11/15/29 | &nbsp;&nbsp; 5295 | 4984012 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | &nbsp;&nbsp; 3830 | 3852095 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | &nbsp;&nbsp; 5780 | 5900889 |
| 5.65%, 11/15/27 | &nbsp;&nbsp; 10330 | 10651926 |
| 5.86%, 03/15/30 | &nbsp;&nbsp; 5820 | 6179685 |
| Medtronic Global Holdings SCA, 4.25%, <br> 03/30/28<br>| &nbsp;&nbsp; 6138 | 6184545 |
| Olympus Corp., 2.14%, 12/08/26<sup>(b)</sup> | &nbsp;&nbsp; 2987 | 2907706 |
| Revvity Inc. |  |  |
| 1.90%, 09/15/28 | &nbsp;&nbsp; 2635 | 2451492 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 5350 | 5111226 |
| Smith & Nephew PLC, 5.15%, 03/20/27<sup>(a)</sup> | &nbsp;&nbsp; 2215 | 2245850 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; 9464 | 9867470 |
| 5.45%, 02/25/27 | &nbsp;&nbsp; 5965 | 6079356 |
| Stryker Corp. |  |  |
| 1.95%, 06/15/30 | &nbsp;&nbsp; 5725 | 5166640 |
| 3.65%, 03/07/28 | &nbsp;&nbsp; 3653 | 3625069 |
| 4.25%, 09/11/29<sup>(a)</sup> | &nbsp;&nbsp; 4600 | 4615444 |
| 4.55%, 02/10/27<sup>(a)</sup> | &nbsp;&nbsp; 3042 | 3066840 |
| 4.70%, 02/10/28 | &nbsp;&nbsp; 4150 | 4211537 |
| 4.85%, 12/08/28 | &nbsp;&nbsp; 4040 | 4139401 |
| 4.85%, 02/10/30 | &nbsp;&nbsp; 4795 | 4919780 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.75%, 10/15/28 | &nbsp;&nbsp; 4005 | 3744363 |
| 2.60%, 10/01/29 | &nbsp;&nbsp; 5990 | 5675170 |
| 4.80%, 11/21/27<sup>(a)</sup> | &nbsp;&nbsp; 3934 | 4000098 |
| 4.98%, 08/10/30 | &nbsp;&nbsp; 1067 | 1104252 |
| 5.00%, 12/05/26 | &nbsp;&nbsp; 5715 | 5778496 |
| 5.00%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 6030 | 6209772 |
| Zimmer Biomet Holdings Inc. |  |  |
| 3.55%, 03/20/30 | &nbsp;&nbsp; 1550 | 1492775 |
| 4.70%, 02/19/27 | &nbsp;&nbsp; 3385 | 3409061 |
| 5.05%, 02/19/30 | &nbsp;&nbsp; 3690 | 3797589 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 5.35%, 12/01/28 | &nbsp;&nbsp; $3565 | $3691745 |
|  |  | 207747302 |
| **Health Care - Services — 2.0%** | **Health Care - Services — 2.0%** | **Health Care - Services — 2.0%** |
| Adventist Health System/West, 2.95%, <br> 03/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 1900 | 1790563 |
| Advocate Health & Hospitals Corp., 3.83%, <br> 08/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 2590 | 2576043 |
| Ascension Health, Series B, 2.53%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1655 | 1556615 |
| Banner Health, 2.34%, 01/01/30 | &nbsp;&nbsp; 210 | 194668 |
| Bon Secours Mercy Health Inc. |  |  |
| 3.46%, 06/01/30 | &nbsp;&nbsp; 85 | 82293 |
| Series 2018, 4.30%, 07/01/28 | &nbsp;&nbsp; 395 | 396068 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 12672 | 11706855 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 11440 | 10425311 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 13383 | 13069224 |
| 4.63%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 19130 | 18424451 |
| CHRISTUS Health, Series C, 4.34%, <br> 07/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 495 | 496822 |
| Cigna Group (The) |  |  |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 7650 | 7051419 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 3356 | 3285318 |
| 3.40%, 03/01/27 | &nbsp;&nbsp; 7289 | 7210777 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 21687 | 21804601 |
| 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6271 | 6442281 |
| CommonSpirit Health, 3.35%, 10/01/29 | &nbsp;&nbsp; 50 | 48212 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 4620 | 4213281 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 5604 | 5314129 |
| 3.65%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 8430 | 8358349 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 7140 | 7134953 |
| 4.50%, 10/30/26<sup>(a)</sup> | &nbsp;&nbsp; 1936 | 1943370 |
| 4.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5445 | 5533776 |
| 5.15%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 4118622 |
| Fresenius Medical Care U.S. Finance III Inc. |  |  |
| 1.88%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 4925 | 4756530 |
| 3.75%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2641 | 2564651 |
| HCA Inc. |  |  |
| 3.13%, 03/15/27 | &nbsp;&nbsp; 5364 | 5277217 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 2883 | 2790637 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 11574 | 11463151 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 6990 | 6995530 |
| 5.00%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4030 | 4102931 |
| 5.20%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 5797 | 5937829 |
| 5.25%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4575 | 4727607 |
| 5.38%, 09/01/26 | &nbsp;&nbsp; 5519 | 5539614 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; 8357 | 8619587 |
| 5.88%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5845 | 6092559 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co.<br>|  |  |
| 2.20%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 4055 | 3672786 |
| 5.20%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4535 | 4666951 |
| Humana Inc. |  |  |
| 1.35%, 02/03/27 | &nbsp;&nbsp; 3115 | 2991847 |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 2325 | 2211409 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 3560 | 3489139 |
| 3.95%, 03/15/27 | &nbsp;&nbsp; 2674 | 2665767 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 2500 | 2532568 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 2415 | 2499378 |
| 5.75%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 2996532 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| ICON Investments Six DAC |  |  |
| 5.81%, 05/08/27 | &nbsp;&nbsp; $3560 | $3633949 |
| 5.85%, 05/08/29 | &nbsp;&nbsp; 4670 | 4883899 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4450 | 4591955 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 7390 | 7779268 |
| Kaiser Foundation Hospitals, 3.15%, 05/01/27 | &nbsp;&nbsp; 3320 | 3277368 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 4040 | 3826417 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 3871 | 3837621 |
| 4.35%, 04/01/30 | &nbsp;&nbsp; 3945 | 3946975 |
| Premier Health Partners, Series G, 2.91%, <br> 11/15/26<br>| &nbsp;&nbsp; 1432 | 1404160 |
| Providence St. Joseph Health Obligated Group |  |  |
| Series 19A, 2.53%, 10/01/29 | &nbsp;&nbsp; 625 | 582640 |
| Series H, 2.75%, 10/01/26 | &nbsp;&nbsp; 1220 | 1200960 |
| Quest Diagnostics Inc. |  |  |
| 2.95%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 2715 | 2552307 |
| 4.20%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; 3460 | 3462438 |
| 4.60%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2568 | 2596006 |
| 4.63%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3885 | 3944838 |
| Roche Holdings Inc. |  |  |
| 1.93%, 12/13/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 12200 | 11462484 |
| 2.31%, 03/10/27<sup>(b)</sup> | &nbsp;&nbsp; 7262 | 7092731 |
| 2.38%, 01/28/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4933 | 4831197 |
| 3.63%, 09/17/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1040 | 1032484 |
| 4.20%, 09/09/29<sup>(b)</sup> | &nbsp;&nbsp; 5535 | 5561536 |
| 4.79%, 03/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5735 | 5870895 |
| 5.27%, 11/13/26<sup>(b)</sup> | &nbsp;&nbsp; 6023 | 6111980 |
| 5.34%, 11/13/28<sup>(b)</sup> | &nbsp;&nbsp; 7865 | 8170252 |
| Rush Obligated Group, Series 2020, 3.92%, <br> 11/15/29<br>| &nbsp;&nbsp; 290 | 284784 |
| SSM Health Care Corp. |  |  |
| 4.89%, 06/01/28 | &nbsp;&nbsp; 155 | 157731 |
| Series A, 3.82%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 2695 | 2681174 |
| UnitedHealth Group Inc. |  |  |
| 3.70%, 05/15/27 | &nbsp;&nbsp; 3480 | 3460222 |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 7065 | 6392016 |
| 2.88%, 08/15/29 | &nbsp;&nbsp; 5614 | 5343900 |
| 2.95%, 10/15/27 | &nbsp;&nbsp; 5443 | 5322220 |
| 3.38%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3213 | 3178277 |
| 3.45%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4317 | 4280867 |
| 3.85%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6571 | 6543451 |
| 3.88%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5104 | 5065509 |
| 4.00%, 05/15/29 | &nbsp;&nbsp; 4968 | 4942007 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 7397 | 7426472 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 2560 | 2584737 |
| 4.60%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2910 | 2933531 |
| 4.70%, 04/15/29 | &nbsp;&nbsp; 2201 | 2240763 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; 7317 | 7475917 |
| 5.25%, 02/15/28 | &nbsp;&nbsp; 5510 | 5665027 |
| 5.30%, 02/15/30 | &nbsp;&nbsp; 7625 | 7934437 |
| Universal Health Services Inc. |  |  |
| 1.65%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp; 4150 | 4034304 |
| 4.63%, 10/15/29 | &nbsp;&nbsp; 3210 | 3202165 |
|  |  | 432576092 |
| **Holding Companies - Diversified — 1.4%** | **Holding Companies - Diversified — 1.4%** | **Holding Companies - Diversified — 1.4%** |
| Aercap Sukuk Ltd./Cayman Islands, 4.50%, <br> 10/03/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2855 | 2803871 |
| Antares Holdings LP |  |  |
| 2.75%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 2775 | 2682363 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| 3.75%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; $3500 | $3400182 |
| 6.35%, 10/23/29<sup>(b)</sup> | &nbsp;&nbsp; 2870 | 2919515 |
| 6.50%, 02/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2850 | 2910273 |
| 7.95%, 08/11/28<sup>(b)</sup> | &nbsp;&nbsp; 350 | 372400 |
| Apollo Debt Solutions BDC |  |  |
| 5.88%, 08/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2085 | 2115711 |
| 6.90%, 04/13/29 | &nbsp;&nbsp; 5875 | 6181639 |
| Ares Capital Corp. |  |  |
| 2.88%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2701 | 2632136 |
| 2.88%, 06/15/28 | &nbsp;&nbsp; 7041 | 6720445 |
| 5.88%, 03/01/29 | &nbsp;&nbsp; 5795 | 5963553 |
| 5.95%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4560 | 4715285 |
| 7.00%, 01/15/27 | &nbsp;&nbsp; 4845 | 4992271 |
| Ares Strategic Income Fund |  |  |
| 5.45%, 09/09/28<sup>(b)</sup> | &nbsp;&nbsp; 3185 | 3204305 |
| 5.60%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4477 | 4532463 |
| 5.70%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5860 | 5940626 |
| 6.35%, 08/15/29 | &nbsp;&nbsp; 4150 | 4290906 |
| Bain Capital Specialty Finance Inc. |  |  |
| 2.55%, 10/13/26 | &nbsp;&nbsp; 1245 | 1211754 |
| 5.95%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2300 | 2309722 |
| Barings BDC Inc. |  |  |
| 3.30%, 11/23/26 | &nbsp;&nbsp; 1445 | 1418696 |
| 7.00%, 02/15/29 | &nbsp;&nbsp; 1855 | 1923175 |
| Barings Private Credit Corp., 6.15%, <br> 06/11/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2420 | 2412487 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26<sup>(a)</sup> | &nbsp;&nbsp; 6897 | 6725366 |
| 3.25%, 03/15/27 | &nbsp;&nbsp; 5430 | 5316373 |
| 4.00%, 01/15/29 | &nbsp;&nbsp; 3595 | 3510260 |
| 4.95%, 09/26/27<sup>(a)</sup> | &nbsp;&nbsp; 2190 | 2198792 |
| 5.25%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2235 | 2241848 |
| 5.60%, 11/22/29 | &nbsp;&nbsp; 2615 | 2662506 |
| 5.95%, 07/16/29 | &nbsp;&nbsp; 2590 | 2672540 |
| 7.30%, 11/27/28 | &nbsp;&nbsp; 3835 | 4099110 |
| Blackstone Secured Lending Fund |  |  |
| 2.13%, 02/15/27 | &nbsp;&nbsp; 3474 | 3350643 |
| 2.75%, 09/16/26<sup>(a)</sup> | &nbsp;&nbsp; 3538 | 3472801 |
| 2.85%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; 3697 | 3493378 |
| 5.30%, 06/30/30 | &nbsp;&nbsp; 2855 | 2880071 |
| 5.35%, 04/13/28 | &nbsp;&nbsp; 3975 | 4032758 |
| 5.88%, 11/15/27 | &nbsp;&nbsp; 1975 | 2021083 |
| Blue Owl Capital Corp. |  |  |
| 2.63%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2374 | 2301454 |
| 2.88%, 06/11/28 | &nbsp;&nbsp; 4680 | 4417689 |
| 5.95%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5530 | 5615969 |
| 6.20%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2835 | 2907963 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | &nbsp;&nbsp; 690 | 715000 |
| Blue Owl Capital Corp. III, 3.13%, 04/13/27 | &nbsp;&nbsp; 1584 | 1537711 |
| Blue Owl Credit Income Corp. |  |  |
| 3.13%, 09/23/26 | &nbsp;&nbsp; 1695 | 1660639 |
| 4.70%, 02/08/27 | &nbsp;&nbsp; 2400 | 2393384 |
| 5.80%, 03/15/30 | &nbsp;&nbsp; 5800 | 5875112 |
| 5.90%, 05/23/28<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5069 |
| 6.60%, 09/15/29 | &nbsp;&nbsp; 5135 | 5339675 |
| 7.75%, 09/16/27 | &nbsp;&nbsp; 3440 | 3611101 |
| 7.75%, 01/15/29 | &nbsp;&nbsp; 3100 | 3319045 |
| 7.95%, 06/13/28 | &nbsp;&nbsp; 4015 | 4296406 |
| Blue Owl Technology Finance Corp. |  |  |
| 2.50%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1335 | 1288779 |
| 6.10%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 3640 | 3685564 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<sup>(a)</sup><br>| &nbsp;&nbsp; $4115 | $4259417 |
| Carlyle Secured Lending Inc., 6.75%, <br> 02/18/30<sup>(a)</sup><br>| &nbsp;&nbsp; 1970 | 2045670 |
| CK Hutchison International 16 Ltd., 2.75%, <br> 10/03/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4170 | 4105065 |
| CK Hutchison International 17 II Ltd., 3.25%, <br> 09/29/27<sup>(b)</sup><br>| &nbsp;&nbsp; 2615 | 2567804 |
| CK Hutchison International 17 Ltd., 3.50%, <br> 04/05/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3484 | 3447142 |
| CK Hutchison International 19 II Ltd., 2.75%, <br> 09/06/29<sup>(b)</sup><br>| &nbsp;&nbsp; 1230 | 1163002 |
| CK Hutchison International 19 Ltd., 3.63%, <br> 04/11/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3468 | 3402070 |
| Franklin BSP Capital Corp., 7.20%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2395 | 2486360 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 2386 | 2313927 |
| 3.13%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; 4320 | 3971588 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 2482 | 2389858 |
| 6.13%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4050 | 4022268 |
| 6.88%, 08/15/29 | &nbsp;&nbsp; 3460 | 3532003 |
| 7.88%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2220 | 2326367 |
| Goldman Sachs BDC Inc., 6.38%, 03/11/27 | &nbsp;&nbsp; 1645 | 1682643 |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.88%, 05/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1965 | 1995861 |
| 6.25%, 05/06/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3610 | 3696854 |
| Golub Capital BDC Inc. |  |  |
| 2.05%, 02/15/27 | &nbsp;&nbsp; 1686 | 1619345 |
| 6.00%, 07/15/29 | &nbsp;&nbsp; 4325 | 4425205 |
| 7.05%, 12/05/28 | &nbsp;&nbsp; 2615 | 2763096 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 | &nbsp;&nbsp; 3275 | 3288017 |
| 5.80%, 09/12/29 | &nbsp;&nbsp; 2920 | 2950678 |
| 5.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2645 | 2683029 |
| HAT Holdings I LLC/HAT Holdings II LLC, <br> 8.00%, 06/15/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5340 | 5538889 |
| Main Street Capital Corp. |  |  |
| 5.40%, 08/15/28 | &nbsp;&nbsp; 2000 | 2007063 |
| 6.50%, 06/04/27 | &nbsp;&nbsp; 2030 | 2074742 |
| 6.95%, 03/01/29 | &nbsp;&nbsp; 2200 | 2305270 |
| Morgan Stanley Direct Lending Fund |  |  |
| 4.50%, 02/11/27<sup>(a)</sup> | &nbsp;&nbsp; 1729 | 1723619 |
| 6.00%, 05/19/30<sup>(a)</sup> | &nbsp;&nbsp; 2275 | 2327222 |
| 6.15%, 05/17/29<sup>(a)</sup> | &nbsp;&nbsp; 2140 | 2209129 |
| MSD Investment Corp., 6.25%, 05/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2820 | 2861824 |
| New Mountain Finance Corp. |  |  |
| 6.20%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1730 | 1759930 |
| 6.88%, 02/01/29 | &nbsp;&nbsp; 1805 | 1852801 |
| North Haven Private Income Fund LLC, 5.75%, <br> 02/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 1860 | 1862914 |
| Nuveen Churchill Direct Lending Corp., 6.65%, <br> 03/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 1975 | 2044061 |
| Oaktree Specialty Lending Corp. |  |  |
| 2.70%, 01/15/27 | &nbsp;&nbsp; 1561 | 1511413 |
| 6.34%, 02/27/30 | &nbsp;&nbsp; 1925 | 1942800 |
| 7.10%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1825 | 1890404 |
| Oaktree Strategic Credit Fund |  |  |
| 6.19%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2230 | 2265991 |
| 6.50%, 07/23/29<sup>(a)</sup> | &nbsp;&nbsp; 2135 | 2217830 |
| 8.40%, 11/14/28 | &nbsp;&nbsp; 2260 | 2455277 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| Sixth Street Lending Partners |  |  |
| 5.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; $3580 | $3634525 |
| 6.13%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4325 | 4459410 |
| 6.50%, 03/11/29 | &nbsp;&nbsp; 4440 | 4608836 |
| Sixth Street Specialty Lending Inc. |  |  |
| 5.63%, 08/15/30 | &nbsp;&nbsp; 1500 | 1518424 |
| 6.13%, 03/01/29 | &nbsp;&nbsp; 2080 | 2146578 |
| 6.95%, 08/14/28<sup>(a)</sup> | &nbsp;&nbsp; 1678 | 1775372 |
|  |  | 299433460 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| DR Horton Inc. |  |  |
| 1.30%, 10/15/26 | &nbsp;&nbsp; 2547 | 2468975 |
| 1.40%, 10/15/27 | &nbsp;&nbsp; 2425 | 2296492 |
| Lennar Corp. |  |  |
| 4.75%, 11/29/27<sup>(a)</sup> | &nbsp;&nbsp; 3568 | 3594898 |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 1666 | 1678661 |
| 5.20%, 07/30/30<sup>(a)</sup> | &nbsp;&nbsp; 4270 | 4409176 |
| MDC Holdings Inc., 3.85%, 01/15/30 | &nbsp;&nbsp; 1700 | 1633764 |
| Meritage Homes Corp. |  |  |
| 3.88%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1825 | 1782939 |
| 5.13%, 06/06/27<sup>(a)</sup> | &nbsp;&nbsp; 930 | 935485 |
| NVR Inc., 3.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5165 | 4876734 |
| PulteGroup Inc., 5.00%, 01/15/27 | &nbsp;&nbsp; 1183 | 1192305 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2930 | 2862248 |
| 4.35%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1973 | 1977640 |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 1815 | 1827342 |
|  |  | 31536659 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2935 | 2867529 |
| 4.40%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3170 | 3115937 |
| LG Electronics Inc. |  |  |
| 5.63%, 04/24/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 945 | 963155 |
| 5.63%, 04/24/29<sup>(b)</sup> | &nbsp;&nbsp; 500 | 520787 |
| Panasonic Holdings Corp., 3.11%, 07/19/29<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9589 |
|  |  | 7476997 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| Avery Dennison Corp. |  |  |
| 2.65%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; 2185 | 2027698 |
| 4.88%, 12/06/28 | &nbsp;&nbsp; 3482 | 3546314 |
| Church & Dwight Co. Inc., 3.15%, 08/01/27 | &nbsp;&nbsp; 2580 | 2539145 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2770 | 2473846 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 2490 | 2442783 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 3099 | 3087218 |
| 4.40%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 3527912 |
| Kimberly-Clark Corp. |  |  |
| 1.05%, 09/15/27 | &nbsp;&nbsp; 3872 | 3661743 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 4985 | 4776800 |
| 3.20%, 04/25/29<sup>(a)</sup> | &nbsp;&nbsp; 4165 | 4057144 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 2899 | 2902805 |
| Reckitt Benckiser Treasury Services PLC, <br> 3.00%, 06/26/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 14256 | 13996223 |
|  |  | 49039631 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| ACE Capital Trust II, Series N, 9.70%, <br> 04/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 620 | 745068 |
| Aegon Funding Co. LLC, 5.50%, 04/16/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4410 | 4481135 |
| Aegon Ltd., 5.50%, 04/11/48<sup>(c)</sup> | &nbsp;&nbsp; 4400 | 4424328 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Aflac Inc. |  |  |
| 2.88%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; $1662 | $1638470 |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 5985 | 5854214 |
| AIA Group Ltd. |  |  |
| 3.38%, 04/07/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5735 | 5559705 |
| 3.60%, 04/09/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6064 | 5971419 |
| 3.90%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 2225 | 2217926 |
| 5.63%, 10/25/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5010 | 5169045 |
| Alleghany Corp., 3.63%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3160 | 3081645 |
| Allstate Corp. (The) |  |  |
| 3.28%, 12/15/26 | &nbsp;&nbsp; 3207 | 3171866 |
| 5.05%, 06/24/29 | &nbsp;&nbsp; 3450 | 3551150 |
| American Financial Group Inc./OH, 5.25%, <br> 04/02/30<sup>(a)</sup><br>| &nbsp;&nbsp; 1350 | 1402596 |
| American International Group Inc. |  |  |
| 3.40%, 06/30/30 | &nbsp;&nbsp; 2090 | 2008284 |
| 4.85%, 05/07/30<sup>(a)</sup> | &nbsp;&nbsp; 4090 | 4184627 |
| Series A-9, 5.75%, 04/01/48<sup>(a)(c)</sup> | &nbsp;&nbsp; 1210 | 1232577 |
| American National Global Funding |  |  |
| 5.25%, 06/03/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2605 | 2657332 |
| 5.55%, 01/28/30<sup>(b)</sup> | &nbsp;&nbsp; 2940 | 3029277 |
| American National Group Inc. |  |  |
| 5.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2899 | 2921696 |
| 5.75%, 10/01/29 | &nbsp;&nbsp; 3465 | 3577747 |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 5410 | 5073502 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 4594 | 4527095 |
| 4.50%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2295 | 2316361 |
| 8.21%, 01/01/27 | &nbsp;&nbsp; 2236 | 2341099 |
| Aon Corp./Aon Global Holdings PLC, 2.85%, <br> 05/28/27<br>| &nbsp;&nbsp; 3120 | 3056430 |
| Aon North America Inc. |  |  |
| 5.13%, 03/01/27 | &nbsp;&nbsp; 3665 | 3715190 |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 5785 | 5952358 |
| Arch Capital Finance LLC, 4.01%, 12/15/26 | &nbsp;&nbsp; 2936 | 2930818 |
| Arthur J Gallagher & Co. |  |  |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 2850 | 2875418 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 5022 | 5119472 |
| Aspen Insurance Holdings Ltd., 5.75%, <br> 07/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 2210 | 2294381 |
| Assurant Inc. |  |  |
| 3.70%, 02/22/30<sup>(a)</sup> | &nbsp;&nbsp; 2310 | 2236090 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 1485 | 1505458 |
| Assured Guaranty U.S. Holdings Inc., 6.13%, <br> 09/15/28<br>| &nbsp;&nbsp; 2400 | 2523010 |
| Athene Global Funding |  |  |
| 1.73%, 10/02/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 4049 | 3939119 |
| 1.99%, 08/19/28<sup>(b)</sup> | &nbsp;&nbsp; 3570 | 3346893 |
| 2.45%, 08/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2209 | 2129053 |
| 2.50%, 03/24/28<sup>(b)</sup> | &nbsp;&nbsp; 2825 | 2701236 |
| 2.72%, 01/07/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2800 | 2645843 |
| 2.95%, 11/12/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 4102 | 4033094 |
| 4.72%, 10/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3435 | 3450573 |
| 4.83%, 05/09/28<sup>(b)</sup> | &nbsp;&nbsp; 2935 | 2970916 |
| 4.95%, 01/07/27<sup>(b)</sup> | &nbsp;&nbsp; 4335 | 4371871 |
| 5.03%, 07/17/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5115 | 5195373 |
| 5.34%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 2485 | 2517499 |
| 5.35%, 07/09/27<sup>(b)</sup> | &nbsp;&nbsp; 2880 | 2927602 |
| 5.38%, 01/07/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4400 | 4526425 |
| 5.52%, 03/25/27<sup>(b)</sup> | &nbsp;&nbsp; 6455 | 6565598 |
| 5.58%, 01/09/29<sup>(b)</sup> | &nbsp;&nbsp; 6890 | 7128430 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Athene Holding Ltd. |  |  |
| 4.13%, 01/12/28<sup>(a)</sup> | &nbsp;&nbsp; $5790 | $5776587 |
| 6.15%, 04/03/30<sup>(a)</sup> | &nbsp;&nbsp; 2840 | 3030506 |
| Axis Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | &nbsp;&nbsp; 2145 | 2104104 |
| 4.90%, 01/15/40, (5-year CMT + <br> 3.186%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2260 | 2189292 |
| Axis Specialty Finance PLC, 4.00%, 12/06/27 | &nbsp;&nbsp; 1712 | 1698643 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.85%, 03/12/30<sup>(a)</sup> | &nbsp;&nbsp; 3315 | 3027997 |
| 2.30%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4414 | 4315996 |
| Brighthouse Financial Global Funding |  |  |
| 2.00%, 06/28/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1845 | 1717019 |
| 5.55%, 04/09/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4750 | 4825836 |
| 5.65%, 06/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2550 | 2619519 |
| Brighthouse Financial Inc. |  |  |
| 3.70%, 06/22/27<sup>(a)</sup> | &nbsp;&nbsp; 3961 | 3906093 |
| 5.63%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 3682353 |
| Brown & Brown Inc. |  |  |
| 4.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 1882060 |
| 4.60%, 12/23/26 | &nbsp;&nbsp; 2460 | 2471533 |
| 4.70%, 06/23/28 | &nbsp;&nbsp; 2530 | 2554234 |
| 4.90%, 06/23/30 | &nbsp;&nbsp; 5100 | 5163471 |
| Chubb INA Holdings LLC, 4.65%, 08/15/29 | &nbsp;&nbsp; 4535 | 4623643 |
| Cincinnati Financial Corp., 6.92%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1275 | 1365782 |
| CNA Financial Corp. |  |  |
| 2.05%, 08/15/30 | &nbsp;&nbsp; 2000 | 1778860 |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 2631 | 2595698 |
| 3.90%, 05/01/29 | &nbsp;&nbsp; 3505 | 3454306 |
| CNO Financial Group Inc., 5.25%, 05/30/29 | &nbsp;&nbsp; 2670 | 2722674 |
| CNO Global Funding |  |  |
| 1.75%, 10/07/26<sup>(b)</sup> | &nbsp;&nbsp; 2755 | 2677154 |
| 2.65%, 01/06/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3100 | 2926746 |
| 4.88%, 12/10/27<sup>(b)</sup> | &nbsp;&nbsp; 2040 | 2067647 |
| 4.95%, 09/09/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2960 | 3027573 |
| 5.88%, 06/04/27<sup>(b)</sup> | &nbsp;&nbsp; 2675 | 2744051 |
| Constellation Insurance Inc., 6.80%, <br> 01/24/30<sup>(b)</sup><br>| &nbsp;&nbsp; 2280 | 2305134 |
| Corebridge Financial Inc. |  |  |
| 3.65%, 04/05/27<sup>(a)</sup> | &nbsp;&nbsp; 7284 | 7217015 |
| 3.85%, 04/05/29 | &nbsp;&nbsp; 5365 | 5288333 |
| 6.88%, 12/15/52, (5-year CMT + 3.846%)<sup>(c)</sup> | &nbsp;&nbsp; 6059 | 6265916 |
| Corebridge Global Funding |  |  |
| 4.25%, 08/21/28<sup>(b)</sup> | &nbsp;&nbsp; 1950 | 1955583 |
| 4.65%, 08/20/27<sup>(b)</sup> | &nbsp;&nbsp; 5475 | 5527643 |
| 4.85%, 06/06/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4065 | 4136537 |
| 4.90%, 01/07/28<sup>(b)</sup> | &nbsp;&nbsp; 2145 | 2183356 |
| 4.90%, 12/03/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3827 | 3903697 |
| 5.20%, 01/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3650 | 3752607 |
| 5.20%, 06/24/29<sup>(b)</sup> | &nbsp;&nbsp; 3105 | 3196880 |
| 5.90%, 09/19/28<sup>(b)</sup> | &nbsp;&nbsp; 3090 | 3231674 |
| Empower Finance 2020 LP, 1.36%, <br> 09/17/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1515 | 1428679 |
| Enstar Finance LLC, 5.50%, 01/15/42, (5-year <br> CMT + 4.006%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1395 | 1379155 |
| Enstar Group Ltd., 4.95%, 06/01/29 | &nbsp;&nbsp; 3300 | 3327928 |
| Equitable America Global Funding |  |  |
| 4.65%, 06/09/28<sup>(b)</sup> | &nbsp;&nbsp; 4395 | 4437982 |
| 4.95%, 06/09/30<sup>(b)</sup> | &nbsp;&nbsp; 4560 | 4651535 |
| Equitable Financial Life Global Funding |  |  |
| 1.40%, 08/27/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2931 | 2773070 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 1.70%, 11/12/26<sup>(b)</sup> | &nbsp;&nbsp; $2787 | $2705660 |
| 1.80%, 03/08/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4385 | 4136724 |
| 4.60%, 04/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 160 | 160926 |
| 4.88%, 11/19/27<sup>(b)</sup> | &nbsp;&nbsp; 3810 | 3861492 |
| 5.00%, 03/27/30<sup>(b)</sup> | &nbsp;&nbsp; 5115 | 5244656 |
| 5.45%, 03/03/28<sup>(b)</sup> | &nbsp;&nbsp; 1847 | 1902504 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28<sup>(a)</sup> | &nbsp;&nbsp; 8887 | 8921120 |
| 4.57%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2100 | 2103048 |
| 7.00%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 710 | 757523 |
| Essent Group Ltd., 6.25%, 07/01/29 | &nbsp;&nbsp; 3110 | 3262018 |
| F&G Annuities & Life Inc. |  |  |
| 6.50%, 06/04/29 | &nbsp;&nbsp; 3605 | 3756973 |
| 7.40%, 01/13/28<sup>(a)</sup> | &nbsp;&nbsp; 2245 | 2359389 |
| F&G Global Funding |  |  |
| 2.00%, 09/20/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1445 | 1340319 |
| 2.30%, 04/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2545 | 2463499 |
| 5.88%, 06/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3115 | 3195856 |
| 5.88%, 01/16/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2292 | 2368736 |
| Fairfax Financial Holdings Ltd. |  |  |
| 4.63%, 04/29/30 | &nbsp;&nbsp; 3600 | 3610353 |
| 4.85%, 04/17/28 | &nbsp;&nbsp; 3135 | 3178105 |
| Farmers Exchange Capital, 7.05%, <br> 07/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 930 | 981022 |
| Fidelis Insurance Holdings Ltd., 4.88%, <br> 06/30/30<sup>(b)</sup><br>| &nbsp;&nbsp; 1500 | 1509337 |
| Fidelity National Financial Inc. |  |  |
| 3.40%, 06/15/30 | &nbsp;&nbsp; 3510 | 3331834 |
| 4.50%, 08/15/28 | &nbsp;&nbsp; 2275 | 2280785 |
| First American Financial Corp., 4.00%, <br> 05/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 2325 | 2231502 |
| Five Corners Funding Trust II, 2.85%, <br> 05/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 8720 | 8152904 |
| Fortitude Group Holdings LLC, 6.25%, <br> 04/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4575 | 4753604 |
| GA Global Funding Trust |  |  |
| 1.95%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1210 | 1127907 |
| 2.25%, 01/06/27<sup>(b)</sup> | &nbsp;&nbsp; 3080 | 2991758 |
| 4.40%, 09/23/27<sup>(b)</sup> | &nbsp;&nbsp; 4055 | 4062313 |
| 5.40%, 01/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2895 | 3003024 |
| 5.50%, 01/08/29<sup>(b)</sup> | &nbsp;&nbsp; 4655 | 4807274 |
| Global Atlantic Fin Co., 4.40%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3320 | 3269023 |
| Globe Life Inc. |  |  |
| 2.15%, 08/15/30 | &nbsp;&nbsp; 2000 | 1788029 |
| 4.55%, 09/15/28 | &nbsp;&nbsp; 2980 | 3001159 |
| Great-West Lifeco Finance 2018 LP, 4.05%, <br> 05/17/28<sup>(b)</sup><br>| &nbsp;&nbsp; 2020 | 2006282 |
| Guardian Life Global Funding |  |  |
| 1.25%, 11/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2718 | 2557298 |
| 1.40%, 07/06/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2400 | 2289259 |
| 1.63%, 09/16/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1075 | 999785 |
| 3.25%, 03/29/27<sup>(b)</sup> | &nbsp;&nbsp; 1875 | 1851076 |
| 4.18%, 09/26/29<sup>(b)</sup> | &nbsp;&nbsp; 3440 | 3442988 |
| 4.80%, 04/28/30<sup>(b)</sup> | &nbsp;&nbsp; 3890 | 3972832 |
| 5.55%, 10/28/27<sup>(b)</sup> | &nbsp;&nbsp; 2437 | 2511333 |
| 5.74%, 10/02/28<sup>(b)</sup> | &nbsp;&nbsp; 2700 | 2826502 |
| Hartford Financial Services Group Inc. (The), <br> 2.80%, 08/19/29<br>| &nbsp;&nbsp; 2840 | 2693782 |
| Horace Mann Educators Corp., 7.25%, <br> 09/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 1800 | 1934048 |
| Jackson Financial Inc., 5.17%, 06/08/27 | &nbsp;&nbsp; 806 | 816380 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Jackson National Life Global Funding |  |  |
| 3.05%, 06/21/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $325 | $307315 |
| 4.60%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 3480 | 3505268 |
| 4.70%, 06/05/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1225 | 1239325 |
| 4.90%, 01/13/27<sup>(b)</sup> | &nbsp;&nbsp; 980 | 987048 |
| 5.25%, 04/12/28<sup>(b)</sup> | &nbsp;&nbsp; 2177 | 2220920 |
| 5.35%, 01/13/30<sup>(b)</sup> | &nbsp;&nbsp; 3010 | 3121766 |
| 5.55%, 07/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 320 | 326853 |
| Jackson National Life Insurance Co., 8.15%, <br> 03/15/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5600 | 5841929 |
| Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52, <br> (5-year CMT + 2.887%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2020 | 2046664 |
| Liberty Mutual Group Inc., 4.57%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 4655 | 4682604 |
| Lincoln Financial Global Funding |  |  |
| 4.63%, 05/28/28<sup>(b)</sup> | &nbsp;&nbsp; 2850 | 2878390 |
| 4.63%, 08/18/30<sup>(b)</sup> | &nbsp;&nbsp; 1750 | 1761230 |
| 5.30%, 01/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3540 | 3669516 |
| Lincoln National Corp. |  |  |
| 2.33%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2000 | 1809982 |
| 3.05%, 01/15/30 | &nbsp;&nbsp; 3125 | 2975343 |
| 3.63%, 12/12/26<sup>(a)</sup> | &nbsp;&nbsp; 2335 | 2318099 |
| 3.80%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2450 | 2420881 |
| Loews Corp., 3.20%, 05/15/30 | &nbsp;&nbsp; 2950 | 2817551 |
| Manulife Financial Corp. |  |  |
| 2.48%, 05/19/27 | &nbsp;&nbsp; 2661 | 2589273 |
| 4.06%, 02/24/32, (5-year USD ICE Swap + <br> 1.647%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4395 | 4350123 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 2040 | 1973692 |
| 3.50%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1445 | 1422812 |
| Marsh & McLennan Companies Inc. |  |  |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 9157 | 9236701 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 5010 | 5068204 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 6205 | 6315484 |
| MassMutual Global Funding II |  |  |
| 2.35%, 01/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3106 | 3036177 |
| 4.30%, 10/22/27<sup>(b)</sup> | &nbsp;&nbsp; 240 | 241159 |
| 4.45%, 03/27/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2028 | 2051542 |
| 4.55%, 05/07/30<sup>(b)</sup> | &nbsp;&nbsp; 4260 | 4310546 |
| 4.85%, 01/17/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4005 | 4095000 |
| 4.95%, 01/10/30<sup>(b)</sup> | &nbsp;&nbsp; 3385 | 3471116 |
| 5.05%, 12/07/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4500 | 4593878 |
| 5.05%, 06/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3875 | 3976845 |
| 5.10%, 04/09/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4885 | 4963690 |
| 5.15%, 05/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3015 | 3111439 |
| Meiji Yasuda Life Insurance Co., 5.10%, <br> 04/26/48, (5-year USD ICE Swap + <br> 3.150%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4875 | 4888743 |
| Mercury General Corp., 4.40%, 03/15/27 | &nbsp;&nbsp; 2249 | 2233920 |
| Met Tower Global Funding |  |  |
| 1.25%, 09/14/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2810 | 2728697 |
| 4.00%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3143 | 3134122 |
| 4.80%, 01/14/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2510 | 2550262 |
| 4.85%, 01/16/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2615 | 2640105 |
| 5.25%, 04/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3125 | 3232211 |
| MetLife Inc., 4.55%, 03/23/30<sup>(a)</sup> | &nbsp;&nbsp; 5880 | 5990580 |
| Metropolitan Life Global Funding I |  |  |
| 1.88%, 01/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5180 | 5026561 |
| 2.95%, 04/09/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6030 | 5686285 |
| 3.00%, 09/19/27<sup>(b)</sup> | &nbsp;&nbsp; 4735 | 4633784 |
| 3.05%, 06/17/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2685 | 2578340 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 3.30%, 03/21/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $3100 | $3015233 |
| 3.45%, 12/18/26<sup>(b)</sup> | &nbsp;&nbsp; 5735 | 5686672 |
| 3.85%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 1230 | 1216258 |
| 4.15%, 08/25/28<sup>(b)</sup> | &nbsp;&nbsp; 2085 | 2091609 |
| 4.30%, 08/25/29<sup>(b)</sup> | &nbsp;&nbsp; 3080 | 3090154 |
| 4.40%, 06/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2915 | 2932421 |
| 4.85%, 01/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4385 | 4486829 |
| 4.90%, 01/09/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3080 | 3155991 |
| 5.05%, 06/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3710 | 3769276 |
| 5.05%, 01/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3105 | 3172124 |
| 5.40%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp; 3095 | 3213595 |
| MGIC Investment Corp., 5.25%, 08/15/28 | &nbsp;&nbsp; 2405 | 2405959 |
| Mitsui Sumitomo Insurance Co. Ltd., 4.95%, <br> (5-year USD Swap + 3.256%)<sup>(a)(b)(c)(d)</sup><br>| &nbsp;&nbsp; 3190 | 3192574 |
| Munich Re America Corp., Series B, 7.45%, <br> 12/15/26<br>| &nbsp;&nbsp; 125 | 130488 |
| Mutual of Omaha Companies Global Funding |  |  |
| 4.51%, 06/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1665 | 1678143 |
| 4.75%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2830 | 2872594 |
| 5.35%, 04/09/27<sup>(b)</sup> | &nbsp;&nbsp; 2220 | 2257646 |
| 5.45%, 12/12/28<sup>(b)</sup> | &nbsp;&nbsp; 3015 | 3118776 |
| Mutual of Omaha Cos Global Funding, 5.00%, <br> 04/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2710 | 2774183 |
| New York Life Global Funding |  |  |
| 1.20%, 08/07/30<sup>(b)</sup> | &nbsp;&nbsp; 3130 | 2707704 |
| 3.00%, 01/10/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3800 | 3711972 |
| 3.25%, 04/07/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2827 | 2796699 |
| 3.90%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3569 | 3558735 |
| 4.15%, 07/25/28<sup>(b)</sup> | &nbsp;&nbsp; 3105 | 3114979 |
| 4.40%, 12/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 595 | 599508 |
| 4.40%, 04/25/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4065 | 4107647 |
| 4.60%, 12/05/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4155 | 4214100 |
| 4.60%, 06/03/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3650 | 3711249 |
| 4.70%, 01/29/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3692 | 3762537 |
| 4.85%, 01/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6255 | 6365486 |
| 4.90%, 04/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3528 | 3579090 |
| 4.90%, 06/13/28<sup>(b)</sup> | &nbsp;&nbsp; 4463 | 4565596 |
| 5.00%, 06/06/29<sup>(b)</sup> | &nbsp;&nbsp; 3590 | 3695444 |
| 5.45%, 09/18/26<sup>(b)</sup> | &nbsp;&nbsp; 5159 | 5230960 |
| Nippon Life Insurance Co. |  |  |
| 3.40%, 01/23/50, (5-year CMT + <br> 2.612%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6535 | 6132494 |
| 4.00%, 09/19/47, (5-year USD ICE Swap + <br> 2.880%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 3975 | 3913238 |
| NLG Global Funding, 5.40%, 01/23/30<sup>(b)</sup> | &nbsp;&nbsp; 3495 | 3632744 |
| NMI Holdings Inc., 6.00%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2670 | 2741182 |
| Northwestern Mutual Global Funding |  |  |
| 1.70%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2875 | 2708622 |
| 1.75%, 01/11/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3123 | 3028656 |
| 3.30%, 04/04/29<sup>(b)</sup> | &nbsp;&nbsp; 1290 | 1252051 |
| 4.11%, 09/12/27<sup>(b)</sup> | &nbsp;&nbsp; 3193 | 3198982 |
| 4.13%, 08/25/28<sup>(b)</sup> | &nbsp;&nbsp; 1320 | 1324599 |
| 4.35%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3825 | 3848926 |
| 4.49%, 03/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 870826 |
| 4.60%, 06/03/30<sup>(b)</sup> | &nbsp;&nbsp; 3590 | 3651398 |
| 4.71%, 01/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3650 | 3717072 |
| 4.90%, 06/12/28<sup>(b)</sup> | &nbsp;&nbsp; 4680 | 4791805 |
| 4.96%, 01/13/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2385 | 2447895 |
| 5.07%, 03/25/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3775 | 3833453 |
| Pacific Life Global Funding II |  |  |
| 1.45%, 01/20/28<sup>(b)</sup> | &nbsp;&nbsp; 2635 | 2481598 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 1.60%, 09/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $1025 | $948099 |
| 4.45%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3200 | 3239374 |
| 4.50%, 08/28/29<sup>(b)</sup> | &nbsp;&nbsp; 3379 | 3405018 |
| 4.85%, 02/10/30<sup>(b)</sup> | &nbsp;&nbsp; 2565 | 2620054 |
| 4.90%, 04/04/28<sup>(b)</sup> | &nbsp;&nbsp; 2408 | 2456158 |
| 4.90%, 01/11/29<sup>(b)</sup> | &nbsp;&nbsp; 2410 | 2460038 |
| 5.50%, 07/18/28<sup>(b)</sup> | &nbsp;&nbsp; 2462 | 2547704 |
| PartnerRe Finance B LLC, 3.70%, 07/02/29 | &nbsp;&nbsp; 3465 | 3390727 |
| Pricoa Global Funding I |  |  |
| 1.20%, 09/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 4106 | 3990572 |
| 4.40%, 08/27/27<sup>(b)</sup> | &nbsp;&nbsp; 3380 | 3402229 |
| 4.70%, 05/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3905 | 3969009 |
| 5.10%, 05/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2355 | 2416921 |
| Principal Financial Group Inc. |  |  |
| 2.13%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3110 | 2815803 |
| 3.10%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 1728338 |
| 3.70%, 05/15/29 | &nbsp;&nbsp; 3060 | 3003260 |
| 4.11%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 410 | 409083 |
| Principal Life Global Funding II |  |  |
| 1.50%, 11/17/26<sup>(b)</sup> | &nbsp;&nbsp; 3270 | 3167512 |
| 1.50%, 08/27/30<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 1742401 |
| 2.50%, 09/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2005 | 1876984 |
| 4.25%, 08/18/28<sup>(b)</sup> | &nbsp;&nbsp; 870 | 871866 |
| 4.60%, 08/19/27<sup>(b)</sup> | &nbsp;&nbsp; 4854 | 4890945 |
| 4.80%, 01/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2675 | 2713237 |
| 4.95%, 11/27/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3390 | 3463692 |
| 5.00%, 01/16/27<sup>(b)</sup> | &nbsp;&nbsp; 2830 | 2861318 |
| 5.10%, 01/25/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4070 | 4175623 |
| 5.50%, 06/28/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2260 | 2333556 |
| Progressive Corp. (The) |  |  |
| 2.45%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2837 | 2776485 |
| 2.50%, 03/15/27 | &nbsp;&nbsp; 2799 | 2734401 |
| 3.20%, 03/26/30 | &nbsp;&nbsp; 2055 | 1978296 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 2350 | 2349864 |
| 6.63%, 03/01/29 | &nbsp;&nbsp; 3095 | 3343259 |
| Protective Life Corp. |  |  |
| 3.40%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2455 | 2353546 |
| 4.30%, 09/30/28<sup>(b)</sup> | &nbsp;&nbsp; 1890 | 1889234 |
| Protective Life Global Funding |  |  |
| 1.30%, 09/20/26<sup>(b)</sup> | &nbsp;&nbsp; 2290 | 2223013 |
| 1.90%, 07/06/28<sup>(b)</sup> | &nbsp;&nbsp; 1775 | 1667230 |
| 4.34%, 09/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1810 | 1817817 |
| 4.71%, 07/06/27<sup>(b)</sup> | &nbsp;&nbsp; 1495 | 1508956 |
| 4.77%, 12/09/29<sup>(b)</sup> | &nbsp;&nbsp; 2875 | 2931308 |
| 4.80%, 06/05/30<sup>(b)</sup> | &nbsp;&nbsp; 3250 | 3310594 |
| 4.99%, 01/12/27<sup>(b)</sup> | &nbsp;&nbsp; 2345 | 2369262 |
| 5.22%, 06/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2600 | 2692953 |
| 5.47%, 12/08/28<sup>(b)</sup> | &nbsp;&nbsp; 3110 | 3227866 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30<sup>(a)</sup> | &nbsp;&nbsp; 3100 | 2856121 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 2053 | 2052236 |
| 4.50%, 09/15/47<sup>(a)(c)</sup> | &nbsp;&nbsp; 4265 | 4197237 |
| 5.70%, 09/15/48<sup>(a)(c)</sup> | &nbsp;&nbsp; 5250 | 5333412 |
| Prudential Funding Asia PLC, 3.13%, <br> 04/14/30<sup>(a)</sup><br>| &nbsp;&nbsp; 5769 | 5512640 |
| Reinsurance Group of America Inc. |  |  |
| 3.15%, 06/15/30 | &nbsp;&nbsp; 3445 | 3262496 |
| 3.90%, 05/15/29 | &nbsp;&nbsp; 3480 | 3434437 |
| 3.95%, 09/15/26 | &nbsp;&nbsp; 2259 | 2251710 |
| Reliance Standard Life Global Funding II |  |  |
| 1.51%, 09/28/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 1783 | 1729313 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 2.75%, 01/21/27<sup>(a)(b)</sup> | &nbsp;&nbsp; $2085 | $2026063 |
| 4.93%, 09/01/27<sup>(b)</sup> | &nbsp;&nbsp; 335 | 335210 |
| 5.28%, 11/07/29<sup>(b)</sup> | &nbsp;&nbsp; 1020 | 1043002 |
| RenaissanceRe Finance Inc., 3.45%, <br> 07/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; 1365 | 1345372 |
| RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 | &nbsp;&nbsp; 2750 | 2673481 |
| RGA Global Funding |  |  |
| 2.00%, 11/30/26<sup>(b)</sup> | &nbsp;&nbsp; 2865 | 2786359 |
| 2.70%, 01/18/29<sup>(b)</sup> | &nbsp;&nbsp; 2470 | 2336165 |
| 4.35%, 08/25/28<sup>(b)</sup> | &nbsp;&nbsp; 2075 | 2080760 |
| 5.25%, 01/09/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4040 | 4176695 |
| 5.45%, 05/24/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4010 | 4160520 |
| 6.00%, 11/21/28<sup>(b)</sup> | &nbsp;&nbsp; 2635 | 2769091 |
| Sagicor Financial Co. Ltd., 5.30%, <br> 05/13/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2850 | 2847492 |
| Sammons Financial Group Global Funding |  |  |
| 4.95%, 06/12/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3510 | 3564956 |
| 5.05%, 01/10/28<sup>(b)</sup> | &nbsp;&nbsp; 2240 | 2278424 |
| 5.10%, 12/10/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2750 | 2821783 |
| Sammons Financial Group Inc., 4.45%, <br> 05/12/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1985 | 1980746 |
| SBL Holdings Inc., 5.13%, 11/13/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2159 | 2148354 |
| SiriusPoint Ltd., 7.00%, 04/05/29 | &nbsp;&nbsp; 2660 | 2815708 |
| Sumitomo Life Insurance Co., 4.00%, <br> 09/14/77<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7295 | 7182312 |
| Swiss Re Finance Luxembourg SA, 5.00%, <br> 04/02/49, (5-year CMT + 3.582%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 3150 | 3159863 |
| Unum Group, 4.00%, 06/15/29 | &nbsp;&nbsp; 3055 | 3009721 |
| Western-Southern Global Funding |  |  |
| 4.50%, 07/16/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1895 | 1907690 |
| 4.90%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 2750 | 2803446 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 4930 | 4667911 |
| 4.50%, 09/15/28 | &nbsp;&nbsp; 3080 | 3106875 |
| 4.65%, 06/15/27 | &nbsp;&nbsp; 4105 | 4131692 |
|  |  | 983713001 |
| **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |
| Alibaba Group Holding Ltd. |  |  |
| 3.40%, 12/06/27<sup>(a)</sup> | &nbsp;&nbsp; 14155 | 13975440 |
| 4.88%, 05/26/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2390 | 2463171 |
| Alphabet Inc. |  |  |
| 0.80%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 5465 | 5169023 |
| 1.10%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6000 | 5244911 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 5295 | 5329228 |
| Amazon.com Inc. |  |  |
| 1.20%, 06/03/27<sup>(a)</sup> | &nbsp;&nbsp; 6788 | 6493832 |
| 1.50%, 06/03/30 | &nbsp;&nbsp; 10965 | 9793561 |
| 1.65%, 05/12/28 | &nbsp;&nbsp; 12755 | 12053665 |
| 3.15%, 08/22/27<sup>(a)</sup> | &nbsp;&nbsp; 19616 | 19363778 |
| 3.30%, 04/13/27 | &nbsp;&nbsp; 11045 | 10954828 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; 9103 | 8976796 |
| 4.55%, 12/01/27 | &nbsp;&nbsp; 10756 | 10908197 |
| 4.65%, 12/01/29 | &nbsp;&nbsp; 9445 | 9697529 |
| Baidu Inc. |  |  |
| 1.63%, 02/23/27<sup>(a)</sup> | &nbsp;&nbsp; 1715 | 1654323 |
| 3.63%, 07/06/27<sup>(a)</sup> | &nbsp;&nbsp; 3340 | 3312382 |
| 4.38%, 03/29/28 | &nbsp;&nbsp; 3005 | 3025171 |
| 4.88%, 11/14/28 | &nbsp;&nbsp; 200 | 204355 |
| Booking Holdings Inc., 3.55%, 03/15/28 | &nbsp;&nbsp; 2575 | 2546033 |
| eBay Inc. |  |  |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 5938 | 5554238 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 3.60%, 06/05/27 | &nbsp;&nbsp; $4247 | $4212665 |
| 5.95%, 11/22/27 | &nbsp;&nbsp; 1438 | 1492345 |
| Expedia Group Inc. |  |  |
| 3.25%, 02/15/30 | &nbsp;&nbsp; 7640 | 7280999 |
| 3.80%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5347 | 5295450 |
| 4.63%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; 3651 | 3674278 |
| JD.com Inc., 3.38%, 01/14/30<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 4067681 |
| Meituan |  |  |
| 4.50%, 04/02/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6284 | 6294485 |
| 4.63%, 10/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7650 | 7672948 |
| Meta Platforms Inc. |  |  |
| 3.50%, 08/15/27 | &nbsp;&nbsp; 15724 | 15631068 |
| 4.30%, 08/15/29 | &nbsp;&nbsp; 5848 | 5924162 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 9245 | 9425606 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 5585 | 5764853 |
| Netflix Inc. |  |  |
| 4.38%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 6675 | 6714854 |
| 4.88%, 04/15/28 | &nbsp;&nbsp; 10342 | 10577402 |
| 4.88%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 4125 | 4244351 |
| 5.38%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 6760 | 7082553 |
| 5.88%, 11/15/28 | &nbsp;&nbsp; 11282 | 11915568 |
| 6.38%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4414 | 4764189 |
| Prosus NV |  |  |
| 3.26%, 01/19/27<sup>(b)</sup> | &nbsp;&nbsp; 5460 | 5357241 |
| 3.68%, 01/21/30<sup>(b)</sup> | &nbsp;&nbsp; 6000 | 5716211 |
| 4.85%, 07/06/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1371 | 1377265 |
| Tencent Holdings Ltd. |  |  |
| 2.39%, 06/03/30<sup>(b)</sup> | &nbsp;&nbsp; 9435 | 8744805 |
| 3.60%, 01/19/28<sup>(b)</sup> | &nbsp;&nbsp; 14365 | 14235719 |
| 3.98%, 04/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15833 | 15775322 |
| Uber Technologies Inc. |  |  |
| 4.30%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7627 | 7647837 |
| 4.50%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9843 | 9835050 |
| 6.25%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2345 | 2347230 |
| 7.50%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3382 | 3381340 |
| VeriSign Inc., 4.75%, 07/15/27 | &nbsp;&nbsp; 3807 | 3807122 |
| Weibo Corp., 3.38%, 07/08/30 | &nbsp;&nbsp; 1200 | 1134793 |
|  |  | 338115853 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| ArcelorMittal SA |  |  |
| 4.25%, 07/16/29 | &nbsp;&nbsp; 3335 | 3322374 |
| 6.55%, 11/29/27<sup>(a)</sup> | &nbsp;&nbsp; 6660 | 6948138 |
| GUSAP III LP, 4.25%, 01/21/30<sup>(b)</sup> | &nbsp;&nbsp; 2105 | 2044012 |
| Nucor Corp. |  |  |
| 2.70%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2845 | 2655161 |
| 3.95%, 05/01/28 | &nbsp;&nbsp; 2795 | 2790505 |
| 4.30%, 05/23/27 | &nbsp;&nbsp; 3270 | 3278279 |
| 4.65%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3090 | 3136094 |
| POSCO |  |  |
| 4.50%, 08/04/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 832 | 835238 |
| 4.88%, 01/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1430 | 1440474 |
| 5.75%, 01/17/28<sup>(b)</sup> | &nbsp;&nbsp; 5592 | 5773710 |
| POSCO Holdings Inc., 5.13%, 05/07/30<sup>(b)</sup> | &nbsp;&nbsp; 1810 | 1857101 |
| Reliance Inc., 2.15%, 08/15/30 | &nbsp;&nbsp; 2520 | 2258558 |
| Steel Dynamics Inc. |  |  |
| 1.65%, 10/15/27 | &nbsp;&nbsp; 1962 | 1858305 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 3690 | 3535832 |
| 5.00%, 12/15/26<sup>(a)</sup> | &nbsp;&nbsp; 2095 | 2096218 |
| Vale Overseas Ltd., 3.75%, 07/08/30 | &nbsp;&nbsp; 8950 | 8524845 |
|  |  | 52354844 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| Brunswick Corp./DE, 5.85%, 03/18/29<sup>(a)</sup> | &nbsp;&nbsp; $2665 | $2761550 |
| Carnival Corp. |  |  |
| 4.00%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 13170 | 12934784 |
| 7.00%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2460 | 2590559 |
| Harley-Davidson Financial Services Inc. |  |  |
| 3.05%, 02/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2198 | 2157799 |
| 5.95%, 06/11/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3245 | 3360439 |
| 6.50%, 03/10/28<sup>(b)</sup> | &nbsp;&nbsp; 3690 | 3851591 |
| Polaris Inc., 6.95%, 03/15/29 | &nbsp;&nbsp; 3245 | 3435635 |
| Royal Caribbean Cruises Ltd. |  |  |
| 3.70%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2530 | 2478976 |
| 5.38%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4940 | 4980325 |
| 5.50%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 5920 | 6025678 |
| 7.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 1279472 |
|  |  | 45856808 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| Choice Hotels International Inc., 3.70%, <br> 12/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 2580 | 2463414 |
| Hyatt Hotels Corp. |  |  |
| 4.38%, 09/15/28 | &nbsp;&nbsp; 2240 | 2242288 |
| 5.05%, 03/30/28 | &nbsp;&nbsp; 2600 | 2643412 |
| 5.25%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; 3665 | 3761605 |
| 5.75%, 01/30/27<sup>(a)</sup> | &nbsp;&nbsp; 2655 | 2703120 |
| 5.75%, 04/23/30 | &nbsp;&nbsp; 2505 | 2606735 |
| Las Vegas Sands Corp. |  |  |
| 3.90%, 08/08/29 | &nbsp;&nbsp; 4310 | 4157034 |
| 5.63%, 06/15/28 | &nbsp;&nbsp; 4500 | 4607108 |
| 5.90%, 06/01/27 | &nbsp;&nbsp; 3495 | 3563609 |
| 6.00%, 08/15/29 | &nbsp;&nbsp; 3115 | 3235220 |
| 6.00%, 06/14/30 | &nbsp;&nbsp; 2610 | 2720823 |
| Marriott International Inc./MD |  |  |
| 4.20%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1055 | 1056635 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 3665 | 3724710 |
| 4.88%, 05/15/29 | &nbsp;&nbsp; 3020 | 3075777 |
| 4.90%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4610 | 4700248 |
| 5.00%, 10/15/27 | &nbsp;&nbsp; 5516 | 5603669 |
| 5.45%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1623 | 1642277 |
| 5.55%, 10/15/28 | &nbsp;&nbsp; 4210 | 4374678 |
| Series AA, 4.65%, 12/01/28 | &nbsp;&nbsp; 1823 | 1844431 |
| Series FF, 4.63%, 06/15/30 | &nbsp;&nbsp; 5124 | 5159357 |
| Series X, 4.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2355 | 2347157 |
| Sands China Ltd. |  |  |
| 2.30%, 03/08/27 | &nbsp;&nbsp; 3318 | 3209539 |
| 2.85%, 03/08/29<sup>(a)</sup> | &nbsp;&nbsp; 4150 | 3885277 |
| 4.38%, 06/18/30<sup>(a)</sup> | &nbsp;&nbsp; 4050 | 3946130 |
| 5.40%, 08/08/28 | &nbsp;&nbsp; 10607 | 10808109 |
|  |  | 90082362 |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
| AGCO Corp., 5.45%, 03/21/27 | &nbsp;&nbsp; 2155 | 2182836 |
| Caterpillar Financial Services Corp. |  |  |
| 1.10%, 09/14/27 | &nbsp;&nbsp; 4624 | 4378443 |
| 1.15%, 09/14/26 | &nbsp;&nbsp; 2796 | 2716288 |
| 1.70%, 01/08/27 | &nbsp;&nbsp; 2901 | 2816986 |
| 3.60%, 08/12/27<sup>(a)</sup> | &nbsp;&nbsp; 3878 | 3855581 |
| 4.38%, 08/16/29<sup>(a)</sup> | &nbsp;&nbsp; 3680 | 3730875 |
| 4.40%, 10/15/27 | &nbsp;&nbsp; 3875 | 3913625 |
| 4.40%, 03/03/28<sup>(a)</sup> | &nbsp;&nbsp; 2630 | 2660411 |
| 4.45%, 10/16/26<sup>(a)</sup> | &nbsp;&nbsp; 3771 | 3789083 |
| 4.50%, 01/07/27 | &nbsp;&nbsp; 2355 | 2372028 |
| 4.50%, 01/08/27<sup>(a)</sup> | &nbsp;&nbsp; 2950 | 2972206 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 4.60%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; $5485 | $5562583 |
| 4.70%, 11/15/29 | &nbsp;&nbsp; 5230 | 5357929 |
| 4.80%, 01/08/30 | &nbsp;&nbsp; 2640 | 2721561 |
| 4.85%, 02/27/29 | &nbsp;&nbsp; 3674 | 3773451 |
| 5.00%, 05/14/27 | &nbsp;&nbsp; 4818 | 4901693 |
| Series K, 4.10%, 08/15/28 | &nbsp;&nbsp; 3050 | 3060293 |
| Caterpillar Inc. |  |  |
| 2.60%, 09/19/29<sup>(a)</sup> | &nbsp;&nbsp; 3075 | 2909931 |
| 2.60%, 04/09/30<sup>(a)</sup> | &nbsp;&nbsp; 4680 | 4397224 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | &nbsp;&nbsp; 2350 | 2363103 |
| 4.55%, 04/10/28<sup>(a)</sup> | &nbsp;&nbsp; 3865 | 3899829 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 2885 | 2917244 |
| 5.10%, 04/20/29<sup>(a)</sup> | &nbsp;&nbsp; 3735 | 3831291 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 3015 | 3125747 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 3098 | 3083582 |
| Deere & Co. |  |  |
| 3.10%, 04/15/30 | &nbsp;&nbsp; 2960 | 2835600 |
| 5.38%, 10/16/29<sup>(a)</sup> | &nbsp;&nbsp; 2915 | 3062764 |
| 8.10%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1035 | 1211628 |
| Dover Corp., 2.95%, 11/04/29<sup>(a)</sup> | &nbsp;&nbsp; 2245 | 2135571 |
| Eaton Capital ULC, 4.45%, 05/09/30 | &nbsp;&nbsp; 3420 | 3453529 |
| IDEX Corp. |  |  |
| 3.00%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2805 | 2638612 |
| 4.95%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3155 | 3224328 |
| Ingersoll Rand Inc. |  |  |
| 5.18%, 06/15/29 | &nbsp;&nbsp; 4565 | 4715282 |
| 5.20%, 06/15/27 | &nbsp;&nbsp; 3745 | 3808847 |
| 5.40%, 08/14/28<sup>(a)</sup> | &nbsp;&nbsp; 3262 | 3373548 |
| John Deere Capital Corp. |  |  |
| 1.30%, 10/13/26 | &nbsp;&nbsp; 2275 | 2210000 |
| 1.50%, 03/06/28<sup>(a)</sup> | &nbsp;&nbsp; 2920 | 2752585 |
| 1.70%, 01/11/27<sup>(a)</sup> | &nbsp;&nbsp; 2847 | 2765325 |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 2953 | 2856208 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 2343 | 2300531 |
| 2.35%, 03/08/27<sup>(a)</sup> | &nbsp;&nbsp; 2947 | 2879071 |
| 2.45%, 01/09/30<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 3272559 |
| 2.80%, 09/08/27 | &nbsp;&nbsp; 2858 | 2798566 |
| 2.80%, 07/18/29<sup>(a)</sup> | &nbsp;&nbsp; 3440 | 3288636 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 2580 | 2530049 |
| 3.35%, 04/18/29<sup>(a)</sup> | &nbsp;&nbsp; 3520 | 3442428 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 3525 | 3460123 |
| 4.15%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 5236 | 5262422 |
| 4.20%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4636 | 4664478 |
| 4.38%, 10/15/30 | &nbsp;&nbsp; 2825 | 2847364 |
| 4.50%, 01/08/27<sup>(a)</sup> | &nbsp;&nbsp; 4220 | 4252019 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 5855 | 5947534 |
| 4.65%, 01/07/28 | &nbsp;&nbsp; 2950 | 2999089 |
| 4.70%, 06/10/30<sup>(a)</sup> | &nbsp;&nbsp; 4420 | 4535780 |
| 4.75%, 01/20/28<sup>(a)</sup> | &nbsp;&nbsp; 6350 | 6468683 |
| 4.85%, 03/05/27 | &nbsp;&nbsp; 2920 | 2959399 |
| 4.85%, 06/11/29 | &nbsp;&nbsp; 4945 | 5087427 |
| 4.85%, 10/11/29<sup>(a)</sup> | &nbsp;&nbsp; 2790 | 2879935 |
| 4.90%, 06/11/27<sup>(a)</sup> | &nbsp;&nbsp; 3562 | 3626032 |
| 4.90%, 03/03/28 | &nbsp;&nbsp; 3915 | 4005397 |
| 4.95%, 07/14/28 | &nbsp;&nbsp; 8525 | 8758924 |
| 5.15%, 09/08/26 | &nbsp;&nbsp; 3158 | 3195402 |
| Series ., 4.50%, 01/08/27 | &nbsp;&nbsp; 2330 | 2347679 |
| Series I, 4.25%, 06/05/28 | &nbsp;&nbsp; 3945 | 3978221 |
| Series I, 4.55%, 06/05/30 | &nbsp;&nbsp; 4475 | 4545204 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Komatsu Finance America Inc., 5.50%, <br> 10/06/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $1925 | $1973224 |
| Nordson Corp. |  |  |
| 4.50%, 12/15/29 | &nbsp;&nbsp; 4055 | 4089334 |
| 5.60%, 09/15/28 | &nbsp;&nbsp; 2315 | 2399490 |
| nVent Finance SARL, 4.55%, 04/15/28 | &nbsp;&nbsp; 1740 | 1742423 |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/30 | &nbsp;&nbsp; 1820 | 1712400 |
| 4.60%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1795 | 1807076 |
| Otis Worldwide Corp. |  |  |
| 2.29%, 04/05/27<sup>(a)</sup> | &nbsp;&nbsp; 2616 | 2546764 |
| 2.57%, 02/15/30 | &nbsp;&nbsp; 9095 | 8477872 |
| 5.25%, 08/16/28<sup>(a)</sup> | &nbsp;&nbsp; 4335 | 4469654 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28 | &nbsp;&nbsp; 7323 | 7581458 |
| 6.30%, 02/15/30 | &nbsp;&nbsp; 6565 | 6954604 |
| Rockwell Automation Inc. |  |  |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 3130 | 3067538 |
| 6.70%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 145 | 153453 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 1952268 |
| Weir Group Inc., 5.35%, 05/06/30<sup>(b)</sup> | &nbsp;&nbsp; 4935 | 5039151 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 3694 | 3658066 |
| 4.70%, 09/15/28 | &nbsp;&nbsp; 7386 | 7482359 |
| 4.90%, 05/29/30 | &nbsp;&nbsp; 3290 | 3363227 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28<sup>(a)</sup> | &nbsp;&nbsp; 5393 | 5151520 |
| 3.25%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; 2659 | 2629161 |
|  |  | 306921644 |
| **Manufacturing — 0.5%** | **Manufacturing — 0.5%** | **Manufacturing — 0.5%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26<sup>(a)</sup> | &nbsp;&nbsp; 3438 | 3371262 |
| 2.38%, 08/26/29<sup>(a)</sup> | &nbsp;&nbsp; 5885 | 5512242 |
| 2.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 5329 | 5205499 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 2890 | 2747182 |
| 3.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4430 | 4322930 |
| 3.63%, 09/14/28<sup>(a)</sup> | &nbsp;&nbsp; 3617 | 3574992 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 4210 | 4305406 |
| Carlisle Companies Inc. |  |  |
| 2.75%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2705 | 2528232 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 3775 | 3739764 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 4237 | 4166523 |
| 4.35%, 05/18/28 | &nbsp;&nbsp; 2790 | 2816782 |
| Illinois Tool Works Inc., 2.65%, 11/15/26 | &nbsp;&nbsp; 5185 | 5112288 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 3822 | 3777684 |
| 3.25%, 06/14/29<sup>(a)</sup> | &nbsp;&nbsp; 5642 | 5467731 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 6578 | 6601169 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 6030 | 6113244 |
| Pentair Finance SARL, 4.50%, 07/01/29 | &nbsp;&nbsp; 2770 | 2783556 |
| Siemens Financieringsmaatschappij NV |  |  |
| 1.70%, 03/11/28<sup>(b)</sup> | &nbsp;&nbsp; 7297 | 6925621 |
| 2.35%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp; 9419 | 9245086 |
| 3.40%, 03/16/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6964 | 6915531 |
| Siemens Funding BV |  |  |
| 4.35%, 05/26/28<sup>(b)</sup> | &nbsp;&nbsp; 5755 | 5810711 |
| 4.60%, 05/28/30<sup>(b)</sup> | &nbsp;&nbsp; 5730 | 5829017 |
| Teledyne Technologies Inc., 2.25%, 04/01/28 | &nbsp;&nbsp; 3750 | 3572431 |
| Textron Inc. |  |  |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 910 | 854718 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| 3.38%, 03/01/28 | &nbsp;&nbsp; $1719 | $1682679 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 1789 | 1770182 |
| 3.90%, 09/17/29<sup>(a)</sup> | &nbsp;&nbsp; 2488 | 2454193 |
|  |  | 117206655 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 6941 | 6457811 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 6920 | 6818177 |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 7236 | 7193244 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 7365 | 7480187 |
| 6.10%, 06/01/29 | &nbsp;&nbsp; 8560 | 8997673 |
| 6.15%, 11/10/26 | &nbsp;&nbsp; 6975 | 7079573 |
| Comcast Corp. |  |  |
| 2.35%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8447 | 8256696 |
| 2.65%, 02/01/30 | &nbsp;&nbsp; 6800 | 6374007 |
| 3.15%, 02/15/28 | &nbsp;&nbsp; 9943 | 9748932 |
| 3.30%, 02/01/27 | &nbsp;&nbsp; 6924 | 6846486 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 4945 | 4889940 |
| 3.40%, 04/01/30 | &nbsp;&nbsp; 8395 | 8119094 |
| 3.55%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6172 | 6098144 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 23074 | 23147587 |
| 4.55%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5915 | 5999486 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 4252 | 4395309 |
| 5.35%, 11/15/27 | &nbsp;&nbsp; 4977 | 5114087 |
| Cox Communications Inc. |  |  |
| 3.35%, 09/15/26<sup>(b)</sup> | &nbsp;&nbsp; 6416 | 6343953 |
| 3.50%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5774 | 5675776 |
| 5.45%, 09/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5595 | 5775401 |
| FactSet Research Systems Inc., 2.90%, <br> 03/01/27<br>| &nbsp;&nbsp; 2905 | 2850175 |
| Fox Corp. |  |  |
| 3.50%, 04/08/30<sup>(a)</sup> | &nbsp;&nbsp; 2050 | 1981228 |
| 4.71%, 01/25/29 | &nbsp;&nbsp; 11820 | 11954859 |
| News Corp., 3.88%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 4275 | 4128146 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | &nbsp;&nbsp; 2659 | 2600658 |
| 3.38%, 02/15/28 | &nbsp;&nbsp; 2500 | 2438979 |
| 3.70%, 06/01/28 | &nbsp;&nbsp; 3385 | 3312151 |
| 4.20%, 06/01/29 | &nbsp;&nbsp; 2245 | 2211967 |
| 7.88%, 07/30/30 | &nbsp;&nbsp; 3955 | 4461370 |
| TCI Communications Inc., 7.13%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2915 | 3120623 |
| TWDC Enterprises 18 Corp., 2.95%, 06/15/27 | &nbsp;&nbsp; 5805 | 5717171 |
| Videotron Ltd. |  |  |
| 3.63%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3525 | 3402790 |
| 5.13%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 565 | 565494 |
| Walt Disney Co. (The) |  |  |
| 2.00%, 09/01/29 | &nbsp;&nbsp; 11990 | 11107536 |
| 2.20%, 01/13/28<sup>(a)</sup> | &nbsp;&nbsp; 6747 | 6501059 |
| 3.38%, 11/15/26 | &nbsp;&nbsp; 2949 | 2927985 |
| 3.70%, 03/23/27 | &nbsp;&nbsp; 3188 | 3178368 |
| 3.80%, 03/22/30 | &nbsp;&nbsp; 6860 | 6786353 |
|  |  | 230058475 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Timken Co. (The), 4.50%, 12/15/28 | &nbsp;&nbsp; 2970 | 2990526 |
| **Mining — 0.8%** | **Mining — 0.8%** | **Mining — 0.8%** |
| Anglo American Capital PLC |  |  |
| 3.88%, 03/16/29<sup>(b)</sup> | &nbsp;&nbsp; 2930 | 2882223 |
| 4.00%, 09/11/27<sup>(b)</sup> | &nbsp;&nbsp; 200 | 198522 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| 4.50%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; $4255 | $4273489 |
| 4.75%, 04/10/27<sup>(b)</sup> | &nbsp;&nbsp; 3734 | 3757702 |
| 5.63%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4700 | 4913025 |
| AngloGold Ashanti Holdings PLC, 3.38%, <br> 11/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 3775 | 3635886 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.75%, 02/28/28 | &nbsp;&nbsp; 5763 | 5866462 |
| 5.00%, 02/21/30 | &nbsp;&nbsp; 6115 | 6313238 |
| 5.10%, 09/08/28<sup>(a)</sup> | &nbsp;&nbsp; 3767 | 3879740 |
| 5.25%, 09/08/26<sup>(a)</sup> | &nbsp;&nbsp; 5065 | 5117072 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7050 | 6603860 |
| 3.15%, 01/14/30<sup>(b)</sup> | &nbsp;&nbsp; 6260 | 5867054 |
| 3.63%, 08/01/27<sup>(b)</sup> | &nbsp;&nbsp; 8766 | 8623208 |
| Freeport Indonesia PT, 4.76%, 04/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 7610 | 7615799 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | &nbsp;&nbsp; 3017 | 3001672 |
| 4.25%, 03/01/30 | &nbsp;&nbsp; 1530 | 1511393 |
| 4.38%, 08/01/28 | &nbsp;&nbsp; 3340 | 3340000 |
| 4.63%, 08/01/30 | &nbsp;&nbsp; 3000 | 3006609 |
| 5.00%, 09/01/27<sup>(a)</sup> | &nbsp;&nbsp; 2994 | 2992516 |
| 5.25%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2285 | 2317091 |
| Glencore Funding LLC |  |  |
| 3.88%, 10/27/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3298 | 3265921 |
| 4.00%, 03/27/27<sup>(b)</sup> | &nbsp;&nbsp; 5925 | 5897986 |
| 4.88%, 03/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4552 | 4631400 |
| 4.91%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2005 | 2038303 |
| 5.19%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4694 | 4824618 |
| 5.34%, 04/04/27<sup>(b)</sup> | &nbsp;&nbsp; 4785 | 4858033 |
| 5.37%, 04/04/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6550 | 6746828 |
| 5.40%, 05/08/28<sup>(b)</sup> | &nbsp;&nbsp; 2940 | 3022726 |
| 6.13%, 10/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4170 | 4379222 |
| Gold Fields Orogen Holdings BVI Ltd., 6.13%, <br> 05/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 585 | 610399 |
| Indonesia Asahan Aluminium PT/Mineral <br> Industri Indonesia Persero PT<br>|  |  |
| 5.45%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5340 | 5522836 |
| 6.53%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4249 | 4545640 |
| Industrias Penoles SAB de CV, 4.15%, <br> 09/12/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2795 | 2736771 |
| Kinross Gold Corp., 4.50%, 07/15/27 | &nbsp;&nbsp; 3228 | 3233695 |
| Newcastle Coal Infrastructure Group Pty. Ltd., <br> 4.40%, 09/29/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 732 | 727168 |
| Newmont Corp./Newcrest Finance Pty. Ltd., <br> 3.25%, 05/13/30<br>| &nbsp;&nbsp; 2975 | 2847717 |
| Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | &nbsp;&nbsp; 4492 | 4862887 |
| Rio Tinto Finance USA PLC |  |  |
| 4.38%, 03/12/27 | &nbsp;&nbsp; 2915 | 2932169 |
| 4.50%, 03/14/28 | &nbsp;&nbsp; 3826 | 3866698 |
| 4.88%, 03/14/30 | &nbsp;&nbsp; 10335 | 10596346 |
| Yamana Gold Inc., 4.63%, 12/15/27 | &nbsp;&nbsp; 1845 | 1841760 |
|  |  | 169705684 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | &nbsp;&nbsp; 5635 | 5512803 |
| 3.25%, 02/15/29 | &nbsp;&nbsp; 3620 | 3464327 |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 4583 | 4405305 |
| 4.25%, 04/01/28 | &nbsp;&nbsp; 4030 | 4002538 |
| 5.10%, 03/01/30 | &nbsp;&nbsp; 2535 | 2577387 |
|  |  | 19962360 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** |
| Adnoc Murban Rsc Ltd., 4.25%, 09/11/29<sup>(b)</sup> | &nbsp;&nbsp; $6190 | $6213448 |
| Aker BP ASA |  |  |
| 3.75%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 6225 | 5991167 |
| 5.60%, 06/13/28<sup>(b)</sup> | &nbsp;&nbsp; 3377 | 3495342 |
| Antero Resources Corp. |  |  |
| 5.38%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3890 | 3918409 |
| 7.63%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 770 | 785377 |
| APA Corp., 4.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2550 | 2466289 |
| BP Capital Markets America Inc. |  |  |
| 1.75%, 08/10/30 | &nbsp;&nbsp; 4805 | 4269493 |
| 3.02%, 01/16/27 | &nbsp;&nbsp; 5182 | 5119100 |
| 3.54%, 04/06/27 | &nbsp;&nbsp; 2911 | 2890525 |
| 3.59%, 04/14/27<sup>(a)</sup> | &nbsp;&nbsp; 3446 | 3426266 |
| 3.63%, 04/06/30<sup>(a)</sup> | &nbsp;&nbsp; 7488 | 7324850 |
| 3.94%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; 5946 | 5927300 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 11355 | 11409707 |
| 4.70%, 04/10/29 | &nbsp;&nbsp; 7352 | 7489051 |
| 4.87%, 11/25/29 | &nbsp;&nbsp; 4190 | 4305319 |
| 4.97%, 10/17/29 | &nbsp;&nbsp; 4017 | 4136655 |
| 5.02%, 11/17/27 | &nbsp;&nbsp; 6515 | 6646334 |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | &nbsp;&nbsp; 8919 | 8793739 |
| 3.72%, 11/28/28 | &nbsp;&nbsp; 4659 | 4610265 |
| 4.88%, (5-year CMT + 4.398%)<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 13370 | 13253555 |
| Canadian Natural Resources Ltd. |  |  |
| 2.95%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2800 | 2610318 |
| 3.85%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 7495 | 7438604 |
| 5.00%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 4875 | 4969273 |
| Cenovus Energy Inc., 4.25%, 04/15/27 | &nbsp;&nbsp; 2674 | 2672171 |
| Chevron Corp. |  |  |
| 2.00%, 05/11/27 | &nbsp;&nbsp; 6519 | 6326464 |
| 2.24%, 05/11/30 | &nbsp;&nbsp; 7645 | 7050138 |
| Chevron USA Inc. |  |  |
| 1.02%, 08/12/27 | &nbsp;&nbsp; 4678 | 4437281 |
| 3.25%, 10/15/29 | &nbsp;&nbsp; 3605 | 3506338 |
| 3.85%, 01/15/28 | &nbsp;&nbsp; 3954 | 3960607 |
| 3.95%, 08/13/27<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 2758294 |
| 4.05%, 08/13/28<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 2766210 |
| 4.30%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5900 | 5932726 |
| 4.41%, 02/26/27 | &nbsp;&nbsp; 1645 | 1658205 |
| 4.48%, 02/26/28 | &nbsp;&nbsp; 5545 | 5633186 |
| 4.69%, 04/15/30 | &nbsp;&nbsp; 6850 | 7001462 |
| CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 | &nbsp;&nbsp; 5000 | 4805986 |
| ConocoPhillips Co. |  |  |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 8270 | 8427061 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 4450 | 4866819 |
| Continental Resources Inc./OK |  |  |
| 2.27%, 11/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 4751 | 4621763 |
| 4.38%, 01/15/28 | &nbsp;&nbsp; 5983 | 5946428 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4283 | 4254247 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 2770 | 2765423 |
| Devon Energy Corp. |  |  |
| 4.50%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4175 | 4176577 |
| 5.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3660 | 3665120 |
| 5.88%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1755 | 1755076 |
| Diamondback Energy Inc. |  |  |
| 3.25%, 12/01/26 | &nbsp;&nbsp; 4543 | 4489251 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 5492 | 5293486 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; 5110 | 5248608 |
| 5.20%, 04/18/27 | &nbsp;&nbsp; 4995 | 5070009 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Empresa Nacional del Petroleo, 5.25%, <br> 11/06/29<sup>(b)</sup><br>| &nbsp;&nbsp; $5185 | $5262946 |
| Eni SpA |  |  |
| 4.25%, 05/09/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5615 | 5620624 |
| Series X-R, 4.75%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp; 5132 | 5189299 |
| Eni USA Inc., 7.30%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2365 | 2515439 |
| EOG Resources Inc. |  |  |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 4885 | 4913592 |
| 4.40%, 07/15/28 | &nbsp;&nbsp; 3050 | 3079503 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | &nbsp;&nbsp; 5745 | 5690533 |
| 4.50%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4000 | 3988461 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 2282 | 2308180 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 3208 | 3315561 |
| 6.38%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1260 | 1306239 |
| 6.50%, 07/01/27<sup>(b)</sup> | &nbsp;&nbsp; 155 | 158377 |
| 7.00%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4350 | 4731033 |
| 7.50%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; 305 | 310580 |
| 7.50%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 3150 | 3469845 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 4200 | 3884926 |
| 3.00%, 04/06/27 | &nbsp;&nbsp; 6084 | 6002208 |
| 3.13%, 04/06/30 | &nbsp;&nbsp; 9000 | 8631023 |
| 3.63%, 09/10/28 | &nbsp;&nbsp; 2880 | 2854011 |
| 4.25%, 06/02/28<sup>(a)</sup> | &nbsp;&nbsp; 1800 | 1814787 |
| 6.50%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3500 | 3765234 |
| 6.80%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 660 | 703749 |
| 7.15%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1550 | 1694549 |
| 7.25%, 09/23/27<sup>(a)</sup> | &nbsp;&nbsp; 1419 | 1509706 |
| Expand Energy Corp. |  |  |
| 5.38%, 02/01/29 | &nbsp;&nbsp; 4175 | 4182870 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; 7025 | 7095861 |
| 5.88%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1550 | 1556820 |
| 6.75%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3865 | 3907070 |
| Exxon Mobil Corp. |  |  |
| 2.44%, 08/16/29<sup>(a)</sup> | &nbsp;&nbsp; 7435 | 7063130 |
| 3.29%, 03/19/27 | &nbsp;&nbsp; 6119 | 6075414 |
| 3.48%, 03/19/30 | &nbsp;&nbsp; 11210 | 10968031 |
| GS Caltex Corp., 5.38%, 08/07/28<sup>(b)</sup> | &nbsp;&nbsp; 345 | 355284 |
| Helmerich & Payne Inc. |  |  |
| 4.65%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 530 | 529119 |
| 4.85%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2335 | 2326669 |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | &nbsp;&nbsp; 6137 | 6151243 |
| 7.88%, 10/01/29 | &nbsp;&nbsp; 2650 | 3012789 |
| HF Sinclair Corp., 5.00%, 02/01/28 | &nbsp;&nbsp; 2843 | 2845032 |
| KazMunayGas National Co. JSC |  |  |
| 4.75%, 04/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1205 | 1209749 |
| 5.38%, 04/24/30<sup>(b)</sup> | &nbsp;&nbsp; 7560 | 7703248 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 3570 | 3534939 |
| 5.13%, 12/15/26 | &nbsp;&nbsp; 4529 | 4564255 |
| 5.15%, 03/01/30 | &nbsp;&nbsp; 6865 | 7059998 |
| Occidental Petroleum Corp. |  |  |
| 3.50%, 08/15/29 | &nbsp;&nbsp; 1652 | 1563224 |
| 5.00%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; 3510 | 3544672 |
| 5.20%, 08/01/29 | &nbsp;&nbsp; 6920 | 7009185 |
| 6.38%, 09/01/28 | &nbsp;&nbsp; 3720 | 3881701 |
| 8.50%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3165 | 3344417 |
| 8.88%, 07/15/30 | &nbsp;&nbsp; 5620 | 6467822 |
| Ovintiv Inc., 5.65%, 05/15/28 | &nbsp;&nbsp; 3977 | 4093281 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Patterson-UTI Energy Inc. |  |  |
| 3.95%, 02/01/28 | &nbsp;&nbsp; $1825 | $1780267 |
| 5.15%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2285 | 2279707 |
| Pertamina Hulu Energi PT, 5.25%, 05/21/30<sup>(b)</sup> | &nbsp;&nbsp; 1810 | 1852619 |
| Pertamina Persero PT |  |  |
| 3.10%, 01/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3835 | 3620033 |
| 3.65%, 07/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4820 | 4680318 |
| Petroliam Nasional Bhd, 7.63%, 10/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 3643 | 3775860 |
| Petronas Capital Ltd., 3.50%, 04/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1785 | 1734706 |
| Petronas Energy Canada Ltd., 2.11%, <br> 03/23/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6730 | 6425984 |
| Phillips 66, 3.90%, 03/15/28 | &nbsp;&nbsp; 4352 | 4324992 |
| Phillips 66 Co. |  |  |
| 3.15%, 12/15/29 | &nbsp;&nbsp; 3665 | 3509256 |
| 3.55%, 10/01/26 | &nbsp;&nbsp; 3067 | 3042904 |
| 3.75%, 03/01/28 | &nbsp;&nbsp; 2760 | 2737612 |
| 4.95%, 12/01/27 | &nbsp;&nbsp; 4249 | 4316099 |
| Pioneer Natural Resources Co., 1.90%, <br> 08/15/30<br>| &nbsp;&nbsp; 2000 | 1788189 |
| PTTEP Treasury Center Co. Ltd. |  |  |
| 2.59%, 06/10/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4720 | 4574040 |
| 2.99%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2385 | 2259315 |
| Qatar Energy, 1.38%, 09/12/26<sup>(b)</sup> | &nbsp;&nbsp; 13297 | 12906254 |
| QatarEnergy LNG S3 |  |  |
| 5.84%, 09/30/27<sup>(b)</sup> | &nbsp;&nbsp; 2123 | 2153142 |
| 6.33%, 09/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3015 | 3055453 |
| Reliance Industries Ltd., 3.67%, 11/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1305 | 1289560 |
| SA Global Sukuk Ltd., 4.25%, 10/02/29<sup>(b)</sup> | &nbsp;&nbsp; 11120 | 11076187 |
| Saudi Arabian Oil Co. |  |  |
| 3.50%, 04/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 18275 | 17801751 |
| 4.75%, 06/02/30<sup>(b)</sup> | &nbsp;&nbsp; 9430 | 9582840 |
| Shell Finance U.S. Inc. |  |  |
| 2.38%, 11/07/29 | &nbsp;&nbsp; 6954 | 6511676 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 8605 | 8143775 |
| Shell International Finance BV |  |  |
| 2.38%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 780 | 740294 |
| 2.50%, 09/12/26 | &nbsp;&nbsp; 5641 | 5555413 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 2190 | 2070096 |
| 3.88%, 11/13/28 | &nbsp;&nbsp; 8631 | 8620031 |
| Sinopec Group Overseas Development 2016 <br> Ltd., 2.75%, 09/29/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5753 | 5672216 |
| Sinopec Group Overseas Development 2017 <br> Ltd.<br>|  |  |
| 3.25%, 09/13/27<sup>(b)</sup> | &nbsp;&nbsp; 7070 | 6967062 |
| 3.63%, 04/12/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 7864 | 7818625 |
| Sinopec Group Overseas Development 2018 <br> Ltd.<br>|  |  |
| 2.70%, 05/13/30<sup>(b)</sup> | &nbsp;&nbsp; 240 | 228217 |
| 2.95%, 08/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1915 | 1851471 |
| 2.95%, 11/12/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5990 | 5780153 |
| 4.25%, 09/12/28<sup>(b)</sup> | &nbsp;&nbsp; 715 | 722697 |
| Suncor Energy Inc., 7.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1410 | 1520630 |
| Tengizchevroil Finance Co. International Ltd., <br> 3.25%, 08/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 4000 | 3651521 |
| Thaioil Treasury Center Co. Ltd. |  |  |
| 2.50%, 06/18/30<sup>(b)</sup> | &nbsp;&nbsp; 2165 | 1950614 |
| 4.63%, 11/20/28<sup>(b)</sup> | &nbsp;&nbsp; 360 | 358976 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30<sup>(a)</sup> | &nbsp;&nbsp; 6000 | 5733862 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 7245 | 7135848 |
| TotalEnergies Capital SA, 3.88%, 10/11/28<sup>(a)</sup> | &nbsp;&nbsp; 5465 | 5459924 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | &nbsp;&nbsp; $3571 | $3425042 |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 1691 | 1675646 |
| 4.00%, 04/01/29 | &nbsp;&nbsp; 1975 | 1952816 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 3616 | 3629812 |
| 5.15%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3425 | 3528034 |
| Var Energi ASA |  |  |
| 5.00%, 05/18/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2940 | 2964343 |
| 5.88%, 05/22/30<sup>(b)</sup> | &nbsp;&nbsp; 4400 | 4560500 |
| 7.50%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 6021 | 6388764 |
| Viper Energy Partners LLC, 4.90%, 08/01/30 | &nbsp;&nbsp; 1130 | 1138825 |
| Vnom Sub Inc., 5.38%, 11/01/27<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49967 |
| Woodside Finance Ltd. |  |  |
| 3.70%, 09/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2619 | 2599094 |
| 3.70%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 4860 | 4775967 |
| 4.50%, 03/04/29<sup>(b)</sup> | &nbsp;&nbsp; 8730 | 8719032 |
| 4.90%, 05/19/28 | &nbsp;&nbsp; 2950 | 2987658 |
| 5.40%, 05/19/30 | &nbsp;&nbsp; 7340 | 7543054 |
|  |  | 692344293 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 2.06%, 12/15/26 | &nbsp;&nbsp; 3905 | 3800594 |
| 3.14%, 11/07/29 | &nbsp;&nbsp; 3950 | 3798169 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 7610 | 7491132 |
| 4.49%, 05/01/30 | &nbsp;&nbsp; 1780 | 1794211 |
| Halliburton Co., 2.92%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6187 | 5818156 |
| NOV Inc., 3.60%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3465 | 3349614 |
| Schlumberger Holdings Corp. |  |  |
| 2.65%, 06/26/30<sup>(b)</sup> | &nbsp;&nbsp; 4755 | 4418035 |
| 3.90%, 05/17/28<sup>(b)</sup> | &nbsp;&nbsp; 8770 | 8747808 |
| 4.30%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4800 | 4828009 |
| 4.50%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2092 | 2107758 |
| 5.00%, 05/29/27<sup>(b)</sup> | &nbsp;&nbsp; 3300 | 3347239 |
| 5.00%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 65 | 66933 |
| Schlumberger Investment SA, 2.65%, <br> 06/26/30<sup>(a)</sup><br>| &nbsp;&nbsp; 2740 | 2545829 |
|  |  | 52113487 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| Amcor Finance USA Inc., 4.50%, 05/15/28 | &nbsp;&nbsp; 2675 | 2687267 |
| Amcor Flexibles North America Inc. |  |  |
| 2.63%, 06/19/30<sup>(a)</sup> | &nbsp;&nbsp; 2055 | 1888920 |
| 3.10%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1408 | 1386639 |
| 4.80%, 03/17/28 | &nbsp;&nbsp; 4070 | 4119666 |
| 5.10%, 03/17/30 | &nbsp;&nbsp; 4640 | 4751015 |
| Amcor Group Finance PLC, 5.45%, 05/23/29 | &nbsp;&nbsp; 3310 | 3427679 |
| Berry Global Inc. |  |  |
| 1.65%, 01/15/27 | &nbsp;&nbsp; 2095 | 2022613 |
| 5.50%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3250 | 3352027 |
| CCL Industries Inc. |  |  |
| 3.05%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2545 | 2378446 |
| 3.25%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp; 2575 | 2537631 |
| Packaging Corp. of America |  |  |
| 3.00%, 12/15/29 | &nbsp;&nbsp; 3265 | 3114739 |
| 3.40%, 12/15/27 | &nbsp;&nbsp; 3143 | 3086120 |
| Sealed Air Corp., 1.57%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp; 3205 | 3096245 |
| Smurfit Kappa Treasury ULC, 5.20%, <br> 01/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 5230 | 5399843 |
| Sonoco Products Co. |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 1487 | 1444076 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| 3.13%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; $2445 | $2301136 |
| 4.45%, 09/01/26 | &nbsp;&nbsp; 2468 | 2467274 |
| 4.60%, 09/01/29 | &nbsp;&nbsp; 3770 | 3787899 |
| WestRock MWV LLC, 8.20%, 01/15/30 | &nbsp;&nbsp; 2855 | 3284839 |
| WRKCo Inc. |  |  |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 2980 | 2939828 |
| 3.90%, 06/01/28 | &nbsp;&nbsp; 2695 | 2675078 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 3330 | 3313892 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 4385 | 4476795 |
|  |  | 69939667 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| AbbVie Inc. |  |  |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 22661 | 22363962 |
| 3.20%, 11/21/29<sup>(a)</sup> | &nbsp;&nbsp; 31205 | 30069307 |
| 4.25%, 11/14/28<sup>(a)</sup> | &nbsp;&nbsp; 9886 | 9969474 |
| 4.65%, 03/15/28 | &nbsp;&nbsp; 7500 | 7623738 |
| 4.80%, 03/15/27 | &nbsp;&nbsp; 12790 | 12922246 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; 14709 | 15059461 |
| 4.88%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6170 | 6356475 |
| Astrazeneca Finance LLC |  |  |
| 1.75%, 05/28/28 | &nbsp;&nbsp; 7199 | 6809287 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 7342 | 7429238 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 7377 | 7575579 |
| 4.88%, 03/03/28 | &nbsp;&nbsp; 6340 | 6482806 |
| 4.90%, 03/03/30<sup>(a)</sup> | &nbsp;&nbsp; 3935 | 4063842 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | &nbsp;&nbsp; 4000 | 3509787 |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 3877 | 3829479 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 5920 | 5921411 |
| Bayer Corp./New Jersey, 6.65%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2185 | 2290791 |
| Bayer U.S. Finance II LLC, 4.38%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 20209 | 20131345 |
| Bayer U.S. Finance LLC |  |  |
| 6.13%, 11/21/26<sup>(b)</sup> | &nbsp;&nbsp; 5800 | 5901911 |
| 6.25%, 01/21/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5630 | 5924304 |
| Becton Dickinson & Co. |  |  |
| 2.82%, 05/20/30 | &nbsp;&nbsp; 4320 | 4040971 |
| 3.70%, 06/06/27<sup>(a)</sup> | &nbsp;&nbsp; 9894 | 9824741 |
| 4.69%, 02/13/28<sup>(a)</sup> | &nbsp;&nbsp; 4653 | 4717219 |
| 4.87%, 02/08/29<sup>(a)</sup> | &nbsp;&nbsp; 3825 | 3902321 |
| 5.08%, 06/07/29<sup>(a)</sup> | &nbsp;&nbsp; 3662 | 3764232 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13%, 11/13/27<sup>(a)</sup> | &nbsp;&nbsp; 5955 | 5613645 |
| 3.25%, 02/27/27 | &nbsp;&nbsp; 3110 | 3077532 |
| 3.40%, 07/26/29 | &nbsp;&nbsp; 13810 | 13466213 |
| 3.45%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2950 | 2925468 |
| 3.90%, 02/20/28<sup>(a)</sup> | &nbsp;&nbsp; 8294 | 8291524 |
| 4.90%, 02/22/27 | &nbsp;&nbsp; 5804 | 5876148 |
| 4.90%, 02/22/29<sup>(a)</sup> | &nbsp;&nbsp; 9970 | 10240739 |
| 6.80%, 11/15/26 | &nbsp;&nbsp; 890 | 918162 |
| Cardinal Health Inc. |  |  |
| 3.41%, 06/15/27 | &nbsp;&nbsp; 6957 | 6869479 |
| 4.50%, 09/15/30 | &nbsp;&nbsp; 2325 | 2329233 |
| 4.70%, 11/15/26 | &nbsp;&nbsp; 3010 | 3029132 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 4650 | 4765025 |
| 5.13%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4355 | 4482025 |
| Cencora Inc. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 2065 | 1935629 |
| 3.45%, 12/15/27 | &nbsp;&nbsp; 4305 | 4241778 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; 3195 | 3225780 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 4080 | 4173008 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| CVS Health Corp. |  |  |
| 1.30%, 08/21/27 | &nbsp;&nbsp; $12606 | $11903049 |
| 1.75%, 08/21/30 | &nbsp;&nbsp; 6300 | 5505969 |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 9835 | 9408271 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 4375 | 4333301 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 8305 | 8023465 |
| 4.30%, 03/25/28 | &nbsp;&nbsp; 28421 | 28407545 |
| 5.00%, 01/30/29<sup>(a)</sup> | &nbsp;&nbsp; 5880 | 5992465 |
| 5.13%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; 8565 | 8770372 |
| 5.40%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5930 | 6129269 |
| 6.25%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 2052 | 2119152 |
| Eli Lilly & Co. |  |  |
| 3.10%, 05/15/27 | &nbsp;&nbsp; 2258 | 2228533 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 5235 | 5137412 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 6565 | 6580837 |
| 4.15%, 08/14/27 | &nbsp;&nbsp; 4199 | 4223304 |
| 4.20%, 08/14/29 | &nbsp;&nbsp; 5730 | 5780599 |
| 4.50%, 02/09/27<sup>(a)</sup> | &nbsp;&nbsp; 5840 | 5888474 |
| 4.50%, 02/09/29 | &nbsp;&nbsp; 5323 | 5411546 |
| 4.55%, 02/12/28 | &nbsp;&nbsp; 6155 | 6250451 |
| 4.75%, 02/12/30 | &nbsp;&nbsp; 7170 | 7371753 |
| 5.50%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2190 | 2245624 |
| EMD Finance LLC |  |  |
| 4.13%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2850 | 2850358 |
| 4.38%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5850 | 5842813 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | &nbsp;&nbsp; 10321 | 10317453 |
| 4.50%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5510 | 5577426 |
| GlaxoSmithKline Capital PLC |  |  |
| 3.38%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 6200 | 6049188 |
| 4.32%, 03/12/27 | &nbsp;&nbsp; 2430 | 2445354 |
| Johnson & Johnson |  |  |
| 0.95%, 09/01/27 | &nbsp;&nbsp; 8650 | 8200494 |
| 2.90%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8687 | 8528082 |
| 2.95%, 03/03/27 | &nbsp;&nbsp; 5768 | 5696628 |
| 4.50%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 4270 | 4311784 |
| 4.55%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4140 | 4218517 |
| 4.70%, 03/01/30 | &nbsp;&nbsp; 5715 | 5886592 |
| 4.80%, 06/01/29 | &nbsp;&nbsp; 6705 | 6921357 |
| 6.95%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1755 | 1958652 |
| McKesson Corp. |  |  |
| 3.95%, 02/16/28 | &nbsp;&nbsp; 1788 | 1784096 |
| 4.25%, 09/15/29 | &nbsp;&nbsp; 3329 | 3346007 |
| 4.65%, 05/30/30<sup>(a)</sup> | &nbsp;&nbsp; 3850 | 3916403 |
| 4.90%, 07/15/28 | &nbsp;&nbsp; 2495 | 2548687 |
| Merck & Co. Inc. |  |  |
| 1.45%, 06/24/30 | &nbsp;&nbsp; 6955 | 6144793 |
| 1.70%, 06/10/27<sup>(a)</sup> | &nbsp;&nbsp; 8271 | 7968559 |
| 1.90%, 12/10/28<sup>(a)</sup> | &nbsp;&nbsp; 5300 | 4975863 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 9602 | 9421032 |
| 4.05%, 05/17/28<sup>(a)</sup> | &nbsp;&nbsp; 3014 | 3029988 |
| 4.30%, 05/17/30<sup>(a)</sup> | &nbsp;&nbsp; 3124 | 3152823 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.95%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2980 | 3156903 |
| 6.40%, 03/01/28 | &nbsp;&nbsp; 1665 | 1757427 |
| Mylan Inc., 4.55%, 04/15/28 | &nbsp;&nbsp; 4350 | 4323015 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | &nbsp;&nbsp; 7042 | 6863704 |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 5361 | 4919276 |
| 3.10%, 05/17/27 | &nbsp;&nbsp; 5741 | 5672493 |
| 3.80%, 09/18/29<sup>(a)</sup> | &nbsp;&nbsp; 6665 | 6637493 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Pfizer Inc. |  |  |
| 1.70%, 05/28/30 | &nbsp;&nbsp; $5465 | $4893196 |
| 2.63%, 04/01/30 | &nbsp;&nbsp; 7625 | 7157425 |
| 3.00%, 12/15/26<sup>(a)</sup> | &nbsp;&nbsp; 9868 | 9758384 |
| 3.45%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11580 | 11399477 |
| 3.60%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3935 | 3913640 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.45%, 05/19/28<sup>(a)</sup> | &nbsp;&nbsp; 22987 | 23265693 |
| 4.65%, 05/19/30 | &nbsp;&nbsp; 17478 | 17817472 |
| Sanofi SA, 3.63%, 06/19/28 | &nbsp;&nbsp; 4770 | 4744630 |
| Shire Acquisitions Investments Ireland DAC, <br> 3.20%, 09/23/26<sup>(a)</sup><br>| &nbsp;&nbsp; 2543 | 2516627 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 2.05%, 03/31/30 | &nbsp;&nbsp; 13750 | 12480722 |
| 5.00%, 11/26/28 | &nbsp;&nbsp; 10037 | 10272066 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | &nbsp;&nbsp; 4212 | 4042062 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 7400 | 6653798 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4043 | 3664005 |
| 3.00%, 09/12/27 | &nbsp;&nbsp; 4810 | 4713708 |
| 3.90%, 08/20/28<sup>(a)</sup> | &nbsp;&nbsp; 3479 | 3474576 |
| 4.15%, 08/17/28<sup>(a)</sup> | &nbsp;&nbsp; 3050 | 3057811 |
|  |  | 729904390 |
| **Pipelines — 2.7%** | **Pipelines — 2.7%** | **Pipelines — 2.7%** |
| Abu Dhabi Crude Oil Pipeline LLC, 3.65%, <br> 11/02/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5805 | 5688331 |
| Boardwalk Pipelines LP |  |  |
| 4.45%, 07/15/27 | &nbsp;&nbsp; 3295 | 3301546 |
| 4.80%, 05/03/29 | &nbsp;&nbsp; 3075 | 3120024 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 7055 | 6853406 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 7359 | 7437766 |
| Cheniere Energy Inc., 4.63%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 9762 | 9754342 |
| Cheniere Energy Partners LP, 4.50%, 10/01/29 | &nbsp;&nbsp; 9610 | 9589668 |
| Colonial Enterprises Inc., 3.25%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 3205 | 2984618 |
| Columbia Pipelines Holding Co. LLC, 6.04%, <br> 08/15/28<sup>(b)</sup><br>| &nbsp;&nbsp; 4452 | 4657294 |
| Columbia Pipelines Operating Co. LLC, 5.93%, <br> 08/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 3000 | 3190383 |
| DCP Midstream Operating LP |  |  |
| 5.13%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3710 | 3790984 |
| 5.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2988 | 3050551 |
| DT Midstream Inc., 4.13%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 5670 | 5510548 |
| Eastern Gas Transmission & Storage Inc., <br> 3.00%, 11/15/29<br>| &nbsp;&nbsp; 2495 | 2376225 |
| Enbridge Inc. |  |  |
| 1.60%, 10/04/26<sup>(a)</sup> | &nbsp;&nbsp; 2893 | 2811840 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 5910 | 5636632 |
| 3.70%, 07/15/27 | &nbsp;&nbsp; 3934 | 3899593 |
| 4.25%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; 4377 | 4377530 |
| 4.60%, 06/20/28 | &nbsp;&nbsp; 2290 | 2314461 |
| 4.90%, 06/20/30<sup>(a)</sup> | &nbsp;&nbsp; 4165 | 4251975 |
| 5.25%, 04/05/27 | &nbsp;&nbsp; 4385 | 4455446 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; 5175 | 5341509 |
| 5.50%, 07/15/77, (3-mo. CME Term SOFR + <br> 3.680%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5718 | 5694194 |
| 5.90%, 11/15/26 | &nbsp;&nbsp; 4502 | 4580760 |
| 6.00%, 11/15/28 | &nbsp;&nbsp; 5435 | 5727149 |
| 6.25%, 03/01/78, (3-mo. CME Term SOFR + <br> 3.903%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4930 | 4960847 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(c)</sup> | &nbsp;&nbsp; $2805 | $2946759 |
| 7.38%, 01/15/83, (5-year CMT + 3.708%)<sup>(c)</sup> | &nbsp;&nbsp; 2895 | 2995540 |
| 8.25%, 01/15/84, (5-year CMT + 3.785%)<sup>(c)</sup> | &nbsp;&nbsp; 2265 | 2412630 |
| Series 16-A, 6.00%, 01/15/77, (3-mo. CME <br> Term SOFR + 4.152%)<sup>(c)</sup><br>| &nbsp;&nbsp; 4283 | 4294701 |
| Series 20-A, 5.75%, 07/15/80, (5-year CMT + <br> 5.314%)<sup>(c)</sup><br>| &nbsp;&nbsp; 4850 | 4843925 |
| Energy Transfer LP |  |  |
| 3.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8790 | 8521452 |
| 4.00%, 10/01/27 | &nbsp;&nbsp; 4409 | 4384999 |
| 4.15%, 09/15/29 | &nbsp;&nbsp; 3167 | 3138613 |
| 4.20%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3526 | 3522086 |
| 4.40%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4146 | 4154230 |
| 4.95%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4256 | 4325804 |
| 4.95%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5919 | 6011131 |
| 5.20%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3850 | 3959893 |
| 5.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8755 | 9002552 |
| 5.25%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5422 | 5592056 |
| 5.50%, 06/01/27 | &nbsp;&nbsp; 5512 | 5605581 |
| 5.55%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5985 | 6159191 |
| 5.63%, 05/01/27<sup>(b)</sup> | &nbsp;&nbsp; 3526 | 3526274 |
| 6.00%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 4333 | 4394480 |
| 6.05%, 12/01/26 | &nbsp;&nbsp; 5680 | 5788919 |
| 6.10%, 12/01/28 | &nbsp;&nbsp; 2686 | 2825140 |
| 8.25%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1810 | 2063122 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 7005 | 6614177 |
| 3.13%, 07/31/29 | &nbsp;&nbsp; 7323 | 7056337 |
| 3.95%, 02/15/27 | &nbsp;&nbsp; 3087 | 3081111 |
| 4.15%, 10/16/28 | &nbsp;&nbsp; 5671 | 5696393 |
| 4.30%, 06/20/28 | &nbsp;&nbsp; 4710 | 4746019 |
| 4.60%, 01/11/27 | &nbsp;&nbsp; 6009 | 6045613 |
| 5.38%, 02/15/78, (3-mo. CME Term SOFR + <br> 2.832%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3160 | 3126448 |
| Series E, 5.25%, 08/16/77, (3-mo. CME Term <br> SOFR + 3.295%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5630 | 5570830 |
| Florida Gas Transmission Co. LLC, 2.55%, <br> 07/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 2615 | 2402689 |
| Galaxy Pipeline Assets Bidco Ltd., 1.75%, <br> 09/30/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 167 | 162916 |
| GNL Quintero SA, 4.63%, 07/31/29<sup>(b)</sup> | &nbsp;&nbsp; 278 | 277316 |
| Gray Oak Pipeline LLC, 3.45%, 10/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2285 | 2248583 |
| Kinder Morgan Inc. |  |  |
| 1.75%, 11/15/26 | &nbsp;&nbsp; 1377 | 1337395 |
| 4.30%, 03/01/28 | &nbsp;&nbsp; 7729 | 7758402 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 7280 | 7433419 |
| 5.10%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2755 | 2831044 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 5955 | 6123755 |
| Midwest Connector Capital Co. LLC, 4.63%, <br> 04/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 4613 | 4607162 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | &nbsp;&nbsp; 6000 | 5485526 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 7473 | 7433581 |
| 4.13%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 7581 | 7565570 |
| 4.25%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 4587 | 4586567 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 4633 | 4692688 |
| NGPL PipeCo LLC, 4.88%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4360 | 4365916 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 3163 | 3152745 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 4680 | 4407315 |
| 3.25%, 06/01/30 | &nbsp;&nbsp; 3210 | 3031908 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 3.40%, 09/01/29 | &nbsp;&nbsp; $4197 | $4029438 |
| 4.00%, 07/13/27 | &nbsp;&nbsp; 3241 | 3229048 |
| 4.25%, 09/24/27 | &nbsp;&nbsp; 3680 | 3683318 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 4230 | 4221484 |
| 4.40%, 10/15/29 | &nbsp;&nbsp; 3205 | 3200460 |
| 4.55%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4856 | 4890974 |
| 5.38%, 06/01/29 | &nbsp;&nbsp; 3045 | 3135157 |
| 5.55%, 11/01/26 | &nbsp;&nbsp; 4695 | 4750094 |
| 5.63%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3129 | 3201562 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 3997 | 4151952 |
| Pipeline Funding Co. LLC, 7.50%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1980 | 2030723 |
| Plains All American Pipeline LP/PAA <br> Finance Corp.<br>|  |  |
| 3.55%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6335 | 6103416 |
| 4.50%, 12/15/26 | &nbsp;&nbsp; 4884 | 4887146 |
| QazaqGaz NC JSC, 4.38%, 09/26/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5083 | 5041336 |
| Sabal Trail Transmission LLC, 4.25%, <br> 05/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 2030 | 2017423 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 8400 | 8398003 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; 11770 | 11804032 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 9184 | 9235961 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | &nbsp;&nbsp; 3770 | 3802321 |
| 5.03%, 10/01/29 | &nbsp;&nbsp; 6284 | 6362460 |
| Spectra Energy Partners LP, 3.38%, 10/15/26 | &nbsp;&nbsp; 3110 | 3076515 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | &nbsp;&nbsp; 4736 | 4814041 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 6090 | 6425152 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 5.00%, 01/15/28 | &nbsp;&nbsp; 4354 | 4358251 |
| 5.50%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3040 | 3097968 |
| 6.88%, 01/15/29 | &nbsp;&nbsp; 4040 | 4118778 |
| TC PipeLines LP, 3.90%, 05/25/27 | &nbsp;&nbsp; 3367 | 3347589 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 2.90%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6020 | 5626751 |
| 7.00%, 03/15/27 | &nbsp;&nbsp; 1787 | 1855955 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 2435 | 2621992 |
| Texas Eastern Transmission LP, 3.50%, <br> 01/15/28<sup>(b)</sup><br>| &nbsp;&nbsp; 3041 | 2990862 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8060 | 7936559 |
| 4.25%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8532 | 8537270 |
| 7.00%, 06/01/65, (5-year CMT + 2.614%)<sup>(c)</sup> | &nbsp;&nbsp; 4160 | 4219550 |
| Transcanada Trust |  |  |
| 5.30%, 03/15/77<sup>(c)</sup> | &nbsp;&nbsp; 8235 | 8181823 |
| 5.50%, 09/15/79, (1-day SOFR + <br> 4.416%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4900 | 4826998 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3140 | 2986840 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 2685 | 2679001 |
| Transportadora de Gas del Peru SA, 4.25%, <br> 04/30/28<sup>(b)</sup><br>| &nbsp;&nbsp; 303 | 302188 |
| Transportadora de Gas Internacional SA ESP, <br> 5.55%, 11/01/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2650 | 2696208 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | &nbsp;&nbsp; 2685 | 2704830 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6055 | 5887336 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 2271 | 2268661 |
| 4.75%, 08/15/28 | &nbsp;&nbsp; 2017 | 2028688 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.35%, 01/15/29 | &nbsp;&nbsp; $3530 | $3712787 |
| Whistler Pipeline LLC, 5.40%, 09/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2755 | 2832269 |
| Williams Companies Inc. (The) |  |  |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 8157 | 8092288 |
| 4.63%, 06/30/30 | &nbsp;&nbsp; 4840 | 4865468 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 2440 | 2483273 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 6480 | 6601861 |
| 5.30%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5402 | 5572826 |
|  |  | 577595011 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| Apollo Management Holdings LP |  |  |
| 2.65%, 06/05/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2560 | 2362345 |
| 4.87%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4112 | 4171724 |
| Carlyle Finance Subsidiary LLC, 3.50%, <br> 09/19/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2950 | 2859474 |
| KKR Group Finance Co. VI LLC, 3.75%, <br> 07/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4847 | 4760696 |
|  |  | 14154239 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CBRE Services Inc. |  |  |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 3380 | 3428421 |
| 5.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2940 | 3049268 |
| CoStar Group Inc., 2.80%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1430 | 1310494 |
| Jones Lang LaSalle Inc., 6.88%, 12/01/28 | &nbsp;&nbsp; 2580 | 2772112 |
| Mitsui Fudosan Co. Ltd. |  |  |
| 3.65%, 07/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 590 | 583132 |
| 3.95%, 01/24/29<sup>(b)</sup> | &nbsp;&nbsp; 265 | 261410 |
| Ontario Teachers' Cadillac Fairview <br> Properties Trust<br>|  |  |
| 3.88%, 03/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6691 | 6635646 |
| 4.13%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1075 | 1068601 |
|  |  | 19109084 |
| **Real Estate Investment Trusts — 3.5%** | **Real Estate Investment Trusts — 3.5%** | **Real Estate Investment Trusts — 3.5%** |
| Agree LP, 2.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2317 | 2185021 |
| Alexandria Real Estate Equities Inc. |  |  |
| 2.75%, 12/15/29 | &nbsp;&nbsp; 2610 | 2445642 |
| 3.95%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2215 | 2204673 |
| 3.95%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2758 | 2739948 |
| 4.50%, 07/30/29<sup>(a)</sup> | &nbsp;&nbsp; 2140 | 2147860 |
| 4.70%, 07/01/30 | &nbsp;&nbsp; 355 | 357915 |
| American Homes 4 Rent LP |  |  |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 3040 | 3031349 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 2640 | 2688514 |
| 4.95%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3930 | 4007460 |
| American Tower Corp. |  |  |
| 1.45%, 09/15/26 | &nbsp;&nbsp; 3625 | 3520585 |
| 1.50%, 01/31/28 | &nbsp;&nbsp; 4010 | 3761959 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 1400 | 1259113 |
| 2.75%, 01/15/27 | &nbsp;&nbsp; 4555 | 4463889 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 5571 | 5229106 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 2615 | 2575533 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 5154 | 5103888 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; 4482 | 4433772 |
| 3.60%, 01/15/28 | &nbsp;&nbsp; 4427 | 4367453 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 3674 | 3645572 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 9293 | 9107269 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 3494 | 3457914 |
| 4.90%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5050 | 5147079 |
| 5.00%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; 3955 | 4047496 |
| 5.20%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3990 | 4103198 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.25%, 07/15/28 | &nbsp;&nbsp; $3802 | $3911174 |
| 5.50%, 03/15/28 | &nbsp;&nbsp; 4351 | 4483384 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 4395 | 4594262 |
| AvalonBay Communities Inc. |  |  |
| 1.90%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4528 | 4237205 |
| 2.30%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2994 | 2756535 |
| 2.90%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1771 | 1747708 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 2975 | 2918084 |
| 3.30%, 06/01/29 | &nbsp;&nbsp; 985 | 956236 |
| 3.35%, 05/15/27 | &nbsp;&nbsp; 2492 | 2462756 |
| Boston Properties LP |  |  |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 5595 | 5497604 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 2675 | 2483258 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 5305 | 5083657 |
| 4.50%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6295 | 6298877 |
| 6.75%, 12/01/27 | &nbsp;&nbsp; 4260 | 4482512 |
| Brixmor Operating Partnership LP |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 2085 | 1985649 |
| 3.90%, 03/15/27 | &nbsp;&nbsp; 2254 | 2240861 |
| 4.05%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4555 | 4463643 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 4665 | 4623463 |
| Camden Property Trust |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 1355 | 1270925 |
| 3.15%, 07/01/29 | &nbsp;&nbsp; 3590 | 3449344 |
| 4.10%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2260 | 2262100 |
| 5.85%, 11/03/26<sup>(a)</sup> | &nbsp;&nbsp; 2630 | 2678016 |
| Cibanco SA Ibm/PLA Administradora Industrial <br> S de RL de CV, 4.96%, 07/18/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2875 | 2842054 |
| COPT Defense Properties LP, 2.00%, <br> 01/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 2590 | 2391629 |
| Cousins Properties LP, 5.25%, 07/15/30 | &nbsp;&nbsp; 3050 | 3131160 |
| Crown Castle Inc. |  |  |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 4513 | 4420498 |
| 3.10%, 11/15/29 | &nbsp;&nbsp; 3670 | 3481297 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 3645 | 3442493 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 5942 | 5868704 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 5811 | 5735389 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 3238 | 3220831 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 2788 | 2772587 |
| 4.80%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3735 | 3779381 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; 3420 | 3462648 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 5980 | 6061283 |
| 5.60%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4199 | 4362473 |
| CTR Partnership LP/CareTrust Capital Corp., <br> 3.88%, 06/30/28<sup>(b)</sup><br>| &nbsp;&nbsp; 465 | 452731 |
| CubeSmart LP |  |  |
| 2.25%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3025 | 2846462 |
| 3.00%, 02/15/30 | &nbsp;&nbsp; 2240 | 2112781 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 1813 | 1786924 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 2485 | 2484020 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29 | &nbsp;&nbsp; 5480 | 5347823 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 5609 | 5565044 |
| 4.45%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3745 | 3773926 |
| 5.55%, 01/15/28 | &nbsp;&nbsp; 5295 | 5453888 |
| DOC DR LLC |  |  |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 2332 | 2319258 |
| 4.30%, 03/15/27 | &nbsp;&nbsp; 1135 | 1135587 |
| EPR Properties |  |  |
| 3.75%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2190 | 2103200 |
| 4.50%, 06/01/27 | &nbsp;&nbsp; 2595 | 2586862 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.75%, 12/15/26 | &nbsp;&nbsp; $2615 | $2617337 |
| 4.95%, 04/15/28 | &nbsp;&nbsp; 2205 | 2216984 |
| Equinix Inc. |  |  |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 4487 | 4207560 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 2940 | 2816588 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 1602 | 1513704 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 6465 | 5827964 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 2987 | 2938668 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 7285 | 6959701 |
| ERP Operating LP |  |  |
| 2.50%, 02/15/30 | &nbsp;&nbsp; 3035 | 2827537 |
| 2.85%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; 2805 | 2766664 |
| 3.00%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2770 | 2656901 |
| 3.25%, 08/01/27 | &nbsp;&nbsp; 2490 | 2453302 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 3105 | 3062200 |
| 4.15%, 12/01/28 | &nbsp;&nbsp; 3618 | 3628112 |
| Essex Portfolio LP |  |  |
| 1.70%, 03/01/28 | &nbsp;&nbsp; 2780 | 2615890 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 3575 | 3378170 |
| 3.63%, 05/01/27 | &nbsp;&nbsp; 2186 | 2166577 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 3330 | 3294092 |
| Extra Space Storage LP |  |  |
| 3.88%, 12/15/27 | &nbsp;&nbsp; 2675 | 2651303 |
| 3.90%, 04/01/29 | &nbsp;&nbsp; 2490 | 2451080 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 2050 | 2027975 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; 3815 | 3986065 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 4220 | 4359853 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 2505 | 2405085 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 2844 | 2794558 |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 770 | 741033 |
| 5.38%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3355 | 3449530 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 4.00%, 01/15/30 | &nbsp;&nbsp; 4470 | 4324326 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 4535 | 4617238 |
| 5.75%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2565 | 2632939 |
| Goodman U.S. Finance Three LLC, 3.70%, <br> 03/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1335 | 1316233 |
| Healthcare Realty Holdings LP |  |  |
| 2.40%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1655 | 1496960 |
| 3.10%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3960 | 3721797 |
| 3.63%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1340 | 1314335 |
| 3.75%, 07/01/27<sup>(a)</sup> | &nbsp;&nbsp; 3041 | 3014018 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | &nbsp;&nbsp; 3995 | 3841606 |
| 2.13%, 12/01/28 | &nbsp;&nbsp; 3185 | 2979968 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 4700 | 4447540 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 3635 | 3531811 |
| Highwoods Realty LP |  |  |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 2150 | 1985905 |
| 3.88%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 928 | 916902 |
| 4.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1980 | 1950613 |
| 4.20%, 04/15/29 | &nbsp;&nbsp; 2025 | 1981346 |
| Host Hotels & Resorts LP, Series H, 3.38%, <br> 12/15/29<br>| &nbsp;&nbsp; 4000 | 3794996 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.30%, 11/15/28 | &nbsp;&nbsp; 3844 | 3627954 |
| 5.45%, 08/15/30 | &nbsp;&nbsp; 2500 | 2598845 |
| Kilroy Realty LP |  |  |
| 3.05%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2140 | 1968097 |
| 4.25%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1935 | 1889438 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.75%, 12/15/28 | &nbsp;&nbsp; $4190 | $4201030 |
| Kimco Realty OP LLC |  |  |
| 1.90%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2615 | 2482811 |
| 2.80%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 2872 | 2826649 |
| 3.80%, 04/01/27 | &nbsp;&nbsp; 2295 | 2280591 |
| Kite Realty Group LP, 4.00%, 10/01/26<sup>(a)</sup> | &nbsp;&nbsp; 1711 | 1703585 |
| Lineage OP LP, 5.25%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2760 | 2785011 |
| LXP Industrial Trust, 6.75%, 11/15/28 | &nbsp;&nbsp; 2085 | 2216645 |
| Mid-America Apartments LP |  |  |
| 1.10%, 09/15/26 | &nbsp;&nbsp; 1648 | 1597271 |
| 2.75%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 640 | 599654 |
| 3.60%, 06/01/27 | &nbsp;&nbsp; 3575 | 3549288 |
| 3.95%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2355 | 2340147 |
| 4.20%, 06/15/28 | &nbsp;&nbsp; 2490 | 2496451 |
| NNN REIT Inc. |  |  |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 1825 | 1685488 |
| 3.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2340 | 2308555 |
| 3.60%, 12/15/26<sup>(a)</sup> | &nbsp;&nbsp; 2038 | 2024816 |
| 4.30%, 10/15/28 | &nbsp;&nbsp; 2655 | 2658443 |
| Omega Healthcare Investors Inc. |  |  |
| 3.63%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2730 | 2612761 |
| 4.50%, 04/01/27 | &nbsp;&nbsp; 4261 | 4265675 |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3425 | 3452688 |
| 5.20%, 07/01/30 | &nbsp;&nbsp; 3850 | 3905492 |
| Piedmont Operating Partnership LP |  |  |
| 3.15%, 08/15/30 | &nbsp;&nbsp; 1700 | 1538210 |
| 6.88%, 07/15/29 | &nbsp;&nbsp; 930 | 984029 |
| 9.25%, 07/20/28 | &nbsp;&nbsp; 3055 | 3395562 |
| Prologis LP |  |  |
| 1.75%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2010 | 1788515 |
| 2.13%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2984 | 2896454 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 5115 | 4703571 |
| 2.88%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2880 | 2735171 |
| 3.25%, 10/01/26 | &nbsp;&nbsp; 2251 | 2231702 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 2100 | 2071674 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 2285 | 2272008 |
| 4.00%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2940 | 2938977 |
| 4.38%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1790 | 1805401 |
| 4.88%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4505 | 4607451 |
| Prologis Targeted U.S. Logistics Fund LP, <br> 5.25%, 04/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 3295 | 3402440 |
| Public Storage Operating Co. |  |  |
| 1.50%, 11/09/26 | &nbsp;&nbsp; 3345 | 3248256 |
| 1.85%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3775 | 3569736 |
| 1.95%, 11/09/28<sup>(a)</sup> | &nbsp;&nbsp; 2115 | 1984530 |
| 3.09%, 09/15/27 | &nbsp;&nbsp; 2961 | 2908466 |
| 3.39%, 05/01/29 | &nbsp;&nbsp; 3335 | 3253892 |
| 4.38%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2955 | 2973454 |
| 5.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3616 | 3742781 |
| Realty Income Corp. |  |  |
| 2.10%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2650 | 2525128 |
| 2.20%, 06/15/28 | &nbsp;&nbsp; 2835 | 2700227 |
| 3.00%, 01/15/27 | &nbsp;&nbsp; 3459 | 3405236 |
| 3.10%, 12/15/29 | &nbsp;&nbsp; 3415 | 3268028 |
| 3.20%, 01/15/27 | &nbsp;&nbsp; 1653 | 1627845 |
| 3.25%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2800 | 2712451 |
| 3.40%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3400 | 3356708 |
| 3.40%, 01/15/30 | &nbsp;&nbsp; 2960 | 2856387 |
| 3.65%, 01/15/28 | &nbsp;&nbsp; 3184 | 3158220 |
| 3.95%, 08/15/27 | &nbsp;&nbsp; 3527 | 3519848 |
| 4.00%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2330 | 2313259 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.13%, 10/15/26 | &nbsp;&nbsp; $3687 | $3681680 |
| 4.45%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1698 | 1699311 |
| 4.70%, 12/15/28 | &nbsp;&nbsp; 2537 | 2577984 |
| 4.75%, 02/15/29 | &nbsp;&nbsp; 2575 | 2624412 |
| 4.85%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3543 | 3633858 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 2775 | 2643699 |
| 3.60%, 02/01/27 | &nbsp;&nbsp; 3125 | 3099808 |
| 3.70%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3460 | 3372464 |
| 4.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2055 | 2051303 |
| Rexford Industrial Realty LP, 5.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1952 | 1981039 |
| Sabra Health Care LP, 3.90%, 10/15/29 | &nbsp;&nbsp; 1915 | 1851521 |
| Scentre Group Trust 1/Scentre Group Trust 2 |  |  |
| 3.75%, 03/23/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2815 | 2792570 |
| 4.38%, 05/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2065 | 2069826 |
| Simon Property Group LP |  |  |
| 1.38%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3313 | 3194098 |
| 1.75%, 02/01/28 | &nbsp;&nbsp; 4815 | 4569276 |
| 2.45%, 09/13/29 | &nbsp;&nbsp; 6832 | 6409331 |
| 2.65%, 07/15/30 | &nbsp;&nbsp; 3605 | 3352616 |
| 3.25%, 11/30/26<sup>(a)</sup> | &nbsp;&nbsp; 3870 | 3830022 |
| 3.38%, 06/15/27 | &nbsp;&nbsp; 4107 | 4064760 |
| 3.38%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 4325 | 4270676 |
| 4.38%, 10/01/30 | &nbsp;&nbsp; 2065 | 2070274 |
| Store Capital LLC |  |  |
| 4.50%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1595 | 1585979 |
| 4.63%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1700 | 1687538 |
| 5.40%, 04/30/30<sup>(b)</sup> | &nbsp;&nbsp; 1530 | 1558947 |
| Sun Communities Operating LP, 2.30%, <br> 11/01/28<br>| &nbsp;&nbsp; 2810 | 2659015 |
| Tanger Properties LP |  |  |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 1925 | 1895387 |
| 3.88%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1820 | 1800020 |
| Trust Fibra Uno, 4.87%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4645 | 4500598 |
| UDR Inc. |  |  |
| 2.95%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp; 1680 | 1658066 |
| 3.20%, 01/15/30 | &nbsp;&nbsp; 3745 | 3583278 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 1855 | 1832562 |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 1745 | 1719732 |
| 4.40%, 01/26/29 | &nbsp;&nbsp; 2130 | 2135412 |
| Ventas Realty LP |  |  |
| 3.00%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 3900686 |
| 3.25%, 10/15/26 | &nbsp;&nbsp; 2557 | 2526550 |
| 3.85%, 04/01/27 | &nbsp;&nbsp; 2291 | 2278525 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 3780 | 3761388 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 4680 | 4694139 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 6837 | 6890701 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 965 | 975492 |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 6025 | 6092534 |
| VICI Properties LP/VICI Note Co. Inc. |  |  |
| 3.75%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3825 | 3779800 |
| 3.88%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 4479 | 4372235 |
| 4.13%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5380 | 5196708 |
| 4.25%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 6710 | 6680134 |
| 4.50%, 09/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2289 | 2284863 |
| 4.50%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2075 | 2066868 |
| 4.63%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 6260 | 6193922 |
| 5.75%, 02/01/27<sup>(b)</sup> | &nbsp;&nbsp; 4224 | 4278099 |
| WEA Finance LLC |  |  |
| 2.88%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4426 | 4328076 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.50%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $4730 | $4566198 |
| 4.13%, 09/20/28<sup>(b)</sup> | &nbsp;&nbsp; 960 | 948267 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2868 | 2681982 |
| 2.70%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 5528 | 5422390 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 4930 | 4702646 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 3445 | 3445565 |
| 4.25%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4423 | 4448730 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 4525 | 4566798 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 5935 | 5866496 |
| 4.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2695 | 2655276 |
| 6.95%, 10/01/27 | &nbsp;&nbsp; 4845 | 5106784 |
| WP Carey Inc. |  |  |
| 3.85%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2195 | 2158970 |
| 4.25%, 10/01/26 | &nbsp;&nbsp; 2003 | 2000177 |
| 4.65%, 07/15/30 | &nbsp;&nbsp; 2525 | 2540223 |
|  |  | 750984646 |
| **Retail — 1.8%** | **Retail — 1.8%** | **Retail — 1.8%** |
| 7-Eleven Inc., 1.30%, 02/10/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5345 | 4986682 |
| Alimentation Couche-Tard Inc. |  |  |
| 2.95%, 01/25/30<sup>(b)</sup> | &nbsp;&nbsp; 4790 | 4524556 |
| 3.55%, 07/26/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5134 | 5076529 |
| Arcos Dorados BV, 6.13%, 05/27/29<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20475 |
| AutoNation Inc. |  |  |
| 1.95%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2090 | 1956633 |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 1550 | 1529323 |
| 4.75%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1065 | 1068789 |
| AutoZone Inc. |  |  |
| 3.75%, 06/01/27 | &nbsp;&nbsp; 2856 | 2835447 |
| 3.75%, 04/18/29 | &nbsp;&nbsp; 2900 | 2853086 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 4480 | 4419935 |
| 4.50%, 02/01/28 | &nbsp;&nbsp; 2295 | 2318917 |
| 5.10%, 07/15/29 | &nbsp;&nbsp; 3642 | 3750714 |
| 5.13%, 06/15/30 | &nbsp;&nbsp; 2980 | 3075691 |
| 6.25%, 11/01/28 | &nbsp;&nbsp; 2847 | 3023659 |
| Best Buy Co. Inc., 4.45%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2652 | 2670904 |
| CK Hutchison International 24 II Ltd., 4.38%, <br> 03/13/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 780 | 783644 |
| CK Hutchison International 24 Ltd., 5.38%, <br> 04/26/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7345 | 7621383 |
| Costco Wholesale Corp. |  |  |
| 1.38%, 06/20/27 | &nbsp;&nbsp; 6730 | 6441844 |
| 1.60%, 04/20/30<sup>(a)</sup> | &nbsp;&nbsp; 10502 | 9448144 |
| 3.00%, 05/18/27<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 5057566 |
| Darden Restaurants Inc. |  |  |
| 3.85%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; 2390 | 2371771 |
| 4.35%, 10/15/27 | &nbsp;&nbsp; 1915 | 1924036 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 2570 | 2579151 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30<sup>(a)</sup> | &nbsp;&nbsp; 5350 | 5142988 |
| 3.88%, 04/15/27 | &nbsp;&nbsp; 2687 | 2670995 |
| 4.13%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2541 | 2528517 |
| 4.63%, 11/01/27 | &nbsp;&nbsp; 2877 | 2897301 |
| 5.20%, 07/05/28 | &nbsp;&nbsp; 2875 | 2947324 |
| Dollar Tree Inc., 4.20%, 05/15/28 | &nbsp;&nbsp; 6580 | 6563644 |
| El Puerto de Liverpool SAB de CV, 3.88%, <br> 10/06/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1140 | 1130941 |
| Genuine Parts Co. |  |  |
| 4.95%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4600 | 4695731 |
| 6.50%, 11/01/28 | &nbsp;&nbsp; 2747 | 2922055 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Home Depot Inc. (The) |  |  |
| 0.90%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; $2537 | $2358169 |
| 1.50%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5365 | 5000763 |
| 2.13%, 09/15/26 | &nbsp;&nbsp; 5435 | 5332546 |
| 2.50%, 04/15/27 | &nbsp;&nbsp; 3975 | 3888644 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 3760 | 3535548 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 5367 | 5253144 |
| 2.88%, 04/15/27 | &nbsp;&nbsp; 4117 | 4050736 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 11427 | 11013723 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 6101 | 6111088 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 8454 | 8653993 |
| 4.88%, 06/25/27 | &nbsp;&nbsp; 5710 | 5801606 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 5350 | 5512481 |
| 4.95%, 09/30/26 | &nbsp;&nbsp; 3915 | 3951683 |
| InRetail Consumer, 3.25%, 03/22/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 560 | 542798 |
| Lowe's Companies Inc. |  |  |
| 1.30%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3410 | 3180907 |
| 1.70%, 09/15/28 | &nbsp;&nbsp; 6052 | 5640037 |
| 3.10%, 05/03/27<sup>(a)</sup> | &nbsp;&nbsp; 8434 | 8296526 |
| 3.35%, 04/01/27 | &nbsp;&nbsp; 3609 | 3567483 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 8480 | 8323970 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 7155 | 7245548 |
| 6.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1810 | 1953309 |
| 6.88%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2881 | 3054755 |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; 4180 | 3827161 |
| 2.63%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7230 | 6844778 |
| 3.50%, 03/01/27 | &nbsp;&nbsp; 4470 | 4432973 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 5176 | 5129938 |
| 3.60%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4775 | 4660315 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 5842 | 5812643 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 3475 | 3535086 |
| 4.80%, 08/14/28<sup>(a)</sup> | &nbsp;&nbsp; 3199 | 3270620 |
| 5.00%, 05/17/29<sup>(a)</sup> | &nbsp;&nbsp; 3085 | 3179967 |
| O'Reilly Automotive Inc. |  |  |
| 3.60%, 09/01/27<sup>(a)</sup> | &nbsp;&nbsp; 4070 | 4031809 |
| 3.90%, 06/01/29 | &nbsp;&nbsp; 3257 | 3225306 |
| 4.20%, 04/01/30 | &nbsp;&nbsp; 3400 | 3391490 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 2590 | 2600715 |
| 5.75%, 11/20/26 | &nbsp;&nbsp; 3268 | 3322483 |
| Starbucks Corp. |  |  |
| 2.00%, 03/12/27 | &nbsp;&nbsp; 2562 | 2482663 |
| 2.25%, 03/12/30 | &nbsp;&nbsp; 3650 | 3355043 |
| 3.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3139 | 3101866 |
| 3.55%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5885 | 5771098 |
| 4.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4653 | 4650778 |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 3855 | 3895251 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 3551 | 3628208 |
| 4.85%, 02/08/27 | &nbsp;&nbsp; 5114 | 5165519 |
| Target Corp. |  |  |
| 1.95%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4720 | 4597063 |
| 2.35%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4800 | 4470052 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 6205 | 6075912 |
| 4.35%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2495 | 2521060 |
| TJX Companies Inc. (The) |  |  |
| 1.15%, 05/15/28 | &nbsp;&nbsp; 1935 | 1799758 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 4123 | 4052764 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 3380 | 3355456 |
| Walmart Inc. |  |  |
| 2.38%, 09/24/29<sup>(a)</sup> | &nbsp;&nbsp; 1865 | 1759235 |
| 3.25%, 07/08/29 | &nbsp;&nbsp; 4150 | 4060401 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 3.70%, 06/26/28 | &nbsp;&nbsp; $7561 | $7551416 |
| 3.90%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4093 | 4106605 |
| 4.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 980 | 987789 |
| 4.10%, 04/28/27 | &nbsp;&nbsp; 4315 | 4335088 |
| 4.35%, 04/28/30 | &nbsp;&nbsp; 7372 | 7483569 |
| 5.88%, 04/05/27<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 1058504 |
| 7.55%, 02/15/30 | &nbsp;&nbsp; 5205 | 5957410 |
|  |  | 377595624 |
| **Savings & Loans — 0.3%** | **Savings & Loans — 0.3%** | **Savings & Loans — 0.3%** |
| Nationwide Building Society |  |  |
| 1.50%, 10/13/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 6074 | 5899484 |
| 2.97%, 02/16/28, (1-day SOFR + <br> 1.290%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 4803 | 4707706 |
| 3.96%, 07/18/30<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 5281 | 5187183 |
| 4.00%, 09/14/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 6788 | 6750003 |
| 4.13%, 10/18/32, (5-year USD ICE Swap + <br> 1.849%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 2185 | 2150058 |
| 4.30%, 03/08/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 3212 | 3211163 |
| 4.65%, 07/14/29, (1-day SOFR + <br> 1.060%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7045 | 7103593 |
| 4.85%, 07/27/27<sup>(b)</sup> | &nbsp;&nbsp; 5376 | 5449514 |
| 5.13%, 07/29/29<sup>(b)</sup> | &nbsp;&nbsp; 5835 | 6019064 |
| 6.56%, 10/18/27, (1-day SOFR + <br> 1.910%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7415 | 7588002 |
|  |  | 54065770 |
| **Semiconductors — 2.0%** | **Semiconductors — 2.0%** | **Semiconductors — 2.0%** |
| Advanced Micro Devices Inc., 4.32%, 03/24/28 | &nbsp;&nbsp; 1745 | 1762295 |
| Analog Devices Inc. |  |  |
| 1.70%, 10/01/28 | &nbsp;&nbsp; 4858 | 4539233 |
| 3.45%, 06/15/27 | &nbsp;&nbsp; 2465 | 2445613 |
| 3.50%, 12/05/26 | &nbsp;&nbsp; 5038 | 5007759 |
| 4.25%, 06/15/28 | &nbsp;&nbsp; 5130 | 5171552 |
| 4.50%, 06/15/30 | &nbsp;&nbsp; 4505 | 4565715 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 4205 | 3773836 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 6920 | 6858666 |
| 4.80%, 06/15/29 | &nbsp;&nbsp; 4500 | 4624500 |
| Broadcom Corp./Broadcom Cayman <br> Finance Ltd.<br>|  |  |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 4430 | 4370783 |
| 3.88%, 01/15/27 | &nbsp;&nbsp; 16469 | 16399694 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 4331 | 4120364 |
| 3.46%, 09/15/26 | &nbsp;&nbsp; 3949 | 3921053 |
| 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 4275 | 4245935 |
| 4.11%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6640 | 6637709 |
| 4.15%, 02/15/28 | &nbsp;&nbsp; 4945 | 4950535 |
| 4.35%, 02/15/30 | &nbsp;&nbsp; 9145 | 9171418 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 9245 | 9333946 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 9590 | 9767765 |
| 4.80%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6460 | 6577281 |
| 5.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3800 | 3909072 |
| 5.05%, 07/12/27 | &nbsp;&nbsp; 7250 | 7362975 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 12500 | 12853476 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 5080 | 5237236 |
| Foundry JV Holdco LLC, 5.90%, 01/25/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5340 | 5635057 |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; 5724 | 5312421 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 11845 | 10927059 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 5782 | 5670248 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 3.75%, 03/25/27 | &nbsp;&nbsp; $5635 | $5581825 |
| 3.75%, 08/05/27 | &nbsp;&nbsp; 6842 | 6769976 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 8280 | 8067630 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 4890 | 4814678 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 10064 | 10196446 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 7435 | 7615200 |
| KLA Corp., 4.10%, 03/15/29 | &nbsp;&nbsp; 5140 | 5151144 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 4640 | 4190260 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 6176 | 6174239 |
| Marvell Technology Inc. |  |  |
| 2.45%, 04/15/28 | &nbsp;&nbsp; 4340 | 4155003 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 2690 | 2714519 |
| 4.88%, 06/22/28 | &nbsp;&nbsp; 2915 | 2954772 |
| 5.75%, 02/15/29 | &nbsp;&nbsp; 3000 | 3129816 |
| Microchip Technology Inc. |  |  |
| 4.90%, 03/15/28 | &nbsp;&nbsp; 4940 | 5010011 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 6182 | 6303840 |
| 5.05%, 02/15/30 | &nbsp;&nbsp; 6332 | 6460911 |
| Micron Technology Inc. |  |  |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 4889 | 4918788 |
| 5.33%, 02/06/29 | &nbsp;&nbsp; 4440 | 4564962 |
| 5.38%, 04/15/28 | &nbsp;&nbsp; 3342 | 3445651 |
| 6.75%, 11/01/29 | &nbsp;&nbsp; 6940 | 7534460 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | &nbsp;&nbsp; 7343 | 6919584 |
| 2.85%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 8660 | 8276646 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 5590 | 5548697 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 2843 | 2794810 |
| 3.40%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 5014 | 4799216 |
| 4.30%, 08/19/28 | &nbsp;&nbsp; 1775 | 1778746 |
| 4.30%, 06/18/29<sup>(a)</sup> | &nbsp;&nbsp; 6015 | 6010726 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 2860 | 2868241 |
| 5.55%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3077 | 3188001 |
| Qorvo Inc., 4.38%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5430 | 5318365 |
| Qualcomm Inc. |  |  |
| 1.30%, 05/20/28 | &nbsp;&nbsp; 5650 | 5283886 |
| 2.15%, 05/20/30<sup>(a)</sup> | &nbsp;&nbsp; 7225 | 6631498 |
| 3.25%, 05/20/27<sup>(a)</sup> | &nbsp;&nbsp; 11410 | 11295473 |
| 4.50%, 05/20/30<sup>(a)</sup> | &nbsp;&nbsp; 3065 | 3116235 |
| Renesas Electronics Corp., 2.17%, <br> 11/25/26<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4873 | 4740456 |
| SK Hynix Inc. |  |  |
| 5.50%, 01/16/27<sup>(b)</sup> | &nbsp;&nbsp; 1905 | 1934078 |
| 5.50%, 01/16/29<sup>(b)</sup> | &nbsp;&nbsp; 6245 | 6457995 |
| 6.38%, 01/17/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5835 | 6092684 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 2883 | 2801943 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 3555 | 3202157 |
| 2.25%, 09/04/29<sup>(a)</sup> | &nbsp;&nbsp; 5350 | 5008469 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 3098 | 3035465 |
| 4.50%, 05/23/30 | &nbsp;&nbsp; 3000 | 3047009 |
| 4.60%, 02/08/27 | &nbsp;&nbsp; 3700 | 3736099 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 4087 | 4156437 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 3730 | 3811824 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 7116 | 6925997 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 5550 | 5539873 |
| 4.13%, 04/22/29<sup>(a)</sup> | &nbsp;&nbsp; 2210 | 2218497 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| TSMC Global Ltd. |  |  |
| 1.00%, 09/28/27<sup>(a)(b)</sup> | &nbsp;&nbsp; $4215 | $3960592 |
| 1.75%, 04/23/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5360 | 5060637 |
| 4.38%, 07/22/27<sup>(b)</sup> | &nbsp;&nbsp; 2330 | 2342272 |
| Xilinx Inc., 2.38%, 06/01/30 | &nbsp;&nbsp; 4663 | 4309590 |
|  |  | 437119525 |
| **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** |
| Huntington Ingalls Industries Inc. |  |  |
| 2.04%, 08/16/28 | &nbsp;&nbsp; 3675 | 3442041 |
| 3.48%, 12/01/27 | &nbsp;&nbsp; 3375 | 3314061 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 795 | 783748 |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 3925 | 4045081 |
|  |  | 11584931 |
| **Software — 1.8%** | **Software — 1.8%** | **Software — 1.8%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 4820 | 4706344 |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 7622 | 7090888 |
| 4.75%, 01/17/28 | &nbsp;&nbsp; 2250 | 2294550 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 4850 | 4984906 |
| 4.85%, 04/04/27<sup>(a)</sup> | &nbsp;&nbsp; 2900 | 2943031 |
| 4.95%, 01/17/30<sup>(a)</sup> | &nbsp;&nbsp; 4370 | 4536846 |
| AppLovin Corp., 5.13%, 12/01/29 | &nbsp;&nbsp; 5890 | 6023829 |
| Atlassian Corp., 5.25%, 05/15/29 | &nbsp;&nbsp; 3410 | 3512295 |
| Autodesk Inc. |  |  |
| 2.85%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 3421894 |
| 3.50%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2872 | 2839636 |
| Broadridge Financial Solutions Inc., 2.90%, <br> 12/01/29<br>| &nbsp;&nbsp; 4875 | 4615743 |
| Cadence Design Systems Inc. |  |  |
| 4.20%, 09/10/27 | &nbsp;&nbsp; 2909 | 2921167 |
| 4.30%, 09/10/29 | &nbsp;&nbsp; 6415 | 6461476 |
| Concentrix Corp., 6.60%, 08/02/28<sup>(a)</sup> | &nbsp;&nbsp; 4715 | 4989620 |
| Constellation Software Inc./Canada, 5.16%, <br> 02/16/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3450 | 3532652 |
| Fidelity National Information Services Inc. |  |  |
| 1.65%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4603 | 4336632 |
| 3.75%, 05/21/29 | &nbsp;&nbsp; 3115 | 3054621 |
| Fiserv Inc. |  |  |
| 2.25%, 06/01/27 | &nbsp;&nbsp; 5578 | 5404451 |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 5625 | 5197343 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 16925 | 16434493 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 6195 | 6191520 |
| 4.75%, 03/15/30 | &nbsp;&nbsp; 5495 | 5573967 |
| 5.15%, 03/15/27 | &nbsp;&nbsp; 4420 | 4475900 |
| 5.38%, 08/21/28 | &nbsp;&nbsp; 4250 | 4384052 |
| 5.45%, 03/02/28 | &nbsp;&nbsp; 5053 | 5197710 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 2697 | 2573959 |
| 1.65%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3060 | 2721656 |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 4657 | 4811626 |
| 5.25%, 09/15/26 | &nbsp;&nbsp; 4174 | 4217778 |
| Microsoft Corp. |  |  |
| 3.30%, 02/06/27 | &nbsp;&nbsp; 22861 | 22695066 |
| 3.40%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 4176 | 4156863 |
| 3.40%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2501 | 2491374 |
| MSCI Inc., 4.00%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 6555 | 6407407 |
| Open Text Corp., 6.90%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp; 5700 | 5915449 |
| Oracle Corp. |  |  |
| 2.30%, 03/25/28 | &nbsp;&nbsp; 11895 | 11368537 |
| 2.80%, 04/01/27 | &nbsp;&nbsp; 12736 | 12469418 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 2.95%, 04/01/30 | &nbsp;&nbsp; $16815 | $15834566 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 16053 | 15744894 |
| 3.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3255 | 3102332 |
| 4.20%, 09/27/29<sup>(a)</sup> | &nbsp;&nbsp; 8962 | 8938630 |
| 4.50%, 05/06/28<sup>(a)</sup> | &nbsp;&nbsp; 4657 | 4697165 |
| 4.65%, 05/06/30<sup>(a)</sup> | &nbsp;&nbsp; 5170 | 5243757 |
| 4.80%, 08/03/28<sup>(a)</sup> | &nbsp;&nbsp; 9095 | 9269424 |
| 6.15%, 11/09/29 | &nbsp;&nbsp; 6920 | 7396899 |
| Paychex Inc., 5.10%, 04/15/30 | &nbsp;&nbsp; 9140 | 9407357 |
| Roper Technologies Inc. |  |  |
| 1.40%, 09/15/27 | &nbsp;&nbsp; 3944 | 3737456 |
| 2.00%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 4265 | 3829400 |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 3795 | 3620576 |
| 3.80%, 12/15/26 | &nbsp;&nbsp; 4015 | 3990140 |
| 4.20%, 09/15/28 | &nbsp;&nbsp; 4923 | 4926265 |
| 4.25%, 09/15/28 | &nbsp;&nbsp; 1080 | 1084132 |
| 4.45%, 09/15/30 | &nbsp;&nbsp; 2050 | 2054234 |
| 4.50%, 10/15/29 | &nbsp;&nbsp; 2630 | 2650839 |
| Salesforce Inc. |  |  |
| 1.50%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5957 | 5584444 |
| 3.70%, 04/11/28<sup>(a)</sup> | &nbsp;&nbsp; 8437 | 8411819 |
| Synopsys Inc. |  |  |
| 4.55%, 04/01/27 | &nbsp;&nbsp; 7405 | 7448775 |
| 4.65%, 04/01/28 | &nbsp;&nbsp; 5830 | 5908822 |
| 4.85%, 04/01/30 | &nbsp;&nbsp; 11825 | 12062071 |
| Take-Two Interactive Software Inc. |  |  |
| 3.70%, 04/14/27 | &nbsp;&nbsp; 4282 | 4250779 |
| 4.95%, 03/28/28 | &nbsp;&nbsp; 5653 | 5760351 |
| 5.40%, 06/12/29 | &nbsp;&nbsp; 2145 | 2226337 |
| VMware LLC |  |  |
| 1.80%, 08/15/28 | &nbsp;&nbsp; 4531 | 4237747 |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 7099 | 7059009 |
| 4.65%, 05/15/27 | &nbsp;&nbsp; 2914 | 2932581 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 4170 | 4221713 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 5745 | 5690050 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 4850 | 4774762 |
|  |  | 391052025 |
| **Telecommunications — 2.5%** | **Telecommunications — 2.5%** | **Telecommunications — 2.5%** |
| America Movil SAB de CV |  |  |
| 2.88%, 05/07/30 | &nbsp;&nbsp; 5315 | 4957801 |
| 3.63%, 04/22/29 | &nbsp;&nbsp; 5867 | 5725814 |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | &nbsp;&nbsp; 13094 | 12355645 |
| 2.30%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 14193 | 13746825 |
| 3.80%, 02/15/27 | &nbsp;&nbsp; 4716 | 4693314 |
| 4.10%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 10550 | 10536777 |
| 4.25%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 8886040 |
| 4.30%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 17834 | 17861355 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 17412 | 17486550 |
| 4.70%, 08/15/30 | &nbsp;&nbsp; 5975 | 6066159 |
| British Telecommunications PLC |  |  |
| 3.25%, 11/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5990 | 5743077 |
| 5.13%, 12/04/28 | &nbsp;&nbsp; 4449 | 4560407 |
| Cisco Systems Inc. |  |  |
| 2.50%, 09/20/26 | &nbsp;&nbsp; 8487 | 8359849 |
| 4.55%, 02/24/28<sup>(a)</sup> | &nbsp;&nbsp; 5745 | 5832520 |
| 4.75%, 02/24/30<sup>(a)</sup> | &nbsp;&nbsp; 6275 | 6447588 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 11360 | 11502237 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 14650 | 15047032 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Deutsche Telekom International Finance BV |  |  |
| 3.60%, 01/19/27<sup>(a)(b)</sup> | &nbsp;&nbsp; $5810 | $5758226 |
| 4.38%, 06/21/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6615 | 6649217 |
| 8.75%, 06/15/30 | &nbsp;&nbsp; 18822 | 22244830 |
| Empresa Nacional de Telecomunicaciones SA, <br> 4.75%, 08/01/26<sup>(b)</sup><br>| &nbsp;&nbsp; 1571 | 1571201 |
| Juniper Networks Inc., 3.75%, 08/15/29 | &nbsp;&nbsp; 3425 | 3346676 |
| KT Corp. |  |  |
| 4.13%, 02/02/28<sup>(b)</sup> | &nbsp;&nbsp; 730 | 727697 |
| 4.38%, 01/03/29<sup>(b)</sup> | &nbsp;&nbsp; 195 | 196082 |
| Motorola Solutions Inc. |  |  |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 4157 | 4201862 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 4323 | 4370162 |
| 4.85%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2685 | 2735085 |
| 5.00%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2530 | 2589929 |
| NBN Co. Ltd. |  |  |
| 1.63%, 01/08/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5198 | 5032395 |
| 4.00%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp; 2960 | 2946273 |
| 4.25%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2655 | 2637880 |
| 5.75%, 10/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4694 | 4918465 |
| Nokia OYJ, 4.38%, 06/12/27 | &nbsp;&nbsp; 2849 | 2830697 |
| NTT Finance Corp. |  |  |
| 1.59%, 04/03/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6855 | 6426226 |
| 4.37%, 07/27/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2970 | 2977821 |
| 4.57%, 07/16/27<sup>(b)</sup> | &nbsp;&nbsp; 7050 | 7094716 |
| 4.62%, 07/16/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 12105 | 12234161 |
| 4.88%, 07/16/30<sup>(b)</sup> | &nbsp;&nbsp; 13785 | 13997809 |
| 5.10%, 07/02/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3735 | 3791708 |
| 5.11%, 07/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5435 | 5583316 |
| Ooredoo International Finance Ltd., 3.88%, <br> 01/31/28<sup>(b)</sup><br>| &nbsp;&nbsp; 2405 | 2386821 |
| Rogers Communications Inc. |  |  |
| 2.90%, 11/15/26 | &nbsp;&nbsp; 3267 | 3209385 |
| 3.20%, 03/15/27 | &nbsp;&nbsp; 7490 | 7369629 |
| 5.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7487 | 7646440 |
| Saudi Telecom Co., 3.89%, 05/13/29<sup>(b)</sup> | &nbsp;&nbsp; 7450 | 7358170 |
| SK Telecom Co. Ltd., 6.63%, 07/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 1220 | 1271938 |
| Softbank Corp., 4.70%, 07/09/30<sup>(b)</sup> | &nbsp;&nbsp; 2850 | 2869400 |
| Sprint Capital Corp., 6.88%, 11/15/28 | &nbsp;&nbsp; 15655 | 16841169 |
| Telefonica Emisiones SA, 4.10%, 03/08/27 | &nbsp;&nbsp; 7397 | 7374247 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 3402 | 3331973 |
| 3.70%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 3175 | 3144593 |
| T-Mobile USA Inc. |  |  |
| 2.05%, 02/15/28 | &nbsp;&nbsp; 10284 | 9791939 |
| 2.40%, 03/15/29 | &nbsp;&nbsp; 2669 | 2510458 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 6090 | 5765659 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 13768 | 13331524 |
| 3.75%, 04/15/27 | &nbsp;&nbsp; 22232 | 22091944 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 40535 | 39704432 |
| 4.20%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 3985 | 3983275 |
| 4.75%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 8935 | 8949403 |
| 4.80%, 07/15/28 | &nbsp;&nbsp; 5661 | 5766795 |
| 4.85%, 01/15/29 | &nbsp;&nbsp; 5417 | 5526296 |
| 4.95%, 03/15/28 | &nbsp;&nbsp; 5860 | 5970283 |
| 5.38%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4476 | 4476000 |
| Verizon Communications Inc. |  |  |
| 2.10%, 03/22/28<sup>(a)</sup> | &nbsp;&nbsp; 12791 | 12178806 |
| 3.00%, 03/22/27<sup>(a)</sup> | &nbsp;&nbsp; 3822 | 3756321 |
| 3.15%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 6755 | 6447712 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 3878 | 3850886 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.02%, 12/03/29 | &nbsp;&nbsp; $18420 | $18277631 |
| 4.13%, 03/16/27 | &nbsp;&nbsp; 2130 | 2132270 |
| 4.33%, 09/21/28 | &nbsp;&nbsp; 16142 | 16253599 |
| Vodafone Group PLC |  |  |
| 4.38%, 05/30/28<sup>(a)</sup> | &nbsp;&nbsp; 55 | 56010 |
| 7.88%, 02/15/30 | &nbsp;&nbsp; 3850 | 4403252 |
| Xiaomi Best Time International Ltd., 3.38%, <br> 04/29/30<sup>(b)</sup><br>| &nbsp;&nbsp; 590 | 566801 |
|  |  | 543266485 |
| **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 3060 | 3010080 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 3253 | 3219926 |
| 3.90%, 11/19/29 | &nbsp;&nbsp; 5665 | 5528022 |
| Mattel Inc. |  |  |
| 3.75%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4130 | 3989011 |
| 5.88%, 12/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3717 | 3726902 |
|  |  | 19473941 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| AP Moller - Maersk A/S, 4.50%, 06/20/29<sup>(b)</sup> | &nbsp;&nbsp; 3410 | 3449410 |
| Burlington Northern Santa Fe LLC, 3.25%, <br> 06/15/27<br>| &nbsp;&nbsp; 2718 | 2685963 |
| Canadian National Railway Co., 6.90%, <br> 07/15/28<br>| &nbsp;&nbsp; 2270 | 2444516 |
| Canadian Pacific Railway Co. |  |  |
| 1.75%, 12/02/26 | &nbsp;&nbsp; 5790 | 5624950 |
| 2.05%, 03/05/30<sup>(a)</sup> | &nbsp;&nbsp; 2800 | 2547763 |
| 2.88%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 2440 | 2317835 |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 3160 | 3158601 |
| 4.80%, 03/30/30<sup>(a)</sup> | &nbsp;&nbsp; 3735 | 3823937 |
| CH Robinson Worldwide Inc., 4.20%, <br> 04/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 3695 | 3699341 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 2670 | 2485028 |
| 2.60%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; 3718 | 3656770 |
| 3.25%, 06/01/27 | &nbsp;&nbsp; 5037 | 4968921 |
| 3.80%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4803 | 4779367 |
| 4.25%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5177 | 5197154 |
| Empresa de Transporte de Pasajeros Metro SA, <br> 3.65%, 05/07/30<sup>(b)</sup><br>| &nbsp;&nbsp; 60 | 58446 |
| FedEx Corp. |  |  |
| 3.10%, 08/05/29<sup>(a)</sup> | &nbsp;&nbsp; 5289 | 5048038 |
| 3.10%, 08/05/29<sup>(b)</sup> | &nbsp;&nbsp; 705 | 672881 |
| 3.40%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 345 | 338298 |
| 4.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1910 | 1914795 |
| 4.25%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2565 | 2571440 |
| JB Hunt Transport Services Inc., 4.90%, <br> 03/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 4685 | 4794643 |
| Kirby Corp., 4.20%, 03/01/28 | &nbsp;&nbsp; 2225 | 2218458 |
| Misc Capital Two Labuan Ltd., 3.75%, <br> 04/06/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7095 | 7021210 |
| Norfolk Southern Corp. |  |  |
| 2.55%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2821 | 2654029 |
| 3.15%, 06/01/27 | &nbsp;&nbsp; 1665 | 1640650 |
| 3.80%, 08/01/28 | &nbsp;&nbsp; 3232 | 3216441 |
| 5.05%, 08/01/30 | &nbsp;&nbsp; 1055 | 1092098 |
| 7.80%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4005 | 4241425 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 1414 | 1379253 |
| 2.85%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 2325 | 2279525 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 2.90%, 12/01/26 | &nbsp;&nbsp; $2336 | $2294733 |
| 4.30%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1760 | 1763475 |
| 4.85%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1735 | 1770062 |
| 4.90%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1695 | 1729901 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 1790 | 1828999 |
| 5.00%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2040 | 2086930 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 3603 | 3700639 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; 2215 | 2246476 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 3210 | 3318491 |
| 5.50%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1620 | 1688272 |
| 5.65%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3001 | 3106445 |
| 6.30%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 2659592 |
| TTX Co., 5.50%, 09/25/26<sup>(b)</sup> | &nbsp;&nbsp; 1832 | 1853525 |
| Union Pacific Corp. |  |  |
| 2.15%, 02/05/27 | &nbsp;&nbsp; 2885 | 2812037 |
| 2.40%, 02/05/30 | &nbsp;&nbsp; 3866 | 3600795 |
| 3.00%, 04/15/27 | &nbsp;&nbsp; 2632 | 2589195 |
| 3.70%, 03/01/29 | &nbsp;&nbsp; 4184 | 4139529 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 4785 | 4783152 |
| 6.63%, 02/01/29 | &nbsp;&nbsp; 3535 | 3818637 |
| United Parcel Service Inc. |  |  |
| 2.40%, 11/15/26 | &nbsp;&nbsp; 2920 | 2864893 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 2054 | 1933152 |
| 3.05%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 5946 | 5844845 |
| 3.40%, 03/15/29 | &nbsp;&nbsp; 4374 | 4294904 |
| 4.45%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3735 | 3800998 |
| United Parcel Service of America Inc., 7.62%, <br> 04/01/30<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 1835 | 2090404 |
| Walmart Inc. |  |  |
| 1.05%, 09/17/26<sup>(a)</sup> | &nbsp;&nbsp; 6296 | 6113976 |
| 1.50%, 09/22/28<sup>(a)</sup> | &nbsp;&nbsp; 7523 | 7031999 |
| 3.95%, 09/09/27<sup>(a)</sup> | &nbsp;&nbsp; 5913 | 5928347 |
| XPO Inc., 6.25%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4775 | 4857927 |
|  |  | 188533516 |
| **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** |
| DAE Funding LLC, 3.38%, 03/20/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5775 | 5567468 |
| GATX Corp. |  |  |
| 3.25%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 1663 | 1641771 |
| 3.50%, 03/15/28 | &nbsp;&nbsp; 1460 | 1431865 |
| 3.85%, 03/30/27 | &nbsp;&nbsp; 1593 | 1579927 |
| 4.00%, 06/30/30 | &nbsp;&nbsp; 4280 | 4206025 |
| 4.55%, 11/07/28 | &nbsp;&nbsp; 1805 | 1817433 |
| 4.70%, 04/01/29 | &nbsp;&nbsp; 2771 | 2803769 |
| 5.40%, 03/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1825 | 1851027 |
| Penske Truck Leasing Co. LP/PTL <br> Finance Corp.<br>|  |  |
| 3.35%, 11/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 1850 | 1775322 |
| 3.40%, 11/15/26<sup>(b)</sup> | &nbsp;&nbsp; 3377 | 3337098 |
| 4.20%, 04/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2476 | 2469398 |
| 4.40%, 07/01/27<sup>(b)</sup> | &nbsp;&nbsp; 4320 | 4328107 |
| 5.25%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4140 | 4265859 |
| 5.25%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 4795 | 4947062 |
| 5.35%, 01/12/27<sup>(b)</sup> | &nbsp;&nbsp; 3100 | 3136523 |
| 5.35%, 03/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2960 | 3050491 |
| 5.55%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 4400 | 4536566 |
| 5.70%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3685 | 3793012 |
| 5.88%, 11/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2987 | 3083572 |
| 6.05%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 6420 | 6717160 |
| 6.20%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 1740 | 1863263 |
| SMBC Aviation Capital Finance DAC |  |  |
| 1.90%, 10/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 2440 | 2372621 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Trucking & Leasing (continued)** | **Trucking & Leasing (continued)** | **Trucking & Leasing (continued)** |
| 2.30%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $2795 | $2642749 |
| 5.10%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3240 | 3319317 |
| 5.30%, 04/03/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3915 | 4021864 |
| 5.45%, 05/03/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3650 | 3748458 |
|  |  | 84307727 |
| **Venture Capital — 0.0%** | **Venture Capital — 0.0%** | **Venture Capital — 0.0%** |
| Hercules Capital Inc. |  |  |
| 2.63%, 09/16/26<sup>(a)</sup> | &nbsp;&nbsp; 1673 | 1634960 |
| 3.38%, 01/20/27<sup>(a)</sup> | &nbsp;&nbsp; 1615 | 1576779 |
| 6.00%, 06/16/30 | &nbsp;&nbsp; 2100 | 2129427 |
|  |  | 5341166 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.80%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2795 | 2624640 |
| 2.95%, 09/01/27 | &nbsp;&nbsp; 4312 | 4224759 |
| 3.00%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; 215 | 211896 |
| 3.45%, 06/01/29 | &nbsp;&nbsp; 4550 | 4445998 |
| 3.75%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1840 | 1828293 |
| Essential Utilities Inc. |  |  |
| 2.70%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2860 | 2655078 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 2350 | 2286478 |
| 4.80%, 08/15/27 | &nbsp;&nbsp; 2620 | 2647865 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 2080 | 2220075 |
|  |  | 23145082 |
| **Total Corporate Bonds & Notes — 97.7%** <br>**(Cost: $20,657,920,620)** | **Total Corporate Bonds & Notes — 97.7%** <br>**(Cost: $20,657,920,620)** | 20934736368 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |
| Development Bank of Japan Inc., 4.00%, <br> 08/28/27<sup>(b)</sup><br>| &nbsp;&nbsp; 295 | 295448 |
| **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** |
| Eagle Funding Luxco Sarl, 5.50%, 08/17/30<sup>(b)</sup> | &nbsp;&nbsp; 60000 | 60846000 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| Korea Electric Power Corp. |  |  |
| 4.00%, 06/14/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2160 | 2155366 |
| 4.75%, 02/13/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1970 | 1997460 |
| 4.88%, 01/31/27<sup>(b)</sup> | &nbsp;&nbsp; 6995 | 7064320 |
| 5.50%, 04/06/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3725 | 3847423 |
| 7.00%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1849 | 1921008 |
| Korea Gas Corp. |  |  |
| 3.13%, 07/20/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3003 | 2949733 |
| 3.88%, 07/13/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5205 | 5187203 |
| 4.25%, 07/10/30<sup>(b)</sup> | &nbsp;&nbsp; 205 | 206500 |
| 4.88%, 07/05/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5745 | 5871135 |
| 5.00%, 07/08/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2320 | 2398134 |
| Korea Hydro & Nuclear Power Co. Ltd. |  |  |
| 3.13%, 07/25/27<sup>(b)</sup> | &nbsp;&nbsp; 3623 | 3556552 |
| 4.25%, 07/27/27<sup>(b)</sup> | &nbsp;&nbsp; 5210 | 5220602 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| 4.63%, 07/29/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $2400 | $2435079 |
| 5.00%, 07/18/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2970 | 3037920 |
| Korea National Oil Corp. |  |  |
| 2.13%, 04/18/27<sup>(b)</sup> | &nbsp;&nbsp; 5000 | 4843217 |
| 2.50%, 10/24/26<sup>(b)</sup> | &nbsp;&nbsp; 4609 | 4523353 |
| 3.38%, 03/27/27<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 2965346 |
| 4.13%, 09/30/27<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 2995720 |
| 4.25%, 09/30/29<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 3008166 |
| 4.75%, 03/31/30<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 2044232 |
| 4.88%, 04/03/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3000 | 3033740 |
| 4.88%, 04/03/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 3000 | 3049593 |
| 4.88%, 04/03/29<sup>(b)</sup> | &nbsp;&nbsp; 4000 | 4091776 |
|  |  | 78403578 |
| **Total Foreign Government Obligations — 0.7%** <br>**(Cost: $139,176,188)** | **Total Foreign Government Obligations — 0.7%** <br>**(Cost: $139,176,188)** | 139545026 |
| **Total Long-Term Investments — 98.4%** <br>**(Cost: $20,797,096,808)** | **Total Long-Term Investments — 98.4%** <br>**(Cost: $20,797,096,808)** | 21074281394 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.3%** | **Money Market Funds — 7.3%** | **Money Market Funds — 7.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 1459656082 | 1460385910 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 113760000 | 113760000 |
| **Total Short-Term Securities — 7.3%** <br>**(Cost: $1,573,402,996)** | **Total Short-Term Securities — 7.3%** <br>**(Cost: $1,573,402,996)** | 1574145910 |
| **Total Investments — 105.7%** <br>**(Cost: $22,370,499,804)** | **Total Investments — 105.7%** <br>**(Cost: $22,370,499,804)** | 22648427304 |
| **Liabilities in Excess of Other Assets — (5.7)%** | **Liabilities in Excess of Other Assets — (5.7)%** | (1220376127)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $21428051177 |

---

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

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

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(d)</sup> Perpetual security with no stated maturity date.

<sup>(e)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 1-5 Year Investment Grade Corporate Bond ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Insti-<br> tutional, SL Agency Shares<br>| $1677629373 | $— | &nbsp;&nbsp; $(217242241 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(25806)<br>| $24584 | $1460385910 | 1459656082 | $2476073 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Trea-<br> sury, SL Agency Shares<br>| 34660000 | 79100000 <br><sup>(a)</sup><br>|  |  |  | 113760000 | 113760000 | 759023 |  |
|  |  |  |  | $(25806) | $24584 | $1574145910 |  | $3235096 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20934736368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20934736368 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 139545026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139545026 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1574145910 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1574145910 |
|  | &nbsp;&nbsp; $1574145910 | &nbsp;&nbsp; $21074281394 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22648427304 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 2.40%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; $2987 | $2671396 |
| 5.38%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2119 | 2148271 |
| Omnicom Group Inc. |  |  |
| 2.60%, 08/01/31 | &nbsp;&nbsp; 5379 | 4842781 |
| 5.30%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 3890 | 3948727 |
|  |  | 13611175 |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| BAE Systems PLC |  |  |
| 1.90%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 6436 | 5663542 |
| 5.25%, 03/26/31<sup>(b)</sup> | &nbsp;&nbsp; 3200 | 3333288 |
| 5.30%, 03/26/34<sup>(b)</sup> | &nbsp;&nbsp; 9715 | 9968734 |
| Boeing Co. (The) |  |  |
| 3.25%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 5141 | 4386898 |
| 3.30%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1205 | 1016543 |
| 3.60%, 05/01/34<sup>(a)</sup> | &nbsp;&nbsp; 5991 | 5339236 |
| 3.63%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 8894 | 8492261 |
| 6.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2962 | 3155777 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 6525 | 7086606 |
| 6.53%, 05/01/34<sup>(a)</sup> | &nbsp;&nbsp; 15709 | 17203653 |
| Embraer Netherlands Finance BV, 5.98%, <br> 02/11/35<sup>(a)</sup><br>| &nbsp;&nbsp; 4490 | 4658375 |
| GE Capital Funding LLC, 4.55%, 05/15/32 | &nbsp;&nbsp; 3010 | 3024115 |
| General Dynamics Corp. |  |  |
| 2.25%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3548 | 3201629 |
| 4.95%, 08/15/35 | &nbsp;&nbsp; 3305 | 3339888 |
| General Electric Co., 6.75%, 03/15/32 | &nbsp;&nbsp; 8592 | 9723091 |
| HEICO Corp., 5.35%, 08/01/33 | &nbsp;&nbsp; 3753 | 3854824 |
| Hexcel Corp., 5.88%, 02/26/35 | &nbsp;&nbsp; 1875 | 1911910 |
| Howmet Aerospace Inc., 4.85%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2990 | 3060133 |
| L3Harris Technologies Inc. |  |  |
| 1.80%, 01/15/31 | &nbsp;&nbsp; 4179 | 3656186 |
| 4.85%, 04/27/35 | &nbsp;&nbsp; 3018 | 2966307 |
| 5.25%, 06/01/31 | &nbsp;&nbsp; 4925 | 5112415 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 4977 | 5099455 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 9543 | 9856377 |
| Lockheed Martin Corp. |  |  |
| 3.60%, 03/01/35 | &nbsp;&nbsp; 3374 | 3075569 |
| 3.90%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5172 | 5012576 |
| 4.70%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4280 | 4369279 |
| 4.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 5253214 |
| 4.80%, 08/15/34 | &nbsp;&nbsp; 4235 | 4248241 |
| 5.00%, 08/15/35 | &nbsp;&nbsp; 4775 | 4804761 |
| 5.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6358 | 6625743 |
| Northrop Grumman Corp. |  |  |
| 4.70%, 03/15/33 | &nbsp;&nbsp; 6985 | 6989935 |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 5490 | 5499299 |
| 5.25%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3580 | 3660505 |
| Northrop Grumman Systems Corp., 7.75%, <br> 02/15/31<br>| &nbsp;&nbsp; 1762 | 2023485 |
| RTX Corp. |  |  |
| 1.90%, 09/01/31 | &nbsp;&nbsp; 6570 | 5693587 |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 6300 | 5519059 |
| 5.15%, 02/27/33 | &nbsp;&nbsp; 7918 | 8132894 |
| 5.40%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 3456 | 3577421 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 6700 | 7234450 |
| 6.10%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9348 | 10148147 |
|  |  | 216979408 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** |
| Altria Group Inc. |  |  |
| 2.45%, 02/04/32 | &nbsp;&nbsp; $11475 | $9989638 |
| 5.25%, 08/06/35<sup>(a)</sup> | &nbsp;&nbsp; 2200 | 2195693 |
| 5.63%, 02/06/35<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 3209094 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 3130 | 3499576 |
| Archer-Daniels-Midland Co. |  |  |
| 2.90%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 5109 | 4649292 |
| 4.50%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 2961352 |
| 5.94%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; 2450 | 2655259 |
| BAT Capital Corp. |  |  |
| 2.73%, 03/25/31 | &nbsp;&nbsp; 8424 | 7662575 |
| 4.74%, 03/16/32 | &nbsp;&nbsp; 6171 | 6156420 |
| 5.35%, 08/15/32 | &nbsp;&nbsp; 7340 | 7555137 |
| 5.63%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3975 | 4078226 |
| 5.83%, 02/20/31 | &nbsp;&nbsp; 5620 | 5943283 |
| 6.00%, 02/20/34 | &nbsp;&nbsp; 5305 | 5629369 |
| 6.42%, 08/02/33 | &nbsp;&nbsp; 9173 | 10000854 |
| 7.75%, 10/19/32 | &nbsp;&nbsp; 4072 | 4716822 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31<sup>(a)</sup> | &nbsp;&nbsp; 8814 | 8052576 |
| 3.20%, 04/21/31 | &nbsp;&nbsp; 3490 | 3252930 |
| 4.65%, 09/17/34<sup>(a)</sup> | &nbsp;&nbsp; 5130 | 4996069 |
| 5.15%, 08/04/35<sup>(a)</sup> | &nbsp;&nbsp; 3960 | 3969353 |
| 5.25%, 04/21/32 | &nbsp;&nbsp; 1855 | 1893092 |
| Cargill Inc. |  |  |
| 1.70%, 02/02/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3468 | 3046136 |
| 2.13%, 11/10/31<sup>(b)</sup> | &nbsp;&nbsp; 6663 | 5851993 |
| 4.00%, 06/22/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 4190 | 4053454 |
| 4.75%, 04/24/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 2989 | 3003929 |
| 5.13%, 10/11/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3275 | 3386104 |
| 5.13%, 02/11/35<sup>(b)</sup> | &nbsp;&nbsp; 3200 | 3261487 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/35<sup>(b)</sup> | &nbsp;&nbsp; 6890 | 6959055 |
| 5.88%, 07/01/34<sup>(b)</sup> | &nbsp;&nbsp; 4530 | 4681544 |
| Japan Tobacco Inc., 5.85%, 06/15/35<sup>(b)</sup> | &nbsp;&nbsp; 5325 | 5623736 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.95%, 04/20/35<sup>(b)</sup><br>| &nbsp;&nbsp; 7120 | 7402094 |
| JT International Financial Services BV, 6.88%, <br> 10/24/32<sup>(b)</sup><br>| &nbsp;&nbsp; 3310 | 3688409 |
| Philip Morris International Inc. |  |  |
| 1.75%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4610 | 4073063 |
| 4.75%, 11/01/31 | &nbsp;&nbsp; 5090 | 5163453 |
| 4.88%, 04/30/35 | &nbsp;&nbsp; 6970 | 6904395 |
| 4.90%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4645 | 4624831 |
| 5.13%, 02/13/31 | &nbsp;&nbsp; 7875 | 8137316 |
| 5.25%, 02/13/34 | &nbsp;&nbsp; 10770 | 11004172 |
| 5.38%, 02/15/33 | &nbsp;&nbsp; 13998 | 14490578 |
| 5.50%, 09/07/30 | &nbsp;&nbsp; 2260 | 2377386 |
| 5.63%, 09/07/33 | &nbsp;&nbsp; 5980 | 6276915 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 9490 | 10046880 |
| Reynolds American Inc., 5.70%, 08/15/35 | &nbsp;&nbsp; 3125 | 3216155 |
|  |  | 230339695 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| AS Mileage Plan IP Ltd., 5.31%, 10/20/31<sup>(b)</sup> | &nbsp;&nbsp; 2955 | 2959051 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Ralph Lauren Corp., 5.00%, 06/15/32 | &nbsp;&nbsp; 3080 | 3143399 |
| Tapestry Inc. |  |  |
| 3.05%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3017 | 2701725 |
| 5.50%, 03/11/35 | &nbsp;&nbsp; 4870 | 4922778 |
|  |  | 10767902 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers — 2.7%** | **Auto Manufacturers — 2.7%** | **Auto Manufacturers — 2.7%** |
| American Honda Finance Corp. |  |  |
| 1.80%, 01/13/31 | &nbsp;&nbsp; $3438 | $3000418 |
| 4.85%, 10/23/31<sup>(a)</sup> | &nbsp;&nbsp; 4505 | 4565247 |
| 4.90%, 01/10/34<sup>(a)</sup> | &nbsp;&nbsp; 4645 | 4635597 |
| 5.05%, 07/10/31<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 5129671 |
| 5.15%, 07/09/32<sup>(a)</sup> | &nbsp;&nbsp; 4920 | 5012598 |
| 5.20%, 03/05/35<sup>(a)</sup> | &nbsp;&nbsp; 3120 | 3138562 |
| 5.85%, 10/04/30 | &nbsp;&nbsp; 3154 | 3358527 |
| BMW U.S. Capital LLC |  |  |
| 1.95%, 08/12/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3392 | 2931422 |
| 2.55%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3720 | 3346748 |
| 3.70%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 3080 | 2903508 |
| 4.85%, 08/13/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3754 | 3823535 |
| 5.15%, 08/11/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3508 | 3564552 |
| 5.15%, 04/02/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3190 | 3220723 |
| 5.20%, 08/11/35<sup>(b)</sup> | &nbsp;&nbsp; 2990 | 2973533 |
| 5.40%, 03/21/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 3155 | 3225439 |
| Cummins Inc. |  |  |
| 4.70%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4060 | 4124843 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 4115 | 4214027 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 6555 | 6696578 |
| Daimler Truck Finance North America LLC |  |  |
| 2.50%, 12/14/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5150 | 4544036 |
| 5.00%, 10/12/32<sup>(b)</sup> | &nbsp;&nbsp; 3880 | 3882078 |
| 5.38%, 01/13/32<sup>(b)</sup> | &nbsp;&nbsp; 3080 | 3164988 |
| 5.38%, 01/18/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3920 | 3982577 |
| 5.38%, 06/25/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3305 | 3349994 |
| 5.50%, 09/20/33<sup>(b)</sup> | &nbsp;&nbsp; 3468 | 3557285 |
| 5.63%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 3510 | 3607213 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 16986 | 14562022 |
| 6.10%, 08/19/32<sup>(a)</sup> | &nbsp;&nbsp; 12060 | 12184697 |
| 7.45%, 07/16/31<sup>(a)</sup> | &nbsp;&nbsp; 7140 | 7865015 |
| Ford Motor Credit Co. LLC |  |  |
| 3.63%, 06/17/31<sup>(a)</sup> | &nbsp;&nbsp; 6685 | 6018364 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 10030 | 9326366 |
| 6.05%, 03/05/31<sup>(a)</sup> | &nbsp;&nbsp; 6275 | 6375125 |
| 6.05%, 11/05/31 | &nbsp;&nbsp; 7425 | 7513785 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 10320 | 10146040 |
| 6.50%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 7955 | 8017959 |
| 6.53%, 03/19/32<sup>(a)</sup> | &nbsp;&nbsp; 4055 | 4167875 |
| 7.12%, 11/07/33 | &nbsp;&nbsp; 8070 | 8437392 |
| General Motors Co. |  |  |
| 5.00%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 4660 | 4445820 |
| 5.60%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8340 | 8567481 |
| 6.25%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3520 | 3648355 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 01/08/31<sup>(a)</sup> | &nbsp;&nbsp; 6195 | 5458661 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 6800 | 6035554 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 7731 | 6874108 |
| 5.45%, 09/06/34<sup>(a)</sup> | &nbsp;&nbsp; 7761 | 7685850 |
| 5.60%, 06/18/31 | &nbsp;&nbsp; 7060 | 7291258 |
| 5.63%, 04/04/32<sup>(a)</sup> | &nbsp;&nbsp; 4315 | 4415858 |
| 5.75%, 02/08/31 | &nbsp;&nbsp; 6490 | 6733919 |
| 5.90%, 01/07/35<sup>(a)</sup> | &nbsp;&nbsp; 6299 | 6396749 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 8231 | 8436640 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 9530 | 9879354 |
| 6.15%, 07/15/35 | &nbsp;&nbsp; 4755 | 4884109 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 6273 | 6651450 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Honda Motor Co. Ltd. |  |  |
| 2.97%, 03/10/32 | &nbsp;&nbsp; $4758 | $4293655 |
| 5.34%, 07/08/35 | &nbsp;&nbsp; 6555 | 6590014 |
| Hyundai Capital America |  |  |
| 4.75%, 09/26/31<sup>(b)</sup> | &nbsp;&nbsp; 3235 | 3252606 |
| 5.40%, 01/08/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3490 | 3602796 |
| 5.40%, 06/24/31<sup>(b)</sup> | &nbsp;&nbsp; 4610 | 4752920 |
| 5.40%, 03/29/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2705 | 2780052 |
| 5.40%, 06/23/32<sup>(b)</sup> | &nbsp;&nbsp; 2805 | 2881889 |
| 6.20%, 09/21/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2711 | 2897145 |
| Mercedes-Benz Finance North America LLC |  |  |
| 2.45%, 03/02/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3582 | 3216811 |
| 5.00%, 01/11/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4470 | 4482710 |
| 5.05%, 08/03/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 4615 | 4659185 |
| 5.13%, 08/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3245 | 3256728 |
| 5.45%, 04/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1635 | 1672835 |
| 8.50%, 01/18/31 | &nbsp;&nbsp; 9573 | 11445316 |
| PACCAR Financial Corp., 5.00%, 03/22/34 | &nbsp;&nbsp; 2180 | 2227774 |
| Stellantis Finance U.S. Inc. |  |  |
| 2.69%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6527 | 5564294 |
| 6.38%, 09/12/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 4353 | 4504389 |
| 6.45%, 03/18/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 6705 | 6762729 |
| Toyota Motor Corp. |  |  |
| 2.36%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 3203 | 2904148 |
| 5.05%, 06/30/35<sup>(a)</sup> | &nbsp;&nbsp; 3420 | 3453939 |
| 5.12%, 07/13/33<sup>(a)</sup> | &nbsp;&nbsp; 2980 | 3080091 |
| Toyota Motor Credit Corp. |  |  |
| 1.65%, 01/10/31 | &nbsp;&nbsp; 3816 | 3330690 |
| 1.90%, 09/12/31<sup>(a)</sup> | &nbsp;&nbsp; 3037 | 2641584 |
| 2.40%, 01/13/32<sup>(a)</sup> | &nbsp;&nbsp; 2663 | 2358378 |
| 4.60%, 10/10/31 | &nbsp;&nbsp; 4990 | 5037562 |
| 4.70%, 01/12/33<sup>(a)</sup> | &nbsp;&nbsp; 3106 | 3121188 |
| 4.80%, 01/05/34 | &nbsp;&nbsp; 5190 | 5228392 |
| 5.10%, 03/21/31<sup>(a)</sup> | &nbsp;&nbsp; 5955 | 6175129 |
| 5.35%, 01/09/35<sup>(a)</sup> | &nbsp;&nbsp; 5372 | 5547454 |
| 5.55%, 11/20/30<sup>(a)</sup> | &nbsp;&nbsp; 6340 | 6714467 |
| Volkswagen Group of America Finance LLC |  |  |
| 5.60%, 03/22/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3150 | 3200104 |
| 5.65%, 03/25/32<sup>(b)</sup> | &nbsp;&nbsp; 3325 | 3406717 |
| 5.80%, 03/27/35<sup>(b)</sup> | &nbsp;&nbsp; 3650 | 3717016 |
| 5.90%, 09/12/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3745 | 3875506 |
| 6.45%, 11/16/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4980 | 5358064 |
|  |  | 435967782 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 5111 | 4630378 |
| 5.15%, 09/13/34<sup>(a)</sup> | &nbsp;&nbsp; 3770 | 3687548 |
| BorgWarner Inc., 5.40%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2925 | 2976236 |
| Lear Corp., 2.60%, 01/15/32 | &nbsp;&nbsp; 2330 | 2030310 |
| LG Energy Solution Ltd. |  |  |
| 5.50%, 07/02/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3205 | 3212454 |
| 5.88%, 04/02/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 4580 | 4701526 |
| Magna International Inc. |  |  |
| 5.50%, 03/21/33<sup>(a)</sup> | &nbsp;&nbsp; 3171 | 3269729 |
| 5.88%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 2725 | 2835022 |
|  |  | 27343203 |
| **Banks — 23.3%** | **Banks — 23.3%** | **Banks — 23.3%** |
| ABN AMRO Bank NV |  |  |
| 3.32%, 03/13/37, (5-year CMT + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 4886 | 4379615 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.52%, 12/03/35, (1-year CMT + <br> 1.250%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $4565 | $4672000 |
| AIB Group PLC, 5.87%, 03/28/35, (1-day SOFR <br> Index + 1.910%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5965 | 6201208 |
| ASB Bank Ltd., 2.38%, 10/22/31<sup>(b)</sup> | &nbsp;&nbsp; 2020 | 1801639 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 2.57%, 11/25/35, (5-year CMT + <br> 1.700%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7941 | 7085851 |
| 5.20%, 09/30/35, (1-year CMT + <br> 1.470%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7990 | 7935628 |
| 5.82%, 06/18/36, (1-year CMT + <br> 1.350%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7990 | 8234760 |
| 6.74%, 12/08/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7368 | 8100375 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 6.03%, 03/13/35, (1-year CMT + <br> 1.950%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6278 | 6595728 |
| 7.88%, 11/15/34, (1-year CMT + 3.300%)<sup>(c)</sup> | &nbsp;&nbsp; 4395 | 5056010 |
| Banco de Chile, 2.99%, 12/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1940 | 1738132 |
| Banco de Credito e Inversiones SA, 2.88%, <br> 10/14/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2405 | 2172925 |
| Banco Santander Chile, 3.18%, 10/26/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2155 | 1993160 |
| Banco Santander SA |  |  |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 8780 | 7914949 |
| 2.96%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 10656 | 9843411 |
| 3.23%, 11/22/32, (1-year CMT + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp; 6129 | 5575206 |
| 5.44%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9585 | 10031182 |
| 6.03%, 01/17/35 | &nbsp;&nbsp; 6375 | 6766723 |
| 6.35%, 03/14/34<sup>(a)</sup> | &nbsp;&nbsp; 7865 | 8339657 |
| 6.92%, 08/08/33 | &nbsp;&nbsp; 11950 | 13167622 |
| 6.94%, 11/07/33 | &nbsp;&nbsp; 9150 | 10384157 |
| Bangkok Bank PCL/Hong Kong |  |  |
| 3.47%, 09/23/36, (5-year CMT + <br> 2.150%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5735 | 5207966 |
| 5.50%, 09/21/33<sup>(b)</sup> | &nbsp;&nbsp; 4305 | 4470416 |
| 5.65%, 07/05/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4530 | 4770792 |
| 6.06%, 03/25/40, (5-year CMT + <br> 1.780%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5845 | 5957015 |
| Bank of America Corp. |  |  |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(c)</sup> | &nbsp;&nbsp; 16162 | 14273204 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 24525 | 21643165 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 12578 | 10881386 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(c)</sup> | &nbsp;&nbsp; 20900 | 18651548 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(c)</sup> | &nbsp;&nbsp; 29633 | 26882647 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(c)</sup> | &nbsp;&nbsp; 24513 | 22138684 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(c)</sup> | &nbsp;&nbsp; 16043 | 14817130 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 26004 | 25734630 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(c)</sup> | &nbsp;&nbsp; 32463 | 32976952 |
| 5.29%, 04/25/34, (1-day SOFR + <br> 1.910%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 31628 | 32442858 |
| 5.43%, 08/15/35, (1-day SOFR +1.913%)<sup>(c)</sup> | &nbsp;&nbsp; 15755 | 15858243 |
| 5.46%, 05/09/36, (1-day SOFR + <br> 1.640%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 14050 | 14431969 |
| 5.47%, 01/23/35, (1-day SOFR + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 31875 | 32936641 |
| 5.51%, 01/24/36, (1-day SOFR + 1.310%)<sup>(c)</sup> | &nbsp;&nbsp; 22440 | 23117535 |
| 5.52%, 10/25/35, (1-day SOFR + 1.738%)<sup>(c)</sup> | &nbsp;&nbsp; 22508 | 22708619 |
| 5.74%, 02/12/36, (1-day SOFR + 1.697%)<sup>(c)</sup> | &nbsp;&nbsp; 15930 | 16320867 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(c)</sup> | &nbsp;&nbsp; 23777 | 25226582 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(c)</sup><br>| &nbsp;&nbsp; 12720 | 11561619 |
| Bank of Montreal |  |  |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(c)</sup> | &nbsp;&nbsp; 7867 | 6910799 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.51%, 06/04/31 | &nbsp;&nbsp; $5801 | $6101722 |
| 7.30%, 11/26/84, (5-year CMT + <br> 3.010%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5555 | 5826062 |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.65%, 01/28/31<sup>(a)</sup> | &nbsp;&nbsp; 225 | 197693 |
| 1.80%, 07/28/31<sup>(a)</sup> | &nbsp;&nbsp; 3501 | 3068871 |
| 2.50%, 01/26/32<sup>(a)</sup> | &nbsp;&nbsp; 3239 | 2890888 |
| 4.29%, 06/13/33, (1-day SOFR + 1.418%)<sup>(c)</sup> | &nbsp;&nbsp; 4780 | 4670139 |
| 4.71%, 02/01/34, (1-day SOFR + 1.512%)<sup>(c)</sup> | &nbsp;&nbsp; 4703 | 4686681 |
| 4.97%, 04/26/34, (1-day SOFR + 1.606%)<sup>(c)</sup> | &nbsp;&nbsp; 6281 | 6342494 |
| 5.06%, 07/22/32, (1-day SOFR + 1.230%)<sup>(c)</sup> | &nbsp;&nbsp; 8355 | 8606223 |
| 5.19%, 03/14/35, (1-day SOFR + 1.418%)<sup>(c)</sup> | &nbsp;&nbsp; 6969 | 7101285 |
| 5.23%, 11/20/35, (1-day SOFR + 1.253%)<sup>(c)</sup> | &nbsp;&nbsp; 4375 | 4463662 |
| 5.32%, 06/06/36, (1-day SOFR + <br> 1.350%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5330 | 5465735 |
| 5.61%, 07/21/39, (1-day SOFR + 1.770%)<sup>(c)</sup> | &nbsp;&nbsp; 3630 | 3753011 |
| 5.83%, 10/25/33, (1-day SOFR Index + <br> 2.074%)<sup>(c)</sup><br>| &nbsp;&nbsp; 9492 | 10142165 |
| 6.47%, 10/25/34, (1-day SOFR + 1.845%)<sup>(c)</sup> | &nbsp;&nbsp; 6994 | 7729676 |
| Bank of New Zealand, 2.87%, 01/27/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1145 | 1033422 |
| Bank of Nova Scotia (The) |  |  |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 3555 | 3145010 |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 5551 | 4879107 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 8010 | 7685399 |
| 4.74%, 11/10/32, (1-day SOFR + 1.440%)<sup>(c)</sup> | &nbsp;&nbsp; 4254 | 4296674 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 4890 | 5150767 |
| Barclays PLC |  |  |
| 2.67%, 03/10/32, (1-year CMT + <br> 1.200%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7863 | 7086590 |
| 2.89%, 11/24/32, (1-year CMT + <br> 1.300%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7613 | 6819872 |
| 3.56%, 09/23/35, (5-year CMT + 2.900%)<sup>(c)</sup> | &nbsp;&nbsp; 6568 | 6136548 |
| 5.34%, 09/10/35, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 12775 | 12789726 |
| 5.75%, 08/09/33, (1-year CMT + 3.000%)<sup>(c)</sup> | &nbsp;&nbsp; 5787 | 6050896 |
| 5.79%, 02/25/36, (1-day SOFR + 1.590%)<sup>(c)</sup> | &nbsp;&nbsp; 13030 | 13440326 |
| 6.22%, 05/09/34, (1-day SOFR + 2.980%)<sup>(c)</sup> | &nbsp;&nbsp; 12683 | 13537300 |
| 6.69%, 09/13/34, (1-day SOFR + 2.620%)<sup>(c)</sup> | &nbsp;&nbsp; 9405 | 10303294 |
| 7.12%, 06/27/34, (1-day SOFR + <br> 3.570%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9290 | 10273523 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(c)</sup> | &nbsp;&nbsp; 12729 | 14535621 |
| Blackstone Reg Finance Co. LLC, 5.00%, <br> 12/06/34<br>| &nbsp;&nbsp; 4950 | 4942077 |
| BNP Paribas SA |  |  |
| 2.87%, 04/19/32, (3-mo. CME Term SOFR + <br> 1.387%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 13612 | 12337011 |
| 3.13%, 01/20/33, (1-day SOFR + <br> 1.561%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7923 | 7137133 |
| 5.74%, 02/20/35, (1-day SOFR + <br> 1.880%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 10430 | 10852791 |
| 5.79%, 01/13/33, (1-day SOFR + <br> 1.620%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 13531 | 14099056 |
| 5.89%, 12/05/34, (1-day SOFR + <br> 1.866%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 13530 | 14253971 |
| 5.91%, 11/19/35, (1-day SOFR + <br> 1.920%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 13055 | 13301396 |
| BPCE SA |  |  |
| 2.28%, 01/20/32, (1-day SOFR + <br> 1.312%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6582 | 5780761 |
| 3.12%, 10/19/32, (1-day SOFR + <br> 1.730%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7386 | 6524249 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.65%, 01/14/37, (5-year CMT + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $6410 | $5736628 |
| 5.75%, 07/19/33, (1-day SOFR + <br> 2.865%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5513 | 5679317 |
| 5.94%, 05/30/35, (1-day SOFR + <br> 1.850%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10240 | 10581555 |
| 6.03%, 05/28/36, (1-day SOFR + <br> 1.956%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6760 | 7006423 |
| 6.29%, 01/14/36, (1-day SOFR + <br> 2.040%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10480 | 11026783 |
| 6.51%, 01/18/35, (1-year CMT + <br> 2.791%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5330 | 5583893 |
| 7.00%, 10/19/34, (1-day SOFR + <br> 2.590%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 8103 | 8945781 |
| Brookfield Finance Inc., 6.30%, 01/15/55, <br> (5-year CMT + 2.076%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4020 | 3918189 |
| CaixaBank SA |  |  |
| 5.58%, 07/03/36, (1-day SOFR <br> +1.790%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6665 | 6736862 |
| 6.04%, 06/15/35, (1-day SOFR <br> +2.260%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6185 | 6513494 |
| 6.84%, 09/13/34, (1-day SOFR + <br> 2.770%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6110 | 6763547 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.60%, 04/07/32<sup>(a)</sup> | &nbsp;&nbsp; 5380 | 5066497 |
| 6.09%, 10/03/33<sup>(a)</sup> | &nbsp;&nbsp; 6195 | 6687403 |
| Citibank NA, 5.57%, 04/30/34 | &nbsp;&nbsp; 13730 | 14378319 |
| Citigroup Inc. |  |  |
| 2.52%, 11/03/32, (1-day SOFR + 1.177%)<sup>(c)</sup> | &nbsp;&nbsp; 11343 | 10041709 |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(c)</sup> | &nbsp;&nbsp; 18537 | 16645918 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(c)</sup> | &nbsp;&nbsp; 19425 | 17545936 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(c)</sup> | &nbsp;&nbsp; 19280 | 18115019 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(c)</sup> | &nbsp;&nbsp; 16273 | 16345852 |
| 5.41%, 09/19/39, (5-year CMT + 1.730%)<sup>(c)</sup> | &nbsp;&nbsp; 7080 | 7010127 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(c)</sup> | &nbsp;&nbsp; 16800 | 17269617 |
| 5.83%, 02/13/35, (1-day SOFR + 2.056%)<sup>(c)</sup> | &nbsp;&nbsp; 16154 | 16607801 |
| 5.88%, 02/22/33<sup>(a)</sup> | &nbsp;&nbsp; 3181 | 3352754 |
| 6.00%, 10/31/33<sup>(a)</sup> | &nbsp;&nbsp; 5345 | 5699223 |
| 6.02%, 01/24/36, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 19262 | 19902828 |
| 6.17%, 05/25/34, (1-day SOFR + 2.661%)<sup>(c)</sup> | &nbsp;&nbsp; 20533 | 21631824 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(c)</sup> | &nbsp;&nbsp; 17755 | 19242272 |
| 6.63%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6649 | 7330499 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 14530 | 14683233 |
| Citizens Financial Group Inc. |  |  |
| 2.64%, 09/30/32 | &nbsp;&nbsp; 4345 | 3671694 |
| 5.64%, 05/21/37, (5-year CMT + <br> 2.750%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2298 | 2308138 |
| 5.72%, 07/23/32, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 8780 | 9170048 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(c)</sup> | &nbsp;&nbsp; 4360 | 4741853 |
| Comerica Bank, 5.33%, 08/25/33, (1-day SOFR <br> + 2.610%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2543 | 2505728 |
| Commonwealth Bank of Australia |  |  |
| 1.88%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4573 | 4032372 |
| 2.69%, 03/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8915 | 8065787 |
| 3.78%, 03/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7035 | 6607908 |
| 5.84%, 03/13/34<sup>(b)</sup> | &nbsp;&nbsp; 7560 | 7892281 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Cooperatieve Rabobank UA |  |  |
| 3.76%, 04/06/33, (1-year CMT + <br> 1.420%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $6038 | $5682932 |
| 5.71%, 01/21/33, (1-year CMT + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5015 | 5275611 |
| Credit Agricole SA |  |  |
| 5.37%, 03/11/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4675 | 4837859 |
| 5.51%, 07/05/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3890 | 4076234 |
| 5.86%, 01/09/36, (1-day SOFR + <br> 1.740%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 11345 | 11785249 |
| 6.25%, 01/10/35, (1-day SOFR + <br> 2.670%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 9350 | 9768251 |
| Deutsche Bank AG/New York NY |  |  |
| 3.04%, 05/28/32, (1-day SOFR + 1.718%)<sup>(c)</sup> | &nbsp;&nbsp; 5605 | 5114777 |
| 3.55%, 09/18/31, (1-day SOFR + <br> 3.043%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8390 | 7956494 |
| 3.73%, 01/14/32, (1-day SOFR + 2.757%)<sup>(c)</sup> | &nbsp;&nbsp; 7440 | 6979992 |
| 3.74%, 01/07/33, (1-day SOFR + 2.257%)<sup>(c)</sup> | &nbsp;&nbsp; 7635 | 6995082 |
| 5.40%, 09/11/35, (1-day SOFR + <br> 2.050%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7755 | 7811882 |
| 7.08%, 02/10/34, (1-day SOFR + <br> 3.650%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9135 | 9919237 |
| Fifth Third Bancorp |  |  |
| 4.34%, 04/25/33, (1-day SOFR + <br> 1.660%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3648 | 3528830 |
| 5.63%, 01/29/32, (1-day SOFR + 1.840%)<sup>(c)</sup> | &nbsp;&nbsp; 6370 | 6670620 |
| First Citizens BancShares Inc./NC, 6.25%, <br> 03/12/40, (5-year CMT + 1.970%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3820 | 3836170 |
| Goldman Sachs Capital I, 6.35%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4390 | 4630752 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(c)</sup> | &nbsp;&nbsp; 15830 | 13904167 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(c)</sup> | &nbsp;&nbsp; 25941 | 22978435 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(c)</sup> | &nbsp;&nbsp; 23934 | 21600553 |
| 2.65%, 10/21/32, (1-day SOFR + <br> 1.264%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 19400 | 17344974 |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(c)</sup> | &nbsp;&nbsp; 25723 | 23390599 |
| 5.02%, 10/23/35, (1-day SOFR + 1.420%)<sup>(c)</sup> | &nbsp;&nbsp; 23390 | 23243122 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 22010 | 22384825 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 18779 | 19363985 |
| 5.85%, 04/25/35, (1-day SOFR + 1.552%)<sup>(c)</sup> | &nbsp;&nbsp; 18560 | 19570404 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 5909 | 6473577 |
| 6.56%, 10/24/34, (1-day SOFR + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 8355 | 9268407 |
| HBOS PLC, 6.00%, 11/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 650 | 668903 |
| HSBC Bank USA NA/New York |  |  |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 1010 | 1051103 |
| 5.88%, 11/01/34 | &nbsp;&nbsp; 1670 | 1762450 |
| HSBC Holdings PLC |  |  |
| 2.80%, 05/24/32, (1-day SOFR + 1.187%)<sup>(c)</sup> | &nbsp;&nbsp; 19151 | 17304847 |
| 2.87%, 11/22/32, (1-day SOFR + 1.410%)<sup>(c)</sup> | &nbsp;&nbsp; 10922 | 9827022 |
| 4.76%, 03/29/33, (1-day SOFR + 2.530%)<sup>(c)</sup> | &nbsp;&nbsp; 12443 | 12280929 |
| 5.40%, 08/11/33, (1-day SOFR + <br> 2.870%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 15482 | 15979269 |
| 5.45%, 03/03/36, (1-day SOFR + <br> 1.560%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 14870 | 15111717 |
| 5.72%, 03/04/35, (1-day SOFR + <br> 1.780%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7915 | 8303808 |
| 5.73%, 05/17/32, (1-day SOFR + 1.520%)<sup>(c)</sup> | &nbsp;&nbsp; 9920 | 10404947 |
| 5.79%, 05/13/36, (1-day SOFR + <br> 1.880%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 18305 | 19044624 |
| 5.87%, 11/18/35, (1-day SOFR + <br> 1.900%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11405 | 11710131 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.25%, 03/09/34, (1-day SOFR + <br> 2.390%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; $14026 | $15146823 |
| 6.55%, 06/20/34, (1-day SOFR + <br> 2.980%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12400 | 13303641 |
| 7.40%, 11/13/34, (1-day SOFR + 3.020%)<sup>(c)</sup> | &nbsp;&nbsp; 12845 | 14474034 |
| 7.63%, 05/17/32<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 1811961 |
| 8.11%, 11/03/33, (1-day SOFR + <br> 4.250%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12217 | 14212765 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(c)</sup> | &nbsp;&nbsp; 3226 | 2744967 |
| 5.02%, 05/17/33, (1-day SOFR + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 2083 | 2085149 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8580 | 8866109 |
| 6.14%, 11/18/39, (5-year CMT + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 3620 | 3725726 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + 1.316%)<sup>(c)</sup> | &nbsp;&nbsp; 4207 | 3841897 |
| 4.25%, 03/28/33, (1-day SOFR + 2.070%)<sup>(c)</sup> | &nbsp;&nbsp; 8180 | 7940129 |
| 5.53%, 03/25/36, (1-day SOFR + 1.610%)<sup>(c)</sup> | &nbsp;&nbsp; 6125 | 6269856 |
| 5.55%, 03/19/35, (1-day SOFR + 1.770%)<sup>(c)</sup> | &nbsp;&nbsp; 9345 | 9632704 |
| 6.11%, 09/11/34, (1-day SOFR + <br> 2.090%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7635 | 8168524 |
| Intesa Sanpaolo SpA |  |  |
| 4.20%, 06/01/32, (1-year CMT + <br> 2.600%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 3935 | 3682726 |
| 6.63%, 06/20/33<sup>(b)</sup> | &nbsp;&nbsp; 8475 | 9257920 |
| 7.20%, 11/28/33<sup>(b)</sup> | &nbsp;&nbsp; 9100 | 10290609 |
| 8.25%, 11/21/33, (1-year CMT + <br> 4.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7208 | 8429966 |
| JPMorgan Chase & Co. |  |  |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(c)</sup><br>| &nbsp;&nbsp; 8961 | 7871145 |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(c)</sup> | &nbsp;&nbsp; 19254 | 16927533 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(c)</sup> | &nbsp;&nbsp; 19968 | 17803350 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(c)</sup><br>| &nbsp;&nbsp; 23112 | 20898727 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 22646 | 20542676 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 16532 | 16461940 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(c)</sup> | &nbsp;&nbsp; 29207 | 29612751 |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(c)</sup> | &nbsp;&nbsp; 20425 | 20309679 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 25280 | 25769066 |
| 5.34%, 01/23/35, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 20551 | 21109738 |
| 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(c)</sup> | &nbsp;&nbsp; 28367 | 29286019 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(c)</sup> | &nbsp;&nbsp; 19000 | 19618649 |
| 5.57%, 04/22/36, (1-day SOFR + <br> 1.680%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 23776 | 24718336 |
| 5.58%, 07/23/36 | &nbsp;&nbsp; 21101 | 21523168 |
| 5.72%, 09/14/33, (1-day SOFR + 2.580%)<sup>(c)</sup> | &nbsp;&nbsp; 22224 | 23331758 |
| 5.77%, 04/22/35, (1-day SOFR + 1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 20612 | 21766116 |
| 6.25%, 10/23/34, (1-day SOFR + 1.810%)<sup>(c)</sup> | &nbsp;&nbsp; 20855 | 22782870 |
| KBC Group NV, 6.32%, 09/21/34, (1-year CMT <br> + 2.050%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5495 | 5950426 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; 6233 | 6222828 |
| KeyBank NA/Cleveland OH, 4.90%, 08/08/32<sup>(a)</sup> | &nbsp;&nbsp; 4545 | 4456879 |
| KeyCorp |  |  |
| 4.79%, 06/01/33, (1-day SOFR Index + <br> 2.060%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5208 | 5157572 |
| 6.40%, 03/06/35, (1-day SOFR Index + <br> 2.420%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6430 | 6907265 |
| KKR Group Finance Co. XII LLC, 4.85%, <br> 05/17/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5265 | 5291412 |
| Kookmin Bank, 2.50%, 11/04/30<sup>(b)</sup> | &nbsp;&nbsp; 1160 | 1047986 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Lloyds Banking Group PLC |  |  |
| 4.98%, 08/11/33, (1-year CMT + 2.300%)<sup>(c)</sup> | &nbsp;&nbsp; $7429 | $7448381 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 6460 | 6639874 |
| 5.68%, 01/05/35, (1-year CMT + <br> 1.750%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12880 | 13349377 |
| 6.07%, 06/13/36, (1-year CMT + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp; 7905 | 8169537 |
| 7.95%, 11/15/33, (1-year CMT + 3.750%)<sup>(c)</sup> | &nbsp;&nbsp; 5770 | 6657776 |
| M&T Bank Corp. |  |  |
| 5.05%, 01/27/34, (1-day SOFR + 1.850%)<sup>(c)</sup> | &nbsp;&nbsp; 7088 | 7033737 |
| 5.39%, 01/16/36, (1-day SOFR + 1.610%)<sup>(c)</sup> | &nbsp;&nbsp; 6460 | 6473901 |
| 6.08%, 03/13/32, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; 3965 | 4209544 |
| Macquarie Bank Ltd. |  |  |
| 3.05%, 03/03/36, (5-year CMT + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5803 | 5230855 |
| 5.64%, 08/13/36, (1-year CMT + <br> 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5990 | 6030707 |
| 6.80%, 01/18/33<sup>(b)</sup> | &nbsp;&nbsp; 5873 | 6399103 |
| Macquarie Group Ltd. |  |  |
| 2.69%, 06/23/32, (1-day SOFR + <br> 1.440%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6445 | 5801184 |
| 2.87%, 01/14/33, (1-day SOFR + <br> 1.532%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7478 | 6676156 |
| 4.44%, 06/21/33, (1-day SOFR + <br> 2.405%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 3615 | 3527936 |
| 5.49%, 11/09/33, (1-day SOFR + <br> 2.865%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5110 | 5316465 |
| 5.89%, 06/15/34, (1-day SOFR + <br> 2.380%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4350 | 4624547 |
| 6.26%, 12/07/34, (1-day SOFR + <br> 2.303%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6025 | 6549526 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 11050 | 9771165 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(c)</sup> | &nbsp;&nbsp; 4537 | 4035917 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 5880 | 5267821 |
| 4.32%, 04/19/33, (1-year CMT + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 4735 | 4612461 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(c)</sup> | &nbsp;&nbsp; 8868 | 9051643 |
| 5.41%, 04/19/34, (1-year CMT + <br> 1.970%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6088 | 6351211 |
| 5.43%, 04/17/35, (1-year CMT + <br> 1.000%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 10453 | 10774600 |
| 5.44%, 02/22/34, (1-year CMT + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 7578 | 7892004 |
| 5.47%, 09/13/33, (1-year CMT + <br> 2.125%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4380 | 4561373 |
| 5.57%, 01/16/36, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 7565 | 7866561 |
| 5.62%, 04/24/36, (1-year CMT + 1.270%)<sup>(c)</sup> | &nbsp;&nbsp; 11510 | 11996428 |
| Mizuho Financial Group Inc. |  |  |
| 1.98%, 09/08/31, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(c)</sup><br>| &nbsp;&nbsp; 4620 | 4103426 |
| 2.17%, 05/22/32, (1-year CMT + <br> 0.870%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3701 | 3254766 |
| 2.26%, 07/09/32, (1-year CMT + <br> 0.900%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3860 | 3385878 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 5578 | 4931821 |
| 5.32%, 07/08/36, (1-year CMT + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 9385 | 9530799 |
| 5.42%, 05/13/36, (1-year CMT + 0.980%)<sup>(c)</sup> | &nbsp;&nbsp; 6255 | 6429126 |
| 5.58%, 05/26/35, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 4565 | 4743108 |
| 5.59%, 07/10/35, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 4320 | 4495709 |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(c)</sup> | &nbsp;&nbsp; 4423 | 4642522 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 5283 | 5567947 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; 6965 | 7340912 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(c)</sup> | &nbsp;&nbsp; $17951 | $15570272 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(c)</sup> | &nbsp;&nbsp; 16305 | 14159568 |
| 2.24%, 07/21/32, (1-day SOFR + <br> 1.178%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 22798 | 20029410 |
| 2.48%, 09/16/36, (1-day SOFR + 1.360%)<sup>(c)</sup> | &nbsp;&nbsp; 19440 | 16855742 |
| 2.51%, 10/20/32, (1-day SOFR + <br> 1.200%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16547 | 14682851 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 16366 | 14742343 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(c)</sup> | &nbsp;&nbsp; 13101 | 13207900 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(c)</sup> | &nbsp;&nbsp; 21113 | 21554581 |
| 5.30%, 04/20/37, (1-day SOFR + <br> 2.620%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12940 | 13019267 |
| 5.32%, 07/19/35, (1-day SOFR + <br> 1.555%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 20945 | 21344080 |
| 5.42%, 07/21/34, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 16345 | 16875122 |
| 5.47%, 01/18/35, (1-day SOFR + <br> 1.730%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16270 | 16776127 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(c)</sup> | &nbsp;&nbsp; 19254 | 19906909 |
| 5.66%, 04/17/36, (1-day SOFR + 1.757%)<sup>(c)</sup> | &nbsp;&nbsp; 19255 | 20042073 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 19402 | 20475787 |
| 5.94%, 02/07/39, (5-year CMT + <br> 1.800%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9405 | 9771232 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(c)</sup> | &nbsp;&nbsp; 12905 | 13409137 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(c)</sup> | &nbsp;&nbsp; 19280 | 21073639 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 12985 | 14415459 |
| 7.25%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6784 | 7814018 |
| National Australia Bank Ltd. |  |  |
| 2.99%, 05/21/31<sup>(b)</sup> | &nbsp;&nbsp; 7200 | 6557429 |
| 3.35%, 01/12/37, (5-year CMT + <br> 1.700%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6705 | 6019173 |
| 4.95%, 01/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4870 | 4993031 |
| 5.18%, 06/11/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4720 | 4917172 |
| 5.90%, 01/14/36, (1-year CMT + <br> 1.300%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 8105 | 8429270 |
| 6.43%, 01/12/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7178 | 7755742 |
| NatWest Group PLC |  |  |
| 3.03%, 11/28/35, (5-year CMT + 2.350%)<sup>(c)</sup> | &nbsp;&nbsp; 4217 | 3840895 |
| 5.78%, 03/01/35, (1-year CMT + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 9255 | 9677385 |
| 6.02%, 03/02/34, (1-year CMT + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; 5918 | 6307920 |
| Norinchukin Bank (The) |  |  |
| 2.08%, 09/22/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4835 | 4175755 |
| 5.07%, 09/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2095 | 2090084 |
| Northern Trust Corp., 6.13%, 11/02/32<sup>(a)</sup> | &nbsp;&nbsp; 5848 | 6368151 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + 0.979%)<sup>(c)</sup> | &nbsp;&nbsp; 5992 | 5328577 |
| 4.63%, 06/06/33, (1-day SOFR Index + <br> 1.850%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5038 | 4957648 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(c)</sup> | &nbsp;&nbsp; 9414 | 9519112 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(c)</sup> | &nbsp;&nbsp; 8973 | 9078509 |
| 5.37%, 07/21/36, (1-day SOFR + 1.417%)<sup>(c)</sup> | &nbsp;&nbsp; 15120 | 15365131 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(c)</sup> | &nbsp;&nbsp; 9466 | 9671389 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(c)</sup> | &nbsp;&nbsp; 11410 | 11778427 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(c)</sup> | &nbsp;&nbsp; 9380 | 9779121 |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(c)</sup> | &nbsp;&nbsp; 4551 | 4836917 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(c)</sup><br>| &nbsp;&nbsp; 9255 | 9913092 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(c)</sup> | &nbsp;&nbsp; 14225 | 15971475 |
| Regions Financial Corp., 5.50%, 09/06/35, <br> (1-day SOFR +2.060%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6110 | 6202566 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Royal Bank of Canada |  |  |
| 2.30%, 11/03/31 | &nbsp;&nbsp; $9302 | $8289292 |
| 3.88%, 05/04/32 | &nbsp;&nbsp; 6182 | 5951673 |
| 5.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 10486 | 10749363 |
| 5.00%, 05/02/33<sup>(a)</sup> | &nbsp;&nbsp; 5538 | 5662481 |
| 5.15%, 02/01/34 | &nbsp;&nbsp; 8272 | 8547134 |
| 6.35%, 11/24/84, (5-year CMT + 2.257%)<sup>(c)</sup> | &nbsp;&nbsp; 6435 | 6234772 |
| Santander Holdings USA Inc. |  |  |
| 6.34%, 05/31/35, (1-day SOFR + <br> 2.138%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4385 | 4659715 |
| 7.66%, 11/09/31, (1-day SOFR + 3.280%)<sup>(c)</sup> | &nbsp;&nbsp; 2441 | 2748801 |
| Santander U.K. Group Holdings PLC, 2.90%, <br> 03/15/32, (1-day SOFR + 1.475%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3215 | 2929500 |
| Scotiabank Peru SAA, 6.10%, 10/01/35, (1-year <br> CMT + 2.309%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 200 | 206300 |
| Shinhan Bank Co. Ltd. |  |  |
| 4.38%, 04/13/32<sup>(b)</sup> | &nbsp;&nbsp; 2530 | 2457858 |
| 5.75%, 04/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2495 | 2575090 |
| Societe Generale SA |  |  |
| 2.89%, 06/09/32, (1-year CMT + <br> 1.300%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 8044 | 7163666 |
| 3.34%, 01/21/33, (1-year CMT + <br> 1.600%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5761 | 5186917 |
| 6.07%, 01/19/35, (1-year CMT + <br> 2.100%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7560 | 7806839 |
| 6.10%, 04/13/33, (1-year CMT + <br> 1.600%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5950 | 6212981 |
| 6.22%, 06/15/33, (1-year CMT + <br> 3.200%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 7053 | 7301253 |
| 6.69%, 01/10/34, (1-year CMT + <br> 2.950%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 9225 | 9928022 |
| Standard Chartered Bank, 8.00%, 05/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1980 | 2265531 |
| Standard Chartered PLC |  |  |
| 2.68%, 06/29/32, (1-year CMT + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7995 | 7105371 |
| 3.27%, 02/18/36, (5-year CMT + <br> 2.300%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7110 | 6482809 |
| 3.60%, 01/12/33, (1-year CMT + <br> 1.900%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8510 | 7802044 |
| 5.40%, 08/12/36, (1-year CMT + <br> 1.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 11725 | 11711924 |
| 5.91%, 05/14/35, (1-year CMT + <br> 1.450%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 9660 | 10112520 |
| 6.10%, 01/11/35, (1-year CMT + <br> 2.100%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 9070 | 9651943 |
| 6.23%, 01/21/36, (1-year CMT + <br> 1.430%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6650 | 7106906 |
| 6.30%, 07/06/34, (1-year CMT + <br> 2.580%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5453 | 5872536 |
| State Street Corp. |  |  |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 5004 | 4462477 |
| 2.62%, 02/07/33, (1-day SOFR + 1.002%)<sup>(c)</sup> | &nbsp;&nbsp; 3253 | 2903124 |
| 4.16%, 08/04/33, (1-day SOFR + 1.726%)<sup>(c)</sup> | &nbsp;&nbsp; 4511 | 4373848 |
| 4.42%, 05/13/33, (1-day SOFR + 1.605%)<sup>(c)</sup> | &nbsp;&nbsp; 3145 | 3112974 |
| 4.68%, 10/22/32, (1-day SOFR + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 5290 | 5362127 |
| 4.82%, 01/26/34, (1-day SOFR + 1.567%)<sup>(c)</sup> | &nbsp;&nbsp; 4254 | 4270621 |
| 5.15%, 02/28/36, (1-day SOFR + 1.217%)<sup>(c)</sup> | &nbsp;&nbsp; 4930 | 4992410 |
| 5.16%, 05/18/34, (1-day SOFR + 1.890%)<sup>(c)</sup> | &nbsp;&nbsp; 5945 | 6097430 |
| 6.12%, 11/21/34, (1-day SOFR + <br> 1.958%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2760 | 2963347 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.71%, 01/12/31 | &nbsp;&nbsp; $2555 | $2227375 |
| 2.14%, 09/23/30 | &nbsp;&nbsp; 4866 | 4364133 |
| 2.22%, 09/17/31 | &nbsp;&nbsp; 5785 | 5100025 |
| 4.95%, 07/08/33, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 4505 | 4564885 |
| 5.25%, 07/08/36, (1-day SOFR + <br> 1.500%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5435 | 5514264 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 7355 | 7696008 |
| 5.45%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3475 | 3638143 |
| 5.56%, 07/09/34<sup>(a)</sup> | &nbsp;&nbsp; 8345 | 8730023 |
| 5.63%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5911 | 6203302 |
| 5.77%, 01/13/33<sup>(a)</sup> | &nbsp;&nbsp; 10827 | 11491190 |
| 5.78%, 07/13/33 | &nbsp;&nbsp; 3837 | 4074433 |
| 5.81%, 09/14/33<sup>(a)</sup> | &nbsp;&nbsp; 5550 | 5930076 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.85%, 09/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2705 | 2688378 |
| 5.05%, 03/13/35<sup>(b)</sup> | &nbsp;&nbsp; 4365 | 4395249 |
| 5.35%, 03/07/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2575 | 2655249 |
| Toronto-Dominion Bank (The) |  |  |
| 2.00%, 09/10/31<sup>(a)</sup> | &nbsp;&nbsp; 5691 | 5025829 |
| 2.45%, 01/12/32<sup>(a)</sup> | &nbsp;&nbsp; 3762 | 3326700 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 9359 | 8604913 |
| 4.46%, 06/08/32<sup>(a)</sup> | &nbsp;&nbsp; 12413 | 12285838 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 4635 | 4819434 |
| Truist Financial Corp. |  |  |
| 4.92%, 07/28/33, (1-day SOFR + 2.240%)<sup>(c)</sup> | &nbsp;&nbsp; 6140 | 6049752 |
| 5.12%, 01/26/34, (1-day SOFR + <br> 1.852%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9395 | 9461546 |
| 5.15%, 08/05/32, (1-day SOFR + <br> 1.571%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7265 | 7477248 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(c)</sup> | &nbsp;&nbsp; 12330 | 12843976 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(c)</sup> | &nbsp;&nbsp; 10848 | 11403101 |
| 6.12%, 10/28/33, (1-day SOFR + 2.300%)<sup>(c)</sup> | &nbsp;&nbsp; 4780 | 5109737 |
| U.S. Bancorp |  |  |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 12735 | 10958540 |
| 2.68%, 01/27/33, (1-day SOFR + 1.020%)<sup>(c)</sup> | &nbsp;&nbsp; 5341 | 4713942 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp; 12747 | 12670634 |
| 4.97%, 07/22/33, (1-day SOFR + 2.110%)<sup>(c)</sup> | &nbsp;&nbsp; 8030 | 7976960 |
| 5.42%, 02/12/36, (1-day SOFR + <br> 1.411%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7670 | 7848527 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(c)</sup> | &nbsp;&nbsp; 12207 | 12721510 |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; 10866 | 11459406 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(c)</sup> | &nbsp;&nbsp; 9338 | 9873645 |
| UBS Group AG |  |  |
| 2.10%, 02/11/32, (1-year CMT + <br> 1.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 12314 | 10826989 |
| 2.75%, 02/11/33, (1-year CMT + <br> 1.100%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 9874 | 8702625 |
| 3.09%, 05/14/32, (1-day SOFR + <br> 1.730%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 21121 | 19440485 |
| 4.99%, 08/05/33, (1-year CMT + <br> 2.400%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 9593 | 9647607 |
| 5.58%, 05/09/36, (1-day SOFR + <br> 1.760%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 11610 | 11939168 |
| 5.70%, 02/08/35, (1-year CMT + <br> 1.770%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 14280 | 14887151 |
| 5.96%, 01/12/34, (1-year CMT + <br> 2.200%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 14195 | 15069838 |
| 6.30%, 09/22/34, (1-year CMT + <br> 2.000%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 11065 | 11972789 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.54%, 08/12/33, (1-day SOFR + <br> 3.920%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; $18915 | $20741928 |
| 9.02%, 11/15/33, (1-day SOFR + <br> 5.020%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 12808 | 15952641 |
| UniCredit SpA, 3.13%, 06/03/32, (1-year CMT + <br> 1.550%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5986 | 5495185 |
| Wachovia Corp. |  |  |
| 5.50%, 08/01/35 | &nbsp;&nbsp; 525 | 535822 |
| 7.50%, 04/15/35 | &nbsp;&nbsp; 1765 | 2068383 |
| Wells Fargo & Co. |  |  |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 25346 | 23370714 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; 29443 | 29616665 |
| 5.21%, 12/03/35, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 16710 | 16850173 |
| 5.38%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 3045 | 3209066 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 25010 | 25737214 |
| 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(c)</sup> | &nbsp;&nbsp; 20936 | 21604546 |
| 5.56%, 07/25/34, (1-day SOFR + <br> 1.990%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 27823 | 28888673 |
| 5.61%, 04/23/36, (1-day SOFR + <br> 1.740%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 19495 | 20240392 |
| 6.49%, 10/23/34, (1-day SOFR + <br> 2.060%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 22770 | 25039717 |
| Westpac Banking Corp. |  |  |
| 2.15%, 06/03/31 | &nbsp;&nbsp; 6116 | 5498887 |
| 2.67%, 11/15/35, (5-year CMT + 1.750%)<sup>(c)</sup> | &nbsp;&nbsp; 9015 | 8078952 |
| 3.02%, 11/18/36, (5-year CMT + 1.530%)<sup>(c)</sup> | &nbsp;&nbsp; 10108 | 8996927 |
| 5.41%, 08/10/33, (1-year CMT + 2.680%)<sup>(c)</sup> | &nbsp;&nbsp; 5209 | 5321446 |
| 5.62%, 11/20/35, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 9572 | 9743155 |
| 6.82%, 11/17/33 | &nbsp;&nbsp; 4390 | 4878227 |
| Zions Bancorp NA, 6.82%, 11/19/35, (1-day <br> SOFR + 2.830%)<sup>(c)</sup><br>| &nbsp;&nbsp; 2145 | 2247412 |
|  |  | 3779264948 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 4.90%, 01/23/31 | &nbsp;&nbsp; 4978 | 5152997 |
| 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6135 | 6272886 |
| 5.88%, 06/15/35 | &nbsp;&nbsp; 1315 | 1414607 |
| 6.63%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 2662510 |
| Bacardi Ltd./Bacardi-Martini BV, 5.40%, <br> 06/15/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4483 | 4494019 |
| Bacardi-Martini BV, 6.00%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 2495 | 2565818 |
| Becle SAB de CV, 2.50%, 10/14/31<sup>(b)</sup> | &nbsp;&nbsp; 5020 | 4262452 |
| Brown-Forman Corp., 4.75%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4070 | 4093370 |
| Cia Cervecerias Unidas SA, 3.35%, 01/19/32<sup>(b)</sup> | &nbsp;&nbsp; 3095 | 2773428 |
| Coca-Cola Co. (The) |  |  |
| 1.38%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8101 | 7016018 |
| 2.00%, 03/05/31<sup>(a)</sup> | &nbsp;&nbsp; 5157 | 4626207 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 12791 | 11383554 |
| 4.65%, 08/14/34<sup>(a)</sup> | &nbsp;&nbsp; 4707 | 4761290 |
| 5.00%, 05/13/34<sup>(a)</sup> | &nbsp;&nbsp; 6295 | 6502976 |
| Coca-Cola Consolidated Inc., 5.45%, 06/01/34 | &nbsp;&nbsp; 3070 | 3182279 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.85%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4255 | 3525822 |
| 5.10%, 05/06/35 | &nbsp;&nbsp; 3150 | 3153969 |
| Constellation Brands Inc. |  |  |
| 2.25%, 08/01/31 | &nbsp;&nbsp; 6855 | 6020130 |
| 4.75%, 05/09/32<sup>(a)</sup> | &nbsp;&nbsp; 4823 | 4821200 |
| 4.90%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 4633 | 4621219 |
| Diageo Capital PLC |  |  |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 5265 | 4531597 |
| 5.50%, 01/24/33 | &nbsp;&nbsp; 4710 | 4937345 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 5.63%, 10/05/33<sup>(a)</sup> | &nbsp;&nbsp; $5670 | $6007541 |
| Diageo Investment Corp. |  |  |
| 5.63%, 04/15/35 | &nbsp;&nbsp; 5140 | 5411049 |
| 7.45%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2630 | 3130142 |
| JDE Peet's NV, 2.25%, 09/24/31<sup>(b)</sup> | &nbsp;&nbsp; 3627 | 3155964 |
| Keurig Dr Pepper Inc. |  |  |
| 2.25%, 03/15/31 | &nbsp;&nbsp; 3157 | 2781648 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 5810 | 5537166 |
| 5.15%, 05/15/35 | &nbsp;&nbsp; 3060 | 3021825 |
| 5.30%, 03/15/34 | &nbsp;&nbsp; 4060 | 4096625 |
| Series 10, 5.20%, 03/15/31 | &nbsp;&nbsp; 3325 | 3400472 |
| PepsiCo Inc. |  |  |
| 1.40%, 02/25/31<sup>(a)</sup> | &nbsp;&nbsp; 4949 | 4285523 |
| 1.95%, 10/21/31<sup>(a)</sup> | &nbsp;&nbsp; 7967 | 6998991 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 8050 | 7822583 |
| 4.45%, 02/15/33 | &nbsp;&nbsp; 5523 | 5538815 |
| 4.65%, 07/23/32 | &nbsp;&nbsp; 5555 | 5617738 |
| 4.80%, 07/17/34 | &nbsp;&nbsp; 3985 | 4016311 |
| 5.00%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 7880 | 8020335 |
| 5.00%, 07/23/35 | &nbsp;&nbsp; 8585 | 8664551 |
| Pepsico Singapore Financing I Pte Ltd., 4.70%, <br> 02/16/34<br>| &nbsp;&nbsp; 2725 | 2712901 |
| Pernod Ricard International Finance LLC, <br> 1.63%, 04/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5944 | 5126596 |
|  |  | 198122469 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| Amgen Inc. |  |  |
| 2.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6286 | 5402134 |
| 2.30%, 02/25/31<sup>(a)</sup> | &nbsp;&nbsp; 8103 | 7279027 |
| 3.35%, 02/22/32 | &nbsp;&nbsp; 6555 | 6112477 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 4819 | 4656647 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 26932 | 27648856 |
| Biogen Inc. |  |  |
| 5.05%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1535 | 1575325 |
| 5.75%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4610 | 4758485 |
| Bio-Rad Laboratories Inc., 3.70%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5420 | 5053220 |
| CSL Finance PLC |  |  |
| 4.25%, 04/27/32<sup>(b)</sup> | &nbsp;&nbsp; 6540 | 6415653 |
| 5.11%, 04/03/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2990 | 3058242 |
| Gilead Sciences Inc. |  |  |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 6590 | 5822421 |
| 5.10%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7110 | 7210478 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 6281 | 6524758 |
| Illumina Inc., 2.55%, 03/23/31<sup>(a)</sup> | &nbsp;&nbsp; 3414 | 3041303 |
| Regeneron Pharmaceuticals Inc., 1.75%, <br> 09/15/30<br>| &nbsp;&nbsp; 5573 | 4904981 |
| Royalty Pharma PLC |  |  |
| 2.15%, 09/02/31<sup>(a)</sup> | &nbsp;&nbsp; 4500 | 3918792 |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 6202 | 5559288 |
| 5.40%, 09/02/34<sup>(a)</sup> | &nbsp;&nbsp; 3045 | 3083747 |
|  |  | 112025834 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Amrize Finance US LLC, 5.40%, 04/07/35<sup>(b)</sup> | &nbsp;&nbsp; 6885 | 6985771 |
| Carrier Global Corp. |  |  |
| 2.70%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5029 | 4621968 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 5604 | 5973910 |
| Cemex SAB de CV |  |  |
| 3.88%, 07/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5470 | 5113433 |
| 5.20%, 09/17/30<sup>(b)</sup> | &nbsp;&nbsp; 170 | 170556 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| CRH America Finance Inc. |  |  |
| 5.40%, 05/21/34<sup>(a)</sup> | &nbsp;&nbsp; $4735 | $4862140 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 8215 | 8474754 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp; 4973 | 4447062 |
| Fortune Brands Innovations Inc. |  |  |
| 4.00%, 03/25/32 | &nbsp;&nbsp; 3005 | 2851123 |
| 5.88%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3851 | 4063911 |
| GCC SAB de CV, 3.61%, 04/20/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 790 | 715806 |
| JH North America Holdings Inc., 6.13%, <br> 07/31/32<sup>(b)</sup><br>| &nbsp;&nbsp; 590 | 598835 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA<br>|  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 4074 | 3608692 |
| 2.00%, 09/16/31 | &nbsp;&nbsp; 3192 | 2761658 |
| 4.90%, 12/01/32 | &nbsp;&nbsp; 4315 | 4360400 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 6367 | 5676075 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 4765 | 4793030 |
| Masco Corp. |  |  |
| 2.00%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1911 | 1702979 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 3654 | 3196329 |
| Owens Corning, 5.70%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5160 | 5396509 |
| St Marys Cement Inc./Canada, 5.75%, <br> 04/02/34<sup>(b)</sup><br>| &nbsp;&nbsp; 30 | 30698 |
| Trane Technologies Financing Ltd. |  |  |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 3285 | 3351926 |
| 5.25%, 03/03/33 | &nbsp;&nbsp; 4695 | 4851316 |
| UltraTech Cement Ltd., 2.80%, 02/16/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2520 | 2298046 |
| Vulcan Materials Co., 5.35%, 12/01/34 | &nbsp;&nbsp; 5030 | 5152221 |
|  |  | 96059148 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Air Products and Chemicals Inc. |  |  |
| 4.75%, 02/08/31<sup>(a)</sup> | &nbsp;&nbsp; 4270 | 4372044 |
| 4.80%, 03/03/33<sup>(a)</sup> | &nbsp;&nbsp; 3911 | 3940774 |
| 4.85%, 02/08/34<sup>(a)</sup> | &nbsp;&nbsp; 7456 | 7503240 |
| 4.90%, 10/11/32 | &nbsp;&nbsp; 3385 | 3454049 |
| Albemarle Corp., 5.05%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3985 | 3900528 |
| Alpek SAB de CV, 3.25%, 02/25/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4140 | 3602005 |
| Bayport Polymers LLC, 5.14%, 04/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1360 | 1327182 |
| Cabot Corp., 5.00%, 06/30/32<sup>(a)</sup> | &nbsp;&nbsp; 2590 | 2608557 |
| CF Industries Inc., 5.15%, 03/15/34 | &nbsp;&nbsp; 4295 | 4290628 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5721 | 5052286 |
| 4.25%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2265 | 2068533 |
| 5.15%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4151 | 4125685 |
| 5.35%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3240 | 3210455 |
| 6.30%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3653 | 3911270 |
| Eastman Chemical Co. |  |  |
| 5.63%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 4648 | 4723742 |
| 5.75%, 03/08/33<sup>(a)</sup> | &nbsp;&nbsp; 3357 | 3490734 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 4273 | 3673593 |
| 2.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4570 | 3974683 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 3230 | 3252307 |
| EIDP Inc. |  |  |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 3800 | 3801356 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 3810 | 3909101 |
| FMC Corp., 5.65%, 05/18/33<sup>(a)</sup> | &nbsp;&nbsp; 3392 | 3381610 |
| GC Treasury Center Co. Ltd. |  |  |
| 2.98%, 03/18/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4550 | 4154799 |
| 4.40%, 03/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1145 | 1100283 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| International Flavors & Fragrances Inc., 2.30%, <br> 11/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $7187 | $6428274 |
| LG Chem Ltd., 2.38%, 07/07/31<sup>(b)</sup> | &nbsp;&nbsp; 3915 | 3447432 |
| Lubrizol Corp. (The), 6.50%, 10/01/34 | &nbsp;&nbsp; 1685 | 1894166 |
| LYB International Finance III LLC |  |  |
| 2.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3694 | 3303352 |
| 5.50%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4575 | 4551897 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 3756 | 3844477 |
| 6.15%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3281 | 3386796 |
| Ma'aden Sukuk Ltd., 5.50%, 02/13/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 3245 | 3385273 |
| Mosaic Co. (The), 5.45%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2590 | 2657905 |
| NewMarket Corp., 2.70%, 03/18/31<sup>(a)</sup> | &nbsp;&nbsp; 3123 | 2827321 |
| Nutrien Ltd. |  |  |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 2930 | 2675240 |
| 5.25%, 03/12/32<sup>(a)</sup> | &nbsp;&nbsp; 4160 | 4274718 |
| 5.40%, 06/21/34<sup>(a)</sup> | &nbsp;&nbsp; 3985 | 4059461 |
| Orbia Advance Corp. SAB de CV |  |  |
| 2.88%, 05/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3515 | 2962266 |
| 7.50%, 05/13/35<sup>(b)</sup> | &nbsp;&nbsp; 2865 | 2953471 |
| RPM International Inc., 2.95%, 01/15/32 | &nbsp;&nbsp; 2361 | 2113353 |
| Sherwin-Williams Co. (The) |  |  |
| 2.20%, 03/15/32 | &nbsp;&nbsp; 2768 | 2395366 |
| 4.80%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3725 | 3803104 |
| 5.15%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3250 | 3273700 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 5.50%, 09/10/34<sup>(b)</sup> | &nbsp;&nbsp; 5235 | 5207150 |
| 6.50%, 11/07/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 4620 | 4934021 |
| Syensqo Finance America LLC, 5.85%, <br> 06/04/34<sup>(b)</sup><br>| &nbsp;&nbsp; 3765 | 3892979 |
| Yara International ASA, 7.38%, 11/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3945 | 4434083 |
|  |  | 171535249 |
| **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| 3.10%, 02/02/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2045 | 1779615 |
| 3.83%, 02/02/32<sup>(b)</sup> | &nbsp;&nbsp; 1225 | 1087369 |
| Ashtead Capital Inc. |  |  |
| 2.45%, 08/12/31<sup>(b)</sup> | &nbsp;&nbsp; 4795 | 4201842 |
| 5.50%, 08/11/32<sup>(b)</sup> | &nbsp;&nbsp; 4859 | 4970198 |
| 5.55%, 05/30/33<sup>(b)</sup> | &nbsp;&nbsp; 4820 | 4910745 |
| 5.80%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 6200 | 6423659 |
| 5.95%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 4865 | 5089955 |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; 6258 | 5464102 |
| 4.45%, 09/09/34<sup>(a)</sup> | &nbsp;&nbsp; 5430 | 5336127 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 5675 | 5795488 |
| Block Financial LLC, 5.38%, 09/15/32 | &nbsp;&nbsp; 2075 | 2087857 |
| Cintas Corp. No. 2, 4.00%, 05/01/32 | &nbsp;&nbsp; 5525 | 5375278 |
| CK Hutchison International 23 Ltd., 4.88%, <br> 04/21/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7721 | 7784127 |
| Cornell University, 4.84%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3210 | 3225287 |
| DP World Crescent Ltd., 5.50%, 05/08/35<sup>(b)</sup> | &nbsp;&nbsp; 10145 | 10484928 |
| Emory University, Series 2020, 2.14%, <br> 09/01/30<br>| &nbsp;&nbsp; 1782 | 1619738 |
| Equifax Inc., 2.35%, 09/15/31 | &nbsp;&nbsp; 6430 | 5669582 |
| ERAC USA Finance LLC |  |  |
| 4.90%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 7493 | 7569628 |
| 5.20%, 10/30/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4425 | 4523954 |
| 6.70%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1755 | 1970454 |
| Experian Finance PLC, 5.25%, 08/17/35<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 2034440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Global Payments Inc. |  |  |
| 2.90%, 11/15/31 | &nbsp;&nbsp; $4931 | $4407731 |
| 5.40%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4638 | 4720916 |
| GXO Logistics Inc. |  |  |
| 2.65%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3584 | 3176352 |
| 6.50%, 05/06/34<sup>(a)</sup> | &nbsp;&nbsp; 3220 | 3405511 |
| ITR Concession Co. LLC, 5.18%, 07/15/35<sup>(b)</sup> | &nbsp;&nbsp; 155 | 153244 |
| J Paul Getty Trust (The), 4.91%, 04/01/35 | &nbsp;&nbsp; 3100 | 3155148 |
| Johns Hopkins University, 4.71%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; 2110 | 2126063 |
| Leland Stanford Junior University (The), 4.68%, <br> 03/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; 2105 | 2104705 |
| Moody's Corp. |  |  |
| 2.00%, 08/19/31<sup>(a)</sup> | &nbsp;&nbsp; 3986 | 3501662 |
| 4.25%, 08/08/32<sup>(a)</sup> | &nbsp;&nbsp; 3225 | 3173419 |
| 5.00%, 08/05/34<sup>(a)</sup> | &nbsp;&nbsp; 3025 | 3063935 |
| PayPal Holdings Inc. |  |  |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 6408 | 6368488 |
| 5.10%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 4370 | 4418686 |
| 5.15%, 06/01/34 | &nbsp;&nbsp; 5470 | 5586621 |
| Port of Newcastle Investments Financing Pty <br> Ltd., 5.90%, 11/24/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 525 | 541674 |
| President and Fellows of Harvard College, <br> Series ., 4.61%, 02/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 595 | 592462 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 3689 | 3198042 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 5266 | 4907734 |
| 5.10%, 08/09/35 | &nbsp;&nbsp; 2890 | 2861173 |
| 5.25%, 08/09/34<sup>(a)</sup> | &nbsp;&nbsp; 4705 | 4763672 |
| RELX Capital Inc. |  |  |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 3118 | 3148876 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 5300 | 5414319 |
| Rentokil Terminix Funding LLC, 5.63%, <br> 04/28/35<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3540 | 3594004 |
| Rollins Inc., 5.25%, 02/24/35 | &nbsp;&nbsp; 2845 | 2863813 |
| S&P Global Inc. |  |  |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 9430 | 8614385 |
| 5.25%, 09/15/33 | &nbsp;&nbsp; 4635 | 4837324 |
| TR Finance LLC, 5.50%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2049609 |
| Transurban Finance Co. Pty. Ltd., 2.45%, <br> 03/16/31<sup>(b)</sup><br>| &nbsp;&nbsp; 6701 | 6028647 |
| Triton Container International Ltd., 3.15%, <br> 06/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 3927 | 3489025 |
| Triton Container International Ltd./TAL <br> International Container Corp., 3.25%, <br> 03/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 4240 | 3741266 |
| Varanasi Aurangabad Nh-2 Tollway Pvt Ltd., <br> 5.90%, 02/28/34<sup>(b)</sup><br>| &nbsp;&nbsp; 265 | 276178 |
| Verisk Analytics Inc. |  |  |
| 5.25%, 06/05/34 | &nbsp;&nbsp; 4025 | 4103937 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 4770 | 4810518 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 3035 | 3206872 |
| Yale University, Series 2025, 4.70%, 04/15/32 | &nbsp;&nbsp; 1290 | 1314856 |
|  |  | 221125240 |
| **Computers — 1.5%** | **Computers — 1.5%** | **Computers — 1.5%** |
| Accenture Capital Inc. |  |  |
| 4.25%, 10/04/31<sup>(a)</sup> | &nbsp;&nbsp; 7790 | 7765070 |
| 4.50%, 10/04/34<sup>(a)</sup> | &nbsp;&nbsp; 8735 | 8531549 |
| Apple Inc. |  |  |
| 1.65%, 02/08/31 | &nbsp;&nbsp; 17332 | 15313321 |
| 1.70%, 08/05/31 | &nbsp;&nbsp; 6351 | 5580901 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 9485 | 8995831 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 4.30%, 05/10/33<sup>(a)</sup> | &nbsp;&nbsp; $6363 | $6411570 |
| 4.50%, 05/12/32<sup>(a)</sup> | &nbsp;&nbsp; 6360 | 6482793 |
| 4.75%, 05/12/35 | &nbsp;&nbsp; 6680 | 6784487 |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33<sup>(a)</sup> | &nbsp;&nbsp; 4558 | 4759427 |
| 5.95%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4155 | 4276010 |
| CGI Inc., 2.30%, 09/14/31 | &nbsp;&nbsp; 2717 | 2389002 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 5535 | 5383372 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; 6825 | 7033061 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 6435 | 6575022 |
| 5.50%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 6475 | 6596042 |
| 5.75%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 6533 | 6892964 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp; 3285 | 2925771 |
| Gartner Inc., 3.75%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4255 | 4003553 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 8075 | 8144255 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 12620 | 12407296 |
| HP Inc. |  |  |
| 2.65%, 06/17/31 | &nbsp;&nbsp; 6465 | 5806000 |
| 4.20%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 4097089 |
| 5.50%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 7058 | 7250609 |
| 6.10%, 04/25/35<sup>(a)</sup> | &nbsp;&nbsp; 3730 | 3900069 |
| IBM International Capital Pte Ltd. |  |  |
| 4.75%, 02/05/31 | &nbsp;&nbsp; 3280 | 3345334 |
| 4.90%, 02/05/34<sup>(a)</sup> | &nbsp;&nbsp; 6257 | 6270107 |
| International Business Machines Corp. |  |  |
| 2.72%, 02/09/32<sup>(a)</sup> | &nbsp;&nbsp; 3035 | 2726831 |
| 4.40%, 07/27/32<sup>(a)</sup> | &nbsp;&nbsp; 4868 | 4836526 |
| 4.75%, 02/06/33<sup>(a)</sup> | &nbsp;&nbsp; 4495 | 4530355 |
| 5.88%, 11/29/32 | &nbsp;&nbsp; 3835 | 4125509 |
| Series .., 5.00%, 02/10/32<sup>(a)</sup> | &nbsp;&nbsp; 5540 | 5680032 |
| Series .., 5.20%, 02/10/35<sup>(a)</sup> | &nbsp;&nbsp; 6045 | 6141708 |
| Kyndryl Holdings Inc. |  |  |
| 3.15%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4196 | 3805616 |
| 6.35%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 3180 | 3366889 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 4440 | 3947480 |
| 5.40%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3200 | 3305979 |
| 5.50%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3050 | 3121856 |
| 5.75%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4160 | 4360942 |
| Lenovo Group Ltd. |  |  |
| 3.42%, 11/02/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5545 | 5236430 |
| 6.54%, 07/27/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 4725 | 5160002 |
| NetApp Inc. |  |  |
| 5.50%, 03/17/32 | &nbsp;&nbsp; 3800 | 3934390 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 4460 | 4596920 |
| Western Digital Corp., 3.10%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1770 | 1576565 |
|  |  | 238374535 |
| **Cosmetics & Personal Care — 0.7%** | **Cosmetics & Personal Care — 0.7%** | **Cosmetics & Personal Care — 0.7%** |
| Colgate-Palmolive Co. |  |  |
| 3.25%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3253 | 3038809 |
| 4.60%, 03/01/33 | &nbsp;&nbsp; 3163 | 3210071 |
| Estee Lauder Companies Inc. (The) |  |  |
| 1.95%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4143 | 3653472 |
| 4.65%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4585 | 4555344 |
| 5.00%, 02/14/34<sup>(a)</sup> | &nbsp;&nbsp; 4010 | 4047560 |
| Haleon U.S. Capital LLC, 3.63%, 03/24/32 | &nbsp;&nbsp; 12570 | 11852400 |
| Kenvue Inc. |  |  |
| 4.85%, 05/22/32 | &nbsp;&nbsp; 4735 | 4821326 |
| 4.90%, 03/22/33<sup>(a)</sup> | &nbsp;&nbsp; 7947 | 8072283 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| L'Oreal SA, 5.00%, 05/20/35<sup>(b)</sup> | &nbsp;&nbsp; $6435 | $6558209 |
| Procter & Gamble Co. (The) |  |  |
| 1.20%, 10/29/30<sup>(a)</sup> | &nbsp;&nbsp; 2938 | 2564320 |
| 1.95%, 04/23/31 | &nbsp;&nbsp; 6393 | 5743291 |
| 2.30%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 5830 | 5259882 |
| 4.05%, 01/26/33<sup>(a)</sup> | &nbsp;&nbsp; 5280 | 5235120 |
| 4.55%, 01/29/34 | &nbsp;&nbsp; 4550 | 4589050 |
| 4.55%, 10/24/34<sup>(a)</sup> | &nbsp;&nbsp; 4080 | 4100712 |
| 4.60%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 4005 | 4035137 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 2295 | 2440928 |
| 5.80%, 08/15/34 | &nbsp;&nbsp; 2160 | 2340155 |
| Unilever Capital Corp. |  |  |
| 1.38%, 09/14/30<sup>(a)</sup> | &nbsp;&nbsp; 3150 | 2775904 |
| 1.75%, 08/12/31 | &nbsp;&nbsp; 5577 | 4867014 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 6175 | 6174251 |
| 5.00%, 12/08/33<sup>(a)</sup> | &nbsp;&nbsp; 4930 | 5095864 |
| 5.90%, 11/15/32 | &nbsp;&nbsp; 6205 | 6756179 |
|  |  | 111787281 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| Ferguson Finance PLC, 4.65%, 04/20/32<sup>(b)</sup> | &nbsp;&nbsp; 4455 | 4386854 |
| LKQ Corp., 6.25%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3335 | 3526675 |
| Marubeni Corp., 5.38%, 04/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 2250 | 2305923 |
| Mitsubishi Corp., 5.13%, 07/17/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3025 | 3101750 |
| WW Grainger Inc., 4.45%, 09/15/34 | &nbsp;&nbsp; 3345 | 3272396 |
|  |  | 16593598 |
| **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 25925 | 23735149 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 9754 | 8669858 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 8845 | 8724661 |
| 5.30%, 01/19/34<sup>(a)</sup> | &nbsp;&nbsp; 4530 | 4590451 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 5350 | 5522312 |
| 6.15%, 09/30/30 | &nbsp;&nbsp; 4639 | 4973063 |
| 6.50%, 01/31/56, (5-year CMT + 2.441%)<sup>(c)</sup> | &nbsp;&nbsp; 180 | 185168 |
| Affiliated Managers Group Inc., 5.50%, <br> 08/20/34<sup>(a)</sup><br>| &nbsp;&nbsp; 2535 | 2571386 |
| Air Lease Corp. |  |  |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 4700 | 4209920 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 4368 | 4077555 |
| 5.20%, 07/15/31 | &nbsp;&nbsp; 4475 | 4605782 |
| Aircastle Ltd./Aircastle Ireland DAC, 5.75%, <br> 10/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3300 | 3442686 |
| Ally Financial Inc. |  |  |
| 5.55%, 07/31/33, (1-day SOFR + 1.780%)<sup>(c)</sup> | &nbsp;&nbsp; 3940 | 3961802 |
| 6.18%, 07/26/35, (1-day SOFR + 2.290%)<sup>(c)</sup> | &nbsp;&nbsp; 5595 | 5751906 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 12120 | 13870798 |
| 8.00%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp; 2511 | 2863025 |
| American Express Co. |  |  |
| 4.42%, 08/03/33, (1-day SOFR + <br> 1.760%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8093 | 7951893 |
| 4.92%, 07/20/33, (1-day SOFR + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 11790 | 11940751 |
| 4.99%, 05/26/33, (1-day SOFR + 2.255%)<sup>(c)</sup> | &nbsp;&nbsp; 4797 | 4831336 |
| 5.04%, 05/01/34, (1-day SOFR + 1.835%)<sup>(c)</sup> | &nbsp;&nbsp; 7984 | 8110988 |
| 5.28%, 07/26/35, (1-day SOFR + 1.420%)<sup>(c)</sup> | &nbsp;&nbsp; 10400 | 10620637 |
| 5.44%, 01/30/36, (1-day SOFR Index + <br> 1.320%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10760 | 11060145 |
| 5.63%, 07/28/34, (1-day SOFR + <br> 1.930%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3244 | 3351166 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.67%, 04/25/36, (1-day SOFR + <br> 1.790%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; $10375 | $10840854 |
| 5.92%, 04/25/35, (1-day SOFR + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 3200 | 3371466 |
| 6.49%, 10/30/31, (1-day SOFR + 1.940%)<sup>(c)</sup> | &nbsp;&nbsp; 6580 | 7204967 |
| Ameriprise Financial Inc. |  |  |
| 4.50%, 05/13/32<sup>(a)</sup> | &nbsp;&nbsp; 3460 | 3456884 |
| 5.15%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5204 | 5346210 |
| 5.20%, 04/15/35 | &nbsp;&nbsp; 4850 | 4907250 |
| Apollo Global Management Inc. |  |  |
| 5.15%, 08/12/35 | &nbsp;&nbsp; 3245 | 3230869 |
| 6.00%, 12/15/54, (5-year CMT + <br> 2.168%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2650 | 2636217 |
| 6.38%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3535 | 3897698 |
| Blackstone Holdings Finance Co. LLC |  |  |
| 1.60%, 03/30/31<sup>(b)</sup> | &nbsp;&nbsp; 4385 | 3798275 |
| 2.00%, 01/30/32<sup>(b)</sup> | &nbsp;&nbsp; 5645 | 4827334 |
| 2.55%, 03/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3160 | 2762759 |
| 6.20%, 04/22/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 6098 | 6599966 |
| Blue Owl Finance LLC |  |  |
| 3.13%, 06/10/31 | &nbsp;&nbsp; 4859 | 4405271 |
| 4.38%, 02/15/32 | &nbsp;&nbsp; 2840 | 2703758 |
| 6.25%, 04/18/34<sup>(a)</sup> | &nbsp;&nbsp; 6490 | 6775916 |
| BOC Aviation Ltd., 2.63%, 09/17/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5395 | 5002685 |
| BOC Aviation USA Corp. |  |  |
| 4.63%, 09/04/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4730 | 4816668 |
| 4.88%, 05/03/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 4750 | 4819833 |
| Brookfield Asset Management Ltd., 5.80%, <br> 04/24/35<sup>(a)</sup><br>| &nbsp;&nbsp; 4775 | 4948708 |
| Brookfield Capital Finance LLC, 6.09%, <br> 06/14/33<br>| &nbsp;&nbsp; 3721 | 3961748 |
| Brookfield Finance I U.K. PLC/Brookfield <br> Finance Inc., 2.34%, 01/30/32<br>| &nbsp;&nbsp; 6800 | 5887198 |
| Brookfield Finance Inc. |  |  |
| 2.72%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7003 | 6395366 |
| 5.33%, 01/15/36 | &nbsp;&nbsp; 1695 | 1684653 |
| 5.68%, 01/15/35 | &nbsp;&nbsp; 3050 | 3152746 |
| 6.35%, 01/05/34 | &nbsp;&nbsp; 4445 | 4806059 |
| Capital One Financial Corp. |  |  |
| 2.36%, 07/29/32, (1-day SOFR + 1.337%)<sup>(c)</sup> | &nbsp;&nbsp; 6641 | 5713620 |
| 2.62%, 11/02/32, (1-day SOFR + <br> 1.265%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9445 | 8388288 |
| 5.27%, 05/10/33, (1-day SOFR + <br> 2.370%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7025 | 7145065 |
| 5.82%, 02/01/34, (1-day SOFR + <br> 2.600%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7645 | 7957844 |
| 5.88%, 07/26/35, (1-day SOFR +1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 6325 | 6581156 |
| 6.05%, 02/01/35, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; 6744 | 7105395 |
| 6.18%, 01/30/36, (1-day SOFR + 2.036%)<sup>(c)</sup> | &nbsp;&nbsp; 11070 | 11418220 |
| 6.38%, 06/08/34, (1-day SOFR + 2.860%)<sup>(c)</sup> | &nbsp;&nbsp; 11233 | 12083261 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 4495 | 4947484 |
| 7.62%, 10/30/31, (1-day SOFR + 3.070%)<sup>(c)</sup> | &nbsp;&nbsp; 10823 | 12279454 |
| 7.96%, 11/02/34, (1-day SOFR Index + <br> 3.370%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6733 | 7878144 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3984 | 3506796 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 2580 | 2353205 |
| Charles Schwab Corp. (The) |  |  |
| 1.65%, 03/11/31 | &nbsp;&nbsp; 5585 | 4849271 |
| 1.95%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 5893 | 5095066 |
| 2.30%, 05/13/31<sup>(a)</sup> | &nbsp;&nbsp; 5185 | 4660278 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 6650 | 6028669 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.85%, 05/19/34, (1-day SOFR + 2.500%)<sup>(c)</sup> | &nbsp;&nbsp; $8181 | $8699606 |
| 6.14%, 08/24/34, (1-day SOFR + <br> 2.010%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8454 | 9186323 |
| CI Financial Corp., 3.20%, 12/17/30<sup>(a)</sup> | &nbsp;&nbsp; 6198 | 5570370 |
| Citadel LP, 6.38%, 01/23/32<sup>(b)</sup> | &nbsp;&nbsp; 2900 | 3053583 |
| Citadel Securities Global Holdings LLC, 6.20%, <br> 06/18/35<sup>(b)</sup><br>| &nbsp;&nbsp; 3250 | 3337578 |
| CME Group Inc., 2.65%, 03/15/32 | &nbsp;&nbsp; 5350 | 4824723 |
| Credit Suisse USA LLC, 7.13%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4785 | 5468682 |
| FMR LLC, 4.95%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 2280 | 2284738 |
| Franklin Resources Inc., 1.60%, 10/30/30 | &nbsp;&nbsp; 5999 | 5265943 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 2590 | 2583287 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31 | &nbsp;&nbsp; 6809 | 6030451 |
| 2.75%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4095 | 3528997 |
| 6.20%, 04/14/34<sup>(a)</sup> | &nbsp;&nbsp; 9450 | 9970620 |
| Lazard Group LLC |  |  |
| 5.63%, 08/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1850 | 1863644 |
| 6.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3195 | 3379970 |
| LPL Holdings Inc. |  |  |
| 4.38%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3767 | 3632557 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 3245 | 3279879 |
| 5.75%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3185 | 3234106 |
| 6.00%, 05/20/34<sup>(a)</sup> | &nbsp;&nbsp; 6545 | 6762592 |
| LSEG U.S. Fin Corp., 5.30%, 03/28/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4860 | 4990441 |
| LSEGA Financing PLC, 2.50%, 04/06/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5909 | 5312567 |
| Macquarie Airfinance Holdings Ltd., 6.50%, <br> 03/26/31<sup>(b)</sup><br>| &nbsp;&nbsp; 3005 | 3214025 |
| Mastercard Inc. |  |  |
| 1.90%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3975 | 3539589 |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 4896 | 4305326 |
| 4.35%, 01/15/32 | &nbsp;&nbsp; 7055 | 7059274 |
| 4.55%, 01/15/35 | &nbsp;&nbsp; 7311 | 7219104 |
| 4.85%, 03/09/33 | &nbsp;&nbsp; 4541 | 4642664 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 6245 | 6361370 |
| 4.95%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3205 | 3321623 |
| Mitsubishi HC Finance America LLC, 5.66%, <br> 02/28/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3425 | 3557354 |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4908 | 4294736 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 7143 | 7447420 |
| Nomura Holdings Inc. |  |  |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 7695 | 6894557 |
| 3.00%, 01/22/32<sup>(a)</sup> | &nbsp;&nbsp; 5077 | 4565609 |
| 5.49%, 06/29/35<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 3957198 |
| 5.78%, 07/03/34<sup>(a)</sup> | &nbsp;&nbsp; 6210 | 6506991 |
| 6.09%, 07/12/33<sup>(a)</sup> | &nbsp;&nbsp; 3710 | 3989103 |
| 6.18%, 01/18/33<sup>(a)</sup> | &nbsp;&nbsp; 4080 | 4388868 |
| Nuveen LLC, 5.85%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 4670 | 4884037 |
| ORIX Corp. |  |  |
| 2.25%, 03/09/31 | &nbsp;&nbsp; 4248 | 3793735 |
| 4.00%, 04/13/32<sup>(a)</sup> | &nbsp;&nbsp; 3473 | 3339833 |
| 5.20%, 09/13/32<sup>(a)</sup> | &nbsp;&nbsp; 2690 | 2770840 |
| 5.40%, 02/25/35<sup>(a)</sup> | &nbsp;&nbsp; 3050 | 3119327 |
| SURA Asset Management SA, 6.35%, <br> 05/13/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2785 | 2957670 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31<sup>(a)</sup> | &nbsp;&nbsp; 4197 | 3721758 |
| 6.00%, 07/29/36, (1-day SOFR + 2.070%)<sup>(c)</sup> | &nbsp;&nbsp; 3555 | 3593166 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| TPG Operating Group II LP |  |  |
| 5.38%, 01/15/36 | &nbsp;&nbsp; $2175 | $2164772 |
| 5.88%, 03/05/34<sup>(a)</sup> | &nbsp;&nbsp; 3760 | 3938655 |
| Visa Inc., 1.10%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6545 | 5633014 |
| Voya Financial Inc., 5.00%, 09/20/34<sup>(a)</sup> | &nbsp;&nbsp; 2710 | 2669082 |
| Western Union Co. (The), 2.75%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1985 | 1749882 |
|  |  | 631716251 |
| **Electric — 8.3%** | **Electric — 8.3%** | **Electric — 8.3%** |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 4.38%, 10/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3310 | 3309945 |
| 4.70%, 04/24/33<sup>(b)</sup> | &nbsp;&nbsp; 9395 | 9430125 |
| Adani Electricity Mumbai Ltd., 3.87%, <br> 07/22/31<sup>(b)</sup><br>| &nbsp;&nbsp; 1015 | 919972 |
| AEP Texas Inc. |  |  |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 3115 | 3091576 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 2826 | 2880457 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; 2305 | 2373185 |
| Series E, 6.65%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1640 | 1788979 |
| AEP Transmission Co. LLC |  |  |
| 5.15%, 04/01/34 | &nbsp;&nbsp; 2800 | 2835420 |
| 5.38%, 06/15/35 | &nbsp;&nbsp; 2973 | 3045575 |
| AES Andes SA, 6.25%, 03/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 415 | 429589 |
| AES Corp. (The) |  |  |
| 2.45%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12558 | 11251573 |
| 5.80%, 03/15/32 | &nbsp;&nbsp; 5315 | 5468623 |
| Alabama Power Co. |  |  |
| 3.05%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4498 | 4122723 |
| 3.94%, 09/01/32 | &nbsp;&nbsp; 2824 | 2720154 |
| 5.10%, 04/02/35 | &nbsp;&nbsp; 3530 | 3573841 |
| 5.70%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1570 | 1671137 |
| 5.85%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2355 | 2515789 |
| Series 20-A, 1.45%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3768 | 3303374 |
| Alliant Energy Finance LLC, 3.60%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 1430 | 1308944 |
| Ameren Corp. |  |  |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 4857 | 4640806 |
| 5.38%, 03/15/35 | &nbsp;&nbsp; 4880 | 4957960 |
| Ameren Illinois Co. |  |  |
| 1.55%, 11/15/30 | &nbsp;&nbsp; 2354 | 2056570 |
| 3.85%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3210 | 3056701 |
| 4.95%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3195 | 3249830 |
| American Electric Power Co. Inc. |  |  |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 5595 | 5859663 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 3129 | 3336698 |
| 6.95%, 12/15/54, (5-year CMT + <br> 2.675%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3630 | 3859256 |
| American Transmission Systems Inc., 2.65%, <br> 01/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 3907 | 3472238 |
| Appalachian Power Co. |  |  |
| 4.50%, 08/01/32 | &nbsp;&nbsp; 3095 | 3054720 |
| 5.65%, 04/01/34 | &nbsp;&nbsp; 2525 | 2614178 |
| Series AA, 2.70%, 04/01/31 | &nbsp;&nbsp; 3315 | 3017234 |
| Arizona Public Service Co. |  |  |
| 2.20%, 12/15/31 | &nbsp;&nbsp; 2845 | 2481091 |
| 5.55%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3705 | 3840207 |
| 5.70%, 08/15/34 | &nbsp;&nbsp; 3990 | 4133743 |
| 6.35%, 12/15/32 | &nbsp;&nbsp; 2549 | 2773501 |
| Atlantic City Electric Co., 2.30%, 03/15/31 | &nbsp;&nbsp; 2166 | 1948160 |
| Baltimore Gas & Electric Co. |  |  |
| 2.25%, 06/15/31 | &nbsp;&nbsp; 4008 | 3591197 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 2550 | 2628456 |
| 5.45%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 4915 | 5064575 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Berkshire Hathaway Energy Co., 1.65%, <br> 05/15/31<br>| &nbsp;&nbsp; $3430 | $2968812 |
| Black Hills Corp. |  |  |
| 4.35%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 2600 | 2480867 |
| 6.00%, 01/15/35 | &nbsp;&nbsp; 2860 | 3008171 |
| 6.15%, 05/15/34 | &nbsp;&nbsp; 2900 | 3072759 |
| Capital Power U.S. Holdings Inc., 6.19%, <br> 06/01/35<sup>(b)</sup><br>| &nbsp;&nbsp; 3345 | 3459024 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 3863 | 3909697 |
| 5.05%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 4630 | 4651508 |
| 5.15%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 2666722 |
| Series AE, 2.35%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 2255 | 2034232 |
| Series AG, 3.00%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 2094 | 1909698 |
| Series ai., 4.45%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3228 | 3189401 |
| Series AQ, 4.95%, 08/15/35 | &nbsp;&nbsp; 3140 | 3113417 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 1800 | 2034673 |
| CenterPoint Energy Inc. |  |  |
| 2.65%, 06/01/31 | &nbsp;&nbsp; 3335 | 3022003 |
| Series B, 6.85%, 02/15/55, (5-year CMT + <br> 2.946%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2610 | 2735682 |
| Cikarang Listrindo Tbk PT, 5.65%, 03/12/35<sup>(b)</sup> | &nbsp;&nbsp; 2110 | 2128525 |
| Cleveland Electric Illuminating Co. (The), <br> 4.55%, 11/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 2469 | 2446135 |
| CMS Energy Corp. |  |  |
| 3.75%, 12/01/50, (5-year CMT + 2.900%)<sup>(c)</sup> | &nbsp;&nbsp; 2129 | 1935100 |
| 6.50%, 06/01/55, (5-year CMT + 1.961%)<sup>(c)</sup> | &nbsp;&nbsp; 6365 | 6492574 |
| Colbun SA, 3.15%, 01/19/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3430 | 3098615 |
| Cometa Energia SA de CV, 6.38%, 04/24/35<sup>(b)</sup> | &nbsp;&nbsp; 1474 | 1528764 |
| Comision Federal de Electricidad |  |  |
| 3.35%, 02/09/31<sup>(b)</sup> | &nbsp;&nbsp; 6605 | 5896016 |
| 3.88%, 07/26/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7280 | 6301417 |
| 6.45%, 01/24/35<sup>(b)</sup> | &nbsp;&nbsp; 6105 | 6146844 |
| Commonwealth Edison Co. |  |  |
| 3.15%, 03/15/32 | &nbsp;&nbsp; 1875 | 1721697 |
| 4.90%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 2479 | 2513039 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 2035 | 2104176 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.90%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1925 | 1937721 |
| 4.95%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2010 | 2019893 |
| Series A, 2.05%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3284 | 2892981 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 2.40%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5486 | 4971737 |
| 5.13%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2510 | 2567931 |
| 5.20%, 03/01/33 | &nbsp;&nbsp; 3115 | 3217891 |
| 5.38%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2580 | 2672261 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 3930 | 4101583 |
| Series 05-A, 5.30%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 2950 | 3020596 |
| Consorcio Transmantaro SA, 4.70%, <br> 04/16/34<sup>(b)</sup><br>| &nbsp;&nbsp; 1735 | 1701137 |
| Constellation Energy Generation LLC |  |  |
| 5.80%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3835 | 4078698 |
| 6.13%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3308 | 3588125 |
| Consumers Energy Co. |  |  |
| 3.60%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 1998277 |
| 4.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 3658904 |
| 4.63%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4515 | 4482119 |
| 5.05%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4332 | 4366135 |
| Dominion Energy Inc. |  |  |
| 4.35%, 08/15/32 | &nbsp;&nbsp; 2335 | 2266373 |
| 5.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5403 | 5575366 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.45%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; $4495 | $4553853 |
| 6.63%, 05/15/55, (5-year CMT + 2.207%)<sup>(c)</sup> | &nbsp;&nbsp; 8145 | 8343836 |
| Series B, 5.95%, 06/15/35 | &nbsp;&nbsp; 3540 | 3725878 |
| Series B, 7.00%, 06/01/54, (5-year CMT + <br> 2.511%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6385 | 6833482 |
| Series C, 2.25%, 08/15/31 | &nbsp;&nbsp; 14653 | 12911595 |
| Series E, 6.30%, 03/15/33 | &nbsp;&nbsp; 2020 | 2164175 |
| Series F, 5.25%, 08/01/33 | &nbsp;&nbsp; 3130 | 3169584 |
| Dominion Energy South Carolina Inc. |  |  |
| 5.30%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1860 | 1923396 |
| 6.63%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1950 | 2172313 |
| Series 2025, 5.30%, 01/15/35 | &nbsp;&nbsp; 2935 | 3008307 |
| Series A, 2.30%, 12/01/31 | &nbsp;&nbsp; 2525 | 2233566 |
| DTE Electric Co. |  |  |
| 5.20%, 04/01/33 | &nbsp;&nbsp; 3823 | 3959491 |
| 5.20%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 3110 | 3199656 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 3384 | 3454068 |
| Series A, 3.00%, 03/01/32 | &nbsp;&nbsp; 3045 | 2802401 |
| Series C, 2.63%, 03/01/31 | &nbsp;&nbsp; 4055 | 3720079 |
| DTE Energy Co., 5.85%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 5390 | 5660165 |
| Duke Energy Carolinas LLC |  |  |
| 2.55%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3704 | 3383340 |
| 2.85%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3020 | 2734199 |
| 4.85%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3685 | 3701408 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 7959 | 8137196 |
| 5.25%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4995 | 5138188 |
| 6.45%, 10/15/32 | &nbsp;&nbsp; 2520 | 2779998 |
| Duke Energy Corp. |  |  |
| 2.55%, 06/15/31 | &nbsp;&nbsp; 6763 | 6086878 |
| 4.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7057 | 6962903 |
| 5.45%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 5290700 |
| 5.75%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3870 | 4082528 |
| 6.45%, 09/01/54, (5-year CMT + 2.588%)<sup>(c)</sup> | &nbsp;&nbsp; 6125 | 6341653 |
| Duke Energy Florida LLC |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 2868 | 2567138 |
| 5.88%, 11/15/33 | &nbsp;&nbsp; 3777 | 4038505 |
| Duke Energy Indiana LLC, 5.25%, 03/01/34 | &nbsp;&nbsp; 2055 | 2113796 |
| Duke Energy Ohio Inc. |  |  |
| 5.25%, 04/01/33 | &nbsp;&nbsp; 2495 | 2570491 |
| 5.30%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2386 | 2437535 |
| Duke Energy Progress LLC |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 4310 | 3788663 |
| 3.40%, 04/01/32 | &nbsp;&nbsp; 2935 | 2759060 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; 5485 | 5535927 |
| 5.10%, 03/15/34 | &nbsp;&nbsp; 3368 | 3436432 |
| 5.25%, 03/15/33 | &nbsp;&nbsp; 2992 | 3091728 |
| Duquesne Light Holdings Inc. |  |  |
| 2.53%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1870 | 1669693 |
| 2.78%, 01/07/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2484 | 2184617 |
| Edison International, 5.25%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2350 | 2311423 |
| El Paso Electric Co., 6.00%, 05/15/35 | &nbsp;&nbsp; 2585 | 2677361 |
| Electricite de France SA |  |  |
| 5.75%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 3570 | 3672056 |
| 5.95%, 04/22/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3865 | 4068922 |
| 6.25%, 05/23/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 5985 | 6490900 |
| Emera U.S. Finance LP, 2.64%, 06/15/31 | &nbsp;&nbsp; 2870 | 2554169 |
| Enel Finance International NV |  |  |
| 2.50%, 07/12/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7180 | 6398221 |
| 5.00%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 6874 | 6951008 |
| 5.50%, 06/26/34<sup>(b)</sup> | &nbsp;&nbsp; 4875 | 5001273 |
| 7.50%, 10/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7620 | 8741787 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Engie Energia Chile SA, 6.38%, 04/17/34<sup>(b)</sup> | &nbsp;&nbsp; $4085 | $4292992 |
| Engie SA, 5.63%, 04/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4810 | 4984911 |
| Entergy Arkansas LLC |  |  |
| 5.15%, 01/15/33 | &nbsp;&nbsp; 2610 | 2686267 |
| 5.30%, 09/15/33 | &nbsp;&nbsp; 1885 | 1947776 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 4350 | 4511543 |
| Entergy Corp., 2.40%, 06/15/31 | &nbsp;&nbsp; 4278 | 3816417 |
| Entergy Louisiana LLC |  |  |
| 1.60%, 12/15/30 | &nbsp;&nbsp; 1571 | 1374709 |
| 2.35%, 06/15/32 | &nbsp;&nbsp; 3145 | 2739149 |
| 3.05%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 2350 | 2198166 |
| 4.00%, 03/15/33 | &nbsp;&nbsp; 4630 | 4391116 |
| 5.15%, 09/15/34 | &nbsp;&nbsp; 4375 | 4428443 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 3080 | 3170242 |
| Entergy Mississippi LLC, 5.00%, 09/01/33 | &nbsp;&nbsp; 1920 | 1940726 |
| Entergy Texas Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 3853 | 3361494 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 3460 | 3520470 |
| Evergy Kansas Central Inc. |  |  |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 2235 | 2264165 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 1830 | 1946852 |
| Evergy Metro Inc. |  |  |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 2130 | 2151962 |
| 5.13%, 08/15/35 | &nbsp;&nbsp; 1750 | 1748958 |
| 5.40%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2010 | 2073835 |
| Evergy Missouri West Inc. |  |  |
| 3.75%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1802 | 1660780 |
| 5.65%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1900 | 1944015 |
| Eversource Energy |  |  |
| 2.55%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2150 | 1937932 |
| 3.38%, 03/01/32 | &nbsp;&nbsp; 4550 | 4172091 |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 5230 | 5246413 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 4300 | 4395420 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 4640 | 4911201 |
| 5.95%, 07/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4705 | 4935365 |
| Exelon Corp. |  |  |
| 3.35%, 03/15/32 | &nbsp;&nbsp; 3692 | 3427685 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 2425 | 2363796 |
| 5.13%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3160 | 3262387 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 4951 | 5110433 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 4693 | 4836948 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 3280 | 3392335 |
| 6.50%, 03/15/55, (5-year CMT + 1.975%)<sup>(c)</sup> | &nbsp;&nbsp; 6280 | 6486698 |
| 7.60%, 04/01/32 | &nbsp;&nbsp; 1600 | 1851515 |
| FirstEnergy Corp., Series B, 2.25%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 930 | 835141 |
| FirstEnergy Transmission LLC |  |  |
| 4.75%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2020 | 2014253 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 2785 | 2761558 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32 | &nbsp;&nbsp; 9862 | 8795346 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 4930 | 4971155 |
| 4.95%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 3105 | 3114985 |
| 5.00%, 08/01/34 | &nbsp;&nbsp; 3088 | 3122194 |
| 5.10%, 04/01/33 | &nbsp;&nbsp; 4903 | 5028001 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 7342 | 7592391 |
| 5.63%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2995 | 3184881 |
| 5.95%, 10/01/33 | &nbsp;&nbsp; 2030 | 2200451 |
| Georgia Power Co. |  |  |
| 4.70%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4383 | 4401178 |
| 4.85%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3310 | 3391071 |
| 4.95%, 05/17/33 | &nbsp;&nbsp; 6330 | 6407229 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.20%, 03/15/35 | &nbsp;&nbsp; $5088 | $5164625 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 6190 | 6344695 |
| Idaho Power Co., 5.20%, 08/15/34 | &nbsp;&nbsp; 1910 | 1958174 |
| Indianapolis Power & Light Co. |  |  |
| 5.05%, 08/15/35<sup>(b)</sup> | &nbsp;&nbsp; 1550 | 1543311 |
| 5.65%, 12/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2150 | 2228524 |
| Interconexion Electrica SA ESP, 3.83%, <br> 11/26/33<sup>(b)</sup><br>| &nbsp;&nbsp; 110 | 98175 |
| Interstate Power & Light Co. |  |  |
| 4.95%, 09/30/34 | &nbsp;&nbsp; 2685 | 2646231 |
| 5.60%, 06/29/35 | &nbsp;&nbsp; 3760 | 3887734 |
| 5.70%, 10/15/33 | &nbsp;&nbsp; 1471 | 1524947 |
| IPALCO Enterprises Inc., 5.75%, 04/01/34 | &nbsp;&nbsp; 2645 | 2667417 |
| ITC Holdings Corp. |  |  |
| 5.40%, 06/01/33<sup>(b)</sup> | &nbsp;&nbsp; 3110 | 3166293 |
| 5.65%, 05/09/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2665 | 2758952 |
| Jersey Central Power & Light Co. |  |  |
| 2.75%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 3329 | 2956089 |
| 5.10%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4570 | 4566063 |
| Kallpa Generacion SA, 5.88%, 01/30/32<sup>(b)</sup> | &nbsp;&nbsp; 2900 | 3008750 |
| Kentucky Power Co., 7.00%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2425 | 2622481 |
| Kentucky Utilities Co., 5.45%, 04/15/33 | &nbsp;&nbsp; 2744 | 2849902 |
| Liberty Utilities Co., 5.87%, 01/31/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2340 | 2402254 |
| Liberty Utilities Finance GP 1, 2.05%, <br> 09/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3071 | 2733955 |
| Louisville Gas & Electric Co., 5.45%, 04/15/33 | &nbsp;&nbsp; 2680 | 2790271 |
| Massachusetts Electric Co., 1.73%, <br> 11/24/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2750 | 2386929 |
| Mexico Generadora de Energia S de rl, 5.50%, <br> 12/06/32<sup>(b)</sup><br>| &nbsp;&nbsp; 66 | 66264 |
| MidAmerican Energy Co. |  |  |
| 5.35%, 01/15/34 | &nbsp;&nbsp; 3139 | 3257965 |
| 6.75%, 12/30/31 | &nbsp;&nbsp; 2520 | 2849145 |
| Monongahela Power Co., 5.85%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2648 | 2784610 |
| Narragansett Electric Co. (The), 5.35%, <br> 05/01/34<sup>(b)</sup><br>| &nbsp;&nbsp; 3200 | 3275018 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 4735 | 4872684 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 5129 | 5433327 |
| National Grid USA |  |  |
| 5.80%, 04/01/35 | &nbsp;&nbsp; 1815 | 1864210 |
| 8.00%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 750 | 859417 |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| 1.35%, 03/15/31 | &nbsp;&nbsp; 2498 | 2136956 |
| 1.65%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2475 | 2134513 |
| 2.75%, 04/15/32 | &nbsp;&nbsp; 3130 | 2813537 |
| 4.02%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3855 | 3699701 |
| 4.15%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2710 | 2628718 |
| 5.00%, 02/07/31 | &nbsp;&nbsp; 2900 | 2995802 |
| 5.00%, 08/15/34 | &nbsp;&nbsp; 2295 | 2316694 |
| 5.80%, 01/15/33 | &nbsp;&nbsp; 4020 | 4279569 |
| Series C, 8.00%, 03/01/32 | &nbsp;&nbsp; 3720 | 4407815 |
| New York State Electric & Gas Corp. |  |  |
| 2.15%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 3465 | 3003084 |
| 5.05%, 08/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1450 | 1438806 |
| 5.30%, 08/15/34<sup>(b)</sup> | &nbsp;&nbsp; 3150 | 3206955 |
| 5.85%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2015 | 2130491 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 2.44%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6353 | 5569630 |
| 5.00%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6580 | 6687182 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.05%, 02/28/33 | &nbsp;&nbsp; $6500 | $6594019 |
| 5.25%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7330 | 7454671 |
| 5.30%, 03/15/32 | &nbsp;&nbsp; 5570 | 5758992 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 6765 | 6915191 |
| 6.75%, 06/15/54, (5-year CMT + <br> 2.457%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7805 | 8246053 |
| Series ., 6.50%, 08/15/55, (5-year CMT + <br> 1.979%)<sup>(c)</sup><br>| &nbsp;&nbsp; 2250 | 2356643 |
| Niagara Energy SAC, 5.75%, 10/03/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 7345 | 7418386 |
| Niagara Mohawk Power Corp. |  |  |
| 2.76%, 01/10/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2560 | 2263726 |
| 4.28%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp; 2800 | 2629055 |
| 5.29%, 01/17/34<sup>(b)</sup> | &nbsp;&nbsp; 3325 | 3352538 |
| Northern States Power Co., 5.05%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4290 | 4336166 |
| Northern States Power Co./MN |  |  |
| 2.25%, 04/01/31 | &nbsp;&nbsp; 2335 | 2121906 |
| 5.25%, 07/15/35 | &nbsp;&nbsp; 100 | 101877 |
| NRG Energy Inc., 7.00%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 5075 | 5545762 |
| NSTAR Electric Co. |  |  |
| 1.95%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2079 | 1823162 |
| 5.20%, 03/01/35 | &nbsp;&nbsp; 2590 | 2630486 |
| 5.40%, 06/01/34 | &nbsp;&nbsp; 3765 | 3891608 |
| Oglethorpe Power Corp., 6.19%, 01/01/31<sup>(b)</sup> | &nbsp;&nbsp; 371 | 389314 |
| Ohio Edison Co., 5.50%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2275 | 2345687 |
| Ohio Power Co. |  |  |
| 5.00%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 2679 | 2694548 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 2235 | 2315562 |
| Series D, 6.60%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1585 | 1744182 |
| Series G, 6.60%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1015 | 1127776 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 2260 | 1949557 |
| Oklahoma Gas & Electric Co., 5.40%, 01/15/33 | &nbsp;&nbsp; 2795 | 2898609 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.15%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3015 | 2919894 |
| 4.55%, 09/15/32 | &nbsp;&nbsp; 4654 | 4623098 |
| 5.35%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 4495 | 4620919 |
| 5.65%, 11/15/33 | &nbsp;&nbsp; 5183 | 5487052 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 2860 | 3225886 |
| 7.25%, 01/15/33 | &nbsp;&nbsp; 2080 | 2379698 |
| Pacific Gas and Electric Co. |  |  |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 12634 | 11204289 |
| 3.25%, 06/01/31 | &nbsp;&nbsp; 6568 | 6022612 |
| 4.40%, 03/01/32 | &nbsp;&nbsp; 2704 | 2608605 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 6310 | 6395902 |
| 5.80%, 05/15/34 | &nbsp;&nbsp; 7130 | 7290661 |
| 5.90%, 06/15/32 | &nbsp;&nbsp; 3819 | 3971583 |
| 6.00%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5050 | 5223077 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 5280 | 5547013 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; 7065 | 7504493 |
| 6.95%, 03/15/34 | &nbsp;&nbsp; 5048 | 5530096 |
| PacifiCorp |  |  |
| 2.70%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2797 | 2584251 |
| 5.25%, 06/15/35 | &nbsp;&nbsp; 2140 | 2144702 |
| 5.30%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4465 | 4631988 |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7360 | 7481097 |
| 7.70%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2040 | 2375640 |
| PECO Energy Co., 4.90%, 06/15/33 | &nbsp;&nbsp; 3800 | 3863885 |
| Potomac Electric Power Co., 5.20%, 03/15/34 | &nbsp;&nbsp; 2395 | 2453135 |
| PPL Capital Funding Inc., 5.25%, 09/01/34 | &nbsp;&nbsp; 4605 | 4677589 |
| PPL Electric Utilities Corp. |  |  |
| 4.85%, 02/15/34 | &nbsp;&nbsp; 4140 | 4168634 |
| 5.00%, 05/15/33 | &nbsp;&nbsp; 3603 | 3679322 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Progress Energy Inc. |  |  |
| 7.00%, 10/30/31 | &nbsp;&nbsp; $2400 | $2705321 |
| 7.75%, 03/01/31 | &nbsp;&nbsp; 4127 | 4781089 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31 | &nbsp;&nbsp; 4386 | 3828057 |
| 4.10%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1910 | 1854689 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 2825 | 2805527 |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 5428 | 5523774 |
| Series 35, 1.90%, 01/15/31 | &nbsp;&nbsp; 1812 | 1596419 |
| Public Service Co. of New Hampshire |  |  |
| 5.35%, 10/01/33 | &nbsp;&nbsp; 3705 | 3858509 |
| Series V, 2.20%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1900 | 1694956 |
| Public Service Co. of Oklahoma |  |  |
| 5.20%, 01/15/35 | &nbsp;&nbsp; 3940 | 3950920 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 3210 | 3278826 |
| Series J, 2.20%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4100 | 3601592 |
| Public Service Electric & Gas Co. |  |  |
| 1.90%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2713 | 2364641 |
| 3.10%, 03/15/32 | &nbsp;&nbsp; 4275 | 3926268 |
| 4.65%, 03/15/33 | &nbsp;&nbsp; 3465 | 3461352 |
| 4.85%, 08/01/34 | &nbsp;&nbsp; 3955 | 3965792 |
| 4.90%, 12/15/32 | &nbsp;&nbsp; 2847 | 2896499 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 2770 | 2805903 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 3495 | 3611985 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 3105 | 3188624 |
| Series D, 5.25%, 07/01/35<sup>(a)</sup> | &nbsp;&nbsp; 125 | 128153 |
| Public Service Electric and Gas Co., 4.90%, <br> 08/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 1980 | 1972559 |
| Public Service Enterprise Group Inc. |  |  |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 4330 | 3843453 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 2825 | 2883201 |
| 5.45%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2980 | 3062718 |
| 6.13%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3066 | 3287962 |
| Puget Energy Inc. |  |  |
| 4.22%, 03/15/32 | &nbsp;&nbsp; 3135 | 2973103 |
| 5.73%, 03/15/35 | &nbsp;&nbsp; 3820 | 3885527 |
| Puget Sound Energy Inc. |  |  |
| 5.33%, 06/15/34 | &nbsp;&nbsp; 2650 | 2711677 |
| 5.48%, 06/01/35 | &nbsp;&nbsp; 1505 | 1538014 |
| RWE Finance U.S. LLC, 5.88%, 04/16/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6335 | 6610333 |
| San Diego Gas & Electric Co. |  |  |
| 5.35%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1547506 |
| 5.40%, 04/15/35 | &nbsp;&nbsp; 5850 | 5995867 |
| Series VVV, 1.70%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4806 | 4228027 |
| Series XXX, 3.00%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3288 | 2988448 |
| Sempra |  |  |
| 5.50%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 4584 | 4708850 |
| 6.40%, 10/01/54, (5-year CMT + 2.632%)<sup>(c)</sup> | &nbsp;&nbsp; 8165 | 8059387 |
| 6.55%, 04/01/55, (5-year CMT + 2.138%)<sup>(c)</sup> | &nbsp;&nbsp; 3720 | 3663620 |
| Sociedad de Transmision Austral SA, 4.00%, <br> 01/27/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2420 | 2279182 |
| Solar Star Funding LLC, 5.38%, 06/30/35<sup>(b)</sup> | &nbsp;&nbsp; 240 | 247714 |
| Southern California Edison Co. |  |  |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 3175 | 2789073 |
| 5.20%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 5898 | 5867516 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 4205 | 4349898 |
| 5.45%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 5775 | 5815903 |
| 5.95%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4715 | 4959906 |
| 6.00%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3154 | 3285559 |
| Series 04-G, 5.75%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1990 | 2049745 |
| Series 05-E, 5.35%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2285 | 2281398 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series G, 2.50%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; $5631 | $4982067 |
| Southern Co. (The) |  |  |
| 4.85%, 03/15/35 | &nbsp;&nbsp; 5045 | 4953396 |
| 5.20%, 06/15/33 | &nbsp;&nbsp; 4920 | 5026063 |
| 5.70%, 10/15/32 | &nbsp;&nbsp; 3135 | 3304752 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 6710 | 7026510 |
| Series 2025, 6.38%, 03/15/55, (5-year CMT <br> + 2.069%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 10810 | 11310871 |
| Southwestern Electric Power Co., 5.30%, <br> 04/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; 2395 | 2433068 |
| Southwestern Public Service Co., 5.30%, <br> 05/15/35<br>| &nbsp;&nbsp; 3545 | 3575268 |
| System Energy Resources Inc., 5.30%, <br> 12/15/34<br>| &nbsp;&nbsp; 3530 | 3517127 |
| Tampa Electric Co. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 3051 | 2765448 |
| 5.15%, 03/01/35 | &nbsp;&nbsp; 4070 | 4102714 |
| Three Gorges Finance I Cayman Islands Ltd., <br> 2.15%, 09/22/30<sup>(b)</sup><br>| &nbsp;&nbsp; 335 | 308496 |
| Trans-Allegheny Interstate Line Co., 5.00%, <br> 01/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 2535 | 2597009 |
| Tucson Electric Power Co. |  |  |
| 3.25%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1731 | 1589392 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 2690 | 2716203 |
| Union Electric Co. |  |  |
| 2.15%, 03/15/32 | &nbsp;&nbsp; 3360 | 2906915 |
| 5.20%, 04/01/34 | &nbsp;&nbsp; 3315 | 3394085 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 3285 | 3355161 |
| Virginia Electric & Power Co. |  |  |
| 2.30%, 11/15/31 | &nbsp;&nbsp; 3141 | 2773621 |
| 2.40%, 03/30/32<sup>(a)</sup> | &nbsp;&nbsp; 3820 | 3353152 |
| 5.00%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; 5135 | 5206929 |
| 5.00%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3454 | 3470253 |
| 5.05%, 08/15/34 | &nbsp;&nbsp; 4067 | 4102728 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 4042 | 4074492 |
| 5.30%, 08/15/33 | &nbsp;&nbsp; 2628 | 2703576 |
| Vistra Operations Co. LLC |  |  |
| 5.70%, 12/30/34<sup>(b)</sup> | &nbsp;&nbsp; 4960 | 5056755 |
| 6.00%, 04/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3790 | 3948431 |
| 6.95%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 6870 | 7586149 |
| WEC Energy Group Inc., 1.80%, 10/15/30 | &nbsp;&nbsp; 1437 | 1273166 |
| Wisconsin Electric Power Co. |  |  |
| 4.60%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 2219262 |
| 4.75%, 09/30/32<sup>(a)</sup> | &nbsp;&nbsp; 3630 | 3701848 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 1820 | 1943909 |
| Wisconsin Power and Light Co. |  |  |
| 1.95%, 09/16/31<sup>(a)</sup> | &nbsp;&nbsp; 2135 | 1853430 |
| 3.95%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4692 | 4493549 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 2246 | 2265419 |
| 5.38%, 03/30/34 | &nbsp;&nbsp; 2775 | 2865649 |
| Xcel Energy Inc. |  |  |
| 2.35%, 11/15/31 | &nbsp;&nbsp; 1858 | 1633669 |
| 4.60%, 06/01/32 | &nbsp;&nbsp; 4335 | 4268490 |
| 5.45%, 08/15/33 | &nbsp;&nbsp; 5260 | 5375387 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 4995 | 5108659 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 5130 | 5244056 |
|  |  | 1336846271 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Acuity Brands Lighting Inc., 2.15%, 12/15/30 | &nbsp;&nbsp; 3226 | 2883236 |
| Emerson Electric Co. |  |  |
| 1.95%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3150 | 2841745 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| 2.20%, 12/21/31<sup>(a)</sup> | &nbsp;&nbsp; $6969 | $6188799 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 3430 | 3493484 |
| 6.00%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 745 | 814289 |
| Molex Electronic Technologies LLC, 5.25%, <br> 04/30/32<sup>(b)</sup><br>| &nbsp;&nbsp; 2450 | 2487208 |
|  |  | 18708761 |
| **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
| Allegion U.S. Holding Co. Inc. |  |  |
| 5.41%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3993 | 4137130 |
| 5.60%, 05/29/34 | &nbsp;&nbsp; 2470 | 2542007 |
| Amphenol Corp. |  |  |
| 2.20%, 09/15/31 | &nbsp;&nbsp; 5505 | 4871298 |
| 5.00%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4990 | 5032710 |
| 5.25%, 04/05/34 | &nbsp;&nbsp; 3865 | 3994174 |
| Arrow Electronics Inc. |  |  |
| 2.95%, 02/15/32 | &nbsp;&nbsp; 3258 | 2876620 |
| 5.88%, 04/10/34<sup>(a)</sup> | &nbsp;&nbsp; 3175 | 3292559 |
| Avnet Inc. |  |  |
| 3.00%, 05/15/31 | &nbsp;&nbsp; 2071 | 1875286 |
| 5.50%, 06/01/32 | &nbsp;&nbsp; 1925 | 1947231 |
| Flex Ltd., 5.25%, 01/15/32 | &nbsp;&nbsp; 3365 | 3434083 |
| Honeywell International Inc. |  |  |
| 1.75%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10121 | 8716508 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 6574 | 6450011 |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 4080 | 4142306 |
| 4.95%, 09/01/31 | &nbsp;&nbsp; 3585 | 3696375 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 6891 | 7028362 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 10215 | 10284037 |
| Hubbell Inc., 2.30%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2226 | 1993066 |
| Jabil Inc., 3.00%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3810 | 3497058 |
| Keysight Technologies Inc., 4.95%, 10/15/34 | &nbsp;&nbsp; 3935 | 3903917 |
| TD SYNNEX Corp. |  |  |
| 2.65%, 08/09/31 | &nbsp;&nbsp; 3366 | 2998415 |
| 6.10%, 04/12/34 | &nbsp;&nbsp; 3735 | 3913010 |
| Trimble Inc., 6.10%, 03/15/33 | &nbsp;&nbsp; 4983 | 5297852 |
| Tyco Electronics Group SA |  |  |
| 2.50%, 02/04/32 | &nbsp;&nbsp; 3901 | 3465954 |
| 4.50%, 02/09/31 | &nbsp;&nbsp; 2275 | 2293219 |
| 5.00%, 05/09/35 | &nbsp;&nbsp; 3380 | 3366400 |
| Vontier Corp., 2.95%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3910 | 3552214 |
|  |  | 108601802 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| Continental Wind LLC, 6.00%, 02/28/33<sup>(b)</sup> | &nbsp;&nbsp; 44 | 45362 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| CIMIC Finance USA Pty. Ltd., 7.00%, <br> 03/25/34<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4130 | 4454972 |
| Jacobs Engineering Group Inc., 5.90%, <br> 03/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; 3565 | 3728925 |
| Sitios Latinoamerica SAB de CV, 5.38%, <br> 04/04/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6690 | 6583510 |
| Ste Transcore Holdings Inc., 3.75%, 05/05/32<sup>(b)</sup> | &nbsp;&nbsp; 2140 | 2060051 |
| Summit Digitel Infrastructure Ltd., 2.88%, <br> 08/12/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1215 | 1094484 |
|  |  | 17921942 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Flutter Treasury DAC, 5.88%, 06/04/31<sup>(b)</sup> | &nbsp;&nbsp; 5150 | 5243782 |
| Genm Capital Labuan Ltd., 3.88%, <br> 04/19/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6370 | 5852695 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| WMG Acquisition Corp., 3.00%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $1050 | $967842 |
|  |  | 12064319 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| Republic Services Inc. |  |  |
| 1.45%, 02/15/31 | &nbsp;&nbsp; 4297 | 3699279 |
| 1.75%, 02/15/32 | &nbsp;&nbsp; 4884 | 4151415 |
| 2.38%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4530 | 3905505 |
| 5.00%, 12/15/33 | &nbsp;&nbsp; 4123 | 4220486 |
| 5.00%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 5029 | 5118069 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 4660 | 4757347 |
| 5.20%, 11/15/34 | &nbsp;&nbsp; 3115 | 3196215 |
| Veralto Corp., 5.45%, 09/18/33<sup>(a)</sup> | &nbsp;&nbsp; 4528 | 4677140 |
| Waste Connections Inc. |  |  |
| 2.20%, 01/15/32 | &nbsp;&nbsp; 4307 | 3760432 |
| 3.20%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3222 | 2970588 |
| 4.20%, 01/15/33 | &nbsp;&nbsp; 4622 | 4491630 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 4485 | 4551276 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 2410 | 2464187 |
| Waste Management Inc. |  |  |
| 1.50%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6651 | 5754170 |
| 3.90%, 03/01/35 | &nbsp;&nbsp; 2395 | 2202246 |
| 4.15%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6715 | 6605706 |
| 4.63%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3279 | 3297106 |
| 4.80%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5150 | 5253878 |
| 4.88%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8175 | 8303258 |
| 4.95%, 07/03/31 | &nbsp;&nbsp; 4944 | 5115215 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 9955 | 10004782 |
|  |  | 98499930 |
| **Food — 1.9%** | **Food — 1.9%** | **Food — 1.9%** |
| Bimbo Bakeries USA Inc., 6.40%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2975 | 3220366 |
| CK Hutchison International 21 Ltd., 2.50%, <br> 04/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5801 | 5262199 |
| Conagra Brands Inc. |  |  |
| 5.75%, 08/01/35<sup>(a)</sup> | &nbsp;&nbsp; 3385 | 3401455 |
| 8.25%, 09/15/30 | &nbsp;&nbsp; 2015 | 2327789 |
| Delhaize America LLC, 9.00%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 170 | 202633 |
| Flowers Foods Inc. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 3345 | 2948685 |
| 5.75%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3325 | 3386612 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31 | &nbsp;&nbsp; 4238 | 3725164 |
| 4.95%, 03/29/33<sup>(a)</sup> | &nbsp;&nbsp; 6270 | 6312507 |
| 5.25%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp; 4895 | 4921359 |
| Gruma SAB de CV, 5.39%, 12/09/34<sup>(b)</sup> | &nbsp;&nbsp; 2080 | 2124965 |
| Hershey Co. (The) |  |  |
| 4.50%, 05/04/33 | &nbsp;&nbsp; 2600 | 2593522 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 3570 | 3671331 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 3400 | 3468235 |
| J.M. Smucker Co. (The) |  |  |
| 2.13%, 03/15/32 | &nbsp;&nbsp; 2680 | 2273058 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 4340 | 4036340 |
| 6.20%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6305 | 6778986 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 6348 | 5621668 |
| 3.63%, 01/15/32 | &nbsp;&nbsp; 5970 | 5502354 |
| 3.75%, 12/01/31 | &nbsp;&nbsp; 3587 | 3371478 |
| 5.75%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; 10344 | 10715453 |
| 6.75%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9302 | 10200936 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Kellanova |  |  |
| 5.25%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; $2675 | $2751825 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 4398 | 5043445 |
| Kraft Heinz Foods Co. |  |  |
| 4.25%, 03/01/31 | &nbsp;&nbsp; 2219 | 2185778 |
| 5.00%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3765 | 3687648 |
| 5.20%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3240 | 3309420 |
| 5.40%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3688 | 3709854 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 2107 | 2325940 |
| Kroger Co. (The) |  |  |
| 1.70%, 01/15/31 | &nbsp;&nbsp; 3260 | 2841358 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 13805 | 13759202 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 3025 | 3473664 |
| Mars Inc. |  |  |
| 1.63%, 07/16/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 4445 | 3724098 |
| 3.60%, 04/01/34<sup>(b)</sup> | &nbsp;&nbsp; 4175 | 3785322 |
| 4.65%, 04/20/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3355 | 3409947 |
| 4.75%, 04/20/33<sup>(b)</sup> | &nbsp;&nbsp; 6385 | 6349161 |
| 5.00%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 17380 | 17739117 |
| 5.20%, 03/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 31750 | 32044344 |
| McCormick & Co. Inc./MD |  |  |
| 1.85%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3402 | 2972562 |
| 4.70%, 10/15/34 | &nbsp;&nbsp; 3310 | 3213875 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 3213 | 3238048 |
| Mondelez International Inc. |  |  |
| 1.50%, 02/04/31 | &nbsp;&nbsp; 3342 | 2888009 |
| 1.88%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3870 | 3271997 |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 4940 | 4503331 |
| 4.75%, 08/28/34<sup>(a)</sup> | &nbsp;&nbsp; 3920 | 3887888 |
| 5.13%, 05/06/35<sup>(a)</sup> | &nbsp;&nbsp; 2615 | 2647005 |
| 6.50%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1845 | 2041372 |
| Nestle Capital Corp. |  |  |
| 4.75%, 03/12/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3165 | 3253178 |
| 4.88%, 03/12/34<sup>(b)</sup> | &nbsp;&nbsp; 4970 | 5043785 |
| Nestle Holdings Inc. |  |  |
| 1.25%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6105 | 5329839 |
| 1.88%, 09/14/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6445 | 5659848 |
| 4.30%, 10/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7893 | 7833069 |
| 4.85%, 03/14/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 4838 | 4936462 |
| 5.00%, 09/12/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3125 | 3242426 |
| 5.00%, 09/12/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 2670 | 2761257 |
| Smithfield Foods Inc. |  |  |
| 2.63%, 09/13/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3515 | 3074343 |
| 3.00%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3174 | 2901557 |
| Sysco Corp. |  |  |
| 2.45%, 12/14/31 | &nbsp;&nbsp; 3357 | 2982764 |
| 5.10%, 09/23/30 | &nbsp;&nbsp; 3400 | 3505728 |
| 5.40%, 03/23/35 | &nbsp;&nbsp; 3510 | 3580927 |
| 6.00%, 01/17/34 | &nbsp;&nbsp; 3080 | 3317414 |
| The Campbell's Co. |  |  |
| 4.75%, 03/23/35<sup>(a)</sup> | &nbsp;&nbsp; 5050 | 4835589 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 6630 | 6730403 |
| Tyson Foods Inc. |  |  |
| 4.88%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3145 | 3090756 |
| 5.70%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5520 | 5751831 |
|  |  | 312702481 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Sodexo Inc. |  |  |
| 2.72%, 04/16/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $4773 | $4251467 |
| 5.80%, 08/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 2875 | 2978879 |
|  |  | 7230346 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Celulosa Arauco y Constitucion SA, 6.18%, <br> 05/05/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3155 | 3260219 |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3545 | 3613030 |
| 8.88%, 05/15/31 | &nbsp;&nbsp; 2656 | 3232395 |
| Inversiones CMPC SA |  |  |
| 3.00%, 04/06/31<sup>(b)</sup> | &nbsp;&nbsp; 3755 | 3341410 |
| 6.13%, 06/23/33<sup>(b)</sup> | &nbsp;&nbsp; 2315 | 2397175 |
| 6.13%, 02/26/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4425 | 4591199 |
| Suzano Austria GmbH |  |  |
| 3.13%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6535 | 5784660 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 7974 | 7487719 |
|  |  | 33707807 |
| **Gas — 0.8%** | **Gas — 0.8%** | **Gas — 0.8%** |
| APA Infrastructure Ltd. |  |  |
| 5.00%, 03/23/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1885 | 1847430 |
| 5.13%, 09/16/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4445 | 4454764 |
| Atmos Energy Corp. |  |  |
| 1.50%, 01/15/31 | &nbsp;&nbsp; 3201 | 2767884 |
| 5.45%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2024 | 2122615 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 4799 | 5167957 |
| Series ., 5.20%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3386 | 3431200 |
| Boston Gas Co. |  |  |
| 3.76%, 03/16/32<sup>(b)</sup> | &nbsp;&nbsp; 2915 | 2733505 |
| 5.84%, 01/10/35<sup>(b)</sup> | &nbsp;&nbsp; 3135 | 3286976 |
| Brooklyn Union Gas Co. (The) |  |  |
| 4.87%, 08/05/32<sup>(b)</sup> | &nbsp;&nbsp; 2620 | 2561968 |
| 6.39%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp; 3483 | 3712771 |
| CenterPoint Energy Resources Corp. |  |  |
| 1.75%, 10/01/30 | &nbsp;&nbsp; 2670 | 2352370 |
| 4.40%, 07/01/32 | &nbsp;&nbsp; 3495 | 3425806 |
| 5.40%, 03/01/33 | &nbsp;&nbsp; 2172 | 2224419 |
| 5.40%, 07/01/34 | &nbsp;&nbsp; 3015 | 3083932 |
| ENN Energy Holdings Ltd., 2.63%, 09/17/30<sup>(b)</sup> | &nbsp;&nbsp; 970 | 892443 |
| Grupo Energia Bogota SA ESP, 7.85%, <br> 11/09/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 950 | 1099833 |
| KeySpan Gas East Corp., 5.99%, 03/06/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3365 | 3520933 |
| Nakilat Inc., 6.07%, 12/31/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 1865 | 1973716 |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31 | &nbsp;&nbsp; 3530 | 3212384 |
| 5.95%, 03/15/35 | &nbsp;&nbsp; 3535 | 3646602 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 4404 | 3813888 |
| 5.35%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4365 | 4464839 |
| 5.35%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6635 | 6700159 |
| 5.40%, 06/30/33 | &nbsp;&nbsp; 3030 | 3118033 |
| 6.38%, 03/31/55, (5-year CMT + <br> 2.527%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2860 | 2936923 |
| ONE Gas Inc., 4.25%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1620 | 1574474 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 2.50%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1834 | 1650276 |
| 4.10%, 09/18/34 | &nbsp;&nbsp; 2006 | 1855428 |
| 5.10%, 02/15/35 | &nbsp;&nbsp; 2420 | 2447428 |
| 5.40%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2436 | 2511103 |
| Snam SpA, 5.75%, 05/28/35<sup>(b)</sup> | &nbsp;&nbsp; 4750 | 4867852 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Southern California Gas Co. |  |  |
| 5.05%, 09/01/34<sup>(a)</sup> | &nbsp;&nbsp; $3500 | $3530802 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 3336 | 3406670 |
| 5.45%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4080 | 4185602 |
| Southern Co. Gas Capital Corp. |  |  |
| 4.95%, 09/15/34 | &nbsp;&nbsp; 3265 | 3251098 |
| 5.15%, 09/15/32 | &nbsp;&nbsp; 3465 | 3532457 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 3478 | 3658419 |
| 6.00%, 10/01/34 | &nbsp;&nbsp; 1245 | 1321540 |
| Series 2020-A, 1.75%, 01/15/31 | &nbsp;&nbsp; 2946 | 2564145 |
| Southwest Gas Corp., 4.05%, 03/15/32 | &nbsp;&nbsp; 4390 | 4195539 |
| Spire Missouri Inc. |  |  |
| 4.80%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2755 | 2760779 |
| Series 2034, 5.15%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1335 | 1366007 |
|  |  | 127232969 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Kennametal Inc., 2.80%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1967 | 1792591 |
| Stanley Black & Decker Inc., 3.00%, <br> 05/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 3294 | 2948158 |
|  |  | 4740749 |
| **Health Care - Products — 0.9%** | **Health Care - Products — 0.9%** | **Health Care - Products — 0.9%** |
| Agilent Technologies Inc. |  |  |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 5721 | 5135378 |
| 4.75%, 09/09/34<sup>(a)</sup> | &nbsp;&nbsp; 3845 | 3791134 |
| Alcon Finance Corp., 5.38%, 12/06/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 4448 | 4602679 |
| Baxter International Inc. |  |  |
| 1.73%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 4649 | 3978431 |
| 2.54%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 10020 | 8716899 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 01/15/31 | &nbsp;&nbsp; 3590 | 3650090 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 5510 | 5657554 |
| 5.91%, 11/22/32<sup>(a)</sup> | &nbsp;&nbsp; 11428 | 12209508 |
| Medtronic Global Holdings SCA, 4.50%, <br> 03/30/33<br>| &nbsp;&nbsp; 6250 | 6209373 |
| Medtronic Inc., 4.38%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 12790 | 12440972 |
| Revvity Inc. |  |  |
| 2.25%, 09/15/31 | &nbsp;&nbsp; 3569 | 3087373 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 2738 | 2444329 |
| Smith & Nephew PLC |  |  |
| 2.03%, 10/14/30 | &nbsp;&nbsp; 6435 | 5739415 |
| 5.40%, 03/20/34 | &nbsp;&nbsp; 3690 | 3776109 |
| Solventum Corp. |  |  |
| 5.45%, 03/13/31<sup>(a)</sup> | &nbsp;&nbsp; 7065 | 7390956 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 10135 | 10525050 |
| STERIS Irish FinCo Unlimited Co., 2.70%, <br> 03/15/31<br>| &nbsp;&nbsp; 4367 | 3967776 |
| Stryker Corp. |  |  |
| 4.63%, 09/11/34<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 4067063 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 6210 | 6351897 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.00%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7706 | 6797793 |
| 4.95%, 11/21/32<sup>(a)</sup> | &nbsp;&nbsp; 3863 | 3966234 |
| 5.09%, 08/10/33<sup>(a)</sup> | &nbsp;&nbsp; 6305 | 6487566 |
| 5.20%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; 3020 | 3115130 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31<sup>(a)</sup> | &nbsp;&nbsp; 5313 | 4764274 |
| 4.25%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 184615 |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 4306527 |
| 5.50%, 02/19/35 | &nbsp;&nbsp; 4520 | 4663738 |
|  |  | 148027863 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services — 2.8%** | **Health Care - Services — 2.8%** | **Health Care - Services — 2.8%** |
| Adventist Health System/West |  |  |
| 5.43%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; $1765 | $1801266 |
| 5.76%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2600 | 2620262 |
| Banner Health, 1.90%, 01/01/31<sup>(a)</sup> | &nbsp;&nbsp; 1546 | 1371699 |
| Baylor Scott & White Holdings, Series 2021, <br> 1.78%, 11/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 2020 | 1787260 |
| Cedars-Sinai Health System, Series 2021, <br> 2.29%, 08/15/31<br>| &nbsp;&nbsp; 2325 | 2079088 |
| Centene Corp. |  |  |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 13833 | 11786651 |
| 2.63%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; 8298 | 7032359 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 8913 | 7876305 |
| Cigna Group (The) |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 10149 | 9101270 |
| 5.13%, 05/15/31 | &nbsp;&nbsp; 5680 | 5881939 |
| 5.25%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7665 | 7816546 |
| 5.40%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4948 | 5125595 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | &nbsp;&nbsp; 910 | 841680 |
| 5.32%, 12/01/34 | &nbsp;&nbsp; 4500 | 4544898 |
| Elevance Health Inc. |  |  |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 5769 | 5225774 |
| 4.10%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4286 | 4125504 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 6585 | 6557860 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 5475 | 5570523 |
| 5.20%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7780 | 7827499 |
| 5.38%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6310 | 6450199 |
| 5.50%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4627 | 4816047 |
| 5.95%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2386 | 2523118 |
| Fresenius Medical Care U.S. Finance III Inc. |  |  |
| 2.38%, 02/16/31<sup>(b)</sup> | &nbsp;&nbsp; 5510 | 4841267 |
| 3.00%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3130 | 2786855 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 5768 | 5084989 |
| 3.50%, 09/01/30 | &nbsp;&nbsp; 14271 | 13600895 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 14398 | 13390737 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 11765 | 12211752 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 7882 | 7982997 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; 6085 | 6306315 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 7944 | 8163580 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 8243 | 8472119 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; 9544 | 9817940 |
| 7.50%, 11/06/33<sup>(a)</sup> | &nbsp;&nbsp; 1605 | 1836531 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co., 5.45%, 06/15/34<sup>(b)</sup><br>| &nbsp;&nbsp; 5030 | 5111483 |
| Highmark Inc., 2.55%, 05/10/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3099 | 2703534 |
| Horizon Mutual Holdings Inc., 6.20%, <br> 11/15/34<sup>(b)</sup><br>| &nbsp;&nbsp; 4235 | 4112287 |
| Humana Inc. |  |  |
| 2.15%, 02/03/32 | &nbsp;&nbsp; 4846 | 4108672 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 8345 | 8613205 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 2720 | 2750274 |
| 5.88%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 4626 | 4835605 |
| 5.95%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5105 | 5344758 |
| ICON Investments Six DAC, 6.00%, 05/08/34 | &nbsp;&nbsp; 2980 | 3097714 |
| Laboratory Corp. of America Holdings |  |  |
| 2.70%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3450 | 3129491 |
| 4.55%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3315 | 3287181 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 5915 | 5806502 |
| OhioHealth Corp., 2.30%, 11/15/31 | &nbsp;&nbsp; 2155 | 1926137 |
| Piedmont Healthcare Inc., 2.04%, 01/01/32 | &nbsp;&nbsp; 2355 | 2007354 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Providence St Joseph Health Obligated Group, <br> 5.37%, 10/01/32<br>| &nbsp;&nbsp; $2650 | $2716210 |
| Providence St. Joseph Health Obligated Group, <br> 5.40%, 10/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; 3523 | 3583731 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31<sup>(a)</sup> | &nbsp;&nbsp; 5308 | 4860030 |
| 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5360 | 5367705 |
| 6.40%, 11/30/33<sup>(a)</sup> | &nbsp;&nbsp; 4618 | 5087956 |
| Roche Holdings Inc. |  |  |
| 2.08%, 12/13/31<sup>(b)</sup> | &nbsp;&nbsp; 13394 | 11763859 |
| 4.59%, 09/09/34<sup>(b)</sup> | &nbsp;&nbsp; 7260 | 7194528 |
| 4.91%, 03/08/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5355 | 5528419 |
| 4.99%, 03/08/34<sup>(b)</sup> | &nbsp;&nbsp; 7850 | 8022796 |
| 5.49%, 11/13/30<sup>(b)</sup> | &nbsp;&nbsp; 2508 | 2662059 |
| 5.59%, 11/13/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 9745 | 10402633 |
| Sutter Health |  |  |
| 5.16%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 150 | 152643 |
| Series 2025, 5.21%, 08/15/32 | &nbsp;&nbsp; 1725 | 1784422 |
| Series 2025, 5.54%, 08/15/35 | &nbsp;&nbsp; 2800 | 2917860 |
| UnitedHealth Group Inc. |  |  |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 9950 | 8884790 |
| 4.20%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9880 | 9634406 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 9584 | 9394111 |
| 4.63%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6435 | 6248739 |
| 4.65%, 01/15/31 | &nbsp;&nbsp; 5195 | 5265090 |
| 4.90%, 04/15/31 | &nbsp;&nbsp; 6710 | 6863520 |
| 4.95%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9635 | 9831498 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 8435 | 8465702 |
| 5.15%, 07/15/34<sup>(a)</sup> | &nbsp;&nbsp; 13575 | 13792395 |
| 5.30%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6777 | 6927638 |
| 5.35%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 12759 | 13198671 |
| Universal Health Services Inc. |  |  |
| 2.65%, 10/15/30 | &nbsp;&nbsp; 5199 | 4666605 |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 3302 | 2842116 |
| 5.05%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3510 | 3381413 |
| UPMC, 5.04%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1945 | 1967895 |
|  |  | 447502956 |
| **Holding Companies - Diversified — 0.4%** | **Holding Companies - Diversified — 0.4%** | **Holding Companies - Diversified — 0.4%** |
| Apollo Debt Solutions BDC |  |  |
| 6.55%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3135 | 3266453 |
| 6.70%, 07/29/31<sup>(a)</sup> | &nbsp;&nbsp; 6405 | 6777749 |
| Ares Capital Corp. |  |  |
| 3.20%, 11/15/31 | &nbsp;&nbsp; 4874 | 4341610 |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; 6720 | 6832631 |
| Ares Strategic Income Fund, 6.20%, 03/21/32 | &nbsp;&nbsp; 5180 | 5328604 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32 | &nbsp;&nbsp; 6930 | 7114687 |
| 6.00%, 11/22/34<sup>(a)</sup> | &nbsp;&nbsp; 5370 | 5408347 |
| 6.25%, 01/25/31 | &nbsp;&nbsp; 1735 | 1810481 |
| Blue Owl Credit Income Corp., 6.65%, <br> 03/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 4645 | 4852779 |
| HA Sustainable Infrastructure Capital Inc. |  |  |
| 6.15%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2830 | 2885353 |
| 6.38%, 07/01/34 | &nbsp;&nbsp; 6435 | 6379227 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; 2930 | 2959757 |
| HAT Holdings I LLC/HAT Holdings II LLC, <br> 3.75%, 09/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1265 | 1156519 |
| Hutchison Whampoa International 03/33 Ltd., <br> 7.45%, 11/24/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3688 | 4326997 |
| Inversiones La Construccion SA, 4.75%, <br> 02/07/32<sup>(b)</sup><br>| &nbsp;&nbsp; 720 | 692280 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| JAB Holdings BV, 2.20%, 11/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $1063 | $927858 |
|  |  | 65061332 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| DR Horton Inc. |  |  |
| 4.85%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 105 | 107254 |
| 5.00%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4535 | 4536274 |
| MDC Holdings Inc., 2.50%, 01/15/31 | &nbsp;&nbsp; 2329 | 2060961 |
| Meritage Homes Corp., 5.65%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3285 | 3315452 |
| PulteGroup Inc. |  |  |
| 6.00%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1860 | 1958724 |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 2480 | 2698660 |
| 7.88%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2035 | 2392546 |
| Toll Brothers Finance Corp., 5.60%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3565 | 3619366 |
|  |  | 20689237 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Panasonic Holdings Corp., 5.30%, <br> 07/16/34<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2815 | 2896850 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | &nbsp;&nbsp; 3279 | 2810661 |
| 5.75%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2495 | 2629045 |
| Church & Dwight Co. Inc. |  |  |
| 2.30%, 12/15/31 | &nbsp;&nbsp; 2758 | 2429879 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 3206 | 3389598 |
| Clorox Co. (The), 4.60%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4185 | 4196920 |
| Kimberly-Clark Corp. |  |  |
| 2.00%, 11/02/31<sup>(a)</sup> | &nbsp;&nbsp; 3572 | 3177383 |
| 4.50%, 02/16/33 | &nbsp;&nbsp; 2240 | 2248781 |
| Kimberly-Clark de Mexico SAB de CV, 2.43%, <br> 07/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3265 | 2970322 |
| SC Johnson & Son Inc., 5.75%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 80 | 84176 |
|  |  | 23936765 |
| **Insurance — 5.1%** | **Insurance — 5.1%** | **Insurance — 5.1%** |
| Accident Fund Insurance Co. of America, <br> 8.50%, 08/01/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1365 | 1359136 |
| AIA Group Ltd. |  |  |
| 4.95%, 04/04/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3883 | 3966711 |
| 4.95%, 03/30/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 2990 | 3003740 |
| 5.38%, 04/05/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6075 | 6289310 |
| AIG SunAmerica Global Financing X, 6.90%, <br> 03/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 5260 | 5847140 |
| Allianz SE |  |  |
| 5.60%, 09/03/54, (5-year CMT + <br> 2.771%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6995 | 7108326 |
| 6.35%, 09/06/53, (5-year CMT + <br> 3.232%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 4630 | 4913129 |
| Allstate Corp. (The) |  |  |
| 1.45%, 12/15/30 | &nbsp;&nbsp; 4188 | 3605083 |
| 5.25%, 03/30/33 | &nbsp;&nbsp; 4972 | 5119500 |
| 5.35%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 2280 | 2363040 |
| 5.55%, 05/09/35 | &nbsp;&nbsp; 3800 | 3951215 |
| American International Group Inc. |  |  |
| 3.88%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3285 | 3027158 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 4927 | 5028861 |
| 5.45%, 05/07/35<sup>(a)</sup> | &nbsp;&nbsp; 4194 | 4324762 |
| American National Group Inc. |  |  |
| 6.00%, 07/15/35 | &nbsp;&nbsp; 4650 | 4700697 |
| 6.14%, 06/13/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3440 | 3547633 |
| Americo Life Inc., 3.45%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2904 | 2622378 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| AmFam Holdings Inc., 2.81%, 03/11/31<sup>(b)</sup> | &nbsp;&nbsp; $3388 | $2933456 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.05%, 08/23/31<sup>(a)</sup> | &nbsp;&nbsp; 2996 | 2624429 |
| 2.60%, 12/02/31<sup>(a)</sup> | &nbsp;&nbsp; 3758 | 3360849 |
| 5.00%, 09/12/32 | &nbsp;&nbsp; 3382 | 3459745 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 4921 | 5092966 |
| Aon North America Inc. |  |  |
| 5.30%, 03/01/31 | &nbsp;&nbsp; 4325 | 4508706 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 10929 | 11282407 |
| Arch Capital Group Ltd., 7.35%, 05/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1940 | 2247810 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31<sup>(a)</sup> | &nbsp;&nbsp; 2349 | 2079281 |
| 5.00%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3090 | 3145452 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 10025 | 10053226 |
| 5.45%, 07/15/34 | &nbsp;&nbsp; 3613 | 3717414 |
| 5.50%, 03/02/33 | &nbsp;&nbsp; 2444 | 2530884 |
| 6.50%, 02/15/34 | &nbsp;&nbsp; 3000 | 3291438 |
| Ascot Group Ltd. |  |  |
| 4.25%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2215 | 2006191 |
| 6.35%, 06/15/35, (5-year CMT + <br> 2.375%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 1940 | 2011433 |
| Assurant Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 2800 | 2441127 |
| 6.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1865 | 2023265 |
| Assured Guaranty U.S. Holdings Inc., 3.15%, <br> 06/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 3702 | 3467023 |
| Athene Global Funding |  |  |
| 2.55%, 11/19/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4213 | 3794886 |
| 2.65%, 10/04/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3420 | 3038949 |
| 2.67%, 06/07/31<sup>(b)</sup> | &nbsp;&nbsp; 3594 | 3207115 |
| 5.32%, 11/13/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4815 | 4928400 |
| 5.53%, 07/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3480 | 3592990 |
| 5.54%, 08/22/35<sup>(b)</sup> | &nbsp;&nbsp; 2650 | 2637323 |
| Athene Holding Ltd. |  |  |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 3239 | 3066204 |
| 5.88%, 01/15/34 | &nbsp;&nbsp; 4195 | 4346455 |
| 6.63%, 10/15/54, (5-year CMT + 2.607%)<sup>(c)</sup> | &nbsp;&nbsp; 3480 | 3490638 |
| 6.65%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 4348 | 4706855 |
| 6.88%, 06/28/55, (5-year CMT + <br> 2.582%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3515 | 3542874 |
| AXA SA, 8.60%, 12/15/30 | &nbsp;&nbsp; 5655 | 6715418 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30 | &nbsp;&nbsp; 4270 | 3771271 |
| 2.88%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7018 | 6522112 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 4833 | 4292833 |
| 4.20%, 03/17/32<sup>(a)</sup> | &nbsp;&nbsp; 4270 | 4089791 |
| 5.25%, 06/23/32 | &nbsp;&nbsp; 3360 | 3434501 |
| 5.55%, 06/23/35<sup>(a)</sup> | &nbsp;&nbsp; 6690 | 6819013 |
| 5.65%, 06/11/34 | &nbsp;&nbsp; 3715 | 3810107 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30 | &nbsp;&nbsp; 6137 | 5372598 |
| 4.90%, 08/15/35 | &nbsp;&nbsp; 7905 | 7860415 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 10365 | 10528182 |
| Cincinnati Financial Corp., 6.13%, 11/01/34 | &nbsp;&nbsp; 2325 | 2484114 |
| CNA Financial Corp. |  |  |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 3385 | 3386211 |
| 5.20%, 08/15/35 | &nbsp;&nbsp; 2285 | 2261987 |
| 5.50%, 06/15/33 | &nbsp;&nbsp; 3460 | 3566498 |
| CNO Financial Group Inc., 6.45%, 06/15/34 | &nbsp;&nbsp; 4430 | 4658124 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Corebridge Financial Inc. |  |  |
| 3.90%, 04/05/32 | &nbsp;&nbsp; $10160 | $9608197 |
| 5.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4880 | 5097913 |
| 6.05%, 09/15/33 | &nbsp;&nbsp; 3475 | 3685165 |
| 6.38%, 09/15/54, (5-year CMT + 2.646%)<sup>(c)</sup> | &nbsp;&nbsp; 4660 | 4716964 |
| Corebridge Global Funding, 4.90%, 08/21/32<sup>(b)</sup> | &nbsp;&nbsp; 2120 | 2126129 |
| Dai-Ichi Life Insurance Co. Ltd. (The), 6.20%, <br> (5-year CMT + 2.515%)<sup>(b)(c)(d)</sup><br>| &nbsp;&nbsp; 12895 | 13370039 |
| DaVinciRe Holdings Ltd., 5.95%, 04/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1665 | 1700775 |
| Doctors Co. An Interinsurance Exchange (The), <br> 4.50%, 01/18/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2625 | 2326443 |
| Empower Finance 2020 LP, 1.78%, <br> 03/17/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2582 | 2293841 |
| Enstar Group Ltd. |  |  |
| 3.10%, 09/01/31 | &nbsp;&nbsp; 3808 | 3402538 |
| 7.50%, 04/01/45, (5-year CMT + <br> 3.186%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 1710 | 1782107 |
| Equitable Financial Life Global Funding, 1.75%, <br> 11/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2327 | 2035408 |
| Equitable Holdings Inc. |  |  |
| 5.59%, 01/11/33<sup>(a)</sup> | &nbsp;&nbsp; 4185 | 4352211 |
| 6.70%, 03/28/55, (5-year CMT + <br> 2.390%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2815 | 2873544 |
| F&G Annuities & Life Inc., 6.25%, 10/04/34<sup>(a)</sup> | &nbsp;&nbsp; 3400 | 3422747 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31<sup>(a)</sup> | &nbsp;&nbsp; 3885 | 3650677 |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 4636 | 4782457 |
| 5.75%, 05/20/35<sup>(b)</sup> | &nbsp;&nbsp; 2710 | 2767684 |
| 6.00%, 12/07/33 | &nbsp;&nbsp; 4595 | 4831634 |
| Farmers Exchange Capital II, 6.15%, 11/01/53, <br> (3-mo. CME Term SOFR + 4.005%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 1600 | 1551027 |
| Farmers Exchange Capital III, 5.45%, 10/15/54, <br> (3-mo. CME Term SOFR + 3.454%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2530 | 2324022 |
| Fidelity National Financial Inc., 2.45%, <br> 03/15/31<br>| &nbsp;&nbsp; 4188 | 3689280 |
| First American Financial Corp. |  |  |
| 2.40%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4560 | 3950305 |
| 5.45%, 09/30/34<sup>(a)</sup> | &nbsp;&nbsp; 3135 | 3119244 |
| Five Corners Funding Trust III, 5.79%, <br> 02/15/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5210 | 5461249 |
| GA Global Funding Trust |  |  |
| 2.90%, 01/06/32<sup>(b)</sup> | &nbsp;&nbsp; 5225 | 4598189 |
| 5.20%, 12/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2865 | 2909726 |
| 5.50%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1860 | 1904861 |
| 5.90%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 3915 | 4025100 |
| Global Atlantic Fin Co. |  |  |
| 3.13%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 4678 | 4224460 |
| 7.95%, 06/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 4247 | 4865176 |
| Globe Life Inc. |  |  |
| 4.80%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2730 | 2721009 |
| 5.85%, 09/15/34 | &nbsp;&nbsp; 3190 | 3317271 |
| Hanover Insurance Group Inc. (The) |  |  |
| 2.50%, 09/01/30 | &nbsp;&nbsp; 2299 | 2069266 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 1550 | 1550212 |
| Intact Financial Corp., 5.46%, 09/22/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3540 | 3619092 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 3600 | 3253399 |
| 5.67%, 06/08/32<sup>(a)</sup> | &nbsp;&nbsp; 2435 | 2520171 |
| Kemper Corp. |  |  |
| 2.40%, 09/30/30 | &nbsp;&nbsp; 2838 | 2514633 |
| 3.80%, 02/23/32<sup>(a)</sup> | &nbsp;&nbsp; 2885 | 2638892 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Liberty Mutual Group Inc., 6.50%, 03/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; $1505 | $1606566 |
| Lincoln National Corp. |  |  |
| 3.40%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3188 | 2997017 |
| 3.40%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1295 | 1181698 |
| 5.85%, 03/15/34 | &nbsp;&nbsp; 2420 | 2511395 |
| Loews Corp., 6.00%, 02/01/35 | &nbsp;&nbsp; 2000 | 2158850 |
| Manulife Financial Corp., 3.70%, 03/16/32<sup>(a)</sup> | &nbsp;&nbsp; 6430 | 6138812 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 4728 | 4288004 |
| 2.38%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2559 | 2267072 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 6915 | 7075984 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 13535 | 13588914 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 3142 | 3229087 |
| 5.40%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3695 | 3846941 |
| 5.75%, 11/01/32 | &nbsp;&nbsp; 3532 | 3774784 |
| 5.88%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1895 | 2033810 |
| MassMutual Global Funding II |  |  |
| 1.55%, 10/09/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4536 | 3972172 |
| 2.15%, 03/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3415 | 3032651 |
| 4.35%, 09/17/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3735 | 3725954 |
| 5.05%, 08/26/35<sup>(b)</sup> | &nbsp;&nbsp; 3085 | 3083804 |
| Meiji Yasuda Life Insurance Co. |  |  |
| 5.80%, 09/11/54, (5-year CMT + <br> 3.033%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10915 | 11115432 |
| 6.10%, 06/11/55, (5-year CMT + <br> 2.911%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 13100 | 13490904 |
| MetLife Inc. |  |  |
| 5.30%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5095 | 5244022 |
| 5.38%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6240 | 6531010 |
| 5.70%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6785 | 7189351 |
| 6.38%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4890 | 5424419 |
| 6.50%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3929 | 4413981 |
| Series G, 6.35%, 03/15/55, (5-year CMT + <br> 2.078%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6395 | 6660559 |
| Metropolitan Life Global Funding I |  |  |
| 1.55%, 01/07/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4673 | 4061756 |
| 2.40%, 01/11/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 4970 | 4352694 |
| 5.05%, 01/08/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3975 | 4017594 |
| 5.15%, 03/28/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 6568 | 6752801 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, 5.88%, 05/23/42, (5-year <br> CMT + 3.982%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8430 | 8716084 |
| Nationwide Mutual Insurance Co. |  |  |
| 7.88%, 04/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 600 | 677062 |
| 8.25%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2475 | 2892178 |
| New York Life Global Funding |  |  |
| 1.85%, 08/01/31<sup>(b)</sup> | &nbsp;&nbsp; 3710 | 3230422 |
| 4.55%, 01/28/33<sup>(b)</sup> | &nbsp;&nbsp; 6660 | 6581143 |
| 5.00%, 01/09/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6600 | 6702221 |
| 5.35%, 01/23/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 5115 | 5286055 |
| New York Life Insurance Co., 5.88%, <br> 05/15/33<sup>(b)</sup><br>| &nbsp;&nbsp; 6405 | 6740653 |
| Nippon Life Insurance Co. |  |  |
| 2.75%, 01/21/51, (5-year CMT + <br> 2.653%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 9853 | 8804081 |
| 2.90%, 09/16/51, (5-year CMT + <br> 2.600%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 6110 | 5402568 |
| 5.95%, 04/16/54, (5-year CMT + <br> 2.590%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7505 | 7772810 |
| 6.25%, 09/13/53, (5-year CMT + <br> 2.954%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5360 | 5648324 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 6.50%, 04/30/55, (5-year CMT + <br> 3.189%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $9860 | $10514152 |
| Northwestern Mutual Global Funding, 5.16%, <br> 05/28/31<sup>(b)</sup><br>| &nbsp;&nbsp; 4290 | 4447540 |
| Old Republic International Corp., 5.75%, <br> 03/28/34<br>| &nbsp;&nbsp; 2580 | 2648759 |
| Pacific Life Global Funding II |  |  |
| 2.45%, 01/11/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2720 | 2362939 |
| 4.88%, 07/17/32<sup>(b)</sup> | &nbsp;&nbsp; 2155 | 2185836 |
| Pacific LifeCorp, 6.60%, 09/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3620 | 3971472 |
| PartnerRe Finance B LLC, 4.50%, 10/01/50, <br> (5-year CMT + 3.815%)<sup>(c)</sup><br>| &nbsp;&nbsp; 3205 | 3001071 |
| Peachtree Corners Funding Trust II, 6.01%, <br> 05/15/35<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 4015 | 4177814 |
| Pricoa Global Funding I |  |  |
| 4.65%, 08/27/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3005 | 3033213 |
| 4.75%, 08/26/32<sup>(b)</sup> | &nbsp;&nbsp; 3290 | 3310123 |
| 5.35%, 05/28/35<sup>(b)</sup> | &nbsp;&nbsp; 4625 | 4741537 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 4453 | 4017061 |
| Principal Financial Group Inc., 5.38%, 03/15/33 | &nbsp;&nbsp; 2615 | 2699967 |
| Principal Life Global Funding II, 1.63%, <br> 11/19/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2010 | 1743120 |
| Progressive Corp. (The) |  |  |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 3643 | 3347369 |
| 4.95%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3373 | 3441810 |
| 6.25%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp; 2930 | 3245179 |
| Protective Life Global Funding |  |  |
| 1.74%, 09/21/30<sup>(b)</sup> | &nbsp;&nbsp; 3390 | 2994693 |
| 5.43%, 01/14/32<sup>(b)</sup> | &nbsp;&nbsp; 3700 | 3836726 |
| Prudential Financial Inc. |  |  |
| 3.70%, 10/01/50, (5-year CMT + <br> 3.035%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4794 | 4429035 |
| 5.13%, 03/01/52, (5-year CMT + 3.162%)<sup>(c)</sup> | &nbsp;&nbsp; 6245 | 6119640 |
| 5.20%, 03/14/35<sup>(a)</sup> | &nbsp;&nbsp; 5155 | 5245238 |
| 5.75%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2815 | 3020658 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(c)</sup> | &nbsp;&nbsp; 8578 | 8850866 |
| 6.50%, 03/15/54, (5-year CMT + <br> 2.404%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5425 | 5702000 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(c)</sup> | &nbsp;&nbsp; 2865 | 3021758 |
| Prudential Funding Asia PLC, 3.63%, <br> 03/24/32<sup>(a)</sup><br>| &nbsp;&nbsp; 2907 | 2730943 |
| Reinsurance Group of America Inc. |  |  |
| 5.75%, 09/15/34 | &nbsp;&nbsp; 4205 | 4335277 |
| 6.00%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2720 | 2872228 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.75%, 06/05/33 | &nbsp;&nbsp; 4966 | 5161340 |
| 5.80%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 3455 | 3582335 |
| RGA Global Funding |  |  |
| 5.00%, 08/25/32<sup>(b)</sup> | &nbsp;&nbsp; 2425 | 2434299 |
| 5.05%, 12/06/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3760 | 3828502 |
| 5.50%, 01/11/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4735 | 4948976 |
| Sammons Financial Group Inc. |  |  |
| 3.35%, 04/16/31<sup>(b)</sup> | &nbsp;&nbsp; 6052 | 5620158 |
| 4.75%, 04/08/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3780 | 3658979 |
| 6.88%, 04/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4675 | 5067628 |
| SBL Holdings Inc. |  |  |
| 5.00%, 02/18/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3880 | 3595606 |
| 7.20%, 10/30/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4155 | 4089267 |
| Selective Insurance Group Inc., 5.90%, <br> 04/15/35<br>| &nbsp;&nbsp; 2825 | 2914759 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Sompo International Holdings Ltd., 7.00%, <br> 07/15/34<sup>(a)</sup><br>| &nbsp;&nbsp; $1805 | $2015649 |
| Stewart Information Services Corp., 3.60%, <br> 11/15/31<br>| &nbsp;&nbsp; 3320 | 2985982 |
| Sumitomo Life Insurance Co. |  |  |
| 3.38%, 04/15/81, (5-year CMT + <br> 2.747%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 4230 | 3896774 |
| 5.88%, (5-year CMT + 2.841%)<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 6225 | 6340198 |
| Swiss RE Subordinated Finance PLC, 5.70%, <br> 04/05/35, (3-mo. CME Term SOFR + <br> 1.813%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 4680 | 4784831 |
| Symetra Financial Corp., 5.87%, 04/03/32<sup>(b)</sup> | &nbsp;&nbsp; 1190 | 1228607 |
| Travelers Companies Inc. (The), 5.05%, <br> 07/24/35<br>| &nbsp;&nbsp; 3750 | 3773476 |
| Travelers Property Casualty Corp., 6.38%, <br> 03/15/33<br>| &nbsp;&nbsp; 3308 | 3700729 |
| Trustage Financial Group Inc., 4.63%, <br> 04/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 2250 | 2140733 |
| Western & Southern Financial Group Inc., <br> 5.75%, 07/15/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2730 | 2849640 |
| Willis North America Inc., 5.35%, 05/15/33 | &nbsp;&nbsp; 5060 | 5204794 |
| Wynnton Funding Trust, 5.25%, 08/15/35<sup>(b)</sup> | &nbsp;&nbsp; 5035 | 5040179 |
|  |  | 831766946 |
| **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.13%, 02/09/31<sup>(a)</sup> | &nbsp;&nbsp; 9615 | 8643787 |
| 4.50%, 11/28/34 | &nbsp;&nbsp; 4050 | 3975605 |
| 5.25%, 05/26/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 7760 | 8039288 |
| Alphabet Inc., 4.50%, 05/15/35 | &nbsp;&nbsp; 7875 | 7810719 |
| Amazon.com Inc. |  |  |
| 2.10%, 05/12/31<sup>(a)</sup> | &nbsp;&nbsp; 19647 | 17621750 |
| 3.60%, 04/13/32 | &nbsp;&nbsp; 15434 | 14857435 |
| 4.70%, 12/01/32<sup>(a)</sup> | &nbsp;&nbsp; 13904 | 14213401 |
| 4.80%, 12/05/34<sup>(a)</sup> | &nbsp;&nbsp; 7865 | 8053710 |
| Baidu Inc. |  |  |
| 2.38%, 10/09/30<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 1145125 |
| 2.38%, 08/23/31<sup>(a)</sup> | &nbsp;&nbsp; 2560 | 2312546 |
| eBay Inc. |  |  |
| 2.60%, 05/10/31<sup>(a)</sup> | &nbsp;&nbsp; 4842 | 4399282 |
| 6.30%, 11/22/32 | &nbsp;&nbsp; 2600 | 2849218 |
| Expedia Group Inc. |  |  |
| 2.95%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3301 | 3049304 |
| 5.40%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6760 | 6868828 |
| Meituan, 3.05%, 10/28/30<sup>(b)</sup> | &nbsp;&nbsp; 6965 | 6494534 |
| Meta Platforms Inc. |  |  |
| 3.85%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 18808 | 18177393 |
| 4.55%, 08/15/31 | &nbsp;&nbsp; 6080 | 6198439 |
| 4.75%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 16136 | 16217669 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 11184 | 11496267 |
| Netflix Inc., 4.90%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6345 | 6485557 |
| Prosus NV |  |  |
| 3.06%, 07/13/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11815 | 10616218 |
| 4.19%, 01/19/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6320 | 6008483 |
| Tencent Holdings Ltd., 2.88%, 04/22/31<sup>(b)</sup> | &nbsp;&nbsp; 3430 | 3206967 |
| Tencent Music Entertainment Group, 2.00%, <br> 09/03/30<sup>(a)</sup><br>| &nbsp;&nbsp; 3303 | 2956407 |
| Uber Technologies Inc., 4.80%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9505 | 9396318 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| VeriSign Inc. |  |  |
| 2.70%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; $4840 | $4362335 |
| 5.25%, 06/01/32 | &nbsp;&nbsp; 1250 | 1274729 |
|  |  | 206731314 |
| **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** |
| ArcelorMittal SA |  |  |
| 6.00%, 06/17/34<sup>(a)</sup> | &nbsp;&nbsp; 3050 | 3221142 |
| 6.80%, 11/29/32<sup>(a)</sup> | &nbsp;&nbsp; 6663 | 7377708 |
| Gerdau Trade Inc., 5.75%, 06/09/35 | &nbsp;&nbsp; 4150 | 4226775 |
| Nucor Corp. |  |  |
| 3.13%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3862 | 3532993 |
| 5.10%, 06/01/35 | &nbsp;&nbsp; 3220 | 3242368 |
| POSCO, 5.88%, 01/17/33<sup>(b)</sup> | &nbsp;&nbsp; 455 | 479420 |
| POSCO Holdings Inc., 5.75%, 05/07/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1050 | 1094822 |
| Steel Dynamics Inc. |  |  |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 3691 | 3472449 |
| 5.25%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3830 | 3878191 |
| 5.38%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3810 | 3893997 |
| Vale Overseas Ltd. |  |  |
| 6.13%, 06/12/33<sup>(a)</sup> | &nbsp;&nbsp; 9615 | 10157969 |
| 8.25%, 01/17/34 | &nbsp;&nbsp; 1700 | 2038623 |
|  |  | 46616457 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31 | &nbsp;&nbsp; 3790 | 3274256 |
| 4.40%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2865 | 2693262 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/31<sup>(b)</sup> | &nbsp;&nbsp; 8655 | 8793289 |
| 6.00%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 12200 | 12516846 |
| 6.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 7600 | 7843808 |
|  |  | 35121461 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| Choice Hotels International Inc. |  |  |
| 3.70%, 01/15/31 | &nbsp;&nbsp; 2892 | 2708331 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 3805 | 3848923 |
| Hyatt Hotels Corp. |  |  |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 2885 | 2955348 |
| 5.50%, 06/30/34<sup>(a)</sup> | &nbsp;&nbsp; 2055 | 2075123 |
| 5.75%, 03/30/32 | &nbsp;&nbsp; 3200 | 3314994 |
| Las Vegas Sands Corp., 6.20%, 08/15/34 | &nbsp;&nbsp; 3205 | 3315179 |
| Marriott International Inc./MD |  |  |
| 4.50%, 10/15/31 | &nbsp;&nbsp; 2580 | 2558306 |
| 4.50%, 10/01/34 | &nbsp;&nbsp; 1800 | 1732112 |
| 5.10%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3515 | 3586034 |
| 5.25%, 10/15/35 | &nbsp;&nbsp; 1875 | 1861147 |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 6280 | 6370154 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 6695 | 6759397 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 6390 | 5859837 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 7148 | 6556626 |
| Series II, 2.75%, 10/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4531 | 3875254 |
| Sands China Ltd., 3.25%, 08/08/31<sup>(a)</sup> | &nbsp;&nbsp; 3885 | 3522294 |
|  |  | 60899059 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| AGCO Corp., 5.80%, 03/21/34<sup>(a)</sup> | &nbsp;&nbsp; 4425 | 4555387 |
| Caterpillar Inc. |  |  |
| 1.90%, 03/12/31 | &nbsp;&nbsp; 2818 | 2512328 |
| 5.20%, 05/15/35 | &nbsp;&nbsp; 10990 | 11260703 |
| Deere & Co. |  |  |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 8230 | 8580644 |
| 7.13%, 03/03/31<sup>(a)</sup> | &nbsp;&nbsp; 3275 | 3741730 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Flowserve Corp. |  |  |
| 2.80%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; $3439 | $3014813 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 3304 | 3142703 |
| IDEX Corp., 2.63%, 06/15/31 | &nbsp;&nbsp; 3298 | 2984221 |
| Ingersoll Rand Inc. |  |  |
| 5.31%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3425 | 3575378 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 4838 | 5005120 |
| 5.70%, 08/14/33 | &nbsp;&nbsp; 6200 | 6534173 |
| John Deere Capital Corp. |  |  |
| 1.45%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3843 | 3351671 |
| 2.00%, 06/17/31 | &nbsp;&nbsp; 4543 | 4025597 |
| 3.90%, 06/07/32 | &nbsp;&nbsp; 3246 | 3147118 |
| 4.35%, 09/15/32 | &nbsp;&nbsp; 4264 | 4219579 |
| 4.40%, 09/08/31 | &nbsp;&nbsp; 10030 | 10083105 |
| 4.90%, 03/07/31<sup>(a)</sup> | &nbsp;&nbsp; 5685 | 5856649 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 6310 | 6468998 |
| 5.15%, 09/08/33 | &nbsp;&nbsp; 6330 | 6563816 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 5425 | 5538640 |
| Nordson Corp., 5.80%, 09/15/33 | &nbsp;&nbsp; 3450 | 3661058 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/31 | &nbsp;&nbsp; 1945 | 1727995 |
| 5.65%, 05/15/33 | &nbsp;&nbsp; 3291 | 3385673 |
| Otis Worldwide Corp., 5.13%, 11/19/31<sup>(a)</sup> | &nbsp;&nbsp; 3674 | 3802202 |
| Regal Rexnord Corp., 6.40%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8295 | 8824926 |
| Rockwell Automation Inc., 1.75%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3196 | 2779827 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 5.50%, 05/29/35 | &nbsp;&nbsp; 5240 | 5376395 |
| 5.61%, 03/11/34 | &nbsp;&nbsp; 3450 | 3580548 |
| Xylem Inc./New York, 2.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 5593 | 5025384 |
|  |  | 142326381 |
| **Manufacturing — 0.4%** | **Manufacturing — 0.4%** | **Manufacturing — 0.4%** |
| 3M Co., 5.15%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3989 | 4052530 |
| Carlisle Companies Inc. |  |  |
| 2.20%, 03/01/32 | &nbsp;&nbsp; 3495 | 2987533 |
| 5.25%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1190 | 1190166 |
| Eaton Corp. |  |  |
| 4.00%, 11/02/32<sup>(a)</sup> | &nbsp;&nbsp; 5355 | 5199312 |
| 4.15%, 03/15/33 | &nbsp;&nbsp; 8015 | 7828071 |
| Parker-Hannifin Corp., 4.20%, 11/21/34<sup>(a)</sup> | &nbsp;&nbsp; 3380 | 3244696 |
| Pentair Finance SARL, 5.90%, 07/15/32 | &nbsp;&nbsp; 2645 | 2787869 |
| Siemens Financieringsmaatschappij NV, 2.15%, <br> 03/11/31<sup>(b)</sup><br>| &nbsp;&nbsp; 11942 | 10739715 |
| Siemens Funding BV |  |  |
| 4.90%, 05/28/32<sup>(b)</sup> | &nbsp;&nbsp; 6655 | 6805161 |
| 5.20%, 05/28/35<sup>(b)</sup> | &nbsp;&nbsp; 10195 | 10487015 |
| Teledyne Technologies Inc., 2.75%, 04/01/31 | &nbsp;&nbsp; 6535 | 5988059 |
| Textron Inc. |  |  |
| 2.45%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3308 | 2975352 |
| 5.50%, 05/15/35 | &nbsp;&nbsp; 3735 | 3803309 |
| 6.10%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2655 | 2842255 |
|  |  | 70931043 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| Charter Communications Operating LLC / <br> Charter Communications Operating Capital, <br> 5.85%, 12/01/35<br>| &nbsp;&nbsp; 3640 | 3646429 |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 2.30%, 02/01/32 | &nbsp;&nbsp; 6801 | 5762185 |
| 2.80%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10214 | 9190664 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 4.40%, 04/01/33 | &nbsp;&nbsp; $6455 | $6068808 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 9364 | 9933238 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; 6368 | 6792430 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 11028 | 9508866 |
| 1.95%, 01/15/31 | &nbsp;&nbsp; 9693 | 8589348 |
| 4.20%, 08/15/34 | &nbsp;&nbsp; 6445 | 6121710 |
| 4.25%, 10/15/30 | &nbsp;&nbsp; 4436 | 4442393 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 11332 | 11010874 |
| 4.40%, 08/15/35 | &nbsp;&nbsp; 1755 | 1671158 |
| 4.65%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8371 | 8372301 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 6913 | 6929360 |
| 4.95%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4320 | 4410598 |
| 5.30%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 8301 | 8544501 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 7475 | 7625970 |
| 5.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6589 | 6941992 |
| 5.65%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5560 | 5830291 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 5123 | 5858854 |
| Cox Communications Inc. |  |  |
| 1.80%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 4607 | 4011161 |
| 2.60%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8002 | 7121197 |
| 4.80%, 02/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 4200 | 3940281 |
| 5.45%, 09/01/34<sup>(b)</sup> | &nbsp;&nbsp; 4775 | 4713617 |
| 5.70%, 06/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 4961 | 5020635 |
| FactSet Research Systems Inc., 3.45%, <br> 03/01/32<br>| &nbsp;&nbsp; 3328 | 3064699 |
| Fox Corp., 6.50%, 10/13/33 | &nbsp;&nbsp; 8176 | 8899983 |
| Grupo Televisa SAB, 8.50%, 03/11/32<sup>(a)</sup> | &nbsp;&nbsp; 1955 | 2195875 |
| News Corp., 5.13%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 1265 | 1250430 |
| Paramount Global |  |  |
| 4.20%, 05/19/32<sup>(a)</sup> | &nbsp;&nbsp; 5550 | 5177095 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 6048 | 6010815 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 1035 | 1021606 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 6470 | 7546021 |
| TWDC Enterprises 18 Corp., Series B, 7.00%, <br> 03/01/32<br>| &nbsp;&nbsp; 3234 | 3684604 |
| Videotron Ltd., 5.70%, 01/15/35<sup>(b)</sup> | &nbsp;&nbsp; 4770 | 4824845 |
| Walt Disney Co. (The) |  |  |
| 2.65%, 01/13/31<sup>(a)</sup> | &nbsp;&nbsp; 15904 | 14786124 |
| 6.20%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4380 | 4912603 |
| 6.55%, 03/15/33 | &nbsp;&nbsp; 2305 | 2608034 |
|  |  | 228041595 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Precision Castparts Corp., 4.20%, 06/15/35 | &nbsp;&nbsp; 1680 | 1621693 |
| Timken Co. (The), 4.13%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 2320 | 2195114 |
|  |  | 3816807 |
| **Mining — 1.5%** | **Mining — 1.5%** | **Mining — 1.5%** |
| Anglo American Capital PLC |  |  |
| 2.63%, 09/10/30<sup>(b)</sup> | &nbsp;&nbsp; 1833 | 1676533 |
| 2.88%, 03/17/31<sup>(b)</sup> | &nbsp;&nbsp; 4599 | 4206606 |
| 5.50%, 05/02/33<sup>(b)</sup> | &nbsp;&nbsp; 6155 | 6316022 |
| 5.75%, 04/05/34<sup>(b)</sup> | &nbsp;&nbsp; 6410 | 6650684 |
| AngloGold Ashanti Holdings PLC, 3.75%, <br> 10/01/30<br>| &nbsp;&nbsp; 4960 | 4693438 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30<sup>(b)</sup> | &nbsp;&nbsp; 3325 | 2981129 |
| 5.63%, 05/13/32<sup>(b)</sup> | &nbsp;&nbsp; 2720 | 2784488 |
| 6.25%, 05/02/34<sup>(b)</sup> | &nbsp;&nbsp; 4244 | 4484159 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.90%, 02/28/33 | &nbsp;&nbsp; $4885 | $4942799 |
| 5.13%, 02/21/32 | &nbsp;&nbsp; 5130 | 5297300 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 381 | 397649 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 9799 | 10104222 |
| 5.30%, 02/21/35 | &nbsp;&nbsp; 8167 | 8392198 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.75%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 6795 | 6393651 |
| 5.13%, 02/02/33<sup>(b)</sup> | &nbsp;&nbsp; 6920 | 6822107 |
| 5.95%, 01/08/34<sup>(b)</sup> | &nbsp;&nbsp; 7672 | 7903962 |
| 6.33%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 4955 | 5177083 |
| Freeport Indonesia PT, 5.32%, 04/14/32<sup>(b)</sup> | &nbsp;&nbsp; 12700 | 12961341 |
| Freeport-McMoRan Inc., 5.40%, 11/14/34 | &nbsp;&nbsp; 4785 | 4873594 |
| Glencore Canada Corp., 6.20%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 1689928 |
| Glencore Funding LLC |  |  |
| 2.50%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 5570 | 5084637 |
| 2.63%, 09/23/31<sup>(b)</sup> | &nbsp;&nbsp; 5050 | 4503157 |
| 2.85%, 04/27/31<sup>(b)</sup> | &nbsp;&nbsp; 5067 | 4619550 |
| 5.63%, 04/04/34<sup>(b)</sup> | &nbsp;&nbsp; 8075 | 8285446 |
| 5.67%, 04/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 7840 | 8021277 |
| 5.70%, 05/08/33<sup>(b)</sup> | &nbsp;&nbsp; 3493 | 3645132 |
| 6.38%, 10/06/30<sup>(b)</sup> | &nbsp;&nbsp; 4780 | 5153270 |
| 6.50%, 10/06/33<sup>(b)</sup> | &nbsp;&nbsp; 6405 | 6989832 |
| Kinross Gold Corp., 6.25%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2851 | 3080433 |
| Minera Mexico SA de CV, 5.63%, 02/12/32<sup>(b)</sup> | &nbsp;&nbsp; 5435 | 5529026 |
| Newcastle Coal Infrastructure Group Pty. Ltd., <br> 4.70%, 05/12/31<sup>(b)</sup><br>| &nbsp;&nbsp; 3255 | 3191070 |
| Newmont Corp. |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 2733 | 2482836 |
| 2.60%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5421 | 4845310 |
| 5.88%, 04/01/35 | &nbsp;&nbsp; 3035 | 3242768 |
| Newmont Corp./Newcrest Finance Pty. Ltd., <br> 5.35%, 03/15/34<sup>(a)</sup><br>| &nbsp;&nbsp; 6460 | 6660631 |
| Nexa Resources SA, 6.75%, 04/09/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3385 | 3581861 |
| Northern Star Resources Ltd., 6.13%, <br> 04/11/33<sup>(b)</sup><br>| &nbsp;&nbsp; 4110 | 4300692 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1300 | 1374475 |
| 6.13%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4633 | 5040620 |
| 7.25%, 03/15/31 | &nbsp;&nbsp; 2677 | 3091377 |
| Rio Tinto Finance USA PLC |  |  |
| 5.00%, 03/14/32 | &nbsp;&nbsp; 9210 | 9440890 |
| 5.00%, 03/09/33<sup>(a)</sup> | &nbsp;&nbsp; 4007 | 4092018 |
| 5.25%, 03/14/35 | &nbsp;&nbsp; 11745 | 11965018 |
| South32 Treasury Ltd., 4.35%, 04/14/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 4562 | 4353267 |
| Southern Copper Corp., 7.50%, 07/27/35 | &nbsp;&nbsp; 4465 | 5179552 |
| Vale Canada Ltd., 7.20%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1744 | 1902390 |
| Windfall Mining Group Inc. / Groupe Minier <br> Windfall Inc., 5.85%, 05/13/32<sup>(b)</sup><br>| &nbsp;&nbsp; 4300 | 4420620 |
| Yamana Gold Inc., 2.63%, 08/15/31 | &nbsp;&nbsp; 3698 | 3287537 |
|  |  | 246113585 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 6511 | 6060808 |
| 5.55%, 08/22/34<sup>(a)</sup> | &nbsp;&nbsp; 2670 | 2702681 |
|  |  | 8763489 |
| **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** |
| Adnoc Murban Rsc Ltd., 4.50%, 09/11/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 6640 | 6567303 |
| Adnoc Murban Sukuk Ltd., 4.75%, <br> 05/06/35<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9270 | 9337605 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Aker BP ASA |  |  |
| 3.10%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; $6504 | $5910181 |
| 4.00%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5045 | 4844224 |
| 5.13%, 10/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 5085 | 4925876 |
| 6.00%, 06/13/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7139 | 7406408 |
| APA Corp., 6.10%, 02/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 2325 | 2327453 |
| BP Capital Markets America Inc. |  |  |
| 2.72%, 01/12/32 | &nbsp;&nbsp; 13175 | 11867987 |
| 4.81%, 02/13/33 | &nbsp;&nbsp; 14410 | 14455923 |
| 4.89%, 09/11/33 | &nbsp;&nbsp; 9993 | 10050697 |
| 4.99%, 04/10/34 | &nbsp;&nbsp; 6985 | 7053870 |
| 5.23%, 11/17/34<sup>(a)</sup> | &nbsp;&nbsp; 12671 | 12943143 |
| BP Capital Markets PLC |  |  |
| 6.13%, (5-year CMT + 1.924%)<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 8055 | 8212379 |
| 6.45%, (5-year CMT + 2.153%)<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 7305 | 7680258 |
| Burlington Resources LLC, 7.20%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2878 | 3289074 |
| Canadian Natural Resources Ltd. |  |  |
| 5.40%, 12/15/34<sup>(b)</sup> | &nbsp;&nbsp; 5000 | 5008930 |
| 5.85%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 2200 | 2257325 |
| 6.45%, 06/30/33 | &nbsp;&nbsp; 2535 | 2703875 |
| 7.20%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2949 | 3281015 |
| Cenovus Energy Inc., 2.65%, 01/15/32 | &nbsp;&nbsp; 3710 | 3256560 |
| Chevron USA Inc. |  |  |
| 4.50%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6375 | 6383168 |
| 4.82%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5345 | 5474664 |
| 4.85%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5100 | 5078392 |
| 4.98%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5205 | 5291248 |
| CNOOC Finance 2003 Ltd., 5.50%, 05/21/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 106711 |
| Conoco Funding Co., 7.25%, 10/15/31 | &nbsp;&nbsp; 695 | 797481 |
| ConocoPhillips Co. |  |  |
| 4.85%, 01/15/32 | &nbsp;&nbsp; 4777 | 4859008 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 8085 | 8084573 |
| 5.05%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6340 | 6475807 |
| 5.90%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3320 | 3602344 |
| Continental Resources Inc./OK |  |  |
| 2.88%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 5530 | 4749270 |
| 5.75%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9553 | 9806467 |
| Coterra Energy Inc. |  |  |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 5350 | 5327604 |
| 5.60%, 03/15/34 | &nbsp;&nbsp; 3310 | 3351405 |
| Devon Energy Corp. |  |  |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8270 | 8103798 |
| 7.88%, 09/30/31<sup>(a)</sup> | &nbsp;&nbsp; 4435 | 5129815 |
| 7.95%, 04/15/32 | &nbsp;&nbsp; 2471 | 2853280 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 5003 | 4633779 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 8680 | 8768097 |
| 5.55%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 7805 | 7892716 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 7603 | 8125077 |
| Empresa Nacional del Petroleo |  |  |
| 3.45%, 09/16/31<sup>(b)</sup> | &nbsp;&nbsp; 3235 | 2928485 |
| 5.95%, 07/30/34<sup>(b)</sup> | &nbsp;&nbsp; 2745 | 2839060 |
| 6.15%, 05/10/33<sup>(b)</sup> | &nbsp;&nbsp; 4825 | 5046945 |
| Eni SpA |  |  |
| 5.50%, 05/15/34<sup>(b)</sup> | &nbsp;&nbsp; 6480 | 6607624 |
| 5.75%, 05/19/35<sup>(b)</sup> | &nbsp;&nbsp; 6415 | 6623720 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 3705 | 3388859 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 7500 | 7636649 |
| EQT Corp. |  |  |
| 3.63%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3873 | 3617685 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 4.75%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $1385 | $1375205 |
| 5.75%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 5075 | 5254021 |
| Equinor ASA, 5.13%, 06/03/35<sup>(a)</sup> | &nbsp;&nbsp; 4150 | 4226973 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 9325 | 9076336 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; 4905 | 4976225 |
| Exxon Mobil Corp., 2.61%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7270 | 6781392 |
| Harbour Energy PLC, 6.33%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 5465 | 5542319 |
| Helmerich & Payne Inc. |  |  |
| 2.90%, 09/29/31<sup>(a)</sup> | &nbsp;&nbsp; 3550 | 3093854 |
| 5.50%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 3445 | 3313630 |
| Hess Corp. |  |  |
| 7.13%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3565 | 4103506 |
| 7.30%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4464 | 5146458 |
| HF Sinclair Corp. |  |  |
| 4.50%, 10/01/30 | &nbsp;&nbsp; 2229 | 2178184 |
| 5.50%, 09/01/32 | &nbsp;&nbsp; 1735 | 1740878 |
| 5.75%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4045 | 4177045 |
| 6.25%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5505 | 5664370 |
| KazMunayGas National Co. JSC, 3.50%, <br> 04/14/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5915 | 5243602 |
| Marathon Petroleum Corp., 5.70%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 6150 | 6280553 |
| Occidental Petroleum Corp. |  |  |
| 5.38%, 01/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6570 | 6608540 |
| 5.55%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 7825 | 7786619 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 7235 | 7562275 |
| 6.63%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 9042 | 9609322 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 5880 | 6564826 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; 3233 | 3649430 |
| ORLEN SA, 6.00%, 01/30/35<sup>(b)</sup> | &nbsp;&nbsp; 5785 | 5985799 |
| Ovintiv Inc. |  |  |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 3810 | 3964512 |
| 6.50%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3915 | 4121645 |
| 7.20%, 11/01/31 | &nbsp;&nbsp; 2490 | 2729711 |
| 7.38%, 11/01/31 | &nbsp;&nbsp; 4100 | 4539533 |
| 8.13%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1985 | 2276675 |
| Patterson-UTI Energy Inc., 7.15%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; 2610 | 2725507 |
| Pertamina Persero PT, 2.30%, 02/09/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7495 | 6655034 |
| Petronas Capital Ltd. |  |  |
| 2.48%, 01/28/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10890 | 9717715 |
| 4.95%, 01/03/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1855 | 1919451 |
| 5.34%, 04/03/35<sup>(b)</sup> | &nbsp;&nbsp; 12525 | 12934603 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | &nbsp;&nbsp; 5534 | 4927854 |
| 4.65%, 11/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6520 | 6289324 |
| Phillips 66 Co. |  |  |
| 4.95%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4355 | 4267497 |
| 5.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7765 | 8043094 |
| 5.30%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; 5913 | 6040649 |
| Pioneer Natural Resources Co., 2.15%, <br> 01/15/31<br>| &nbsp;&nbsp; 5309 | 4763506 |
| Qatar Energy, 2.25%, 07/12/31<sup>(b)</sup> | &nbsp;&nbsp; 23730 | 21104940 |
| Raizen Fuels Finance SA |  |  |
| 5.70%, 01/17/35<sup>(b)</sup> | &nbsp;&nbsp; 6185 | 5671026 |
| 6.25%, 07/08/32<sup>(b)</sup> | &nbsp;&nbsp; 1065 | 1039914 |
| 6.45%, 03/05/34<sup>(b)</sup> | &nbsp;&nbsp; 8925 | 8707472 |
| Reliance Industries Ltd., 2.88%, 01/12/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10045 | 9072067 |
| SA Global Sukuk Ltd. |  |  |
| 2.69%, 06/17/31<sup>(b)</sup> | &nbsp;&nbsp; 22975 | 20794213 |
| 4.75%, 10/02/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 8965 | 8942892 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Santos Finance Ltd. |  |  |
| 3.65%, 04/29/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $8054 | $7570518 |
| 6.88%, 09/19/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 5425 | 5942697 |
| Saudi Arabian Oil Co. |  |  |
| 2.25%, 11/24/30<sup>(b)</sup> | &nbsp;&nbsp; 15035 | 13589580 |
| 5.25%, 07/17/34<sup>(b)</sup> | &nbsp;&nbsp; 13830 | 14175750 |
| 5.38%, 06/02/35<sup>(b)</sup> | &nbsp;&nbsp; 7485 | 7684710 |
| Shell Finance U.S. Inc., 4.13%, 05/11/35 | &nbsp;&nbsp; 7750 | 7361523 |
| Shell International Finance BV, 4.13%, <br> 05/11/35<br>| &nbsp;&nbsp; 1080 | 1025381 |
| Sinopec Group Overseas Development 2018 <br> Ltd., 2.30%, 01/08/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9460 | 8756372 |
| Suncor Energy Inc. |  |  |
| 5.95%, 12/01/34 | &nbsp;&nbsp; 3260 | 3395771 |
| 7.15%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3840 | 4292435 |
| TotalEnergies Capital SA |  |  |
| 4.72%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; 5060 | 5057315 |
| 5.15%, 04/05/34<sup>(a)</sup> | &nbsp;&nbsp; 7980 | 8224793 |
| Valero Energy Corp. |  |  |
| 2.80%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3090 | 2788049 |
| 7.50%, 04/15/32 | &nbsp;&nbsp; 4800 | 5527093 |
| Var Energi ASA |  |  |
| 6.50%, 05/22/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 4945 | 5171016 |
| 8.00%, 11/15/32<sup>(b)</sup> | &nbsp;&nbsp; 6588 | 7550429 |
| Viper Energy Partners LLC, 5.70%, 08/01/35 | &nbsp;&nbsp; 6295 | 6311808 |
| Woodside Finance Ltd. |  |  |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 8420 | 8249707 |
| 5.70%, 05/19/32 | &nbsp;&nbsp; 1470 | 1519063 |
| 6.00%, 05/19/35 | &nbsp;&nbsp; 8515 | 8798595 |
|  |  | 707146618 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Schlumberger Holdings Corp. |  |  |
| 4.85%, 05/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 2600 | 2592880 |
| 5.00%, 06/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2710 | 2710621 |
|  |  | 5303501 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| Amcor Finance USA Inc., 5.63%, 05/26/33<sup>(a)</sup> | &nbsp;&nbsp; 3410 | 3544904 |
| Amcor Flexibles North America Inc. |  |  |
| 2.69%, 05/25/31 | &nbsp;&nbsp; 5458 | 4940841 |
| 5.50%, 03/17/35<sup>(a)</sup> | &nbsp;&nbsp; 4715 | 4820485 |
| AptarGroup Inc., 3.60%, 03/15/32 | &nbsp;&nbsp; 2445 | 2245865 |
| Berry Global Inc. |  |  |
| 5.65%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5160 | 5361977 |
| 5.80%, 06/15/31 | &nbsp;&nbsp; 5450 | 5771033 |
| Packaging Corp. of America |  |  |
| 5.20%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2820 | 2836196 |
| 5.70%, 12/01/33 | &nbsp;&nbsp; 2305 | 2421046 |
| Smurfit Kappa Treasury ULC, 5.44%, 04/03/34 | &nbsp;&nbsp; 7571 | 7770844 |
| Smurfit Westrock Financing DAC, 5.42%, <br> 01/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 4110 | 4184717 |
| Sonoco Products Co. |  |  |
| 2.85%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3172 | 2826562 |
| 5.00%, 09/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4910 | 4805311 |
| WestRock MWV LLC, 7.95%, 02/15/31 | &nbsp;&nbsp; 2380 | 2763591 |
| WRKCo Inc. |  |  |
| 3.00%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4220 | 3716100 |
| 4.20%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3428 | 3306012 |
|  |  | 61315484 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| AbbVie Inc. |  |  |
| 4.50%, 05/14/35 | &nbsp;&nbsp; $16265 | $15760822 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 11385 | 11146728 |
| 4.95%, 03/15/31 | &nbsp;&nbsp; 12710 | 13123521 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 18600 | 18949048 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 6922 | 7085289 |
| Astrazeneca Finance LLC |  |  |
| 2.25%, 05/28/31<sup>(a)</sup> | &nbsp;&nbsp; 4754 | 4297548 |
| 4.88%, 03/03/33<sup>(a)</sup> | &nbsp;&nbsp; 3135 | 3200067 |
| 4.90%, 02/26/31 | &nbsp;&nbsp; 6450 | 6668706 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 9425 | 9628285 |
| Bayer U.S. Finance II LLC |  |  |
| 4.20%, 07/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 1775 | 1625478 |
| 5.50%, 07/30/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 2035 | 2049239 |
| Bayer U.S. Finance LLC |  |  |
| 6.38%, 11/21/30<sup>(b)</sup> | &nbsp;&nbsp; 7650 | 8209514 |
| 6.50%, 11/21/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 12365 | 13251797 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 6523 | 5734369 |
| 4.30%, 08/22/32 | &nbsp;&nbsp; 3169 | 3090705 |
| 5.11%, 02/08/34 | &nbsp;&nbsp; 3389 | 3431631 |
| Bristol-Myers Squibb Co. |  |  |
| 1.45%, 11/13/30<sup>(a)</sup> | &nbsp;&nbsp; 7612 | 6644326 |
| 2.95%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 11375 | 10377307 |
| 5.10%, 02/22/31 | &nbsp;&nbsp; 7920 | 8239821 |
| 5.20%, 02/22/34<sup>(a)</sup> | &nbsp;&nbsp; 15501 | 15914948 |
| 5.75%, 02/01/31 | &nbsp;&nbsp; 6520 | 6974109 |
| 5.90%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6490 | 6990509 |
| Cardinal Health Inc. |  |  |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 2500 | 2482473 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 6285 | 6383044 |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3065 | 3147751 |
| Cencora Inc. |  |  |
| 2.70%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6494 | 5951203 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 3070 | 3103824 |
| 5.15%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4680 | 4714900 |
| CVS Health Corp. |  |  |
| 1.88%, 02/28/31 | &nbsp;&nbsp; 8221 | 7117120 |
| 2.13%, 09/15/31 | &nbsp;&nbsp; 6614 | 5709692 |
| 4.88%, 07/20/35 | &nbsp;&nbsp; 4160 | 3989052 |
| 5.00%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3905 | 3922947 |
| 5.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 4881 | 5019251 |
| 5.25%, 02/21/33<sup>(a)</sup> | &nbsp;&nbsp; 11011 | 11138398 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 7941 | 8047259 |
| 5.45%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5475 | 5487289 |
| 5.55%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 6615 | 6911412 |
| 5.70%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 7813 | 8059914 |
| Eli Lilly & Co. |  |  |
| 4.25%, 03/15/31 | &nbsp;&nbsp; 8440 | 8459584 |
| 4.55%, 10/15/32 | &nbsp;&nbsp; 7135 | 7170442 |
| 4.60%, 08/14/34 | &nbsp;&nbsp; 7660 | 7616262 |
| 4.70%, 02/27/33<sup>(a)</sup> | &nbsp;&nbsp; 6218 | 6302285 |
| 4.70%, 02/09/34 | &nbsp;&nbsp; 9405 | 9423062 |
| 4.90%, 02/12/32 | &nbsp;&nbsp; 5770 | 5958026 |
| 4.90%, 10/15/35 | &nbsp;&nbsp; 7450 | 7491803 |
| 5.10%, 02/12/35 | &nbsp;&nbsp; 7731 | 7923624 |
| EMD Finance LLC |  |  |
| 4.63%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 6645 | 6598733 |
| 5.00%, 10/15/35<sup>(b)</sup> | &nbsp;&nbsp; 6300 | 6236876 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| GlaxoSmithKline Capital Inc. |  |  |
| 4.88%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; $4805 | $4810527 |
| 5.38%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2335 | 2444459 |
| Johnson & Johnson |  |  |
| 1.30%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 8814 | 7771959 |
| 4.38%, 12/05/33<sup>(a)</sup> | &nbsp;&nbsp; 5140 | 5157227 |
| 4.85%, 03/01/32 | &nbsp;&nbsp; 8285 | 8585306 |
| 4.90%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 7330 | 7654377 |
| 4.95%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2805 | 2924403 |
| 4.95%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4915 | 5138119 |
| 5.00%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 8630 | 8875235 |
| McKesson Corp. |  |  |
| 4.95%, 05/30/32 | &nbsp;&nbsp; 4610 | 4701266 |
| 5.10%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3781 | 3874490 |
| 5.25%, 05/30/35<sup>(a)</sup> | &nbsp;&nbsp; 4930 | 5024606 |
| Merck & Co. Inc. |  |  |
| 2.15%, 12/10/31<sup>(a)</sup> | &nbsp;&nbsp; 13114 | 11546035 |
| 4.50%, 05/17/33<sup>(a)</sup> | &nbsp;&nbsp; 9474 | 9478162 |
| 6.50%, 12/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3655 | 4133696 |
| Novartis Capital Corp. |  |  |
| 4.00%, 09/18/31 | &nbsp;&nbsp; 5740 | 5701721 |
| 4.20%, 09/18/34<sup>(a)</sup> | &nbsp;&nbsp; 6570 | 6365245 |
| Pfizer Inc., 1.75%, 08/18/31<sup>(a)</sup> | &nbsp;&nbsp; 6639 | 5795143 |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, <br> 05/19/33<sup>(a)</sup><br>| &nbsp;&nbsp; 31863 | 31926724 |
| Takeda Pharmaceutical Co. Ltd., 5.30%, <br> 07/05/34<br>| &nbsp;&nbsp; 6405 | 6543323 |
| Takeda U.S. Financing Inc., 5.20%, 07/07/35 | &nbsp;&nbsp; 11130 | 11180614 |
| Wyeth LLC, 6.50%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4630 | 5185031 |
| Zoetis Inc. |  |  |
| 5.00%, 08/17/35 | &nbsp;&nbsp; 6425 | 6398742 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 4728 | 5001980 |
|  |  | 522978383 |
| **Pipelines — 3.8%** | **Pipelines — 3.8%** | **Pipelines — 3.8%** |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/31 | &nbsp;&nbsp; 3502 | 3263028 |
| 3.60%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 3272 | 2996503 |
| 5.63%, 08/01/34 | &nbsp;&nbsp; 4160 | 4267090 |
| Cameron LNG LLC |  |  |
| 2.90%, 07/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5322 | 4864636 |
| 3.30%, 01/15/35<sup>(b)</sup> | &nbsp;&nbsp; 4275 | 3678138 |
| Cheniere Energy Inc., 5.65%, 04/15/34 | &nbsp;&nbsp; 9805 | 10009226 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 7977 | 7221260 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 10670 | 10282429 |
| 5.55%, 10/30/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 825 | 832582 |
| 5.75%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7870 | 8083179 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 9322 | 9760447 |
| Colonial Enterprises Inc., 5.63%, 11/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1650 | 1650555 |
| Colonial Pipeline Co., 7.63%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1475 | 1677635 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 5.10%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 2984 | 3030666 |
| 5.68%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 3380 | 3460634 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.44%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 3640 | 3656911 |
| 6.04%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 9450 | 10003494 |
| DCP Midstream Operating LP, 3.25%, 02/15/32 | &nbsp;&nbsp; 3030 | 2725266 |
| DT Midstream Inc. |  |  |
| 4.30%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 4175 | 3935852 |
| 4.38%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2360 | 2270556 |
| 5.80%, 12/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 4615 | 4702717 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Eastern Energy Gas Holdings LLC, 5.80%, <br> 01/15/35<br>| &nbsp;&nbsp; $4770 | $4972541 |
| El Paso Natural Gas Co. LLC |  |  |
| 3.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1994 | 1818401 |
| 8.38%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1980 | 2355541 |
| Enbridge Inc. |  |  |
| 2.50%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 6693 | 5634394 |
| 5.55%, 06/20/35 | &nbsp;&nbsp; 6200 | 6314141 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 7625 | 7871979 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 15010 | 15658343 |
| 6.20%, 11/15/30 | &nbsp;&nbsp; 4820 | 5189052 |
| 7.20%, 06/27/54, (5-year CMT + <br> 2.970%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4705 | 4892504 |
| 7.63%, 01/15/83, (5-year CMT + <br> 4.418%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3640 | 3885576 |
| 8.50%, 01/15/84, (5-year CMT + <br> 4.431%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7700 | 8710348 |
| Energy Transfer LP |  |  |
| 4.90%, 03/15/35 | &nbsp;&nbsp; 3299 | 3167755 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 7962 | 8083094 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 8157 | 8290064 |
| 5.70%, 04/01/35 | &nbsp;&nbsp; 8345 | 8495445 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 9587 | 9965623 |
| 6.40%, 12/01/30 | &nbsp;&nbsp; 6402 | 6926793 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 9430 | 10214851 |
| 7.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 5450 | 5701117 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/15/31 | &nbsp;&nbsp; 4685 | 4727284 |
| 4.85%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; 6425 | 6424236 |
| 4.95%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7405 | 7390505 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 6353 | 6579896 |
| Series D, 6.88%, 03/01/33 | &nbsp;&nbsp; 3175 | 3573785 |
| Series H, 6.65%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1567 | 1763974 |
| Series J, 5.75%, 03/01/35 | &nbsp;&nbsp; 1919 | 2000871 |
| Flex Intermediate Holdco LLC, 3.36%, <br> 06/30/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5280 | 4825296 |
| Florida Gas Transmission Co. LLC |  |  |
| 2.30%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 4322 | 3810925 |
| 5.75%, 07/15/35<sup>(b)</sup> | &nbsp;&nbsp; 4635 | 4774838 |
| Galaxy Pipeline Assets Bidco Ltd., 2.16%, <br> 03/31/34<sup>(b)</sup><br>| &nbsp;&nbsp; 2528 | 2280066 |
| Gulfstream Natural Gas System LLC, 5.60%, <br> 07/23/35<sup>(b)</sup><br>| &nbsp;&nbsp; 5045 | 5101058 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.80%, 03/15/35 | &nbsp;&nbsp; 3445 | 3557063 |
| 7.30%, 08/15/33 | &nbsp;&nbsp; 2980 | 3362552 |
| 7.40%, 03/15/31 | &nbsp;&nbsp; 2392 | 2702362 |
| 7.75%, 03/15/32 | &nbsp;&nbsp; 2415 | 2798252 |
| Kinder Morgan Inc. |  |  |
| 2.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4876 | 4299713 |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 4883 | 4827217 |
| 5.20%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 10136 | 10253953 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 4875 | 4905303 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 6580 | 6699619 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 4955 | 5148547 |
| 7.75%, 01/15/32 | &nbsp;&nbsp; 6894 | 7968774 |
| 7.80%, 08/01/31 | &nbsp;&nbsp; 3483 | 4029717 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | &nbsp;&nbsp; 4805 | 4808614 |
| 4.95%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6185 | 6148044 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 5290 | 5243707 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.00%, 03/01/33 | &nbsp;&nbsp; $7220 | $7151259 |
| 5.40%, 04/01/35 | &nbsp;&nbsp; 6230 | 6185850 |
| 5.40%, 09/15/35 | &nbsp;&nbsp; 5975 | 5898624 |
| 5.50%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 10479 | 10566887 |
| NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4970 | 4476147 |
| ONEOK Inc. |  |  |
| 4.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5705 | 5704923 |
| 4.95%, 10/15/32 | &nbsp;&nbsp; 3425 | 3403729 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 10250 | 9993751 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 2925 | 2897119 |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 3355 | 3412062 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 3003 | 3159653 |
| 6.00%, 06/15/35 | &nbsp;&nbsp; 2515 | 2603696 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 9967 | 10486855 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 4855 | 5152469 |
| 6.35%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3969 | 4262855 |
| 6.50%, 09/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3081 | 3315676 |
| Plains All American Pipeline LP, 5.95%, <br> 06/15/35<br>| &nbsp;&nbsp; 6865 | 7071531 |
| Plains All American Pipeline LP/PAA <br> Finance Corp.<br>|  |  |
| 3.80%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4782 | 4613823 |
| 5.70%, 09/15/34 | &nbsp;&nbsp; 4375 | 4462875 |
| Sempra Infrastructure Partners LP, 3.25%, <br> 01/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 2727 | 2355161 |
| South Bow USA Infrastructure Holdings LLC, <br> 5.58%, 10/01/34<br>| &nbsp;&nbsp; 8755 | 8684967 |
| Southern Natural Gas Co. LLC |  |  |
| 5.45%, 08/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 1725 | 1734808 |
| 8.00%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1372 | 1576911 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 5415 | 5103936 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 6810 | 6868824 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 6165 | 6209826 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 5743 | 6073183 |
| 6.50%, 03/30/34<sup>(a)</sup> | &nbsp;&nbsp; 6618 | 7152330 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 6865 | 6453796 |
| 4.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 7425 | 7396225 |
| Texas Eastern Transmission LP, 7.00%, <br> 07/15/32<br>| &nbsp;&nbsp; 2913 | 3248292 |
| TransCanada PipeLines Ltd. |  |  |
| 2.50%, 10/12/31 | &nbsp;&nbsp; 1755 | 1537637 |
| 4.63%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 7795 | 7513613 |
| 5.60%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp; 2350 | 2405265 |
| Transcanada Trust, 5.60%, 03/07/82, (5-year <br> CMT + 3.986%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5116 | 5009212 |
| Western Midstream Operating LP |  |  |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 5660 | 5590493 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 4863 | 5080852 |
| Whistler Pipeline LLC |  |  |
| 5.70%, 09/30/31<sup>(b)</sup> | &nbsp;&nbsp; 1745 | 1814325 |
| 5.95%, 09/30/34<sup>(b)</sup> | &nbsp;&nbsp; 5335 | 5469561 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31 | &nbsp;&nbsp; 9924 | 8978792 |
| 3.50%, 11/15/30 | &nbsp;&nbsp; 6565 | 6260083 |
| 4.65%, 08/15/32 | &nbsp;&nbsp; 6437 | 6355248 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 8065 | 8085222 |
| 5.30%, 09/30/35 | &nbsp;&nbsp; 4525 | 4528941 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 6440 | 6608014 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.65%, 03/15/33 | &nbsp;&nbsp; $4738 | $4931668 |
| 7.75%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1802 | 2066614 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 3091 | 3735361 |
| Series A, 7.50%, 01/15/31 | &nbsp;&nbsp; 2467 | 2794492 |
|  |  | 616969973 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| EQT AB, 5.85%, 05/08/35<sup>(b)</sup> | &nbsp;&nbsp; 3305 | 3387677 |
| KKR & Co. Inc., 5.10%, 08/07/35 | &nbsp;&nbsp; 5185 | 5144070 |
|  |  | 8531747 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Brookfield Corp., 7.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 280 | 320122 |
| CBRE Services Inc. |  |  |
| 2.50%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3298 | 2964211 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 3130 | 3192112 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 6495 | 6898046 |
| Corp. Inmobiliaria Vesta SAB de CV, 3.63%, <br> 05/13/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2570 | 2331434 |
| Mitsui Fudosan Co. Ltd., 2.57%, 01/21/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 445 | 388194 |
| Ontario Teachers' Cadillac Fairview Properties <br> Trust, 2.50%, 10/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 6310 | 5608770 |
|  |  | 21702889 |
| **Real Estate Investment Trusts — 4.7%** | **Real Estate Investment Trusts — 4.7%** | **Real Estate Investment Trusts — 4.7%** |
| Agree LP |  |  |
| 2.60%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1460 | 1237641 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 2065 | 1922347 |
| 4.80%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1365 | 1359749 |
| 5.60%, 06/15/35 | &nbsp;&nbsp; 2695 | 2772475 |
| 5.63%, 06/15/34 | &nbsp;&nbsp; 2510 | 2581700 |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 5424 | 4395092 |
| 2.00%, 05/18/32 | &nbsp;&nbsp; 10220 | 8558560 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 5470 | 4672267 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 4270 | 3994198 |
| 4.75%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4195 | 4049325 |
| 4.90%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4288 | 4357153 |
| American Assets Trust LP |  |  |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 2985 | 2692377 |
| 6.15%, 10/01/34 | &nbsp;&nbsp; 3320 | 3333715 |
| American Homes 4 Rent LP |  |  |
| 2.38%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2718 | 2400452 |
| 3.63%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3376 | 3140569 |
| 5.25%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3260 | 3273004 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 4330 | 4446500 |
| 5.50%, 07/15/34 | &nbsp;&nbsp; 3025 | 3096173 |
| American Tower Corp. |  |  |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 4862 | 4285424 |
| 2.30%, 09/15/31 | &nbsp;&nbsp; 4661 | 4103140 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 5398 | 4896584 |
| 4.05%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4199 | 4045167 |
| 5.35%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3590 | 3682406 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 5090 | 5224186 |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4820 | 4970218 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 5482 | 5692134 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 5067 | 5291902 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 4666 | 4957429 |
| Americold Realty Operating Partnership LP |  |  |
| 5.41%, 09/12/34<sup>(a)</sup> | &nbsp;&nbsp; 3300 | 3241873 |
| 5.60%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2325 | 2357278 |
| AvalonBay Communities Inc. |  |  |
| 2.05%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6755 | 5866070 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 2.45%, 01/15/31 | &nbsp;&nbsp; $3466 | $3151436 |
| 5.00%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1475515 |
| 5.00%, 08/01/35 | &nbsp;&nbsp; 2485 | 2474492 |
| 5.30%, 12/07/33 | &nbsp;&nbsp; 2030 | 2094843 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 2235 | 2303935 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; 7070 | 5736684 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 7678 | 6589998 |
| 3.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 7773 | 7223154 |
| 5.75%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 5573808 |
| 6.50%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5855 | 6283389 |
| Brixmor Operating Partnership LP |  |  |
| 2.50%, 08/16/31<sup>(a)</sup> | &nbsp;&nbsp; 3095 | 2741901 |
| 5.20%, 04/01/32 | &nbsp;&nbsp; 2410 | 2459995 |
| 5.50%, 02/15/34 | &nbsp;&nbsp; 2355 | 2400107 |
| 5.75%, 02/15/35 | &nbsp;&nbsp; 2580 | 2671158 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2217 | 1914829 |
| Camden Property Trust, 4.90%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2175 | 2182264 |
| COPT Defense Properties LP |  |  |
| 2.75%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3581 | 3227804 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 1870 | 1572888 |
| Cousins Properties LP |  |  |
| 5.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2430 | 2478876 |
| 5.88%, 10/01/34 | &nbsp;&nbsp; 3030 | 3132910 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 6896 | 6014772 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 7095 | 6283325 |
| 2.50%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5340 | 4729787 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 5096 | 5109193 |
| 5.20%, 09/01/34<sup>(a)</sup> | &nbsp;&nbsp; 4648 | 4643896 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 5135 | 5353003 |
| CubeSmart LP |  |  |
| 2.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 2068873 |
| 2.50%, 02/15/32 | &nbsp;&nbsp; 2955 | 2574903 |
| 5.13%, 11/01/35 | &nbsp;&nbsp; 850 | 835746 |
| DOC DR LLC, 2.63%, 11/01/31 | &nbsp;&nbsp; 2975 | 2650650 |
| EPR Properties, 3.60%, 11/15/31 | &nbsp;&nbsp; 1835 | 1677688 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 4727 | 4845628 |
| Equinix Inc. |  |  |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 9658 | 8662326 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 8468 | 8062248 |
| ERP Operating LP |  |  |
| 1.85%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; 4777 | 4175782 |
| 4.65%, 09/15/34 | &nbsp;&nbsp; 3805 | 3718353 |
| 4.95%, 06/15/32 | &nbsp;&nbsp; 3015 | 3079041 |
| Essential Properties LP |  |  |
| 2.95%, 07/15/31 | &nbsp;&nbsp; 2369 | 2131232 |
| 5.40%, 12/01/35 | &nbsp;&nbsp; 1875 | 1849941 |
| Essex Portfolio LP |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 1825 | 1565402 |
| 2.55%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1792 | 1602012 |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 3860 | 3411623 |
| 5.38%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 2720 | 2779855 |
| 5.50%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 2940 | 3034271 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2386 | 2139975 |
| 2.35%, 03/15/32 | &nbsp;&nbsp; 3790 | 3250696 |
| 2.40%, 10/15/31 | &nbsp;&nbsp; 3674 | 3227497 |
| 2.55%, 06/01/31 | &nbsp;&nbsp; 3175 | 2850640 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 4195 | 4208566 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.35%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; $2610 | $2629422 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 4940 | 5033190 |
| 5.40%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3695 | 3729782 |
| 5.90%, 01/15/31 | &nbsp;&nbsp; 3715 | 3943683 |
| First Industrial LP, 5.25%, 01/15/31 | &nbsp;&nbsp; 2190 | 2236063 |
| GLP Capital LP / GLP Financing II Inc., 5.25%, <br> 02/15/33<br>| &nbsp;&nbsp; 3395 | 3375551 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5071 | 4525784 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; 4489 | 4273354 |
| 5.63%, 09/15/34 | &nbsp;&nbsp; 5010 | 5025771 |
| 6.75%, 12/01/33 | &nbsp;&nbsp; 3015 | 3244511 |
| Goodman U.S. Finance Five LLC, 4.63%, <br> 05/04/32<sup>(b)</sup><br>| &nbsp;&nbsp; 3060 | 3021081 |
| Goodman U.S. Finance Six LLC, 5.13%, <br> 10/07/34<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3880 | 3879061 |
| Healthcare Realty Holdings LP |  |  |
| 2.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4732 | 4105844 |
| 2.05%, 03/15/31 | &nbsp;&nbsp; 1880 | 1613787 |
| Healthpeak OP LLC |  |  |
| 2.88%, 01/15/31 | &nbsp;&nbsp; 3638 | 3349943 |
| 4.75%, 01/15/33 | &nbsp;&nbsp; 1875 | 1862215 |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 4234 | 4329024 |
| 5.38%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3585 | 3623561 |
| Highwoods Realty LP |  |  |
| 2.60%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 2025 | 1779574 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 515 | 582752 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 4595 | 4573014 |
| 5.70%, 06/15/32 | &nbsp;&nbsp; 1945 | 1997658 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 3275 | 3330247 |
| Series I, 3.50%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7823 | 7355746 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 4080 | 3621436 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 4354 | 3739356 |
| 2.70%, 01/15/34 | &nbsp;&nbsp; 2160 | 1811000 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 3590 | 3434026 |
| 4.88%, 02/01/35 | &nbsp;&nbsp; 3305 | 3228564 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 2515 | 2509442 |
| 5.50%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2753 | 2823578 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4495 | 3684937 |
| 2.65%, 11/15/33 | &nbsp;&nbsp; 2710 | 2190039 |
| Kimco Realty OP LLC |  |  |
| 2.25%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3152 | 2768279 |
| 2.70%, 10/01/30 | &nbsp;&nbsp; 5247 | 4842375 |
| 3.20%, 04/01/32 | &nbsp;&nbsp; 3635 | 3324680 |
| 4.60%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3320 | 3268441 |
| 4.85%, 03/01/35 | &nbsp;&nbsp; 3380 | 3332033 |
| 6.40%, 03/01/34 | &nbsp;&nbsp; 2878 | 3148584 |
| Kite Realty Group LP |  |  |
| 4.95%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2220 | 2246330 |
| 5.20%, 08/15/32 | &nbsp;&nbsp; 1760 | 1788271 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 1880 | 1922892 |
| Kite Realty Group Trust, 4.75%, 09/15/30 | &nbsp;&nbsp; 2445 | 2452949 |
| LXP Industrial Trust |  |  |
| 2.38%, 10/01/31 | &nbsp;&nbsp; 2300 | 1987040 |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 880 | 800726 |
| Mid-America Apartments LP |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 2647 | 2304427 |
| 4.95%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 2253305 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.00%, 03/15/34 | &nbsp;&nbsp; $1865 | $1877561 |
| 5.30%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2440 | 2538878 |
| National Health Investors Inc., 3.00%, 02/01/31 | &nbsp;&nbsp; 2393 | 2137705 |
| NNN REIT Inc. |  |  |
| 4.60%, 02/15/31 | &nbsp;&nbsp; 2270 | 2276654 |
| 5.50%, 06/15/34 | &nbsp;&nbsp; 2900 | 2985094 |
| 5.60%, 10/15/33 | &nbsp;&nbsp; 2635 | 2740408 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4637 | 4035232 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 4080 | 3772014 |
| Phillips Edison Grocery Center Operating <br> Partnership I LP<br>|  |  |
| 2.63%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2180 | 1923028 |
| 4.95%, 01/15/35 | &nbsp;&nbsp; 2030 | 1981637 |
| 5.25%, 08/15/32 | &nbsp;&nbsp; 1880 | 1918735 |
| 5.75%, 07/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2490 | 2571444 |
| Piedmont Operating Partnership LP, 2.75%, <br> 04/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 1355 | 1145414 |
| Prologis LP |  |  |
| 1.25%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7495 | 6487973 |
| 1.63%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3150 | 2740154 |
| 1.75%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 6109 | 5364089 |
| 2.25%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5146 | 4503271 |
| 4.63%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5370 | 5355521 |
| 4.75%, 01/15/31 | &nbsp;&nbsp; 3550 | 3622342 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 3515 | 3521658 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 5000 | 5044771 |
| 5.00%, 01/31/35<sup>(a)</sup> | &nbsp;&nbsp; 4220 | 4242545 |
| 5.13%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4413 | 4509520 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 4980 | 5077495 |
| Prologis Targeted U.S. Logistics Fund LP |  |  |
| 5.25%, 01/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 3090 | 3124200 |
| 5.50%, 04/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2860 | 2943456 |
| Public Storage Operating Co. |  |  |
| 2.25%, 11/09/31 | &nbsp;&nbsp; 3445 | 3048091 |
| 2.30%, 05/01/31 | &nbsp;&nbsp; 5158 | 4628784 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 2735 | 2729396 |
| 5.10%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3650 | 3762777 |
| Rayonier LP, 2.75%, 05/17/31 | &nbsp;&nbsp; 3453 | 3098723 |
| Realty Income Corp. |  |  |
| 1.80%, 03/15/33 | &nbsp;&nbsp; 2110 | 1731269 |
| 2.70%, 02/15/32 | &nbsp;&nbsp; 2266 | 2013181 |
| 2.85%, 12/15/32 | &nbsp;&nbsp; 4675 | 4155922 |
| 3.20%, 02/15/31 | &nbsp;&nbsp; 2921 | 2743732 |
| 3.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5592 | 5286844 |
| 4.90%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3465 | 3480719 |
| 5.13%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5070 | 5159052 |
| 5.13%, 04/15/35 | &nbsp;&nbsp; 4545 | 4577589 |
| 5.63%, 10/13/32 | &nbsp;&nbsp; 4630 | 4871351 |
| 5.88%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1695 | 1779418 |
| Regency Centers LP |  |  |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 2645 | 2698077 |
| 5.10%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2195 | 2202213 |
| 5.25%, 01/15/34 | &nbsp;&nbsp; 2235 | 2287093 |
| Rexford Industrial Realty LP |  |  |
| 2.13%, 12/01/30 | &nbsp;&nbsp; 2353 | 2080759 |
| 2.15%, 09/01/31 | &nbsp;&nbsp; 6155 | 5338423 |
| Sabra Health Care LP, 3.20%, 12/01/31 | &nbsp;&nbsp; 4798 | 4335310 |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2337 | 2134618 |
| 2.85%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2065 | 1811297 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.65%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; $2585 | $2611085 |
| 6.10%, 04/01/34 | &nbsp;&nbsp; 1580 | 1657102 |
| Scentre Group Trust 2, 5.13%, 09/24/80, <br> (5-year CMT + 4.685%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 920 | 920960 |
| Simon Property Group LP |  |  |
| 2.20%, 02/01/31 | &nbsp;&nbsp; 4341 | 3885859 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 4378 | 3820159 |
| 2.65%, 02/01/32 | &nbsp;&nbsp; 4405 | 3927644 |
| 4.75%, 09/26/34 | &nbsp;&nbsp; 6426 | 6316686 |
| 5.13%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 3748456 |
| 5.50%, 03/08/33<sup>(a)</sup> | &nbsp;&nbsp; 3475 | 3646276 |
| 6.25%, 01/15/34 | &nbsp;&nbsp; 2955 | 3232957 |
| Store Capital LLC |  |  |
| 2.70%, 12/01/31 | &nbsp;&nbsp; 2333 | 2030646 |
| 2.75%, 11/18/30<sup>(a)</sup> | &nbsp;&nbsp; 2094 | 1889743 |
| Sun Communities Operating LP |  |  |
| 2.70%, 07/15/31 | &nbsp;&nbsp; 4524 | 4094473 |
| 4.20%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 3655 | 3511522 |
| Tanger Properties LP, 2.75%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 2228 | 1985842 |
| Trust Fibra Uno |  |  |
| 7.38%, 02/13/34<sup>(b)</sup> | &nbsp;&nbsp; 5230 | 5497917 |
| 7.70%, 01/23/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2345 | 2499116 |
| UDR Inc. |  |  |
| 1.90%, 03/15/33 | &nbsp;&nbsp; 2060 | 1669446 |
| 2.10%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; 2025 | 1708062 |
| 2.10%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1355 | 1108398 |
| 3.00%, 08/15/31 | &nbsp;&nbsp; 3727 | 3420925 |
| 3.10%, 11/01/34 | &nbsp;&nbsp; 1995 | 1701012 |
| 5.13%, 09/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1665 | 1671540 |
| Ventas Realty LP |  |  |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 4042 | 3598972 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 3077 | 3104577 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 3675 | 3633304 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 3615 | 3698963 |
| 5.63%, 07/01/34 | &nbsp;&nbsp; 2740 | 2834091 |
| VICI Properties LP |  |  |
| 5.13%, 11/15/31 | &nbsp;&nbsp; 5045 | 5107425 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 9313 | 9345481 |
| 5.63%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 5895 | 5961368 |
| 5.75%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 3385 | 3481109 |
| Welltower OP LLC |  |  |
| 2.75%, 01/15/31 | &nbsp;&nbsp; 3547 | 3267563 |
| 2.75%, 01/15/32 | &nbsp;&nbsp; 2085 | 1875739 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 4708 | 4319620 |
| 3.85%, 06/15/32 | &nbsp;&nbsp; 4695 | 4483638 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 8090 | 8136721 |
| Weyerhaeuser Co. |  |  |
| 3.38%, 03/09/33 | &nbsp;&nbsp; 2865 | 2579215 |
| 6.88%, 12/15/33 | &nbsp;&nbsp; 595 | 661586 |
| 7.38%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4760 | 5429538 |
| WP Carey Inc. |  |  |
| 2.25%, 04/01/33 | &nbsp;&nbsp; 1487 | 1230557 |
| 2.40%, 02/01/31 | &nbsp;&nbsp; 3054 | 2721109 |
| 2.45%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4346 | 3766183 |
| 5.38%, 06/30/34 | &nbsp;&nbsp; 2375 | 2405585 |
|  |  | 754620953 |
| **Retail — 2.0%** | **Retail — 2.0%** | **Retail — 2.0%** |
| 7-Eleven Inc., 1.80%, 02/10/31<sup>(b)</sup> | &nbsp;&nbsp; 10751 | 9277111 |
| Alimentation Couche-Tard Inc., 5.27%, <br> 02/12/34<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5505 | 5581973 |
| Arcos Dorados BV, 6.38%, 01/29/32<sup>(b)</sup> | &nbsp;&nbsp; 3705 | 3868909 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| AutoNation Inc. |  |  |
| 2.40%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; $3207 | $2796069 |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 4341 | 4041354 |
| 5.89%, 03/15/35 | &nbsp;&nbsp; 3465 | 3540806 |
| AutoZone Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 3903 | 3381122 |
| 4.75%, 08/01/32 | &nbsp;&nbsp; 4625 | 4632185 |
| 4.75%, 02/01/33 | &nbsp;&nbsp; 3515 | 3492589 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 2130 | 2170627 |
| 5.40%, 07/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4205 | 4320939 |
| 6.55%, 11/01/33 | &nbsp;&nbsp; 3005 | 3330777 |
| Best Buy Co. Inc., 1.95%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4252 | 3776301 |
| CK Hutchison International 24 II Ltd., 4.75%, <br> 09/13/34<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3165 | 3147226 |
| CK Hutchison International 24 Ltd., 5.50%, <br> 04/26/34<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6003 | 6271949 |
| Costco Wholesale Corp., 1.75%, 04/20/32 | &nbsp;&nbsp; 6269 | 5384953 |
| Darden Restaurants Inc., 6.30%, 10/10/33 | &nbsp;&nbsp; 3245 | 3484066 |
| Dick's Sporting Goods Inc., 3.15%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4819 | 4379780 |
| Dollar General Corp. |  |  |
| 5.00%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 4432 | 4468946 |
| 5.45%, 07/05/33<sup>(a)</sup> | &nbsp;&nbsp; 6005 | 6201511 |
| Dollar Tree Inc., 2.65%, 12/01/31 | &nbsp;&nbsp; 5106 | 4545962 |
| El Puerto de Liverpool SAB de CV, 6.26%, <br> 01/22/32<sup>(b)</sup><br>| &nbsp;&nbsp; 2965 | 3106433 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34<sup>(a)</sup> | &nbsp;&nbsp; 4780 | 4732216 |
| Genuine Parts Co. |  |  |
| 1.88%, 11/01/30 | &nbsp;&nbsp; 3254 | 2860448 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 3303 | 2918342 |
| 6.88%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; 2308 | 2591807 |
| Home Depot Inc. (The) |  |  |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 7892 | 6780339 |
| 1.88%, 09/15/31 | &nbsp;&nbsp; 6727 | 5859838 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 7866 | 7325075 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7802 | 7879051 |
| 4.85%, 06/25/31 | &nbsp;&nbsp; 6525 | 6737366 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 11111 | 11301464 |
| Lowe's Companies Inc. |  |  |
| 1.70%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7768 | 6827363 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 9877 | 9002044 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 9407 | 8932473 |
| 5.00%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 7840 | 7976636 |
| 5.15%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 6156 | 6304279 |
| McDonald's Corp. |  |  |
| 4.40%, 02/12/31 | &nbsp;&nbsp; 2325 | 2332705 |
| 4.60%, 09/09/32<sup>(a)</sup> | &nbsp;&nbsp; 4821 | 4869530 |
| 4.95%, 08/14/33<sup>(a)</sup> | &nbsp;&nbsp; 3648 | 3740565 |
| 4.95%, 03/03/35<sup>(a)</sup> | &nbsp;&nbsp; 6090 | 6130530 |
| 5.00%, 02/13/36 | &nbsp;&nbsp; 2325 | 2326808 |
| 5.20%, 05/17/34<sup>(a)</sup> | &nbsp;&nbsp; 3072 | 3167328 |
| O'Reilly Automotive Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 3158 | 2745623 |
| 4.70%, 06/15/32 | &nbsp;&nbsp; 5425 | 5430970 |
| 5.00%, 08/19/34 | &nbsp;&nbsp; 3145 | 3146496 |
| Ross Stores Inc., 1.88%, 04/15/31 | &nbsp;&nbsp; 3319 | 2885540 |
| Starbucks Corp. |  |  |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 7989 | 7327382 |
| 3.00%, 02/14/32<sup>(a)</sup> | &nbsp;&nbsp; 6362 | 5812794 |
| 4.80%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3228 | 3249930 |
| 4.90%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3065 | 3154744 |
| 5.00%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3075 | 3112243 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 5.40%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; $3900 | $3991167 |
| Target Corp. |  |  |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 3159 | 2946506 |
| 4.40%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3318 | 3288899 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8093 | 8096245 |
| 4.50%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4865 | 4756160 |
| 5.00%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6300 | 6316546 |
| 6.35%, 11/01/32 | &nbsp;&nbsp; 1295 | 1436761 |
| TJX Companies Inc. (The), 1.60%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3327 | 2907582 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 4274 | 3746916 |
| 5.25%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4580 | 4697693 |
| Walmart Inc. |  |  |
| 4.10%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 9581 | 9412610 |
| 4.15%, 09/09/32<sup>(a)</sup> | &nbsp;&nbsp; 7615 | 7555222 |
| 4.90%, 04/28/35<sup>(a)</sup> | &nbsp;&nbsp; 9645 | 9796021 |
|  |  | 321611845 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Nationwide Building Society, 5.54%, 07/14/36, <br> (1-day SOFR + 1.650%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6250 | 6366928 |
| **Semiconductors — 2.7%** | **Semiconductors — 2.7%** | **Semiconductors — 2.7%** |
| Advanced Micro Devices Inc., 3.92%, 06/01/32 | &nbsp;&nbsp; 3216 | 3126520 |
| Analog Devices Inc. |  |  |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 6387 | 5642875 |
| 4.25%, 10/01/32 | &nbsp;&nbsp; 205 | 204263 |
| 5.05%, 04/01/34 | &nbsp;&nbsp; 3495 | 3593167 |
| Broadcom Inc. |  |  |
| 2.45%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 17244 | 15590798 |
| 2.60%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 11168 | 9652407 |
| 3.42%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 14737 | 13429898 |
| 3.47%, 04/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 20325 | 18230360 |
| 4.15%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 11667 | 11553028 |
| 4.15%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 7822 | 7578314 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 12622 | 12301913 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 10625 | 10508450 |
| 4.90%, 07/15/32 | &nbsp;&nbsp; 11645 | 11787870 |
| 5.15%, 11/15/31 | &nbsp;&nbsp; 10460 | 10815717 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; 7317 | 7552467 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 16995 | 17149652 |
| Series ., 4.55%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5630 | 5603662 |
| Foundry JV Holdco LLC |  |  |
| 5.50%, 01/25/31<sup>(b)</sup> | &nbsp;&nbsp; 6285 | 6526402 |
| 5.88%, 01/25/34<sup>(b)</sup> | &nbsp;&nbsp; 7955 | 8166760 |
| 5.90%, 01/25/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7395 | 7750330 |
| 6.15%, 01/25/32<sup>(b)</sup> | &nbsp;&nbsp; 6395 | 6789397 |
| 6.25%, 01/25/35<sup>(b)</sup> | &nbsp;&nbsp; 6945 | 7349782 |
| Intel Corp. |  |  |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 8417 | 7293677 |
| 4.00%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4401 | 4137768 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 7960 | 7575931 |
| 5.00%, 02/21/31 | &nbsp;&nbsp; 3210 | 3270085 |
| 5.15%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; 5681 | 5674290 |
| 5.20%, 02/10/33<sup>(a)</sup> | &nbsp;&nbsp; 15970 | 16083944 |
| KLA Corp. |  |  |
| 4.65%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6177 | 6233073 |
| 4.70%, 02/01/34 | &nbsp;&nbsp; 3750 | 3738784 |
| 5.65%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 638 | 675791 |
| Marvell Technology Inc. |  |  |
| 2.95%, 04/15/31 | &nbsp;&nbsp; 4815 | 4422915 |
| 5.45%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 3185 | 3239147 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 5.95%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; $3135 | $3319309 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 6937 | 6106207 |
| 5.30%, 01/15/31 | &nbsp;&nbsp; 6445 | 6650795 |
| 5.65%, 11/01/32 | &nbsp;&nbsp; 2390 | 2499051 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 6830 | 7060261 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 4715 | 4949709 |
| 5.88%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5802 | 6101073 |
| NVIDIA Corp., 2.00%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8047 | 7200526 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31<sup>(a)</sup> | &nbsp;&nbsp; 6557 | 5877195 |
| 2.65%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6283 | 5529689 |
| 4.85%, 08/19/32 | &nbsp;&nbsp; 2105 | 2103852 |
| 5.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6208 | 6215830 |
| 5.25%, 08/19/35 | &nbsp;&nbsp; 3845 | 3820402 |
| Qorvo Inc., 3.38%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4375 | 3978097 |
| Qualcomm Inc. |  |  |
| 1.65%, 05/20/32<sup>(a)</sup> | &nbsp;&nbsp; 7962 | 6696609 |
| 4.25%, 05/20/32<sup>(a)</sup> | &nbsp;&nbsp; 3420 | 3400603 |
| 4.65%, 05/20/35 | &nbsp;&nbsp; 6736 | 6707105 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 2300 | 2341001 |
| 5.40%, 05/20/33 | &nbsp;&nbsp; 4283 | 4522343 |
| QUALCOMM Inc., 5.00%, 05/20/35<sup>(a)</sup> | &nbsp;&nbsp; 3805 | 3843399 |
| SK Hynix Inc. |  |  |
| 2.38%, 01/19/31<sup>(b)</sup> | &nbsp;&nbsp; 7338 | 6574464 |
| 6.50%, 01/17/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 5685 | 6239211 |
| Skyworks Solutions Inc., 3.00%, 06/01/31 | &nbsp;&nbsp; 3259 | 2935151 |
| Texas Instruments Inc. |  |  |
| 1.90%, 09/15/31 | &nbsp;&nbsp; 3145 | 2769002 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 2435 | 2317820 |
| 4.85%, 02/08/34<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 3822874 |
| 4.90%, 03/14/33<sup>(a)</sup> | &nbsp;&nbsp; 6120 | 6284419 |
| 5.10%, 05/23/35<sup>(a)</sup> | &nbsp;&nbsp; 4589 | 4692738 |
| TSMC Arizona Corp. |  |  |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 8479 | 7709234 |
| 4.25%, 04/22/32<sup>(a)</sup> | &nbsp;&nbsp; 6045 | 6058828 |
| TSMC Global Ltd. |  |  |
| 1.38%, 09/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7773 | 6795973 |
| 2.25%, 04/23/31<sup>(b)</sup> | &nbsp;&nbsp; 9265 | 8368208 |
| 4.63%, 07/22/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2550 | 2592353 |
|  |  | 429332768 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries Inc., 5.75%, <br> 01/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 3370 | 3495479 |
| **Software — 2.0%** | **Software — 2.0%** | **Software — 2.0%** |
| Adobe Inc. |  |  |
| 4.95%, 04/04/34<sup>(a)</sup> | &nbsp;&nbsp; 4690 | 4803436 |
| 5.30%, 01/17/35 | &nbsp;&nbsp; 1760 | 1840776 |
| AppLovin Corp. |  |  |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 4065 | 4188504 |
| 5.50%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6030 | 6154861 |
| Atlassian Corp., 5.50%, 05/15/34 | &nbsp;&nbsp; 3245 | 3316185 |
| Autodesk Inc. |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 6457 | 5682533 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 3450 | 3511374 |
| Broadridge Financial Solutions Inc., 2.60%, <br> 05/01/31<br>| &nbsp;&nbsp; 6567 | 5916800 |
| Cadence Design Systems Inc., 4.70%, <br> 09/10/34<br>| &nbsp;&nbsp; 5620 | 5563885 |
| Concentrix Corp., 6.85%, 08/02/33<sup>(a)</sup> | &nbsp;&nbsp; 3383 | 3556568 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Constellation Software Inc./Canada, 5.46%, <br> 02/16/34<sup>(b)</sup><br>| &nbsp;&nbsp; $3430 | $3491956 |
| Electronic Arts Inc., 1.85%, 02/15/31 | &nbsp;&nbsp; 4863 | 4273620 |
| Fidelity National Information Services Inc. |  |  |
| 2.25%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; 3370 | 2990644 |
| 5.10%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4803 | 4903419 |
| Fiserv Inc. |  |  |
| 4.55%, 02/15/31 | &nbsp;&nbsp; 2180 | 2179609 |
| 5.15%, 08/12/34<sup>(a)</sup> | &nbsp;&nbsp; 5995 | 6009467 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 6910 | 6882800 |
| 5.35%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3160 | 3290117 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 5240 | 5366999 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 5891 | 6112374 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 8135 | 8439930 |
| Intuit Inc., 5.20%, 09/15/33 | &nbsp;&nbsp; 7631 | 7914455 |
| Microsoft Corp. |  |  |
| 1.35%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2737 | 2422430 |
| 3.50%, 02/12/35<sup>(a)</sup> | &nbsp;&nbsp; 9658 | 9078301 |
| MSCI Inc. |  |  |
| 3.25%, 08/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 4292 | 3791111 |
| 3.63%, 11/01/31<sup>(b)</sup> | &nbsp;&nbsp; 4475 | 4167640 |
| 3.88%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 7180 | 6851312 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 1390 | 1378874 |
| Oracle Corp. |  |  |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 20830 | 19097991 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 8110 | 7313272 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 11727 | 11139429 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 18143 | 17538394 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 9745 | 9748839 |
| 5.25%, 02/03/32 | &nbsp;&nbsp; 8380 | 8614944 |
| 5.50%, 08/03/35 | &nbsp;&nbsp; 4410 | 4495113 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 14685 | 15867189 |
| Paychex Inc. |  |  |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 7420 | 7675562 |
| 5.60%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8660 | 8963261 |
| Roper Technologies Inc. |  |  |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 6603 | 5725392 |
| 4.75%, 02/15/32 | &nbsp;&nbsp; 3320 | 3343324 |
| 4.90%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6395 | 6329787 |
| 5.10%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2975 | 2967768 |
| Salesforce Inc., 1.95%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9501 | 8413620 |
| ServiceNow Inc., 1.40%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 8941 | 7834107 |
| Synopsys Inc. |  |  |
| 5.00%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 9650 | 9844735 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 16030 | 16169101 |
| Take-Two Interactive Software Inc. |  |  |
| 4.00%, 04/14/32 | &nbsp;&nbsp; 3353 | 3189438 |
| 5.60%, 06/12/34 | &nbsp;&nbsp; 2295 | 2382417 |
| VMware LLC, 2.20%, 08/15/31 | &nbsp;&nbsp; 9784 | 8581788 |
| Workday Inc., 3.80%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 7965 | 7549892 |
|  |  | 326865343 |
| **Telecommunications — 3.9%** | **Telecommunications — 3.9%** | **Telecommunications — 3.9%** |
| America Movil SAB de CV |  |  |
| 4.70%, 07/21/32<sup>(a)</sup> | &nbsp;&nbsp; 4880 | 4841169 |
| 5.00%, 01/20/33 | &nbsp;&nbsp; 125 | 125825 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 5805 | 6324409 |
| AT&T Inc. |  |  |
| 2.25%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 15864 | 13739130 |
| 2.55%, 12/01/33 | &nbsp;&nbsp; 24470 | 20596429 |
| 2.75%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 19441 | 17785918 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 18689 | 17881086 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.38%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; $8005 | $8157157 |
| 5.40%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 18067 | 18625192 |
| 6.15%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 775 | 825347 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 5.10%, 05/11/33<sup>(a)</sup> | &nbsp;&nbsp; 5945 | 6015094 |
| 5.20%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 4700 | 4720918 |
| Series US-5, 2.15%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2889 | 2468495 |
| Bharti Airtel Ltd., 3.25%, 06/03/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 2890 | 2726612 |
| British Telecommunications PLC, 9.63%, <br> 12/15/30<br>| &nbsp;&nbsp; 11403 | 14038796 |
| Cisco Systems Inc. |  |  |
| 4.95%, 02/26/31 | &nbsp;&nbsp; 15855 | 16413483 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 6540 | 6754654 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 15795 | 16235756 |
| 5.10%, 02/24/35<sup>(a)</sup> | &nbsp;&nbsp; 8145 | 8335059 |
| Deutsche Telekom International Finance BV, <br> 9.25%, 06/01/32<br>| &nbsp;&nbsp; 3300 | 4135365 |
| Empresa Nacional de Telecomunicaciones SA, <br> 3.05%, 09/14/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2150 | 1875260 |
| Juniper Networks Inc., 2.00%, 12/10/30 | &nbsp;&nbsp; 2694 | 2362196 |
| Koninklijke KPN NV, 8.38%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3652 | 4290311 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; 5740 | 5164296 |
| 2.75%, 05/24/31<sup>(a)</sup> | &nbsp;&nbsp; 6137 | 5594462 |
| 5.20%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2765 | 2834487 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 6438 | 6611823 |
| 5.55%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4495 | 4635556 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 4077 | 4259127 |
| NBN Co. Ltd. |  |  |
| 2.50%, 01/08/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 5570 | 4903282 |
| 2.63%, 05/05/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9213 | 8411989 |
| 6.00%, 10/06/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3490 | 3762642 |
| NTT Finance Corp. |  |  |
| 2.07%, 04/03/31<sup>(b)</sup> | &nbsp;&nbsp; 6949 | 6097001 |
| 5.14%, 07/02/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6170 | 6343823 |
| 5.17%, 07/16/32<sup>(b)</sup> | &nbsp;&nbsp; 15485 | 15777075 |
| 5.50%, 07/16/35<sup>(b)</sup> | &nbsp;&nbsp; 16325 | 16726074 |
| Ooredoo International Finance Ltd. |  |  |
| 2.63%, 04/08/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9995 | 9132881 |
| 4.63%, 10/10/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 2000 | 1985180 |
| Orange SA, 9.00%, 03/01/31 | &nbsp;&nbsp; 15946 | 19447807 |
| Rogers Communications Inc. |  |  |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 12687 | 11905632 |
| 5.30%, 02/15/34 | &nbsp;&nbsp; 8225 | 8283840 |
| SoftBank Corp., 5.33%, 07/09/35<sup>(b)</sup> | &nbsp;&nbsp; 3120 | 3113519 |
| Sprint Capital Corp., 8.75%, 03/15/32 | &nbsp;&nbsp; 13091 | 15875139 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 4682 | 5416055 |
| TELUS Corp., 3.40%, 05/13/32<sup>(a)</sup> | &nbsp;&nbsp; 5832 | 5345777 |
| T-Mobile USA Inc. |  |  |
| 2.25%, 11/15/31 | &nbsp;&nbsp; 6729 | 5887615 |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 15609 | 14136990 |
| 2.70%, 03/15/32 | &nbsp;&nbsp; 6552 | 5804495 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 6696 | 6147211 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 17529 | 16571675 |
| 4.70%, 01/15/35 | &nbsp;&nbsp; 6435 | 6237969 |
| 5.05%, 07/15/33 | &nbsp;&nbsp; 16422 | 16590459 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 5850 | 5993961 |
| 5.15%, 04/15/34 | &nbsp;&nbsp; 8405 | 8499777 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 7896 | 8039033 |
| 5.30%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 9690 | 9785768 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 6999 | 7349770 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 6.70%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; $415 | $458961 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30 | &nbsp;&nbsp; 7807 | 6805907 |
| 1.68%, 10/30/30 | &nbsp;&nbsp; 6264 | 5496656 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 10035 | 8754266 |
| 2.36%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 28865 | 25058382 |
| 2.55%, 03/21/31<sup>(a)</sup> | &nbsp;&nbsp; 24358 | 22090440 |
| 4.40%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 12814 | 12238025 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 13449 | 13155463 |
| 4.78%, 02/15/35 | &nbsp;&nbsp; 13545 | 13207358 |
| 5.05%, 05/09/33<sup>(a)</sup> | &nbsp;&nbsp; 7303 | 7436202 |
| 5.25%, 04/02/35<sup>(a)</sup> | &nbsp;&nbsp; 14414 | 14551042 |
| 6.40%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2374 | 2608262 |
| 7.75%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4029 | 4643935 |
| Vodafone Group PLC, 6.25%, 11/30/32 | &nbsp;&nbsp; 3380 | 3661271 |
| Xiaomi Best Time International Ltd., 2.88%, <br> 07/14/31<sup>(b)</sup><br>| &nbsp;&nbsp; 5225 | 4820798 |
|  |  | 626932819 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc., 6.05%, 05/14/34 | &nbsp;&nbsp; 3075 | 3200189 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| AP Moller - Maersk A/S, 5.88%, 09/14/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 5128 | 5421132 |
| Canadian National Railway Co. |  |  |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 5410 | 5171103 |
| 4.38%, 09/18/34<sup>(a)</sup> | &nbsp;&nbsp; 5040 | 4894949 |
| 5.85%, 11/01/33 | &nbsp;&nbsp; 2025 | 2192018 |
| 6.25%, 08/01/34<sup>(a)</sup> | &nbsp;&nbsp; 3165 | 3502921 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/31 | &nbsp;&nbsp; 9422 | 8346580 |
| 5.20%, 03/30/35<sup>(a)</sup> | &nbsp;&nbsp; 4045 | 4120768 |
| 5.75%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1728 | 1819436 |
| 7.13%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 2307 | 2619920 |
| CSX Corp. |  |  |
| 4.10%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7228 | 7033682 |
| 5.05%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4080 | 4118650 |
| 5.20%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3860 | 3994346 |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4583 | 4072623 |
| 2.40%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 345 | 306580 |
| 3.90%, 02/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 2615 | 2361956 |
| 4.90%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1905 | 1849136 |
| Norfolk Southern Corp. |  |  |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 4656 | 4188302 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 4220 | 3840589 |
| 4.45%, 03/01/33 | &nbsp;&nbsp; 3418 | 3356700 |
| 5.10%, 05/01/35 | &nbsp;&nbsp; 2760 | 2791179 |
| 5.55%, 03/15/34 | &nbsp;&nbsp; 2435 | 2553318 |
| 7.25%, 02/15/31 | &nbsp;&nbsp; 1030 | 1158789 |
| Ryder System Inc., 6.60%, 12/01/33<sup>(a)</sup> | &nbsp;&nbsp; 3720 | 4119083 |
| TTX Co. |  |  |
| 5.05%, 11/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2300 | 2341177 |
| 5.75%, 11/22/33<sup>(b)</sup> | &nbsp;&nbsp; 2245 | 2392763 |
| Union Pacific Corp. |  |  |
| 2.38%, 05/20/31 | &nbsp;&nbsp; 6173 | 5608919 |
| 2.80%, 02/14/32 | &nbsp;&nbsp; 8400 | 7618546 |
| 3.38%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1218 | 1087270 |
| 4.50%, 01/20/33<sup>(a)</sup> | &nbsp;&nbsp; 6340 | 6304272 |
| 5.10%, 02/20/35<sup>(a)</sup> | &nbsp;&nbsp; 7055 | 7177591 |
| United Parcel Service Inc. |  |  |
| 4.65%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3020 | 3086227 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.88%, 03/03/33<sup>(a)</sup> | &nbsp;&nbsp; $5708 | $5831177 |
| 5.15%, 05/22/34<sup>(a)</sup> | &nbsp;&nbsp; 5730 | 5903146 |
| 5.25%, 05/14/35<sup>(a)</sup> | &nbsp;&nbsp; 8270 | 8477108 |
| Walmart Inc., 1.80%, 09/22/31 | &nbsp;&nbsp; 14413 | 12716614 |
|  |  | 152378570 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| GATX Corp. |  |  |
| 1.90%, 06/01/31 | &nbsp;&nbsp; 2597 | 2249417 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 2471 | 2274485 |
| 4.90%, 03/15/33 | &nbsp;&nbsp; 2772 | 2765448 |
| 5.45%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2980 | 3057253 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 3270 | 3329193 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 3271 | 3477386 |
| 6.90%, 05/01/34 | &nbsp;&nbsp; 2700 | 3010872 |
| SMBC Aviation Capital Finance DAC |  |  |
| 5.55%, 04/03/34<sup>(b)</sup> | &nbsp;&nbsp; 5520 | 5622376 |
| 5.70%, 07/25/33<sup>(b)</sup> | &nbsp;&nbsp; 6548 | 6777536 |
|  |  | 32563966 |
| **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
| American Water Capital Corp. |  |  |
| 2.30%, 06/01/31 | &nbsp;&nbsp; 3530 | 3148899 |
| 4.45%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6110 | 6077396 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 3905 | 3995417 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 5575 | 5671830 |
| Essential Utilities Inc. |  |  |
| 2.40%, 05/01/31 | &nbsp;&nbsp; 3733 | 3332572 |
| 5.25%, 08/15/35 | &nbsp;&nbsp; 2820 | 2803105 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 3185 | 3245019 |
|  |  | 28274238 |
| **Total Corporate Bonds & Notes — 97.7%** <br>**(Cost: $15,815,629,905)** | **Total Corporate Bonds & Notes — 97.7%** <br>**(Cost: $15,815,629,905)** | 15811710341 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Korea Electric Power Corp., 5.13%, 04/23/34<sup>(b)</sup> | &nbsp;&nbsp; 100 | 102615 |
| Korea Gas Corp., 2.00%, 07/13/31<sup>(b)</sup> | &nbsp;&nbsp; 4590 | 4062109 |
| Korea National Oil Corp. |  |  |
| 2.38%, 04/07/31<sup>(b)</sup> | &nbsp;&nbsp; 1900 | 1726301 |
| 2.63%, 04/18/32<sup>(b)</sup> | &nbsp;&nbsp; 3195 | 2850190 |
|  |  | 8741215 |
| **Total Foreign Government Obligations — 0.0%** <br>**(Cost: $9,111,686)** | **Total Foreign Government Obligations — 0.0%** <br>**(Cost: $9,111,686)** | 8741215 |
| **Total Long-Term Investments — 97.7%** <br>**(Cost: $15,824,741,591)** | **Total Long-Term Investments — 97.7%** <br>**(Cost: $15,824,741,591)** | 15820451556 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 12.1%** | **Money Market Funds — 12.1%** | **Money Market Funds — 12.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 1778992978 | 1779882474 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 172210000 | $172210000 |
| **Total Short-Term Securities — 12.1%** <br>**(Cost: $1,951,367,752)** | **Total Short-Term Securities — 12.1%** <br>**(Cost: $1,951,367,752)** | 1952092474 |
| **Total Investments — 109.8%** <br>**(Cost: $17,776,109,343)** | **Total Investments — 109.8%** <br>**(Cost: $17,776,109,343)** | 17772544030 |
| **Liabilities in Excess of Other Assets — (9.8)%** | **Liabilities in Excess of Other Assets — (9.8)%** | (1585550436)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $16186993594 |

---

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

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

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(d)</sup> Perpetual security with no stated maturity date.

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Insti-<br> tutional, SL Agency <br> Shares<br>| $1988022906 | $— | &nbsp;&nbsp; $(208150368 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(22779)<br>| $32715 | $1779882474 | 1778992978 | $2304997 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Trea-<br> sury, SL Agency Shares<br>| 11190000 | 161020000 <br><sup>(a)</sup><br>|  |  |  | 172210000 | 172210000 | 2250728 |  |
|  |  |  |  | $(22779) | $32715 | $1952092474 |  | $4555725 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15811710341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15811710341 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 8741215 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8741215 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 5-10 Year Investment Grade Corporate Bond ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $1952092474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1952092474 |
|  | &nbsp;&nbsp; $1952092474 | &nbsp;&nbsp; $15820451556 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17772544030 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 3.38%, 03/01/41 | &nbsp;&nbsp; $187 | $138035 |
| 5.40%, 10/01/48<sup>(a)</sup> | &nbsp;&nbsp; 219 | 199287 |
|  |  | 337322 |
| **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
| Airbus SE, 3.95%, 04/10/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 720 | 585656 |
| BAE Systems Holdings Inc., 4.75%, 10/07/44<sup>(b)</sup> | &nbsp;&nbsp; 274 | 247199 |
| BAE Systems PLC |  |  |
| 3.00%, 09/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 892 | 581799 |
| 5.50%, 03/26/54<sup>(b)</sup> | &nbsp;&nbsp; 675 | 659016 |
| 5.80%, 10/11/41<sup>(b)</sup> | &nbsp;&nbsp; 352 | 360228 |
| Boeing Co. (The) |  |  |
| 3.38%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 470 | 321722 |
| 3.50%, 03/01/39<sup>(a)</sup> | &nbsp;&nbsp; 469 | 371758 |
| 3.50%, 03/01/45 | &nbsp;&nbsp; 195 | 137347 |
| 3.55%, 03/01/38 | &nbsp;&nbsp; 393 | 321461 |
| 3.63%, 03/01/48 | &nbsp;&nbsp; 525 | 365754 |
| 3.65%, 03/01/47 | &nbsp;&nbsp; 289 | 204041 |
| 3.75%, 02/01/50 | &nbsp;&nbsp; 1255 | 893759 |
| 3.83%, 03/01/59 | &nbsp;&nbsp; 285 | 191398 |
| 3.85%, 11/01/48 | &nbsp;&nbsp; 415 | 297797 |
| 3.90%, 05/01/49 | &nbsp;&nbsp; 858 | 624176 |
| 3.95%, 08/01/59<sup>(a)</sup> | &nbsp;&nbsp; 974 | 670650 |
| 5.71%, 05/01/40 | &nbsp;&nbsp; 2598 | 2606784 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 5348 | 5142834 |
| 5.88%, 02/15/40 | &nbsp;&nbsp; 492 | 497070 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 3372 | 3237868 |
| 6.63%, 02/15/38 | &nbsp;&nbsp; 361 | 395033 |
| 6.86%, 05/01/54<sup>(a)</sup> | &nbsp;&nbsp; 2263 | 2481591 |
| 6.88%, 03/15/39 | &nbsp;&nbsp; 454 | 504239 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; 1405 | 1556716 |
| GE Capital International Funding Co. Unlimited <br> Co., 4.42%, 11/15/35<br>| &nbsp;&nbsp; 954 | 923254 |
| General Dynamics Corp. |  |  |
| 2.85%, 06/01/41 | &nbsp;&nbsp; 412 | 301782 |
| 3.60%, 11/15/42 | &nbsp;&nbsp; 446 | 356444 |
| 4.25%, 04/01/40 | &nbsp;&nbsp; 806 | 727634 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 748 | 619960 |
| General Electric Co. |  |  |
| 4.35%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 426 | 360797 |
| 4.50%, 03/11/44 | &nbsp;&nbsp; 379 | 337872 |
| 4.90%, 01/29/36<sup>(a)</sup> | &nbsp;&nbsp; 740 | 743235 |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 745 | 798999 |
| 6.15%, 08/07/37 | &nbsp;&nbsp; 451 | 492314 |
| 6.88%, 01/10/39 | &nbsp;&nbsp; 655 | 767483 |
| Howmet Aerospace Inc., 5.95%, 02/01/37<sup>(a)</sup> | &nbsp;&nbsp; 535 | 569056 |
| L3Harris Technologies Inc. |  |  |
| 5.05%, 04/27/45 | &nbsp;&nbsp; 417 | 389896 |
| 5.50%, 08/15/54 | &nbsp;&nbsp; 420 | 404245 |
| 5.60%, 07/31/53 | &nbsp;&nbsp; 589 | 572643 |
| 6.15%, 12/15/40 | &nbsp;&nbsp; 265 | 281751 |
| Lockheed Martin Corp. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 696 | 434024 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 886 | 701512 |
| 4.07%, 12/15/42 | &nbsp;&nbsp; 1160 | 974814 |
| 4.09%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1445 | 1128185 |
| 4.15%, 06/15/53 | &nbsp;&nbsp; 883 | 692151 |
| 4.30%, 06/15/62 | &nbsp;&nbsp; 549 | 427223 |
| 4.50%, 05/15/36 | &nbsp;&nbsp; 464 | 447440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 4.70%, 05/15/46 | &nbsp;&nbsp; $1257 | $1122244 |
| 5.20%, 02/15/55<sup>(a)</sup> | &nbsp;&nbsp; 965 | 896977 |
| 5.20%, 02/15/64 | &nbsp;&nbsp; 740 | 672762 |
| 5.70%, 11/15/54<sup>(a)</sup> | &nbsp;&nbsp; 987 | 983154 |
| 5.72%, 06/01/40 | &nbsp;&nbsp; 325 | 339785 |
| 5.90%, 11/15/63 | &nbsp;&nbsp; 615 | 629677 |
| Series B, 6.15%, 09/01/36 | &nbsp;&nbsp; 520 | 571006 |
| Northrop Grumman Corp. |  |  |
| 3.85%, 04/15/45 | &nbsp;&nbsp; 469 | 370025 |
| 4.03%, 10/15/47 | &nbsp;&nbsp; 2314 | 1835164 |
| 4.75%, 06/01/43 | &nbsp;&nbsp; 736 | 663393 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 943 | 839003 |
| 5.05%, 11/15/40 | &nbsp;&nbsp; 345 | 332632 |
| 5.15%, 05/01/40 | &nbsp;&nbsp; 597 | 585714 |
| 5.20%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1087 | 1000124 |
| 5.25%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1163 | 1084275 |
| RTX Corp. |  |  |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 921 | 560506 |
| 3.03%, 03/15/52 | &nbsp;&nbsp; 944 | 598004 |
| 3.13%, 07/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1080 | 711032 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 1040 | 789234 |
| 4.05%, 05/04/47 | &nbsp;&nbsp; 874 | 693455 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 798 | 652387 |
| 4.20%, 12/15/44<sup>(a)</sup> | &nbsp;&nbsp; 245 | 199320 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 1075 | 893078 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 748 | 692074 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 3217 | 2835274 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 1599 | 1372835 |
| 4.70%, 12/15/41 | &nbsp;&nbsp; 325 | 295038 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 374 | 336326 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 517 | 490298 |
| 5.38%, 02/27/53<sup>(a)</sup> | &nbsp;&nbsp; 1065 | 1007103 |
| 5.70%, 04/15/40 | &nbsp;&nbsp; 540 | 561525 |
| 6.05%, 06/01/36 | &nbsp;&nbsp; 635 | 686984 |
| 6.13%, 07/15/38 | &nbsp;&nbsp; 500 | 541945 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 1683 | 1820768 |
|  |  | 64371731 |
| **Agriculture — 1.3%** | **Agriculture — 1.3%** | **Agriculture — 1.3%** |
| Altria Group Inc. |  |  |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 1341 | 1005925 |
| 3.70%, 02/04/51<sup>(a)</sup> | &nbsp;&nbsp; 1379 | 954720 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; 1256 | 935092 |
| 4.00%, 02/04/61<sup>(a)</sup> | &nbsp;&nbsp; 1018 | 719784 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; 822 | 673489 |
| 4.45%, 05/06/50 | &nbsp;&nbsp; 448 | 352394 |
| 4.50%, 05/02/43 | &nbsp;&nbsp; 576 | 481579 |
| 5.38%, 01/31/44<sup>(a)</sup> | &nbsp;&nbsp; 1664 | 1591428 |
| 5.80%, 02/14/39<sup>(a)</sup> | &nbsp;&nbsp; 1691 | 1725853 |
| 5.95%, 02/14/49<sup>(a)</sup> | &nbsp;&nbsp; 2279 | 2265502 |
| 6.20%, 02/14/59 | &nbsp;&nbsp; 248 | 246708 |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 665 | 400145 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 364 | 275006 |
| 4.02%, 04/16/43 | &nbsp;&nbsp; 338 | 279905 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 539 | 453885 |
| 4.54%, 03/26/42 | &nbsp;&nbsp; 341 | 301256 |
| 5.38%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 300 | 314373 |
| 5.77%, 03/01/41<sup>(c)</sup> | &nbsp;&nbsp; 226 | 237789 |
| BAT Capital Corp. |  |  |
| 3.73%, 09/25/40 | &nbsp;&nbsp; 377 | 301471 |
| 3.98%, 09/25/50<sup>(a)</sup> | &nbsp;&nbsp; 280 | 201541 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 4.39%, 08/15/37 | &nbsp;&nbsp; $2672 | $2413299 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 1886 | 1528021 |
| 4.76%, 09/06/49<sup>(a)</sup> | &nbsp;&nbsp; 1002 | 825843 |
| 5.28%, 04/02/50 | &nbsp;&nbsp; 445 | 394208 |
| 5.65%, 03/16/52 | &nbsp;&nbsp; 608 | 563654 |
| 6.25%, 08/15/55 | &nbsp;&nbsp; 405 | 408490 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 647 | 717711 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; 968 | 1075674 |
| Cargill Inc. |  |  |
| 3.13%, 05/25/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 705 | 464908 |
| 3.88%, 05/23/49<sup>(b)</sup> | &nbsp;&nbsp; 203 | 155179 |
| 4.38%, 04/22/52<sup>(b)</sup> | &nbsp;&nbsp; 418 | 340922 |
| 4.76%, 11/23/45<sup>(b)</sup> | &nbsp;&nbsp; 534 | 475309 |
| Imperial Brands Finance PLC, 6.38%, 07/01/55<sup>(b)</sup> | &nbsp;&nbsp; 490 | 491672 |
| Philip Morris International Inc. |  |  |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 849 | 687434 |
| 4.13%, 03/04/43 | &nbsp;&nbsp; 958 | 802877 |
| 4.25%, 11/10/44 | &nbsp;&nbsp; 1169 | 986600 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 716 | 624767 |
| 4.50%, 03/20/42 | &nbsp;&nbsp; 702 | 620670 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 571 | 520619 |
| 6.38%, 05/16/38 | &nbsp;&nbsp; 1438 | 1592211 |
| Reynolds American Inc. |  |  |
| 5.85%, 08/15/45 | &nbsp;&nbsp; 2116 | 2041468 |
| 6.15%, 09/15/43 | &nbsp;&nbsp; 481 | 482881 |
| 7.25%, 06/15/37 | &nbsp;&nbsp; 341 | 386000 |
|  |  | 32318262 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| NIKE Inc. |  |  |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 361 | 287235 |
| 3.38%, 11/01/46 | &nbsp;&nbsp; 604 | 438724 |
| 3.38%, 03/27/50<sup>(a)</sup> | &nbsp;&nbsp; 1424 | 998595 |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 385 | 303363 |
| 3.88%, 11/01/45 | &nbsp;&nbsp; 947 | 751954 |
|  |  | 2779871 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| Cummins Inc. |  |  |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 719 | 425286 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 412 | 387719 |
| 5.45%, 02/20/54<sup>(a)</sup> | &nbsp;&nbsp; 1017 | 985029 |
| Ford Motor Co. |  |  |
| 4.75%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 1782 | 1379538 |
| 5.29%, 12/08/46 | &nbsp;&nbsp; 1029 | 835488 |
| 7.40%, 11/01/46<sup>(a)</sup> | &nbsp;&nbsp; 590 | 616365 |
| General Motors Co. |  |  |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 673 | 629454 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 1136 | 988388 |
| 5.40%, 04/01/48<sup>(a)</sup> | &nbsp;&nbsp; 821 | 720773 |
| 5.95%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp; 847 | 796406 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 1454 | 1436495 |
| 6.60%, 04/01/36 | &nbsp;&nbsp; 945 | 1002751 |
| 6.75%, 04/01/46 | &nbsp;&nbsp; 702 | 726904 |
|  |  | 10930596 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 1339 | 804588 |
| 4.15%, 05/01/52 | &nbsp;&nbsp; 1027 | 741471 |
| 4.40%, 10/01/46 | &nbsp;&nbsp; 280 | 215610 |
| 5.40%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 405 | 352897 |
| 5.75%, 09/13/54 | &nbsp;&nbsp; 595 | 541292 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| BorgWarner Inc., 4.38%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; $400 | $331179 |
| Lear Corp. |  |  |
| 3.55%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 430 | 280608 |
| 5.25%, 05/15/49<sup>(a)</sup> | &nbsp;&nbsp; 672 | 589943 |
|  |  | 3857588 |
| **Banks — 8.0%** | **Banks — 8.0%** | **Banks — 8.0%** |
| Bank of America Corp. |  |  |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(d)</sup> | &nbsp;&nbsp; 4853 | 3497772 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(d)</sup> | &nbsp;&nbsp; 837 | 520533 |
| 2.97%, 07/21/52, (1-day SOFR + 1.560%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 1707 | 1095514 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 3539 | 2727764 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1357 | 1066522 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1607 | 1406139 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5079 | 3994253 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2113 | 1938892 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2413 | 1989156 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1984 | 1688382 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; 930 | 864556 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 2285 | 2166754 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 1774 | 1853227 |
| 6.00%, 10/15/36 | &nbsp;&nbsp; 1351 | 1436864 |
| 6.11%, 01/29/37 | &nbsp;&nbsp; 1882 | 1999159 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 1652 | 1986842 |
| Series L, 4.75%, 04/21/45 | &nbsp;&nbsp; 925 | 814330 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 846 | 599636 |
| Barclays PLC |  |  |
| 3.33%, 11/24/42, (1-year CMT + 1.300%)<sup>(d)</sup> | &nbsp;&nbsp; 532 | 397474 |
| 3.81%, 03/10/42, (1-year CMT + 1.700%)<sup>(d)</sup> | &nbsp;&nbsp; 665 | 518685 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 1286 | 1155034 |
| 5.25%, 08/17/45<sup>(a)</sup> | &nbsp;&nbsp; 1048 | 984112 |
| 5.86%, 08/11/46, (1-day SOFR + 1.830%)<sup>(d)</sup> | &nbsp;&nbsp; 1035 | 1028231 |
| 6.04%, 03/12/55, (1-day SOFR + 2.420%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 573 | 586092 |
| BNP Paribas SA, 2.82%, 01/26/41<sup>(b)</sup> | &nbsp;&nbsp; 539 | 381024 |
| BPCE SA |  |  |
| 3.58%, 10/19/42, (1-day SOFR + 1.952%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 255 | 184059 |
| 6.92%, 01/14/46, (1-day SOFR + 2.610%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 460 | 479712 |
| Citigroup Inc. |  |  |
| 2.90%, 11/03/42, (1-day SOFR + 1.379%)<sup>(d)</sup> | &nbsp;&nbsp; 1178 | 837651 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1150 | 995640 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR + <br> 2.101%)<sup>(d)</sup><br>| &nbsp;&nbsp; 999 | 821234 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 1321 | 1156896 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 2269 | 1967102 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 1908 | 1662049 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 860 | 815713 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(d)</sup> | &nbsp;&nbsp; 964 | 941157 |
| 5.61%, 03/04/56, (1-day SOFR + 1.746%)<sup>(d)</sup> | &nbsp;&nbsp; 1820 | 1776237 |
| 5.88%, 01/30/42<sup>(a)</sup> | &nbsp;&nbsp; 979 | 1016153 |
| 6.13%, 08/25/36 | &nbsp;&nbsp; 678 | 711408 |
| 6.68%, 09/13/43 | &nbsp;&nbsp; 1005 | 1113085 |
| 6.88%, 03/05/38<sup>(a)</sup> | &nbsp;&nbsp; 184 | 210125 |
| 6.88%, 02/15/98 | &nbsp;&nbsp; 239 | 267579 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 1770 | 2235239 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Commonwealth Bank of Australia |  |  |
| 3.31%, 03/11/41<sup>(b)</sup> | &nbsp;&nbsp; $312 | $233413 |
| 3.74%, 09/12/39<sup>(b)</sup> | &nbsp;&nbsp; 1170 | 964567 |
| 3.90%, 07/12/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 1199 | 964028 |
| 4.32%, 01/10/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1012 | 816318 |
| 5.93%, 03/14/46, (1-year CMT + 1.320%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 980 | 992490 |
| Cooperatieve Rabobank UA |  |  |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 1248 | 1231949 |
| 5.25%, 08/04/45 | &nbsp;&nbsp; 952 | 884789 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 1087 | 1085544 |
| 5.80%, 09/30/2110<sup>(a)(b)</sup> | &nbsp;&nbsp; 195 | 185511 |
| Credit Agricole SA, 2.81%, 01/11/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 509 | 347989 |
| Fifth Third Bancorp, 8.25%, 03/01/38<sup>(a)</sup> | &nbsp;&nbsp; 298 | 365095 |
| Goldman Sachs Group Inc. (The) |  |  |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(d)</sup> | &nbsp;&nbsp; 1346 | 967061 |
| 3.21%, 04/22/42, (1-day SOFR + 1.513%)<sup>(d)</sup> | &nbsp;&nbsp; 2058 | 1548352 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(d)</sup> | &nbsp;&nbsp; 1906 | 1458507 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2547 | 2240318 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1641 | 1494179 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 1470 | 1305703 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 1708 | 1536777 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 2173 | 1988606 |
| 5.56%, 11/19/45, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 3010 | 2975336 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(d)</sup> | &nbsp;&nbsp; 2685 | 2676373 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 2431 | 2609261 |
| 6.45%, 05/01/36 | &nbsp;&nbsp; 876 | 953200 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 5236 | 5819826 |
| HSBC Bank USA NA/New York, 7.00%, 01/15/39 | &nbsp;&nbsp; 565 | 661190 |
| HSBC Holdings PLC |  |  |
| 5.25%, 03/14/44<sup>(a)</sup> | &nbsp;&nbsp; 1296 | 1222984 |
| 6.10%, 01/14/42<sup>(a)</sup> | &nbsp;&nbsp; 723 | 770272 |
| 6.33%, 03/09/44, (1-day SOFR + 2.650%)<sup>(d)</sup> | &nbsp;&nbsp; 2357 | 2528868 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 2092 | 2259457 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 2192 | 2346763 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 1307 | 1443078 |
| HSBC USA Inc., 7.20%, 07/15/97 | &nbsp;&nbsp; 497 | 587012 |
| Intesa Sanpaolo SpA |  |  |
| 4.95%, 06/01/42, (1-year CMT + 2.750%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 305 | 250705 |
| 7.78%, 06/20/54, (1-year CMT + 3.900%)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1218 | 1399116 |
| 7.80%, 11/28/53<sup>(b)</sup> | &nbsp;&nbsp; 1329 | 1578431 |
| Series NR, 4.70%, 09/23/49<sup>(b)</sup> | &nbsp;&nbsp; 25 | 19785 |
| JPMorgan Chase & Co. |  |  |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1923 | 1369205 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1535 | 1182639 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(d)</sup> | &nbsp;&nbsp; 2346 | 1568799 |
| 3.16%, 04/22/42, (3-mo. CME Term SOFR + <br> 1.460%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2215 | 1680600 |
| 3.33%, 04/22/52, (1-day SOFR + 1.580%)<sup>(d)</sup> | &nbsp;&nbsp; 3145 | 2175924 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR + <br> 1.622%)<sup>(d)</sup><br>| &nbsp;&nbsp; 2376 | 2100970 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1817 | 1429476 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(d)</sup><br>| &nbsp;&nbsp; 3434 | 2734780 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.722%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1568 | 1258532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(d)</sup><br>| &nbsp;&nbsp; $1957 | $1634773 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 1133 | 1047410 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 1884 | 1722522 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 1432 | 1431027 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 1579 | 1613809 |
| 5.53%, 11/29/45, (1-day SOFR + 1.550%)<sup>(d)</sup> | &nbsp;&nbsp; 2590 | 2601049 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 1851 | 1898269 |
| 5.63%, 08/16/43<sup>(a)</sup> | &nbsp;&nbsp; 1323 | 1333050 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 2537 | 2833351 |
| Lloyds Banking Group PLC |  |  |
| 3.37%, 12/14/46, (5-year CMT + 1.500%)<sup>(d)</sup> | &nbsp;&nbsp; 214 | 155052 |
| 4.34%, 01/09/48 | &nbsp;&nbsp; 1294 | 1038893 |
| 5.30%, 12/01/45 | &nbsp;&nbsp; 459 | 428570 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 3.75%, 07/18/39<sup>(a)</sup> | &nbsp;&nbsp; 720 | 624334 |
| 4.15%, 03/07/39<sup>(a)</sup> | &nbsp;&nbsp; 184 | 171165 |
| 4.29%, 07/26/38<sup>(a)</sup> | &nbsp;&nbsp; 169 | 159133 |
| Morgan Stanley |  |  |
| 2.80%, 01/25/52, (1-day SOFR + 1.430%)<sup>(d)</sup> | &nbsp;&nbsp; 1979 | 1219326 |
| 3.22%, 04/22/42, (1-day SOFR + 1.485%)<sup>(d)</sup> | &nbsp;&nbsp; 1858 | 1415448 |
| 3.97%, 07/22/38<sup>(d)</sup> | &nbsp;&nbsp; 1933 | 1705479 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 2410 | 2060186 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 1933 | 1646824 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(d)</sup><br>| &nbsp;&nbsp; 1141 | 1062952 |
| 5.52%, 11/19/55, (1-day SOFR + 1.710%)<sup>(d)</sup> | &nbsp;&nbsp; 2925 | 2852552 |
| 5.60%, 03/24/51, (1-day SOFR + 4.840%)<sup>(d)</sup> | &nbsp;&nbsp; 2074 | 2047877 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 1912 | 2103740 |
| MUFG Bank Ltd., 4.70%, 03/10/44<sup>(b)</sup> | &nbsp;&nbsp; 200 | 178939 |
| National Australia Bank Ltd., 2.65%, 01/14/41<sup>(b)</sup> | &nbsp;&nbsp; 439 | 299814 |
| Regions Bank/Birmingham AL, 6.45%, 06/26/37 | &nbsp;&nbsp; 250 | 270208 |
| Regions Financial Corp., 7.38%, 12/10/37 | &nbsp;&nbsp; 185 | 210107 |
| Santander U.K. Group Holdings PLC, 5.63%, <br> 09/15/45<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 175910 |
| Societe Generale SA |  |  |
| 3.63%, 03/01/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 473 | 340231 |
| 4.03%, 01/21/43, (1-year CMT + 1.900%)<sup>(b)(d)</sup> | &nbsp;&nbsp; 275 | 203335 |
| 5.63%, 11/24/45<sup>(b)</sup> | &nbsp;&nbsp; 200 | 182413 |
| 7.13%, 01/19/55, (1-year CMT + 2.950%)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1090 | 1117165 |
| 7.37%, 01/10/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 722 | 760492 |
| Standard Chartered PLC |  |  |
| 5.30%, 01/09/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 462 | 428638 |
| 5.70%, 03/26/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 1501 | 1448302 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 2.30%, 01/12/41 | &nbsp;&nbsp; 321 | 219336 |
| 2.93%, 09/17/41 | &nbsp;&nbsp; 798 | 577973 |
| 3.05%, 01/14/42 | &nbsp;&nbsp; 335 | 251856 |
| 5.80%, 07/08/46, (1-day SOFR + 1.780%)<sup>(d)</sup> | &nbsp;&nbsp; 1135 | 1126184 |
| 5.84%, 07/09/44 | &nbsp;&nbsp; 925 | 941294 |
| 6.18%, 07/13/43<sup>(a)</sup> | &nbsp;&nbsp; 788 | 841173 |
| UBS AG/London, 4.50%, 06/26/48<sup>(a)</sup> | &nbsp;&nbsp; 729 | 632227 |
| UBS Group AG |  |  |
| 3.18%, 02/11/43, (1-year CMT + 1.100%)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 977 | 724813 |
| 4.88%, 05/15/45 | &nbsp;&nbsp; 1528 | 1391343 |
| 5.38%, 09/06/45, (1-year USD ICE Swap + <br> 1.860%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 1260 | 1223256 |
| Wells Fargo & Co. |  |  |
| 3.07%, 04/30/41, (1-day SOFR + 2.530%)<sup>(d)</sup> | &nbsp;&nbsp; 3401 | 2589243 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 2283 | 1815822 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 2262 | 1859900 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(d)</sup> | &nbsp;&nbsp; $2718 | $2303803 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 1956 | 1692852 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 2204 | 1900473 |
| 4.90%, 11/17/45 | &nbsp;&nbsp; 2209 | 1956468 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR + <br> 4.502%)<sup>(d)</sup><br>| &nbsp;&nbsp; 5538 | 5005179 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 1839 | 1753803 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 2483 | 2425880 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; 466 | 480246 |
| Wells Fargo Bank NA |  |  |
| 5.85%, 02/01/37 | &nbsp;&nbsp; 905 | 948012 |
| 5.95%, 08/26/36 | &nbsp;&nbsp; 585 | 619732 |
| 6.60%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp; 1280 | 1434201 |
| Westpac Banking Corp. |  |  |
| 2.96%, 11/16/40<sup>(a)</sup> | &nbsp;&nbsp; 891 | 672295 |
| 3.13%, 11/18/41 | &nbsp;&nbsp; 89 | 65725 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 177 | 161628 |
|  |  | 196138826 |
| **Beverages — 2.5%** | **Beverages — 2.5%** | **Beverages — 2.5%** |
| Anheuser-Busch Companies LLC/Anheuser-Busch <br> InBev Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 4996 | 4875847 |
| 4.90%, 02/01/46<sup>(a)</sup> | &nbsp;&nbsp; 9364 | 8547748 |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.00%, 01/17/43 | &nbsp;&nbsp; 110 | 90635 |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 399 | 354938 |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 815 | 795399 |
| 4.90%, 02/01/46<sup>(a)</sup> | &nbsp;&nbsp; 1967 | 1789949 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.75%, 07/15/42 | &nbsp;&nbsp; 219 | 175555 |
| 4.35%, 06/01/40<sup>(a)</sup> | &nbsp;&nbsp; 410 | 368860 |
| 4.38%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 795 | 747523 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 2217 | 1868735 |
| 4.50%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 700 | 613074 |
| 4.60%, 04/15/48 | &nbsp;&nbsp; 100 | 87940 |
| 4.60%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 270 | 217838 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 545 | 469210 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 1765 | 1662817 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 2060 | 2102396 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 4343 | 4267840 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 2082 | 2096632 |
| 8.00%, 11/15/39 | &nbsp;&nbsp; 586 | 743640 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 1253 | 1598114 |
| Bacardi Ltd. |  |  |
| 5.15%, 05/15/38<sup>(b)</sup> | &nbsp;&nbsp; 294 | 275515 |
| 5.30%, 05/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 603 | 531022 |
| Bacardi Ltd./Bacardi-Martini BV, 5.90%, <br> 06/15/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 268 | 256973 |
| Brown-Forman Corp. |  |  |
| 3.75%, 01/15/43 | &nbsp;&nbsp; 235 | 183949 |
| 4.00%, 04/15/38 | &nbsp;&nbsp; 205 | 181733 |
| 4.50%, 07/15/45 | &nbsp;&nbsp; 435 | 374420 |
| Coca-Cola Co. (The) |  |  |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 800 | 585580 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 1359 | 804572 |
| 2.60%, 06/01/50 | &nbsp;&nbsp; 1396 | 852785 |
| 2.75%, 06/01/60 | &nbsp;&nbsp; 1177 | 690131 |
| 2.88%, 05/05/41<sup>(a)</sup> | &nbsp;&nbsp; 702 | 529377 |
| 3.00%, 03/05/51<sup>(a)</sup> | &nbsp;&nbsp; 1524 | 1007118 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 522 | 430604 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 1335 | 1262621 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 5.30%, 05/13/54 | &nbsp;&nbsp; $1010 | $973924 |
| 5.40%, 05/13/64 | &nbsp;&nbsp; 1750 | 1685373 |
| Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43<sup>(a)</sup> | &nbsp;&nbsp; 449 | 431324 |
| Constellation Brands Inc. |  |  |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 548 | 392140 |
| 4.10%, 02/15/48 | &nbsp;&nbsp; 614 | 472432 |
| 4.50%, 05/09/47 | &nbsp;&nbsp; 429 | 353727 |
| 5.25%, 11/15/48 | &nbsp;&nbsp; 404 | 365853 |
| Diageo Capital PLC |  |  |
| 3.88%, 04/29/43 | &nbsp;&nbsp; 453 | 367481 |
| 5.88%, 09/30/36 | &nbsp;&nbsp; 476 | 512066 |
| Diageo Investment Corp., 4.25%, 05/11/42 | &nbsp;&nbsp; 395 | 341745 |
| Embotelladora Andina SA, 3.95%, 01/21/50<sup>(b)</sup> | &nbsp;&nbsp; 20 | 14850 |
| Fomento Economico Mexicano SAB de CV |  |  |
| 3.50%, 01/16/50 | &nbsp;&nbsp; 635 | 456088 |
| 4.38%, 05/10/43 | &nbsp;&nbsp; 74 | 64021 |
| Heineken NV |  |  |
| 4.00%, 10/01/42<sup>(b)</sup> | &nbsp;&nbsp; 431 | 352090 |
| 4.35%, 03/29/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 555 | 454845 |
| Keurig Dr Pepper Inc. |  |  |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 467 | 301958 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 597 | 421753 |
| 4.42%, 12/15/46 | &nbsp;&nbsp; 374 | 300177 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 530 | 431876 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 981 | 771627 |
| 5.09%, 05/25/48 | &nbsp;&nbsp; 345 | 302732 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46 | &nbsp;&nbsp; 1610 | 1274518 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 998 | 909553 |
| PepsiCo Inc. |  |  |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 652 | 461993 |
| 2.75%, 10/21/51 | &nbsp;&nbsp; 971 | 599290 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 920 | 595185 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 381 | 269994 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 887 | 661732 |
| 3.50%, 03/19/40 | &nbsp;&nbsp; 335 | 280387 |
| 3.60%, 08/13/42 | &nbsp;&nbsp; 220 | 175672 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 764 | 566996 |
| 3.88%, 03/19/60 | &nbsp;&nbsp; 449 | 334998 |
| 4.00%, 03/05/42<sup>(a)</sup> | &nbsp;&nbsp; 499 | 425849 |
| 4.00%, 05/02/47 | &nbsp;&nbsp; 505 | 408031 |
| 4.20%, 07/18/52 | &nbsp;&nbsp; 455 | 370172 |
| 4.25%, 10/22/44 | &nbsp;&nbsp; 280 | 239304 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 859 | 752599 |
| 4.60%, 07/17/45 | &nbsp;&nbsp; 255 | 230789 |
| 4.65%, 02/15/53 | &nbsp;&nbsp; 324 | 281265 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 388 | 375846 |
| 5.25%, 07/17/54<sup>(a)</sup> | &nbsp;&nbsp; 870 | 831531 |
| 5.50%, 01/15/40<sup>(a)</sup> | &nbsp;&nbsp; 450 | 469396 |
| Pernod Ricard International Finance LLC, 2.75%, <br> 10/01/50<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 429 | 247458 |
| Pernod Ricard SA, 5.50%, 01/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 718 | 682124 |
|  |  | 62653854 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| Amgen Inc. |  |  |
| 2.77%, 09/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1490 | 869764 |
| 2.80%, 08/15/41 | &nbsp;&nbsp; 577 | 414950 |
| 3.00%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1098 | 703014 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 1504 | 1164210 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 1378 | 962419 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 1224 | 953196 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 4.40%, 05/01/45 | &nbsp;&nbsp; $2070 | $1750978 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 1024 | 789073 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 1412 | 1190993 |
| 4.66%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 3522 | 2989973 |
| 4.88%, 03/01/53 | &nbsp;&nbsp; 1390 | 1200338 |
| 4.95%, 10/01/41 | &nbsp;&nbsp; 513 | 476238 |
| 5.15%, 11/15/41 | &nbsp;&nbsp; 666 | 629315 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 2542 | 2512196 |
| 5.65%, 06/15/42 | &nbsp;&nbsp; 406 | 402806 |
| 5.65%, 03/02/53 | &nbsp;&nbsp; 4097 | 3962415 |
| 5.75%, 03/15/40 | &nbsp;&nbsp; 339 | 347602 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 2705 | 2599758 |
| 6.38%, 06/01/37 | &nbsp;&nbsp; 476 | 523029 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 230 | 248717 |
| 6.90%, 06/01/38 | &nbsp;&nbsp; 195 | 220187 |
| Baxalta Inc., 5.25%, 06/23/45 | &nbsp;&nbsp; 485 | 452661 |
| Biogen Inc. |  |  |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 1371 | 855070 |
| 3.25%, 02/15/51 | &nbsp;&nbsp; 706 | 444868 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 1038 | 929674 |
| 6.45%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 405 | 412380 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/42<sup>(b)</sup> | &nbsp;&nbsp; 445 | 397743 |
| 4.75%, 04/27/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 999 | 853910 |
| 4.95%, 04/27/62<sup>(a)(b)</sup> | &nbsp;&nbsp; 404 | 347816 |
| 5.42%, 04/03/54<sup>(b)</sup> | &nbsp;&nbsp; 585 | 550089 |
| Gilead Sciences Inc. |  |  |
| 2.60%, 10/01/40 | &nbsp;&nbsp; 914 | 659047 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 1329 | 828685 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 715 | 656314 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 1511 | 1233579 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 1679 | 1466510 |
| 4.60%, 09/01/35 | &nbsp;&nbsp; 857 | 836153 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 2011 | 1803207 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 1599 | 1459990 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 975 | 948191 |
| 5.55%, 10/15/53 | &nbsp;&nbsp; 1044 | 1021171 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 685 | 666707 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 998 | 1019473 |
| Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 | &nbsp;&nbsp; 711 | 422026 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | &nbsp;&nbsp; 953 | 721499 |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 646 | 414001 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 918 | 620715 |
| 5.90%, 09/02/54 | &nbsp;&nbsp; 457 | 438633 |
|  |  | 45371283 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/46<sup>(b)</sup> | &nbsp;&nbsp; 420 | 363077 |
| 7.13%, 07/15/36<sup>(b)</sup> | &nbsp;&nbsp; 410 | 468214 |
| Carrier Global Corp. |  |  |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 1404 | 1122023 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 1231 | 898040 |
| 6.20%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 595 | 632621 |
| CRH America Finance Inc. |  |  |
| 4.40%, 05/09/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 390 | 323048 |
| 4.50%, 04/04/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 560 | 470668 |
| 5.88%, 01/09/55<sup>(a)</sup> | &nbsp;&nbsp; 420 | 425865 |
| CRH America Inc., 5.13%, 05/18/45<sup>(b)</sup> | &nbsp;&nbsp; 296 | 272342 |
| Fortune Brands Innovations Inc., 4.50%, 03/25/52 | &nbsp;&nbsp; 376 | 299535 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Johnson Controls International PLC |  |  |
| 4.50%, 02/15/47 | &nbsp;&nbsp; $528 | $446413 |
| 4.63%, 07/02/44<sup>(a)</sup> | &nbsp;&nbsp; 281 | 243766 |
| 4.95%, 07/02/64<sup>(c)</sup> | &nbsp;&nbsp; 216 | 182892 |
| 6.00%, 01/15/36 | &nbsp;&nbsp; 303 | 327351 |
| Martin Marietta Materials Inc. |  |  |
| 3.20%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 682 | 451990 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 609 | 494332 |
| 5.50%, 12/01/54 | &nbsp;&nbsp; 722 | 692760 |
| Masco Corp. |  |  |
| 3.13%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 216 | 132839 |
| 4.50%, 05/15/47<sup>(a)</sup> | &nbsp;&nbsp; 432 | 349255 |
| Owens Corning |  |  |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 492 | 399218 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 484 | 392980 |
| 5.95%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 580 | 579767 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 316 | 359764 |
| Trane Technologies Financing Ltd. |  |  |
| 4.50%, 03/21/49 | &nbsp;&nbsp; 338 | 284303 |
| 4.65%, 11/01/44 | &nbsp;&nbsp; 222 | 196833 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 228 | 187640 |
| 5.75%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp; 418 | 428726 |
| Votorantim Cimentos International SA, 7.25%, <br> 04/05/41<sup>(b)</sup><br>| &nbsp;&nbsp; 205 | 227575 |
| Vulcan Materials Co. |  |  |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 700 | 592030 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 427 | 369316 |
| 5.70%, 12/01/54 | &nbsp;&nbsp; 635 | 627036 |
|  |  | 13242219 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Air Liquide Finance SA, 3.50%, 09/27/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 575 | 434925 |
| Air Products and Chemicals Inc. |  |  |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 653 | 477210 |
| 2.80%, 05/15/50 | &nbsp;&nbsp; 831 | 517902 |
| Albemarle Corp. |  |  |
| 5.45%, 12/01/44 | &nbsp;&nbsp; 357 | 306988 |
| 5.65%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 461 | 394215 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 589 | 526615 |
| 5.38%, 03/15/44 | &nbsp;&nbsp; 689 | 643867 |
| Dow Chemical Co. (The) |  |  |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 1061 | 699632 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 1434 | 1150745 |
| 4.63%, 10/01/44 | &nbsp;&nbsp; 626 | 506856 |
| 4.80%, 05/15/49 | &nbsp;&nbsp; 665 | 528672 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 809 | 729688 |
| 5.55%, 11/30/48<sup>(a)</sup> | &nbsp;&nbsp; 739 | 664578 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 600 | 533677 |
| 5.95%, 03/15/55 | &nbsp;&nbsp; 570 | 528822 |
| 6.90%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 835 | 876842 |
| 9.40%, 05/15/39 | &nbsp;&nbsp; 496 | 640278 |
| DuPont de Nemours Inc. |  |  |
| 5.32%, 11/15/38<sup>(a)</sup> | &nbsp;&nbsp; 833 | 868925 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 1996 | 2008096 |
| Eastman Chemical Co. |  |  |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 696 | 580563 |
| 4.80%, 09/01/42 | &nbsp;&nbsp; 525 | 452696 |
| Ecolab Inc. |  |  |
| 2.13%, 08/15/50 | &nbsp;&nbsp; 547 | 293957 |
| 2.70%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 820 | 499544 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 2.75%, 08/18/55 | &nbsp;&nbsp; $647 | $384307 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 406 | 324354 |
| 5.50%, 12/08/41 | &nbsp;&nbsp; 409 | 413626 |
| FMC Corp. |  |  |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 483 | 359739 |
| 6.38%, 05/18/53<sup>(a)</sup> | &nbsp;&nbsp; 471 | 452473 |
| GC Treasury Center Co. Ltd., 4.30%, 03/18/51<sup>(b)</sup> | &nbsp;&nbsp; 240 | 189504 |
| International Flavors & Fragrances Inc. |  |  |
| 3.27%, 11/15/40<sup>(b)</sup> | &nbsp;&nbsp; 344 | 256377 |
| 3.47%, 12/01/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 692 | 460963 |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 345 | 268737 |
| 5.00%, 09/26/48<sup>(a)</sup> | &nbsp;&nbsp; 620 | 533150 |
| Linde Inc./CT |  |  |
| 2.00%, 08/10/50 | &nbsp;&nbsp; 344 | 178933 |
| 3.55%, 11/07/42 | &nbsp;&nbsp; 610 | 483986 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 819 | 690196 |
| 5.25%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; 652 | 575859 |
| LYB International Finance III LLC |  |  |
| 3.38%, 10/01/40 | &nbsp;&nbsp; 893 | 654984 |
| 3.63%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 958 | 621371 |
| 3.80%, 10/01/60 | &nbsp;&nbsp; 713 | 446368 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 886 | 637669 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 1025 | 741964 |
| LyondellBasell Industries NV, 4.63%, 02/26/55<sup>(a)</sup> | &nbsp;&nbsp; 944 | 725691 |
| Mosaic Co. (The) |  |  |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 225 | 199156 |
| 5.63%, 11/15/43 | &nbsp;&nbsp; 565 | 542014 |
| Nutrien Ltd. |  |  |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 411 | 306874 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 540 | 483349 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 764 | 675114 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 313 | 291230 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 486 | 483377 |
| 5.80%, 03/27/53 | &nbsp;&nbsp; 728 | 716226 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 472 | 490366 |
| 6.13%, 01/15/41 | &nbsp;&nbsp; 364 | 374643 |
| Orbia Advance Corp. SAB de CV |  |  |
| 5.50%, 01/15/48<sup>(b)</sup> | &nbsp;&nbsp; 453 | 355496 |
| 5.88%, 09/17/44<sup>(b)</sup> | &nbsp;&nbsp; 659 | 552175 |
| 6.75%, 09/19/42<sup>(b)</sup> | &nbsp;&nbsp; 415 | 384801 |
| PPG Industries Inc., 5.50%, 11/15/40 | &nbsp;&nbsp; 275 | 275068 |
| RPM International Inc. |  |  |
| 4.25%, 01/15/48 | &nbsp;&nbsp; 245 | 200786 |
| 5.25%, 06/01/45 | &nbsp;&nbsp; 319 | 295455 |
| Sherwin-Williams Co. (The) |  |  |
| 2.90%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 538 | 325547 |
| 3.30%, 05/15/50 | &nbsp;&nbsp; 434 | 291344 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 501 | 370999 |
| 4.00%, 12/15/42 | &nbsp;&nbsp; 329 | 267855 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 1269 | 1069338 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 363 | 308933 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 3.50%, 09/10/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 616 | 412073 |
| 4.25%, 01/22/50<sup>(b)</sup> | &nbsp;&nbsp; 370 | 287348 |
| Westlake Corp. |  |  |
| 2.88%, 08/15/41 | &nbsp;&nbsp; 364 | 247387 |
| 3.13%, 08/15/51 | &nbsp;&nbsp; 594 | 361650 |
| 3.38%, 08/15/61<sup>(a)</sup> | &nbsp;&nbsp; 581 | 344354 |
| 4.38%, 11/15/47 | &nbsp;&nbsp; 428 | 333219 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 5.00%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; $635 | $552984 |
|  |  | 36064705 |
| **Commercial Services — 1.5%** | **Commercial Services — 1.5%** | **Commercial Services — 1.5%** |
| Adani Ports & Special Economic Zone Ltd., 5.00%, <br> 08/02/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 150 | 124784 |
| American University (The), Series 2019, 3.67%, <br> 04/01/49<br>| &nbsp;&nbsp; 430 | 319940 |
| Brown University, Series A, 2.92%, 09/01/50 | &nbsp;&nbsp; 493 | 320727 |
| California Endowment (The), Series 2021, 2.50%, <br> 04/01/51<br>| &nbsp;&nbsp; 440 | 247419 |
| California Institute of Technology |  |  |
| 3.65%, 09/01/2119 | &nbsp;&nbsp; 412 | 259306 |
| 4.32%, 08/01/45 | &nbsp;&nbsp; 313 | 263765 |
| 4.70%, 11/01/2111 | &nbsp;&nbsp; 285 | 228810 |
| Case Western Reserve University, 5.41%, <br> 06/01/2122<br>| &nbsp;&nbsp; 265 | 244285 |
| Claremont Mckenna College, 3.78%, 01/01/2122 | &nbsp;&nbsp; 245 | 154380 |
| DP World Ltd./United Arab Emirates |  |  |
| 4.70%, 09/30/49<sup>(b)</sup> | &nbsp;&nbsp; 420 | 356821 |
| 5.63%, 09/25/48<sup>(b)</sup> | &nbsp;&nbsp; 1311 | 1267097 |
| 6.85%, 07/02/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 1615 | 1831795 |
| Duke University |  |  |
| 3.20%, 10/01/38<sup>(a)</sup> | &nbsp;&nbsp; 120 | 99113 |
| 3.30%, 10/01/46 | &nbsp;&nbsp; 210 | 151052 |
| Series 2020, 2.68%, 10/01/44 | &nbsp;&nbsp; 312 | 222361 |
| Series 2020, 2.76%, 10/01/50 | &nbsp;&nbsp; 249 | 156796 |
| Series 2020, 2.83%, 10/01/55 | &nbsp;&nbsp; 492 | 301569 |
| Emory University, Series 2020, 2.97%, 09/01/50 | &nbsp;&nbsp; 346 | 222575 |
| Equifax Inc., 7.00%, 07/01/37 | &nbsp;&nbsp; 190 | 211957 |
| ERAC USA Finance LLC |  |  |
| 4.20%, 11/01/46<sup>(b)</sup> | &nbsp;&nbsp; 728 | 598309 |
| 4.50%, 02/15/45<sup>(b)</sup> | &nbsp;&nbsp; 496 | 427490 |
| 5.40%, 05/01/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 824152 |
| 5.63%, 03/15/42<sup>(b)</sup> | &nbsp;&nbsp; 452 | 449347 |
| 7.00%, 10/15/37<sup>(b)</sup> | &nbsp;&nbsp; 1115 | 1288975 |
| Ford Foundation (The) |  |  |
| Series 2017, 3.86%, 06/01/47 | &nbsp;&nbsp; 311 | 241587 |
| Series 2020, 2.42%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 359 | 209886 |
| Series 2020, 2.82%, 06/01/70 | &nbsp;&nbsp; 475 | 264191 |
| George Washington University (The) |  |  |
| 4.87%, 09/15/45<sup>(a)</sup> | &nbsp;&nbsp; 377 | 337852 |
| Series 2014, 4.30%, 09/15/44 | &nbsp;&nbsp; 307 | 259607 |
| Series 2016, 3.55%, 09/15/46 | &nbsp;&nbsp; 354 | 261690 |
| Series 2018, 4.13%, 09/15/48 | &nbsp;&nbsp; 457 | 365560 |
| Georgetown University (The) |  |  |
| 5.12%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 235 | 216601 |
| Series 20A, 2.94%, 04/01/50 | &nbsp;&nbsp; 336 | 212663 |
| Series A, 5.22%, 10/01/2118 | &nbsp;&nbsp; 215 | 183736 |
| Series B, 4.32%, 04/01/49 | &nbsp;&nbsp; 177 | 143930 |
| Global Payments Inc. |  |  |
| 4.15%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 475 | 350318 |
| 5.95%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 615 | 584859 |
| Howard University, 5.21%, 10/01/52 | &nbsp;&nbsp; 225 | 195700 |
| ITR Concession Co. LLC, 5.28%, 07/15/40<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29510 |
| Johns Hopkins University |  |  |
| Series 2013, 4.08%, 07/01/53 | &nbsp;&nbsp; 311 | 245999 |
| Series A, 2.81%, 01/01/60 | &nbsp;&nbsp; 280 | 163128 |
| Leland Stanford Junior University (The) |  |  |
| 2.41%, 06/01/50 | &nbsp;&nbsp; 373 | 219381 |
| 3.46%, 05/01/47 | &nbsp;&nbsp; 290 | 214041 |
| 3.65%, 05/01/48 | &nbsp;&nbsp; 527 | 408972 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Massachusetts Institute of Technology |  |  |
| 3.07%, 04/01/52 | &nbsp;&nbsp; $300 | $199213 |
| 3.89%, 07/01/2116<sup>(a)</sup> | &nbsp;&nbsp; 465 | 317297 |
| 3.96%, 07/01/38 | &nbsp;&nbsp; 189 | 172364 |
| 4.68%, 07/01/2114<sup>(a)</sup> | &nbsp;&nbsp; 449 | 371603 |
| 5.60%, 07/01/2111 | &nbsp;&nbsp; 657 | 641640 |
| 5.62%, 06/01/55 | &nbsp;&nbsp; 615 | 627684 |
| Series F, 2.99%, 07/01/50 | &nbsp;&nbsp; 414 | 275111 |
| Series G, 2.29%, 07/01/51 | &nbsp;&nbsp; 371 | 208829 |
| Metropolitan Museum of Art (The), Series 2015, <br> 3.40%, 07/01/45<br>| &nbsp;&nbsp; 193 | 142744 |
| Moody's Corp. |  |  |
| 2.55%, 08/18/60<sup>(a)</sup> | &nbsp;&nbsp; 276 | 140062 |
| 2.75%, 08/19/41 | &nbsp;&nbsp; 430 | 302767 |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 342 | 209510 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 284 | 187198 |
| 3.75%, 02/25/52 | &nbsp;&nbsp; 352 | 256987 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 239 | 211878 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 475 | 454236 |
| Northeastern University, Series 2020, 2.89%, <br> 10/01/50<br>| &nbsp;&nbsp; 245 | 162231 |
| Northwestern University |  |  |
| 3.69%, 12/01/38<sup>(a)</sup> | &nbsp;&nbsp; 185 | 164206 |
| 3.87%, 12/01/48<sup>(a)</sup> | &nbsp;&nbsp; 190 | 148160 |
| 4.64%, 12/01/44 | &nbsp;&nbsp; 545 | 514498 |
| 4.94%, 12/01/35 | &nbsp;&nbsp; 40 | 40675 |
| Series 2017, 3.66%, 12/01/57<sup>(a)</sup> | &nbsp;&nbsp; 247 | 176592 |
| Series 2020, 2.64%, 12/01/50 | &nbsp;&nbsp; 232 | 142277 |
| PayPal Holdings Inc. |  |  |
| 3.25%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 729 | 495413 |
| 5.05%, 06/01/52 | &nbsp;&nbsp; 936 | 855726 |
| 5.25%, 06/01/62 | &nbsp;&nbsp; 341 | 313172 |
| 5.50%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 280 | 270924 |
| Pelabuhan Indonesia Persero PT, 5.38%, <br> 05/05/45<sup>(b)</sup><br>| &nbsp;&nbsp; 640 | 597763 |
| President and Fellows of Harvard College |  |  |
| 2.52%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 464 | 279235 |
| 3.15%, 07/15/46 | &nbsp;&nbsp; 415 | 298422 |
| 3.30%, 07/15/56 | &nbsp;&nbsp; 409 | 277756 |
| 3.62%, 10/01/37<sup>(a)</sup> | &nbsp;&nbsp; 187 | 165709 |
| 3.75%, 11/15/52 | &nbsp;&nbsp; 454 | 343075 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 275 | 267703 |
| 5.26%, 03/15/36 | &nbsp;&nbsp; 10 | 10373 |
| 6.50%, 01/15/39<sup>(b)</sup> | &nbsp;&nbsp; 195 | 221036 |
| Quanta Services Inc., 3.05%, 10/01/41 | &nbsp;&nbsp; 593 | 425999 |
| Rockefeller Foundation (The), Series 2020, 2.49%, <br> 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 747 | 441720 |
| S&P Global Inc. |  |  |
| 2.30%, 08/15/60 | &nbsp;&nbsp; 615 | 307509 |
| 3.25%, 12/01/49 | &nbsp;&nbsp; 500 | 347046 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 872 | 650388 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 311 | 230125 |
| 4.50%, 05/15/48<sup>(a)</sup> | &nbsp;&nbsp; 195 | 163290 |
| 6.55%, 11/15/37 | &nbsp;&nbsp; 190 | 212401 |
| Thomas Jefferson University, 3.85%, 11/01/57 | &nbsp;&nbsp; 163 | 112317 |
| TR Finance LLC |  |  |
| 5.65%, 11/23/43<sup>(a)</sup> | &nbsp;&nbsp; 220 | 216049 |
| 5.85%, 04/15/40 | &nbsp;&nbsp; 295 | 303710 |
| Trustees of Boston College |  |  |
| 3.13%, 07/01/52 | &nbsp;&nbsp; 202 | 137146 |
| 3.99%, 07/01/47 | &nbsp;&nbsp; 230 | 186295 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Trustees of Columbia University in the City of New <br> York (The), Series 2024, 4.36%, 10/01/35<sup>(a)</sup><br>| &nbsp;&nbsp; $280 | $271602 |
| Trustees of Dartmouth College, 3.47%, 06/01/46 | &nbsp;&nbsp; 280 | 206073 |
| Trustees of Princeton University (The) |  |  |
| 4.20%, 03/01/52 | &nbsp;&nbsp; 250 | 206541 |
| 5.70%, 03/01/39 | &nbsp;&nbsp; 209 | 223094 |
| Series 2020, 2.52%, 07/01/50<sup>(a)</sup> | &nbsp;&nbsp; 420 | 255960 |
| Trustees of the University of Pennsylvania (The) |  |  |
| 3.61%, 02/15/2119 | &nbsp;&nbsp; 274 | 172075 |
| 4.67%, 09/01/2112 | &nbsp;&nbsp; 245 | 198572 |
| Series 2020, 2.40%, 10/01/50 | &nbsp;&nbsp; 270 | 155554 |
| Trustees of Tufts College |  |  |
| 3.10%, 08/15/51 | &nbsp;&nbsp; 270 | 174089 |
| Series 2012, 5.02%, 04/15/2112<sup>(a)</sup> | &nbsp;&nbsp; 200 | 166805 |
| University of Chicago (The) |  |  |
| 3.00%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 40 | 26685 |
| 4.00%, 10/01/53 | &nbsp;&nbsp; 345 | 267511 |
| Series 20B, 2.76%, 04/01/45 | &nbsp;&nbsp; 190 | 148427 |
| Series C, 2.55%, 04/01/50 | &nbsp;&nbsp; 265 | 171606 |
| University of Miami, 4.06%, 04/01/52<sup>(a)</sup> | &nbsp;&nbsp; 420 | 328170 |
| University of Notre Dame du Lac |  |  |
| Series 2015, 3.44%, 02/15/45 | &nbsp;&nbsp; 382 | 289886 |
| Series 2017, 3.39%, 02/15/48 | &nbsp;&nbsp; 328 | 239742 |
| University of Southern California |  |  |
| 2.81%, 10/01/50 | &nbsp;&nbsp; 231 | 144137 |
| 3.03%, 10/01/39 | &nbsp;&nbsp; 142 | 116864 |
| 4.98%, 10/01/53<sup>(a)</sup> | &nbsp;&nbsp; 465 | 425049 |
| 5.25%, 10/01/2111<sup>(a)</sup> | &nbsp;&nbsp; 262 | 238616 |
| Series 2017, 3.84%, 10/01/47 | &nbsp;&nbsp; 262 | 205594 |
| Series 21A, 2.95%, 10/01/51 | &nbsp;&nbsp; 349 | 222737 |
| Series A, 3.23%, 10/01/2120<sup>(a)</sup> | &nbsp;&nbsp; 270 | 152488 |
| Verisk Analytics Inc. |  |  |
| 3.63%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 335 | 239164 |
| 5.13%, 02/15/36 | &nbsp;&nbsp; 550 | 546384 |
| 5.50%, 06/15/45 | &nbsp;&nbsp; 263 | 253354 |
| Washington University (The) |  |  |
| 3.52%, 04/15/54 | &nbsp;&nbsp; 455 | 324123 |
| 4.35%, 04/15/2122 | &nbsp;&nbsp; 427 | 319571 |
| Wesleyan University, 4.78%, 07/01/2116 | &nbsp;&nbsp; 201 | 158233 |
| William Marsh Rice University |  |  |
| 3.57%, 05/15/45 | &nbsp;&nbsp; 323 | 253717 |
| 3.77%, 05/15/55 | &nbsp;&nbsp; 255 | 190132 |
| Yale University, Series 2020, 2.40%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 421 | 247563 |
|  |  | 37420218 |
| **Computers — 2.0%** | **Computers — 2.0%** | **Computers — 2.0%** |
| Apple Inc. |  |  |
| 2.38%, 02/08/41 | &nbsp;&nbsp; 1325 | 927801 |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 1425 | 835880 |
| 2.55%, 08/20/60 | &nbsp;&nbsp; 1469 | 832822 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 2570 | 1591623 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 2894 | 1775668 |
| 2.70%, 08/05/51<sup>(a)</sup> | &nbsp;&nbsp; 1811 | 1118619 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 1550 | 906885 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 1205 | 710192 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 1683 | 1117506 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 1825 | 1414206 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 1230 | 964807 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 1307 | 1030283 |
| 3.85%, 05/04/43<sup>(a)</sup> | &nbsp;&nbsp; 2709 | 2263997 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 2611 | 2110454 |
| 3.95%, 08/08/52<sup>(a)</sup> | &nbsp;&nbsp; 1790 | 1408126 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 4.10%, 08/08/62 | &nbsp;&nbsp; $1070 | $838218 |
| 4.25%, 02/09/47 | &nbsp;&nbsp; 1145 | 980763 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 1842 | 1626618 |
| 4.45%, 05/06/44<sup>(a)</sup> | &nbsp;&nbsp; 952 | 873694 |
| 4.50%, 02/23/36<sup>(a)</sup> | &nbsp;&nbsp; 934 | 937622 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 3898 | 3565502 |
| 4.85%, 05/10/53<sup>(a)</sup> | &nbsp;&nbsp; 1516 | 1432689 |
| Dell Inc. |  |  |
| 5.40%, 09/10/40 | &nbsp;&nbsp; 188 | 182741 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 195 | 206800 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/41 | &nbsp;&nbsp; 915 | 681153 |
| 3.45%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 644 | 439868 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 866 | 1048691 |
| 8.35%, 07/15/46<sup>(a)</sup> | &nbsp;&nbsp; 520 | 661298 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 1280 | 1182049 |
| 6.20%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 420 | 449709 |
| 6.35%, 10/15/45 | &nbsp;&nbsp; 1368 | 1409535 |
| HP Inc., 6.00%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 1042 | 1059312 |
| IBM International Capital Pte Ltd. |  |  |
| 5.25%, 02/05/44 | &nbsp;&nbsp; 880 | 843798 |
| 5.30%, 02/05/54 | &nbsp;&nbsp; 1268 | 1174026 |
| International Business Machines Corp. |  |  |
| 2.85%, 05/15/40 | &nbsp;&nbsp; 524 | 387841 |
| 2.95%, 05/15/50 | &nbsp;&nbsp; 802 | 506931 |
| 3.43%, 02/09/52 | &nbsp;&nbsp; 656 | 446803 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 979 | 810378 |
| 4.15%, 05/15/39 | &nbsp;&nbsp; 1916 | 1689416 |
| 4.25%, 05/15/49<sup>(a)</sup> | &nbsp;&nbsp; 2848 | 2281896 |
| 4.70%, 02/19/46 | &nbsp;&nbsp; 407 | 358290 |
| 4.90%, 07/27/52 | &nbsp;&nbsp; 815 | 717338 |
| 5.10%, 02/06/53 | &nbsp;&nbsp; 646 | 585705 |
| 5.60%, 11/30/39 | &nbsp;&nbsp; 785 | 810019 |
| 7.13%, 12/01/96<sup>(a)</sup> | &nbsp;&nbsp; 527 | 624848 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 1030 | 1011481 |
| Kyndryl Holdings Inc., 4.10%, 10/15/41 | &nbsp;&nbsp; 461 | 362629 |
|  |  | 49196530 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Colgate-Palmolive Co. |  |  |
| 3.70%, 08/01/47 | &nbsp;&nbsp; 414 | 321399 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 544 | 444184 |
| Estee Lauder Companies Inc. (The) |  |  |
| 3.13%, 12/01/49<sup>(a)</sup> | &nbsp;&nbsp; 552 | 353521 |
| 3.70%, 08/15/42 | &nbsp;&nbsp; 174 | 133076 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 448 | 352398 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 316 | 260397 |
| 5.15%, 05/15/53 | &nbsp;&nbsp; 540 | 510618 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 235 | 251630 |
| Haleon U.S. Capital LLC, 4.00%, 03/24/52<sup>(a)</sup> | &nbsp;&nbsp; 907 | 696080 |
| Kenvue Inc. |  |  |
| 5.05%, 03/22/53 | &nbsp;&nbsp; 1380 | 1260670 |
| 5.10%, 03/22/43<sup>(a)</sup> | &nbsp;&nbsp; 675 | 647139 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 755 | 687577 |
| Procter & Gamble Co. (The) |  |  |
| 3.50%, 10/25/47 | &nbsp;&nbsp; 360 | 272867 |
| 3.55%, 03/25/40 | &nbsp;&nbsp; 396 | 340534 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 418 | 315087 |
| 5.55%, 03/05/37 | &nbsp;&nbsp; 600 | 646891 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| Unilever Capital Corp., Series 30Y, 2.63%, <br> 08/12/51<br>| &nbsp;&nbsp; $601 | $363318 |
|  |  | 7857386 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| WW Grainger Inc. |  |  |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 380 | 295166 |
| 4.20%, 05/15/47 | &nbsp;&nbsp; 367 | 298625 |
| 4.60%, 06/15/45 | &nbsp;&nbsp; 827 | 732696 |
|  |  | 1326487 |
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, 3.85%, 10/29/41<br>| &nbsp;&nbsp; 1682 | 1354305 |
| American Express Co., 4.05%, 12/03/42<sup>(a)</sup> | &nbsp;&nbsp; 316 | 267069 |
| Apollo Global Management Inc., 5.80%, 05/21/54 | &nbsp;&nbsp; 702 | 690543 |
| Ares Finance Co. IV LLC, 3.65%, 02/01/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 482 | 332430 |
| Ares Management Corp., 5.60%, 10/11/54 | &nbsp;&nbsp; 680 | 639086 |
| Blackstone Holdings Finance Co. LLC |  |  |
| 2.80%, 09/30/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 443 | 267127 |
| 2.85%, 08/05/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 585 | 357181 |
| 3.20%, 01/30/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 708 | 464243 |
| 3.50%, 09/10/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 383 | 269124 |
| 4.00%, 10/02/47<sup>(b)</sup> | &nbsp;&nbsp; 320 | 247837 |
| 4.45%, 07/15/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 495 | 416618 |
| 5.00%, 06/15/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 516 | 471428 |
| 6.25%, 08/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 235 | 242816 |
| Blue Owl Finance LLC, 4.13%, 10/07/51 | &nbsp;&nbsp; 360 | 253199 |
| Brookfield Finance Inc. |  |  |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 603 | 414531 |
| 3.63%, 02/15/52 | &nbsp;&nbsp; 268 | 185974 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 830 | 713112 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 900 | 901422 |
| Brookfield Finance LLC/Brookfield Finance Inc., <br> 3.45%, 04/15/50<br>| &nbsp;&nbsp; 605 | 410778 |
| CI Financial Corp., 4.10%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 330 | 234807 |
| CME Group Inc. |  |  |
| 4.15%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp; 797 | 663076 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 801 | 801689 |
| FMR LLC |  |  |
| 5.15%, 02/01/43<sup>(b)</sup> | &nbsp;&nbsp; 390 | 366608 |
| 6.45%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 695 | 766823 |
| 6.50%, 12/14/40<sup>(b)</sup> | &nbsp;&nbsp; 442 | 490080 |
| Franklin Resources Inc., 2.95%, 08/12/51 | &nbsp;&nbsp; 385 | 235579 |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; 433 | 413260 |
| Jefferies Financial Group Inc. |  |  |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 482 | 506206 |
| 6.50%, 01/20/43 | &nbsp;&nbsp; 512 | 532747 |
| 6.63%, 10/23/43<sup>(a)</sup> | &nbsp;&nbsp; 278 | 288618 |
| KKR Group Finance Co. II LLC, 5.50%, <br> 02/01/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 516 | 496652 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 640 | 629509 |
| LSEGA Financing PLC, 3.20%, 04/06/41<sup>(b)</sup> | &nbsp;&nbsp; 965 | 730941 |
| Mastercard Inc. |  |  |
| 2.95%, 03/15/51 | &nbsp;&nbsp; 553 | 358373 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 679 | 511115 |
| 3.80%, 11/21/46 | &nbsp;&nbsp; 642 | 506680 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 1301 | 1007645 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 539 | 430384 |
| Nasdaq Inc. |  |  |
| 2.50%, 12/21/40 | &nbsp;&nbsp; 909 | 632775 |
| 3.25%, 04/28/50 | &nbsp;&nbsp; 557 | 375380 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 3.95%, 03/07/52 | &nbsp;&nbsp; $496 | $371215 |
| 5.95%, 08/15/53 | &nbsp;&nbsp; 665 | 677695 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 760 | 779376 |
| Neuberger Berman Group LLC/Neuberger Berman <br> Finance Corp., 4.88%, 04/15/45<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 346 | 296106 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 731 | 534630 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 805 | 726809 |
| Visa Inc. |  |  |
| 2.00%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1567 | 838362 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 827 | 627873 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 685 | 529047 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 1236 | 1181631 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 3215 | 2781663 |
| Voya Financial Inc. |  |  |
| 4.80%, 06/15/46 | &nbsp;&nbsp; 314 | 273340 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 312 | 306821 |
| Western Union Co. (The) |  |  |
| 6.20%, 11/17/36<sup>(a)</sup> | &nbsp;&nbsp; 314 | 319475 |
| 6.20%, 06/21/40 | &nbsp;&nbsp; 219 | 218448 |
|  |  | 30340261 |
| **Electric — 13.2%** | **Electric — 13.2%** | **Electric — 13.2%** |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 3.40%, 04/29/51<sup>(b)</sup> | &nbsp;&nbsp; 927 | 650539 |
| 4.00%, 10/03/49<sup>(b)</sup> | &nbsp;&nbsp; 633 | 497829 |
| 4.75%, 03/09/37<sup>(b)</sup> | &nbsp;&nbsp; 655 | 639752 |
| 6.50%, 10/27/36<sup>(b)</sup> | &nbsp;&nbsp; 1015 | 1149074 |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 303 | 201610 |
| 3.80%, 10/01/47 | &nbsp;&nbsp; 153 | 112422 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 465 | 413301 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 346 | 263006 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 467 | 315426 |
| AEP Transmission Co. LLC |  |  |
| 3.15%, 09/15/49 | &nbsp;&nbsp; 365 | 243436 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 569 | 429803 |
| 3.80%, 06/15/49 | &nbsp;&nbsp; 299 | 222043 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 350 | 276268 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 366 | 296347 |
| 4.50%, 06/15/52 | &nbsp;&nbsp; 450 | 376616 |
| 5.40%, 03/15/53 | &nbsp;&nbsp; 635 | 608303 |
| Series M, 3.65%, 04/01/50 | &nbsp;&nbsp; 442 | 324146 |
| Series N, 2.75%, 08/15/51 | &nbsp;&nbsp; 421 | 258012 |
| Alabama Power Co. |  |  |
| 3.00%, 03/15/52 | &nbsp;&nbsp; 619 | 396481 |
| 3.13%, 07/15/51 | &nbsp;&nbsp; 583 | 382988 |
| 3.45%, 10/01/49 | &nbsp;&nbsp; 720 | 509125 |
| 3.75%, 03/01/45 | &nbsp;&nbsp; 728 | 565104 |
| 3.85%, 12/01/42 | &nbsp;&nbsp; 245 | 196582 |
| 4.10%, 01/15/42<sup>(a)</sup> | &nbsp;&nbsp; 230 | 192546 |
| 4.15%, 08/15/44 | &nbsp;&nbsp; 354 | 291437 |
| 4.30%, 01/02/46 | &nbsp;&nbsp; 400 | 333528 |
| 5.50%, 03/15/41<sup>(a)</sup> | &nbsp;&nbsp; 243 | 242437 |
| 6.00%, 03/01/39 | &nbsp;&nbsp; 482 | 516811 |
| 6.13%, 05/15/38 | &nbsp;&nbsp; 300 | 327818 |
| Series 11-C, 5.20%, 06/01/41<sup>(a)</sup> | &nbsp;&nbsp; 250 | 243201 |
| Series A, 4.30%, 07/15/48<sup>(a)</sup> | &nbsp;&nbsp; 404 | 334968 |
| Series B, 3.70%, 12/01/47 | &nbsp;&nbsp; 575 | 434498 |
| Alfa Desarrollo SpA, 4.55%, 09/27/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 732 | 576617 |
| Ameren Illinois Co. |  |  |
| 2.90%, 06/15/51 | &nbsp;&nbsp; 386 | 239666 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.25%, 03/15/50 | &nbsp;&nbsp; $262 | $175967 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 442 | 334265 |
| 4.15%, 03/15/46 | &nbsp;&nbsp; 490 | 401036 |
| 4.30%, 07/01/44<sup>(a)</sup> | &nbsp;&nbsp; 205 | 171251 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 493 | 416017 |
| 4.80%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp; 265 | 235420 |
| 5.55%, 07/01/54 | &nbsp;&nbsp; 420 | 411827 |
| 5.63%, 03/01/55<sup>(a)</sup> | &nbsp;&nbsp; 385 | 383488 |
| 5.90%, 12/01/52 | &nbsp;&nbsp; 333 | 339889 |
| American Electric Power Co. Inc., 3.25%, 03/01/50 | &nbsp;&nbsp; 402 | 262429 |
| American Transmission Systems Inc., 5.00%, <br> 09/01/44<sup>(b)</sup><br>| &nbsp;&nbsp; 281 | 256803 |
| Appalachian Power Co. |  |  |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 268 | 221152 |
| 4.45%, 06/01/45 | &nbsp;&nbsp; 266 | 217862 |
| 7.00%, 04/01/38 | &nbsp;&nbsp; 449 | 503983 |
| Series L, 5.80%, 10/01/35 | &nbsp;&nbsp; 185 | 190137 |
| Series P, 6.70%, 08/15/37 | &nbsp;&nbsp; 200 | 218948 |
| Series Y, 4.50%, 03/01/49 | &nbsp;&nbsp; 330 | 267919 |
| Series Z, 3.70%, 05/01/50 | &nbsp;&nbsp; 435 | 305425 |
| Arizona Public Service Co. |  |  |
| 2.65%, 09/15/50 | &nbsp;&nbsp; 265 | 156919 |
| 3.35%, 05/15/50 | &nbsp;&nbsp; 390 | 265772 |
| 3.50%, 12/01/49<sup>(a)</sup> | &nbsp;&nbsp; 347 | 238130 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 173 | 130216 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 357 | 280827 |
| 4.25%, 03/01/49 | &nbsp;&nbsp; 418 | 330750 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 604 | 494583 |
| 4.50%, 04/01/42 | &nbsp;&nbsp; 361 | 310934 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 215 | 182225 |
| 5.05%, 09/01/41 | &nbsp;&nbsp; 271 | 250686 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 140 | 141357 |
| 5.90%, 08/15/55 | &nbsp;&nbsp; 435 | 433356 |
| Atlantica Transmision Sur SA, 6.88%, 04/30/43<sup>(b)</sup> | &nbsp;&nbsp; 179 | 190727 |
| Avista Corp. |  |  |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 188 | 141382 |
| 4.35%, 06/01/48 | &nbsp;&nbsp; 481 | 391114 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 478 | 300590 |
| 3.20%, 09/15/49 | &nbsp;&nbsp; 410 | 274630 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 529 | 387960 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 365 | 276485 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 395 | 316452 |
| 4.55%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 531 | 447512 |
| 5.40%, 06/01/53 | &nbsp;&nbsp; 709 | 670348 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 445 | 441371 |
| 6.35%, 10/01/36 | &nbsp;&nbsp; 315 | 347875 |
| Basin Electric Power Cooperative, 4.75%, <br> 04/26/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 342 | 295423 |
| Berkshire Hathaway Energy Co. |  |  |
| 2.85%, 05/15/51 | &nbsp;&nbsp; 1424 | 869353 |
| 3.80%, 07/15/48 | &nbsp;&nbsp; 892 | 669851 |
| 4.25%, 10/15/50 | &nbsp;&nbsp; 928 | 734552 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 988 | 814348 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 641 | 552337 |
| 4.60%, 05/01/53 | &nbsp;&nbsp; 1059 | 879135 |
| 5.15%, 11/15/43 | &nbsp;&nbsp; 648 | 615838 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 539 | 573488 |
| 6.13%, 04/01/36 | &nbsp;&nbsp; 1532 | 1651690 |
| Black Hills Corp. |  |  |
| 3.88%, 10/15/49 | &nbsp;&nbsp; 357 | 258915 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.20%, 09/15/46 | &nbsp;&nbsp; $360 | $280260 |
| Buffalo Energy Mexico Holdings/Buffalo Energy <br> Infrastructure/Buffalo Energy, 7.88%, <br> 02/15/39<sup>(b)</sup><br>| &nbsp;&nbsp; 199 | 212414 |
| Celeo Redes Operacion Chile SA, 5.20%, <br> 06/22/47<sup>(b)</sup><br>| &nbsp;&nbsp; 184 | 167052 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; 318 | 245402 |
| 3.60%, 03/01/52 | &nbsp;&nbsp; 404 | 291192 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 681 | 532641 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 572 | 495879 |
| 5.30%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 275 | 261252 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 503 | 407970 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 216 | 136707 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 547 | 372575 |
| Series AJ, 4.85%, 10/01/52 | &nbsp;&nbsp; 267 | 236193 |
| CEZ A/S, 5.63%, 04/03/42<sup>(b)</sup> | &nbsp;&nbsp; 463 | 414701 |
| Cleco Corporate Holdings LLC, 4.97%, 05/01/46 | &nbsp;&nbsp; 379 | 324490 |
| Cleco Power LLC |  |  |
| 6.00%, 12/01/40 | &nbsp;&nbsp; 195 | 200393 |
| 6.50%, 12/01/35<sup>(a)</sup> | &nbsp;&nbsp; 165 | 180560 |
| Cleveland Electric Illuminating Co. (The), 5.95%, <br> 12/15/36<br>| &nbsp;&nbsp; 216 | 225124 |
| CMS Energy Corp. |  |  |
| 4.70%, 03/31/43 | &nbsp;&nbsp; 230 | 198229 |
| 4.88%, 03/01/44 | &nbsp;&nbsp; 251 | 221652 |
| Comision Federal de Electricidad |  |  |
| 4.68%, 02/09/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 542 | 388197 |
| 5.75%, 02/14/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 706 | 638636 |
| 6.13%, 06/16/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 515 | 465302 |
| 6.26%, 02/15/52<sup>(b)</sup> | &nbsp;&nbsp; 390 | 350755 |
| Commonwealth Edison Co. |  |  |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 648 | 416973 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 555 | 420043 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 413 | 319827 |
| 3.80%, 10/01/42 | &nbsp;&nbsp; 360 | 286304 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 826 | 651646 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 413 | 319759 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 458 | 384278 |
| 4.60%, 08/15/43 | &nbsp;&nbsp; 320 | 283297 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 272 | 242024 |
| 5.30%, 02/01/53 | &nbsp;&nbsp; 589 | 551468 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 565 | 556461 |
| 5.95%, 06/01/55 | &nbsp;&nbsp; 610 | 626853 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 374 | 415092 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 602 | 454240 |
| Series 127, 3.20%, 11/15/49 | &nbsp;&nbsp; 380 | 254791 |
| Series 130, 3.13%, 03/15/51 | &nbsp;&nbsp; 764 | 496021 |
| Series 131, 2.75%, 09/01/51 | &nbsp;&nbsp; 485 | 290389 |
| Series 133, 3.85%, 03/15/52 | &nbsp;&nbsp; 625 | 464449 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 732 | 576709 |
| 4.30%, 04/15/44 | &nbsp;&nbsp; 444 | 377763 |
| 5.25%, 01/15/53 | &nbsp;&nbsp; 391 | 365183 |
| 6.35%, 06/01/36 | &nbsp;&nbsp; 150 | 163792 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 192 | 157598 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 3.20%, 12/01/51 | &nbsp;&nbsp; 523 | 343714 |
| 3.60%, 06/15/61 | &nbsp;&nbsp; 688 | 463508 |
| 3.70%, 11/15/59 | &nbsp;&nbsp; 572 | 395651 |
| 3.85%, 06/15/46 | &nbsp;&nbsp; 762 | 592582 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.95%, 03/01/43 | &nbsp;&nbsp; $617 | $498768 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 771 | 664254 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 526 | 450041 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 659 | 531521 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 883 | 739372 |
| 5.70%, 06/15/40 | &nbsp;&nbsp; 450 | 461448 |
| 5.70%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1043 | 1031202 |
| 5.90%, 11/15/53 | &nbsp;&nbsp; 1040 | 1061093 |
| 6.15%, 11/15/52 | &nbsp;&nbsp; 610 | 637833 |
| Series 06-A, 5.85%, 03/15/36<sup>(a)</sup> | &nbsp;&nbsp; 265 | 281349 |
| Series 06-B, 6.20%, 06/15/36 | &nbsp;&nbsp; 355 | 385110 |
| Series 06-E, 5.70%, 12/01/36<sup>(a)</sup> | &nbsp;&nbsp; 202 | 211397 |
| Series 07-A, 6.30%, 08/15/37 | &nbsp;&nbsp; 474 | 519400 |
| Series 08-B, 6.75%, 04/01/38 | &nbsp;&nbsp; 445 | 505740 |
| Series 09-C, 5.50%, 12/01/39 | &nbsp;&nbsp; 520 | 525383 |
| Series 12-A, 4.20%, 03/15/42 | &nbsp;&nbsp; 353 | 299321 |
| Series 2017, 3.88%, 06/15/47 | &nbsp;&nbsp; 770 | 588308 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 903 | 698038 |
| Series A, 4.13%, 05/15/49 | &nbsp;&nbsp; 621 | 486739 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 435 | 256144 |
| Series C, 4.00%, 11/15/57 | &nbsp;&nbsp; 324 | 239322 |
| Series C, 4.30%, 12/01/56 | &nbsp;&nbsp; 463 | 362437 |
| Series E, 4.65%, 12/01/48 | &nbsp;&nbsp; 604 | 519647 |
| Consorcio Transmantaro SA, 5.20%, 04/11/38<sup>(b)</sup> | &nbsp;&nbsp; 572 | 557846 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 06/15/42 | &nbsp;&nbsp; 604 | 592883 |
| 5.75%, 10/01/41 | &nbsp;&nbsp; 425 | 428230 |
| 5.75%, 03/15/54 | &nbsp;&nbsp; 890 | 870233 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 647 | 693970 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 654 | 704842 |
| Consumers Energy Co. |  |  |
| 3.10%, 08/15/50 | &nbsp;&nbsp; 562 | 373746 |
| 3.25%, 08/15/46 | &nbsp;&nbsp; 665 | 477855 |
| 3.50%, 08/01/51 | &nbsp;&nbsp; 431 | 312919 |
| 3.75%, 02/15/50 | &nbsp;&nbsp; 340 | 252691 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 339 | 277158 |
| 3.95%, 07/15/47 | &nbsp;&nbsp; 360 | 282923 |
| 4.05%, 05/15/48 | &nbsp;&nbsp; 531 | 426849 |
| 4.10%, 11/15/45 | &nbsp;&nbsp; 150 | 121989 |
| 4.20%, 09/01/52 | &nbsp;&nbsp; 300 | 241062 |
| 4.35%, 04/15/49 | &nbsp;&nbsp; 504 | 418394 |
| 4.35%, 08/31/64 | &nbsp;&nbsp; 296 | 223563 |
| Dayton Power & Light Co. (The), 3.95%, 06/15/49 | &nbsp;&nbsp; 458 | 334044 |
| Delmarva Power & Light Co. |  |  |
| 4.00%, 06/01/42 | &nbsp;&nbsp; 243 | 199537 |
| 4.15%, 05/15/45<sup>(a)</sup> | &nbsp;&nbsp; 206 | 168486 |
| Dominion Energy Inc. |  |  |
| 4.70%, 12/01/44 | &nbsp;&nbsp; 462 | 396656 |
| 4.85%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 485 | 408644 |
| 7.00%, 06/15/38 | &nbsp;&nbsp; 353 | 401828 |
| Series A, 4.60%, 03/15/49 | &nbsp;&nbsp; 441 | 362479 |
| Series B, 3.30%, 04/15/41 | &nbsp;&nbsp; 477 | 356462 |
| Series C, 4.05%, 09/15/42 | &nbsp;&nbsp; 509 | 407313 |
| Series C, 4.90%, 08/01/41 | &nbsp;&nbsp; 467 | 420432 |
| Dominion Energy South Carolina Inc. |  |  |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 243 | 214363 |
| 5.10%, 06/01/65<sup>(a)</sup> | &nbsp;&nbsp; 436 | 384675 |
| 5.45%, 02/01/41 | &nbsp;&nbsp; 287 | 284428 |
| 6.05%, 01/15/38 | &nbsp;&nbsp; 588 | 626715 |
| 6.25%, 10/15/53 | &nbsp;&nbsp; 515 | 553213 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| DTE Electric Co. |  |  |
| 2.95%, 03/01/50 | &nbsp;&nbsp; $500 | $324441 |
| 3.70%, 03/15/45 | &nbsp;&nbsp; 427 | 330089 |
| 3.70%, 06/01/46 | &nbsp;&nbsp; 344 | 261064 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 460 | 350004 |
| 3.95%, 06/15/42 | &nbsp;&nbsp; 215 | 175487 |
| 3.95%, 03/01/49 | &nbsp;&nbsp; 586 | 458394 |
| 4.30%, 07/01/44 | &nbsp;&nbsp; 308 | 258561 |
| 5.40%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 381 | 368353 |
| 5.70%, 10/01/37 | &nbsp;&nbsp; 188 | 197965 |
| 5.85%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 620 | 633838 |
| Series A, 4.00%, 04/01/43<sup>(a)</sup> | &nbsp;&nbsp; 281 | 231023 |
| Series A, 4.05%, 05/15/48 | &nbsp;&nbsp; 505 | 407182 |
| Series A, 6.63%, 06/01/36 | &nbsp;&nbsp; 165 | 185419 |
| Series B, 3.25%, 04/01/51 | &nbsp;&nbsp; 307 | 209646 |
| Series B, 3.65%, 03/01/52 | &nbsp;&nbsp; 465 | 336972 |
| Duke Energy Carolinas LLC |  |  |
| 3.20%, 08/15/49 | &nbsp;&nbsp; 896 | 603491 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 592 | 413670 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 763 | 541910 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 647 | 485067 |
| 3.75%, 06/01/45 | &nbsp;&nbsp; 472 | 365046 |
| 3.88%, 03/15/46 | &nbsp;&nbsp; 641 | 497475 |
| 3.95%, 03/15/48 | &nbsp;&nbsp; 583 | 454500 |
| 4.00%, 09/30/42 | &nbsp;&nbsp; 528 | 436544 |
| 4.25%, 12/15/41 | &nbsp;&nbsp; 609 | 525328 |
| 5.30%, 02/15/40 | &nbsp;&nbsp; 830 | 831451 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; 858 | 813625 |
| 5.40%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 857 | 826056 |
| 6.00%, 01/15/38 | &nbsp;&nbsp; 536 | 574613 |
| 6.05%, 04/15/38 | &nbsp;&nbsp; 689 | 739744 |
| 6.10%, 06/01/37 | &nbsp;&nbsp; 472 | 505328 |
| Duke Energy Corp. |  |  |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 671 | 505588 |
| 3.50%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 771 | 523264 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 1388 | 1034540 |
| 3.95%, 08/15/47 | &nbsp;&nbsp; 661 | 499710 |
| 4.20%, 06/15/49 | &nbsp;&nbsp; 593 | 458319 |
| 4.80%, 12/15/45 | &nbsp;&nbsp; 666 | 574047 |
| 5.00%, 08/15/52 | &nbsp;&nbsp; 990 | 863499 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; 700 | 682239 |
| 6.10%, 09/15/53 | &nbsp;&nbsp; 578 | 587161 |
| Duke Energy Florida LLC |  |  |
| 3.00%, 12/15/51 | &nbsp;&nbsp; 583 | 367872 |
| 3.40%, 10/01/46 | &nbsp;&nbsp; 688 | 494231 |
| 3.85%, 11/15/42 | &nbsp;&nbsp; 455 | 363862 |
| 4.20%, 07/15/48 | &nbsp;&nbsp; 429 | 343918 |
| 5.65%, 04/01/40 | &nbsp;&nbsp; 411 | 425582 |
| 5.95%, 11/15/52 | &nbsp;&nbsp; 485 | 497235 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 665 | 704999 |
| 6.35%, 09/15/37 | &nbsp;&nbsp; 574 | 628111 |
| 6.40%, 06/15/38 | &nbsp;&nbsp; 1044 | 1156301 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/50 | &nbsp;&nbsp; 803 | 492259 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 586 | 448681 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 525 | 499420 |
| 5.90%, 05/15/55 | &nbsp;&nbsp; 245 | 249394 |
| 6.12%, 10/15/35 | &nbsp;&nbsp; 360 | 389499 |
| 6.35%, 08/15/38 | &nbsp;&nbsp; 490 | 539097 |
| 6.45%, 04/01/39 | &nbsp;&nbsp; 570 | 630424 |
| Series UUU, 4.20%, 03/15/42 | &nbsp;&nbsp; 124 | 103432 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series WWW, 4.90%, 07/15/43 | &nbsp;&nbsp; $326 | $295382 |
| Series YYY, 3.25%, 10/01/49<sup>(a)</sup> | &nbsp;&nbsp; 651 | 441546 |
| Duke Energy Ohio Inc. |  |  |
| 3.70%, 06/15/46 | &nbsp;&nbsp; 279 | 209353 |
| 4.30%, 02/01/49 | &nbsp;&nbsp; 479 | 385913 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 330 | 320408 |
| 5.65%, 04/01/53 | &nbsp;&nbsp; 370 | 362388 |
| Duke Energy Progress LLC |  |  |
| 2.50%, 08/15/50 | &nbsp;&nbsp; 700 | 406659 |
| 2.90%, 08/15/51 | &nbsp;&nbsp; 534 | 330337 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 571 | 418040 |
| 3.70%, 10/15/46 | &nbsp;&nbsp; 574 | 431987 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 478 | 365188 |
| 4.10%, 05/15/42 | &nbsp;&nbsp; 462 | 387714 |
| 4.10%, 03/15/43 | &nbsp;&nbsp; 421 | 348198 |
| 4.15%, 12/01/44 | &nbsp;&nbsp; 468 | 385867 |
| 4.20%, 08/15/45 | &nbsp;&nbsp; 730 | 603384 |
| 4.38%, 03/30/44 | &nbsp;&nbsp; 336 | 283877 |
| 5.35%, 03/15/53 | &nbsp;&nbsp; 585 | 551132 |
| 5.55%, 03/15/55 | &nbsp;&nbsp; 660 | 642170 |
| 6.30%, 04/01/38 | &nbsp;&nbsp; 353 | 385504 |
| E.ON International Finance BV, 6.65%, <br> 04/30/38<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 696 | 770472 |
| El Paso Electric Co., 5.00%, 12/01/44 | &nbsp;&nbsp; 248 | 213599 |
| Electricite de France SA |  |  |
| 4.75%, 10/13/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 418 | 411183 |
| 4.88%, 09/21/38<sup>(b)</sup> | &nbsp;&nbsp; 541 | 505120 |
| 4.88%, 01/22/44<sup>(b)</sup> | &nbsp;&nbsp; 908 | 792000 |
| 4.95%, 10/13/45<sup>(b)</sup> | &nbsp;&nbsp; 1051 | 925227 |
| 5.00%, 09/21/48<sup>(b)</sup> | &nbsp;&nbsp; 1214 | 1060601 |
| 5.25%, 10/13/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 316 | 271856 |
| 5.60%, 01/27/40<sup>(b)</sup> | &nbsp;&nbsp; 848 | 846095 |
| 6.00%, 04/22/64<sup>(b)</sup> | &nbsp;&nbsp; 1065 | 1008709 |
| 6.00%, 01/22/2114<sup>(b)</sup> | &nbsp;&nbsp; 574 | 545017 |
| 6.38%, 01/13/55<sup>(b)</sup> | &nbsp;&nbsp; 700 | 701914 |
| 6.90%, 05/23/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 925 | 989875 |
| 6.95%, 01/26/39<sup>(b)</sup> | &nbsp;&nbsp; 1595 | 1772923 |
| Elm Road Generating Station Supercritical LLC, <br> 6.09%, 02/11/40<sup>(b)</sup><br>| &nbsp;&nbsp; 145 | 153988 |
| Emera U.S. Finance LP, 4.75%, 06/15/46 | &nbsp;&nbsp; 1319 | 1099146 |
| Enel Finance America LLC, 2.88%, 07/12/41<sup>(b)</sup> | &nbsp;&nbsp; 621 | 434552 |
| Enel Finance International NV |  |  |
| 4.75%, 05/25/47<sup>(b)</sup> | &nbsp;&nbsp; 1546 | 1316010 |
| 5.50%, 06/15/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 990 | 917354 |
| 6.00%, 10/07/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 1294 | 1338019 |
| 6.80%, 09/15/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 851 | 947314 |
| 7.75%, 10/14/52<sup>(b)</sup> | &nbsp;&nbsp; 764 | 919121 |
| Engie SA, 5.88%, 04/10/54<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20093 |
| Entergy Arkansas LLC |  |  |
| 2.65%, 06/15/51 | &nbsp;&nbsp; 807 | 473781 |
| 3.35%, 06/15/52 | &nbsp;&nbsp; 415 | 281926 |
| 4.20%, 04/01/49 | &nbsp;&nbsp; 478 | 377917 |
| 4.95%, 12/15/44 | &nbsp;&nbsp; 215 | 194187 |
| 5.75%, 06/01/54 | &nbsp;&nbsp; 475 | 472892 |
| Entergy Corp., 3.75%, 06/15/50 | &nbsp;&nbsp; 590 | 420071 |
| Entergy Louisiana LLC |  |  |
| 2.90%, 03/15/51 | &nbsp;&nbsp; 770 | 477310 |
| 3.10%, 06/15/41 | &nbsp;&nbsp; 428 | 317620 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 807 | 647611 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 478 | 378011 |
| 4.75%, 09/15/52 | &nbsp;&nbsp; 512 | 439705 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.95%, 01/15/45 | &nbsp;&nbsp; $307 | $273725 |
| 5.70%, 03/15/54 | &nbsp;&nbsp; 710 | 693417 |
| 5.80%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 715 | 711455 |
| Entergy Mississippi LLC |  |  |
| 3.50%, 06/01/51 | &nbsp;&nbsp; 479 | 326900 |
| 3.85%, 06/01/49 | &nbsp;&nbsp; 451 | 337641 |
| 5.80%, 04/15/55 | &nbsp;&nbsp; 590 | 587370 |
| 5.85%, 06/01/54 | &nbsp;&nbsp; 330 | 327244 |
| Entergy Texas Inc. |  |  |
| 3.55%, 09/30/49 | &nbsp;&nbsp; 505 | 356622 |
| 4.50%, 03/30/39 | &nbsp;&nbsp; 198 | 180985 |
| 5.00%, 09/15/52 | &nbsp;&nbsp; 396 | 349877 |
| 5.15%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 200 | 185154 |
| 5.55%, 09/15/54 | &nbsp;&nbsp; 430 | 409641 |
| 5.80%, 09/01/53 | &nbsp;&nbsp; 407 | 401072 |
| Evergy Kansas Central Inc. |  |  |
| 3.25%, 09/01/49 | &nbsp;&nbsp; 290 | 190967 |
| 3.45%, 04/15/50 | &nbsp;&nbsp; 470 | 325386 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 464 | 380047 |
| 4.13%, 03/01/42 | &nbsp;&nbsp; 291 | 242354 |
| 4.25%, 12/01/45 | &nbsp;&nbsp; 288 | 236897 |
| 4.63%, 09/01/43 | &nbsp;&nbsp; 229 | 196090 |
| 5.70%, 03/15/53 | &nbsp;&nbsp; 194 | 190824 |
| Evergy Kansas South Inc., 4.30%, 07/15/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 254 | 208558 |
| Evergy Metro Inc. |  |  |
| 4.20%, 06/15/47 | &nbsp;&nbsp; 351 | 283049 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 360 | 286282 |
| 5.30%, 10/01/41 | &nbsp;&nbsp; 381 | 368208 |
| Series 2019, 4.13%, 04/01/49 | &nbsp;&nbsp; 395 | 308849 |
| Series B, 6.05%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 170 | 183340 |
| Eversource Energy, 3.45%, 01/15/50<sup>(a)</sup> | &nbsp;&nbsp; 648 | 450234 |
| Exelon Corp. |  |  |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 582 | 441823 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 539 | 448292 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 666 | 555117 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 634 | 579246 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 1010 | 956804 |
| 5.88%, 03/15/55 | &nbsp;&nbsp; 500 | 494401 |
| FIEMEX Energia - Banco Actinver SA Institucion de <br> Banca Multiple, 7.25%, 01/31/41<sup>(b)</sup><br>| &nbsp;&nbsp; 485 | 498322 |
| FirstEnergy Corp. |  |  |
| Series C, 3.40%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 835 | 560681 |
| Series C, 4.85%, 07/15/47 | &nbsp;&nbsp; 635 | 545845 |
| FirstEnergy Pennsylvania Electric Co., 6.15%, <br> 10/01/38<sup>(a)</sup><br>| &nbsp;&nbsp; 189 | 203635 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 04/01/49<sup>(b)</sup> | &nbsp;&nbsp; 490 | 406487 |
| 5.45%, 07/15/44<sup>(b)</sup> | &nbsp;&nbsp; 381 | 364716 |
| Florida Power & Light Co. |  |  |
| 2.88%, 12/04/51<sup>(a)</sup> | &nbsp;&nbsp; 1335 | 834559 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 835 | 559904 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 753 | 568407 |
| 3.80%, 12/15/42 | &nbsp;&nbsp; 369 | 299562 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 999 | 791693 |
| 3.99%, 03/01/49 | &nbsp;&nbsp; 575 | 450038 |
| 4.05%, 06/01/42 | &nbsp;&nbsp; 582 | 487687 |
| 4.05%, 10/01/44 | &nbsp;&nbsp; 441 | 362395 |
| 4.13%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp; 580 | 492866 |
| 4.13%, 06/01/48 | &nbsp;&nbsp; 552 | 445224 |
| 5.13%, 06/01/41 | &nbsp;&nbsp; 250 | 238281 |
| 5.25%, 02/01/41 | &nbsp;&nbsp; 292 | 287378 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.30%, 04/01/53 | &nbsp;&nbsp; $763 | $727282 |
| 5.60%, 06/15/54 | &nbsp;&nbsp; 843 | 834974 |
| 5.65%, 02/01/37 | &nbsp;&nbsp; 400 | 417380 |
| 5.69%, 03/01/40 | &nbsp;&nbsp; 531 | 551914 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 970 | 971036 |
| 5.80%, 03/15/65 | &nbsp;&nbsp; 680 | 688472 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 632 | 678004 |
| 5.96%, 04/01/39 | &nbsp;&nbsp; 332 | 353121 |
| Georgia Power Co. |  |  |
| 4.30%, 03/15/42 | &nbsp;&nbsp; 865 | 747739 |
| 4.30%, 03/15/43 | &nbsp;&nbsp; 364 | 309278 |
| 5.13%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 665 | 618102 |
| 5.40%, 06/01/40 | &nbsp;&nbsp; 247 | 251396 |
| Series 10-C, 4.75%, 09/01/40 | &nbsp;&nbsp; 723 | 675994 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 677 | 457375 |
| Series B, 3.70%, 01/30/50 | &nbsp;&nbsp; 539 | 398202 |
| Great River Energy, 6.25%, 07/01/38<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36492 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 270 | 308679 |
| Idaho Power Co. |  |  |
| 3.65%, 03/01/45<sup>(a)</sup> | &nbsp;&nbsp; 169 | 124678 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 390 | 374903 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 300 | 296805 |
| 5.80%, 04/01/54 | &nbsp;&nbsp; 155 | 155085 |
| Series K, 4.20%, 03/01/48 | &nbsp;&nbsp; 520 | 418207 |
| Indiana Michigan Power Co. |  |  |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 285 | 184828 |
| 4.25%, 08/15/48 | &nbsp;&nbsp; 465 | 370859 |
| 5.63%, 04/01/53 | &nbsp;&nbsp; 465 | 450916 |
| 6.05%, 03/15/37 | &nbsp;&nbsp; 233 | 250894 |
| Series K, 4.55%, 03/15/46 | &nbsp;&nbsp; 450 | 383040 |
| Series L, 3.75%, 07/01/47 | &nbsp;&nbsp; 380 | 283815 |
| Indianapolis Power & Light Co. |  |  |
| 4.05%, 05/01/46<sup>(b)</sup> | &nbsp;&nbsp; 390 | 307187 |
| 4.70%, 09/01/45<sup>(a)(b)</sup> | &nbsp;&nbsp; 266 | 225677 |
| 5.70%, 04/01/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 485 | 474238 |
| Infraestructura Energetica Nova SAPI de CV |  |  |
| 4.75%, 01/15/51<sup>(b)</sup> | &nbsp;&nbsp; 715 | 540897 |
| 4.88%, 01/14/48<sup>(b)</sup> | &nbsp;&nbsp; 472 | 365236 |
| Interchile SA, 4.50%, 06/30/56<sup>(b)</sup> | &nbsp;&nbsp; 1050 | 867493 |
| International Transmission Co., 4.63%, 08/15/43 | &nbsp;&nbsp; 145 | 125181 |
| Interstate Power & Light Co. |  |  |
| 3.10%, 11/30/51<sup>(a)</sup> | &nbsp;&nbsp; 188 | 119712 |
| 3.50%, 09/30/49<sup>(a)</sup> | &nbsp;&nbsp; 321 | 223966 |
| 3.70%, 09/15/46 | &nbsp;&nbsp; 289 | 212227 |
| 4.70%, 10/15/43 | &nbsp;&nbsp; 133 | 115361 |
| 5.45%, 09/30/54 | &nbsp;&nbsp; 220 | 208104 |
| 6.25%, 07/15/39<sup>(a)</sup> | &nbsp;&nbsp; 205 | 218216 |
| ITC Holdings Corp., 5.30%, 07/01/43<sup>(a)</sup> | &nbsp;&nbsp; 263 | 245472 |
| Jersey Central Power & Light Co., 6.15%, <br> 06/01/37<sup>(a)</sup><br>| &nbsp;&nbsp; 231 | 249314 |
| Johnsonville Aeroderivative Combustion Turbine <br> Generation LLC, 5.08%, 10/01/54<br>| &nbsp;&nbsp; 199 | 187939 |
| Kentucky Utilities Co. |  |  |
| 3.30%, 06/01/50 | &nbsp;&nbsp; 371 | 250303 |
| 4.38%, 10/01/45 | &nbsp;&nbsp; 524 | 440461 |
| 5.13%, 11/01/40 | &nbsp;&nbsp; 747 | 726279 |
| 5.85%, 08/15/55 | &nbsp;&nbsp; 560 | 555933 |
| Series 1, 4.65%, 11/15/43 | &nbsp;&nbsp; 212 | 183447 |
| LLPL Capital Pte Ltd., 6.88%, 02/04/39<sup>(b)</sup> | &nbsp;&nbsp; 176 | 182444 |
| Louisville Gas & Electric Co. |  |  |
| 4.25%, 04/01/49 | &nbsp;&nbsp; 431 | 342564 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.38%, 10/01/45 | &nbsp;&nbsp; $150 | $126098 |
| 4.65%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 232 | 200721 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 370 | 359645 |
| Louisville Gas and Electric Co., Series ., 5.85%, <br> 08/15/55<br>| &nbsp;&nbsp; 740 | 734302 |
| Majapahit Holding BV, 7.88%, 06/29/37<sup>(b)</sup> | &nbsp;&nbsp; 55 | 66823 |
| Massachusetts Electric Co. |  |  |
| 4.00%, 08/15/46<sup>(b)</sup> | &nbsp;&nbsp; 595 | 469736 |
| 5.87%, 02/26/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 260 | 256021 |
| 5.90%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 567 | 584382 |
| MidAmerican Energy Co. |  |  |
| 2.70%, 08/01/52 | &nbsp;&nbsp; 615 | 374763 |
| 3.15%, 04/15/50 | &nbsp;&nbsp; 833 | 557692 |
| 3.65%, 08/01/48 | &nbsp;&nbsp; 855 | 633932 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 637 | 499794 |
| 4.25%, 05/01/46 | &nbsp;&nbsp; 431 | 356575 |
| 4.25%, 07/15/49 | &nbsp;&nbsp; 864 | 699147 |
| 4.40%, 10/15/44 | &nbsp;&nbsp; 370 | 316904 |
| 4.80%, 09/15/43 | &nbsp;&nbsp; 326 | 295238 |
| 5.30%, 02/01/55 | &nbsp;&nbsp; 790 | 744120 |
| 5.75%, 11/01/35 | &nbsp;&nbsp; 196 | 207814 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 300 | 320720 |
| 5.85%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1129490 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(b)</sup> | &nbsp;&nbsp; 478 | 473086 |
| Mississippi Power Co. |  |  |
| Series 12-A, 4.25%, 03/15/42 | &nbsp;&nbsp; 388 | 333852 |
| Series B, 3.10%, 07/30/51 | &nbsp;&nbsp; 345 | 225300 |
| Monongahela Power Co., 5.40%, 12/15/43<sup>(b)</sup> | &nbsp;&nbsp; 634 | 617475 |
| Narragansett Electric Co. (The) |  |  |
| 4.17%, 12/10/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 237 | 193055 |
| 5.64%, 03/15/40<sup>(b)</sup> | &nbsp;&nbsp; 183 | 186235 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 4.30%, 03/15/49 | &nbsp;&nbsp; 329 | 272797 |
| 4.40%, 11/01/48 | &nbsp;&nbsp; 413 | 346924 |
| Nevada Power Co. |  |  |
| 5.38%, 09/15/40 | &nbsp;&nbsp; 215 | 212513 |
| 5.45%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; 260 | 254352 |
| 5.90%, 05/01/53 | &nbsp;&nbsp; 467 | 462895 |
| 6.00%, 03/15/54 | &nbsp;&nbsp; 530 | 534687 |
| Series EE, 3.13%, 08/01/50 | &nbsp;&nbsp; 364 | 231130 |
| Series N, 6.65%, 04/01/36 | &nbsp;&nbsp; 291 | 321977 |
| Series R, 6.75%, 07/01/37 | &nbsp;&nbsp; 355 | 397949 |
| New England Power Co. |  |  |
| 2.81%, 10/06/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 258 | 157412 |
| 3.80%, 12/05/47<sup>(b)</sup> | &nbsp;&nbsp; 409 | 312374 |
| 5.94%, 11/25/52<sup>(b)</sup> | &nbsp;&nbsp; 215 | 215416 |
| New York State Electric & Gas Corp., 3.30%, <br> 09/15/49<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 245 | 159782 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 624 | 386282 |
| 5.11%, 09/29/57<sup>(b)</sup> | &nbsp;&nbsp; 15 | 12907 |
| 5.25%, 02/28/53<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 915391 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 813 | 771899 |
| 5.90%, 03/15/55 | &nbsp;&nbsp; 805 | 801839 |
| Niagara Mohawk Power Corp. |  |  |
| 3.03%, 06/27/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 419 | 260452 |
| 4.12%, 11/28/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 305 | 254634 |
| 5.66%, 01/17/54<sup>(b)</sup> | &nbsp;&nbsp; 580 | 553640 |
| 5.78%, 09/16/52<sup>(b)</sup> | &nbsp;&nbsp; 395 | 384081 |
| 6.00%, 07/03/55<sup>(b)</sup> | &nbsp;&nbsp; 975 | 968993 |
| Northern States Power Co., 5.65%, 05/15/55 | &nbsp;&nbsp; 635 | 629751 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Northern States Power Co./MN |  |  |
| 2.60%, 06/01/51 | &nbsp;&nbsp; $616 | $369877 |
| 2.90%, 03/01/50 | &nbsp;&nbsp; 810 | 523143 |
| 3.20%, 04/01/52 | &nbsp;&nbsp; 656 | 445868 |
| 3.40%, 08/15/42 | &nbsp;&nbsp; 523 | 400079 |
| 3.60%, 05/15/46 | &nbsp;&nbsp; 157 | 117841 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 652 | 486321 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 305 | 247114 |
| 4.13%, 05/15/44 | &nbsp;&nbsp; 238 | 198831 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 650 | 545987 |
| 4.85%, 08/15/40 | &nbsp;&nbsp; 255 | 238035 |
| 5.10%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 708 | 649873 |
| 5.35%, 11/01/39 | &nbsp;&nbsp; 268 | 274355 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 810 | 783221 |
| 6.20%, 07/01/37 | &nbsp;&nbsp; 348 | 381535 |
| 6.25%, 06/01/36 | &nbsp;&nbsp; 301 | 331820 |
| Northern States Power Co./WI, 5.65%, 06/15/54 | &nbsp;&nbsp; 735 | 734276 |
| NorthWestern Corp., 4.18%, 11/15/44 | &nbsp;&nbsp; 363 | 296158 |
| NSTAR Electric Co. |  |  |
| 3.10%, 06/01/51<sup>(a)</sup> | &nbsp;&nbsp; 227 | 149523 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 276 | 235275 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 440 | 364552 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 347 | 308580 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 167 | 169249 |
| Oglethorpe Power Corp. |  |  |
| 3.75%, 08/01/50 | &nbsp;&nbsp; 325 | 228523 |
| 4.20%, 12/01/42 | &nbsp;&nbsp; 199 | 158834 |
| 4.25%, 04/01/46<sup>(a)</sup> | &nbsp;&nbsp; 315 | 244990 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 505 | 414256 |
| 4.55%, 06/01/44 | &nbsp;&nbsp; 205 | 170702 |
| 5.05%, 10/01/48 | &nbsp;&nbsp; 570 | 506002 |
| 5.25%, 09/01/50 | &nbsp;&nbsp; 275 | 247001 |
| 5.38%, 11/01/40 | &nbsp;&nbsp; 420 | 409506 |
| 5.80%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 300 | 289605 |
| 5.90%, 02/01/55 | &nbsp;&nbsp; 315 | 308531 |
| 5.95%, 11/01/39 | &nbsp;&nbsp; 223 | 230116 |
| 6.20%, 12/01/53 | &nbsp;&nbsp; 370 | 378556 |
| Ohio Edison Co. |  |  |
| 6.88%, 07/15/36 | &nbsp;&nbsp; 265 | 300251 |
| 8.25%, 10/15/38<sup>(a)</sup> | &nbsp;&nbsp; 210 | 270364 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 442 | 330600 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 395 | 303988 |
| Series F, 5.85%, 10/01/35 | &nbsp;&nbsp; 185 | 191815 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; 625 | 375746 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.85%, 08/15/47 | &nbsp;&nbsp; 330 | 255797 |
| 3.90%, 05/01/43<sup>(a)</sup> | &nbsp;&nbsp; 210 | 171180 |
| 4.00%, 12/15/44 | &nbsp;&nbsp; 210 | 168764 |
| 4.15%, 04/01/47 | &nbsp;&nbsp; 341 | 275929 |
| 4.55%, 03/15/44 | &nbsp;&nbsp; 206 | 180058 |
| 5.25%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; 150 | 147733 |
| 5.60%, 04/01/53 | &nbsp;&nbsp; 407 | 394704 |
| 5.80%, 04/01/55 | &nbsp;&nbsp; 360 | 359437 |
| 5.85%, 06/01/40 | &nbsp;&nbsp; 140 | 146957 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 472 | 279174 |
| 3.10%, 09/15/49 | &nbsp;&nbsp; 593 | 388105 |
| 3.70%, 05/15/50 | &nbsp;&nbsp; 401 | 289448 |
| 3.75%, 04/01/45 | &nbsp;&nbsp; 494 | 381430 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 453 | 344169 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.80%, 06/01/49 | &nbsp;&nbsp; $483 | $358573 |
| 4.10%, 11/15/48 | &nbsp;&nbsp; 499 | 394200 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 155 | 137429 |
| 4.60%, 06/01/52 | &nbsp;&nbsp; 396 | 326636 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 843 | 749007 |
| 5.25%, 09/30/40 | &nbsp;&nbsp; 501 | 493774 |
| 5.30%, 06/01/42 | &nbsp;&nbsp; 397 | 383627 |
| 5.35%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 285 | 266915 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 700 | 678405 |
| 5.80%, 04/01/55<sup>(b)</sup> | &nbsp;&nbsp; 540 | 540037 |
| 7.50%, 09/01/38 | &nbsp;&nbsp; 293 | 352906 |
| Pacific Gas and Electric Co. |  |  |
| 3.30%, 08/01/40 | &nbsp;&nbsp; 861 | 636728 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 1900 | 1246163 |
| 3.75%, 08/15/42 | &nbsp;&nbsp; 303 | 221231 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 879 | 634878 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 701 | 508287 |
| 4.20%, 06/01/41 | &nbsp;&nbsp; 338 | 267265 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; 562 | 422571 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 570 | 437774 |
| 4.45%, 04/15/42 | &nbsp;&nbsp; 371 | 296428 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 1781 | 1519948 |
| 4.50%, 12/15/41<sup>(a)</sup> | &nbsp;&nbsp; 214 | 171498 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 325 | 264108 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; 514 | 425737 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 2830 | 2343274 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; 657 | 559941 |
| 5.90%, 10/01/54 | &nbsp;&nbsp; 972 | 908891 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 1055 | 1020867 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 903 | 932860 |
| 6.75%, 01/15/53 | &nbsp;&nbsp; 1680 | 1734228 |
| PacifiCorp |  |  |
| 2.90%, 06/15/52 | &nbsp;&nbsp; 1092 | 643459 |
| 3.30%, 03/15/51 | &nbsp;&nbsp; 763 | 486923 |
| 4.10%, 02/01/42 | &nbsp;&nbsp; 400 | 320040 |
| 4.13%, 01/15/49 | &nbsp;&nbsp; 550 | 417466 |
| 4.15%, 02/15/50 | &nbsp;&nbsp; 597 | 452299 |
| 5.35%, 12/01/53 | &nbsp;&nbsp; 1047 | 936438 |
| 5.50%, 05/15/54 | &nbsp;&nbsp; 1270 | 1161314 |
| 5.75%, 04/01/37 | &nbsp;&nbsp; 540 | 551985 |
| 5.80%, 01/15/55 | &nbsp;&nbsp; 1424 | 1346601 |
| 6.00%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp; 604 | 622696 |
| 6.10%, 08/01/36 | &nbsp;&nbsp; 345 | 364180 |
| 6.25%, 10/15/37 | &nbsp;&nbsp; 523 | 553126 |
| 6.35%, 07/15/38<sup>(a)</sup> | &nbsp;&nbsp; 245 | 260232 |
| PECO Energy Co. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 387 | 240138 |
| 2.85%, 09/15/51 | &nbsp;&nbsp; 545 | 337725 |
| 3.00%, 09/15/49 | &nbsp;&nbsp; 355 | 230997 |
| 3.05%, 03/15/51 | &nbsp;&nbsp; 380 | 243413 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; 358 | 269246 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; 619 | 483842 |
| 4.15%, 10/01/44 | &nbsp;&nbsp; 299 | 247508 |
| 4.38%, 08/15/52 | &nbsp;&nbsp; 462 | 377920 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; 400 | 343813 |
| 4.80%, 10/15/43 | &nbsp;&nbsp; 250 | 223567 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; 605 | 568373 |
| 5.95%, 10/01/36 | &nbsp;&nbsp; 216 | 231478 |
| Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 4.00%, 06/30/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 965 | 710532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.38%, 02/05/50<sup>(b)</sup> | &nbsp;&nbsp; $495 | $391044 |
| 4.88%, 07/17/49<sup>(b)</sup> | &nbsp;&nbsp; 708 | 597966 |
| 5.25%, 10/24/42<sup>(b)</sup> | &nbsp;&nbsp; 995 | 917851 |
| 5.25%, 05/15/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 565 | 509730 |
| 6.15%, 05/21/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 845 | 852101 |
| 6.25%, 01/25/49<sup>(b)</sup> | &nbsp;&nbsp; 660 | 674806 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 541 | 449704 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 345 | 331883 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 400 | 446283 |
| 7.90%, 12/15/38<sup>(a)</sup> | &nbsp;&nbsp; 195 | 250310 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 390 | 254075 |
| 3.95%, 06/01/47 | &nbsp;&nbsp; 510 | 403306 |
| 4.13%, 06/15/44 | &nbsp;&nbsp; 227 | 190197 |
| 4.15%, 10/01/45 | &nbsp;&nbsp; 374 | 310486 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 382 | 308479 |
| 4.75%, 07/15/43 | &nbsp;&nbsp; 170 | 153280 |
| 5.20%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; 235 | 227319 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 173 | 163923 |
| 5.55%, 08/15/55 | &nbsp;&nbsp; 925 | 903833 |
| 6.25%, 05/15/39 | &nbsp;&nbsp; 420 | 460837 |
| Progress Energy Inc., 6.00%, 12/01/39<sup>(a)</sup> | &nbsp;&nbsp; 560 | 588703 |
| Public Service Co. of Colorado |  |  |
| 3.55%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 222 | 160052 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 378 | 290362 |
| 3.80%, 06/15/47 | &nbsp;&nbsp; 283 | 211741 |
| 3.95%, 03/15/43 | &nbsp;&nbsp; 199 | 156677 |
| 4.05%, 09/15/49 | &nbsp;&nbsp; 478 | 364746 |
| 4.10%, 06/15/48 | &nbsp;&nbsp; 517 | 398766 |
| 4.30%, 03/15/44 | &nbsp;&nbsp; 465 | 381118 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 558 | 453088 |
| 4.75%, 08/15/41 | &nbsp;&nbsp; 110 | 98462 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 896 | 815203 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 815 | 800766 |
| 5.85%, 05/15/55 | &nbsp;&nbsp; 760 | 749182 |
| 6.50%, 08/01/38 | &nbsp;&nbsp; 225 | 246098 |
| Series 17, 6.25%, 09/01/37 | &nbsp;&nbsp; 375 | 404190 |
| Series 34, 3.20%, 03/01/50 | &nbsp;&nbsp; 630 | 413941 |
| Series 36, 2.70%, 01/15/51 | &nbsp;&nbsp; 510 | 297520 |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | &nbsp;&nbsp; 312 | 230179 |
| 5.15%, 01/15/53 | &nbsp;&nbsp; 222 | 204867 |
| Public Service Co. of Oklahoma |  |  |
| 5.45%, 01/15/36 | &nbsp;&nbsp; 885 | 895873 |
| Series G, 6.63%, 11/15/37<sup>(a)</sup> | &nbsp;&nbsp; 149 | 162945 |
| Series K, 3.15%, 08/15/51 | &nbsp;&nbsp; 407 | 252925 |
| Public Service Electric & Gas Co. |  |  |
| 2.05%, 08/01/50 | &nbsp;&nbsp; 663 | 349843 |
| 2.70%, 05/01/50 | &nbsp;&nbsp; 359 | 219400 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 432 | 280533 |
| 3.15%, 01/01/50 | &nbsp;&nbsp; 323 | 217118 |
| 3.20%, 08/01/49 | &nbsp;&nbsp; 395 | 269663 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 262 | 193952 |
| 3.65%, 09/01/42 | &nbsp;&nbsp; 225 | 176818 |
| 3.80%, 01/01/43 | &nbsp;&nbsp; 350 | 281433 |
| 3.80%, 03/01/46 | &nbsp;&nbsp; 441 | 342328 |
| 3.85%, 05/01/49 | &nbsp;&nbsp; 476 | 362422 |
| 3.95%, 05/01/42 | &nbsp;&nbsp; 406 | 333570 |
| 4.05%, 05/01/48 | &nbsp;&nbsp; 305 | 242630 |
| 4.15%, 11/01/45 | &nbsp;&nbsp; 254 | 205279 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.13%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; $375 | $346634 |
| 5.30%, 08/01/54 | &nbsp;&nbsp; 480 | 455918 |
| 5.38%, 11/01/39 | &nbsp;&nbsp; 230 | 234074 |
| 5.45%, 08/01/53 | &nbsp;&nbsp; 283 | 275044 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 435 | 423556 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 220 | 224184 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 189 | 199683 |
| 5.80%, 05/01/37 | &nbsp;&nbsp; 247 | 263207 |
| Series I, 4.00%, 06/01/44<sup>(a)</sup> | &nbsp;&nbsp; 220 | 174523 |
| Series K, 4.05%, 05/01/45<sup>(a)</sup> | &nbsp;&nbsp; 159 | 126874 |
| Public Service Electric and Gas Co., Series Q, <br> 5.50%, 03/01/55<sup>(a)</sup><br>| &nbsp;&nbsp; 470 | 458969 |
| Puget Sound Energy Inc. |  |  |
| 2.89%, 09/15/51 | &nbsp;&nbsp; 310 | 187584 |
| 3.25%, 09/15/49 | &nbsp;&nbsp; 546 | 363942 |
| 4.22%, 06/15/48 | &nbsp;&nbsp; 584 | 471224 |
| 4.30%, 05/20/45 | &nbsp;&nbsp; 261 | 212726 |
| 4.43%, 11/15/41 | &nbsp;&nbsp; 216 | 183260 |
| 5.45%, 06/01/53 | &nbsp;&nbsp; 281 | 265705 |
| 5.64%, 04/15/41<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24815 |
| 5.69%, 06/15/54 | &nbsp;&nbsp; 405 | 399018 |
| 5.76%, 10/01/39 | &nbsp;&nbsp; 245 | 252883 |
| 5.76%, 07/15/40<sup>(a)</sup> | &nbsp;&nbsp; 190 | 191668 |
| 5.80%, 03/15/40 | &nbsp;&nbsp; 269 | 276767 |
| 6.27%, 03/15/37 | &nbsp;&nbsp; 225 | 243621 |
| 6.72%, 06/15/36 | &nbsp;&nbsp; 200 | 220457 |
| Ruwais Power Co. PJSC, 6.00%, 08/31/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 755 | 781787 |
| RWE Finance U.S. LLC, 6.25%, 04/16/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 770 | 781059 |
| San Diego Gas & Electric Co. |  |  |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 528 | 377474 |
| 3.95%, 11/15/41 | &nbsp;&nbsp; 201 | 163219 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 290 | 230684 |
| 4.30%, 04/01/42<sup>(a)</sup> | &nbsp;&nbsp; 202 | 169624 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 332 | 301487 |
| 5.35%, 05/15/40 | &nbsp;&nbsp; 170 | 168092 |
| 5.35%, 04/01/53 | &nbsp;&nbsp; 719 | 670289 |
| 5.55%, 04/15/54 | &nbsp;&nbsp; 523 | 500017 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 48 | 51283 |
| Series FFF, 6.13%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; 180 | 189975 |
| Series RRR, 3.75%, 06/01/47 | &nbsp;&nbsp; 391 | 291826 |
| Series TTT, 4.10%, 06/15/49 | &nbsp;&nbsp; 401 | 312184 |
| Series UUU, 3.32%, 04/15/50 | &nbsp;&nbsp; 432 | 290847 |
| Series WWW, 2.95%, 08/15/51 | &nbsp;&nbsp; 597 | 374404 |
| Saudi Electricity Global Sukuk Co. 2, 5.06%, <br> 04/08/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1180 | 1119962 |
| Saudi Electricity Global Sukuk Co. 3, 5.50%, <br> 04/08/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1142 | 1130366 |
| Sempra |  |  |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 1018 | 857659 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 793 | 593592 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 747 | 762824 |
| Sierra Pacific Power Co. |  |  |
| 5.90%, 03/15/54 | &nbsp;&nbsp; 432 | 429118 |
| Series P, 6.75%, 07/01/37<sup>(a)</sup> | &nbsp;&nbsp; 245 | 271982 |
| Southern California Edison Co. |  |  |
| 3.45%, 02/01/52 | &nbsp;&nbsp; 920 | 598080 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 1127 | 775869 |
| 3.90%, 12/01/41 | &nbsp;&nbsp; 190 | 145828 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 1744 | 1296689 |
| 4.05%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 375 | 295985 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 432 | 378480 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.65%, 10/01/43 | &nbsp;&nbsp; $686 | $576982 |
| 5.50%, 03/15/40<sup>(a)</sup> | &nbsp;&nbsp; 551 | 536380 |
| 5.63%, 02/01/36 | &nbsp;&nbsp; 289 | 290581 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 565 | 520451 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 265 | 248005 |
| 5.88%, 12/01/53 | &nbsp;&nbsp; 876 | 831912 |
| 5.90%, 03/01/55 | &nbsp;&nbsp; 675 | 644565 |
| 6.05%, 03/15/39 | &nbsp;&nbsp; 526 | 539935 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 650 | 645868 |
| Series 05-B, 5.55%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 235 | 236379 |
| Series 06-E, 5.55%, 01/15/37 | &nbsp;&nbsp; 243 | 240704 |
| Series 08-A, 5.95%, 02/01/38 | &nbsp;&nbsp; 547 | 559201 |
| Series 13-A, 3.90%, 03/15/43 | &nbsp;&nbsp; 342 | 262114 |
| Series 20A, 2.95%, 02/01/51 | &nbsp;&nbsp; 590 | 357137 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 551 | 458859 |
| Series C, 3.60%, 02/01/45 | &nbsp;&nbsp; 383 | 274540 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 1245 | 940193 |
| Series E, 5.45%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 350 | 311277 |
| Series H, 3.65%, 06/01/51 | &nbsp;&nbsp; 498 | 338716 |
| Southern Co. (The) |  |  |
| 4.25%, 07/01/36 | &nbsp;&nbsp; 352 | 323969 |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 1864 | 1548443 |
| Southern Power Co. |  |  |
| 5.15%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 430 | 406361 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 295 | 277967 |
| Series F, 4.95%, 12/15/46 | &nbsp;&nbsp; 178 | 156203 |
| Southwestern Electric Power Co. |  |  |
| 3.25%, 11/01/51 | &nbsp;&nbsp; 605 | 390056 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 279 | 290407 |
| Series J, 3.90%, 04/01/45 | &nbsp;&nbsp; 343 | 259484 |
| Series L, 3.85%, 02/01/48 | &nbsp;&nbsp; 400 | 290919 |
| Southwestern Public Service Co. |  |  |
| 3.40%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; 387 | 267182 |
| 3.70%, 08/15/47 | &nbsp;&nbsp; 527 | 384677 |
| 3.75%, 06/15/49 | &nbsp;&nbsp; 240 | 172664 |
| 4.50%, 08/15/41 | &nbsp;&nbsp; 383 | 335816 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 176 | 178793 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 605 | 605291 |
| Series 6, 4.40%, 11/15/48 | &nbsp;&nbsp; 392 | 312667 |
| Series 8, 3.15%, 05/01/50 | &nbsp;&nbsp; 708 | 455490 |
| Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(b)</sup><br>| &nbsp;&nbsp; 370 | 353390 |
| State Grid Overseas Investment 2013 Ltd., 4.38%, <br> 05/22/43<sup>(b)</sup><br>| &nbsp;&nbsp; 475 | 443393 |
| State Grid Overseas Investment 2014 Ltd., 4.85%, <br> 05/07/44<sup>(b)</sup><br>| &nbsp;&nbsp; 720 | 711535 |
| State Grid Overseas Investment BVI Ltd., 4.00%, <br> 05/04/47<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 425 | 372042 |
| Tampa Electric Co. |  |  |
| 3.45%, 03/15/51 | &nbsp;&nbsp; 215 | 148703 |
| 3.63%, 06/15/50 | &nbsp;&nbsp; 255 | 181740 |
| 4.10%, 06/15/42 | &nbsp;&nbsp; 244 | 204004 |
| 4.20%, 05/15/45<sup>(a)</sup> | &nbsp;&nbsp; 20 | 16639 |
| 4.30%, 06/15/48 | &nbsp;&nbsp; 380 | 309287 |
| 4.35%, 05/15/44 | &nbsp;&nbsp; 294 | 248884 |
| 4.45%, 06/15/49 | &nbsp;&nbsp; 401 | 329824 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 275 | 242435 |
| 6.15%, 05/15/37 | &nbsp;&nbsp; 180 | 190529 |
| 6.55%, 05/15/36 | &nbsp;&nbsp; 195 | 214642 |
| Tierra Mojada Luxembourg II SARL, 5.75%, <br> 12/01/40<sup>(b)</sup><br>| &nbsp;&nbsp; 300 | 288543 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; $100 | $108222 |
| Tri-State Generation & Transmission <br> Association Inc.<br>|  |  |
| 4.70%, 11/01/44<sup>(a)</sup> | &nbsp;&nbsp; 196 | 158232 |
| 6.00%, 06/15/40<sup>(b)</sup> | &nbsp;&nbsp; 282 | 286765 |
| Tucson Electric Power Co. |  |  |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 221 | 143134 |
| 4.00%, 06/15/50 | &nbsp;&nbsp; 266 | 199765 |
| 4.85%, 12/01/48 | &nbsp;&nbsp; 374 | 324617 |
| 5.50%, 04/15/53 | &nbsp;&nbsp; 315 | 296402 |
| 5.90%, 04/15/55 | &nbsp;&nbsp; 245 | 241947 |
| Union Electric Co. |  |  |
| 2.63%, 03/15/51 | &nbsp;&nbsp; 521 | 308203 |
| 3.25%, 10/01/49 | &nbsp;&nbsp; 383 | 255944 |
| 3.65%, 04/15/45 | &nbsp;&nbsp; 351 | 269072 |
| 3.90%, 09/15/42 | &nbsp;&nbsp; 749 | 607028 |
| 3.90%, 04/01/52 | &nbsp;&nbsp; 525 | 396791 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 491 | 384837 |
| 5.13%, 03/15/55 | &nbsp;&nbsp; 305 | 278125 |
| 5.25%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 350 | 321852 |
| 5.30%, 08/01/37<sup>(a)</sup> | &nbsp;&nbsp; 197 | 199443 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 394 | 376681 |
| 8.45%, 03/15/39 | &nbsp;&nbsp; 197 | 254264 |
| Virginia Electric & Power Co. |  |  |
| 2.45%, 12/15/50 | &nbsp;&nbsp; 879 | 493620 |
| 2.95%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1023 | 637307 |
| 3.30%, 12/01/49 | &nbsp;&nbsp; 417 | 279455 |
| 4.00%, 01/15/43 | &nbsp;&nbsp; 294 | 237732 |
| 4.45%, 02/15/44 | &nbsp;&nbsp; 609 | 518934 |
| 4.60%, 12/01/48<sup>(a)</sup> | &nbsp;&nbsp; 652 | 554488 |
| 5.35%, 01/15/54 | &nbsp;&nbsp; 520 | 484534 |
| 5.45%, 04/01/53 | &nbsp;&nbsp; 967 | 915331 |
| 5.55%, 08/15/54 | &nbsp;&nbsp; 600 | 577928 |
| 5.65%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 625 | 611478 |
| 5.70%, 08/15/53 | &nbsp;&nbsp; 605 | 593265 |
| 6.35%, 11/30/37 | &nbsp;&nbsp; 522 | 568005 |
| 8.88%, 11/15/38 | &nbsp;&nbsp; 542 | 720254 |
| Series A, 6.00%, 05/15/37 | &nbsp;&nbsp; 658 | 700514 |
| Series B, 3.80%, 09/15/47 | &nbsp;&nbsp; 548 | 413862 |
| Series B, 4.20%, 05/15/45 | &nbsp;&nbsp; 352 | 288053 |
| Series B, 6.00%, 01/15/36 | &nbsp;&nbsp; 458 | 486746 |
| Series C, 4.00%, 11/15/46 | &nbsp;&nbsp; 527 | 413167 |
| Series C, 4.63%, 05/15/52 | &nbsp;&nbsp; 773 | 647426 |
| Series D, 4.65%, 08/15/43 | &nbsp;&nbsp; 498 | 439077 |
| Wisconsin Electric Power Co. |  |  |
| 3.65%, 12/15/42<sup>(a)</sup> | &nbsp;&nbsp; 201 | 154866 |
| 4.25%, 06/01/44 | &nbsp;&nbsp; 201 | 166153 |
| 4.30%, 12/15/45<sup>(a)</sup> | &nbsp;&nbsp; 181 | 148182 |
| 4.30%, 10/15/48<sup>(a)</sup> | &nbsp;&nbsp; 328 | 270752 |
| 5.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 220 | 198622 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 195 | 209943 |
| Wisconsin Power and Light Co. |  |  |
| 3.65%, 04/01/50 | &nbsp;&nbsp; 349 | 247147 |
| 4.10%, 10/15/44 | &nbsp;&nbsp; 185 | 146003 |
| 6.38%, 08/15/37 | &nbsp;&nbsp; 195 | 214206 |
| 7.60%, 10/01/38 | &nbsp;&nbsp; 185 | 219546 |
| Wisconsin Public Service Corp. |  |  |
| 2.85%, 12/01/51<sup>(a)</sup> | &nbsp;&nbsp; 310 | 189347 |
| 3.30%, 09/01/49 | &nbsp;&nbsp; 129 | 87579 |
| 3.67%, 12/01/42 | &nbsp;&nbsp; 213 | 167064 |
| 4.75%, 11/01/44 | &nbsp;&nbsp; 390 | 348109 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Xcel Energy Inc. |  |  |
| 3.50%, 12/01/49 | &nbsp;&nbsp; $476 | $324823 |
| 4.80%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 238 | 211993 |
| 6.50%, 07/01/36 | &nbsp;&nbsp; 250 | 272114 |
|  |  | 325462715 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| ABB Finance USA Inc., 4.38%, 05/08/42 | &nbsp;&nbsp; 501 | 443190 |
| Emerson Electric Co. |  |  |
| 2.75%, 10/15/50 | &nbsp;&nbsp; 426 | 267141 |
| 2.80%, 12/21/51<sup>(a)</sup> | &nbsp;&nbsp; 905 | 566984 |
| 5.25%, 11/15/39 | &nbsp;&nbsp; 302 | 305912 |
| 6.13%, 04/15/39<sup>(a)</sup> | &nbsp;&nbsp; 195 | 213103 |
|  |  | 1796330 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Amphenol Corp., 5.38%, 11/15/54<sup>(a)</sup> | &nbsp;&nbsp; 315 | 305799 |
| Fortive Corp., 4.30%, 06/15/46 | &nbsp;&nbsp; 574 | 467391 |
| Honeywell International Inc. |  |  |
| 2.80%, 06/01/50 | &nbsp;&nbsp; 649 | 405860 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 437 | 333121 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 1600 | 1487947 |
| 5.35%, 03/01/64 | &nbsp;&nbsp; 509 | 474098 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 333 | 337980 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 753 | 794755 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 466 | 489582 |
| Tyco Electronics Group SA, 7.13%, 10/01/37 | &nbsp;&nbsp; 335 | 391649 |
|  |  | 5488182 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| Sweihan PV Power Co. PJSC, 3.63%, 01/31/49<sup>(b)</sup> | &nbsp;&nbsp; 540 | 448601 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| Aeropuerto Internacional de Tocumen SA |  |  |
| 4.00%, 08/11/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | 420210 |
| 5.13%, 08/11/61<sup>(b)</sup> | &nbsp;&nbsp; 1277 | 971797 |
| Cellnex Finance Co. SA, 3.88%, 07/07/41<sup>(b)</sup> | &nbsp;&nbsp; 200 | 156250 |
| LBJ Infrastructure Group LLC, 3.80%, 12/31/57<sup>(b)</sup> | &nbsp;&nbsp; 332 | 224610 |
| Mexico City Airport Trust |  |  |
| 5.50%, 10/31/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 678 | 574921 |
| 5.50%, 07/31/47<sup>(b)</sup> | &nbsp;&nbsp; 1691 | 1429656 |
|  |  | 3777444 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Nature Conservancy (The), Series A, 3.96%, <br> 03/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 377 | 291153 |
| Republic Services Inc. |  |  |
| 3.05%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 448 | 299621 |
| 5.70%, 05/15/41 | &nbsp;&nbsp; 278 | 285937 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 362 | 394630 |
| Waste Connections Inc. |  |  |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 741 | 466599 |
| 3.05%, 04/01/50 | &nbsp;&nbsp; 542 | 353676 |
| Waste Management Inc. |  |  |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 464 | 272235 |
| 2.95%, 06/01/41 | &nbsp;&nbsp; 434 | 320649 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 310 | 257810 |
| 4.15%, 07/15/49<sup>(a)</sup> | &nbsp;&nbsp; 680 | 553286 |
| 5.35%, 10/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1145 | 1096903 |
|  |  | 4592499 |
| **Food — 2.4%** | **Food — 2.4%** | **Food — 2.4%** |
| Alfa SAB de CV, 6.88%, 03/25/44<sup>(b)</sup> | &nbsp;&nbsp; 497 | 541770 |
| Bimbo Bakeries USA Inc. |  |  |
| 4.00%, 05/17/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 500 | 366335 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 5.38%, 01/09/36<sup>(b)</sup> | &nbsp;&nbsp; $665 | $670978 |
| Cencosud SA, 6.63%, 02/12/45<sup>(b)</sup> | &nbsp;&nbsp; 200 | 207350 |
| Conagra Brands Inc. |  |  |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 933 | 880623 |
| 5.40%, 11/01/48<sup>(a)</sup> | &nbsp;&nbsp; 835 | 734890 |
| Flowers Foods Inc., 6.20%, 03/15/55 | &nbsp;&nbsp; 340 | 328750 |
| General Mills Inc. |  |  |
| 3.00%, 02/01/51<sup>(a)</sup> | &nbsp;&nbsp; 556 | 350126 |
| 4.15%, 02/15/43 | &nbsp;&nbsp; 370 | 302294 |
| 4.55%, 04/17/38 | &nbsp;&nbsp; 279 | 258564 |
| 4.70%, 04/17/48<sup>(a)</sup> | &nbsp;&nbsp; 387 | 333033 |
| 5.40%, 06/15/40 | &nbsp;&nbsp; 301 | 295263 |
| Gruma SAB de CV, 5.76%, 12/09/54<sup>(b)</sup> | &nbsp;&nbsp; 210 | 206535 |
| Grupo Bimbo SAB de CV |  |  |
| 4.00%, 09/06/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 455 | 336059 |
| 4.70%, 11/10/47<sup>(b)</sup> | &nbsp;&nbsp; 594 | 494475 |
| 4.88%, 06/27/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 400 | 350618 |
| Hershey Co. (The) |  |  |
| 2.65%, 06/01/50 | &nbsp;&nbsp; 313 | 187516 |
| 3.13%, 11/15/49 | &nbsp;&nbsp; 334 | 222778 |
| 3.38%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; 229 | 165716 |
| Hormel Foods Corp., 3.05%, 06/03/51 | &nbsp;&nbsp; 559 | 359631 |
| Ingredion Inc. |  |  |
| 3.90%, 06/01/50 | &nbsp;&nbsp; 315 | 226509 |
| 6.63%, 04/15/37 | &nbsp;&nbsp; 199 | 218871 |
| J.M. Smucker Co. (The) |  |  |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 587 | 481091 |
| 6.50%, 11/15/43 | &nbsp;&nbsp; 654 | 694126 |
| 6.50%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 925 | 983662 |
| JBS USA Holding Lux Sarl / JBS USA Foods <br> Group Holdings Inc. / JBS USA Food Co.<br>|  |  |
| 5.50%, 01/15/36<sup>(b)</sup> | &nbsp;&nbsp; 1120 | 1123695 |
| 6.25%, 03/01/56<sup>(b)</sup> | &nbsp;&nbsp; 1655 | 1630924 |
| 6.38%, 04/15/66<sup>(b)</sup> | &nbsp;&nbsp; 1300 | 1281544 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 4.38%, 02/02/52 | &nbsp;&nbsp; 770 | 586793 |
| 6.50%, 12/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1460 | 1489915 |
| 7.25%, 11/15/53 | &nbsp;&nbsp; 890 | 988128 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA <br> Foods Group, 6.38%, 02/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 810 | 814044 |
| Kellanova |  |  |
| 4.50%, 04/01/46<sup>(a)</sup> | &nbsp;&nbsp; 630 | 538224 |
| 5.75%, 05/16/54<sup>(a)</sup> | &nbsp;&nbsp; 400 | 390623 |
| Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 | &nbsp;&nbsp; 395 | 407272 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 2495 | 1986816 |
| 4.63%, 10/01/39 | &nbsp;&nbsp; 425 | 377428 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 1319 | 1101254 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 1290 | 1153872 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 1626 | 1448575 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 670 | 606162 |
| 6.50%, 02/09/40 | &nbsp;&nbsp; 668 | 704774 |
| 6.88%, 01/26/39<sup>(a)</sup> | &nbsp;&nbsp; 785 | 854126 |
| 7.13%, 08/01/39<sup>(b)</sup> | &nbsp;&nbsp; 833 | 924420 |
| Kroger Co. (The) |  |  |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 481 | 365602 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 608 | 454603 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 809 | 669601 |
| 4.65%, 01/15/48 | &nbsp;&nbsp; 470 | 395309 |
| 5.00%, 04/15/42 | &nbsp;&nbsp; 317 | 291001 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 5.15%, 08/01/43 | &nbsp;&nbsp; $359 | $331770 |
| 5.40%, 07/15/40 | &nbsp;&nbsp; 480 | 471724 |
| 5.40%, 01/15/49<sup>(a)</sup> | &nbsp;&nbsp; 571 | 533205 |
| 5.50%, 09/15/54 | &nbsp;&nbsp; 2220 | 2078690 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 1428 | 1339687 |
| 6.90%, 04/15/38 | &nbsp;&nbsp; 215 | 241286 |
| Mars Inc. |  |  |
| 2.38%, 07/16/40<sup>(b)</sup> | &nbsp;&nbsp; 780 | 547637 |
| 2.45%, 07/16/50<sup>(b)</sup> | &nbsp;&nbsp; 267 | 149665 |
| 3.88%, 04/01/39<sup>(b)</sup> | &nbsp;&nbsp; 629 | 544377 |
| 3.95%, 04/01/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 277 | 226450 |
| 3.95%, 04/01/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 798 | 623326 |
| 4.13%, 04/01/54<sup>(b)</sup> | &nbsp;&nbsp; 472 | 364259 |
| 4.20%, 04/01/59<sup>(b)</sup> | &nbsp;&nbsp; 546 | 413393 |
| 5.65%, 05/01/45<sup>(b)</sup> | &nbsp;&nbsp; 2640 | 2602542 |
| 5.70%, 05/01/55<sup>(b)</sup> | &nbsp;&nbsp; 4339 | 4231173 |
| 5.80%, 05/01/65<sup>(b)</sup> | &nbsp;&nbsp; 1040 | 1020515 |
| McCormick & Co. Inc./MD, 4.20%, 08/15/47 | &nbsp;&nbsp; 244 | 194305 |
| Mondelez International Inc., 2.63%, 09/04/50<sup>(a)</sup> | &nbsp;&nbsp; 1035 | 606851 |
| Nestle Capital Corp., 5.10%, 03/12/54<sup>(b)</sup> | &nbsp;&nbsp; 580 | 544976 |
| Nestle Holdings Inc. |  |  |
| 2.50%, 09/14/41<sup>(b)</sup> | &nbsp;&nbsp; 405 | 279702 |
| 2.63%, 09/14/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 467 | 282434 |
| 3.90%, 09/24/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 1072 | 960234 |
| 4.00%, 09/24/48<sup>(b)</sup> | &nbsp;&nbsp; 1857 | 1487232 |
| 4.70%, 01/15/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 938 | 825011 |
| Sysco Corp. |  |  |
| 3.15%, 12/14/51 | &nbsp;&nbsp; 561 | 359696 |
| 3.30%, 02/15/50<sup>(a)</sup> | &nbsp;&nbsp; 564 | 378159 |
| 4.45%, 03/15/48 | &nbsp;&nbsp; 323 | 267225 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 446 | 373343 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 540 | 478680 |
| 5.38%, 09/21/35 | &nbsp;&nbsp; 320 | 325287 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 340 | 375003 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 1094 | 1179102 |
| Tesco PLC, 6.15%, 11/15/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 285 | 294870 |
| The Campbell's Co. |  |  |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 428 | 273371 |
| 4.80%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 542 | 466205 |
| 5.25%, 10/13/54<sup>(a)</sup> | &nbsp;&nbsp; 330 | 297096 |
| Tyson Foods Inc. |  |  |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 680 | 567707 |
| 5.10%, 09/28/48 | &nbsp;&nbsp; 1306 | 1171647 |
| 5.15%, 08/15/44 | &nbsp;&nbsp; 367 | 335456 |
|  |  | 58825559 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 5.15%, 01/29/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 477 | 403679 |
| 5.50%, 11/02/47 | &nbsp;&nbsp; 342 | 304828 |
| 5.50%, 04/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 405 | 362179 |
| International Paper Co. |  |  |
| 4.35%, 08/15/48 | &nbsp;&nbsp; 726 | 582222 |
| 4.40%, 08/15/47<sup>(a)</sup> | &nbsp;&nbsp; 589 | 478826 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 620 | 542353 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 106 | 105309 |
| 5.15%, 05/15/46 | &nbsp;&nbsp; 410 | 368935 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 593 | 603643 |
| 7.30%, 11/15/39 | &nbsp;&nbsp; 464 | 533864 |
| Suzano Austria GmbH, 7.00%, 03/16/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 1108 | 1209150 |
|  |  | 5494988 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas — 1.1%** | **Gas — 1.1%** | **Gas — 1.1%** |
| APA Infrastructure Ltd., 5.75%, 09/16/44<sup>(a)(b)</sup> | &nbsp;&nbsp; $280 | $272573 |
| Atmos Energy Corp. |  |  |
| 2.85%, 02/15/52 | &nbsp;&nbsp; 569 | 347341 |
| 3.38%, 09/15/49 | &nbsp;&nbsp; 440 | 303717 |
| 4.13%, 10/15/44 | &nbsp;&nbsp; 671 | 557564 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 411 | 324529 |
| 4.15%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 529 | 444823 |
| 4.30%, 10/01/48 | &nbsp;&nbsp; 516 | 425977 |
| 5.00%, 12/15/54<sup>(a)</sup> | &nbsp;&nbsp; 725 | 652884 |
| 5.50%, 06/15/41<sup>(a)</sup> | &nbsp;&nbsp; 345 | 347803 |
| 5.75%, 10/15/52 | &nbsp;&nbsp; 522 | 518825 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 474 | 504891 |
| Boston Gas Co. |  |  |
| 4.49%, 02/15/42<sup>(b)</sup> | &nbsp;&nbsp; 325 | 273388 |
| 6.12%, 07/20/53<sup>(b)</sup> | &nbsp;&nbsp; 350 | 346776 |
| Brooklyn Union Gas Co. (The) |  |  |
| 4.27%, 03/15/48<sup>(b)</sup> | &nbsp;&nbsp; 585 | 453744 |
| 4.49%, 03/04/49<sup>(b)</sup> | &nbsp;&nbsp; 392 | 307885 |
| 4.50%, 03/10/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 392 | 318806 |
| 6.42%, 07/18/54<sup>(b)</sup> | &nbsp;&nbsp; 475 | 489425 |
| CenterPoint Energy Resources Corp. |  |  |
| 5.85%, 01/15/41 | &nbsp;&nbsp; 461 | 467389 |
| 6.63%, 11/01/37 | &nbsp;&nbsp; 405 | 448082 |
| Centrica PLC, 5.38%, 10/16/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 354 | 320264 |
| East Ohio Gas Co. (The), 3.00%, 06/15/50<sup>(b)</sup> | &nbsp;&nbsp; 702 | 435552 |
| KeySpan Gas East Corp. |  |  |
| 3.59%, 01/18/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 334 | 219201 |
| 5.82%, 04/01/41<sup>(b)</sup> | &nbsp;&nbsp; 465 | 452279 |
| Korea Gas Corp., 6.25%, 01/20/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 880 | 959718 |
| Mega Advance Investments Ltd., 6.38%, <br> 05/12/41<sup>(b)</sup><br>| &nbsp;&nbsp; 335 | 362086 |
| NiSource Inc. |  |  |
| 3.95%, 03/30/48 | &nbsp;&nbsp; 692 | 533130 |
| 4.38%, 05/15/47 | &nbsp;&nbsp; 857 | 706901 |
| 4.80%, 02/15/44 | &nbsp;&nbsp; 815 | 722505 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 379 | 333804 |
| 5.25%, 02/15/43 | &nbsp;&nbsp; 402 | 377810 |
| 5.65%, 02/01/45 | &nbsp;&nbsp; 488 | 476096 |
| 5.80%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp; 299 | 307031 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 1515 | 1489724 |
| 5.95%, 06/15/41 | &nbsp;&nbsp; 362 | 367854 |
| Northwest Natural Holding Co., 7.00%, 09/15/55, <br> (5-year CMT + 2.701%)<sup>(d)</sup><br>| &nbsp;&nbsp; 90 | 91369 |
| ONE Gas Inc. |  |  |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 322 | 267931 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 556 | 487386 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 3.35%, 06/01/50 | &nbsp;&nbsp; 277 | 185404 |
| 3.64%, 11/01/46 | &nbsp;&nbsp; 315 | 228627 |
| 4.65%, 08/01/43 | &nbsp;&nbsp; 294 | 259002 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 342 | 300623 |
| Snam SpA, 6.50%, 05/28/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 510 | 531213 |
| Southern California Gas Co. |  |  |
| 3.75%, 09/15/42 | &nbsp;&nbsp; 325 | 253260 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 270 | 224382 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 256 | 246011 |
| 5.60%, 04/01/54 | &nbsp;&nbsp; 555 | 536376 |
| 5.75%, 06/01/53 | &nbsp;&nbsp; 614 | 600483 |
| 6.00%, 06/15/55 | &nbsp;&nbsp; 615 | 623694 |
| 6.35%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 463 | 492679 |
| Series KK, 5.75%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 290 | 302058 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Series UU, 4.13%, 06/01/48 | &nbsp;&nbsp; $494 | $387589 |
| Series VV, 4.30%, 01/15/49 | &nbsp;&nbsp; 449 | 358626 |
| Series WW, 3.95%, 02/15/50 | &nbsp;&nbsp; 415 | 311723 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.95%, 10/01/46 | &nbsp;&nbsp; 531 | 409061 |
| 4.40%, 06/01/43 | &nbsp;&nbsp; 379 | 319602 |
| 4.40%, 05/30/47 | &nbsp;&nbsp; 417 | 339423 |
| 5.88%, 03/15/41 | &nbsp;&nbsp; 661 | 672566 |
| Series 21A, 3.15%, 09/30/51 | &nbsp;&nbsp; 543 | 343043 |
| Southwest Gas Corp. |  |  |
| 3.18%, 08/15/51 | &nbsp;&nbsp; 273 | 180885 |
| 3.80%, 09/29/46 | &nbsp;&nbsp; 263 | 195710 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 267 | 205848 |
| Spire Inc., 4.70%, 08/15/44 | &nbsp;&nbsp; 245 | 204687 |
| Spire Missouri Inc., 3.30%, 06/01/51 | &nbsp;&nbsp; 255 | 169165 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 375 | 268565 |
| Series K, 3.80%, 09/15/46 | &nbsp;&nbsp; 306 | 229858 |
|  |  | 26097226 |
| **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** | **Hand & Machine Tools — 0.1%** |
| Snap-on Inc. |  |  |
| 3.10%, 05/01/50 | &nbsp;&nbsp; 483 | 322686 |
| 4.10%, 03/01/48<sup>(a)</sup> | &nbsp;&nbsp; 368 | 298066 |
| Stanley Black & Decker Inc. |  |  |
| 2.75%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; 629 | 359039 |
| 4.85%, 11/15/48<sup>(a)</sup> | &nbsp;&nbsp; 467 | 395606 |
| 5.20%, 09/01/40<sup>(a)</sup> | &nbsp;&nbsp; 330 | 315055 |
|  |  | 1690452 |
| **Health Care - Products — 0.9%** | **Health Care - Products — 0.9%** | **Health Care - Products — 0.9%** |
| Abbott Laboratories |  |  |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 1467 | 1458030 |
| 4.75%, 04/15/43 | &nbsp;&nbsp; 561 | 526822 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 2928 | 2739904 |
| 5.30%, 05/27/40 | &nbsp;&nbsp; 698 | 713978 |
| 6.00%, 04/01/39 | &nbsp;&nbsp; 437 | 479808 |
| 6.15%, 11/30/37 | &nbsp;&nbsp; 437 | 486142 |
| Alcon Finance Corp. |  |  |
| 3.80%, 09/23/49<sup>(b)</sup> | &nbsp;&nbsp; 421 | 314307 |
| 5.75%, 12/06/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 545 | 543214 |
| Baxter International Inc. |  |  |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 663 | 407156 |
| 3.50%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; 319 | 220921 |
| 4.50%, 06/15/43 | &nbsp;&nbsp; 224 | 181963 |
| 6.25%, 12/01/37 | &nbsp;&nbsp; 150 | 156701 |
| Boston Scientific Corp. |  |  |
| 4.55%, 03/01/39 | &nbsp;&nbsp; 447 | 423030 |
| 4.70%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 501 | 444177 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 299 | 335851 |
| 7.38%, 01/15/40 | &nbsp;&nbsp; 235 | 283843 |
| Covidien International Finance SA, 6.55%, <br> 10/15/37<sup>(a)</sup><br>| &nbsp;&nbsp; 170 | 191666 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 915 | 550509 |
| 2.80%, 12/10/51<sup>(a)</sup> | &nbsp;&nbsp; 894 | 555155 |
| 4.38%, 09/15/45<sup>(a)</sup> | &nbsp;&nbsp; 447 | 383504 |
| DH Europe Finance II SARL |  |  |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 778 | 628605 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 782 | 554634 |
| GE HealthCare Technologies Inc., 6.38%, <br> 11/22/52<sup>(a)</sup><br>| &nbsp;&nbsp; 913 | 974928 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| Koninklijke Philips NV |  |  |
| 5.00%, 03/15/42 | &nbsp;&nbsp; $359 | $327341 |
| 6.88%, 03/11/38 | &nbsp;&nbsp; 632 | 701833 |
| Medtronic Inc. |  |  |
| 4.00%, 04/01/43<sup>(a)</sup> | &nbsp;&nbsp; 285 | 238501 |
| 4.63%, 03/15/45 | &nbsp;&nbsp; 1545 | 1385662 |
| Revvity Inc., 3.63%, 03/15/51 | &nbsp;&nbsp; 379 | 257997 |
| Solventum Corp. |  |  |
| 5.90%, 04/30/54<sup>(a)</sup> | &nbsp;&nbsp; 1170 | 1171211 |
| 6.00%, 05/15/64 | &nbsp;&nbsp; 530 | 528641 |
| STERIS Irish FinCo Unlimited Co., 3.75%, <br> 03/15/51<br>| &nbsp;&nbsp; 613 | 432327 |
| Stryker Corp. |  |  |
| 2.90%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 670 | 436381 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 402 | 334250 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 248 | 212884 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 792 | 700910 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.80%, 10/15/41 | &nbsp;&nbsp; 1012 | 730025 |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 678 | 560067 |
| 5.30%, 02/01/44 | &nbsp;&nbsp; 273 | 266899 |
| 5.40%, 08/10/43 | &nbsp;&nbsp; 629 | 622461 |
| Zimmer Biomet Holdings Inc. |  |  |
| 4.45%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; 334 | 285041 |
| 5.75%, 11/30/39 | &nbsp;&nbsp; 262 | 265039 |
|  |  | 23012318 |
| **Health Care - Services — 4.8%** | **Health Care - Services — 4.8%** | **Health Care - Services — 4.8%** |
| AdventHealth Obligated Group, Series E, 2.80%, <br> 11/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 222 | 134916 |
| Adventist Health System/West, 3.63%, 03/01/49 | &nbsp;&nbsp; 255 | 169932 |
| Advocate Health & Hospitals Corp. |  |  |
| 3.39%, 10/15/49<sup>(a)</sup> | &nbsp;&nbsp; 248 | 174518 |
| 4.27%, 08/15/48 | &nbsp;&nbsp; 228 | 186508 |
| Series 2020, 3.01%, 06/15/50 | &nbsp;&nbsp; 145 | 93824 |
| Aetna Inc. |  |  |
| 3.88%, 08/15/47 | &nbsp;&nbsp; 190 | 137498 |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 459 | 381912 |
| 4.75%, 03/15/44 | &nbsp;&nbsp; 312 | 261578 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 707 | 767539 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 445 | 484558 |
| AHS Hospital Corp. |  |  |
| 5.02%, 07/01/45 | &nbsp;&nbsp; 371 | 345235 |
| Series 2021, 2.78%, 07/01/51 | &nbsp;&nbsp; 229 | 140106 |
| Allina Health System |  |  |
| 2.90%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 262 | 160261 |
| 4.81%, 11/15/45 | &nbsp;&nbsp; 264 | 231553 |
| Series 2019, 3.89%, 04/15/49<sup>(a)</sup> | &nbsp;&nbsp; 236 | 177237 |
| Ascension Health |  |  |
| 3.95%, 11/15/46<sup>(a)</sup> | &nbsp;&nbsp; 1034 | 824791 |
| 4.85%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 395 | 351000 |
| Series B, 3.11%, 11/15/39 | &nbsp;&nbsp; 434 | 340220 |
| Banner Health |  |  |
| 2.91%, 01/01/42<sup>(a)</sup> | &nbsp;&nbsp; 245 | 176343 |
| 2.91%, 01/01/51 | &nbsp;&nbsp; 270 | 170009 |
| Series 2020, 3.18%, 01/01/50<sup>(a)</sup> | &nbsp;&nbsp; 318 | 212735 |
| Baptist Health South Florida Inc., Series 2017, <br> 4.34%, 11/15/41<br>| &nbsp;&nbsp; 193 | 165158 |
| Baptist Health South Florida Obligated Group, <br> Series 2021, 3.12%, 11/15/71<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | 5727 |
| Baptist Healthcare System Obligated Group, <br> Series 20B, 3.54%, 08/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; 235 | 164169 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| BayCare Health System Inc., Series 2020, 3.83%, <br> 11/15/50<br>| &nbsp;&nbsp; $411 | $310600 |
| Baylor Scott & White Holdings |  |  |
| 3.97%, 11/15/46 | &nbsp;&nbsp; 340 | 269567 |
| 4.19%, 11/15/45 | &nbsp;&nbsp; 308 | 254532 |
| Series 2021, 2.84%, 11/15/50 | &nbsp;&nbsp; 795 | 498026 |
| Beth Israel Lahey Health Inc., Series L, 3.08%, <br> 07/01/51<sup>(a)</sup><br>| &nbsp;&nbsp; 195 | 124181 |
| Catholic Health Services of Long Island Obligated <br> Group, Series 2020, 3.37%, 07/01/50<br>| &nbsp;&nbsp; 192 | 130722 |
| Children's Health System of Texas, 2.51%, <br> 08/15/50<br>| &nbsp;&nbsp; 367 | 210409 |
| Children's Hospital Corp. (The) |  |  |
| Series 2017, 4.12%, 01/01/47 | &nbsp;&nbsp; 282 | 230065 |
| Series 2020, 2.59%, 02/01/50<sup>(a)</sup> | &nbsp;&nbsp; 261 | 155457 |
| Children's Hospital Medical Center/Cincinnati OH, <br> 4.27%, 05/15/44<br>| &nbsp;&nbsp; 226 | 188784 |
| Children's Hospital of Philadelphia (The), Series <br> 2020, 2.70%, 07/01/50<br>| &nbsp;&nbsp; 270 | 164617 |
| Children's Hospital/DC, Series 2020, 2.93%, <br> 07/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; 79 | 49484 |
| Cigna Group (The) |  |  |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 692 | 526957 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 1332 | 893997 |
| 3.40%, 03/15/51 | &nbsp;&nbsp; 1388 | 926228 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 847 | 635429 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 2097 | 1968456 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 1240 | 1078194 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 2577 | 2239064 |
| 5.38%, 02/15/42 | &nbsp;&nbsp; 311 | 289826 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1413 | 1336566 |
| 6.13%, 11/15/41 | &nbsp;&nbsp; 609 | 628997 |
| City of Hope |  |  |
| Series 2013, 5.62%, 11/15/43 | &nbsp;&nbsp; 312 | 303488 |
| Series 2018, 4.38%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp; 240 | 192361 |
| Cleveland Clinic Foundation (The), 4.86%, <br> 01/01/2114<sup>(a)</sup><br>| &nbsp;&nbsp; 350 | 291472 |
| CommonSpirit Health |  |  |
| 3.82%, 10/01/49 | &nbsp;&nbsp; 518 | 378501 |
| 3.91%, 10/01/50 | &nbsp;&nbsp; 497 | 362142 |
| 4.19%, 10/01/49 | &nbsp;&nbsp; 837 | 646850 |
| 4.35%, 11/01/42<sup>(a)</sup> | &nbsp;&nbsp; 664 | 560779 |
| 5.55%, 12/01/54 | &nbsp;&nbsp; 330 | 311893 |
| 6.46%, 11/01/52 | &nbsp;&nbsp; 215 | 227166 |
| Community Health Network Inc., Series 20-A, <br> 3.10%, 05/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 139 | 87129 |
| Corewell Health Obligated Group, Series 19A, <br> 3.49%, 07/15/49<br>| &nbsp;&nbsp; 306 | 219808 |
| Cottage Health Obligated Group, Series 2020, <br> 3.30%, 11/01/49<br>| &nbsp;&nbsp; 414 | 283951 |
| Dartmouth-Hitchcock Health, Series B, 4.18%, <br> 08/01/48<br>| &nbsp;&nbsp; 304 | 233423 |
| Dignity Health |  |  |
| 4.50%, 11/01/42<sup>(a)</sup> | &nbsp;&nbsp; 231 | 194804 |
| 5.27%, 11/01/64<sup>(a)</sup> | &nbsp;&nbsp; 160 | 139694 |
| Duke University Health System Inc., Series 2017, <br> 3.92%, 06/01/47<br>| &nbsp;&nbsp; 499 | 392034 |
| Elevance Health Inc. |  |  |
| 3.13%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 950 | 608377 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 1304 | 903218 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 796 | 566547 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.38%, 12/01/47 | &nbsp;&nbsp; $1213 | $981158 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 791 | 651384 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 826 | 666075 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 778 | 680682 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 846 | 735628 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 842 | 722189 |
| 4.85%, 08/15/54 | &nbsp;&nbsp; 393 | 323374 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 690 | 631125 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 1149 | 1015363 |
| 5.65%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 995 | 943106 |
| 5.70%, 02/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1380 | 1315120 |
| 5.85%, 01/15/36 | &nbsp;&nbsp; 245 | 257071 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 665 | 637779 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 824 | 830140 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 150 | 162164 |
| Franciscan Missionaries of Our Lady Health <br> System Inc., Series B, 3.91%, 07/01/49<br>| &nbsp;&nbsp; 155 | 114467 |
| Fred Hutchinson Cancer Center, 4.97%, 01/01/52 | &nbsp;&nbsp; 120 | 106306 |
| Hackensack Meridian Health Inc. |  |  |
| 4.21%, 07/01/48 | &nbsp;&nbsp; 245 | 198066 |
| 4.50%, 07/01/57<sup>(a)</sup> | &nbsp;&nbsp; 285 | 234427 |
| Series 2020, 2.68%, 09/01/41 | &nbsp;&nbsp; 395 | 275135 |
| Series 2020, 2.88%, 09/01/50 | &nbsp;&nbsp; 479 | 298615 |
| Hartford HealthCare Corp., 3.45%, 07/01/54<sup>(a)</sup> | &nbsp;&nbsp; 80 | 56445 |
| HCA Inc. |  |  |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 1428 | 937131 |
| 4.38%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 444 | 371462 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 1875 | 1488992 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 871 | 821630 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 1749 | 1544069 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 1522 | 1407705 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 920 | 878824 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 1095 | 1049174 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 1365 | 1317321 |
| 6.10%, 04/01/64<sup>(a)</sup> | &nbsp;&nbsp; 750 | 723522 |
| 6.20%, 03/01/55<sup>(a)</sup> | &nbsp;&nbsp; 1090 | 1082134 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co.<br>|  |  |
| 3.20%, 06/01/50<sup>(b)</sup> | &nbsp;&nbsp; 734 | 460777 |
| 5.88%, 06/15/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 890 | 849403 |
| Hoag Memorial Hospital Presbyterian, 3.80%, <br> 07/15/52<sup>(a)</sup><br>| &nbsp;&nbsp; 357 | 266895 |
| Humana Inc. |  |  |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 484 | 347817 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 365 | 309246 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 373 | 310128 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 595 | 517555 |
| 5.50%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 560 | 503002 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 975 | 905735 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 65 | 62449 |
| 8.15%, 06/15/38 | &nbsp;&nbsp; 166 | 200895 |
| Indiana University Health Inc. Obligated Group |  |  |
| 3.97%, 11/01/48 | &nbsp;&nbsp; 324 | 254658 |
| Series 2021, 2.85%, 11/01/51 | &nbsp;&nbsp; 205 | 126242 |
| Inova Health System Foundation, 4.07%, 05/15/52 | &nbsp;&nbsp; 320 | 250606 |
| Integris Baptist Medical Center Inc., Series A, <br> 3.88%, 08/15/50<br>| &nbsp;&nbsp; 240 | 168836 |
| Iowa Health System, Series 2020, 3.67%, <br> 02/15/50<br>| &nbsp;&nbsp; 189 | 136699 |
| Johns Hopkins Health System Corp. (The), 3.84%, <br> 05/15/46<br>| &nbsp;&nbsp; 571 | 450457 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | &nbsp;&nbsp; $1361 | $1110558 |
| 4.88%, 04/01/42 | &nbsp;&nbsp; 534 | 496642 |
| Series 2019, 3.27%, 11/01/49 | &nbsp;&nbsp; 803 | 551992 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 1072 | 771766 |
| Series 2021, 3.00%, 06/01/51<sup>(a)</sup> | &nbsp;&nbsp; 1298 | 829967 |
| Laboratory Corp. of America Holdings, 4.70%, <br> 02/01/45<br>| &nbsp;&nbsp; 759 | 663228 |
| Mass General Brigham Inc. |  |  |
| Series 2017, 3.77%, 07/01/48 | &nbsp;&nbsp; 142 | 107303 |
| Series 2020, 3.19%, 07/01/49 | &nbsp;&nbsp; 89 | 60265 |
| Series 2020, 3.34%, 07/01/60 | &nbsp;&nbsp; 399 | 258752 |
| Mayo Clinic |  |  |
| 3.77%, 11/15/43 | &nbsp;&nbsp; 200 | 161402 |
| Series 2013, 4.00%, 11/15/47 | &nbsp;&nbsp; 150 | 117692 |
| Series 2016, 4.13%, 11/15/52 | &nbsp;&nbsp; 333 | 264046 |
| Series 2021, 3.20%, 11/15/61 | &nbsp;&nbsp; 486 | 305199 |
| McLaren Health Care Corp., Series A, 4.39%, <br> 05/15/48<br>| &nbsp;&nbsp; 336 | 276787 |
| MedStar Health Inc., Series 20A, 3.63%, 08/15/49 | &nbsp;&nbsp; 80 | 57138 |
| Memorial Health Services, 3.45%, 11/01/49 | &nbsp;&nbsp; 249 | 172956 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | &nbsp;&nbsp; 155 | 122554 |
| 5.00%, 07/01/42 | &nbsp;&nbsp; 361 | 341611 |
| Series 2015, 4.20%, 07/01/55 | &nbsp;&nbsp; 470 | 372795 |
| Series 2020, 2.96%, 01/01/50 | &nbsp;&nbsp; 50 | 32156 |
| Methodist Hospital (The), Series 20A, 2.71%, <br> 12/01/50<br>| &nbsp;&nbsp; 501 | 303080 |
| Montefiore Obligated Group |  |  |
| 4.29%, 09/01/50 | &nbsp;&nbsp; 135 | 87150 |
| Series 18-C, 5.25%, 11/01/48 | &nbsp;&nbsp; 162 | 128937 |
| Mount Nittany Medical Center Obligated Group, <br> 3.80%, 11/15/52<br>| &nbsp;&nbsp; 199 | 145646 |
| MyMichigan Health, Series 2020, 3.41%, 06/01/50 | &nbsp;&nbsp; 255 | 174575 |
| Nationwide Children's Hospital Inc., 4.56%, <br> 11/01/52<br>| &nbsp;&nbsp; 277 | 235041 |
| New York and Presbyterian Hospital (The) |  |  |
| 2.26%, 08/01/40 | &nbsp;&nbsp; 185 | 128234 |
| 2.61%, 08/01/60<sup>(a)</sup> | &nbsp;&nbsp; 155 | 83221 |
| 3.56%, 08/01/36 | &nbsp;&nbsp; 175 | 153893 |
| 4.02%, 08/01/45<sup>(a)</sup> | &nbsp;&nbsp; 310 | 253224 |
| 4.06%, 08/01/56 | &nbsp;&nbsp; 198 | 152010 |
| 4.76%, 08/01/2116<sup>(a)</sup> | &nbsp;&nbsp; 180 | 144744 |
| Series 2019, 3.95%, 08/01/2119<sup>(a)</sup> | &nbsp;&nbsp; 250 | 168239 |
| Northwell Healthcare Inc. |  |  |
| 3.81%, 11/01/49 | &nbsp;&nbsp; 543 | 392090 |
| 3.98%, 11/01/46 | &nbsp;&nbsp; 335 | 259242 |
| 4.26%, 11/01/47 | &nbsp;&nbsp; 694 | 555221 |
| 6.15%, 11/01/43 | &nbsp;&nbsp; 220 | 218459 |
| Northwestern Memorial Healthcare Obligated <br> Group, Series 2021, 2.63%, 07/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 284 | 170731 |
| Novant Health Inc. |  |  |
| 2.64%, 11/01/36<sup>(a)</sup> | &nbsp;&nbsp; 316 | 248716 |
| 3.17%, 11/01/51 | &nbsp;&nbsp; 627 | 409428 |
| 3.32%, 11/01/61<sup>(a)</sup> | &nbsp;&nbsp; 377 | 238181 |
| 4.37%, 11/01/43 | &nbsp;&nbsp; 175 | 144117 |
| NY Society for Relief of Ruptured & Crippled <br> Maintaining Hosp Special Surgery, Series 2020, <br> 2.67%, 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 54 | 32185 |
| NYU Langone Hospitals |  |  |
| 5.75%, 07/01/43 | &nbsp;&nbsp; 80 | 80760 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Series 2020, 3.38%, 07/01/55 | &nbsp;&nbsp; $430 | $290770 |
| Ochsner Clinic Foundation, 5.90%, 05/15/45<sup>(a)</sup> | &nbsp;&nbsp; 230 | 230606 |
| OhioHealth Corp. |  |  |
| 2.83%, 11/15/41 | &nbsp;&nbsp; 265 | 188370 |
| Series 2020, 3.04%, 11/15/50 | &nbsp;&nbsp; 192 | 128194 |
| Orlando Health Obligated Group |  |  |
| 3.33%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 155 | 107670 |
| 4.09%, 10/01/48 | &nbsp;&nbsp; 355 | 281961 |
| 5.48%, 10/01/35 | &nbsp;&nbsp; 60 | 62314 |
| PeaceHealth Obligated Group |  |  |
| Series 2018, 4.79%, 11/15/48 | &nbsp;&nbsp; 296 | 246781 |
| Series 2020, 3.22%, 11/15/50 | &nbsp;&nbsp; 385 | 240789 |
| Piedmont Healthcare Inc. |  |  |
| 2.86%, 01/01/52 | &nbsp;&nbsp; 376 | 231212 |
| Series 2042, 2.72%, 01/01/42<sup>(a)</sup> | &nbsp;&nbsp; 217 | 150630 |
| Presbyterian Healthcare Services, 4.88%, <br> 08/01/52<br>| &nbsp;&nbsp; 292 | 255771 |
| Providence St. Joseph Health Obligated Group |  |  |
| Series 21A, 2.70%, 10/01/51<sup>(a)</sup> | &nbsp;&nbsp; 697 | 401314 |
| Series A, 3.93%, 10/01/48 | &nbsp;&nbsp; 134 | 100669 |
| Series I, 3.74%, 10/01/47 | &nbsp;&nbsp; 365 | 270529 |
| Queen's Health Systems (The), 4.81%, 07/01/52 | &nbsp;&nbsp; 195 | 170001 |
| Quest Diagnostics Inc., 4.70%, 03/30/45<sup>(a)</sup> | &nbsp;&nbsp; 268 | 237741 |
| Rady Children's Hospital-San Diego, Series 21A, <br> 3.15%, 08/15/51<br>| &nbsp;&nbsp; 230 | 150618 |
| Roche Holdings Inc. |  |  |
| 2.61%, 12/13/51<sup>(b)</sup> | &nbsp;&nbsp; 1776 | 1063631 |
| 4.00%, 11/28/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 543 | 447331 |
| 5.22%, 03/08/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1455 | 1388856 |
| 7.00%, 03/01/39<sup>(b)</sup> | &nbsp;&nbsp; 930 | 1109389 |
| Seattle Children's Hospital, Series 2021, 2.72%, <br> 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 350 | 212882 |
| Sentara Health, 2.93%, 11/01/51<sup>(a)</sup> | &nbsp;&nbsp; 210 | 129015 |
| Sharp HealthCare, Series 20B, 2.68%, 08/01/50<sup>(a)</sup> | &nbsp;&nbsp; 211 | 128213 |
| Southern Baptist Hospital of Florida Inc., 4.86%, <br> 07/15/45<sup>(a)</sup><br>| &nbsp;&nbsp; 230 | 204702 |
| Stanford Health Care |  |  |
| 3.03%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 247 | 158898 |
| Series 2018, 3.80%, 11/15/48 | &nbsp;&nbsp; 414 | 317163 |
| Summa Health, 3.51%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 208 | 163821 |
| Sutter Health |  |  |
| 5.55%, 08/15/53<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9751 |
| Series 2018, 4.09%, 08/15/48 | &nbsp;&nbsp; 198 | 157126 |
| Series 20A, 3.16%, 08/15/40 | &nbsp;&nbsp; 145 | 112908 |
| Series 20A, 3.36%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; 390 | 266122 |
| Texas Health Resources |  |  |
| 2.33%, 11/15/50 | &nbsp;&nbsp; 235 | 130493 |
| 4.33%, 11/15/55 | &nbsp;&nbsp; 210 | 171141 |
| Toledo Hospital (The), 5.75%, 11/15/38<sup>(a)</sup> | &nbsp;&nbsp; 170 | 170502 |
| Trinity Health Corp. |  |  |
| 4.13%, 12/01/45 | &nbsp;&nbsp; 258 | 212167 |
| Series 2019, 3.43%, 12/01/48 | &nbsp;&nbsp; 223 | 160820 |
| Series 2021, 2.63%, 12/01/40<sup>(a)</sup> | &nbsp;&nbsp; 276 | 193146 |
| UMass Memorial Health Care Obligated Group, <br> 5.36%, 07/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 110 | 100407 |
| UnitedHealth Group Inc. |  |  |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 960 | 696954 |
| 2.90%, 05/15/50 | &nbsp;&nbsp; 1241 | 763671 |
| 3.05%, 05/15/41 | &nbsp;&nbsp; 1492 | 1098977 |
| 3.13%, 05/15/60<sup>(a)</sup> | &nbsp;&nbsp; 1130 | 667029 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 2334 | 1523027 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 3.50%, 08/15/39 | &nbsp;&nbsp; $1047 | $849877 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 1285 | 924200 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 1016 | 755158 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 1080 | 751900 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 695 | 564226 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 795 | 638058 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 814 | 681919 |
| 4.25%, 04/15/47 | &nbsp;&nbsp; 753 | 606484 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 1446 | 1156816 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 581 | 499887 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 1048 | 861374 |
| 4.63%, 11/15/41 | &nbsp;&nbsp; 483 | 428490 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 2162 | 1908684 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 2120 | 1782908 |
| 4.95%, 05/15/62 | &nbsp;&nbsp; 855 | 723297 |
| 5.05%, 04/15/53 | &nbsp;&nbsp; 2192 | 1923879 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 1552 | 1363623 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 1830 | 1689148 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 1475 | 1432940 |
| 5.50%, 04/15/64 | &nbsp;&nbsp; 1025 | 943016 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 2735 | 2603348 |
| 5.70%, 10/15/40 | &nbsp;&nbsp; 329 | 335373 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 1840 | 1761561 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 715 | 752568 |
| 5.88%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 2110 | 2085026 |
| 5.95%, 02/15/41 | &nbsp;&nbsp; 435 | 450123 |
| 5.95%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp; 460 | 459582 |
| 6.05%, 02/15/63<sup>(a)</sup> | &nbsp;&nbsp; 1681 | 1685862 |
| 6.50%, 06/15/37 | &nbsp;&nbsp; 515 | 565493 |
| 6.63%, 11/15/37 | &nbsp;&nbsp; 560 | 620399 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 1160 | 1317840 |
| UPMC, 5.38%, 05/15/43<sup>(a)</sup> | &nbsp;&nbsp; 277 | 264182 |
| WakeMed, Series A, 3.29%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 90 | 59787 |
| West Virginia United Health System Obligated <br> Group, Series 2020, 3.13%, 06/01/50<br>| &nbsp;&nbsp; 190 | 116300 |
| Willis-Knighton Medical Center |  |  |
| Series 2018, 4.81%, 09/01/48<sup>(a)</sup> | &nbsp;&nbsp; 234 | 200457 |
| Series 2021, 3.07%, 03/01/51<sup>(a)</sup> | &nbsp;&nbsp; 398 | 244280 |
| Yale-New Haven Health Services Corp., Series <br> 2020, 2.50%, 07/01/50<br>| &nbsp;&nbsp; 120 | 68616 |
|  |  | 117413001 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| CK Hutchison International 19 II Ltd., 3.38%, <br> 09/06/49<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 667 | 475263 |
| JAB Holdings BV |  |  |
| 3.75%, 05/28/51<sup>(b)</sup> | &nbsp;&nbsp; 440 | 289905 |
| 4.50%, 04/08/52<sup>(b)</sup> | &nbsp;&nbsp; 465 | 349402 |
|  |  | 1114570 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| DR Horton Inc., 5.50%, 10/15/35 | &nbsp;&nbsp; 325 | 332862 |
| MDC Holdings Inc. |  |  |
| 3.97%, 08/06/61<sup>(a)</sup> | &nbsp;&nbsp; 192 | 122577 |
| 6.00%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 411 | 374696 |
|  |  | 830135 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc., 3.50%, 11/15/51 | &nbsp;&nbsp; 418 | 264354 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
| Church & Dwight Co. Inc. |  |  |
| 3.95%, 08/01/47 | &nbsp;&nbsp; $236 | $184032 |
| 5.00%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 465 | 417535 |
| Kimberly-Clark Corp. |  |  |
| 2.88%, 02/07/50 | &nbsp;&nbsp; 480 | 308553 |
| 3.20%, 07/30/46 | &nbsp;&nbsp; 368 | 262482 |
| 3.70%, 06/01/43 | &nbsp;&nbsp; 205 | 162806 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 342 | 270263 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 417 | 415391 |
| 6.63%, 08/01/37<sup>(a)</sup> | &nbsp;&nbsp; 600 | 694128 |
| SC Johnson & Son Inc. |  |  |
| 4.00%, 05/15/43<sup>(b)</sup> | &nbsp;&nbsp; 355 | 287261 |
| 4.35%, 09/30/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 265 | 214076 |
| 4.75%, 10/15/46<sup>(b)</sup> | &nbsp;&nbsp; 740 | 647869 |
| 4.80%, 09/01/40<sup>(b)</sup> | &nbsp;&nbsp; 488 | 458458 |
|  |  | 4322854 |
| **Insurance — 4.9%** | **Insurance — 4.9%** | **Insurance — 4.9%** |
| 200 Park Funding Trust, 5.74%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 745 | 729826 |
| Aflac Inc. |  |  |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 361 | 284820 |
| 4.75%, 01/15/49 | &nbsp;&nbsp; 544 | 470761 |
| 6.45%, 08/15/40 | &nbsp;&nbsp; 224 | 244009 |
| AIA Group Ltd. |  |  |
| 3.20%, 09/16/40<sup>(b)</sup> | &nbsp;&nbsp; 1540 | 1199516 |
| 4.50%, 03/16/46<sup>(b)</sup> | &nbsp;&nbsp; 690 | 612351 |
| 4.88%, 03/11/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 412 | 387095 |
| 5.40%, 09/30/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | 502316 |
| Alleghany Corp. |  |  |
| 3.25%, 08/15/51 | &nbsp;&nbsp; 325 | 217726 |
| 4.90%, 09/15/44 | &nbsp;&nbsp; 256 | 233308 |
| Allstate Corp. (The) |  |  |
| 3.85%, 08/10/49 | &nbsp;&nbsp; 461 | 346757 |
| 4.20%, 12/15/46 | &nbsp;&nbsp; 647 | 528075 |
| 4.50%, 06/15/43 | &nbsp;&nbsp; 430 | 372796 |
| 5.95%, 04/01/36 | &nbsp;&nbsp; 340 | 362670 |
| 6.50%, 05/15/67<sup>(d)</sup> | &nbsp;&nbsp; 414 | 426847 |
| American Financial Group Inc./OH, 4.50%, <br> 06/15/47<br>| &nbsp;&nbsp; 590 | 483950 |
| American International Group Inc. |  |  |
| 4.38%, 06/30/50<sup>(a)</sup> | &nbsp;&nbsp; 914 | 750254 |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 692 | 602350 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 920 | 807053 |
| 4.80%, 07/10/45 | &nbsp;&nbsp; 280 | 251750 |
| 6.25%, 05/01/36 | &nbsp;&nbsp; 165 | 176105 |
| AmFam Holdings Inc., 3.83%, 03/11/51<sup>(b)</sup> | &nbsp;&nbsp; 402 | 253621 |
| Aon Corp., 6.25%, 09/30/40 | &nbsp;&nbsp; 222 | 238663 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.90%, 08/23/51 | &nbsp;&nbsp; 483 | 295918 |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 856 | 628995 |
| Aon Global Ltd. |  |  |
| 4.25%, 12/12/42<sup>(a)</sup> | &nbsp;&nbsp; 326 | 267414 |
| 4.45%, 05/24/43 | &nbsp;&nbsp; 220 | 184531 |
| 4.60%, 06/14/44 | &nbsp;&nbsp; 425 | 367911 |
| 4.75%, 05/15/45 | &nbsp;&nbsp; 523 | 457172 |
| Aon North America Inc., 5.75%, 03/01/54 | &nbsp;&nbsp; 1845 | 1807266 |
| Arch Capital Finance LLC, 5.03%, 12/15/46 | &nbsp;&nbsp; 430 | 389242 |
| Arch Capital Group Ltd., 3.64%, 06/30/50 | &nbsp;&nbsp; 901 | 650717 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 444 | 410279 |
| Arthur J Gallagher & Co. |  |  |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 377 | 236099 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 880 | 605785 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.55%, 02/15/55 | &nbsp;&nbsp; $1450 | $1366209 |
| 5.75%, 03/02/53 | &nbsp;&nbsp; 648 | 626167 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 497 | 478205 |
| 6.75%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 547 | 597355 |
| Assured Guaranty Municipal Holdings Inc., 6.40%, <br> 12/15/66<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 235 | 217615 |
| Assured Guaranty U.S. Holdings Inc., 3.60%, <br> 09/15/51<br>| &nbsp;&nbsp; 285 | 194629 |
| Athene Holding Ltd. |  |  |
| 3.45%, 05/15/52 | &nbsp;&nbsp; 470 | 297019 |
| 3.95%, 05/25/51 | &nbsp;&nbsp; 613 | 430421 |
| 6.25%, 04/01/54 | &nbsp;&nbsp; 970 | 957851 |
| 6.63%, 05/19/55<sup>(a)</sup> | &nbsp;&nbsp; 490 | 502196 |
| Augustar Life Insurance Co., 6.88%, 06/15/42<sup>(b)</sup> | &nbsp;&nbsp; 230 | 209980 |
| AXA SA, 6.38%, (1-day SOFR Index + <br> 2.256%)<sup>(a)(b)(d)(e)</sup><br>| &nbsp;&nbsp; 250 | 277710 |
| Axis Specialty Finance PLC, 5.15%, 04/01/45<sup>(a)</sup> | &nbsp;&nbsp; 164 | 147939 |
| Beacon Funding Trust, 6.27%, 08/15/54<sup>(b)</sup> | &nbsp;&nbsp; 1185 | 1179206 |
| Belrose Funding Trust II, 6.79%, 05/15/55<sup>(b)</sup> | &nbsp;&nbsp; 295 | 305743 |
| Berkshire Hathaway Finance Corp. |  |  |
| 2.50%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 711 | 419758 |
| 2.85%, 10/15/50 | &nbsp;&nbsp; 1600 | 1014432 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 2535 | 1924994 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 2321 | 1923658 |
| 4.25%, 01/15/49 | &nbsp;&nbsp; 1835 | 1526854 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 441 | 387978 |
| 4.40%, 05/15/42 | &nbsp;&nbsp; 693 | 633922 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 584 | 631493 |
| Berkshire Hathaway Inc., 4.50%, 02/11/43 | &nbsp;&nbsp; 769 | 712966 |
| Brighthouse Financial Inc. |  |  |
| 3.85%, 12/22/51 | &nbsp;&nbsp; 333 | 206161 |
| 4.70%, 06/22/47 | &nbsp;&nbsp; 921 | 688694 |
| Brown & Brown Inc. |  |  |
| 4.95%, 03/17/52 | &nbsp;&nbsp; 515 | 437830 |
| 6.25%, 06/23/55 | &nbsp;&nbsp; 925 | 945701 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 560 | 607167 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 698 | 787676 |
| Chubb INA Holdings LLC |  |  |
| 2.85%, 12/15/51 | &nbsp;&nbsp; 553 | 350637 |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 899 | 543297 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 409 | 349363 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 1395 | 1201510 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 196 | 222574 |
| Corebridge Financial Inc. |  |  |
| 4.35%, 04/05/42 | &nbsp;&nbsp; 430 | 361802 |
| 4.40%, 04/05/52<sup>(a)</sup> | &nbsp;&nbsp; 1133 | 904762 |
| Empower Finance 2020 LP, 3.08%, 09/17/51<sup>(b)</sup> | &nbsp;&nbsp; 542 | 339794 |
| Equitable Holdings Inc., 5.00%, 04/20/48 | &nbsp;&nbsp; 1175 | 1050934 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 768 | 474775 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 1021 | 690707 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 290 | 255918 |
| Fairfax Financial Holdings Ltd. |  |  |
| 6.10%, 03/15/55 | &nbsp;&nbsp; 510 | 502950 |
| 6.35%, 03/22/54 | &nbsp;&nbsp; 875 | 891409 |
| Farmers Insurance Exchange, 4.75%, <br> 11/01/57<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 232 | 192707 |
| Fidelity National Financial Inc., 3.20%, 09/17/51 | &nbsp;&nbsp; 370 | 229016 |
| Five Corners Funding Trust IV, 6.00%, <br> 02/15/53<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 576 | 582698 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Global Atlantic Fin Co., 6.75%, 03/15/54<sup>(b)</sup> | &nbsp;&nbsp; $667 | $681289 |
| Great-West Lifeco Finance 2018 LP, 4.58%, <br> 05/17/48<sup>(b)</sup><br>| &nbsp;&nbsp; 448 | 378098 |
| Great-West Lifeco Finance Delaware LP, 4.15%, <br> 06/03/47<sup>(b)</sup><br>| &nbsp;&nbsp; 681 | 541676 |
| Guardian Life Insurance Co. of America (The) |  |  |
| 3.70%, 01/22/70<sup>(a)(b)</sup> | &nbsp;&nbsp; 124 | 82235 |
| 4.85%, 01/24/77<sup>(b)</sup> | &nbsp;&nbsp; 593 | 486071 |
| 4.88%, 06/19/64<sup>(a)(b)</sup> | &nbsp;&nbsp; 370 | 313464 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.90%, 09/15/51 | &nbsp;&nbsp; 525 | 328591 |
| 3.60%, 08/19/49 | &nbsp;&nbsp; 763 | 555051 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 234 | 198094 |
| 4.40%, 03/15/48 | &nbsp;&nbsp; 460 | 386845 |
| 5.95%, 10/15/36<sup>(a)</sup> | &nbsp;&nbsp; 265 | 281939 |
| 6.10%, 10/01/41 | &nbsp;&nbsp; 358 | 372701 |
| 6.63%, 03/30/40 | &nbsp;&nbsp; 247 | 271114 |
| Henneman Trust, 6.58%, 05/15/55<sup>(b)</sup> | &nbsp;&nbsp; 45 | 46055 |
| High Street Funding Trust III, 5.81%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 310 | 297363 |
| Jackson Financial Inc., 4.00%, 11/23/51 | &nbsp;&nbsp; 417 | 288007 |
| Liberty Mutual Group Inc. |  |  |
| 3.95%, 10/15/50<sup>(b)</sup> | &nbsp;&nbsp; 1295 | 961831 |
| 3.95%, 05/15/60<sup>(a)(b)</sup> | &nbsp;&nbsp; 533 | 363825 |
| 4.85%, 08/01/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 120 | 103338 |
| 5.50%, 06/15/52<sup>(b)</sup> | &nbsp;&nbsp; 933 | 869555 |
| 6.50%, 05/01/42<sup>(b)</sup> | &nbsp;&nbsp; 207 | 208968 |
| Liberty Mutual Insurance Co., 7.70%, 10/15/97<sup>(a)(b)</sup> | &nbsp;&nbsp; 220 | 246514 |
| Lincoln National Corp. |  |  |
| 4.35%, 03/01/48 | &nbsp;&nbsp; 255 | 204606 |
| 6.30%, 10/09/37 | &nbsp;&nbsp; 271 | 287409 |
| 7.00%, 06/15/40 | &nbsp;&nbsp; 428 | 480355 |
| Loews Corp., 4.13%, 05/15/43<sup>(a)</sup> | &nbsp;&nbsp; 445 | 368564 |
| Manulife Financial Corp., 5.38%, 03/04/46 | &nbsp;&nbsp; 714 | 699734 |
| Maple Grove Funding Trust I, 4.16%, 08/15/51<sup>(b)</sup> | &nbsp;&nbsp; 468 | 317494 |
| Markel Group Inc. |  |  |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 556 | 368842 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 450 | 342121 |
| 4.30%, 11/01/47 | &nbsp;&nbsp; 363 | 289183 |
| 5.00%, 03/30/43 | &nbsp;&nbsp; 225 | 200743 |
| 5.00%, 04/05/46 | &nbsp;&nbsp; 456 | 403744 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 558 | 486207 |
| 6.00%, 05/16/54 | &nbsp;&nbsp; 545 | 540459 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.90%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 508 | 313443 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 579 | 472038 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 489 | 407073 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 325 | 309297 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 1126 | 1003362 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 435 | 419489 |
| 5.40%, 03/15/55 | &nbsp;&nbsp; 1520 | 1442559 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 592 | 565791 |
| 5.45%, 03/15/54 | &nbsp;&nbsp; 324 | 309113 |
| 5.70%, 09/15/53 | &nbsp;&nbsp; 884 | 876587 |
| 6.25%, 11/01/52 | &nbsp;&nbsp; 595 | 632172 |
| Massachusetts Mutual Life Insurance Co. |  |  |
| 3.20%, 12/01/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 480 | 284514 |
| 3.38%, 04/15/50<sup>(b)</sup> | &nbsp;&nbsp; 484 | 326919 |
| 3.73%, 10/15/70<sup>(b)</sup> | &nbsp;&nbsp; 723 | 470210 |
| 4.50%, 04/15/65<sup>(b)</sup> | &nbsp;&nbsp; 161 | 121345 |
| 4.90%, 04/01/77<sup>(b)</sup> | &nbsp;&nbsp; 453 | 371523 |
| 5.08%, 02/15/69<sup>(b)(d)</sup> | &nbsp;&nbsp; 940 | 828868 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.38%, 12/01/41<sup>(b)</sup> | &nbsp;&nbsp; $216 | $200049 |
| 5.67%, 12/01/52<sup>(b)</sup> | &nbsp;&nbsp; 431 | 413560 |
| MetLife Capital Trust IV, 7.88%, 12/15/67<sup>(b)</sup> | &nbsp;&nbsp; 645 | 709422 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 1130 | 920607 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 897 | 752713 |
| 4.60%, 05/13/46<sup>(a)</sup> | &nbsp;&nbsp; 707 | 624304 |
| 4.72%, 12/15/44 | &nbsp;&nbsp; 447 | 398791 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 882 | 807242 |
| 5.00%, 07/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 923883 |
| 5.25%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1053 | 989046 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 836 | 868771 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 1028 | 1076479 |
| 9.25%, 04/08/68<sup>(a)(b)</sup> | &nbsp;&nbsp; 495 | 588256 |
| 10.75%, 08/01/69 | &nbsp;&nbsp; 408 | 545400 |
| Mutual of Omaha Insurance Co. |  |  |
| 6.14%, 01/16/64, (10-year CMT + <br> 2.950%)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 252 | 251619 |
| 6.80%, 06/15/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 93 | 101922 |
| National Life Insurance Co., 5.25%, <br> 07/19/68<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 220 | 180970 |
| Nationwide Financial Services Inc. |  |  |
| 3.90%, 11/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 960 | 713281 |
| 5.30%, 11/18/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 187 | 172566 |
| 6.75%, 05/15/87<sup>(a)</sup> | &nbsp;&nbsp; 260 | 260329 |
| Nationwide Mutual Insurance Co. |  |  |
| 4.35%, 04/30/50<sup>(b)</sup> | &nbsp;&nbsp; 1210 | 930812 |
| 4.95%, 04/22/44<sup>(b)</sup> | &nbsp;&nbsp; 354 | 302081 |
| 9.38%, 08/15/39<sup>(b)</sup> | &nbsp;&nbsp; 522 | 700255 |
| New York Life Insurance Co. |  |  |
| 3.75%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1127 | 825535 |
| 4.45%, 05/15/69<sup>(b)</sup> | &nbsp;&nbsp; 790 | 603173 |
| 6.75%, 11/15/39<sup>(b)</sup> | &nbsp;&nbsp; 879 | 991094 |
| Northwestern Mutual Life Insurance Co. (The) |  |  |
| 3.45%, 03/30/51<sup>(b)</sup> | &nbsp;&nbsp; 913 | 629702 |
| 3.63%, 09/30/59<sup>(b)</sup> | &nbsp;&nbsp; 1059 | 709969 |
| 3.85%, 09/30/47<sup>(b)</sup> | &nbsp;&nbsp; 1119 | 844943 |
| 6.06%, 03/30/40<sup>(b)</sup> | &nbsp;&nbsp; 1061 | 1113695 |
| 6.17%, 05/29/55<sup>(b)</sup> | &nbsp;&nbsp; 971 | 1012726 |
| Old Republic International Corp., 3.85%, 06/11/51 | &nbsp;&nbsp; 547 | 382459 |
| Omnis Funding Trust, 6.72%, 05/15/55<sup>(b)</sup> | &nbsp;&nbsp; 265 | 273672 |
| OneAmerica Financial Partners Inc., 4.25%, <br> 10/15/50<sup>(b)</sup><br>| &nbsp;&nbsp; 281 | 214385 |
| Pacific Life Insurance Co. |  |  |
| 4.30%, 10/24/67<sup>(b)(d)</sup> | &nbsp;&nbsp; 710 | 555231 |
| 9.25%, 06/15/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 215 | 291435 |
| Pacific LifeCorp |  |  |
| 3.35%, 09/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 664 | 445737 |
| 5.13%, 01/30/43<sup>(b)</sup> | &nbsp;&nbsp; 319 | 296703 |
| 5.40%, 09/15/52<sup>(b)</sup> | &nbsp;&nbsp; 675 | 639651 |
| Penn Mutual Life Insurance Co. (The), 3.80%, <br> 04/29/61<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 350 | 225619 |
| Pine Street Trust II, 5.57%, 02/15/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 368 | 338381 |
| Pine Street Trust III, 6.22%, 05/15/54<sup>(b)</sup> | &nbsp;&nbsp; 525 | 521439 |
| Principal Financial Group Inc. |  |  |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 312 | 258056 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 351 | 299453 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 286 | 255576 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 397 | 379646 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 321 | 344236 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Progressive Corp. (The) |  |  |
| 3.70%, 01/26/45 | &nbsp;&nbsp; $299 | $233052 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 425 | 314874 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 528 | 409263 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 676 | 553767 |
| 4.20%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 615 | 507274 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 359 | 307488 |
| Protective Life Corp., 5.35%, 08/10/52<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9514 |
| Prudential Financial Inc. |  |  |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 357 | 273406 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 1380 | 1007261 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 818 | 637021 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 1121 | 852318 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 1110 | 909617 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 490 | 404481 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 678 | 597580 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 847 | 892884 |
| 6.63%, 12/01/37 | &nbsp;&nbsp; 318 | 358154 |
| 6.63%, 06/21/40 | &nbsp;&nbsp; 134 | 150557 |
| Securian Financial Group Inc., 4.80%, 04/15/48<sup>(b)</sup> | &nbsp;&nbsp; 240 | 208598 |
| Selective Insurance Group Inc., 5.38%, 03/01/49 | &nbsp;&nbsp; 307 | 273008 |
| Swiss RE Subordinated Finance PLC, 6.19%, <br> 04/01/46, (3-mo. CME Term SOFR + <br> 2.125%)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 400 | 403324 |
| Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42<sup>(b)</sup> | &nbsp;&nbsp; 190 | 159669 |
| Symetra Life Insurance Co., 6.55%, 10/01/55<sup>(b)</sup> | &nbsp;&nbsp; 160 | 162633 |
| Teachers Insurance & Annuity Association <br> of America<br>|  |  |
| 3.30%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 1141 | 759285 |
| 4.27%, 05/15/47<sup>(b)</sup> | &nbsp;&nbsp; 1877 | 1512711 |
| 4.90%, 09/15/44<sup>(b)</sup> | &nbsp;&nbsp; 1451 | 1304406 |
| 6.85%, 12/16/39<sup>(b)</sup> | &nbsp;&nbsp; 850 | 963988 |
| Transatlantic Holdings Inc., 8.00%, 11/30/39 | &nbsp;&nbsp; 247 | 309762 |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; 480 | 284055 |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 735 | 477555 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 404 | 314705 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 632 | 506701 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 495 | 398728 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 396 | 317254 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 381 | 320455 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 375 | 332072 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 799 | 807625 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 654 | 635430 |
| 5.70%, 07/24/55 | &nbsp;&nbsp; 640 | 640886 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 630 | 694235 |
| 6.75%, 06/20/36<sup>(a)</sup> | &nbsp;&nbsp; 467 | 536043 |
| Trinity Acquisition PLC, 6.13%, 08/15/43 | &nbsp;&nbsp; 239 | 241690 |
| Unum Group |  |  |
| 4.05%, 08/15/41<sup>(b)</sup> | &nbsp;&nbsp; 320 | 254441 |
| 4.13%, 06/15/51 | &nbsp;&nbsp; 360 | 264820 |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 390 | 307893 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 490 | 476640 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 445 | 433656 |
| W R Berkley Corp. |  |  |
| 3.15%, 09/30/61 | &nbsp;&nbsp; 174 | 105179 |
| 3.55%, 03/30/52<sup>(a)</sup> | &nbsp;&nbsp; 332 | 227787 |
| 4.00%, 05/12/50 | &nbsp;&nbsp; 412 | 309886 |
| 4.75%, 08/01/44 | &nbsp;&nbsp; 308 | 271942 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Western & Southern Life Insurance Co. (The) |  |  |
| 3.75%, 04/28/61<sup>(b)</sup> | &nbsp;&nbsp; $345 | $230763 |
| 5.15%, 01/15/49<sup>(b)</sup> | &nbsp;&nbsp; 365 | 326769 |
| Willis North America Inc. |  |  |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 405 | 297664 |
| 5.05%, 09/15/48 | &nbsp;&nbsp; 468 | 414969 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 620 | 611312 |
| WR Berkley Corp., 6.25%, 02/15/37 | &nbsp;&nbsp; 165 | 176304 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 275 | 262162 |
|  |  | 120813108 |
| **Internet — 2.1%** | **Internet — 2.1%** | **Internet — 2.1%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.70%, 02/09/41<sup>(a)</sup> | &nbsp;&nbsp; 683 | 495177 |
| 3.15%, 02/09/51<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 943757 |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 770 | 494743 |
| 4.00%, 12/06/37<sup>(a)</sup> | &nbsp;&nbsp; 607 | 553947 |
| 4.20%, 12/06/47 | &nbsp;&nbsp; 1782 | 1478496 |
| 4.40%, 12/06/57 | &nbsp;&nbsp; 1004 | 829204 |
| 5.63%, 11/26/54<sup>(b)</sup> | &nbsp;&nbsp; 560 | 563155 |
| Alphabet Inc. |  |  |
| 1.90%, 08/15/40 | &nbsp;&nbsp; 1337 | 894216 |
| 2.05%, 08/15/50 | &nbsp;&nbsp; 2594 | 1415863 |
| 2.25%, 08/15/60<sup>(a)</sup> | &nbsp;&nbsp; 1732 | 898007 |
| 5.25%, 05/15/55 | &nbsp;&nbsp; 1310 | 1276028 |
| 5.30%, 05/15/65<sup>(a)</sup> | &nbsp;&nbsp; 1290 | 1240660 |
| Amazon.com Inc. |  |  |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 2545 | 1514916 |
| 2.70%, 06/03/60 | &nbsp;&nbsp; 1769 | 1010984 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 1769 | 1327128 |
| 3.10%, 05/12/51<sup>(a)</sup> | &nbsp;&nbsp; 3196 | 2145262 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 1559 | 1004432 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 1915 | 1740101 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 2486 | 1948164 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 3382 | 2789061 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 1104 | 858483 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 2013 | 1638096 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 1323 | 1279892 |
| eBay Inc. |  |  |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 1040 | 750848 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 630 | 515897 |
| JD.com Inc., 4.13%, 01/14/50 | &nbsp;&nbsp; 203 | 162366 |
| Meta Platforms Inc. |  |  |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 2769 | 2307037 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 1504 | 1252823 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 3318 | 3182900 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 2715 | 2627053 |
| 5.60%, 05/15/53 | &nbsp;&nbsp; 2619 | 2588986 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 1801 | 1795054 |
| Netflix Inc., 5.40%, 08/15/54 | &nbsp;&nbsp; 625 | 609213 |
| Prosus NV |  |  |
| 3.83%, 02/08/51<sup>(b)</sup> | &nbsp;&nbsp; 1315 | 861856 |
| 4.03%, 08/03/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 802 | 543148 |
| 4.99%, 01/19/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 882 | 693149 |
| Tencent Holdings Ltd. |  |  |
| 3.24%, 06/03/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1822 | 1288149 |
| 3.29%, 06/03/60<sup>(a)(b)</sup> | &nbsp;&nbsp; 580 | 387774 |
| 3.68%, 04/22/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 717 | 589653 |
| 3.84%, 04/22/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1460 | 1143101 |
| 3.93%, 01/19/38<sup>(a)(b)</sup> | &nbsp;&nbsp; 655 | 598097 |
| 3.94%, 04/22/61<sup>(b)</sup> | &nbsp;&nbsp; 776 | 596231 |
| 4.53%, 04/11/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 309 | 273498 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Uber Technologies Inc., 5.35%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; $1287 | $1208419 |
|  |  | 52315024 |
| **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** |
| ArcelorMittal SA |  |  |
| 6.35%, 06/17/54<sup>(a)</sup> | &nbsp;&nbsp; 465 | 470940 |
| 6.75%, 03/01/41<sup>(a)</sup> | &nbsp;&nbsp; 303 | 321292 |
| 7.00%, 10/15/39<sup>(a)</sup> | &nbsp;&nbsp; 487 | 539928 |
| GUSAP III LP, 7.25%, 04/16/44<sup>(b)</sup> | &nbsp;&nbsp; 412 | 471594 |
| Nucor Corp. |  |  |
| 2.98%, 12/15/55 | &nbsp;&nbsp; 499 | 302434 |
| 3.85%, 04/01/52 | &nbsp;&nbsp; 555 | 415876 |
| 4.40%, 05/01/48 | &nbsp;&nbsp; 361 | 299461 |
| 5.20%, 08/01/43 | &nbsp;&nbsp; 367 | 351730 |
| 6.40%, 12/01/37 | &nbsp;&nbsp; 480 | 528444 |
| Reliance Inc., 6.85%, 11/15/36 | &nbsp;&nbsp; 215 | 239973 |
| Steel Dynamics Inc. |  |  |
| 3.25%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 444 | 292233 |
| 5.75%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 445 | 433873 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/54<sup>(a)</sup> | &nbsp;&nbsp; 1595 | 1595309 |
| 6.88%, 11/21/36<sup>(a)</sup> | &nbsp;&nbsp; 584 | 643063 |
| 6.88%, 11/10/39<sup>(a)</sup> | &nbsp;&nbsp; 423 | 465464 |
| Vale SA, 5.63%, 09/11/42<sup>(a)</sup> | &nbsp;&nbsp; 416 | 415202 |
|  |  | 7786816 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Brunswick Corp., 5.10%, 04/01/52<sup>(a)</sup> | &nbsp;&nbsp; 305 | 231412 |
| Harley-Davidson Inc., 4.63%, 07/28/45<sup>(a)</sup> | &nbsp;&nbsp; 304 | 240685 |
|  |  | 472097 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Marriott International Inc., 5.50%, 04/15/37 | &nbsp;&nbsp; 980 | 983489 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Caterpillar Inc. |  |  |
| 3.25%, 09/19/49 | &nbsp;&nbsp; 1170 | 817959 |
| 3.25%, 04/09/50 | &nbsp;&nbsp; 994 | 694861 |
| 3.80%, 08/15/42 | &nbsp;&nbsp; 1460 | 1202567 |
| 4.30%, 05/15/44 | &nbsp;&nbsp; 436 | 376962 |
| 4.75%, 05/15/64 | &nbsp;&nbsp; 335 | 291230 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 781 | 772547 |
| 5.30%, 09/15/35 | &nbsp;&nbsp; 294 | 303915 |
| 5.50%, 05/15/55 | &nbsp;&nbsp; 295 | 292610 |
| 6.05%, 08/15/36 | &nbsp;&nbsp; 498 | 545330 |
| Deere & Co. |  |  |
| 2.88%, 09/07/49<sup>(a)</sup> | &nbsp;&nbsp; 505 | 330725 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 791 | 606351 |
| 3.90%, 06/09/42 | &nbsp;&nbsp; 1260 | 1067274 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 690 | 704848 |
| Dover Corp. |  |  |
| 5.38%, 10/15/35 | &nbsp;&nbsp; 225 | 233877 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 292 | 284999 |
| 6.60%, 03/15/38 | &nbsp;&nbsp; 221 | 245025 |
| Ingersoll Rand Inc., 5.70%, 06/15/54 | &nbsp;&nbsp; 555 | 548634 |
| Otis Worldwide Corp. |  |  |
| 3.11%, 02/15/40 | &nbsp;&nbsp; 660 | 509050 |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 750 | 519796 |
| Rockwell Automation Inc. |  |  |
| 2.80%, 08/15/61 | &nbsp;&nbsp; 355 | 204105 |
| 4.20%, 03/01/49 | &nbsp;&nbsp; 524 | 428164 |
| 6.25%, 12/01/37 | &nbsp;&nbsp; 220 | 248597 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Xylem Inc./New York, 4.38%, 11/01/46 | &nbsp;&nbsp; $385 | $316949 |
|  |  | 11546375 |
| **Manufacturing — 0.5%** | **Manufacturing — 0.5%** | **Manufacturing — 0.5%** |
| 3M Co. |  |  |
| 3.13%, 09/19/46 | &nbsp;&nbsp; 453 | 309672 |
| 3.25%, 08/26/49 | &nbsp;&nbsp; 936 | 633015 |
| 3.63%, 10/15/47<sup>(a)</sup> | &nbsp;&nbsp; 451 | 331929 |
| 3.70%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 642 | 466607 |
| 3.88%, 06/15/44 | &nbsp;&nbsp; 234 | 184792 |
| 4.00%, 09/14/48<sup>(a)</sup> | &nbsp;&nbsp; 1085 | 854166 |
| 5.70%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; 411 | 432368 |
| Eaton Corp. |  |  |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 320 | 254476 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 845 | 724518 |
| 4.70%, 08/23/52<sup>(a)</sup> | &nbsp;&nbsp; 607 | 538054 |
| Illinois Tool Works Inc. |  |  |
| 3.90%, 09/01/42 | &nbsp;&nbsp; 988 | 820190 |
| 4.88%, 09/15/41 | &nbsp;&nbsp; 520 | 489516 |
| Parker-Hannifin Corp. |  |  |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 814 | 641280 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 484 | 392334 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 317 | 273657 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 300 | 329217 |
| Siemens Financieringsmaatschappij NV |  |  |
| 2.88%, 03/11/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 1361 | 1011213 |
| 3.30%, 09/15/46<sup>(b)</sup> | &nbsp;&nbsp; 818 | 598943 |
| 4.20%, 03/16/47<sup>(b)</sup> | &nbsp;&nbsp; 1640 | 1375058 |
| 4.40%, 05/27/45<sup>(b)</sup> | &nbsp;&nbsp; 1628 | 1414988 |
| Siemens Funding BV |  |  |
| 5.80%, 05/28/55<sup>(b)</sup> | &nbsp;&nbsp; 680 | 700688 |
| 5.90%, 05/28/65<sup>(b)</sup> | &nbsp;&nbsp; 255 | 264149 |
|  |  | 13040830 |
| **Media — 3.8%** | **Media — 3.8%** | **Media — 3.8%** |
| Charter Communications Operating LLC / Charter <br> Communications Operating Capital, 6.70%, <br> 12/01/55<br>| &nbsp;&nbsp; 450 | 444569 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 1255 | 902183 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 1131 | 802887 |
| 3.70%, 04/01/51 | &nbsp;&nbsp; 1754 | 1129555 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 2219 | 1354124 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 2167 | 1436035 |
| 3.95%, 06/30/62<sup>(a)</sup> | &nbsp;&nbsp; 1645 | 1023311 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 1906 | 1294260 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; 2579 | 1995359 |
| 5.13%, 07/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1186 | 963832 |
| 5.25%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1327 | 1084660 |
| 5.38%, 04/01/38 | &nbsp;&nbsp; 710 | 665426 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 2594 | 2204310 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 881 | 721115 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 2251 | 2006134 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 1653 | 1722459 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 3405 | 3311942 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; 425 | 424662 |
| Comcast Corp. |  |  |
| 2.45%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1757 | 939771 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 1242 | 637600 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 2149 | 1273861 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 4986 | 2985144 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 2.94%, 11/01/56 | &nbsp;&nbsp; $5703 | $3283507 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 3676 | 2044598 |
| 3.20%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 1042 | 878083 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 1327 | 1045055 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 1537 | 1087571 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 1871 | 1272600 |
| 3.75%, 04/01/40 | &nbsp;&nbsp; 1558 | 1294217 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 1202 | 1046524 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 1932 | 1477887 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 1039 | 798496 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 1113 | 851586 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 2100 | 1581497 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 885 | 659357 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 952 | 886242 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 672 | 576240 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 406 | 360239 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 2023 | 1727445 |
| 4.75%, 03/01/44<sup>(a)</sup> | &nbsp;&nbsp; 319 | 280087 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 1074 | 915188 |
| 5.35%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1468 | 1346731 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; 1391 | 1279991 |
| 5.65%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1657 | 1591059 |
| 6.05%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1435 | 1451621 |
| 6.40%, 03/01/40 | &nbsp;&nbsp; 301 | 325952 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 640 | 708763 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 617 | 686222 |
| 6.55%, 07/01/39 | &nbsp;&nbsp; 370 | 408771 |
| 6.95%, 08/15/37 | &nbsp;&nbsp; 443 | 504100 |
| Cox Communications Inc. |  |  |
| 2.95%, 10/01/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 540 | 303793 |
| 3.60%, 06/15/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 552 | 347784 |
| 4.50%, 06/30/43<sup>(b)</sup> | &nbsp;&nbsp; 236 | 185526 |
| 4.60%, 08/15/47<sup>(b)</sup> | &nbsp;&nbsp; 190 | 144340 |
| 4.70%, 12/15/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 151 | 121971 |
| 5.80%, 12/15/53<sup>(a)(b)</sup> | &nbsp;&nbsp; 740 | 657537 |
| 5.95%, 09/01/54<sup>(b)</sup> | &nbsp;&nbsp; 945 | 857231 |
| 8.38%, 03/01/39<sup>(b)</sup> | &nbsp;&nbsp; 190 | 226190 |
| Fox Corp. |  |  |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 871 | 860379 |
| 5.58%, 01/25/49 | &nbsp;&nbsp; 1098 | 1035154 |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45 | &nbsp;&nbsp; 730 | 506926 |
| 5.25%, 05/24/49<sup>(a)</sup> | &nbsp;&nbsp; 285 | 199744 |
| 6.13%, 01/31/46 | &nbsp;&nbsp; 651 | 523112 |
| 6.63%, 01/15/40<sup>(a)</sup> | &nbsp;&nbsp; 251 | 231617 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 550 | 470195 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 413 | 426352 |
| 6.40%, 04/30/40 | &nbsp;&nbsp; 340 | 371010 |
| Paramount Global |  |  |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 1308 | 994058 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 506 | 389619 |
| 4.85%, 07/01/42 | &nbsp;&nbsp; 362 | 294479 |
| 4.90%, 08/15/44<sup>(a)</sup> | &nbsp;&nbsp; 205 | 164164 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 454 | 354501 |
| 5.25%, 04/01/44 | &nbsp;&nbsp; 280 | 227823 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 1126 | 1013063 |
| 5.90%, 10/15/40<sup>(a)</sup> | &nbsp;&nbsp; 215 | 201602 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 583 | 618744 |
| Sky Group Finance Ltd., 6.50%, 10/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 168 | 184491 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42<sup>(a)</sup> | &nbsp;&nbsp; $1043 | $827172 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 1102 | 995717 |
| 5.88%, 11/15/40 | &nbsp;&nbsp; 1278 | 1221072 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 1272 | 1317599 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 1309 | 1355417 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 1322 | 1439744 |
| TWDC Enterprises 18 Corp. |  |  |
| 3.00%, 07/30/46<sup>(a)</sup> | &nbsp;&nbsp; 538 | 361086 |
| 3.70%, 12/01/42 | &nbsp;&nbsp; 442 | 353357 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 787 | 654646 |
| 4.38%, 08/16/41 | &nbsp;&nbsp; 300 | 264469 |
| Series E, 4.13%, 12/01/41 | &nbsp;&nbsp; 420 | 361119 |
| Walt Disney Co. (The) |  |  |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 1843 | 1149599 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 1711 | 1412736 |
| 3.60%, 01/13/51<sup>(a)</sup> | &nbsp;&nbsp; 2295 | 1684431 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 300 | 217924 |
| 4.63%, 03/23/40<sup>(a)</sup> | &nbsp;&nbsp; 815 | 775210 |
| 4.70%, 03/23/50<sup>(a)</sup> | &nbsp;&nbsp; 1633 | 1445652 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 472 | 427129 |
| 4.75%, 11/15/46 | &nbsp;&nbsp; 500 | 448039 |
| 4.95%, 10/15/45 | &nbsp;&nbsp; 408 | 376992 |
| 5.40%, 10/01/43<sup>(a)</sup> | &nbsp;&nbsp; 605 | 602910 |
| 6.15%, 03/01/37 | &nbsp;&nbsp; 670 | 734364 |
| 6.15%, 02/15/41 | &nbsp;&nbsp; 538 | 580209 |
| 6.40%, 12/15/35 | &nbsp;&nbsp; 883 | 994775 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 1367 | 1568135 |
| 7.75%, 12/01/45 | &nbsp;&nbsp; 340 | 429926 |
|  |  | 93603662 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Precision Castparts Corp. |  |  |
| 3.90%, 01/15/43 | &nbsp;&nbsp; 416 | 341619 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 278 | 234455 |
| Valmont Industries Inc. |  |  |
| 5.00%, 10/01/44<sup>(a)</sup> | &nbsp;&nbsp; 280 | 254689 |
| 5.25%, 10/01/54 | &nbsp;&nbsp; 251 | 223082 |
|  |  | 1053845 |
| **Mining — 1.6%** | **Mining — 1.6%** | **Mining — 1.6%** |
| Anglo American Capital PLC |  |  |
| 3.95%, 09/10/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 491 | 367582 |
| 4.75%, 03/16/52<sup>(b)</sup> | &nbsp;&nbsp; 708 | 590664 |
| 6.00%, 04/05/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 463 | 458764 |
| Barrick International Barbados Corp., 6.35%, <br> 10/15/36<sup>(b)</sup><br>| &nbsp;&nbsp; 464 | 501957 |
| Barrick Mining Corp. |  |  |
| 5.25%, 04/01/42 | &nbsp;&nbsp; 345 | 331359 |
| 6.45%, 10/15/35 | &nbsp;&nbsp; 266 | 291988 |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | &nbsp;&nbsp; 678 | 683270 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 769 | 780234 |
| 7.50%, 09/15/38 | &nbsp;&nbsp; 220 | 258592 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 680 | 707976 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 832 | 714788 |
| 5.00%, 09/30/43 | &nbsp;&nbsp; 2389 | 2266952 |
| 5.50%, 09/08/53<sup>(a)</sup> | &nbsp;&nbsp; 773 | 763516 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.15%, 01/15/51<sup>(b)</sup> | &nbsp;&nbsp; 418 | 257566 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| 3.70%, 01/30/50<sup>(b)</sup> | &nbsp;&nbsp; $2538 | $1733815 |
| 4.25%, 07/17/42<sup>(b)</sup> | &nbsp;&nbsp; 955 | 759052 |
| 4.38%, 02/05/49<sup>(b)</sup> | &nbsp;&nbsp; 1161 | 879690 |
| 4.50%, 08/01/47<sup>(b)</sup> | &nbsp;&nbsp; 1132 | 889195 |
| 4.88%, 11/04/44<sup>(b)</sup> | &nbsp;&nbsp; 782 | 658383 |
| 5.63%, 09/21/35<sup>(b)</sup> | &nbsp;&nbsp; 329 | 329281 |
| 5.63%, 10/18/43<sup>(b)</sup> | &nbsp;&nbsp; 890 | 824944 |
| 6.15%, 10/24/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 533 | 549464 |
| 6.30%, 09/08/53<sup>(b)</sup> | &nbsp;&nbsp; 1185 | 1169403 |
| 6.44%, 01/26/36<sup>(b)</sup> | &nbsp;&nbsp; 1472 | 1559043 |
| 6.78%, 01/13/55<sup>(b)</sup> | &nbsp;&nbsp; 650 | 668525 |
| Freeport Indonesia PT, 6.20%, 04/14/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 657 | 671011 |
| Freeport-McMoRan Inc., 5.45%, 03/15/43 | &nbsp;&nbsp; 1717 | 1625355 |
| Fresnillo PLC, 4.25%, 10/02/50<sup>(b)</sup> | &nbsp;&nbsp; 760 | 573991 |
| Glencore Finance Canada Ltd. |  |  |
| 5.55%, 10/25/42<sup>(b)</sup> | &nbsp;&nbsp; 438 | 418557 |
| 6.00%, 11/15/41<sup>(b)</sup> | &nbsp;&nbsp; 481 | 486224 |
| 6.90%, 11/15/37<sup>(b)</sup> | &nbsp;&nbsp; 423 | 469641 |
| Glencore Funding LLC |  |  |
| 3.38%, 09/23/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 507 | 335590 |
| 3.88%, 04/27/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 564 | 411135 |
| 5.89%, 04/04/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 510 | 498667 |
| 6.14%, 04/01/55<sup>(a)(b)</sup> | &nbsp;&nbsp; 300 | 302263 |
| Indonesia Asahan Aluminium PT/Mineral Industri <br> Indonesia Persero PT<br>|  |  |
| 5.80%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 374 | 362021 |
| 6.76%, 11/15/48<sup>(b)</sup> | &nbsp;&nbsp; 125 | 133281 |
| Industrias Penoles SAB de CV |  |  |
| 4.75%, 08/06/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 517 | 418678 |
| 5.65%, 09/12/49<sup>(b)</sup> | &nbsp;&nbsp; 370 | 342098 |
| Kinross Gold Corp., 6.88%, 09/01/41<sup>(a)</sup> | &nbsp;&nbsp; 270 | 296645 |
| Minera Mexico SA de CV, 4.50%, 01/26/50<sup>(b)</sup> | &nbsp;&nbsp; 792 | 622112 |
| Newmont Corp. |  |  |
| 4.88%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 438 | 410690 |
| 5.45%, 06/09/44 | &nbsp;&nbsp; 360 | 354657 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 4.20%, 05/13/50 | &nbsp;&nbsp; 449 | 363751 |
| 5.75%, 11/15/41 | &nbsp;&nbsp; 432 | 435163 |
| Nexa Resources SA, 6.60%, 04/08/37<sup>(b)</sup> | &nbsp;&nbsp; 55 | 56357 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; 1140 | 690182 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 1053 | 1038774 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; 737 | 624565 |
| 4.75%, 03/22/42 | &nbsp;&nbsp; 498 | 454459 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 968 | 887103 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 1665 | 1665419 |
| 5.88%, 03/14/65 | &nbsp;&nbsp; 725 | 726497 |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; 1236 | 1159343 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 1301 | 1305511 |
| 6.75%, 04/16/40 | &nbsp;&nbsp; 972 | 1072483 |
|  |  | 38208226 |
| **Oil & Gas — 6.1%** | **Oil & Gas — 6.1%** | **Oil & Gas — 6.1%** |
| Adnoc Murban Rsc Ltd., 5.13%, 09/11/54<sup>(b)</sup> | &nbsp;&nbsp; 820 | 768843 |
| Aker BP ASA, 5.80%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; 820 | 732122 |
| APA Corp. |  |  |
| 4.75%, 04/15/43<sup>(b)</sup> | &nbsp;&nbsp; 70 | 52462 |
| 5.10%, 09/01/40<sup>(b)</sup> | &nbsp;&nbsp; 225 | 191393 |
| 5.35%, 07/01/49<sup>(b)</sup> | &nbsp;&nbsp; 365 | 289863 |
| 6.00%, 01/15/37<sup>(b)</sup> | &nbsp;&nbsp; 60 | 55181 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 6.75%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; $525 | $497804 |
| Apache Corp. |  |  |
| 5.25%, 02/01/42 | &nbsp;&nbsp; 180 | 148454 |
| 6.00%, 01/15/37<sup>(a)</sup> | &nbsp;&nbsp; 193 | 191691 |
| BG Energy Capital PLC, 5.13%, 10/15/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 724 | 683468 |
| BP Capital Markets America Inc. |  |  |
| 2.77%, 11/10/50<sup>(a)</sup> | &nbsp;&nbsp; 1519 | 914982 |
| 2.94%, 06/04/51<sup>(a)</sup> | &nbsp;&nbsp; 2241 | 1388421 |
| 3.00%, 02/24/50 | &nbsp;&nbsp; 2185 | 1389855 |
| 3.00%, 03/17/52<sup>(a)</sup> | &nbsp;&nbsp; 1130 | 707605 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 1365 | 1009289 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 2062 | 1317239 |
| Burlington Resources LLC, 5.95%, 10/15/36 | &nbsp;&nbsp; 201 | 214336 |
| Canadian Natural Resources Ltd. |  |  |
| 4.95%, 06/01/47<sup>(a)</sup> | &nbsp;&nbsp; 815 | 703929 |
| 6.25%, 03/15/38 | &nbsp;&nbsp; 999 | 1045868 |
| 6.50%, 02/15/37 | &nbsp;&nbsp; 452 | 481678 |
| 6.75%, 02/01/39 | &nbsp;&nbsp; 195 | 209622 |
| Cenovus Energy Inc. |  |  |
| 3.75%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 821 | 557851 |
| 5.25%, 06/15/37 | &nbsp;&nbsp; 202 | 192426 |
| 5.40%, 06/15/47 | &nbsp;&nbsp; 649 | 578368 |
| 6.75%, 11/15/39<sup>(a)</sup> | &nbsp;&nbsp; 509 | 551409 |
| Chevron Corp. |  |  |
| 2.98%, 05/11/40 | &nbsp;&nbsp; 179 | 139495 |
| 3.08%, 05/11/50 | &nbsp;&nbsp; 1028 | 685033 |
| Chevron USA Inc. |  |  |
| 2.34%, 08/12/50<sup>(a)</sup> | &nbsp;&nbsp; 823 | 469427 |
| 5.25%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 301 | 298357 |
| 6.00%, 03/01/41 | &nbsp;&nbsp; 315 | 337112 |
| CNOOC Finance 2011 Ltd., 5.75%, 01/26/41<sup>(b)</sup> | &nbsp;&nbsp; 500 | 535738 |
| CNOOC Finance 2012 Ltd., 5.00%, 05/02/42<sup>(b)</sup> | &nbsp;&nbsp; 250 | 247679 |
| CNOOC Finance 2013 Ltd. |  |  |
| 3.30%, 09/30/49 | &nbsp;&nbsp; 470 | 353893 |
| 4.25%, 05/09/43 | &nbsp;&nbsp; 220 | 198773 |
| CNOOC Finance 2014 ULC, 4.88%, 04/30/44<sup>(a)</sup> | &nbsp;&nbsp; 605 | 590546 |
| CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, <br> 05/05/45<sup>(a)</sup><br>| &nbsp;&nbsp; 465 | 414306 |
| CNPC HK Overseas Capital Ltd., 5.95%, <br> 04/28/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 615 | 668425 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 797 | 635519 |
| 3.80%, 03/15/52 | &nbsp;&nbsp; 1073 | 775626 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 1730 | 1239264 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 559 | 471260 |
| 4.88%, 10/01/47 | &nbsp;&nbsp; 394 | 350855 |
| 5.30%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 981 | 899060 |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1290 | 1215533 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 919 | 871974 |
| 5.65%, 01/15/65 | &nbsp;&nbsp; 725 | 684546 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 685 | 651740 |
| 5.90%, 05/15/38 | &nbsp;&nbsp; 265 | 280719 |
| 5.95%, 03/15/46 | &nbsp;&nbsp; 325 | 340935 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 1360 | 1518539 |
| 6.60%, 10/01/37<sup>(a)</sup> | &nbsp;&nbsp; 225 | 247382 |
| Continental Resources Inc./OK, 4.90%, 06/01/44 | &nbsp;&nbsp; 575 | 453193 |
| Coterra Energy Inc., 5.90%, 02/15/55 | &nbsp;&nbsp; 815 | 760248 |
| Devon Energy Corp. |  |  |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 763 | 643709 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 712 | 597968 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 1102 | 1032126 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.75%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; $1060 | $949201 |
| Diamondback Energy Inc. |  |  |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 772 | 579337 |
| 4.40%, 03/24/51<sup>(a)</sup> | &nbsp;&nbsp; 673 | 522051 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 1285 | 1190787 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 1085 | 1003916 |
| 6.25%, 03/15/53 | &nbsp;&nbsp; 647 | 640736 |
| Empresa Nacional del Petroleo, 4.50%, <br> 09/14/47<sup>(b)</sup><br>| &nbsp;&nbsp; 591 | 481074 |
| Eni SpA |  |  |
| 5.70%, 10/01/40<sup>(b)</sup> | &nbsp;&nbsp; 290 | 279802 |
| 5.95%, 05/15/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 1235 | 1198924 |
| EOG Resources Inc. |  |  |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 821 | 722376 |
| 5.10%, 01/15/36 | &nbsp;&nbsp; 185 | 184206 |
| 5.35%, 01/15/36 | &nbsp;&nbsp; 790 | 801786 |
| 5.65%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 806 | 779153 |
| 5.95%, 07/15/55 | &nbsp;&nbsp; 695 | 700948 |
| Equinor ASA |  |  |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 914 | 635674 |
| 3.63%, 04/06/40 | &nbsp;&nbsp; 463 | 391556 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 1094 | 827480 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 709 | 595391 |
| 4.25%, 11/23/41 | &nbsp;&nbsp; 565 | 501355 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 651 | 600842 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 763 | 758442 |
| Exxon Mobil Corp. |  |  |
| 3.00%, 08/16/39 | &nbsp;&nbsp; 643 | 504379 |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 1417 | 945308 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 2533 | 1785988 |
| 3.57%, 03/06/45 | &nbsp;&nbsp; 851 | 652539 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 2246 | 1848400 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 1812 | 1630455 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 2534 | 2098132 |
| Hess Corp. |  |  |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 1114 | 1130041 |
| 5.80%, 04/01/47<sup>(a)</sup> | &nbsp;&nbsp; 600 | 606419 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 584 | 625343 |
| KazMunayGas National Co. JSC |  |  |
| 5.75%, 04/19/47<sup>(b)</sup> | &nbsp;&nbsp; 1180 | 1060028 |
| 6.38%, 10/24/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 1350 | 1293674 |
| Marathon Petroleum Corp. |  |  |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 546 | 424212 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 705 | 593864 |
| 5.00%, 09/15/54 | &nbsp;&nbsp; 533 | 433572 |
| 5.85%, 12/15/45 | &nbsp;&nbsp; 274 | 267861 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 1108 | 1164863 |
| Motiva Enterprises LLC, 6.85%, 01/15/40<sup>(b)</sup> | &nbsp;&nbsp; 646 | 700251 |
| Occidental Petroleum Corp. |  |  |
| 0.00%, 10/10/36<sup>(a)(f)</sup> | &nbsp;&nbsp; 465 | 267602 |
| 4.10%, 02/15/47 | &nbsp;&nbsp; 276 | 192902 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 330 | 233867 |
| 4.40%, 04/15/46 | &nbsp;&nbsp; 437 | 331088 |
| 4.40%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 329 | 233045 |
| 4.63%, 06/15/45 | &nbsp;&nbsp; 231 | 176693 |
| 6.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1025 | 957069 |
| 6.20%, 03/15/40<sup>(a)</sup> | &nbsp;&nbsp; 635 | 627158 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 1516 | 1568211 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 1174 | 1178880 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 265 | 302189 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Ovintiv Inc. |  |  |
| 6.50%, 02/01/38 | &nbsp;&nbsp; $305 | $313788 |
| 6.63%, 08/15/37<sup>(a)</sup> | &nbsp;&nbsp; 165 | 171244 |
| 7.10%, 07/15/53 | &nbsp;&nbsp; 469 | 484672 |
| Pertamina Persero PT |  |  |
| 4.15%, 02/25/60<sup>(b)</sup> | &nbsp;&nbsp; 702 | 514723 |
| 4.18%, 01/21/50<sup>(b)</sup> | &nbsp;&nbsp; 865 | 669813 |
| 4.70%, 07/30/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 696 | 586036 |
| 5.63%, 05/20/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 1177 | 1146963 |
| 6.00%, 05/03/42<sup>(b)</sup> | &nbsp;&nbsp; 1147 | 1164436 |
| 6.45%, 05/30/44<sup>(b)</sup> | &nbsp;&nbsp; 1443 | 1532043 |
| 6.50%, 05/27/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 590 | 627889 |
| 6.50%, 11/07/48<sup>(b)</sup> | &nbsp;&nbsp; 839 | 890485 |
| Petronas Capital Ltd. |  |  |
| 3.40%, 04/28/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 1990 | 1314579 |
| 4.50%, 03/18/45<sup>(b)</sup> | &nbsp;&nbsp; 1659 | 1432539 |
| 4.55%, 04/21/50<sup>(b)</sup> | &nbsp;&nbsp; 3006 | 2557342 |
| 4.80%, 04/21/60<sup>(b)</sup> | &nbsp;&nbsp; 1298 | 1135027 |
| 5.85%, 04/03/55<sup>(b)</sup> | &nbsp;&nbsp; 540 | 551942 |
| Phillips 66 |  |  |
| 3.30%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 824 | 528040 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 1460 | 1275486 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 1349 | 1349837 |
| Phillips 66 Co. |  |  |
| 4.68%, 02/15/45 | &nbsp;&nbsp; 449 | 377258 |
| 4.90%, 10/01/46 | &nbsp;&nbsp; 693 | 596861 |
| 5.50%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 605 | 551806 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 485 | 450434 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 52384 |
| PTT Treasury Center Co. Ltd. |  |  |
| 3.70%, 07/16/70<sup>(a)(b)</sup> | &nbsp;&nbsp; 710 | 475854 |
| 4.50%, 10/25/42<sup>(b)</sup> | &nbsp;&nbsp; 205 | 176064 |
| PTTEP Treasury Center Co. Ltd. |  |  |
| 3.90%, 12/06/59<sup>(a)(b)</sup> | &nbsp;&nbsp; 600 | 437959 |
| 6.35%, 06/12/42<sup>(b)</sup> | &nbsp;&nbsp; 595 | 636636 |
| Qatar Energy |  |  |
| 3.13%, 07/12/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 3557 | 2681370 |
| 3.30%, 07/12/51<sup>(b)</sup> | &nbsp;&nbsp; 3798 | 2593442 |
| Raizen Fuels Finance SA |  |  |
| 6.70%, 02/25/37<sup>(b)</sup> | &nbsp;&nbsp; 705 | 675799 |
| 6.95%, 03/05/54<sup>(b)</sup> | &nbsp;&nbsp; 1244 | 1148445 |
| Reliance Industries Ltd. |  |  |
| 3.63%, 01/12/52<sup>(a)(b)</sup> | &nbsp;&nbsp; 1752 | 1266892 |
| 3.75%, 01/12/62<sup>(a)(b)</sup> | &nbsp;&nbsp; 831 | 587103 |
| Saudi Arabian Oil Co. |  |  |
| 3.25%, 11/24/50<sup>(b)</sup> | &nbsp;&nbsp; 2976 | 1960940 |
| 3.50%, 11/24/70<sup>(b)</sup> | &nbsp;&nbsp; 2090 | 1302637 |
| 4.25%, 04/16/39<sup>(a)(b)</sup> | &nbsp;&nbsp; 2978 | 2674423 |
| 4.38%, 04/16/49<sup>(b)</sup> | &nbsp;&nbsp; 2658 | 2152980 |
| 5.75%, 07/17/54<sup>(b)</sup> | &nbsp;&nbsp; 1997 | 1907081 |
| 5.88%, 07/17/64<sup>(b)</sup> | &nbsp;&nbsp; 1690 | 1607993 |
| 6.38%, 06/02/55<sup>(b)</sup> | &nbsp;&nbsp; 850 | 874595 |
| Shell Finance U.S. Inc. |  |  |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 1656 | 1131883 |
| 3.75%, 09/12/46 | &nbsp;&nbsp; 979 | 753837 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 1708 | 1361881 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 2235 | 1903102 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 937 | 826772 |
| Shell International Finance BV |  |  |
| 2.88%, 11/26/41 | &nbsp;&nbsp; 510 | 366501 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 3.00%, 11/26/51 | &nbsp;&nbsp; $1074 | $688411 |
| 3.13%, 11/07/49 | &nbsp;&nbsp; 1194 | 795640 |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 530 | 356424 |
| 3.63%, 08/21/42 | &nbsp;&nbsp; 340 | 267986 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 700 | 560261 |
| 4.38%, 05/11/45<sup>(a)</sup> | &nbsp;&nbsp; 565 | 480949 |
| 4.55%, 08/12/43<sup>(a)</sup> | &nbsp;&nbsp; 225 | 196832 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 826 | 842131 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 2491 | 2776882 |
| Sinopec Capital 2013 Ltd., 4.25%, 04/24/43<sup>(b)</sup> | &nbsp;&nbsp; 425 | 382817 |
| Sinopec Group Overseas Development 2012 Ltd., <br> 4.88%, 05/17/42<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1148 | 1120944 |
| Sinopec Group Overseas Development 2013 Ltd., <br> 5.38%, 10/17/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 530 | 548405 |
| Sinopec Group Overseas Development 2015 Ltd., <br> 4.10%, 04/28/45<sup>(b)</sup><br>| &nbsp;&nbsp; 855 | 752365 |
| Sinopec Group Overseas Development 2016 Ltd., <br> 4.25%, 05/03/46<sup>(b)</sup><br>| &nbsp;&nbsp; 555 | 496788 |
| Sinopec Group Overseas Development 2017 Ltd. |  |  |
| 4.00%, 09/13/47<sup>(b)</sup> | &nbsp;&nbsp; 445 | 380962 |
| 4.25%, 04/12/47<sup>(b)</sup> | &nbsp;&nbsp; 270 | 240804 |
| Sinopec Group Overseas Development 2018 Ltd. |  |  |
| 3.10%, 01/08/51<sup>(b)</sup> | &nbsp;&nbsp; 585 | 421655 |
| 3.35%, 05/13/50<sup>(b)</sup> | &nbsp;&nbsp; 480 | 362937 |
| 3.44%, 11/12/49<sup>(b)</sup> | &nbsp;&nbsp; 290 | 224248 |
| 3.68%, 08/08/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 305 | 246161 |
| 4.60%, 09/12/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 508 | 475082 |
| Suncor Energy Inc. |  |  |
| 3.75%, 03/04/51<sup>(a)</sup> | &nbsp;&nbsp; 852 | 592497 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 751 | 553923 |
| 6.50%, 06/15/38 | &nbsp;&nbsp; 390 | 416026 |
| 6.80%, 05/15/38 | &nbsp;&nbsp; 491 | 531124 |
| 6.85%, 06/01/39 | &nbsp;&nbsp; 660 | 721746 |
| Thaioil Treasury Center Co. Ltd. |  |  |
| 3.50%, 10/17/49<sup>(b)</sup> | &nbsp;&nbsp; 616 | 410707 |
| 3.75%, 06/18/50<sup>(b)</sup> | &nbsp;&nbsp; 450 | 315695 |
| 4.88%, 01/23/43<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4272 |
| 5.38%, 11/20/48<sup>(b)</sup> | &nbsp;&nbsp; 430 | 389311 |
| TotalEnergies Capital International SA |  |  |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 684 | 507250 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 2358 | 1549369 |
| 3.39%, 06/29/60<sup>(a)</sup> | &nbsp;&nbsp; 609 | 392078 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 1065 | 748991 |
| TotalEnergies Capital SA |  |  |
| 5.28%, 09/10/54<sup>(a)</sup> | &nbsp;&nbsp; 965 | 891617 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 1167 | 1080163 |
| 5.49%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 1693 | 1611532 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 1265 | 1213546 |
| Valero Energy Corp. |  |  |
| 3.65%, 12/01/51<sup>(a)</sup> | &nbsp;&nbsp; 910 | 613929 |
| 4.00%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 500 | 357087 |
| 4.90%, 03/15/45 | &nbsp;&nbsp; 536 | 469018 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 1093 | 1191979 |
| Woodside Finance Ltd., 5.70%, 09/12/54<sup>(a)</sup> | &nbsp;&nbsp; 680 | 625384 |
| XTO Energy Inc., 6.75%, 08/01/37 | &nbsp;&nbsp; 195 | 225520 |
|  |  | 149473473 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 989 | 951763 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc., 4.08%, 12/15/47<br>| &nbsp;&nbsp; 1366 | 1063217 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| Halliburton Co. |  |  |
| 4.50%, 11/15/41 | &nbsp;&nbsp; $402 | $343999 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 767 | 664480 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 752 | 732830 |
| 5.00%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 1798 | 1585002 |
| 6.70%, 09/15/38 | &nbsp;&nbsp; 723 | 792078 |
| 7.45%, 09/15/39 | &nbsp;&nbsp; 838 | 980469 |
| NOV Inc., 3.95%, 12/01/42 | &nbsp;&nbsp; 960 | 726698 |
|  |  | 7840536 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Packaging Corp. of America |  |  |
| 3.05%, 10/01/51 | &nbsp;&nbsp; 655 | 409340 |
| 4.05%, 12/15/49 | &nbsp;&nbsp; 338 | 256733 |
| Smurfit Kappa Treasury ULC, 5.78%, 04/03/54<sup>(a)</sup> | &nbsp;&nbsp; 860 | 846077 |
| Sonoco Products Co., 5.75%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 455 | 459215 |
| Stora Enso OYJ, 7.25%, 04/15/36<sup>(a)(b)</sup> | &nbsp;&nbsp; 255 | 272718 |
|  |  | 2244083 |
| **Pharmaceuticals — 6.7%** | **Pharmaceuticals — 6.7%** | **Pharmaceuticals — 6.7%** |
| AbbVie Inc. |  |  |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 3739 | 3290084 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 5577 | 4543977 |
| 4.30%, 05/14/36 | &nbsp;&nbsp; 1034 | 979794 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 2328 | 2045496 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 2291 | 1968383 |
| 4.63%, 10/01/42 | &nbsp;&nbsp; 307 | 279214 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 2502 | 2242903 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 794 | 716995 |
| 4.85%, 06/15/44 | &nbsp;&nbsp; 959 | 880760 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 2025 | 1827427 |
| 5.35%, 03/15/44 | &nbsp;&nbsp; 690 | 674807 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 3025 | 2903057 |
| 5.50%, 03/15/64 | &nbsp;&nbsp; 1510 | 1450656 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 880 | 871538 |
| AstraZeneca PLC |  |  |
| 2.13%, 08/06/50 | &nbsp;&nbsp; 344 | 189413 |
| 3.00%, 05/28/51<sup>(a)</sup> | &nbsp;&nbsp; 666 | 442519 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 826 | 701830 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 962 | 837706 |
| 4.38%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp; 747 | 642109 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 2690 | 3037636 |
| Bayer U.S. Finance II LLC |  |  |
| 3.95%, 04/15/45<sup>(b)</sup> | &nbsp;&nbsp; 385 | 278213 |
| 4.40%, 07/15/44<sup>(b)</sup> | &nbsp;&nbsp; 870 | 683128 |
| 4.63%, 06/25/38<sup>(b)</sup> | &nbsp;&nbsp; 951 | 849356 |
| 4.65%, 11/15/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 270 | 212730 |
| 4.70%, 07/15/64<sup>(b)</sup> | &nbsp;&nbsp; 790 | 586338 |
| 4.88%, 06/25/48<sup>(b)</sup> | &nbsp;&nbsp; 1798 | 1476527 |
| Bayer U.S. Finance LLC, 6.88%, 11/21/53<sup>(b)</sup> | &nbsp;&nbsp; 690 | 730192 |
| Becton Dickinson & Co. |  |  |
| 3.79%, 05/20/50 | &nbsp;&nbsp; 530 | 391815 |
| 4.67%, 06/06/47 | &nbsp;&nbsp; 1276 | 1102420 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 826 | 721830 |
| Bristol-Myers Squibb Co. |  |  |
| 2.35%, 11/13/40 | &nbsp;&nbsp; 776 | 533539 |
| 2.55%, 11/13/50<sup>(a)</sup> | &nbsp;&nbsp; 1373 | 796802 |
| 3.25%, 08/01/42 | &nbsp;&nbsp; 470 | 353647 |
| 3.55%, 03/15/42 | &nbsp;&nbsp; 1055 | 832493 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 1902 | 1373713 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 941 | 667828 |
| 4.13%, 06/15/39 | &nbsp;&nbsp; 1785 | 1590249 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.25%, 10/26/49 | &nbsp;&nbsp; $3974 | $3181279 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 1406 | 1166676 |
| 4.50%, 03/01/44<sup>(a)</sup> | &nbsp;&nbsp; 264 | 228830 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 1513 | 1286729 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 689 | 606896 |
| 5.00%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; 794 | 738416 |
| 5.50%, 02/22/44 | &nbsp;&nbsp; 505 | 500638 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 2468 | 2379898 |
| 5.65%, 02/22/64 | &nbsp;&nbsp; 1643 | 1573672 |
| 5.88%, 11/15/36 | &nbsp;&nbsp; 236 | 251406 |
| 6.25%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1200 | 1271738 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 1190 | 1273105 |
| Cardinal Health Inc. |  |  |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 496 | 399979 |
| 4.50%, 11/15/44 | &nbsp;&nbsp; 183 | 152415 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 317 | 270841 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 392 | 342178 |
| 5.75%, 11/15/54 | &nbsp;&nbsp; 560 | 538164 |
| Cencora Inc. |  |  |
| 4.25%, 03/01/45<sup>(a)</sup> | &nbsp;&nbsp; 449 | 365006 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 279 | 225947 |
| CVS Health Corp. |  |  |
| 2.70%, 08/21/40<sup>(a)</sup> | &nbsp;&nbsp; 390 | 271925 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 721 | 604071 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 682 | 515084 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 4625 | 4256089 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 7597 | 6512879 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 3186 | 2808279 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 733 | 667130 |
| 5.63%, 02/21/53 | &nbsp;&nbsp; 1279 | 1168313 |
| 5.88%, 06/01/53<sup>(a)</sup> | &nbsp;&nbsp; 1388 | 1314955 |
| 6.00%, 06/01/44 | &nbsp;&nbsp; 821 | 811681 |
| 6.00%, 06/01/63<sup>(a)</sup> | &nbsp;&nbsp; 706 | 669387 |
| 6.05%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1145 | 1112136 |
| 6.13%, 09/15/39 | &nbsp;&nbsp; 450 | 460718 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 1075 | 1058075 |
| 6.25%, 09/15/65 | &nbsp;&nbsp; 550 | 537596 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50 | &nbsp;&nbsp; 1144 | 640791 |
| 2.50%, 09/15/60<sup>(a)</sup> | &nbsp;&nbsp; 905 | 492823 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 358 | 281680 |
| 3.95%, 05/15/47 | &nbsp;&nbsp; 310 | 249462 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 804 | 634698 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 649 | 506388 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 1307 | 1179039 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 1017 | 904381 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 1467 | 1344575 |
| 5.05%, 08/14/54 | &nbsp;&nbsp; 1175 | 1087363 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 1493 | 1359899 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 1106 | 1024256 |
| 5.50%, 02/12/55<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1143865 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 365 | 386868 |
| 5.55%, 10/15/55 | &nbsp;&nbsp; 410 | 406798 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 715 | 708688 |
| 5.65%, 10/15/65 | &nbsp;&nbsp; 835 | 827986 |
| 5.95%, 11/15/37 | &nbsp;&nbsp; 210 | 226088 |
| GlaxoSmithKline Capital Inc. |  |  |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 429 | 367924 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 2618 | 2914420 |
| Johnson & Johnson |  |  |
| 2.10%, 09/01/40 | &nbsp;&nbsp; 1219 | 846056 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 2.25%, 09/01/50 | &nbsp;&nbsp; $888 | $514330 |
| 2.45%, 09/01/60 | &nbsp;&nbsp; 1111 | 609315 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 960 | 831627 |
| 3.50%, 01/15/48<sup>(a)</sup> | &nbsp;&nbsp; 756 | 573676 |
| 3.55%, 03/01/36<sup>(a)</sup> | &nbsp;&nbsp; 985 | 890972 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 1318 | 1183649 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 1729 | 1383995 |
| 3.75%, 03/03/47 | &nbsp;&nbsp; 941 | 751088 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 796 | 762042 |
| 4.50%, 12/05/43<sup>(a)</sup> | &nbsp;&nbsp; 334 | 309574 |
| 4.85%, 05/15/41 | &nbsp;&nbsp; 134 | 130339 |
| 5.25%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 775 | 764966 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 667 | 730391 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 789 | 870672 |
| McKesson Corp., 4.88%, 03/15/44 | &nbsp;&nbsp; 236 | 209706 |
| Mead Johnson Nutrition Co. |  |  |
| 4.60%, 06/01/44 | &nbsp;&nbsp; 451 | 397197 |
| 5.90%, 11/01/39<sup>(a)</sup> | &nbsp;&nbsp; 218 | 227772 |
| Merck & Co. Inc. |  |  |
| 2.35%, 06/24/40 | &nbsp;&nbsp; 900 | 634391 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 1269 | 733163 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 2059 | 1249804 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 1472 | 845233 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 346 | 273939 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 1883 | 1474719 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 831 | 731357 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 1242 | 978434 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 1109 | 941235 |
| 4.90%, 05/17/44 | &nbsp;&nbsp; 765 | 711446 |
| 5.00%, 05/17/53<sup>(a)</sup> | &nbsp;&nbsp; 1300 | 1177193 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 988 | 898769 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 305 | 346827 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.75%, 11/15/36 | &nbsp;&nbsp; 313 | 333737 |
| 5.85%, 06/30/39<sup>(a)</sup> | &nbsp;&nbsp; 266 | 279790 |
| Mylan Inc. |  |  |
| 5.20%, 04/15/48 | &nbsp;&nbsp; 444 | 356210 |
| 5.40%, 11/29/43 | &nbsp;&nbsp; 335 | 283871 |
| Novartis Capital Corp. |  |  |
| 2.75%, 08/14/50 | &nbsp;&nbsp; 1113 | 700131 |
| 3.70%, 09/21/42 | &nbsp;&nbsp; 462 | 376648 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 1115 | 918257 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 1667 | 1476263 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 690 | 608973 |
| Pfizer Inc. |  |  |
| 2.55%, 05/28/40 | &nbsp;&nbsp; 1004 | 724062 |
| 2.70%, 05/28/50 | &nbsp;&nbsp; 1258 | 766915 |
| 3.90%, 03/15/39 | &nbsp;&nbsp; 1043 | 910067 |
| 4.00%, 12/15/36<sup>(a)</sup> | &nbsp;&nbsp; 977 | 900274 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 1216 | 950777 |
| 4.10%, 09/15/38 | &nbsp;&nbsp; 827 | 743689 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 1225 | 994320 |
| 4.20%, 09/15/48 | &nbsp;&nbsp; 831 | 678171 |
| 4.30%, 06/15/43 | &nbsp;&nbsp; 709 | 607931 |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 927 | 807725 |
| 5.60%, 09/15/40 | &nbsp;&nbsp; 395 | 405329 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 2523 | 2991166 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 5.11%, 05/19/43 | &nbsp;&nbsp; 2771 | 2625101 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 5505 | 5128114 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 3727 | 3395939 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.03%, 07/09/40 | &nbsp;&nbsp; $1330 | $1001329 |
| 3.18%, 07/09/50<sup>(a)</sup> | &nbsp;&nbsp; 1708 | 1114468 |
| 3.38%, 07/09/60 | &nbsp;&nbsp; 912 | 576410 |
| 5.65%, 07/05/44 | &nbsp;&nbsp; 690 | 690923 |
| 5.65%, 07/05/54 | &nbsp;&nbsp; 200 | 193606 |
| 5.80%, 07/05/64<sup>(a)</sup> | &nbsp;&nbsp; 595 | 579047 |
| Takeda U.S. Financing Inc., 5.90%, 07/07/55 | &nbsp;&nbsp; 1720 | 1711478 |
| Utah Acquisition Sub Inc., 5.25%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 908 | 741139 |
| Viatris Inc. |  |  |
| 3.85%, 06/22/40 | &nbsp;&nbsp; 1288 | 963155 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 1683 | 1108825 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | &nbsp;&nbsp; 2101 | 2241278 |
| 6.00%, 02/15/36 | &nbsp;&nbsp; 576 | 621515 |
| Zoetis Inc. |  |  |
| 3.00%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 464 | 300444 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 477 | 375608 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 412 | 346903 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 1024 | 925535 |
|  |  | 164356247 |
| **Pipelines — 4.8%** | **Pipelines — 4.8%** | **Pipelines — 4.8%** |
| Abu Dhabi Crude Oil Pipeline LLC, 4.60%, <br> 11/02/47<sup>(b)</sup><br>| &nbsp;&nbsp; 2086 | 1910343 |
| Cameron LNG LLC |  |  |
| 3.40%, 01/15/38<sup>(b)</sup> | &nbsp;&nbsp; 168 | 144165 |
| 3.70%, 01/15/39<sup>(b)</sup> | &nbsp;&nbsp; 650 | 552074 |
| Cheniere Corpus Christi Holdings LLC, 2.74%, <br> 12/31/39<br>| &nbsp;&nbsp; 197 | 163222 |
| Colonial Pipeline Co. |  |  |
| 4.20%, 04/15/43<sup>(b)</sup> | &nbsp;&nbsp; 300 | 233798 |
| 4.25%, 04/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 606 | 459222 |
| 6.38%, 08/01/37<sup>(b)</sup> | &nbsp;&nbsp; 185 | 191399 |
| Columbia Pipeline Group Inc., 5.80%, 06/01/45 | &nbsp;&nbsp; 340 | 333056 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.70%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; 420 | 387971 |
| 5.96%, 02/15/55<sup>(b)</sup> | &nbsp;&nbsp; 350 | 333324 |
| 6.50%, 08/15/43<sup>(b)</sup> | &nbsp;&nbsp; 536 | 557142 |
| 6.54%, 11/15/53<sup>(b)</sup> | &nbsp;&nbsp; 1112 | 1150382 |
| 6.71%, 08/15/63<sup>(b)</sup> | &nbsp;&nbsp; 511 | 539630 |
| DCP Midstream Operating LP |  |  |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 327 | 304783 |
| 6.45%, 11/03/36<sup>(b)</sup> | &nbsp;&nbsp; 200 | 209290 |
| 6.75%, 09/15/37<sup>(b)</sup> | &nbsp;&nbsp; 293 | 311238 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/54 | &nbsp;&nbsp; 875 | 835416 |
| 6.20%, 01/15/55 | &nbsp;&nbsp; 190 | 194278 |
| Eastern Gas Transmission & Storage Inc. |  |  |
| 3.90%, 11/15/49<sup>(a)</sup> | &nbsp;&nbsp; 353 | 253218 |
| 4.60%, 12/15/44 | &nbsp;&nbsp; 277 | 233490 |
| 4.80%, 11/01/43 | &nbsp;&nbsp; 312 | 273382 |
| EIG Pearl Holdings SARL |  |  |
| 3.55%, 08/31/36<sup>(b)</sup> | &nbsp;&nbsp; 293 | 265993 |
| 4.39%, 11/30/46<sup>(a)(b)</sup> | &nbsp;&nbsp; 1280 | 1038255 |
| Enbridge Energy Partners LP |  |  |
| 5.50%, 09/15/40 | &nbsp;&nbsp; 492 | 479215 |
| 7.38%, 10/15/45<sup>(a)</sup> | &nbsp;&nbsp; 535 | 614838 |
| Series B, 7.50%, 04/15/38 | &nbsp;&nbsp; 235 | 275307 |
| Enbridge Inc. |  |  |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 955 | 631135 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 533 | 394640 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.50%, 06/10/44 | &nbsp;&nbsp; $568 | $473240 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 790 | 756535 |
| 5.95%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 1104 | 1089056 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 1180 | 1270865 |
| Energy Transfer LP |  |  |
| 4.95%, 01/15/43 | &nbsp;&nbsp; 333 | 286994 |
| 5.00%, 05/15/44 | &nbsp;&nbsp; 499 | 431012 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 2122 | 1761141 |
| 5.15%, 02/01/43 | &nbsp;&nbsp; 419 | 371064 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 892 | 784551 |
| 5.30%, 04/01/44 | &nbsp;&nbsp; 623 | 557795 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 942 | 830442 |
| 5.35%, 05/15/45 | &nbsp;&nbsp; 785 | 702932 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 1650 | 1470076 |
| 5.95%, 10/01/43 | &nbsp;&nbsp; 312 | 302935 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; 1716 | 1606712 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 1170 | 1121688 |
| 6.05%, 06/01/41 | &nbsp;&nbsp; 749 | 747799 |
| 6.05%, 09/01/54 | &nbsp;&nbsp; 1322 | 1257077 |
| 6.10%, 02/15/42 | &nbsp;&nbsp; 250 | 249522 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 1141 | 1122615 |
| 6.20%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 1020 | 989030 |
| 6.25%, 04/15/49 | &nbsp;&nbsp; 1947 | 1909017 |
| 6.50%, 02/01/42 | &nbsp;&nbsp; 894 | 926739 |
| 6.63%, 10/15/36 | &nbsp;&nbsp; 375 | 404732 |
| 6.85%, 02/15/40<sup>(a)</sup> | &nbsp;&nbsp; 190 | 206202 |
| 7.50%, 07/01/38 | &nbsp;&nbsp; 489 | 562199 |
| Series 20Y, 5.80%, 06/15/38 | &nbsp;&nbsp; 455 | 458720 |
| Enterprise Products Operating LLC |  |  |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 918 | 596353 |
| 3.30%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1042 | 683366 |
| 3.70%, 01/31/51 | &nbsp;&nbsp; 882 | 631238 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 978 | 703474 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 1163 | 914983 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 1431 | 1154389 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 978 | 845618 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 1256 | 1085678 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 770 | 700336 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 1206 | 1089305 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 948 | 847434 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 405 | 351008 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 1099 | 1017483 |
| 5.20%, 01/15/36 | &nbsp;&nbsp; 1240 | 1251286 |
| 5.55%, 02/16/55<sup>(a)</sup> | &nbsp;&nbsp; 1297 | 1237826 |
| 5.70%, 02/15/42 | &nbsp;&nbsp; 611 | 614793 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 675 | 699768 |
| 6.13%, 10/15/39 | &nbsp;&nbsp; 425 | 452594 |
| 6.45%, 09/01/40 | &nbsp;&nbsp; 700 | 769231 |
| 7.55%, 04/15/38 | &nbsp;&nbsp; 160 | 189522 |
| Flex Intermediate Holdco LLC, 4.32%, 12/30/39<sup>(b)</sup> | &nbsp;&nbsp; 208 | 165624 |
| FLNG Liquefaction 2 LLC |  |  |
| 4.13%, 03/31/38<sup>(b)</sup> | &nbsp;&nbsp; 414 | 382869 |
| Series B, 6.17%, 12/31/39 | &nbsp;&nbsp; 30 | 30808 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.63%, 03/31/36<sup>(b)</sup> | &nbsp;&nbsp; 482 | 420373 |
| 2.94%, 09/30/40<sup>(b)</sup> | &nbsp;&nbsp; 872 | 729930 |
| 3.25%, 09/30/40<sup>(a)(b)</sup> | &nbsp;&nbsp; 955 | 762151 |
| Greensaif Pipelines Bidco SARL |  |  |
| 6.13%, 02/23/38<sup>(b)</sup> | &nbsp;&nbsp; 600 | 632843 |
| 6.51%, 02/23/42<sup>(b)</sup> | &nbsp;&nbsp; 1145 | 1217942 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Gulfstream Natural Gas System LLC, 5.95%, <br> 10/15/45<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $232 | $224033 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; 638 | 549781 |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 665 | 595888 |
| 5.00%, 03/01/43 | &nbsp;&nbsp; 627 | 562119 |
| 5.40%, 09/01/44 | &nbsp;&nbsp; 750 | 694823 |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 724 | 682341 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 367 | 355525 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 614 | 641664 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; 241 | 256557 |
| 6.50%, 09/01/39 | &nbsp;&nbsp; 421 | 449790 |
| 6.55%, 09/15/40 | &nbsp;&nbsp; 487 | 519694 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 975 | 1085171 |
| 7.50%, 11/15/40 | &nbsp;&nbsp; 480 | 558055 |
| Kinder Morgan Inc. |  |  |
| 3.25%, 08/01/50 | &nbsp;&nbsp; 682 | 433855 |
| 3.60%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1044 | 709692 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 763 | 669478 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 738 | 655726 |
| 5.45%, 08/01/52 | &nbsp;&nbsp; 758 | 687759 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 1738 | 1633826 |
| 5.95%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 691 | 670418 |
| MPLX LP |  |  |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 1310 | 1168138 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 1584 | 1284510 |
| 4.90%, 04/15/58 | &nbsp;&nbsp; 180 | 143997 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 1733 | 1427180 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 1050 | 913737 |
| 5.20%, 12/01/47 | &nbsp;&nbsp; 541 | 468158 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 1481 | 1333080 |
| 5.65%, 03/01/53 | &nbsp;&nbsp; 497 | 450987 |
| 5.95%, 04/01/55 | &nbsp;&nbsp; 955 | 900719 |
| 6.20%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 875 | 850324 |
| NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(b)</sup> | &nbsp;&nbsp; 276 | 316485 |
| Northern Natural Gas Co. |  |  |
| 3.40%, 10/16/51<sup>(b)</sup> | &nbsp;&nbsp; 639 | 420296 |
| 4.10%, 09/15/42<sup>(b)</sup> | &nbsp;&nbsp; 218 | 173772 |
| 4.30%, 01/15/49<sup>(b)</sup> | &nbsp;&nbsp; 632 | 494085 |
| 5.63%, 02/01/54<sup>(b)</sup> | &nbsp;&nbsp; 547 | 516162 |
| ONEOK Inc. |  |  |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 684 | 485324 |
| 4.20%, 12/01/42 | &nbsp;&nbsp; 176 | 136112 |
| 4.20%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; 179 | 135557 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 663 | 497206 |
| 4.25%, 09/15/46 | &nbsp;&nbsp; 511 | 389331 |
| 4.45%, 09/01/49 | &nbsp;&nbsp; 626 | 488403 |
| 4.50%, 03/15/50 | &nbsp;&nbsp; 345 | 268995 |
| 4.85%, 02/01/49 | &nbsp;&nbsp; 490 | 399293 |
| 4.95%, 07/13/47 | &nbsp;&nbsp; 574 | 485332 |
| 5.05%, 04/01/45 | &nbsp;&nbsp; 495 | 429255 |
| 5.15%, 10/15/43 | &nbsp;&nbsp; 479 | 423799 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 828 | 721660 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 900 | 891421 |
| 5.45%, 06/01/47 | &nbsp;&nbsp; 457 | 409220 |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 320 | 293475 |
| 5.70%, 11/01/54 | &nbsp;&nbsp; 1445 | 1317453 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 605 | 550774 |
| 6.25%, 10/15/55 | &nbsp;&nbsp; 900 | 879301 |
| 6.40%, 05/01/37 | &nbsp;&nbsp; 210 | 218393 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 1638 | 1681903 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 7.15%, 01/15/51 | &nbsp;&nbsp; $257 | $275499 |
| ONEOK Partners LP |  |  |
| 6.13%, 02/01/41 | &nbsp;&nbsp; 533 | 537592 |
| 6.20%, 09/15/43 | &nbsp;&nbsp; 353 | 352874 |
| 6.65%, 10/01/36 | &nbsp;&nbsp; 625 | 677017 |
| 6.85%, 10/15/37 | &nbsp;&nbsp; 588 | 640979 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 4.30%, 01/31/43 | &nbsp;&nbsp; 304 | 239695 |
| 4.70%, 06/15/44 | &nbsp;&nbsp; 709 | 586131 |
| 4.90%, 02/15/45 | &nbsp;&nbsp; 549 | 465142 |
| 5.15%, 06/01/42 | &nbsp;&nbsp; 344 | 307544 |
| 6.65%, 01/15/37<sup>(a)</sup> | &nbsp;&nbsp; 437 | 473285 |
| Sabal Trail Transmission LLC |  |  |
| 4.68%, 05/01/38<sup>(b)</sup> | &nbsp;&nbsp; 384 | 352043 |
| 4.83%, 05/01/48<sup>(b)</sup> | &nbsp;&nbsp; 474 | 403019 |
| Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 | &nbsp;&nbsp; 182 | 191624 |
| South Bow USA Infrastructure Holdings LLC, <br> 6.18%, 10/01/54<br>| &nbsp;&nbsp; 650 | 616955 |
| Southern Natural Gas Co. LLC, 4.80%, 03/15/47<sup>(b)</sup> | &nbsp;&nbsp; 590 | 508827 |
| Spectra Energy Partners LP |  |  |
| 4.50%, 03/15/45 | &nbsp;&nbsp; 526 | 439238 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 360 | 357065 |
| Targa Resources Corp. |  |  |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 835 | 690736 |
| 5.65%, 02/15/36 | &nbsp;&nbsp; 640 | 646406 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 955 | 928207 |
| 6.25%, 07/01/52 | &nbsp;&nbsp; 390 | 384007 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; 827 | 845144 |
| Tennessee Gas Pipeline Co. LLC, 7.63%, <br> 04/01/37<br>| &nbsp;&nbsp; 620 | 732410 |
| Texas Eastern Transmission LP, 4.15%, <br> 01/15/48<sup>(b)</sup><br>| &nbsp;&nbsp; 473 | 368707 |
| TransCanada PipeLines Ltd. |  |  |
| 4.88%, 05/15/48 | &nbsp;&nbsp; 105 | 91937 |
| 5.00%, 10/16/43<sup>(a)</sup> | &nbsp;&nbsp; 360 | 329805 |
| 5.10%, 03/15/49 | &nbsp;&nbsp; 858 | 773336 |
| 5.85%, 03/15/36 | &nbsp;&nbsp; 540 | 559817 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 640 | 660930 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 842 | 887721 |
| 7.25%, 08/15/38 | &nbsp;&nbsp; 540 | 613296 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 1199 | 1406024 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.95%, 05/15/50 | &nbsp;&nbsp; 509 | 383154 |
| 4.45%, 08/01/42 | &nbsp;&nbsp; 445 | 378432 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 637 | 535916 |
| 5.40%, 08/15/41 | &nbsp;&nbsp; 354 | 340308 |
| Western Midstream Operating LP |  |  |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 853 | 712597 |
| 5.30%, 03/01/48 | &nbsp;&nbsp; 685 | 577145 |
| 5.45%, 04/01/44 | &nbsp;&nbsp; 506 | 444802 |
| 5.50%, 08/15/48 | &nbsp;&nbsp; 409 | 351494 |
| Williams Companies Inc. (The) |  |  |
| 3.50%, 10/15/51 | &nbsp;&nbsp; 676 | 457003 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 761 | 654542 |
| 4.90%, 01/15/45 | &nbsp;&nbsp; 454 | 398130 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 1101 | 993256 |
| 5.30%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 732 | 662936 |
| 5.40%, 03/04/44 | &nbsp;&nbsp; 485 | 457232 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 493 | 480917 |
| 5.80%, 11/15/43 | &nbsp;&nbsp; 272 | 269786 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 830 | 804168 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.00%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; $460 | $457468 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 1074 | 1141133 |
|  |  | 118542584 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| Apollo Management Holdings LP, 5.00%, <br> 03/15/48<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 330 | 295455 |
| Brookfield Finance Inc., 5.81%, 03/03/55 | &nbsp;&nbsp; 530 | 519639 |
| Carlyle Finance LLC, 5.65%, 09/15/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 299 | 288058 |
| Carlyle Holdings II Finance LLC, 5.63%, <br> 03/30/43<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 719 | 700439 |
| KKR Group Finance Co. III LLC, 5.13%, <br> 06/01/44<sup>(b)</sup><br>| &nbsp;&nbsp; 898 | 828787 |
| KKR Group Finance Co. VII LLC, 3.63%, <br> 02/25/50<sup>(b)</sup><br>| &nbsp;&nbsp; 413 | 294094 |
| KKR Group Finance Co. VIII LLC, 3.50%, <br> 08/25/50<sup>(b)</sup><br>| &nbsp;&nbsp; 626 | 433634 |
| KKR Group Finance Co. X LLC, 3.25%, <br> 12/15/51<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 721 | 468367 |
|  |  | 3828473 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| Sinochem Overseas Capital Co. Ltd., 6.30%, <br> 11/12/40<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 485 | 554254 |
| **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** |
| Alexandria Real Estate Equities Inc. |  |  |
| 3.00%, 05/18/51 | &nbsp;&nbsp; 814 | 497344 |
| 3.55%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 865 | 584158 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 717 | 534291 |
| 4.85%, 04/15/49 | &nbsp;&nbsp; 277 | 233568 |
| 5.15%, 04/15/53 | &nbsp;&nbsp; 538 | 470893 |
| 5.25%, 05/15/36 | &nbsp;&nbsp; 426 | 422335 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 400 | 405408 |
| 5.63%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 595 | 558616 |
| American Homes 4 Rent LP |  |  |
| 3.38%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 290 | 190236 |
| 4.30%, 04/15/52 | &nbsp;&nbsp; 390 | 300762 |
| American Tower Corp. |  |  |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 693 | 433579 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 862 | 558810 |
| 3.70%, 10/15/49 | &nbsp;&nbsp; 464 | 335900 |
| AvalonBay Communities Inc. |  |  |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 326 | 254814 |
| 4.15%, 07/01/47 | &nbsp;&nbsp; 300 | 241568 |
| 4.35%, 04/15/48 | &nbsp;&nbsp; 268 | 223539 |
| Camden Property Trust, 3.35%, 11/01/49 | &nbsp;&nbsp; 399 | 276292 |
| Crown Castle Inc. |  |  |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 603 | 431652 |
| 3.25%, 01/15/51 | &nbsp;&nbsp; 662 | 433479 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 312 | 232377 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 375 | 286502 |
| 4.75%, 05/15/47 | &nbsp;&nbsp; 297 | 256805 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 306 | 273472 |
| Equinix Inc. |  |  |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 373 | 228918 |
| 3.00%, 07/15/50<sup>(a)</sup> | &nbsp;&nbsp; 298 | 186942 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 433 | 287789 |
| ERP Operating LP |  |  |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 300 | 234997 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 637 | 551699 |
| 4.50%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 312 | 269195 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Essex Portfolio LP |  |  |
| 2.65%, 09/01/50 | &nbsp;&nbsp; $319 | $187121 |
| 4.50%, 03/15/48 | &nbsp;&nbsp; 302 | 254358 |
| Federal Realty OP LP |  |  |
| 3.63%, 08/01/46<sup>(a)</sup> | &nbsp;&nbsp; 279 | 199434 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 513 | 436346 |
| GLP Capital LP / GLP Financing II Inc., 5.75%, <br> 11/01/37<br>| &nbsp;&nbsp; 225 | 221602 |
| GLP Capital LP/GLP Financing II Inc., 6.25%, <br> 09/15/54<sup>(a)</sup><br>| &nbsp;&nbsp; 475 | 465798 |
| Goodman U.S. Finance Four LLC, 4.50%, <br> 10/15/37<sup>(b)</sup><br>| &nbsp;&nbsp; 248 | 227819 |
| Healthpeak OP LLC, 6.75%, 02/01/41 | &nbsp;&nbsp; 219 | 239805 |
| Kilroy Realty LP, 6.25%, 01/15/36 | &nbsp;&nbsp; 290 | 296270 |
| Kimco Realty OP LLC |  |  |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 317 | 227915 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 401 | 317980 |
| 4.25%, 04/01/45<sup>(a)</sup> | &nbsp;&nbsp; 245 | 201653 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 328 | 272367 |
| 5.30%, 02/01/36<sup>(a)</sup> | &nbsp;&nbsp; 450 | 454690 |
| Mid-America Apartments LP, 2.88%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 375 | 234438 |
| NNN REIT Inc. |  |  |
| 3.00%, 04/15/52<sup>(a)</sup> | &nbsp;&nbsp; 555 | 339889 |
| 3.10%, 04/15/50 | &nbsp;&nbsp; 330 | 208916 |
| 3.50%, 04/15/51 | &nbsp;&nbsp; 394 | 268671 |
| 4.80%, 10/15/48<sup>(a)</sup> | &nbsp;&nbsp; 301 | 259717 |
| Prologis LP |  |  |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 493 | 261310 |
| 3.00%, 04/15/50 | &nbsp;&nbsp; 647 | 417510 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 368 | 239105 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 271 | 224488 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 918 | 858424 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 820 | 766822 |
| Public Storage Operating Co., 5.35%, 08/01/53 | &nbsp;&nbsp; 822 | 783130 |
| Realty Income Corp. |  |  |
| 4.65%, 03/15/47 | &nbsp;&nbsp; 537 | 467057 |
| 5.38%, 09/01/54 | &nbsp;&nbsp; 545 | 516044 |
| Regency Centers LP |  |  |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 459 | 383949 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 303 | 257393 |
| Simon Property Group LP |  |  |
| 3.25%, 09/13/49<sup>(a)</sup> | &nbsp;&nbsp; 1154 | 780935 |
| 3.80%, 07/15/50 | &nbsp;&nbsp; 669 | 497336 |
| 4.25%, 10/01/44 | &nbsp;&nbsp; 387 | 322545 |
| 4.25%, 11/30/46 | &nbsp;&nbsp; 505 | 414625 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 438 | 395718 |
| 5.85%, 03/08/53 | &nbsp;&nbsp; 660 | 659351 |
| 6.65%, 01/15/54 | &nbsp;&nbsp; 500 | 551388 |
| 6.75%, 02/01/40<sup>(a)</sup> | &nbsp;&nbsp; 625 | 710328 |
| Trust Fibra Uno |  |  |
| 6.39%, 01/15/50<sup>(b)</sup> | &nbsp;&nbsp; 710 | 633311 |
| 6.95%, 01/30/44<sup>(a)(b)</sup> | &nbsp;&nbsp; 645 | 617268 |
| 8.25%, 01/23/37<sup>(b)</sup> | &nbsp;&nbsp; 130 | 140907 |
| Ventas Realty LP |  |  |
| 4.38%, 02/01/45<sup>(a)</sup> | &nbsp;&nbsp; 267 | 219594 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 252 | 215818 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 288 | 281207 |
| VICI Properties LP |  |  |
| 5.63%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 732 | 668712 |
| 6.13%, 04/01/54 | &nbsp;&nbsp; 512 | 497484 |
| WEA Finance LLC, 4.63%, 09/20/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 443 | 351141 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| WEA Finance LLC/Westfield U.K. & Europe <br> Finance PLC, 4.75%, 09/17/44<sup>(b)</sup><br>| &nbsp;&nbsp; $437 | $366250 |
| Welltower OP LLC |  |  |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 512 | 469537 |
| 5.13%, 03/15/43 | &nbsp;&nbsp; 185 | 171326 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 365 | 401724 |
| Weyerhaeuser Co., 4.00%, 03/09/52 | &nbsp;&nbsp; 476 | 359138 |
|  |  | 30411604 |
| **Retail — 2.7%** | **Retail — 2.7%** | **Retail — 2.7%** |
| 7-Eleven Inc. |  |  |
| 2.50%, 02/10/41<sup>(b)</sup> | &nbsp;&nbsp; 531 | 355614 |
| 2.80%, 02/10/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 1145 | 679648 |
| Alimentation Couche-Tard Inc. |  |  |
| 3.44%, 05/13/41<sup>(a)(b)</sup> | &nbsp;&nbsp; 526 | 397483 |
| 3.63%, 05/13/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 435 | 302908 |
| 3.80%, 01/25/50<sup>(b)</sup> | &nbsp;&nbsp; 738 | 537181 |
| 4.50%, 07/26/47<sup>(b)</sup> | &nbsp;&nbsp; 459 | 382830 |
| 5.62%, 02/12/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 615 | 592934 |
| CK Hutchison International 20 Ltd., 3.38%, <br> 05/08/50<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 640 | 453895 |
| CK Hutchison International 21 Ltd., 3.13%, <br> 04/15/41<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 635 | 477759 |
| Darden Restaurants Inc., 4.55%, 02/15/48<sup>(a)</sup> | &nbsp;&nbsp; 334 | 273896 |
| Dick's Sporting Goods Inc., 4.10%, 01/15/52 | &nbsp;&nbsp; 808 | 573166 |
| Dollar General Corp. |  |  |
| 4.13%, 04/03/50<sup>(a)</sup> | &nbsp;&nbsp; 456 | 347541 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 255 | 237864 |
| Dollar Tree Inc., 3.38%, 12/01/51 | &nbsp;&nbsp; 537 | 344901 |
| El Puerto de Liverpool SAB de CV, 6.66%, <br> 01/22/37<sup>(b)</sup><br>| &nbsp;&nbsp; 155 | 164176 |
| Home Depot Inc. (The) |  |  |
| 2.38%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1224 | 688173 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 946 | 573949 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 1228 | 823956 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 1046 | 839995 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 1551 | 1077181 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 870 | 598670 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 1485 | 1075974 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 1277 | 1002739 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 658 | 561751 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 1466 | 1231272 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 947 | 814356 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 1386 | 1186847 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 845 | 782032 |
| 4.95%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1022 | 922720 |
| 5.30%, 06/25/54<sup>(a)</sup> | &nbsp;&nbsp; 1355 | 1288958 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 219 | 222167 |
| 5.40%, 06/25/64 | &nbsp;&nbsp; 375 | 356924 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 2658 | 2872025 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 877 | 927243 |
| Lowe's Companies Inc. |  |  |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 872 | 611221 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 1832 | 1134278 |
| 3.50%, 04/01/51 | &nbsp;&nbsp; 479 | 324231 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 1214 | 901175 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 1535 | 1191685 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 1579 | 1223377 |
| 4.38%, 09/15/45<sup>(a)</sup> | &nbsp;&nbsp; 358 | 294031 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 1120 | 859471 |
| 4.55%, 04/05/49 | &nbsp;&nbsp; 577 | 472496 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 424 | 375078 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 5.00%, 04/15/40 | &nbsp;&nbsp; $130 | $123944 |
| 5.00%, 09/15/43 | &nbsp;&nbsp; 265 | 242351 |
| 5.13%, 04/15/50 | &nbsp;&nbsp; 474 | 419409 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 311 | 320694 |
| 5.63%, 04/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1455 | 1389114 |
| 5.75%, 07/01/53 | &nbsp;&nbsp; 459 | 444093 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 195 | 204910 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 884 | 850541 |
| 5.85%, 04/01/63 | &nbsp;&nbsp; 434 | 420559 |
| Marks & Spencer PLC, 7.13%, 12/01/37<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5481 |
| McDonald's Corp. |  |  |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 346 | 270666 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 1528 | 1109883 |
| 3.70%, 02/15/42 | &nbsp;&nbsp; 463 | 368652 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 787 | 627151 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 975 | 823177 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 746 | 624698 |
| 4.60%, 05/26/45<sup>(a)</sup> | &nbsp;&nbsp; 516 | 451946 |
| 4.70%, 12/09/35 | &nbsp;&nbsp; 606 | 596678 |
| 4.88%, 07/15/40 | &nbsp;&nbsp; 219 | 207356 |
| 4.88%, 12/09/45<sup>(a)</sup> | &nbsp;&nbsp; 1941 | 1757467 |
| 5.15%, 09/09/52 | &nbsp;&nbsp; 721 | 662915 |
| 5.45%, 08/14/53<sup>(a)</sup> | &nbsp;&nbsp; 953 | 913958 |
| 5.70%, 02/01/39<sup>(a)</sup> | &nbsp;&nbsp; 225 | 234442 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 837 | 921016 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 602 | 660385 |
| Starbucks Corp. |  |  |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 455 | 303824 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 1324 | 910527 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 654 | 480005 |
| 4.30%, 06/15/45 | &nbsp;&nbsp; 246 | 201451 |
| 4.45%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 928 | 756211 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 994 | 823305 |
| Target Corp. |  |  |
| 2.95%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1005 | 629459 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 602 | 451955 |
| 3.90%, 11/15/47<sup>(a)</sup> | &nbsp;&nbsp; 580 | 449423 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 954 | 797656 |
| 4.80%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1022047 |
| 5.25%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp; 410 | 417510 |
| 6.50%, 10/15/37 | &nbsp;&nbsp; 294 | 332254 |
| 7.00%, 01/15/38 | &nbsp;&nbsp; 215 | 251003 |
| Tiffany & Co., 4.90%, 10/01/44 | &nbsp;&nbsp; 266 | 244411 |
| TJX Companies Inc. (The), 4.50%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 445 | 379157 |
| Walmart Inc. |  |  |
| 2.50%, 09/22/41 | &nbsp;&nbsp; 865 | 609622 |
| 2.65%, 09/22/51 | &nbsp;&nbsp; 1519 | 934379 |
| 2.95%, 09/24/49 | &nbsp;&nbsp; 476 | 318453 |
| 3.63%, 12/15/47 | &nbsp;&nbsp; 497 | 380585 |
| 3.95%, 06/28/38 | &nbsp;&nbsp; 529 | 484333 |
| 4.00%, 04/11/43 | &nbsp;&nbsp; 342 | 287796 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 1845 | 1511752 |
| 4.30%, 04/22/44 | &nbsp;&nbsp; 330 | 288027 |
| 4.50%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 1009 | 874713 |
| 4.50%, 04/15/53 | &nbsp;&nbsp; 1486 | 1291549 |
| 4.88%, 07/08/40<sup>(a)</sup> | &nbsp;&nbsp; 135 | 134588 |
| 5.00%, 10/25/40<sup>(a)</sup> | &nbsp;&nbsp; 355 | 356685 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 866 | 905817 |
| 5.63%, 04/01/40 | &nbsp;&nbsp; 492 | 523092 |
| 5.63%, 04/15/41 | &nbsp;&nbsp; 540 | 561517 |
| 6.20%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 710 | 794678 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 6.50%, 08/15/37 | &nbsp;&nbsp; $920 | $1054090 |
|  |  | 65769131 |
| **Semiconductors — 2.2%** | **Semiconductors — 2.2%** | **Semiconductors — 2.2%** |
| Advanced Micro Devices Inc., 4.39%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 391 | 328800 |
| Analog Devices Inc. |  |  |
| 2.80%, 10/01/41 | &nbsp;&nbsp; 603 | 437338 |
| 2.95%, 10/01/51<sup>(a)</sup> | &nbsp;&nbsp; 795 | 509907 |
| 5.30%, 12/15/45 | &nbsp;&nbsp; 230 | 221611 |
| 5.30%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 490 | 469018 |
| Applied Materials Inc. |  |  |
| 2.75%, 06/01/50 | &nbsp;&nbsp; 559 | 349180 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 875 | 745798 |
| 5.10%, 10/01/35 | &nbsp;&nbsp; 271 | 278815 |
| 5.85%, 06/15/41 | &nbsp;&nbsp; 495 | 517767 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35<sup>(b)</sup> | &nbsp;&nbsp; 2794 | 2364036 |
| 3.19%, 11/15/36<sup>(b)</sup> | &nbsp;&nbsp; 2594 | 2165310 |
| 3.50%, 02/15/41<sup>(b)</sup> | &nbsp;&nbsp; 2675 | 2120318 |
| 3.75%, 02/15/51<sup>(b)</sup> | &nbsp;&nbsp; 1516 | 1132106 |
| 4.93%, 05/15/37<sup>(b)</sup> | &nbsp;&nbsp; 2637 | 2564774 |
| Foundry JV Holdco LLC |  |  |
| 6.10%, 01/25/36<sup>(b)</sup> | &nbsp;&nbsp; 1070 | 1119500 |
| 6.20%, 01/25/37<sup>(b)</sup> | &nbsp;&nbsp; 1315 | 1382747 |
| 6.30%, 01/25/39<sup>(b)</sup> | &nbsp;&nbsp; 1015 | 1072930 |
| 6.40%, 01/25/38<sup>(b)</sup> | &nbsp;&nbsp; 796 | 852405 |
| Intel Corp. |  |  |
| 2.80%, 08/12/41 | &nbsp;&nbsp; 660 | 442347 |
| 3.05%, 08/12/51<sup>(a)</sup> | &nbsp;&nbsp; 1081 | 639183 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 898 | 499063 |
| 3.20%, 08/12/61 | &nbsp;&nbsp; 480 | 270626 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 1802 | 1125319 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 1846 | 1284478 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 1079 | 808085 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 1006 | 740921 |
| 4.25%, 12/15/42 | &nbsp;&nbsp; 500 | 400454 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 664 | 584248 |
| 4.75%, 03/25/50 | &nbsp;&nbsp; 2198 | 1760044 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 816 | 708883 |
| 4.90%, 07/29/45 | &nbsp;&nbsp; 661 | 559553 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 1793 | 1457587 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 918 | 734468 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 859 | 689447 |
| 5.60%, 02/21/54<sup>(a)</sup> | &nbsp;&nbsp; 1082 | 984020 |
| 5.63%, 02/10/43 | &nbsp;&nbsp; 865 | 819572 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 1746 | 1605602 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 1156 | 1066758 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 539 | 372497 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 1247 | 1131573 |
| 5.00%, 03/15/49 | &nbsp;&nbsp; 315 | 288341 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 598 | 555785 |
| Lam Research Corp. |  |  |
| 2.88%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 503 | 320141 |
| 3.13%, 06/15/60 | &nbsp;&nbsp; 120 | 73582 |
| 4.88%, 03/15/49 | &nbsp;&nbsp; 638 | 577643 |
| Micron Technology Inc. |  |  |
| 3.37%, 11/01/41 | &nbsp;&nbsp; 361 | 269976 |
| 3.48%, 11/01/51<sup>(a)</sup> | &nbsp;&nbsp; 356 | 242454 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 900 | 945601 |
| NVIDIA Corp. |  |  |
| 3.50%, 04/01/40 | &nbsp;&nbsp; 764 | 646699 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 3.50%, 04/01/50 | &nbsp;&nbsp; $1606 | $1195443 |
| 3.70%, 04/01/60 | &nbsp;&nbsp; 268 | 195012 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 310 | 222171 |
| 3.25%, 05/11/41<sup>(a)</sup> | &nbsp;&nbsp; 831 | 615129 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 336 | 216168 |
| Qualcomm Inc. |  |  |
| 3.25%, 05/20/50<sup>(a)</sup> | &nbsp;&nbsp; 659 | 451392 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 1268 | 1056899 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 915 | 768410 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 1263 | 1153235 |
| 6.00%, 05/20/53<sup>(a)</sup> | &nbsp;&nbsp; 993 | 1037946 |
| Texas Instruments Inc. |  |  |
| 2.70%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 311 | 187123 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 559 | 492404 |
| 4.10%, 08/16/52 | &nbsp;&nbsp; 296 | 232549 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 1217 | 997132 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 618 | 565259 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 1332 | 1196387 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 660 | 619377 |
| TSMC Arizona Corp. |  |  |
| 3.13%, 10/25/41 | &nbsp;&nbsp; 750 | 594504 |
| 3.25%, 10/25/51<sup>(a)</sup> | &nbsp;&nbsp; 829 | 614657 |
| 4.50%, 04/22/52<sup>(a)</sup> | &nbsp;&nbsp; 815 | 751620 |
|  |  | 54400127 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| AppLovin Corp., 5.95%, 12/01/54 | &nbsp;&nbsp; 180 | 175162 |
| Electronic Arts Inc., 2.95%, 02/15/51 | &nbsp;&nbsp; 254 | 157797 |
| Fidelity National Information Services Inc. |  |  |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 463 | 338531 |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 167 | 136374 |
| 5.63%, 07/15/52<sup>(a)</sup> | &nbsp;&nbsp; 165 | 158087 |
| Series 30Y, 4.75%, 05/15/48 | &nbsp;&nbsp; 195 | 164478 |
| Fiserv Inc., 4.40%, 07/01/49 | &nbsp;&nbsp; 1688 | 1349798 |
| Intuit Inc., 5.50%, 09/15/53 | &nbsp;&nbsp; 1083 | 1062282 |
| Microsoft Corp. |  |  |
| 2.50%, 09/15/50<sup>(a)</sup> | &nbsp;&nbsp; 1376 | 837147 |
| 2.53%, 06/01/50 | &nbsp;&nbsp; 5911 | 3613537 |
| 2.68%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 3401 | 1970249 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 5564 | 3640901 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 1679 | 1058725 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 1540 | 1389563 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 451 | 365451 |
| 3.70%, 08/08/46 | &nbsp;&nbsp; 1849 | 1489890 |
| 3.75%, 02/12/45 | &nbsp;&nbsp; 522 | 430243 |
| 3.95%, 08/08/56 | &nbsp;&nbsp; 291 | 229298 |
| 4.00%, 02/12/55 | &nbsp;&nbsp; 516 | 413749 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 716 | 689825 |
| 4.20%, 11/03/35<sup>(a)</sup> | &nbsp;&nbsp; 423 | 419171 |
| 4.25%, 02/06/47 | &nbsp;&nbsp; 1321 | 1174386 |
| 4.45%, 11/03/45 | &nbsp;&nbsp; 1205 | 1107717 |
| 4.50%, 10/01/40 | &nbsp;&nbsp; 538 | 518077 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 380 | 340920 |
| 4.50%, 02/06/57<sup>(a)</sup> | &nbsp;&nbsp; 985 | 879094 |
| 4.75%, 11/03/55<sup>(a)</sup> | &nbsp;&nbsp; 381 | 342506 |
| 5.20%, 06/01/39<sup>(a)</sup> | &nbsp;&nbsp; 381 | 399945 |
| 5.30%, 02/08/41 | &nbsp;&nbsp; 631 | 656440 |
| Oracle Corp. |  |  |
| 3.60%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 2688 | 2130758 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 4177 | 2856561 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 2042 | 1597906 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 3.80%, 11/15/37 | &nbsp;&nbsp; $1591 | $1357121 |
| 3.85%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 1102 | 968278 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 3188 | 2129027 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 3635 | 2622760 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 2859 | 2179905 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 2127 | 1607107 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 1391 | 975046 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 1827 | 1435861 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 1755 | 1335667 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 792 | 660095 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 2235 | 2162971 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 2241 | 1996155 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 1234 | 1094363 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 2547 | 2336742 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; 1855 | 1812110 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 1151 | 1202698 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; 1035 | 1004803 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 1091 | 1183210 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 2832 | 3066144 |
| Salesforce Inc. |  |  |
| 2.70%, 07/15/41 | &nbsp;&nbsp; 1077 | 774323 |
| 2.90%, 07/15/51 | &nbsp;&nbsp; 2005 | 1273265 |
| 3.05%, 07/15/61<sup>(a)</sup> | &nbsp;&nbsp; 943 | 571074 |
| Synopsys Inc., 5.70%, 04/01/55 | &nbsp;&nbsp; 1665 | 1634747 |
|  |  | 67478040 |
| **Telecommunications — 5.3%** | **Telecommunications — 5.3%** | **Telecommunications — 5.3%** |
| America Movil SAB de CV |  |  |
| 4.38%, 07/16/42 | &nbsp;&nbsp; 572 | 489074 |
| 4.38%, 04/22/49<sup>(a)</sup> | &nbsp;&nbsp; 738 | 606613 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 244 | 258131 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 1669 | 1761647 |
| AT&T Inc. |  |  |
| 3.10%, 02/01/43 | &nbsp;&nbsp; 631 | 456650 |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 1239 | 799910 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 2448 | 1916499 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 7213 | 4828900 |
| 3.50%, 02/01/61 | &nbsp;&nbsp; 894 | 569406 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 7296 | 4851471 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 3083 | 2157646 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 6580 | 4355804 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 6033 | 4151546 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 1402 | 962594 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 1246 | 1054066 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 1236 | 1024097 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 1756 | 1448746 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 948 | 779634 |
| 4.65%, 06/01/44 | &nbsp;&nbsp; 402 | 346345 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 1750 | 1523683 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 438 | 387228 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 830 | 786802 |
| 4.85%, 07/15/45<sup>(a)</sup> | &nbsp;&nbsp; 337 | 296474 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 656 | 632126 |
| 5.15%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 356 | 334972 |
| 5.15%, 11/15/46 | &nbsp;&nbsp; 1064 | 973767 |
| 5.15%, 02/15/50<sup>(a)</sup> | &nbsp;&nbsp; 592 | 531194 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 999 | 1001294 |
| 5.35%, 09/01/40<sup>(a)</sup> | &nbsp;&nbsp; 578 | 568081 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; 519 | 488245 |
| 5.55%, 08/15/41 | &nbsp;&nbsp; 547 | 538524 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 810 | 807896 |
| 5.70%, 03/01/57<sup>(a)</sup> | &nbsp;&nbsp; 525 | 502277 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 6.00%, 08/15/40<sup>(a)</sup> | &nbsp;&nbsp; $290 | $301194 |
| 6.05%, 08/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1460 | 1467950 |
| 6.25%, 03/29/41<sup>(a)</sup> | &nbsp;&nbsp; 255 | 269431 |
| 6.30%, 01/15/38 | &nbsp;&nbsp; 351 | 378044 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 331 | 351132 |
| 6.55%, 02/15/39 | &nbsp;&nbsp; 318 | 348473 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 3.65%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 439 | 301178 |
| 4.30%, 07/29/49 | &nbsp;&nbsp; 164 | 126621 |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 816 | 660982 |
| 5.55%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 577 | 540693 |
| Series US-4, 3.65%, 03/17/51 | &nbsp;&nbsp; 346 | 242033 |
| Series US-6, 3.20%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 400 | 255019 |
| British Telecommunications PLC, 4.25%, <br> 11/08/49<sup>(b)</sup><br>| &nbsp;&nbsp; 185 | 144676 |
| Cisco Systems Inc. |  |  |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 1819 | 1749314 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 799 | 763226 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 1710 | 1769343 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 770 | 759980 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 1797 | 1934810 |
| Corning Inc. |  |  |
| 3.90%, 11/15/49 | &nbsp;&nbsp; 280 | 212963 |
| 4.38%, 11/15/57 | &nbsp;&nbsp; 663 | 528923 |
| 4.70%, 03/15/37 | &nbsp;&nbsp; 170 | 164346 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 406 | 367916 |
| 5.35%, 11/15/48 | &nbsp;&nbsp; 459 | 433621 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 1099 | 997346 |
| 5.75%, 08/15/40 | &nbsp;&nbsp; 511 | 523767 |
| 5.85%, 11/15/68 | &nbsp;&nbsp; 216 | 207787 |
| 7.25%, 08/15/36<sup>(a)</sup> | &nbsp;&nbsp; 195 | 200460 |
| Deutsche Telekom AG, 3.63%, 01/21/50<sup>(b)</sup> | &nbsp;&nbsp; 645 | 463914 |
| Deutsche Telekom International Finance BV |  |  |
| 4.75%, 06/21/38<sup>(b)</sup> | &nbsp;&nbsp; 341 | 323906 |
| 4.88%, 03/06/42<sup>(a)(b)</sup> | &nbsp;&nbsp; 492 | 448300 |
| Juniper Networks Inc., 5.95%, 03/15/41 | &nbsp;&nbsp; 329 | 324207 |
| Motorola Solutions Inc., 5.50%, 09/01/44 | &nbsp;&nbsp; 344 | 334931 |
| Nokia OYJ, 6.63%, 05/15/39 | &nbsp;&nbsp; 325 | 332016 |
| Ooredoo International Finance Ltd., 4.50%, <br> 01/31/43<sup>(b)</sup><br>| &nbsp;&nbsp; 558 | 501834 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; 673 | 663283 |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 509 | 503462 |
| Rogers Communications Inc. |  |  |
| 3.70%, 11/15/49<sup>(a)</sup> | &nbsp;&nbsp; 533 | 390191 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 708 | 572681 |
| 4.35%, 05/01/49 | &nbsp;&nbsp; 30 | 24024 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 310 | 265291 |
| 4.50%, 03/15/43<sup>(a)</sup> | &nbsp;&nbsp; 431 | 366414 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 1891 | 1522926 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 743 | 668303 |
| 5.45%, 10/01/43 | &nbsp;&nbsp; 636 | 599589 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 448 | 519172 |
| SES Global Americas Holdings Inc., 5.30%, <br> 03/25/44<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 184 | 139434 |
| SES SA, 5.30%, 04/04/43<sup>(b)</sup> | &nbsp;&nbsp; 175 | 128095 |
| Telefonica Emisiones SA |  |  |
| 4.67%, 03/06/38 | &nbsp;&nbsp; 359 | 325031 |
| 4.90%, 03/06/48 | &nbsp;&nbsp; 1077 | 905127 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 2292 | 2012662 |
| 5.52%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 1021254 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 7.05%, 06/20/36 | &nbsp;&nbsp; $1743 | $1940841 |
| T-Mobile USA Inc. |  |  |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 1689 | 1234007 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 3217 | 2113748 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 3164 | 2092259 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 1102 | 719839 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 1490 | 1323737 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 2356 | 1925505 |
| 5.25%, 06/15/55 | &nbsp;&nbsp; 965 | 867888 |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 952 | 888953 |
| 5.65%, 01/15/53 | &nbsp;&nbsp; 1975 | 1891063 |
| 5.75%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1541 | 1491346 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 461 | 447688 |
| 5.88%, 11/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 986773 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 1310 | 1318370 |
| Verizon Communications Inc. |  |  |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 2410 | 1708306 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 1028 | 732882 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 2664 | 1643981 |
| 2.99%, 10/30/56<sup>(a)</sup> | &nbsp;&nbsp; 3572 | 2133412 |
| 3.00%, 11/20/60<sup>(a)</sup> | &nbsp;&nbsp; 1639 | 955286 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 2722 | 2108495 |
| 3.55%, 03/22/51<sup>(a)</sup> | &nbsp;&nbsp; 3738 | 2656691 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 2915 | 1997366 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 632 | 501842 |
| 3.88%, 03/01/52<sup>(a)</sup> | &nbsp;&nbsp; 1395 | 1033074 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 1269 | 974078 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 1309 | 1047281 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 890 | 827808 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 1347 | 1125635 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 849 | 716328 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 526 | 474956 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 1110 | 1043336 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 2422 | 2156909 |
| 5.01%, 04/15/49<sup>(a)</sup> | &nbsp;&nbsp; 832 | 748378 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 861 | 761857 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 1153 | 1155581 |
| 5.40%, 07/02/37<sup>(b)</sup> | &nbsp;&nbsp; 445 | 446896 |
| 5.50%, 03/16/47 | &nbsp;&nbsp; 608 | 584293 |
| 5.50%, 02/23/54<sup>(a)</sup> | &nbsp;&nbsp; 1283 | 1230949 |
| 5.85%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 400 | 422385 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 761 | 834452 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 684 | 533012 |
| 4.38%, 02/19/43 | &nbsp;&nbsp; 440 | 375816 |
| 4.88%, 06/19/49 | &nbsp;&nbsp; 1441 | 1251623 |
| 5.00%, 05/30/38 | &nbsp;&nbsp; 453 | 440641 |
| 5.25%, 05/30/48<sup>(a)</sup> | &nbsp;&nbsp; 1271 | 1168307 |
| 5.63%, 02/10/53 | &nbsp;&nbsp; 583 | 550642 |
| 5.75%, 06/28/54 | &nbsp;&nbsp; 2249 | 2148299 |
| 5.75%, 02/10/63 | &nbsp;&nbsp; 161 | 151415 |
| 5.88%, 06/28/64 | &nbsp;&nbsp; 265 | 254991 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 1314 | 1415225 |
| Xiaomi Best Time International Ltd., 4.10%, <br> 07/14/51<sup>(b)</sup><br>| &nbsp;&nbsp; 295 | 233696 |
|  |  | 129336758 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc. |  |  |
| 5.10%, 05/15/44 | &nbsp;&nbsp; 246 | 216796 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 422 | 437447 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Toys, Games & Hobbies (continued)** | **Toys, Games & Hobbies (continued)** | **Toys, Games & Hobbies (continued)** |
| Mattel Inc. |  |  |
| 5.45%, 11/01/41 | &nbsp;&nbsp; $280 | $251730 |
| 6.20%, 10/01/40<sup>(a)</sup> | &nbsp;&nbsp; 180 | 179178 |
|  |  | 1085151 |
| **Transportation — 3.3%** | **Transportation — 3.3%** | **Transportation — 3.3%** |
| Burlington Northern Santa Fe LLC |  |  |
| 2.88%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 731 | 451010 |
| 3.05%, 02/15/51 | &nbsp;&nbsp; 547 | 357064 |
| 3.30%, 09/15/51 | &nbsp;&nbsp; 757 | 518538 |
| 3.55%, 02/15/50 | &nbsp;&nbsp; 931 | 672304 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 691 | 545111 |
| 4.05%, 06/15/48 | &nbsp;&nbsp; 764 | 610653 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 800 | 653882 |
| 4.15%, 04/01/45 | &nbsp;&nbsp; 835 | 694482 |
| 4.15%, 12/15/48<sup>(a)</sup> | &nbsp;&nbsp; 855 | 693964 |
| 4.38%, 09/01/42 | &nbsp;&nbsp; 615 | 535754 |
| 4.40%, 03/15/42 | &nbsp;&nbsp; 483 | 425358 |
| 4.45%, 03/15/43 | &nbsp;&nbsp; 743 | 651936 |
| 4.45%, 01/15/53 | &nbsp;&nbsp; 878 | 729044 |
| 4.55%, 09/01/44 | &nbsp;&nbsp; 835 | 736212 |
| 4.70%, 09/01/45 | &nbsp;&nbsp; 521 | 468254 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 867 | 808621 |
| 4.95%, 09/15/41 | &nbsp;&nbsp; 228 | 214873 |
| 5.05%, 03/01/41 | &nbsp;&nbsp; 518 | 495909 |
| 5.15%, 09/01/43 | &nbsp;&nbsp; 631 | 605555 |
| 5.20%, 04/15/54 | &nbsp;&nbsp; 1501 | 1400427 |
| 5.40%, 06/01/41 | &nbsp;&nbsp; 440 | 437854 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 1195 | 1160848 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 667 | 696986 |
| 5.80%, 03/15/56 | &nbsp;&nbsp; 1250 | 1268011 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 668 | 734093 |
| 6.20%, 08/15/36 | &nbsp;&nbsp; 340 | 374314 |
| Canadian National Railway Co. |  |  |
| 2.45%, 05/01/50 | &nbsp;&nbsp; 683 | 399130 |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 697 | 493746 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 148 | 113622 |
| 3.65%, 02/03/48 | &nbsp;&nbsp; 654 | 495043 |
| 4.40%, 08/05/52<sup>(a)</sup> | &nbsp;&nbsp; 674 | 563526 |
| 4.45%, 01/20/49 | &nbsp;&nbsp; 611 | 522658 |
| 4.50%, 11/07/43<sup>(a)</sup> | &nbsp;&nbsp; 188 | 162971 |
| 6.13%, 11/01/53 | &nbsp;&nbsp; 310 | 331306 |
| 6.20%, 06/01/36<sup>(a)</sup> | &nbsp;&nbsp; 415 | 460706 |
| 6.38%, 11/15/37 | &nbsp;&nbsp; 369 | 412389 |
| 6.71%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 315 | 357716 |
| Canadian Pacific Railway Co. |  |  |
| 3.00%, 12/02/41<sup>(a)</sup> | &nbsp;&nbsp; 1018 | 742689 |
| 3.10%, 12/02/51<sup>(a)</sup> | &nbsp;&nbsp; 1495 | 971793 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 585 | 414224 |
| 4.20%, 11/15/69 | &nbsp;&nbsp; 316 | 236649 |
| 4.30%, 05/15/43<sup>(a)</sup> | &nbsp;&nbsp; 481 | 408242 |
| 4.70%, 05/01/48 | &nbsp;&nbsp; 658 | 576533 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 290 | 283982 |
| 4.80%, 08/01/45 | &nbsp;&nbsp; 551 | 493216 |
| 4.95%, 08/15/45 | &nbsp;&nbsp; 497 | 453213 |
| 5.75%, 01/15/42 | &nbsp;&nbsp; 88 | 86896 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 513 | 546169 |
| 6.13%, 09/15/2115 | &nbsp;&nbsp; 729 | 734182 |
| Central Japan Railway Co., 4.25%, 11/24/45<sup>(b)</sup> | &nbsp;&nbsp; 206 | 169630 |
| CSX Corp. |  |  |
| 2.50%, 05/15/51 | &nbsp;&nbsp; 420 | 240720 |
| 3.35%, 09/15/49 | &nbsp;&nbsp; 660 | 456275 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.80%, 11/01/46 | &nbsp;&nbsp; $742 | $573014 |
| 3.80%, 04/15/50 | &nbsp;&nbsp; 439 | 328340 |
| 3.95%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 642 | 493935 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 711 | 586046 |
| 4.25%, 11/01/66 | &nbsp;&nbsp; 457 | 347392 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 950 | 783491 |
| 4.40%, 03/01/43<sup>(a)</sup> | &nbsp;&nbsp; 202 | 174999 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 444 | 373484 |
| 4.50%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 887 | 740377 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 486 | 401396 |
| 4.65%, 03/01/68 | &nbsp;&nbsp; 425 | 345307 |
| 4.75%, 05/30/42 | &nbsp;&nbsp; 676 | 616531 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 747 | 657570 |
| 4.90%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 460 | 407169 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 517 | 518322 |
| 6.00%, 10/01/36<sup>(a)</sup> | &nbsp;&nbsp; 368 | 396730 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 591 | 644324 |
| 6.22%, 04/30/40 | &nbsp;&nbsp; 629 | 680641 |
| Empresa de los Ferrocarriles del Estado |  |  |
| 3.07%, 08/18/50<sup>(b)</sup> | &nbsp;&nbsp; 385 | 231155 |
| 3.83%, 09/14/61<sup>(b)</sup> | &nbsp;&nbsp; 716 | 473479 |
| Empresa de Transporte de Pasajeros Metro SA |  |  |
| 3.69%, 09/13/61<sup>(a)(b)</sup> | &nbsp;&nbsp; 675 | 460012 |
| 4.70%, 05/07/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 1028 | 863520 |
| 5.00%, 01/25/47<sup>(b)</sup> | &nbsp;&nbsp; 340 | 302185 |
| ENA Master Trust, 4.00%, 05/19/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 425 | 312375 |
| FedEx Corp. |  |  |
| 3.25%, 05/15/41 | &nbsp;&nbsp; 331 | 237663 |
| 3.88%, 08/01/42 | &nbsp;&nbsp; 300 | 233163 |
| 3.88%, 08/01/42<sup>(b)</sup> | &nbsp;&nbsp; 130 | 101037 |
| 4.05%, 02/15/48 | &nbsp;&nbsp; 862 | 638460 |
| 4.05%, 02/15/48<sup>(b)</sup> | &nbsp;&nbsp; 100 | 74067 |
| 4.10%, 04/15/43 | &nbsp;&nbsp; 232 | 180135 |
| 4.10%, 04/15/43<sup>(b)</sup> | &nbsp;&nbsp; 160 | 124231 |
| 4.10%, 02/01/45 | &nbsp;&nbsp; 268 | 205926 |
| 4.10%, 02/01/45<sup>(b)</sup> | &nbsp;&nbsp; 50 | 38419 |
| 4.40%, 01/15/47 | &nbsp;&nbsp; 635 | 499043 |
| 4.40%, 01/15/47<sup>(b)</sup> | &nbsp;&nbsp; 5 | 3929 |
| 4.50%, 02/01/65 | &nbsp;&nbsp; 169 | 123480 |
| 4.55%, 04/01/46 | &nbsp;&nbsp; 649 | 525681 |
| 4.55%, 04/01/46<sup>(b)</sup> | &nbsp;&nbsp; 215 | 174147 |
| 4.75%, 11/15/45 | &nbsp;&nbsp; 919 | 768588 |
| 4.75%, 11/15/45<sup>(b)</sup> | &nbsp;&nbsp; 70 | 58543 |
| 4.95%, 10/17/48<sup>(a)</sup> | &nbsp;&nbsp; 587 | 494768 |
| 4.95%, 10/17/48<sup>(b)</sup> | &nbsp;&nbsp; 80 | 67430 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 237 | 210387 |
| 5.10%, 01/15/44<sup>(b)</sup> | &nbsp;&nbsp; 60 | 53263 |
| 5.25%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 503 | 442502 |
| 5.25%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 465 | 409073 |
| Norfolk Southern Corp. |  |  |
| 2.90%, 08/25/51<sup>(a)</sup> | &nbsp;&nbsp; 545 | 339115 |
| 3.05%, 05/15/50 | &nbsp;&nbsp; 743 | 485037 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 772 | 490167 |
| 3.40%, 11/01/49 | &nbsp;&nbsp; 452 | 313401 |
| 3.70%, 03/15/53 | &nbsp;&nbsp; 388 | 280264 |
| 3.94%, 11/01/47 | &nbsp;&nbsp; 746 | 585591 |
| 3.95%, 10/01/42 | &nbsp;&nbsp; 611 | 500290 |
| 4.05%, 08/15/52 | &nbsp;&nbsp; 933 | 718858 |
| 4.10%, 05/15/49 | &nbsp;&nbsp; 429 | 338043 |
| 4.10%, 05/15/2121 | &nbsp;&nbsp; 495 | 341073 |
| 4.15%, 02/28/48 | &nbsp;&nbsp; 630 | 507807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.45%, 06/15/45 | &nbsp;&nbsp; $569 | $488002 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 810 | 675829 |
| 4.65%, 01/15/46 | &nbsp;&nbsp; 646 | 566697 |
| 4.80%, 08/15/43 | &nbsp;&nbsp; 360 | 318997 |
| 4.84%, 10/01/41 | &nbsp;&nbsp; 282 | 262077 |
| 5.10%, 08/01/2118 | &nbsp;&nbsp; 295 | 246891 |
| 5.35%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 994566 |
| 5.95%, 03/15/64 | &nbsp;&nbsp; 465 | 473949 |
| Polar Tankers Inc., 5.95%, 05/10/37<sup>(a)(b)</sup> | &nbsp;&nbsp; 166 | 174770 |
| TTX Co. |  |  |
| 3.90%, 02/01/45<sup>(b)</sup> | &nbsp;&nbsp; 255 | 203186 |
| 4.20%, 07/01/46<sup>(b)</sup> | &nbsp;&nbsp; 330 | 272437 |
| 4.60%, 02/01/49<sup>(a)(b)</sup> | &nbsp;&nbsp; 591 | 505326 |
| 4.65%, 06/15/44<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4321 |
| 5.65%, 12/01/52<sup>(b)</sup> | &nbsp;&nbsp; 250 | 246184 |
| Union Pacific Corp. |  |  |
| 2.89%, 04/06/36 | &nbsp;&nbsp; 655 | 543921 |
| 2.95%, 03/10/52 | &nbsp;&nbsp; 812 | 511017 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 858 | 497797 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 723 | 552845 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 1580 | 1075268 |
| 3.35%, 08/15/46 | &nbsp;&nbsp; 379 | 271559 |
| 3.38%, 02/14/42 | &nbsp;&nbsp; 430 | 330419 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 1385 | 966954 |
| 3.55%, 08/15/39 | &nbsp;&nbsp; 632 | 527969 |
| 3.55%, 05/20/61 | &nbsp;&nbsp; 653 | 432958 |
| 3.60%, 09/15/37 | &nbsp;&nbsp; 288 | 250460 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 700 | 467952 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 865 | 644160 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 896 | 605618 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 1750 | 1249957 |
| 3.85%, 02/14/72 | &nbsp;&nbsp; 430 | 293235 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 431 | 319431 |
| 3.95%, 08/15/59 | &nbsp;&nbsp; 447 | 326209 |
| 4.00%, 04/15/47 | &nbsp;&nbsp; 715 | 564389 |
| 4.05%, 11/15/45 | &nbsp;&nbsp; 552 | 445702 |
| 4.05%, 03/01/46 | &nbsp;&nbsp; 653 | 524268 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 453 | 329992 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 933 | 761926 |
| 4.50%, 09/10/48 | &nbsp;&nbsp; 392 | 330323 |
| 4.95%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 578 | 519729 |
| 4.95%, 05/15/53 | &nbsp;&nbsp; 457 | 410805 |
| 5.15%, 01/20/63<sup>(a)</sup> | &nbsp;&nbsp; 298 | 269072 |
| 5.60%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 830 | 818320 |
| United Parcel Service Inc. |  |  |
| 3.40%, 11/15/46 | &nbsp;&nbsp; 505 | 363736 |
| 3.40%, 09/01/49 | &nbsp;&nbsp; 694 | 479260 |
| 3.63%, 10/01/42 | &nbsp;&nbsp; 293 | 228446 |
| 3.75%, 11/15/47 | &nbsp;&nbsp; 1149 | 867570 |
| 4.25%, 03/15/49 | &nbsp;&nbsp; 753 | 608179 |
| 4.88%, 11/15/40 | &nbsp;&nbsp; 472 | 444393 |
| 5.05%, 03/03/53 | &nbsp;&nbsp; 1014 | 912255 |
| 5.20%, 04/01/40 | &nbsp;&nbsp; 503 | 498106 |
| 5.30%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 1187 | 1115630 |
| 5.50%, 05/22/54 | &nbsp;&nbsp; 980 | 940247 |
| 5.60%, 05/22/64 | &nbsp;&nbsp; 515 | 488746 |
| 5.95%, 05/14/55 | &nbsp;&nbsp; 1130 | 1143084 |
| 6.05%, 05/14/65 | &nbsp;&nbsp; 865 | 874825 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; 1374 | 1496127 |
|  |  | 81079749 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| GATX Corp. |  |  |
| 3.10%, 06/01/51 | &nbsp;&nbsp; $534 | $331529 |
| 4.50%, 03/30/45 | &nbsp;&nbsp; 230 | 185470 |
| 5.20%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 359 | 332109 |
| 6.05%, 06/05/54<sup>(a)</sup> | &nbsp;&nbsp; 650 | 649693 |
|  |  | 1498801 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
| American Water Capital Corp. |  |  |
| 3.25%, 06/01/51 | &nbsp;&nbsp; 520 | 349018 |
| 3.45%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 430 | 302142 |
| 3.75%, 09/01/47<sup>(a)</sup> | &nbsp;&nbsp; 660 | 499542 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 380 | 302933 |
| 4.15%, 06/01/49<sup>(a)</sup> | &nbsp;&nbsp; 455 | 359412 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 655 | 527917 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 466 | 396913 |
| 4.30%, 09/01/45<sup>(a)</sup> | &nbsp;&nbsp; 296 | 251694 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 780 | 749220 |
| 5.70%, 09/01/55 | &nbsp;&nbsp; 870 | 856140 |
| 6.59%, 10/15/37<sup>(a)</sup> | &nbsp;&nbsp; 657 | 739064 |
| Essential Utilities Inc. |  |  |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 541 | 356400 |
| 4.28%, 05/01/49 | &nbsp;&nbsp; 350 | 272846 |
| 5.30%, 05/01/52 | &nbsp;&nbsp; 440 | 398506 |
|  |  | 6361747 |
| **Total Long-Term Investments — 97.4%** <br>**(Cost: $2,797,425,157)** | **Total Long-Term Investments — 97.4%** <br>**(Cost: $2,797,425,157)** | 2398922597 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 10.6%** | **Money Market Funds — 10.6%** | **Money Market Funds — 10.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp; 233331351 | 233448016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(g)(h)</sup><br>| &nbsp;&nbsp; 26670000 | $26670000 |
| **Total Short-Term Securities — 10.6%** <br>**(Cost: $260,012,677)** | **Total Short-Term Securities — 10.6%** <br>**(Cost: $260,012,677)** | 260118016 |
| **Total Investments — 108.0%** <br>**(Cost: $3,057,437,834)** | **Total Investments — 108.0%** <br>**(Cost: $3,057,437,834)** | 2659040613 |
| **Liabilities in Excess of Other Assets — (8.0)%** | **Liabilities in Excess of Other Assets — (8.0)%** | (197275052)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2461765561 |

---

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

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

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(d)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(e)</sup> Perpetual security with no stated maturity date.

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $312794443 | $— | &nbsp;&nbsp; $(79347789 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(1983)<br>| $3345 | $233448016 | 233331351 | $348870 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 25420000 | 1250000 <br><sup>(a)</sup><br>|  |  |  | 26670000 | 26670000 | 586554 |  |
|  |  |  |  | $(1983) | $3345 | $260118016 |  | $935424 | $— |

---

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® 10+ Year Investment Grade Corporate Bond ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2398922597 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2398922597 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 260118016 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 260118016 |
|  | &nbsp;&nbsp; $260118016 | &nbsp;&nbsp; $2398922597 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2659040613 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Broad USD <br> Investment Grade <br> Corporate Bond <br> ETF <br>| &nbsp;&nbsp; iShares <br>1-5 Year Investment <br> Grade Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>5-10 Year <br> Investment Grade <br> Corporate Bond <br> ETF <br>| &nbsp;&nbsp; iShares <br>10+ Year <br> Investment Grade <br> Corporate Bond <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $14469709317 | $21074281394 | $15820451556 | $2398922597 |
| Investments, at value—affiliated<sup>(c)</sup> | 1434076087 | 1574145910 | 1952092474 | 260118016 |
| Cash |  |  | 21974 | 3161 |
| Foreign currency, at value<sup>(d)</sup> | 89 | 60 |  |  |
| Receivables: |  |  |  |  |
| Investments sold |  |  |  | 39778 |
| Securities lending income—affiliated | 318280 | 389097 | 341207 | 53792 |
| Capital shares sold | 3475338 | 18044656 | 6411882 | 1251968 |
| Dividends—affiliated | 120120 | 110822 | 290874 | 78675 |
| Interest—unaffiliated | 184618517 | 240353061 | 198627458 | 36544215 |
| Total assets | 16092317748 | 22907325000 | 17978237425 | 2697012202 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | 112968 | 510089 |  |  |
| Collateral on securities loaned, at value | 1363330596 | 1460230537 | 1779900456 | 233427235 |
| Payables: |  |  |  |  |
| Investments purchased | 6043825 | 17018133 | 9963163 | 1701212 |
| Capital shares redeemed |  | 770491 | 840753 | 35279 |
| Investment advisory fees | 495578 | 744573 | 539459 | 82915 |
| Total liabilities | 1369982967 | 1479273823 | 1791243831 | 235246641 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $14722334781 | $21428051177 | $16186993594 | $2461765561 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $15423704199 | $21621358448 | $17070544213 | $3003838399 |
| Accumulated loss | (701369418) | (193307271) | (883550619) | (542072838) |
| NET ASSETS | $14722334781 | $21428051177 | $16186993594 | $2461765561 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 285050000 | 404300000 | 301600000 | 49100000 |
| Net asset value | $51.65 | $53.00 | $53.67 | $50.14 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $15041152806 | $20797096808 | $15824741591 | $2797425157 |
| <sup>(b)</sup> Securities loaned, at value | $1312613538 | $1409975918 | $1715504322 | $222937835 |
| <sup>(c)</sup> Investments, at cost—affiliated | $1433582791 | $1573402996 | $1951367752 | $260012677 |
| <sup>(d)</sup> Foreign currency, at cost | $78 | $53 | $— | $— |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Broad USD <br> Investment <br> Grade <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>1-5 Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>5-10 Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>10+ Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $548089 | &nbsp;&nbsp;&nbsp; $759023 | &nbsp;&nbsp;&nbsp; $2250728 | &nbsp;&nbsp;&nbsp; $586554 |
| Interest—unaffiliated | &nbsp;&nbsp; 320107405 | &nbsp;&nbsp;&nbsp; 479283005 | &nbsp;&nbsp;&nbsp; 354969313 | &nbsp;&nbsp;&nbsp; 64236962 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1934650 | &nbsp;&nbsp;&nbsp; 2476073 | &nbsp;&nbsp;&nbsp; 2304997 | &nbsp;&nbsp;&nbsp; 348870 |
| Other income—unaffiliated | &nbsp;&nbsp; 382955 | &nbsp;&nbsp;&nbsp; 697965 | &nbsp;&nbsp;&nbsp; 33961 | &nbsp;&nbsp;&nbsp; 75862 |
| Total investment income | &nbsp;&nbsp; 322973099 | &nbsp;&nbsp;&nbsp; 483216066 | &nbsp;&nbsp;&nbsp; 359558999 | &nbsp;&nbsp;&nbsp; 65248248 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 2736943 | &nbsp;&nbsp;&nbsp; 4320675 | &nbsp;&nbsp;&nbsp; 3055580 | &nbsp;&nbsp;&nbsp; 498694 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 2736943 | &nbsp;&nbsp;&nbsp; 4320675 | &nbsp;&nbsp;&nbsp; 3055914 | &nbsp;&nbsp;&nbsp; 498694 |
| Net investment income | &nbsp;&nbsp; 320236156 | &nbsp;&nbsp;&nbsp; 478895391 | &nbsp;&nbsp;&nbsp; 356503085 | &nbsp;&nbsp;&nbsp; 64749554 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (23460338)<br>| &nbsp;&nbsp;&nbsp; (41563679)<br>| &nbsp;&nbsp;&nbsp; (172234354)<br>| &nbsp;&nbsp;&nbsp; (9682711)<br>|
| Investments—affiliated | &nbsp;&nbsp; (19959)<br>| &nbsp;&nbsp;&nbsp; (25806)<br>| &nbsp;&nbsp;&nbsp; (22779)<br>| &nbsp;&nbsp;&nbsp; (1983)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 10258031 | &nbsp;&nbsp;&nbsp; 64952763 | &nbsp;&nbsp;&nbsp; 34398038 | &nbsp;&nbsp;&nbsp; (26671304)<br>|
|  | &nbsp;&nbsp; (13222266)<br>| &nbsp;&nbsp;&nbsp; 23363278 | &nbsp;&nbsp;&nbsp; (137859095)<br>| &nbsp;&nbsp;&nbsp; (36355998)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 91990694 | &nbsp;&nbsp;&nbsp; 240820626 | &nbsp;&nbsp;&nbsp; 411086894 | &nbsp;&nbsp;&nbsp; (30075746)<br>|
| Investments—affiliated | &nbsp;&nbsp; 34650 | &nbsp;&nbsp;&nbsp; 24584 | &nbsp;&nbsp;&nbsp; 32715 | &nbsp;&nbsp;&nbsp; 3345 |
| Foreign currency translations | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 92025354 | &nbsp;&nbsp;&nbsp; 240845217 | &nbsp;&nbsp;&nbsp; 411119609 | &nbsp;&nbsp;&nbsp; (30072401)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 78803088 | &nbsp;&nbsp;&nbsp; 264208495 | &nbsp;&nbsp;&nbsp; 273260514 | &nbsp;&nbsp;&nbsp; (66428399)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $399039244 | &nbsp;&nbsp;&nbsp; $743103886 | &nbsp;&nbsp;&nbsp; $629763599 | &nbsp;&nbsp;&nbsp; $(1678845)<br>|
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Broad USD Investment Grade Corporate Bond <br> ETF  | iShares <br>Broad USD Investment Grade Corporate Bond <br> ETF  | iShares <br>1-5 Year Investment Grade Corporate Bond ETF  | iShares <br>1-5 Year Investment Grade Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Six Months Ended <br>08/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $320236156 | &nbsp;&nbsp;&nbsp; $528530528 | &nbsp;&nbsp;&nbsp; $478895391 | &nbsp;&nbsp;&nbsp; $859358091 |
| Net realized gain (loss) | &nbsp;&nbsp; (13222266)<br>| &nbsp;&nbsp;&nbsp; (21982609)<br>| &nbsp;&nbsp;&nbsp; 23363278 | &nbsp;&nbsp;&nbsp; (121100116)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 92025354 | &nbsp;&nbsp;&nbsp; 253499589 | &nbsp;&nbsp;&nbsp; 240845217 | &nbsp;&nbsp;&nbsp; 622977007 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 399039244 | &nbsp;&nbsp;&nbsp; 760047508 | &nbsp;&nbsp;&nbsp; 743103886 | &nbsp;&nbsp;&nbsp; 1361234982 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (311277147 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (521252074)<br>| &nbsp;&nbsp;&nbsp; (475991082 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (854199269)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 2092111403 | &nbsp;&nbsp;&nbsp; 1824920329 | &nbsp;&nbsp;&nbsp; (542179572)<br>| &nbsp;&nbsp;&nbsp; (155581087)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 2179873500 | &nbsp;&nbsp;&nbsp; 2063715763 | &nbsp;&nbsp;&nbsp; (275066768)<br>| &nbsp;&nbsp;&nbsp; 351454626 |
| Beginning of period | &nbsp;&nbsp; 12542461281 | &nbsp;&nbsp;&nbsp; 10478745518 | &nbsp;&nbsp;&nbsp; 21703117945 | &nbsp;&nbsp;&nbsp; 21351663319 |
| End of period | &nbsp;&nbsp; $14722334781 | &nbsp;&nbsp;&nbsp; $12542461281 | &nbsp;&nbsp;&nbsp; $21428051177 | &nbsp;&nbsp;&nbsp; $21703117945 |

---

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

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

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>5-10 Year Investment Grade Corporate Bond <br> ETF  | iShares <br>5-10 Year Investment Grade Corporate Bond <br> ETF  | iShares <br>10+ Year Investment Grade Corporate Bond <br> ETF  | iShares <br>10+ Year Investment Grade Corporate Bond <br> ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Six Months Ended <br>08/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $356503085 | &nbsp;&nbsp;&nbsp; $627618131 | &nbsp;&nbsp;&nbsp; $64749554 | &nbsp;&nbsp;&nbsp; $127138875 |
| Net realized loss | &nbsp;&nbsp; (137859095)<br>| &nbsp;&nbsp;&nbsp; (130907504)<br>| &nbsp;&nbsp;&nbsp; (36355998)<br>| &nbsp;&nbsp;&nbsp; (23895952)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 411119609 | &nbsp;&nbsp;&nbsp; 549521632 | &nbsp;&nbsp;&nbsp; (30072401)<br>| &nbsp;&nbsp;&nbsp; 26176940 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 629763599 | &nbsp;&nbsp;&nbsp; 1046232259 | &nbsp;&nbsp;&nbsp; (1678845)<br>| &nbsp;&nbsp;&nbsp; 129419863 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (351747732 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (615689462)<br>| &nbsp;&nbsp;&nbsp; (65904055 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (124382045)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 572184230 | &nbsp;&nbsp;&nbsp; 2366650106 | &nbsp;&nbsp;&nbsp; (225523953)<br>| &nbsp;&nbsp;&nbsp; 642315375 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 850200097 | &nbsp;&nbsp;&nbsp; 2797192903 | &nbsp;&nbsp;&nbsp; (293106853)<br>| &nbsp;&nbsp;&nbsp; 647353193 |
| Beginning of period | &nbsp;&nbsp; 15336793497 | &nbsp;&nbsp;&nbsp; 12539600594 | &nbsp;&nbsp;&nbsp; 2754872414 | &nbsp;&nbsp;&nbsp; 2107519221 |
| End of period | &nbsp;&nbsp; $16186993594 | &nbsp;&nbsp;&nbsp; $15336793497 | &nbsp;&nbsp;&nbsp; $2461765561 | &nbsp;&nbsp;&nbsp; $2754872414 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Broad USD Investment Grade Corporate Bond ETF  | iShares Broad USD Investment Grade Corporate Bond ETF  | iShares Broad USD Investment Grade Corporate Bond ETF  | iShares Broad USD Investment Grade Corporate Bond ETF  | iShares Broad USD Investment Grade Corporate Bond ETF  | iShares Broad USD Investment Grade Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.42 | &nbsp;&nbsp;&nbsp; $50.35 | &nbsp;&nbsp;&nbsp; $49.43 | &nbsp;&nbsp;&nbsp; $56.64 | &nbsp;&nbsp;&nbsp; $60.09 | &nbsp;&nbsp;&nbsp; $60.20 |
| Net investment income<sup>(a)</sup> | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp; (7.28)<br>| &nbsp;&nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net increase (decrease) from investment operations | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (5.62)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.18 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (1.72)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $51.65 | &nbsp;&nbsp;&nbsp; $51.42 | &nbsp;&nbsp;&nbsp; $50.35 | &nbsp;&nbsp;&nbsp; $49.43 | &nbsp;&nbsp;&nbsp; $56.64 | &nbsp;&nbsp;&nbsp; $60.09 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.77 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.14<br> %<br>| &nbsp;&nbsp;&nbsp; (9.99)%<br>| &nbsp;&nbsp;&nbsp; (3.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Net investment income | 4.68 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $14722335 | &nbsp;&nbsp;&nbsp; $12542461 | &nbsp;&nbsp;&nbsp; $10478746 | &nbsp;&nbsp;&nbsp; $8240435 | &nbsp;&nbsp;&nbsp; $6582071 | &nbsp;&nbsp;&nbsp; $5913258 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 1-5 Year Investment Grade Corporate Bond ETF  | iShares 1-5 Year Investment Grade Corporate Bond ETF  | iShares 1-5 Year Investment Grade Corporate Bond ETF  | iShares 1-5 Year Investment Grade Corporate Bond ETF  | iShares 1-5 Year Investment Grade Corporate Bond ETF  | iShares 1-5 Year Investment Grade Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $52.34 | &nbsp;&nbsp;&nbsp; $51.07 | &nbsp;&nbsp;&nbsp; $49.89 | &nbsp;&nbsp;&nbsp; $52.72 | &nbsp;&nbsp;&nbsp; $54.88 | &nbsp;&nbsp;&nbsp; $54.36 |
| Net investment income<sup>(a)</sup> | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Net realized and unrealized gain<sup>(b)</sup> | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net increase from investment operations | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.16 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (1.27)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.27)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $53.00 | &nbsp;&nbsp;&nbsp; $52.34 | &nbsp;&nbsp;&nbsp; $51.07 | &nbsp;&nbsp;&nbsp; $49.89 | &nbsp;&nbsp;&nbsp; $52.72 | &nbsp;&nbsp;&nbsp; $54.88 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.51 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91<br> %<br>| &nbsp;&nbsp;&nbsp; (3.32)%<br>| &nbsp;&nbsp;&nbsp; (2.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Net investment income | 4.43 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $21428051 | &nbsp;&nbsp;&nbsp; $21703118 | &nbsp;&nbsp;&nbsp; $21351663 | &nbsp;&nbsp;&nbsp; $24248111 | &nbsp;&nbsp;&nbsp; $22436202 | &nbsp;&nbsp;&nbsp; $22726686 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 5-10 Year Investment Grade Corporate Bond ETF  | iShares 5-10 Year Investment Grade Corporate Bond ETF  | iShares 5-10 Year Investment Grade Corporate Bond ETF  | iShares 5-10 Year Investment Grade Corporate Bond ETF  | iShares 5-10 Year Investment Grade Corporate Bond ETF  | iShares 5-10 Year Investment Grade Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $52.70 | &nbsp;&nbsp;&nbsp; $51.10 | &nbsp;&nbsp;&nbsp; $49.83 | &nbsp;&nbsp;&nbsp; $56.71 | &nbsp;&nbsp;&nbsp; $60.34 | &nbsp;&nbsp;&nbsp; $59.76 |
| Net investment income<sup>(a)</sup> | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp; (6.91)<br>| &nbsp;&nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net increase (decrease) from investment operations | 2.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp; (5.34)<br>| &nbsp;&nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.22 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $53.67 | &nbsp;&nbsp;&nbsp; $52.70 | &nbsp;&nbsp;&nbsp; $51.10 | &nbsp;&nbsp;&nbsp; $49.83 | &nbsp;&nbsp;&nbsp; $56.71 | &nbsp;&nbsp;&nbsp; $60.34 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.20 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.71<br> %<br>| &nbsp;&nbsp;&nbsp; (9.47)%<br>| &nbsp;&nbsp;&nbsp; (3.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.79<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Net investment income | 4.67 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $16186994 | &nbsp;&nbsp;&nbsp; $15336793 | &nbsp;&nbsp;&nbsp; $12539601 | &nbsp;&nbsp;&nbsp; $11026688 | &nbsp;&nbsp;&nbsp; $11188899 | &nbsp;&nbsp;&nbsp; $11063433 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares 10+ Year Investment Grade Corporate Bond ETF  | iShares 10+ Year Investment Grade Corporate Bond ETF  | iShares 10+ Year Investment Grade Corporate Bond ETF  | iShares 10+ Year Investment Grade Corporate Bond ETF  | iShares 10+ Year Investment Grade Corporate Bond ETF  | iShares 10+ Year Investment Grade Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $51.21 | &nbsp;&nbsp;&nbsp; $50.78 | &nbsp;&nbsp;&nbsp; $50.34 | &nbsp;&nbsp;&nbsp; $63.42 | &nbsp;&nbsp;&nbsp; $68.68 | &nbsp;&nbsp;&nbsp; $70.27 |
| Net investment income<sup>(a)</sup> | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (13.06)<br>| &nbsp;&nbsp;&nbsp; (5.24)<br>| &nbsp;&nbsp;&nbsp; (1.57)<br>|
| Net increase (decrease) from investment operations | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp; (10.79)<br>| &nbsp;&nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.30 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp; (2.33)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $50.14 | &nbsp;&nbsp;&nbsp; $51.21 | &nbsp;&nbsp;&nbsp; $50.78 | &nbsp;&nbsp;&nbsp; $50.34 | &nbsp;&nbsp;&nbsp; $63.42 | &nbsp;&nbsp;&nbsp; $68.68 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> %<br>| &nbsp;&nbsp;&nbsp; (17.18)%<br>| &nbsp;&nbsp;&nbsp; (4.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Net investment income | 5.19 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2461766 | &nbsp;&nbsp;&nbsp; $2754872 | &nbsp;&nbsp;&nbsp; $2107519 | &nbsp;&nbsp;&nbsp; $1600835 | &nbsp;&nbsp;&nbsp; $1991416 | &nbsp;&nbsp;&nbsp; $2403908 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Broad USD Investment Grade Corporate Bond | &nbsp;&nbsp; Diversified |
| 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp; Diversified |
| 5-10 Year Investment Grade Corporate Bond | &nbsp;&nbsp; Diversified |
| 10+ Year Investment Grade Corporate Bond | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

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

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

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

Notes to Financial Statements

------

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

or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Broad USD Investment Grade Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $236790264 | &nbsp;&nbsp;&nbsp; $(236790264) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 19982671 | &nbsp;&nbsp;&nbsp; (19982671) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 5044288 | &nbsp;&nbsp;&nbsp; (5044288) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 137196345 | &nbsp;&nbsp;&nbsp; (137196345) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 62567079 | &nbsp;&nbsp;&nbsp; (62567079) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 4627354 | &nbsp;&nbsp;&nbsp; (4627354) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 36028792 | &nbsp;&nbsp;&nbsp; (36028792) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 64442076 | &nbsp;&nbsp;&nbsp; (64442076) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 97632165 | &nbsp;&nbsp;&nbsp; (97632165) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 18462158 | &nbsp;&nbsp;&nbsp; (18462158) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 252698583 | &nbsp;&nbsp;&nbsp; (252698583) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 3997635 | &nbsp;&nbsp;&nbsp; (3997635) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 27911707 | &nbsp;&nbsp;&nbsp; (27911707) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 93489845 | &nbsp;&nbsp;&nbsp; (93489845) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 20068373 | &nbsp;&nbsp;&nbsp; (20068373) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 10354996 | &nbsp;&nbsp;&nbsp; (10354996) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 30427070 | &nbsp;&nbsp;&nbsp; (30427070) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 93422350 | &nbsp;&nbsp;&nbsp; (93422350) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 8965128 | &nbsp;&nbsp;&nbsp; (8965128) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 2735941 | &nbsp;&nbsp;&nbsp; (2735941) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 6337228 | &nbsp;&nbsp;&nbsp; (6337228) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 2924140 | &nbsp;&nbsp;&nbsp; (2924140) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 5176895 | &nbsp;&nbsp;&nbsp; (5176895) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 453437 | &nbsp;&nbsp;&nbsp; (453437) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 25292058 | &nbsp;&nbsp;&nbsp; (25292058) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 4364808 | &nbsp;&nbsp;&nbsp; (4364808) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 41220152 | &nbsp;&nbsp;&nbsp; (41220152) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1312613538 | &nbsp;&nbsp;&nbsp; $(1312613538) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| 1-5 Year Investment Grade Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $249236723 | &nbsp;&nbsp;&nbsp; $(249236723) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 9099286 | &nbsp;&nbsp;&nbsp; (9099286) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 23164439 | &nbsp;&nbsp;&nbsp; (23164439) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 68401870 | &nbsp;&nbsp;&nbsp; (68401870) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 67006534 | &nbsp;&nbsp;&nbsp; (67006534) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 54521854 | &nbsp;&nbsp;&nbsp; (54521854) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 83593728 | &nbsp;&nbsp;&nbsp; (83593728) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 88158391 | &nbsp;&nbsp;&nbsp; (88158391) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 14907388 | &nbsp;&nbsp;&nbsp; (14907388) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 339742062 | &nbsp;&nbsp;&nbsp; (339742062) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 1780042 | &nbsp;&nbsp;&nbsp; (1780042) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 32015506 | &nbsp;&nbsp;&nbsp; (32015506) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 125349741 | &nbsp;&nbsp;&nbsp; (125349741) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 15093481 | &nbsp;&nbsp;&nbsp; (15093481) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 11833643 | &nbsp;&nbsp;&nbsp; (11833643) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 48340462 | &nbsp;&nbsp;&nbsp; (48340462) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 63136365 | &nbsp;&nbsp;&nbsp; (63136365) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 340770 | &nbsp;&nbsp;&nbsp; (340770) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 2003149 | &nbsp;&nbsp;&nbsp; (2003149) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 5946683 | &nbsp;&nbsp;&nbsp; (5946683) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 4815010 | &nbsp;&nbsp;&nbsp; (4815010) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 2386315 | &nbsp;&nbsp;&nbsp; (2386315) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 1171275 | &nbsp;&nbsp;&nbsp; (1171275) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 31835781 | &nbsp;&nbsp;&nbsp; (31835781) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 3368089 | &nbsp;&nbsp;&nbsp; (3368089) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 62727331 | &nbsp;&nbsp;&nbsp; (62727331) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1409975918 | &nbsp;&nbsp;&nbsp; $(1409975918) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| 5-10 Year Investment Grade Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $331601124 | &nbsp;&nbsp;&nbsp; $(331601124) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 31760869 | &nbsp;&nbsp;&nbsp; (31760869) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 9612442 | &nbsp;&nbsp;&nbsp; (9612442) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 137151147 | &nbsp;&nbsp;&nbsp; (137151147) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 80361707 | &nbsp;&nbsp;&nbsp; (80361707) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 5100109 | &nbsp;&nbsp;&nbsp; (5100109) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 39328295 | &nbsp;&nbsp;&nbsp; (39328295) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 139606473 | &nbsp;&nbsp;&nbsp; (139606473) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 89439655 | &nbsp;&nbsp;&nbsp; (89439655) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 21753868 | &nbsp;&nbsp;&nbsp; (21753868) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 232335425 | &nbsp;&nbsp;&nbsp; (232335425) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 4740484 | &nbsp;&nbsp;&nbsp; (4740484) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 27549540 | &nbsp;&nbsp;&nbsp; (27549540) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 93176962 | &nbsp;&nbsp;&nbsp; (93176962) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 32712956 | &nbsp;&nbsp;&nbsp; (32712956) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 19631380 | &nbsp;&nbsp;&nbsp; (19631380) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 37042710 | &nbsp;&nbsp;&nbsp; (37042710) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 196254874 | &nbsp;&nbsp;&nbsp; (196254874) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 21744312 | &nbsp;&nbsp;&nbsp; (21744312) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 3290432 | &nbsp;&nbsp;&nbsp; (3290432) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 6109151 | &nbsp;&nbsp;&nbsp; (6109151) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 4259043 | &nbsp;&nbsp;&nbsp; (4259043) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 30524376 | &nbsp;&nbsp;&nbsp; (30524376) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 1712597 | &nbsp;&nbsp;&nbsp; (1712597) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 37078042 | &nbsp;&nbsp;&nbsp; (37078042) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 11054680 | &nbsp;&nbsp;&nbsp; (11054680) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 70571669 | &nbsp;&nbsp;&nbsp; (70571669) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1715504322 | &nbsp;&nbsp;&nbsp; $(1715504322) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| 10+ Year Investment Grade Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $32628894 | &nbsp;&nbsp;&nbsp; $(32628894) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 1275048 | &nbsp;&nbsp;&nbsp; (1275048) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 43376142 | &nbsp;&nbsp;&nbsp; (43376142) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 7952152 | &nbsp;&nbsp;&nbsp; (7952152) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 535588 | &nbsp;&nbsp;&nbsp; (535588) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 4365954 | &nbsp;&nbsp;&nbsp; (4365954) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 6311538 | &nbsp;&nbsp;&nbsp; (6311538) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 26687150 | &nbsp;&nbsp;&nbsp; (26687150) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 912023 | &nbsp;&nbsp;&nbsp; (912023) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 50798099 | &nbsp;&nbsp;&nbsp; (50798099) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 19219 | &nbsp;&nbsp;&nbsp; (19219) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 658774 | &nbsp;&nbsp;&nbsp; (658774) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 11401994 | &nbsp;&nbsp;&nbsp; (11401994) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 2096622 | &nbsp;&nbsp;&nbsp; (2096622) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 2753771 | &nbsp;&nbsp;&nbsp; (2753771) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 14991072 | &nbsp;&nbsp;&nbsp; (14991072) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 1963718 | &nbsp;&nbsp;&nbsp; (1963718) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 2698236 | &nbsp;&nbsp;&nbsp; (2698236) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 107106 | &nbsp;&nbsp;&nbsp; (107106) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 4620769 | &nbsp;&nbsp;&nbsp; (4620769) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 6783966 | &nbsp;&nbsp;&nbsp; (6783966) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $222937835 | &nbsp;&nbsp;&nbsp; $(222937835) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| Broad USD Investment Grade Corporate Bond | 0.04% |
| 1-5 Year Investment Grade Corporate Bond | 0.04 |
| 5-10 Year Investment Grade Corporate Bond | 0.04 |
| 10+ Year Investment Grade Corporate Bond | 0.04 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Broad USD Investment Grade Corporate Bond | &nbsp;&nbsp; $691223 |
| 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp; 857553 |
| 5-10 Year Investment Grade Corporate Bond | &nbsp;&nbsp; 849132 |
| 10+ Year Investment Grade Corporate Bond | &nbsp;&nbsp; 125963 |

---

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

**Other Transactions:** Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

Notes to Financial Statements

------

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

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| Broad USD Investment Grade Corporate Bond | &nbsp;&nbsp; $257795 | &nbsp;&nbsp;&nbsp; $791306697 | &nbsp;&nbsp;&nbsp; $744747293 |
| 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp; 1038440 | &nbsp;&nbsp;&nbsp; 3168987344 | &nbsp;&nbsp;&nbsp; 3227797788 |
| 5-10 Year Investment Grade Corporate Bond | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2262567986 | &nbsp;&nbsp;&nbsp; 2386844431 |
| 10+ Year Investment Grade Corporate Bond | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 59844068 | &nbsp;&nbsp;&nbsp; 57373263 |

---

For the six months ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Broad USD Investment Grade Corporate Bond | &nbsp;&nbsp; $2782995717 | &nbsp;&nbsp;&nbsp; $791813824 |
| 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp; 4697681938 | &nbsp;&nbsp;&nbsp; 5214077201 |
| 5-10 Year Investment Grade Corporate Bond | &nbsp;&nbsp; 2656792080 | &nbsp;&nbsp;&nbsp; 2109274479 |
| 10+ Year Investment Grade Corporate Bond | &nbsp;&nbsp; 803749502 | &nbsp;&nbsp;&nbsp; 1017456008 |

---

***7. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of February 28, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| Broad USD Investment Grade Corporate Bond | &nbsp;&nbsp; $(168497410)<br>|
| 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp; (568686797)<br>|
| 5-10 Year Investment Grade Corporate Bond | &nbsp;&nbsp; (799531611)<br>|
| 10+ Year Investment Grade Corporate Bond | &nbsp;&nbsp; (117027868)<br>|

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Broad USD Investment Grade Corporate Bond | &nbsp;&nbsp; $16480854106 | &nbsp;&nbsp;&nbsp; $142550970 | &nbsp;&nbsp;&nbsp; $(719619672) | &nbsp;&nbsp;&nbsp; $(577068702) |
| 1-5 Year Investment Grade Corporate Bond | &nbsp;&nbsp; 22375735107 | &nbsp;&nbsp;&nbsp; 322198295 | &nbsp;&nbsp;&nbsp; (49506098) | &nbsp;&nbsp;&nbsp; 272692197 |
| 5-10 Year Investment Grade Corporate Bond | &nbsp;&nbsp; 17779571710 | &nbsp;&nbsp;&nbsp; 244399508 | &nbsp;&nbsp;&nbsp; (251427188) | &nbsp;&nbsp;&nbsp; (7027680) |
| 10+ Year Investment Grade Corporate Bond | &nbsp;&nbsp; 3058390956 | &nbsp;&nbsp;&nbsp; 2644513 | &nbsp;&nbsp;&nbsp; (401994856) | &nbsp;&nbsp;&nbsp; (399350343) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

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

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

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

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

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

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

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation on any individual financial company, or on the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

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

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Notes to Financial Statements

------

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>08/31/25 | Six Months Ended <br>08/31/25 | Year Ended <br>02/28/25 | Year Ended <br>02/28/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Broad USD Investment Grade Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 57150000 | &nbsp;&nbsp;&nbsp; $2904010860 | &nbsp;&nbsp;&nbsp; 52250000 | &nbsp;&nbsp;&nbsp; $2655389100 |
| Shares redeemed | &nbsp;&nbsp; (16000000)<br>| &nbsp;&nbsp;&nbsp; (811899457)<br>| &nbsp;&nbsp;&nbsp; (16450000)<br>| &nbsp;&nbsp;&nbsp; (830468771)<br>|
|  | &nbsp;&nbsp; 41150000 | &nbsp;&nbsp;&nbsp; $2092111403 | &nbsp;&nbsp;&nbsp; 35800000 | &nbsp;&nbsp;&nbsp; $1824920329 |
| 1-5 Year Investment Grade Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 92100000 | &nbsp;&nbsp;&nbsp; $4817826758 | &nbsp;&nbsp;&nbsp; 121100000 | &nbsp;&nbsp;&nbsp; $6258576579 |
| Shares redeemed | &nbsp;&nbsp; (102450000)<br>| &nbsp;&nbsp;&nbsp; (5360006330)<br>| &nbsp;&nbsp;&nbsp; (124500000)<br>| &nbsp;&nbsp;&nbsp; (6414157666)<br>|
|  | &nbsp;&nbsp; (10350000)<br>| &nbsp;&nbsp;&nbsp; $(542179572)<br>| &nbsp;&nbsp;&nbsp; (3400000)<br>| &nbsp;&nbsp;&nbsp; $(155581087)<br>|
| 5-10 Year Investment Grade Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 51750000 | &nbsp;&nbsp;&nbsp; $2728884584 | &nbsp;&nbsp;&nbsp; 115850000 | &nbsp;&nbsp;&nbsp; $6003740361 |
| Shares redeemed | &nbsp;&nbsp; (41150000)<br>| &nbsp;&nbsp;&nbsp; (2156700354)<br>| &nbsp;&nbsp;&nbsp; (70250000)<br>| &nbsp;&nbsp;&nbsp; (3637090255)<br>|
|  | &nbsp;&nbsp; 10600000 | &nbsp;&nbsp;&nbsp; $572184230 | &nbsp;&nbsp;&nbsp; 45600000 | &nbsp;&nbsp;&nbsp; $2366650106 |
| 10+ Year Investment Grade Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; $821270961 | &nbsp;&nbsp;&nbsp; 39400000 | &nbsp;&nbsp;&nbsp; $2020313325 |
| Shares redeemed | &nbsp;&nbsp; (21300000)<br>| &nbsp;&nbsp;&nbsp; (1046794914)<br>| &nbsp;&nbsp;&nbsp; (27100000)<br>| &nbsp;&nbsp;&nbsp; (1377997950)<br>|
|  | &nbsp;&nbsp; (4700000)<br>| &nbsp;&nbsp;&nbsp; $(225523953)<br>| &nbsp;&nbsp;&nbsp; 12300000 | &nbsp;&nbsp;&nbsp; $642315375 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

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

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Broad USD Investment Grade Corporate Bond ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares 10+ Year Investment Grade Corporate Bond ETF, iShares 1-5 Year Investment Grade Corporate Bond ETF, iShares 5-10 Year Investment Grade Corporate Bond ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| JSC | Joint Stock Company |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| ST | Special Tax |

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Glossary of Terms Used in this Report

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

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

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August 31, 2025

![](g98161img6f1f442e1.jpg)

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

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

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

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| |
|:---|
| **iShares Trust** |
| • iShares ESG Aware 1-5 Year USD Corporate Bond ETF \| SUSB \| NASDAQ |
| • iShares ESG Aware U.S. Aggregate Bond ETF \| EAGG \| NYSE Arca |
| • iShares ESG Aware USD Corporate Bond ETF \| SUSC \| NASDAQ |

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------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_518edbd4-744c-451d-b635-89969be37280_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_518edbd4-744c-451d-b635-89969be37280_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 113 |
| [Statements of Operations](#xx_518edbd4-744c-451d-b635-89969be37280_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 114 |
| [Statements of Changes in Net Assets](#xx_518edbd4-744c-451d-b635-89969be37280_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 115 |
| [Financial Highlights](#xx_518edbd4-744c-451d-b635-89969be37280_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 117 |
| [Notes to Financial Statements](#xx_518edbd4-744c-451d-b635-89969be37280_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 120 |
| [Additional Information](#xx_518edbd4-744c-451d-b635-89969be37280_SAI-Footer-iSharesReport-436_1)  | &nbsp;&nbsp; 129 |
| [Board Review and Approval of Investment Advisory Contract](#xx_518edbd4-744c-451d-b635-89969be37280_15Cheader-Footer-iSharesReport-399_1)  | &nbsp;&nbsp; 130 |
| [Glossary of Terms Used in these Financial Statements](#xx_518edbd4-744c-451d-b635-89969be37280_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 135 |

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------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 4.65%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; $290 | $292283 |
| 4.75%, 03/30/30 | &nbsp;&nbsp; 1000 | 1007557 |
|  |  | 1299840 |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Hexcel Corp., 4.20%, 02/15/27 | &nbsp;&nbsp; 1030 | 1022676 |
| Northrop Grumman Corp. |  |  |
| 3.20%, 02/01/27 | &nbsp;&nbsp; 10 | 9876 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 40 | 39272 |
| 4.60%, 02/01/29 | &nbsp;&nbsp; 460 | 467020 |
| 4.65%, 07/15/30 | &nbsp;&nbsp; 350 | 355628 |
| RTX Corp. |  |  |
| 2.65%, 11/01/26 | &nbsp;&nbsp; 55 | 54057 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; 32 | 31505 |
| 3.50%, 03/15/27 | &nbsp;&nbsp; 60 | 59468 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 390 | 390251 |
| 5.75%, 11/08/26 | &nbsp;&nbsp; 286 | 290741 |
| 5.75%, 01/15/29 | &nbsp;&nbsp; 310 | 325151 |
| 7.20%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 14 | 14841 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 78 | 87335 |
|  |  | 3147821 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| Archer-Daniels-Midland Co., 3.25%, 03/27/30 | &nbsp;&nbsp; 1040 | 1000108 |
| Bunge Ltd. Finance Corp. |  |  |
| 3.75%, 09/25/27 | &nbsp;&nbsp; 510 | 506365 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 2020 | 2010691 |
| 4.55%, 08/04/30<sup>(a)</sup> | &nbsp;&nbsp; 1675 | 1684010 |
|  |  | 5201174 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| American Airlines Pass-Through Trust, Series <br> 2016-2, Class AA, 3.20%, 12/15/29<br>| &nbsp;&nbsp; 3 | 2921 |
| Delta Air Lines Inc. |  |  |
| 3.75%, 10/28/29<sup>(a)</sup> | &nbsp;&nbsp; 1070 | 1037879 |
| 4.95%, 07/10/28 | &nbsp;&nbsp; 220 | 222633 |
| 5.25%, 07/10/30 | &nbsp;&nbsp; 175 | 178538 |
| Delta Air Lines Pass-Through Trust, Series 2020, <br> Class AA, 2.00%, 12/10/29<br>| &nbsp;&nbsp; 205 | 195653 |
|  |  | 1637624 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| PVH Corp., 5.50%, 06/13/30<sup>(a)</sup> | &nbsp;&nbsp; 1205 | 1228479 |
| Tapestry Inc., 5.10%, 03/11/30 | &nbsp;&nbsp; 1000 | 1021764 |
|  |  | 2250243 |
| **Auto Manufacturers — 2.4%** | **Auto Manufacturers — 2.4%** | **Auto Manufacturers — 2.4%** |
| American Honda Finance Corp. |  |  |
| 2.00%, 03/24/28 | &nbsp;&nbsp; 214 | 202899 |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 400 | 375238 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 252 | 248531 |
| 4.40%, 09/05/29<sup>(a)</sup> | &nbsp;&nbsp; 860 | 864373 |
| 4.70%, 01/12/28 | &nbsp;&nbsp; 1700 | 1722227 |
| 4.90%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; 525 | 536380 |
| 5.13%, 07/07/28 | &nbsp;&nbsp; 600 | 615714 |
| 5.65%, 11/15/28 | &nbsp;&nbsp; 503 | 524684 |
| Cummins Inc. |  |  |
| 4.25%, 05/09/28 | &nbsp;&nbsp; 105 | 105847 |
| 4.90%, 02/20/29 | &nbsp;&nbsp; 4107 | 4219945 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90%, 02/16/28 | &nbsp;&nbsp; 1040 | 985863 |
| 2.90%, 02/10/29 | &nbsp;&nbsp; 79 | 72787 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 3.82%, 11/02/27 | &nbsp;&nbsp; $207 | $201495 |
| 4.13%, 08/17/27 | &nbsp;&nbsp; 935 | 917428 |
| 4.27%, 01/09/27 | &nbsp;&nbsp; 167 | 165404 |
| 4.95%, 05/28/27 | &nbsp;&nbsp; 25 | 24934 |
| 5.11%, 05/03/29 | &nbsp;&nbsp; 5 | 4931 |
| 5.30%, 09/06/29 | &nbsp;&nbsp; 55 | 54594 |
| 5.80%, 03/08/29 | &nbsp;&nbsp; 97 | 98085 |
| 5.88%, 11/07/29 | &nbsp;&nbsp; 60 | 60679 |
| 6.80%, 05/12/28 | &nbsp;&nbsp; 285 | 295849 |
| 6.80%, 11/07/28 | &nbsp;&nbsp; 677 | 704791 |
| 7.35%, 11/04/27 | &nbsp;&nbsp; 395 | 411255 |
| 7.35%, 03/06/30 | &nbsp;&nbsp; 1110 | 1181990 |
| General Motors Co. |  |  |
| 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16 | 16258 |
| 5.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 225 | 232469 |
| 6.80%, 10/01/27 | &nbsp;&nbsp; 30 | 31306 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 02/26/27 | &nbsp;&nbsp; 865 | 840384 |
| 2.40%, 04/10/28 | &nbsp;&nbsp; 24 | 22858 |
| 2.40%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 195 | 183919 |
| 2.70%, 08/20/27 | &nbsp;&nbsp; 75 | 72819 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 5 | 4748 |
| 3.85%, 01/05/28<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14823 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 50 | 49471 |
| 4.35%, 01/17/27 | &nbsp;&nbsp; 150 | 149873 |
| 4.90%, 10/06/29 | &nbsp;&nbsp; 15 | 15118 |
| 5.00%, 04/09/27 | &nbsp;&nbsp; 1200 | 1210471 |
| 5.35%, 01/07/30 | &nbsp;&nbsp; 725 | 741797 |
| 5.45%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 225 | 231119 |
| 5.55%, 07/15/29 | &nbsp;&nbsp; 157 | 161831 |
| 5.65%, 01/17/29<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15466 |
| 5.80%, 06/23/28 | &nbsp;&nbsp; 45 | 46581 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; 189 | 196176 |
| 5.85%, 04/06/30 | &nbsp;&nbsp; 1205 | 1259121 |
| 6.00%, 01/09/28 | &nbsp;&nbsp; 385 | 399024 |
| Honda Motor Co. Ltd., 4.69%, 07/08/30 | &nbsp;&nbsp; 475 | 479468 |
| Toyota Motor Corp. |  |  |
| 4.45%, 06/30/30 | &nbsp;&nbsp; 115 | 116138 |
| 5.12%, 07/13/28 | &nbsp;&nbsp; 145 | 149509 |
| Toyota Motor Credit Corp. |  |  |
| 1.15%, 08/13/27 | &nbsp;&nbsp; 1130 | 1071303 |
| 1.90%, 04/06/28 | &nbsp;&nbsp; 80 | 76059 |
| 3.05%, 01/11/28 | &nbsp;&nbsp; 35 | 34283 |
| 3.20%, 01/11/27 | &nbsp;&nbsp; 115 | 113830 |
| 3.65%, 01/08/29 | &nbsp;&nbsp; 20 | 19763 |
| 4.45%, 06/29/29 | &nbsp;&nbsp; 47 | 47572 |
| 4.55%, 09/20/27 | &nbsp;&nbsp; 1280 | 1294021 |
| 4.55%, 08/09/29 | &nbsp;&nbsp; 87 | 88316 |
| 4.63%, 01/12/28 | &nbsp;&nbsp; 68 | 68995 |
| 4.65%, 01/05/29 | &nbsp;&nbsp; 10 | 10179 |
| 4.95%, 01/09/30 | &nbsp;&nbsp; 100 | 103040 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 60 | 61927 |
| 5.25%, 09/11/28 | &nbsp;&nbsp; 82 | 84907 |
| 5.45%, 11/10/27 | &nbsp;&nbsp; 40 | 41205 |
| Series B, 5.00%, 03/19/27 | &nbsp;&nbsp; 5 | 5072 |
|  |  | 24357142 |
| **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 900 | 896385 |
| 4.65%, 09/13/29 | &nbsp;&nbsp; 807 | 810308 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| BorgWarner Inc. |  |  |
| 2.65%, 07/01/27 | &nbsp;&nbsp; $610 | $593837 |
| 4.95%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1010 | 1030886 |
| Lear Corp. |  |  |
| 3.50%, 05/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1110 | 1059180 |
| 3.80%, 09/15/27 | &nbsp;&nbsp; 264 | 261445 |
| 4.25%, 05/15/29 | &nbsp;&nbsp; 599 | 594666 |
|  |  | 5246707 |
| **Banks — 29.4%** | **Banks — 29.4%** | **Banks — 29.4%** |
| Australia & New Zealand Banking Group <br> Ltd./New York<br>|  |  |
| 3.92%, 09/30/27 | &nbsp;&nbsp; 250 | 249719 |
| 4.42%, 12/16/26 | &nbsp;&nbsp; 250 | 251335 |
| 4.62%, 12/16/29 | &nbsp;&nbsp; 700 | 715438 |
| 4.75%, 01/18/27 | &nbsp;&nbsp; 80 | 80815 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29 | &nbsp;&nbsp; 205 | 212192 |
| 6.14%, 09/14/28, (1-year CMT + 2.700%)<sup>(b)</sup> | &nbsp;&nbsp; 509 | 526634 |
| Banco Santander SA |  |  |
| 1.72%, 09/14/27, (1-year CMT + 0.900%)<sup>(b)</sup> | &nbsp;&nbsp; 709 | 689515 |
| 3.31%, 06/27/29 | &nbsp;&nbsp; 437 | 422085 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 1200 | 1153871 |
| 3.80%, 02/23/28 | &nbsp;&nbsp; 385 | 380971 |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(b)</sup> | &nbsp;&nbsp; 1300 | 1297599 |
| 4.25%, 04/11/27 | &nbsp;&nbsp; 645 | 645293 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 535 | 537174 |
| 5.37%, 07/15/28, (1-year CMT + 0.950%)<sup>(b)</sup> | &nbsp;&nbsp; 280 | 285654 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; 1122 | 1163893 |
| 5.55%, 03/14/28, (1-year CMT + 1.250%)<sup>(b)</sup> | &nbsp;&nbsp; 70 | 71248 |
| 5.57%, 01/17/30 | &nbsp;&nbsp; 280 | 292281 |
| 5.59%, 08/08/28 | &nbsp;&nbsp; 835 | 868391 |
| 6.53%, 11/07/27, (1-year CMT + 1.650%)<sup>(b)</sup> | &nbsp;&nbsp; 187 | 191576 |
| 6.61%, 11/07/28 | &nbsp;&nbsp; 466 | 498740 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 88901 |
| 2.09%, 06/14/29, (1-day SOFR + 1.060%)<sup>(b)</sup> | &nbsp;&nbsp; 821 | 775596 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1195 | 1103184 |
| 2.55%, 02/04/28, (1-day SOFR + 1.050%)<sup>(b)</sup> | &nbsp;&nbsp; 850 | 829942 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(b)</sup><br>| &nbsp;&nbsp; 498 | 470904 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(b)</sup><br>| &nbsp;&nbsp; 302 | 289917 |
| 3.25%, 10/21/27 | &nbsp;&nbsp; 624 | 614637 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(b)</sup><br>| &nbsp;&nbsp; 2185 | 2146342 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR + <br> 1.632%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1130 | 1117591 |
| 3.71%, 04/24/28, (3-mo. CME Term SOFR + <br> 1.774%)<sup>(b)</sup><br>| &nbsp;&nbsp; 2035 | 2018216 |
| 3.82%, 01/20/28, (3-mo. CME Term SOFR + <br> 1.837%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1605 | 1595432 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1055 | 1046126 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 300 | 299978 |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1320 | 1323284 |
| 4.38%, 04/27/28, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 1135 | 1137524 |
| 4.62%, 05/09/29, (1-day SOFR + 1.110%)<sup>(b)</sup> | &nbsp;&nbsp; 1365 | 1380351 |
| 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(b)</sup> | &nbsp;&nbsp; 1005 | 1018443 |
| 5.16%, 01/24/31, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; 1900 | 1961151 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; $1235 | $1266036 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp; 119 | 124379 |
| 5.93%, 09/15/27, (1-day SOFR + 1.340%)<sup>(b)</sup> | &nbsp;&nbsp; 235 | 238782 |
| 6.20%, 11/10/28, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 165 | 171896 |
| 6.22%, 09/15/26 | &nbsp;&nbsp; 295 | 300542 |
| Series L, 4.18%, 11/25/27 | &nbsp;&nbsp; 1345 | 1344097 |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26 | &nbsp;&nbsp; 1201 | 1166117 |
| 2.65%, 03/08/27 | &nbsp;&nbsp; 85 | 83337 |
| 3.80%, 12/15/32, (5-year USD Swap + <br> 1.432%)<sup>(b)</sup><br>| &nbsp;&nbsp; 176 | 172444 |
| 4.64%, 09/10/30, (1-day SOFR + 1.250%)<sup>(b)</sup> | &nbsp;&nbsp; 1237 | 1253319 |
| 5.00%, 01/27/29, (1-day SOFR Index + <br> 0.670%)<sup>(b)</sup><br>| &nbsp;&nbsp; 255 | 260074 |
| 5.20%, 02/01/28 | &nbsp;&nbsp; 769 | 788872 |
| 5.27%, 12/11/26 | &nbsp;&nbsp; 110 | 111500 |
| 5.37%, 06/04/27 | &nbsp;&nbsp; 180 | 183974 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 514 | 537425 |
| Series f2f, 4.57%, 09/10/27, (1-day SOFR + <br> 0.880%)<sup>(b)</sup><br>| &nbsp;&nbsp; 75 | 75212 |
| Series H, 4.70%, 09/14/27 | &nbsp;&nbsp; 190 | 192229 |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.05%, 10/15/26 | &nbsp;&nbsp; 77 | 74519 |
| 1.65%, 07/14/28<sup>(a)</sup> | &nbsp;&nbsp; 960 | 904728 |
| 3.00%, 10/30/28 | &nbsp;&nbsp; 275 | 266126 |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 35 | 34622 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 368 | 356360 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 172 | 169999 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR + <br> 1.331%)<sup>(b)</sup><br>| &nbsp;&nbsp; 60 | 59493 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 1290 | 1292007 |
| 3.85%, 04/26/29<sup>(a)</sup> | &nbsp;&nbsp; 436 | 434705 |
| 3.99%, 06/13/28, (1-day SOFR + 1.151%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 64930 |
| 4.44%, 06/09/28, (1-day SOFR + 0.680%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 100 | 100591 |
| 4.54%, 02/01/29, (1-day SOFR + 1.169%)<sup>(b)</sup> | &nbsp;&nbsp; 613 | 620399 |
| 4.60%, 07/26/30, (1-day SOFR + 1.755%)<sup>(b)</sup> | &nbsp;&nbsp; 680 | 691374 |
| 4.94%, 02/11/31, (1-day SOFR + 0.887%)<sup>(b)</sup> | &nbsp;&nbsp; 230 | 236244 |
| 4.98%, 03/14/30, (1-day SOFR + 1.085%)<sup>(b)</sup> | &nbsp;&nbsp; 550 | 565153 |
| 5.80%, 10/25/28, (1-day SOFR Index + <br> 1.802%)<sup>(b)</sup><br>| &nbsp;&nbsp; 410 | 424757 |
| 6.32%, 10/25/29, (1-day SOFR + 1.598%)<sup>(b)</sup> | &nbsp;&nbsp; 135 | 143788 |
| Series J, 1.90%, 01/25/29 | &nbsp;&nbsp; 760 | 710188 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26 | &nbsp;&nbsp; 1723 | 1674033 |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 283 | 275342 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 248 | 244054 |
| 4.40%, 09/08/28, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; 1129 | 1134193 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 1300 | 1328947 |
| 4.93%, 02/14/29, (1-day SOFR + 0.890%)<sup>(b)</sup> | &nbsp;&nbsp; 435 | 442356 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(b)</sup> | &nbsp;&nbsp; 830 | 853458 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 25 | 25829 |
| 5.35%, 12/07/26 | &nbsp;&nbsp; 355 | 360105 |
| 5.40%, 06/04/27 | &nbsp;&nbsp; 542 | 554734 |
| 5.45%, 08/01/29 | &nbsp;&nbsp; 2401 | 2505017 |
| Bank OZK, 2.75%, 10/01/31, (3-mo. CME Term <br> SOFR + 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 300 | 273650 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27, (1-year CMT + 1.050%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 2455 | 2394079 |
| 2.65%, 06/24/31, (1-year CMT + 1.900%)<sup>(b)</sup> | &nbsp;&nbsp; 1425 | 1304715 |
| 4.34%, 01/10/28 | &nbsp;&nbsp; 130 | 130067 |
| 4.48%, 11/11/29, (1-day SOFR + 1.080%)<sup>(b)</sup> | &nbsp;&nbsp; 600 | 601113 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.84%, 05/09/28 | &nbsp;&nbsp; $975 | $979238 |
| 4.94%, 09/10/30, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; 1055 | 1071027 |
| 4.97%, 05/16/29<sup>(b)</sup> | &nbsp;&nbsp; 829 | 841300 |
| 5.09%, 02/25/29, (1-day SOFR + 0.960%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 406883 |
| 5.09%, 06/20/30<sup>(b)</sup> | &nbsp;&nbsp; 783 | 793592 |
| 5.37%, 02/25/31, (1-day SOFR + 1.230%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 886967 |
| 5.50%, 08/09/28, (1-year CMT + 2.650%)<sup>(b)</sup> | &nbsp;&nbsp; 180 | 183795 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(b)</sup> | &nbsp;&nbsp; 1258 | 1308575 |
| 6.49%, 09/13/29, (1-day SOFR + 2.220%)<sup>(b)</sup> | &nbsp;&nbsp; 380 | 402622 |
| 6.50%, 09/13/27, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp; 215 | 219476 |
| 7.39%, 11/02/28, (1-year CMT + 3.300%)<sup>(b)</sup> | &nbsp;&nbsp; 250 | 265364 |
| BPCE SA, 3.38%, 12/02/26 | &nbsp;&nbsp; 175 | 173409 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.45%, 04/07/27 | &nbsp;&nbsp; 377 | 373719 |
| 4.51%, 09/11/27, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; 85 | 85201 |
| 4.63%, 09/11/30, (1-day SOFR + 1.335%)<sup>(b)</sup> | &nbsp;&nbsp; 249 | 251595 |
| 4.86%, 01/13/28, (1-day SOFR + 0.720%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 100835 |
| 4.86%, 03/30/29, (1-day SOFR + 1.030%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 325 | 329775 |
| 5.00%, 04/28/28 | &nbsp;&nbsp; 672 | 687232 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(b)</sup> | &nbsp;&nbsp; 170 | 175433 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 1150 | 1189839 |
| 5.99%, 10/03/28 | &nbsp;&nbsp; 820 | 863097 |
| Capital One NA |  |  |
| 2.70%, 02/06/30 | &nbsp;&nbsp; 1585 | 1484652 |
| 4.65%, 09/13/28 | &nbsp;&nbsp; 1205 | 1218877 |
| Citibank NA |  |  |
| 4.84%, 08/06/29 | &nbsp;&nbsp; 298 | 305559 |
| 4.91%, 05/29/30 | &nbsp;&nbsp; 915 | 939328 |
| 5.49%, 12/04/26 | &nbsp;&nbsp; 20 | 20316 |
| 5.80%, 09/29/28<sup>(a)</sup> | &nbsp;&nbsp; 716 | 750491 |
| Citigroup Inc. |  |  |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 918052 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(b)</sup> | &nbsp;&nbsp; 625 | 579652 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(b)</sup> | &nbsp;&nbsp; 708 | 669176 |
| 3.07%, 02/24/28, (1-day SOFR + 1.280%)<sup>(b)</sup> | &nbsp;&nbsp; 1490 | 1463455 |
| 3.20%, 10/21/26 | &nbsp;&nbsp; 60 | 59327 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR + <br> 1.413%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1050 | 1033837 |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR + <br> 1.652%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 355 | 350986 |
| 3.89%, 01/10/28, (3-mo. CME Term SOFR + <br> 1.825%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1320 | 1312378 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1054 | 1040818 |
| 4.08%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.454%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 305 | 303702 |
| 4.13%, 07/25/28 | &nbsp;&nbsp; 695 | 693952 |
| 4.30%, 11/20/26 | &nbsp;&nbsp; 30 | 30020 |
| 4.41%, 03/31/31, (1-day SOFR + 3.914%)<sup>(b)</sup> | &nbsp;&nbsp; 1500 | 1496086 |
| 4.45%, 09/29/27 | &nbsp;&nbsp; 1165 | 1168201 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1004497 |
| 4.66%, 05/24/28, (1-day SOFR + 1.887%)<sup>(b)</sup> | &nbsp;&nbsp; 865 | 870107 |
| 4.79%, 03/04/29, (1-day SOFR + 0.870%)<sup>(b)</sup> | &nbsp;&nbsp; 650 | 658389 |
| 4.95%, 05/07/31, (1-day SOFR + 1.463%)<sup>(b)</sup> | &nbsp;&nbsp; 60 | 61140 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 205244 |
| 5.59%, 11/19/34, (5-year CMT + 1.280%)<sup>(b)</sup> | &nbsp;&nbsp; 650 | 663885 |
| Citizens Bank NA, 4.58%, 08/09/28, (1-day SOFR + <br> 2.000%)<sup>(b)</sup><br>| &nbsp;&nbsp; 250 | 251147 |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; 5 | 4590 |
| 3.25%, 04/30/30 | &nbsp;&nbsp; 5 | 4727 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.25%, 03/05/31, (1-day SOFR + 1.259%)<sup>(b)</sup> | &nbsp;&nbsp; $275 | $281267 |
| 5.84%, 01/23/30, (1-day SOFR + 2.010%)<sup>(b)</sup> | &nbsp;&nbsp; 110 | 114428 |
| Comerica Inc. |  |  |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 306 | 301963 |
| 5.98%, 01/30/30, (1-day SOFR + 2.155%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 39 | 40444 |
| Deutsche Bank AG/New York NY |  |  |
| 2.31%, 11/16/27, (1-day SOFR + 1.219%)<sup>(b)</sup> | &nbsp;&nbsp; 805 | 785193 |
| 2.55%, 01/07/28, (1-day SOFR + 1.318%)<sup>(b)</sup> | &nbsp;&nbsp; 820 | 801002 |
| 4.88%, 12/01/32, (5-year USD ICE Swap + <br> 2.553%)<sup>(b)</sup><br>| &nbsp;&nbsp; 140 | 139418 |
| 4.95%, 08/04/31, (1-day SOFR + 1.300%)<sup>(b)</sup> | &nbsp;&nbsp; 1170 | 1179452 |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(b)</sup> | &nbsp;&nbsp; 1965 | 1997970 |
| 5.30%, 05/09/31, (1-day SOFR + 1.720%)<sup>(b)</sup> | &nbsp;&nbsp; 705 | 722207 |
| 5.37%, 09/09/27 | &nbsp;&nbsp; 30 | 30723 |
| 5.41%, 05/10/29 | &nbsp;&nbsp; 384 | 399751 |
| 5.71%, 02/08/28, (1-day SOFR + 1.594%)<sup>(b)</sup> | &nbsp;&nbsp; 60 | 61106 |
| 5.88%, 07/08/31, (1-day SOFR + 5.438%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5175 |
| 6.72%, 01/18/29, (1-day SOFR + 3.180%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 210348 |
| 6.82%, 11/20/29, (1-day SOFR + 2.510%)<sup>(b)</sup> | &nbsp;&nbsp; 1091 | 1169311 |
| Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(b)</sup><br>| &nbsp;&nbsp; 220 | 224784 |
| Fifth Third Bancorp |  |  |
| 1.71%, 11/01/27, (1-day SOFR + 0.685%)<sup>(b)</sup> | &nbsp;&nbsp; 78 | 75650 |
| 2.55%, 05/05/27 | &nbsp;&nbsp; 10 | 9749 |
| 3.95%, 03/14/28 | &nbsp;&nbsp; 72 | 71598 |
| 4.06%, 04/25/28, (1-day SOFR + 1.355%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 99672 |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5060 |
| 4.90%, 09/06/30, (1-day SOFR + 1.486%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10173 |
| 6.34%, 07/27/29, (1-day SOFR + 2.340%)<sup>(b)</sup> | &nbsp;&nbsp; 655 | 691304 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(b)</sup> | &nbsp;&nbsp; 1939 | 1884447 |
| 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(b)</sup> | &nbsp;&nbsp; 3024 | 2943680 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; 1510 | 1411674 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(b)</sup> | &nbsp;&nbsp; 1415 | 1380982 |
| 3.50%, 11/16/26 | &nbsp;&nbsp; 245 | 242975 |
| 3.62%, 03/15/28, (1-day SOFR + 1.846%)<sup>(b)</sup> | &nbsp;&nbsp; 1460 | 1444542 |
| 3.69%, 06/05/28, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(b)</sup><br>| &nbsp;&nbsp; 555 | 549710 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(b)</sup><br>| &nbsp;&nbsp; 736 | 728389 |
| 3.85%, 01/26/27<sup>(a)</sup> | &nbsp;&nbsp; 1194 | 1188637 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1125 | 1125167 |
| 4.48%, 08/23/28, (1-day SOFR + 1.725%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 440 | 441912 |
| 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(b)</sup> | &nbsp;&nbsp; 565 | 571301 |
| 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(b)</sup> | &nbsp;&nbsp; 350 | 358258 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(b)</sup> | &nbsp;&nbsp; 950 | 978511 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 1575 | 1626164 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(b)</sup> | &nbsp;&nbsp; 120 | 125535 |
| 5.95%, 01/15/27 | &nbsp;&nbsp; 235 | 240690 |
| 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(b)</sup> | &nbsp;&nbsp; 1351 | 1437163 |
| HSBC Holdings PLC |  |  |
| 2.01%, 09/22/28, (1-day SOFR + 1.732%)<sup>(b)</sup> | &nbsp;&nbsp; 383 | 365499 |
| 2.21%, 08/17/29, (1-day SOFR + 1.285%)<sup>(b)</sup> | &nbsp;&nbsp; 954 | 898639 |
| 2.25%, 11/22/27, (1-day SOFR + 1.100%)<sup>(b)</sup> | &nbsp;&nbsp; 550 | 536439 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(b)</sup> | &nbsp;&nbsp; 2005 | 1858339 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1333 | 1311467 |
| 4.04%, 03/13/28, (3-mo. CME Term SOFR + <br> 1.808%)<sup>(b)</sup><br>| &nbsp;&nbsp; 480 | 478166 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(b)</sup><br>| &nbsp;&nbsp; $1327 | $1335499 |
| 4.76%, 06/09/28, (1-day SOFR + 2.110%)<sup>(b)</sup> | &nbsp;&nbsp; 1313 | 1322652 |
| 4.90%, 03/03/29, (1-day SOFR + 1.030%)<sup>(b)</sup> | &nbsp;&nbsp; 800 | 810689 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 600 | 614350 |
| 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(b)</sup> | &nbsp;&nbsp; 615 | 629714 |
| 5.21%, 08/11/28, (1-day SOFR + 2.610%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35560 |
| 5.24%, 05/13/31, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp; 830 | 853017 |
| 5.29%, 11/19/30, (1-day SOFR + 1.290%)<sup>(b)</sup> | &nbsp;&nbsp; 1237 | 1274309 |
| 5.55%, 03/04/30, (1-day SOFR + 1.460%)<sup>(b)</sup> | &nbsp;&nbsp; 240 | 248846 |
| 5.60%, 05/17/28, (1-day SOFR + 1.060%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25518 |
| 6.16%, 03/09/29, (1-day SOFR + 1.970%)<sup>(b)</sup> | &nbsp;&nbsp; 504 | 525668 |
| 7.39%, 11/03/28, (1-day SOFR + 3.350%)<sup>(b)</sup> | &nbsp;&nbsp; 431 | 458024 |
| HSBC USA Inc., 5.29%, 03/04/27 | &nbsp;&nbsp; 128 | 130269 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 720 | 666173 |
| 4.44%, 08/04/28, (1-day SOFR + 1.970%)<sup>(b)</sup> | &nbsp;&nbsp; 568 | 569664 |
| 5.27%, 01/15/31, (1-day SOFR + 1.276%)<sup>(b)</sup> | &nbsp;&nbsp; 615 | 633984 |
| 6.21%, 08/21/29, (1-day SOFR + 2.020%)<sup>(b)</sup> | &nbsp;&nbsp; 280 | 295064 |
| Huntington National Bank (The) |  |  |
| 4.55%, 05/17/28, (1-day SOFR Index + <br> 1.650%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1743 | 1752266 |
| 4.87%, 04/12/28, (1-day SOFR + 0.720%)<sup>(b)</sup> | &nbsp;&nbsp; 250 | 252275 |
| 5.65%, 01/10/30 | &nbsp;&nbsp; 5 | 5231 |
| ING Groep NV |  |  |
| 3.95%, 03/29/27 | &nbsp;&nbsp; 655 | 652319 |
| 4.02%, 03/28/28, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; 236 | 235080 |
| 4.05%, 04/09/29<sup>(a)</sup> | &nbsp;&nbsp; 565 | 561070 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 493 | 497907 |
| 4.86%, 03/25/29, (1-day SOFR + 1.010%)<sup>(b)</sup> | &nbsp;&nbsp; 435 | 440856 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1120 | 1146752 |
| 5.34%, 03/19/30, (1-day SOFR + 1.440%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 505 | 520995 |
| 6.08%, 09/11/27, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; 335 | 340719 |
| JPMorgan Chase & Co. |  |  |
| 1.47%, 09/22/27, (1-day SOFR + 0.765%)<sup>(b)</sup> | &nbsp;&nbsp; 2715 | 2637338 |
| 2.07%, 06/01/29, (1-day SOFR + 1.015%)<sup>(b)</sup> | &nbsp;&nbsp; 178 | 168337 |
| 2.18%, 06/01/28, (1-day SOFR + 1.890%)<sup>(b)</sup> | &nbsp;&nbsp; 250 | 241803 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 1847789 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1206 | 1136291 |
| 2.95%, 02/24/28, (1-day SOFR + 1.170%)<sup>(b)</sup> | &nbsp;&nbsp; 589 | 578305 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR + <br> 2.515%)<sup>(b)</sup><br>| &nbsp;&nbsp; 540 | 503593 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR + <br> 1.207%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 4925 |
| 3.54%, 05/01/28, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(b)</sup><br>| &nbsp;&nbsp; 681 | 673468 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(b)</sup><br>| &nbsp;&nbsp; 795 | 779609 |
| 3.78%, 02/01/28, (3-mo. CME Term SOFR + <br> 1.599%)<sup>(b)</sup><br>| &nbsp;&nbsp; 2260 | 2246312 |
| 4.01%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(b)</sup><br>| &nbsp;&nbsp; 115 | 114475 |
| 4.13%, 12/15/26 | &nbsp;&nbsp; 452 | 452135 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | 100106 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 178 | 179136 |
| 4.32%, 04/26/28, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; 2425 | 2427953 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1635 | 1647255 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(b)</sup><br>| &nbsp;&nbsp; $500 | $503642 |
| 4.57%, 06/14/30, (1-day SOFR + 1.750%)<sup>(b)</sup> | &nbsp;&nbsp; 1010 | 1020085 |
| 4.60%, 10/22/30, (1-day SOFR + 1.040%)<sup>(b)</sup> | &nbsp;&nbsp; 1055 | 1066241 |
| 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 315 | 318826 |
| 4.92%, 01/24/29, (1-day SOFR + 0.800%)<sup>(b)</sup> | &nbsp;&nbsp; 1145 | 1165020 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(b)</sup> | &nbsp;&nbsp; 837 | 858308 |
| 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(b)</sup> | &nbsp;&nbsp; 806 | 825080 |
| 5.04%, 01/23/28, (1-day SOFR + 1.190%)<sup>(b)</sup> | &nbsp;&nbsp; 77 | 77814 |
| 5.10%, 04/22/31, (1-day SOFR + 1.435%)<sup>(b)</sup> | &nbsp;&nbsp; 905 | 933573 |
| 5.14%, 01/24/31, (1-day SOFR + 1.010%)<sup>(b)</sup> | &nbsp;&nbsp; 515 | 531014 |
| 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1029977 |
| 5.57%, 04/22/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51067 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(b)</sup> | &nbsp;&nbsp; 1317 | 1375288 |
| 6.07%, 10/22/27, (1-day SOFR + 1.330%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 101964 |
| 6.09%, 10/23/29, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp; 880 | 927908 |
| 7.63%, 10/15/26 | &nbsp;&nbsp; 110 | 114286 |
| 8.00%, 04/29/27 | &nbsp;&nbsp; 382 | 405849 |
| JPMorgan Chase Bank NA, 5.11%, 12/08/26 | &nbsp;&nbsp; 50 | 50642 |
| KeyBank NA/Cleveland OH |  |  |
| 3.90%, 04/13/29 | &nbsp;&nbsp; 15 | 14629 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 176 | 181506 |
| 6.95%, 02/01/28 | &nbsp;&nbsp; 227 | 239650 |
| KeyCorp, 4.10%, 04/30/28 | &nbsp;&nbsp; 290 | 289315 |
| Lloyds Banking Group PLC |  |  |
| 3.57%, 11/07/28<sup>(b)</sup> | &nbsp;&nbsp; 383 | 377019 |
| 3.75%, 01/11/27 | &nbsp;&nbsp; 200 | 198897 |
| 3.75%, 03/18/28, (1-year CMT + 1.800%)<sup>(b)</sup> | &nbsp;&nbsp; 130 | 128897 |
| 4.38%, 03/22/28 | &nbsp;&nbsp; 25 | 25098 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 1103 | 1114502 |
| 4.82%, 06/13/29, (1-year CMT + 0.830%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 405579 |
| 5.09%, 11/26/28, (1-year CMT + 0.850%)<sup>(b)</sup> | &nbsp;&nbsp; 210 | 213547 |
| 5.46%, 01/05/28, (1-year CMT + 1.375%)<sup>(b)</sup> | &nbsp;&nbsp; 130 | 131876 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(b)</sup> | &nbsp;&nbsp; 1211 | 1266776 |
| 5.87%, 03/06/29, (1-year CMT + 1.700%)<sup>(b)</sup> | &nbsp;&nbsp; 260 | 269842 |
| M&T Bank Corp. |  |  |
| 4.55%, 08/16/28, (1-day SOFR Index + <br> 1.780%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5019 |
| 5.18%, 07/08/31, (1-day SOFR + 1.400%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 170 | 173748 |
| Manufacturers & Traders Trust Co., 4.70%, <br> 01/27/28<br>| &nbsp;&nbsp; 5 | 5059 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 1.64%, 10/13/27, (1-year CMT + 0.670%)<sup>(b)</sup> | &nbsp;&nbsp; 240 | 233065 |
| 2.34%, 01/19/28, (1-year CMT + 0.830%)<sup>(b)</sup> | &nbsp;&nbsp; 785 | 764471 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 740 | 687490 |
| 2.76%, 09/13/26 | &nbsp;&nbsp; 15 | 14785 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 5 | 4809 |
| 3.29%, 07/25/27 | &nbsp;&nbsp; 605 | 596833 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 86 | 85016 |
| 3.96%, 03/02/28<sup>(a)</sup> | &nbsp;&nbsp; 550 | 548852 |
| 4.08%, 04/19/28, (1-year CMT + 1.300%)<sup>(b)</sup> | &nbsp;&nbsp; 1189 | 1186381 |
| 5.02%, 07/20/28, (1-year CMT + 1.950%)<sup>(b)</sup> | &nbsp;&nbsp; 415 | 421233 |
| 5.16%, 04/24/31, (1-year CMT + 1.170%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 206414 |
| 5.20%, 01/16/31, (1-year CMT + 0.780%)<sup>(b)</sup> | &nbsp;&nbsp; 395 | 407550 |
| 5.24%, 04/19/29, (1-year CMT + 1.700%)<sup>(b)</sup> | &nbsp;&nbsp; 390 | 399893 |
| 5.26%, 04/17/30, (1-year CMT + 0.820%)<sup>(b)</sup> | &nbsp;&nbsp; 220 | 227033 |
| 5.35%, 09/13/28, (1-year CMT + 1.900%)<sup>(b)</sup> | &nbsp;&nbsp; 410 | 419108 |
| 5.42%, 02/22/29, (1-year CMT + 1.380%)<sup>(b)</sup> | &nbsp;&nbsp; 480 | 493563 |
| Mizuho Financial Group Inc. |  |  |
| 2.59%, 05/25/31, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1520 | 1398938 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.84%, 09/13/26 | &nbsp;&nbsp; $20 | $19726 |
| 2.87%, 09/13/30, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; 98 | 92507 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(b)</sup><br>| &nbsp;&nbsp; 665 | 636076 |
| 3.17%, 09/11/27<sup>(a)</sup> | &nbsp;&nbsp; 530 | 520444 |
| 3.26%, 05/22/30, (1-year CMT + 1.250%)<sup>(b)</sup> | &nbsp;&nbsp; 870 | 837730 |
| 3.66%, 02/28/27 | &nbsp;&nbsp; 50 | 49657 |
| 4.02%, 03/05/28 | &nbsp;&nbsp; 515 | 514583 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(b)</sup><br>| &nbsp;&nbsp; 705 | 705237 |
| 4.71%, 07/08/31, (1-year CMT + 0.920%)<sup>(b)</sup> | &nbsp;&nbsp; 475 | 479926 |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(b)</sup> | &nbsp;&nbsp; 640 | 661862 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(b)</sup> | &nbsp;&nbsp; 345 | 357134 |
| 5.41%, 09/13/28, (1-year CMT + 2.050%)<sup>(b)</sup> | &nbsp;&nbsp; 220 | 225110 |
| 5.67%, 05/27/29, (1-year CMT + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 392 | 406544 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(b)</sup> | &nbsp;&nbsp; 1065 | 1108871 |
| Morgan Stanley |  |  |
| 2.48%, 01/21/28, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; 1770 | 1727464 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp; 1945 | 1811887 |
| 3.59%, 07/22/28<sup>(b)</sup> | &nbsp;&nbsp; 590 | 582792 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(b)</sup> | &nbsp;&nbsp; 60 | 58029 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 225 | 223823 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1312 | 1298536 |
| 3.95%, 04/23/27 | &nbsp;&nbsp; 674 | 671601 |
| 4.21%, 04/20/28, (1-day SOFR + 1.610%)<sup>(b)</sup> | &nbsp;&nbsp; 665 | 664796 |
| 4.35%, 09/08/26 | &nbsp;&nbsp; 251 | 251297 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1220 | 1225344 |
| 4.65%, 10/18/30, (1-day SOFR + 1.100%)<sup>(b)</sup> | &nbsp;&nbsp; 1508 | 1522508 |
| 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(b)</sup> | &nbsp;&nbsp; 948 | 971268 |
| 5.12%, 02/01/29, (1-day SOFR + 1.730%)<sup>(b)</sup> | &nbsp;&nbsp; 1015 | 1036407 |
| 5.16%, 04/20/29, (1-day SOFR + 1.590%)<sup>(b)</sup> | &nbsp;&nbsp; 144 | 147242 |
| 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; 290 | 297987 |
| 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(b)</sup> | &nbsp;&nbsp; 1595 | 1644553 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(b)</sup> | &nbsp;&nbsp; 1210 | 1248480 |
| 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; 290 | 299339 |
| 5.65%, 04/13/28, (1-day SOFR +1.010%)<sup>(b)</sup> | &nbsp;&nbsp; 230 | 234944 |
| 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp; 747 | 779499 |
| 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; 440 | 467494 |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(b)</sup><br>| &nbsp;&nbsp; 360 | 366677 |
| Morgan Stanley Bank NA |  |  |
| 4.45%, 10/15/27, (1-day SOFR + 0.680%)<sup>(b)</sup> | &nbsp;&nbsp; 405 | 405416 |
| 4.95%, 01/14/28, (1-day SOFR + 1.080%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20180 |
| 4.97%, 07/14/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50681 |
| 5.02%, 01/12/29, (1-day SOFR + 0.906%)<sup>(b)</sup> | &nbsp;&nbsp; 605 | 615740 |
| 5.50%, 05/26/28, (1-day SOFR + 0.865%)<sup>(b)</sup> | &nbsp;&nbsp; 210 | 214637 |
| Morgan Stanley Private Bank N.A., 4.73%, 07/18/31, <br> (1-day SOFR + 1.080%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1500 | 1521297 |
| National Australia Bank Ltd./New York |  |  |
| 4.53%, 06/13/30 | &nbsp;&nbsp; 250 | 254455 |
| 4.79%, 01/10/29 | &nbsp;&nbsp; 25 | 25619 |
| 4.90%, 06/13/28<sup>(a)</sup> | &nbsp;&nbsp; 525 | 538241 |
| 4.90%, 01/14/30 | &nbsp;&nbsp; 250 | 257992 |
| 4.94%, 01/12/28 | &nbsp;&nbsp; 285 | 291379 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29 | &nbsp;&nbsp; 1690 | 1700352 |
| 4.95%, 02/01/28, (1-day SOFR + 0.795%)<sup>(b)</sup> | &nbsp;&nbsp; 415 | 418984 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 3350 | 3491037 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| NatWest Group PLC |  |  |
| 3.07%, 05/22/28, (1-year CMT + 2.550%)<sup>(b)</sup> | &nbsp;&nbsp; $1225 | $1201653 |
| 4.45%, 05/08/30<sup>(b)</sup> | &nbsp;&nbsp; 1040 | 1042461 |
| 4.89%, 05/18/29<sup>(b)</sup> | &nbsp;&nbsp; 249 | 252907 |
| 4.96%, 08/15/30, (1-year CMT + 1.220%)<sup>(b)</sup> | &nbsp;&nbsp; 280 | 285886 |
| 5.08%, 01/27/30<sup>(b)</sup> | &nbsp;&nbsp; 706 | 721441 |
| 5.12%, 05/23/31, (1-year CMT + 1.050%)<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 1024666 |
| 5.58%, 03/01/28, (1-year CMT + 1.100%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35650 |
| 5.81%, 09/13/29, (1-year CMT + 1.950%)<sup>(b)</sup> | &nbsp;&nbsp; 550 | 574476 |
| 6.48%, 06/01/34, (5-year CMT + 2.200%)<sup>(b)</sup> | &nbsp;&nbsp; 487 | 511299 |
| Northern Trust Corp. |  |  |
| 3.38%, 05/08/32<sup>(b)</sup> | &nbsp;&nbsp; 114 | 111434 |
| 3.65%, 08/03/28 | &nbsp;&nbsp; 5 | 4964 |
| 4.00%, 05/10/27 | &nbsp;&nbsp; 45 | 45017 |
| PNC Bank N.A., 4.43%, 07/21/28, (1-day SOFR + <br> 0.727%)<sup>(b)</sup><br>| &nbsp;&nbsp; 500 | 501790 |
| PNC Bank NA |  |  |
| 2.70%, 10/22/29 | &nbsp;&nbsp; 890 | 837138 |
| 3.10%, 10/25/27 | &nbsp;&nbsp; 746 | 732162 |
| 3.25%, 01/22/28 | &nbsp;&nbsp; 120 | 118135 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 341 | 339857 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 195 | 182137 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 575 | 566221 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 1055 | 1032553 |
| 4.90%, 05/13/31, (1-day SOFR + 1.333%)<sup>(b)</sup> | &nbsp;&nbsp; 450 | 458940 |
| 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(b)</sup> | &nbsp;&nbsp; 540 | 557952 |
| 5.30%, 01/21/28, (1-day SOFR + 1.342%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15225 |
| 5.35%, 12/02/28, (1-day SOFR + 1.620%)<sup>(b)</sup> | &nbsp;&nbsp; 1197 | 1226926 |
| 5.49%, 05/14/30, (1-day SOFR + 1.198%)<sup>(b)</sup> | &nbsp;&nbsp; 1150 | 1196865 |
| 5.58%, 06/12/29, (1-day SOFR + 1.841%)<sup>(b)</sup> | &nbsp;&nbsp; 1063 | 1102470 |
| 6.62%, 10/20/27, (1-day SOFR Index + <br> 1.730%)<sup>(b)</sup><br>| &nbsp;&nbsp; 54 | 55361 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28 | &nbsp;&nbsp; 525 | 491064 |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41630 |
| Royal Bank of Canada |  |  |
| 3.63%, 05/04/27 | &nbsp;&nbsp; 15 | 14910 |
| 4.24%, 08/03/27 | &nbsp;&nbsp; 155 | 155709 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(b)</sup><br>| &nbsp;&nbsp; 270 | 272479 |
| 4.70%, 08/06/31, (1-day SOFR + 1.060%)<sup>(b)</sup> | &nbsp;&nbsp; 475 | 479687 |
| 4.90%, 01/12/28<sup>(a)</sup> | &nbsp;&nbsp; 1555 | 1586607 |
| 4.95%, 02/01/29 | &nbsp;&nbsp; 1000 | 1029066 |
| 4.97%, 08/02/30, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; 645 | 658901 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 575 | 588633 |
| 5.15%, 02/04/31, (1-day SOFR + 1.030%)<sup>(b)</sup> | &nbsp;&nbsp; 225 | 231685 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 1020 | 1053309 |
| 6.00%, 11/01/27 | &nbsp;&nbsp; 821 | 853615 |
| Santander Holdings USA Inc. |  |  |
| 2.49%, 01/06/28, (1-day SOFR + 1.249%)<sup>(b)</sup> | &nbsp;&nbsp; 2865 | 2791708 |
| 3.24%, 10/05/26 | &nbsp;&nbsp; 95 | 93875 |
| 5.35%, 09/06/30, (1-day SOFR + 1.940%)<sup>(b)</sup> | &nbsp;&nbsp; 850 | 873274 |
| 5.47%, 03/20/29, (1-day SOFR + 1.610%)<sup>(b)</sup> | &nbsp;&nbsp; 275 | 281430 |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(b)</sup> | &nbsp;&nbsp; 365 | 379346 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(b)</sup> | &nbsp;&nbsp; 436 | 457268 |
| 6.57%, 06/12/29, (1-day SOFR + 2.700%)<sup>(b)</sup> | &nbsp;&nbsp; 32 | 33645 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.47%, 01/11/28, (1-day SOFR + 1.220%)<sup>(b)</sup> | &nbsp;&nbsp; 2410 | 2348423 |
| 3.82%, 11/03/28<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9879 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(b)</sup><br>| &nbsp;&nbsp; $570 | $576929 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(b)</sup><br>| &nbsp;&nbsp; 225 | 234927 |
| 6.53%, 01/10/29, (1-day SOFR + 2.600%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 209490 |
| SouthState Corp., 7.00%, 06/13/35, (1-day SOFR + <br> 3.190%)<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 51680 |
| State Street Corp. |  |  |
| 1.68%, 11/18/27, (1-day SOFR + 0.560%)<sup>(b)</sup> | &nbsp;&nbsp; 43 | 41700 |
| 2.20%, 02/07/28, (1-day SOFR + 0.730%)<sup>(b)</sup> | &nbsp;&nbsp; 130 | 126468 |
| 2.40%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; 90 | 84407 |
| 3.03%, 11/01/34, (1-day SOFR + 1.490%)<sup>(b)</sup> | &nbsp;&nbsp; 493 | 462346 |
| 3.15%, 03/30/31, (1-day SOFR + 2.650%)<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 958652 |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(b)</sup><br>| &nbsp;&nbsp; 165 | 165491 |
| 4.53%, 02/20/29, (1-day SOFR + 1.018%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30314 |
| 4.73%, 02/28/30 | &nbsp;&nbsp; 300 | 306702 |
| 4.83%, 04/24/30 | &nbsp;&nbsp; 350 | 359159 |
| 4.99%, 03/18/27 | &nbsp;&nbsp; 15 | 15233 |
| 5.68%, 11/21/29, (1-day SOFR + 1.484%)<sup>(b)</sup> | &nbsp;&nbsp; 197 | 206675 |
| 5.82%, 11/04/28, (1-day SOFR + 1.715%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25899 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.40%, 09/17/26 | &nbsp;&nbsp; 200 | 194372 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 1540 | 1441725 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 500 | 451345 |
| 2.17%, 01/14/27 | &nbsp;&nbsp; 38 | 37025 |
| 2.47%, 01/14/29 | &nbsp;&nbsp; 745 | 705321 |
| 2.72%, 09/27/29<sup>(a)</sup> | &nbsp;&nbsp; 1570 | 1481495 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 2405 | 2254068 |
| 3.01%, 10/19/26 | &nbsp;&nbsp; 151 | 149065 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 1295 | 1237053 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 685 | 675537 |
| 3.36%, 07/12/27 | &nbsp;&nbsp; 450 | 444679 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 105 | 104066 |
| 3.54%, 01/17/28<sup>(a)</sup> | &nbsp;&nbsp; 350 | 345779 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 715 | 713131 |
| 4.31%, 10/16/28 | &nbsp;&nbsp; 60 | 60349 |
| 4.66%, 07/08/31, (1-day SOFR + 1.190%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 202359 |
| 5.32%, 07/09/29 | &nbsp;&nbsp; 476 | 493354 |
| 5.52%, 01/13/28 | &nbsp;&nbsp; 1280 | 1321476 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 10 | 10546 |
| 5.72%, 09/14/28 | &nbsp;&nbsp; 190 | 198347 |
| 5.80%, 07/13/28 | &nbsp;&nbsp; 423 | 442411 |
| Synchrony Bank, 5.63%, 08/23/27 | &nbsp;&nbsp; 851 | 869867 |
| Synovus Bank, 5.63%, 02/15/28 | &nbsp;&nbsp; 129 | 131598 |
| Toronto-Dominion Bank (The) |  |  |
| 1.25%, 09/10/26 | &nbsp;&nbsp; 3480 | 3380633 |
| 1.95%, 01/12/27 | &nbsp;&nbsp; 80 | 77791 |
| 2.80%, 03/10/27 | &nbsp;&nbsp; 5 | 4907 |
| 3.63%, 09/15/31, (5-year USD Swap + <br> 2.205%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1070 | 1059241 |
| 4.11%, 06/08/27 | &nbsp;&nbsp; 280 | 280184 |
| 4.57%, 06/02/28 | &nbsp;&nbsp; 325 | 328842 |
| 4.69%, 09/15/27 | &nbsp;&nbsp; 35 | 35405 |
| 4.78%, 12/17/29 | &nbsp;&nbsp; 95 | 96984 |
| 4.81%, 06/03/30 | &nbsp;&nbsp; 325 | 331619 |
| 4.86%, 01/31/28 | &nbsp;&nbsp; 325 | 330515 |
| 4.99%, 04/05/29 | &nbsp;&nbsp; 950 | 974291 |
| 5.15%, 09/10/34, (5-year CMT + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 672 | 681368 |
| 5.16%, 01/10/28 | &nbsp;&nbsp; 195 | 199513 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 1065 | 1105080 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Truist Bank, 3.80%, 10/30/26 | &nbsp;&nbsp; $135 | $134164 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | &nbsp;&nbsp; 35 | 33125 |
| 1.89%, 06/07/29, (1-day SOFR + 0.862%)<sup>(b)</sup> | &nbsp;&nbsp; 845 | 794292 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 760 | 747996 |
| 4.12%, 06/06/28, (1-day SOFR + 1.368%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24999 |
| 4.87%, 01/26/29, (1-day SOFR + 1.435%)<sup>(b)</sup> | &nbsp;&nbsp; 685 | 695235 |
| 5.07%, 05/20/31, (1-day SOFR + 1.309%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 350 | 358264 |
| 5.44%, 01/24/30, (1-day SOFR + 1.620%)<sup>(b)</sup> | &nbsp;&nbsp; 160 | 165719 |
| 7.16%, 10/30/29, (1-day SOFR + 2.446%)<sup>(b)</sup> | &nbsp;&nbsp; 717 | 778245 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 525 | 458832 |
| 2.22%, 01/27/28, (1-day SOFR + 0.730%)<sup>(b)</sup> | &nbsp;&nbsp; 95 | 92374 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 519 | 495791 |
| 3.90%, 04/26/28 | &nbsp;&nbsp; 300 | 299520 |
| 4.55%, 07/22/28, (1-day SOFR + 1.660%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 320 | 322182 |
| 4.65%, 02/01/29, (1-day SOFR + 1.230%)<sup>(b)</sup> | &nbsp;&nbsp; 943 | 953785 |
| 5.05%, 02/12/31, (1-day SOFR + 1.061%)<sup>(b)</sup> | &nbsp;&nbsp; 350 | 358814 |
| 5.08%, 05/15/31, (1-day SOFR + 1.296%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10279 |
| 5.10%, 07/23/30, (1-day SOFR + 1.250%)<sup>(b)</sup> | &nbsp;&nbsp; 586 | 602550 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; 266 | 275220 |
| 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(b)</sup> | &nbsp;&nbsp; 695 | 723953 |
| 6.79%, 10/26/27, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp; 96 | 98678 |
| Series X, 3.15%, 04/27/27 | &nbsp;&nbsp; 90 | 88785 |
| UBS AG/London, 5.65%, 09/11/28 | &nbsp;&nbsp; 1690 | 1765979 |
| UBS AG/Stamford CT |  |  |
| 4.86%, 01/10/28, (1-day SOFR + 0.720%)<sup>(b)</sup> | &nbsp;&nbsp; 250 | 252227 |
| 5.00%, 07/09/27 | &nbsp;&nbsp; 674 | 685061 |
| 7.50%, 02/15/28 | &nbsp;&nbsp; 1388 | 1497556 |
| Wells Fargo & Co. |  |  |
| 2.39%, 06/02/28, (1-day SOFR + 2.100%)<sup>(b)</sup> | &nbsp;&nbsp; 3440 | 3335090 |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1025 | 949002 |
| 3.00%, 10/23/26 | &nbsp;&nbsp; 1185 | 1169251 |
| 3.53%, 03/24/28, (1-day SOFR + 1.510%)<sup>(b)</sup> | &nbsp;&nbsp; 590 | 583773 |
| 3.58%, 05/22/28, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1214 | 1200795 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 10 | 9995 |
| 4.30%, 07/22/27 | &nbsp;&nbsp; 360 | 361032 |
| 4.48%, 04/04/31, (3-mo. CME Term SOFR + <br> 4.032%)<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 50174 |
| 4.81%, 07/25/28, (1-day SOFR + 1.980%)<sup>(b)</sup> | &nbsp;&nbsp; 1100 | 1111890 |
| 5.15%, 04/23/31, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 2125 | 2188990 |
| 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 55 | 56581 |
| 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(b)</sup> | &nbsp;&nbsp; 560 | 578268 |
| 5.57%, 07/25/29, (1-day SOFR + 1.740%)<sup>(b)</sup> | &nbsp;&nbsp; 60 | 62192 |
| 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51131 |
| 6.30%, 10/23/29, (1-day SOFR + 1.790%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 68898 |
| Westpac Banking Corp. |  |  |
| 1.95%, 11/20/28 | &nbsp;&nbsp; 1020 | 959406 |
| 2.65%, 01/16/30 | &nbsp;&nbsp; 5 | 4721 |
| 3.35%, 03/08/27 | &nbsp;&nbsp; 61 | 60494 |
| 4.11%, 07/24/34, (5-year CMT + 2.000%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 1002 | 980016 |
| 4.32%, 11/23/31, (5-year USD ICE Swap + <br> 2.236%)<sup>(b)</sup><br>| &nbsp;&nbsp; 700 | 697271 |
| 4.35%, 07/01/30 | &nbsp;&nbsp; 450 | 454876 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 353 | 365388 |
| 5.46%, 11/18/27 | &nbsp;&nbsp; 20 | 20637 |
| 5.54%, 11/17/28 | &nbsp;&nbsp; 55 | 57633 |
|  |  | 299261384 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages — 2.2%** | **Beverages — 2.2%** | **Beverages — 2.2%** |
| Anheuser-Busch InBev Worldwide Inc., 4.75%, <br> 01/23/29<br>| &nbsp;&nbsp; $939 | $959690 |
| Coca-Cola Co. (The) |  |  |
| 1.00%, 03/15/28 | &nbsp;&nbsp; 271 | 253233 |
| 1.45%, 06/01/27 | &nbsp;&nbsp; 4654 | 4471998 |
| 1.50%, 03/05/28 | &nbsp;&nbsp; 92 | 87091 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 120 | 112105 |
| 2.90%, 05/25/27 | &nbsp;&nbsp; 536 | 527690 |
| 3.38%, 03/25/27 | &nbsp;&nbsp; 820 | 814294 |
| Constellation Brands Inc. |  |  |
| 4.80%, 01/15/29 | &nbsp;&nbsp; 170 | 172505 |
| 4.80%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 125 | 126766 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 485 | 440719 |
| 2.38%, 10/24/29 | &nbsp;&nbsp; 2552 | 2388279 |
| 3.88%, 05/18/28 | &nbsp;&nbsp; 170 | 169716 |
| 5.30%, 10/24/27 | &nbsp;&nbsp; 3028 | 3105599 |
| 5.38%, 10/05/26 | &nbsp;&nbsp; 676 | 684269 |
| Diageo Investment Corp., 5.13%, 08/15/30 | &nbsp;&nbsp; 2700 | 2797450 |
| Keurig Dr Pepper Inc. |  |  |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 20 | 19665 |
| 3.43%, 06/15/27 | &nbsp;&nbsp; 1780 | 1751322 |
| 3.95%, 04/15/29 | &nbsp;&nbsp; 269 | 264635 |
| 4.60%, 05/25/28 | &nbsp;&nbsp; 5 | 5022 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 175 | 175074 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 535 | 544992 |
| 5.10%, 03/15/27 | &nbsp;&nbsp; 15 | 15143 |
| PepsiCo Inc. |  |  |
| 2.38%, 10/06/26 | &nbsp;&nbsp; 10 | 9831 |
| 2.63%, 03/19/27 | &nbsp;&nbsp; 665 | 652111 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 20 | 18877 |
| 3.60%, 02/18/28 | &nbsp;&nbsp; 470 | 467455 |
| 4.10%, 01/15/29 | &nbsp;&nbsp; 300 | 300725 |
| 4.30%, 07/23/30 | &nbsp;&nbsp; 190 | 191099 |
| 4.40%, 02/07/27 | &nbsp;&nbsp; 195 | 196401 |
| 4.45%, 02/07/28 | &nbsp;&nbsp; 225 | 228021 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 385 | 390906 |
| 4.60%, 02/07/30 | &nbsp;&nbsp; 195 | 199350 |
| 5.13%, 11/10/26 | &nbsp;&nbsp; 50 | 50625 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 5 | 5489 |
|  |  | 22598147 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; 608 | 567596 |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 65 | 60151 |
| 3.00%, 02/22/29 | &nbsp;&nbsp; 388 | 373291 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 67 | 66684 |
| 5.15%, 03/02/28<sup>(a)</sup> | &nbsp;&nbsp; 2157 | 2206638 |
| 5.25%, 03/02/30 | &nbsp;&nbsp; 10 | 10356 |
| Biogen Inc., 2.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2550 | 2319902 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 2488 | 2351979 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 1679 | 1653468 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 2255 | 2312976 |
| Illumina Inc., 5.75%, 12/13/27 | &nbsp;&nbsp; 50 | 51421 |
|  |  | 11974462 |
| **Building Materials — 2.2%** | **Building Materials — 2.2%** | **Building Materials — 2.2%** |
| Amrize Finance US LLC, 4.95%, 04/07/30<sup>(c)</sup> | &nbsp;&nbsp; 400 | 408191 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Carrier Global Corp. |  |  |
| 2.49%, 02/15/27 | &nbsp;&nbsp; $2110 | $2064100 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 1770 | 1662035 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 1040 | 1069697 |
| 5.20%, 05/21/29<sup>(a)</sup> | &nbsp;&nbsp; 3563 | 3676478 |
| Fortune Brands Innovations Inc., 3.25%, 09/15/29 | &nbsp;&nbsp; 2580 | 2467742 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA, 5.50%, 04/19/29<sup>(a)</sup><br>| &nbsp;&nbsp; 738 | 769217 |
| Lennox International Inc. |  |  |
| 1.70%, 08/01/27 | &nbsp;&nbsp; 1206 | 1150137 |
| 5.50%, 09/15/28 | &nbsp;&nbsp; 1175 | 1216623 |
| Martin Marietta Materials Inc. |  |  |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 40 | 39506 |
| 3.50%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 16 | 15785 |
| Series CB, 2.50%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 556315 |
| Masco Corp. |  |  |
| 1.50%, 02/15/28 | &nbsp;&nbsp; 370 | 346360 |
| 3.50%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14775 |
| Owens Corning |  |  |
| 3.50%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 680 | 656999 |
| 3.95%, 08/15/29 | &nbsp;&nbsp; 756 | 746661 |
| 5.50%, 06/15/27 | &nbsp;&nbsp; 131 | 133873 |
| Trane Technologies Financing Ltd., 3.80%, <br> 03/21/29<br>| &nbsp;&nbsp; 2535 | 2509586 |
| Trane Technologies Global Holding Co. Ltd., 3.75%, <br> 08/21/28<br>| &nbsp;&nbsp; 2826 | 2815541 |
|  |  | 22319621 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Air Products and Chemicals Inc., 4.60%, 02/08/29 | &nbsp;&nbsp; 15 | 15259 |
| Dow Chemical Co. (The), 4.80%, 11/30/28<sup>(a)</sup> | &nbsp;&nbsp; 1009 | 1022094 |
| DuPont de Nemours Inc., 4.73%, 11/15/28 | &nbsp;&nbsp; 276 | 281222 |
| Ecolab Inc. |  |  |
| 1.65%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 2327 | 2253144 |
| 2.70%, 11/01/26 | &nbsp;&nbsp; 4679 | 4606812 |
| 3.25%, 12/01/27 | &nbsp;&nbsp; 1640 | 1616241 |
| 4.30%, 06/15/28 | &nbsp;&nbsp; 45 | 45402 |
| 4.80%, 03/24/30 | &nbsp;&nbsp; 20 | 20572 |
| 5.25%, 01/15/28 | &nbsp;&nbsp; 1007 | 1037036 |
| International Flavors & Fragrances Inc., 4.45%, <br> 09/26/28<br>| &nbsp;&nbsp; 975 | 979456 |
| LYB International Finance II BV, 3.50%, 03/02/27<sup>(a)</sup> | &nbsp;&nbsp; 50 | 49376 |
| Nutrien Ltd. |  |  |
| 2.95%, 05/13/30 | &nbsp;&nbsp; 40 | 37632 |
| 4.00%, 12/15/26 | &nbsp;&nbsp; 54 | 53846 |
| 4.20%, 04/01/29 | &nbsp;&nbsp; 971 | 968189 |
| 4.50%, 03/12/27 | &nbsp;&nbsp; 175 | 175839 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 1113 | 1131999 |
| 5.20%, 06/21/27 | &nbsp;&nbsp; 35 | 35549 |
| PPG Industries Inc. |  |  |
| 2.55%, 06/15/30 | &nbsp;&nbsp; 1000 | 922773 |
| 2.80%, 08/15/29 | &nbsp;&nbsp; 1620 | 1537557 |
| 3.75%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 449 | 444939 |
| RPM International Inc., 4.55%, 03/01/29 | &nbsp;&nbsp; 20 | 20120 |
| Sherwin-Williams Co. (The), 2.30%, 05/15/30 | &nbsp;&nbsp; 60 | 54981 |
|  |  | 17310038 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| Automatic Data Processing Inc., 1.70%, 05/15/28 | &nbsp;&nbsp; 804 | 760653 |
| Block Financial LLC, 2.50%, 07/15/28 | &nbsp;&nbsp; 165 | 156345 |
| GXO Logistics Inc., 6.25%, 05/06/29<sup>(a)</sup> | &nbsp;&nbsp; 451 | 472911 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; $400 | $379371 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 2909 | 2897335 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 1285 | 1312229 |
| S&P Global Inc. |  |  |
| 2.45%, 03/01/27 | &nbsp;&nbsp; 5 | 4885 |
| 2.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 616 | 577182 |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 115 | 109974 |
| 2.95%, 01/22/27 | &nbsp;&nbsp; 9 | 8864 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 91 | 91596 |
| 4.75%, 08/01/28 | &nbsp;&nbsp; 41 | 41808 |
|  |  | 6813153 |
| **Computers — 2.0%** | **Computers — 2.0%** | **Computers — 2.0%** |
| Apple Inc. |  |  |
| 1.20%, 02/08/28 | &nbsp;&nbsp; 2110 | 1984779 |
| 2.90%, 09/12/27 | &nbsp;&nbsp; 270 | 265589 |
| 3.00%, 06/20/27 | &nbsp;&nbsp; 302 | 298197 |
| 3.00%, 11/13/27 | &nbsp;&nbsp; 747 | 735972 |
| 4.20%, 05/12/30<sup>(a)</sup> | &nbsp;&nbsp; 450 | 455381 |
| CGI Inc., 4.95%, 03/14/30<sup>(c)</sup> | &nbsp;&nbsp; 10 | 10203 |
| Dell International LLC/EMC Corp. |  |  |
| 4.75%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 140 | 141899 |
| 4.90%, 10/01/26 | &nbsp;&nbsp; 735 | 738435 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 185 | 189462 |
| DXC Technology Co., 2.38%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 510 | 478485 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27 | &nbsp;&nbsp; 230 | 231040 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 2276 | 2279120 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 2490 | 2506011 |
| 5.25%, 07/01/28 | &nbsp;&nbsp; 807 | 830092 |
| HP Inc. |  |  |
| 3.00%, 06/17/27 | &nbsp;&nbsp; 194 | 190101 |
| 3.40%, 06/17/30<sup>(a)</sup> | &nbsp;&nbsp; 600 | 570887 |
| 4.00%, 04/15/29 | &nbsp;&nbsp; 110 | 108575 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 402 | 407331 |
| 5.40%, 04/25/30 | &nbsp;&nbsp; 160 | 166180 |
| IBM International Capital Pte Ltd. |  |  |
| 4.60%, 02/05/27 | &nbsp;&nbsp; 15 | 15100 |
| 4.60%, 02/05/29 | &nbsp;&nbsp; 100 | 101412 |
| International Business Machines Corp. |  |  |
| 1.70%, 05/15/27 | &nbsp;&nbsp; 122 | 117380 |
| 1.95%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1275 | 1151628 |
| 3.30%, 01/27/27 | &nbsp;&nbsp; 49 | 48506 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 931 | 912348 |
| 4.15%, 07/27/27 | &nbsp;&nbsp; 224 | 224855 |
| 4.50%, 02/06/28<sup>(a)</sup> | &nbsp;&nbsp; 205 | 207181 |
| 4.65%, 02/10/28 | &nbsp;&nbsp; 275 | 278882 |
| 6.22%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; 70 | 72834 |
| 6.50%, 01/15/28 | &nbsp;&nbsp; 80 | 84433 |
| Series .., 4.80%, 02/10/30 | &nbsp;&nbsp; 455 | 465897 |
| NetApp Inc. |  |  |
| 2.38%, 06/22/27<sup>(a)</sup> | &nbsp;&nbsp; 1430 | 1383769 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 2255 | 2078399 |
| Western Digital Corp., 2.85%, 02/01/29 | &nbsp;&nbsp; 815 | 767009 |
|  |  | 20497372 |
| **Cosmetics & Personal Care — 0.7%** | **Cosmetics & Personal Care — 0.7%** | **Cosmetics & Personal Care — 0.7%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 2229 | 2204067 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 200 | 201911 |
| Conopco Inc., Series E, 7.25%, 12/15/26 | &nbsp;&nbsp; 70 | 72752 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| Kenvue Inc., 5.00%, 03/22/30 | &nbsp;&nbsp; $5 | $5168 |
| Procter & Gamble Co. (The) |  |  |
| 2.85%, 08/11/27 | &nbsp;&nbsp; 45 | 44233 |
| 3.00%, 03/25/30 | &nbsp;&nbsp; 1215 | 1166351 |
| 4.05%, 05/01/30 | &nbsp;&nbsp; 350 | 351723 |
| 4.15%, 10/24/29 | &nbsp;&nbsp; 220 | 222353 |
| 4.35%, 01/29/29 | &nbsp;&nbsp; 75 | 76111 |
| Unilever Capital Corp. |  |  |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 40 | 37198 |
| 2.90%, 05/05/27 | &nbsp;&nbsp; 100 | 98504 |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 2175 | 2155326 |
| 4.25%, 08/12/27 | &nbsp;&nbsp; 25 | 25166 |
| 4.88%, 09/08/28 | &nbsp;&nbsp; 415 | 426238 |
|  |  | 7087101 |
| **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** |
| LKQ Corp., 5.75%, 06/15/28 | &nbsp;&nbsp; 4200 | 4337674 |
| **Diversified Financial Services — 5.1%** | **Diversified Financial Services — 5.1%** | **Diversified Financial Services — 5.1%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26 | &nbsp;&nbsp; 1949 | 1908659 |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 2499 | 2403695 |
| 3.65%, 07/21/27 | &nbsp;&nbsp; 5 | 4951 |
| 3.88%, 01/23/28 | &nbsp;&nbsp; 270 | 267841 |
| 4.63%, 10/15/27 | &nbsp;&nbsp; 431 | 433914 |
| 4.63%, 09/10/29 | &nbsp;&nbsp; 1665 | 1679083 |
| 4.88%, 04/01/28 | &nbsp;&nbsp; 300 | 304542 |
| 5.10%, 01/19/29 | &nbsp;&nbsp; 919 | 940592 |
| 5.75%, 06/06/28<sup>(a)</sup> | &nbsp;&nbsp; 753 | 780822 |
| 6.45%, 04/15/27 | &nbsp;&nbsp; 105 | 108394 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(b)</sup> | &nbsp;&nbsp; 600 | 627948 |
| Air Lease Corp. |  |  |
| 2.10%, 09/01/28 | &nbsp;&nbsp; 425 | 399522 |
| 2.20%, 01/15/27 | &nbsp;&nbsp; 670 | 652073 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 795 | 750444 |
| 3.25%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 415 | 397438 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 190 | 188460 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 35 | 34566 |
| 4.63%, 10/01/28 | &nbsp;&nbsp; 180 | 181855 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 446 | 458092 |
| 5.30%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1195 | 1223344 |
| 5.85%, 12/15/27 | &nbsp;&nbsp; 230 | 238153 |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28 | &nbsp;&nbsp; 190 | 177255 |
| 4.75%, 06/09/27<sup>(a)</sup> | &nbsp;&nbsp; 770 | 773466 |
| 6.85%, 01/03/30, (1-day SOFR + 2.282%)<sup>(b)</sup> | &nbsp;&nbsp; 447 | 474511 |
| 6.99%, 06/13/29, (1-day SOFR + 3.260%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 42325 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 15 | 14582 |
| 2.55%, 03/04/27 | &nbsp;&nbsp; 143 | 139828 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 1420 | 1403368 |
| 4.05%, 05/03/29 | &nbsp;&nbsp; 380 | 380968 |
| 4.35%, 07/20/29, (1-day SOFR + 0.810%)<sup>(b)</sup> | &nbsp;&nbsp; 775 | 778814 |
| 4.73%, 04/25/29, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp; 725 | 736134 |
| 5.02%, 04/25/31, (1-day SOFR + 1.440%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 725 | 744634 |
| 5.04%, 07/26/28, (1-day SOFR + 0.930%)<sup>(b)</sup> | &nbsp;&nbsp; 215 | 218450 |
| 5.09%, 01/30/31, (1-day SOFR Index + <br> 1.020%)<sup>(b)</sup><br>| &nbsp;&nbsp; 945 | 973341 |
| 5.10%, 02/16/28, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; 75 | 75891 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.280%)<sup>(b)</sup><br>| &nbsp;&nbsp; 655 | 675433 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.53%, 04/25/30, (1-day SOFR Index + <br> 1.090%)<sup>(b)</sup><br>| &nbsp;&nbsp; $1017 | $1061451 |
| 5.85%, 11/05/27 | &nbsp;&nbsp; 1100 | 1141261 |
| American Express Credit Corp., 3.30%, 05/03/27 | &nbsp;&nbsp; 130 | 128600 |
| Brookfield Finance Inc. |  |  |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 793 | 787171 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 295 | 294282 |
| 4.85%, 03/29/29 | &nbsp;&nbsp; 1078 | 1096487 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + 0.855%)<sup>(b)</sup> | &nbsp;&nbsp; 230 | 223499 |
| 3.27%, 03/01/30, (1-day SOFR + 1.790%)<sup>(b)</sup> | &nbsp;&nbsp; 445 | 428944 |
| 3.65%, 05/11/27 | &nbsp;&nbsp; 140 | 138792 |
| 3.75%, 03/09/27 | &nbsp;&nbsp; 160 | 158952 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 99 | 98102 |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 784 | 782309 |
| 4.93%, 05/10/28, (1-day SOFR + 2.057%)<sup>(b)</sup> | &nbsp;&nbsp; 1610 | 1626439 |
| 5.25%, 07/26/30, (1-day SOFR + 2.600%)<sup>(b)</sup> | &nbsp;&nbsp; 60 | 61658 |
| 5.46%, 07/26/30, (1-day SOFR +1.560%)<sup>(b)</sup> | &nbsp;&nbsp; 125 | 129380 |
| 5.47%, 02/01/29, (1-day SOFR + 2.080%)<sup>(b)</sup> | &nbsp;&nbsp; 650 | 667196 |
| 5.70%, 02/01/30, (1-day SOFR + 1.905%)<sup>(b)</sup> | &nbsp;&nbsp; 166 | 172326 |
| 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(b)</sup> | &nbsp;&nbsp; 368 | 386276 |
| 7.15%, 10/29/27, (1-day SOFR + 2.440%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10303 |
| Cboe Global Markets Inc., 3.65%, 01/12/27 | &nbsp;&nbsp; 440 | 437351 |
| Charles Schwab Corp. (The) |  |  |
| 2.00%, 03/20/28 | &nbsp;&nbsp; 945 | 900952 |
| 2.45%, 03/03/27<sup>(a)</sup> | &nbsp;&nbsp; 120 | 117239 |
| 3.20%, 01/25/28 | &nbsp;&nbsp; 210 | 206085 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 245 | 242335 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 20 | 19989 |
| 5.64%, 05/19/29, (1-day SOFR + 2.210%)<sup>(b)</sup> | &nbsp;&nbsp; 60 | 62407 |
| 6.20%, 11/17/29, (1-day SOFR + 1.878%)<sup>(b)</sup> | &nbsp;&nbsp; 210 | 223412 |
| Eaton Vance Corp., 3.50%, 04/06/27<sup>(a)</sup> | &nbsp;&nbsp; 1615 | 1600105 |
| Intercontinental Exchange Inc. |  |  |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 1195 | 1084547 |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 10 | 9812 |
| 3.63%, 09/01/28 | &nbsp;&nbsp; 80 | 78939 |
| 3.75%, 09/21/28 | &nbsp;&nbsp; 6 | 5946 |
| 4.00%, 09/15/27 | &nbsp;&nbsp; 330 | 329697 |
| 4.35%, 06/15/29 | &nbsp;&nbsp; 535 | 539303 |
| Lazard Group LLC, 4.38%, 03/11/29 | &nbsp;&nbsp; 371 | 370716 |
| LPL Holdings Inc. |  |  |
| 5.20%, 03/15/30 | &nbsp;&nbsp; 225 | 229897 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 195 | 208763 |
| Mastercard Inc. |  |  |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 45 | 43499 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 1110 | 1079778 |
| 4.55%, 03/15/28 | &nbsp;&nbsp; 90 | 91430 |
| Nasdaq Inc., 5.35%, 06/28/28 | &nbsp;&nbsp; 1324 | 1365918 |
| Nomura Holdings Inc. |  |  |
| 2.17%, 07/14/28 | &nbsp;&nbsp; 894 | 843232 |
| 2.33%, 01/22/27 | &nbsp;&nbsp; 2180 | 2120559 |
| 2.68%, 07/16/30 | &nbsp;&nbsp; 800 | 733533 |
| 2.71%, 01/22/29 | &nbsp;&nbsp; 205 | 193890 |
| 3.10%, 01/16/30<sup>(a)</sup> | &nbsp;&nbsp; 590 | 556638 |
| 4.90%, 07/01/30 | &nbsp;&nbsp; 200 | 202783 |
| 5.59%, 07/02/27 | &nbsp;&nbsp; 200 | 204603 |
| 5.61%, 07/06/29 | &nbsp;&nbsp; 665 | 692975 |
| 5.84%, 01/18/28 | &nbsp;&nbsp; 200 | 206790 |
| 6.07%, 07/12/28 | &nbsp;&nbsp; 200 | 209500 |
| ORIX Corp. |  |  |
| 3.70%, 07/18/27<sup>(a)</sup> | &nbsp;&nbsp; 730 | 723295 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 4.65%, 09/10/29<sup>(a)</sup> | &nbsp;&nbsp; $274 | $277428 |
| 5.00%, 09/13/27 | &nbsp;&nbsp; 110 | 111696 |
| Radian Group Inc., 4.88%, 03/15/27 | &nbsp;&nbsp; 495 | 496053 |
| Raymond James Financial Inc., 4.65%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1255 | 1278007 |
| Synchrony Financial |  |  |
| 3.95%, 12/01/27 | &nbsp;&nbsp; 508 | 500990 |
| 5.02%, 07/29/29, (1-day SOFR + 1.395%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30196 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 1035 | 1047840 |
| 5.45%, 03/06/31, (1-day SOFR + 1.680%)<sup>(b)</sup> | &nbsp;&nbsp; 695 | 708213 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(b)</sup><br>| &nbsp;&nbsp; 701 | 726195 |
| Voya Financial Inc., 4.70%, 01/23/48<sup>(b)</sup> | &nbsp;&nbsp; 56 | 54329 |
|  |  | 52153681 |
| **Electric — 4.7%** | **Electric — 4.7%** | **Electric — 4.7%** |
| AEP Texas Inc. |  |  |
| 3.95%, 06/01/28 | &nbsp;&nbsp; 1913 | 1897990 |
| 5.45%, 05/15/29 | &nbsp;&nbsp; 1134 | 1177278 |
| Atlantic City Electric Co., 4.00%, 10/15/28 | &nbsp;&nbsp; 1013 | 1010365 |
| Avangrid Inc., 3.80%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2547 | 2502929 |
| CMS Energy Corp. |  |  |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 101 | 99607 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(b)</sup> | &nbsp;&nbsp; 225 | 217504 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | &nbsp;&nbsp; 515 | 472695 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 1633 | 1620699 |
| Series 122, 2.95%, 08/15/27 | &nbsp;&nbsp; 88 | 86327 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.65%, 01/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1120 | 1137944 |
| 4.95%, 01/15/30 | &nbsp;&nbsp; 230 | 236052 |
| Series A, 3.20%, 03/15/27 | &nbsp;&nbsp; 503 | 496805 |
| Edison International |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 98 | 96454 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 405 | 409153 |
| 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 816 | 830839 |
| 6.25%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 345 | 358854 |
| 6.95%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 35 | 37132 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 1309 | 1300923 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 25 | 25294 |
| Entergy Louisiana LLC, 3.12%, 09/01/27 | &nbsp;&nbsp; 5 | 4912 |
| Eversource Energy |  |  |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 635 | 623543 |
| 4.60%, 07/01/27 | &nbsp;&nbsp; 55 | 55321 |
| 5.00%, 01/01/27 | &nbsp;&nbsp; 135 | 136286 |
| 5.45%, 03/01/28 | &nbsp;&nbsp; 255 | 262138 |
| 5.95%, 02/01/29 | &nbsp;&nbsp; 834 | 874972 |
| Series M, 3.30%, 01/15/28 | &nbsp;&nbsp; 790 | 773761 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; 525 | 523233 |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; 1000 | 877484 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | &nbsp;&nbsp; 5 | 4895 |
| 4.05%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 45 | 44508 |
| 5.15%, 03/15/28 | &nbsp;&nbsp; 755 | 772291 |
| 5.15%, 03/15/29 | &nbsp;&nbsp; 1248 | 1283928 |
| FirstEnergy Transmission LLC, 4.55%, 01/15/30 | &nbsp;&nbsp; 1170 | 1178981 |
| Florida Power & Light Co., Series A, 3.30%, <br> 05/30/27<br>| &nbsp;&nbsp; 5 | 4945 |
| Fortis Inc./Canada, 3.06%, 10/04/26 | &nbsp;&nbsp; 1385 | 1364158 |
| ITC Holdings Corp., 3.35%, 11/15/27 | &nbsp;&nbsp; 592 | 580878 |
| National Grid PLC, 5.60%, 06/12/28 | &nbsp;&nbsp; 2956 | 3060452 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 3.70%, 03/15/29 | &nbsp;&nbsp; 15 | 14789 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.90%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; $10 | $9935 |
| 4.85%, 02/07/29 | &nbsp;&nbsp; 15 | 15352 |
| 4.95%, 02/07/30<sup>(a)</sup> | &nbsp;&nbsp; 105 | 108149 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 95 | 98524 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 1.88%, 01/15/27 | &nbsp;&nbsp; 1578 | 1529622 |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 1135 | 1070605 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 75 | 70822 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 104 | 101680 |
| 3.55%, 05/01/27 | &nbsp;&nbsp; 25 | 24749 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(b)</sup> | &nbsp;&nbsp; 326 | 315200 |
| 4.63%, 07/15/27 | &nbsp;&nbsp; 15 | 15132 |
| 4.80%, 12/01/77<sup>(b)</sup> | &nbsp;&nbsp; 255 | 245748 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; 290 | 294977 |
| 4.90%, 02/28/28 | &nbsp;&nbsp; 503 | 511803 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 827 | 845054 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 345 | 355118 |
| 5.65%, 05/01/79<sup>(a)(b)</sup> | &nbsp;&nbsp; 480 | 479095 |
| 6.38%, 08/15/55, (5-year CMT + 2.053%)<sup>(b)</sup> | &nbsp;&nbsp; 700 | 723206 |
| 6.70%, 09/01/54, (5-year CMT + 2.364%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10308 |
| NSTAR Electric Co. |  |  |
| 3.20%, 05/15/27 | &nbsp;&nbsp; 795 | 783898 |
| 3.25%, 05/15/29 | &nbsp;&nbsp; 1145 | 1111394 |
| 4.85%, 03/01/30 | &nbsp;&nbsp; 250 | 256157 |
| Ohio Power Co., Series P, 2.60%, 04/01/30 | &nbsp;&nbsp; 900 | 836694 |
| Oncor Electric Delivery Co. LLC |  |  |
| 3.70%, 11/15/28 | &nbsp;&nbsp; 112 | 110809 |
| 4.30%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 76 | 76524 |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 235 | 239104 |
| 5.75%, 03/15/29 | &nbsp;&nbsp; 25 | 26168 |
| Pacific Gas and Electric Co. |  |  |
| 2.10%, 08/01/27 | &nbsp;&nbsp; 190 | 182062 |
| 3.30%, 12/01/27 | &nbsp;&nbsp; 250 | 244054 |
| 4.20%, 03/01/29 | &nbsp;&nbsp; 10 | 9882 |
| 5.45%, 06/15/27 | &nbsp;&nbsp; 965 | 979684 |
| 6.10%, 01/15/29 | &nbsp;&nbsp; 10 | 10444 |
| Public Service Electric & Gas Co. |  |  |
| 2.45%, 01/15/30 | &nbsp;&nbsp; 15 | 13973 |
| 3.00%, 05/15/27 | &nbsp;&nbsp; 5 | 4923 |
| 3.20%, 05/15/29 | &nbsp;&nbsp; 5 | 4852 |
| 3.65%, 09/01/28 | &nbsp;&nbsp; 5 | 4947 |
| 3.70%, 05/01/28 | &nbsp;&nbsp; 50 | 49701 |
| Public Service Enterprise Group Inc. |  |  |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 220 | 224805 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 1369 | 1412405 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 3370 | 3489562 |
| 5.88%, 10/15/28 | &nbsp;&nbsp; 778 | 815169 |
| San Diego Gas & Electric Co., 4.95%, 08/15/28 | &nbsp;&nbsp; 21 | 21559 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 35 | 34384 |
| 3.70%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14700 |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(b)</sup> | &nbsp;&nbsp; 575 | 559918 |
| 6.63%, 04/01/55, (5-year CMT + 2.354%)<sup>(b)</sup> | &nbsp;&nbsp; 250 | 250701 |
| 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(b)</sup> | &nbsp;&nbsp; 155 | 157758 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 1000 | 899526 |
| 2.85%, 08/01/29 | &nbsp;&nbsp; 36 | 33901 |
| 5.15%, 06/01/29 | &nbsp;&nbsp; 211 | 215536 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 15 | 15357 |
| 5.30%, 03/01/28 | &nbsp;&nbsp; 140 | 143056 |
| 5.65%, 10/01/28 | &nbsp;&nbsp; 614 | 635530 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.85%, 11/01/27<sup>(a)</sup> | &nbsp;&nbsp; $26 | $26773 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 5 | 5251 |
| Series A, 4.20%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 888 | 879974 |
|  |  | 48062533 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| ABB Finance USA Inc., 3.80%, 04/03/28<sup>(a)</sup> | &nbsp;&nbsp; 2645 | 2654070 |
| **Electronics — 0.8%** | **Electronics — 0.8%** | **Electronics — 0.8%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 396 | 382912 |
| Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 | &nbsp;&nbsp; 625 | 615599 |
| Avnet Inc., 6.25%, 03/15/28 | &nbsp;&nbsp; 434 | 451837 |
| Flex Ltd., 4.88%, 06/15/29 | &nbsp;&nbsp; 63 | 63690 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 | &nbsp;&nbsp; 172 | 164625 |
| 1.95%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2520 | 2280757 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 85 | 83449 |
| 2.70%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 746 | 709746 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 286 | 287475 |
| 4.65%, 07/30/27 | &nbsp;&nbsp; 135 | 136639 |
| 4.70%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 1065601 |
| 4.88%, 09/01/29 | &nbsp;&nbsp; 33 | 33972 |
| 4.95%, 02/15/28 | &nbsp;&nbsp; 35 | 35823 |
| Hubbell Inc., 3.15%, 08/15/27 | &nbsp;&nbsp; 10 | 9796 |
| Jabil Inc., 4.25%, 05/15/27 | &nbsp;&nbsp; 45 | 44974 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 2005 | 1902604 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 37 | 37168 |
| Trimble Inc., 4.90%, 06/15/28 | &nbsp;&nbsp; 33 | 33473 |
| Vontier Corp., 2.40%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 97 | 92105 |
|  |  | 8432245 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Jacobs Engineering Group Inc., 6.35%, 08/18/28 | &nbsp;&nbsp; 1166 | 1228706 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Republic Services Inc., 3.95%, 05/15/28 | &nbsp;&nbsp; 10 | 10001 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; 1297 | 1339525 |
| 5.50%, 09/18/26 | &nbsp;&nbsp; 738 | 745484 |
| Waste Management Inc., 4.88%, 02/15/29 | &nbsp;&nbsp; 5 | 5143 |
|  |  | 2100153 |
| **Food — 2.7%** | **Food — 2.7%** | **Food — 2.7%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 855 | 932005 |
| Conagra Brands Inc. |  |  |
| 1.38%, 11/01/27 | &nbsp;&nbsp; 959 | 899537 |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 1192 | 1204709 |
| 5.00%, 08/01/30 | &nbsp;&nbsp; 250 | 252285 |
| 5.30%, 10/01/26 | &nbsp;&nbsp; 20 | 20186 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 95 | 101488 |
| General Mills Inc. |  |  |
| 2.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 210 | 197179 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 5263 | 5192246 |
| 4.20%, 04/17/28<sup>(a)</sup> | &nbsp;&nbsp; 45 | 45059 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 31 | 31199 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 1530 | 1564060 |
| 5.50%, 10/17/28 | &nbsp;&nbsp; 120 | 124622 |
| Hormel Foods Corp. |  |  |
| 1.70%, 06/03/28 | &nbsp;&nbsp; 642 | 603748 |
| 4.80%, 03/30/27 | &nbsp;&nbsp; 15 | 15156 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 200 | 187066 |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 2255 | 2228769 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| J.M. Smucker Co. (The), 5.90%, 11/15/28 | &nbsp;&nbsp; $85 | $89281 |
| Kellanova |  |  |
| 2.10%, 06/01/30 | &nbsp;&nbsp; 3000 | 2719529 |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 2125 | 2095362 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 50 | 50325 |
| Kraft Heinz Foods Co. |  |  |
| 3.75%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 210 | 203818 |
| 3.88%, 05/15/27 | &nbsp;&nbsp; 406 | 403348 |
| 4.63%, 01/30/29<sup>(a)</sup> | &nbsp;&nbsp; 600 | 605187 |
| Kroger Co. (The) |  |  |
| 2.65%, 10/15/26 | &nbsp;&nbsp; 156 | 153393 |
| 3.70%, 08/01/27 | &nbsp;&nbsp; 1803 | 1789903 |
| 4.50%, 01/15/29 | &nbsp;&nbsp; 55 | 55647 |
| McCormick & Co. Inc./MD |  |  |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 5 | 4618 |
| 3.40%, 08/15/27 | &nbsp;&nbsp; 2660 | 2627443 |
| Mondelez International Inc., 4.75%, 02/20/29 | &nbsp;&nbsp; 15 | 15341 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 1115 | 1018893 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 691 | 690820 |
| 5.20%, 03/21/29 | &nbsp;&nbsp; 853 | 875853 |
|  |  | 26998075 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | &nbsp;&nbsp; 10 | 9351 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 62 | 63864 |
| Suzano International Finance BV, 5.50%, 01/17/27 | &nbsp;&nbsp; 57 | 57691 |
|  |  | 130906 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| National Fuel Gas Co. |  |  |
| 4.75%, 09/01/28 | &nbsp;&nbsp; 5 | 5010 |
| 5.50%, 10/01/26 | &nbsp;&nbsp; 30 | 30313 |
| 5.50%, 03/15/30 | &nbsp;&nbsp; 140 | 144672 |
| NiSource Inc. |  |  |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 965 | 920371 |
| 3.49%, 05/15/27 | &nbsp;&nbsp; 60 | 59360 |
| 3.60%, 05/01/30 | &nbsp;&nbsp; 935 | 906289 |
| 5.20%, 07/01/29 | &nbsp;&nbsp; 1813 | 1870330 |
| 5.25%, 03/30/28 | &nbsp;&nbsp; 85 | 87268 |
| 6.95%, 11/30/54, (5-year CMT + 2.451%)<sup>(b)</sup> | &nbsp;&nbsp; 165 | 171625 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 1535 | 1394041 |
| 5.10%, 04/01/29 | &nbsp;&nbsp; 2798 | 2887914 |
| Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 | &nbsp;&nbsp; 115 | 112211 |
| Southern California Gas Co., 2.95%, 04/15/27 | &nbsp;&nbsp; 68 | 66808 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1809261 |
| 3.70%, 04/01/28 | &nbsp;&nbsp; 5 | 4934 |
|  |  | 10470407 |
| **Health Care - Products — 0.5%** | **Health Care - Products — 0.5%** | **Health Care - Products — 0.5%** |
| Agilent Technologies Inc. |  |  |
| 2.10%, 06/04/30<sup>(a)</sup> | &nbsp;&nbsp; 515 | 466442 |
| 2.75%, 09/15/29 | &nbsp;&nbsp; 15 | 14211 |
| 3.05%, 09/22/26<sup>(a)</sup> | &nbsp;&nbsp; 987 | 973906 |
| 4.20%, 09/09/27 | &nbsp;&nbsp; 85 | 85076 |
| Baxter International Inc., 2.27%, 12/01/28 | &nbsp;&nbsp; 10 | 9375 |
| Dentsply Sirona Inc., 3.25%, 06/01/30 | &nbsp;&nbsp; 115 | 105652 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | &nbsp;&nbsp; 1685 | 1693334 |
| Revvity Inc., 3.30%, 09/15/29 | &nbsp;&nbsp; 810 | 773851 |
| Smith & Nephew PLC, 5.15%, 03/20/27 | &nbsp;&nbsp; 15 | 15208 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| Solventum Corp., 5.40%, 03/01/29 | &nbsp;&nbsp; $63 | $65686 |
| Zimmer Biomet Holdings Inc. |  |  |
| 5.05%, 02/19/30 | &nbsp;&nbsp; 90 | 92562 |
| 5.35%, 12/01/28 | &nbsp;&nbsp; 617 | 638839 |
|  |  | 4934142 |
| **Health Care - Services — 3.4%** | **Health Care - Services — 3.4%** | **Health Care - Services — 3.4%** |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 2071 | 1914645 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 800 | 730058 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 800 | 781680 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 1325 | 1276673 |
| Cigna Group (The) |  |  |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 1285 | 1258421 |
| 3.40%, 03/01/27 | &nbsp;&nbsp; 33 | 32648 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 2750 | 2764470 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 85 | 87272 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 50 | 45601 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 914 | 865942 |
| 3.65%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 1907 | 1890427 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 745 | 744406 |
| 4.50%, 10/30/26 | &nbsp;&nbsp; 121 | 121475 |
| 4.75%, 02/15/30 | &nbsp;&nbsp; 690 | 701196 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 1707 | 1758191 |
| HCA Inc. |  |  |
| 3.13%, 03/15/27 | &nbsp;&nbsp; 734 | 722276 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 877 | 849003 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 143 | 141620 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 1065 | 1066012 |
| 5.00%, 03/01/28 | &nbsp;&nbsp; 130 | 132275 |
| 5.20%, 06/01/28 | &nbsp;&nbsp; 510 | 522422 |
| 5.25%, 03/01/30 | &nbsp;&nbsp; 280 | 289164 |
| 5.38%, 09/01/26 | &nbsp;&nbsp; 527 | 528940 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; 195 | 201135 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 20 | 20836 |
| Humana Inc. |  |  |
| 1.35%, 02/03/27 | &nbsp;&nbsp; 80 | 76832 |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 600 | 571080 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 660 | 646447 |
| 3.95%, 03/15/27 | &nbsp;&nbsp; 55 | 54826 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 50 | 50651 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 260 | 268987 |
| 5.75%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 326 | 339945 |
| ICON Investments Six DAC |  |  |
| 5.81%, 05/08/27 | &nbsp;&nbsp; 20 | 20421 |
| 5.85%, 05/08/29 | &nbsp;&nbsp; 630 | 658427 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | &nbsp;&nbsp; 693 | 715100 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 735 | 774546 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 5 | 4733 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 849 | 841687 |
| 4.35%, 04/01/30 | &nbsp;&nbsp; 305 | 304915 |
| Quest Diagnostics Inc. |  |  |
| 2.95%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 725 | 682330 |
| 4.20%, 06/30/29 | &nbsp;&nbsp; 1144 | 1144966 |
| 4.60%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 40 | 40421 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 30 | 30454 |
| UnitedHealth Group Inc. |  |  |
| 3.70%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 900 | 895008 |
| 2.95%, 10/15/27 | &nbsp;&nbsp; 1305 | 1276022 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 3.38%, 04/15/27 | &nbsp;&nbsp; $69 | $68242 |
| 3.45%, 01/15/27 | &nbsp;&nbsp; 15 | 14873 |
| 3.85%, 06/15/28 | &nbsp;&nbsp; 1270 | 1263980 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 755 | 748852 |
| 4.00%, 05/15/29 | &nbsp;&nbsp; 1067 | 1061811 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 880 | 882475 |
| 4.60%, 04/15/27 | &nbsp;&nbsp; 85 | 85683 |
| 4.70%, 04/15/29 | &nbsp;&nbsp; 424 | 431650 |
| 5.25%, 02/15/28 | &nbsp;&nbsp; 1210 | 1243772 |
|  |  | 34645924 |
| **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** |
| North Haven Private Income Fund LLC, 5.75%, <br> 02/01/30<br>| &nbsp;&nbsp; 2500 | 2503607 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Lennar Corp. |  |  |
| 4.75%, 11/29/27 | &nbsp;&nbsp; 20 | 20156 |
| 5.20%, 07/30/30 | &nbsp;&nbsp; 125 | 129067 |
| Meritage Homes Corp., 5.13%, 06/06/27 | &nbsp;&nbsp; 30 | 30199 |
| Toll Brothers Finance Corp., 4.88%, 03/15/27 | &nbsp;&nbsp; 145 | 145977 |
|  |  | 325399 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 478 | 466730 |
| 4.40%, 03/15/29 | &nbsp;&nbsp; 914 | 898907 |
|  |  | 1365637 |
| **Household Products & Wares — 1.1%** | **Household Products & Wares — 1.1%** | **Household Products & Wares — 1.1%** |
| Avery Dennison Corp. |  |  |
| 2.65%, 04/30/30 | &nbsp;&nbsp; 400 | 371556 |
| 4.88%, 12/06/28 | &nbsp;&nbsp; 115 | 117057 |
| Church & Dwight Co. Inc., 3.15%, 08/01/27 | &nbsp;&nbsp; 15 | 14760 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 2110 | 1887943 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 191 | 187339 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 2170 | 2160368 |
| 4.40%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1795 | 1807870 |
| Kimberly-Clark Corp. |  |  |
| 1.05%, 09/15/27 | &nbsp;&nbsp; 3825 | 3617815 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 1235 | 1184163 |
| 3.20%, 04/25/29<sup>(a)</sup> | &nbsp;&nbsp; 35 | 34126 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 140 | 140240 |
|  |  | 11523237 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Aegon Ltd., 5.50%, 04/11/48<sup>(b)</sup> | &nbsp;&nbsp; 625 | 630185 |
| Aon Corp. |  |  |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 60 | 60576 |
| 8.21%, 01/01/27 | &nbsp;&nbsp; 435 | 454859 |
| Aon North America Inc., 5.15%, 03/01/29 | &nbsp;&nbsp; 39 | 40139 |
| Assurant Inc. |  |  |
| 3.70%, 02/22/30<sup>(a)</sup> | &nbsp;&nbsp; 1995 | 1932121 |
| 4.90%, 03/27/28<sup>(a)</sup> | &nbsp;&nbsp; 284 | 287942 |
| Athene Holding Ltd., 4.13%, 01/12/28 | &nbsp;&nbsp; 310 | 309215 |
| Axis Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | &nbsp;&nbsp; 60 | 58997 |
| 4.90%, 01/15/40, (5-year CMT + 3.186%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 120 | 116254 |
| Axis Specialty Finance PLC, 4.00%, 12/06/27 | &nbsp;&nbsp; 30 | 29791 |
| Brighthouse Financial Inc., 3.70%, 06/22/27 | &nbsp;&nbsp; 30 | 29590 |
| CNO Financial Group Inc., 5.25%, 05/30/29 | &nbsp;&nbsp; 1027 | 1047019 |
| Enstar Finance LLC, 5.50%, 01/15/42, (5-year CMT <br> + 4.006%)<sup>(b)</sup><br>| &nbsp;&nbsp; 60 | 59412 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Equitable Holdings Inc., 4.35%, 04/20/28 | &nbsp;&nbsp; $504 | $505348 |
| Hartford Financial Services Group Inc. (The), 2.80%, <br> 08/19/29<br>| &nbsp;&nbsp; 1580 | 1498102 |
| Lincoln National Corp., 3.80%, 03/01/28 | &nbsp;&nbsp; 250 | 246968 |
| Manulife Financial Corp. |  |  |
| 2.48%, 05/19/27<sup>(a)</sup> | &nbsp;&nbsp; 173 | 168250 |
| 4.06%, 02/24/32, (5-year USD ICE Swap + <br> 1.647%)<sup>(b)</sup><br>| &nbsp;&nbsp; 297 | 293988 |
| Marsh & McLennan Companies Inc. |  |  |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 60 | 60586 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 340 | 343825 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 370 | 376471 |
| MetLife Inc., 4.55%, 03/23/30<sup>(a)</sup> | &nbsp;&nbsp; 620 | 630724 |
| MGIC Investment Corp., 5.25%, 08/15/28 | &nbsp;&nbsp; 35 | 35015 |
| Munich Re America Corp., Series B, 7.45%, <br> 12/15/26<br>| &nbsp;&nbsp; 595 | 620817 |
| Principal Financial Group Inc. |  |  |
| 3.10%, 11/15/26 | &nbsp;&nbsp; 68 | 67110 |
| 3.70%, 05/15/29 | &nbsp;&nbsp; 115 | 112768 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1381195 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 1147 | 1146789 |
| 4.50%, 09/15/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 384 | 378162 |
| 5.70%, 09/15/48<sup>(b)</sup> | &nbsp;&nbsp; 796 | 809210 |
| Prudential Funding Asia PLC, 3.13%, 04/14/30<sup>(a)</sup> | &nbsp;&nbsp; 850 | 811817 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 16 | 15151 |
| 4.50%, 09/15/28 | &nbsp;&nbsp; 556 | 560714 |
| 4.65%, 06/15/27 | &nbsp;&nbsp; 100 | 100656 |
|  |  | 15219766 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Alibaba Group Holding Ltd., 3.40%, 12/06/27<sup>(a)</sup> | &nbsp;&nbsp; 933 | 920490 |
| Amazon.com Inc. |  |  |
| 1.65%, 05/12/28 | &nbsp;&nbsp; 105 | 99228 |
| 3.15%, 08/22/27<sup>(a)</sup> | &nbsp;&nbsp; 245 | 241940 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; 85 | 83748 |
| 4.55%, 12/01/27 | &nbsp;&nbsp; 1250 | 1268097 |
| Baidu Inc., 4.38%, 03/29/28 | &nbsp;&nbsp; 455 | 457638 |
| eBay Inc. |  |  |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 40 | 37409 |
| 3.60%, 06/05/27 | &nbsp;&nbsp; 488 | 484101 |
|  |  | 3592651 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| Nucor Corp. |  |  |
| 3.95%, 05/01/28 | &nbsp;&nbsp; 847 | 845056 |
| 4.30%, 05/23/27 | &nbsp;&nbsp; 115 | 115325 |
| Steel Dynamics Inc. |  |  |
| 1.65%, 10/15/27 | &nbsp;&nbsp; 15 | 14211 |
| 5.00%, 12/15/26 | &nbsp;&nbsp; 879 | 879924 |
|  |  | 1854516 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Brunswick Corp./DE, 5.85%, 03/18/29<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10360 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Choice Hotels International Inc., 3.70%, 12/01/29 | &nbsp;&nbsp; 425 | 405915 |
| Las Vegas Sands Corp., 6.00%, 06/14/30 | &nbsp;&nbsp; 505 | 525576 |
| Marriott International Inc./MD, 5.55%, 10/15/28 | &nbsp;&nbsp; 220 | 228436 |
| Sands China Ltd. |  |  |
| 2.30%, 03/08/27 | &nbsp;&nbsp; 545 | 526912 |
| 2.85%, 03/08/29 | &nbsp;&nbsp; 297 | 277690 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| 5.40%, 08/08/28 | &nbsp;&nbsp; $1061 | $1081438 |
|  |  | 3045967 |
| **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
| Caterpillar Financial Services Corp. |  |  |
| 1.10%, 09/14/27 | &nbsp;&nbsp; 55 | 52058 |
| 1.15%, 09/14/26 | &nbsp;&nbsp; 68 | 66007 |
| 1.70%, 01/08/27 | &nbsp;&nbsp; 55 | 53409 |
| 3.60%, 08/12/27 | &nbsp;&nbsp; 60 | 59656 |
| 4.38%, 08/16/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202874 |
| 4.40%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 80 | 80810 |
| 4.40%, 03/03/28<sup>(a)</sup> | &nbsp;&nbsp; 175 | 176953 |
| 4.45%, 10/16/26 | &nbsp;&nbsp; 30 | 30158 |
| 4.50%, 01/07/27 | &nbsp;&nbsp; 125 | 125933 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 30 | 30219 |
| 4.60%, 11/15/27 | &nbsp;&nbsp; 55 | 55762 |
| 4.70%, 11/15/29 | &nbsp;&nbsp; 925 | 947514 |
| 4.80%, 01/08/30 | &nbsp;&nbsp; 195 | 201101 |
| 4.85%, 02/27/29 | &nbsp;&nbsp; 245 | 251586 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | &nbsp;&nbsp; 545 | 548130 |
| 4.55%, 04/10/28<sup>(a)</sup> | &nbsp;&nbsp; 505 | 509233 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 165 | 166855 |
| 5.10%, 04/20/29 | &nbsp;&nbsp; 1540 | 1579198 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 712 | 737518 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 2087 | 2076456 |
| IDEX Corp. |  |  |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 10 | 9410 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 205 | 209424 |
| Ingersoll Rand Inc. |  |  |
| 5.18%, 06/15/29 | &nbsp;&nbsp; 5 | 5165 |
| 5.40%, 08/14/28<sup>(a)</sup> | &nbsp;&nbsp; 6 | 6206 |
| John Deere Capital Corp. |  |  |
| 1.30%, 10/13/26 | &nbsp;&nbsp; 116 | 112691 |
| 1.50%, 03/06/28 | &nbsp;&nbsp; 708 | 667488 |
| 1.70%, 01/11/27 | &nbsp;&nbsp; 20 | 19422 |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 78 | 75447 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 40 | 39282 |
| 2.35%, 03/08/27 | &nbsp;&nbsp; 60 | 58599 |
| 2.80%, 07/18/29 | &nbsp;&nbsp; 172 | 164350 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 45 | 44101 |
| 3.35%, 04/18/29<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19551 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 107 | 105048 |
| 4.15%, 09/15/27 | &nbsp;&nbsp; 46 | 46194 |
| 4.38%, 10/15/30 | &nbsp;&nbsp; 250 | 251824 |
| 4.50%, 01/08/27<sup>(a)</sup> | &nbsp;&nbsp; 260 | 261937 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 446 | 452953 |
| 4.65%, 01/07/28 | &nbsp;&nbsp; 135 | 137327 |
| 4.75%, 01/20/28 | &nbsp;&nbsp; 782 | 796290 |
| 4.85%, 03/05/27 | &nbsp;&nbsp; 43 | 43585 |
| 4.85%, 06/11/29 | &nbsp;&nbsp; 363 | 373334 |
| 4.90%, 06/11/27<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10180 |
| 4.90%, 03/03/28 | &nbsp;&nbsp; 585 | 598127 |
| 4.95%, 07/14/28 | &nbsp;&nbsp; 1278 | 1313263 |
| 5.15%, 09/08/26 | &nbsp;&nbsp; 30 | 30343 |
| nVent Finance SARL, 4.55%, 04/15/28 | &nbsp;&nbsp; 10 | 10024 |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/30 | &nbsp;&nbsp; 1760 | 1654818 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 2499 | 2514970 |
| Otis Worldwide Corp., 5.25%, 08/16/28<sup>(a)</sup> | &nbsp;&nbsp; 145 | 149520 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 35 | 34663 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 4.70%, 09/15/28 | &nbsp;&nbsp; $30 | $30385 |
| 4.90%, 05/29/30 | &nbsp;&nbsp; 225 | 229913 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 1171 | 1118041 |
| 3.25%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; 2271 | 2245036 |
|  |  | 21790341 |
| **Manufacturing — 0.8%** | **Manufacturing — 0.8%** | **Manufacturing — 0.8%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26<sup>(a)</sup> | &nbsp;&nbsp; 523 | 512825 |
| 2.38%, 08/26/29 | &nbsp;&nbsp; 1575 | 1473825 |
| 2.88%, 10/15/27 | &nbsp;&nbsp; 2685 | 2622496 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 30 | 28514 |
| 3.38%, 03/01/29 | &nbsp;&nbsp; 581 | 566658 |
| 3.63%, 09/14/28 | &nbsp;&nbsp; 110 | 108720 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 785 | 802407 |
| Pentair Finance SARL, 4.50%, 07/01/29 | &nbsp;&nbsp; 2165 | 2175372 |
| Teledyne Technologies Inc., 2.25%, 04/01/28 | &nbsp;&nbsp; 5 | 4762 |
| Textron Inc. |  |  |
| 3.38%, 03/01/28 | &nbsp;&nbsp; 10 | 9790 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 30 | 29693 |
|  |  | 8335062 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 1440 | 1339178 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 505 | 497401 |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 225 | 223632 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 99 | 100519 |
| 6.10%, 06/01/29 | &nbsp;&nbsp; 20 | 21014 |
| Comcast Corp. |  |  |
| 2.35%, 01/15/27 | &nbsp;&nbsp; 15 | 14668 |
| 3.15%, 02/15/28 | &nbsp;&nbsp; 540 | 529024 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 24 | 23723 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 30 | 30085 |
| 4.55%, 01/15/29 | &nbsp;&nbsp; 84 | 85205 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 220 | 227478 |
| 5.35%, 11/15/27 | &nbsp;&nbsp; 205 | 210630 |
| FactSet Research Systems Inc., 2.90%, 03/01/27 | &nbsp;&nbsp; 442 | 433834 |
| Fox Corp., 4.71%, 01/25/29 | &nbsp;&nbsp; 56 | 56637 |
| Paramount Global |  |  |
| 2.90%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 857 | 838145 |
| 3.38%, 02/15/28 | &nbsp;&nbsp; 300 | 292615 |
| 4.20%, 06/01/29 | &nbsp;&nbsp; 200 | 197150 |
| TWDC Enterprises 18 Corp., 2.95%, 06/15/27 | &nbsp;&nbsp; 60 | 59092 |
| Walt Disney Co. (The) |  |  |
| 2.20%, 01/13/28 | &nbsp;&nbsp; 997 | 959763 |
| 3.70%, 03/23/27 | &nbsp;&nbsp; 40 | 39863 |
|  |  | 6179656 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| Kinross Gold Corp., 4.50%, 07/15/27 | &nbsp;&nbsp; 25 | 25050 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 | &nbsp;&nbsp; 1167 | 1142196 |
| **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** |
| APA Corp., 4.25%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; 20 | 19347 |
| BP Capital Markets America Inc. |  |  |
| 3.94%, 09/21/28 | &nbsp;&nbsp; 5 | 4986 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 10 | 10047 |
| 4.87%, 11/25/29 | &nbsp;&nbsp; 345 | 354567 |
| 5.02%, 11/17/27 | &nbsp;&nbsp; 60 | 61233 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | &nbsp;&nbsp; $50 | $49276 |
| 3.72%, 11/28/28 | &nbsp;&nbsp; 5 | 4946 |
| Chevron USA Inc., 4.30%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 500 | 502749 |
| ConocoPhillips Co. |  |  |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 595 | 606483 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 230 | 251738 |
| Diamondback Energy Inc. |  |  |
| 3.25%, 12/01/26 | &nbsp;&nbsp; 5 | 4941 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 45 | 43368 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; 705 | 724409 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | &nbsp;&nbsp; 1100 | 1089455 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 485 | 490661 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 203 | 209864 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; 330 | 358945 |
| 7.50%, 06/01/30<sup>(c)</sup> | &nbsp;&nbsp; 40 | 44049 |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | &nbsp;&nbsp; 2385 | 2390945 |
| 7.88%, 10/01/29 | &nbsp;&nbsp; 470 | 533942 |
| Marathon Petroleum Corp., 5.15%, 03/01/30 | &nbsp;&nbsp; 130 | 133734 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/29 | &nbsp;&nbsp; 125 | 126743 |
| 6.38%, 09/01/28 | &nbsp;&nbsp; 5 | 5220 |
| 8.50%, 07/15/27 | &nbsp;&nbsp; 10 | 10531 |
| Ovintiv Inc., 5.65%, 05/15/28 | &nbsp;&nbsp; 1572 | 1617877 |
| Phillips 66, 3.90%, 03/15/28 | &nbsp;&nbsp; 576 | 572711 |
| Phillips 66 Co. |  |  |
| 3.15%, 12/15/29 | &nbsp;&nbsp; 10 | 9577 |
| 3.55%, 10/01/26 | &nbsp;&nbsp; 98 | 97223 |
| 3.75%, 03/01/28 | &nbsp;&nbsp; 360 | 357052 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/26 | &nbsp;&nbsp; 45 | 44317 |
| 3.88%, 11/13/28 | &nbsp;&nbsp; 790 | 788883 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30 | &nbsp;&nbsp; 755 | 721570 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 1385 | 1363620 |
| TotalEnergies Capital SA, 3.88%, 10/11/28 | &nbsp;&nbsp; 1441 | 1439447 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | &nbsp;&nbsp; 110 | 105562 |
| 3.40%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 155 | 153602 |
| 4.00%, 04/01/29 | &nbsp;&nbsp; 23 | 22740 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 5 | 5018 |
| 5.15%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 320 | 329577 |
| Woodside Finance Ltd., 5.40%, 05/19/30 | &nbsp;&nbsp; 2225 | 2286100 |
|  |  | 17947055 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 2.06%, 12/15/26 | &nbsp;&nbsp; 1025 | 997547 |
| 3.14%, 11/07/29 | &nbsp;&nbsp; 5 | 4811 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 185 | 182074 |
|  |  | 1184432 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Finance USA Inc., 4.50%, 05/15/28 | &nbsp;&nbsp; 10 | 10046 |
| Amcor Flexibles North America Inc., 2.63%, <br> 06/19/30<br>| &nbsp;&nbsp; 800 | 735895 |
| Amcor Group Finance PLC, 5.45%, 05/23/29 | &nbsp;&nbsp; 20 | 20698 |
| Berry Global Inc., 5.50%, 04/15/28 | &nbsp;&nbsp; 10 | 10306 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| WRKCo Inc. |  |  |
| 3.38%, 09/15/27 | &nbsp;&nbsp; $50 | $49324 |
| 3.90%, 06/01/28 | &nbsp;&nbsp; 299 | 296859 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 107 | 109183 |
|  |  | 1232311 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| AbbVie Inc. |  |  |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 255 | 251718 |
| 3.20%, 11/21/29<sup>(a)</sup> | &nbsp;&nbsp; 320 | 308415 |
| 4.65%, 03/15/28 | &nbsp;&nbsp; 600 | 609680 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; 10 | 10233 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 2035 | 2095287 |
| Astrazeneca Finance LLC |  |  |
| 1.75%, 05/28/28 | &nbsp;&nbsp; 1318 | 1246546 |
| 4.85%, 02/26/29<sup>(a)</sup> | &nbsp;&nbsp; 162 | 166294 |
| 4.88%, 03/03/28 | &nbsp;&nbsp; 300 | 306751 |
| AstraZeneca PLC |  |  |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 20 | 19755 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 150 | 150058 |
| Becton Dickinson & Co., 4.87%, 02/08/29 | &nbsp;&nbsp; 100 | 101976 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13%, 11/13/27<sup>(a)</sup> | &nbsp;&nbsp; 380 | 358421 |
| 3.90%, 02/20/28 | &nbsp;&nbsp; 35 | 34981 |
| 4.90%, 02/22/27 | &nbsp;&nbsp; 10 | 10127 |
| 4.90%, 02/22/29 | &nbsp;&nbsp; 75 | 77015 |
| Cardinal Health Inc. |  |  |
| 3.41%, 06/15/27 | &nbsp;&nbsp; 175 | 172743 |
| 4.50%, 09/15/30 | &nbsp;&nbsp; 200 | 200334 |
| 4.70%, 11/15/26 | &nbsp;&nbsp; 160 | 161020 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 2220 | 2273512 |
| 5.13%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1215 | 1248950 |
| Cencora Inc. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 150 | 140514 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 280 | 285750 |
| CVS Health Corp. |  |  |
| 1.30%, 08/21/27 | &nbsp;&nbsp; 160 | 151022 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 45 | 44563 |
| 4.30%, 03/25/28<sup>(a)</sup> | &nbsp;&nbsp; 2184 | 2182933 |
| 5.00%, 01/30/29 | &nbsp;&nbsp; 43 | 43853 |
| 5.13%, 02/21/30 | &nbsp;&nbsp; 10 | 10235 |
| 6.25%, 06/01/27 | &nbsp;&nbsp; 95 | 98071 |
| Eli Lilly & Co. |  |  |
| 4.55%, 02/12/28 | &nbsp;&nbsp; 350 | 355281 |
| 4.75%, 02/12/30 | &nbsp;&nbsp; 350 | 359950 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 319 | 318852 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 615 | 622283 |
| GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 | &nbsp;&nbsp; 45 | 43932 |
| McKesson Corp. |  |  |
| 3.95%, 02/16/28 | &nbsp;&nbsp; 35 | 34930 |
| 4.65%, 05/30/30 | &nbsp;&nbsp; 300 | 304879 |
| 4.90%, 07/15/28 | &nbsp;&nbsp; 510 | 521107 |
| Merck & Co. Inc. |  |  |
| 1.70%, 06/10/27 | &nbsp;&nbsp; 10 | 9636 |
| 1.90%, 12/10/28 | &nbsp;&nbsp; 25 | 23466 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 49 | 48056 |
| 4.05%, 05/17/28<sup>(a)</sup> | &nbsp;&nbsp; 485 | 487427 |
| Merck Sharp & Dohme Corp., 5.95%, 12/01/28 | &nbsp;&nbsp; 106 | 112393 |
| Novartis Capital Corp. |  |  |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 3500 | 3212586 |
| 3.10%, 05/17/27 | &nbsp;&nbsp; 25 | 24695 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 3.80%, 09/18/29<sup>(a)</sup> | &nbsp;&nbsp; $350 | $348851 |
| Pfizer Inc. |  |  |
| 3.00%, 12/15/26 | &nbsp;&nbsp; 20 | 19775 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 27 | 26587 |
| 3.60%, 09/15/28 | &nbsp;&nbsp; 45 | 44743 |
| Pfizer Investment Enterprises Pte Ltd., 4.45%, <br> 05/19/28<br>| &nbsp;&nbsp; 941 | 951816 |
| Pharmacia LLC, 6.60%, 12/01/28 | &nbsp;&nbsp; 15 | 16136 |
| Shire Acquisitions Investments Ireland DAC, 3.20%, <br> 09/23/26<br>| &nbsp;&nbsp; 29 | 28694 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | &nbsp;&nbsp; 170 | 163226 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 200 | 179679 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 2115 | 1918221 |
| 3.00%, 09/12/27 | &nbsp;&nbsp; 3400 | 3333748 |
| 3.90%, 08/20/28 | &nbsp;&nbsp; 1305 | 1303069 |
| 4.15%, 08/17/28 | &nbsp;&nbsp; 250 | 250640 |
|  |  | 27825415 |
| **Pipelines — 3.7%** | **Pipelines — 3.7%** | **Pipelines — 3.7%** |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 3042 | 2955636 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 2272 | 2296003 |
| Cheniere Energy Inc., 4.63%, 10/15/28 | &nbsp;&nbsp; 4065 | 4060865 |
| DCP Midstream Operating LP, 5.63%, 07/15/27 | &nbsp;&nbsp; 15 | 15315 |
| Enbridge Inc. |  |  |
| 1.60%, 10/04/26 | &nbsp;&nbsp; 125 | 121465 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 660 | 628660 |
| 3.70%, 07/15/27 | &nbsp;&nbsp; 305 | 302257 |
| 4.25%, 12/01/26 | &nbsp;&nbsp; 135 | 134971 |
| 4.60%, 06/20/28 | &nbsp;&nbsp; 150 | 151569 |
| 4.90%, 06/20/30<sup>(a)</sup> | &nbsp;&nbsp; 215 | 219447 |
| 5.25%, 04/05/27 | &nbsp;&nbsp; 25 | 25403 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; 695 | 716828 |
| 5.90%, 11/15/26 | &nbsp;&nbsp; 107 | 108881 |
| 6.00%, 11/15/28 | &nbsp;&nbsp; 1118 | 1178039 |
| 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 210281 |
| Energy Transfer LP |  |  |
| 4.40%, 03/15/27 | &nbsp;&nbsp; 95 | 95178 |
| 5.25%, 07/01/29 | &nbsp;&nbsp; 50 | 51524 |
| 5.55%, 02/15/28 | &nbsp;&nbsp; 800 | 823684 |
| Enterprise Products Operating LLC |  |  |
| 5.38%, 02/15/78, (3-mo. CME Term SOFR + <br> 2.832%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 426 | 421313 |
| Series E, 5.25%, 08/16/77, (3-mo. CME Term <br> SOFR + 3.295%)<sup>(b)</sup><br>| &nbsp;&nbsp; 504 | 499711 |
| Kinder Morgan Inc. |  |  |
| 1.75%, 11/15/26 | &nbsp;&nbsp; 273 | 265124 |
| 4.30%, 03/01/28 | &nbsp;&nbsp; 1312 | 1316910 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 1141 | 1165614 |
| 5.10%, 08/01/29 | &nbsp;&nbsp; 1406 | 1444127 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 735 | 756387 |
| MPLX LP |  |  |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 440 | 437464 |
| 4.13%, 03/01/27 | &nbsp;&nbsp; 90 | 89775 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 35 | 35015 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 5 | 5066 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 70 | 69745 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 645 | 607868 |
| 3.40%, 09/01/29 | &nbsp;&nbsp; 1132 | 1087825 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.00%, 07/13/27 | &nbsp;&nbsp; $1602 | $1596014 |
| 4.25%, 09/24/27 | &nbsp;&nbsp; 90 | 90095 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 804 | 802391 |
| 4.40%, 10/15/29 | &nbsp;&nbsp; 710 | 709464 |
| 4.55%, 07/15/28 | &nbsp;&nbsp; 210 | 211609 |
| 5.38%, 06/01/29 | &nbsp;&nbsp; 936 | 963369 |
| 5.55%, 11/01/26 | &nbsp;&nbsp; 275 | 278303 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 550 | 571327 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 40 | 39987 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 85 | 85487 |
| Spectra Energy Partners LP, 3.38%, 10/15/26 | &nbsp;&nbsp; 201 | 198887 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | &nbsp;&nbsp; 20 | 20323 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 1459 | 1540324 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 5.00%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 671 | 671840 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 20 | 20393 |
| 6.88%, 01/15/29 | &nbsp;&nbsp; 190 | 193709 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 7.00%, 03/15/27 | &nbsp;&nbsp; 810 | 841245 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 20 | 21525 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30 | &nbsp;&nbsp; 750 | 738656 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 70 | 70057 |
| 7.00%, 06/01/65, (5-year CMT + 2.614%)<sup>(b)</sup> | &nbsp;&nbsp; 500 | 508200 |
| Transcontinental Gas Pipe Line Co. LLC, 4.00%, <br> 03/15/28<br>| &nbsp;&nbsp; 5 | 4986 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | &nbsp;&nbsp; 6 | 6037 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 1150 | 1117354 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 613 | 612280 |
| 4.75%, 08/15/28 | &nbsp;&nbsp; 243 | 244284 |
| 6.35%, 01/15/29 | &nbsp;&nbsp; 849 | 892956 |
| Williams Companies Inc. (The) |  |  |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 60 | 59508 |
| 4.63%, 06/30/30 | &nbsp;&nbsp; 305 | 306638 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 825 | 838845 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 1110 | 1131022 |
| 5.30%, 08/15/28 | &nbsp;&nbsp; 120 | 123826 |
|  |  | 37808891 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| CBRE Services Inc. |  |  |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 1610 | 1633227 |
| 5.50%, 04/01/29 | &nbsp;&nbsp; 982 | 1018428 |
| Jones Lang LaSalle Inc., 6.88%, 12/01/28 | &nbsp;&nbsp; 935 | 1005100 |
|  |  | 3656755 |
| **Real Estate Investment Trusts — 5.7%** | **Real Estate Investment Trusts — 5.7%** | **Real Estate Investment Trusts — 5.7%** |
| Alexandria Real Estate Equities Inc., 3.95%, <br> 01/15/27<br>| &nbsp;&nbsp; 5 | 4977 |
| American Tower Corp. |  |  |
| 1.45%, 09/15/26 | &nbsp;&nbsp; 1675 | 1626551 |
| 1.50%, 01/31/28 | &nbsp;&nbsp; 580 | 544132 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 1010 | 908124 |
| 2.75%, 01/15/27 | &nbsp;&nbsp; 1017 | 997243 |
| 2.90%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1820 | 1709930 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 920 | 906147 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 862 | 853625 |
| 3.55%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 156 | 154297 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.60%, 01/15/28 | &nbsp;&nbsp; $120 | $118400 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 226 | 224251 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 587 | 574927 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 1555 | 1537800 |
| 4.90%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 385 | 392746 |
| 5.00%, 01/31/30 | &nbsp;&nbsp; 115 | 117703 |
| 5.20%, 02/15/29 | &nbsp;&nbsp; 198 | 203645 |
| 5.25%, 07/15/28 | &nbsp;&nbsp; 214 | 220090 |
| 5.50%, 03/15/28 | &nbsp;&nbsp; 258 | 265881 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 381 | 398364 |
| AvalonBay Communities Inc. |  |  |
| 1.90%, 12/01/28 | &nbsp;&nbsp; 775 | 725021 |
| 2.90%, 10/15/26 | &nbsp;&nbsp; 5 | 4937 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 205 | 201273 |
| 3.30%, 06/01/29 | &nbsp;&nbsp; 105 | 101908 |
| 3.35%, 05/15/27 | &nbsp;&nbsp; 5 | 4942 |
| Boston Properties LP |  |  |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 15 | 14740 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 300 | 278217 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 890 | 853083 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 1500 | 1500444 |
| 6.75%, 12/01/27 | &nbsp;&nbsp; 730 | 767978 |
| Brixmor Operating Partnership LP, 4.05%, 07/01/30 | &nbsp;&nbsp; 550 | 538927 |
| COPT Defense Properties LP, 2.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1230 | 1136062 |
| Crown Castle Inc. |  |  |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 1562 | 1529841 |
| 3.10%, 11/15/29 | &nbsp;&nbsp; 189 | 179239 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 823 | 812624 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 3070 | 3031863 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 209 | 208017 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 445 | 442622 |
| 4.80%, 09/01/28 | &nbsp;&nbsp; 715 | 723200 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; 269 | 272489 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 886 | 897953 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 1071 | 1112729 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29 | &nbsp;&nbsp; 3986 | 3888603 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 1649 | 1636131 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 1607 | 1618397 |
| 5.55%, 01/15/28 | &nbsp;&nbsp; 375 | 386301 |
| DOC DR LLC |  |  |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 199 | 197926 |
| 4.30%, 03/15/27 | &nbsp;&nbsp; 15 | 15004 |
| EPR Properties |  |  |
| 4.50%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 385 | 383988 |
| 4.75%, 12/15/26 | &nbsp;&nbsp; 500 | 500710 |
| Equinix Inc. |  |  |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 209 | 195918 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 158 | 151347 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 170 | 160667 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 1440 | 1297882 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 117 | 115075 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 2736 | 2613623 |
| ERP Operating LP, 3.50%, 03/01/28 | &nbsp;&nbsp; 240 | 236843 |
| Essex Portfolio LP, 1.70%, 03/01/28 | &nbsp;&nbsp; 190 | 178811 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 45 | 43204 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 1365 | 1340770 |
| 5.38%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1130918 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | &nbsp;&nbsp; 540 | 519254 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 2.13%, 12/01/28 | &nbsp;&nbsp; $785 | $734350 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 206 | 195042 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 40 | 38877 |
| Highwoods Realty LP |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 310 | 305414 |
| 4.20%, 04/15/29 | &nbsp;&nbsp; 20 | 19580 |
| Host Hotels & Resorts LP, Series H, 3.38%, <br> 12/15/29<br>| &nbsp;&nbsp; 50 | 47420 |
| Invitation Homes Operating Partnership LP, 2.30%, <br> 11/15/28<br>| &nbsp;&nbsp; 100 | 94426 |
| Kilroy Realty LP, 4.75%, 12/15/28 | &nbsp;&nbsp; 55 | 55097 |
| LXP Industrial Trust, 6.75%, 11/15/28 | &nbsp;&nbsp; 10 | 10625 |
| Omega Healthcare Investors Inc. |  |  |
| 4.50%, 04/01/27 | &nbsp;&nbsp; 530 | 530694 |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 280 | 282348 |
| 5.20%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 125 | 126794 |
| Piedmont Operating Partnership LP |  |  |
| 3.15%, 08/15/30 | &nbsp;&nbsp; 250 | 226144 |
| 9.25%, 07/20/28 | &nbsp;&nbsp; 230 | 255588 |
| Prologis LP |  |  |
| 1.75%, 07/01/30 | &nbsp;&nbsp; 1000 | 889955 |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 25 | 24261 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 20 | 18394 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 645 | 636343 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 80 | 79541 |
| 4.00%, 09/15/28 | &nbsp;&nbsp; 93 | 92949 |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 7 | 7061 |
| 4.88%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 779 | 796837 |
| Public Storage Operating Co. |  |  |
| 3.39%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 95 | 92659 |
| 4.38%, 07/01/30 | &nbsp;&nbsp; 225 | 226169 |
| 5.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10352 |
| Realty Income Corp. |  |  |
| 3.40%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 260 | 256698 |
| 3.65%, 01/15/28 | &nbsp;&nbsp; 15 | 14875 |
| 4.75%, 02/15/29 | &nbsp;&nbsp; 10 | 10191 |
| Simon Property Group LP |  |  |
| 1.75%, 02/01/28 | &nbsp;&nbsp; 765 | 725804 |
| 3.38%, 12/01/27 | &nbsp;&nbsp; 465 | 459033 |
| 4.38%, 10/01/30 | &nbsp;&nbsp; 180 | 180455 |
| Store Capital LLC |  |  |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 130 | 129242 |
| 4.63%, 03/15/29 | &nbsp;&nbsp; 10 | 9930 |
| 5.40%, 04/30/30<sup>(c)</sup> | &nbsp;&nbsp; 105 | 106906 |
| Ventas Realty LP |  |  |
| 3.25%, 10/15/26 | &nbsp;&nbsp; 305 | 301353 |
| 3.85%, 04/01/27 | &nbsp;&nbsp; 695 | 691251 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 35 | 34806 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 131 | 131411 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 275 | 277317 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 50 | 50554 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29 | &nbsp;&nbsp; 520 | 485919 |
| 2.70%, 02/15/27 | &nbsp;&nbsp; 2165 | 2125322 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 65 | 61972 |
| 4.13%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 558 | 557896 |
| 4.25%, 04/15/28 | &nbsp;&nbsp; 415 | 417290 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 430 | 434155 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 20 | 19779 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.00%, 04/15/30 | &nbsp;&nbsp; $505 | $497822 |
| 6.95%, 10/01/27 | &nbsp;&nbsp; 201 | 212025 |
|  |  | 57697240 |
| **Retail — 2.1%** | **Retail — 2.1%** | **Retail — 2.1%** |
| AutoNation Inc. |  |  |
| 1.95%, 08/01/28 | &nbsp;&nbsp; 55 | 51454 |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 55 | 54258 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 330 | 331238 |
| AutoZone Inc., 5.10%, 07/15/29 | &nbsp;&nbsp; 225 | 231635 |
| Best Buy Co. Inc., 4.45%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 3932 | 3960203 |
| Genuine Parts Co. |  |  |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 305 | 311156 |
| 6.50%, 11/01/28 | &nbsp;&nbsp; 5 | 5319 |
| Home Depot Inc. (The) |  |  |
| 0.90%, 03/15/28 | &nbsp;&nbsp; 72 | 66920 |
| 1.50%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 947 | 883041 |
| 2.50%, 04/15/27 | &nbsp;&nbsp; 2543 | 2487367 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 655 | 616046 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 1064 | 1041057 |
| 2.88%, 04/15/27 | &nbsp;&nbsp; 868 | 853823 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 1172 | 1129959 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 133 | 133243 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 565 | 578629 |
| 4.88%, 06/25/27 | &nbsp;&nbsp; 55 | 55909 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 28 | 28843 |
| Lowe's Companies Inc. |  |  |
| 1.30%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 197 | 183851 |
| 1.70%, 09/15/28 | &nbsp;&nbsp; 10 | 9319 |
| 3.10%, 05/03/27 | &nbsp;&nbsp; 1032 | 1015282 |
| 3.35%, 04/01/27 | &nbsp;&nbsp; 1871 | 1849293 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 594 | 583472 |
| 4.50%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1085 | 1099480 |
| 6.50%, 03/15/29 | &nbsp;&nbsp; 35 | 37788 |
| McDonald's Corp. |  |  |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 10 | 9915 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 10 | 9957 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 175 | 177933 |
| 4.80%, 08/14/28 | &nbsp;&nbsp; 65 | 66444 |
| 5.00%, 05/17/29 | &nbsp;&nbsp; 30 | 30910 |
| Starbucks Corp. |  |  |
| 2.00%, 03/12/27 | &nbsp;&nbsp; 45 | 43591 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 50 | 49381 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 125 | 127552 |
| Target Corp. |  |  |
| 1.95%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1734 | 1688880 |
| 2.35%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 920 | 855814 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 299 | 292750 |
| 4.35%, 06/15/28 | &nbsp;&nbsp; 90 | 90908 |
|  |  | 21042620 |
| **Semiconductors — 3.4%** | **Semiconductors — 3.4%** | **Semiconductors — 3.4%** |
| Analog Devices Inc., 4.50%, 06/15/30 | &nbsp;&nbsp; 1455 | 1474502 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 1200 | 1076655 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 340 | 336939 |
| 4.80%, 06/15/29 | &nbsp;&nbsp; 2667 | 2738901 |
| Broadcom Corp./Broadcom Cayman Finance Ltd., <br> 3.88%, 01/15/27<br>| &nbsp;&nbsp; 52 | 51782 |
| Broadcom Inc. |  |  |
| 4.00%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; 80 | 79412 |
| 4.15%, 02/15/28 | &nbsp;&nbsp; 210 | 210169 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.35%, 02/15/30 | &nbsp;&nbsp; $45 | $45075 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 580 | 585685 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 20 | 20357 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 55 | 56542 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 880 | 906515 |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; 1670 | 1548657 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 448 | 412950 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 67 | 65698 |
| 3.75%, 03/25/27 | &nbsp;&nbsp; 459 | 454662 |
| 3.75%, 08/05/27 | &nbsp;&nbsp; 1138 | 1126450 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 260 | 253296 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 753 | 741795 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 458 | 463814 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 15 | 13552 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 1866 | 1864963 |
| Marvell Technology Inc. |  |  |
| 2.45%, 04/15/28 | &nbsp;&nbsp; 240 | 229794 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 200 | 201884 |
| 4.88%, 06/22/28 | &nbsp;&nbsp; 83 | 84177 |
| 5.75%, 02/15/29 | &nbsp;&nbsp; 360 | 375766 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | &nbsp;&nbsp; 1679 | 1581486 |
| 2.85%, 04/01/30 | &nbsp;&nbsp; 1370 | 1309959 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 3665 | 3635705 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 3.15%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; 480 | 471727 |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 2000 | 1913700 |
| 4.30%, 08/19/28 | &nbsp;&nbsp; 150 | 150303 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 697 | 695961 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 380 | 380921 |
| 5.55%, 12/01/28 | &nbsp;&nbsp; 650 | 673441 |
| Qualcomm Inc. |  |  |
| 3.25%, 05/20/27 | &nbsp;&nbsp; 45 | 44553 |
| 4.50%, 05/20/30<sup>(a)</sup> | &nbsp;&nbsp; 225 | 228594 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 312 | 303203 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 5 | 4508 |
| 2.25%, 09/04/29<sup>(a)</sup> | &nbsp;&nbsp; 1087 | 1017014 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 655 | 641816 |
| 4.50%, 05/23/30 | &nbsp;&nbsp; 225 | 228502 |
| 4.60%, 02/08/27 | &nbsp;&nbsp; 161 | 162552 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 1930 | 1961786 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 1553 | 1587174 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 226 | 220039 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 1334 | 1332580 |
| 4.13%, 04/22/29 | &nbsp;&nbsp; 275 | 275821 |
|  |  | 34241337 |
| **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** |
| Huntington Ingalls Industries Inc. |  |  |
| 2.04%, 08/16/28 | &nbsp;&nbsp; 530 | 496761 |
| 3.48%, 12/01/27 | &nbsp;&nbsp; 820 | 805689 |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 100 | 103154 |
|  |  | 1405604 |
| **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 7553 | 7375873 |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 2885 | 2680910 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.80%, 04/04/29 | &nbsp;&nbsp; $247 | $253961 |
| 4.85%, 04/04/27<sup>(a)</sup> | &nbsp;&nbsp; 115 | 116700 |
| 4.95%, 01/17/30 | &nbsp;&nbsp; 150 | 155650 |
| Atlassian Corp., 5.25%, 05/15/29 | &nbsp;&nbsp; 220 | 226517 |
| Autodesk Inc. |  |  |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 3270 | 3086977 |
| 3.50%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1820 | 1799633 |
| Broadridge Financial Solutions Inc., 2.90%, <br> 12/01/29<br>| &nbsp;&nbsp; 1549 | 1465508 |
| Cadence Design Systems Inc., 4.30%, 09/10/29 | &nbsp;&nbsp; 250 | 251424 |
| Concentrix Corp., 6.60%, 08/02/28<sup>(a)</sup> | &nbsp;&nbsp; 277 | 293024 |
| Fidelity National Information Services Inc. |  |  |
| 1.65%, 03/01/28 | &nbsp;&nbsp; 270 | 254205 |
| 3.75%, 05/21/29 | &nbsp;&nbsp; 22 | 21578 |
| Fiserv Inc., 4.20%, 10/01/28 | &nbsp;&nbsp; 15 | 14984 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 265 | 252972 |
| 1.65%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 2136246 |
| 5.13%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1165 | 1203989 |
| 5.25%, 09/15/26 | &nbsp;&nbsp; 303 | 306155 |
| Microsoft Corp., 3.30%, 02/06/27<sup>(a)</sup> | &nbsp;&nbsp; 4665 | 4630488 |
| Oracle Corp. |  |  |
| 2.30%, 03/25/28 | &nbsp;&nbsp; 1315 | 1255869 |
| 2.80%, 04/01/27 | &nbsp;&nbsp; 2086 | 2041815 |
| 2.95%, 04/01/30 | &nbsp;&nbsp; 15 | 14115 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 338 | 331402 |
| 4.50%, 05/06/28 | &nbsp;&nbsp; 265 | 267231 |
| 4.80%, 08/03/28 | &nbsp;&nbsp; 775 | 789273 |
| Roper Technologies Inc. |  |  |
| 1.40%, 09/15/27 | &nbsp;&nbsp; 385 | 364622 |
| 4.45%, 09/15/30 | &nbsp;&nbsp; 175 | 175363 |
| 4.50%, 10/15/29 | &nbsp;&nbsp; 80 | 80646 |
| Salesforce Inc. |  |  |
| 1.50%, 07/15/28 | &nbsp;&nbsp; 95 | 89019 |
| 3.70%, 04/11/28 | &nbsp;&nbsp; 1006 | 1002460 |
| Synopsys Inc., 4.85%, 04/01/30 | &nbsp;&nbsp; 650 | 663047 |
| Take-Two Interactive Software Inc. |  |  |
| 3.70%, 04/14/27 | &nbsp;&nbsp; 340 | 337491 |
| 5.40%, 06/12/29 | &nbsp;&nbsp; 100 | 103768 |
| VMware LLC |  |  |
| 1.80%, 08/15/28 | &nbsp;&nbsp; 87 | 81332 |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 216 | 214873 |
| 4.65%, 05/15/27 | &nbsp;&nbsp; 406 | 408489 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 764 | 756482 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 492 | 484436 |
|  |  | 35988527 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | &nbsp;&nbsp; 1560 | 1471888 |
| 2.30%, 06/01/27 | &nbsp;&nbsp; 60 | 58112 |
| 3.80%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14923 |
| 4.10%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 555 | 554388 |
| 4.25%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5003 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 25 | 25102 |
| 4.70%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 575 | 583366 |
| British Telecommunications PLC, 5.13%, 12/04/28 | &nbsp;&nbsp; 1150 | 1178468 |
| Cisco Systems Inc. |  |  |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 500 | 513181 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 40 | 41080 |
| Juniper Networks Inc., 3.75%, 08/15/29 | &nbsp;&nbsp; 320 | 312703 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Nokia OYJ, 4.38%, 06/12/27<sup>(a)</sup> | &nbsp;&nbsp; $2490 | $2472158 |
| Rogers Communications Inc. |  |  |
| 2.90%, 11/15/26 | &nbsp;&nbsp; 811 | 796723 |
| 3.20%, 03/15/27 | &nbsp;&nbsp; 552 | 543192 |
| 5.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204053 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 194 | 189996 |
| 3.70%, 09/15/27 | &nbsp;&nbsp; 165 | 163369 |
| T-Mobile USA Inc. |  |  |
| 2.05%, 02/15/28 | &nbsp;&nbsp; 620 | 589989 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 15 | 14216 |
| 3.75%, 04/15/27 | &nbsp;&nbsp; 110 | 109269 |
| 4.20%, 10/01/29 | &nbsp;&nbsp; 280 | 279853 |
| 4.85%, 01/15/29 | &nbsp;&nbsp; 5 | 5099 |
| 4.95%, 03/15/28 | &nbsp;&nbsp; 260 | 264778 |
| Verizon Communications Inc. |  |  |
| 2.10%, 03/22/28<sup>(a)</sup> | &nbsp;&nbsp; 1386 | 1319116 |
| 3.00%, 03/22/27<sup>(a)</sup> | &nbsp;&nbsp; 1905 | 1872383 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 40 | 39710 |
| 4.33%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; 653 | 657328 |
| Vodafone Group PLC, 4.38%, 05/30/28<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30561 |
|  |  | 14310007 |
| **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 540 | 531646 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 1994 | 1973385 |
|  |  | 2505031 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| Canadian National Railway Co., 6.90%, 07/15/28 | &nbsp;&nbsp; 652 | 702149 |
| Canadian Pacific Railway Co., 4.80%, 03/30/30<sup>(a)</sup> | &nbsp;&nbsp; 300 | 307168 |
| CH Robinson Worldwide Inc., 4.20%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3383 | 3385256 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 200 | 185903 |
| 3.25%, 06/01/27 | &nbsp;&nbsp; 40 | 39458 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 80 | 79586 |
| 4.25%, 03/15/29 | &nbsp;&nbsp; 135 | 135542 |
| JB Hunt Transport Services Inc., 4.90%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 845 | 864884 |
| Norfolk Southern Corp., 3.15%, 06/01/27 | &nbsp;&nbsp; 25 | 24617 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 1031 | 1004505 |
| 2.85%, 03/01/27 | &nbsp;&nbsp; 165 | 161701 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 2194 | 2155745 |
| 4.30%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 460 | 460590 |
| 4.85%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 175 | 178342 |
| 4.90%, 12/01/29 | &nbsp;&nbsp; 85 | 86706 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 644 | 658330 |
| 5.00%, 03/15/30 | &nbsp;&nbsp; 510 | 522062 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 55 | 56496 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; 165 | 167425 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 1532 | 1584021 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; 677 | 705461 |
| 5.65%, 03/01/28 | &nbsp;&nbsp; 145 | 149989 |
| 6.30%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 575 | 612248 |
| Union Pacific Corp. |  |  |
| 2.15%, 02/05/27 | &nbsp;&nbsp; 50 | 48722 |
| 2.40%, 02/05/30 | &nbsp;&nbsp; 1010 | 940801 |
| 3.00%, 04/15/27 | &nbsp;&nbsp; 25 | 24591 |
| 3.70%, 03/01/29 | &nbsp;&nbsp; 85 | 83957 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 190 | 189813 |
| 6.63%, 02/01/29 | &nbsp;&nbsp; 170 | 183371 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| United Parcel Service Inc., 2.40%, 11/15/26 | &nbsp;&nbsp; $55 | $53965 |
|  |  | 15753404 |
| **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** |
| GATX Corp. |  |  |
| 3.25%, 09/15/26 | &nbsp;&nbsp; 85 | 83868 |
| 3.50%, 03/15/28 | &nbsp;&nbsp; 1705 | 1671954 |
| 3.85%, 03/30/27 | &nbsp;&nbsp; 40 | 39683 |
| 4.55%, 11/07/28 | &nbsp;&nbsp; 196 | 197168 |
| 4.70%, 04/01/29 | &nbsp;&nbsp; 1522 | 1538939 |
| 5.40%, 03/15/27 | &nbsp;&nbsp; 55 | 55820 |
|  |  | 3587432 |
| **Venture Capital — 0.0%** | **Venture Capital — 0.0%** | **Venture Capital — 0.0%** |
| Hercules Capital Inc. |  |  |
| 3.38%, 01/20/27<sup>(a)</sup> | &nbsp;&nbsp; 285 | 278412 |
| 6.00%, 06/16/30 | &nbsp;&nbsp; 100 | 101482 |
|  |  | 379894 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.95%, 09/01/27 | &nbsp;&nbsp; 26 | 25464 |
| 3.75%, 09/01/28 | &nbsp;&nbsp; 500 | 496367 |
| Essential Utilities Inc. |  |  |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 20 | 18571 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 280 | 272377 |
| 4.80%, 08/15/27 | &nbsp;&nbsp; 175 | 176898 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 10 | 10679 |
|  |  | 1000356 |
| **Total Long-Term Investments — 98.3%** <br>**(Cost: $985,384,446)** | **Total Long-Term Investments — 98.3%** <br>**(Cost: $985,384,446)** | 1001630101 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.3%** | **Money Market Funds — 6.3%** | **Money Market Funds — 6.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 57260803 | $57289433 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 6800000 | 6800000 |
| **Total Short-Term Securities — 6.3%** <br>**(Cost: $64,071,251)** | **Total Short-Term Securities — 6.3%** <br>**(Cost: $64,071,251)** | 64089433 |
| **Total Investments — 104.6%** <br>**(Cost: $1,049,455,697)** | **Total Investments — 104.6%** <br>**(Cost: $1,049,455,697)** | 1065719534 |
| **Liabilities in Excess of Other Assets — (4.6)%** | **Liabilities in Excess of Other Assets — (4.6)%** | (47177650)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1018541884 |

---

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

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

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $53277598<br> $4010950 <br><sup>(a)</sup><br>| $— | $(1496)<br>| $2381 | $57289433 | 57260803 | $55055 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 3130000<br> 3670000 <br><sup>(a)</sup><br>|  |  |  | 6800000 | 6800000 | 56339 |  |
|  |  |  | $(1496) | $2381 | $64089433 |  | $111394 | $— |

---

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware 1-5 Year USD Corporate Bond ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1001630101 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1001630101 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 64089433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64089433 |
|  | &nbsp;&nbsp; $64089433 | &nbsp;&nbsp; $1001630101 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1065719534 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| Ally Auto Receivables Trust, 5.07%, 04/15/27 | &nbsp;&nbsp; $384 | $384071 |
| American Express Credit Account Master Trust |  |  |
| 4.65%, 07/15/29 | &nbsp;&nbsp; 1200 | 1215970 |
| 4.51%, 04/15/32 | &nbsp;&nbsp; 100 | 102006 |
| AmeriCredit Automobile Receivables Trust, 5.38%, <br> 06/18/29<br>| &nbsp;&nbsp; 1130 | 1151412 |
| BA Credit Card Trust, 4.31%, 05/15/30 | &nbsp;&nbsp; 1250 | 1264163 |
| Carmax Auto Owner Trust, 4.47%, 01/15/31 | &nbsp;&nbsp; 400 | 405568 |
| CarMax Auto Owner Trust, 4.65%, 01/16/29 | &nbsp;&nbsp; 1000 | 1005270 |
| Citibank Credit Card Issuance Trust, 6.15%, <br> 06/15/39<br>| &nbsp;&nbsp; 100 | 110023 |
| Ford Credit Auto Lease Trust, 4.23%, 12/15/28 | &nbsp;&nbsp; 500 | 502468 |
| GM Financial Consumer Automobile <br> Receivables Trust<br>|  |  |
| 4.47%, 02/16/28 | &nbsp;&nbsp; 594 | 595348 |
| 5.28%, 10/16/29 | &nbsp;&nbsp; 850 | 867318 |
| Hyundai Auto Receivables Trust |  |  |
| 4.32%, 10/15/29 | &nbsp;&nbsp; 1000 | 1006455 |
| 4.40%, 04/15/31 | &nbsp;&nbsp; 500 | 504513 |
| John Deere Owner Trust, 4.06%, 06/15/29 | &nbsp;&nbsp; 1430 | 1430991 |
| Mercedes-Benz Auto Lease Trust, 4.69%, <br> 02/18/31<br>| &nbsp;&nbsp; 400 | 406279 |
| Santander Drive Auto Receivables Trust |  |  |
| 5.23%, 12/15/28 | &nbsp;&nbsp; 210 | 211206 |
| 4.67%, 08/15/29 | &nbsp;&nbsp; 500 | 503445 |
| Toyota Auto Receivables Owner Trust |  |  |
| 4.34%, 11/15/29 | &nbsp;&nbsp; 100 | 100736 |
| 4.42%, 08/15/28 | &nbsp;&nbsp; 250 | 251084 |
| Verizon Master Trust, 4.17%, 08/20/30 | &nbsp;&nbsp; 1200 | 1205088 |
| Volkswagen Auto Lease Trust, 4.50%, 06/20/28 | &nbsp;&nbsp; 250 | 252332 |
| WF Card Issuance Trust, 4.29%, 10/15/29 | &nbsp;&nbsp; 1600 | 1613310 |
| World Omni Auto Receivables Trust, 4.34%, <br> 09/16/30<br>| &nbsp;&nbsp; 500 | 504322 |
| **Total Asset-Backed Securities — 0.4%** <br>**(Cost: $15,471,415)** | **Total Asset-Backed Securities — 0.4%** <br>**(Cost: $15,471,415)** | 15593378 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Mortgage-Backed Securities — 1.1%** | **Mortgage-Backed Securities — 1.1%** | **Mortgage-Backed Securities — 1.1%** |
| Bank |  |  |
| 3.46%, 01/15/63<sup>(a)</sup> | &nbsp;&nbsp; 200 | 175618 |
| Series 2017-BNK5, Class A4, 3.13%, 06/15/60 | &nbsp;&nbsp; 827 | 810204 |
| Bank of America Merrill Lynch Commercial <br> Mortgage Trust, Series 2017-BNK33.88%, <br> 02/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; 500 | 485039 |
| Bank5, 5.88%, 08/15/57 | &nbsp;&nbsp; 500 | 525919 |
| BANK5 2023-5YR4, 6.50%, 12/15/56 | &nbsp;&nbsp; 433 | 457810 |
| BANK5 2025-5YR16, 5.28%, 08/15/63 | &nbsp;&nbsp; 500 | 517840 |
| BBCMS Mortgage Trust |  |  |
| 2.69%, 11/15/54 | &nbsp;&nbsp; 1000 | 891399 |
| 5.83%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 250 | 257304 |
| 6.00%, 09/15/56<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2154121 |
| 6.35%, 12/15/55<sup>(a)</sup> | &nbsp;&nbsp; 100 | 104518 |
| Series 2018-C2, Class A5, 4.31%, 12/15/51 | &nbsp;&nbsp; 500 | 500761 |
| Series 2020-C7, Class A5, 2.04%, 04/15/53 | &nbsp;&nbsp; 296 | 264495 |
| BBCMS Trust, 2.27%, 07/15/54 | &nbsp;&nbsp; 250 | 235491 |
| Benchmark Mortgage Trust |  |  |
| 1.93%, 07/15/53 | &nbsp;&nbsp; 500 | 441802 |
| 2.64%, 11/15/54<sup>(a)</sup> | &nbsp;&nbsp; 250 | 202996 |
| 3.93%, 03/15/52 | &nbsp;&nbsp; 1002 | 996043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.33%, 02/15/58 | &nbsp;&nbsp; $500 | $510089 |
| 5.36%, 05/15/55 | &nbsp;&nbsp; 250 | 254851 |
| 6.06%, 08/15/57<sup>(a)</sup> | &nbsp;&nbsp; 500 | 520930 |
| 6.09%, 04/15/57<sup>(a)</sup> | &nbsp;&nbsp; 250 | 261752 |
| 6.79%, 03/15/57 | &nbsp;&nbsp; 500 | 525475 |
| Series 2018-B4, Class ASB, 4.06%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 145 | 144707 |
| Series 2018-B6, Class AAB, 4.17%, 10/10/51 | &nbsp;&nbsp; 150 | 149690 |
| Series 2019-B11, Class A4, 3.28%, 05/15/52 | &nbsp;&nbsp; 100 | 96604 |
| Series 2020-B21, Class A4, 1.70%, 12/17/53 | &nbsp;&nbsp; 1200 | 1062566 |
| Series 2020-B21, Class A5, 1.98%, 12/17/53 | &nbsp;&nbsp; 800 | 704942 |
| BMO Mortgage Trust |  |  |
| 4.97%, 07/15/54<sup>(a)</sup> | &nbsp;&nbsp; 491 | 494266 |
| 5.58%, 05/15/58 | &nbsp;&nbsp; 200 | 208785 |
| 5.74%, 02/15/57 | &nbsp;&nbsp; 1000 | 1039535 |
| 5.88%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201496 |
| 5.89%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 303 | 313920 |
| 6.41%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 928 | 963872 |
| CD Mortgage Trust |  |  |
| 3.35%, 11/10/49 | &nbsp;&nbsp; 748 | 742437 |
| 3.91%, 11/13/50<sup>(a)</sup> | &nbsp;&nbsp; 100 | 94540 |
| Citigroup Commercial Mortgage Trust |  |  |
| 4.05%, 12/15/72<sup>(a)</sup> | &nbsp;&nbsp; 200 | 182223 |
| Series 2019-C7, Class A4, 3.10%, 12/15/72 | &nbsp;&nbsp; 500 | 474104 |
| CSAIL Commercial Mortgage Trust |  |  |
| 4.05%, 03/15/52 | &nbsp;&nbsp; 200 | 197490 |
| 4.45%, 04/15/51<sup>(a)</sup> | &nbsp;&nbsp; 400 | 389983 |
| Series 2016-C7, Class AS, 3.96%, 11/15/49<sup>(a)</sup> | &nbsp;&nbsp; 250 | 244372 |
| Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates<br>|  |  |
| 3.00%, 09/25/29 | &nbsp;&nbsp; 1000 | 966117 |
| 3.78%, 11/25/32<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1932515 |
| 4.43%, 02/25/33<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 2412167 |
| 4.57%, 12/25/28 | &nbsp;&nbsp; 400 | 406310 |
| 4.65%, 08/25/28<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1016490 |
| 4.76%, 10/25/34 | &nbsp;&nbsp; 900 | 916166 |
| 5.40%, 01/25/29 | &nbsp;&nbsp; 5000 | 5208670 |
| 5.40%, 01/25/29 | &nbsp;&nbsp; 1000 | 1039158 |
| Federal National Mortgage Association-ACES |  |  |
| 1.32%, 05/25/30 | &nbsp;&nbsp; 244 | 219231 |
| 2.40%, 11/25/31 | &nbsp;&nbsp; 500 | 450581 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust, Series 2016-JP3, Class A5, <br> 2.87%, 08/15/49<br>| &nbsp;&nbsp; 100 | 98299 |
| JPMCC Commercial Mortgage Securities Trust, <br> 3.28%, 07/15/50<br>| &nbsp;&nbsp; 475 | 470818 |
| Morgan Stanley BAML Trust, 5.64%, 03/15/58 | &nbsp;&nbsp; 185 | 193918 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust, Series 2016-C31, Class A5, 3.10%, <br> 11/15/49<br>| &nbsp;&nbsp; 500 | 490211 |
| Morgan Stanley Capital I Trust, 2.75%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 877116 |
| MSWF Commercial Mortgage Trust, 5.75%, <br> 05/15/56<br>| &nbsp;&nbsp; 2000 | 2121598 |
| SG Commercial Mortgage Securities Trust, Series <br> 2016-C5, Class C5, 2.90%, 10/10/48<br>| &nbsp;&nbsp; 26 | 25594 |
| UBS Commercial Mortgage Trust |  |  |
| 4.03%, 08/15/51 | &nbsp;&nbsp; 2000 | 1982079 |
| 4.67%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 250 | 245574 |
| Series 2018-C12, Class ASB, 4.19%, 08/15/51 | &nbsp;&nbsp; 235 | 233257 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 4.15%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 500 | 490287 |
| 5.92%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 500 | 527902 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.23%, 01/15/58<sup>(a)</sup> | &nbsp;&nbsp; $500 | $512068 |
| Class A4, 2.34%, 08/15/54 | &nbsp;&nbsp; 460 | 407181 |
| Class ASB, 4.17%, 05/15/51 | &nbsp;&nbsp; 533 | 530859 |
| Series 2019-C51, Class A4, 3.31%, 06/15/52 | &nbsp;&nbsp; 2000 | 1895792 |
| Series 2019-C54, Class A4, 3.15%, 12/15/52 | &nbsp;&nbsp; 1000 | 950462 |
| Series 2020-C56, Class A5, 2.45%, 06/15/53 | &nbsp;&nbsp; 130 | 119704 |
|  |  | 45540113 |
| **Total Collateralized Mortgage Obligations — 1.1%** <br>**(Cost: $45,897,522)** | **Total Collateralized Mortgage Obligations — 1.1%** <br>**(Cost: $45,897,522)** | 45540113 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 167 | 169405 |
| 5.40%, 10/01/48 | &nbsp;&nbsp; 275 | 250394 |
|  |  | 419799 |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Embraer Netherlands Finance BV, 5.98%, <br> 02/11/35<br>| &nbsp;&nbsp; 5 | 5190 |
| Hexcel Corp., 4.20%, 02/15/27 | &nbsp;&nbsp; 695 | 690058 |
| Howmet Aerospace Inc., 5.95%, 02/01/37 | &nbsp;&nbsp; 35 | 37358 |
| L3Harris Technologies Inc., 5.50%, 08/15/54 | &nbsp;&nbsp; 50 | 48025 |
| Northrop Grumman Corp. |  |  |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 555 | 555844 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 350 | 310974 |
| 5.20%, 06/01/54 | &nbsp;&nbsp; 565 | 520103 |
| RTX Corp. |  |  |
| 1.90%, 09/01/31 | &nbsp;&nbsp; 45 | 38945 |
| 2.25%, 07/01/30 | &nbsp;&nbsp; 709 | 647749 |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 35 | 30638 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; 282 | 277636 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 236 | 154974 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 282 | 214607 |
| 4.05%, 05/04/47 | &nbsp;&nbsp; 287 | 228389 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 431 | 431278 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 220 | 180392 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 337 | 280190 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 325 | 300682 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 408 | 359770 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 244 | 209713 |
| 4.70%, 12/15/41 | &nbsp;&nbsp; 122 | 110950 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 200 | 180635 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 205 | 193724 |
| 5.38%, 02/27/53 | &nbsp;&nbsp; 95 | 89734 |
| 5.40%, 05/01/35 | &nbsp;&nbsp; 145 | 150048 |
| 5.70%, 04/15/40 | &nbsp;&nbsp; 5 | 5205 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 20 | 21605 |
| 6.05%, 06/01/36 | &nbsp;&nbsp; 85 | 91975 |
| 6.10%, 03/15/34 | &nbsp;&nbsp; 35 | 37989 |
| 6.13%, 07/15/38 | &nbsp;&nbsp; 250 | 270738 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 60 | 64919 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 45 | 50386 |
|  |  | 6790423 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 125 | 75203 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 50 | 45467 |
| 3.25%, 03/27/30 | &nbsp;&nbsp; 288 | 276953 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 164 | 124269 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 4.02%, 04/16/43 | &nbsp;&nbsp; $33 | $27353 |
| 4.50%, 08/15/33 | &nbsp;&nbsp; 165 | 162993 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 95 | 80232 |
| 4.54%, 03/26/42 | &nbsp;&nbsp; 62 | 54926 |
| 5.38%, 09/15/35 | &nbsp;&nbsp; 60 | 62887 |
| 5.94%, 10/01/32 | &nbsp;&nbsp; 252 | 272882 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31 | &nbsp;&nbsp; 1770 | 1617456 |
| 3.75%, 09/25/27 | &nbsp;&nbsp; 959 | 952165 |
| 4.10%, 01/07/28 | &nbsp;&nbsp; 505 | 504820 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 155 | 154286 |
| 4.55%, 08/04/30 | &nbsp;&nbsp; 100 | 100538 |
| 4.65%, 09/17/34 | &nbsp;&nbsp; 125 | 121751 |
| 5.15%, 08/04/35 | &nbsp;&nbsp; 1100 | 1103149 |
|  |  | 5737330 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Tapestry Inc. |  |  |
| 4.13%, 07/15/27 | &nbsp;&nbsp; 92 | 91599 |
| 5.10%, 03/11/30 | &nbsp;&nbsp; 25 | 25544 |
|  |  | 117143 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| American Honda Finance Corp. |  |  |
| 1.80%, 01/13/31 | &nbsp;&nbsp; 550 | 479580 |
| 2.00%, 03/24/28 | &nbsp;&nbsp; 310 | 293919 |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 440 | 412762 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 50 | 49312 |
| 4.45%, 10/22/27 | &nbsp;&nbsp; 175 | 176206 |
| 4.60%, 04/17/30 | &nbsp;&nbsp; 115 | 116109 |
| 4.70%, 01/12/28 | &nbsp;&nbsp; 30 | 30392 |
| 4.85%, 10/23/31 | &nbsp;&nbsp; 60 | 60784 |
| 4.90%, 07/09/27 | &nbsp;&nbsp; 100 | 101342 |
| 4.90%, 01/10/34<sup>(b)</sup> | &nbsp;&nbsp; 325 | 324378 |
| 5.05%, 07/10/31 | &nbsp;&nbsp; 10 | 10263 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; 1104 | 974812 |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 540 | 318536 |
| 4.25%, 05/09/28 | &nbsp;&nbsp; 50 | 50403 |
| 4.70%, 02/15/31 | &nbsp;&nbsp; 100 | 101534 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 427 | 401660 |
| 4.90%, 02/20/29 | &nbsp;&nbsp; 170 | 174675 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 1075 | 1101302 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 100 | 102142 |
| 5.45%, 02/20/54 | &nbsp;&nbsp; 3565 | 3448815 |
| General Motors Co. |  |  |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 135 | 128972 |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 165 | 154271 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 294 | 256238 |
| 5.40%, 04/01/48<sup>(b)</sup> | &nbsp;&nbsp; 120 | 105510 |
| 5.95%, 04/01/49 | &nbsp;&nbsp; 190 | 178366 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 195 | 192463 |
| 6.60%, 04/01/36 | &nbsp;&nbsp; 251 | 266155 |
| 6.75%, 04/01/46 | &nbsp;&nbsp; 189 | 195749 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 110 | 96880 |
| 2.40%, 10/15/28 | &nbsp;&nbsp; 50 | 47159 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 340 | 301649 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 200 | 177848 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 135 | 128192 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 170 | 168203 |
| 5.65%, 01/17/29 | &nbsp;&nbsp; 50 | 51552 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.85%, 04/06/30 | &nbsp;&nbsp; $25 | $26123 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 5 | 5125 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 345 | 365471 |
| Honda Motor Co. Ltd., 2.97%, 03/10/32 | &nbsp;&nbsp; 235 | 212142 |
| Mercedes-Benz Finance North America LLC, <br> 8.50%, 01/18/31<br>| &nbsp;&nbsp; 302 | 360907 |
|  |  | 12147901 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 529 | 318617 |
| 3.25%, 03/01/32 | &nbsp;&nbsp; 245 | 222056 |
| 4.15%, 05/01/52 | &nbsp;&nbsp; 335 | 242025 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 295 | 293815 |
| 4.40%, 10/01/46 | &nbsp;&nbsp; 74 | 57019 |
| 5.40%, 03/15/49<sup>(b)</sup> | &nbsp;&nbsp; 132 | 115314 |
| 5.75%, 09/13/54 | &nbsp;&nbsp; 215 | 195686 |
| BorgWarner Inc. |  |  |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 111 | 92252 |
| 5.40%, 08/15/34 | &nbsp;&nbsp; 35 | 35616 |
| Lear Corp. |  |  |
| 3.50%, 05/30/30 | &nbsp;&nbsp; 184 | 175576 |
| 3.55%, 01/15/52 | &nbsp;&nbsp; 145 | 94583 |
| 3.80%, 09/15/27 | &nbsp;&nbsp; 146 | 144587 |
| 4.25%, 05/15/29 | &nbsp;&nbsp; 287 | 284924 |
| 5.25%, 05/15/49<sup>(b)</sup> | &nbsp;&nbsp; 142 | 124619 |
|  |  | 2396689 |
| **Banks — 5.1%** | **Banks — 5.1%** | **Banks — 5.1%** |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 6.03%, 03/13/35, (1-year CMT + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 265 | 278031 |
| 7.88%, 11/15/34, (1-year CMT + 3.300%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 51769 |
| Banco Santander SA |  |  |
| 1.72%, 09/14/27, (1-year CMT + 0.900%)<sup>(a)</sup> | &nbsp;&nbsp; 355 | 345244 |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 230 | 207350 |
| 2.96%, 03/25/31 | &nbsp;&nbsp; 280 | 258661 |
| 3.23%, 11/22/32, (1-year CMT + 1.600%)<sup>(a)</sup> | &nbsp;&nbsp; 235 | 213142 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 10 | 9616 |
| 3.80%, 02/23/28 | &nbsp;&nbsp; 40 | 39581 |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 845 | 843439 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 595 | 597418 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 31120 |
| 6.03%, 01/17/35 | &nbsp;&nbsp; 50 | 53084 |
| 6.35%, 03/14/34 | &nbsp;&nbsp; 400 | 424022 |
| 6.61%, 11/07/28 | &nbsp;&nbsp; 10 | 10703 |
| 6.92%, 08/08/33 | &nbsp;&nbsp; 470 | 517269 |
| 6.94%, 11/07/33 | &nbsp;&nbsp; 85 | 96454 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 93346 |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(a)</sup> | &nbsp;&nbsp; 395 | 348762 |
| 2.09%, 06/14/29, (1-day SOFR + 1.060%)<sup>(a)</sup> | &nbsp;&nbsp; 180 | 170045 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(a)</sup> | &nbsp;&nbsp; 240 | 211743 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 510 | 440862 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(a)</sup><br>| &nbsp;&nbsp; 333 | 307414 |
| 2.55%, 02/04/28, (1-day SOFR + 1.050%)<sup>(a)</sup> | &nbsp;&nbsp; 90 | 87876 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(a)</sup> | &nbsp;&nbsp; 160 | 142774 |
| 2.59%, 04/29/31, (1-day SOFR + 2.150%)<sup>(a)</sup> | &nbsp;&nbsp; 384 | 355136 |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 143899 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(a)</sup> | &nbsp;&nbsp; 475 | 430840 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(a)</sup> | &nbsp;&nbsp; 394 | 244568 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(a)</sup><br>| &nbsp;&nbsp; $93 | $87940 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(a)</sup> | &nbsp;&nbsp; 532 | 480330 |
| 2.97%, 07/21/52, (1-day SOFR + 1.560%)<sup>(a)</sup> | &nbsp;&nbsp; 632 | 405488 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(a)</sup><br>| &nbsp;&nbsp; 215 | 206398 |
| 3.25%, 10/21/27 | &nbsp;&nbsp; 385 | 379223 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(a)</sup> | &nbsp;&nbsp; 245 | 188382 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(a)</sup><br>| &nbsp;&nbsp; 460 | 451861 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR + <br> 1.632%)<sup>(a)</sup><br>| &nbsp;&nbsp; 105 | 103847 |
| 3.71%, 04/24/28, (3-mo. CME Term SOFR + <br> 1.774%)<sup>(a)</sup><br>| &nbsp;&nbsp; 75 | 74381 |
| 3.82%, 01/20/28, (3-mo. CME Term SOFR + <br> 1.837%)<sup>(a)</sup><br>| &nbsp;&nbsp; 240 | 238569 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 445 | 410809 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(a)</sup><br>| &nbsp;&nbsp; 246 | 192733 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(a)</sup><br>| &nbsp;&nbsp; 365 | 362762 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(a)</sup><br>| &nbsp;&nbsp; 311 | 308384 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(a)</sup><br>| &nbsp;&nbsp; 190 | 166221 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1056 | 831134 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(a)</sup><br>| &nbsp;&nbsp; 685 | 626529 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 247 | 246982 |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(a)</sup><br>| &nbsp;&nbsp; 445 | 446107 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(a)</sup><br>| &nbsp;&nbsp; 548 | 450067 |
| 4.38%, 04/27/28, (1-day SOFR + 1.580%)<sup>(a)</sup> | &nbsp;&nbsp; 95 | 95211 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(a)</sup><br>| &nbsp;&nbsp; 610 | 519654 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(a)</sup> | &nbsp;&nbsp; 900 | 890756 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; 396 | 366619 |
| 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(a)</sup> | &nbsp;&nbsp; 210 | 212809 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 558 | 528178 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(a)</sup> | &nbsp;&nbsp; 735 | 746326 |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(a)</sup> | &nbsp;&nbsp; 255 | 261408 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(a)</sup> | &nbsp;&nbsp; 805 | 825082 |
| 5.43%, 08/15/35, (1-day SOFR +1.913%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 70494 |
| 5.47%, 01/23/35, (1-day SOFR + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 220 | 227175 |
| 5.52%, 10/25/35, (1-day SOFR + 1.738%)<sup>(a)</sup> | &nbsp;&nbsp; 225 | 226899 |
| 5.74%, 02/12/36, (1-day SOFR + 1.697%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 46112 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(a)</sup> | &nbsp;&nbsp; 275 | 291652 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 279 | 291378 |
| 6.11%, 01/29/37 | &nbsp;&nbsp; 575 | 610817 |
| 6.20%, 11/10/28, (1-day SOFR + 1.990%)<sup>(a)</sup> | &nbsp;&nbsp; 130 | 135433 |
| 6.22%, 09/15/26 | &nbsp;&nbsp; 135 | 137536 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 475 | 571037 |
| Series L, 4.18%, 11/25/27 | &nbsp;&nbsp; 330 | 329778 |
| Series L, 4.75%, 04/21/45 | &nbsp;&nbsp; 50 | 44115 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 205 | 186243 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 435 | 308175 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26 | &nbsp;&nbsp; $150 | $145643 |
| 2.65%, 03/08/27 | &nbsp;&nbsp; 65 | 63728 |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 17635 |
| 3.80%, 12/15/32, (5-year USD Swap + <br> 1.432%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1135 | 1112070 |
| 5.00%, 01/27/29, (1-day SOFR Index + <br> 0.670%)<sup>(a)</sup><br>| &nbsp;&nbsp; 160 | 163184 |
| 5.51%, 06/04/31 | &nbsp;&nbsp; 75 | 78870 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 75 | 78418 |
| Series H, 4.70%, 09/14/27 | &nbsp;&nbsp; 145 | 146701 |
| Bank of New York Mellon Corp. (The) |  |  |
| 2.05%, 01/26/27 | &nbsp;&nbsp; 195 | 190054 |
| 2.50%, 01/26/32<sup>(b)</sup> | &nbsp;&nbsp; 115 | 102676 |
| 3.00%, 10/30/28 | &nbsp;&nbsp; 439 | 424834 |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 197 | 194874 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 700 | 677858 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 435 | 429940 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR + <br> 1.331%)<sup>(a)</sup><br>| &nbsp;&nbsp; 899 | 891407 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 675 | 676050 |
| 3.85%, 04/26/29 | &nbsp;&nbsp; 120 | 119643 |
| 3.99%, 06/13/28, (1-day SOFR + 1.151%)<sup>(a)</sup> | &nbsp;&nbsp; 95 | 94898 |
| 4.29%, 06/13/33, (1-day SOFR + 1.418%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 29307 |
| 4.44%, 06/09/28, (1-day SOFR + 0.680%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 55325 |
| 4.54%, 02/01/29, (1-day SOFR + 1.169%)<sup>(a)</sup> | &nbsp;&nbsp; 90 | 91086 |
| 4.71%, 02/01/34, (1-day SOFR + 1.512%)<sup>(a)</sup> | &nbsp;&nbsp; 135 | 134517 |
| 4.94%, 02/11/31, (1-day SOFR + 0.887%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 128393 |
| 4.97%, 04/26/34, (1-day SOFR + 1.606%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 85881 |
| 5.06%, 07/22/32, (1-day SOFR + 1.230%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102964 |
| 5.19%, 03/14/35, (1-day SOFR + 1.418%)<sup>(a)</sup> | &nbsp;&nbsp; 215 | 219004 |
| 5.23%, 11/20/35, (1-day SOFR + 1.253%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 147958 |
| 5.32%, 06/06/36, (1-day SOFR + 1.350%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 127948 |
| 5.61%, 07/21/39, (1-day SOFR + 1.770%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 41349 |
| 5.83%, 10/25/33, (1-day SOFR Index + <br> 2.074%)<sup>(a)</sup><br>| &nbsp;&nbsp; 35 | 37410 |
| 6.47%, 10/25/34, (1-day SOFR + 1.845%)<sup>(a)</sup> | &nbsp;&nbsp; 215 | 237663 |
| Series J, 1.90%, 01/25/29 | &nbsp;&nbsp; 150 | 140169 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26 | &nbsp;&nbsp; 305 | 296332 |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 510 | 496199 |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 1505 | 1329997 |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 275 | 241470 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 1120 | 1102180 |
| 4.40%, 09/08/28, (1-day SOFR + 1.000%)<sup>(a)</sup> | &nbsp;&nbsp; 185 | 185851 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 7455 | 7151360 |
| 4.74%, 11/10/32, (1-day SOFR + 1.440%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 121208 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 420 | 429352 |
| 4.93%, 02/14/29, (1-day SOFR + 0.890%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 208467 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 350 | 359892 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 50 | 51658 |
| 5.35%, 12/07/26 | &nbsp;&nbsp; 315 | 319530 |
| 5.40%, 06/04/27 | &nbsp;&nbsp; 1395 | 1427774 |
| 5.45%, 08/01/29 | &nbsp;&nbsp; 330 | 344296 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 95 | 100092 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27, (1-year CMT + 1.050%)<sup>(a)</sup> | &nbsp;&nbsp; 545 | 531476 |
| 2.65%, 06/24/31, (1-year CMT + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 130 | 119027 |
| 2.67%, 03/10/32, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 295 | 265736 |
| 2.89%, 11/24/32, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 660 | 590791 |
| 3.56%, 09/23/35, (5-year CMT + 2.900%)<sup>(a)</sup> | &nbsp;&nbsp; 285 | 265856 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.34%, 01/10/28 | &nbsp;&nbsp; $275 | $275141 |
| 4.48%, 11/11/29, (1-day SOFR + 1.080%)<sup>(a)</sup> | &nbsp;&nbsp; 400 | 400742 |
| 4.84%, 05/09/28 | &nbsp;&nbsp; 555 | 557412 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 470 | 421068 |
| 4.97%, 05/16/29<sup>(a)</sup> | &nbsp;&nbsp; 450 | 456677 |
| 5.09%, 02/25/29, (1-day SOFR + 0.960%)<sup>(a)</sup> | &nbsp;&nbsp; 400 | 406883 |
| 5.09%, 06/20/30<sup>(a)</sup> | &nbsp;&nbsp; 465 | 471290 |
| 5.25%, 08/17/45 | &nbsp;&nbsp; 115 | 107457 |
| 5.34%, 09/10/35, (1-day SOFR + 1.910%)<sup>(a)</sup> | &nbsp;&nbsp; 275 | 275300 |
| 5.37%, 02/25/31, (1-day SOFR + 1.230%)<sup>(a)</sup> | &nbsp;&nbsp; 400 | 412543 |
| 5.50%, 08/09/28, (1-year CMT + 2.650%)<sup>(a)</sup> | &nbsp;&nbsp; 375 | 382907 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(a)</sup> | &nbsp;&nbsp; 300 | 312061 |
| 5.75%, 08/09/33, (1-year CMT + 3.000%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 46990 |
| 5.79%, 02/25/36, (1-day SOFR + 1.590%)<sup>(a)</sup> | &nbsp;&nbsp; 510 | 525649 |
| 5.86%, 08/11/46, (1-day SOFR + 1.830%)<sup>(a)</sup> | &nbsp;&nbsp; 400 | 397022 |
| 6.04%, 03/12/55, (1-day SOFR + 2.420%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203813 |
| 6.22%, 05/09/34, (1-day SOFR + 2.980%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 213317 |
| 6.69%, 09/13/34, (1-day SOFR + 2.620%)<sup>(a)</sup> | &nbsp;&nbsp; 225 | 246656 |
| 7.12%, 06/27/34, (1-day SOFR + 3.570%)<sup>(a)</sup> | &nbsp;&nbsp; 295 | 326033 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(a)</sup> | &nbsp;&nbsp; 240 | 273803 |
| BPCE SA, 3.38%, 12/02/26 | &nbsp;&nbsp; 1020 | 1010725 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.60%, 04/07/32 | &nbsp;&nbsp; 125 | 117535 |
| 4.51%, 09/11/27, (1-day SOFR + 0.930%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 125295 |
| 4.63%, 09/11/30, (1-day SOFR + 1.335%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 126303 |
| 4.86%, 01/13/28, (1-day SOFR + 0.720%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25209 |
| 4.86%, 03/30/29, (1-day SOFR + 1.030%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50735 |
| 5.00%, 04/28/28 | &nbsp;&nbsp; 370 | 378386 |
| 5.24%, 06/28/27 | &nbsp;&nbsp; 155 | 158006 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25799 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 165 | 170716 |
| 5.93%, 10/02/26 | &nbsp;&nbsp; 25 | 25462 |
| 5.99%, 10/03/28 | &nbsp;&nbsp; 165 | 173672 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 595 | 641800 |
| Capital One NA |  |  |
| 2.70%, 02/06/30 | &nbsp;&nbsp; 225 | 210755 |
| 4.65%, 09/13/28 | &nbsp;&nbsp; 485 | 490585 |
| Citigroup Inc. |  |  |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(a)</sup> | &nbsp;&nbsp; 245 | 220012 |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(a)</sup> | &nbsp;&nbsp; 350 | 321318 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(a)</sup> | &nbsp;&nbsp; 307 | 284725 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(a)</sup> | &nbsp;&nbsp; 310 | 293001 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 103843 |
| 3.07%, 02/24/28, (1-day SOFR + 1.280%)<sup>(a)</sup> | &nbsp;&nbsp; 365 | 358497 |
| 3.20%, 10/21/26 | &nbsp;&nbsp; 180 | 177980 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR + <br> 1.413%)<sup>(a)</sup><br>| &nbsp;&nbsp; 140 | 137845 |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR + <br> 1.652%)<sup>(a)</sup><br>| &nbsp;&nbsp; 120 | 118643 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(a)</sup> | &nbsp;&nbsp; 557 | 523958 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(a)</sup><br>| &nbsp;&nbsp; 565 | 488971 |
| 3.89%, 01/10/28, (3-mo. CME Term SOFR + <br> 1.825%)<sup>(a)</sup><br>| &nbsp;&nbsp; 165 | 164047 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 170 | 167874 |
| 4.08%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.454%)<sup>(a)</sup><br>| &nbsp;&nbsp; 146 | 145379 |
| 4.13%, 07/25/28 | &nbsp;&nbsp; 281 | 280576 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR + <br> 2.101%)<sup>(a)</sup><br>| &nbsp;&nbsp; 269 | 221472 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.30%, 11/20/26 | &nbsp;&nbsp; $85 | $85056 |
| 4.41%, 03/31/31, (1-day SOFR + 3.914%)<sup>(a)</sup> | &nbsp;&nbsp; 350 | 349087 |
| 4.45%, 09/29/27 | &nbsp;&nbsp; 642 | 643764 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 404 | 353471 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 715 | 617902 |
| 4.66%, 05/24/28, (1-day SOFR + 1.887%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25148 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 140 | 121453 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 65226 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 71835 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 236 | 223931 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(a)</sup> | &nbsp;&nbsp; 380 | 371559 |
| 5.41%, 09/19/39, (5-year CMT + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24741 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(a)</sup> | &nbsp;&nbsp; 215 | 220650 |
| 5.83%, 02/13/35, (1-day SOFR + 2.056%)<sup>(a)</sup> | &nbsp;&nbsp; 480 | 492353 |
| 5.88%, 02/22/33 | &nbsp;&nbsp; 276 | 290466 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 385 | 398750 |
| 6.00%, 10/31/33 | &nbsp;&nbsp; 207 | 220517 |
| 6.02%, 01/24/36, (1-day SOFR + 1.830%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 67075 |
| 6.13%, 08/25/36 | &nbsp;&nbsp; 70 | 73470 |
| 6.17%, 05/25/34, (1-day SOFR + 2.661%)<sup>(a)</sup> | &nbsp;&nbsp; 555 | 584285 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(a)</sup> | &nbsp;&nbsp; 280 | 303493 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 338 | 358365 |
| 6.63%, 06/15/32 | &nbsp;&nbsp; 512 | 564281 |
| 6.68%, 09/13/43 | &nbsp;&nbsp; 186 | 205676 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 639 | 805108 |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; 155 | 142277 |
| 3.25%, 04/30/30 | &nbsp;&nbsp; 25 | 23637 |
| 5.64%, 05/21/37, (5-year CMT + 2.750%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 206014 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 27180 |
| Comerica Inc., 4.00%, 02/01/29 | &nbsp;&nbsp; 359 | 354264 |
| Cooperatieve Rabobank UA |  |  |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 81 | 79902 |
| 5.25%, 08/04/45 | &nbsp;&nbsp; 152 | 141663 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 262 | 261973 |
| Deutsche Bank AG/New York NY |  |  |
| 2.31%, 11/16/27, (1-day SOFR + 1.219%)<sup>(a)</sup> | &nbsp;&nbsp; 480 | 468190 |
| 2.55%, 01/07/28, (1-day SOFR + 1.318%)<sup>(a)</sup> | &nbsp;&nbsp; 525 | 512836 |
| 3.04%, 05/28/32, (1-day SOFR + 1.718%)<sup>(a)</sup> | &nbsp;&nbsp; 470 | 428555 |
| 3.55%, 09/18/31, (1-day SOFR + 3.043%)<sup>(a)</sup> | &nbsp;&nbsp; 690 | 654600 |
| 3.73%, 01/14/32, (1-day SOFR + 2.757%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9360 |
| 3.74%, 01/07/33, (1-day SOFR + 2.257%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 32040 |
| 4.88%, 12/01/32, (5-year USD ICE Swap + <br> 2.553%)<sup>(a)</sup><br>| &nbsp;&nbsp; 90 | 89626 |
| 4.95%, 08/04/31, (1-day SOFR + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 215 | 216737 |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 335 | 340621 |
| 5.30%, 05/09/31, (1-day SOFR + 1.720%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 153661 |
| 5.40%, 09/11/35, (1-day SOFR + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 415 | 417350 |
| 5.88%, 07/08/31, (1-day SOFR + 5.438%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5175 |
| 6.72%, 01/18/29, (1-day SOFR + 3.180%)<sup>(a)</sup> | &nbsp;&nbsp; 215 | 226124 |
| 6.82%, 11/20/29, (1-day SOFR + 2.510%)<sup>(a)</sup> | &nbsp;&nbsp; 315 | 337611 |
| 7.08%, 02/10/34, (1-day SOFR + 3.650%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 217233 |
| Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 150 | 153262 |
| Fifth Third Bancorp |  |  |
| 4.34%, 04/25/33, (1-day SOFR + 1.660%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14506 |
| 6.36%, 10/27/28, (1-day SOFR Index + <br> 2.192%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20 | 20879 |
| 8.25%, 03/01/38 | &nbsp;&nbsp; 201 | 246204 |
| First Horizon Bank, 5.75%, 05/01/30 | &nbsp;&nbsp; 90 | 92510 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 365 | 387505 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(a)</sup> | &nbsp;&nbsp; $545 | $529667 |
| 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(a)</sup> | &nbsp;&nbsp; 295 | 287165 |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(a)</sup> | &nbsp;&nbsp; 280 | 245819 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(a)</sup> | &nbsp;&nbsp; 415 | 367501 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; 72 | 67312 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(a)</sup> | &nbsp;&nbsp; 392 | 353799 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(a)</sup> | &nbsp;&nbsp; 340 | 331826 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(a)</sup> | &nbsp;&nbsp; 360 | 321460 |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 89735 |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(a)</sup> | &nbsp;&nbsp; 670 | 609481 |
| 3.21%, 04/22/42, (1-day SOFR + 1.513%)<sup>(a)</sup> | &nbsp;&nbsp; 272 | 204375 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 61215 |
| 3.50%, 11/16/26 | &nbsp;&nbsp; 30 | 29752 |
| 3.69%, 06/05/28, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(a)</sup><br>| &nbsp;&nbsp; 342 | 338740 |
| 3.80%, 03/15/30 | &nbsp;&nbsp; 90 | 88461 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 562 | 556188 |
| 3.85%, 01/26/27 | &nbsp;&nbsp; 457 | 454947 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(a)</sup><br>| &nbsp;&nbsp; 745 | 655115 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(a)</sup><br>| &nbsp;&nbsp; 730 | 730108 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(a)</sup><br>| &nbsp;&nbsp; 529 | 480409 |
| 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15167 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 611 | 542166 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 525 | 471932 |
| 5.02%, 10/23/35, (1-day SOFR + 1.420%)<sup>(a)</sup> | &nbsp;&nbsp; 430 | 427272 |
| 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(a)</sup> | &nbsp;&nbsp; 230 | 235427 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 39 | 35545 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 211152 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(a)</sup> | &nbsp;&nbsp; 250 | 258121 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(a)</sup> | &nbsp;&nbsp; 645 | 656294 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(a)</sup> | &nbsp;&nbsp; 365 | 376443 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 41845 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(a)</sup> | &nbsp;&nbsp; 330 | 329136 |
| 5.85%, 04/25/35, (1-day SOFR + 1.552%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 36945 |
| 5.95%, 01/15/27 | &nbsp;&nbsp; 155 | 158753 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 690 | 756036 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 525 | 563566 |
| 6.45%, 05/01/36 | &nbsp;&nbsp; 249 | 270996 |
| 6.56%, 10/24/34, (1-day SOFR + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 210 | 233093 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 691 | 766953 |
| HSBC Bank USA NA/New York |  |  |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 15 | 15618 |
| 5.88%, 11/01/34 | &nbsp;&nbsp; 365 | 387958 |
| 7.00%, 01/15/39 | &nbsp;&nbsp; 650 | 759512 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29, (1-day SOFR + 1.285%)<sup>(a)</sup> | &nbsp;&nbsp; 335 | 315560 |
| 2.25%, 11/22/27, (1-day SOFR + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24384 |
| 2.36%, 08/18/31, (1-day SOFR + 1.947%)<sup>(a)</sup> | &nbsp;&nbsp; 185 | 166959 |
| 2.80%, 05/24/32, (1-day SOFR + 1.187%)<sup>(a)</sup> | &nbsp;&nbsp; 775 | 699574 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(a)</sup> | &nbsp;&nbsp; 295 | 273421 |
| 2.87%, 11/22/32, (1-day SOFR + 1.410%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 107906 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(a)</sup><br>| &nbsp;&nbsp; 935 | 919896 |
| 4.04%, 03/13/28, (3-mo. CME Term SOFR + <br> 1.808%)<sup>(a)</sup><br>| &nbsp;&nbsp; 605 | 602689 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(a)</sup><br>| &nbsp;&nbsp; $620 | $623971 |
| 4.76%, 06/09/28, (1-day SOFR + 2.110%)<sup>(a)</sup> | &nbsp;&nbsp; 430 | 433161 |
| 4.76%, 03/29/33, (1-day SOFR + 2.530%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24666 |
| 4.90%, 03/03/29, (1-day SOFR + 1.030%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 207739 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 650 | 665546 |
| 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204785 |
| 5.24%, 05/13/31, (1-day SOFR + 1.570%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 205546 |
| 5.29%, 11/19/30, (1-day SOFR + 1.290%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 206032 |
| 5.40%, 08/11/33, (1-day SOFR + 2.870%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30936 |
| 5.45%, 03/03/36, (1-day SOFR + 1.560%)<sup>(a)</sup> | &nbsp;&nbsp; 220 | 223602 |
| 5.72%, 03/04/35, (1-day SOFR + 1.780%)<sup>(a)</sup> | &nbsp;&nbsp; 265 | 277352 |
| 5.73%, 05/17/32, (1-day SOFR + 1.520%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15741 |
| 5.79%, 05/13/36, (1-day SOFR + 1.880%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 208010 |
| 5.87%, 11/18/35, (1-day SOFR + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5126 |
| 6.10%, 01/14/42 | &nbsp;&nbsp; 570 | 607314 |
| 6.25%, 03/09/34, (1-day SOFR + 2.390%)<sup>(a)</sup> | &nbsp;&nbsp; 290 | 313068 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 375 | 404338 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 395 | 425427 |
| 6.55%, 06/20/34, (1-day SOFR + 2.980%)<sup>(a)</sup> | &nbsp;&nbsp; 390 | 417517 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 5 | 5546 |
| 7.39%, 11/03/28, (1-day SOFR + 3.350%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 212540 |
| 7.40%, 11/13/34, (1-day SOFR + 3.020%)<sup>(a)</sup> | &nbsp;&nbsp; 235 | 264796 |
| 8.11%, 11/03/33, (1-day SOFR + 4.250%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 232671 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 123421 |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 514 | 475573 |
| 4.44%, 08/04/28, (1-day SOFR + 1.970%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 65190 |
| 5.02%, 05/17/33, (1-day SOFR + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 182 | 182135 |
| 5.27%, 01/15/31, (1-day SOFR + 1.276%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25772 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20 | 20667 |
| Huntington National Bank (The), 4.55%, 05/17/28, <br> (1-day SOFR Index + 1.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 100532 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + 1.316%)<sup>(a)</sup> | &nbsp;&nbsp; 485 | 442485 |
| 3.95%, 03/29/27 | &nbsp;&nbsp; 940 | 936152 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 205 | 203574 |
| 4.25%, 03/28/33, (1-day SOFR + 2.070%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 194092 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 275 | 277737 |
| 4.86%, 03/25/29, (1-day SOFR + 1.010%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202693 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 210 | 215016 |
| 5.53%, 03/25/36, (1-day SOFR + 1.610%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10237 |
| 5.55%, 03/19/35, (1-day SOFR + 1.770%)<sup>(a)</sup> | &nbsp;&nbsp; 440 | 452693 |
| 6.11%, 09/11/34, (1-day SOFR + 2.090%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 85521 |
| JPMorgan Chase & Co. |  |  |
| 1.47%, 09/22/27, (1-day SOFR + 0.765%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 77712 |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(a)</sup><br>| &nbsp;&nbsp; 60 | 52686 |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 127565 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(a)</sup> | &nbsp;&nbsp; 240 | 221735 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(a)</sup> | &nbsp;&nbsp; 270 | 240715 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 207 | 187229 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 281 | 264758 |
| 2.95%, 10/01/26 | &nbsp;&nbsp; 35 | 34609 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR + <br> 2.515%)<sup>(a)</sup><br>| &nbsp;&nbsp; 75 | 69944 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(a)</sup> | &nbsp;&nbsp; 570 | 516884 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; $238 | $183277 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(a)</sup> | &nbsp;&nbsp; 708 | 472898 |
| 3.33%, 04/22/52, (1-day SOFR + 1.580%)<sup>(a)</sup> | &nbsp;&nbsp; 670 | 463323 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR + <br> 1.207%)<sup>(a)</sup><br>| &nbsp;&nbsp; 247 | 243289 |
| 3.54%, 05/01/28, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(a)</sup><br>| &nbsp;&nbsp; 275 | 271958 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 90 | 89151 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(a)</sup><br>| &nbsp;&nbsp; 150 | 147096 |
| 3.78%, 02/01/28, (3-mo. CME Term SOFR + <br> 1.599%)<sup>(a)</sup><br>| &nbsp;&nbsp; 130 | 129213 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR + <br> 1.622%)<sup>(a)</sup><br>| &nbsp;&nbsp; 583 | 515206 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(a)</sup><br>| &nbsp;&nbsp; 411 | 323165 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(a)</sup><br>| &nbsp;&nbsp; 576 | 458135 |
| 4.01%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(a)</sup><br>| &nbsp;&nbsp; 297 | 295643 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.722%)<sup>(a)</sup><br>| &nbsp;&nbsp; 360 | 289032 |
| 4.13%, 12/15/26 | &nbsp;&nbsp; 54 | 54016 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(a)</sup><br>| &nbsp;&nbsp; 490 | 490520 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 210 | 211340 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(a)</sup><br>| &nbsp;&nbsp; 549 | 459052 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(a)</sup><br>| &nbsp;&nbsp; 669 | 674015 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 292 | 294127 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 622 | 618746 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 321 | 296806 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(a)</sup> | &nbsp;&nbsp; 1090 | 1104738 |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(a)</sup> | &nbsp;&nbsp; 520 | 517130 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 242 | 221299 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(a)</sup> | &nbsp;&nbsp; 540 | 550794 |
| 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(a)</sup> | &nbsp;&nbsp; 230 | 236895 |
| 5.34%, 01/23/35, (1-day SOFR + 1.620%)<sup>(a)</sup> | &nbsp;&nbsp; 285 | 292647 |
| 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(a)</sup> | &nbsp;&nbsp; 555 | 573207 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 385 | 384368 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(a)</sup> | &nbsp;&nbsp; 505 | 521575 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 400 | 407651 |
| 5.57%, 04/22/36, (1-day SOFR + 1.680%)<sup>(a)</sup> | &nbsp;&nbsp; 190 | 197601 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 465 | 476238 |
| 5.63%, 08/16/43 | &nbsp;&nbsp; 5 | 5040 |
| 5.72%, 09/14/33, (1-day SOFR + 2.580%)<sup>(a)</sup> | &nbsp;&nbsp; 545 | 570652 |
| 5.77%, 04/22/35, (1-day SOFR + 1.490%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 216586 |
| 6.25%, 10/23/34, (1-day SOFR + 1.810%)<sup>(a)</sup> | &nbsp;&nbsp; 485 | 529674 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 570 | 636504 |
| 8.75%, 09/01/30 | &nbsp;&nbsp; 680 | 810898 |
| KeyBank NA/Cleveland OH |  |  |
| 3.90%, 04/13/29 | &nbsp;&nbsp; 87 | 84850 |
| 4.90%, 08/08/32 | &nbsp;&nbsp; 90 | 88336 |
| 6.95%, 02/01/28 | &nbsp;&nbsp; 80 | 84458 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | &nbsp;&nbsp; 120 | 116246 |
| 2.55%, 10/01/29 | &nbsp;&nbsp; 335 | 313271 |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 150 | 149646 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 0.00%, 04/18/36<sup>(c)</sup> | &nbsp;&nbsp; $1113 | $704685 |
| 0.00%, 06/29/37<sup>(b)(c)</sup> | &nbsp;&nbsp; 825 | 492385 |
| 0.75%, 09/30/30 | &nbsp;&nbsp; 1365 | 1178224 |
| 1.00%, 10/01/26 | &nbsp;&nbsp; 1380 | 1338610 |
| 1.75%, 09/14/29 | &nbsp;&nbsp; 1011 | 939400 |
| 2.88%, 04/03/28 | &nbsp;&nbsp; 2577 | 2530723 |
| 3.00%, 05/20/27 | &nbsp;&nbsp; 225 | 222360 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 1760 | 1765750 |
| 3.75%, 07/15/30 | &nbsp;&nbsp; 120 | 120155 |
| 4.63%, 03/18/30 | &nbsp;&nbsp; 255 | 264839 |
| Landwirtschaftliche Rentenbank, Series 37, 2.50%, <br> 11/15/27<br>| &nbsp;&nbsp; 195 | 190134 |
| Lloyds Banking Group PLC |  |  |
| 3.57%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 305 | 300237 |
| 3.75%, 01/11/27 | &nbsp;&nbsp; 290 | 288401 |
| 4.34%, 01/09/48 | &nbsp;&nbsp; 325 | 261212 |
| 4.38%, 03/22/28 | &nbsp;&nbsp; 230 | 230903 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 805 | 813394 |
| 4.82%, 06/13/29, (1-year CMT + 0.830%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202789 |
| 4.98%, 08/11/33, (1-year CMT + 2.300%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 105238 |
| 5.30%, 12/01/45 | &nbsp;&nbsp; 160 | 149780 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 335 | 343722 |
| 5.68%, 01/05/35, (1-year CMT + 1.750%)<sup>(a)</sup> | &nbsp;&nbsp; 300 | 311106 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 209212 |
| 5.87%, 03/06/29, (1-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 305 | 316545 |
| 6.07%, 06/13/36, (1-year CMT + 1.600%)<sup>(a)</sup> | &nbsp;&nbsp; 220 | 227633 |
| 7.95%, 11/15/33, (1-year CMT + 3.750%)<sup>(a)</sup> | &nbsp;&nbsp; 455 | 524934 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 1.64%, 10/13/27, (1-year CMT + 0.670%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 145665 |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 230 | 203330 |
| 2.34%, 01/19/28, (1-year CMT + 0.830%)<sup>(a)</sup> | &nbsp;&nbsp; 195 | 189900 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(a)</sup> | &nbsp;&nbsp; 160 | 142261 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 5 | 4645 |
| 2.76%, 09/13/26 | &nbsp;&nbsp; 330 | 325274 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp; 400 | 358520 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 255 | 245253 |
| 3.29%, 07/25/27 | &nbsp;&nbsp; 175 | 172638 |
| 3.68%, 02/22/27 | &nbsp;&nbsp; 90 | 89511 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 175 | 172997 |
| 3.75%, 07/18/39 | &nbsp;&nbsp; 365 | 316482 |
| 4.05%, 09/11/28 | &nbsp;&nbsp; 115 | 115141 |
| 4.08%, 04/19/28, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4989 |
| 4.15%, 03/07/39<sup>(b)</sup> | &nbsp;&nbsp; 159 | 147814 |
| 4.29%, 07/26/38 | &nbsp;&nbsp; 190 | 179027 |
| 4.32%, 04/19/33, (1-year CMT + 1.550%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 34096 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 142776 |
| 5.24%, 04/19/29, (1-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 210200 |
| 5.41%, 04/19/34, (1-year CMT + 1.970%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 114438 |
| 5.42%, 02/22/29, (1-year CMT + 1.380%)<sup>(a)</sup> | &nbsp;&nbsp; 385 | 395878 |
| 5.44%, 02/22/34, (1-year CMT + 1.630%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 125043 |
| 5.47%, 09/13/33, (1-year CMT + 2.125%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5206 |
| Mizuho Financial Group Inc. |  |  |
| 1.98%, 09/08/31, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(a)</sup><br>| &nbsp;&nbsp; 40 | 35480 |
| 2.17%, 05/22/32, (1-year CMT + 0.870%)<sup>(a)</sup> | &nbsp;&nbsp; 285 | 250311 |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15 | 13505 |
| 2.26%, 07/09/32, (1-year CMT + 0.900%)<sup>(a)</sup> | &nbsp;&nbsp; 265 | 232980 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 230 | 203473 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.59%, 05/25/31, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(a)</sup><br>| &nbsp;&nbsp; $202 | $185912 |
| 2.84%, 09/13/26 | &nbsp;&nbsp; 20 | 19726 |
| 2.87%, 09/13/30, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(a)</sup><br>| &nbsp;&nbsp; 110 | 103835 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(a)</sup><br>| &nbsp;&nbsp; 237 | 226692 |
| 3.17%, 09/11/27 | &nbsp;&nbsp; 60 | 58918 |
| 3.26%, 05/22/30, (1-year CMT + 1.250%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9629 |
| 3.66%, 02/28/27 | &nbsp;&nbsp; 90 | 89383 |
| 4.02%, 03/05/28 | &nbsp;&nbsp; 260 | 259790 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(a)</sup><br>| &nbsp;&nbsp; 364 | 364123 |
| 4.71%, 07/08/31, (1-year CMT + 0.920%)<sup>(a)</sup> | &nbsp;&nbsp; 400 | 404149 |
| 5.32%, 07/08/36, (1-year CMT + 1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 415 | 422151 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 207034 |
| 5.42%, 05/13/36, (1-year CMT + 0.980%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 41043 |
| 5.58%, 05/26/35, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 207971 |
| 5.59%, 07/10/35, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 207865 |
| 5.67%, 05/27/29, (1-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 114081 |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 209867 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 135 | 142086 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 225 | 236867 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 295 | 307152 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(a)</sup> | &nbsp;&nbsp; 540 | 468374 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(a)</sup> | &nbsp;&nbsp; 185 | 160534 |
| 2.24%, 07/21/32, (1-day SOFR + 1.178%)<sup>(a)</sup> | &nbsp;&nbsp; 505 | 443545 |
| 2.48%, 01/21/28, (1-day SOFR + 1.000%)<sup>(a)</sup> | &nbsp;&nbsp; 210 | 204953 |
| 2.48%, 09/16/36, (1-day SOFR + 1.360%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 95285 |
| 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 420 | 372569 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(a)</sup> | &nbsp;&nbsp; 277 | 258043 |
| 2.80%, 01/25/52, (1-day SOFR + 1.430%)<sup>(a)</sup> | &nbsp;&nbsp; 440 | 270792 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(a)</sup> | &nbsp;&nbsp; 250 | 225299 |
| 3.59%, 07/22/28<sup>(a)</sup> | &nbsp;&nbsp; 652 | 644034 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(a)</sup> | &nbsp;&nbsp; 374 | 361715 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 570 | 567017 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(a)</sup><br>| &nbsp;&nbsp; 629 | 622545 |
| 3.95%, 04/23/27 | &nbsp;&nbsp; 510 | 508185 |
| 3.97%, 07/22/38<sup>(a)</sup> | &nbsp;&nbsp; 800 | 706636 |
| 4.21%, 04/20/28, (1-day SOFR + 1.610%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19994 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 820 | 699620 |
| 4.35%, 09/08/26 | &nbsp;&nbsp; 375 | 375444 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 592 | 503746 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 287 | 288257 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(a)</sup><br>| &nbsp;&nbsp; 635 | 591511 |
| 4.65%, 10/18/30, (1-day SOFR + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp; 255 | 257453 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 45411 |
| 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 112700 |
| 5.12%, 02/01/29, (1-day SOFR + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; 130 | 132742 |
| 5.16%, 04/20/29, (1-day SOFR + 1.590%)<sup>(a)</sup> | &nbsp;&nbsp; 365 | 373217 |
| 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(a)</sup> | &nbsp;&nbsp; 250 | 257767 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(a)</sup> | &nbsp;&nbsp; 185 | 190883 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(a)</sup> | &nbsp;&nbsp; 285 | 291076 |
| 5.30%, 04/20/37, (1-day SOFR + 2.620%)<sup>(a)</sup> | &nbsp;&nbsp; 410 | 412461 |
| 5.32%, 07/19/35, (1-day SOFR + 1.555%)<sup>(a)</sup> | &nbsp;&nbsp; 260 | 264896 |
| 5.42%, 07/21/34, (1-day SOFR + 1.880%)<sup>(a)</sup> | &nbsp;&nbsp; 365 | 376745 |
| 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 118703 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.47%, 01/18/35, (1-day SOFR + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; $205 | $211457 |
| 5.52%, 11/19/55, (1-day SOFR + 1.710%)<sup>(a)</sup> | &nbsp;&nbsp; 280 | 272549 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 211933 |
| 5.60%, 03/24/51, (1-day SOFR + 4.840%)<sup>(a)</sup> | &nbsp;&nbsp; 318 | 313282 |
| 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 26088 |
| 5.66%, 04/17/36, (1-day SOFR + 1.757%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 145705 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(a)</sup> | &nbsp;&nbsp; 595 | 627267 |
| 5.94%, 02/07/39, (5-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 420 | 436315 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(a)</sup> | &nbsp;&nbsp; 425 | 441569 |
| 6.30%, 10/18/28, (1-day SOFR + 2.240%)<sup>(a)</sup> | &nbsp;&nbsp; 325 | 338755 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(a)</sup> | &nbsp;&nbsp; 305 | 333253 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 596 | 654766 |
| 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 79686 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 135 | 149741 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; 800 | 921824 |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(a)</sup><br>| &nbsp;&nbsp; 30 | 30556 |
| Morgan Stanley Bank NA |  |  |
| 4.45%, 10/15/27, (1-day SOFR + 0.680%)<sup>(a)</sup> | &nbsp;&nbsp; 250 | 250257 |
| 5.02%, 01/12/29, (1-day SOFR + 0.906%)<sup>(a)</sup> | &nbsp;&nbsp; 250 | 254438 |
| 5.88%, 10/30/26 | &nbsp;&nbsp; 250 | 254917 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29 | &nbsp;&nbsp; 3305 | 3325244 |
| 4.95%, 02/01/28, (1-day SOFR + 0.795%)<sup>(a)</sup> | &nbsp;&nbsp; 260 | 262496 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 2873 | 2993955 |
| NatWest Group PLC |  |  |
| 3.03%, 11/28/35, (5-year CMT + 2.350%)<sup>(a)</sup> | &nbsp;&nbsp; 445 | 404796 |
| 3.07%, 05/22/28, (1-year CMT + 2.550%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 98094 |
| 4.45%, 05/08/30<sup>(a)</sup> | &nbsp;&nbsp; 694 | 695642 |
| 4.89%, 05/18/29<sup>(a)</sup> | &nbsp;&nbsp; 540 | 548473 |
| 5.08%, 01/27/30<sup>(a)</sup> | &nbsp;&nbsp; 935 | 955450 |
| 5.58%, 03/01/28, (1-year CMT + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203716 |
| 5.78%, 03/01/35, (1-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 260 | 271657 |
| 5.81%, 09/13/29, (1-year CMT + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 214123 |
| 6.48%, 06/01/34, (5-year CMT + 2.200%)<sup>(a)</sup> | &nbsp;&nbsp; 220 | 230977 |
| Northern Trust Corp. |  |  |
| 3.15%, 05/03/29 | &nbsp;&nbsp; 1066 | 1034444 |
| 3.38%, 05/08/32<sup>(a)</sup> | &nbsp;&nbsp; 125 | 122187 |
| 3.65%, 08/03/28 | &nbsp;&nbsp; 544 | 540095 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 50 | 54431 |
| PNC Bank N.A., 4.43%, 07/21/28, (1-day SOFR + <br> 0.727%)<sup>(a)</sup><br>| &nbsp;&nbsp; 250 | 250895 |
| PNC Bank NA |  |  |
| 3.10%, 10/25/27 | &nbsp;&nbsp; 255 | 250270 |
| 3.25%, 01/22/28 | &nbsp;&nbsp; 215 | 211658 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 250 | 249162 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + 0.979%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 35574 |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 435 | 406306 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 205 | 201870 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 668 | 653787 |
| 4.63%, 06/06/33, (1-day SOFR Index + <br> 1.850%)<sup>(a)</sup><br>| &nbsp;&nbsp; 60 | 59044 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(a)</sup> | &nbsp;&nbsp; 240 | 242595 |
| 4.90%, 05/13/31, (1-day SOFR + 1.333%)<sup>(a)</sup> | &nbsp;&nbsp; 250 | 254967 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(a)</sup> | &nbsp;&nbsp; 290 | 293108 |
| 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(a)</sup> | &nbsp;&nbsp; 260 | 268644 |
| 5.30%, 01/21/28, (1-day SOFR + 1.342%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20300 |
| 5.35%, 12/02/28, (1-day SOFR + 1.620%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 76875 |
| 5.37%, 07/21/36, (1-day SOFR + 1.417%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 81261 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(a)</sup> | &nbsp;&nbsp; 295 | 301572 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.49%, 05/14/30, (1-day SOFR + 1.198%)<sup>(a)</sup> | &nbsp;&nbsp; $105 | $109279 |
| 5.58%, 06/12/29, (1-day SOFR + 1.841%)<sup>(a)</sup> | &nbsp;&nbsp; 296 | 306991 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 128900 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(a)</sup> | &nbsp;&nbsp; 230 | 239811 |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(a)</sup> | &nbsp;&nbsp; 255 | 271075 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(a)</sup><br>| &nbsp;&nbsp; 220 | 235762 |
| 6.62%, 10/20/27, (1-day SOFR Index + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 40 | 41008 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(a)</sup> | &nbsp;&nbsp; 405 | 454636 |
| Regions Bank/Birmingham AL, 6.45%, 06/26/37 | &nbsp;&nbsp; 268 | 289566 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28 | &nbsp;&nbsp; 160 | 149657 |
| 7.38%, 12/10/37 | &nbsp;&nbsp; 278 | 316226 |
| Royal Bank of Canada |  |  |
| 1.40%, 11/02/26 | &nbsp;&nbsp; 130 | 126132 |
| 2.05%, 01/21/27 | &nbsp;&nbsp; 90 | 87579 |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 5 | 4446 |
| 3.63%, 05/04/27 | &nbsp;&nbsp; 275 | 273342 |
| 3.88%, 05/04/32 | &nbsp;&nbsp; 185 | 177975 |
| 4.24%, 08/03/27 | &nbsp;&nbsp; 525 | 527400 |
| 4.51%, 10/18/27, (1-day SOFR Index + <br> 0.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 40 | 40115 |
| 4.52%, 10/18/28, (1-day SOFR Index + <br> 0.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 45 | 45303 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 95 | 95872 |
| 4.70%, 08/06/31, (1-day SOFR + 1.060%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 75740 |
| 4.72%, 03/27/28, (1-day SOFR Index + <br> 0.810%)<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 100841 |
| 4.88%, 01/19/27 | &nbsp;&nbsp; 80 | 80902 |
| 4.90%, 01/12/28 | &nbsp;&nbsp; 430 | 438740 |
| 4.95%, 02/01/29 | &nbsp;&nbsp; 240 | 246976 |
| 4.97%, 01/24/29, (1-day SOFR + 0.830%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 101792 |
| 4.97%, 08/02/30, (1-day SOFR + 1.000%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 107263 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 102371 |
| 5.00%, 02/01/33 | &nbsp;&nbsp; 605 | 619738 |
| 5.00%, 05/02/33<sup>(b)</sup> | &nbsp;&nbsp; 345 | 352793 |
| 5.15%, 02/04/31, (1-day SOFR + 1.030%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102971 |
| 5.15%, 02/01/34 | &nbsp;&nbsp; 215 | 222099 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 310 | 320123 |
| 6.00%, 11/01/27 | &nbsp;&nbsp; 305 | 317116 |
| Santander Holdings USA Inc. |  |  |
| 2.49%, 01/06/28, (1-day SOFR + 1.249%)<sup>(a)</sup> | &nbsp;&nbsp; 430 | 419000 |
| 3.24%, 10/05/26 | &nbsp;&nbsp; 481 | 475306 |
| 4.40%, 07/13/27 | &nbsp;&nbsp; 1167 | 1169021 |
| 5.35%, 09/06/30, (1-day SOFR + 1.940%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 46232 |
| 5.47%, 03/20/29, (1-day SOFR + 1.610%)<sup>(a)</sup> | &nbsp;&nbsp; 160 | 163741 |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(a)</sup> | &nbsp;&nbsp; 175 | 181878 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 68171 |
| 6.34%, 05/31/35, (1-day SOFR + 2.138%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 63788 |
| 6.50%, 03/09/29, (1-day SOFR + 2.356%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 47118 |
| 6.57%, 06/12/29, (1-day SOFR + 2.700%)<sup>(a)</sup> | &nbsp;&nbsp; 47 | 49416 |
| 7.66%, 11/09/31, (1-day SOFR + 3.280%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 61976 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.47%, 01/11/28, (1-day SOFR + 1.220%)<sup>(a)</sup> | &nbsp;&nbsp; 490 | 477480 |
| 2.90%, 03/15/32, (1-day SOFR + 1.475%)<sup>(a)</sup> | &nbsp;&nbsp; 155 | 141185 |
| 3.82%, 11/03/28<sup>(a)</sup> | &nbsp;&nbsp; 410 | 405034 |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | 10122 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(a)</sup><br>| &nbsp;&nbsp; $40 | $41765 |
| 6.53%, 01/10/29, (1-day SOFR + 2.600%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 68084 |
| State Street Corp. |  |  |
| 1.68%, 11/18/27, (1-day SOFR + 0.560%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 101826 |
| 2.20%, 02/07/28, (1-day SOFR + 0.730%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 43778 |
| 2.40%, 01/24/30 | &nbsp;&nbsp; 970 | 909724 |
| 2.62%, 02/07/33, (1-day SOFR + 1.002%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 26758 |
| 3.03%, 11/01/34, (1-day SOFR + 1.490%)<sup>(a)</sup> | &nbsp;&nbsp; 338 | 316983 |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(a)</sup><br>| &nbsp;&nbsp; 302 | 302900 |
| 4.16%, 08/04/33, (1-day SOFR + 1.726%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19386 |
| 4.33%, 10/22/27 | &nbsp;&nbsp; 50 | 50414 |
| 4.54%, 02/28/28 | &nbsp;&nbsp; 55 | 55759 |
| 4.68%, 10/22/32, (1-day SOFR + 1.050%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 40466 |
| 4.73%, 02/28/30 | &nbsp;&nbsp; 50 | 51117 |
| 4.82%, 01/26/34, (1-day SOFR + 1.567%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15039 |
| 4.83%, 04/24/30 | &nbsp;&nbsp; 50 | 51308 |
| 4.99%, 03/18/27 | &nbsp;&nbsp; 55 | 55856 |
| 5.15%, 02/28/36, (1-day SOFR + 1.217%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20241 |
| 5.16%, 05/18/34, (1-day SOFR + 1.890%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20531 |
| 5.68%, 11/21/29, (1-day SOFR + 1.484%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 62947 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.40%, 09/17/26 | &nbsp;&nbsp; 115 | 111764 |
| 1.71%, 01/12/31 | &nbsp;&nbsp; 1050 | 914231 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 480 | 449369 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 1015 | 916231 |
| 2.14%, 09/23/30 | &nbsp;&nbsp; 55 | 49292 |
| 2.30%, 01/12/41 | &nbsp;&nbsp; 400 | 273141 |
| 2.47%, 01/14/29 | &nbsp;&nbsp; 55 | 52071 |
| 2.72%, 09/27/29 | &nbsp;&nbsp; 100 | 94363 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 185 | 173390 |
| 3.01%, 10/19/26 | &nbsp;&nbsp; 265 | 261603 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 480 | 458522 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 272 | 268242 |
| 3.36%, 07/12/27 | &nbsp;&nbsp; 258 | 254949 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 227 | 224982 |
| 3.54%, 01/17/28 | &nbsp;&nbsp; 190 | 187709 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 175 | 174542 |
| 4.31%, 10/16/28 | &nbsp;&nbsp; 213 | 214238 |
| 5.25%, 07/08/36, (1-day SOFR + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 440 | 446543 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 100 | 104701 |
| 5.52%, 01/13/28 | &nbsp;&nbsp; 140 | 144536 |
| 5.56%, 07/09/34 | &nbsp;&nbsp; 530 | 553106 |
| 5.63%, 01/15/35 | &nbsp;&nbsp; 565 | 592834 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 10 | 10546 |
| 5.77%, 01/13/33 | &nbsp;&nbsp; 400 | 424400 |
| 5.78%, 07/13/33 | &nbsp;&nbsp; 250 | 266141 |
| 5.80%, 07/13/28 | &nbsp;&nbsp; 205 | 214407 |
| 5.81%, 09/14/33 | &nbsp;&nbsp; 135 | 144090 |
| 5.85%, 07/13/30 | &nbsp;&nbsp; 200 | 212738 |
| Synchrony Bank, 5.63%, 08/23/27 | &nbsp;&nbsp; 545 | 557083 |
| Toronto-Dominion Bank (The) |  |  |
| 1.95%, 01/12/27 | &nbsp;&nbsp; 120 | 116687 |
| 2.00%, 09/10/31 | &nbsp;&nbsp; 180 | 158830 |
| 2.45%, 01/12/32 | &nbsp;&nbsp; 65 | 57532 |
| 2.80%, 03/10/27 | &nbsp;&nbsp; 95 | 93227 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 70 | 64358 |
| 3.63%, 09/15/31, (5-year USD Swap + <br> 2.205%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1216 | 1203773 |
| 4.46%, 06/08/32 | &nbsp;&nbsp; 365 | 361494 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.57%, 06/02/28 | &nbsp;&nbsp; $175 | $177069 |
| 4.69%, 09/15/27 | &nbsp;&nbsp; 85 | 85984 |
| 4.78%, 12/17/29 | &nbsp;&nbsp; 90 | 91880 |
| 4.81%, 06/03/30 | &nbsp;&nbsp; 175 | 178564 |
| 4.86%, 01/31/28 | &nbsp;&nbsp; 175 | 177970 |
| 4.99%, 04/05/29 | &nbsp;&nbsp; 110 | 112813 |
| 5.15%, 09/10/34, (5-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50697 |
| 5.16%, 01/10/28 | &nbsp;&nbsp; 315 | 322290 |
| 5.26%, 12/11/26 | &nbsp;&nbsp; 85 | 86178 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 175 | 181814 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 535 | 555134 |
| Truist Bank, 2.25%, 03/11/30 | &nbsp;&nbsp; 250 | 227701 |
| Truist Financial Corp. |  |  |
| 1.89%, 06/07/29, (1-day SOFR + 0.862%)<sup>(a)</sup> | &nbsp;&nbsp; 130 | 122199 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 115 | 113184 |
| 4.12%, 06/06/28, (1-day SOFR + 1.368%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 64998 |
| 4.87%, 01/26/29, (1-day SOFR + 1.435%)<sup>(a)</sup> | &nbsp;&nbsp; 160 | 162391 |
| 4.92%, 07/28/33, (1-day SOFR + 2.240%)<sup>(a)</sup> | &nbsp;&nbsp; 460 | 453604 |
| 5.12%, 01/26/34, (1-day SOFR + 1.852%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 141002 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 72899 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 215379 |
| U.S. Bancorp |  |  |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 380 | 326829 |
| 2.68%, 01/27/33, (1-day SOFR + 1.020%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 48643 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(a)</sup> | &nbsp;&nbsp; 270 | 268441 |
| 4.97%, 07/22/33, (1-day SOFR + 2.110%)<sup>(a)</sup> | &nbsp;&nbsp; 135 | 134113 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 114671 |
| 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(a)</sup> | &nbsp;&nbsp; 135 | 140624 |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(a)</sup> | &nbsp;&nbsp; 108 | 114010 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(a)</sup> | &nbsp;&nbsp; 240 | 253774 |
| UBS AG/London, 5.65%, 09/11/28 | &nbsp;&nbsp; 1105 | 1154679 |
| UBS AG/Stamford CT |  |  |
| 5.00%, 07/09/27 | &nbsp;&nbsp; 330 | 335416 |
| 7.50%, 02/15/28 | &nbsp;&nbsp; 710 | 766041 |
| Wells Fargo & Co. |  |  |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 105 | 86269 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 545 | 470613 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 40 | 39024 |
| Westpac Banking Corp. |  |  |
| 2.67%, 11/15/35, (5-year CMT + 1.750%)<sup>(a)</sup> | &nbsp;&nbsp; 190 | 170267 |
| 3.02%, 11/18/36, (5-year CMT + 1.530%)<sup>(a)</sup> | &nbsp;&nbsp; 335 | 298473 |
| 3.35%, 03/08/27 | &nbsp;&nbsp; 333 | 330239 |
| 3.40%, 01/25/28 | &nbsp;&nbsp; 652 | 644700 |
| 4.11%, 07/24/34, (5-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 209 | 204415 |
| 4.32%, 11/23/31, (5-year USD ICE Swap + <br> 2.236%)<sup>(a)</sup><br>| &nbsp;&nbsp; 469 | 467171 |
| 5.41%, 08/10/33, (1-year CMT + 2.680%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 71521 |
|  |  | 207870605 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Anheuser-Busch Companies LLC/Anheuser-Busch <br> InBev Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 1082 | 1055982 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 1275 | 1163852 |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 100 | 88894 |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 771 | 753791 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 333 | 303469 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 600 | 583873 |
| 4.38%, 04/15/38 | &nbsp;&nbsp; 514 | 483302 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 470 | 396525 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.60%, 04/15/48 | &nbsp;&nbsp; $5 | $4409 |
| 4.75%, 01/23/29 | &nbsp;&nbsp; 346 | 353624 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 195 | 167840 |
| 4.90%, 01/23/31 | &nbsp;&nbsp; 438 | 453255 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 327 | 307374 |
| 5.00%, 06/15/34 | &nbsp;&nbsp; 160 | 163577 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 358 | 365727 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 698 | 685885 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 328 | 330168 |
| 5.88%, 06/15/35 | &nbsp;&nbsp; 175 | 189141 |
| 8.00%, 11/15/39 | &nbsp;&nbsp; 109 | 138307 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 320 | 408251 |
| Brown-Forman Corp. |  |  |
| 4.00%, 04/15/38 | &nbsp;&nbsp; 63 | 55670 |
| 4.50%, 07/15/45 | &nbsp;&nbsp; 239 | 206018 |
| Coca-Cola Co. (The) |  |  |
| 1.00%, 03/15/28 | &nbsp;&nbsp; 450 | 420499 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 615 | 533331 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 326 | 292528 |
| 2.00%, 03/05/31 | &nbsp;&nbsp; 225 | 201850 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 120 | 112105 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 250 | 222646 |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 382 | 279811 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 85 | 50303 |
| 2.60%, 06/01/50 | &nbsp;&nbsp; 423 | 258716 |
| 2.75%, 06/01/60 | &nbsp;&nbsp; 179 | 104943 |
| 2.90%, 05/25/27 | &nbsp;&nbsp; 295 | 290426 |
| 3.00%, 03/05/51 | &nbsp;&nbsp; 160 | 105874 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 10 | 9748 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 330 | 272734 |
| 4.65%, 08/14/34<sup>(b)</sup> | &nbsp;&nbsp; 145 | 146544 |
| 5.00%, 05/13/34 | &nbsp;&nbsp; 120 | 123982 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 200 | 189157 |
| 5.30%, 05/13/54 | &nbsp;&nbsp; 60 | 57830 |
| 5.40%, 05/13/64 | &nbsp;&nbsp; 230 | 221810 |
| Constellation Brands Inc. |  |  |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 101 | 72230 |
| 4.10%, 02/15/48 | &nbsp;&nbsp; 90 | 69324 |
| 4.50%, 05/09/47 | &nbsp;&nbsp; 92 | 75998 |
| 4.90%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 70 | 69902 |
| 5.25%, 11/15/48 | &nbsp;&nbsp; 106 | 96201 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 885 | 804199 |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 1455 | 1251124 |
| 2.38%, 10/24/29 | &nbsp;&nbsp; 2570 | 2405124 |
| 3.88%, 05/18/28 | &nbsp;&nbsp; 765 | 763721 |
| 3.88%, 04/29/43 | &nbsp;&nbsp; 2510 | 2036413 |
| 5.30%, 10/24/27 | &nbsp;&nbsp; 895 | 917936 |
| 5.63%, 10/05/33 | &nbsp;&nbsp; 365 | 386143 |
| Diageo Investment Corp. |  |  |
| 4.25%, 05/11/42 | &nbsp;&nbsp; 415 | 357377 |
| 7.45%, 04/15/35 | &nbsp;&nbsp; 329 | 392426 |
| Fomento Economico Mexicano SAB de CV, 3.50%, <br> 01/16/50<br>| &nbsp;&nbsp; 20 | 14251 |
| Keurig Dr Pepper Inc. |  |  |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 20 | 19665 |
| 3.20%, 05/01/30 | &nbsp;&nbsp; 134 | 126236 |
| 3.43%, 06/15/27 | &nbsp;&nbsp; 95 | 93469 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 212 | 149858 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 250 | 238448 |
| 4.35%, 05/15/28 | &nbsp;&nbsp; 25 | 24966 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.42%, 12/15/46 | &nbsp;&nbsp; $50 | $40096 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 49 | 39977 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 240 | 188603 |
| 4.60%, 05/25/28 | &nbsp;&nbsp; 145 | 145649 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 25 | 25011 |
| 5.09%, 05/25/48 | &nbsp;&nbsp; 5 | 4361 |
| 5.10%, 03/15/27 | &nbsp;&nbsp; 100 | 100952 |
| 5.15%, 05/15/35 | &nbsp;&nbsp; 25 | 24675 |
| 5.30%, 03/15/34 | &nbsp;&nbsp; 115 | 116022 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46 | &nbsp;&nbsp; 470 | 371140 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 397 | 361182 |
| PepsiCo Inc. |  |  |
| 1.95%, 10/21/31 | &nbsp;&nbsp; 55 | 48303 |
| 2.38%, 10/06/26 | &nbsp;&nbsp; 1254 | 1232809 |
| 2.63%, 07/29/29 | &nbsp;&nbsp; 795 | 755776 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 159 | 150072 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 80 | 51697 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 804 | 790490 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 145 | 103129 |
| 3.50%, 03/19/40 | &nbsp;&nbsp; 20 | 16732 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 276 | 204966 |
| 3.88%, 03/19/60 | &nbsp;&nbsp; 55 | 40922 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 70 | 67962 |
| 4.00%, 03/05/42 | &nbsp;&nbsp; 250 | 212858 |
| 4.00%, 05/02/47 | &nbsp;&nbsp; 180 | 145528 |
| 4.20%, 07/18/52 | &nbsp;&nbsp; 25 | 20353 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 105 | 106611 |
| 4.45%, 02/15/33 | &nbsp;&nbsp; 50 | 50091 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 85 | 74480 |
| 4.50%, 07/17/29 | &nbsp;&nbsp; 50 | 50940 |
| 4.65%, 02/15/53 | &nbsp;&nbsp; 45 | 39156 |
| 4.80%, 07/17/34 | &nbsp;&nbsp; 45 | 45375 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 295 | 284355 |
| 5.25%, 07/17/54 | &nbsp;&nbsp; 45 | 42963 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 5 | 5210 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 5 | 5489 |
|  |  | 28882717 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Amgen Inc. |  |  |
| 2.20%, 02/21/27 | &nbsp;&nbsp; 109 | 106087 |
| 2.30%, 02/25/31 | &nbsp;&nbsp; 370 | 332073 |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 686 | 634828 |
| 2.77%, 09/01/53 | &nbsp;&nbsp; 240 | 140331 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 235 | 150491 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 230 | 178021 |
| 3.20%, 11/02/27 | &nbsp;&nbsp; 677 | 664341 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 300 | 209323 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 315 | 313514 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 395 | 381524 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 190 | 147749 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 505 | 427066 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 260 | 200551 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 374 | 315032 |
| 4.66%, 06/15/51 | &nbsp;&nbsp; 453 | 383309 |
| 4.88%, 03/01/53 | &nbsp;&nbsp; 80 | 69103 |
| 4.95%, 10/01/41 | &nbsp;&nbsp; 180 | 166606 |
| 5.15%, 03/02/28 | &nbsp;&nbsp; 390 | 398975 |
| 5.15%, 11/15/41 | &nbsp;&nbsp; 197 | 186301 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 690 | 707978 |
| 5.65%, 06/15/42 | &nbsp;&nbsp; 140 | 139871 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 5.65%, 03/02/53 | &nbsp;&nbsp; $465 | $449059 |
| 5.75%, 03/15/40 | &nbsp;&nbsp; 45 | 46251 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 390 | 373693 |
| 6.38%, 06/01/37 | &nbsp;&nbsp; 100 | 109886 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 190 | 205837 |
| Baxalta Inc., 5.25%, 06/23/45 | &nbsp;&nbsp; 250 | 234005 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | &nbsp;&nbsp; 420 | 382102 |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 242 | 150644 |
| 3.25%, 02/15/51 | &nbsp;&nbsp; 185 | 116507 |
| 5.05%, 01/15/31 | &nbsp;&nbsp; 40 | 41078 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 477 | 427586 |
| 5.75%, 05/15/35 | &nbsp;&nbsp; 25 | 25801 |
| 6.45%, 05/15/55 | &nbsp;&nbsp; 10 | 10198 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 300 | 283599 |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 560 | 494726 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 311 | 193389 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 923 | 908964 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 339 | 310827 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 570 | 465620 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 420 | 366018 |
| 4.60%, 09/01/35 | &nbsp;&nbsp; 555 | 541769 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 456 | 407553 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 150 | 153856 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 563 | 512940 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; 355 | 359816 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 370 | 384194 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 175 | 169867 |
| 5.55%, 10/15/53 | &nbsp;&nbsp; 135 | 132002 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 120 | 116880 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 420 | 428753 |
| Illumina Inc., 2.55%, 03/23/31 | &nbsp;&nbsp; 170 | 151428 |
| Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 | &nbsp;&nbsp; 99 | 58764 |
| Royalty Pharma PLC |  |  |
| 5.40%, 09/02/34 | &nbsp;&nbsp; 5 | 5067 |
| 5.90%, 09/02/54 | &nbsp;&nbsp; 255 | 244627 |
|  |  | 15516380 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Carrier Global Corp. |  |  |
| 2.70%, 02/15/31 | &nbsp;&nbsp; 625 | 574721 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 795 | 746507 |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 105 | 83860 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 421 | 307682 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 414 | 441632 |
| 6.20%, 03/15/54 | &nbsp;&nbsp; 31 | 33001 |
| CRH America Finance Inc. |  |  |
| 5.40%, 05/21/34 | &nbsp;&nbsp; 2180 | 2238701 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 460 | 474683 |
| 5.88%, 01/09/55 | &nbsp;&nbsp; 1500 | 1518146 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 1025 | 1054269 |
| 5.20%, 05/21/29 | &nbsp;&nbsp; 2350 | 2424845 |
| Fortune Brands Innovations Inc. |  |  |
| 3.25%, 09/15/29 | &nbsp;&nbsp; 457 | 437115 |
| 4.00%, 03/25/32 | &nbsp;&nbsp; 925 | 878623 |
| 4.50%, 03/25/52 | &nbsp;&nbsp; 165 | 131172 |
| 5.88%, 06/01/33 | &nbsp;&nbsp; 982 | 1036747 |
| Johnson Controls International PLC |  |  |
| 4.50%, 02/15/47 | &nbsp;&nbsp; 137 | 115963 |
| 4.63%, 07/02/44 | &nbsp;&nbsp; 5 | 4348 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 4.95%, 07/02/64<sup>(d)</sup> | &nbsp;&nbsp; $50 | $42563 |
| 5.13%, 09/14/45 | &nbsp;&nbsp; 34 | 30971 |
| 6.00%, 01/15/36 | &nbsp;&nbsp; 375 | 405947 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA<br>|  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 1195 | 1058804 |
| 2.00%, 09/16/31 | &nbsp;&nbsp; 660 | 571226 |
| 4.90%, 12/01/32 | &nbsp;&nbsp; 170 | 171661 |
| 5.50%, 04/19/29 | &nbsp;&nbsp; 130 | 135499 |
| Lennox International Inc. |  |  |
| 1.70%, 08/01/27 | &nbsp;&nbsp; 500 | 476840 |
| 5.50%, 09/15/28 | &nbsp;&nbsp; 240 | 248502 |
| Martin Marietta Materials Inc. |  |  |
| 3.20%, 07/15/51 | &nbsp;&nbsp; 245 | 162494 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 127 | 103316 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 75 | 75453 |
| 5.50%, 12/01/54 | &nbsp;&nbsp; 260 | 250264 |
| Owens Corning |  |  |
| 3.95%, 08/15/29 | &nbsp;&nbsp; 171 | 168888 |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 50 | 40534 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 125 | 102106 |
| 5.70%, 06/15/34 | &nbsp;&nbsp; 35 | 36615 |
| 5.95%, 06/15/54<sup>(b)</sup> | &nbsp;&nbsp; 385 | 385534 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 231 | 262965 |
| Trane Technologies Financing Ltd. |  |  |
| 3.80%, 03/21/29 | &nbsp;&nbsp; 720 | 712782 |
| 4.50%, 03/21/49 | &nbsp;&nbsp; 1160 | 977685 |
| 4.65%, 11/01/44 | &nbsp;&nbsp; 272 | 241759 |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 2200 | 2245741 |
| 5.25%, 03/03/33 | &nbsp;&nbsp; 1060 | 1095001 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 3.75%, 08/21/28 | &nbsp;&nbsp; 1510 | 1504412 |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 280 | 232523 |
| 5.75%, 06/15/43 | &nbsp;&nbsp; 1694 | 1742506 |
| Vulcan Materials Co. |  |  |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 139 | 117510 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 100 | 86593 |
| 5.35%, 12/01/34 | &nbsp;&nbsp; 25 | 25561 |
| 5.70%, 12/01/54 | &nbsp;&nbsp; 105 | 103868 |
|  |  | 26318138 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Albemarle Corp., 5.45%, 12/01/44 | &nbsp;&nbsp; 180 | 154897 |
| Dow Chemical Co. (The) |  |  |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 165 | 108805 |
| 4.25%, 10/01/34 | &nbsp;&nbsp; 299 | 272498 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 222 | 178073 |
| 4.63%, 10/01/44 | &nbsp;&nbsp; 187 | 151889 |
| 4.80%, 11/30/28 | &nbsp;&nbsp; 5 | 5065 |
| 4.80%, 05/15/49 | &nbsp;&nbsp; 209 | 166772 |
| 5.15%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 265 | 263362 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 5 | 4517 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 25 | 24771 |
| 5.55%, 11/30/48 | &nbsp;&nbsp; 155 | 138780 |
| 5.60%, 02/15/54 | &nbsp;&nbsp; 100 | 88873 |
| 5.95%, 03/15/55 | &nbsp;&nbsp; 75 | 69813 |
| 6.30%, 03/15/33 | &nbsp;&nbsp; 85 | 91024 |
| 6.90%, 05/15/53<sup>(b)</sup> | &nbsp;&nbsp; 60 | 62964 |
| 7.38%, 11/01/29 | &nbsp;&nbsp; 5 | 5542 |
| 9.40%, 05/15/39 | &nbsp;&nbsp; 130 | 167850 |
| DuPont de Nemours Inc. |  |  |
| 4.73%, 11/15/28 | &nbsp;&nbsp; 474 | 482968 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 5.32%, 11/15/38 | &nbsp;&nbsp; $413 | $430498 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 360 | 362250 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | &nbsp;&nbsp; 320 | 274604 |
| 2.13%, 02/01/32 | &nbsp;&nbsp; 120 | 104463 |
| 2.70%, 11/01/26 | &nbsp;&nbsp; 10295 | 10136169 |
| 2.70%, 12/15/51 | &nbsp;&nbsp; 135 | 82127 |
| 3.25%, 12/01/27 | &nbsp;&nbsp; 1506 | 1484182 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 75 | 59941 |
| 4.80%, 03/24/30 | &nbsp;&nbsp; 826 | 849626 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 155 | 156246 |
| 5.50%, 12/08/41 | &nbsp;&nbsp; 40 | 40529 |
| FMC Corp. |  |  |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 67 | 49891 |
| 6.38%, 05/18/53<sup>(b)</sup> | &nbsp;&nbsp; 95 | 91271 |
| International Flavors & Fragrances Inc. |  |  |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 70 | 54278 |
| 4.45%, 09/26/28 | &nbsp;&nbsp; 615 | 617811 |
| 5.00%, 09/26/48 | &nbsp;&nbsp; 146 | 125785 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44 | &nbsp;&nbsp; 260 | 219145 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 138 | 121709 |
| LYB International Finance II BV, 3.50%, 03/02/27 | &nbsp;&nbsp; 20 | 19750 |
| LYB International Finance III LLC |  |  |
| 3.63%, 04/01/51 | &nbsp;&nbsp; 220 | 142785 |
| 3.80%, 10/01/60 | &nbsp;&nbsp; 440 | 276387 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 182 | 131311 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 30 | 21662 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 120 | 119357 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 155 | 158616 |
| LyondellBasell Industries NV, 4.63%, 02/26/55<sup>(b)</sup> | &nbsp;&nbsp; 225 | 172694 |
| Mosaic Co. (The) |  |  |
| 4.05%, 11/15/27 | &nbsp;&nbsp; 10 | 9950 |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 5 | 4441 |
| 5.45%, 11/15/33 | &nbsp;&nbsp; 180 | 184588 |
| 5.63%, 11/15/43 | &nbsp;&nbsp; 130 | 124824 |
| Nutrien Ltd. |  |  |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 292 | 267234 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 120 | 107347 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 73 | 64647 |
| 5.25%, 03/12/32 | &nbsp;&nbsp; 150 | 154111 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 123 | 114058 |
| 5.40%, 06/21/34 | &nbsp;&nbsp; 65 | 66194 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 173 | 171727 |
| 5.80%, 03/27/53 | &nbsp;&nbsp; 205 | 201853 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 45 | 46893 |
| 6.13%, 01/15/41 | &nbsp;&nbsp; 55 | 56653 |
| PPG Industries Inc. |  |  |
| 2.80%, 08/15/29 | &nbsp;&nbsp; 179 | 169891 |
| 3.75%, 03/15/28 | &nbsp;&nbsp; 505 | 500432 |
| Sherwin-Williams Co. (The) |  |  |
| 2.20%, 03/15/32 | &nbsp;&nbsp; 120 | 103880 |
| 3.30%, 05/15/50 | &nbsp;&nbsp; 85 | 57232 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 165 | 121908 |
| 4.00%, 12/15/42 | &nbsp;&nbsp; 68 | 55317 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 50 | 50273 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 369 | 310311 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 150 | 128000 |
| 5.15%, 08/15/35 | &nbsp;&nbsp; 50 | 50356 |
|  |  | 21863670 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; $5011 | $4377573 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 5005 | 4735163 |
| 4.45%, 09/09/34 | &nbsp;&nbsp; 125 | 122884 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 175 | 178809 |
| Block Financial LLC, 3.88%, 08/15/30 | &nbsp;&nbsp; 467 | 448474 |
| GXO Logistics Inc., 2.65%, 07/15/31 | &nbsp;&nbsp; 954 | 845582 |
| Moody's Corp. |  |  |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 90 | 55392 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 85 | 83623 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 124 | 82468 |
| 3.75%, 02/25/52 | &nbsp;&nbsp; 50 | 36689 |
| 4.25%, 08/08/32 | &nbsp;&nbsp; 15 | 14761 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 144 | 128114 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 225 | 215502 |
| PayPal Holdings Inc. |  |  |
| 2.65%, 10/01/26 | &nbsp;&nbsp; 80 | 78753 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 115 | 109633 |
| 3.25%, 06/01/50 | &nbsp;&nbsp; 336 | 228504 |
| 5.05%, 06/01/52 | &nbsp;&nbsp; 85 | 77665 |
| 5.25%, 06/01/62 | &nbsp;&nbsp; 85 | 78122 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 335 | 291099 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 650 | 605210 |
| 4.75%, 08/09/27 | &nbsp;&nbsp; 25 | 25263 |
| 5.25%, 08/09/34 | &nbsp;&nbsp; 25 | 25330 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 1755 | 1664489 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 2313 | 2303725 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 100 | 102119 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 75 | 75868 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 30 | 30678 |
| S&P Global Inc. |  |  |
| 2.30%, 08/15/60 | &nbsp;&nbsp; 235 | 117993 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 100 | 93698 |
| 2.95%, 01/22/27 | &nbsp;&nbsp; 120 | 118181 |
| 3.25%, 12/01/49 | &nbsp;&nbsp; 298 | 207329 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 150 | 111458 |
| Triton Container International Ltd./TAL International <br> Container Corp., 3.25%, 03/15/32<br>| &nbsp;&nbsp; 875 | 772263 |
| Verisk Analytics Inc. |  |  |
| 4.13%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34982 |
| 5.13%, 02/15/36 | &nbsp;&nbsp; 75 | 74511 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 25 | 25200 |
| 5.50%, 06/15/45 | &nbsp;&nbsp; 26 | 25064 |
|  |  | 18602171 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Apple Inc. |  |  |
| 2.55%, 08/20/60<sup>(b)</sup> | &nbsp;&nbsp; 878 | 498101 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 348 | 215351 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 145 | 88962 |
| 2.70%, 08/05/51 | &nbsp;&nbsp; 270 | 166272 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 220 | 128603 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 215 | 126714 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 369 | 244805 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 332 | 257298 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 215 | 168728 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 226 | 178327 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 492 | 410914 |
| 3.95%, 08/08/52 | &nbsp;&nbsp; 110 | 86592 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 310 | 242167 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 4.25%, 02/09/47 | &nbsp;&nbsp; $165 | $141361 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 447 | 408152 |
| Dell International LLC/EMC Corp. |  |  |
| 3.45%, 12/15/51 | &nbsp;&nbsp; 82 | 55925 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 55 | 56198 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 130 | 157470 |
| 8.35%, 07/15/46 | &nbsp;&nbsp; 118 | 150555 |
| DXC Technology Co., 2.38%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 90 | 84438 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27 | &nbsp;&nbsp; 1320 | 1325969 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 600 | 600823 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 530 | 533408 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 415 | 418147 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 150 | 147365 |
| 5.25%, 07/01/28 | &nbsp;&nbsp; 475 | 488592 |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 80 | 73750 |
| 6.20%, 10/15/35<sup>(b)</sup> | &nbsp;&nbsp; 484 | 516492 |
| 6.35%, 10/15/45 | &nbsp;&nbsp; 1185 | 1220324 |
| HP Inc. |  |  |
| 3.40%, 06/17/30 | &nbsp;&nbsp; 50 | 47574 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 225 | 217072 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 50 | 50663 |
| 5.40%, 04/25/30 | &nbsp;&nbsp; 75 | 77897 |
| 5.50%, 01/15/33 | &nbsp;&nbsp; 290 | 297757 |
| 6.00%, 09/15/41<sup>(b)</sup> | &nbsp;&nbsp; 432 | 438642 |
| 6.10%, 04/25/35 | &nbsp;&nbsp; 40 | 41805 |
| IBM International Capital Pte Ltd., 5.30%, <br> 02/05/54<br>| &nbsp;&nbsp; 65 | 60145 |
| International Business Machines Corp. |  |  |
| 3.30%, 01/27/27 | &nbsp;&nbsp; 1160 | 1148307 |
| 3.43%, 02/09/52 | &nbsp;&nbsp; 170 | 115794 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 1400 | 1371952 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 250 | 206817 |
| 4.15%, 05/15/39 | &nbsp;&nbsp; 182 | 160372 |
| 4.25%, 05/15/49 | &nbsp;&nbsp; 491 | 392354 |
| 4.65%, 02/10/28 | &nbsp;&nbsp; 200 | 202823 |
| 4.70%, 02/19/46 | &nbsp;&nbsp; 15 | 13202 |
| 4.90%, 07/27/52 | &nbsp;&nbsp; 65 | 57145 |
| 5.10%, 02/06/53 | &nbsp;&nbsp; 85 | 77054 |
| 5.60%, 11/30/39 | &nbsp;&nbsp; 171 | 176738 |
| 5.88%, 11/29/32 | &nbsp;&nbsp; 510 | 548842 |
| 6.22%, 08/01/27 | &nbsp;&nbsp; 230 | 239313 |
| 6.50%, 01/15/28 | &nbsp;&nbsp; 387 | 408446 |
| Series .., 5.20%, 02/10/35 | &nbsp;&nbsp; 200 | 203123 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 200 | 196358 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 545 | 484635 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 781 | 776957 |
| NetApp Inc. |  |  |
| 2.38%, 06/22/27 | &nbsp;&nbsp; 75 | 72575 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 1300 | 1198190 |
| 5.50%, 03/17/32 | &nbsp;&nbsp; 150 | 155291 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 325 | 334721 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | &nbsp;&nbsp; 630 | 576007 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | &nbsp;&nbsp; 665 | 625842 |
| 3.10%, 02/01/32 | &nbsp;&nbsp; 1500 | 1337537 |
|  |  | 21503753 |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| Colgate-Palmolive Co. |  |  |
| 3.70%, 08/01/47 | &nbsp;&nbsp; 301 | 233994 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| 4.00%, 08/15/45 | &nbsp;&nbsp; $373 | $305696 |
| 4.60%, 03/01/33 | &nbsp;&nbsp; 36 | 36490 |
| Conopco Inc., Series E, 7.25%, 12/15/26 | &nbsp;&nbsp; 45 | 46769 |
| Estee Lauder Companies Inc. (The) |  |  |
| 3.13%, 12/01/49 | &nbsp;&nbsp; 132 | 84755 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 77 | 63268 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 35 | 37493 |
| Kenvue Inc. |  |  |
| 4.85%, 05/22/32 | &nbsp;&nbsp; 25 | 25446 |
| 5.05%, 03/22/53 | &nbsp;&nbsp; 30 | 27356 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 235 | 212981 |
| Procter & Gamble Co. (The) |  |  |
| 2.45%, 11/03/26 | &nbsp;&nbsp; 296 | 291129 |
| 2.85%, 08/11/27 | &nbsp;&nbsp; 375 | 368609 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 105 | 78986 |
| 4.05%, 05/01/30 | &nbsp;&nbsp; 175 | 175862 |
| 4.60%, 05/01/35 | &nbsp;&nbsp; 175 | 175971 |
| 5.55%, 03/05/37 | &nbsp;&nbsp; 291 | 313324 |
| 5.80%, 08/15/34 | &nbsp;&nbsp; 175 | 190077 |
| Unilever Capital Corp. |  |  |
| 1.75%, 08/12/31 | &nbsp;&nbsp; 425 | 371472 |
| 2.90%, 05/05/27 | &nbsp;&nbsp; 65 | 64028 |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 470 | 465749 |
| 4.25%, 08/12/27 | &nbsp;&nbsp; 100 | 100663 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 100 | 99829 |
| 5.00%, 12/08/33 | &nbsp;&nbsp; 575 | 593986 |
| 5.90%, 11/15/32 | &nbsp;&nbsp; 500 | 545273 |
| Series 30Y, 2.63%, 08/12/51 | &nbsp;&nbsp; 350 | 211544 |
|  |  | 5120750 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| LKQ Corp. |  |  |
| 5.75%, 06/15/28 | &nbsp;&nbsp; 860 | 888190 |
| 6.25%, 06/15/33 | &nbsp;&nbsp; 1525 | 1611919 |
| WW Grainger Inc. |  |  |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 106 | 82359 |
| 4.20%, 05/15/47 | &nbsp;&nbsp; 179 | 147030 |
| 4.45%, 09/15/34 | &nbsp;&nbsp; 640 | 627398 |
| 4.60%, 06/15/45 | &nbsp;&nbsp; 217 | 192341 |
|  |  | 3549237 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26 | &nbsp;&nbsp; 505 | 494547 |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 587 | 564613 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 857 | 784400 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 525 | 466898 |
| 3.65%, 07/21/27 | &nbsp;&nbsp; 420 | 415897 |
| 3.85%, 10/29/41 | &nbsp;&nbsp; 190 | 153092 |
| 3.88%, 01/23/28 | &nbsp;&nbsp; 390 | 386881 |
| 4.63%, 10/15/27 | &nbsp;&nbsp; 615 | 619158 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 80 | 78874 |
| 5.30%, 01/19/34 | &nbsp;&nbsp; 190 | 192522 |
| 5.75%, 06/06/28 | &nbsp;&nbsp; 150 | 155542 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 130823 |
| Affiliated Managers Group Inc., 3.30%, 06/15/30 | &nbsp;&nbsp; 80 | 76032 |
| Air Lease Corp. |  |  |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 295 | 264432 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 232 | 218997 |
| 3.25%, 10/01/29 | &nbsp;&nbsp; 182 | 174298 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 345 | 342204 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 3.63%, 12/01/27 | &nbsp;&nbsp; $224 | $221225 |
| 4.63%, 10/01/28 | &nbsp;&nbsp; 332 | 335421 |
| Ally Financial Inc. |  |  |
| 7.10%, 11/15/27 | &nbsp;&nbsp; 110 | 115996 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 619 | 706964 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 80 | 77770 |
| 2.55%, 03/04/27 | &nbsp;&nbsp; 110 | 107560 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 85 | 84004 |
| 4.05%, 12/03/42 | &nbsp;&nbsp; 541 | 457774 |
| 4.35%, 07/20/29, (1-day SOFR + 0.810%)<sup>(a)</sup> | &nbsp;&nbsp; 450 | 452214 |
| 4.42%, 08/03/33, (1-day SOFR + 1.760%)<sup>(a)</sup> | &nbsp;&nbsp; 230 | 226047 |
| 4.73%, 04/25/29, (1-day SOFR + 1.260%)<sup>(a)</sup> | &nbsp;&nbsp; 400 | 406143 |
| 4.92%, 07/20/33, (1-day SOFR + 1.220%)<sup>(a)</sup> | &nbsp;&nbsp; 235 | 237880 |
| 4.99%, 05/26/33, (1-day SOFR + 2.255%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 110876 |
| 5.02%, 04/25/31, (1-day SOFR + 1.440%)<sup>(a)</sup> | &nbsp;&nbsp; 400 | 410833 |
| 5.04%, 07/26/28, (1-day SOFR + 0.930%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 45722 |
| 5.09%, 01/30/31, (1-day SOFR Index + <br> 1.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 215 | 221448 |
| 5.10%, 02/16/28, (1-day SOFR + 1.000%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 40475 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.280%)<sup>(a)</sup><br>| &nbsp;&nbsp; 90 | 92808 |
| 5.28%, 07/26/35, (1-day SOFR + 1.420%)<sup>(a)</sup> | &nbsp;&nbsp; 415 | 422882 |
| 5.44%, 01/30/36, (1-day SOFR Index + <br> 1.320%)<sup>(a)</sup><br>| &nbsp;&nbsp; 220 | 226072 |
| 5.53%, 04/25/30, (1-day SOFR Index + <br> 1.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 125 | 130463 |
| 5.63%, 07/28/34, (1-day SOFR + 1.930%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 87905 |
| 5.67%, 04/25/36, (1-day SOFR + 1.790%)<sup>(a)</sup> | &nbsp;&nbsp; 285 | 297577 |
| 5.85%, 11/05/27 | &nbsp;&nbsp; 105 | 108939 |
| 5.92%, 04/25/35, (1-day SOFR + 1.630%)<sup>(a)</sup> | &nbsp;&nbsp; 360 | 379465 |
| 6.49%, 10/30/31, (1-day SOFR + 1.940%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 54693 |
| American Express Credit Corp., 3.30%, 05/03/27 | &nbsp;&nbsp; 770 | 761709 |
| Ameriprise Financial Inc. |  |  |
| 2.88%, 09/15/26 | &nbsp;&nbsp; 55 | 54293 |
| 4.50%, 05/13/32 | &nbsp;&nbsp; 60 | 59862 |
| 5.15%, 05/15/33 | &nbsp;&nbsp; 245 | 251810 |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 | &nbsp;&nbsp; 545 | 580957 |
| Brookfield Finance I U.K. PLC/Brookfield <br> Finance Inc., 2.34%, 01/30/32<br>| &nbsp;&nbsp; 685 | 592662 |
| Brookfield Finance Inc. |  |  |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 105 | 72136 |
| 3.63%, 02/15/52 | &nbsp;&nbsp; 70 | 48400 |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 370 | 367280 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 207 | 206496 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 295 | 252940 |
| 4.85%, 03/29/29 | &nbsp;&nbsp; 475 | 483146 |
| 5.68%, 01/15/35 | &nbsp;&nbsp; 225 | 232484 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 120 | 120137 |
| 6.35%, 01/05/34 | &nbsp;&nbsp; 390 | 421721 |
| Brookfield Finance LLC/Brookfield Finance Inc., <br> 3.45%, 04/15/50<br>| &nbsp;&nbsp; 165 | 111833 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + 0.855%)<sup>(a)</sup> | &nbsp;&nbsp; 90 | 87456 |
| 2.36%, 07/29/32, (1-day SOFR + 1.337%)<sup>(a)</sup> | &nbsp;&nbsp; 215 | 185094 |
| 2.62%, 11/02/32, (1-day SOFR + 1.265%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 102062 |
| 3.27%, 03/01/30, (1-day SOFR + 1.790%)<sup>(a)</sup> | &nbsp;&nbsp; 195 | 187964 |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 481 | 479963 |
| 4.93%, 05/10/28, (1-day SOFR + 2.057%)<sup>(a)</sup> | &nbsp;&nbsp; 135 | 136378 |
| 5.25%, 07/26/30, (1-day SOFR + 2.600%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 46243 |
| 5.27%, 05/10/33, (1-day SOFR + 2.370%)<sup>(a)</sup> | &nbsp;&nbsp; 330 | 335768 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.47%, 02/01/29, (1-day SOFR + 2.080%)<sup>(a)</sup> | &nbsp;&nbsp; $95 | $97513 |
| 5.82%, 02/01/34, (1-day SOFR + 2.600%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 155959 |
| 6.18%, 01/30/36, (1-day SOFR + 2.036%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20639 |
| 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 152201 |
| 6.38%, 06/08/34, (1-day SOFR + 2.860%)<sup>(a)</sup> | &nbsp;&nbsp; 165 | 177144 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 185 | 203522 |
| 7.96%, 11/02/34, (1-day SOFR Index + <br> 3.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 275 | 321516 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30 | &nbsp;&nbsp; 185 | 162542 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 855 | 779855 |
| 3.65%, 01/12/27 | &nbsp;&nbsp; 277 | 275332 |
| Charles Schwab Corp. (The) |  |  |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 170 | 147151 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 400 | 362381 |
| 3.20%, 03/02/27 | &nbsp;&nbsp; 160 | 157963 |
| 3.20%, 01/25/28 | &nbsp;&nbsp; 20 | 19627 |
| 3.25%, 05/22/29 | &nbsp;&nbsp; 140 | 136215 |
| 4.63%, 03/22/30 | &nbsp;&nbsp; 130 | 132799 |
| 5.85%, 05/19/34, (1-day SOFR + 2.500%)<sup>(a)</sup> | &nbsp;&nbsp; 170 | 181130 |
| 6.14%, 08/24/34, (1-day SOFR + 2.010%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 108534 |
| CME Group Inc. |  |  |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 205 | 170706 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 119 | 118920 |
| Credit Suisse USA LLC, 7.13%, 07/15/32 | &nbsp;&nbsp; 666 | 760772 |
| Eaton Vance Corp., 3.50%, 04/06/27 | &nbsp;&nbsp; 1065 | 1055178 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 170 | 142471 |
| 3.00%, 06/15/50 | &nbsp;&nbsp; 260 | 168942 |
| 3.00%, 09/15/60 | &nbsp;&nbsp; 365 | 218651 |
| 3.75%, 09/21/28 | &nbsp;&nbsp; 124 | 122884 |
| 4.25%, 09/21/48 | &nbsp;&nbsp; 316 | 260583 |
| 4.60%, 03/15/33 | &nbsp;&nbsp; 265 | 264863 |
| 4.95%, 06/15/52 | &nbsp;&nbsp; 180 | 161605 |
| 5.20%, 06/15/62 | &nbsp;&nbsp; 270 | 247676 |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; 253 | 241617 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 615 | 613382 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 343 | 337201 |
| LPL Holdings Inc., 6.00%, 05/20/34 | &nbsp;&nbsp; 20 | 20691 |
| Mastercard Inc. |  |  |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 95 | 83463 |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 85 | 82164 |
| 3.30%, 03/26/27 | &nbsp;&nbsp; 25 | 24772 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 125 | 121597 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 190 | 142866 |
| 3.80%, 11/21/46 | &nbsp;&nbsp; 155 | 122363 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 173 | 134054 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 212 | 169140 |
| 4.55%, 01/15/35 | &nbsp;&nbsp; 15 | 14799 |
| 4.85%, 03/09/33 | &nbsp;&nbsp; 70 | 71495 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 15 | 15230 |
| 4.95%, 03/15/32 | &nbsp;&nbsp; 100 | 103517 |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 445 | 389142 |
| 3.25%, 04/28/50 | &nbsp;&nbsp; 145 | 97668 |
| 3.95%, 03/07/52 | &nbsp;&nbsp; 162 | 121037 |
| 5.35%, 06/28/28 | &nbsp;&nbsp; 445 | 459089 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 464 | 483654 |
| 5.95%, 08/15/53 | &nbsp;&nbsp; 65 | 66031 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 125 | 128159 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Nomura Holdings Inc. |  |  |
| 2.17%, 07/14/28 | &nbsp;&nbsp; $280 | $264099 |
| 2.33%, 01/22/27 | &nbsp;&nbsp; 315 | 306411 |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 395 | 353938 |
| 2.68%, 07/16/30 | &nbsp;&nbsp; 285 | 261321 |
| 2.71%, 01/22/29 | &nbsp;&nbsp; 350 | 331031 |
| 3.00%, 01/22/32 | &nbsp;&nbsp; 200 | 179574 |
| 3.10%, 01/16/30 | &nbsp;&nbsp; 520 | 490596 |
| 4.90%, 07/01/30 | &nbsp;&nbsp; 200 | 202783 |
| 5.39%, 07/06/27 | &nbsp;&nbsp; 265 | 270017 |
| 5.49%, 06/29/35 | &nbsp;&nbsp; 200 | 204208 |
| 5.59%, 07/02/27 | &nbsp;&nbsp; 200 | 204603 |
| 5.78%, 07/03/34 | &nbsp;&nbsp; 235 | 246170 |
| 6.07%, 07/12/28 | &nbsp;&nbsp; 215 | 225212 |
| 6.09%, 07/12/33 | &nbsp;&nbsp; 200 | 214516 |
| 6.18%, 01/18/33 | &nbsp;&nbsp; 200 | 214869 |
| ORIX Corp. |  |  |
| 4.00%, 04/13/32 | &nbsp;&nbsp; 140 | 134506 |
| 5.20%, 09/13/32<sup>(b)</sup> | &nbsp;&nbsp; 385 | 395390 |
| 5.40%, 02/25/35 | &nbsp;&nbsp; 25 | 25560 |
| Radian Group Inc., 4.88%, 03/15/27 | &nbsp;&nbsp; 35 | 35074 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 160 | 117173 |
| 4.65%, 04/01/30 | &nbsp;&nbsp; 214 | 217923 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 205 | 185593 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; 275 | 243822 |
| 3.95%, 12/01/27 | &nbsp;&nbsp; 691 | 681465 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 432 | 437359 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(a)</sup><br>| &nbsp;&nbsp; 210 | 217548 |
| 6.00%, 07/29/36, (1-day SOFR + 2.070%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50546 |
| Visa Inc. |  |  |
| 1.90%, 04/15/27 | &nbsp;&nbsp; 75 | 72700 |
| 2.00%, 08/15/50 | &nbsp;&nbsp; 85 | 45536 |
| 2.05%, 04/15/30 | &nbsp;&nbsp; 95 | 87227 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 215 | 163076 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 50 | 38674 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 374 | 357498 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 791 | 683082 |
| Voya Financial Inc. |  |  |
| 4.70%, 01/23/48<sup>(a)</sup> | &nbsp;&nbsp; 210 | 203734 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 136 | 133527 |
| Western Union Co. (The), 6.20%, 11/17/36<sup>(b)</sup> | &nbsp;&nbsp; 272 | 276907 |
|  |  | 37858833 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 765 | 506200 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 440 | 437050 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 395 | 352190 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 145 | 147884 |
| 5.45%, 05/15/29 | &nbsp;&nbsp; 100 | 103816 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; 220 | 226315 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 140 | 105600 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 280 | 189119 |
| Avangrid Inc., 3.80%, 06/01/29 | &nbsp;&nbsp; 2902 | 2851786 |
| Avista Corp. |  |  |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 580 | 435885 |
| 4.35%, 06/01/48 | &nbsp;&nbsp; 339 | 275661 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 122 | 76517 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.20%, 09/15/49 | &nbsp;&nbsp; $302 | $201274 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 240 | 175525 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 311 | 235648 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 215 | 172382 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 20 | 16809 |
| 5.40%, 06/01/53 | &nbsp;&nbsp; 65 | 61475 |
| 5.45%, 06/01/35 | &nbsp;&nbsp; 50 | 51541 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 60 | 59300 |
| 6.35%, 10/01/36 | &nbsp;&nbsp; 115 | 126669 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; 115 | 88672 |
| 3.60%, 03/01/52 | &nbsp;&nbsp; 130 | 93653 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 204 | 159244 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 147 | 127610 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 30 | 30363 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 259 | 209823 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 132 | 83539 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 110 | 124480 |
| Cleveland Electric Illuminating Co. (The), 5.95%, <br> 12/15/36<br>| &nbsp;&nbsp; 170 | 177396 |
| CMS Energy Corp. |  |  |
| 3.75%, 12/01/50, (5-year CMT + 2.900%)<sup>(a)</sup> | &nbsp;&nbsp; 240 | 217843 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(a)</sup> | &nbsp;&nbsp; 550 | 531676 |
| 6.50%, 06/01/55, (5-year CMT + 1.961%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 127467 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | &nbsp;&nbsp; 329 | 301974 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 265 | 170865 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 341 | 258011 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 520 | 516083 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 118 | 91072 |
| 3.80%, 10/01/42 | &nbsp;&nbsp; 85 | 67944 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 304 | 240354 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 257 | 198875 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 81 | 68015 |
| 4.60%, 08/15/43 | &nbsp;&nbsp; 200 | 177042 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 25 | 22291 |
| 4.90%, 02/01/33 | &nbsp;&nbsp; 30 | 30391 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 70 | 72368 |
| 5.30%, 02/01/53 | &nbsp;&nbsp; 45 | 42140 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 195 | 191692 |
| 5.90%, 03/15/36 | &nbsp;&nbsp; 260 | 277634 |
| 5.95%, 06/01/55 | &nbsp;&nbsp; 160 | 164765 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 119 | 131841 |
| Series 122, 2.95%, 08/15/27 | &nbsp;&nbsp; 230 | 225628 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 275 | 208174 |
| Series 127, 3.20%, 11/15/49 | &nbsp;&nbsp; 254 | 170423 |
| Series 131, 2.75%, 09/01/51 | &nbsp;&nbsp; 570 | 343141 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 250 | 196383 |
| 4.30%, 04/15/44 | &nbsp;&nbsp; 300 | 255136 |
| 4.65%, 01/01/29 | &nbsp;&nbsp; 75 | 76202 |
| 4.90%, 07/01/33 | &nbsp;&nbsp; 75 | 75585 |
| 4.95%, 01/15/30 | &nbsp;&nbsp; 40 | 41053 |
| 4.95%, 08/15/34 | &nbsp;&nbsp; 25 | 25135 |
| 5.25%, 01/15/53 | &nbsp;&nbsp; 170 | 159082 |
| Series A, 2.05%, 07/01/31 | &nbsp;&nbsp; 987 | 871313 |
| Series A, 3.20%, 03/15/27 | &nbsp;&nbsp; 765 | 755577 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 220 | 179901 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 3.60%, 06/15/61 | &nbsp;&nbsp; 75 | 50615 |
| 3.70%, 11/15/59 | &nbsp;&nbsp; 265 | 183284 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.85%, 06/15/46 | &nbsp;&nbsp; $249 | $193555 |
| 3.95%, 03/01/43 | &nbsp;&nbsp; 194 | 157397 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 245 | 211189 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 155 | 132814 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 110 | 88649 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 194 | 162060 |
| 5.70%, 06/15/40 | &nbsp;&nbsp; 122 | 125006 |
| Series 05-A, 5.30%, 03/01/35 | &nbsp;&nbsp; 217 | 222256 |
| Series 06-A, 5.85%, 03/15/36 | &nbsp;&nbsp; 74 | 78411 |
| Series 06-B, 6.20%, 06/15/36 | &nbsp;&nbsp; 105 | 114101 |
| Series 07-A, 6.30%, 08/15/37 | &nbsp;&nbsp; 5 | 5479 |
| Series 08-B, 6.75%, 04/01/38 | &nbsp;&nbsp; 200 | 228064 |
| Series 09-C, 5.50%, 12/01/39 | &nbsp;&nbsp; 160 | 161458 |
| Series 12-A, 4.20%, 03/15/42 | &nbsp;&nbsp; 127 | 108294 |
| Series 2017, 3.88%, 06/15/47 | &nbsp;&nbsp; 231 | 176914 |
| Series 20A, 3.35%, 04/01/30 | &nbsp;&nbsp; 430 | 416635 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 237 | 183300 |
| Series A, 4.13%, 05/15/49 | &nbsp;&nbsp; 15 | 11774 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 240 | 141204 |
| Series C, 4.00%, 11/15/57 | &nbsp;&nbsp; 109 | 80316 |
| Series C, 4.30%, 12/01/56 | &nbsp;&nbsp; 146 | 114302 |
| Series D, 4.00%, 12/01/28 | &nbsp;&nbsp; 299 | 299382 |
| Series E, 4.65%, 12/01/48 | &nbsp;&nbsp; 175 | 150547 |
| Constellation Energy Generation LLC |  |  |
| 5.75%, 10/01/41 | &nbsp;&nbsp; 20 | 20098 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 117 | 125551 |
| Delmarva Power & Light Co., 4.15%, 05/15/45 | &nbsp;&nbsp; 80 | 65569 |
| Edison International |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 175 | 172240 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 40 | 40410 |
| 5.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34444 |
| 5.45%, 06/15/29 | &nbsp;&nbsp; 25 | 25273 |
| 5.75%, 06/15/27 | &nbsp;&nbsp; 45 | 45818 |
| El Paso Electric Co. |  |  |
| 5.00%, 12/01/44 | &nbsp;&nbsp; 85 | 73444 |
| 6.00%, 05/15/35 | &nbsp;&nbsp; 97 | 100445 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 2495 | 2479604 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 1135 | 1148348 |
| Entergy Corp., 7.13%, 12/01/54, (5-year CMT + <br> 2.670%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15 | 15619 |
| Entergy Louisiana LLC |  |  |
| 2.90%, 03/15/51 | &nbsp;&nbsp; 463 | 286348 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 205 | 164582 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 325 | 257192 |
| 4.95%, 01/15/45 | &nbsp;&nbsp; 645 | 575181 |
| 5.70%, 03/15/54 | &nbsp;&nbsp; 150 | 146545 |
| Entergy Texas Inc. |  |  |
| 5.00%, 09/15/52 | &nbsp;&nbsp; 90 | 79747 |
| 5.55%, 09/15/54 | &nbsp;&nbsp; 20 | 19115 |
| 5.80%, 09/01/53 | &nbsp;&nbsp; 200 | 197208 |
| Eversource Energy |  |  |
| 3.38%, 03/01/32 | &nbsp;&nbsp; 490 | 449760 |
| 3.45%, 01/15/50 | &nbsp;&nbsp; 555 | 385437 |
| 4.60%, 07/01/27 | &nbsp;&nbsp; 90 | 90526 |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 195 | 195784 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 145 | 148270 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 365 | 386544 |
| 5.95%, 02/01/29 | &nbsp;&nbsp; 105 | 110158 |
| 5.95%, 07/15/34 | &nbsp;&nbsp; 230 | 241407 |
| Series M, 3.30%, 01/15/28 | &nbsp;&nbsp; 955 | 935369 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; 280 | 279057 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; $1660 | $1456623 |
| Exelon Corp. |  |  |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 310 | 306613 |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 655 | 497739 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 296 | 245783 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 465 | 387761 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 327 | 319167 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 250 | 228459 |
| 5.13%, 03/15/31 | &nbsp;&nbsp; 25 | 25758 |
| 5.15%, 03/15/28 | &nbsp;&nbsp; 70 | 71603 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 100 | 103102 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 135 | 139254 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 265 | 251329 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 260 | 268850 |
| 5.88%, 03/15/55 | &nbsp;&nbsp; 350 | 345435 |
| 6.50%, 03/15/55, (5-year CMT + 1.975%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 67191 |
| FirstEnergy Transmission LLC, 5.00%, 01/15/35 | &nbsp;&nbsp; 1080 | 1070899 |
| Florida Power & Light Co. |  |  |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 336 | 225389 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 183 | 138378 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 269 | 213069 |
| 3.99%, 03/01/49 | &nbsp;&nbsp; 148 | 115770 |
| 4.05%, 06/01/42 | &nbsp;&nbsp; 192 | 161258 |
| 4.05%, 10/01/44 | &nbsp;&nbsp; 210 | 172899 |
| 4.13%, 02/01/42 | &nbsp;&nbsp; 100 | 85143 |
| 4.13%, 06/01/48 | &nbsp;&nbsp; 210 | 169425 |
| 4.63%, 05/15/30 | &nbsp;&nbsp; 85 | 86563 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 55 | 55461 |
| 4.95%, 06/01/35 | &nbsp;&nbsp; 180 | 180820 |
| 5.25%, 02/01/41 | &nbsp;&nbsp; 100 | 98385 |
| 5.63%, 04/01/34 | &nbsp;&nbsp; 605 | 640936 |
| 5.65%, 02/01/37 | &nbsp;&nbsp; 152 | 159124 |
| 5.69%, 03/01/40 | &nbsp;&nbsp; 240 | 248733 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 255 | 273866 |
| 5.96%, 04/01/39 | &nbsp;&nbsp; 95 | 100945 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 1669 | 1906594 |
| ITC Holdings Corp. |  |  |
| 3.35%, 11/15/27 | &nbsp;&nbsp; 689 | 676055 |
| 5.30%, 07/01/43 | &nbsp;&nbsp; 389 | 362608 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 755 | 776444 |
| 5.60%, 06/12/28 | &nbsp;&nbsp; 655 | 678145 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 1780 | 1884696 |
| National Grid USA, 5.80%, 04/01/35 | &nbsp;&nbsp; 1310 | 1344769 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 2119 | 1930447 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 1477 | 1394728 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 815 | 796821 |
| 3.55%, 05/01/27 | &nbsp;&nbsp; 1824 | 1805706 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 101521 |
| 4.80%, 12/01/77<sup>(a)</sup> | &nbsp;&nbsp; 45 | 43367 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; 40 | 40687 |
| 4.90%, 02/28/28 | &nbsp;&nbsp; 135 | 137363 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 85 | 86856 |
| 5.00%, 02/28/30<sup>(b)</sup> | &nbsp;&nbsp; 145 | 149376 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 165 | 167747 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 50 | 51466 |
| 5.05%, 02/28/33 | &nbsp;&nbsp; 150 | 152133 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 140 | 142495 |
| 5.25%, 02/28/53 | &nbsp;&nbsp; 70 | 64010 |
| 5.30%, 03/15/32 | &nbsp;&nbsp; 55 | 56925 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.45%, 03/15/35 | &nbsp;&nbsp; $50 | $51260 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 15 | 14246 |
| 5.90%, 03/15/55 | &nbsp;&nbsp; 415 | 413514 |
| 6.70%, 09/01/54, (5-year CMT + 2.364%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10308 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5276 |
| NSTAR Electric Co. |  |  |
| 1.95%, 08/15/31 | &nbsp;&nbsp; 469 | 411402 |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 245 | 161624 |
| 3.20%, 05/15/27 | &nbsp;&nbsp; 955 | 941663 |
| 3.25%, 05/15/29 | &nbsp;&nbsp; 90 | 87358 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 510 | 505199 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 334 | 284618 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 300 | 248983 |
| 4.85%, 03/01/30 | &nbsp;&nbsp; 50 | 51231 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 10 | 8887 |
| 5.20%, 03/01/35 | &nbsp;&nbsp; 25 | 25387 |
| 5.40%, 06/01/34 | &nbsp;&nbsp; 95 | 98213 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 270 | 273518 |
| NYSEG Storm Funding LLC, Series A-2, 4.87%, <br> 05/01/32<br>| &nbsp;&nbsp; 500 | 508894 |
| Ohio Edison Co., 6.88%, 07/15/36 | &nbsp;&nbsp; 165 | 187222 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 310 | 231971 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 215 | 166118 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 30 | 30187 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 175 | 181585 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 770 | 664997 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; 575 | 345216 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 880 | 518672 |
| 3.10%, 09/15/49 | &nbsp;&nbsp; 200 | 131424 |
| 3.75%, 04/01/45 | &nbsp;&nbsp; 119 | 91783 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 153 | 116622 |
| 3.80%, 06/01/49 | &nbsp;&nbsp; 170 | 125985 |
| 4.10%, 11/15/48 | &nbsp;&nbsp; 240 | 189994 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 55 | 48842 |
| 4.60%, 06/01/52 | &nbsp;&nbsp; 145 | 119662 |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 75 | 76310 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 140 | 124292 |
| 5.25%, 09/30/40 | &nbsp;&nbsp; 135 | 132931 |
| 5.30%, 06/01/42 | &nbsp;&nbsp; 35 | 33804 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 205 | 197968 |
| 5.65%, 11/15/33 | &nbsp;&nbsp; 35 | 37046 |
| 5.80%, 04/01/55<sup>(e)</sup> | &nbsp;&nbsp; 45 | 44986 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 111 | 125236 |
| 7.25%, 01/15/33 | &nbsp;&nbsp; 107 | 122441 |
| 7.50%, 09/01/38 | &nbsp;&nbsp; 55 | 66211 |
| Pacific Gas and Electric Co. |  |  |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 525 | 344053 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 135 | 97702 |
| 4.20%, 06/01/41 | &nbsp;&nbsp; 120 | 94710 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; 130 | 98152 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 150 | 115280 |
| 4.45%, 04/15/42 | &nbsp;&nbsp; 105 | 83838 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 245 | 208847 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 140 | 138661 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 70 | 56468 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; 50 | 41355 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 585 | 484115 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; 265 | 226150 |
| 5.90%, 06/15/32 | &nbsp;&nbsp; 375 | 390368 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.90%, 10/01/54 | &nbsp;&nbsp; $15 | $14024 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 20 | 19349 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 220 | 226451 |
| 6.75%, 01/15/53 | &nbsp;&nbsp; 215 | 221978 |
| PECO Energy Co. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 134 | 83211 |
| 2.85%, 09/15/51 | &nbsp;&nbsp; 525 | 326189 |
| 3.00%, 09/15/49 | &nbsp;&nbsp; 235 | 152623 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; 376 | 284199 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; 269 | 210016 |
| 4.15%, 10/01/44 | &nbsp;&nbsp; 282 | 233847 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; 100 | 85804 |
| 4.90%, 06/15/33 | &nbsp;&nbsp; 75 | 76144 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; 25 | 23503 |
| PG&E Recovery Funding LLC |  |  |
| Series A-2, 5.23%, 06/01/42 | &nbsp;&nbsp; 550 | 548263 |
| Series A-3, 5.53%, 06/01/51 | &nbsp;&nbsp; 700 | 690590 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 395 | 329563 |
| 5.20%, 03/15/34 | &nbsp;&nbsp; 25 | 25615 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 125 | 120231 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 460 | 513225 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 195 | 126715 |
| 3.95%, 06/01/47 | &nbsp;&nbsp; 9 | 7128 |
| 4.15%, 10/01/45 | &nbsp;&nbsp; 60 | 49730 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 225 | 182063 |
| 4.85%, 02/15/34 | &nbsp;&nbsp; 70 | 70412 |
| 5.00%, 05/15/33 | &nbsp;&nbsp; 145 | 148129 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 825 | 779804 |
| 5.55%, 08/15/55 | &nbsp;&nbsp; 150 | 146615 |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | &nbsp;&nbsp; 630 | 462946 |
| 4.40%, 07/01/28 | &nbsp;&nbsp; 75 | 75756 |
| 5.15%, 01/15/53 | &nbsp;&nbsp; 300 | 276282 |
| 5.35%, 10/01/33 | &nbsp;&nbsp; 100 | 104351 |
| Series V, 2.20%, 06/15/31 | &nbsp;&nbsp; 295 | 263370 |
| Public Service Electric & Gas Co. |  |  |
| 2.05%, 08/01/50 | &nbsp;&nbsp; 45 | 23826 |
| 2.45%, 01/15/30 | &nbsp;&nbsp; 20 | 18631 |
| 2.70%, 05/01/50 | &nbsp;&nbsp; 102 | 62316 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 40 | 26009 |
| 3.15%, 01/01/50 | &nbsp;&nbsp; 180 | 121392 |
| 3.20%, 08/01/49 | &nbsp;&nbsp; 275 | 188026 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 275 | 204531 |
| 3.65%, 09/01/28 | &nbsp;&nbsp; 335 | 331456 |
| 3.65%, 09/01/42 | &nbsp;&nbsp; 105 | 82676 |
| 3.80%, 01/01/43 | &nbsp;&nbsp; 105 | 84191 |
| 3.80%, 03/01/46 | &nbsp;&nbsp; 10 | 7784 |
| 3.85%, 05/01/49 | &nbsp;&nbsp; 220 | 168219 |
| 3.95%, 05/01/42 | &nbsp;&nbsp; 40 | 32981 |
| 4.05%, 05/01/48 | &nbsp;&nbsp; 110 | 87856 |
| 4.65%, 03/15/33 | &nbsp;&nbsp; 70 | 70013 |
| 4.90%, 12/15/32 | &nbsp;&nbsp; 95 | 96795 |
| 5.13%, 03/15/53 | &nbsp;&nbsp; 370 | 342329 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 50 | 51335 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 40 | 38877 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 150 | 152780 |
| 5.80%, 05/01/37 | &nbsp;&nbsp; 170 | 180573 |
| Public Service Electric and Gas Co., Series Q, <br> 5.50%, 03/01/55<br>| &nbsp;&nbsp; 55 | 53841 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Public Service Enterprise Group Inc. |  |  |
| 1.60%, 08/15/30 | &nbsp;&nbsp; $2487 | $2170589 |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 865 | 766883 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 70 | 71529 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 85 | 87695 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 100 | 101992 |
| 5.45%, 04/01/34 | &nbsp;&nbsp; 610 | 626974 |
| 6.13%, 10/15/33 | &nbsp;&nbsp; 400 | 428622 |
| San Diego Gas & Electric Co. |  |  |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 55 | 39160 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 225 | 178136 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 137 | 124185 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 70 | 74686 |
| Series RRR, 3.75%, 06/01/47 | &nbsp;&nbsp; 214 | 159806 |
| Series TTT, 4.10%, 06/15/49 | &nbsp;&nbsp; 194 | 151677 |
| Series UUU, 3.32%, 04/15/50 | &nbsp;&nbsp; 207 | 138889 |
| Series VVV, 1.70%, 10/01/30 | &nbsp;&nbsp; 770 | 678720 |
| Series WWW, 2.95%, 08/15/51 | &nbsp;&nbsp; 290 | 182175 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 437 | 429313 |
| 3.40%, 02/01/28 | &nbsp;&nbsp; 103 | 100926 |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 524 | 441608 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 259 | 193568 |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(a)</sup> | &nbsp;&nbsp; 475 | 462541 |
| 5.50%, 08/01/33 | &nbsp;&nbsp; 100 | 102739 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 244 | 249489 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 120 | 107943 |
| 2.85%, 08/01/29 | &nbsp;&nbsp; 120 | 113004 |
| 3.45%, 02/01/52 | &nbsp;&nbsp; 120 | 78126 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 358 | 246222 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 412 | 306860 |
| 4.05%, 03/15/42 | &nbsp;&nbsp; 154 | 121686 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 75 | 65741 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 156 | 131309 |
| 5.15%, 06/01/29 | &nbsp;&nbsp; 50 | 51075 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 50 | 51192 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 40 | 41380 |
| 5.45%, 03/01/35 | &nbsp;&nbsp; 25 | 25158 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 149 | 144857 |
| 5.63%, 02/01/36 | &nbsp;&nbsp; 122 | 122384 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 55 | 50759 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 285 | 265322 |
| 5.88%, 12/01/53 | &nbsp;&nbsp; 140 | 133109 |
| 5.90%, 03/01/55 | &nbsp;&nbsp; 60 | 57249 |
| 6.00%, 01/15/34 | &nbsp;&nbsp; 290 | 301467 |
| 6.05%, 03/15/39 | &nbsp;&nbsp; 126 | 129441 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 315 | 312618 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 180 | 189038 |
| Series 04-G, 5.75%, 04/01/35 | &nbsp;&nbsp; 90 | 92723 |
| Series 05-E, 5.35%, 07/15/35 | &nbsp;&nbsp; 75 | 74926 |
| Series 06-E, 5.55%, 01/15/37 | &nbsp;&nbsp; 150 | 148834 |
| Series 08-A, 5.95%, 02/01/38 | &nbsp;&nbsp; 132 | 134946 |
| Series 13-A, 3.90%, 03/15/43 | &nbsp;&nbsp; 160 | 122964 |
| Series A, 4.20%, 03/01/29 | &nbsp;&nbsp; 105 | 104051 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 139 | 116004 |
| Series C, 3.60%, 02/01/45 | &nbsp;&nbsp; 65 | 46569 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 331 | 250265 |
| Tampa Electric Co. |  |  |
| 3.45%, 03/15/51 | &nbsp;&nbsp; 20 | 13806 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 205 | 180797 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; $45 | $48750 |
|  |  | 84381115 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| ABB Finance USA Inc. |  |  |
| 3.80%, 04/03/28 | &nbsp;&nbsp; 1330 | 1334561 |
| 4.38%, 05/08/42 | &nbsp;&nbsp; 3230 | 2853791 |
| Acuity Brands Lighting Inc., 2.15%, 12/15/30 | &nbsp;&nbsp; 915 | 816952 |
|  |  | 5005304 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 795 | 768726 |
| Allegion U.S. Holding Co. Inc. |  |  |
| 3.55%, 10/01/27 | &nbsp;&nbsp; 450 | 443231 |
| 5.41%, 07/01/32 | &nbsp;&nbsp; 590 | 612243 |
| 5.60%, 05/29/34 | &nbsp;&nbsp; 380 | 391247 |
| Avnet Inc. |  |  |
| 3.00%, 05/15/31 | &nbsp;&nbsp; 280 | 253440 |
| 5.50%, 06/01/32 | &nbsp;&nbsp; 200 | 202250 |
| 6.25%, 03/15/28 | &nbsp;&nbsp; 95 | 98904 |
| Flex Ltd. |  |  |
| 4.88%, 06/15/29 | &nbsp;&nbsp; 520 | 525696 |
| 4.88%, 05/12/30 | &nbsp;&nbsp; 580 | 586031 |
| Fortive Corp., 4.30%, 06/15/46 | &nbsp;&nbsp; 65 | 53153 |
| Honeywell International Inc. |  |  |
| 1.95%, 06/01/30 | &nbsp;&nbsp; 930 | 841708 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 581 | 570400 |
| 2.70%, 08/15/29 | &nbsp;&nbsp; 1370 | 1303421 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 242 | 186020 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 75 | 75387 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 130 | 127508 |
| 4.70%, 02/01/30 | &nbsp;&nbsp; 50 | 50986 |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 45 | 45686 |
| 4.88%, 09/01/29 | &nbsp;&nbsp; 55 | 56620 |
| 4.95%, 09/01/31 | &nbsp;&nbsp; 55 | 56696 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 65 | 66238 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 400 | 402659 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 170 | 158199 |
| 5.35%, 03/01/64 | &nbsp;&nbsp; 145 | 134380 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 85 | 86288 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 210 | 221562 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 147 | 154598 |
| Hubbell Inc. |  |  |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 96 | 94040 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 65 | 63951 |
| Jabil Inc., 3.95%, 01/12/28 | &nbsp;&nbsp; 30 | 29741 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 448 | 425120 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 1213 | 1218489 |
| 4.95%, 10/15/34 | &nbsp;&nbsp; 50 | 49656 |
| 5.35%, 07/30/30 | &nbsp;&nbsp; 30 | 31173 |
| Trimble Inc., 4.90%, 06/15/28 | &nbsp;&nbsp; 594 | 602512 |
| Tyco Electronics Group SA |  |  |
| 3.13%, 08/15/27 | &nbsp;&nbsp; 700 | 687651 |
| 7.13%, 10/01/37 | &nbsp;&nbsp; 140 | 164152 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28 | &nbsp;&nbsp; 425 | 403553 |
| 2.95%, 04/01/31 | &nbsp;&nbsp; 245 | 223021 |
|  |  | 12466336 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | &nbsp;&nbsp; $1220 | $1276583 |
| 6.35%, 08/18/28 | &nbsp;&nbsp; 325 | 342478 |
|  |  | 1619061 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Republic Services Inc. |  |  |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 85 | 56968 |
| 5.70%, 05/15/41 | &nbsp;&nbsp; 10 | 10301 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 33 | 35964 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; 670 | 691968 |
| 5.45%, 09/18/33 | &nbsp;&nbsp; 755 | 779795 |
| 5.50%, 09/18/26 | &nbsp;&nbsp; 180 | 181825 |
| Waste Connections Inc. |  |  |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 75 | 47204 |
| 3.05%, 04/01/50 | &nbsp;&nbsp; 107 | 70072 |
| Waste Management Inc. |  |  |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 40 | 23484 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 35 | 29056 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 182 | 147681 |
| 4.63%, 02/15/30 | &nbsp;&nbsp; 100 | 101886 |
| 4.63%, 02/15/33 | &nbsp;&nbsp; 35 | 35175 |
| 5.35%, 10/15/54 | &nbsp;&nbsp; 5 | 4790 |
|  |  | 2216169 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 225 | 245264 |
| Conagra Brands Inc. |  |  |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 254 | 256708 |
| 5.00%, 08/01/30 | &nbsp;&nbsp; 150 | 151371 |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 280 | 264160 |
| 5.40%, 11/01/48 | &nbsp;&nbsp; 241 | 211922 |
| 5.75%, 08/01/35 | &nbsp;&nbsp; 150 | 150762 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 110 | 117513 |
| 8.25%, 09/15/30 | &nbsp;&nbsp; 325 | 375672 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31 | &nbsp;&nbsp; 815 | 716314 |
| 2.88%, 04/15/30 | &nbsp;&nbsp; 606 | 569003 |
| 3.00%, 02/01/51 | &nbsp;&nbsp; 215 | 135504 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 588 | 580095 |
| 4.15%, 02/15/43 | &nbsp;&nbsp; 205 | 166981 |
| 4.20%, 04/17/28 | &nbsp;&nbsp; 918 | 919214 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 130 | 130833 |
| 4.70%, 04/17/48 | &nbsp;&nbsp; 95 | 81869 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 35 | 35779 |
| 4.95%, 03/29/33 | &nbsp;&nbsp; 215 | 216302 |
| 5.25%, 01/30/35<sup>(b)</sup> | &nbsp;&nbsp; 165 | 165901 |
| 5.40%, 06/15/40 | &nbsp;&nbsp; 205 | 200756 |
| 5.50%, 10/17/28 | &nbsp;&nbsp; 170 | 176548 |
| Hershey Co. (The) |  |  |
| 3.13%, 11/15/49 | &nbsp;&nbsp; 35 | 23330 |
| 3.38%, 08/15/46 | &nbsp;&nbsp; 100 | 72456 |
| Hormel Foods Corp. |  |  |
| 3.05%, 06/03/51 | &nbsp;&nbsp; 70 | 44955 |
| 4.80%, 03/30/27 | &nbsp;&nbsp; 115 | 116192 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 520 | 486371 |
| 3.90%, 06/01/50 | &nbsp;&nbsp; 209 | 150708 |
| J.M. Smucker Co. (The) |  |  |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 297 | 275912 |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 140 | 114749 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 6.20%, 11/15/33 | &nbsp;&nbsp; $80 | $85961 |
| 6.50%, 11/15/53<sup>(b)</sup> | &nbsp;&nbsp; 105 | 111802 |
| Kellanova |  |  |
| 2.10%, 06/01/30 | &nbsp;&nbsp; 965 | 874782 |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 833 | 821382 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 684 | 688448 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 2589 | 2212188 |
| 5.25%, 03/01/33 | &nbsp;&nbsp; 210 | 215616 |
| 5.75%, 05/16/54 | &nbsp;&nbsp; 145 | 141269 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 1044 | 1196134 |
| Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 | &nbsp;&nbsp; 171 | 176564 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 270 | 214820 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 365 | 304680 |
| 5.00%, 07/15/35 | &nbsp;&nbsp; 90 | 88079 |
| 5.20%, 03/15/32 | &nbsp;&nbsp; 125 | 127533 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 405 | 359982 |
| 5.40%, 03/15/35<sup>(b)</sup> | &nbsp;&nbsp; 130 | 130738 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 355 | 321580 |
| 6.50%, 02/09/40 | &nbsp;&nbsp; 105 | 110650 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 230 | 250196 |
| Kroger Co. (The) |  |  |
| 3.70%, 08/01/27 | &nbsp;&nbsp; 5 | 4964 |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 128 | 97266 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 105 | 78688 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 240 | 198753 |
| 4.50%, 01/15/29 | &nbsp;&nbsp; 115 | 116353 |
| 4.65%, 01/15/48 | &nbsp;&nbsp; 165 | 139081 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 270 | 269024 |
| 5.00%, 04/15/42 | &nbsp;&nbsp; 145 | 133366 |
| 5.15%, 08/01/43 | &nbsp;&nbsp; 75 | 69291 |
| 5.40%, 07/15/40 | &nbsp;&nbsp; 87 | 85681 |
| 5.40%, 01/15/49 | &nbsp;&nbsp; 278 | 259844 |
| 5.50%, 09/15/54 | &nbsp;&nbsp; 275 | 257211 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 135 | 126605 |
| 6.90%, 04/15/38 | &nbsp;&nbsp; 72 | 80757 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 165 | 189387 |
| McCormick & Co. Inc./MD |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 280 | 244596 |
| 3.40%, 08/15/27 | &nbsp;&nbsp; 665 | 656861 |
| 4.20%, 08/15/47 | &nbsp;&nbsp; 319 | 253467 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 50 | 50411 |
| Mondelez International Inc., 2.63%, 09/04/50 | &nbsp;&nbsp; 110 | 64470 |
| Sysco Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 315 | 291085 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 114 | 112427 |
| 3.30%, 02/15/50 | &nbsp;&nbsp; 198 | 132847 |
| 4.45%, 03/15/48 | &nbsp;&nbsp; 142 | 117481 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 99 | 83267 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 70 | 62282 |
| 5.38%, 09/21/35 | &nbsp;&nbsp; 62 | 63079 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 190 | 201943 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 105 | 115700 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 215 | 231536 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 93 | 84984 |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 66 | 42127 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 758 | 757802 |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 130 | 124528 |
| 4.80%, 03/15/48 | &nbsp;&nbsp; 296 | 255805 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 5.40%, 03/21/34 | &nbsp;&nbsp; $140 | $142060 |
|  |  | 21780577 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| International Paper Co. |  |  |
| 4.35%, 08/15/48 | &nbsp;&nbsp; 175 | 140642 |
| 4.40%, 08/15/47 | &nbsp;&nbsp; 241 | 196371 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 121 | 106362 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 245 | 243361 |
| 5.15%, 05/15/46 | &nbsp;&nbsp; 50 | 45287 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 230 | 234064 |
| 7.30%, 11/15/39 | &nbsp;&nbsp; 65 | 74873 |
|  |  | 1040960 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Atmos Energy Corp. |  |  |
| 2.85%, 02/15/52 | &nbsp;&nbsp; 245 | 149617 |
| 3.38%, 09/15/49 | &nbsp;&nbsp; 20 | 13868 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 140 | 110966 |
| 4.15%, 01/15/43 | &nbsp;&nbsp; 65 | 54640 |
| 4.30%, 10/01/48 | &nbsp;&nbsp; 180 | 148446 |
| 5.50%, 06/15/41 | &nbsp;&nbsp; 30 | 30242 |
| 5.75%, 10/15/52 | &nbsp;&nbsp; 25 | 24891 |
| Series ., 5.20%, 08/15/35 | &nbsp;&nbsp; 40 | 40521 |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31 | &nbsp;&nbsp; 172 | 156365 |
| 3.95%, 09/15/27 | &nbsp;&nbsp; 50 | 49501 |
| 4.75%, 09/01/28 | &nbsp;&nbsp; 200 | 200401 |
| NiSource Inc. |  |  |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 220 | 192528 |
| 5.35%, 04/01/34 | &nbsp;&nbsp; 325 | 332057 |
| 5.35%, 07/15/35 | &nbsp;&nbsp; 275 | 277802 |
| 5.40%, 06/30/33 | &nbsp;&nbsp; 30 | 30885 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 950 | 932927 |
| 5.95%, 06/15/41 | &nbsp;&nbsp; 220 | 223822 |
| 6.38%, 03/31/55, (5-year CMT + 2.527%)<sup>(a)</sup> | &nbsp;&nbsp; 410 | 421027 |
| 6.95%, 11/30/54, (5-year CMT + 2.451%)<sup>(a)</sup> | &nbsp;&nbsp; 300 | 312046 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 885 | 803730 |
| 4.25%, 09/01/32 | &nbsp;&nbsp; 835 | 814154 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 250 | 207705 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 150 | 131394 |
| 5.10%, 04/01/29 | &nbsp;&nbsp; 25 | 25803 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 3.35%, 06/01/50 | &nbsp;&nbsp; 305 | 204237 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 427 | 375309 |
| 5.10%, 02/15/35 | &nbsp;&nbsp; 50 | 50484 |
| 5.40%, 06/15/33 | &nbsp;&nbsp; 80 | 82537 |
| Southern California Gas Co. |  |  |
| 3.75%, 09/15/42 | &nbsp;&nbsp; 190 | 148577 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 160 | 153658 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 100 | 102276 |
| 5.75%, 06/01/53 | &nbsp;&nbsp; 100 | 97814 |
| Series UU, 4.13%, 06/01/48 | &nbsp;&nbsp; 185 | 145479 |
| Series VV, 4.30%, 01/15/49 | &nbsp;&nbsp; 165 | 132084 |
| Series WW, 3.95%, 02/15/50 | &nbsp;&nbsp; 272 | 203563 |
| Southwest Gas Corp. |  |  |
| 3.70%, 04/01/28 | &nbsp;&nbsp; 65 | 64136 |
| 3.80%, 09/29/46 | &nbsp;&nbsp; 155 | 114011 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 166 | 127794 |
| 5.45%, 03/23/28 | &nbsp;&nbsp; 35 | 36022 |
| 5.80%, 12/01/27 | &nbsp;&nbsp; 100 | 102857 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Spire Missouri Inc., Series 2034, 5.15%, 08/15/34 | &nbsp;&nbsp; $50 | $51209 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 214 | 152476 |
| Series K, 3.80%, 09/15/46 | &nbsp;&nbsp; 110 | 82197 |
|  |  | 8112058 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Kennametal Inc., 4.63%, 06/15/28 | &nbsp;&nbsp; 21 | 21147 |
| Stanley Black & Decker Inc., 4.85%, 11/15/48 | &nbsp;&nbsp; 40 | 33880 |
|  |  | 55027 |
| **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** |
| Agilent Technologies Inc. |  |  |
| 2.75%, 09/15/29 | &nbsp;&nbsp; 707 | 669819 |
| 3.05%, 09/22/26 | &nbsp;&nbsp; 615 | 606841 |
| Baxter International Inc. |  |  |
| 2.54%, 02/01/32 | &nbsp;&nbsp; 210 | 182595 |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 180 | 110382 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 268 | 185799 |
| Boston Scientific Corp. |  |  |
| 4.55%, 03/01/39 | &nbsp;&nbsp; 45 | 42534 |
| 4.70%, 03/01/49 | &nbsp;&nbsp; 84 | 74305 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 35 | 38852 |
| 7.38%, 01/15/40 | &nbsp;&nbsp; 115 | 138879 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50 | &nbsp;&nbsp; 450 | 270779 |
| 2.80%, 12/10/51 | &nbsp;&nbsp; 590 | 365831 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 151 | 129696 |
| Dentsply Sirona Inc., 3.25%, 06/01/30 | &nbsp;&nbsp; 380 | 349111 |
| DH Europe Finance II SARL |  |  |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 335 | 270083 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 512 | 363575 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | &nbsp;&nbsp; 1679 | 1687305 |
| GE HealthCare Technologies Inc., 6.38%, <br> 11/22/52<br>| &nbsp;&nbsp; 285 | 304741 |
| Revvity Inc. |  |  |
| 2.25%, 09/15/31 | &nbsp;&nbsp; 125 | 108085 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 30 | 26773 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 163 | 155726 |
| 3.63%, 03/15/51 | &nbsp;&nbsp; 140 | 95526 |
| Smith & Nephew PLC |  |  |
| 2.03%, 10/14/30 | &nbsp;&nbsp; 240 | 213572 |
| 5.40%, 03/20/34 | &nbsp;&nbsp; 75 | 76700 |
| Solventum Corp. |  |  |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 135 | 139986 |
| 5.90%, 04/30/54 | &nbsp;&nbsp; 230 | 230152 |
| 6.00%, 05/15/64 | &nbsp;&nbsp; 185 | 186340 |
| STERIS Irish FinCo Unlimited Co. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 465 | 422616 |
| 3.75%, 03/15/51 | &nbsp;&nbsp; 340 | 240273 |
| Stryker Corp. |  |  |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 155 | 100696 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 30 | 25030 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 84 | 71923 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 159 | 141106 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 770 | 688343 |
| 4.45%, 08/15/45 | &nbsp;&nbsp; 169 | 144290 |
| 4.70%, 02/19/27 | &nbsp;&nbsp; 25 | 25186 |
| 5.05%, 02/19/30 | &nbsp;&nbsp; 25 | 25712 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 25 | 25329 |
| 5.35%, 12/01/28 | &nbsp;&nbsp; 125 | 129424 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 5.50%, 02/19/35 | &nbsp;&nbsp; $25 | $25777 |
| 5.75%, 11/30/39 | &nbsp;&nbsp; 95 | 96173 |
|  |  | 9185865 |
| **Health Care - Services — 0.8%** | **Health Care - Services — 0.8%** | **Health Care - Services — 0.8%** |
| Aetna Inc. |  |  |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 130 | 108032 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 241 | 261449 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 174 | 189634 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 85 | 78583 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 495 | 422073 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 525 | 445237 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 245 | 216623 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 960 | 876070 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 35 | 34199 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 305 | 293876 |
| Cigna Group (The) |  |  |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 255 | 234897 |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 205 | 156210 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 509 | 341576 |
| 3.40%, 03/15/51 | &nbsp;&nbsp; 285 | 189955 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 396 | 296248 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 956 | 961030 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 568 | 533051 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 240 | 208705 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 445 | 386593 |
| 5.13%, 05/15/31 | &nbsp;&nbsp; 120 | 124148 |
| 5.25%, 02/15/34 | &nbsp;&nbsp; 275 | 280387 |
| 5.40%, 03/15/33 | &nbsp;&nbsp; 170 | 176043 |
| 5.60%, 02/15/54 | &nbsp;&nbsp; 265 | 250247 |
| 6.13%, 11/15/41 | &nbsp;&nbsp; 174 | 179575 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 15 | 13680 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 110 | 99660 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 70 | 66319 |
| 3.13%, 05/15/50 | &nbsp;&nbsp; 168 | 107308 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 235 | 162743 |
| 3.65%, 12/01/27 | &nbsp;&nbsp; 150 | 148696 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 230 | 163724 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 245 | 244805 |
| 4.10%, 05/15/32 | &nbsp;&nbsp; 345 | 332233 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 286 | 231074 |
| 4.50%, 10/30/26 | &nbsp;&nbsp; 105 | 105413 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 45 | 37092 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 110 | 88767 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 207 | 180850 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 220 | 191687 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 112 | 96588 |
| 4.75%, 02/15/30 | &nbsp;&nbsp; 160 | 162596 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 460 | 457853 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 260 | 264483 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 186 | 170376 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 120 | 105842 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 220 | 226598 |
| 5.20%, 02/15/35 | &nbsp;&nbsp; 300 | 302148 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 290 | 296315 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 440 | 458445 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 125 | 118416 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 180 | 171366 |
| 5.85%, 01/15/36 | &nbsp;&nbsp; 115 | 120590 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 275 | 263546 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.95%, 12/15/34 | &nbsp;&nbsp; $140 | $147575 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 5 | 5035 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 44 | 47483 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 60 | 52899 |
| 3.13%, 03/15/27 | &nbsp;&nbsp; 75 | 73802 |
| 3.50%, 09/01/30 | &nbsp;&nbsp; 475 | 452921 |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 479 | 314414 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 42 | 39029 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 228 | 225800 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 509 | 509484 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 292 | 232141 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 229 | 215852 |
| 5.20%, 06/01/28 | &nbsp;&nbsp; 65 | 66583 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 334 | 294387 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 585 | 601713 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 309 | 285317 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 115 | 118111 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 365 | 380253 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 205 | 195234 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 100 | 95799 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 285 | 274945 |
| 6.10%, 04/01/64 | &nbsp;&nbsp; 155 | 149370 |
| Humana Inc. |  |  |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 175 | 166565 |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 171 | 122976 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 237 | 201137 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 235 | 195451 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 204 | 206654 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 220 | 191499 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 100 | 103007 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 75 | 75716 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 60 | 62074 |
| 5.75%, 12/01/28 | &nbsp;&nbsp; 20 | 20856 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 110 | 102149 |
| 5.88%, 03/01/33 | &nbsp;&nbsp; 120 | 125287 |
| 5.95%, 03/15/34 | &nbsp;&nbsp; 180 | 188412 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 100 | 95930 |
| ICON Investments Six DAC, 6.00%, 05/08/34 | &nbsp;&nbsp; 400 | 415916 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | &nbsp;&nbsp; 60 | 61913 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 100 | 105380 |
| Laboratory Corp. of America Holdings |  |  |
| 2.70%, 06/01/31 | &nbsp;&nbsp; 435 | 394888 |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 242 | 229101 |
| 4.35%, 04/01/30 | &nbsp;&nbsp; 150 | 149958 |
| 4.55%, 04/01/32 | &nbsp;&nbsp; 65 | 64464 |
| 4.70%, 02/01/45 | &nbsp;&nbsp; 314 | 274452 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 115 | 112800 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31 | &nbsp;&nbsp; 585 | 535203 |
| 2.95%, 06/30/30 | &nbsp;&nbsp; 621 | 584451 |
| 4.20%, 06/30/29 | &nbsp;&nbsp; 386 | 386326 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 65 | 65684 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 100 | 101514 |
| 4.70%, 03/30/45 | &nbsp;&nbsp; 275 | 244125 |
| 5.00%, 12/15/34 | &nbsp;&nbsp; 125 | 125123 |
| 6.40%, 11/30/33 | &nbsp;&nbsp; 115 | 126650 |
| UnitedHealth Group Inc. |  |  |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 95 | 69009 |
| 2.88%, 08/15/29 | &nbsp;&nbsp; 85 | 80972 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 2.90%, 05/15/50 | &nbsp;&nbsp; $110 | $67704 |
| 2.95%, 10/15/27 | &nbsp;&nbsp; 185 | 180892 |
| 3.13%, 05/15/60 | &nbsp;&nbsp; 177 | 104659 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 280 | 182907 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 190 | 154116 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 301 | 216475 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 225 | 167195 |
| 3.85%, 06/15/28 | &nbsp;&nbsp; 230 | 228910 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 115 | 114064 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 263 | 183534 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 40 | 32503 |
| 4.00%, 05/15/29 | &nbsp;&nbsp; 100 | 99514 |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 790 | 770112 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 214 | 171458 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 330 | 330928 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 150 | 125742 |
| 4.25%, 04/15/47 | &nbsp;&nbsp; 227 | 183491 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 245 | 195620 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 105 | 90419 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 239 | 196397 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 725 | 709948 |
| 4.60%, 04/15/27 | &nbsp;&nbsp; 35 | 35281 |
| 4.63%, 07/15/35 | &nbsp;&nbsp; 256 | 248557 |
| 4.63%, 11/15/41 | &nbsp;&nbsp; 156 | 138705 |
| 4.70%, 04/15/29 | &nbsp;&nbsp; 125 | 127255 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 187 | 164674 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 245 | 205959 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; 335 | 342276 |
| 4.90%, 04/15/31 | &nbsp;&nbsp; 165 | 168836 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 480 | 489711 |
| 4.95%, 05/15/62 | &nbsp;&nbsp; 205 | 172978 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 435 | 436754 |
| 5.15%, 07/15/34 | &nbsp;&nbsp; 665 | 675072 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 330 | 289517 |
| 5.25%, 02/15/28 | &nbsp;&nbsp; 50 | 51396 |
| 5.30%, 02/15/30 | &nbsp;&nbsp; 75 | 77999 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 485 | 501447 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 220 | 202587 |
| 5.50%, 04/15/64 | &nbsp;&nbsp; 200 | 183631 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 555 | 528287 |
| 5.70%, 10/15/40 | &nbsp;&nbsp; 5 | 5087 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 265 | 252663 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 230 | 241823 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 170 | 167941 |
| 5.95%, 02/15/41 | &nbsp;&nbsp; 30 | 30982 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; 175 | 175271 |
| 6.50%, 06/15/37 | &nbsp;&nbsp; 74 | 81121 |
| 6.63%, 11/15/37 | &nbsp;&nbsp; 175 | 193789 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 185 | 209998 |
|  |  | 34303628 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| HA Sustainable Infrastructure Capital Inc. |  |  |
| 6.15%, 01/15/31 | &nbsp;&nbsp; 95 | 96788 |
| 6.38%, 07/01/34 | &nbsp;&nbsp; 600 | 594588 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; 1360 | 1374641 |
| North Haven Private Income Fund LLC, 5.75%, <br> 02/01/30<br>| &nbsp;&nbsp; 520 | 520750 |
|  |  | 2586767 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| MDC Holdings Inc. |  |  |
| 2.50%, 01/15/31 | &nbsp;&nbsp; $95 | $84187 |
| 3.97%, 08/06/61 | &nbsp;&nbsp; 125 | 80379 |
| 6.00%, 01/15/43 | &nbsp;&nbsp; 155 | 141796 |
| PulteGroup Inc. |  |  |
| 6.00%, 02/15/35 | &nbsp;&nbsp; 75 | 79039 |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 75 | 81638 |
| 7.88%, 06/15/32 | &nbsp;&nbsp; 5 | 5891 |
|  |  | 472930 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 77 | 75184 |
| 3.50%, 11/15/51 | &nbsp;&nbsp; 155 | 98646 |
| 4.40%, 03/15/29 | &nbsp;&nbsp; 240 | 236037 |
|  |  | 409867 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | &nbsp;&nbsp; 310 | 266097 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 260 | 273424 |
| Church & Dwight Co. Inc. |  |  |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 40 | 31129 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 100 | 89858 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 75 | 79158 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 740 | 662122 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 926 | 908250 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 454 | 451985 |
| 4.40%, 05/01/29 | &nbsp;&nbsp; 35 | 35251 |
| 4.60%, 05/01/32 | &nbsp;&nbsp; 485 | 485914 |
| Kimberly-Clark Corp. |  |  |
| 2.00%, 11/02/31 | &nbsp;&nbsp; 100 | 88875 |
| 2.88%, 02/07/50 | &nbsp;&nbsp; 205 | 131600 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 853 | 817887 |
| 3.20%, 04/25/29 | &nbsp;&nbsp; 410 | 399764 |
| 3.20%, 07/30/46 | &nbsp;&nbsp; 235 | 167760 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 210 | 165280 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 360 | 360617 |
| 4.50%, 02/16/33 | &nbsp;&nbsp; 125 | 125766 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 130 | 129575 |
| 6.63%, 08/01/37 | &nbsp;&nbsp; 305 | 352910 |
|  |  | 6023222 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| ACE Capital Trust II, Series N, 9.70%, 04/01/30 | &nbsp;&nbsp; 72 | 86716 |
| Aegon Ltd., 5.50%, 04/11/48<sup>(a)</sup> | &nbsp;&nbsp; 415 | 418443 |
| Aflac Inc. |  |  |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 159 | 155462 |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 30 | 23596 |
| 4.75%, 01/15/49 | &nbsp;&nbsp; 72 | 62273 |
| Allstate Corp. (The) |  |  |
| 5.35%, 06/01/33 | &nbsp;&nbsp; 8 | 8287 |
| 6.50%, 05/15/67<sup>(a)</sup> | &nbsp;&nbsp; 220 | 227262 |
| American International Group Inc. |  |  |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 195 | 169688 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 281 | 247206 |
| Aon Corp. |  |  |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 84 | 84806 |
| 6.25%, 09/30/40 | &nbsp;&nbsp; 105 | 112984 |
| Aon Global Ltd., 4.75%, 05/15/45 | &nbsp;&nbsp; 147 | 128479 |
| Aon North America Inc., 5.75%, 03/01/54 | &nbsp;&nbsp; 65 | 63329 |
| Arch Capital Finance LLC, 5.03%, 12/15/46 | &nbsp;&nbsp; 141 | 127447 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Arch Capital Group Ltd., 3.64%, 06/30/50 | &nbsp;&nbsp; $120 | $86705 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 95 | 88341 |
| Arthur J Gallagher & Co. |  |  |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 240 | 149574 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 20 | 20058 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 320 | 301021 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 5 | 4822 |
| 6.75%, 02/15/54 | &nbsp;&nbsp; 65 | 70880 |
| Assurant Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 1345 | 1171733 |
| 3.70%, 02/22/30 | &nbsp;&nbsp; 904 | 875507 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 159 | 161207 |
| 5.55%, 02/15/36 | &nbsp;&nbsp; 575 | 574168 |
| AXA SA, 8.60%, 12/15/30 | &nbsp;&nbsp; 1720 | 2042789 |
| Axis Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | &nbsp;&nbsp; 50 | 49164 |
| 4.90%, 01/15/40, (5-year CMT + 3.186%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 77503 |
| Brown & Brown Inc., 4.50%, 03/15/29 | &nbsp;&nbsp; 20 | 20063 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 15 | 16222 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 10 | 11289 |
| Chubb INA Holdings LLC |  |  |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 65 | 39192 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 5 | 4270 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 135 | 115759 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 125 | 141775 |
| CNO Financial Group Inc. |  |  |
| 5.25%, 05/30/29 | &nbsp;&nbsp; 286 | 291575 |
| 6.45%, 06/15/34 | &nbsp;&nbsp; 185 | 194370 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28 | &nbsp;&nbsp; 585 | 586565 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 140 | 124897 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 105 | 64994 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 60 | 52779 |
| First American Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 230 | 220124 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.80%, 08/19/29 | &nbsp;&nbsp; 340 | 322376 |
| 3.60%, 08/19/49 | &nbsp;&nbsp; 269 | 195872 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 100 | 84577 |
| 4.40%, 03/15/48 | &nbsp;&nbsp; 101 | 84870 |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 158 | 168128 |
| 6.10%, 10/01/41 | &nbsp;&nbsp; 162 | 168518 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 90 | 81271 |
| 4.00%, 11/23/51 | &nbsp;&nbsp; 55 | 38013 |
| Lincoln National Corp. |  |  |
| 3.05%, 01/15/30 | &nbsp;&nbsp; 50 | 47524 |
| 4.35%, 03/01/48 | &nbsp;&nbsp; 62 | 49809 |
| 6.30%, 10/09/37 | &nbsp;&nbsp; 62 | 65729 |
| 7.00%, 06/15/40 | &nbsp;&nbsp; 175 | 196699 |
| Manulife Financial Corp. |  |  |
| 4.06%, 02/24/32, (5-year USD ICE Swap + <br> 1.647%)<sup>(a)</sup><br>| &nbsp;&nbsp; 330 | 326653 |
| 5.38%, 03/04/46 | &nbsp;&nbsp; 300 | 293784 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 10 | 9669 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 85 | 64580 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 75 | 65364 |
| 6.00%, 05/16/54 | &nbsp;&nbsp; 35 | 34736 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Marsh & McLennan Companies Inc. |  |  |
| 4.20%, 03/01/48 | &nbsp;&nbsp; $215 | $175147 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 247 | 206635 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 212 | 214069 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 65 | 65731 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 125 | 127186 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 70 | 66564 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 125 | 127932 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 312 | 277731 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 330 | 330862 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 75 | 72188 |
| 5.40%, 03/15/55 | &nbsp;&nbsp; 345 | 326845 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 35 | 33434 |
| 5.45%, 03/15/54 | &nbsp;&nbsp; 35 | 33382 |
| 5.70%, 09/15/53 | &nbsp;&nbsp; 10 | 9886 |
| 5.88%, 08/01/33 | &nbsp;&nbsp; 375 | 401416 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 273 | 222298 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 60 | 50321 |
| 4.55%, 03/23/30 | &nbsp;&nbsp; 341 | 346898 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 160 | 141283 |
| 4.72%, 12/15/44 | &nbsp;&nbsp; 162 | 144119 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 167 | 152729 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 20 | 18728 |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 200 | 205878 |
| 5.38%, 07/15/33 | &nbsp;&nbsp; 155 | 162069 |
| 5.70%, 06/15/35 | &nbsp;&nbsp; 115 | 121746 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 135 | 140150 |
| 6.38%, 06/15/34 | &nbsp;&nbsp; 15 | 16622 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 492 | 515242 |
| 6.50%, 12/15/32 | &nbsp;&nbsp; 25 | 28053 |
| 10.75%, 08/01/69 | &nbsp;&nbsp; 235 | 314867 |
| Munich Re America Corp., Series B, 7.45%, <br> 12/15/26<br>| &nbsp;&nbsp; 95 | 99122 |
| Principal Financial Group Inc. |  |  |
| 3.10%, 11/15/26 | &nbsp;&nbsp; 108 | 106587 |
| 3.70%, 05/15/29 | &nbsp;&nbsp; 97 | 95118 |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 164 | 135715 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 131 | 111739 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 144 | 128131 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 74 | 79347 |
| Progressive Corp. (The) |  |  |
| 2.45%, 01/15/27 | &nbsp;&nbsp; 66 | 64661 |
| 3.20%, 03/26/30 | &nbsp;&nbsp; 325 | 312732 |
| 3.70%, 01/26/45 | &nbsp;&nbsp; 134 | 104479 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 70 | 54380 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 144 | 143934 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 121 | 98823 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 203 | 167444 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 125 | 106907 |
| 6.25%, 12/01/32 | &nbsp;&nbsp; 5 | 5529 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30 | &nbsp;&nbsp; 50 | 46040 |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 5 | 3835 |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 110872 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 345 | 251295 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 54 | 53990 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 140 | 109187 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 280 | 213195 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 235 | 192703 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 213 | 176768 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.50%, 09/15/47<sup>(a)</sup> | &nbsp;&nbsp; $200 | $196960 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 207 | 182860 |
| 5.13%, 03/01/52, (5-year CMT + 3.162%)<sup>(a)</sup> | &nbsp;&nbsp; 175 | 171613 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 640 | 651312 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 210 | 221645 |
| 5.70%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50830 |
| 5.75%, 07/15/33 | &nbsp;&nbsp; 155 | 166591 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 103433 |
| 6.50%, 03/15/54, (5-year CMT + 2.404%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 73525 |
| 6.63%, 12/01/37 | &nbsp;&nbsp; 100 | 112456 |
| 6.63%, 06/21/40 | &nbsp;&nbsp; 127 | 143011 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 105758 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30 | &nbsp;&nbsp; 145 | 138486 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 270 | 254394 |
| Selective Insurance Group Inc. |  |  |
| 5.38%, 03/01/49 | &nbsp;&nbsp; 100 | 88817 |
| 5.90%, 04/15/35 | &nbsp;&nbsp; 100 | 103058 |
| Stewart Information Services Corp., 3.60%, <br> 11/15/31<br>| &nbsp;&nbsp; 455 | 409380 |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; 110 | 65048 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 133 | 103478 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 192 | 153527 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 150 | 120537 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 115 | 91810 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 200 | 168647 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 107 | 94760 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 295 | 296897 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 367 | 404739 |
| 6.75%, 06/20/36 | &nbsp;&nbsp; 159 | 182432 |
| Travelers Property Casualty Corp., 6.38%, <br> 03/15/33<br>| &nbsp;&nbsp; 175 | 195483 |
| Unum Group |  |  |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 30 | 29533 |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 75 | 59081 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 100 | 97394 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 40 | 37877 |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 173 | 126667 |
| 4.50%, 09/15/28 | &nbsp;&nbsp; 99 | 99839 |
| 5.05%, 09/15/48 | &nbsp;&nbsp; 158 | 140082 |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 5 | 5143 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 235 | 231115 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 1034 | 989446 |
|  |  | 26661704 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Alibaba Group Holding Ltd. |  |  |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 500 | 319720 |
| 5.63%, 11/26/54<sup>(e)</sup> | &nbsp;&nbsp; 10 | 10074 |
| Amazon.com Inc. |  |  |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 550 | 326872 |
| 2.70%, 06/03/60<sup>(b)</sup> | &nbsp;&nbsp; 1009 | 575847 |
| 3.10%, 05/12/51 | &nbsp;&nbsp; 535 | 359084 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 340 | 219248 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 195 | 177091 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 215 | 168418 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 472 | 388476 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 280 | 217251 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 466 | 378207 |
| Baidu Inc., 2.38%, 10/09/30 | &nbsp;&nbsp; 200 | 183365 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Booking Holdings Inc., 3.55%, 03/15/28 | &nbsp;&nbsp; $54 | $53365 |
| eBay Inc. |  |  |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 375 | 271193 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 222 | 182156 |
| JD.com Inc., 4.13%, 01/14/50 | &nbsp;&nbsp; 200 | 159650 |
| MercadoLibre Inc., 3.13%, 01/14/31 | &nbsp;&nbsp; 200 | 182106 |
| VeriSign Inc., 2.70%, 06/15/31 | &nbsp;&nbsp; 80 | 72018 |
|  |  | 4244141 |
| **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** |
| Nucor Corp. |  |  |
| 2.98%, 12/15/55 | &nbsp;&nbsp; 350 | 212246 |
| 4.40%, 05/01/48 | &nbsp;&nbsp; 155 | 128547 |
| 4.65%, 06/01/30 | &nbsp;&nbsp; 125 | 126880 |
| 5.10%, 06/01/35 | &nbsp;&nbsp; 125 | 125726 |
| 5.20%, 08/01/43 | &nbsp;&nbsp; 152 | 145939 |
| 6.40%, 12/01/37 | &nbsp;&nbsp; 15 | 16565 |
| Steel Dynamics Inc. |  |  |
| 3.25%, 10/15/50 | &nbsp;&nbsp; 65 | 42927 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 245 | 234917 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 50 | 50541 |
| 5.38%, 08/15/34 | &nbsp;&nbsp; 25 | 25561 |
| 5.75%, 05/15/55 | &nbsp;&nbsp; 55 | 53717 |
|  |  | 1163566 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Harley-Davidson Inc., 4.63%, 07/28/45 | &nbsp;&nbsp; 720 | 571248 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Choice Hotels International Inc. |  |  |
| 3.70%, 12/01/29 | &nbsp;&nbsp; 95 | 90734 |
| 3.70%, 01/15/31 | &nbsp;&nbsp; 117 | 109495 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 115 | 116355 |
| Marriott International Inc./MD |  |  |
| Series FF, 4.63%, 06/15/30 | &nbsp;&nbsp; 265 | 266917 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 220 | 201742 |
| Series X, 4.00%, 04/15/28 | &nbsp;&nbsp; 40 | 39844 |
| Sands China Ltd. |  |  |
| 2.85%, 03/08/29 | &nbsp;&nbsp; 370 | 345943 |
| 3.25%, 08/08/31 | &nbsp;&nbsp; 320 | 290152 |
| 5.40%, 08/08/28 | &nbsp;&nbsp; 50 | 50963 |
|  |  | 1512145 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| AGCO Corp., 5.80%, 03/21/34 | &nbsp;&nbsp; 390 | 401282 |
| Caterpillar Inc. |  |  |
| 2.60%, 09/19/29 | &nbsp;&nbsp; 161 | 152420 |
| 3.25%, 09/19/49 | &nbsp;&nbsp; 176 | 123178 |
| 3.25%, 04/09/50 | &nbsp;&nbsp; 212 | 147801 |
| 4.30%, 05/15/44 | &nbsp;&nbsp; 100 | 86583 |
| 4.75%, 05/15/64 | &nbsp;&nbsp; 172 | 149846 |
| 5.20%, 05/15/35 | &nbsp;&nbsp; 75 | 76869 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 232 | 229658 |
| 5.30%, 09/15/35 | &nbsp;&nbsp; 149 | 153912 |
| 6.05%, 08/15/36 | &nbsp;&nbsp; 146 | 160066 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | &nbsp;&nbsp; 40 | 40230 |
| 4.55%, 04/10/28 | &nbsp;&nbsp; 505 | 509232 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 1145 | 1157875 |
| 5.10%, 04/20/29 | &nbsp;&nbsp; 1470 | 1507417 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 625 | 647400 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 1212 | 1205877 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Deere & Co. |  |  |
| 3.10%, 04/15/30 | &nbsp;&nbsp; $140 | $134034 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 170 | 130268 |
| 5.38%, 10/16/29 | &nbsp;&nbsp; 50 | 52500 |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 50 | 52091 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 255 | 260580 |
| 7.13%, 03/03/31 | &nbsp;&nbsp; 80 | 91391 |
| Dover Corp., 5.38%, 03/01/41 | &nbsp;&nbsp; 30 | 29427 |
| Flowserve Corp., 3.50%, 10/01/30 | &nbsp;&nbsp; 105 | 99891 |
| IDEX Corp., 2.63%, 06/15/31 | &nbsp;&nbsp; 55 | 49756 |
| John Deere Capital Corp. |  |  |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 10 | 9673 |
| 2.45%, 01/09/30 | &nbsp;&nbsp; 75 | 70142 |
| 2.80%, 09/08/27 | &nbsp;&nbsp; 40 | 39152 |
| 2.80%, 07/18/29 | &nbsp;&nbsp; 70 | 66887 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 15 | 14700 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 75 | 73632 |
| 4.35%, 09/15/32 | &nbsp;&nbsp; 125 | 123924 |
| 4.38%, 10/15/30 | &nbsp;&nbsp; 50 | 50365 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 140 | 143364 |
| 5.15%, 09/08/33 | &nbsp;&nbsp; 300 | 310849 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 625 | 637985 |
| Series I, 4.55%, 06/05/30 | &nbsp;&nbsp; 50 | 50799 |
| nVent Finance SARL, 5.65%, 05/15/33 | &nbsp;&nbsp; 100 | 102943 |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/30 | &nbsp;&nbsp; 812 | 763473 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 833 | 838323 |
| Otis Worldwide Corp., 3.36%, 02/15/50 | &nbsp;&nbsp; 25 | 17306 |
| Rockwell Automation Inc. |  |  |
| 2.80%, 08/15/61 | &nbsp;&nbsp; 25 | 14380 |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 294 | 288351 |
| 4.20%, 03/01/49 | &nbsp;&nbsp; 127 | 103749 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 1453 | 1387287 |
| 2.25%, 01/30/31<sup>(b)</sup> | &nbsp;&nbsp; 1375 | 1235327 |
| 3.25%, 11/01/26 | &nbsp;&nbsp; 1655 | 1636079 |
| 4.38%, 11/01/46 | &nbsp;&nbsp; 55 | 45340 |
|  |  | 15673614 |
| **Manufacturing — 0.3%** | **Manufacturing — 0.3%** | **Manufacturing — 0.3%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26 | &nbsp;&nbsp; 2561 | 2511175 |
| 2.38%, 08/26/29 | &nbsp;&nbsp; 709 | 663455 |
| 2.88%, 10/15/27 | &nbsp;&nbsp; 1405 | 1372293 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 375 | 356424 |
| 3.38%, 03/01/29 | &nbsp;&nbsp; 254 | 247730 |
| 3.63%, 09/14/28 | &nbsp;&nbsp; 705 | 696795 |
| 3.63%, 10/15/47 | &nbsp;&nbsp; 104 | 76766 |
| 3.70%, 04/15/50 | &nbsp;&nbsp; 10 | 7262 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 75 | 76663 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 280 | 284348 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 165 | 173564 |
| Carlisle Companies Inc. |  |  |
| 2.75%, 03/01/30 | &nbsp;&nbsp; 152 | 142124 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 5 | 4953 |
| Eaton Corp. |  |  |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 80 | 63341 |
| 4.00%, 11/02/32 | &nbsp;&nbsp; 40 | 38795 |
| 4.15%, 03/15/33 | &nbsp;&nbsp; 70 | 68332 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 115 | 98687 |
| 4.70%, 08/23/52 | &nbsp;&nbsp; 95 | 84093 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27 | &nbsp;&nbsp; $65 | $64239 |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 285 | 276279 |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 163 | 128557 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 81 | 65809 |
| 4.20%, 11/21/34 | &nbsp;&nbsp; 120 | 115125 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 118 | 102228 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 45 | 49417 |
| Pentair Finance SARL |  |  |
| 4.50%, 07/01/29 | &nbsp;&nbsp; 695 | 698330 |
| 5.90%, 07/15/32 | &nbsp;&nbsp; 590 | 621881 |
| Teledyne Technologies Inc., 2.75%, 04/01/31 | &nbsp;&nbsp; 1510 | 1382237 |
| Textron Inc. |  |  |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 71 | 66644 |
| 3.38%, 03/01/28 | &nbsp;&nbsp; 45 | 44057 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 25 | 24744 |
| 3.90%, 09/17/29 | &nbsp;&nbsp; 117 | 115395 |
|  |  | 10721742 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 30 | 18293 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; 75 | 46443 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 1000 | 680394 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 445 | 364693 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; 40 | 39981 |
| Comcast Corp. |  |  |
| 2.45%, 08/15/52 | &nbsp;&nbsp; 252 | 134662 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 229 | 117093 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 168 | 99210 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 407 | 243362 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 882 | 506961 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 849 | 470424 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 165 | 116878 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 345 | 234318 |
| 3.75%, 04/01/40 | &nbsp;&nbsp; 250 | 207573 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 141 | 122693 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 403 | 307739 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 214 | 164604 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 353 | 270015 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 411 | 308642 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 399 | 297869 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 385 | 358214 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 176 | 150738 |
| 4.65%, 02/15/33 | &nbsp;&nbsp; 225 | 224451 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 219 | 194237 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 200 | 170565 |
| 4.75%, 03/01/44 | &nbsp;&nbsp; 144 | 126595 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 50 | 50060 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 290 | 246631 |
| 5.35%, 05/15/53 | &nbsp;&nbsp; 100 | 91613 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; 135 | 124063 |
| 5.65%, 06/15/35 | &nbsp;&nbsp; 83 | 86951 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 85 | 94131 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 313 | 348249 |
| 6.55%, 07/01/39 | &nbsp;&nbsp; 70 | 77551 |
| 6.95%, 08/15/37 | &nbsp;&nbsp; 190 | 216474 |
| FactSet Research Systems Inc., 3.45%, 03/01/32 | &nbsp;&nbsp; 240 | 221194 |
| Fox Corp. |  |  |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 300 | 295879 |
| 5.58%, 01/25/49 | &nbsp;&nbsp; 414 | 389800 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45 | &nbsp;&nbsp; $65 | $45309 |
| 6.13%, 01/31/46 | &nbsp;&nbsp; 45 | 36321 |
| 6.63%, 01/15/40 | &nbsp;&nbsp; 205 | 189291 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 145 | 124262 |
| 6.40%, 04/30/40 | &nbsp;&nbsp; 80 | 87258 |
| Paramount Global |  |  |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 127 | 96589 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 101 | 77696 |
| 4.85%, 07/01/42 | &nbsp;&nbsp; 30 | 24436 |
| 4.90%, 08/15/44 | &nbsp;&nbsp; 147 | 117857 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 140 | 139156 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 245 | 191938 |
| 5.25%, 04/01/44 | &nbsp;&nbsp; 128 | 104809 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 62 | 61212 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 170 | 152998 |
| 5.90%, 10/15/40 | &nbsp;&nbsp; 77 | 72318 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 227 | 240842 |
| TWDC Enterprises 18 Corp. |  |  |
| 3.00%, 07/30/46 | &nbsp;&nbsp; 270 | 182744 |
| 3.70%, 12/01/42 | &nbsp;&nbsp; 100 | 79818 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 211 | 175852 |
| 4.38%, 08/16/41 | &nbsp;&nbsp; 120 | 105616 |
| Series E, 4.13%, 12/01/41 | &nbsp;&nbsp; 140 | 119881 |
| Walt Disney Co. (The) |  |  |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 485 | 302341 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 56 | 46264 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 640 | 469433 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 566 | 410889 |
| 4.70%, 03/23/50 | &nbsp;&nbsp; 291 | 257526 |
| 6.15%, 03/01/37 | &nbsp;&nbsp; 95 | 104203 |
| 6.15%, 02/15/41 | &nbsp;&nbsp; 49 | 52834 |
| 7.75%, 12/01/45 | &nbsp;&nbsp; 265 | 336390 |
|  |  | 12625326 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Valmont Industries Inc. |  |  |
| 5.00%, 10/01/44 | &nbsp;&nbsp; 139 | 126683 |
| 5.25%, 10/01/54 | &nbsp;&nbsp; 120 | 106610 |
|  |  | 233293 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | &nbsp;&nbsp; 30 | 28883 |
| 3.75%, 10/01/30 | &nbsp;&nbsp; 510 | 481480 |
| Kinross Gold Corp., 4.50%, 07/15/27 | &nbsp;&nbsp; 434 | 434874 |
| Newmont Corp. |  |  |
| 2.60%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 35756 |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 237 | 222779 |
| 5.45%, 06/09/44 | &nbsp;&nbsp; 155 | 152482 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; 30 | 18176 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 320 | 315938 |
| Rio Tinto Finance USA PLC |  |  |
| 4.75%, 03/22/42 | &nbsp;&nbsp; 135 | 123331 |
| 5.00%, 03/09/33 | &nbsp;&nbsp; 115 | 117393 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 230 | 211276 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 5 | 4986 |
| Yamana Gold Inc., 2.63%, 08/15/31 | &nbsp;&nbsp; 80 | 71041 |
|  |  | 2218395 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.25%, 02/15/29 | &nbsp;&nbsp; $555 | $531111 |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 70 | 65203 |
| 4.25%, 04/01/28 | &nbsp;&nbsp; 390 | 387992 |
|  |  | 984306 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| APA Corp., 6.75%, 02/15/55<sup>(e)</sup> | &nbsp;&nbsp; 140 | 132892 |
| BP Capital Markets America Inc. |  |  |
| 2.77%, 11/10/50 | &nbsp;&nbsp; 367 | 221821 |
| 2.94%, 06/04/51 | &nbsp;&nbsp; 350 | 217188 |
| 3.00%, 02/24/50 | &nbsp;&nbsp; 375 | 238894 |
| 3.00%, 03/17/52 | &nbsp;&nbsp; 220 | 137534 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 660 | 422758 |
| 3.63%, 04/06/30 | &nbsp;&nbsp; 105 | 102710 |
| 3.94%, 09/21/28 | &nbsp;&nbsp; 55 | 54842 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 30 | 30141 |
| 4.89%, 09/11/33 | &nbsp;&nbsp; 30 | 30193 |
| BP Capital Markets PLC, 3.72%, 11/28/28 | &nbsp;&nbsp; 100 | 98926 |
| Burlington Resources LLC |  |  |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 145 | 154528 |
| 7.20%, 08/15/31 | &nbsp;&nbsp; 167 | 190585 |
| ConocoPhillips Co. |  |  |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 430 | 308764 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 199 | 167382 |
| 4.85%, 01/15/32 | &nbsp;&nbsp; 170 | 172904 |
| 5.05%, 09/15/33 | &nbsp;&nbsp; 80 | 81715 |
| 5.30%, 05/15/53 | &nbsp;&nbsp; 5 | 4585 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 245 | 230811 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 180 | 170915 |
| 5.65%, 01/15/65 | &nbsp;&nbsp; 245 | 231225 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 120 | 114222 |
| 5.90%, 10/15/32 | &nbsp;&nbsp; 217 | 234820 |
| 5.90%, 05/15/38 | &nbsp;&nbsp; 400 | 423949 |
| 5.95%, 03/15/46 | &nbsp;&nbsp; 30 | 31382 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 270 | 301099 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 230 | 251738 |
| Devon Energy Corp. |  |  |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 129 | 108764 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 127 | 106672 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 250 | 234021 |
| 5.75%, 09/15/54 | &nbsp;&nbsp; 10 | 8953 |
| 7.88%, 09/30/31 | &nbsp;&nbsp; 45 | 51981 |
| 7.95%, 04/15/32 | &nbsp;&nbsp; 20 | 23126 |
| Diamondback Energy Inc. |  |  |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 368 | 354651 |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 85 | 63748 |
| 4.40%, 03/24/51 | &nbsp;&nbsp; 113 | 87591 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 150 | 151545 |
| 5.55%, 04/01/35 | &nbsp;&nbsp; 70 | 70844 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 45 | 41658 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 295 | 272832 |
| 6.25%, 03/15/53 | &nbsp;&nbsp; 125 | 123559 |
| Eni USA Inc., 7.30%, 11/15/27 | &nbsp;&nbsp; 295 | 313720 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 125 | 114565 |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 45 | 45265 |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 212 | 186689 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | &nbsp;&nbsp; 110 | 108946 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 85 | 85992 |
| 5.75%, 02/01/34 | &nbsp;&nbsp; 225 | 233015 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 7.00%, 02/01/30 | &nbsp;&nbsp; $315 | $342629 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 305 | 282320 |
| 3.00%, 04/06/27 | &nbsp;&nbsp; 255 | 251449 |
| 3.13%, 04/06/30 | &nbsp;&nbsp; 380 | 364320 |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 165 | 114766 |
| 3.63%, 09/10/28 | &nbsp;&nbsp; 594 | 588607 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 405 | 306183 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 112 | 93958 |
| 4.25%, 06/02/28 | &nbsp;&nbsp; 85 | 85684 |
| 4.25%, 11/23/41 | &nbsp;&nbsp; 192 | 169979 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 150 | 139106 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 300 | 298253 |
| 5.13%, 06/03/35 | &nbsp;&nbsp; 475 | 483998 |
| 7.25%, 09/23/27 | &nbsp;&nbsp; 225 | 239340 |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | &nbsp;&nbsp; 745 | 746857 |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 234 | 236998 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 35 | 37461 |
| 7.13%, 03/15/33 | &nbsp;&nbsp; 440 | 506926 |
| 7.30%, 08/15/31 | &nbsp;&nbsp; 413 | 476388 |
| 7.88%, 10/01/29 | &nbsp;&nbsp; 200 | 227209 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 5 | 4950 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 6 | 5051 |
| 5.00%, 09/15/54 | &nbsp;&nbsp; 126 | 102617 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 183 | 192179 |
| Occidental Petroleum Corp. |  |  |
| 4.40%, 04/15/46 | &nbsp;&nbsp; 110 | 83436 |
| 6.05%, 10/01/54 | &nbsp;&nbsp; 55 | 51267 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 115 | 113498 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 315 | 326128 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 200 | 200902 |
| 6.63%, 09/01/30 | &nbsp;&nbsp; 40 | 42553 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 155 | 173269 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; 85 | 96064 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 90 | 102573 |
| Ovintiv Inc. |  |  |
| 5.65%, 05/15/28 | &nbsp;&nbsp; 190 | 195545 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 245 | 254920 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 230 | 242172 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 187 | 192357 |
| 6.63%, 08/15/37 | &nbsp;&nbsp; 45 | 46706 |
| 7.20%, 11/01/31 | &nbsp;&nbsp; 340 | 372892 |
| 7.38%, 11/01/31 | &nbsp;&nbsp; 737 | 816062 |
| 8.13%, 09/15/30 | &nbsp;&nbsp; 155 | 177555 |
| Phillips 66 |  |  |
| 3.30%, 03/15/52 | &nbsp;&nbsp; 140 | 90020 |
| 3.90%, 03/15/28 | &nbsp;&nbsp; 400 | 397716 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 64 | 61739 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 395 | 345768 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 122 | 122256 |
| Phillips 66 Co. |  |  |
| 4.95%, 03/15/35<sup>(b)</sup> | &nbsp;&nbsp; 145 | 141991 |
| 5.25%, 06/15/31 | &nbsp;&nbsp; 75 | 77760 |
| 5.30%, 06/30/33 | &nbsp;&nbsp; 265 | 270498 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 155 | 141742 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 135 | 125679 |
| Shell Finance U.S. Inc. |  |  |
| 3.25%, 04/06/50 | &nbsp;&nbsp; 30 | 20535 |
| 4.13%, 05/11/35 | &nbsp;&nbsp; 390 | 370304 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Shell International Finance BV |  |  |
| 3.00%, 11/26/51 | &nbsp;&nbsp; $560 | $359450 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 440 | 490482 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30 | &nbsp;&nbsp; 130 | 124244 |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 55 | 40830 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 513 | 337448 |
| 3.39%, 06/29/60 | &nbsp;&nbsp; 515 | 331857 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 120 | 118148 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 270 | 190307 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | &nbsp;&nbsp; 290 | 289688 |
| 5.15%, 04/05/34 | &nbsp;&nbsp; 125 | 128819 |
| 5.28%, 09/10/54 | &nbsp;&nbsp; 255 | 235565 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 140 | 129888 |
| 5.49%, 04/05/54 | &nbsp;&nbsp; 235 | 223815 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 340 | 325431 |
| Valero Energy Corp. |  |  |
| 3.65%, 12/01/51 | &nbsp;&nbsp; 340 | 229210 |
| 4.00%, 04/01/29 | &nbsp;&nbsp; 45 | 44491 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 163 | 163575 |
| 4.90%, 03/15/45 | &nbsp;&nbsp; 71 | 62074 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 420 | 458410 |
| 7.50%, 04/15/32 | &nbsp;&nbsp; 191 | 219943 |
| Woodside Finance Ltd. |  |  |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 1135 | 1111522 |
| 5.70%, 05/19/32 | &nbsp;&nbsp; 210 | 216991 |
| 5.70%, 09/12/54 | &nbsp;&nbsp; 170 | 156146 |
| 6.00%, 05/19/35 | &nbsp;&nbsp; 4005 | 4136295 |
|  |  | 29622424 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 426 | 409835 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 3.14%, 11/07/29 | &nbsp;&nbsp; 497 | 478211 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 1261 | 1241058 |
| Halliburton Co. |  |  |
| 2.92%, 03/01/30 | &nbsp;&nbsp; 388 | 364863 |
| 4.50%, 11/15/41 | &nbsp;&nbsp; 85 | 72902 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 200 | 173391 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 180 | 174755 |
| 6.70%, 09/15/38 | &nbsp;&nbsp; 213 | 233919 |
| 7.45%, 09/15/39 | &nbsp;&nbsp; 200 | 234265 |
| NOV Inc. |  |  |
| 3.60%, 12/01/29 | &nbsp;&nbsp; 521 | 503306 |
| 3.95%, 12/01/42 | &nbsp;&nbsp; 125 | 94621 |
| Schlumberger Investment SA, 2.65%, 06/26/30 | &nbsp;&nbsp; 360 | 334742 |
|  |  | 4315868 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Amcor Finance USA Inc. |  |  |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 231 | 232065 |
| 5.63%, 05/26/33 | &nbsp;&nbsp; 220 | 228504 |
| Amcor Flexibles North America Inc. |  |  |
| 2.63%, 06/19/30 | &nbsp;&nbsp; 195 | 179374 |
| 2.69%, 05/25/31 | &nbsp;&nbsp; 40 | 36206 |
| Berry Global Inc., 5.65%, 01/15/34 | &nbsp;&nbsp; 275 | 285852 |
| Smurfit Kappa Treasury ULC, 5.44%, 04/03/34 | &nbsp;&nbsp; 400 | 410826 |
| Sonoco Products Co., 5.75%, 11/01/40 | &nbsp;&nbsp; 35 | 35397 |
| WestRock MWV LLC, 8.20%, 01/15/30 | &nbsp;&nbsp; 5 | 5759 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| WRKCo Inc. |  |  |
| 3.00%, 06/15/33 | &nbsp;&nbsp; $180 | $158477 |
| 4.20%, 06/01/32 | &nbsp;&nbsp; 25 | 24180 |
|  |  | 1596640 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| AbbVie Inc. |  |  |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 648 | 570097 |
| 4.25%, 11/14/28 | &nbsp;&nbsp; 110 | 110874 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 874 | 711051 |
| 4.30%, 05/14/36 | &nbsp;&nbsp; 323 | 305874 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 432 | 379516 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 310 | 266302 |
| 4.50%, 05/14/35 | &nbsp;&nbsp; 455 | 440723 |
| 4.63%, 10/01/42 | &nbsp;&nbsp; 177 | 160784 |
| 4.65%, 03/15/28 | &nbsp;&nbsp; 100 | 101613 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 328 | 293682 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 110 | 113259 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 418 | 377145 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 95 | 97201 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 390 | 374771 |
| 5.50%, 03/15/64 | &nbsp;&nbsp; 310 | 297184 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 305 | 301260 |
| Astrazeneca Finance LLC |  |  |
| 4.88%, 03/03/28 | &nbsp;&nbsp; 55 | 56238 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 205 | 209500 |
| 4.90%, 03/03/30 | &nbsp;&nbsp; 105 | 108387 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 105 | 107306 |
| AstraZeneca PLC |  |  |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 935 | 923524 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 149 | 149058 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 314 | 266928 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 5 | 4351 |
| 4.38%, 08/17/48 | &nbsp;&nbsp; 74 | 63489 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 800 | 902225 |
| Bristol-Myers Squibb Co. |  |  |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 95 | 55080 |
| 3.25%, 02/27/27 | &nbsp;&nbsp; 165 | 163379 |
| 3.25%, 08/01/42 | &nbsp;&nbsp; 153 | 115272 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 340 | 245198 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 450 | 318016 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 518 | 414728 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 408 | 337768 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 120 | 104325 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 225 | 191477 |
| 5.00%, 08/15/45 | &nbsp;&nbsp; 295 | 274303 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 580 | 559073 |
| 5.65%, 02/22/64 | &nbsp;&nbsp; 240 | 229705 |
| 6.25%, 11/15/53 | &nbsp;&nbsp; 120 | 126920 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 115 | 122923 |
| Cardinal Health Inc. |  |  |
| 3.41%, 06/15/27 | &nbsp;&nbsp; 160 | 157937 |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 202 | 162922 |
| 4.50%, 09/15/30 | &nbsp;&nbsp; 100 | 100167 |
| 4.50%, 11/15/44 | &nbsp;&nbsp; 71 | 59008 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 80 | 68152 |
| 4.70%, 11/15/26 | &nbsp;&nbsp; 90 | 90573 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 40 | 35109 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 130 | 133134 |
| 5.13%, 02/15/29 | &nbsp;&nbsp; 100 | 102794 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 100 | 99291 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 790 | 801630 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.45%, 02/15/34 | &nbsp;&nbsp; $215 | $220799 |
| 5.75%, 11/15/54 | &nbsp;&nbsp; 65 | 62713 |
| Cencora Inc. |  |  |
| 3.45%, 12/15/27 | &nbsp;&nbsp; 425 | 418629 |
| 4.25%, 03/01/45 | &nbsp;&nbsp; 252 | 205614 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 314 | 253529 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 75 | 76540 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 425 | 429741 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 35 | 35279 |
| CVS Health Corp. |  |  |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 130 | 124350 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 130 | 125609 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 120 | 100563 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 338 | 255101 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 1092 | 1006067 |
| 4.88%, 07/20/35 | &nbsp;&nbsp; 237 | 227409 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 926 | 795040 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 465 | 408892 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 235 | 237712 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 205 | 186584 |
| 5.63%, 02/21/53 | &nbsp;&nbsp; 365 | 333408 |
| 5.88%, 06/01/53 | &nbsp;&nbsp; 265 | 250777 |
| 6.00%, 06/01/63 | &nbsp;&nbsp; 265 | 251213 |
| 6.13%, 09/15/39 | &nbsp;&nbsp; 145 | 148863 |
| Eli Lilly & Co. |  |  |
| 2.50%, 09/15/60 | &nbsp;&nbsp; 550 | 299879 |
| 3.10%, 05/15/27 | &nbsp;&nbsp; 200 | 197411 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 10 | 9811 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 155 | 122259 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 100 | 78951 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 455 | 354354 |
| 4.70%, 02/27/33 | &nbsp;&nbsp; 105 | 106312 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 120 | 108151 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 125 | 111302 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 70 | 64113 |
| 5.05%, 08/14/54 | &nbsp;&nbsp; 25 | 23150 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 245 | 222919 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 160 | 147918 |
| 5.50%, 03/15/27 | &nbsp;&nbsp; 85 | 87073 |
| 5.50%, 02/12/55 | &nbsp;&nbsp; 40 | 39522 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 170 | 180647 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 50 | 49564 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | &nbsp;&nbsp; 484 | 483775 |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 105 | 90178 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 25 | 25296 |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 95 | 94947 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 436 | 485224 |
| GlaxoSmithKline Capital PLC |  |  |
| 3.38%, 06/01/29 | &nbsp;&nbsp; 244 | 238208 |
| 4.32%, 03/12/27 | &nbsp;&nbsp; 25 | 25155 |
| Johnson & Johnson |  |  |
| 2.45%, 09/01/60<sup>(b)</sup> | &nbsp;&nbsp; 760 | 416340 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 5 | 4325 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 162 | 123090 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 170 | 135812 |
| 3.75%, 03/03/47 | &nbsp;&nbsp; 255 | 203787 |
| 4.50%, 12/05/43 | &nbsp;&nbsp; 268 | 247679 |
| 4.85%, 05/15/41 | &nbsp;&nbsp; 142 | 138305 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 185 | 202339 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 62 | 68535 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| McKesson Corp. |  |  |
| 4.25%, 09/15/29 | &nbsp;&nbsp; $75 | $75263 |
| 4.65%, 05/30/30 | &nbsp;&nbsp; 50 | 50813 |
| 4.95%, 05/30/32 | &nbsp;&nbsp; 50 | 50985 |
| 5.10%, 07/15/33 | &nbsp;&nbsp; 500 | 512499 |
| 5.25%, 05/30/35 | &nbsp;&nbsp; 50 | 50908 |
| Mead Johnson Nutrition Co. |  |  |
| 4.60%, 06/01/44 | &nbsp;&nbsp; 177 | 155610 |
| 5.90%, 11/01/39 | &nbsp;&nbsp; 228 | 239916 |
| Merck & Co. Inc. |  |  |
| 2.15%, 12/10/31 | &nbsp;&nbsp; 100 | 87951 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 55 | 31693 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 380 | 230413 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 640 | 368342 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 5 | 4904 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 100 | 79256 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 390 | 305342 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 110 | 96826 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 361 | 283935 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 380 | 322791 |
| 4.50%, 05/17/33 | &nbsp;&nbsp; 300 | 299975 |
| 5.00%, 05/17/53 | &nbsp;&nbsp; 55 | 49838 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 255 | 231268 |
| 6.50%, 12/01/33 | &nbsp;&nbsp; 236 | 266929 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 127 | 144416 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.75%, 11/15/36 | &nbsp;&nbsp; 137 | 146479 |
| 5.95%, 12/01/28 | &nbsp;&nbsp; 350 | 371109 |
| Novartis Capital Corp. |  |  |
| 2.75%, 08/14/50 | &nbsp;&nbsp; 360 | 226845 |
| 3.80%, 09/18/29 | &nbsp;&nbsp; 185 | 184393 |
| 4.00%, 09/18/31 | &nbsp;&nbsp; 175 | 173753 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 105 | 86527 |
| 4.20%, 09/18/34 | &nbsp;&nbsp; 1275 | 1234231 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 530 | 468033 |
| Pfizer Inc. |  |  |
| 2.70%, 05/28/50 | &nbsp;&nbsp; 235 | 143504 |
| 4.00%, 12/15/36 | &nbsp;&nbsp; 45 | 41371 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 210 | 164102 |
| 4.10%, 09/15/38 | &nbsp;&nbsp; 145 | 130315 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 105 | 85286 |
| 4.20%, 09/15/48 | &nbsp;&nbsp; 320 | 261027 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 185 | 219194 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 715 | 716666 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 660 | 614681 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 885 | 805585 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.18%, 07/09/50 | &nbsp;&nbsp; 420 | 273946 |
| 3.38%, 07/09/60 | &nbsp;&nbsp; 250 | 157751 |
| 5.00%, 11/26/28 | &nbsp;&nbsp; 190 | 194304 |
| 5.80%, 07/05/64 | &nbsp;&nbsp; 250 | 242533 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 390 | 353715 |
| 3.00%, 09/12/27 | &nbsp;&nbsp; 1175 | 1152104 |
| 3.00%, 05/15/50 | &nbsp;&nbsp; 1095 | 709070 |
| 3.90%, 08/20/28 | &nbsp;&nbsp; 341 | 340495 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 335 | 264045 |
| 4.15%, 08/17/28 | &nbsp;&nbsp; 150 | 150384 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 1081 | 909376 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 4810 | 4345468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.00%, 08/17/35 | &nbsp;&nbsp; $150 | $149372 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 910 | 963599 |
|  |  | 44321125 |
| **Pipelines — 1.3%** | **Pipelines — 1.3%** | **Pipelines — 1.3%** |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.74%, 12/31/39 | &nbsp;&nbsp; 8985 | 7387812 |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 767 | 745224 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 502 | 507304 |
| Cheniere Energy Inc. |  |  |
| 4.63%, 10/15/28 | &nbsp;&nbsp; 9440 | 9430397 |
| 5.65%, 04/15/34 | &nbsp;&nbsp; 4220 | 4307397 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 190 | 171955 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 225 | 216907 |
| 5.55%, 10/30/35<sup>(e)</sup> | &nbsp;&nbsp; 25 | 25240 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 101 | 105780 |
| Columbia Pipeline Group Inc., 5.80%, 06/01/45 | &nbsp;&nbsp; 105 | 102829 |
| Enbridge Energy Partners LP |  |  |
| 7.38%, 10/15/45 | &nbsp;&nbsp; 75 | 86296 |
| Series B, 7.50%, 04/15/38 | &nbsp;&nbsp; 125 | 145891 |
| Enbridge Inc. |  |  |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 770 | 646904 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 10 | 9525 |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 215 | 141784 |
| 3.70%, 07/15/27 | &nbsp;&nbsp; 94 | 93155 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 190 | 140542 |
| 4.25%, 12/01/26 | &nbsp;&nbsp; 70 | 69985 |
| 4.50%, 06/10/44 | &nbsp;&nbsp; 135 | 112529 |
| 4.60%, 06/20/28 | &nbsp;&nbsp; 75 | 75784 |
| 4.90%, 06/20/30<sup>(b)</sup> | &nbsp;&nbsp; 125 | 127585 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; 55 | 56727 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 115 | 110406 |
| 5.55%, 06/20/35 | &nbsp;&nbsp; 200 | 203730 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 185 | 190857 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 375 | 390932 |
| 6.00%, 11/15/28 | &nbsp;&nbsp; 130 | 136981 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 115 | 123837 |
| 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10402 |
| 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 21028 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 172 | 162309 |
| 3.13%, 07/31/29 | &nbsp;&nbsp; 145 | 139670 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 176 | 126659 |
| 4.15%, 10/16/28 | &nbsp;&nbsp; 120 | 120484 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 136 | 107000 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 5 | 4037 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 113 | 97478 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 211 | 182523 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 102 | 92618 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 80 | 72261 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 223 | 199726 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 224 | 194093 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 264 | 244083 |
| 5.38%, 02/15/78, (3-mo. CME Term SOFR + <br> 2.832%)<sup>(a)</sup><br>| &nbsp;&nbsp; 255 | 252195 |
| 5.70%, 02/15/42 | &nbsp;&nbsp; 118 | 118491 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 148 | 153277 |
| 6.13%, 10/15/39 | &nbsp;&nbsp; 115 | 122589 |
| 6.45%, 09/01/40 | &nbsp;&nbsp; 104 | 114100 |
| 7.55%, 04/15/38 | &nbsp;&nbsp; 64 | 75866 |
| Series D, 6.88%, 03/01/33 | &nbsp;&nbsp; 45 | 50646 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Series E, 5.25%, 08/16/77, (3-mo. CME Term <br> SOFR + 3.295%)<sup>(a)</sup><br>| &nbsp;&nbsp; $90 | $89234 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; 53 | 45580 |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 105 | 94034 |
| 5.00%, 03/01/43 | &nbsp;&nbsp; 150 | 134245 |
| 5.40%, 09/01/44 | &nbsp;&nbsp; 169 | 156546 |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 206 | 194024 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 95 | 92163 |
| 5.80%, 03/15/35 | &nbsp;&nbsp; 205 | 211476 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 144 | 150649 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; 127 | 135671 |
| 6.50%, 09/01/39 | &nbsp;&nbsp; 148 | 158335 |
| 6.55%, 09/15/40 | &nbsp;&nbsp; 119 | 127265 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 240 | 267016 |
| 7.30%, 08/15/33 | &nbsp;&nbsp; 282 | 319034 |
| 7.40%, 03/15/31 | &nbsp;&nbsp; 45 | 50851 |
| 7.50%, 11/15/40 | &nbsp;&nbsp; 86 | 99950 |
| 7.75%, 03/15/32 | &nbsp;&nbsp; 100 | 115741 |
| Kinder Morgan Inc. |  |  |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 50 | 44051 |
| 3.25%, 08/01/50 | &nbsp;&nbsp; 62 | 39449 |
| 3.60%, 02/15/51 | &nbsp;&nbsp; 135 | 91825 |
| 4.30%, 03/01/28 | &nbsp;&nbsp; 492 | 493841 |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 380 | 375750 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 150 | 153236 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 65 | 57130 |
| 5.10%, 08/01/29 | &nbsp;&nbsp; 105 | 107847 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 55 | 56600 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 600 | 606983 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 249 | 222056 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 555 | 558294 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 315 | 320626 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 306 | 287848 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 30 | 31167 |
| 5.95%, 08/01/54 | &nbsp;&nbsp; 85 | 82542 |
| 7.75%, 01/15/32 | &nbsp;&nbsp; 177 | 204364 |
| 7.80%, 08/01/31 | &nbsp;&nbsp; 135 | 156208 |
| MPLX LP |  |  |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 184 | 182939 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 30 | 30013 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 346 | 308064 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 363 | 294202 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 88 | 89161 |
| 4.90%, 04/15/58 | &nbsp;&nbsp; 127 | 101979 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 120 | 98745 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 227 | 197540 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 266 | 239239 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 97 | 96647 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 310 | 292154 |
| 3.25%, 06/01/30 | &nbsp;&nbsp; 120 | 113457 |
| 3.40%, 09/01/29 | &nbsp;&nbsp; 120 | 115317 |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 165 | 116780 |
| 4.00%, 07/13/27 | &nbsp;&nbsp; 464 | 462266 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 120 | 90350 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 175 | 174650 |
| 4.45%, 09/01/49 | &nbsp;&nbsp; 195 | 151983 |
| 4.50%, 03/15/50 | &nbsp;&nbsp; 128 | 99912 |
| 4.55%, 07/15/28 | &nbsp;&nbsp; 478 | 481663 |
| 4.75%, 10/15/31 | &nbsp;&nbsp; 100 | 100002 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.85%, 02/01/49 | &nbsp;&nbsp; $104 | $84794 |
| 4.95%, 10/15/32 | &nbsp;&nbsp; 125 | 124238 |
| 4.95%, 07/13/47 | &nbsp;&nbsp; 147 | 124815 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 535 | 521820 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 220 | 192095 |
| 5.38%, 06/01/29 | &nbsp;&nbsp; 325 | 334503 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 125 | 123854 |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 670 | 681338 |
| 5.70%, 11/01/54 | &nbsp;&nbsp; 295 | 268891 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 120 | 126207 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 55 | 50231 |
| 6.00%, 06/15/35 | &nbsp;&nbsp; 140 | 145008 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 250 | 262908 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 165 | 175334 |
| 6.25%, 10/15/55 | &nbsp;&nbsp; 350 | 342023 |
| 6.35%, 01/15/31 | &nbsp;&nbsp; 225 | 241449 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 65 | 66683 |
| 7.15%, 01/15/51 | &nbsp;&nbsp; 5 | 5371 |
| ONEOK Partners LP |  |  |
| 6.13%, 02/01/41 | &nbsp;&nbsp; 136 | 137142 |
| 6.20%, 09/15/43 | &nbsp;&nbsp; 141 | 141201 |
| 6.65%, 10/01/36 | &nbsp;&nbsp; 265 | 286206 |
| 6.85%, 10/15/37 | &nbsp;&nbsp; 195 | 212737 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 272 | 271910 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; 331 | 332028 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 252 | 253445 |
| 5.90%, 09/15/37 | &nbsp;&nbsp; 55 | 57816 |
| Spectra Energy Partners LP |  |  |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 30 | 29685 |
| 4.50%, 03/15/45 | &nbsp;&nbsp; 164 | 137027 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 287 | 284458 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 510 | 480770 |
| 4.90%, 09/15/30 | &nbsp;&nbsp; 200 | 203037 |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 175 | 144870 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 45 | 45391 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 245 | 246532 |
| 5.65%, 02/15/36 | &nbsp;&nbsp; 200 | 202265 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 70 | 74066 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 160 | 155366 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 305 | 329713 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; 250 | 255391 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 560 | 526783 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 205 | 204174 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 290 | 295692 |
| TC PipeLines LP, 3.90%, 05/25/27 | &nbsp;&nbsp; 155 | 154019 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 7.00%, 03/15/27 | &nbsp;&nbsp; 70 | 72700 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 10 | 10763 |
| 7.63%, 04/01/37 | &nbsp;&nbsp; 65 | 76742 |
| Texas Eastern Transmission LP, 7.00%, 07/15/32 | &nbsp;&nbsp; 317 | 353033 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30 | &nbsp;&nbsp; 214 | 210763 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 160 | 160131 |
| 4.63%, 03/01/34 | &nbsp;&nbsp; 160 | 154235 |
| 4.88%, 05/15/48 | &nbsp;&nbsp; 75 | 65677 |
| 5.10%, 03/15/49 | &nbsp;&nbsp; 129 | 116210 |
| 5.60%, 03/31/34 | &nbsp;&nbsp; 60 | 61474 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.85%, 03/15/36 | &nbsp;&nbsp; $100 | $103561 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 105 | 108695 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 269 | 283628 |
| 7.00%, 06/01/65, (5-year CMT + 2.614%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5082 |
| 7.25%, 08/15/38 | &nbsp;&nbsp; 164 | 186364 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 180 | 211371 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.95%, 05/15/50 | &nbsp;&nbsp; 175 | 131210 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 25 | 24929 |
| 4.45%, 08/01/42 | &nbsp;&nbsp; 27 | 22937 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 187 | 157297 |
| 5.40%, 08/15/41 | &nbsp;&nbsp; 93 | 89247 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | &nbsp;&nbsp; 215 | 216331 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 205 | 199180 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 135 | 134841 |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 230 | 192476 |
| 5.30%, 03/01/48 | &nbsp;&nbsp; 5 | 4209 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 130 | 128280 |
| 5.45%, 04/01/44 | &nbsp;&nbsp; 115 | 100972 |
| 5.50%, 08/15/48 | &nbsp;&nbsp; 110 | 94546 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 580 | 607407 |
| Williams Companies Inc. (The) |  |  |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 187 | 185466 |
| 4.63%, 06/30/30 | &nbsp;&nbsp; 175 | 175940 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 235 | 202193 |
| 4.90%, 01/15/45 | &nbsp;&nbsp; 97 | 85124 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 266 | 240150 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 345 | 345774 |
| 5.30%, 09/30/35 | &nbsp;&nbsp; 200 | 199940 |
| 5.40%, 03/04/44 | &nbsp;&nbsp; 198 | 186571 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 190 | 195040 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 65 | 67718 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 40 | 39291 |
| 5.80%, 11/15/43 | &nbsp;&nbsp; 71 | 70353 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 95 | 91782 |
| 6.00%, 03/15/55 | &nbsp;&nbsp; 45 | 44764 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 285 | 302067 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 138 | 166660 |
| Series A, 7.50%, 01/15/31 | &nbsp;&nbsp; 57 | 64540 |
|  |  | 54975474 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| Brookfield Finance Inc., 5.81%, 03/03/55 | &nbsp;&nbsp; 75 | 73578 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services Inc. |  |  |
| 2.50%, 04/01/31 | &nbsp;&nbsp; 1135 | 1022103 |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 100 | 101443 |
| 5.50%, 04/01/29 | &nbsp;&nbsp; 95 | 98524 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 100 | 102041 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 270 | 286232 |
| Jones Lang LaSalle Inc., 6.88%, 12/01/28 | &nbsp;&nbsp; 10 | 10750 |
|  |  | 1621093 |
| **Real Estate Investment Trusts — 1.1%** | **Real Estate Investment Trusts — 1.1%** | **Real Estate Investment Trusts — 1.1%** |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 405 | 328456 |
| 2.75%, 12/15/29 | &nbsp;&nbsp; 45 | 42184 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 205 | 174959 |
| 3.00%, 05/18/51 | &nbsp;&nbsp; 100 | 60778 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 60 | 55996 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 115 | 77656 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.95%, 01/15/27 | &nbsp;&nbsp; $83 | $82620 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 40 | 39743 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 205 | 152269 |
| 4.50%, 07/30/29 | &nbsp;&nbsp; 35 | 35139 |
| 4.70%, 07/01/30 | &nbsp;&nbsp; 32 | 32230 |
| 4.85%, 04/15/49 | &nbsp;&nbsp; 152 | 127935 |
| 4.90%, 12/15/30 | &nbsp;&nbsp; 65 | 66000 |
| American Tower Corp. |  |  |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 170 | 149760 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 365 | 328183 |
| 2.30%, 09/15/31 | &nbsp;&nbsp; 85 | 74818 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 115 | 104318 |
| 2.75%, 01/15/27 | &nbsp;&nbsp; 315 | 308881 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 235 | 220788 |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 335 | 209634 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 55 | 35642 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 380 | 374278 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 480 | 475337 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; 445 | 440142 |
| 3.60%, 01/15/28 | &nbsp;&nbsp; 535 | 527866 |
| 3.70%, 10/15/49 | &nbsp;&nbsp; 297 | 215486 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 500 | 489716 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 76 | 75159 |
| 4.05%, 03/15/32 | &nbsp;&nbsp; 30 | 28892 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 175 | 178521 |
| 5.00%, 01/31/30 | &nbsp;&nbsp; 25 | 25588 |
| 5.20%, 02/15/29 | &nbsp;&nbsp; 75 | 77138 |
| 5.25%, 07/15/28 | &nbsp;&nbsp; 70 | 71992 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 215 | 220509 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 125 | 128181 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 145 | 149518 |
| 5.50%, 03/15/28 | &nbsp;&nbsp; 25 | 25764 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 290 | 301147 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 10 | 10446 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 90 | 95585 |
| AvalonBay Communities Inc. |  |  |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 47 | 43235 |
| 3.30%, 06/01/29 | &nbsp;&nbsp; 85 | 82497 |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 39 | 30421 |
| 4.35%, 04/15/48 | &nbsp;&nbsp; 117 | 97702 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 400 | 407247 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 350 | 284139 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 270 | 231532 |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 490 | 481504 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 320 | 296764 |
| 3.25%, 01/30/31 | &nbsp;&nbsp; 319 | 296477 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 331 | 317270 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 245 | 245072 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 125 | 126763 |
| 6.50%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 165 | 177233 |
| 6.75%, 12/01/27 | &nbsp;&nbsp; 70 | 73642 |
| Brixmor Operating Partnership LP |  |  |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 5 | 4433 |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 319 | 312578 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 45 | 44589 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29 | &nbsp;&nbsp; 195 | 180107 |
| 2.75%, 04/15/31 | &nbsp;&nbsp; 205 | 184718 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 165 | 138469 |
| Cousins Properties LP, 5.88%, 10/01/34 | &nbsp;&nbsp; 195 | 201666 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; $355 | $309475 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 345 | 305521 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 275 | 243406 |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 170 | 166500 |
| 3.10%, 11/15/29 | &nbsp;&nbsp; 105 | 99577 |
| 3.25%, 01/15/51 | &nbsp;&nbsp; 168 | 109705 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 350 | 330570 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 735 | 725734 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 827 | 816726 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 225 | 223941 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 130 | 96731 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 215 | 164285 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 355 | 353103 |
| 4.75%, 05/15/47 | &nbsp;&nbsp; 224 | 193634 |
| 4.80%, 09/01/28 | &nbsp;&nbsp; 120 | 121376 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 260 | 263508 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 360 | 361062 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 221 | 197255 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 205 | 212987 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 45 | 46958 |
| CubeSmart LP |  |  |
| 3.00%, 02/15/30 | &nbsp;&nbsp; 30 | 28294 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 5 | 4996 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29 | &nbsp;&nbsp; 3024 | 2950109 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 1279 | 1269018 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 4582 | 4614497 |
| 5.55%, 01/15/28 | &nbsp;&nbsp; 485 | 499616 |
| DOC DR LLC |  |  |
| 2.63%, 11/01/31 | &nbsp;&nbsp; 20 | 17827 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 70 | 69622 |
| EPR Properties |  |  |
| 3.60%, 11/15/31 | &nbsp;&nbsp; 100 | 91724 |
| 4.50%, 06/01/27 | &nbsp;&nbsp; 95 | 94750 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 960 | 984745 |
| Equinix Inc. |  |  |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 55 | 51557 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 25 | 23628 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 705 | 635422 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 270 | 242314 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 780 | 767164 |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 225 | 137986 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; 162 | 101790 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 823 | 786188 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 110 | 73444 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 90 | 85667 |
| ERP Operating LP |  |  |
| 2.50%, 02/15/30 | &nbsp;&nbsp; 30 | 27975 |
| 2.85%, 11/01/26 | &nbsp;&nbsp; 22 | 21693 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 72 | 69088 |
| 3.25%, 08/01/27 | &nbsp;&nbsp; 20 | 19717 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 5 | 4934 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 10 | 7817 |
| 4.15%, 12/01/28 | &nbsp;&nbsp; 25 | 25062 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 45 | 39055 |
| 4.50%, 06/01/45 | &nbsp;&nbsp; 31 | 26707 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 219 | 210262 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 585 | 574616 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.50%, 06/01/30 | &nbsp;&nbsp; $665 | $640335 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 60 | 51029 |
| 5.38%, 05/01/28 | &nbsp;&nbsp; 895 | 920156 |
| Healthpeak OP LLC |  |  |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 484 | 458254 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 461 | 448061 |
| 4.75%, 01/15/33 | &nbsp;&nbsp; 25 | 24839 |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 15 | 15330 |
| 6.75%, 02/01/41 | &nbsp;&nbsp; 155 | 169391 |
| Highwoods Realty LP |  |  |
| 2.60%, 02/01/31 | &nbsp;&nbsp; 20 | 17561 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 135 | 124646 |
| 4.20%, 04/15/29 | &nbsp;&nbsp; 60 | 58739 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 50 | 56568 |
| Host Hotels & Resorts LP |  |  |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 5 | 5086 |
| Series H, 3.38%, 12/15/29 | &nbsp;&nbsp; 235 | 222873 |
| Series I, 3.50%, 09/15/30 | &nbsp;&nbsp; 415 | 390168 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 55 | 48796 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32 | &nbsp;&nbsp; 230 | 188541 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 360 | 331160 |
| 4.25%, 08/15/29 | &nbsp;&nbsp; 305 | 298079 |
| 4.75%, 12/15/28 | &nbsp;&nbsp; 305 | 305538 |
| Kimco Realty OP LLC |  |  |
| 2.80%, 10/01/26 | &nbsp;&nbsp; 70 | 68919 |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 62 | 44897 |
| 3.80%, 04/01/27 | &nbsp;&nbsp; 30 | 29812 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 137 | 108633 |
| 4.25%, 04/01/45 | &nbsp;&nbsp; 80 | 65875 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 105 | 87531 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; 260 | 226179 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 120 | 110888 |
| 3.63%, 10/01/29 | &nbsp;&nbsp; 167 | 159781 |
| Piedmont Operating Partnership LP, 3.15%, <br> 08/15/30<br>| &nbsp;&nbsp; 160 | 144732 |
| Prologis LP |  |  |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 25 | 24261 |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 90 | 47603 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 15 | 13795 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 45 | 39375 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 45 | 42747 |
| 3.00%, 04/15/50 | &nbsp;&nbsp; 111 | 71471 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 51 | 33082 |
| 3.25%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp; 42 | 41635 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 780 | 775529 |
| 4.00%, 09/15/28 | &nbsp;&nbsp; 20 | 19989 |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 85 | 85737 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 145 | 120049 |
| 4.63%, 01/15/33 | &nbsp;&nbsp; 230 | 229288 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 435 | 435309 |
| 4.88%, 06/15/28 | &nbsp;&nbsp; 115 | 117633 |
| 5.13%, 01/15/34 | &nbsp;&nbsp; 100 | 102180 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 20 | 18658 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 230 | 219287 |
| 3.60%, 02/01/27 | &nbsp;&nbsp; 85 | 84319 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 7 | 6987 |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 75 | 62653 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 105 | 89386 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Sabra Health Care LP |  |  |
| 3.20%, 12/01/31 | &nbsp;&nbsp; $125 | $112843 |
| 3.90%, 10/15/29 | &nbsp;&nbsp; 45 | 43565 |
| Ventas Realty LP |  |  |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 90 | 85089 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 50 | 49723 |
| 4.38%, 02/01/45 | &nbsp;&nbsp; 86 | 70446 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 272 | 272853 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 130 | 131110 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 139 | 118576 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 143 | 139255 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 105 | 106197 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 225 | 225559 |
| 5.63%, 05/15/52 | &nbsp;&nbsp; 235 | 214254 |
| Welltower OP LLC |  |  |
| 2.70%, 02/15/27 | &nbsp;&nbsp; 275 | 269960 |
| 2.75%, 01/15/31 | &nbsp;&nbsp; 185 | 170425 |
| 2.75%, 01/15/32 | &nbsp;&nbsp; 445 | 400511 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 145 | 133078 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 255 | 243121 |
| 3.85%, 06/15/32 | &nbsp;&nbsp; 315 | 301059 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 110 | 109979 |
| 4.25%, 04/15/28 | &nbsp;&nbsp; 215 | 216186 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 50 | 50483 |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 163 | 149250 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 50 | 50302 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 210 | 231084 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 459 | 453922 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 172 | 169555 |
| 6.95%, 10/01/27 | &nbsp;&nbsp; 10 | 10549 |
| 7.38%, 03/15/32 | &nbsp;&nbsp; 375 | 427509 |
| WP Carey Inc., 3.85%, 07/15/29 | &nbsp;&nbsp; 60 | 59020 |
|  |  | 44295483 |
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| AutoNation Inc. |  |  |
| 2.40%, 08/01/31 | &nbsp;&nbsp; 30 | 26129 |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 182 | 179545 |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 65 | 60469 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 10 | 10037 |
| Best Buy Co. Inc. |  |  |
| 1.95%, 10/01/30 | &nbsp;&nbsp; 2130 | 1893115 |
| 4.45%, 10/01/28 | &nbsp;&nbsp; 1791 | 1803846 |
| Dollar General Corp. |  |  |
| 4.13%, 04/03/50 | &nbsp;&nbsp; 49 | 37304 |
| 5.20%, 07/05/28 | &nbsp;&nbsp; 65 | 66618 |
| 5.45%, 07/05/33 | &nbsp;&nbsp; 35 | 36127 |
| Dollar Tree Inc., 3.38%, 12/01/51 | &nbsp;&nbsp; 75 | 48104 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34 | &nbsp;&nbsp; 975 | 965664 |
| Home Depot Inc. (The) |  |  |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 313 | 294385 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 145 | 141873 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 1410 | 1359422 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 185 | 124269 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 170 | 158266 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 30 | 24076 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 217 | 150884 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 355 | 244566 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 160 | 115896 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 705 | 706290 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 3.90%, 06/15/47 | &nbsp;&nbsp; $290 | $228002 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 220 | 187424 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 329 | 276062 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 240 | 206527 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 230 | 232022 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 295 | 251869 |
| 4.85%, 06/25/31 | &nbsp;&nbsp; 215 | 221789 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 240 | 221525 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 245 | 249106 |
| 5.30%, 06/25/54 | &nbsp;&nbsp; 100 | 95096 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 220 | 223276 |
| 5.40%, 06/25/64 | &nbsp;&nbsp; 50 | 47542 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 660 | 711629 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 5 | 5280 |
| Lowe's Companies Inc. |  |  |
| 1.70%, 10/15/30 | &nbsp;&nbsp; 60 | 52745 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 170 | 154781 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 203 | 125677 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 300 | 222866 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 150 | 142404 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 230 | 178685 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 180 | 139134 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 214 | 176026 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 360 | 275852 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 100 | 101334 |
| 4.55%, 04/05/49 | &nbsp;&nbsp; 310 | 253804 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 135 | 119425 |
| 5.00%, 04/15/33 | &nbsp;&nbsp; 55 | 55902 |
| 5.00%, 04/15/40 | &nbsp;&nbsp; 129 | 122768 |
| 5.13%, 04/15/50 | &nbsp;&nbsp; 196 | 173462 |
| 5.15%, 07/01/33 | &nbsp;&nbsp; 185 | 189606 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 98 | 101119 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 85 | 81097 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 190 | 182817 |
| 5.85%, 04/01/63 | &nbsp;&nbsp; 30 | 29077 |
| 6.50%, 03/15/29 | &nbsp;&nbsp; 285 | 307701 |
| McDonald's Corp. |  |  |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 108 | 84050 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 132 | 95682 |
| 3.70%, 02/15/42 | &nbsp;&nbsp; 75 | 59737 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 80 | 79657 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 212 | 168698 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 167 | 140960 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 241 | 201841 |
| 4.60%, 05/26/45 | &nbsp;&nbsp; 125 | 109296 |
| 4.70%, 12/09/35 | &nbsp;&nbsp; 114 | 112156 |
| 4.88%, 07/15/40 | &nbsp;&nbsp; 145 | 137523 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 240 | 216829 |
| 4.95%, 08/14/33<sup>(b)</sup> | &nbsp;&nbsp; 45 | 46094 |
| 5.45%, 08/14/53 | &nbsp;&nbsp; 95 | 91134 |
| 5.70%, 02/01/39 | &nbsp;&nbsp; 15 | 15659 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 77 | 84911 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 120 | 131402 |
| O'Reilly Automotive Inc., 4.20%, 04/01/30 | &nbsp;&nbsp; 92 | 91755 |
| Starbucks Corp. |  |  |
| 2.25%, 03/12/30 | &nbsp;&nbsp; 15 | 13768 |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 260 | 173842 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 86 | 84934 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 405 | 277730 |
| 3.55%, 08/15/29 | &nbsp;&nbsp; 25 | 24528 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 75 | 55081 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.30%, 06/15/45 | &nbsp;&nbsp; $92 | $75125 |
| 4.45%, 08/15/49 | &nbsp;&nbsp; 241 | 196619 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 220 | 182399 |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 100 | 100715 |
| Target Corp. |  |  |
| 2.35%, 02/15/30 | &nbsp;&nbsp; 40 | 37209 |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 235 | 219081 |
| 2.95%, 01/15/52<sup>(b)</sup> | &nbsp;&nbsp; 190 | 119174 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 60 | 58746 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 291 | 217844 |
| 3.90%, 11/15/47 | &nbsp;&nbsp; 225 | 174448 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 201 | 168392 |
| 4.35%, 06/15/28 | &nbsp;&nbsp; 55 | 55555 |
| 4.40%, 01/15/33 | &nbsp;&nbsp; 285 | 282795 |
| 4.80%, 01/15/53<sup>(b)</sup> | &nbsp;&nbsp; 190 | 166912 |
| 5.00%, 04/15/35 | &nbsp;&nbsp; 100 | 100326 |
| 5.25%, 02/15/36 | &nbsp;&nbsp; 100 | 101884 |
| 6.50%, 10/15/37 | &nbsp;&nbsp; 220 | 247972 |
| 7.00%, 01/15/38 | &nbsp;&nbsp; 205 | 239862 |
| TJX Companies Inc. (The), 4.50%, 04/15/50 | &nbsp;&nbsp; 91 | 77804 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 1054 | 923964 |
| 5.25%, 05/15/33 | &nbsp;&nbsp; 1135 | 1163932 |
|  |  | 22198341 |
| **Semiconductors — 1.0%** | **Semiconductors — 1.0%** | **Semiconductors — 1.0%** |
| Analog Devices Inc. |  |  |
| 4.25%, 06/15/28 | &nbsp;&nbsp; 200 | 201530 |
| 4.50%, 06/15/30 | &nbsp;&nbsp; 185 | 187480 |
| 5.30%, 12/15/45 | &nbsp;&nbsp; 50 | 48278 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 670 | 601132 |
| 2.75%, 06/01/50 | &nbsp;&nbsp; 175 | 109207 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 105 | 104055 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 276 | 235112 |
| 4.80%, 06/15/29 | &nbsp;&nbsp; 170 | 174583 |
| 5.10%, 10/01/35 | &nbsp;&nbsp; 550 | 564953 |
| 5.85%, 06/15/41 | &nbsp;&nbsp; 225 | 235077 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35<sup>(e)</sup> | &nbsp;&nbsp; 405 | 342296 |
| 3.19%, 11/15/36<sup>(e)</sup> | &nbsp;&nbsp; 204 | 169724 |
| 3.42%, 04/15/33<sup>(e)</sup> | &nbsp;&nbsp; 679 | 618423 |
| 3.47%, 04/15/34<sup>(e)</sup> | &nbsp;&nbsp; 449 | 402073 |
| 3.50%, 02/15/41<sup>(e)</sup> | &nbsp;&nbsp; 328 | 260193 |
| 3.75%, 02/15/51<sup>(e)</sup> | &nbsp;&nbsp; 654 | 487395 |
| 4.15%, 04/15/32<sup>(e)</sup> | &nbsp;&nbsp; 125 | 121017 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 125 | 121744 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 75 | 75735 |
| 4.90%, 07/15/32 | &nbsp;&nbsp; 125 | 126477 |
| 4.93%, 05/15/37<sup>(e)</sup> | &nbsp;&nbsp; 492 | 478221 |
| 5.00%, 04/15/30 | &nbsp;&nbsp; 320 | 329085 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 125 | 126200 |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; 1330 | 1233361 |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 10 | 8661 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 650 | 599147 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 175 | 103484 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 202 | 111563 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 505 | 495190 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 330 | 206901 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 304 | 211772 |
| 3.75%, 08/05/27 | &nbsp;&nbsp; 125 | 123731 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 3.90%, 03/25/30 | &nbsp;&nbsp; $20 | $19484 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 105 | 103438 |
| 4.00%, 12/15/32 | &nbsp;&nbsp; 481 | 451577 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 209 | 156484 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 165 | 122100 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 215 | 204526 |
| 4.25%, 12/15/42 | &nbsp;&nbsp; 135 | 107997 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 35 | 30763 |
| 4.75%, 03/25/50 | &nbsp;&nbsp; 288 | 230620 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 205 | 177922 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 350 | 354443 |
| 4.90%, 07/29/45 | &nbsp;&nbsp; 172 | 145755 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 150 | 121960 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 190 | 152427 |
| 5.00%, 02/21/31 | &nbsp;&nbsp; 165 | 168143 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 65 | 52171 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 435 | 445592 |
| 5.15%, 02/21/34<sup>(b)</sup> | &nbsp;&nbsp; 170 | 169834 |
| 5.20%, 02/10/33<sup>(b)</sup> | &nbsp;&nbsp; 585 | 589062 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 185 | 169894 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 130 | 120024 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 65 | 44947 |
| 5.00%, 03/15/49 | &nbsp;&nbsp; 60 | 55016 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 80 | 74199 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 945 | 853754 |
| 2.88%, 06/15/50 | &nbsp;&nbsp; 221 | 140812 |
| 3.13%, 06/15/60 | &nbsp;&nbsp; 85 | 52240 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 1061 | 1060410 |
| 4.88%, 03/15/49 | &nbsp;&nbsp; 175 | 158044 |
| Marvell Technology Inc. |  |  |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 25 | 25236 |
| 5.45%, 07/15/35 | &nbsp;&nbsp; 25 | 25421 |
| 5.95%, 09/15/33 | &nbsp;&nbsp; 45 | 47803 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 115 | 101147 |
| 3.48%, 11/01/51 | &nbsp;&nbsp; 235 | 159877 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 5 | 5028 |
| 5.33%, 02/06/29 | &nbsp;&nbsp; 30 | 30841 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 85 | 89325 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 70 | 73618 |
| NVIDIA Corp. |  |  |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 1150 | 1029734 |
| 2.85%, 04/01/30 | &nbsp;&nbsp; 1430 | 1367329 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 5860 | 5813160 |
| 3.50%, 04/01/40 | &nbsp;&nbsp; 180 | 152183 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 317 | 235821 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 255 | 228701 |
| 2.65%, 02/15/32 | &nbsp;&nbsp; 275 | 242236 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 400 | 287389 |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 205 | 201467 |
| 3.25%, 05/11/41 | &nbsp;&nbsp; 125 | 92434 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 119 | 76717 |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 475 | 454504 |
| 4.30%, 08/19/28 | &nbsp;&nbsp; 80 | 80162 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 555 | 554173 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 605 | 606466 |
| 4.85%, 08/19/32 | &nbsp;&nbsp; 75 | 74953 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 400 | 400533 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 5.25%, 08/19/35 | &nbsp;&nbsp; $175 | $173937 |
| 5.55%, 12/01/28 | &nbsp;&nbsp; 820 | 849572 |
| Qorvo Inc., 4.38%, 10/15/29 | &nbsp;&nbsp; 245 | 240145 |
| Qualcomm Inc. |  |  |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 360 | 301070 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 145 | 121694 |
| 4.65%, 05/20/35 | &nbsp;&nbsp; 75 | 74603 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 30 | 27378 |
| 6.00%, 05/20/53 | &nbsp;&nbsp; 10 | 10448 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 630 | 612236 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 795 | 716797 |
| 1.90%, 09/15/31 | &nbsp;&nbsp; 340 | 298948 |
| 2.25%, 09/04/29 | &nbsp;&nbsp; 639 | 597858 |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 235 | 141755 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 865 | 847589 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 965 | 918185 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 278 | 244846 |
| 4.10%, 08/16/52 | &nbsp;&nbsp; 50 | 39237 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 365 | 298318 |
| 4.50%, 05/23/30 | &nbsp;&nbsp; 120 | 121868 |
| 4.60%, 02/08/27 | &nbsp;&nbsp; 75 | 75723 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 60 | 60988 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 190 | 194181 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 175 | 178141 |
| 4.90%, 03/14/33 | &nbsp;&nbsp; 515 | 528036 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 45 | 41079 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 75 | 67365 |
| 5.10%, 05/23/35 | &nbsp;&nbsp; 125 | 127709 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 130 | 121782 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 260 | 253142 |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 1515 | 1376158 |
| 3.13%, 10/25/41 | &nbsp;&nbsp; 25 | 19711 |
| 3.25%, 10/25/51 | &nbsp;&nbsp; 235 | 174236 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 520 | 519447 |
| 4.25%, 04/22/32 | &nbsp;&nbsp; 435 | 433155 |
| 4.50%, 04/22/52 | &nbsp;&nbsp; 235 | 215246 |
|  |  | 39226279 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries Inc. |  |  |
| 2.04%, 08/16/28 | &nbsp;&nbsp; 100 | 93728 |
| 3.48%, 12/01/27 | &nbsp;&nbsp; 55 | 54040 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 369 | 364146 |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 25 | 25789 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 25 | 25939 |
|  |  | 563642 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 924 | 902336 |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 2775 | 2578691 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 180 | 185073 |
| 4.85%, 04/04/27 | &nbsp;&nbsp; 85 | 86256 |
| 4.95%, 04/04/34 | &nbsp;&nbsp; 170 | 173909 |
| 5.30%, 01/17/35 | &nbsp;&nbsp; 100 | 104479 |
| Autodesk Inc. |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 965 | 849917 |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 590 | 556977 |
| 3.50%, 06/15/27 | &nbsp;&nbsp; 1588 | 1570229 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 145 | 147612 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; $925 | $833302 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 815 | 771071 |
| Concentrix Corp., 6.85%, 08/02/33 | &nbsp;&nbsp; 30 | 31540 |
| Electronic Arts Inc., 2.95%, 02/15/51 | &nbsp;&nbsp; 790 | 492027 |
| Fidelity National Information Services Inc. |  |  |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 20 | 16388 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 295 | 301300 |
| Fiserv Inc. |  |  |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 85 | 82472 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 25 | 24973 |
| 4.40%, 07/01/49 | &nbsp;&nbsp; 358 | 286136 |
| 4.55%, 02/15/31 | &nbsp;&nbsp; 30 | 29990 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 50 | 49824 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 115 | 119376 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 250 | 238653 |
| 1.65%, 07/15/30 | &nbsp;&nbsp; 145 | 129065 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 615 | 637149 |
| 5.50%, 09/15/53 | &nbsp;&nbsp; 1125 | 1102647 |
| Microsoft Corp. |  |  |
| 2.53%, 06/01/50 | &nbsp;&nbsp; 170 | 103850 |
| 2.68%, 06/01/60 | &nbsp;&nbsp; 95 | 55016 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 670 | 439194 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 65 | 40869 |
| 3.30%, 02/06/27 | &nbsp;&nbsp; 3099 | 3076074 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 605 | 545910 |
| 3.50%, 02/12/35 | &nbsp;&nbsp; 895 | 840018 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 50 | 40526 |
| 3.95%, 08/08/56 | &nbsp;&nbsp; 50 | 39244 |
| 4.00%, 02/12/55 | &nbsp;&nbsp; 120 | 96076 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 355 | 341901 |
| 4.20%, 11/03/35<sup>(b)</sup> | &nbsp;&nbsp; 290 | 287671 |
| 4.50%, 10/01/40 | &nbsp;&nbsp; 5 | 4815 |
| Oracle Corp. |  |  |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 287 | 227434 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 662 | 452196 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 262 | 223216 |
| 3.85%, 07/15/36 | &nbsp;&nbsp; 114 | 100176 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 553 | 370341 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 452 | 407247 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 446 | 321345 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 512 | 389821 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 409 | 309613 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 224 | 156719 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 342 | 269062 |
| 4.20%, 09/27/29 | &nbsp;&nbsp; 15 | 14962 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 215 | 203565 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 306 | 232552 |
| 4.50%, 05/06/28 | &nbsp;&nbsp; 40 | 40337 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 285 | 238261 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 95 | 91741 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 515 | 514780 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 362 | 349857 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 225 | 200223 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 325 | 287900 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 300 | 275282 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; 35 | 34111 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 329 | 343450 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 265 | 286215 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 296 | 320847 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 6.90%, 11/09/52 | &nbsp;&nbsp; $130 | $140653 |
| Salesforce Inc. |  |  |
| 2.90%, 07/15/51 | &nbsp;&nbsp; 260 | 164677 |
| 3.70%, 04/11/28 | &nbsp;&nbsp; 4675 | 4658549 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 1585 | 1388236 |
| Synopsys Inc. |  |  |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 60 | 60487 |
| 5.70%, 04/01/55 | &nbsp;&nbsp; 210 | 205879 |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 875 | 870434 |
| 4.65%, 05/15/27 | &nbsp;&nbsp; 230 | 231410 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 698 | 706261 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 505 | 500031 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 490 | 482467 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 760 | 720562 |
|  |  | 35003455 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| America Movil SAB de CV |  |  |
| 4.38%, 04/22/49 | &nbsp;&nbsp; 205 | 168216 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 107 | 113362 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 402 | 424509 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 210 | 229141 |
| AT&T Inc. |  |  |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 340 | 220129 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 370 | 289340 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 909 | 607724 |
| 3.50%, 02/01/61 | &nbsp;&nbsp; 210 | 133734 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 926 | 615581 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 539 | 376150 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 853 | 563808 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 870 | 598470 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 355 | 243784 |
| 4.30%, 02/15/30 | &nbsp;&nbsp; 165 | 165050 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 130 | 109816 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 140 | 115675 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 177 | 145965 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 231 | 189777 |
| 4.65%, 06/01/44 | &nbsp;&nbsp; 85 | 73209 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 265 | 230173 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 210 | 198735 |
| 4.85%, 07/15/45 | &nbsp;&nbsp; 120 | 105537 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 158 | 152006 |
| 5.15%, 03/15/42 | &nbsp;&nbsp; 177 | 166725 |
| 5.15%, 11/15/46 | &nbsp;&nbsp; 35 | 32072 |
| 5.15%, 02/15/50 | &nbsp;&nbsp; 70 | 62723 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 407 | 407783 |
| 5.35%, 09/01/40 | &nbsp;&nbsp; 44 | 43320 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; 110 | 103929 |
| 5.55%, 08/15/41 | &nbsp;&nbsp; 70 | 68820 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 50 | 49820 |
| 5.70%, 03/01/57 | &nbsp;&nbsp; 156 | 149457 |
| 6.00%, 08/15/40 | &nbsp;&nbsp; 155 | 161086 |
| 6.30%, 01/15/38 | &nbsp;&nbsp; 35 | 37644 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 125 | 133069 |
| 6.55%, 02/15/39 | &nbsp;&nbsp; 198 | 216904 |
| Bell Telephone Co. of Canada or Bell Canada, <br> 3.65%, 08/15/52<br>| &nbsp;&nbsp; 65 | 44512 |
| British Telecommunications PLC |  |  |
| 5.13%, 12/04/28 | &nbsp;&nbsp; 730 | 748071 |
| 9.63%, 12/15/30 | &nbsp;&nbsp; 1077 | 1325820 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Cisco Systems Inc. |  |  |
| 4.75%, 02/24/30 | &nbsp;&nbsp; $75 | $76977 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 100 | 102699 |
| 4.95%, 02/26/31 | &nbsp;&nbsp; 75 | 77624 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 75 | 77420 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 190 | 195095 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 100 | 102352 |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 170 | 163066 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 25 | 23845 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 440 | 454641 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 85 | 83855 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 287 | 308753 |
| Deutsche Telekom International Finance BV, <br> 8.75%, 06/15/30<br>| &nbsp;&nbsp; 40 | 47323 |
| Juniper Networks Inc., 5.95%, 03/15/41 | &nbsp;&nbsp; 169 | 167024 |
| Koninklijke KPN NV, 8.38%, 10/01/30 | &nbsp;&nbsp; 1605 | 1882790 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; 145 | 130310 |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 233 | 235412 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 145 | 146491 |
| 4.85%, 08/15/30 | &nbsp;&nbsp; 100 | 101882 |
| 5.20%, 08/15/32 | &nbsp;&nbsp; 100 | 102393 |
| 5.50%, 09/01/44 | &nbsp;&nbsp; 70 | 68296 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 100 | 103073 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 110 | 114948 |
| Nokia OYJ |  |  |
| 4.38%, 06/12/27 | &nbsp;&nbsp; 1645 | 1633213 |
| 6.63%, 05/15/39 | &nbsp;&nbsp; 1535 | 1571709 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; 130 | 127497 |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 125 | 123769 |
| 9.00%, 03/01/31 | &nbsp;&nbsp; 1055 | 1285011 |
| Rogers Communications Inc. |  |  |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 110 | 80072 |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 45 | 42205 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 160 | 128799 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 45 | 38450 |
| 4.50%, 03/15/43 | &nbsp;&nbsp; 117 | 98840 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 110 | 88605 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 210 | 188824 |
| 5.45%, 10/01/43 | &nbsp;&nbsp; 105 | 98849 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 227 | 262787 |
| Telefonica Emisiones SA |  |  |
| 4.10%, 03/08/27 | &nbsp;&nbsp; 75 | 74771 |
| 4.67%, 03/06/38 | &nbsp;&nbsp; 195 | 176915 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 50 | 44000 |
| 5.52%, 03/01/49 | &nbsp;&nbsp; 35 | 31762 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 423 | 471047 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 315 | 364189 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 310 | 303602 |
| 3.70%, 09/15/27 | &nbsp;&nbsp; 620 | 613871 |
| Verizon Communications Inc. |  |  |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 45 | 39060 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 226 | 204954 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 170 | 104908 |
| 2.99%, 10/30/56 | &nbsp;&nbsp; 636 | 377735 |
| 3.00%, 11/20/60<sup>(b)</sup> | &nbsp;&nbsp; 711 | 415448 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 495 | 351077 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 747 | 510407 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 386 | 306745 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.13%, 08/15/46 | &nbsp;&nbsp; $204 | $163050 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 105 | 97557 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 551 | 525482 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 509 | 497084 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 280 | 234474 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 310 | 260281 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 219 | 197496 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 342 | 320826 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 638 | 567211 |
| 5.01%, 04/15/49 | &nbsp;&nbsp; 170 | 153429 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 445 | 394667 |
| 5.05%, 05/09/33 | &nbsp;&nbsp; 110 | 111840 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 745 | 745868 |
| 5.50%, 03/16/47 | &nbsp;&nbsp; 287 | 276712 |
| 5.85%, 09/15/35 | &nbsp;&nbsp; 165 | 174355 |
| 6.40%, 09/15/33 | &nbsp;&nbsp; 5 | 5494 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 130 | 142531 |
| 7.75%, 12/01/30 | &nbsp;&nbsp; 10 | 11536 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 227 | 176821 |
| 4.38%, 02/19/43 | &nbsp;&nbsp; 10 | 8542 |
| 4.88%, 06/19/49 | &nbsp;&nbsp; 255 | 221196 |
| 5.00%, 05/30/38 | &nbsp;&nbsp; 200 | 194367 |
| 5.25%, 05/30/48 | &nbsp;&nbsp; 270 | 248816 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 235 | 253109 |
| 6.25%, 11/30/32 | &nbsp;&nbsp; 95 | 102777 |
| 7.88%, 02/15/30 | &nbsp;&nbsp; 300 | 342844 |
|  |  | 31175401 |
| **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 339 | 333756 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 924 | 914447 |
| 3.90%, 11/19/29 | &nbsp;&nbsp; 796 | 775273 |
| 6.05%, 05/14/34 | &nbsp;&nbsp; 250 | 259860 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 55 | 57098 |
|  |  | 2340434 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| Canadian National Railway Co. |  |  |
| 2.45%, 05/01/50 | &nbsp;&nbsp; 530 | 309289 |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 179 | 127198 |
| 3.65%, 02/03/48 | &nbsp;&nbsp; 152 | 115288 |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 50 | 47803 |
| 4.38%, 09/18/34 | &nbsp;&nbsp; 125 | 121429 |
| 4.40%, 08/05/52 | &nbsp;&nbsp; 105 | 87815 |
| 4.45%, 01/20/49 | &nbsp;&nbsp; 165 | 141159 |
| 5.85%, 11/01/33 | &nbsp;&nbsp; 70 | 75771 |
| 6.20%, 06/01/36 | &nbsp;&nbsp; 70 | 77711 |
| 6.25%, 08/01/34 | &nbsp;&nbsp; 45 | 49758 |
| 6.38%, 11/15/37 | &nbsp;&nbsp; 141 | 157878 |
| Canadian Pacific Railway Co. |  |  |
| 3.10%, 12/02/51 | &nbsp;&nbsp; 460 | 299157 |
| 4.20%, 11/15/69 | &nbsp;&nbsp; 45 | 33639 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 105 | 102935 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 100 | 106468 |
| 6.13%, 09/15/2115 | &nbsp;&nbsp; 490 | 495757 |
| 7.13%, 10/15/31 | &nbsp;&nbsp; 155 | 176209 |
| CH Robinson Worldwide Inc., 4.20%, 04/15/28 | &nbsp;&nbsp; 2230 | 2231487 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 4 | 3718 |
| 2.50%, 05/15/51 | &nbsp;&nbsp; 45 | 25876 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.35%, 09/15/49 | &nbsp;&nbsp; $185 | $128328 |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 214 | 165725 |
| 3.80%, 04/15/50 | &nbsp;&nbsp; 115 | 86272 |
| 3.95%, 05/01/50 | &nbsp;&nbsp; 153 | 117825 |
| 4.10%, 11/15/32 | &nbsp;&nbsp; 50 | 48622 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 74 | 61099 |
| 4.25%, 11/01/66 | &nbsp;&nbsp; 65 | 49328 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 225 | 186018 |
| 4.40%, 03/01/43 | &nbsp;&nbsp; 83 | 72192 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 148 | 124788 |
| 4.50%, 11/15/52 | &nbsp;&nbsp; 25 | 20846 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 160 | 132149 |
| 4.65%, 03/01/68 | &nbsp;&nbsp; 43 | 35005 |
| 4.75%, 05/30/42 | &nbsp;&nbsp; 130 | 118560 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 138 | 121279 |
| 5.05%, 06/15/35 | &nbsp;&nbsp; 50 | 50469 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 165 | 165489 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 157 | 169200 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 104 | 113336 |
| 6.22%, 04/30/40 | &nbsp;&nbsp; 160 | 173269 |
| FedEx Corp., 4.75%, 11/15/45 | &nbsp;&nbsp; 273 | 227604 |
| Norfolk Southern Corp. |  |  |
| 2.55%, 11/01/29 | &nbsp;&nbsp; 47 | 44227 |
| 2.90%, 08/25/51 | &nbsp;&nbsp; 66 | 41258 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 170 | 108129 |
| 3.40%, 11/01/49 | &nbsp;&nbsp; 121 | 84333 |
| 4.05%, 08/15/52 | &nbsp;&nbsp; 264 | 204233 |
| 4.10%, 05/15/2121 | &nbsp;&nbsp; 85 | 58557 |
| 4.45%, 03/01/33 | &nbsp;&nbsp; 50 | 49233 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 40 | 33447 |
| 5.05%, 08/01/30 | &nbsp;&nbsp; 175 | 181358 |
| 5.10%, 08/01/2118 | &nbsp;&nbsp; 40 | 33675 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 145 | 141274 |
| 2.85%, 03/01/27 | &nbsp;&nbsp; 45 | 44100 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 40 | 39303 |
| 4.30%, 06/15/27 | &nbsp;&nbsp; 85 | 85109 |
| 4.85%, 06/15/30 | &nbsp;&nbsp; 100 | 101910 |
| 4.90%, 12/01/29 | &nbsp;&nbsp; 35 | 35703 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 180 | 184005 |
| 5.00%, 03/15/30 | &nbsp;&nbsp; 40 | 40946 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 960 | 986114 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; 75 | 76102 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 235 | 242980 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; 380 | 395975 |
| 5.65%, 03/01/28 | &nbsp;&nbsp; 225 | 232741 |
| 6.30%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp; 390 | 415264 |
| 6.60%, 12/01/33 | &nbsp;&nbsp; 1675 | 1854294 |
| Union Pacific Corp. |  |  |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 90 | 52035 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 330 | 224378 |
| 3.35%, 08/15/46 | &nbsp;&nbsp; 74 | 53116 |
| 3.38%, 02/01/35 | &nbsp;&nbsp; 100 | 89333 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 115 | 80302 |
| 3.55%, 08/15/39 | &nbsp;&nbsp; 5 | 4183 |
| 3.55%, 05/20/61 | &nbsp;&nbsp; 35 | 23241 |
| 3.60%, 09/15/37 | &nbsp;&nbsp; 75 | 65198 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 197 | 131871 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 279 | 208032 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 300 | 202705 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 362 | 258199 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.85%, 02/14/72 | &nbsp;&nbsp; $150 | $102489 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 200 | 148523 |
| 3.95%, 08/15/59 | &nbsp;&nbsp; 175 | 127420 |
| 4.00%, 04/15/47 | &nbsp;&nbsp; 110 | 86856 |
| 4.05%, 11/15/45 | &nbsp;&nbsp; 104 | 84027 |
| 4.05%, 03/01/46 | &nbsp;&nbsp; 172 | 138154 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 230 | 168229 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 205 | 167478 |
| 4.50%, 09/10/48 | &nbsp;&nbsp; 65 | 54835 |
| 4.95%, 05/15/53 | &nbsp;&nbsp; 70 | 62976 |
| 5.10%, 02/20/35 | &nbsp;&nbsp; 175 | 178118 |
| 5.60%, 12/01/54 | &nbsp;&nbsp; 175 | 172144 |
|  |  | 15751860 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| GATX Corp. |  |  |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 200 | 124207 |
| 3.25%, 09/15/26 | &nbsp;&nbsp; 185 | 182535 |
| 3.50%, 03/15/28 | &nbsp;&nbsp; 170 | 166705 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 230 | 211626 |
| 3.85%, 03/30/27 | &nbsp;&nbsp; 160 | 158731 |
| 4.00%, 06/30/30 | &nbsp;&nbsp; 75 | 73633 |
| 4.55%, 11/07/28 | &nbsp;&nbsp; 209 | 210245 |
| 4.70%, 04/01/29 | &nbsp;&nbsp; 120 | 121336 |
| 4.90%, 03/15/33 | &nbsp;&nbsp; 100 | 99946 |
| 5.20%, 03/15/44 | &nbsp;&nbsp; 87 | 80695 |
| 5.40%, 03/15/27 | &nbsp;&nbsp; 25 | 25373 |
| 5.45%, 09/15/33 | &nbsp;&nbsp; 120 | 123075 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 25 | 25446 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 340 | 362094 |
| 6.05%, 06/05/54 | &nbsp;&nbsp; 65 | 65140 |
| 6.90%, 05/01/34 | &nbsp;&nbsp; 250 | 278927 |
|  |  | 2309714 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.80%, 05/01/30 | &nbsp;&nbsp; 139 | 130509 |
| 3.25%, 06/01/51 | &nbsp;&nbsp; 25 | 16765 |
| 3.45%, 06/01/29 | &nbsp;&nbsp; 217 | 211949 |
| 3.45%, 05/01/50 | &nbsp;&nbsp; 250 | 175609 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 97 | 73382 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 91 | 72795 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 218 | 172378 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 171 | 137326 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 50 | 42703 |
| 4.30%, 09/01/45 | &nbsp;&nbsp; 50 | 42537 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 80 | 76880 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 80 | 89862 |
| Essential Utilities Inc. |  |  |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 157 | 145780 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 263 | 173621 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 160 | 155644 |
| 4.28%, 05/01/49 | &nbsp;&nbsp; 273 | 213103 |
| 4.80%, 08/15/27 | &nbsp;&nbsp; 25 | 25271 |
| 5.25%, 08/15/35 | &nbsp;&nbsp; 25 | 24869 |
| 5.30%, 05/01/52 | &nbsp;&nbsp; 145 | 131319 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 25 | 25454 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 40 | 42718 |
|  |  | 2180474 |
| **Total Corporate Bonds & Notes — 24.7%** <br>**(Cost: $1,047,917,335)** | **Total Corporate Bonds & Notes — 24.7%** <br>**(Cost: $1,047,917,335)** | 1012535190 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Foreign Government Obligations**<sup>(f)</sup> | **Foreign Government Obligations**<sup>(f)</sup> | **Foreign Government Obligations**<sup>(f)</sup> |
| **Canada — 0.6%** | **Canada — 0.6%** | **Canada — 0.6%** |
| Hydro-Quebec |  |  |
| Series HH, 8.50%, 12/01/29 | &nbsp;&nbsp; $170 | $199653 |
| Series HK, 9.38%, 04/15/30 | &nbsp;&nbsp; 1510 | 1844832 |
| Series HQ, 9.50%, 11/15/30 | &nbsp;&nbsp; 1170 | 1459434 |
| Province of Alberta Canada |  |  |
| 1.30%, 07/22/30 | &nbsp;&nbsp; 56 | 49703 |
| 3.30%, 03/15/28 | &nbsp;&nbsp; 579 | 572712 |
| 4.50%, 01/24/34 | &nbsp;&nbsp; 805 | 809092 |
| Province of British Columbia Canada |  |  |
| 1.30%, 01/29/31 | &nbsp;&nbsp; 2035 | 1775290 |
| 4.20%, 07/06/33 | &nbsp;&nbsp; 2570 | 2547285 |
| 4.75%, 06/12/34 | &nbsp;&nbsp; 620 | 632029 |
| 4.80%, 11/15/28 | &nbsp;&nbsp; 1235 | 1274069 |
| 7.25%, 09/01/36 | &nbsp;&nbsp; 240 | 290303 |
| Province of Manitoba Canada |  |  |
| 1.50%, 10/25/28 | &nbsp;&nbsp; 315 | 293835 |
| 4.30%, 07/27/33 | &nbsp;&nbsp; 980 | 974909 |
| 4.90%, 05/31/34 | &nbsp;&nbsp; 505 | 519641 |
| Province of Ontario Canada |  |  |
| 1.13%, 10/07/30 | &nbsp;&nbsp; 890 | 777653 |
| 1.60%, 02/25/31 | &nbsp;&nbsp; 1380 | 1223033 |
| 1.80%, 10/14/31 | &nbsp;&nbsp; 1740 | 1528492 |
| 2.13%, 01/21/32 | &nbsp;&nbsp; 1730 | 1535798 |
| 5.05%, 04/24/34 | &nbsp;&nbsp; 645 | 672787 |
| Province of Quebec Canada |  |  |
| 1.35%, 05/28/30 | &nbsp;&nbsp; 1360 | 1213569 |
| 1.90%, 04/21/31 | &nbsp;&nbsp; 1910 | 1708628 |
| 2.75%, 04/12/27 | &nbsp;&nbsp; 95 | 93364 |
| 3.63%, 04/13/28 | &nbsp;&nbsp; 1055 | 1052306 |
| 4.50%, 09/08/33 | &nbsp;&nbsp; 1035 | 1045510 |
| Series PD, 7.50%, 09/15/29 | &nbsp;&nbsp; 379 | 430701 |
|  |  | 24524628 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Chile Government International Bonds |  |  |
| 2.55%, 07/27/33 | &nbsp;&nbsp; 300 | 255865 |
| 3.10%, 05/07/41 | &nbsp;&nbsp; 405 | 303508 |
| 3.10%, 01/22/61 | &nbsp;&nbsp; 500 | 299378 |
| 3.25%, 09/21/71 | &nbsp;&nbsp; 850 | 511007 |
| 3.50%, 01/31/34 | &nbsp;&nbsp; 275 | 249461 |
| 3.50%, 01/25/50 | &nbsp;&nbsp; 442 | 311931 |
| 3.86%, 06/21/47 | &nbsp;&nbsp; 310 | 239081 |
| 4.00%, 01/31/52 | &nbsp;&nbsp; 635 | 484609 |
| 4.34%, 03/07/42 | &nbsp;&nbsp; 115 | 100193 |
| 4.95%, 01/05/36 | &nbsp;&nbsp; 280 | 277508 |
| 5.33%, 01/05/54 | &nbsp;&nbsp; 40 | 37605 |
| 5.65%, 01/13/37 | &nbsp;&nbsp; 200 | 207864 |
|  |  | 3278010 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Hungary Government International Bonds, 7.63%, <br> 03/29/41<br>| &nbsp;&nbsp; 277 | 320030 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Indonesia Government International Bonds |  |  |
| 3.05%, 03/12/51 | &nbsp;&nbsp; 2055 | 1349208 |
| 3.20%, 09/23/61 | &nbsp;&nbsp; 400 | 250654 |
| 3.35%, 03/12/71 | &nbsp;&nbsp; 1010 | 644542 |
| 4.20%, 10/15/50 | &nbsp;&nbsp; 215 | 174529 |
| 5.15%, 09/10/54 | &nbsp;&nbsp; 5 | 4714 |
|  |  | 2423647 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** |
| Israel Government International Bonds |  |  |
| 3.88%, 07/03/50 | &nbsp;&nbsp; $460 | $324344 |
| 4.13%, 01/17/48 | &nbsp;&nbsp; 320 | 243464 |
| 4.50%, 01/17/33 | &nbsp;&nbsp; 255 | 246010 |
| 4.50%, 01/30/43 | &nbsp;&nbsp; 105 | 88878 |
| 4.50%, 04/03/2120 | &nbsp;&nbsp; 200 | 143748 |
| 5.63%, 02/19/35 | &nbsp;&nbsp; 200 | 204621 |
| 5.75%, 03/12/54 | &nbsp;&nbsp; 630 | 582056 |
| State of Israel, 3.38%, 01/15/50 | &nbsp;&nbsp; 170 | 110988 |
|  |  | 1944109 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Republic of Italy Government International Bonds |  |  |
| 2.88%, 10/17/29 | &nbsp;&nbsp; 1115 | 1061183 |
| 3.88%, 05/06/51 | &nbsp;&nbsp; 545 | 375658 |
| 4.00%, 10/17/49 | &nbsp;&nbsp; 497 | 357837 |
| 5.38%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 556 | 587784 |
|  |  | 2382462 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Mexico Government International Bonds |  |  |
| 3.77%, 05/24/61 | &nbsp;&nbsp; 2025 | 1208592 |
| 4.28%, 08/14/41 | &nbsp;&nbsp; 45 | 35164 |
| 4.40%, 02/12/52 | &nbsp;&nbsp; 2000 | 1418948 |
| 4.50%, 01/31/50 | &nbsp;&nbsp; 70 | 51645 |
| 4.60%, 01/23/46 | &nbsp;&nbsp; 5 | 3840 |
| 4.75%, 03/08/44 | &nbsp;&nbsp; 1000 | 797543 |
| 5.00%, 04/27/51 | &nbsp;&nbsp; 90 | 70565 |
| 5.55%, 01/21/45 | &nbsp;&nbsp; 75 | 67036 |
| 5.75%, 10/12/2110 | &nbsp;&nbsp; 400 | 324673 |
| 6.05%, 01/11/40 | &nbsp;&nbsp; 5 | 4833 |
| 6.34%, 05/04/53 | &nbsp;&nbsp; 400 | 369961 |
| 6.63%, 01/29/38 | &nbsp;&nbsp; 5 | 5120 |
| 7.38%, 05/13/55 | &nbsp;&nbsp; 5 | 5227 |
|  |  | 4363147 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
| Panama Government International Bonds |  |  |
| 3.87%, 07/23/60 | &nbsp;&nbsp; 565 | 340697 |
| 4.30%, 04/29/53 | &nbsp;&nbsp; 552 | 378746 |
| 4.50%, 04/16/50 | &nbsp;&nbsp; 605 | 428852 |
| 4.50%, 04/01/56 | &nbsp;&nbsp; 315 | 216665 |
| 4.50%, 01/19/63 | &nbsp;&nbsp; 290 | 197850 |
| 6.85%, 03/28/54 | &nbsp;&nbsp; 200 | 192222 |
|  |  | 1755032 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
| Peru Government International Bonds |  |  |
| 2.78%, 12/01/60 | &nbsp;&nbsp; 1000 | 533623 |
| 3.23%, 07/28/2121 | &nbsp;&nbsp; 155 | 82735 |
| 3.55%, 03/10/51 | &nbsp;&nbsp; 1000 | 686512 |
| 3.60%, 01/15/72 | &nbsp;&nbsp; 80 | 48719 |
| 5.63%, 11/18/50 | &nbsp;&nbsp; 400 | 382890 |
| 5.88%, 08/08/54 | &nbsp;&nbsp; 5 | 4866 |
|  |  | 1739345 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| Republic of Poland Government <br> International Bonds<br>|  |  |
| 4.88%, 10/04/33 | &nbsp;&nbsp; 480 | 480747 |
| 5.13%, 09/18/34 | &nbsp;&nbsp; 215 | 216670 |
| 5.38%, 02/12/35 | &nbsp;&nbsp; 200 | 204465 |
| 5.50%, 04/04/53 | &nbsp;&nbsp; 440 | 412245 |
| 5.50%, 03/18/54 | &nbsp;&nbsp; 550 | 515368 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| 5.75%, 11/16/32 | &nbsp;&nbsp; $180 | $190865 |
|  |  | 2020360 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Korea International Bonds |  |  |
| 3.88%, 09/20/48 | &nbsp;&nbsp; 413 | 339944 |
| 4.13%, 06/10/44<sup>(b)</sup> | &nbsp;&nbsp; 560 | 487989 |
|  |  | 827933 |
| **Supranational — 2.0%** | **Supranational — 2.0%** | **Supranational — 2.0%** |
| African Development Bank, 5.75%, , (5-year CMT <br> + 1.575%)<sup>(a)(g)</sup><br>| &nbsp;&nbsp; 255 | 254603 |
| Council of Europe Development Bank |  |  |
| 0.88%, 09/22/26 | &nbsp;&nbsp; 2845 | 2757875 |
| 3.63%, 01/26/28 | &nbsp;&nbsp; 975 | 974526 |
| 4.13%, 01/24/29 | &nbsp;&nbsp; 2165 | 2197226 |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 125 | 128905 |
| European Investment Bank |  |  |
| 0.75%, 09/23/30 | &nbsp;&nbsp; 45 | 38873 |
| 1.25%, 02/14/31 | &nbsp;&nbsp; 100 | 87697 |
| 2.38%, 05/24/27 | &nbsp;&nbsp; 1305 | 1276042 |
| 3.63%, 07/15/30 | &nbsp;&nbsp; 40 | 39835 |
| 3.75%, 11/15/29 | &nbsp;&nbsp; 2000 | 2005840 |
| 3.75%, 02/14/33 | &nbsp;&nbsp; 850 | 837461 |
| 3.88%, 10/15/30 | &nbsp;&nbsp; 415 | 417724 |
| 4.13%, 02/13/34 | &nbsp;&nbsp; 1580 | 1578099 |
| 4.25%, 08/16/32 | &nbsp;&nbsp; 730 | 742259 |
| 4.50%, 03/14/30 | &nbsp;&nbsp; 150 | 154978 |
| 4.63%, 02/12/35 | &nbsp;&nbsp; 1445 | 1489158 |
| 4.88%, 02/15/36 | &nbsp;&nbsp; 1498 | 1572891 |
| Inter-American Development Bank |  |  |
| 0.63%, 09/16/27 | &nbsp;&nbsp; 1399 | 1315730 |
| 1.13%, 07/20/28 | &nbsp;&nbsp; 2248 | 2094625 |
| 1.13%, 01/13/31 | &nbsp;&nbsp; 2155 | 1878237 |
| 1.50%, 01/13/27 | &nbsp;&nbsp; 1065 | 1032714 |
| 2.25%, 06/18/29 | &nbsp;&nbsp; 2075 | 1971340 |
| 2.38%, 07/07/27 | &nbsp;&nbsp; 1552 | 1515386 |
| 3.13%, 09/18/28 | &nbsp;&nbsp; 1155 | 1138043 |
| 3.20%, 08/07/42 | &nbsp;&nbsp; 1725 | 1387147 |
| 3.50%, 09/14/29 | &nbsp;&nbsp; 860 | 854215 |
| 3.50%, 04/12/33 | &nbsp;&nbsp; 305 | 294249 |
| 3.75%, 06/14/30 | &nbsp;&nbsp; 125 | 125124 |
| 3.88%, 10/28/41 | &nbsp;&nbsp; 875 | 771276 |
| 4.38%, 07/16/35 | &nbsp;&nbsp; 485 | 488137 |
| 4.38%, 01/24/44 | &nbsp;&nbsp; 685 | 633961 |
| 4.50%, 02/15/30 | &nbsp;&nbsp; 125 | 129014 |
| 4.50%, 09/13/33 | &nbsp;&nbsp; 135 | 138819 |
| International Bank for Reconstruction & <br> Development<br>|  |  |
| 0.75%, 11/24/27 | &nbsp;&nbsp; 3745 | 3513833 |
| 0.75%, 08/26/30 | &nbsp;&nbsp; 3425 | 2963006 |
| 0.85%, 02/10/27<sup>(b)</sup> | &nbsp;&nbsp; 150 | 143507 |
| 0.88%, 05/14/30 | &nbsp;&nbsp; 2545 | 2235564 |
| 1.13%, 09/13/28 | &nbsp;&nbsp; 1790 | 1661911 |
| 1.25%, 02/10/31 | &nbsp;&nbsp; 1300 | 1137995 |
| 1.38%, 04/20/28<sup>(b)</sup> | &nbsp;&nbsp; 3485 | 3289057 |
| 1.63%, 11/03/31 | &nbsp;&nbsp; 2745 | 2407720 |
| 1.75%, 10/23/29 | &nbsp;&nbsp; 3297 | 3053041 |
| 1.88%, 10/27/26 | &nbsp;&nbsp; 3684 | 3602724 |
| 2.50%, 11/22/27 | &nbsp;&nbsp; 4880 | 4760224 |
| 2.50%, 03/29/32 | &nbsp;&nbsp; 1320 | 1209515 |
| 3.13%, 06/15/27 | &nbsp;&nbsp; 1755 | 1737687 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 3.50%, 07/12/28 | &nbsp;&nbsp; $1050 | $1046362 |
| 3.63%, 09/21/29<sup>(b)</sup> | &nbsp;&nbsp; 610 | 608579 |
| 3.88%, 10/16/29 | &nbsp;&nbsp; 250 | 251747 |
| 3.88%, 02/14/30 | &nbsp;&nbsp; 1390 | 1399394 |
| 3.88%, 08/28/34 | &nbsp;&nbsp; 1540 | 1502804 |
| 4.00%, 05/06/32 | &nbsp;&nbsp; 100 | 100183 |
| 4.38%, 08/27/35 | &nbsp;&nbsp; 360 | 362410 |
| 4.63%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 640 | 657307 |
| 4.63%, 01/15/32 | &nbsp;&nbsp; 195 | 202471 |
| 4.75%, 11/14/33 | &nbsp;&nbsp; 2625 | 2745476 |
| 4.75%, 02/15/35 | &nbsp;&nbsp; 1384 | 1436178 |
| Series GDIF, 5.75%, 05/02/34 | &nbsp;&nbsp; 1455 | 1468624 |
| International Finance Corp. |  |  |
| 0.75%, 10/08/26 | &nbsp;&nbsp; 1550 | 1498601 |
| 0.75%, 08/27/30 | &nbsp;&nbsp; 1310 | 1133252 |
| 4.50%, 07/13/28<sup>(b)</sup> | &nbsp;&nbsp; 125 | 127939 |
| Nordic Investment Bank |  |  |
| 3.38%, 09/08/27 | &nbsp;&nbsp; 855 | 849957 |
| 3.75%, 05/09/30 | &nbsp;&nbsp; 200 | 200249 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 410 | 417879 |
|  |  | 80047205 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 | &nbsp;&nbsp; 715 | 649845 |
| Uruguay Government International Bonds |  |  |
| 4.13%, 11/20/45 | &nbsp;&nbsp; 320 | 274077 |
| 4.98%, 04/20/55 | &nbsp;&nbsp; 599 | 531135 |
| 5.10%, 06/18/50 | &nbsp;&nbsp; 802 | 740215 |
| 5.44%, 02/14/37 | &nbsp;&nbsp; 50 | 51654 |
| 5.75%, 10/28/34 | &nbsp;&nbsp; 190 | 201404 |
| 7.63%, 03/21/36 | &nbsp;&nbsp; 518 | 621150 |
|  |  | 3069480 |
| **Total Foreign Government Obligations — 3.1%** <br>**(Cost: $131,296,742)** | **Total Foreign Government Obligations — 3.1%** <br>**(Cost: $131,296,742)** | 128695388 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 0.0%** | **California — 0.0%** | **California — 0.0%** |
| State of California GO BAB, 7.55%, 04/01/39 | &nbsp;&nbsp; 35 | 42063 |
| **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp; 83 | 83809 |
| **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $127,111)** | **Total Municipal Debt Obligations — 0.0%** <br>**(Cost: $127,111)** | 125872 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.50%, 01/01/32 | &nbsp;&nbsp; 60 | 57934 |
| 3.00%, 05/01/29 | &nbsp;&nbsp; 1408 | 1389003 |
| 3.00%, 03/01/46 | &nbsp;&nbsp; 294 | 262958 |
| 3.00%, 09/01/46 | &nbsp;&nbsp; 274 | 250077 |
| 3.00%, 12/01/46 | &nbsp;&nbsp; 364 | 325532 |
| 3.50%, 05/01/33 | &nbsp;&nbsp; 13 | 12995 |
| 3.50%, 06/01/34 | &nbsp;&nbsp; 10 | 9335 |
| 3.50%, 03/01/38 | &nbsp;&nbsp; 23 | 21751 |
| 3.50%, 10/01/42 | &nbsp;&nbsp; 8 | 7623 |
| 3.50%, 10/01/44 | &nbsp;&nbsp; 9 | 8365 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 11 | 10475 |
| 3.50%, 09/01/47 | &nbsp;&nbsp; 11 | 10031 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 02/01/48 | &nbsp;&nbsp; $6 | $5222 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 4 | 4027 |
| 4.00%, 09/01/45 | &nbsp;&nbsp; 4 | 4216 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 294 | 279792 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 4 | 3388 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 6 | 6152 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 12 | 11613 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 2 | 2119 |
| Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates<br>|  |  |
| 2.58%, 05/25/32 | &nbsp;&nbsp; 2000 | 1805583 |
| Series K062, Class A2, 3.41%, 12/25/26 | &nbsp;&nbsp; 100 | 99063 |
| Series K077, Class A2, 3.85%, 05/25/28<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1996059 |
| Series K098, Class A2, 2.43%, 08/25/29 | &nbsp;&nbsp; 3000 | 2834974 |
| Series K100, Class A2, 2.67%, 09/25/29 | &nbsp;&nbsp; 1000 | 951385 |
| Series K101, Class A2, 2.52%, 10/25/29 | &nbsp;&nbsp; 300 | 283544 |
| Series K115, Class A2, 1.38%, 06/25/30 | &nbsp;&nbsp; 1920 | 1700276 |
| Series K120, Class A2, 1.50%, 10/25/30 | &nbsp;&nbsp; 3000 | 2645162 |
| Series K154, Class A2, 3.42%, 04/25/32 | &nbsp;&nbsp; 500 | 490095 |
| Series K739, Class A2, 1.34%, 09/25/27 | &nbsp;&nbsp; 886 | 845987 |
| Federal National Mortgage Association-ACES |  |  |
| Series 2017-M11, Class A2, 2.98%, 08/25/29 | &nbsp;&nbsp; 126 | 121798 |
| Series 2017-M8, Class A2, 3.06%, 05/25/27<sup>(a)</sup> | &nbsp;&nbsp; 1353 | 1330972 |
| Series 2021-M13, Class A2, 1.65%, 04/25/31<sup>(a)</sup> | &nbsp;&nbsp; 600 | 523518 |
| Series 2021-M17, Class A2, 1.71%, 07/25/31<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 876550 |
| Government National Mortgage Association |  |  |
| 1.50%, 10/20/51 | &nbsp;&nbsp; 207 | 161201 |
| 2.00%, 07/20/50 | &nbsp;&nbsp; 63 | 51977 |
| 2.00%, 08/20/50 | &nbsp;&nbsp; 2911 | 2384596 |
| 2.00%, 09/20/50 | &nbsp;&nbsp; 6979 | 5717099 |
| 2.00%, 11/20/50 | &nbsp;&nbsp; 1447 | 1185372 |
| 2.00%, 12/20/50 | &nbsp;&nbsp; 1492 | 1221918 |
| 2.00%, 01/20/51 | &nbsp;&nbsp; 2545 | 2083950 |
| 2.00%, 02/20/51 | &nbsp;&nbsp; 3424 | 2803988 |
| 2.00%, 08/20/51 | &nbsp;&nbsp; 3580 | 2930880 |
| 2.00%, 11/20/51 | &nbsp;&nbsp; 756 | 618717 |
| 2.00%, 12/20/51 | &nbsp;&nbsp; 2802 | 2293841 |
| 2.00%, 01/20/52 | &nbsp;&nbsp; 9070 | 7425510 |
| 2.00%, 02/20/52 | &nbsp;&nbsp; 4562 | 3734558 |
| 2.00%, 03/20/52 | &nbsp;&nbsp; 1207 | 988409 |
| 2.00%, 04/20/52 | &nbsp;&nbsp; 3510 | 2873336 |
| 2.00%, 09/22/55<sup>(h)</sup> | &nbsp;&nbsp; 525 | 429959 |
| 2.50%, 12/20/46 | &nbsp;&nbsp; 91 | 79177 |
| 2.50%, 06/20/50 | &nbsp;&nbsp; 3292 | 2809607 |
| 2.50%, 08/20/50 | &nbsp;&nbsp; 278 | 235649 |
| 2.50%, 09/20/50 | &nbsp;&nbsp; 402 | 340281 |
| 2.50%, 01/20/51 | &nbsp;&nbsp; 1027 | 876282 |
| 2.50%, 02/20/51 | &nbsp;&nbsp; 6069 | 5172045 |
| 2.50%, 05/20/51 | &nbsp;&nbsp; 726 | 618182 |
| 2.50%, 07/20/51 | &nbsp;&nbsp; 2435 | 2074768 |
| 2.50%, 08/20/51 | &nbsp;&nbsp; 7217 | 6147806 |
| 2.50%, 11/20/51 | &nbsp;&nbsp; 2580 | 2197568 |
| 2.50%, 01/20/52 | &nbsp;&nbsp; 1399 | 1191156 |
| 2.50%, 02/20/52 | &nbsp;&nbsp; 1897 | 1615458 |
| 2.50%, 03/20/52 | &nbsp;&nbsp; 6870 | 5851815 |
| 2.50%, 04/20/52 | &nbsp;&nbsp; 2796 | 2382055 |
| 2.50%, 05/20/52 | &nbsp;&nbsp; 1749 | 1490038 |
| 2.50%, 07/20/52 | &nbsp;&nbsp; 564 | 480233 |
| 2.50%, 08/20/52 | &nbsp;&nbsp; 1342 | 1143464 |
| 2.50%, 09/20/52 | &nbsp;&nbsp; 909 | 774308 |
| 2.50%, 09/22/55<sup>(h)</sup> | &nbsp;&nbsp; 1175 | 1001481 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 07/20/45 | &nbsp;&nbsp; $45 | $40530 |
| 3.00%, 11/20/45 | &nbsp;&nbsp; 211 | 189813 |
| 3.00%, 12/20/45 | &nbsp;&nbsp; 37 | 32878 |
| 3.00%, 01/20/46 | &nbsp;&nbsp; 19 | 17113 |
| 3.00%, 03/20/46 | &nbsp;&nbsp; 332 | 297917 |
| 3.00%, 04/20/46 | &nbsp;&nbsp; 9 | 7931 |
| 3.00%, 05/20/46 | &nbsp;&nbsp; 23 | 20291 |
| 3.00%, 08/20/46 | &nbsp;&nbsp; 276 | 247782 |
| 3.00%, 09/20/46 | &nbsp;&nbsp; 660 | 594082 |
| 3.00%, 11/20/46 | &nbsp;&nbsp; 17 | 15389 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 21 | 18688 |
| 3.00%, 03/20/47 | &nbsp;&nbsp; 7 | 6206 |
| 3.00%, 06/20/47 | &nbsp;&nbsp; 22 | 19509 |
| 3.00%, 10/20/47 | &nbsp;&nbsp; 391 | 350683 |
| 3.00%, 02/20/48 | &nbsp;&nbsp; 15 | 13312 |
| 3.00%, 04/20/49 | &nbsp;&nbsp; 700 | 627312 |
| 3.00%, 10/15/49 | &nbsp;&nbsp; 113 | 100385 |
| 3.00%, 01/20/50 | &nbsp;&nbsp; 723 | 643118 |
| 3.00%, 02/20/50 | &nbsp;&nbsp; 150 | 133734 |
| 3.00%, 07/20/50 | &nbsp;&nbsp; 1285 | 1141865 |
| 3.00%, 08/20/50 | &nbsp;&nbsp; 223 | 198487 |
| 3.00%, 12/20/50 | &nbsp;&nbsp; 975 | 866556 |
| 3.00%, 08/20/51 | &nbsp;&nbsp; 1873 | 1660713 |
| 3.00%, 09/20/51 | &nbsp;&nbsp; 1388 | 1230125 |
| 3.00%, 10/20/51 | &nbsp;&nbsp; 2617 | 2320197 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; 1180 | 1045747 |
| 3.00%, 12/20/51 | &nbsp;&nbsp; 1478 | 1310356 |
| 3.00%, 02/20/52 | &nbsp;&nbsp; 2138 | 1894188 |
| 3.00%, 03/20/52 | &nbsp;&nbsp; 2248 | 1975223 |
| 3.00%, 05/20/52 | &nbsp;&nbsp; 2753 | 2438603 |
| 3.00%, 06/20/52 | &nbsp;&nbsp; 5467 | 4842369 |
| 3.00%, 07/20/52 | &nbsp;&nbsp; 755 | 668898 |
| 3.00%, 09/20/52 | &nbsp;&nbsp; 471 | 417176 |
| 3.00%, 09/22/55<sup>(h)</sup> | &nbsp;&nbsp; 3063 | 2712061 |
| 3.50%, 09/20/42 | &nbsp;&nbsp; 28 | 26240 |
| 3.50%, 12/20/42 | &nbsp;&nbsp; 25 | 23546 |
| 3.50%, 09/20/45 | &nbsp;&nbsp; 2156 | 1998855 |
| 3.50%, 11/20/46 | &nbsp;&nbsp; 7 | 6157 |
| 3.50%, 01/20/47 | &nbsp;&nbsp; 6 | 5900 |
| 3.50%, 06/20/47 | &nbsp;&nbsp; 6 | 5191 |
| 3.50%, 08/20/47 | &nbsp;&nbsp; 96 | 88705 |
| 3.50%, 09/20/47 | &nbsp;&nbsp; 3813 | 3528862 |
| 3.50%, 11/20/47 | &nbsp;&nbsp; 24 | 22592 |
| 3.50%, 02/20/48 | &nbsp;&nbsp; 13 | 12050 |
| 3.50%, 08/20/48 | &nbsp;&nbsp; 24 | 21848 |
| 3.50%, 01/20/49 | &nbsp;&nbsp; 10 | 9630 |
| 3.50%, 03/20/49 | &nbsp;&nbsp; 1071 | 987118 |
| 3.50%, 09/20/49 | &nbsp;&nbsp; 729 | 671167 |
| 3.50%, 10/20/49 | &nbsp;&nbsp; 512 | 471591 |
| 3.50%, 12/20/49 | &nbsp;&nbsp; 206 | 189670 |
| 3.50%, 01/20/50 | &nbsp;&nbsp; 473 | 435037 |
| 3.50%, 03/20/50 | &nbsp;&nbsp; 324 | 297991 |
| 3.50%, 08/20/50 | &nbsp;&nbsp; 156 | 143880 |
| 3.50%, 01/20/52 | &nbsp;&nbsp; 2130 | 1950921 |
| 3.50%, 02/20/52 | &nbsp;&nbsp; 467 | 427888 |
| 3.50%, 10/20/52 | &nbsp;&nbsp; 1213 | 1109807 |
| 3.50%, 05/20/53 | &nbsp;&nbsp; 1312 | 1208055 |
| 3.50%, 09/22/55<sup>(h)</sup> | &nbsp;&nbsp; 9225 | 8394700 |
| 4.00%, 04/20/47 | &nbsp;&nbsp; 48 | 45964 |
| 4.00%, 07/20/47 | &nbsp;&nbsp; 55 | 52300 |
| 4.00%, 11/20/47 | &nbsp;&nbsp; 11 | 10750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 04/20/48 | &nbsp;&nbsp; $2 | $2071 |
| 4.00%, 05/15/48 | &nbsp;&nbsp; 3 | 3156 |
| 4.00%, 05/20/48 | &nbsp;&nbsp; 8 | 7945 |
| 4.00%, 08/20/48 | &nbsp;&nbsp; 18 | 17329 |
| 4.00%, 09/20/48 | &nbsp;&nbsp; 47 | 44837 |
| 4.00%, 11/20/48 | &nbsp;&nbsp; 535 | 506873 |
| 4.00%, 12/20/48 | &nbsp;&nbsp; 954 | 904135 |
| 4.00%, 02/20/49 | &nbsp;&nbsp; 656 | 622140 |
| 4.00%, 01/20/50 | &nbsp;&nbsp; 1911 | 1806441 |
| 4.00%, 02/20/50 | &nbsp;&nbsp; 1561 | 1475006 |
| 4.00%, 07/20/52 | &nbsp;&nbsp; 223 | 209886 |
| 4.00%, 09/20/52 | &nbsp;&nbsp; 2451 | 2305265 |
| 4.00%, 12/20/52 | &nbsp;&nbsp; 611 | 574245 |
| 4.00%, 09/22/55<sup>(h)</sup> | &nbsp;&nbsp; 7781 | 7257698 |
| 4.50%, 07/20/41 | &nbsp;&nbsp; 743 | 739091 |
| 4.50%, 06/20/48 | &nbsp;&nbsp; 16 | 16126 |
| 4.50%, 08/20/48 | &nbsp;&nbsp; 3 | 2670 |
| 4.50%, 09/20/48 | &nbsp;&nbsp; 200 | 196441 |
| 4.50%, 10/20/48 | &nbsp;&nbsp; 99 | 97456 |
| 4.50%, 12/20/48 | &nbsp;&nbsp; 39 | 38602 |
| 4.50%, 01/20/49 | &nbsp;&nbsp; 147 | 144378 |
| 4.50%, 03/20/49 | &nbsp;&nbsp; 1131 | 1110333 |
| 4.50%, 06/20/49 | &nbsp;&nbsp; 27 | 26913 |
| 4.50%, 07/20/49 | &nbsp;&nbsp; 11 | 11155 |
| 4.50%, 08/20/49 | &nbsp;&nbsp; 3 | 2803 |
| 4.50%, 07/20/52 | &nbsp;&nbsp; 790 | 767820 |
| 4.50%, 08/20/52 | &nbsp;&nbsp; 3524 | 3426052 |
| 4.50%, 04/20/53 | &nbsp;&nbsp; 2965 | 2873136 |
| 4.50%, 06/20/53 | &nbsp;&nbsp; 1545 | 1497665 |
| 4.50%, 10/20/54 | &nbsp;&nbsp; 1708 | 1647549 |
| 4.50%, 11/20/54 | &nbsp;&nbsp; 1294 | 1247543 |
| 4.50%, 09/22/55<sup>(h)</sup> | &nbsp;&nbsp; 4625 | 4453770 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 5 | 5066 |
| 5.00%, 05/20/48 | &nbsp;&nbsp; 2 | 2245 |
| 5.00%, 11/20/48 | &nbsp;&nbsp; 2 | 1658 |
| 5.00%, 12/20/48 | &nbsp;&nbsp; 4 | 3553 |
| 5.00%, 01/20/49 | &nbsp;&nbsp; 18 | 18186 |
| 5.00%, 06/20/49 | &nbsp;&nbsp; 254 | 255329 |
| 5.00%, 07/20/52 | &nbsp;&nbsp; 196 | 194323 |
| 5.00%, 09/20/52 | &nbsp;&nbsp; 1436 | 1426593 |
| 5.00%, 04/20/53 | &nbsp;&nbsp; 2130 | 2119774 |
| 5.00%, 07/20/53 | &nbsp;&nbsp; 3680 | 3655952 |
| 5.00%, 11/20/53 | &nbsp;&nbsp; 1113 | 1105225 |
| 5.00%, 09/15/54<sup>(h)</sup> | &nbsp;&nbsp; 4527 | 4481015 |
| 5.00%, 09/20/54 | &nbsp;&nbsp; 553 | 547454 |
| 5.00%, 11/20/54 | &nbsp;&nbsp; 7855 | 7770394 |
| 5.00%, 12/20/54 | &nbsp;&nbsp; 4683 | 4632699 |
| 5.50%, 12/20/52 | &nbsp;&nbsp; 2099 | 2127012 |
| 5.50%, 01/20/53 | &nbsp;&nbsp; 88 | 89517 |
| 5.50%, 03/20/53 | &nbsp;&nbsp; 1902 | 1925511 |
| 5.50%, 04/20/53 | &nbsp;&nbsp; 2464 | 2493343 |
| 5.50%, 05/20/53 | &nbsp;&nbsp; 551 | 557598 |
| 5.50%, 06/20/53 | &nbsp;&nbsp; 474 | 479964 |
| 5.50%, 07/20/53 | &nbsp;&nbsp; 569 | 577050 |
| 5.50%, 04/20/54 | &nbsp;&nbsp; 1643 | 1656761 |
| 5.50%, 08/20/54 | &nbsp;&nbsp; 2515 | 2536520 |
| 5.50%, 09/15/54<sup>(h)</sup> | &nbsp;&nbsp; 8450 | 8512027 |
| 5.50%, 10/20/54 | &nbsp;&nbsp; 4407 | 4442785 |
| 5.50%, 11/20/54 | &nbsp;&nbsp; 2659 | 2680054 |
| 6.00%, 09/20/53 | &nbsp;&nbsp; 1050 | 1077408 |
| 6.00%, 10/20/53 | &nbsp;&nbsp; 1608 | 1648976 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 06/20/54 | &nbsp;&nbsp; $1078 | $1103494 |
| 6.00%, 07/20/54 | &nbsp;&nbsp; 1897 | 1939494 |
| 6.00%, 08/20/54 | &nbsp;&nbsp; 1652 | 1687909 |
| 6.00%, 09/15/54<sup>(h)</sup> | &nbsp;&nbsp; 5250 | 5354094 |
| 6.00%, 09/20/54 | &nbsp;&nbsp; 4222 | 4312503 |
| 6.00%, 01/20/55 | &nbsp;&nbsp; 1508 | 1539016 |
| 6.50%, 10/20/53 | &nbsp;&nbsp; 2281 | 2350211 |
| 6.50%, 09/15/54<sup>(h)</sup> | &nbsp;&nbsp; 1991 | 2048365 |
| 6.50%, 02/20/55 | &nbsp;&nbsp; 2562 | 2634764 |
| 6.50%, 03/20/55 | &nbsp;&nbsp; 688 | 708878 |
| 6.50%, 06/20/55 | &nbsp;&nbsp; 348 | 358896 |
| 6.50%, 08/20/55 | &nbsp;&nbsp; 453 | 466909 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 03/01/36 | &nbsp;&nbsp; 379 | 339392 |
| 1.50%, 10/01/36 | &nbsp;&nbsp; 319 | 285680 |
| 1.50%, 11/01/36 | &nbsp;&nbsp; 209 | 187090 |
| 1.50%, 02/01/37 | &nbsp;&nbsp; 2123 | 1895487 |
| 1.50%, 03/01/37 | &nbsp;&nbsp; 3026 | 2700896 |
| 1.50%, 04/01/37 | &nbsp;&nbsp; 503 | 449401 |
| 1.50%, 08/01/37 | &nbsp;&nbsp; 284 | 253431 |
| 1.50%, 09/18/40<sup>(h)</sup> | &nbsp;&nbsp; 4631 | 4138763 |
| 1.50%, 11/01/50 | &nbsp;&nbsp; 396 | 299369 |
| 1.50%, 02/01/51 | &nbsp;&nbsp; 3004 | 2269427 |
| 1.50%, 04/01/51 | &nbsp;&nbsp; 1056 | 798593 |
| 1.50%, 05/01/51 | &nbsp;&nbsp; 2017 | 1525319 |
| 1.50%, 07/01/51 | &nbsp;&nbsp; 4049 | 3061749 |
| 1.50%, 11/01/51 | &nbsp;&nbsp; 1376 | 1040467 |
| 1.50%, 04/01/52 | &nbsp;&nbsp; 419 | 317056 |
| 2.00%, 12/01/35 | &nbsp;&nbsp; 1247 | 1151778 |
| 2.00%, 02/01/36 | &nbsp;&nbsp; 3570 | 3300092 |
| 2.00%, 03/01/36 | &nbsp;&nbsp; 556 | 512649 |
| 2.00%, 05/01/36 | &nbsp;&nbsp; 1836 | 1692552 |
| 2.00%, 06/01/36 | &nbsp;&nbsp; 1095 | 1007053 |
| 2.00%, 08/01/36 | &nbsp;&nbsp; 952 | 877023 |
| 2.00%, 09/01/36 | &nbsp;&nbsp; 1617 | 1484356 |
| 2.00%, 10/01/36 | &nbsp;&nbsp; 452 | 416202 |
| 2.00%, 11/01/36 | &nbsp;&nbsp; 952 | 875927 |
| 2.00%, 12/01/36 | &nbsp;&nbsp; 1281 | 1176868 |
| 2.00%, 01/01/37 | &nbsp;&nbsp; 2720 | 2500354 |
| 2.00%, 02/01/37 | &nbsp;&nbsp; 4831 | 4434798 |
| 2.00%, 03/01/37 | &nbsp;&nbsp; 2350 | 2155463 |
| 2.00%, 04/01/37 | &nbsp;&nbsp; 6645 | 6092770 |
| 2.00%, 05/01/37 | &nbsp;&nbsp; 2566 | 2352334 |
| 2.00%, 06/01/37 | &nbsp;&nbsp; 1893 | 1735338 |
| 2.00%, 09/18/40<sup>(h)</sup> | &nbsp;&nbsp; 8136 | 7464007 |
| 2.00%, 06/01/50 | &nbsp;&nbsp; 2852 | 2293283 |
| 2.00%, 07/01/50 | &nbsp;&nbsp; 1133 | 910600 |
| 2.00%, 08/01/50 | &nbsp;&nbsp; 673 | 544411 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 3415 | 2744285 |
| 2.00%, 10/01/50 | &nbsp;&nbsp; 2387 | 1918208 |
| 2.00%, 11/01/50 | &nbsp;&nbsp; 3703 | 2970333 |
| 2.00%, 12/01/50 | &nbsp;&nbsp; 7136 | 5771904 |
| 2.00%, 01/01/51 | &nbsp;&nbsp; 3313 | 2664843 |
| 2.00%, 02/01/51 | &nbsp;&nbsp; 2543 | 2040181 |
| 2.00%, 03/01/51 | &nbsp;&nbsp; 4004 | 3212845 |
| 2.00%, 04/01/51 | &nbsp;&nbsp; 11309 | 9064325 |
| 2.00%, 05/01/51 | &nbsp;&nbsp; 11077 | 8880242 |
| 2.00%, 06/01/51 | &nbsp;&nbsp; 3571 | 2870417 |
| 2.00%, 07/01/51 | &nbsp;&nbsp; 4146 | 3321657 |
| 2.00%, 08/01/51 | &nbsp;&nbsp; 5036 | 4024318 |
| 2.00%, 09/01/51 | &nbsp;&nbsp; 1613 | 1288685 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.00%, 10/01/51 | &nbsp;&nbsp; $12621 | $10120613 |
| 2.00%, 11/01/51 | &nbsp;&nbsp; 12341 | 9872357 |
| 2.00%, 12/01/51 | &nbsp;&nbsp; 5907 | 4733116 |
| 2.00%, 01/01/52 | &nbsp;&nbsp; 8061 | 6448994 |
| 2.00%, 02/01/52 | &nbsp;&nbsp; 15834 | 12630821 |
| 2.00%, 03/01/52 | &nbsp;&nbsp; 26337 | 21004832 |
| 2.00%, 04/01/52 | &nbsp;&nbsp; 4860 | 3877601 |
| 2.00%, 05/01/52 | &nbsp;&nbsp; 20698 | 16515180 |
| 2.00%, 07/01/52 | &nbsp;&nbsp; 1306 | 1042089 |
| 2.00%, 10/01/52 | &nbsp;&nbsp; 5558 | 4429781 |
| 2.00%, 09/15/55<sup>(h)</sup> | &nbsp;&nbsp; 7600 | 6035966 |
| 2.50%, 01/01/32 | &nbsp;&nbsp; 48 | 46441 |
| 2.50%, 04/01/32 | &nbsp;&nbsp; 213 | 205693 |
| 2.50%, 06/01/32 | &nbsp;&nbsp; 86 | 83065 |
| 2.50%, 01/01/33 | &nbsp;&nbsp; 36 | 34524 |
| 2.50%, 11/01/34 | &nbsp;&nbsp; 290 | 273367 |
| 2.50%, 07/01/35 | &nbsp;&nbsp; 398 | 377179 |
| 2.50%, 10/01/35 | &nbsp;&nbsp; 1663 | 1571144 |
| 2.50%, 03/01/36 | &nbsp;&nbsp; 686 | 647602 |
| 2.50%, 05/01/36 | &nbsp;&nbsp; 1423 | 1338234 |
| 2.50%, 06/01/36 | &nbsp;&nbsp; 357 | 335592 |
| 2.50%, 07/01/36 | &nbsp;&nbsp; 1375 | 1292041 |
| 2.50%, 08/01/36 | &nbsp;&nbsp; 257 | 240969 |
| 2.50%, 03/01/37 | &nbsp;&nbsp; 799 | 750520 |
| 2.50%, 04/01/37 | &nbsp;&nbsp; 1855 | 1739277 |
| 2.50%, 05/01/37 | &nbsp;&nbsp; 1696 | 1590480 |
| 2.50%, 06/01/37 | &nbsp;&nbsp; 715 | 670734 |
| 2.50%, 09/18/40<sup>(h)</sup> | &nbsp;&nbsp; 9588 | 8995238 |
| 2.50%, 04/01/47 | &nbsp;&nbsp; 11 | 9598 |
| 2.50%, 05/01/50 | &nbsp;&nbsp; 2021 | 1697509 |
| 2.50%, 06/01/50 | &nbsp;&nbsp; 76 | 62799 |
| 2.50%, 07/01/50 | &nbsp;&nbsp; 194 | 164837 |
| 2.50%, 08/01/50 | &nbsp;&nbsp; 208 | 176497 |
| 2.50%, 09/01/50 | &nbsp;&nbsp; 1332 | 1122821 |
| 2.50%, 10/01/50 | &nbsp;&nbsp; 511 | 430473 |
| 2.50%, 11/01/50 | &nbsp;&nbsp; 6373 | 5383232 |
| 2.50%, 12/01/50 | &nbsp;&nbsp; 5942 | 4945835 |
| 2.50%, 01/01/51 | &nbsp;&nbsp; 909 | 760916 |
| 2.50%, 02/01/51 | &nbsp;&nbsp; 1451 | 1215671 |
| 2.50%, 03/01/51 | &nbsp;&nbsp; 1640 | 1376943 |
| 2.50%, 04/01/51 | &nbsp;&nbsp; 262 | 218055 |
| 2.50%, 07/01/51 | &nbsp;&nbsp; 4230 | 3535828 |
| 2.50%, 08/01/51 | &nbsp;&nbsp; 8092 | 6798075 |
| 2.50%, 09/01/51 | &nbsp;&nbsp; 10756 | 8988541 |
| 2.50%, 10/01/51 | &nbsp;&nbsp; 12870 | 10806643 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 5387 | 4503959 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; 16580 | 13865911 |
| 2.50%, 01/01/52 | &nbsp;&nbsp; 15713 | 13133980 |
| 2.50%, 02/01/52 | &nbsp;&nbsp; 13791 | 11505574 |
| 2.50%, 03/01/52 | &nbsp;&nbsp; 6036 | 5037199 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 8834 | 7361158 |
| 2.50%, 05/01/52 | &nbsp;&nbsp; 1833 | 1529208 |
| 2.50%, 07/01/52 | &nbsp;&nbsp; 3842 | 3203372 |
| 2.50%, 01/01/54 | &nbsp;&nbsp; 1034 | 863183 |
| 2.50%, 09/15/55<sup>(h)</sup> | &nbsp;&nbsp; 5250 | 4358220 |
| 3.00%, 03/01/30 | &nbsp;&nbsp; 457 | 449337 |
| 3.00%, 01/01/31 | &nbsp;&nbsp; 24 | 23431 |
| 3.00%, 08/01/32 | &nbsp;&nbsp; 52 | 50799 |
| 3.00%, 10/01/33 | &nbsp;&nbsp; 22 | 21474 |
| 3.00%, 07/01/34 | &nbsp;&nbsp; 5 | 4785 |
| 3.00%, 09/01/34 | &nbsp;&nbsp; 36 | 35270 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 11/01/34 | &nbsp;&nbsp; $18 | $17720 |
| 3.00%, 12/01/34 | &nbsp;&nbsp; 45 | 42949 |
| 3.00%, 03/01/35 | &nbsp;&nbsp; 139 | 133821 |
| 3.00%, 07/01/35 | &nbsp;&nbsp; 111 | 107595 |
| 3.00%, 10/01/35 | &nbsp;&nbsp; 375 | 361519 |
| 3.00%, 04/01/37 | &nbsp;&nbsp; 1068 | 1020963 |
| 3.00%, 07/01/37 | &nbsp;&nbsp; 603 | 579297 |
| 3.00%, 11/01/38 | &nbsp;&nbsp; 4714 | 4506093 |
| 3.00%, 09/15/39<sup>(h)</sup> | &nbsp;&nbsp; 3893 | 3721754 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 359 | 322388 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 743 | 664164 |
| 3.00%, 12/01/46 | &nbsp;&nbsp; 356 | 318051 |
| 3.00%, 12/01/47 | &nbsp;&nbsp; 154 | 136766 |
| 3.00%, 01/01/48 | &nbsp;&nbsp; 57 | 50659 |
| 3.00%, 03/01/48 | &nbsp;&nbsp; 990 | 879782 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 107 | 94835 |
| 3.00%, 02/01/49 | &nbsp;&nbsp; 3635 | 3267693 |
| 3.00%, 09/01/49 | &nbsp;&nbsp; 8 | 7371 |
| 3.00%, 11/01/49 | &nbsp;&nbsp; 7 | 5768 |
| 3.00%, 12/01/49 | &nbsp;&nbsp; 81 | 71017 |
| 3.00%, 02/01/50 | &nbsp;&nbsp; 1537 | 1350153 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 131 | 115316 |
| 3.00%, 04/01/50 | &nbsp;&nbsp; 59 | 52310 |
| 3.00%, 06/01/50 | &nbsp;&nbsp; 3118 | 2720121 |
| 3.00%, 07/01/50 | &nbsp;&nbsp; 2061 | 1808051 |
| 3.00%, 08/01/50 | &nbsp;&nbsp; 1593 | 1408918 |
| 3.00%, 09/01/50 | &nbsp;&nbsp; 475 | 416602 |
| 3.00%, 10/01/50 | &nbsp;&nbsp; 3620 | 3156812 |
| 3.00%, 11/01/50 | &nbsp;&nbsp; 851 | 745738 |
| 3.00%, 12/01/50 | &nbsp;&nbsp; 398 | 349131 |
| 3.00%, 01/01/51 | &nbsp;&nbsp; 1033 | 909183 |
| 3.00%, 04/01/51 | &nbsp;&nbsp; 6621 | 5738629 |
| 3.00%, 05/01/51 | &nbsp;&nbsp; 2868 | 2521445 |
| 3.00%, 06/01/51 | &nbsp;&nbsp; 9109 | 7973978 |
| 3.00%, 07/01/51 | &nbsp;&nbsp; 4118 | 3609163 |
| 3.00%, 08/01/51 | &nbsp;&nbsp; 820 | 721733 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; 469 | 409418 |
| 3.00%, 01/01/52 | &nbsp;&nbsp; 3234 | 2802815 |
| 3.00%, 02/01/52 | &nbsp;&nbsp; 2018 | 1771374 |
| 3.00%, 03/01/52 | &nbsp;&nbsp; 6514 | 5685616 |
| 3.00%, 04/01/52 | &nbsp;&nbsp; 8228 | 7187516 |
| 3.00%, 05/01/52 | &nbsp;&nbsp; 3744 | 3263970 |
| 3.00%, 07/01/52 | &nbsp;&nbsp; 2263 | 1965529 |
| 3.00%, 09/15/55<sup>(h)</sup> | &nbsp;&nbsp; 3550 | 3075037 |
| 3.50%, 06/01/33 | &nbsp;&nbsp; 13 | 13242 |
| 3.50%, 11/01/33 | &nbsp;&nbsp; 11 | 10515 |
| 3.50%, 02/01/34 | &nbsp;&nbsp; 268 | 263796 |
| 3.50%, 07/01/34 | &nbsp;&nbsp; 6 | 5610 |
| 3.50%, 08/01/34 | &nbsp;&nbsp; 8 | 7846 |
| 3.50%, 01/01/35 | &nbsp;&nbsp; 11 | 10915 |
| 3.50%, 11/01/38 | &nbsp;&nbsp; 4779 | 4634741 |
| 3.50%, 09/18/40<sup>(h)</sup> | &nbsp;&nbsp; 1072 | 1037852 |
| 3.50%, 09/01/42 | &nbsp;&nbsp; 2091 | 1966748 |
| 3.50%, 07/01/45 | &nbsp;&nbsp; 3538 | 3280854 |
| 3.50%, 08/01/45 | &nbsp;&nbsp; 35 | 32623 |
| 3.50%, 01/01/46 | &nbsp;&nbsp; 79 | 73861 |
| 3.50%, 09/01/46 | &nbsp;&nbsp; 325 | 301283 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 48 | 44074 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 1572 | 1472531 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 10 | 8861 |
| 3.50%, 10/01/47 | &nbsp;&nbsp; 931 | 856233 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 11/01/47 | &nbsp;&nbsp; $233 | $214083 |
| 3.50%, 01/01/48 | &nbsp;&nbsp; 1716 | 1578829 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 699 | 642709 |
| 3.50%, 04/01/48 | &nbsp;&nbsp; 54 | 49645 |
| 3.50%, 07/01/48 | &nbsp;&nbsp; 145 | 134425 |
| 3.50%, 11/01/48 | &nbsp;&nbsp; 9 | 7934 |
| 3.50%, 01/01/49 | &nbsp;&nbsp; 95 | 87680 |
| 3.50%, 02/01/49 | &nbsp;&nbsp; 243 | 225280 |
| 3.50%, 03/01/49 | &nbsp;&nbsp; 686 | 631489 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 2279 | 2094370 |
| 3.50%, 08/01/49 | &nbsp;&nbsp; 860 | 790673 |
| 3.50%, 09/01/49 | &nbsp;&nbsp; 1858 | 1697091 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 135 | 123485 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 4597 | 4203861 |
| 3.50%, 06/01/50 | &nbsp;&nbsp; 262 | 239441 |
| 3.50%, 07/01/50 | &nbsp;&nbsp; 399 | 364712 |
| 3.50%, 02/01/51 | &nbsp;&nbsp; 3810 | 3479480 |
| 3.50%, 10/01/51 | &nbsp;&nbsp; 714 | 655771 |
| 3.50%, 04/01/52 | &nbsp;&nbsp; 4314 | 3933852 |
| 3.50%, 05/01/52 | &nbsp;&nbsp; 10788 | 9796798 |
| 3.50%, 06/01/52 | &nbsp;&nbsp; 4970 | 4537766 |
| 3.50%, 07/01/52 | &nbsp;&nbsp; 1747 | 1586383 |
| 3.50%, 09/15/54<sup>(h)</sup> | &nbsp;&nbsp; 2828 | 2554483 |
| 4.00%, 07/01/33 | &nbsp;&nbsp; 8 | 7998 |
| 4.00%, 08/01/37 | &nbsp;&nbsp; 176 | 173075 |
| 4.00%, 09/01/37 | &nbsp;&nbsp; 235 | 231617 |
| 4.00%, 11/01/37 | &nbsp;&nbsp; 342 | 336879 |
| 4.00%, 02/01/38 | &nbsp;&nbsp; 178 | 175222 |
| 4.00%, 05/01/38 | &nbsp;&nbsp; 155 | 152359 |
| 4.00%, 11/01/38 | &nbsp;&nbsp; 91 | 89721 |
| 4.00%, 09/15/39<sup>(h)</sup> | &nbsp;&nbsp; 2175 | 2135238 |
| 4.00%, 11/01/39 | &nbsp;&nbsp; 1386 | 1361711 |
| 4.00%, 12/01/39 | &nbsp;&nbsp; 3241 | 3184598 |
| 4.00%, 01/01/46 | &nbsp;&nbsp; 222 | 213195 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 7 | 6528 |
| 4.00%, 07/01/47 | &nbsp;&nbsp; 1462 | 1388576 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 285 | 273813 |
| 4.00%, 09/01/47 | &nbsp;&nbsp; 332 | 315137 |
| 4.00%, 05/01/48 | &nbsp;&nbsp; 1961 | 1858501 |
| 4.00%, 09/01/48 | &nbsp;&nbsp; 2185 | 2071642 |
| 4.00%, 10/01/48 | &nbsp;&nbsp; 4 | 4067 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 2 | 2108 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 1190 | 1128161 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 1348 | 1277592 |
| 4.00%, 05/01/49 | &nbsp;&nbsp; 13 | 12135 |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 13 | 12535 |
| 4.00%, 07/01/49 | &nbsp;&nbsp; 1804 | 1709781 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 241 | 226302 |
| 4.00%, 12/01/49 | &nbsp;&nbsp; 8 | 7337 |
| 4.00%, 01/01/50 | &nbsp;&nbsp; 73 | 68914 |
| 4.00%, 04/01/50 | &nbsp;&nbsp; 1599 | 1512283 |
| 4.00%, 05/01/50 | &nbsp;&nbsp; 953 | 898332 |
| 4.00%, 05/01/51 | &nbsp;&nbsp; 233 | 220473 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 544 | 509337 |
| 4.00%, 05/01/52 | &nbsp;&nbsp; 1275 | 1196317 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 1450 | 1360130 |
| 4.00%, 07/01/52 | &nbsp;&nbsp; 3216 | 3016799 |
| 4.00%, 08/01/52 | &nbsp;&nbsp; 3393 | 3181082 |
| 4.00%, 09/01/52 | &nbsp;&nbsp; 490 | 459257 |
| 4.00%, 10/01/52 | &nbsp;&nbsp; 610 | 574496 |
| 4.00%, 12/01/52 | &nbsp;&nbsp; 4692 | 4389403 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 02/01/53 | &nbsp;&nbsp; $3697 | $3495131 |
| 4.00%, 06/01/54 | &nbsp;&nbsp; 1656 | 1545464 |
| 4.00%, 09/15/55<sup>(h)</sup> | &nbsp;&nbsp; 9625 | 8982570 |
| 4.50%, 09/15/39<sup>(h)</sup> | &nbsp;&nbsp; 25 | 24945 |
| 4.50%, 10/01/47 | &nbsp;&nbsp; 8 | 7617 |
| 4.50%, 08/01/48 | &nbsp;&nbsp; 18 | 17903 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 353 | 344581 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 16 | 14978 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 18 | 17604 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 55 | 53385 |
| 4.50%, 02/01/49 | &nbsp;&nbsp; 73 | 70935 |
| 4.50%, 04/01/49 | &nbsp;&nbsp; 137 | 134196 |
| 4.50%, 05/01/49 | &nbsp;&nbsp; 9 | 8996 |
| 4.50%, 09/01/50 | &nbsp;&nbsp; 1083 | 1059948 |
| 4.50%, 05/01/52 | &nbsp;&nbsp; 374 | 365296 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 1858 | 1796404 |
| 4.50%, 07/01/52 | &nbsp;&nbsp; 195 | 189310 |
| 4.50%, 08/01/52 | &nbsp;&nbsp; 1591 | 1542182 |
| 4.50%, 09/01/52 | &nbsp;&nbsp; 3496 | 3388741 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; 7748 | 7510260 |
| 4.50%, 11/01/52 | &nbsp;&nbsp; 968 | 935126 |
| 4.50%, 12/01/52 | &nbsp;&nbsp; 3911 | 3801462 |
| 4.50%, 08/01/53 | &nbsp;&nbsp; 889 | 859594 |
| 4.50%, 03/01/55 | &nbsp;&nbsp; 3260 | 3135934 |
| 4.50%, 09/15/55<sup>(h)</sup> | &nbsp;&nbsp; 6070 | 5838429 |
| 5.00%, 06/01/48 | &nbsp;&nbsp; 107 | 107928 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 9 | 9358 |
| 5.00%, 12/01/49 | &nbsp;&nbsp; 315 | 317237 |
| 5.00%, 08/01/52 | &nbsp;&nbsp; 358 | 356793 |
| 5.00%, 09/01/52 | &nbsp;&nbsp; 751 | 748669 |
| 5.00%, 10/01/52 | &nbsp;&nbsp; 739 | 736170 |
| 5.00%, 11/01/52 | &nbsp;&nbsp; 1761 | 1750778 |
| 5.00%, 12/01/52 | &nbsp;&nbsp; 1014 | 1010848 |
| 5.00%, 01/01/53 | &nbsp;&nbsp; 7111 | 7070579 |
| 5.00%, 03/01/53 | &nbsp;&nbsp; 522 | 521980 |
| 5.00%, 04/01/53 | &nbsp;&nbsp; 1967 | 1947668 |
| 5.00%, 05/01/53 | &nbsp;&nbsp; 578 | 571630 |
| 5.00%, 06/01/53 | &nbsp;&nbsp; 1292 | 1287491 |
| 5.00%, 08/01/53 | &nbsp;&nbsp; 6133 | 6064267 |
| 5.00%, 02/01/54 | &nbsp;&nbsp; 2068 | 2043244 |
| 5.00%, 10/01/54 | &nbsp;&nbsp; 4394 | 4333335 |
| 5.00%, 11/01/54 | &nbsp;&nbsp; 1792 | 1767961 |
| 5.00%, 12/01/54 | &nbsp;&nbsp; 1191 | 1174185 |
| 5.00%, 01/01/55 | &nbsp;&nbsp; 3304 | 3262477 |
| 5.00%, 09/15/55<sup>(h)</sup> | &nbsp;&nbsp; 3950 | 3895466 |
| 5.50%, 09/01/52 | &nbsp;&nbsp; 401 | 410329 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 1220 | 1239661 |
| 5.50%, 12/01/52 | &nbsp;&nbsp; 2074 | 2112433 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 2992 | 3045291 |
| 5.50%, 02/01/53 | &nbsp;&nbsp; 3236 | 3276995 |
| 5.50%, 03/01/53 | &nbsp;&nbsp; 2066 | 2098687 |
| 5.50%, 04/01/53 | &nbsp;&nbsp; 5687 | 5763886 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 6860 | 6913281 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 489 | 497781 |
| 5.50%, 07/01/53 | &nbsp;&nbsp; 1794 | 1821021 |
| 5.50%, 08/01/53 | &nbsp;&nbsp; 1958 | 1973766 |
| 5.50%, 09/01/53 | &nbsp;&nbsp; 3418 | 3442035 |
| 5.50%, 03/01/54 | &nbsp;&nbsp; 4123 | 4160876 |
| 5.50%, 04/01/54 | &nbsp;&nbsp; 997 | 1011270 |
| 5.50%, 05/01/54 | &nbsp;&nbsp; 2093 | 2114756 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 1603 | 1614019 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 08/01/54 | &nbsp;&nbsp; $2293 | $2318635 |
| 5.50%, 09/15/54<sup>(h)</sup> | &nbsp;&nbsp; 7826 | 7870058 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; 2255 | 2269325 |
| 5.50%, 11/01/54 | &nbsp;&nbsp; 4068 | 4125494 |
| 5.50%, 03/01/55 | &nbsp;&nbsp; 868 | 877678 |
| 5.50%, 04/01/55 | &nbsp;&nbsp; 1747 | 1765880 |
| 5.50%, 05/01/55 | &nbsp;&nbsp; 581 | 586166 |
| 5.50%, 07/01/55 | &nbsp;&nbsp; 916 | 923440 |
| 6.00%, 12/01/52 | &nbsp;&nbsp; 138 | 141485 |
| 6.00%, 01/01/53 | &nbsp;&nbsp; 423 | 442008 |
| 6.00%, 02/01/53 | &nbsp;&nbsp; 890 | 913750 |
| 6.00%, 06/01/53 | &nbsp;&nbsp; 245 | 251625 |
| 6.00%, 07/01/53 | &nbsp;&nbsp; 1048 | 1073795 |
| 6.00%, 08/01/53 | &nbsp;&nbsp; 5779 | 5968276 |
| 6.00%, 09/01/53 | &nbsp;&nbsp; 3520 | 3621546 |
| 6.00%, 11/01/53 | &nbsp;&nbsp; 2939 | 3016763 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 585 | 602006 |
| 6.00%, 01/01/54 | &nbsp;&nbsp; 1603 | 1644390 |
| 6.00%, 02/01/54 | &nbsp;&nbsp; 364 | 373851 |
| 6.00%, 03/01/54 | &nbsp;&nbsp; 643 | 658162 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 1760 | 1808847 |
| 6.00%, 05/01/54 | &nbsp;&nbsp; 5283 | 5434030 |
| 6.00%, 07/01/54 | &nbsp;&nbsp; 614 | 632629 |
| 6.00%, 08/01/54 | &nbsp;&nbsp; 5608 | 5760588 |
| 6.00%, 09/01/54 | &nbsp;&nbsp; 2057 | 2127211 |
| 6.00%, 09/15/54<sup>(h)</sup> | &nbsp;&nbsp; 13325 | 13612953 |
| 6.00%, 10/01/54 | &nbsp;&nbsp; 2656 | 2715697 |
| 6.00%, 02/01/55 | &nbsp;&nbsp; 1468 | 1507531 |
| 6.00%, 03/01/55 | &nbsp;&nbsp; 3838 | 3945265 |
| 6.00%, 04/01/55 | &nbsp;&nbsp; 3451 | 3534069 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 1617 | 1655178 |
| 6.00%, 06/01/55 | &nbsp;&nbsp; 345 | 353443 |
| 6.00%, 07/01/55 | &nbsp;&nbsp; 2044 | 2088735 |
| 6.00%, 08/01/55 | &nbsp;&nbsp; 689 | 704706 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 3715 | 3886953 |
| 6.50%, 11/01/53 | &nbsp;&nbsp; 2725 | 2830344 |
| 6.50%, 12/01/53 | &nbsp;&nbsp; 3997 | 4182153 |
| 6.50%, 01/01/54 | &nbsp;&nbsp; 3458 | 3622870 |
| 6.50%, 02/01/54 | &nbsp;&nbsp; 1093 | 1145379 |
| 6.50%, 03/01/54 | &nbsp;&nbsp; 3626 | 3772597 |
| 6.50%, 04/01/54 | &nbsp;&nbsp; 671 | 701980 |
| 6.50%, 07/01/54 | &nbsp;&nbsp; 717 | 748656 |
| 6.50%, 08/01/54 | &nbsp;&nbsp; 3122 | 3247034 |
| 6.50%, 09/01/54 | &nbsp;&nbsp; 443 | 462189 |
| 6.50%, 09/17/54<sup>(h)</sup> | &nbsp;&nbsp; 6525 | 6761665 |
| 6.50%, 01/01/55 | &nbsp;&nbsp; 2136 | 2220026 |
| 6.50%, 02/01/55 | &nbsp;&nbsp; 2106 | 2199802 |
| 6.50%, 04/01/55 | &nbsp;&nbsp; 1402 | 1456578 |
| 6.50%, 07/01/55 | &nbsp;&nbsp; 475 | 495037 |
|  |  | 1016378628 |
| **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** | **U.S. Government Agency Obligations — 0.1%** |
| Federal National Mortgage Association |  |  |
| 5.63%, 07/15/37 | &nbsp;&nbsp; 2142 | 2345484 |
| 6.21%, 08/06/38 | &nbsp;&nbsp; 110 | 127053 |
| 6.25%, 05/15/29 | &nbsp;&nbsp; 378 | 411721 |
| 6.63%, 11/15/30 | &nbsp;&nbsp; 440 | 498861 |
| 7.13%, 01/15/30 | &nbsp;&nbsp; 750 | 852416 |
|  |  | 4235535 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations — 44.5%** | **U.S. Government Obligations — 44.5%** | **U.S. Government Obligations — 44.5%** |
| U.S. Treasury Note/Bond |  |  |
| 0.38%, 09/30/27 | &nbsp;&nbsp; $5400 | $5052797 |
| 0.50%, 04/30/27 | &nbsp;&nbsp; 2350 | 2230848 |
| 0.50%, 05/31/27 | &nbsp;&nbsp; 2080 | 1969988 |
| 0.50%, 06/30/27 | &nbsp;&nbsp; 1900 | 1795203 |
| 0.50%, 08/31/27 | &nbsp;&nbsp; 6300 | 5924461 |
| 0.50%, 10/31/27 | &nbsp;&nbsp; 9250 | 8656699 |
| 0.63%, 03/31/27 | &nbsp;&nbsp; 1000 | 953438 |
| 0.63%, 11/30/27 | &nbsp;&nbsp; 7450 | 6976809 |
| 0.63%, 12/31/27 | &nbsp;&nbsp; 10300 | 9620039 |
| 0.63%, 05/15/30 | &nbsp;&nbsp; 2600 | 2259766 |
| 0.63%, 08/15/30 | &nbsp;&nbsp; 7300 | 6290547 |
| 0.75%, 08/31/26 | &nbsp;&nbsp; 7000 | 6788086 |
| 0.75%, 01/31/28 | &nbsp;&nbsp; 6300 | 5888531 |
| 0.88%, 09/30/26 | &nbsp;&nbsp; 5700 | 5522543 |
| 0.88%, 11/15/30 | &nbsp;&nbsp; 7090 | 6146698 |
| 1.00%, 07/31/28 | &nbsp;&nbsp; 5911 | 5491688 |
| 1.13%, 10/31/26 | &nbsp;&nbsp; 1500 | 1454180 |
| 1.13%, 02/28/27 | &nbsp;&nbsp; 2850 | 2743682 |
| 1.13%, 02/29/28 | &nbsp;&nbsp; 4000 | 3766563 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 8750 | 8141602 |
| 1.13%, 02/15/31 | &nbsp;&nbsp; 14700 | 12840680 |
| 1.13%, 05/15/40 | &nbsp;&nbsp; 7410 | 4610409 |
| 1.13%, 08/15/40 | &nbsp;&nbsp; 10130 | 6233116 |
| 1.25%, 11/30/26 | &nbsp;&nbsp; 7200 | 6979500 |
| 1.25%, 12/31/26 | &nbsp;&nbsp; 8600 | 8321172 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 7100 | 6693969 |
| 1.25%, 04/30/28 | &nbsp;&nbsp; 6080 | 5722800 |
| 1.25%, 05/31/28 | &nbsp;&nbsp; 5619 | 5277909 |
| 1.25%, 06/30/28 | &nbsp;&nbsp; 7770 | 7286196 |
| 1.25%, 09/30/28 | &nbsp;&nbsp; 12200 | 11373641 |
| 1.25%, 08/15/31 | &nbsp;&nbsp; 12400 | 10715344 |
| 1.25%, 05/15/50 | &nbsp;&nbsp; 8547 | 4027774 |
| 1.38%, 08/31/26 | &nbsp;&nbsp; 375 | 365918 |
| 1.38%, 10/31/28 | &nbsp;&nbsp; 5735 | 5357297 |
| 1.38%, 12/31/28 | &nbsp;&nbsp; 5750 | 5352891 |
| 1.38%, 11/15/31 | &nbsp;&nbsp; 17668 | 15267637 |
| 1.38%, 11/15/40 | &nbsp;&nbsp; 7250 | 4618477 |
| 1.38%, 08/15/50 | &nbsp;&nbsp; 4920 | 2376975 |
| 1.50%, 08/15/26 | &nbsp;&nbsp; 3550 | 3471512 |
| 1.50%, 01/31/27 | &nbsp;&nbsp; 11629 | 11271499 |
| 1.50%, 11/30/28 | &nbsp;&nbsp; 6488 | 6074390 |
| 1.50%, 02/15/30 | &nbsp;&nbsp; 4200 | 3831844 |
| 1.63%, 10/31/26 | &nbsp;&nbsp; 3500 | 3413594 |
| 1.63%, 11/30/26 | &nbsp;&nbsp; 2800 | 2727266 |
| 1.63%, 05/15/31 | &nbsp;&nbsp; 8500 | 7566992 |
| 1.63%, 11/15/50 | &nbsp;&nbsp; 6100 | 3147219 |
| 1.75%, 12/31/26 | &nbsp;&nbsp; 4750 | 4627354 |
| 1.75%, 01/31/29 | &nbsp;&nbsp; 7200 | 6774188 |
| 1.75%, 08/15/41 | &nbsp;&nbsp; 11115 | 7358477 |
| 1.88%, 02/28/27 | &nbsp;&nbsp; 5800 | 5645031 |
| 1.88%, 02/28/29 | &nbsp;&nbsp; 6212 | 5861119 |
| 1.88%, 02/15/32 | &nbsp;&nbsp; 10600 | 9391766 |
| 1.88%, 02/15/41 | &nbsp;&nbsp; 7700 | 5290141 |
| 1.88%, 02/15/51 | &nbsp;&nbsp; 8210 | 4515500 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 12126 | 6599197 |
| 2.00%, 11/15/26 | &nbsp;&nbsp; 4150 | 4062785 |
| 2.00%, 11/15/41 | &nbsp;&nbsp; 8338 | 5715438 |
| 2.00%, 02/15/50 | &nbsp;&nbsp; 4450 | 2569180 |
| 2.00%, 08/15/51 | &nbsp;&nbsp; 12748 | 7194652 |
| 2.25%, 02/15/27 | &nbsp;&nbsp; 5900 | 5777391 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 2.25%, 08/15/27 | &nbsp;&nbsp; $2100 | $2045367 |
| 2.25%, 11/15/27 | &nbsp;&nbsp; 5070 | 4924634 |
| 2.25%, 05/15/41 | &nbsp;&nbsp; 8042 | 5826680 |
| 2.25%, 08/15/46 | &nbsp;&nbsp; 6855 | 4438612 |
| 2.25%, 08/15/49 | &nbsp;&nbsp; 3400 | 2097906 |
| 2.25%, 02/15/52 | &nbsp;&nbsp; 7850 | 4692828 |
| 2.38%, 05/15/27 | &nbsp;&nbsp; 6750 | 6606826 |
| 2.38%, 03/31/29 | &nbsp;&nbsp; 6200 | 5945219 |
| 2.38%, 05/15/29 | &nbsp;&nbsp; 6090 | 5829748 |
| 2.38%, 02/15/42 | &nbsp;&nbsp; 7250 | 5246199 |
| 2.38%, 11/15/49 | &nbsp;&nbsp; 3690 | 2334502 |
| 2.38%, 05/15/51 | &nbsp;&nbsp; 8937 | 5552111 |
| 2.50%, 03/31/27 | &nbsp;&nbsp; 7051 | 6921823 |
| 2.50%, 02/15/45 | &nbsp;&nbsp; 2250 | 1567617 |
| 2.50%, 02/15/46 | &nbsp;&nbsp; 6050 | 4148031 |
| 2.50%, 05/15/46 | &nbsp;&nbsp; 4950 | 3383016 |
| 2.63%, 05/31/27 | &nbsp;&nbsp; 7524 | 7391448 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 5215 | 5049994 |
| 2.63%, 07/31/29 | &nbsp;&nbsp; 3285 | 3165405 |
| 2.75%, 04/30/27 | &nbsp;&nbsp; 6220 | 6127186 |
| 2.75%, 07/31/27 | &nbsp;&nbsp; 7000 | 6884883 |
| 2.75%, 02/15/28 | &nbsp;&nbsp; 4225 | 4141490 |
| 2.75%, 05/31/29 | &nbsp;&nbsp; 4700 | 4557531 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 11000 | 10212812 |
| 2.75%, 08/15/42 | &nbsp;&nbsp; 1475 | 1120078 |
| 2.75%, 11/15/42 | &nbsp;&nbsp; 3425 | 2587480 |
| 2.75%, 08/15/47 | &nbsp;&nbsp; 4300 | 3026797 |
| 2.75%, 11/15/47 | &nbsp;&nbsp; 5500 | 3861172 |
| 2.88%, 05/15/28 | &nbsp;&nbsp; 7058 | 6927475 |
| 2.88%, 08/15/28 | &nbsp;&nbsp; 6900 | 6763617 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 5440 | 5302300 |
| 2.88%, 05/15/32 | &nbsp;&nbsp; 10100 | 9487687 |
| 2.88%, 05/15/43 | &nbsp;&nbsp; 1600 | 1223000 |
| 2.88%, 08/15/45 | &nbsp;&nbsp; 3395 | 2510709 |
| 2.88%, 11/15/46 | &nbsp;&nbsp; 3800 | 2765687 |
| 2.88%, 05/15/49 | &nbsp;&nbsp; 1435 | 1014590 |
| 2.88%, 05/15/52 | &nbsp;&nbsp; 7610 | 5247333 |
| 3.00%, 05/15/42 | &nbsp;&nbsp; 170 | 134778 |
| 3.00%, 11/15/44 | &nbsp;&nbsp; 1600 | 1220750 |
| 3.00%, 05/15/45 | &nbsp;&nbsp; 1665 | 1262278 |
| 3.00%, 11/15/45 | &nbsp;&nbsp; 4316 | 3253185 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 4475 | 3321988 |
| 3.00%, 05/15/47 | &nbsp;&nbsp; 3900 | 2886609 |
| 3.00%, 02/15/48 | &nbsp;&nbsp; 11765 | 8630730 |
| 3.00%, 08/15/48 | &nbsp;&nbsp; 3855 | 2813548 |
| 3.00%, 02/15/49 | &nbsp;&nbsp; 2225 | 1615906 |
| 3.00%, 08/15/52 | &nbsp;&nbsp; 8700 | 6151172 |
| 3.13%, 08/31/27 | &nbsp;&nbsp; 5564 | 5511185 |
| 3.13%, 11/15/28 | &nbsp;&nbsp; 275 | 271068 |
| 3.13%, 08/31/29 | &nbsp;&nbsp; 6900 | 6771164 |
| 3.13%, 11/15/41 | &nbsp;&nbsp; 825 | 672246 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 1000 | 810781 |
| 3.13%, 02/15/43 | &nbsp;&nbsp; 2500 | 1992969 |
| 3.13%, 08/15/44 | &nbsp;&nbsp; 1600 | 1250000 |
| 3.13%, 05/15/48 | &nbsp;&nbsp; 10450 | 7824437 |
| 3.25%, 06/30/27 | &nbsp;&nbsp; 6540 | 6494271 |
| 3.25%, 06/30/29 | &nbsp;&nbsp; 5500 | 5426094 |
| 3.25%, 05/15/42 | &nbsp;&nbsp; 6629 | 5449952 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 13170 | 13109295 |
| 3.38%, 05/15/33 | &nbsp;&nbsp; 13850 | 13276523 |
| 3.38%, 08/15/42 | &nbsp;&nbsp; 4913 | 4096981 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.38%, 05/15/44 | &nbsp;&nbsp; $1020 | $830981 |
| 3.38%, 11/15/48 | &nbsp;&nbsp; 8400 | 6555937 |
| 3.50%, 09/30/26 | &nbsp;&nbsp; 6360 | 6336895 |
| 3.50%, 01/31/28 | &nbsp;&nbsp; 7000 | 6984141 |
| 3.50%, 04/30/28 | &nbsp;&nbsp; 5400 | 5386922 |
| 3.50%, 09/30/29 | &nbsp;&nbsp; 9318 | 9269226 |
| 3.50%, 01/31/30 | &nbsp;&nbsp; 8400 | 8343562 |
| 3.50%, 04/30/30 | &nbsp;&nbsp; 9000 | 8930391 |
| 3.50%, 02/15/33 | &nbsp;&nbsp; 13501 | 13087532 |
| 3.50%, 02/15/39 | &nbsp;&nbsp; 1350 | 1216688 |
| 3.63%, 03/31/28 | &nbsp;&nbsp; 8500 | 8508633 |
| 3.63%, 05/31/28 | &nbsp;&nbsp; 9000 | 9007734 |
| 3.63%, 08/15/28 | &nbsp;&nbsp; 8082 | 8092734 |
| 3.63%, 08/31/29 | &nbsp;&nbsp; 8745 | 8742267 |
| 3.63%, 03/31/30 | &nbsp;&nbsp; 5180 | 5168669 |
| 3.63%, 09/30/31 | &nbsp;&nbsp; 6668 | 6593506 |
| 3.63%, 08/15/43 | &nbsp;&nbsp; 1225 | 1044504 |
| 3.63%, 02/15/44 | &nbsp;&nbsp; 720 | 610538 |
| 3.63%, 02/15/53 | &nbsp;&nbsp; 13402 | 10727882 |
| 3.63%, 05/15/53 | &nbsp;&nbsp; 10610 | 8483027 |
| 3.75%, 08/31/26 | &nbsp;&nbsp; 8608 | 8597576 |
| 3.75%, 04/30/27 | &nbsp;&nbsp; 10917 | 10928940 |
| 3.75%, 06/30/27 | &nbsp;&nbsp; 7399 | 7412006 |
| 3.75%, 08/15/27 | &nbsp;&nbsp; 7403 | 7418616 |
| 3.75%, 04/15/28 | &nbsp;&nbsp; 5593 | 5614411 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 5658 | 5681870 |
| 3.75%, 12/31/28 | &nbsp;&nbsp; 5962 | 5989015 |
| 3.75%, 05/31/30 | &nbsp;&nbsp; 10000 | 10026562 |
| 3.75%, 06/30/30 | &nbsp;&nbsp; 6000 | 6015937 |
| 3.75%, 12/31/30 | &nbsp;&nbsp; 4806 | 4807877 |
| 3.75%, 08/31/31 | &nbsp;&nbsp; 9079 | 9045663 |
| 3.75%, 11/15/43 | &nbsp;&nbsp; 300 | 259734 |
| 3.88%, 03/31/27 | &nbsp;&nbsp; 12265 | 12297579 |
| 3.88%, 05/31/27 | &nbsp;&nbsp; 11979 | 12020178 |
| 3.88%, 07/31/27 | &nbsp;&nbsp; 8519 | 8554940 |
| 3.88%, 10/15/27 | &nbsp;&nbsp; 6457 | 6490294 |
| 3.88%, 11/30/27 | &nbsp;&nbsp; 13306 | 13379807 |
| 3.88%, 12/31/27 | &nbsp;&nbsp; 9505 | 9562921 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 6282 | 6327152 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 12174 | 12269109 |
| 3.88%, 07/15/28 | &nbsp;&nbsp; 6613 | 6664664 |
| 3.88%, 09/30/29 | &nbsp;&nbsp; 12672 | 12784860 |
| 3.88%, 11/30/29 | &nbsp;&nbsp; 3800 | 3832359 |
| 3.88%, 12/31/29 | &nbsp;&nbsp; 8000 | 8070000 |
| 3.88%, 04/30/30 | &nbsp;&nbsp; 14900 | 15026883 |
| 3.88%, 06/30/30 | &nbsp;&nbsp; 8988 | 9063134 |
| 3.88%, 07/31/30 | &nbsp;&nbsp; 13302 | 13411118 |
| 3.88%, 08/15/33 | &nbsp;&nbsp; 14365 | 14216861 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 16714 | 16387555 |
| 3.88%, 08/15/40 | &nbsp;&nbsp; 300 | 274734 |
| 3.88%, 02/15/43 | &nbsp;&nbsp; 5119 | 4547912 |
| 3.88%, 05/15/43 | &nbsp;&nbsp; 4663 | 4134041 |
| 4.00%, 01/15/27 | &nbsp;&nbsp; 7155 | 7177359 |
| 4.00%, 12/15/27 | &nbsp;&nbsp; 14025 | 14148815 |
| 4.00%, 02/29/28 | &nbsp;&nbsp; 8000 | 8076875 |
| 4.00%, 06/30/28 | &nbsp;&nbsp; 10146 | 10259350 |
| 4.00%, 01/31/29 | &nbsp;&nbsp; 6981 | 7068808 |
| 4.00%, 07/31/29 | &nbsp;&nbsp; 8300 | 8410234 |
| 4.00%, 10/31/29 | &nbsp;&nbsp; 11057 | 11208170 |
| 4.00%, 02/28/30 | &nbsp;&nbsp; 15400 | 15617766 |
| 4.00%, 03/31/30 | &nbsp;&nbsp; 8017 | 8127234 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.00%, 05/31/30 | &nbsp;&nbsp; $8459 | $8577294 |
| 4.00%, 07/31/30 | &nbsp;&nbsp; 4349 | 4406760 |
| 4.00%, 01/31/31 | &nbsp;&nbsp; 9424 | 9537382 |
| 4.00%, 04/30/32 | &nbsp;&nbsp; 5944 | 5979292 |
| 4.00%, 06/30/32 | &nbsp;&nbsp; 6720 | 6755700 |
| 4.00%, 07/31/32 | &nbsp;&nbsp; 2683 | 2695577 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 15913 | 15823489 |
| 4.00%, 11/15/42 | &nbsp;&nbsp; 5300 | 4799812 |
| 4.00%, 11/15/52 | &nbsp;&nbsp; 6800 | 5835250 |
| 4.13%, 10/31/26 | &nbsp;&nbsp; 6061 | 6080414 |
| 4.13%, 01/31/27 | &nbsp;&nbsp; 6698 | 6731490 |
| 4.13%, 02/15/27 | &nbsp;&nbsp; 6536 | 6570467 |
| 4.13%, 02/28/27 | &nbsp;&nbsp; 11264 | 11328680 |
| 4.13%, 09/30/27 | &nbsp;&nbsp; 5371 | 5425130 |
| 4.13%, 10/31/27 | &nbsp;&nbsp; 4800 | 4849875 |
| 4.13%, 11/15/27 | &nbsp;&nbsp; 5167 | 5222303 |
| 4.13%, 07/31/28 | &nbsp;&nbsp; 11582 | 11752111 |
| 4.13%, 03/31/29 | &nbsp;&nbsp; 7311 | 7435515 |
| 4.13%, 10/31/29 | &nbsp;&nbsp; 17861 | 18186126 |
| 4.13%, 11/30/29 | &nbsp;&nbsp; 8402 | 8556912 |
| 4.13%, 08/31/30 | &nbsp;&nbsp; 6200 | 6316734 |
| 4.13%, 03/31/31 | &nbsp;&nbsp; 4537 | 4617815 |
| 4.13%, 07/31/31 | &nbsp;&nbsp; 10676 | 10852821 |
| 4.13%, 10/31/31 | &nbsp;&nbsp; 9000 | 9138516 |
| 4.13%, 11/30/31 | &nbsp;&nbsp; 9241 | 9380337 |
| 4.13%, 02/29/32 | &nbsp;&nbsp; 9329 | 9458003 |
| 4.13%, 03/31/32 | &nbsp;&nbsp; 5132 | 5201763 |
| 4.13%, 05/31/32 | &nbsp;&nbsp; 9330 | 9449541 |
| 4.13%, 11/15/32 | &nbsp;&nbsp; 10024 | 10136770 |
| 4.13%, 08/15/44 | &nbsp;&nbsp; 6349 | 5767670 |
| 4.13%, 08/15/53 | &nbsp;&nbsp; 6851 | 6001048 |
| 4.25%, 11/30/26 | &nbsp;&nbsp; 5378 | 5406781 |
| 4.25%, 12/31/26 | &nbsp;&nbsp; 11796 | 11866960 |
| 4.25%, 03/15/27 | &nbsp;&nbsp; 7278 | 7335712 |
| 4.25%, 01/15/28 | &nbsp;&nbsp; 5108 | 5181827 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 13356 | 13558427 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 7000 | 7146562 |
| 4.25%, 06/30/29 | &nbsp;&nbsp; 8144 | 8322786 |
| 4.25%, 01/31/30 | &nbsp;&nbsp; 7911 | 8098268 |
| 4.25%, 02/28/31 | &nbsp;&nbsp; 5200 | 5325937 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 10997 | 11252165 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 18766 | 18892084 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 15998 | 16052993 |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 8268 | 8284794 |
| 4.25%, 05/15/39 | &nbsp;&nbsp; 1200 | 1164563 |
| 4.25%, 11/15/40 | &nbsp;&nbsp; 250 | 238516 |
| 4.25%, 02/15/54 | &nbsp;&nbsp; 12286 | 10994050 |
| 4.25%, 08/15/54 | &nbsp;&nbsp; 12502 | 11187337 |
| 4.38%, 08/15/26 | &nbsp;&nbsp; 3649 | 3665392 |
| 4.38%, 12/15/26 | &nbsp;&nbsp; 5808 | 5850829 |
| 4.38%, 07/15/27 | &nbsp;&nbsp; 8218 | 8324256 |
| 4.38%, 08/31/28 | &nbsp;&nbsp; 11011 | 11254446 |
| 4.38%, 11/30/28 | &nbsp;&nbsp; 7600 | 7778719 |
| 4.38%, 12/31/29 | &nbsp;&nbsp; 8348 | 8585396 |
| 4.38%, 11/30/30 | &nbsp;&nbsp; 6000 | 6181406 |
| 4.38%, 01/31/32 | &nbsp;&nbsp; 7320 | 7525875 |
| 4.38%, 05/15/34 | &nbsp;&nbsp; 16163 | 16481209 |
| 4.38%, 02/15/38 | &nbsp;&nbsp; 2400 | 2392500 |
| 4.38%, 11/15/39 | &nbsp;&nbsp; 150 | 146484 |
| 4.38%, 05/15/40 | &nbsp;&nbsp; 250 | 243203 |
| 4.38%, 05/15/41 | &nbsp;&nbsp; 500 | 481797 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.38%, 08/15/43 | &nbsp;&nbsp; $7067 | $6681628 |
| 4.50%, 04/15/27 | &nbsp;&nbsp; 9484 | 9601809 |
| 4.50%, 05/15/27 | &nbsp;&nbsp; 9182 | 9304666 |
| 4.50%, 05/31/29 | &nbsp;&nbsp; 8783 | 9048549 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 6546 | 6779201 |
| 4.50%, 11/15/33 | &nbsp;&nbsp; 16210 | 16719095 |
| 4.50%, 02/15/36 | &nbsp;&nbsp; 900 | 922500 |
| 4.50%, 05/15/38 | &nbsp;&nbsp; 6052 | 6111574 |
| 4.50%, 08/15/39 | &nbsp;&nbsp; 2000 | 1984688 |
| 4.50%, 02/15/44 | &nbsp;&nbsp; 6187 | 5930820 |
| 4.50%, 11/15/54 | &nbsp;&nbsp; 7888 | 7365420 |
| 4.63%, 09/15/26 | &nbsp;&nbsp; 3768 | 3797585 |
| 4.63%, 10/15/26 | &nbsp;&nbsp; 3939 | 3973159 |
| 4.63%, 11/15/26 | &nbsp;&nbsp; 5825 | 5879837 |
| 4.63%, 06/15/27 | &nbsp;&nbsp; 7994 | 8125464 |
| 4.63%, 09/30/28 | &nbsp;&nbsp; 10937 | 11263401 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 9000 | 9307969 |
| 4.63%, 09/30/30 | &nbsp;&nbsp; 6255 | 6515462 |
| 4.63%, 04/30/31 | &nbsp;&nbsp; 5212 | 5434324 |
| 4.63%, 05/31/31 | &nbsp;&nbsp; 5000 | 5212891 |
| 4.63%, 02/15/35 | &nbsp;&nbsp; 19112 | 19768975 |
| 4.63%, 02/15/40 | &nbsp;&nbsp; 250 | 250391 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 5585 | 5433158 |
| 4.63%, 11/15/44 | &nbsp;&nbsp; 5374 | 5214459 |
| 4.63%, 05/15/54 | &nbsp;&nbsp; 8284 | 7893099 |
| 4.63%, 02/15/55 | &nbsp;&nbsp; 8053 | 7678032 |
| 4.75%, 02/15/37 | &nbsp;&nbsp; 500 | 520000 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; 7211 | 7144524 |
| 4.75%, 02/15/45 | &nbsp;&nbsp; 6725 | 6625176 |
| 4.75%, 11/15/53 | &nbsp;&nbsp; 7760 | 7544175 |
| 4.75%, 05/15/55 | &nbsp;&nbsp; 8147 | 7926776 |
| 4.75%, 08/15/55 | &nbsp;&nbsp; 2503 | 2436123 |
| 4.88%, 10/31/28 | &nbsp;&nbsp; 5694 | 5909304 |
| 4.88%, 10/31/30 | &nbsp;&nbsp; 5000 | 5267578 |
| 4.88%, 08/15/45 | &nbsp;&nbsp; 553 | 553670 |
| 5.00%, 05/15/37 | &nbsp;&nbsp; 2400 | 2548875 |
| 5.00%, 05/15/45 | &nbsp;&nbsp; 5521 | 5614167 |
| 5.38%, 02/15/31 | &nbsp;&nbsp; 1000 | 1077422 |
| 6.13%, 08/15/29 | &nbsp;&nbsp; 1000 | 1089219 |
| 6.25%, 05/15/30 | &nbsp;&nbsp; 100 | 110836 |
| 6.38%, 08/15/27 | &nbsp;&nbsp; 800 | 839938 |
|  |  | 1827788609 |
| **Total U.S. Government & Agency Obligations — 69.4%** <br>**(Cost: $2,991,038,479)** | **Total U.S. Government & Agency Obligations — 69.4%** <br>**(Cost: $2,991,038,479)** | 2848402772 |
| **Total Long-Term Investments — 98.7%** <br>**(Cost: $4,231,748,604)** | **Total Long-Term Investments — 98.7%** <br>**(Cost: $4,231,748,604)** | 4050892713 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.3%** | **Money Market Funds — 4.3%** | **Money Market Funds — 4.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(i)(j)</sup><br>| &nbsp;&nbsp; 168208470 | 168292574 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(i)(j)(k)</sup><br>| &nbsp;&nbsp; 8809008 | $8809008 |
| **Total Short-Term Securities — 4.3%** <br>**(Cost: $177,019,701)** | **Total Short-Term Securities — 4.3%** <br>**(Cost: $177,019,701)** | 177101582 |
| **Total Investments Before TBA Sales Commitments — 103.0%** <br>**(Cost: $4,408,768,305)** | **Total Investments Before TBA Sales Commitments — 103.0%** <br>**(Cost: $4,408,768,305)** | 4227994295 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(h)</sup> | **TBA Sales Commitments**<sup>(h)</sup> | **TBA Sales Commitments**<sup>(h)</sup> |
| **Mortgage-Backed Securities — (0.2)%** | **Mortgage-Backed Securities — (0.2)%** | **Mortgage-Backed Securities — (0.2)%** |
| Government National Mortgage Association, <br> 6.50%, 09/15/54<br>| &nbsp;&nbsp; $(150)<br>| (154333)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 2.50%, 09/15/55 | &nbsp;&nbsp; (1400)<br>| (1162192)<br>|
| 5.50%, 09/15/54 | &nbsp;&nbsp; (350)<br>| (351970)<br>|
| 6.00%, 09/15/54 | &nbsp;&nbsp; (3325)<br>| (3396853)<br>|
| 6.50%, 09/17/54 | &nbsp;&nbsp; (2875)<br>| (2979278)<br>|
| **Total TBA Sales Commitments — (0.2)%** <br>**(Proceeds: $(8032215))** | **Total TBA Sales Commitments — (0.2)%** <br>**(Proceeds: $(8032215))** | (8044626)<br>|
| **Total Investments, Net of TBA Sales Commitments — 102.8%** <br>**(Cost: $4,400,736,090)** | **Total Investments, Net of TBA Sales Commitments — 102.8%** <br>**(Cost: $4,400,736,090)** | 4219949669 |
| **Liabilities in Excess of Other Assets — (2.8)%** | **Liabilities in Excess of Other Assets — (2.8)%** | (113473251)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4106476418 |

---

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

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

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

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

<sup>(d)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(e)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

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

<sup>(g)</sup> Perpetual security with no stated maturity date.

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

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware U.S. Aggregate Bond ETF** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $162629793<br> $5659181 <br><sup>(a)</sup><br>| $— | $2920 | $680 | $168292574 | 168208470 | $3506526 | $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 4866968<br> 3942040 <br><sup>(a)</sup><br>|  |  |  | 8809008 | 8809008 | 24990 <br><sup>(b)</sup><br>|  |
|  |  |  | $2920 | $680 | $177101582 |  | $3531516 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15593378 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15593378 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 45540113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45540113 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1012535190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1012535190 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 128695388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128695388 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 125872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125872 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2848402772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2848402772 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 177101582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 177101582 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (8044626)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8044626)<br>|
|  | &nbsp;&nbsp; $177101582 | &nbsp;&nbsp; $4042848087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4219949669 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 4.65%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; $10 | $10079 |
| 4.75%, 03/30/30 | &nbsp;&nbsp; 59 | 59446 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 172 | 174477 |
| 5.40%, 10/01/48 | &nbsp;&nbsp; 326 | 296830 |
| Omnicom Group Inc., 2.45%, 04/30/30 | &nbsp;&nbsp; 17 | 15616 |
|  |  | 556448 |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| GE Capital International Funding Co. Unlimited Co., <br> 4.42%, 11/15/35<br>| &nbsp;&nbsp; 600 | 580400 |
| General Electric Co. |  |  |
| 4.35%, 05/01/50 | &nbsp;&nbsp; 55 | 46659 |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 120 | 128702 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 635 | 718956 |
| 6.88%, 01/10/39 | &nbsp;&nbsp; 82 | 96183 |
| Hexcel Corp., 4.20%, 02/15/27 | &nbsp;&nbsp; 770 | 764524 |
| Howmet Aerospace Inc., 5.95%, 02/01/37 | &nbsp;&nbsp; 150 | 160108 |
| L3Harris Technologies Inc. |  |  |
| 5.50%, 08/15/54 | &nbsp;&nbsp; 220 | 211309 |
| 5.60%, 07/31/53 | &nbsp;&nbsp; 5 | 4868 |
| Northrop Grumman Corp. |  |  |
| 4.03%, 10/15/47 | &nbsp;&nbsp; 18 | 14247 |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 752 | 753143 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 453 | 402489 |
| 5.15%, 05/01/40 | &nbsp;&nbsp; 31 | 30381 |
| 5.20%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 717 | 660025 |
| 5.25%, 05/01/50 | &nbsp;&nbsp; 37 | 34524 |
| RTX Corp. |  |  |
| 2.25%, 07/01/30 | &nbsp;&nbsp; 927 | 846916 |
| 2.65%, 11/01/26 | &nbsp;&nbsp; 15 | 14743 |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 192 | 116901 |
| 3.03%, 03/15/52 | &nbsp;&nbsp; 34 | 21510 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; 74 | 72855 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 415 | 272518 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 197 | 149921 |
| 4.05%, 05/04/47 | &nbsp;&nbsp; 217 | 172684 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 850 | 850547 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 249 | 204171 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 60 | 49886 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 26 | 24055 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 829 | 731004 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 507 | 435755 |
| 4.70%, 12/15/41 | &nbsp;&nbsp; 122 | 110950 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 119 | 112455 |
| 5.40%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 265 | 274225 |
| 5.70%, 04/15/40 | &nbsp;&nbsp; 285 | 296676 |
| 5.75%, 01/15/29 | &nbsp;&nbsp; 5 | 5244 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 55 | 59415 |
| 6.05%, 06/01/36 | &nbsp;&nbsp; 270 | 292156 |
| 6.10%, 03/15/34 | &nbsp;&nbsp; 30 | 32562 |
| 6.13%, 07/15/38 | &nbsp;&nbsp; 335 | 362788 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 10 | 10820 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 655 | 733392 |
|  |  | 10860667 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 353 | 212374 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 85 | 64408 |
| 4.02%, 04/16/43 | &nbsp;&nbsp; 148 | 122675 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 4.50%, 03/15/49 | &nbsp;&nbsp; $145 | $122460 |
| 4.54%, 03/26/42 | &nbsp;&nbsp; 44 | 38980 |
| 5.38%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 189 | 198095 |
| 5.94%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; 326 | 353013 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31<sup>(a)</sup> | &nbsp;&nbsp; 628 | 573877 |
| 3.75%, 09/25/27 | &nbsp;&nbsp; 2362 | 2345166 |
| 4.10%, 01/07/28 | &nbsp;&nbsp; 843 | 842700 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 355 | 353364 |
| 4.55%, 08/04/30 | &nbsp;&nbsp; 100 | 100538 |
| 4.65%, 09/17/34 | &nbsp;&nbsp; 732 | 712974 |
| 5.15%, 08/04/35<sup>(a)</sup> | &nbsp;&nbsp; 400 | 401145 |
|  |  | 6441769 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| NIKE Inc. |  |  |
| 2.85%, 03/27/30 | &nbsp;&nbsp; 59 | 55992 |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 18 | 14318 |
| 3.38%, 11/01/46 | &nbsp;&nbsp; 76 | 55156 |
| 3.38%, 03/27/50 | &nbsp;&nbsp; 233 | 163855 |
| Ralph Lauren Corp., 2.95%, 06/15/30 | &nbsp;&nbsp; 45 | 42462 |
| Tapestry Inc. |  |  |
| 4.13%, 07/15/27 | &nbsp;&nbsp; 460 | 457995 |
| 5.10%, 03/11/30<sup>(a)</sup> | &nbsp;&nbsp; 40 | 40871 |
| 5.50%, 03/11/35 | &nbsp;&nbsp; 245 | 247333 |
|  |  | 1077982 |
| **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** |
| American Honda Finance Corp. |  |  |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 40 | 37524 |
| 2.30%, 09/09/26 | &nbsp;&nbsp; 1292 | 1267082 |
| 2.35%, 01/08/27 | &nbsp;&nbsp; 25 | 24415 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 317 | 312636 |
| 4.60%, 04/17/30 | &nbsp;&nbsp; 161 | 162553 |
| 4.90%, 03/13/29 | &nbsp;&nbsp; 90 | 91951 |
| 4.90%, 01/10/34<sup>(a)</sup> | &nbsp;&nbsp; 192 | 191633 |
| 5.13%, 07/07/28 | &nbsp;&nbsp; 30 | 30786 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; 2082 | 1838368 |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 165 | 97331 |
| 4.25%, 05/09/28 | &nbsp;&nbsp; 50 | 50403 |
| 4.70%, 02/15/31 | &nbsp;&nbsp; 125 | 126918 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 249 | 234223 |
| 4.90%, 02/20/29 | &nbsp;&nbsp; 961 | 987428 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 1379 | 1412740 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 160 | 163428 |
| 5.45%, 02/20/54<sup>(a)</sup> | &nbsp;&nbsp; 123 | 118991 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 70 | 59980 |
| 4.75%, 01/15/43 | &nbsp;&nbsp; 25 | 19329 |
| 5.29%, 12/08/46 | &nbsp;&nbsp; 25 | 20342 |
| 7.40%, 11/01/46 | &nbsp;&nbsp; 465 | 488540 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90%, 02/10/29 | &nbsp;&nbsp; 35 | 32247 |
| 3.63%, 06/17/31 | &nbsp;&nbsp; 405 | 364454 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 249 | 231381 |
| 5.11%, 05/03/29 | &nbsp;&nbsp; 467 | 460508 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 95 | 93452 |
| 6.50%, 02/07/35 | &nbsp;&nbsp; 30 | 30211 |
| 7.12%, 11/07/33 | &nbsp;&nbsp; 555 | 580267 |
| 7.20%, 06/10/30 | &nbsp;&nbsp; 25 | 26557 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| General Motors Co. |  |  |
| 5.00%, 04/01/35 | &nbsp;&nbsp; $106 | $101267 |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 117 | 109392 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 221 | 192614 |
| 5.40%, 04/01/48<sup>(a)</sup> | &nbsp;&nbsp; 161 | 141560 |
| 5.60%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 75 | 77042 |
| 5.95%, 04/01/49 | &nbsp;&nbsp; 230 | 215917 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 271 | 267475 |
| 6.60%, 04/01/36 | &nbsp;&nbsp; 304 | 322355 |
| 6.75%, 04/01/46 | &nbsp;&nbsp; 185 | 191606 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 120 | 105687 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 236 | 209380 |
| 3.10%, 01/12/32<sup>(a)</sup> | &nbsp;&nbsp; 210 | 186741 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 235 | 223148 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 238 | 235484 |
| 5.45%, 09/06/34 | &nbsp;&nbsp; 215 | 212782 |
| 5.65%, 01/17/29<sup>(a)</sup> | &nbsp;&nbsp; 144 | 148470 |
| 5.90%, 01/07/35 | &nbsp;&nbsp; 10 | 10152 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 5 | 5125 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 359 | 372286 |
| 6.15%, 07/15/35 | &nbsp;&nbsp; 10 | 10276 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 236 | 250003 |
| Honda Motor Co. Ltd., 2.97%, 03/10/32<sup>(a)</sup> | &nbsp;&nbsp; 360 | 324983 |
| Mercedes-Benz Finance North America LLC, 8.50%, <br> 01/18/31<br>| &nbsp;&nbsp; 593 | 708668 |
| Toyota Motor Corp., 3.67%, 07/20/28<sup>(a)</sup> | &nbsp;&nbsp; 23 | 22959 |
| Toyota Motor Credit Corp. |  |  |
| 1.90%, 09/12/31<sup>(a)</sup> | &nbsp;&nbsp; 30 | 26083 |
| 2.15%, 02/13/30 | &nbsp;&nbsp; 240 | 220357 |
| 2.40%, 01/13/32 | &nbsp;&nbsp; 30 | 26538 |
| 3.38%, 04/01/30 | &nbsp;&nbsp; 58 | 56068 |
| 3.65%, 01/08/29 | &nbsp;&nbsp; 60 | 59289 |
| 4.70%, 01/12/33 | &nbsp;&nbsp; 390 | 392358 |
|  |  | 14981743 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 480 | 289105 |
| 3.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 482 | 436862 |
| 4.15%, 05/01/52 | &nbsp;&nbsp; 416 | 300545 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 192 | 191229 |
| 4.40%, 10/01/46 | &nbsp;&nbsp; 46 | 35444 |
| 5.40%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 128 | 111819 |
| 5.75%, 09/13/54 | &nbsp;&nbsp; 200 | 182034 |
| BorgWarner Inc. |  |  |
| 4.38%, 03/15/45<sup>(a)</sup> | &nbsp;&nbsp; 83 | 68981 |
| 5.40%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 350 | 356160 |
| Lear Corp. |  |  |
| 3.50%, 05/30/30<sup>(a)</sup> | &nbsp;&nbsp; 112 | 106872 |
| 3.55%, 01/15/52 | &nbsp;&nbsp; 222 | 144809 |
| 3.80%, 09/15/27 | &nbsp;&nbsp; 10 | 9903 |
| 4.25%, 05/15/29 | &nbsp;&nbsp; 314 | 311728 |
| 5.25%, 05/15/49<sup>(a)</sup> | &nbsp;&nbsp; 204 | 179030 |
|  |  | 2724521 |
| **Banks — 20.0%** | **Banks — 20.0%** | **Banks — 20.0%** |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 6.03%, 03/13/35, (1-year CMT + 1.950%)<sup>(b)</sup> | &nbsp;&nbsp; 360 | 377702 |
| 6.14%, 09/14/28, (1-year CMT + 2.700%)<sup>(b)</sup> | &nbsp;&nbsp; 369 | 381784 |
| 7.88%, 11/15/34, (1-year CMT + 3.300%)<sup>(b)</sup> | &nbsp;&nbsp; 215 | 247343 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Banco Santander SA |  |  |
| 1.72%, 09/14/27, (1-year CMT + 0.900%)<sup>(a)(b)</sup> | &nbsp;&nbsp; $861 | $837337 |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 110 | 99167 |
| 2.96%, 03/25/31 | &nbsp;&nbsp; 464 | 428638 |
| 3.23%, 11/22/32, (1-year CMT + 1.600%)<sup>(b)</sup> | &nbsp;&nbsp; 270 | 244887 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 170 | 163465 |
| 3.80%, 02/23/28 | &nbsp;&nbsp; 215 | 212750 |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(b)</sup> | &nbsp;&nbsp; 345 | 344363 |
| 4.25%, 04/11/27 | &nbsp;&nbsp; 505 | 505230 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 438 | 439780 |
| 5.37%, 07/15/28, (1-year CMT + 0.950%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 204039 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; 465 | 482362 |
| 6.03%, 01/17/35 | &nbsp;&nbsp; 40 | 42467 |
| 6.35%, 03/14/34<sup>(a)</sup> | &nbsp;&nbsp; 444 | 470665 |
| 6.61%, 11/07/28 | &nbsp;&nbsp; 284 | 303953 |
| 6.92%, 08/08/33 | &nbsp;&nbsp; 631 | 694462 |
| 6.94%, 11/07/33 | &nbsp;&nbsp; 35 | 39716 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(b)</sup> | &nbsp;&nbsp; 201 | 178691 |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(b)</sup> | &nbsp;&nbsp; 258 | 227799 |
| 2.09%, 06/14/29, (1-day SOFR + 1.060%)<sup>(b)</sup> | &nbsp;&nbsp; 230 | 217280 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(b)</sup> | &nbsp;&nbsp; 450 | 397019 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(b)</sup> | &nbsp;&nbsp; 524 | 452964 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(b)</sup><br>| &nbsp;&nbsp; 280 | 258487 |
| 2.55%, 02/04/28, (1-day SOFR + 1.050%)<sup>(b)</sup> | &nbsp;&nbsp; 500 | 488201 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(b)</sup> | &nbsp;&nbsp; 283 | 252532 |
| 2.59%, 04/29/31, (1-day SOFR + 2.150%)<sup>(b)</sup> | &nbsp;&nbsp; 116 | 107281 |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(b)</sup> | &nbsp;&nbsp; 359 | 258299 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(b)</sup> | &nbsp;&nbsp; 742 | 673018 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp; 388 | 240844 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(b)</sup><br>| &nbsp;&nbsp; 278 | 262874 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(b)</sup> | &nbsp;&nbsp; 375 | 338579 |
| 2.97%, 07/21/52, (1-day SOFR + 1.560%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 693 | 444625 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(b)</sup><br>| &nbsp;&nbsp; 272 | 261117 |
| 3.25%, 10/21/27 | &nbsp;&nbsp; 1788 | 1761171 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 307562 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(b)</sup><br>| &nbsp;&nbsp; 820 | 805492 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR + <br> 1.632%)<sup>(b)</sup><br>| &nbsp;&nbsp; 158 | 156265 |
| 3.71%, 04/24/28, (3-mo. CME Term SOFR + <br> 1.774%)<sup>(b)</sup><br>| &nbsp;&nbsp; 477 | 473066 |
| 3.82%, 01/20/28, (3-mo. CME Term SOFR + <br> 1.837%)<sup>(b)</sup><br>| &nbsp;&nbsp; 343 | 340955 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(b)</sup> | &nbsp;&nbsp; 512 | 472661 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(b)</sup><br>| &nbsp;&nbsp; 156 | 122221 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(b)</sup><br>| &nbsp;&nbsp; 437 | 434321 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(b)</sup><br>| &nbsp;&nbsp; 88 | 87260 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(b)</sup><br>| &nbsp;&nbsp; 147 | 128602 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1160 | 912988 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(b)</sup><br>| &nbsp;&nbsp; 697 | 637505 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 403 | 402971 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; $502 | $503249 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(b)</sup><br>| &nbsp;&nbsp; 573 | 470599 |
| 4.38%, 04/27/28, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 250 | 250556 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(b)</sup><br>| &nbsp;&nbsp; 597 | 508580 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; 870 | 861064 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; 323 | 299035 |
| 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(b)</sup> | &nbsp;&nbsp; 125 | 126672 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 631 | 597276 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 1162 | 1179906 |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; 475 | 486937 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(b)</sup> | &nbsp;&nbsp; 868 | 889654 |
| 5.43%, 08/15/35, (1-day SOFR +1.913%)<sup>(b)</sup> | &nbsp;&nbsp; 260 | 261836 |
| 5.47%, 01/23/35, (1-day SOFR + 1.650%)<sup>(b)</sup> | &nbsp;&nbsp; 405 | 418208 |
| 5.51%, 01/24/36, (1-day SOFR + 1.310%)<sup>(b)</sup> | &nbsp;&nbsp; 110 | 113324 |
| 5.52%, 10/25/35, (1-day SOFR + 1.738%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 201688 |
| 5.74%, 02/12/36, (1-day SOFR + 1.697%)<sup>(b)</sup> | &nbsp;&nbsp; 255 | 261299 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(b)</sup> | &nbsp;&nbsp; 490 | 519671 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 606 | 632885 |
| 6.00%, 10/15/36 | &nbsp;&nbsp; 258 | 275701 |
| 6.11%, 01/29/37 | &nbsp;&nbsp; 832 | 883825 |
| 6.20%, 11/10/28, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 403 | 419843 |
| 6.22%, 09/15/26 | &nbsp;&nbsp; 240 | 244509 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 487 | 585463 |
| Series L, 4.18%, 11/25/27 | &nbsp;&nbsp; 625 | 624580 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(b)</sup><br>| &nbsp;&nbsp; 275 | 249838 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 450 | 318802 |
| Bank of Montreal |  |  |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(b)</sup> | &nbsp;&nbsp; 216 | 190453 |
| 3.80%, 12/15/32, (5-year USD Swap + <br> 1.432%)<sup>(b)</sup><br>| &nbsp;&nbsp; 999 | 978817 |
| 5.20%, 02/01/28 | &nbsp;&nbsp; 227 | 232866 |
| 5.51%, 06/04/31 | &nbsp;&nbsp; 105 | 110418 |
| Bank of New York Mellon Corp. (The) |  |  |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 218 | 215648 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 311 | 301163 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 941 | 930053 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR + <br> 1.331%)<sup>(b)</sup><br>| &nbsp;&nbsp; 885 | 877525 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 873 | 874358 |
| 4.44%, 06/09/28, (1-day SOFR + 0.680%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 65384 |
| 4.94%, 02/11/31, (1-day SOFR + 0.887%)<sup>(b)</sup> | &nbsp;&nbsp; 120 | 123258 |
| 5.06%, 07/22/32, (1-day SOFR + 1.230%)<sup>(b)</sup> | &nbsp;&nbsp; 125 | 128705 |
| 5.19%, 03/14/35, (1-day SOFR + 1.418%)<sup>(b)</sup> | &nbsp;&nbsp; 91 | 92695 |
| 5.23%, 11/20/35, (1-day SOFR + 1.253%)<sup>(b)</sup> | &nbsp;&nbsp; 180 | 183672 |
| 5.32%, 06/06/36, (1-day SOFR + 1.350%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | 204716 |
| 5.61%, 07/21/39, (1-day SOFR + 1.770%)<sup>(b)</sup> | &nbsp;&nbsp; 70 | 72361 |
| 6.47%, 10/25/34, (1-day SOFR + 1.845%)<sup>(b)</sup> | &nbsp;&nbsp; 69 | 76273 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26 | &nbsp;&nbsp; 302 | 293417 |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 313 | 304530 |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 988 | 873114 |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 180 | 158053 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 744 | 732163 |
| 4.40%, 09/08/28, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; 225 | 226035 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(b)</sup> | &nbsp;&nbsp; 183 | 175546 |
| 4.74%, 11/10/32, (1-day SOFR + 1.440%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 101007 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.85%, 02/01/30 | &nbsp;&nbsp; $1337 | $1366771 |
| 4.93%, 02/14/29, (1-day SOFR + 0.890%)<sup>(b)</sup> | &nbsp;&nbsp; 475 | 483033 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(b)</sup> | &nbsp;&nbsp; 360 | 370175 |
| 5.25%, 06/12/28<sup>(a)</sup> | &nbsp;&nbsp; 2454 | 2535368 |
| 5.35%, 12/07/26 | &nbsp;&nbsp; 455 | 461543 |
| 5.40%, 06/04/27 | &nbsp;&nbsp; 1202 | 1230240 |
| 5.45%, 08/01/29 | &nbsp;&nbsp; 1590 | 1658883 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 100 | 105360 |
| Bank OZK, 2.75%, 10/01/31, (3-mo. CME Term <br> SOFR + 2.090%)<sup>(b)</sup><br>| &nbsp;&nbsp; 55 | 50169 |
| BankUnited Inc., 5.13%, 06/11/30<sup>(a)</sup> | &nbsp;&nbsp; 70 | 70026 |
| Barclays PLC |  |  |
| 2.65%, 06/24/31, (1-year CMT + 1.900%)<sup>(b)</sup> | &nbsp;&nbsp; 320 | 292989 |
| 2.67%, 03/10/32, (1-year CMT + 1.200%)<sup>(b)</sup> | &nbsp;&nbsp; 364 | 327891 |
| 2.89%, 11/24/32, (1-year CMT + 1.300%)<sup>(b)</sup> | &nbsp;&nbsp; 695 | 622121 |
| 3.56%, 09/23/35, (5-year CMT + 2.900%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 373131 |
| 4.34%, 01/10/28 | &nbsp;&nbsp; 415 | 415213 |
| 4.48%, 11/11/29, (1-day SOFR + 1.080%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 400742 |
| 4.84%, 05/09/28 | &nbsp;&nbsp; 926 | 930025 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 200 | 179178 |
| 4.97%, 05/16/29<sup>(b)</sup> | &nbsp;&nbsp; 467 | 473929 |
| 5.09%, 02/25/29, (1-day SOFR + 0.960%)<sup>(b)</sup> | &nbsp;&nbsp; 370 | 376367 |
| 5.09%, 06/20/30<sup>(b)</sup> | &nbsp;&nbsp; 807 | 817917 |
| 5.25%, 08/17/45 | &nbsp;&nbsp; 335 | 313027 |
| 5.34%, 09/10/35, (1-day SOFR + 1.910%)<sup>(b)</sup> | &nbsp;&nbsp; 376 | 376410 |
| 5.37%, 02/25/31, (1-day SOFR + 1.230%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 206271 |
| 5.50%, 08/09/28, (1-year CMT + 2.650%)<sup>(b)</sup> | &nbsp;&nbsp; 548 | 559555 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(b)</sup> | &nbsp;&nbsp; 259 | 269413 |
| 5.79%, 02/25/36, (1-day SOFR + 1.590%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 400 | 412274 |
| 5.86%, 08/11/46, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 397022 |
| 6.04%, 03/12/55, (1-day SOFR + 2.420%)<sup>(b)</sup> | &nbsp;&nbsp; 78 | 79487 |
| 6.22%, 05/09/34, (1-day SOFR + 2.980%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 213317 |
| 6.49%, 09/13/29, (1-day SOFR + 2.220%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15893 |
| 6.69%, 09/13/34, (1-day SOFR + 2.620%)<sup>(b)</sup> | &nbsp;&nbsp; 80 | 87700 |
| 7.12%, 06/27/34, (1-day SOFR + 3.570%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 525 | 580228 |
| 7.39%, 11/02/28, (1-year CMT + 3.300%)<sup>(b)</sup> | &nbsp;&nbsp; 546 | 579555 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(b)</sup> | &nbsp;&nbsp; 148 | 168845 |
| BPCE SA, 3.38%, 12/02/26 | &nbsp;&nbsp; 2462 | 2439612 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.60%, 04/07/32 | &nbsp;&nbsp; 195 | 183355 |
| 4.86%, 01/13/28, (1-day SOFR + 0.720%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50417 |
| 4.86%, 03/30/29, (1-day SOFR + 1.030%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 101469 |
| 5.00%, 04/28/28 | &nbsp;&nbsp; 240 | 245440 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51598 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 200 | 206929 |
| 5.99%, 10/03/28 | &nbsp;&nbsp; 165 | 173672 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 590 | 636406 |
| Capital One NA |  |  |
| 2.70%, 02/06/30 | &nbsp;&nbsp; 309 | 289437 |
| 4.65%, 09/13/28 | &nbsp;&nbsp; 650 | 657486 |
| Citigroup Inc. |  |  |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(b)</sup> | &nbsp;&nbsp; 189 | 169723 |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(b)</sup> | &nbsp;&nbsp; 391 | 358958 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 46372 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(b)</sup> | &nbsp;&nbsp; 263 | 248578 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(b)</sup> | &nbsp;&nbsp; 319 | 288051 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR + <br> 1.413%)<sup>(b)</sup><br>| &nbsp;&nbsp; 329 | 323935 |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR + <br> 1.652%)<sup>(b)</sup><br>| &nbsp;&nbsp; 378 | 373726 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(b)</sup> | &nbsp;&nbsp; 818 | 769475 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(b)</sup><br>| &nbsp;&nbsp; $171 | $147989 |
| 3.89%, 01/10/28, (3-mo. CME Term SOFR + <br> 1.825%)<sup>(b)</sup><br>| &nbsp;&nbsp; 451 | 448396 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(b)</sup><br>| &nbsp;&nbsp; 212 | 209349 |
| 4.08%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.454%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 348 | 346519 |
| 4.13%, 07/25/28 | &nbsp;&nbsp; 427 | 426356 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR + <br> 2.101%)<sup>(b)</sup><br>| &nbsp;&nbsp; 448 | 368846 |
| 4.41%, 03/31/31, (1-day SOFR + 3.914%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 721 | 719119 |
| 4.45%, 09/29/27 | &nbsp;&nbsp; 771 | 773118 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 411 | 359595 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 615 | 531482 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 240 | 208206 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(b)</sup> | &nbsp;&nbsp; 279 | 279969 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35918 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 265 | 251448 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(b)</sup> | &nbsp;&nbsp; 130 | 127112 |
| 5.41%, 09/19/39, (5-year CMT + 1.730%)<sup>(b)</sup> | &nbsp;&nbsp; 205 | 202874 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 300 | 307883 |
| 5.61%, 03/04/56, (1-day SOFR + 1.746%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 97249 |
| 5.83%, 02/13/35, (1-day SOFR + 2.056%)<sup>(b)</sup> | &nbsp;&nbsp; 365 | 374394 |
| 5.88%, 02/22/33 | &nbsp;&nbsp; 251 | 264156 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 405 | 419464 |
| 6.00%, 10/31/33 | &nbsp;&nbsp; 349 | 371789 |
| 6.02%, 01/24/36, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; 505 | 521117 |
| 6.13%, 08/25/36 | &nbsp;&nbsp; 289 | 303327 |
| 6.17%, 05/25/34, (1-day SOFR + 2.661%)<sup>(b)</sup> | &nbsp;&nbsp; 570 | 600076 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(b)</sup> | &nbsp;&nbsp; 392 | 424890 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 699 | 741116 |
| 6.63%, 06/15/32 | &nbsp;&nbsp; 399 | 439743 |
| 6.68%, 09/13/43 | &nbsp;&nbsp; 166 | 183560 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 703 | 885745 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 25262 |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; 127 | 116575 |
| 3.25%, 04/30/30 | &nbsp;&nbsp; 197 | 186260 |
| 5.64%, 05/21/37, (5-year CMT + 2.750%)<sup>(b)</sup> | &nbsp;&nbsp; 42 | 42208 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(b)</sup> | &nbsp;&nbsp; 26 | 28268 |
| Comerica Inc., 4.00%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 437 | 431235 |
| Cooperatieve Rabobank UA |  |  |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 210 | 207154 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 241 | 240975 |
| Deutsche Bank AG/New York NY |  |  |
| 2.31%, 11/16/27, (1-day SOFR + 1.219%)<sup>(b)</sup> | &nbsp;&nbsp; 735 | 716915 |
| 2.55%, 01/07/28, (1-day SOFR + 1.318%)<sup>(b)</sup> | &nbsp;&nbsp; 785 | 766813 |
| 3.04%, 05/28/32, (1-day SOFR + 1.718%)<sup>(b)</sup> | &nbsp;&nbsp; 472 | 430378 |
| 3.55%, 09/18/31, (1-day SOFR + 3.043%)<sup>(b)</sup> | &nbsp;&nbsp; 798 | 757060 |
| 3.73%, 01/14/32, (1-day SOFR + 2.757%)<sup>(b)</sup> | &nbsp;&nbsp; 275 | 257393 |
| 3.74%, 01/07/33, (1-day SOFR + 2.257%)<sup>(b)</sup> | &nbsp;&nbsp; 17 | 15562 |
| 4.88%, 12/01/32, (5-year USD ICE Swap + <br> 2.553%)<sup>(b)</sup><br>| &nbsp;&nbsp; 503 | 500910 |
| 4.95%, 08/04/31, (1-day SOFR + 1.300%)<sup>(b)</sup> | &nbsp;&nbsp; 215 | 216737 |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(b)</sup> | &nbsp;&nbsp; 150 | 152517 |
| 5.30%, 05/09/31, (1-day SOFR + 1.720%)<sup>(b)</sup> | &nbsp;&nbsp; 150 | 153661 |
| 5.40%, 09/11/35, (1-day SOFR + 2.050%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 315 | 316784 |
| 5.88%, 07/08/31, (1-day SOFR + 5.438%)<sup>(b)</sup> | &nbsp;&nbsp; 66 | 68308 |
| 6.72%, 01/18/29, (1-day SOFR + 3.180%)<sup>(b)</sup> | &nbsp;&nbsp; 530 | 557423 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.82%, 11/20/29, (1-day SOFR + 2.510%)<sup>(b)</sup> | &nbsp;&nbsp; $92 | $98604 |
| 7.08%, 02/10/34, (1-day SOFR + 3.650%)<sup>(b)</sup> | &nbsp;&nbsp; 241 | 261766 |
| Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 153262 |
| Fifth Third Bancorp |  |  |
| 4.34%, 04/25/33, (1-day SOFR + 1.660%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24176 |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(b)</sup><br>| &nbsp;&nbsp; 45 | 45541 |
| 8.25%, 03/01/38<sup>(a)</sup> | &nbsp;&nbsp; 283 | 346645 |
| First Horizon Bank, 5.75%, 05/01/30 | &nbsp;&nbsp; 250 | 256972 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 657 | 697509 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(b)</sup> | &nbsp;&nbsp; 255 | 248227 |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(b)</sup> | &nbsp;&nbsp; 354 | 310785 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(b)</sup> | &nbsp;&nbsp; 598 | 529556 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; 51 | 47679 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(b)</sup> | &nbsp;&nbsp; 474 | 427808 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(b)</sup> | &nbsp;&nbsp; 305 | 297668 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(b)</sup> | &nbsp;&nbsp; 219 | 195555 |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(b)</sup> | &nbsp;&nbsp; 208 | 149319 |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(b)</sup> | &nbsp;&nbsp; 589 | 535798 |
| 3.21%, 04/22/42, (1-day SOFR + 1.513%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 150276 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(b)</sup> | &nbsp;&nbsp; 150 | 114777 |
| 3.50%, 11/16/26 | &nbsp;&nbsp; 775 | 768595 |
| 3.69%, 06/05/28, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(b)</sup><br>| &nbsp;&nbsp; 214 | 211960 |
| 3.80%, 03/15/30 | &nbsp;&nbsp; 89 | 87478 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(b)</sup><br>| &nbsp;&nbsp; 334 | 330546 |
| 3.85%, 01/26/27 | &nbsp;&nbsp; 946 | 941751 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(b)</sup><br>| &nbsp;&nbsp; 649 | 570698 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(b)</sup><br>| &nbsp;&nbsp; 857 | 857127 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(b)</sup><br>| &nbsp;&nbsp; 285 | 258822 |
| 4.48%, 08/23/28, (1-day SOFR + 1.725%)<sup>(b)</sup> | &nbsp;&nbsp; 140 | 140608 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 610 | 541279 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 662 | 595084 |
| 4.94%, 04/23/28, (1-day SOFR + 1.319%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35357 |
| 5.02%, 10/23/35, (1-day SOFR + 1.420%)<sup>(b)</sup> | &nbsp;&nbsp; 555 | 551479 |
| 5.15%, 05/22/45<sup>(a)</sup> | &nbsp;&nbsp; 356 | 324463 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(b)</sup> | &nbsp;&nbsp; 305 | 314153 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 475 | 490430 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(b)</sup> | &nbsp;&nbsp; 575 | 585068 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(b)</sup> | &nbsp;&nbsp; 565 | 582713 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(b)</sup> | &nbsp;&nbsp; 590 | 588455 |
| 5.85%, 04/25/35, (1-day SOFR + 1.552%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26389 |
| 5.95%, 01/15/27 | &nbsp;&nbsp; 416 | 426073 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 992 | 1086939 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 835 | 896339 |
| 6.45%, 05/01/36 | &nbsp;&nbsp; 315 | 342826 |
| 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(b)</sup> | &nbsp;&nbsp; 216 | 229776 |
| 6.56%, 10/24/34, (1-day SOFR + 1.950%)<sup>(b)</sup> | &nbsp;&nbsp; 180 | 199794 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 1103 | 1224239 |
| HSBC Bank USA NA/New York |  |  |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 280 | 291537 |
| 5.88%, 11/01/34 | &nbsp;&nbsp; 260 | 276354 |
| 7.00%, 01/15/39 | &nbsp;&nbsp; 265 | 309647 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29, (1-day SOFR + 1.285%)<sup>(b)</sup> | &nbsp;&nbsp; 241 | 227015 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.25%, 11/22/27, (1-day SOFR + 1.100%)<sup>(b)</sup> | &nbsp;&nbsp; $95 | $92658 |
| 2.36%, 08/18/31, (1-day SOFR + 1.947%)<sup>(b)</sup> | &nbsp;&nbsp; 220 | 198545 |
| 2.80%, 05/24/32, (1-day SOFR + 1.187%)<sup>(b)</sup> | &nbsp;&nbsp; 1202 | 1085017 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(b)</sup> | &nbsp;&nbsp; 216 | 200200 |
| 2.87%, 11/22/32, (1-day SOFR + 1.410%)<sup>(b)</sup> | &nbsp;&nbsp; 300 | 269764 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1076 | 1058619 |
| 4.04%, 03/13/28, (3-mo. CME Term SOFR + <br> 1.808%)<sup>(b)</sup><br>| &nbsp;&nbsp; 463 | 461231 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1026 | 1032571 |
| 4.76%, 06/09/28, (1-day SOFR + 2.110%)<sup>(b)</sup> | &nbsp;&nbsp; 180 | 181323 |
| 4.76%, 03/29/33, (1-day SOFR + 2.530%)<sup>(b)</sup> | &nbsp;&nbsp; 266 | 262450 |
| 4.90%, 03/03/29, (1-day SOFR + 1.030%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 202672 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 791 | 809918 |
| 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 204785 |
| 5.24%, 05/13/31, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp; 215 | 220962 |
| 5.40%, 08/11/33, (1-day SOFR + 2.870%)<sup>(b)</sup> | &nbsp;&nbsp; 291 | 300075 |
| 5.45%, 03/03/36, (1-day SOFR + 1.560%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 400 | 406549 |
| 5.72%, 03/04/35, (1-day SOFR + 1.780%)<sup>(b)</sup> | &nbsp;&nbsp; 310 | 324450 |
| 5.79%, 05/13/36, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp; 225 | 234011 |
| 5.87%, 11/18/35, (1-day SOFR + 1.900%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15379 |
| 6.10%, 01/14/42<sup>(a)</sup> | &nbsp;&nbsp; 567 | 604117 |
| 6.25%, 03/09/34, (1-day SOFR + 2.390%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 215909 |
| 6.33%, 03/09/44, (1-day SOFR + 2.650%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5368 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 612 | 662321 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 633 | 679693 |
| 6.55%, 06/20/34, (1-day SOFR + 2.980%)<sup>(b)</sup> | &nbsp;&nbsp; 581 | 621994 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 249 | 275653 |
| 7.39%, 11/03/28, (1-day SOFR + 3.350%)<sup>(b)</sup> | &nbsp;&nbsp; 136 | 144527 |
| 7.40%, 11/13/34, (1-day SOFR + 3.020%)<sup>(b)</sup> | &nbsp;&nbsp; 240 | 270430 |
| 8.11%, 11/03/33, (1-day SOFR + 4.250%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 419 | 487445 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(b)</sup> | &nbsp;&nbsp; 67 | 57029 |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 843 | 779977 |
| 5.02%, 05/17/33, (1-day SOFR + 2.050%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 420 | 420311 |
| 5.27%, 01/15/31, (1-day SOFR + 1.276%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 65 | 67006 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5167 |
| 6.21%, 08/21/29, (1-day SOFR + 2.020%)<sup>(b)</sup> | &nbsp;&nbsp; 36 | 37937 |
| Huntington National Bank (The) |  |  |
| 4.55%, 05/17/28, (1-day SOFR Index + <br> 1.650%)<sup>(b)</sup><br>| &nbsp;&nbsp; 500 | 502658 |
| 5.65%, 01/10/30 | &nbsp;&nbsp; 10 | 10461 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + 1.316%)<sup>(b)</sup> | &nbsp;&nbsp; 748 | 682430 |
| 3.95%, 03/29/27 | &nbsp;&nbsp; 957 | 953082 |
| 4.02%, 03/28/28, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; 245 | 244045 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 230 | 228400 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 405 | 409031 |
| 4.86%, 03/25/29, (1-day SOFR + 1.010%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 202693 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 204777 |
| 5.34%, 03/19/30, (1-day SOFR + 1.440%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51584 |
| 5.53%, 03/25/36, (1-day SOFR + 1.610%)<sup>(b)</sup> | &nbsp;&nbsp; 305 | 312235 |
| 5.55%, 03/19/35, (1-day SOFR + 1.770%)<sup>(b)</sup> | &nbsp;&nbsp; 344 | 353924 |
| 6.11%, 09/11/34, (1-day SOFR + 2.090%)<sup>(b)</sup> | &nbsp;&nbsp; 59 | 63072 |
| JPMorgan Chase & Co. |  |  |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(b)</sup> | &nbsp;&nbsp; 205 | 180350 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(b)</sup> | &nbsp;&nbsp; 320 | 295646 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(b)</sup><br>| &nbsp;&nbsp; $220 | $155462 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(b)</sup> | &nbsp;&nbsp; 145 | 129273 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(b)</sup><br>| &nbsp;&nbsp; 669 | 605104 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(b)</sup><br>| &nbsp;&nbsp; 586 | 552128 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR + <br> 2.515%)<sup>(b)</sup><br>| &nbsp;&nbsp; 266 | 248066 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp; 703 | 637490 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(b)</sup><br>| &nbsp;&nbsp; 763 | 587566 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(b)</sup> | &nbsp;&nbsp; 699 | 466886 |
| 3.16%, 04/22/42, (3-mo. CME Term SOFR + <br> 1.460%)<sup>(b)</sup><br>| &nbsp;&nbsp; 219 | 165748 |
| 3.33%, 04/22/52, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 934 | 645886 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR + <br> 1.207%)<sup>(b)</sup><br>| &nbsp;&nbsp; 135 | 132972 |
| 3.54%, 05/01/28, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(b)</sup><br>| &nbsp;&nbsp; 382 | 377775 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 375 | 371464 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(b)</sup><br>| &nbsp;&nbsp; 706 | 692332 |
| 3.78%, 02/01/28, (3-mo. CME Term SOFR + <br> 1.599%)<sup>(b)</sup><br>| &nbsp;&nbsp; 175 | 173940 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR + <br> 1.622%)<sup>(b)</sup><br>| &nbsp;&nbsp; 328 | 289859 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(b)</sup><br>| &nbsp;&nbsp; 359 | 282278 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(b)</sup><br>| &nbsp;&nbsp; 660 | 524946 |
| 4.01%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(b)</sup><br>| &nbsp;&nbsp; 324 | 322520 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.722%)<sup>(b)</sup><br>| &nbsp;&nbsp; 315 | 252903 |
| 4.13%, 12/15/26 | &nbsp;&nbsp; 1117 | 1117334 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(b)</sup><br>| &nbsp;&nbsp; 374 | 374397 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 896 | 901717 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(b)</sup><br>| &nbsp;&nbsp; 505 | 422261 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(b)</sup><br>| &nbsp;&nbsp; 617 | 621625 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(b)</sup><br>| &nbsp;&nbsp; 157 | 158144 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(b)</sup> | &nbsp;&nbsp; 855 | 850527 |
| 4.85%, 02/01/44<sup>(a)</sup> | &nbsp;&nbsp; 412 | 380947 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(b)</sup> | &nbsp;&nbsp; 1240 | 1256766 |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(b)</sup> | &nbsp;&nbsp; 438 | 435583 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 344 | 314573 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(b)</sup> | &nbsp;&nbsp; 430 | 438595 |
| 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; 85 | 87548 |
| 5.34%, 01/23/35, (1-day SOFR + 1.620%)<sup>(b)</sup> | &nbsp;&nbsp; 520 | 533953 |
| 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(b)</sup> | &nbsp;&nbsp; 549 | 567010 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 521 | 520145 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(b)</sup> | &nbsp;&nbsp; 45 | 46477 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 426 | 434148 |
| 5.57%, 04/22/36, (1-day SOFR + 1.680%)<sup>(b)</sup> | &nbsp;&nbsp; 755 | 785202 |
| 5.58%, 07/23/36 | &nbsp;&nbsp; 225 | 229676 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 428 | 438344 |
| 5.72%, 09/14/33, (1-day SOFR + 2.580%)<sup>(b)</sup> | &nbsp;&nbsp; 504 | 527723 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.77%, 04/22/35, (1-day SOFR + 1.490%)<sup>(b)</sup> | &nbsp;&nbsp; $500 | $528257 |
| 6.07%, 10/22/27, (1-day SOFR + 1.330%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30589 |
| 6.25%, 10/23/34, (1-day SOFR + 1.810%)<sup>(b)</sup> | &nbsp;&nbsp; 293 | 319988 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 903 | 1008356 |
| 8.00%, 04/29/27 | &nbsp;&nbsp; 458 | 486593 |
| 8.75%, 09/01/30 | &nbsp;&nbsp; 334 | 398294 |
| KeyBank NA/Cleveland OH |  |  |
| 3.90%, 04/13/29 | &nbsp;&nbsp; 35 | 34135 |
| 4.90%, 08/08/32 | &nbsp;&nbsp; 114 | 111892 |
| 6.95%, 02/01/28 | &nbsp;&nbsp; 90 | 95016 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | &nbsp;&nbsp; 65 | 62966 |
| 2.55%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 618 | 577915 |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 20 | 19953 |
| Lloyds Banking Group PLC |  |  |
| 3.57%, 11/07/28<sup>(b)</sup> | &nbsp;&nbsp; 405 | 398675 |
| 3.75%, 01/11/27 | &nbsp;&nbsp; 200 | 198897 |
| 4.34%, 01/09/48 | &nbsp;&nbsp; 195 | 156727 |
| 4.38%, 03/22/28 | &nbsp;&nbsp; 311 | 312220 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 325 | 328389 |
| 4.82%, 06/13/29, (1-year CMT + 0.830%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 202789 |
| 4.98%, 08/11/33, (1-year CMT + 2.300%)<sup>(b)</sup> | &nbsp;&nbsp; 225 | 225510 |
| 5.30%, 12/01/45 | &nbsp;&nbsp; 200 | 187226 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 410415 |
| 5.68%, 01/05/35, (1-year CMT + 1.750%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 420 | 435549 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(b)</sup> | &nbsp;&nbsp; 275 | 287666 |
| 5.87%, 03/06/29, (1-year CMT + 1.700%)<sup>(b)</sup> | &nbsp;&nbsp; 230 | 238706 |
| 6.07%, 06/13/36, (1-year CMT + 1.600%)<sup>(b)</sup> | &nbsp;&nbsp; 205 | 212112 |
| 7.95%, 11/15/33, (1-year CMT + 3.750%)<sup>(b)</sup> | &nbsp;&nbsp; 413 | 476478 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 2.05%, 07/17/30 | &nbsp;&nbsp; 135 | 121431 |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(b)</sup> | &nbsp;&nbsp; 284 | 251068 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 44456 |
| 2.76%, 09/13/26 | &nbsp;&nbsp; 110 | 108425 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(b)</sup> | &nbsp;&nbsp; 245 | 219594 |
| 3.29%, 07/25/27 | &nbsp;&nbsp; 77 | 75961 |
| 3.68%, 02/22/27 | &nbsp;&nbsp; 15 | 14918 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 282 | 278772 |
| 3.75%, 07/18/39<sup>(a)</sup> | &nbsp;&nbsp; 426 | 369373 |
| 3.96%, 03/02/28<sup>(a)</sup> | &nbsp;&nbsp; 48 | 47900 |
| 4.05%, 09/11/28<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 1046280 |
| 4.15%, 03/07/39<sup>(a)</sup> | &nbsp;&nbsp; 352 | 327237 |
| 4.29%, 07/26/38<sup>(a)</sup> | &nbsp;&nbsp; 200 | 188450 |
| 4.32%, 04/19/33, (1-year CMT + 1.550%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38967 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(b)</sup> | &nbsp;&nbsp; 252 | 256997 |
| 5.41%, 04/19/34, (1-year CMT + 1.970%)<sup>(b)</sup> | &nbsp;&nbsp; 55 | 57219 |
| 5.44%, 02/22/34, (1-year CMT + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; 210 | 218826 |
| 5.47%, 09/13/33, (1-year CMT + 2.125%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 208227 |
| Mizuho Financial Group Inc. |  |  |
| 2.17%, 05/22/32, (1-year CMT + 0.870%)<sup>(b)</sup> | &nbsp;&nbsp; 255 | 223962 |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 180063 |
| 2.26%, 07/09/32, (1-year CMT + 0.900%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 490 | 430794 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 65 | 57503 |
| 2.59%, 05/25/31, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(b)</sup><br>| &nbsp;&nbsp; 203 | 186832 |
| 2.84%, 09/13/26 | &nbsp;&nbsp; 110 | 108495 |
| 2.87%, 09/13/30, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 23599 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(b)</sup><br>| &nbsp;&nbsp; 82 | 78433 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.17%, 09/11/27 | &nbsp;&nbsp; $30 | $29459 |
| 3.26%, 05/22/30, (1-year CMT + 1.250%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9629 |
| 4.02%, 03/05/28 | &nbsp;&nbsp; 445 | 444640 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(b)</sup><br>| &nbsp;&nbsp; 233 | 233078 |
| 4.71%, 07/08/31, (1-year CMT + 0.920%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 404149 |
| 5.32%, 07/08/36, (1-year CMT + 1.070%)<sup>(b)</sup> | &nbsp;&nbsp; 400 | 406892 |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 206832 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 207034 |
| 5.58%, 05/26/35, (1-year CMT + 1.300%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 207971 |
| 5.59%, 07/10/35, (1-year CMT + 1.300%)<sup>(b)</sup> | &nbsp;&nbsp; 215 | 223455 |
| 5.67%, 05/27/29, (1-year CMT + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 265 | 274832 |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(b)</sup> | &nbsp;&nbsp; 365 | 383007 |
| 5.74%, 05/27/31, (1-year CMT + 1.650%)<sup>(b)</sup> | &nbsp;&nbsp; 45 | 47388 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(b)</sup> | &nbsp;&nbsp; 260 | 273648 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(b)</sup> | &nbsp;&nbsp; 370 | 389514 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(b)</sup> | &nbsp;&nbsp; 450 | 468537 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(b)</sup> | &nbsp;&nbsp; 696 | 603682 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(b)</sup> | &nbsp;&nbsp; 630 | 546683 |
| 2.24%, 07/21/32, (1-day SOFR + 1.178%)<sup>(b)</sup> | &nbsp;&nbsp; 617 | 541916 |
| 2.48%, 09/16/36, (1-day SOFR + 1.360%)<sup>(b)</sup> | &nbsp;&nbsp; 1051 | 910406 |
| 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(b)</sup> | &nbsp;&nbsp; 295 | 261685 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp; 252 | 234753 |
| 2.80%, 01/25/52, (1-day SOFR + 1.430%)<sup>(b)</sup> | &nbsp;&nbsp; 455 | 280024 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(b)</sup> | &nbsp;&nbsp; 112 | 100934 |
| 3.59%, 07/22/28<sup>(b)</sup> | &nbsp;&nbsp; 868 | 857396 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(b)</sup> | &nbsp;&nbsp; 987 | 954580 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 870 | 865447 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(b)</sup><br>| &nbsp;&nbsp; 650 | 643329 |
| 3.95%, 04/23/27 | &nbsp;&nbsp; 703 | 700498 |
| 3.97%, 07/22/38<sup>(b)</sup> | &nbsp;&nbsp; 388 | 342718 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 600 | 511917 |
| 4.35%, 09/08/26 | &nbsp;&nbsp; 664 | 664785 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 753 | 640745 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1127 | 1131936 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 141 | 131343 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30274 |
| 5.12%, 02/01/29, (1-day SOFR + 1.730%)<sup>(b)</sup> | &nbsp;&nbsp; 345 | 352276 |
| 5.16%, 04/20/29, (1-day SOFR + 1.590%)<sup>(b)</sup> | &nbsp;&nbsp; 110 | 112476 |
| 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(b)</sup> | &nbsp;&nbsp; 480 | 494913 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(b)</sup> | &nbsp;&nbsp; 230 | 237314 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(b)</sup> | &nbsp;&nbsp; 440 | 449381 |
| 5.30%, 04/20/37, (1-day SOFR + 2.620%)<sup>(b)</sup> | &nbsp;&nbsp; 301 | 302806 |
| 5.32%, 07/19/35, (1-day SOFR + 1.555%)<sup>(b)</sup> | &nbsp;&nbsp; 530 | 539979 |
| 5.42%, 07/21/34, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp; 535 | 552215 |
| 5.47%, 01/18/35, (1-day SOFR + 1.730%)<sup>(b)</sup> | &nbsp;&nbsp; 310 | 319765 |
| 5.52%, 11/19/55, (1-day SOFR + 1.710%)<sup>(b)</sup> | &nbsp;&nbsp; 485 | 472094 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(b)</sup> | &nbsp;&nbsp; 215 | 222272 |
| 5.60%, 03/24/51, (1-day SOFR + 4.840%)<sup>(b)</sup> | &nbsp;&nbsp; 362 | 356629 |
| 5.66%, 04/17/36, (1-day SOFR + 1.757%)<sup>(b)</sup> | &nbsp;&nbsp; 425 | 442318 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 620 | 653623 |
| 5.94%, 02/07/39, (5-year CMT + 1.800%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 430 | 446704 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(b)</sup> | &nbsp;&nbsp; 469 | 487284 |
| 6.30%, 10/18/28, (1-day SOFR + 2.240%)<sup>(b)</sup> | &nbsp;&nbsp; 130 | 135502 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(b)</sup> | &nbsp;&nbsp; 380 | 415200 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 811 | 890966 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(b)</sup> | &nbsp;&nbsp; 125 | 138649 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 7.25%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; $729 | $840012 |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(b)</sup><br>| &nbsp;&nbsp; 90 | 91669 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29 | &nbsp;&nbsp; 2466 | 2481105 |
| 4.95%, 02/01/28, (1-day SOFR + 0.795%)<sup>(b)</sup> | &nbsp;&nbsp; 275 | 277640 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 3492 | 3639015 |
| NatWest Group PLC |  |  |
| 3.03%, 11/28/35, (5-year CMT + 2.350%)<sup>(b)</sup> | &nbsp;&nbsp; 241 | 219227 |
| 3.07%, 05/22/28, (1-year CMT + 2.550%)<sup>(b)</sup> | &nbsp;&nbsp; 261 | 256026 |
| 4.45%, 05/08/30<sup>(b)</sup> | &nbsp;&nbsp; 499 | 500181 |
| 4.89%, 05/18/29<sup>(b)</sup> | &nbsp;&nbsp; 619 | 628712 |
| 4.96%, 08/15/30, (1-year CMT + 1.220%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 204204 |
| 5.08%, 01/27/30<sup>(b)</sup> | &nbsp;&nbsp; 970 | 991215 |
| 5.12%, 05/23/31, (1-year CMT + 1.050%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 204933 |
| 5.52%, 09/30/28, (1-year CMT + 2.270%)<sup>(b)</sup> | &nbsp;&nbsp; 260 | 266412 |
| 5.78%, 03/01/35, (1-year CMT + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 208967 |
| 5.81%, 09/13/29, (1-year CMT + 1.950%)<sup>(b)</sup> | &nbsp;&nbsp; 255 | 266348 |
| 6.48%, 06/01/34, (5-year CMT + 2.200%)<sup>(b)</sup> | &nbsp;&nbsp; 586 | 615238 |
| Northern Trust Corp. |  |  |
| 3.15%, 05/03/29 | &nbsp;&nbsp; 1256 | 1218820 |
| 3.65%, 08/03/28 | &nbsp;&nbsp; 529 | 525203 |
| PNC Bank N.A., 4.43%, 07/21/28, (1-day SOFR + <br> 0.727%)<sup>(b)</sup><br>| &nbsp;&nbsp; 250 | 250895 |
| PNC Bank NA |  |  |
| 3.10%, 10/25/27 | &nbsp;&nbsp; 661 | 648739 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 189 | 188366 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 176 | 164391 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 597 | 587885 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 334 | 326894 |
| 4.63%, 06/06/33, (1-day SOFR Index + <br> 1.850%)<sup>(b)</sup><br>| &nbsp;&nbsp; 156 | 153515 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(b)</sup> | &nbsp;&nbsp; 135 | 136460 |
| 4.90%, 05/13/31, (1-day SOFR + 1.333%)<sup>(b)</sup> | &nbsp;&nbsp; 265 | 270265 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(b)</sup> | &nbsp;&nbsp; 410 | 414394 |
| 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(b)</sup> | &nbsp;&nbsp; 270 | 278976 |
| 5.37%, 07/21/36, (1-day SOFR + 1.417%)<sup>(b)</sup> | &nbsp;&nbsp; 110 | 111733 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(b)</sup> | &nbsp;&nbsp; 630 | 644035 |
| 5.58%, 06/12/29, (1-day SOFR + 1.841%)<sup>(b)</sup> | &nbsp;&nbsp; 314 | 325659 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(b)</sup> | &nbsp;&nbsp; 150 | 154681 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(b)</sup> | &nbsp;&nbsp; 405 | 422275 |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(b)</sup> | &nbsp;&nbsp; 210 | 223238 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(b)</sup><br>| &nbsp;&nbsp; 235 | 251837 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(b)</sup> | &nbsp;&nbsp; 410 | 460249 |
| Regions Bank/Birmingham AL, 6.45%, 06/26/37 | &nbsp;&nbsp; 253 | 273359 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28<sup>(a)</sup> | &nbsp;&nbsp; 205 | 191749 |
| 7.38%, 12/10/37 | &nbsp;&nbsp; 122 | 138775 |
| Royal Bank of Canada |  |  |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 320 | 284545 |
| 3.88%, 05/04/32 | &nbsp;&nbsp; 110 | 105823 |
| 4.24%, 08/03/27 | &nbsp;&nbsp; 255 | 256166 |
| 4.70%, 08/06/31, (1-day SOFR + 1.060%)<sup>(b)</sup> | &nbsp;&nbsp; 150 | 151480 |
| 4.72%, 03/27/28, (1-day SOFR Index + <br> 0.810%)<sup>(b)</sup><br>| &nbsp;&nbsp; 170 | 171429 |
| 4.90%, 01/12/28 | &nbsp;&nbsp; 381 | 388744 |
| 4.97%, 08/02/30, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20431 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(b)</sup><br>| &nbsp;&nbsp; 185 | 189386 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.00%, 02/01/33 | &nbsp;&nbsp; $525 | $537789 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 500 | 511295 |
| 5.15%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 362 | 373953 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 335 | 345940 |
| 6.00%, 11/01/27 | &nbsp;&nbsp; 15 | 15596 |
| Santander Holdings USA Inc. |  |  |
| 2.49%, 01/06/28, (1-day SOFR + 1.249%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 860 | 837999 |
| 4.40%, 07/13/27 | &nbsp;&nbsp; 1132 | 1133961 |
| 5.47%, 03/20/29, (1-day SOFR + 1.610%)<sup>(b)</sup> | &nbsp;&nbsp; 175 | 179092 |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(b)</sup> | &nbsp;&nbsp; 240 | 249433 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(b)</sup> | &nbsp;&nbsp; 126 | 132146 |
| 6.34%, 05/31/35, (1-day SOFR + 2.138%)<sup>(b)</sup> | &nbsp;&nbsp; 265 | 281730 |
| 6.50%, 03/09/29, (1-day SOFR + 2.356%)<sup>(b)</sup> | &nbsp;&nbsp; 97 | 101565 |
| 6.57%, 06/12/29, (1-day SOFR + 2.700%)<sup>(b)</sup> | &nbsp;&nbsp; 37 | 38902 |
| 7.66%, 11/09/31, (1-day SOFR + 3.280%)<sup>(b)</sup> | &nbsp;&nbsp; 215 | 242269 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.47%, 01/11/28, (1-day SOFR + 1.220%)<sup>(b)</sup> | &nbsp;&nbsp; 464 | 452144 |
| 2.90%, 03/15/32, (1-day SOFR + 1.475%)<sup>(b)</sup> | &nbsp;&nbsp; 262 | 238649 |
| 3.82%, 11/03/28<sup>(b)</sup> | &nbsp;&nbsp; 265 | 261790 |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(b)</sup><br>| &nbsp;&nbsp; 55 | 55669 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20882 |
| 6.53%, 01/10/29, (1-day SOFR + 2.600%)<sup>(b)</sup> | &nbsp;&nbsp; 130 | 136169 |
| State Street Corp. |  |  |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(b)</sup><br>| &nbsp;&nbsp; 498 | 499483 |
| 4.54%, 02/28/28 | &nbsp;&nbsp; 75 | 76035 |
| 4.54%, 04/24/28, (1-day SOFR + 0.950%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40282 |
| 4.68%, 10/22/32, (1-day SOFR + 1.050%)<sup>(b)</sup> | &nbsp;&nbsp; 110 | 111282 |
| 4.73%, 02/28/30 | &nbsp;&nbsp; 75 | 76676 |
| 4.83%, 04/24/30<sup>(a)</sup> | &nbsp;&nbsp; 125 | 128271 |
| 5.15%, 02/28/36, (1-day SOFR + 1.217%)<sup>(b)</sup> | &nbsp;&nbsp; 475 | 480729 |
| 5.16%, 05/18/34, (1-day SOFR + 1.890%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30796 |
| 6.12%, 11/21/34, (1-day SOFR + 1.958%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 5 | 5370 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.71%, 01/12/31 | &nbsp;&nbsp; 740 | 644315 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 190 | 177875 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 900 | 812422 |
| 2.22%, 09/17/31 | &nbsp;&nbsp; 350 | 308466 |
| 2.47%, 01/14/29 | &nbsp;&nbsp; 35 | 33136 |
| 2.72%, 09/27/29 | &nbsp;&nbsp; 20 | 18873 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 785 | 735735 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 467 | 446103 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 305 | 300786 |
| 3.36%, 07/12/27 | &nbsp;&nbsp; 205 | 202576 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 188 | 186329 |
| 3.54%, 01/17/28 | &nbsp;&nbsp; 506 | 499897 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 71 | 70814 |
| 4.31%, 10/16/28 | &nbsp;&nbsp; 698 | 702058 |
| 5.24%, 04/15/30 | &nbsp;&nbsp; 200 | 207389 |
| 5.25%, 07/08/36, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20297 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 530 | 554915 |
| 5.45%, 01/15/32 | &nbsp;&nbsp; 200 | 209305 |
| 5.56%, 07/09/34<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 1174046 |
| 5.63%, 01/15/35 | &nbsp;&nbsp; 200 | 209853 |
| 5.77%, 01/13/33<sup>(a)</sup> | &nbsp;&nbsp; 420 | 445620 |
| 5.78%, 07/13/33 | &nbsp;&nbsp; 295 | 314047 |
| 5.80%, 07/13/28 | &nbsp;&nbsp; 200 | 209178 |
| 5.81%, 09/14/33 | &nbsp;&nbsp; 455 | 485636 |
| 5.85%, 07/13/30 | &nbsp;&nbsp; 325 | 345699 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Synchrony Bank, 5.63%, 08/23/27 | &nbsp;&nbsp; $1305 | $1333933 |
| Toronto-Dominion Bank (The) |  |  |
| 2.00%, 09/10/31<sup>(a)</sup> | &nbsp;&nbsp; 561 | 495022 |
| 2.45%, 01/12/32 | &nbsp;&nbsp; 86 | 76119 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 300 | 275821 |
| 3.63%, 09/15/31, (5-year USD Swap + <br> 2.205%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1475 | 1460169 |
| 4.46%, 06/08/32 | &nbsp;&nbsp; 337 | 333763 |
| 4.57%, 06/02/28 | &nbsp;&nbsp; 200 | 202364 |
| 4.78%, 12/17/29 | &nbsp;&nbsp; 150 | 153133 |
| 4.81%, 06/03/30 | &nbsp;&nbsp; 200 | 204073 |
| 4.99%, 04/05/29 | &nbsp;&nbsp; 291 | 298441 |
| 5.15%, 09/10/34, (5-year CMT + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 74 | 75032 |
| 5.16%, 01/10/28 | &nbsp;&nbsp; 255 | 260902 |
| 5.26%, 12/11/26 | &nbsp;&nbsp; 100 | 101385 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 135 | 140256 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 300 | 311290 |
| Truist Bank, 2.25%, 03/11/30 | &nbsp;&nbsp; 60 | 54648 |
| Truist Financial Corp. |  |  |
| 1.89%, 06/07/29, (1-day SOFR + 0.862%)<sup>(b)</sup> | &nbsp;&nbsp; 115 | 108099 |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 135 | 121355 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 190 | 186999 |
| 4.92%, 07/28/33, (1-day SOFR + 2.240%)<sup>(b)</sup> | &nbsp;&nbsp; 676 | 666601 |
| 5.12%, 01/26/34, (1-day SOFR + 1.852%)<sup>(b)</sup> | &nbsp;&nbsp; 110 | 110787 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(b)</sup> | &nbsp;&nbsp; 292 | 304092 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(b)</sup> | &nbsp;&nbsp; 305 | 320442 |
| 6.12%, 10/28/33, (1-day SOFR + 2.300%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 21356 |
| 7.16%, 10/30/29, (1-day SOFR + 2.446%)<sup>(b)</sup> | &nbsp;&nbsp; 60 | 65125 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 120 | 104876 |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(b)</sup> | &nbsp;&nbsp; 141 | 121271 |
| 2.68%, 01/27/33, (1-day SOFR + 1.020%)<sup>(b)</sup> | &nbsp;&nbsp; 470 | 415675 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 105 | 100304 |
| 3.90%, 04/26/28 | &nbsp;&nbsp; 146 | 145766 |
| 4.55%, 07/22/28, (1-day SOFR + 1.660%)<sup>(b)</sup> | &nbsp;&nbsp; 220 | 221500 |
| 4.65%, 02/01/29, (1-day SOFR + 1.230%)<sup>(b)</sup> | &nbsp;&nbsp; 150 | 151715 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(b)</sup> | &nbsp;&nbsp; 270 | 268441 |
| 4.97%, 07/22/33, (1-day SOFR + 2.110%)<sup>(b)</sup> | &nbsp;&nbsp; 590 | 586122 |
| 5.42%, 02/12/36, (1-day SOFR + 1.411%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | 204693 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36486 |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(b)</sup> | &nbsp;&nbsp; 90 | 95008 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(b)</sup> | &nbsp;&nbsp; 285 | 301357 |
| UBS AG/London, 5.65%, 09/11/28 | &nbsp;&nbsp; 1010 | 1055408 |
| UBS AG/Stamford CT |  |  |
| 4.86%, 01/10/28, (1-day SOFR + 0.720%)<sup>(b)</sup> | &nbsp;&nbsp; 250 | 252227 |
| 5.00%, 07/09/27<sup>(a)</sup> | &nbsp;&nbsp; 635 | 645421 |
| 7.50%, 02/15/28 | &nbsp;&nbsp; 928 | 1001248 |
| Webster Financial Corp., 4.10%, 03/25/29<sup>(a)</sup> | &nbsp;&nbsp; 462 | 454126 |
| Wells Fargo & Co. |  |  |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(b)</sup><br>| &nbsp;&nbsp; 160 | 148137 |
| 3.07%, 04/30/41, (1-day SOFR + 2.530%)<sup>(b)</sup> | &nbsp;&nbsp; 622 | 473443 |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 252 | 232385 |
| 3.53%, 03/24/28, (1-day SOFR + 1.510%)<sup>(b)</sup> | &nbsp;&nbsp; 575 | 568931 |
| 3.58%, 05/22/28, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(b)</sup><br>| &nbsp;&nbsp; 105 | 103858 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 157 | 124989 |
| 4.30%, 07/22/27 | &nbsp;&nbsp; 679 | 680946 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 225 | 184861 |
| 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(b)</sup> | &nbsp;&nbsp; 1058 | 897615 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 322 | 278965 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.75%, 12/07/46 | &nbsp;&nbsp; $268 | $231421 |
| 4.81%, 07/25/28, (1-day SOFR + 1.980%)<sup>(b)</sup> | &nbsp;&nbsp; 710 | 717675 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(b)</sup> | &nbsp;&nbsp; 865 | 869976 |
| 4.90%, 11/17/45 | &nbsp;&nbsp; 494 | 437463 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR + <br> 4.502%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1303 | 1178099 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 152 | 144890 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 66878 |
| 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(b)</sup> | &nbsp;&nbsp; 96 | 99001 |
| 5.56%, 07/25/34, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 275 | 285536 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 482 | 470242 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; 800 | 824339 |
| 6.49%, 10/23/34, (1-day SOFR + 2.060%)<sup>(b)</sup> | &nbsp;&nbsp; 280 | 307719 |
| Series B, 7.95%, 11/15/29 | &nbsp;&nbsp; 347 | 388829 |
| Westpac Banking Corp. |  |  |
| 2.65%, 01/16/30 | &nbsp;&nbsp; 96 | 90636 |
| 2.67%, 11/15/35, (5-year CMT + 1.750%)<sup>(b)</sup> | &nbsp;&nbsp; 427 | 382653 |
| 3.02%, 11/18/36, (5-year CMT + 1.530%)<sup>(b)</sup> | &nbsp;&nbsp; 641 | 571108 |
| 3.35%, 03/08/27 | &nbsp;&nbsp; 1278 | 1267404 |
| 3.40%, 01/25/28 | &nbsp;&nbsp; 413 | 408376 |
| 4.11%, 07/24/34, (5-year CMT + 2.000%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 308 | 301243 |
| 4.32%, 11/23/31, (5-year USD ICE Swap + <br> 2.236%)<sup>(b)</sup><br>| &nbsp;&nbsp; 105 | 104591 |
| Wintrust Financial Corp., 4.85%, 06/06/29 | &nbsp;&nbsp; 109 | 107875 |
|  |  | 239578641 |
| **Beverages — 2.9%** | **Beverages — 2.9%** | **Beverages — 2.9%** |
| Anheuser-Busch Companies LLC/Anheuser-Busch <br> InBev Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 1227 | 1197495 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 1850 | 1688726 |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.00%, 01/17/43 | &nbsp;&nbsp; 30 | 24707 |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 226 | 200902 |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 585 | 571943 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 182 | 165860 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 576 | 560518 |
| 4.38%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 156 | 146683 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 497 | 419304 |
| 4.50%, 06/01/50 | &nbsp;&nbsp; 215 | 188363 |
| 4.60%, 04/15/48<sup>(a)</sup> | &nbsp;&nbsp; 220 | 193986 |
| 4.75%, 01/23/29 | &nbsp;&nbsp; 445 | 454805 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 354 | 304695 |
| 4.90%, 01/23/31 | &nbsp;&nbsp; 309 | 319762 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 479 | 450251 |
| 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102236 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 389 | 397396 |
| 5.55%, 01/23/49<sup>(a)</sup> | &nbsp;&nbsp; 779 | 765479 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 384 | 386538 |
| 5.88%, 06/15/35 | &nbsp;&nbsp; 241 | 260474 |
| 8.00%, 11/15/39 | &nbsp;&nbsp; 165 | 209364 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 361 | 460558 |
| Brown-Forman Corp. |  |  |
| 4.00%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 19 | 16789 |
| 4.50%, 07/15/45 | &nbsp;&nbsp; 64 | 55168 |
| Coca-Cola Co. (The) |  |  |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 1172 | 1016364 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 512 | 459431 |
| 2.00%, 03/05/31 | &nbsp;&nbsp; 200 | 179422 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 207 | 193381 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 1677 | 1493512 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 2.50%, 06/01/40 | &nbsp;&nbsp; $78 | $57134 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 396 | 234354 |
| 2.60%, 06/01/50 | &nbsp;&nbsp; 324 | 198165 |
| 2.75%, 06/01/60 | &nbsp;&nbsp; 308 | 180572 |
| 2.90%, 05/25/27 | &nbsp;&nbsp; 535 | 526705 |
| 3.00%, 03/05/51 | &nbsp;&nbsp; 482 | 318945 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 368 | 358741 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 388 | 320669 |
| 4.65%, 08/14/34<sup>(a)</sup> | &nbsp;&nbsp; 165 | 166757 |
| 5.00%, 05/13/34<sup>(a)</sup> | &nbsp;&nbsp; 120 | 123982 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 248 | 234555 |
| 5.40%, 05/13/64<sup>(a)</sup> | &nbsp;&nbsp; 30 | 28932 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.85%, 09/01/32 | &nbsp;&nbsp; 98 | 81092 |
| 2.75%, 01/22/30 | &nbsp;&nbsp; 45 | 42326 |
| 5.25%, 11/26/43 | &nbsp;&nbsp; 205 | 196192 |
| Constellation Brands Inc. |  |  |
| 2.88%, 05/01/30 | &nbsp;&nbsp; 10 | 9355 |
| 3.15%, 08/01/29 | &nbsp;&nbsp; 45 | 43136 |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 142 | 101551 |
| 4.10%, 02/15/48 | &nbsp;&nbsp; 110 | 84729 |
| 4.50%, 05/09/47<sup>(a)</sup> | &nbsp;&nbsp; 166 | 137127 |
| 4.65%, 11/15/28 | &nbsp;&nbsp; 10 | 10115 |
| 5.25%, 11/15/48 | &nbsp;&nbsp; 55 | 49916 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 1957 | 1778324 |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 1105 | 950166 |
| 2.38%, 10/24/29 | &nbsp;&nbsp; 1781 | 1666742 |
| 3.88%, 05/18/28 | &nbsp;&nbsp; 2195 | 2191331 |
| 5.30%, 10/24/27 | &nbsp;&nbsp; 275 | 282047 |
| 5.38%, 10/05/26 | &nbsp;&nbsp; 200 | 202447 |
| 5.63%, 10/05/33 | &nbsp;&nbsp; 208 | 220049 |
| Diageo Investment Corp. |  |  |
| 4.25%, 05/11/42 | &nbsp;&nbsp; 110 | 94726 |
| 5.13%, 08/15/30 | &nbsp;&nbsp; 165 | 170955 |
| 5.63%, 04/15/35 | &nbsp;&nbsp; 200 | 210599 |
| 7.45%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1570 | 1872671 |
| Fomento Economico Mexicano SAB de CV |  |  |
| 3.50%, 01/16/50 | &nbsp;&nbsp; 165 | 117573 |
| 4.38%, 05/10/43 | &nbsp;&nbsp; 10 | 8612 |
| Keurig Dr Pepper Inc. |  |  |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 135 | 86928 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 199 | 140669 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 228 | 217465 |
| 4.35%, 05/15/28 | &nbsp;&nbsp; 50 | 49932 |
| 4.42%, 12/15/46 | &nbsp;&nbsp; 171 | 137127 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 156 | 127273 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 315 | 247541 |
| 4.60%, 05/25/28 | &nbsp;&nbsp; 395 | 396767 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 50 | 50021 |
| 5.09%, 05/25/48 | &nbsp;&nbsp; 108 | 94193 |
| 5.15%, 05/15/35 | &nbsp;&nbsp; 50 | 49349 |
| 5.30%, 03/15/34 | &nbsp;&nbsp; 60 | 60533 |
| Series 10, 5.20%, 03/15/31 | &nbsp;&nbsp; 25 | 25582 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46 | &nbsp;&nbsp; 623 | 491958 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 398 | 362092 |
| PepsiCo Inc. |  |  |
| 1.63%, 05/01/30 | &nbsp;&nbsp; 214 | 191770 |
| 2.38%, 10/06/26 | &nbsp;&nbsp; 975 | 958524 |
| 2.63%, 07/29/29 | &nbsp;&nbsp; 1208 | 1148399 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 2.75%, 03/19/30 | &nbsp;&nbsp; $210 | $198209 |
| 2.75%, 10/21/51 | &nbsp;&nbsp; 110 | 67832 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 240 | 155091 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 1627 | 1599661 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 65 | 46230 |
| 3.50%, 03/19/40 | &nbsp;&nbsp; 88 | 73619 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 265 | 196797 |
| 3.88%, 03/19/60 | &nbsp;&nbsp; 90 | 66964 |
| 4.00%, 03/05/42<sup>(a)</sup> | &nbsp;&nbsp; 100 | 85143 |
| 4.00%, 05/02/47 | &nbsp;&nbsp; 128 | 103487 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 302 | 264624 |
| 4.80%, 07/17/34 | &nbsp;&nbsp; 100 | 100834 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 189 | 182180 |
| 5.25%, 07/17/54 | &nbsp;&nbsp; 50 | 47736 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 114 | 118794 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 19 | 20857 |
|  |  | 34319585 |
| **Biotechnology — 1.5%** | **Biotechnology — 1.5%** | **Biotechnology — 1.5%** |
| Amgen Inc. |  |  |
| 2.20%, 02/21/27 | &nbsp;&nbsp; 640 | 622898 |
| 2.30%, 02/25/31 | &nbsp;&nbsp; 54 | 48465 |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 965 | 893016 |
| 2.77%, 09/01/53 | &nbsp;&nbsp; 305 | 178338 |
| 3.00%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 396 | 253593 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 10 | 7740 |
| 3.20%, 11/02/27 | &nbsp;&nbsp; 687 | 674154 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 300 | 209323 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 320 | 309082 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 154 | 119754 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 571 | 482880 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 292 | 225234 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 364 | 306609 |
| 4.66%, 06/15/51 | &nbsp;&nbsp; 890 | 753079 |
| 4.88%, 03/01/53 | &nbsp;&nbsp; 87 | 75149 |
| 4.95%, 10/01/41 | &nbsp;&nbsp; 192 | 177713 |
| 5.15%, 11/15/41 | &nbsp;&nbsp; 267 | 252500 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 1000 | 1026055 |
| 5.65%, 06/15/42 | &nbsp;&nbsp; 20 | 19982 |
| 5.65%, 03/02/53 | &nbsp;&nbsp; 645 | 622888 |
| 5.75%, 03/15/40 | &nbsp;&nbsp; 134 | 137725 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 539 | 516463 |
| 6.38%, 06/01/37 | &nbsp;&nbsp; 165 | 181312 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 153 | 165753 |
| Baxalta Inc., 5.25%, 06/23/45 | &nbsp;&nbsp; 170 | 159124 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 140 | 127367 |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 351 | 218496 |
| 3.25%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 146 | 91946 |
| 5.05%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 60 | 61617 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 585 | 524398 |
| 5.75%, 05/15/35 | &nbsp;&nbsp; 55 | 56762 |
| 6.45%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50992 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 971 | 917915 |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 1075 | 949697 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 89 | 55343 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 1197 | 1178798 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 230 | 210886 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 510 | 416607 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 379 | 330288 |
| 4.60%, 09/01/35 | &nbsp;&nbsp; 555 | 541769 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 4.75%, 03/01/46 | &nbsp;&nbsp; $623 | $556811 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 305 | 312841 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 506 | 461008 |
| 5.10%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 320 | 324341 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 715 | 742429 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 165 | 160160 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 145 | 141231 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 342 | 349127 |
| Illumina Inc., 2.55%, 03/23/31 | &nbsp;&nbsp; 175 | 155881 |
| Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 | &nbsp;&nbsp; 231 | 137115 |
| Royalty Pharma PLC |  |  |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 167 | 107229 |
| 3.55%, 09/02/50<sup>(a)</sup> | &nbsp;&nbsp; 204 | 137584 |
| 5.40%, 09/02/34 | &nbsp;&nbsp; 5 | 5067 |
| 5.90%, 09/02/54 | &nbsp;&nbsp; 105 | 100729 |
|  |  | 17843263 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| Amrize Finance US LLC, 5.40%, 04/07/35<sup>(c)</sup> | &nbsp;&nbsp; 290 | 294229 |
| Carrier Global Corp. |  |  |
| 2.70%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 391 | 359545 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 165 | 154935 |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 201 | 160532 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 523 | 382227 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 608 | 648581 |
| 6.20%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 80 | 85164 |
| CRH America Finance Inc. |  |  |
| 5.40%, 05/21/34 | &nbsp;&nbsp; 2403 | 2467706 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 515 | 531438 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 1085 | 1115982 |
| 5.20%, 05/21/29<sup>(a)</sup> | &nbsp;&nbsp; 2765 | 2853063 |
| Fortune Brands Innovations Inc. |  |  |
| 3.25%, 09/15/29 | &nbsp;&nbsp; 468 | 447637 |
| 4.00%, 03/25/32 | &nbsp;&nbsp; 822 | 780787 |
| 4.50%, 03/25/52 | &nbsp;&nbsp; 229 | 182051 |
| 5.88%, 06/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1072 | 1131765 |
| Johnson Controls International PLC |  |  |
| 4.95%, 07/02/64<sup>(d)</sup> | &nbsp;&nbsp; 5 | 4256 |
| 6.00%, 01/15/36 | &nbsp;&nbsp; 455 | 492549 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA<br>|  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 2360 | 2091026 |
| 2.00%, 09/16/31 | &nbsp;&nbsp; 1106 | 957237 |
| 4.90%, 12/01/32 | &nbsp;&nbsp; 30 | 30293 |
| Lennox International Inc. |  |  |
| 1.70%, 08/01/27 | &nbsp;&nbsp; 1167 | 1112944 |
| 5.50%, 09/15/28 | &nbsp;&nbsp; 450 | 465941 |
| Martin Marietta Materials Inc. |  |  |
| 3.20%, 07/15/51 | &nbsp;&nbsp; 248 | 164484 |
| 3.45%, 06/01/27<sup>(a)</sup> | &nbsp;&nbsp; 81 | 80000 |
| 3.50%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 65 | 64128 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 105 | 85419 |
| 5.15%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 35 | 35211 |
| 5.50%, 12/01/54 | &nbsp;&nbsp; 485 | 466839 |
| Series CB, 2.50%, 03/15/30 | &nbsp;&nbsp; 78 | 72321 |
| Masco Corp. |  |  |
| 3.13%, 02/15/51 | &nbsp;&nbsp; 60 | 37096 |
| 3.50%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 193 | 190110 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 105 | 84956 |
| Mohawk Industries Inc., 3.63%, 05/15/30 | &nbsp;&nbsp; 5 | 4813 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Owens Corning |  |  |
| 3.95%, 08/15/29 | &nbsp;&nbsp; $435 | $429626 |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 232 | 188079 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 109 | 89037 |
| 5.50%, 06/15/27 | &nbsp;&nbsp; 60 | 61316 |
| 5.70%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 75 | 78461 |
| 5.95%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 360 | 360500 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 263 | 299393 |
| Trane Technologies Financing Ltd. |  |  |
| 3.80%, 03/21/29 | &nbsp;&nbsp; 1188 | 1176090 |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 500 | 510396 |
| 5.25%, 03/03/33 | &nbsp;&nbsp; 980 | 1012359 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 3.75%, 08/21/28 | &nbsp;&nbsp; 2483 | 2473811 |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 142 | 117922 |
| 5.75%, 06/15/43 | &nbsp;&nbsp; 236 | 242758 |
| Vulcan Materials Co. |  |  |
| 3.90%, 04/01/27 | &nbsp;&nbsp; 75 | 74733 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 112 | 94684 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 39 | 33771 |
| 4.95%, 12/01/29 | &nbsp;&nbsp; 50 | 51233 |
| 5.35%, 12/01/34 | &nbsp;&nbsp; 50 | 51121 |
| 5.70%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 125 | 123653 |
|  |  | 25504208 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Albemarle Corp., 5.45%, 12/01/44 | &nbsp;&nbsp; 135 | 116173 |
| Cabot Corp., 4.00%, 07/01/29 | &nbsp;&nbsp; 65 | 64280 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 110 | 98363 |
| 5.38%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 156 | 146023 |
| Dow Chemical Co. (The) |  |  |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 197 | 129906 |
| 4.25%, 10/01/34 | &nbsp;&nbsp; 196 | 178628 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 200 | 160426 |
| 4.63%, 10/01/44 | &nbsp;&nbsp; 93 | 75539 |
| 4.80%, 11/30/28<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15195 |
| 4.80%, 05/15/49 | &nbsp;&nbsp; 162 | 129269 |
| 5.15%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 355 | 352806 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 114 | 102983 |
| 5.35%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 75 | 74313 |
| 5.55%, 11/30/48 | &nbsp;&nbsp; 225 | 201455 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 60 | 53324 |
| 5.95%, 03/15/55 | &nbsp;&nbsp; 120 | 111701 |
| 6.30%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 188 | 201323 |
| 6.90%, 05/15/53 | &nbsp;&nbsp; 65 | 68211 |
| 9.40%, 05/15/39 | &nbsp;&nbsp; 254 | 327952 |
| DuPont de Nemours Inc. |  |  |
| 4.73%, 11/15/28 | &nbsp;&nbsp; 654 | 666373 |
| 5.32%, 11/15/38 | &nbsp;&nbsp; 308 | 321049 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 443 | 445769 |
| Eastman Chemical Co. |  |  |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 20 | 20094 |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 185 | 154331 |
| 4.80%, 09/01/42 | &nbsp;&nbsp; 149 | 128810 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | &nbsp;&nbsp; 652 | 559506 |
| 2.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 30 | 26116 |
| 2.13%, 08/15/50 | &nbsp;&nbsp; 75 | 40345 |
| 2.70%, 11/01/26 | &nbsp;&nbsp; 4704 | 4631427 |
| 2.70%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 131 | 79693 |
| 3.25%, 12/01/27 | &nbsp;&nbsp; 2157 | 2125751 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 4.30%, 06/15/28 | &nbsp;&nbsp; $30 | $30268 |
| 4.80%, 03/24/30 | &nbsp;&nbsp; 1035 | 1064604 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 155 | 156246 |
| FMC Corp. |  |  |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 15 | 14799 |
| 3.45%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 29 | 27429 |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 76 | 56592 |
| 5.65%, 05/18/33<sup>(a)</sup> | &nbsp;&nbsp; 65 | 64688 |
| 6.38%, 05/18/53 | &nbsp;&nbsp; 15 | 14411 |
| International Flavors & Fragrances Inc. |  |  |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 244 | 189199 |
| 4.45%, 09/26/28 | &nbsp;&nbsp; 226 | 227033 |
| 5.00%, 09/26/48 | &nbsp;&nbsp; 78 | 67200 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44 | &nbsp;&nbsp; 205 | 172787 |
| 5.25%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; 205 | 180799 |
| LYB International Finance III LLC |  |  |
| 3.63%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 194 | 125911 |
| 3.80%, 10/01/60 | &nbsp;&nbsp; 372 | 233672 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 222 | 160170 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 233 | 168244 |
| 5.50%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 155 | 154169 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 401 | 410355 |
| 6.15%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20649 |
| LyondellBasell Industries NV, 4.63%, 02/26/55<sup>(a)</sup> | &nbsp;&nbsp; 391 | 300104 |
| Mosaic Co. (The) |  |  |
| 4.05%, 11/15/27 | &nbsp;&nbsp; 60 | 59698 |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 45 | 39968 |
| 5.45%, 11/15/33 | &nbsp;&nbsp; 352 | 360973 |
| 5.63%, 11/15/43 | &nbsp;&nbsp; 55 | 52810 |
| Nutrien Ltd. |  |  |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 105 | 78299 |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 517 | 473150 |
| 4.20%, 04/01/29 | &nbsp;&nbsp; 98 | 97716 |
| 4.50%, 03/12/27 | &nbsp;&nbsp; 100 | 100479 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 72 | 64408 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 103 | 91214 |
| 5.25%, 03/12/32 | &nbsp;&nbsp; 175 | 179796 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 191 | 177115 |
| 5.40%, 06/21/34 | &nbsp;&nbsp; 160 | 162939 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 67 | 66507 |
| 5.80%, 03/27/53<sup>(a)</sup> | &nbsp;&nbsp; 174 | 171329 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 68 | 70861 |
| 6.13%, 01/15/41 | &nbsp;&nbsp; 65 | 66953 |
| PPG Industries Inc. |  |  |
| 2.80%, 08/15/29 | &nbsp;&nbsp; 72 | 68336 |
| 3.75%, 03/15/28 | &nbsp;&nbsp; 51 | 50539 |
| RPM International Inc. |  |  |
| 4.25%, 01/15/48 | &nbsp;&nbsp; 19 | 15620 |
| 4.55%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 41 | 41245 |
| 5.25%, 06/01/45 | &nbsp;&nbsp; 62 | 57551 |
| Sherwin-Williams Co. (The) |  |  |
| 2.30%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 120 | 109962 |
| 2.95%, 08/15/29 | &nbsp;&nbsp; 62 | 59015 |
| 3.30%, 05/15/50 | &nbsp;&nbsp; 40 | 26933 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 125 | 123558 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 76 | 56152 |
| 4.00%, 12/15/42 | &nbsp;&nbsp; 65 | 52877 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 75 | 75410 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 448 | 376747 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 147 | 125440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 5.15%, 08/15/35 | &nbsp;&nbsp; $75 | $75534 |
| Westlake Corp. |  |  |
| 3.38%, 08/15/61 | &nbsp;&nbsp; 130 | 76950 |
| 5.00%, 08/15/46 | &nbsp;&nbsp; 33 | 28797 |
|  |  | 19381344 |
| **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; 3814 | 3331883 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 4448 | 4208192 |
| 4.45%, 09/09/34<sup>(a)</sup> | &nbsp;&nbsp; 50 | 49153 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 195 | 199244 |
| Block Financial LLC, 3.88%, 08/15/30 | &nbsp;&nbsp; 274 | 263130 |
| Cintas Corp. No. 2, 3.70%, 04/01/27 | &nbsp;&nbsp; 99 | 98511 |
| Global Payments Inc. |  |  |
| 5.40%, 08/15/32 | &nbsp;&nbsp; 105 | 106860 |
| 5.95%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 129 | 122745 |
| GXO Logistics Inc. |  |  |
| 2.65%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 597 | 529154 |
| 6.50%, 05/06/34 | &nbsp;&nbsp; 40 | 42323 |
| Moody's Corp. |  |  |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 140 | 86165 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 42 | 41320 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 104 | 69166 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 60 | 60269 |
| 4.25%, 08/08/32 | &nbsp;&nbsp; 165 | 162369 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 194 | 172599 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 32 | 30649 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 132 | 121175 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 70 | 66733 |
| 3.25%, 06/01/50 | &nbsp;&nbsp; 271 | 184299 |
| 5.05%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 61 | 55736 |
| 5.25%, 06/01/62 | &nbsp;&nbsp; 199 | 182897 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 485 | 421441 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 594 | 553069 |
| 3.05%, 10/01/41 | &nbsp;&nbsp; 181 | 130153 |
| 4.75%, 08/09/27 | &nbsp;&nbsp; 75 | 75789 |
| 5.25%, 08/09/34 | &nbsp;&nbsp; 75 | 75991 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 2259 | 2142496 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 1787 | 1779834 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 95 | 97013 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 240 | 245426 |
| S&P Global Inc. |  |  |
| 2.30%, 08/15/60 | &nbsp;&nbsp; 690 | 346448 |
| 2.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 35 | 32794 |
| 3.25%, 12/01/49 | &nbsp;&nbsp; 313 | 217765 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 50 | 37153 |
| Triton Container International Ltd./TAL International <br> Container Corp., 3.25%, 03/15/32<br>| &nbsp;&nbsp; 700 | 617810 |
|  |  | 16957754 |
| **Computers — 1.8%** | **Computers — 1.8%** | **Computers — 1.8%** |
| Apple Inc. |  |  |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 327 | 191822 |
| 2.55%, 08/20/60 | &nbsp;&nbsp; 1335 | 757363 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 356 | 220301 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 315 | 193263 |
| 2.70%, 08/05/51 | &nbsp;&nbsp; 367 | 226007 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 209 | 122173 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 2.85%, 08/05/61 | &nbsp;&nbsp; $388 | $228676 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 281 | 186423 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 210 | 199109 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 223 | 172824 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 170 | 133413 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 42 | 33141 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 211 | 176225 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 538 | 433995 |
| 3.95%, 08/08/52 | &nbsp;&nbsp; 533 | 419579 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 350 | 273414 |
| 4.25%, 02/09/47 | &nbsp;&nbsp; 322 | 275868 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 225 | 198442 |
| 4.50%, 02/23/36<sup>(a)</sup> | &nbsp;&nbsp; 141 | 141259 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 1055 | 963312 |
| Dell Inc., 6.50%, 04/15/38 | &nbsp;&nbsp; 250 | 266742 |
| Dell International LLC/EMC Corp. |  |  |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 35 | 35763 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 222 | 268911 |
| 8.35%, 07/15/46<sup>(a)</sup> | &nbsp;&nbsp; 214 | 273041 |
| DXC Technology Co., 2.38%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 65 | 60983 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27 | &nbsp;&nbsp; 477 | 479157 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 278 | 278381 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 670 | 674308 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 434 | 437291 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 575 | 564898 |
| 5.25%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; 554 | 569852 |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 315 | 290390 |
| 6.20%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 510 | 544238 |
| HP Inc. |  |  |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 330 | 318372 |
| 5.40%, 04/25/30 | &nbsp;&nbsp; 75 | 77897 |
| 5.50%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 350 | 359362 |
| 6.00%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 486 | 493472 |
| 6.10%, 04/25/35<sup>(a)</sup> | &nbsp;&nbsp; 70 | 73158 |
| IBM International Capital Pte Ltd. |  |  |
| 4.90%, 02/05/34 | &nbsp;&nbsp; 57 | 57049 |
| 5.30%, 02/05/54 | &nbsp;&nbsp; 240 | 222075 |
| International Business Machines Corp. |  |  |
| 2.95%, 05/15/50 | &nbsp;&nbsp; 228 | 144056 |
| 3.30%, 01/27/27<sup>(a)</sup> | &nbsp;&nbsp; 849 | 840442 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 1068 | 1046603 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 180 | 148908 |
| 4.15%, 05/15/39 | &nbsp;&nbsp; 164 | 144511 |
| 4.25%, 05/15/49 | &nbsp;&nbsp; 575 | 459477 |
| 4.65%, 02/10/28 | &nbsp;&nbsp; 200 | 202823 |
| 4.70%, 02/19/46 | &nbsp;&nbsp; 119 | 104733 |
| 4.75%, 02/06/33<sup>(a)</sup> | &nbsp;&nbsp; 275 | 277046 |
| 4.90%, 07/27/52 | &nbsp;&nbsp; 50 | 43958 |
| 5.10%, 02/06/53 | &nbsp;&nbsp; 85 | 77054 |
| 5.60%, 11/30/39 | &nbsp;&nbsp; 136 | 140563 |
| 5.88%, 11/29/32 | &nbsp;&nbsp; 263 | 283030 |
| 6.22%, 08/01/27 | &nbsp;&nbsp; 314 | 326714 |
| 6.50%, 01/15/28 | &nbsp;&nbsp; 117 | 123484 |
| 7.13%, 12/01/96 | &nbsp;&nbsp; 77 | 90882 |
| Series .., 4.80%, 02/10/30 | &nbsp;&nbsp; 210 | 215030 |
| Series .., 5.00%, 02/10/32<sup>(a)</sup> | &nbsp;&nbsp; 195 | 199864 |
| Series .., 5.20%, 02/10/35 | &nbsp;&nbsp; 170 | 172655 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 175 | 171813 |
| Kyndryl Holdings Inc., 3.15%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22620 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; $215 | $191186 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 656 | 652604 |
| NetApp Inc. |  |  |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 1580 | 1456262 |
| 5.50%, 03/17/32 | &nbsp;&nbsp; 405 | 419286 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 345 | 355319 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | &nbsp;&nbsp; 75 | 68572 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | &nbsp;&nbsp; 1192 | 1121810 |
| 3.10%, 02/01/32 | &nbsp;&nbsp; 347 | 309417 |
|  |  | 21702671 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
| Colgate-Palmolive Co. |  |  |
| 3.70%, 08/01/47 | &nbsp;&nbsp; 627 | 487423 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 321 | 263079 |
| Estee Lauder Companies Inc. (The) |  |  |
| 2.38%, 12/01/29 | &nbsp;&nbsp; 58 | 53839 |
| 3.13%, 12/01/49<sup>(a)</sup> | &nbsp;&nbsp; 203 | 130343 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 121 | 95455 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 94 | 77236 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 59 | 63202 |
| Kenvue Inc. |  |  |
| 4.85%, 05/22/32 | &nbsp;&nbsp; 75 | 76338 |
| 5.05%, 03/22/53<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22797 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 358 | 324456 |
| Procter & Gamble Co. (The) |  |  |
| 2.45%, 11/03/26 | &nbsp;&nbsp; 356 | 350142 |
| 2.80%, 03/25/27 | &nbsp;&nbsp; 90 | 88562 |
| 2.85%, 08/11/27 | &nbsp;&nbsp; 1291 | 1268999 |
| 3.00%, 03/25/30<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19199 |
| 3.50%, 10/25/47 | &nbsp;&nbsp; 165 | 124714 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 165 | 124120 |
| 4.05%, 05/01/30 | &nbsp;&nbsp; 220 | 221083 |
| 4.60%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 225 | 226249 |
| 5.55%, 03/05/37 | &nbsp;&nbsp; 435 | 468371 |
| 5.80%, 08/15/34 | &nbsp;&nbsp; 124 | 134683 |
| Unilever Capital Corp. |  |  |
| 1.38%, 09/14/30 | &nbsp;&nbsp; 395 | 348044 |
| 1.75%, 08/12/31<sup>(a)</sup> | &nbsp;&nbsp; 860 | 751685 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 350 | 325481 |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 240 | 237829 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 100 | 99829 |
| 5.00%, 12/08/33 | &nbsp;&nbsp; 461 | 476222 |
| 5.90%, 11/15/32 | &nbsp;&nbsp; 541 | 589986 |
| Series 30Y, 2.63%, 08/12/51 | &nbsp;&nbsp; 294 | 177697 |
|  |  | 7627063 |
| **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** |
| LKQ Corp. |  |  |
| 5.75%, 06/15/28 | &nbsp;&nbsp; 1615 | 1667939 |
| 6.25%, 06/15/33 | &nbsp;&nbsp; 1730 | 1828603 |
| WW Grainger Inc. |  |  |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 204 | 158501 |
| 4.20%, 05/15/47 | &nbsp;&nbsp; 216 | 177421 |
| 4.45%, 09/15/34 | &nbsp;&nbsp; 1209 | 1185195 |
| 4.60%, 06/15/45 | &nbsp;&nbsp; 328 | 290728 |
|  |  | 5308387 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26 | &nbsp;&nbsp; $150 | $146895 |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 674 | 648295 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 1011 | 925354 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 669 | 594961 |
| 3.65%, 07/21/27 | &nbsp;&nbsp; 290 | 287167 |
| 3.85%, 10/29/41 | &nbsp;&nbsp; 207 | 166790 |
| 3.88%, 01/23/28 | &nbsp;&nbsp; 502 | 497986 |
| 4.63%, 10/15/27 | &nbsp;&nbsp; 201 | 202359 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 72 | 70987 |
| 5.10%, 01/19/29 | &nbsp;&nbsp; 150 | 153524 |
| 5.30%, 01/19/34 | &nbsp;&nbsp; 419 | 424562 |
| 5.75%, 06/06/28 | &nbsp;&nbsp; 150 | 155542 |
| 6.15%, 09/30/30 | &nbsp;&nbsp; 150 | 160793 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(b)</sup> | &nbsp;&nbsp; 346 | 362117 |
| Air Lease Corp. |  |  |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 246 | 220510 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 139 | 131210 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 55 | 51397 |
| 3.25%, 10/01/29 | &nbsp;&nbsp; 187 | 179087 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 251 | 248966 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 253 | 249866 |
| 4.63%, 10/01/28 | &nbsp;&nbsp; 228 | 230350 |
| Ally Financial Inc. |  |  |
| 6.85%, 01/03/30, (1-day SOFR + 2.282%)<sup>(b)</sup> | &nbsp;&nbsp; 85 | 90231 |
| 6.99%, 06/13/29, (1-day SOFR + 3.260%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 68779 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 767 | 876708 |
| American Express Co. |  |  |
| 4.05%, 12/03/42 | &nbsp;&nbsp; 235 | 198848 |
| 4.35%, 07/20/29, (1-day SOFR + 0.810%)<sup>(b)</sup> | &nbsp;&nbsp; 475 | 477337 |
| 4.42%, 08/03/33, (1-day SOFR + 1.760%)<sup>(b)</sup> | &nbsp;&nbsp; 187 | 183786 |
| 4.73%, 04/25/29, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp; 415 | 421373 |
| 4.92%, 07/20/33, (1-day SOFR + 1.220%)<sup>(b)</sup> | &nbsp;&nbsp; 250 | 253064 |
| 4.99%, 05/26/33, (1-day SOFR + 2.255%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40319 |
| 5.02%, 04/25/31, (1-day SOFR + 1.440%)<sup>(b)</sup> | &nbsp;&nbsp; 425 | 436510 |
| 5.04%, 05/01/34, (1-day SOFR + 1.835%)<sup>(b)</sup> | &nbsp;&nbsp; 155 | 157318 |
| 5.10%, 02/16/28, (1-day SOFR + 1.000%)<sup>(b)</sup> | &nbsp;&nbsp; 55 | 55654 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.280%)<sup>(b)</sup><br>| &nbsp;&nbsp; 185 | 190771 |
| 5.28%, 07/26/35, (1-day SOFR + 1.420%)<sup>(b)</sup> | &nbsp;&nbsp; 530 | 540066 |
| 5.44%, 01/30/36, (1-day SOFR Index + <br> 1.320%)<sup>(b)</sup><br>| &nbsp;&nbsp; 225 | 231210 |
| 5.53%, 04/25/30, (1-day SOFR Index + <br> 1.090%)<sup>(b)</sup><br>| &nbsp;&nbsp; 45 | 46967 |
| 5.63%, 07/28/34, (1-day SOFR + 1.930%)<sup>(b)</sup> | &nbsp;&nbsp; 367 | 379541 |
| 5.67%, 04/25/36, (1-day SOFR + 1.790%)<sup>(b)</sup> | &nbsp;&nbsp; 320 | 334122 |
| 5.92%, 04/25/35, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; 445 | 469061 |
| 6.49%, 10/30/31, (1-day SOFR + 1.940%)<sup>(b)</sup> | &nbsp;&nbsp; 195 | 213301 |
| American Express Credit Corp., 3.30%, 05/03/27 | &nbsp;&nbsp; 785 | 776548 |
| Ameriprise Financial Inc., 2.88%, 09/15/26 | &nbsp;&nbsp; 23 | 22704 |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 | &nbsp;&nbsp; 552 | 588419 |
| Brookfield Finance I U.K. PLC/Brookfield <br> Finance Inc., 2.34%, 01/30/32<br>| &nbsp;&nbsp; 539 | 466343 |
| Brookfield Finance Inc. |  |  |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 213 | 146334 |
| 3.63%, 02/15/52 | &nbsp;&nbsp; 130 | 89885 |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 326 | 323604 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 39 | 38905 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 224 | 192063 |
| 4.85%, 03/29/29<sup>(a)</sup> | &nbsp;&nbsp; 112 | 113921 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.33%, 01/15/36 | &nbsp;&nbsp; $35 | $34776 |
| 5.68%, 01/15/35 | &nbsp;&nbsp; 406 | 419505 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 125 | 125143 |
| 6.35%, 01/05/34 | &nbsp;&nbsp; 335 | 362248 |
| Brookfield Finance LLC/Brookfield Finance Inc., <br> 3.45%, 04/15/50<br>| &nbsp;&nbsp; 279 | 189099 |
| Capital One Financial Corp. |  |  |
| 2.36%, 07/29/32, (1-day SOFR + 1.337%)<sup>(b)</sup> | &nbsp;&nbsp; 412 | 354692 |
| 2.62%, 11/02/32, (1-day SOFR + 1.265%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 150 | 133124 |
| 3.27%, 03/01/30, (1-day SOFR + 1.790%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38557 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 390 | 386462 |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 694 | 692503 |
| 4.93%, 05/10/28, (1-day SOFR + 2.057%)<sup>(b)</sup> | &nbsp;&nbsp; 155 | 156583 |
| 5.25%, 07/26/30, (1-day SOFR + 2.600%)<sup>(b)</sup> | &nbsp;&nbsp; 145 | 149006 |
| 5.27%, 05/10/33, (1-day SOFR + 2.370%)<sup>(b)</sup> | &nbsp;&nbsp; 415 | 422254 |
| 5.82%, 02/01/34, (1-day SOFR + 2.600%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 110 | 114370 |
| 5.88%, 07/26/35, (1-day SOFR +1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 207907 |
| 6.18%, 01/30/36, (1-day SOFR + 2.036%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 103197 |
| 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(b)</sup> | &nbsp;&nbsp; 145 | 152201 |
| 6.38%, 06/08/34, (1-day SOFR + 2.860%)<sup>(b)</sup> | &nbsp;&nbsp; 300 | 322079 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 284 | 312433 |
| 7.62%, 10/30/31, (1-day SOFR + 3.070%)<sup>(b)</sup> | &nbsp;&nbsp; 55 | 62384 |
| 7.96%, 11/02/34, (1-day SOFR Index + <br> 3.370%)<sup>(b)</sup><br>| &nbsp;&nbsp; 660 | 771638 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30 | &nbsp;&nbsp; 45 | 39537 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 552 | 503485 |
| 3.65%, 01/12/27 | &nbsp;&nbsp; 132 | 131205 |
| Charles Schwab Corp. (The) |  |  |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 215 | 186103 |
| 2.00%, 03/20/28 | &nbsp;&nbsp; 85 | 81038 |
| 2.30%, 05/13/31 | &nbsp;&nbsp; 135 | 121418 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 420 | 380500 |
| 3.20%, 01/25/28 | &nbsp;&nbsp; 39 | 38273 |
| 3.25%, 05/22/29 | &nbsp;&nbsp; 5 | 4865 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 50 | 49973 |
| 4.63%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102153 |
| 5.85%, 05/19/34, (1-day SOFR + 2.500%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31964 |
| 6.14%, 08/24/34, (1-day SOFR + 2.010%)<sup>(b)</sup> | &nbsp;&nbsp; 230 | 249628 |
| CI Financial Corp. |  |  |
| 3.20%, 12/17/30 | &nbsp;&nbsp; 276 | 248236 |
| 4.10%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 100 | 71478 |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 20 | 18027 |
| 3.75%, 06/15/28 | &nbsp;&nbsp; 99 | 98645 |
| 4.15%, 06/15/48<sup>(a)</sup> | &nbsp;&nbsp; 28 | 23316 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 45 | 44970 |
| Credit Suisse USA LLC, 7.13%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 635 | 725360 |
| Eaton Vance Corp., 3.50%, 04/06/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198155 |
| Franklin Resources Inc., 2.95%, 08/12/51 | &nbsp;&nbsp; 35 | 21481 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 180 | 150851 |
| 2.65%, 09/15/40<sup>(a)</sup> | &nbsp;&nbsp; 107 | 78214 |
| 3.00%, 06/15/50 | &nbsp;&nbsp; 392 | 254713 |
| 3.00%, 09/15/60 | &nbsp;&nbsp; 668 | 400160 |
| 3.10%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 35 | 34344 |
| 3.75%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; 65 | 64415 |
| 4.25%, 09/21/48 | &nbsp;&nbsp; 291 | 239967 |
| 4.60%, 03/15/33 | &nbsp;&nbsp; 185 | 184904 |
| 4.95%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 250 | 224451 |
| 5.20%, 06/15/62 | &nbsp;&nbsp; 300 | 275195 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; $186 | $177632 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 745 | 743040 |
| Jefferies Financial Group Inc. |  |  |
| 4.15%, 01/23/30 | &nbsp;&nbsp; 27 | 26657 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 93 | 97770 |
| 6.50%, 01/20/43 | &nbsp;&nbsp; 80 | 83450 |
| Lazard Group LLC, 5.63%, 08/01/35 | &nbsp;&nbsp; 100 | 100683 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 282 | 277232 |
| LPL Holdings Inc. |  |  |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 5 | 5053 |
| 5.75%, 06/15/35 | &nbsp;&nbsp; 120 | 121937 |
| Mastercard Inc. |  |  |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 20 | 19333 |
| 2.95%, 03/15/51 | &nbsp;&nbsp; 168 | 108763 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 55 | 53503 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 274 | 206028 |
| 3.80%, 11/21/46 | &nbsp;&nbsp; 116 | 91575 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 281 | 217740 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 173 | 138024 |
| 4.55%, 01/15/35 | &nbsp;&nbsp; 225 | 221989 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 30 | 30461 |
| 4.95%, 03/15/32 | &nbsp;&nbsp; 150 | 155275 |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 240 | 209874 |
| 3.25%, 04/28/50<sup>(a)</sup> | &nbsp;&nbsp; 134 | 90258 |
| 3.95%, 03/07/52 | &nbsp;&nbsp; 185 | 138221 |
| 5.35%, 06/28/28 | &nbsp;&nbsp; 328 | 338385 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 673 | 701506 |
| 5.95%, 08/15/53<sup>(a)</sup> | &nbsp;&nbsp; 99 | 100571 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 116 | 118931 |
| Nomura Holdings Inc. |  |  |
| 2.17%, 07/14/28 | &nbsp;&nbsp; 735 | 693261 |
| 2.33%, 01/22/27 | &nbsp;&nbsp; 161 | 156610 |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 452 | 405013 |
| 2.68%, 07/16/30 | &nbsp;&nbsp; 372 | 341093 |
| 2.71%, 01/22/29 | &nbsp;&nbsp; 256 | 242126 |
| 3.00%, 01/22/32 | &nbsp;&nbsp; 200 | 179574 |
| 3.10%, 01/16/30 | &nbsp;&nbsp; 595 | 561356 |
| 4.90%, 07/01/30 | &nbsp;&nbsp; 200 | 202783 |
| 5.39%, 07/06/27 | &nbsp;&nbsp; 200 | 203786 |
| 5.49%, 06/29/35 | &nbsp;&nbsp; 200 | 204208 |
| 5.61%, 07/06/29 | &nbsp;&nbsp; 55 | 57314 |
| 5.78%, 07/03/34 | &nbsp;&nbsp; 200 | 209506 |
| 5.84%, 01/18/28 | &nbsp;&nbsp; 215 | 222299 |
| 6.07%, 07/12/28 | &nbsp;&nbsp; 210 | 219975 |
| 6.09%, 07/12/33 | &nbsp;&nbsp; 200 | 214516 |
| 6.18%, 01/18/33 | &nbsp;&nbsp; 200 | 214869 |
| ORIX Corp. |  |  |
| 2.25%, 03/09/31 | &nbsp;&nbsp; 34 | 30367 |
| 3.70%, 07/18/27<sup>(a)</sup> | &nbsp;&nbsp; 61 | 60440 |
| 4.00%, 04/13/32<sup>(a)</sup> | &nbsp;&nbsp; 225 | 216170 |
| 5.20%, 09/13/32<sup>(a)</sup> | &nbsp;&nbsp; 145 | 148913 |
| 5.40%, 02/25/35 | &nbsp;&nbsp; 75 | 76681 |
| Radian Group Inc., 4.88%, 03/15/27 | &nbsp;&nbsp; 85 | 85181 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 165 | 120835 |
| 4.65%, 04/01/30 | &nbsp;&nbsp; 247 | 251528 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 249 | 225428 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31<sup>(a)</sup> | &nbsp;&nbsp; 169 | 149840 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 3.95%, 12/01/27 | &nbsp;&nbsp; $907 | $894484 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 519 | 525438 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 180 | 186469 |
| 6.00%, 07/29/36, (1-day SOFR + 2.070%)<sup>(b)</sup> | &nbsp;&nbsp; 425 | 429643 |
| Visa Inc. |  |  |
| 2.00%, 08/15/50 | &nbsp;&nbsp; 267 | 143037 |
| 2.05%, 04/15/30 | &nbsp;&nbsp; 65 | 59681 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 148 | 114474 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 538 | 514262 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 593 | 512096 |
| Voya Financial Inc., 4.70%, 01/23/48<sup>(b)</sup> | &nbsp;&nbsp; 185 | 179480 |
| Western Union Co. (The), 6.20%, 11/17/36<sup>(a)</sup> | &nbsp;&nbsp; 299 | 304394 |
|  |  | 39450616 |
| **Electric — 8.2%** | **Electric — 8.2%** | **Electric — 8.2%** |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 584 | 386432 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 411 | 408245 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 390 | 347732 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 672 | 685367 |
| 5.45%, 05/15/29 | &nbsp;&nbsp; 60 | 62290 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; 362 | 372392 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 85 | 64114 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 197 | 133058 |
| Avangrid Inc., 3.80%, 06/01/29 | &nbsp;&nbsp; 4795 | 4712031 |
| Avista Corp. |  |  |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 833 | 626021 |
| 4.35%, 06/01/48 | &nbsp;&nbsp; 570 | 463500 |
| Baltimore Gas & Electric Co. |  |  |
| 3.20%, 09/15/49 | &nbsp;&nbsp; 489 | 325903 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 324 | 236959 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 263 | 199278 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 196 | 157149 |
| 5.40%, 06/01/53 | &nbsp;&nbsp; 72 | 68095 |
| 5.45%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 150 | 154623 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 355 | 350856 |
| 6.35%, 10/01/36 | &nbsp;&nbsp; 160 | 176235 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; 337 | 259847 |
| 3.60%, 03/01/52 | &nbsp;&nbsp; 485 | 349397 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 289 | 225595 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 197 | 171015 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 70 | 66583 |
| Series AA, 3.00%, 02/01/27 | &nbsp;&nbsp; 64 | 63020 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 301 | 243848 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 105 | 66452 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 235 | 160422 |
| Series AQ, 4.95%, 08/15/35 | &nbsp;&nbsp; 25 | 24806 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 93 | 105242 |
| Series Z, 2.40%, 09/01/26 | &nbsp;&nbsp; 78 | 76653 |
| Cleveland Electric Illuminating Co. (The), 5.95%, <br> 12/15/36<br>| &nbsp;&nbsp; 490 | 511317 |
| CMS Energy Corp. |  |  |
| 3.75%, 12/01/50, (5-year CMT + 2.900%)<sup>(b)</sup> | &nbsp;&nbsp; 500 | 453839 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(b)</sup> | &nbsp;&nbsp; 580 | 560677 |
| 6.50%, 06/01/55, (5-year CMT + 1.961%)<sup>(b)</sup> | &nbsp;&nbsp; 125 | 127467 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | &nbsp;&nbsp; 1087 | 997708 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 380 | 245014 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 239 | 180835 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 161 | 159787 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.70%, 03/01/45 | &nbsp;&nbsp; $199 | $153588 |
| 3.80%, 10/01/42 | &nbsp;&nbsp; 170 | 135888 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 302 | 238772 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 220 | 170243 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 177 | 148626 |
| 4.60%, 08/15/43 | &nbsp;&nbsp; 35 | 30982 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 113 | 100754 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 60 | 62030 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 103 | 101253 |
| 5.90%, 03/15/36 | &nbsp;&nbsp; 303 | 323550 |
| 5.95%, 06/01/55 | &nbsp;&nbsp; 200 | 205956 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 169 | 187236 |
| Series 122, 2.95%, 08/15/27 | &nbsp;&nbsp; 56 | 54936 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 269 | 203632 |
| Series 127, 3.20%, 11/15/49 | &nbsp;&nbsp; 292 | 195919 |
| Series 133, 3.85%, 03/15/52 | &nbsp;&nbsp; 15 | 11138 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 617 | 484672 |
| 4.30%, 04/15/44 | &nbsp;&nbsp; 325 | 276397 |
| 4.95%, 01/15/30 | &nbsp;&nbsp; 50 | 51316 |
| 4.95%, 08/15/34 | &nbsp;&nbsp; 45 | 45243 |
| 5.25%, 01/15/53 | &nbsp;&nbsp; 55 | 51468 |
| Series A, 2.05%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 425 | 375185 |
| Series A, 3.20%, 03/15/27 | &nbsp;&nbsp; 1109 | 1095340 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 464 | 379428 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 3.60%, 06/15/61<sup>(a)</sup> | &nbsp;&nbsp; 68 | 45891 |
| 3.70%, 11/15/59 | &nbsp;&nbsp; 279 | 192967 |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 96 | 95522 |
| 3.85%, 06/15/46 | &nbsp;&nbsp; 200 | 155466 |
| 3.95%, 03/01/43 | &nbsp;&nbsp; 115 | 93303 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 227 | 195673 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 207 | 177371 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 135 | 108797 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 175 | 146188 |
| 5.70%, 06/15/40 | &nbsp;&nbsp; 135 | 138326 |
| Series 05-A, 5.30%, 03/01/35 | &nbsp;&nbsp; 210 | 215086 |
| Series 06-A, 5.85%, 03/15/36 | &nbsp;&nbsp; 194 | 205565 |
| Series 06-B, 6.20%, 06/15/36 | &nbsp;&nbsp; 120 | 130401 |
| Series 07-A, 6.30%, 08/15/37 | &nbsp;&nbsp; 153 | 167650 |
| Series 08-B, 6.75%, 04/01/38 | &nbsp;&nbsp; 213 | 242888 |
| Series 09-C, 5.50%, 12/01/39 | &nbsp;&nbsp; 192 | 193749 |
| Series 12-A, 4.20%, 03/15/42 | &nbsp;&nbsp; 154 | 131317 |
| Series 2017, 3.88%, 06/15/47 | &nbsp;&nbsp; 123 | 94201 |
| Series 20A, 3.35%, 04/01/30 | &nbsp;&nbsp; 408 | 395318 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 344 | 266056 |
| Series A, 4.13%, 05/15/49 | &nbsp;&nbsp; 193 | 151494 |
| Series B, 3.13%, 11/15/27 | &nbsp;&nbsp; 96 | 94200 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 520 | 305942 |
| Series C, 4.00%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 115 | 84737 |
| Series C, 4.30%, 12/01/56 | &nbsp;&nbsp; 134 | 104908 |
| Series D, 4.00%, 12/01/28 | &nbsp;&nbsp; 286 | 286365 |
| Series E, 4.65%, 12/01/48 | &nbsp;&nbsp; 103 | 88608 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 06/15/42 | &nbsp;&nbsp; 64 | 63282 |
| 5.75%, 10/01/41 | &nbsp;&nbsp; 92 | 92452 |
| 5.80%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 550 | 584570 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 180 | 193155 |
| Delmarva Power & Light Co., 4.15%, 05/15/45 | &nbsp;&nbsp; 149 | 122122 |
| Edison International |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 353 | 347432 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.25%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; $300 | $295232 |
| 5.45%, 06/15/29 | &nbsp;&nbsp; 65 | 65709 |
| 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 229 | 233164 |
| 6.95%, 11/15/29 | &nbsp;&nbsp; 225 | 238706 |
| El Paso Electric Co. |  |  |
| 5.00%, 12/01/44 | &nbsp;&nbsp; 115 | 99365 |
| 6.00%, 05/15/35 | &nbsp;&nbsp; 87 | 90089 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 1076 | 1069360 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 230 | 232705 |
| Entergy Corp., 7.13%, 12/01/54, (5-year CMT + <br> 2.670%)<sup>(b)</sup><br>| &nbsp;&nbsp; 110 | 114540 |
| Entergy Louisiana LLC |  |  |
| 2.90%, 03/15/51 | &nbsp;&nbsp; 599 | 370459 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 260 | 208738 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 288 | 227912 |
| 4.95%, 01/15/45 | &nbsp;&nbsp; 475 | 423583 |
| 5.70%, 03/15/54 | &nbsp;&nbsp; 314 | 306768 |
| Entergy Texas Inc. |  |  |
| 5.00%, 09/15/52 | &nbsp;&nbsp; 79 | 70000 |
| 5.80%, 09/01/53 | &nbsp;&nbsp; 325 | 320463 |
| Eversource Energy |  |  |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 205 | 184733 |
| 3.45%, 01/15/50 | &nbsp;&nbsp; 541 | 375714 |
| 5.00%, 01/01/27 | &nbsp;&nbsp; 20 | 20191 |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 99 | 99398 |
| 5.45%, 03/01/28 | &nbsp;&nbsp; 135 | 138779 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 406 | 415157 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 85 | 90017 |
| 5.95%, 07/15/34 | &nbsp;&nbsp; 244 | 256102 |
| Series M, 3.30%, 01/15/28 | &nbsp;&nbsp; 243 | 238005 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; 302 | 300983 |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; 2387 | 2094554 |
| Exelon Corp. |  |  |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 578 | 571684 |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 727 | 552453 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 326 | 270694 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 373 | 311042 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 253 | 246939 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 256 | 233942 |
| 5.13%, 03/15/31 | &nbsp;&nbsp; 65 | 66970 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 155 | 159885 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 222 | 210547 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 165 | 170616 |
| 5.88%, 03/15/55 | &nbsp;&nbsp; 550 | 542826 |
| 6.50%, 03/15/55, (5-year CMT + 1.975%)<sup>(b)</sup> | &nbsp;&nbsp; 170 | 175729 |
| FirstEnergy Transmission LLC, 5.00%, 01/15/35 | &nbsp;&nbsp; 1280 | 1269213 |
| Florida Power & Light Co. |  |  |
| 2.88%, 12/04/51 | &nbsp;&nbsp; 70 | 43654 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 301 | 201911 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 179 | 135354 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 331 | 262178 |
| 3.99%, 03/01/49 | &nbsp;&nbsp; 378 | 295682 |
| 4.05%, 06/01/42 | &nbsp;&nbsp; 201 | 168817 |
| 4.05%, 10/01/44 | &nbsp;&nbsp; 220 | 181133 |
| 4.13%, 02/01/42 | &nbsp;&nbsp; 214 | 182207 |
| 4.13%, 06/01/48 | &nbsp;&nbsp; 226 | 182334 |
| 4.95%, 06/01/35 | &nbsp;&nbsp; 226 | 227030 |
| 5.25%, 02/01/41 | &nbsp;&nbsp; 130 | 127901 |
| 5.63%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 371 | 393037 |
| 5.65%, 02/01/37 | &nbsp;&nbsp; 117 | 122484 |
| 5.69%, 03/01/40 | &nbsp;&nbsp; 115 | 119185 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.80%, 03/15/65 | &nbsp;&nbsp; $50 | $50620 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 161 | 172911 |
| 5.96%, 04/01/39 | &nbsp;&nbsp; 125 | 132823 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 2070 | 2364679 |
| ITC Holdings Corp. |  |  |
| 3.35%, 11/15/27 | &nbsp;&nbsp; 269 | 263946 |
| 5.30%, 07/01/43 | &nbsp;&nbsp; 703 | 655305 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 884 | 909108 |
| 5.60%, 06/12/28 | &nbsp;&nbsp; 900 | 931802 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 1767 | 1870931 |
| National Grid USA, 5.80%, 04/01/35 | &nbsp;&nbsp; 1275 | 1308840 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 10 | 9281 |
| 4.02%, 11/01/32 | &nbsp;&nbsp; 176 | 169043 |
| 4.30%, 03/15/49 | &nbsp;&nbsp; 392 | 324047 |
| 4.40%, 11/01/48 | &nbsp;&nbsp; 169 | 141578 |
| 5.05%, 09/15/28 | &nbsp;&nbsp; 40 | 41077 |
| Series C, 8.00%, 03/01/32 | &nbsp;&nbsp; 208 | 246446 |
| Nevada Power Co. |  |  |
| 5.90%, 05/01/53 | &nbsp;&nbsp; 490 | 484388 |
| Series EE, 3.13%, 08/01/50 | &nbsp;&nbsp; 333 | 211338 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 2643 | 2407821 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 3311 | 3126570 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 1178 | 1151724 |
| 3.55%, 05/01/27 | &nbsp;&nbsp; 2680 | 2653121 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(b)</sup> | &nbsp;&nbsp; 100 | 96687 |
| 4.80%, 12/01/77<sup>(a)(b)</sup> | &nbsp;&nbsp; 20 | 19274 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; 80 | 81373 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 100 | 102933 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 80 | 81425 |
| 5.30%, 03/15/32 | &nbsp;&nbsp; 80 | 82800 |
| 5.45%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 70 | 71764 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 25 | 23743 |
| 5.65%, 05/01/79<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 9981 |
| 5.90%, 03/15/55 | &nbsp;&nbsp; 550 | 548030 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 88 | 92864 |
| NSTAR Electric Co. |  |  |
| 1.95%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 322 | 282455 |
| 3.10%, 06/01/51<sup>(a)</sup> | &nbsp;&nbsp; 338 | 222976 |
| 3.20%, 05/15/27 | &nbsp;&nbsp; 2015 | 1986860 |
| 3.25%, 05/15/29 | &nbsp;&nbsp; 320 | 310608 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 1148 | 1137193 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 449 | 382616 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 320 | 265582 |
| 4.85%, 03/01/30 | &nbsp;&nbsp; 50 | 51231 |
| 5.20%, 03/01/35 | &nbsp;&nbsp; 50 | 50774 |
| 5.40%, 06/01/34 | &nbsp;&nbsp; 85 | 87875 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 110 | 111433 |
| Ohio Edison Co., 6.88%, 07/15/36 | &nbsp;&nbsp; 135 | 153181 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 268 | 200543 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 190 | 146802 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 295 | 296843 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 585 | 607012 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 500 | 431816 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; 814 | 488706 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 485 | 285859 |
| 3.10%, 09/15/49 | &nbsp;&nbsp; 518 | 340388 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.75%, 04/01/45 | &nbsp;&nbsp; $378 | $291545 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 207 | 157783 |
| 3.80%, 06/01/49 | &nbsp;&nbsp; 372 | 275685 |
| 4.10%, 11/15/48 | &nbsp;&nbsp; 266 | 210576 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 70 | 62162 |
| 4.60%, 06/01/52 | &nbsp;&nbsp; 85 | 70147 |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 35 | 35611 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 160 | 142048 |
| 5.25%, 09/30/40 | &nbsp;&nbsp; 40 | 39387 |
| 5.30%, 06/01/42 | &nbsp;&nbsp; 35 | 33804 |
| 5.35%, 10/01/52<sup>(a)</sup> | &nbsp;&nbsp; 50 | 46777 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 292 | 281984 |
| 5.75%, 03/15/29 | &nbsp;&nbsp; 47 | 49196 |
| 7.25%, 01/15/33 | &nbsp;&nbsp; 27 | 30896 |
| Pacific Gas and Electric Co. |  |  |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 845 | 553761 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 130 | 94083 |
| 4.20%, 06/01/41 | &nbsp;&nbsp; 75 | 59194 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; 72 | 54361 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 173 | 132956 |
| 4.40%, 03/01/32 | &nbsp;&nbsp; 135 | 129978 |
| 4.45%, 04/15/42 | &nbsp;&nbsp; 115 | 91822 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 409 | 348647 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 35 | 34665 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 132 | 106483 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; 115 | 95116 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 665 | 550319 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; 511 | 436086 |
| 5.90%, 06/15/32 | &nbsp;&nbsp; 569 | 592319 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 429 | 450524 |
| 6.75%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 523 | 539974 |
| PECO Energy Co. |  |  |
| 2.85%, 09/15/51 | &nbsp;&nbsp; 105 | 65238 |
| 3.00%, 09/15/49 | &nbsp;&nbsp; 583 | 378635 |
| 3.05%, 03/15/51 | &nbsp;&nbsp; 95 | 61123 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; 365 | 275885 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; 377 | 294335 |
| 4.15%, 10/01/44 | &nbsp;&nbsp; 283 | 234676 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; 100 | 85804 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; 620 | 582884 |
| 5.95%, 10/01/36 | &nbsp;&nbsp; 126 | 135037 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 570 | 475572 |
| 5.20%, 03/15/34 | &nbsp;&nbsp; 45 | 46106 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 160 | 153896 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 208 | 232067 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 213 | 138412 |
| 3.95%, 06/01/47 | &nbsp;&nbsp; 112 | 88708 |
| 4.15%, 10/01/45 | &nbsp;&nbsp; 80 | 66307 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 364 | 294538 |
| 4.85%, 02/15/34 | &nbsp;&nbsp; 250 | 251472 |
| 5.00%, 05/15/33 | &nbsp;&nbsp; 501 | 511812 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 610 | 576582 |
| 5.55%, 08/15/55 | &nbsp;&nbsp; 250 | 244359 |
| 6.25%, 05/15/39 | &nbsp;&nbsp; 112 | 123205 |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | &nbsp;&nbsp; 810 | 595216 |
| 4.40%, 07/01/28 | &nbsp;&nbsp; 75 | 75756 |
| 5.15%, 01/15/53 | &nbsp;&nbsp; 120 | 110513 |
| 5.35%, 10/01/33 | &nbsp;&nbsp; 300 | 313053 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series V, 2.20%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; $457 | $408001 |
| Public Service Electric & Gas Co. |  |  |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 10 | 9813 |
| 2.45%, 01/15/30 | &nbsp;&nbsp; 102 | 95019 |
| 3.15%, 01/01/50 | &nbsp;&nbsp; 369 | 248854 |
| 3.20%, 05/15/29 | &nbsp;&nbsp; 40 | 38818 |
| 3.20%, 08/01/49 | &nbsp;&nbsp; 312 | 213325 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 205 | 152469 |
| 3.65%, 09/01/28 | &nbsp;&nbsp; 70 | 69259 |
| 3.65%, 09/01/42 | &nbsp;&nbsp; 215 | 169289 |
| 3.70%, 05/01/28 | &nbsp;&nbsp; 113 | 112325 |
| 3.80%, 01/01/43 | &nbsp;&nbsp; 155 | 124282 |
| 3.80%, 03/01/46 | &nbsp;&nbsp; 352 | 273994 |
| 3.85%, 05/01/49 | &nbsp;&nbsp; 293 | 224037 |
| 3.95%, 05/01/42 | &nbsp;&nbsp; 121 | 99768 |
| 4.05%, 05/01/48 | &nbsp;&nbsp; 166 | 132583 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 35 | 35470 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 75 | 77003 |
| 5.30%, 08/01/54 | &nbsp;&nbsp; 10 | 9485 |
| 5.45%, 08/01/53 | &nbsp;&nbsp; 26 | 25230 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 95 | 92333 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 120 | 122224 |
| 5.80%, 05/01/37 | &nbsp;&nbsp; 83 | 88162 |
| Public Service Electric and Gas Co., Series Q, <br> 5.50%, 03/01/55<sup>(a)</sup><br>| &nbsp;&nbsp; 310 | 303465 |
| Public Service Enterprise Group Inc. |  |  |
| 1.60%, 08/15/30 | &nbsp;&nbsp; 2082 | 1817116 |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 1552 | 1375957 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 80 | 81747 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 55 | 56744 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 110 | 112191 |
| 5.45%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 816 | 838707 |
| 6.13%, 10/15/33 | &nbsp;&nbsp; 215 | 230384 |
| San Diego Gas & Electric Co. |  |  |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 184 | 145676 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 227 | 205767 |
| 4.95%, 08/15/28 | &nbsp;&nbsp; 105 | 107794 |
| 6.00%, 06/01/39<sup>(a)</sup> | &nbsp;&nbsp; 127 | 135502 |
| Series RRR, 3.75%, 06/01/47 | &nbsp;&nbsp; 168 | 125455 |
| Series TTT, 4.10%, 06/15/49 | &nbsp;&nbsp; 206 | 161059 |
| Series UUU, 3.32%, 04/15/50 | &nbsp;&nbsp; 419 | 281133 |
| Series WWW, 2.95%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 133 | 83549 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 20 | 19648 |
| 3.40%, 02/01/28 | &nbsp;&nbsp; 195 | 191073 |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 391 | 329520 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 404 | 301936 |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(b)</sup> | &nbsp;&nbsp; 247 | 240521 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 218 | 222904 |
| 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(b)</sup> | &nbsp;&nbsp; 72 | 73281 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 75 | 67464 |
| 3.45%, 02/01/52 | &nbsp;&nbsp; 465 | 302737 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 392 | 269606 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 363 | 270365 |
| 4.05%, 03/15/42 | &nbsp;&nbsp; 156 | 123266 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 153 | 134111 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 172 | 144777 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 75 | 76787 |
| 5.45%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50315 |
| 5.50%, 03/15/40<sup>(a)</sup> | &nbsp;&nbsp; 111 | 107914 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.63%, 02/01/36 | &nbsp;&nbsp; $162 | $162510 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 108 | 99673 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 314 | 292320 |
| 5.88%, 12/01/53<sup>(a)</sup> | &nbsp;&nbsp; 29 | 27573 |
| 5.90%, 03/01/55 | &nbsp;&nbsp; 85 | 81103 |
| 6.00%, 01/15/34 | &nbsp;&nbsp; 325 | 337852 |
| 6.05%, 03/15/39 | &nbsp;&nbsp; 74 | 76021 |
| 6.20%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 350 | 347354 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 241 | 253101 |
| Series 04-G, 5.75%, 04/01/35 | &nbsp;&nbsp; 112 | 115389 |
| Series 05-E, 5.35%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 144 | 143859 |
| Series 06-E, 5.55%, 01/15/37<sup>(a)</sup> | &nbsp;&nbsp; 80 | 79378 |
| Series 08-A, 5.95%, 02/01/38 | &nbsp;&nbsp; 115 | 117566 |
| Series 13-A, 3.90%, 03/15/43 | &nbsp;&nbsp; 157 | 120658 |
| Series 20A, 2.95%, 02/01/51 | &nbsp;&nbsp; 60 | 36399 |
| Series A, 4.20%, 03/01/29 | &nbsp;&nbsp; 32 | 31711 |
| Series B, 3.65%, 03/01/28 | &nbsp;&nbsp; 72 | 70853 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 86 | 71772 |
| Series C, 3.60%, 02/01/45 | &nbsp;&nbsp; 193 | 138273 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 294 | 222290 |
| Series E, 5.45%, 06/01/52 | &nbsp;&nbsp; 29 | 25853 |
| Series H, 3.65%, 06/01/51 | &nbsp;&nbsp; 18 | 12238 |
| Tampa Electric Co., 5.00%, 07/15/52 | &nbsp;&nbsp; 285 | 251352 |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; 245 | 265416 |
|  |  | 98259065 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| ABB Finance USA Inc. |  |  |
| 3.80%, 04/03/28 | &nbsp;&nbsp; 1605 | 1610504 |
| 4.38%, 05/08/42<sup>(a)</sup> | &nbsp;&nbsp; 210 | 185541 |
| Acuity Brands Lighting Inc., 2.15%, 12/15/30 | &nbsp;&nbsp; 1206 | 1076770 |
| Emerson Electric Co. |  |  |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 175 | 109066 |
| 5.25%, 11/15/39 | &nbsp;&nbsp; 20 | 20141 |
|  |  | 3002022 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 840 | 812238 |
| Allegion U.S. Holding Co. Inc. |  |  |
| 3.55%, 10/01/27 | &nbsp;&nbsp; 447 | 440277 |
| 5.41%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; 617 | 640261 |
| 5.60%, 05/29/34 | &nbsp;&nbsp; 575 | 592019 |
| Amphenol Corp., 2.80%, 02/15/30 | &nbsp;&nbsp; 41 | 38758 |
| Avnet Inc. |  |  |
| 3.00%, 05/15/31 | &nbsp;&nbsp; 300 | 271542 |
| 5.50%, 06/01/32 | &nbsp;&nbsp; 465 | 470232 |
| Flex Ltd. |  |  |
| 4.88%, 06/15/29 | &nbsp;&nbsp; 424 | 428645 |
| 4.88%, 05/12/30 | &nbsp;&nbsp; 728 | 735570 |
| Fortive Corp., 4.30%, 06/15/46 | &nbsp;&nbsp; 82 | 67055 |
| Honeywell International Inc. |  |  |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 1844 | 1810357 |
| 2.70%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 517 | 491875 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 168 | 129138 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 200 | 201032 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 390 | 382523 |
| 4.65%, 07/30/27 | &nbsp;&nbsp; 100 | 101214 |
| 4.70%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25493 |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 220 | 223356 |
| 4.88%, 09/01/29 | &nbsp;&nbsp; 30 | 30884 |
| 4.95%, 09/01/31 | &nbsp;&nbsp; 15 | 15462 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 350 | 356665 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| 5.00%, 03/01/35 | &nbsp;&nbsp; $540 | $543590 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 235 | 218687 |
| 5.35%, 03/01/64 | &nbsp;&nbsp; 275 | 254858 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 175 | 177651 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 226 | 238443 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 188 | 197718 |
| Hubbell Inc. |  |  |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 28 | 27428 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 42 | 41322 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 195 | 185041 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 808 | 811656 |
| 4.95%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 430 | 427039 |
| 5.35%, 07/30/30 | &nbsp;&nbsp; 55 | 57151 |
| Trimble Inc., 4.90%, 06/15/28 | &nbsp;&nbsp; 391 | 396603 |
| Tyco Electronics Group SA, 7.13%, 10/01/37 | &nbsp;&nbsp; 129 | 151255 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28 | &nbsp;&nbsp; 208 | 197503 |
| 2.95%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 194 | 176596 |
|  |  | 12367137 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | &nbsp;&nbsp; 550 | 575509 |
| 6.35%, 08/18/28 | &nbsp;&nbsp; 1990 | 2097020 |
|  |  | 2672529 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Republic Services Inc. |  |  |
| 2.38%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 45 | 38795 |
| 3.05%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 353 | 236584 |
| 5.70%, 05/15/41 | &nbsp;&nbsp; 30 | 30902 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 20 | 21797 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; 713 | 736378 |
| 5.45%, 09/18/33 | &nbsp;&nbsp; 1050 | 1084483 |
| 5.50%, 09/18/26 | &nbsp;&nbsp; 48 | 48487 |
| Waste Connections Inc. |  |  |
| 2.60%, 02/01/30 | &nbsp;&nbsp; 15 | 14083 |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 387 | 243571 |
| 3.05%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 62 | 40602 |
| 4.25%, 12/01/28 | &nbsp;&nbsp; 5 | 5037 |
| Waste Management Inc. |  |  |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 416 | 244233 |
| 3.15%, 11/15/27 | &nbsp;&nbsp; 85 | 83532 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 27 | 22414 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 201 | 163099 |
| 5.35%, 10/15/54 | &nbsp;&nbsp; 15 | 14370 |
|  |  | 3028367 |
| **Food — 1.9%** | **Food — 1.9%** | **Food — 1.9%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 238 | 259435 |
| Conagra Brands Inc. |  |  |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 80 | 80853 |
| 5.00%, 08/01/30 | &nbsp;&nbsp; 150 | 151371 |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 210 | 198120 |
| 5.40%, 11/01/48 | &nbsp;&nbsp; 363 | 319202 |
| 5.75%, 08/01/35<sup>(a)</sup> | &nbsp;&nbsp; 150 | 150762 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 45 | 48073 |
| 8.25%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 255 | 294758 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31 | &nbsp;&nbsp; 863 | 758502 |
| 2.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1085 | 1018760 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 3.00%, 02/01/51<sup>(a)</sup> | &nbsp;&nbsp; $246 | $155041 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 1242 | 1225303 |
| 4.20%, 04/17/28 | &nbsp;&nbsp; 873 | 874155 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 181 | 182160 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 120 | 122671 |
| 4.95%, 03/29/33 | &nbsp;&nbsp; 86 | 86521 |
| 5.25%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp; 455 | 457484 |
| 5.40%, 06/15/40<sup>(a)</sup> | &nbsp;&nbsp; 88 | 86178 |
| 5.50%, 10/17/28<sup>(a)</sup> | &nbsp;&nbsp; 55 | 57119 |
| Hershey Co. (The) |  |  |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 48 | 45003 |
| 3.13%, 11/15/49 | &nbsp;&nbsp; 17 | 11332 |
| 3.38%, 08/15/46 | &nbsp;&nbsp; 35 | 25359 |
| Hormel Foods Corp., 3.05%, 06/03/51 | &nbsp;&nbsp; 327 | 210003 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 1039 | 971806 |
| 3.90%, 06/01/50 | &nbsp;&nbsp; 283 | 204069 |
| J.M. Smucker Co. (The) |  |  |
| 2.38%, 03/15/30 | &nbsp;&nbsp; 20 | 18400 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 202 | 187658 |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 117 | 95897 |
| 6.20%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 25 | 26863 |
| 6.50%, 11/15/43 | &nbsp;&nbsp; 40 | 42528 |
| 6.50%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 350 | 372674 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL, 6.50%, 12/01/52<br>| &nbsp;&nbsp; 170 | 173431 |
| Kellanova |  |  |
| 2.10%, 06/01/30 | &nbsp;&nbsp; 1450 | 1314439 |
| 3.40%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1212 | 1195096 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 1144 | 1151439 |
| 5.25%, 03/01/33 | &nbsp;&nbsp; 245 | 251552 |
| 5.75%, 05/16/54<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19485 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 265 | 303616 |
| Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 | &nbsp;&nbsp; 203 | 209606 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 351 | 279266 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 431 | 359773 |
| 5.00%, 07/15/35 | &nbsp;&nbsp; 105 | 102759 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 101 | 90265 |
| 5.20%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 145 | 147938 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 428 | 380425 |
| 5.40%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 150 | 150852 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 365 | 330639 |
| 6.50%, 02/09/40 | &nbsp;&nbsp; 197 | 207600 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 210 | 228440 |
| Kroger Co. (The) |  |  |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 137 | 104105 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 183 | 137142 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 346 | 286535 |
| 4.65%, 01/15/48 | &nbsp;&nbsp; 145 | 122223 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 285 | 283970 |
| 5.00%, 04/15/42 | &nbsp;&nbsp; 109 | 100255 |
| 5.15%, 08/01/43 | &nbsp;&nbsp; 131 | 121028 |
| 5.40%, 07/15/40 | &nbsp;&nbsp; 60 | 59090 |
| 5.40%, 01/15/49 | &nbsp;&nbsp; 165 | 154224 |
| 5.50%, 09/15/54 | &nbsp;&nbsp; 280 | 261887 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 265 | 248520 |
| 6.90%, 04/15/38 | &nbsp;&nbsp; 131 | 146933 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 186 | 213490 |
| McCormick & Co. Inc./MD |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 295 | 257699 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 2.50%, 04/15/30 | &nbsp;&nbsp; $317 | $292766 |
| 3.40%, 08/15/27 | &nbsp;&nbsp; 367 | 362508 |
| 4.20%, 08/15/47 | &nbsp;&nbsp; 282 | 224068 |
| 4.70%, 10/15/34 | &nbsp;&nbsp; 100 | 97132 |
| Mondelez International Inc. |  |  |
| 2.63%, 09/04/50 | &nbsp;&nbsp; 143 | 83811 |
| 2.75%, 04/13/30 | &nbsp;&nbsp; 38 | 35582 |
| 4.13%, 05/07/28 | &nbsp;&nbsp; 35 | 35060 |
| Sysco Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 132 | 121979 |
| 3.30%, 02/15/50 | &nbsp;&nbsp; 210 | 140899 |
| 4.45%, 03/15/48 | &nbsp;&nbsp; 104 | 86043 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 67 | 56352 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 138 | 122784 |
| 5.38%, 09/21/35 | &nbsp;&nbsp; 40 | 40696 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 177 | 188126 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 92 | 101376 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 350 | 376919 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 75 | 68535 |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 188 | 119999 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 790 | 789794 |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 55 | 52685 |
| 4.80%, 03/15/48 | &nbsp;&nbsp; 204 | 176298 |
| 5.25%, 10/13/54<sup>(a)</sup> | &nbsp;&nbsp; 45 | 40506 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 278 | 282091 |
| Tyson Foods Inc. |  |  |
| 4.35%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30025 |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 178 | 148488 |
| 5.10%, 09/28/48<sup>(a)</sup> | &nbsp;&nbsp; 282 | 252924 |
| 5.15%, 08/15/44 | &nbsp;&nbsp; 65 | 59359 |
|  |  | 22518587 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| International Paper Co. |  |  |
| 4.35%, 08/15/48<sup>(a)</sup> | &nbsp;&nbsp; 138 | 110906 |
| 4.40%, 08/15/47 | &nbsp;&nbsp; 239 | 194741 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 178 | 156467 |
| 5.00%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 225 | 223494 |
| 5.15%, 05/15/46 | &nbsp;&nbsp; 25 | 22644 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 213 | 216764 |
| 7.30%, 11/15/39 | &nbsp;&nbsp; 95 | 109429 |
| Suzano Austria GmbH |  |  |
| 3.13%, 01/15/32 | &nbsp;&nbsp; 232 | 205890 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 329 | 309192 |
| 5.00%, 01/15/30 | &nbsp;&nbsp; 357 | 356593 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 393 | 404817 |
|  |  | 2310937 |
| **Gas — 0.9%** | **Gas — 0.9%** | **Gas — 0.9%** |
| Atmos Energy Corp. |  |  |
| 2.63%, 09/15/29 | &nbsp;&nbsp; 20 | 18888 |
| 2.85%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 120 | 73281 |
| 3.00%, 06/15/27 | &nbsp;&nbsp; 15 | 14756 |
| 3.38%, 09/15/49<sup>(a)</sup> | &nbsp;&nbsp; 292 | 202478 |
| 4.13%, 10/15/44 | &nbsp;&nbsp; 188 | 156458 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 167 | 132367 |
| 4.15%, 01/15/43 | &nbsp;&nbsp; 39 | 32784 |
| 4.30%, 10/01/48 | &nbsp;&nbsp; 185 | 152569 |
| 5.00%, 12/15/54 | &nbsp;&nbsp; 10 | 8996 |
| 5.50%, 06/15/41<sup>(a)</sup> | &nbsp;&nbsp; 28 | 28226 |
| Series ., 5.20%, 08/15/35 | &nbsp;&nbsp; 60 | 60781 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31 | &nbsp;&nbsp; $129 | $117274 |
| 3.95%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 425 | 420760 |
| 4.75%, 09/01/28 | &nbsp;&nbsp; 65 | 65130 |
| 5.50%, 10/01/26 | &nbsp;&nbsp; 45 | 45469 |
| 5.50%, 03/15/30 | &nbsp;&nbsp; 35 | 36168 |
| 5.95%, 03/15/35 | &nbsp;&nbsp; 25 | 25703 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 55 | 47644 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 305 | 266914 |
| 5.35%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1030 | 1052366 |
| 5.35%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 330 | 333363 |
| 5.40%, 06/30/33 | &nbsp;&nbsp; 236 | 242960 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 660 | 648138 |
| 5.95%, 06/15/41 | &nbsp;&nbsp; 40 | 40695 |
| 6.38%, 03/31/55, (5-year CMT + 2.527%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 335 | 344010 |
| 6.95%, 11/30/54, (5-year CMT + 2.451%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 100 | 104015 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 1815 | 1648328 |
| 4.25%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 650 | 633773 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 213 | 176964 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 138 | 120882 |
| 5.10%, 04/01/29 | &nbsp;&nbsp; 790 | 815387 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 2.50%, 03/15/31 | &nbsp;&nbsp; 575 | 518100 |
| 3.35%, 06/01/50 | &nbsp;&nbsp; 185 | 123882 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 238 | 209189 |
| 5.10%, 02/15/35 | &nbsp;&nbsp; 75 | 75725 |
| 5.40%, 06/15/33 | &nbsp;&nbsp; 50 | 51586 |
| Southern California Gas Co. |  |  |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 85 | 81631 |
| Series UU, 4.13%, 06/01/48 | &nbsp;&nbsp; 199 | 156488 |
| Series VV, 4.30%, 01/15/49 | &nbsp;&nbsp; 276 | 220940 |
| Series WW, 3.95%, 02/15/50 | &nbsp;&nbsp; 280 | 209550 |
| Series XX, 2.55%, 02/01/30 | &nbsp;&nbsp; 37 | 34434 |
| Southwest Gas Corp. |  |  |
| 3.18%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 90 | 59335 |
| 3.70%, 04/01/28 | &nbsp;&nbsp; 35 | 34535 |
| 3.80%, 09/29/46<sup>(a)</sup> | &nbsp;&nbsp; 174 | 127986 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 161 | 123945 |
| Spire Missouri Inc. |  |  |
| 3.30%, 06/01/51 | &nbsp;&nbsp; 165 | 109633 |
| Series 2034, 5.15%, 08/15/34 | &nbsp;&nbsp; 200 | 204836 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 357 | 254364 |
| Series K, 3.80%, 09/15/46 | &nbsp;&nbsp; 80 | 59779 |
|  |  | 10723465 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Snap-on Inc. |  |  |
| 3.10%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 15 | 10027 |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 40 | 39510 |
| 4.10%, 03/01/48<sup>(a)</sup> | &nbsp;&nbsp; 15 | 12135 |
| Stanley Black & Decker Inc., 2.30%, 03/15/30 | &nbsp;&nbsp; 35 | 31835 |
|  |  | 93507 |
| **Health Care - Products — 1.2%** | **Health Care - Products — 1.2%** | **Health Care - Products — 1.2%** |
| Abbott Laboratories |  |  |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 400 | 397564 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 91 | 84983 |
| 5.30%, 05/27/40 | &nbsp;&nbsp; 78 | 79715 |
| 6.00%, 04/01/39 | &nbsp;&nbsp; 143 | 157096 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 6.15%, 11/30/37 | &nbsp;&nbsp; $170 | $189242 |
| Agilent Technologies Inc. |  |  |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 105 | 94210 |
| 2.75%, 09/15/29 | &nbsp;&nbsp; 752 | 712452 |
| 3.05%, 09/22/26 | &nbsp;&nbsp; 515 | 508168 |
| 4.75%, 09/09/34 | &nbsp;&nbsp; 80 | 78854 |
| Baxter International Inc. |  |  |
| 2.54%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 280 | 243460 |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 462 | 283314 |
| 3.50%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; 220 | 152522 |
| Boston Scientific Corp. |  |  |
| 4.55%, 03/01/39 | &nbsp;&nbsp; 20 | 18904 |
| 4.70%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 313 | 276874 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 115 | 127656 |
| 7.38%, 01/15/40 | &nbsp;&nbsp; 108 | 130426 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50 | &nbsp;&nbsp; 285 | 171493 |
| 2.80%, 12/10/51 | &nbsp;&nbsp; 538 | 333589 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 162 | 139144 |
| Dentsply Sirona Inc., 3.25%, 06/01/30 | &nbsp;&nbsp; 619 | 568684 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29 | &nbsp;&nbsp; 61 | 57410 |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 293 | 236222 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 393 | 279072 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | &nbsp;&nbsp; 2875 | 2889220 |
| GE HealthCare Technologies Inc., 6.38%, <br> 11/22/52<sup>(a)</sup><br>| &nbsp;&nbsp; 238 | 254486 |
| Medtronic Inc., 4.63%, 03/15/45 | &nbsp;&nbsp; 387 | 346754 |
| Revvity Inc. |  |  |
| 2.25%, 09/15/31 | &nbsp;&nbsp; 495 | 428017 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 520 | 464072 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 10 | 9554 |
| 3.63%, 03/15/51 | &nbsp;&nbsp; 201 | 137147 |
| Smith & Nephew PLC |  |  |
| 2.03%, 10/14/30 | &nbsp;&nbsp; 518 | 460960 |
| 5.40%, 03/20/34 | &nbsp;&nbsp; 41 | 41929 |
| Solventum Corp. |  |  |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 20 | 20739 |
| 5.90%, 04/30/54<sup>(a)</sup> | &nbsp;&nbsp; 136 | 136090 |
| 6.00%, 05/15/64 | &nbsp;&nbsp; 419 | 422035 |
| STERIS Irish FinCo Unlimited Co. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 886 | 805243 |
| 3.75%, 03/15/51 | &nbsp;&nbsp; 402 | 284087 |
| Stryker Corp. |  |  |
| 2.90%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 128 | 83156 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 104 | 86770 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 147 | 125865 |
| 4.63%, 03/15/46<sup>(a)</sup> | &nbsp;&nbsp; 246 | 218315 |
| Thermo Fisher Scientific Inc. |  |  |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 302 | 249313 |
| 4.98%, 08/10/30 | &nbsp;&nbsp; 40 | 41431 |
| 5.09%, 08/10/33<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10292 |
| 5.30%, 02/01/44 | &nbsp;&nbsp; 134 | 130924 |
| 5.40%, 08/10/43 | &nbsp;&nbsp; 30 | 29692 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 615 | 549780 |
| 4.45%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; 151 | 128922 |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50659 |
| 5.50%, 02/19/35 | &nbsp;&nbsp; 50 | 51554 |
| 5.75%, 11/30/39 | &nbsp;&nbsp; 145 | 146790 |
|  |  | 13924850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services — 3.4%** | **Health Care - Services — 3.4%** | **Health Care - Services — 3.4%** |
| Aetna Inc. |  |  |
| 3.88%, 08/15/47 | &nbsp;&nbsp; $15 | $10892 |
| 4.13%, 11/15/42 | &nbsp;&nbsp; 91 | 70821 |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 119 | 98890 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 221 | 239752 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 157 | 171107 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 602 | 556551 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 608 | 518425 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 659 | 558878 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 460 | 406721 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 295 | 269209 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 277 | 270657 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 1123 | 1082041 |
| Cigna Group (The) |  |  |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 361 | 332541 |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 35 | 26670 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 282 | 189242 |
| 3.40%, 03/15/51 | &nbsp;&nbsp; 334 | 222614 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 313 | 234156 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 1070 | 1075630 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 382 | 358496 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 299 | 260011 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 733 | 636793 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 40 | 41069 |
| 5.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 40 | 41383 |
| 5.25%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 590 | 601557 |
| 5.40%, 03/15/33 | &nbsp;&nbsp; 265 | 274420 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 280 | 264411 |
| 6.13%, 11/15/41 | &nbsp;&nbsp; 172 | 177511 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 495 | 451448 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 77 | 69762 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 588 | 557083 |
| 3.13%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 145 | 92617 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 225 | 155818 |
| 3.65%, 12/01/27 | &nbsp;&nbsp; 972 | 963553 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 225 | 160165 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 596 | 595525 |
| 4.10%, 05/15/32 | &nbsp;&nbsp; 390 | 375568 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 296 | 239153 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 199 | 164028 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 111 | 89574 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 283 | 247248 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 286 | 249194 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 243 | 209561 |
| 4.75%, 02/15/30 | &nbsp;&nbsp; 195 | 198164 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 262 | 260777 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 195 | 198362 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 214 | 196024 |
| 5.13%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 80 | 70562 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 195 | 200848 |
| 5.20%, 02/15/35 | &nbsp;&nbsp; 245 | 246754 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 240 | 245226 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 330 | 343834 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 78 | 73892 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 145 | 138045 |
| 5.85%, 01/15/36 | &nbsp;&nbsp; 199 | 208672 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 190 | 182087 |
| 5.95%, 12/15/34 | &nbsp;&nbsp; 159 | 167603 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 60 | 60425 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 6.38%, 06/15/37 | &nbsp;&nbsp; $142 | $153239 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 40 | 35266 |
| 3.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 232 | 221216 |
| 3.50%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 412 | 270435 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 134 | 124522 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 729 | 721965 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 667 | 667634 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 391 | 310847 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 316 | 297856 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 521 | 459208 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 15 | 15571 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 40 | 40479 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 614 | 631541 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 409 | 377652 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 130 | 133517 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; 80 | 82345 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 235 | 244820 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 205 | 195234 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 131 | 125497 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 205 | 197768 |
| 6.10%, 04/01/64<sup>(a)</sup> | &nbsp;&nbsp; 163 | 157079 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; 120 | 119113 |
| Humana Inc. |  |  |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 200 | 190360 |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 173 | 124414 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 224 | 190104 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 227 | 188798 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 59 | 59768 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 341 | 296824 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 100 | 103007 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 290 | 292770 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 143 | 132794 |
| 5.88%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 115 | 120067 |
| 5.95%, 03/15/34 | &nbsp;&nbsp; 400 | 418692 |
| ICON Investments Six DAC, 6.00%, 05/08/34 | &nbsp;&nbsp; 497 | 516776 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | &nbsp;&nbsp; 537 | 554125 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 195 | 205492 |
| Laboratory Corp. of America Holdings |  |  |
| 2.70%, 06/01/31 | &nbsp;&nbsp; 520 | 472049 |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 100 | 94670 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 100 | 99139 |
| 4.35%, 04/01/30 | &nbsp;&nbsp; 35 | 34990 |
| 4.55%, 04/01/32 | &nbsp;&nbsp; 105 | 104134 |
| 4.70%, 02/01/45 | &nbsp;&nbsp; 436 | 381087 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 70 | 68661 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31 | &nbsp;&nbsp; 773 | 707199 |
| 2.95%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 863 | 812208 |
| 4.20%, 06/30/29 | &nbsp;&nbsp; 550 | 550465 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 40 | 40606 |
| 4.70%, 03/30/45<sup>(a)</sup> | &nbsp;&nbsp; 201 | 178433 |
| 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 120 | 120118 |
| UnitedHealth Group Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 30 | 27120 |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 100 | 89286 |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 15 | 10896 |
| 2.88%, 08/15/29 | &nbsp;&nbsp; 251 | 239106 |
| 2.90%, 05/15/50 | &nbsp;&nbsp; 203 | 124945 |
| 3.13%, 05/15/60<sup>(a)</sup> | &nbsp;&nbsp; 285 | 168519 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 3.25%, 05/15/51 | &nbsp;&nbsp; $366 | $239086 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 85 | 68947 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 202 | 145276 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 180 | 133756 |
| 3.85%, 06/15/28 | &nbsp;&nbsp; 186 | 185118 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 135 | 133901 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 349 | 243549 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 135 | 109697 |
| 4.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 265 | 263711 |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 560 | 545902 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 161 | 128994 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 465 | 466308 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 25 | 20957 |
| 4.25%, 04/15/47 | &nbsp;&nbsp; 224 | 181066 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 330 | 263488 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 35 | 30139 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 269 | 221049 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 430 | 421073 |
| 4.60%, 04/15/27 | &nbsp;&nbsp; 85 | 85683 |
| 4.63%, 07/15/35 | &nbsp;&nbsp; 273 | 265062 |
| 4.63%, 11/15/41 | &nbsp;&nbsp; 200 | 177827 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 520 | 457918 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 260 | 218569 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; 140 | 143041 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 190 | 193844 |
| 4.95%, 05/15/62 | &nbsp;&nbsp; 324 | 273390 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 464 | 465871 |
| 5.05%, 04/15/53 | &nbsp;&nbsp; 20 | 17556 |
| 5.15%, 07/15/34 | &nbsp;&nbsp; 685 | 695375 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 55 | 48253 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 800 | 827129 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 225 | 207191 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 95 | 92313 |
| 5.50%, 04/15/64 | &nbsp;&nbsp; 75 | 68861 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 665 | 632992 |
| 5.70%, 10/15/40 | &nbsp;&nbsp; 128 | 130221 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 480 | 457653 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 149 | 156659 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 307 | 303281 |
| 5.95%, 02/15/41 | &nbsp;&nbsp; 140 | 144584 |
| 6.05%, 02/15/63<sup>(a)</sup> | &nbsp;&nbsp; 285 | 285441 |
| 6.50%, 06/15/37 | &nbsp;&nbsp; 136 | 149088 |
| 6.63%, 11/15/37 | &nbsp;&nbsp; 199 | 220366 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 268 | 304213 |
|  |  | 40526844 |
| **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** |
| HA Sustainable Infrastructure Capital Inc. |  |  |
| 6.15%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 310 | 315834 |
| 6.38%, 07/01/34 | &nbsp;&nbsp; 544 | 539093 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; 80 | 80861 |
| North Haven Private Income Fund LLC, 5.75%, <br> 02/01/30<br>| &nbsp;&nbsp; 920 | 921327 |
|  |  | 1857115 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| MDC Holdings Inc. |  |  |
| 2.50%, 01/15/31 | &nbsp;&nbsp; 148 | 131155 |
| 3.85%, 01/15/30 | &nbsp;&nbsp; 49 | 47091 |
| 3.97%, 08/06/61<sup>(a)</sup> | &nbsp;&nbsp; 72 | 46298 |
| 6.00%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 102 | 93311 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| PulteGroup Inc. |  |  |
| 6.00%, 02/15/35 | &nbsp;&nbsp; $132 | $139109 |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 132 | 143683 |
| 7.88%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 94 | 110747 |
| Toll Brothers Finance Corp., 4.35%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 357 | 357901 |
|  |  | 1069295 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 52 | 50774 |
| 3.50%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 192 | 122193 |
| 4.40%, 03/15/29 | &nbsp;&nbsp; 230 | 226202 |
|  |  | 399169 |
| **Household Products & Wares — 0.8%** | **Household Products & Wares — 0.8%** | **Household Products & Wares — 0.8%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 312 | 267813 |
| 2.65%, 04/30/30 | &nbsp;&nbsp; 151 | 140262 |
| 4.88%, 12/06/28 | &nbsp;&nbsp; 117 | 119092 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 297 | 312335 |
| Church & Dwight Co. Inc. |  |  |
| 3.15%, 08/01/27 | &nbsp;&nbsp; 70 | 68880 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 30 | 23347 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 312 | 280356 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 110 | 116098 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 1537 | 1375246 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 1141 | 1119129 |
| 3.90%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1012 | 1007508 |
| 4.40%, 05/01/29 | &nbsp;&nbsp; 433 | 436105 |
| 4.60%, 05/01/32<sup>(a)</sup> | &nbsp;&nbsp; 270 | 270509 |
| Kimberly-Clark Corp. |  |  |
| 2.88%, 02/07/50 | &nbsp;&nbsp; 201 | 129033 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 336 | 322169 |
| 3.20%, 04/25/29 | &nbsp;&nbsp; 1414 | 1378699 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 165 | 129863 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 401 | 401687 |
| 4.50%, 02/16/33 | &nbsp;&nbsp; 540 | 543310 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 193 | 192369 |
| 6.63%, 08/01/37 | &nbsp;&nbsp; 364 | 421177 |
|  |  | 9054987 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| ACE Capital Trust II, Series N, 9.70%, 04/01/30 | &nbsp;&nbsp; 65 | 78285 |
| Aegon Ltd., 5.50%, 04/11/48<sup>(b)</sup> | &nbsp;&nbsp; 408 | 411385 |
| Aflac Inc. |  |  |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 67 | 65509 |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 10 | 7865 |
| 4.75%, 01/15/49 | &nbsp;&nbsp; 42 | 36326 |
| Alleghany Corp., 4.90%, 09/15/44 | &nbsp;&nbsp; 9 | 8247 |
| Allstate Corp. (The) |  |  |
| 5.35%, 06/01/33 | &nbsp;&nbsp; 266 | 275529 |
| 5.55%, 05/09/35 | &nbsp;&nbsp; 76 | 79085 |
| 6.50%, 05/15/67<sup>(b)</sup> | &nbsp;&nbsp; 210 | 216932 |
| American Financial Group Inc./OH |  |  |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 74 | 60604 |
| 5.25%, 04/02/30<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5195 |
| American International Group Inc. |  |  |
| 3.88%, 01/15/35 | &nbsp;&nbsp; 180 | 165770 |
| 4.38%, 06/30/50 | &nbsp;&nbsp; 200 | 164202 |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 185 | 160986 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 25 | 21993 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 40 | 40827 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; $140 | $131291 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 80 | 78796 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 49 | 49470 |
| 6.25%, 09/30/40 | &nbsp;&nbsp; 45 | 48422 |
| 8.21%, 01/01/27 | &nbsp;&nbsp; 10 | 10457 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.60%, 12/02/31<sup>(a)</sup> | &nbsp;&nbsp; 115 | 102985 |
| 5.00%, 09/12/32 | &nbsp;&nbsp; 290 | 296062 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 140 | 144771 |
| Aon Global Ltd., 4.75%, 05/15/45 | &nbsp;&nbsp; 22 | 19228 |
| Aon North America Inc., 5.75%, 03/01/54 | &nbsp;&nbsp; 300 | 292290 |
| Arch Capital Finance LLC, 5.03%, 12/15/46 | &nbsp;&nbsp; 160 | 144621 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | &nbsp;&nbsp; 145 | 104769 |
| 7.35%, 05/01/34 | &nbsp;&nbsp; 34 | 39302 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 32 | 29757 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31 | &nbsp;&nbsp; 55 | 48669 |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 166 | 103456 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 85 | 58508 |
| 5.50%, 03/02/33 | &nbsp;&nbsp; 135 | 139575 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 90 | 84662 |
| 5.75%, 03/02/53 | &nbsp;&nbsp; 20 | 19292 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 175 | 168760 |
| 6.75%, 02/15/54 | &nbsp;&nbsp; 110 | 119951 |
| Assurant Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 370 | 322335 |
| 3.70%, 02/22/30<sup>(a)</sup> | &nbsp;&nbsp; 1834 | 1776195 |
| 4.90%, 03/27/28<sup>(a)</sup> | &nbsp;&nbsp; 1081 | 1096005 |
| 5.55%, 02/15/36 | &nbsp;&nbsp; 75 | 74891 |
| Assured Guaranty U.S. Holdings Inc., 3.15%, <br> 06/15/31<br>| &nbsp;&nbsp; 55 | 51433 |
| Athene Holding Ltd. |  |  |
| 3.45%, 05/15/52 | &nbsp;&nbsp; 94 | 59198 |
| 3.95%, 05/25/51 | &nbsp;&nbsp; 31 | 21826 |
| 4.13%, 01/12/28 | &nbsp;&nbsp; 56 | 55858 |
| 6.15%, 04/03/30 | &nbsp;&nbsp; 137 | 146133 |
| 6.63%, 10/15/54, (5-year CMT + 2.607%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50189 |
| 6.65%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 25 | 27044 |
| AXA SA, 8.60%, 12/15/30 | &nbsp;&nbsp; 1714 | 2035663 |
| Axis Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | &nbsp;&nbsp; 52 | 51131 |
| 4.90%, 01/15/40, (5-year CMT + 3.186%)<sup>(b)</sup> | &nbsp;&nbsp; 120 | 116254 |
| Axis Specialty Finance PLC, 4.00%, 12/06/27 | &nbsp;&nbsp; 55 | 54616 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30 | &nbsp;&nbsp; 45 | 39724 |
| 2.88%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 240 | 222754 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 200 | 151933 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 286 | 237004 |
| 4.25%, 01/15/49 | &nbsp;&nbsp; 361 | 300439 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 167 | 179861 |
| Brighthouse Financial Inc., 4.70%, 06/22/47<sup>(a)</sup> | &nbsp;&nbsp; 163 | 121862 |
| Brown & Brown Inc. |  |  |
| 4.20%, 03/17/32 | &nbsp;&nbsp; 200 | 191029 |
| 4.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 45 | 45142 |
| 4.95%, 03/17/52 | &nbsp;&nbsp; 34 | 28922 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 115 | 124371 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 156 | 176112 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30 | &nbsp;&nbsp; $20 | $17513 |
| 2.85%, 12/15/51 | &nbsp;&nbsp; 116 | 73465 |
| 3.05%, 12/15/61<sup>(a)</sup> | &nbsp;&nbsp; 143 | 86223 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 45 | 38434 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 220 | 188645 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 44 | 49905 |
| Cincinnati Financial Corp., 6.13%, 11/01/34 | &nbsp;&nbsp; 55 | 58912 |
| CNO Financial Group Inc. |  |  |
| 5.25%, 05/30/29 | &nbsp;&nbsp; 453 | 461830 |
| 6.45%, 06/15/34 | &nbsp;&nbsp; 259 | 272118 |
| Enstar Finance LLC, 5.50%, 01/15/42, (5-year CMT <br> + 4.006%)<sup>(b)</sup><br>| &nbsp;&nbsp; 60 | 59412 |
| Enstar Group Ltd. |  |  |
| 3.10%, 09/01/31 | &nbsp;&nbsp; 45 | 40213 |
| 4.95%, 06/01/29 | &nbsp;&nbsp; 17 | 17130 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28 | &nbsp;&nbsp; 432 | 433156 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 196 | 174856 |
| 6.70%, 03/28/55, (5-year CMT + 2.390%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 66564 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 197 | 121942 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 35 | 23801 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 30 | 26389 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | &nbsp;&nbsp; 25 | 23512 |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 125 | 128959 |
| 6.50%, 05/20/55<sup>(c)</sup> | &nbsp;&nbsp; 200 | 206012 |
| Fidelity National Financial Inc., 2.45%, 03/15/31 | &nbsp;&nbsp; 57 | 50229 |
| First American Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 390 | 373253 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.80%, 08/19/29 | &nbsp;&nbsp; 535 | 507269 |
| 2.90%, 09/15/51 | &nbsp;&nbsp; 250 | 156505 |
| 3.60%, 08/19/49 | &nbsp;&nbsp; 66 | 48058 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 67 | 56667 |
| 4.40%, 03/15/48 | &nbsp;&nbsp; 128 | 107558 |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 466 | 495870 |
| 6.10%, 10/01/41 | &nbsp;&nbsp; 153 | 159156 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31<sup>(a)</sup> | &nbsp;&nbsp; 131 | 118295 |
| 4.00%, 11/23/51 | &nbsp;&nbsp; 80 | 55292 |
| Kemper Corp., 3.80%, 02/23/32 | &nbsp;&nbsp; 15 | 13721 |
| Lincoln National Corp. |  |  |
| 3.05%, 01/15/30 | &nbsp;&nbsp; 20 | 19010 |
| 3.40%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 55 | 51657 |
| 3.63%, 12/12/26<sup>(a)</sup> | &nbsp;&nbsp; 41 | 40664 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 95 | 93848 |
| 4.35%, 03/01/48 | &nbsp;&nbsp; 49 | 39365 |
| 6.30%, 10/09/37 | &nbsp;&nbsp; 55 | 58308 |
| 7.00%, 06/15/40 | &nbsp;&nbsp; 48 | 53952 |
| Loews Corp., 6.00%, 02/01/35 | &nbsp;&nbsp; 35 | 37761 |
| Manulife Financial Corp. |  |  |
| 3.70%, 03/16/32 | &nbsp;&nbsp; 5 | 4771 |
| 4.06%, 02/24/32, (5-year USD ICE Swap + <br> 1.647%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 501 | 495919 |
| 5.38%, 03/04/46 | &nbsp;&nbsp; 243 | 237965 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 27 | 26107 |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 100 | 66229 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 59 | 44826 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 47 | 40962 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 6.00%, 05/16/54 | &nbsp;&nbsp; $111 | $110162 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 227 | 205431 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 214 | 174333 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 221 | 184884 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 663 | 669469 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 125 | 126406 |
| 4.65%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 235 | 239110 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 185 | 189339 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 231 | 205628 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 320 | 320836 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 110 | 105876 |
| 5.40%, 09/15/33 | &nbsp;&nbsp; 10 | 10406 |
| 5.40%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 505 | 478426 |
| 5.88%, 08/01/33 | &nbsp;&nbsp; 409 | 437811 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 254 | 206827 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 236 | 197930 |
| 4.55%, 03/23/30<sup>(a)</sup> | &nbsp;&nbsp; 89 | 90539 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 169 | 149230 |
| 4.72%, 12/15/44 | &nbsp;&nbsp; 170 | 151236 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 249 | 227721 |
| 5.25%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4682 |
| 5.30%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 132 | 135879 |
| 5.38%, 07/15/33 | &nbsp;&nbsp; 15 | 15684 |
| 5.70%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 108 | 114335 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 150 | 155723 |
| 6.38%, 06/15/34 | &nbsp;&nbsp; 84 | 93084 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 529 | 553990 |
| 6.50%, 12/15/32 | &nbsp;&nbsp; 90 | 100992 |
| 10.75%, 08/01/69 | &nbsp;&nbsp; 344 | 460912 |
| Series G, 6.35%, 03/15/55, (5-year CMT + <br> 2.078%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5214 |
| Munich Re America Corp., Series B, 7.45%, <br> 12/15/26<br>| &nbsp;&nbsp; 1296 | 1352233 |
| Principal Financial Group Inc. |  |  |
| 3.10%, 11/15/26 | &nbsp;&nbsp; 36 | 35529 |
| 3.70%, 05/15/29 | &nbsp;&nbsp; 72 | 70603 |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 137 | 113371 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 148 | 126239 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 112 | 99657 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 148 | 158695 |
| Progressive Corp. (The) |  |  |
| 2.45%, 01/15/27 | &nbsp;&nbsp; 64 | 62702 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 110 | 101006 |
| 3.20%, 03/26/30 | &nbsp;&nbsp; 5 | 4811 |
| 3.70%, 01/26/45 | &nbsp;&nbsp; 75 | 58477 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 121 | 93999 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 65 | 64970 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 217 | 177228 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 142 | 117128 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 122 | 104341 |
| 4.95%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 60 | 61090 |
| 6.25%, 12/01/32 | &nbsp;&nbsp; 65 | 71882 |
| 6.63%, 03/01/29 | &nbsp;&nbsp; 40 | 43245 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30<sup>(a)</sup> | &nbsp;&nbsp; 397 | 365556 |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 35 | 26842 |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(b)</sup> | &nbsp;&nbsp; 190 | 175547 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 325 | 236728 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 195 | 194964 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 3.91%, 12/07/47 | &nbsp;&nbsp; $186 | $145063 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 269 | 204819 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 231 | 189422 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 37 | 30706 |
| 4.50%, 09/15/47<sup>(a)(b)</sup> | &nbsp;&nbsp; 173 | 170370 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 252 | 222612 |
| 5.13%, 03/01/52, (5-year CMT + 3.162%)<sup>(b)</sup> | &nbsp;&nbsp; 220 | 215742 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 150 | 152651 |
| 5.70%, 12/14/36<sup>(a)</sup> | &nbsp;&nbsp; 215 | 226922 |
| 5.70%, 09/15/48<sup>(b)</sup> | &nbsp;&nbsp; 78 | 79294 |
| 5.75%, 07/15/33 | &nbsp;&nbsp; 196 | 210657 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(b)</sup> | &nbsp;&nbsp; 315 | 325815 |
| 6.50%, 03/15/54, (5-year CMT + 2.404%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 260 | 273093 |
| 6.63%, 12/01/37 | &nbsp;&nbsp; 258 | 290136 |
| 6.63%, 06/21/40 | &nbsp;&nbsp; 191 | 215079 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(b)</sup> | &nbsp;&nbsp; 87 | 92009 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30<sup>(a)</sup> | &nbsp;&nbsp; 169 | 161408 |
| 3.63%, 03/24/32<sup>(a)</sup> | &nbsp;&nbsp; 497 | 468274 |
| Reinsurance Group of America Inc. |  |  |
| 3.90%, 05/15/29 | &nbsp;&nbsp; 41 | 40437 |
| 6.00%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 50 | 52814 |
| RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 | &nbsp;&nbsp; 5 | 5192 |
| Selective Insurance Group Inc. |  |  |
| 5.38%, 03/01/49 | &nbsp;&nbsp; 160 | 142107 |
| 5.90%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 55 | 56682 |
| Stewart Information Services Corp., 3.60%, <br> 11/15/31<br>| &nbsp;&nbsp; 463 | 416578 |
| Transatlantic Holdings Inc., 8.00%, 11/30/39 | &nbsp;&nbsp; 10 | 12517 |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; 44 | 26019 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 106 | 82472 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 253 | 202304 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 222 | 178395 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 165 | 131727 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 159 | 134074 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 185 | 163837 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 288 | 289852 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 266 | 293353 |
| 6.75%, 06/20/36 | &nbsp;&nbsp; 149 | 170958 |
| Travelers Property Casualty Corp., 6.38%, 03/15/33 | &nbsp;&nbsp; 262 | 292666 |
| Unum Group |  |  |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 25 | 24611 |
| 4.13%, 06/15/51 | &nbsp;&nbsp; 65 | 47736 |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 70 | 55142 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 75 | 73046 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 216 | 204536 |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 157 | 114952 |
| 4.50%, 09/15/28 | &nbsp;&nbsp; 123 | 124043 |
| 5.05%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 126 | 111711 |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 20 | 20573 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 260 | 255701 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 395 | 377980 |
|  |  | 35628991 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.13%, 02/09/31 | &nbsp;&nbsp; 251 | 225600 |
| 2.70%, 02/09/41 | &nbsp;&nbsp; 60 | 43283 |
| 3.15%, 02/09/51 | &nbsp;&nbsp; 328 | 220804 |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 248 | 158581 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 4.00%, 12/06/37 | &nbsp;&nbsp; $215 | $196055 |
| 4.20%, 12/06/47 | &nbsp;&nbsp; 299 | 247959 |
| 4.40%, 12/06/57 | &nbsp;&nbsp; 240 | 197691 |
| 4.50%, 11/28/34 | &nbsp;&nbsp; 206 | 202106 |
| 5.63%, 11/26/54<sup>(c)</sup> | &nbsp;&nbsp; 30 | 30221 |
| Alphabet Inc. |  |  |
| 2.05%, 08/15/50 | &nbsp;&nbsp; 168 | 91723 |
| 2.25%, 08/15/60<sup>(a)</sup> | &nbsp;&nbsp; 208 | 107873 |
| Amazon.com Inc. |  |  |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 613 | 364314 |
| 2.70%, 06/03/60 | &nbsp;&nbsp; 965 | 550736 |
| 3.10%, 05/12/51 | &nbsp;&nbsp; 577 | 387274 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 437 | 281798 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 443 | 402316 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 515 | 403419 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 581 | 478187 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 245 | 190094 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 653 | 529977 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; 210 | 214684 |
| 4.80%, 12/05/34<sup>(a)</sup> | &nbsp;&nbsp; 300 | 307323 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 260 | 251137 |
| Baidu Inc., 2.38%, 08/23/31 | &nbsp;&nbsp; 200 | 180999 |
| eBay Inc. |  |  |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 70 | 65466 |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 379 | 274086 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 264 | 216618 |
| Meta Platforms Inc. |  |  |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 150 | 124994 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 417 | 347443 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 30 | 28744 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 450 | 434217 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 81 | 80682 |
|  |  | 7836404 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Nucor Corp. |  |  |
| 2.98%, 12/15/55 | &nbsp;&nbsp; 472 | 286228 |
| 3.95%, 05/01/28 | &nbsp;&nbsp; 25 | 24942 |
| 4.40%, 05/01/48 | &nbsp;&nbsp; 95 | 78787 |
| 5.20%, 08/01/43 | &nbsp;&nbsp; 225 | 216028 |
| 6.40%, 12/01/37 | &nbsp;&nbsp; 218 | 240750 |
| Steel Dynamics Inc. |  |  |
| 3.25%, 10/15/50 | &nbsp;&nbsp; 141 | 93118 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 46 | 44107 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 75 | 75811 |
| 5.38%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30674 |
| 5.75%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 80 | 78134 |
|  |  | 1168579 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Brunswick Corp. |  |  |
| 4.40%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 92 | 86499 |
| 5.10%, 04/01/52<sup>(a)</sup> | &nbsp;&nbsp; 152 | 115885 |
| Harley-Davidson Inc., 4.63%, 07/28/45 | &nbsp;&nbsp; 456 | 361790 |
|  |  | 564174 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Choice Hotels International Inc. |  |  |
| 3.70%, 12/01/29 | &nbsp;&nbsp; 62 | 59216 |
| 3.70%, 01/15/31 | &nbsp;&nbsp; 87 | 81419 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 215 | 217533 |
| Hyatt Hotels Corp., 5.75%, 04/23/30<sup>(a)</sup> | &nbsp;&nbsp; 81 | 84151 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Marriott International Inc./MD |  |  |
| 5.55%, 10/15/28 | &nbsp;&nbsp; $20 | $20767 |
| Series AA, 4.65%, 12/01/28 | &nbsp;&nbsp; 80 | 80927 |
| Series FF, 4.63%, 06/15/30 | &nbsp;&nbsp; 262 | 263895 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 242 | 221917 |
| Sands China Ltd. |  |  |
| 2.85%, 03/08/29 | &nbsp;&nbsp; 380 | 355293 |
| 3.25%, 08/08/31 | &nbsp;&nbsp; 404 | 366316 |
| 4.38%, 06/18/30 | &nbsp;&nbsp; 176 | 171654 |
| 5.40%, 08/08/28 | &nbsp;&nbsp; 490 | 499439 |
|  |  | 2422527 |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| AGCO Corp., 5.80%, 03/21/34 | &nbsp;&nbsp; 562 | 578258 |
| Caterpillar Financial Services Corp. |  |  |
| 4.40%, 03/03/28<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50558 |
| 4.45%, 10/16/26 | &nbsp;&nbsp; 30 | 30158 |
| 4.50%, 01/07/27 | &nbsp;&nbsp; 25 | 25187 |
| 4.70%, 11/15/29 | &nbsp;&nbsp; 40 | 40974 |
| Caterpillar Inc. |  |  |
| 2.60%, 04/09/30<sup>(a)</sup> | &nbsp;&nbsp; 18 | 16911 |
| 3.25%, 09/19/49 | &nbsp;&nbsp; 87 | 60889 |
| 3.25%, 04/09/50<sup>(a)</sup> | &nbsp;&nbsp; 100 | 69717 |
| 3.80%, 08/15/42 | &nbsp;&nbsp; 231 | 190245 |
| 4.30%, 05/15/44 | &nbsp;&nbsp; 126 | 109094 |
| 4.75%, 05/15/64 | &nbsp;&nbsp; 583 | 507909 |
| 5.20%, 05/15/35 | &nbsp;&nbsp; 110 | 112742 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 230 | 227678 |
| 5.30%, 09/15/35 | &nbsp;&nbsp; 160 | 165274 |
| 6.05%, 08/15/36 | &nbsp;&nbsp; 145 | 158970 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | &nbsp;&nbsp; 40 | 40230 |
| 4.55%, 04/10/28 | &nbsp;&nbsp; 925 | 932753 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 85 | 85956 |
| 5.10%, 04/20/29 | &nbsp;&nbsp; 1290 | 1322835 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 666 | 689870 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 1998 | 1987906 |
| Deere & Co. |  |  |
| 2.88%, 09/07/49 | &nbsp;&nbsp; 135 | 88291 |
| 3.10%, 04/15/30 | &nbsp;&nbsp; 52 | 49784 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 119 | 91188 |
| 3.90%, 06/09/42 | &nbsp;&nbsp; 54 | 45761 |
| 5.38%, 10/16/29 | &nbsp;&nbsp; 35 | 36750 |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 100 | 104183 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 220 | 224815 |
| 7.13%, 03/03/31<sup>(a)</sup> | &nbsp;&nbsp; 125 | 142798 |
| Dover Corp. |  |  |
| 2.95%, 11/04/29<sup>(a)</sup> | &nbsp;&nbsp; 40 | 38071 |
| 5.38%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 125 | 129983 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 15 | 14713 |
| Flowserve Corp. |  |  |
| 2.80%, 01/15/32 | &nbsp;&nbsp; 30 | 26312 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 309 | 293965 |
| IDEX Corp., 2.63%, 06/15/31 | &nbsp;&nbsp; 260 | 235212 |
| Ingersoll Rand Inc., 5.70%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 105 | 103459 |
| John Deere Capital Corp. |  |  |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 52 | 50298 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 38 | 37318 |
| 2.45%, 01/09/30 | &nbsp;&nbsp; 50 | 46761 |
| 2.80%, 07/18/29<sup>(a)</sup> | &nbsp;&nbsp; 60 | 57331 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 110 | 107803 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 15 | 14726 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 3.90%, 06/07/32<sup>(a)</sup> | &nbsp;&nbsp; $270 | $261854 |
| 4.35%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 260 | 257762 |
| 4.38%, 10/15/30 | &nbsp;&nbsp; 75 | 75547 |
| 4.95%, 07/14/28 | &nbsp;&nbsp; 20 | 20552 |
| 5.10%, 04/11/34<sup>(a)</sup> | &nbsp;&nbsp; 197 | 201734 |
| 5.15%, 09/08/26 | &nbsp;&nbsp; 25 | 25286 |
| 5.15%, 09/08/33 | &nbsp;&nbsp; 330 | 341934 |
| Series ., 4.50%, 01/08/27 | &nbsp;&nbsp; 45 | 45325 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 634 | 647172 |
| nVent Finance SARL, 4.55%, 04/15/28 | &nbsp;&nbsp; 57 | 57136 |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/30 | &nbsp;&nbsp; 1278 | 1201624 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 1267 | 1275097 |
| Otis Worldwide Corp. |  |  |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 89 | 61609 |
| 5.25%, 08/16/28 | &nbsp;&nbsp; 55 | 56714 |
| Rockwell Automation Inc. |  |  |
| 2.80%, 08/15/61 | &nbsp;&nbsp; 205 | 117917 |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 45 | 44135 |
| 4.20%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 92 | 75157 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 10 | 9904 |
| 4.70%, 09/15/28 | &nbsp;&nbsp; 51 | 51655 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 1835 | 1752011 |
| 2.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 1626 | 1460830 |
| 3.25%, 11/01/26<sup>(a)</sup> | &nbsp;&nbsp; 2071 | 2047323 |
|  |  | 19431914 |
| **Manufacturing — 1.0%** | **Manufacturing — 1.0%** | **Manufacturing — 1.0%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26<sup>(a)</sup> | &nbsp;&nbsp; 2015 | 1975797 |
| 2.38%, 08/26/29 | &nbsp;&nbsp; 348 | 325645 |
| 2.88%, 10/15/27 | &nbsp;&nbsp; 2690 | 2627380 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 578 | 549369 |
| 3.63%, 09/14/28 | &nbsp;&nbsp; 1225 | 1210742 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 95 | 97107 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 405 | 411290 |
| 5.70%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; 25 | 26298 |
| Carlisle Companies Inc. |  |  |
| 2.75%, 03/01/30 | &nbsp;&nbsp; 242 | 226277 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 31 | 30707 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 56 | 55099 |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 11 | 8709 |
| 4.00%, 11/02/32<sup>(a)</sup> | &nbsp;&nbsp; 149 | 144512 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 186 | 159615 |
| 4.70%, 08/23/52<sup>(a)</sup> | &nbsp;&nbsp; 65 | 57537 |
| Illinois Tool Works Inc. |  |  |
| 2.65%, 11/15/26 | &nbsp;&nbsp; 40 | 39431 |
| 3.90%, 09/01/42 | &nbsp;&nbsp; 114 | 94700 |
| 4.88%, 09/15/41 | &nbsp;&nbsp; 15 | 14116 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 73 | 70766 |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 212 | 167203 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 58 | 47123 |
| 4.20%, 11/21/34<sup>(a)</sup> | &nbsp;&nbsp; 71 | 68115 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 66 | 57178 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 72 | 79067 |
| Pentair Finance SARL |  |  |
| 4.50%, 07/01/29 | &nbsp;&nbsp; 836 | 840005 |
| 5.90%, 07/15/32 | &nbsp;&nbsp; 560 | 590260 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| Teledyne Technologies Inc. |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; $222 | $211455 |
| 2.75%, 04/01/31 | &nbsp;&nbsp; 1921 | 1758461 |
| Textron Inc. |  |  |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 27 | 25344 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 10 | 9897 |
|  |  | 11979205 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.70%, 04/01/51 | &nbsp;&nbsp; 400 | 257420 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 367 | 223783 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 448 | 296266 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; 301 | 186393 |
| 4.40%, 04/01/33 | &nbsp;&nbsp; 185 | 174009 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 395 | 268756 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; 458 | 354041 |
| 5.13%, 07/01/49<sup>(a)</sup> | &nbsp;&nbsp; 171 | 138752 |
| 5.25%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 209 | 170675 |
| 5.38%, 04/01/38 | &nbsp;&nbsp; 93 | 86992 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 581 | 494070 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 224 | 183576 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 481 | 428909 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 439 | 457012 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 665 | 646463 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; 206 | 205902 |
| Comcast Corp. |  |  |
| 2.45%, 08/15/52 | &nbsp;&nbsp; 457 | 244208 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 327 | 167203 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 115 | 67912 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 711 | 425137 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 1044 | 600076 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 923 | 511426 |
| 3.20%, 07/15/36 | &nbsp;&nbsp; 114 | 95938 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 114 | 89519 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 206 | 145920 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 316 | 214622 |
| 3.75%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 61 | 50648 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 70 | 60911 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 358 | 273376 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 206 | 158451 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 204 | 156042 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 442 | 331921 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 424 | 316532 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 55 | 55155 |
| 4.20%, 08/15/34 | &nbsp;&nbsp; 10 | 9484 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 55 | 53424 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 185 | 172129 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 221 | 189279 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 375 | 332598 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 521 | 444322 |
| 4.75%, 03/01/44 | &nbsp;&nbsp; 225 | 197805 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 428 | 363994 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; 204 | 187473 |
| 5.65%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10476 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 423 | 468442 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 240 | 267028 |
| 6.55%, 07/01/39 | &nbsp;&nbsp; 95 | 105248 |
| 6.95%, 08/15/37 | &nbsp;&nbsp; 231 | 263187 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 100 | 114310 |
| FactSet Research Systems Inc., 3.45%, 03/01/32 | &nbsp;&nbsp; 145 | 133638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Fox Corp. |  |  |
| 4.71%, 01/25/29 | &nbsp;&nbsp; $41 | $41467 |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 234 | 230786 |
| 5.58%, 01/25/49 | &nbsp;&nbsp; 384 | 361554 |
| 6.50%, 10/13/33 | &nbsp;&nbsp; 25 | 27199 |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45 | &nbsp;&nbsp; 200 | 139413 |
| 5.25%, 05/24/49 | &nbsp;&nbsp; 162 | 113531 |
| 6.13%, 01/31/46 | &nbsp;&nbsp; 200 | 161425 |
| 6.63%, 01/15/40<sup>(a)</sup> | &nbsp;&nbsp; 135 | 124655 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 60 | 51419 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 115 | 118789 |
| 6.40%, 04/30/40<sup>(a)</sup> | &nbsp;&nbsp; 85 | 92711 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | &nbsp;&nbsp; 20 | 19560 |
| 4.20%, 06/01/29 | &nbsp;&nbsp; 42 | 41401 |
| 4.20%, 05/19/32 | &nbsp;&nbsp; 82 | 76458 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 216 | 164277 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 98 | 75388 |
| 4.85%, 07/01/42 | &nbsp;&nbsp; 115 | 93671 |
| 4.90%, 08/15/44<sup>(a)</sup> | &nbsp;&nbsp; 49 | 39286 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 274 | 272348 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 205 | 160601 |
| 5.25%, 04/01/44 | &nbsp;&nbsp; 104 | 85157 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 198 | 195483 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 286 | 257397 |
| 5.90%, 10/15/40 | &nbsp;&nbsp; 67 | 62926 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 243 | 257817 |
| 7.88%, 07/30/30 | &nbsp;&nbsp; 64 | 72243 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 255 | 297740 |
| Time Warner Cable LLC |  |  |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 198 | 178679 |
| 5.88%, 11/15/40 | &nbsp;&nbsp; 238 | 227449 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 300 | 310799 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 286 | 296738 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 313 | 340904 |
| TWDC Enterprises 18 Corp. |  |  |
| 3.00%, 07/30/46 | &nbsp;&nbsp; 231 | 156347 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 261 | 217523 |
| 4.38%, 08/16/41 | &nbsp;&nbsp; 175 | 154023 |
| Series B, 7.00%, 03/01/32 | &nbsp;&nbsp; 20 | 22813 |
| Series E, 4.13%, 12/01/41 | &nbsp;&nbsp; 118 | 101042 |
| Walt Disney Co. (The) |  |  |
| 2.00%, 09/01/29 | &nbsp;&nbsp; 16 | 14819 |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 506 | 315432 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 540 | 396084 |
| 3.70%, 03/23/27 | &nbsp;&nbsp; 10 | 9966 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 727 | 527767 |
| 4.63%, 03/23/40 | &nbsp;&nbsp; 30 | 28554 |
| 4.70%, 03/23/50<sup>(a)</sup> | &nbsp;&nbsp; 420 | 371687 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 115 | 104176 |
| 4.75%, 11/15/46 | &nbsp;&nbsp; 178 | 159500 |
| 4.95%, 10/15/45 | &nbsp;&nbsp; 194 | 179755 |
| 5.40%, 10/01/43<sup>(a)</sup> | &nbsp;&nbsp; 244 | 242656 |
| 6.15%, 03/01/37 | &nbsp;&nbsp; 65 | 71297 |
| 6.15%, 02/15/41 | &nbsp;&nbsp; 109 | 117529 |
| 6.20%, 12/15/34 | &nbsp;&nbsp; 10 | 11201 |
| 6.40%, 12/15/35 | &nbsp;&nbsp; 25 | 28184 |
| 6.55%, 03/15/33 | &nbsp;&nbsp; 51 | 57705 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 6.65%, 11/15/37 | &nbsp;&nbsp; $188 | $215652 |
| 7.75%, 12/01/45 | &nbsp;&nbsp; 225 | 285615 |
|  |  | 20629451 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Valmont Industries Inc. |  |  |
| 5.00%, 10/01/44 | &nbsp;&nbsp; 40 | 36456 |
| 5.25%, 10/01/54 | &nbsp;&nbsp; 100 | 88841 |
|  |  | 125297 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | &nbsp;&nbsp; 273 | 262832 |
| 3.75%, 10/01/30 | &nbsp;&nbsp; 250 | 236020 |
| BHP Billiton Finance USA Ltd., 4.13%, 02/24/42 | &nbsp;&nbsp; 300 | 258020 |
| Freeport-McMoRan Inc. |  |  |
| 5.40%, 11/14/34 | &nbsp;&nbsp; 235 | 239622 |
| 5.45%, 03/15/43 | &nbsp;&nbsp; 305 | 288119 |
| Kinross Gold Corp., 4.50%, 07/15/27 | &nbsp;&nbsp; 278 | 278560 |
| Newmont Corp. |  |  |
| 2.60%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 246 | 219900 |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 196 | 184239 |
| 5.45%, 06/09/44 | &nbsp;&nbsp; 38 | 37383 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 4.20%, <br> 05/13/50<br>| &nbsp;&nbsp; 15 | 12152 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35<sup>(a)</sup> | &nbsp;&nbsp; 117 | 124352 |
| 6.13%, 12/15/33 | &nbsp;&nbsp; 227 | 246733 |
| 7.25%, 03/15/31 | &nbsp;&nbsp; 112 | 129272 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; 221 | 133893 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 231 | 228068 |
| 7.13%, 07/15/28 | &nbsp;&nbsp; 40 | 43314 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; 120 | 101636 |
| 4.75%, 03/22/42 | &nbsp;&nbsp; 182 | 166269 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 143 | 131359 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 5 | 4986 |
| 5.88%, 03/14/65 | &nbsp;&nbsp; 260 | 260347 |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; 81 | 75930 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 255 | 255986 |
| 6.75%, 04/16/40<sup>(a)</sup> | &nbsp;&nbsp; 126 | 139270 |
| 7.50%, 07/27/35 | &nbsp;&nbsp; 184 | 213663 |
|  |  | 4271925 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 332 | 319952 |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 388 | 361412 |
| 4.25%, 04/01/28 | &nbsp;&nbsp; 170 | 169125 |
|  |  | 850489 |
| **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** |
| APA Corp. |  |  |
| 5.35%, 07/01/49<sup>(c)</sup> | &nbsp;&nbsp; 46 | 36501 |
| 6.10%, 02/15/35<sup>(c)</sup> | &nbsp;&nbsp; 10 | 10014 |
| 6.75%, 02/15/55<sup>(c)</sup> | &nbsp;&nbsp; 115 | 109161 |
| BP Capital Markets America Inc. |  |  |
| 2.77%, 11/10/50<sup>(a)</sup> | &nbsp;&nbsp; 362 | 218799 |
| 2.94%, 06/04/51<sup>(a)</sup> | &nbsp;&nbsp; 386 | 239527 |
| 3.00%, 02/24/50 | &nbsp;&nbsp; 566 | 360570 |
| 3.00%, 03/17/52<sup>(a)</sup> | &nbsp;&nbsp; 180 | 112528 |
| 3.02%, 01/16/27 | &nbsp;&nbsp; 40 | 39499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 3.38%, 02/08/61 | &nbsp;&nbsp; $823 | $527167 |
| 3.59%, 04/14/27 | &nbsp;&nbsp; 35 | 34777 |
| 3.63%, 04/06/30 | &nbsp;&nbsp; 125 | 122273 |
| 3.94%, 09/21/28 | &nbsp;&nbsp; 118 | 117661 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 140 | 140658 |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | &nbsp;&nbsp; 68 | 67015 |
| 3.72%, 11/28/28 | &nbsp;&nbsp; 55 | 54409 |
| Burlington Resources LLC |  |  |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 165 | 175843 |
| 7.20%, 08/15/31 | &nbsp;&nbsp; 260 | 296719 |
| Chevron Corp., 3.08%, 05/11/50 | &nbsp;&nbsp; 308 | 205630 |
| Chevron USA Inc. |  |  |
| 2.34%, 08/12/50<sup>(a)</sup> | &nbsp;&nbsp; 318 | 181467 |
| 5.25%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 75 | 74270 |
| ConocoPhillips Co. |  |  |
| 3.80%, 03/15/52 | &nbsp;&nbsp; 35 | 25340 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 430 | 308764 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 257 | 216166 |
| 4.70%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 365 | 372044 |
| 4.85%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 185 | 188160 |
| 4.88%, 10/01/47 | &nbsp;&nbsp; 35 | 31153 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 355 | 354928 |
| 5.05%, 09/15/33 | &nbsp;&nbsp; 35 | 35750 |
| 5.30%, 05/15/53 | &nbsp;&nbsp; 10 | 9171 |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 270 | 254363 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 20 | 18991 |
| 5.65%, 01/15/65 | &nbsp;&nbsp; 170 | 160442 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 135 | 128500 |
| 5.90%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 252 | 272694 |
| 5.90%, 05/15/38 | &nbsp;&nbsp; 360 | 381555 |
| 5.95%, 03/15/46 | &nbsp;&nbsp; 165 | 172603 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 491 | 547553 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 297 | 325070 |
| Devon Energy Corp. |  |  |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 140 | 118038 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 126 | 105832 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 266 | 248998 |
| 7.88%, 09/30/31 | &nbsp;&nbsp; 74 | 85480 |
| 7.95%, 04/15/32 | &nbsp;&nbsp; 61 | 70535 |
| Diamondback Energy Inc. |  |  |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 479 | 461625 |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 155 | 116247 |
| 4.40%, 03/24/51<sup>(a)</sup> | &nbsp;&nbsp; 98 | 75964 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 15 | 15154 |
| 5.55%, 04/01/35 | &nbsp;&nbsp; 135 | 136627 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 210 | 194405 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 381 | 352369 |
| 6.25%, 03/15/53 | &nbsp;&nbsp; 101 | 99835 |
| Eni USA Inc., 7.30%, 11/15/27 | &nbsp;&nbsp; 235 | 249912 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 62 | 56824 |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 53 | 53312 |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 243 | 213988 |
| EQT Corp. |  |  |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 240 | 242801 |
| 5.75%, 02/01/34 | &nbsp;&nbsp; 223 | 230944 |
| 7.00%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 346 | 376348 |
| Exxon Mobil Corp. |  |  |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 413 | 276234 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 668 | 471425 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 3.48%, 03/19/30 | &nbsp;&nbsp; $30 | $29345 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 390 | 320819 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 337 | 303346 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 560 | 463690 |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | &nbsp;&nbsp; 1498 | 1501734 |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 63 | 63807 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 111 | 118806 |
| 7.13%, 03/15/33 | &nbsp;&nbsp; 433 | 498861 |
| 7.30%, 08/15/31 | &nbsp;&nbsp; 622 | 717465 |
| 7.88%, 10/01/29 | &nbsp;&nbsp; 572 | 649818 |
| HF Sinclair Corp. |  |  |
| 5.50%, 09/01/32 | &nbsp;&nbsp; 40 | 40136 |
| 6.25%, 01/15/35 | &nbsp;&nbsp; 15 | 15447 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 210 | 207879 |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 78 | 60762 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 129 | 108605 |
| 5.00%, 09/15/54 | &nbsp;&nbsp; 45 | 36649 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 316 | 331851 |
| Occidental Petroleum Corp. |  |  |
| 4.40%, 04/15/46 | &nbsp;&nbsp; 91 | 69025 |
| 6.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 117 | 109059 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 134 | 140096 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 170 | 167780 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 390 | 403777 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 203 | 203915 |
| 6.63%, 09/01/30 | &nbsp;&nbsp; 119 | 126596 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 230 | 257109 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; 60 | 67810 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 82 | 93456 |
| 8.88%, 07/15/30 | &nbsp;&nbsp; 40 | 46025 |
| Ovintiv Inc. |  |  |
| 5.65%, 05/15/28 | &nbsp;&nbsp; 182 | 187312 |
| 6.25%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 174 | 181045 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 261 | 274813 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 257 | 264362 |
| 6.63%, 08/15/37<sup>(a)</sup> | &nbsp;&nbsp; 105 | 108982 |
| 7.10%, 07/15/53 | &nbsp;&nbsp; 10 | 10331 |
| 7.20%, 11/01/31 | &nbsp;&nbsp; 554 | 607595 |
| 7.38%, 11/01/31 | &nbsp;&nbsp; 782 | 865889 |
| 8.13%, 09/15/30 | &nbsp;&nbsp; 260 | 297834 |
| Phillips 66 |  |  |
| 3.30%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 104 | 66872 |
| 3.90%, 03/15/28 | &nbsp;&nbsp; 86 | 85509 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 288 | 277827 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 402 | 351896 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 297 | 297624 |
| Phillips 66 Co. |  |  |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 90 | 88133 |
| 5.30%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; 305 | 311328 |
| 5.50%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 135 | 123452 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 145 | 134989 |
| Shell Finance U.S. Inc. |  |  |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 380 | 260113 |
| 4.13%, 05/11/35 | &nbsp;&nbsp; 622 | 590587 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 310 | 264101 |
| Shell International Finance BV |  |  |
| 3.00%, 11/26/51 | &nbsp;&nbsp; 330 | 211819 |
| 3.13%, 11/07/49<sup>(a)</sup> | &nbsp;&nbsp; 300 | 200069 |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 40 | 26892 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 4.00%, 05/10/46 | &nbsp;&nbsp; $40 | $32047 |
| 4.13%, 05/11/35 | &nbsp;&nbsp; 25 | 24451 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 15 | 12764 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 557 | 620906 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30 | &nbsp;&nbsp; 245 | 234152 |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 72 | 53450 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 677 | 445326 |
| 3.39%, 06/29/60<sup>(a)</sup> | &nbsp;&nbsp; 587 | 378253 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 76 | 74827 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 243 | 171276 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | &nbsp;&nbsp; 218 | 217765 |
| 4.72%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4997 |
| 5.15%, 04/05/34 | &nbsp;&nbsp; 245 | 252485 |
| 5.28%, 09/10/54<sup>(a)</sup> | &nbsp;&nbsp; 35 | 32332 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 195 | 180916 |
| 5.49%, 04/05/54 | &nbsp;&nbsp; 494 | 470488 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 397 | 379988 |
| Valero Energy Corp. |  |  |
| 3.40%, 09/15/26<sup>(a)</sup> | &nbsp;&nbsp; 35 | 34684 |
| 3.65%, 12/01/51 | &nbsp;&nbsp; 254 | 171233 |
| 4.00%, 04/01/29 | &nbsp;&nbsp; 91 | 89971 |
| 4.00%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 74 | 52843 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 71 | 71251 |
| 4.90%, 03/15/45 | &nbsp;&nbsp; 83 | 72565 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 496 | 541361 |
| 7.50%, 04/15/32 | &nbsp;&nbsp; 290 | 333945 |
| Woodside Finance Ltd. |  |  |
| 4.90%, 05/19/28 | &nbsp;&nbsp; 10 | 10129 |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 1535 | 1503248 |
| 5.40%, 05/19/30 | &nbsp;&nbsp; 790 | 811694 |
| 5.70%, 09/12/54 | &nbsp;&nbsp; 185 | 169924 |
|  |  | 31872945 |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 444 | 427152 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 3.14%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 760 | 731268 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 1623 | 1597333 |
| 4.08%, 12/15/47 | &nbsp;&nbsp; 179 | 139347 |
| Halliburton Co. |  |  |
| 2.92%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 341 | 320665 |
| 4.50%, 11/15/41 | &nbsp;&nbsp; 127 | 108925 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 85 | 73691 |
| 4.85%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 357 | 346597 |
| 5.00%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 390 | 344373 |
| 6.70%, 09/15/38 | &nbsp;&nbsp; 123 | 135080 |
| 7.45%, 09/15/39 | &nbsp;&nbsp; 214 | 250664 |
| NOV Inc. |  |  |
| 3.60%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 322 | 311064 |
| 3.95%, 12/01/42 | &nbsp;&nbsp; 142 | 107490 |
| Schlumberger Investment SA, 2.65%, 06/26/30<sup>(a)</sup> | &nbsp;&nbsp; 494 | 459340 |
|  |  | 5352989 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Finance USA Inc. |  |  |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 88 | 88406 |
| 5.63%, 05/26/33 | &nbsp;&nbsp; 155 | 160991 |
| Amcor Flexibles North America Inc. |  |  |
| 2.63%, 06/19/30 | &nbsp;&nbsp; 17 | 15638 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| 2.69%, 05/25/31 | &nbsp;&nbsp; $20 | $18103 |
| AptarGroup Inc., 3.60%, 03/15/32 | &nbsp;&nbsp; 15 | 13797 |
| Berry Global Inc., 5.65%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 369 | 383561 |
| Packaging Corp. of America, 4.05%, 12/15/49 | &nbsp;&nbsp; 14 | 10660 |
| Smurfit Kappa Treasury ULC, 5.78%, 04/03/54 | &nbsp;&nbsp; 255 | 250772 |
| Sonoco Products Co. |  |  |
| 3.13%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 39 | 36707 |
| 5.75%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 115 | 116305 |
| WestRock MWV LLC, 8.20%, 01/15/30 | &nbsp;&nbsp; 93 | 107107 |
| WRKCo Inc. |  |  |
| 3.00%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 210 | 184890 |
| 4.20%, 06/01/32 | &nbsp;&nbsp; 60 | 58033 |
|  |  | 1444970 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| AbbVie Inc. |  |  |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 625 | 549862 |
| 4.25%, 11/14/28 | &nbsp;&nbsp; 94 | 94747 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 1145 | 931526 |
| 4.30%, 05/14/36 | &nbsp;&nbsp; 387 | 366480 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 575 | 505143 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 502 | 431238 |
| 4.50%, 05/14/35 | &nbsp;&nbsp; 773 | 748745 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 738 | 660784 |
| 4.85%, 06/15/44 | &nbsp;&nbsp; 74 | 67939 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 165 | 169888 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 403 | 363611 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 165 | 168822 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 177 | 170088 |
| 5.50%, 03/15/64 | &nbsp;&nbsp; 505 | 484123 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 170 | 167915 |
| Astrazeneca Finance LLC |  |  |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 398 | 406737 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 35 | 35769 |
| AstraZeneca PLC |  |  |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 840 | 829690 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 545 | 545212 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 255 | 216773 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 336 | 292389 |
| 4.38%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp; 150 | 128693 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 768 | 866136 |
| Becton Dickinson & Co. |  |  |
| 3.70%, 06/06/27 | &nbsp;&nbsp; 947 | 939857 |
| 4.67%, 06/06/47 | &nbsp;&nbsp; 479 | 412314 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 316 | 276132 |
| Bristol-Myers Squibb Co. |  |  |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 409 | 237134 |
| 3.25%, 02/27/27 | &nbsp;&nbsp; 10 | 9902 |
| 3.25%, 08/01/42 | &nbsp;&nbsp; 293 | 220750 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 326 | 235101 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 348 | 245933 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 778 | 622892 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 350 | 289752 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 220 | 191263 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 272 | 231475 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 40 | 35311 |
| 5.00%, 08/15/45 | &nbsp;&nbsp; 221 | 205495 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 642 | 618837 |
| 5.65%, 02/22/64 | &nbsp;&nbsp; 432 | 413469 |
| 6.25%, 11/15/53 | &nbsp;&nbsp; 93 | 98363 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 245 | 261879 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Cardinal Health Inc. |  |  |
| 3.41%, 06/15/27 | &nbsp;&nbsp; $1309 | $1292119 |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 187 | 150824 |
| 4.50%, 09/15/30 | &nbsp;&nbsp; 125 | 125209 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 104 | 88598 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 204 | 179056 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 65 | 66567 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 125 | 124114 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 530 | 537802 |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 755 | 775364 |
| 5.75%, 11/15/54 | &nbsp;&nbsp; 115 | 110953 |
| Cencora Inc. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 150 | 137160 |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 15 | 14051 |
| 3.45%, 12/15/27 | &nbsp;&nbsp; 10 | 9850 |
| 4.25%, 03/01/45 | &nbsp;&nbsp; 317 | 258650 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 140 | 113039 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 552 | 558157 |
| CVS Health Corp. |  |  |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 10 | 9565 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 25 | 24757 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 25 | 20951 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 71 | 53586 |
| 4.30%, 03/25/28 | &nbsp;&nbsp; 905 | 904558 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 1045 | 962766 |
| 4.88%, 07/20/35 | &nbsp;&nbsp; 205 | 196704 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 1635 | 1403770 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 838 | 736886 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 374 | 378317 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 60 | 60734 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 247 | 224811 |
| 5.63%, 02/21/53 | &nbsp;&nbsp; 360 | 328841 |
| 5.88%, 06/01/53<sup>(a)</sup> | &nbsp;&nbsp; 175 | 165607 |
| 6.00%, 06/01/63 | &nbsp;&nbsp; 314 | 297664 |
| 6.13%, 09/15/39 | &nbsp;&nbsp; 216 | 221755 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50 | &nbsp;&nbsp; 135 | 75555 |
| 2.50%, 09/15/60 | &nbsp;&nbsp; 645 | 351676 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 42 | 41206 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 206 | 162486 |
| 3.95%, 05/15/47 | &nbsp;&nbsp; 200 | 160896 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 450 | 355280 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 474 | 369151 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 68 | 60548 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 124 | 113571 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 320 | 291160 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 105 | 97071 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 187 | 198712 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 40 | 39651 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | &nbsp;&nbsp; 85 | 84961 |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 90 | 77295 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 50 | 50592 |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 50 | 49972 |
| 5.38%, 04/15/34 | &nbsp;&nbsp; 80 | 83770 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 604 | 672191 |
| GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 | &nbsp;&nbsp; 5 | 4881 |
| Johnson & Johnson |  |  |
| 2.45%, 09/01/60 | &nbsp;&nbsp; 706 | 386758 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 160 | 121570 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 343 | 274020 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 3.75%, 03/03/47 | &nbsp;&nbsp; $297 | $237352 |
| 4.38%, 12/05/33 | &nbsp;&nbsp; 32 | 32088 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 216 | 206604 |
| 4.50%, 12/05/43<sup>(a)</sup> | &nbsp;&nbsp; 202 | 186683 |
| 4.85%, 05/15/41<sup>(a)</sup> | &nbsp;&nbsp; 183 | 178238 |
| 4.95%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 52 | 54137 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 216 | 236245 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 203 | 224396 |
| McKesson Corp. |  |  |
| 3.95%, 02/16/28 | &nbsp;&nbsp; 45 | 44910 |
| 4.65%, 05/30/30 | &nbsp;&nbsp; 95 | 96545 |
| 4.95%, 05/30/32 | &nbsp;&nbsp; 100 | 101970 |
| 5.10%, 07/15/33 | &nbsp;&nbsp; 699 | 716473 |
| 5.25%, 05/30/35 | &nbsp;&nbsp; 95 | 96726 |
| Mead Johnson Nutrition Co. |  |  |
| 4.60%, 06/01/44 | &nbsp;&nbsp; 260 | 228580 |
| 5.90%, 11/01/39<sup>(a)</sup> | &nbsp;&nbsp; 245 | 257804 |
| Merck & Co. Inc. |  |  |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 110 | 63386 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 334 | 202521 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 786 | 452370 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 50 | 49037 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 300 | 237769 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 629 | 492462 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 27 | 23766 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 222 | 174608 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 427 | 362715 |
| 4.30%, 05/17/30 | &nbsp;&nbsp; 25 | 25220 |
| 4.50%, 05/17/33<sup>(a)</sup> | &nbsp;&nbsp; 265 | 264978 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 315 | 285684 |
| 6.50%, 12/01/33 | &nbsp;&nbsp; 302 | 341579 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 152 | 172844 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.75%, 11/15/36 | &nbsp;&nbsp; 205 | 219185 |
| 5.95%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 25 | 26508 |
| Mylan Inc., 5.20%, 04/15/48 | &nbsp;&nbsp; 99 | 79362 |
| Novartis Capital Corp. |  |  |
| 2.75%, 08/14/50 | &nbsp;&nbsp; 462 | 291118 |
| 3.80%, 09/18/29 | &nbsp;&nbsp; 600 | 598031 |
| 4.00%, 09/18/31<sup>(a)</sup> | &nbsp;&nbsp; 60 | 59572 |
| 4.00%, 11/20/45<sup>(a)</sup> | &nbsp;&nbsp; 215 | 177175 |
| 4.20%, 09/18/34 | &nbsp;&nbsp; 1480 | 1432676 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 81 | 71697 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 440 | 388555 |
| Pfizer Inc. |  |  |
| 2.70%, 05/28/50 | &nbsp;&nbsp; 613 | 374333 |
| 4.00%, 12/15/36 | &nbsp;&nbsp; 75 | 68952 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 343 | 268033 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 246 | 199813 |
| 4.20%, 09/15/48 | &nbsp;&nbsp; 232 | 189245 |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 30 | 26136 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 232 | 274882 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 726 | 727692 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 862 | 802811 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 1258 | 1145114 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.18%, 07/09/50 | &nbsp;&nbsp; 446 | 290904 |
| 3.38%, 07/09/60 | &nbsp;&nbsp; 457 | 288368 |
| 5.00%, 11/26/28 | &nbsp;&nbsp; 150 | 153398 |
| 5.65%, 07/05/44 | &nbsp;&nbsp; 200 | 200101 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.80%, 07/05/64 | &nbsp;&nbsp; $200 | $194026 |
| Utah Acquisition Sub Inc., 5.25%, 06/15/46 | &nbsp;&nbsp; 109 | 88880 |
| Viatris Inc., 4.00%, 06/22/50 | &nbsp;&nbsp; 507 | 334201 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 1511 | 1370417 |
| 3.00%, 09/12/27 | &nbsp;&nbsp; 1371 | 1344285 |
| 3.00%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 10 | 6476 |
| 3.90%, 08/20/28 | &nbsp;&nbsp; 500 | 499260 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 211 | 166309 |
| 4.15%, 08/17/28<sup>(a)</sup> | &nbsp;&nbsp; 150 | 150384 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 31 | 26078 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 433 | 391182 |
| 5.00%, 08/17/35 | &nbsp;&nbsp; 750 | 746859 |
| 5.60%, 11/16/32<sup>(a)</sup> | &nbsp;&nbsp; 1023 | 1083254 |
|  |  | 50206889 |
| **Pipelines — 4.2%** | **Pipelines — 4.2%** | **Pipelines — 4.2%** |
| Boardwalk Pipelines LP, 4.80%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 129 | 130848 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.74%, 12/31/39 | &nbsp;&nbsp; 1151 | 946396 |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 1549 | 1505023 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 348 | 351677 |
| Cheniere Energy Inc. |  |  |
| 4.63%, 10/15/28 | &nbsp;&nbsp; 3163 | 3159782 |
| 5.65%, 04/15/34 | &nbsp;&nbsp; 1295 | 1321820 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 238 | 215397 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 41 | 39525 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; 145 | 144663 |
| 5.55%, 10/30/35<sup>(a)(c)</sup> | &nbsp;&nbsp; 45 | 45432 |
| 5.95%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; 266 | 278589 |
| Columbia Pipeline Group Inc., 5.80%, 06/01/45 | &nbsp;&nbsp; 31 | 30359 |
| DCP Midstream Operating LP |  |  |
| 5.13%, 05/15/29 | &nbsp;&nbsp; 80 | 81737 |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 75 | 70091 |
| 8.13%, 08/16/30 | &nbsp;&nbsp; 61 | 70050 |
| Enbridge Energy Partners LP |  |  |
| 7.38%, 10/15/45 | &nbsp;&nbsp; 154 | 177194 |
| Series B, 7.50%, 04/15/38 | &nbsp;&nbsp; 142 | 165732 |
| Enbridge Inc. |  |  |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 895 | 751921 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 115 | 109539 |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 120 | 79135 |
| 3.70%, 07/15/27 | &nbsp;&nbsp; 49 | 48559 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 188 | 139063 |
| 4.25%, 12/01/26 | &nbsp;&nbsp; 176 | 175963 |
| 4.50%, 06/10/44 | &nbsp;&nbsp; 149 | 124199 |
| 4.60%, 06/20/28 | &nbsp;&nbsp; 75 | 75784 |
| 4.90%, 06/20/30<sup>(a)</sup> | &nbsp;&nbsp; 140 | 142896 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 177 | 169929 |
| 5.55%, 06/20/35 | &nbsp;&nbsp; 225 | 229197 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 209 | 215617 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 415 | 432631 |
| 5.95%, 04/05/54 | &nbsp;&nbsp; 341 | 336513 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 75 | 80763 |
| 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(b)</sup> | &nbsp;&nbsp; 156 | 162277 |
| 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 162 | 170328 |
| Energy Transfer LP |  |  |
| 4.15%, 09/15/29 | &nbsp;&nbsp; 145 | 143652 |
| 4.90%, 03/15/35 | &nbsp;&nbsp; 102 | 98076 |
| 5.00%, 05/15/44 | &nbsp;&nbsp; 980 | 846275 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 416 | 345666 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.40%, 10/01/47 | &nbsp;&nbsp; $65 | $57874 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 90 | 93552 |
| 5.95%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 80 | 75065 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 171 | 164185 |
| 6.05%, 09/01/54 | &nbsp;&nbsp; 50 | 47551 |
| 6.20%, 04/01/55 | &nbsp;&nbsp; 215 | 208807 |
| 6.25%, 04/15/49 | &nbsp;&nbsp; 280 | 274512 |
| 7.50%, 07/01/38 | &nbsp;&nbsp; 130 | 149253 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 44 | 41521 |
| 3.13%, 07/31/29 | &nbsp;&nbsp; 15 | 14449 |
| 3.30%, 02/15/53 | &nbsp;&nbsp; 114 | 74702 |
| 3.70%, 01/31/51 | &nbsp;&nbsp; 75 | 53738 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 179 | 128818 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 149 | 117228 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 80 | 64591 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 181 | 156137 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 208 | 179928 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 171 | 155272 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 237 | 214074 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 142 | 127180 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 125 | 108311 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 277 | 256102 |
| 5.38%, 02/15/78, (3-mo. CME Term SOFR + <br> 2.832%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 252 | 249228 |
| 5.55%, 02/16/55 | &nbsp;&nbsp; 10 | 9547 |
| 5.70%, 02/15/42 | &nbsp;&nbsp; 120 | 120499 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 166 | 171919 |
| 6.13%, 10/15/39 | &nbsp;&nbsp; 128 | 136446 |
| 6.45%, 09/01/40 | &nbsp;&nbsp; 164 | 179927 |
| 7.55%, 04/15/38 | &nbsp;&nbsp; 151 | 178996 |
| Series D, 6.88%, 03/01/33 | &nbsp;&nbsp; 78 | 87786 |
| Series E, 5.25%, 08/16/77, (3-mo. CME Term <br> SOFR + 3.295%)<sup>(b)</sup><br>| &nbsp;&nbsp; 179 | 177477 |
| Series H, 6.65%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 14 | 15767 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; 39 | 33540 |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 85 | 76123 |
| 5.00%, 03/01/43 | &nbsp;&nbsp; 113 | 101131 |
| 5.40%, 09/01/44 | &nbsp;&nbsp; 90 | 83367 |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 167 | 157291 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 90 | 87313 |
| 5.80%, 03/15/35 | &nbsp;&nbsp; 438 | 451837 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 138 | 144372 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; 138 | 147422 |
| 6.50%, 09/01/39 | &nbsp;&nbsp; 148 | 158335 |
| 6.55%, 09/15/40<sup>(a)</sup> | &nbsp;&nbsp; 105 | 112292 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 566 | 629712 |
| 7.30%, 08/15/33 | &nbsp;&nbsp; 247 | 279438 |
| 7.40%, 03/15/31 | &nbsp;&nbsp; 169 | 190974 |
| 7.50%, 11/15/40 | &nbsp;&nbsp; 55 | 63921 |
| 7.75%, 03/15/32 | &nbsp;&nbsp; 271 | 313657 |
| Kinder Morgan Inc. |  |  |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 125 | 110128 |
| 3.25%, 08/01/50 | &nbsp;&nbsp; 150 | 95441 |
| 3.60%, 02/15/51 | &nbsp;&nbsp; 85 | 57816 |
| 4.30%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 209 | 209782 |
| 4.80%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 110 | 108770 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 155 | 158344 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 265 | 232915 |
| 5.10%, 08/01/29 | &nbsp;&nbsp; 140 | 143796 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.15%, 06/01/30 | &nbsp;&nbsp; $65 | $66891 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 575 | 581692 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 165 | 147146 |
| 5.30%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 506 | 509003 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 275 | 279912 |
| 5.45%, 08/01/52 | &nbsp;&nbsp; 100 | 90718 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 470 | 442120 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 45 | 46750 |
| 5.95%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 215 | 208782 |
| 7.75%, 01/15/32 | &nbsp;&nbsp; 288 | 332524 |
| 7.80%, 08/01/31 | &nbsp;&nbsp; 338 | 391099 |
| MPLX LP |  |  |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 144 | 143170 |
| 4.13%, 03/01/27 | &nbsp;&nbsp; 531 | 529674 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 66 | 66028 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 248 | 220808 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 344 | 278803 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 167 | 169203 |
| 4.90%, 04/15/58 | &nbsp;&nbsp; 207 | 166218 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 136 | 111910 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 362 | 315020 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 356 | 320184 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 25 | 24909 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 233 | 219586 |
| 3.25%, 06/01/30 | &nbsp;&nbsp; 250 | 236368 |
| 3.40%, 09/01/29 | &nbsp;&nbsp; 272 | 261386 |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 140 | 99086 |
| 4.00%, 07/13/27 | &nbsp;&nbsp; 545 | 542964 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 40 | 30117 |
| 4.25%, 09/15/46 | &nbsp;&nbsp; 67 | 50923 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 465 | 464069 |
| 4.45%, 09/01/49 | &nbsp;&nbsp; 43 | 33514 |
| 4.50%, 03/15/50 | &nbsp;&nbsp; 62 | 48395 |
| 4.55%, 07/15/28 | &nbsp;&nbsp; 507 | 510885 |
| 4.85%, 02/01/49 | &nbsp;&nbsp; 100 | 81532 |
| 4.95%, 10/15/32 | &nbsp;&nbsp; 125 | 124238 |
| 4.95%, 07/13/47 | &nbsp;&nbsp; 97 | 82361 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 870 | 848567 |
| 5.15%, 10/15/43 | &nbsp;&nbsp; 43 | 38132 |
| 5.38%, 06/01/29 | &nbsp;&nbsp; 755 | 777076 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 125 | 123854 |
| 5.55%, 11/01/26 | &nbsp;&nbsp; 205 | 207462 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 235 | 244112 |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 603 | 613204 |
| 5.70%, 11/01/54 | &nbsp;&nbsp; 405 | 369156 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 70 | 73621 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 125 | 114160 |
| 6.00%, 06/15/35 | &nbsp;&nbsp; 200 | 207155 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 408 | 429066 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 348 | 369796 |
| 6.25%, 10/15/55 | &nbsp;&nbsp; 400 | 390883 |
| 6.35%, 01/15/31 | &nbsp;&nbsp; 330 | 354125 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 145 | 148753 |
| 7.15%, 01/15/51 | &nbsp;&nbsp; 45 | 48339 |
| ONEOK Partners LP |  |  |
| 6.13%, 02/01/41 | &nbsp;&nbsp; 45 | 45378 |
| 6.20%, 09/15/43 | &nbsp;&nbsp; 166 | 166237 |
| 6.65%, 10/01/36 | &nbsp;&nbsp; 297 | 320767 |
| 6.85%, 10/15/37 | &nbsp;&nbsp; 258 | 281468 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 3.55%, 12/15/29 | &nbsp;&nbsp; $139 | $134003 |
| 5.15%, 06/01/42 | &nbsp;&nbsp; 59 | 52657 |
| 6.65%, 01/15/37 | &nbsp;&nbsp; 226 | 244707 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 494 | 493836 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; 161 | 161500 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 629 | 632607 |
| Spectra Energy Partners LP |  |  |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 211 | 208782 |
| 4.50%, 03/15/45 | &nbsp;&nbsp; 276 | 230606 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 253 | 250759 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 367 | 345966 |
| 4.90%, 09/15/30 | &nbsp;&nbsp; 210 | 213188 |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 205 | 169705 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 45 | 45391 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 250 | 251563 |
| 5.65%, 02/15/36 | &nbsp;&nbsp; 225 | 227549 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 65 | 68776 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 160 | 155366 |
| 6.25%, 07/01/52 | &nbsp;&nbsp; 50 | 49287 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 414 | 447545 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; 198 | 202270 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 400 | 376273 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 260 | 258952 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 298 | 303849 |
| 6.88%, 01/15/29 | &nbsp;&nbsp; 145 | 147830 |
| TC PipeLines LP, 3.90%, 05/25/27 | &nbsp;&nbsp; 286 | 284191 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 7.00%, 03/15/27 | &nbsp;&nbsp; 177 | 183827 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 161 | 173279 |
| 7.63%, 04/01/37<sup>(a)</sup> | &nbsp;&nbsp; 60 | 70839 |
| Texas Eastern Transmission LP, 7.00%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 479 | 533447 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30 | &nbsp;&nbsp; 83 | 81745 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 112 | 112092 |
| 4.63%, 03/01/34 | &nbsp;&nbsp; 383 | 369201 |
| 5.10%, 03/15/49 | &nbsp;&nbsp; 212 | 190980 |
| 5.60%, 03/31/34 | &nbsp;&nbsp; 193 | 197741 |
| 5.85%, 03/15/36 | &nbsp;&nbsp; 214 | 221621 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 96 | 99379 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 360 | 379576 |
| 7.25%, 08/15/38 | &nbsp;&nbsp; 138 | 156819 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 282 | 331148 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.95%, 05/15/50 | &nbsp;&nbsp; 173 | 129710 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 53 | 52850 |
| 4.45%, 08/01/42 | &nbsp;&nbsp; 100 | 84952 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 187 | 157297 |
| 5.40%, 08/15/41 | &nbsp;&nbsp; 88 | 84448 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | &nbsp;&nbsp; 226 | 227399 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 250 | 242903 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 55 | 54935 |
| 4.75%, 08/15/28 | &nbsp;&nbsp; 75 | 75396 |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 218 | 182434 |
| 5.30%, 03/01/48 | &nbsp;&nbsp; 146 | 122910 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 168 | 165778 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.45%, 04/01/44 | &nbsp;&nbsp; $85 | $74632 |
| 5.50%, 08/15/48 | &nbsp;&nbsp; 75 | 64463 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 537 | 562375 |
| Williams Companies Inc. (The) |  |  |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 40 | 39672 |
| 4.63%, 06/30/30 | &nbsp;&nbsp; 175 | 175940 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 210 | 180683 |
| 4.90%, 01/15/45 | &nbsp;&nbsp; 122 | 107063 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 373 | 336752 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 385 | 385864 |
| 5.30%, 09/30/35 | &nbsp;&nbsp; 200 | 199940 |
| 5.30%, 08/15/52 | &nbsp;&nbsp; 50 | 45207 |
| 5.40%, 03/04/44 | &nbsp;&nbsp; 155 | 146053 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 185 | 189908 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 15 | 15627 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 85 | 83493 |
| 5.80%, 11/15/43 | &nbsp;&nbsp; 153 | 151606 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 173 | 167140 |
| 6.00%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 106 | 105444 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 302 | 320085 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 101 | 121976 |
| Series A, 7.50%, 01/15/31 | &nbsp;&nbsp; 85 | 96244 |
|  |  | 50459787 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| Brookfield Finance Inc., 5.81%, 03/03/55 | &nbsp;&nbsp; 100 | 98104 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CBRE Services Inc. |  |  |
| 2.50%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 696 | 626770 |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 95 | 96371 |
| 5.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 206 | 213642 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 605 | 617350 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 190 | 201422 |
|  |  | 1755555 |
| **Real Estate Investment Trusts — 4.5%** | **Real Estate Investment Trusts — 4.5%** | **Real Estate Investment Trusts — 4.5%** |
| Agree LP |  |  |
| 2.60%, 06/15/33 | &nbsp;&nbsp; 115 | 97270 |
| 4.80%, 10/01/32<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19947 |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 343 | 278174 |
| 2.00%, 05/18/32 | &nbsp;&nbsp; 183 | 153377 |
| 2.75%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 58 | 54370 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 145 | 123752 |
| 3.00%, 05/18/51 | &nbsp;&nbsp; 240 | 145867 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 10 | 9333 |
| 3.55%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 190 | 128301 |
| 3.95%, 01/15/27 | &nbsp;&nbsp; 40 | 39817 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 148 | 147051 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 219 | 162668 |
| 4.50%, 07/30/29 | &nbsp;&nbsp; 238 | 238942 |
| 4.70%, 07/01/30 | &nbsp;&nbsp; 53 | 53381 |
| 4.85%, 04/15/49 | &nbsp;&nbsp; 125 | 105210 |
| 4.90%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 24 | 24369 |
| American Assets Trust LP, 3.38%, 02/01/31 | &nbsp;&nbsp; 389 | 351091 |
| American Homes 4 Rent LP |  |  |
| 3.38%, 07/15/51 | &nbsp;&nbsp; 35 | 22887 |
| 3.63%, 04/15/32 | &nbsp;&nbsp; 180 | 167328 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 43 | 42933 |
| 4.30%, 04/15/52 | &nbsp;&nbsp; 27 | 20786 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 31 | 31559 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| American Tower Corp. |  |  |
| 1.88%, 10/15/30 | &nbsp;&nbsp; $195 | $171783 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 263 | 236472 |
| 2.30%, 09/15/31 | &nbsp;&nbsp; 311 | 273747 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 305 | 276670 |
| 2.75%, 01/15/27 | &nbsp;&nbsp; 60 | 58834 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 316 | 296889 |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 285 | 178345 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 226 | 146456 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 353 | 347685 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 461 | 456521 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; 395 | 390688 |
| 3.60%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 365 | 360133 |
| 3.70%, 10/15/49 | &nbsp;&nbsp; 270 | 195896 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 367 | 359452 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 22 | 21757 |
| 4.90%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204024 |
| 5.00%, 01/31/30 | &nbsp;&nbsp; 30 | 30705 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 275 | 282046 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 140 | 143563 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 122 | 125801 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 378 | 392530 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 255 | 270825 |
| AvalonBay Communities Inc. |  |  |
| 2.05%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 240 | 208613 |
| 2.30%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 27 | 24837 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 33 | 32400 |
| 3.30%, 06/01/29 | &nbsp;&nbsp; 57 | 55321 |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 91 | 70982 |
| 4.15%, 07/01/47 | &nbsp;&nbsp; 85 | 68883 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 290 | 295254 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 560 | 454623 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 296 | 253828 |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 688 | 676071 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 121 | 112214 |
| 3.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 392 | 364323 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 189 | 181160 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 208 | 208062 |
| 5.75%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 185 | 187610 |
| 6.50%, 01/15/34 | &nbsp;&nbsp; 193 | 207309 |
| Brixmor Operating Partnership LP |  |  |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 95 | 84223 |
| 3.90%, 03/15/27 | &nbsp;&nbsp; 108 | 107383 |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 102 | 99946 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 108 | 107013 |
| 5.75%, 02/15/35 | &nbsp;&nbsp; 100 | 103733 |
| Camden Property Trust |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 19 | 17828 |
| 3.15%, 07/01/29 | &nbsp;&nbsp; 52 | 49971 |
| 3.35%, 11/01/49 | &nbsp;&nbsp; 19 | 13187 |
| 4.10%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 31 | 31037 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 475 | 438723 |
| 2.75%, 04/15/31 | &nbsp;&nbsp; 161 | 145071 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 71 | 59584 |
| Cousins Properties LP, 5.88%, 10/01/34 | &nbsp;&nbsp; 55 | 56880 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 322 | 280707 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 283 | 250616 |
| 2.50%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 342 | 302708 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.10%, 11/15/29 | &nbsp;&nbsp; $155 | $146995 |
| 3.25%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 284 | 185453 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 297 | 280513 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 242 | 238949 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 1304 | 1287801 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 138 | 137351 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 127 | 94499 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 183 | 139833 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 949 | 943928 |
| 4.75%, 05/15/47<sup>(a)</sup> | &nbsp;&nbsp; 205 | 177209 |
| 4.80%, 09/01/28 | &nbsp;&nbsp; 118 | 119353 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 530 | 537150 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 594 | 595752 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 141 | 125850 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 335 | 348052 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 222 | 231658 |
| CubeSmart LP |  |  |
| 2.50%, 02/15/32 | &nbsp;&nbsp; 140 | 121886 |
| 3.00%, 02/15/30 | &nbsp;&nbsp; 45 | 42441 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 30 | 29977 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29 | &nbsp;&nbsp; 2970 | 2897429 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 1222 | 1212463 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 2685 | 2704043 |
| 5.55%, 01/15/28 | &nbsp;&nbsp; 1711 | 1762564 |
| DOC DR LLC |  |  |
| 2.63%, 11/01/31 | &nbsp;&nbsp; 40 | 35654 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 49 | 48736 |
| 4.30%, 03/15/27 | &nbsp;&nbsp; 70 | 70017 |
| EPR Properties |  |  |
| 3.60%, 11/15/31 | &nbsp;&nbsp; 50 | 45862 |
| 4.95%, 04/15/28 | &nbsp;&nbsp; 210 | 210850 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 1060 | 1087323 |
| Equinix Inc. |  |  |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 45 | 42183 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 111 | 106326 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 30 | 28353 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 1217 | 1096891 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 370 | 332059 |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 271 | 166196 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; 187 | 117498 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 755 | 721230 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 150 | 100151 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 265 | 252243 |
| ERP Operating LP |  |  |
| 1.85%, 08/01/31 | &nbsp;&nbsp; 26 | 22699 |
| 2.50%, 02/15/30 | &nbsp;&nbsp; 158 | 147335 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 74 | 71007 |
| 3.25%, 08/01/27 | &nbsp;&nbsp; 33 | 32533 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 32 | 31579 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 32 | 25014 |
| 4.15%, 12/01/28 | &nbsp;&nbsp; 103 | 103257 |
| 4.50%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 55 | 47384 |
| Essex Portfolio LP |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 270 | 238374 |
| 2.65%, 09/01/50 | &nbsp;&nbsp; 35 | 20442 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 55 | 54465 |
| Extra Space Storage LP |  |  |
| 2.35%, 03/15/32 | &nbsp;&nbsp; 130 | 111773 |
| 2.40%, 10/15/31 | &nbsp;&nbsp; 110 | 96491 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.88%, 12/15/27 | &nbsp;&nbsp; $24 | $23790 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 14 | 13856 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 656 | 629825 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 360 | 353610 |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 475 | 457382 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 193 | 164143 |
| 5.38%, 05/01/28 | &nbsp;&nbsp; 655 | 673410 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; 90 | 80300 |
| 4.00%, 01/15/30 | &nbsp;&nbsp; 138 | 133366 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; 112 | 106853 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 236 | 240479 |
| Healthcare Realty Holdings LP |  |  |
| 2.00%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10 | 8678 |
| 3.10%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 20 | 18805 |
| Healthpeak OP LLC |  |  |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 393 | 372095 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 209 | 203134 |
| 4.75%, 01/15/33 | &nbsp;&nbsp; 50 | 49678 |
| 5.38%, 02/15/35 | &nbsp;&nbsp; 30 | 30358 |
| 6.75%, 02/01/41 | &nbsp;&nbsp; 151 | 165019 |
| Highwoods Realty LP |  |  |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 87 | 80327 |
| 4.20%, 04/15/29 | &nbsp;&nbsp; 72 | 70487 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 110 | 124449 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 310 | 308609 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 5 | 5086 |
| Series H, 3.38%, 12/15/29 | &nbsp;&nbsp; 257 | 243738 |
| Series I, 3.50%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 315 | 296152 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 104 | 92268 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 10 | 8603 |
| 2.70%, 01/15/34 | &nbsp;&nbsp; 90 | 75457 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 115 | 110142 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32 | &nbsp;&nbsp; 332 | 272155 |
| 3.05%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 175 | 160980 |
| 4.25%, 08/15/29 | &nbsp;&nbsp; 381 | 372355 |
| 4.75%, 12/15/28 | &nbsp;&nbsp; 45 | 45079 |
| Kimco Realty OP LLC |  |  |
| 2.80%, 10/01/26 | &nbsp;&nbsp; 25 | 24614 |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 88 | 63725 |
| 3.80%, 04/01/27 | &nbsp;&nbsp; 76 | 75523 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 170 | 134800 |
| 4.25%, 04/01/45<sup>(a)</sup> | &nbsp;&nbsp; 130 | 107046 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 58 | 48350 |
| 4.60%, 02/01/33 | &nbsp;&nbsp; 190 | 187169 |
| Kite Realty Group Trust, 4.75%, 09/15/30 | &nbsp;&nbsp; 35 | 35109 |
| Mid-America Apartments LP |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 210 | 182913 |
| 2.75%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 35 | 32863 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 20 | 19866 |
| NNN REIT Inc. |  |  |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 12 | 11070 |
| 3.00%, 04/15/52<sup>(a)</sup> | &nbsp;&nbsp; 50 | 30567 |
| 3.10%, 04/15/50 | &nbsp;&nbsp; 83 | 52563 |
| 3.50%, 04/15/51 | &nbsp;&nbsp; 75 | 51083 |
| 4.30%, 10/15/28 | &nbsp;&nbsp; 7 | 7020 |
| 4.80%, 10/15/48 | &nbsp;&nbsp; 31 | 26730 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.60%, 10/15/33 | &nbsp;&nbsp; $25 | $25959 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; 334 | 290553 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 167 | 154320 |
| 3.63%, 10/01/29 | &nbsp;&nbsp; 245 | 234410 |
| Piedmont Operating Partnership LP |  |  |
| 2.75%, 04/01/32 | &nbsp;&nbsp; 17 | 14398 |
| 3.15%, 08/15/30 | &nbsp;&nbsp; 57 | 51561 |
| 9.25%, 07/20/28 | &nbsp;&nbsp; 310 | 344488 |
| Prologis LP |  |  |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 103 | 99955 |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 105 | 55536 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 88 | 80933 |
| 3.00%, 04/15/50 | &nbsp;&nbsp; 243 | 156464 |
| 3.25%, 10/01/26 | &nbsp;&nbsp; 52 | 51548 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 131 | 130249 |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 81 | 81702 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 80 | 66234 |
| 4.63%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 235 | 234273 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 295 | 295209 |
| 4.88%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 35 | 35801 |
| 5.13%, 01/15/34 | &nbsp;&nbsp; 134 | 136921 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 300 | 305959 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 300 | 279875 |
| Public Storage Operating Co. |  |  |
| 2.25%, 11/09/31<sup>(a)</sup> | &nbsp;&nbsp; 265 | 234190 |
| 2.30%, 05/01/31 | &nbsp;&nbsp; 55 | 49255 |
| Realty Income Corp. |  |  |
| 1.80%, 03/15/33 | &nbsp;&nbsp; 160 | 131101 |
| 2.85%, 12/15/32 | &nbsp;&nbsp; 310 | 275075 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 125 | 118091 |
| 4.90%, 07/15/33 | &nbsp;&nbsp; 95 | 95352 |
| 5.63%, 10/13/32 | &nbsp;&nbsp; 380 | 399794 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 114 | 108690 |
| 3.60%, 02/01/27 | &nbsp;&nbsp; 63 | 62495 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 55 | 54897 |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 158 | 131988 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 117 | 99601 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 35 | 35692 |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 45 | 45208 |
| Sabra Health Care LP |  |  |
| 3.20%, 12/01/31 | &nbsp;&nbsp; 121 | 109232 |
| 3.90%, 10/15/29 | &nbsp;&nbsp; 58 | 56151 |
| Simon Property Group LP |  |  |
| 2.20%, 02/01/31 | &nbsp;&nbsp; 130 | 116483 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 240 | 209061 |
| 2.45%, 09/13/29 | &nbsp;&nbsp; 245 | 229748 |
| 2.65%, 07/15/30 | &nbsp;&nbsp; 30 | 27878 |
| 2.65%, 02/01/32 | &nbsp;&nbsp; 50 | 44537 |
| 3.25%, 09/13/49<sup>(a)</sup> | &nbsp;&nbsp; 296 | 199625 |
| 3.80%, 07/15/50 | &nbsp;&nbsp; 41 | 30475 |
| 4.25%, 10/01/44 | &nbsp;&nbsp; 100 | 83148 |
| 4.25%, 11/30/46 | &nbsp;&nbsp; 146 | 119798 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 150 | 135472 |
| 5.50%, 03/08/33 | &nbsp;&nbsp; 353 | 369821 |
| 6.75%, 02/01/40 | &nbsp;&nbsp; 203 | 230933 |
| Store Capital LLC |  |  |
| 2.70%, 12/01/31 | &nbsp;&nbsp; 115 | 100174 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 25 | 24854 |
| Sun Communities Operating LP, 4.20%, 04/15/32 | &nbsp;&nbsp; 65 | 62475 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Tanger Properties LP, 3.88%, 07/15/27 | &nbsp;&nbsp; $15 | $14834 |
| UDR Inc. |  |  |
| 1.90%, 03/15/33 | &nbsp;&nbsp; 260 | 210803 |
| 2.10%, 08/01/32 | &nbsp;&nbsp; 15 | 12654 |
| 2.10%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 65 | 53264 |
| 3.00%, 08/15/31 | &nbsp;&nbsp; 70 | 64289 |
| 3.10%, 11/01/34 | &nbsp;&nbsp; 33 | 28204 |
| 3.20%, 01/15/30 | &nbsp;&nbsp; 41 | 39214 |
| 4.40%, 01/26/29 | &nbsp;&nbsp; 36 | 36088 |
| Ventas Realty LP |  |  |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 184 | 163967 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 152 | 143706 |
| 3.85%, 04/01/27 | &nbsp;&nbsp; 58 | 57687 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 66 | 65634 |
| 4.38%, 02/01/45 | &nbsp;&nbsp; 105 | 86009 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 196 | 196614 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 255 | 257177 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 140 | 119430 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 101 | 98355 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 317 | 319671 |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 259 | 261952 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 370 | 370920 |
| 5.63%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 160 | 145875 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29 | &nbsp;&nbsp; 139 | 129890 |
| 2.70%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 77 | 75589 |
| 2.75%, 01/15/31 | &nbsp;&nbsp; 170 | 156606 |
| 2.75%, 01/15/32 | &nbsp;&nbsp; 405 | 364510 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 270 | 247800 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 230 | 219286 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 160 | 159970 |
| 4.25%, 04/15/28 | &nbsp;&nbsp; 109 | 109601 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 100 | 100966 |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 150 | 137347 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 100 | 100603 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 222 | 244289 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 256 | 253168 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 240 | 236589 |
| 6.95%, 10/01/27 | &nbsp;&nbsp; 264 | 278480 |
| 7.38%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 715 | 815118 |
| WP Carey Inc. |  |  |
| 2.25%, 04/01/33 | &nbsp;&nbsp; 115 | 95265 |
| 3.85%, 07/15/29 | &nbsp;&nbsp; 117 | 115090 |
|  |  | 53800244 |
| **Retail — 2.4%** | **Retail — 2.4%** | **Retail — 2.4%** |
| AutoNation Inc. |  |  |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 156 | 153896 |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 76 | 70703 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 284 | 285066 |
| 5.89%, 03/15/35 | &nbsp;&nbsp; 430 | 439761 |
| AutoZone Inc. |  |  |
| 3.75%, 04/18/29 | &nbsp;&nbsp; 74 | 72783 |
| 6.55%, 11/01/33 | &nbsp;&nbsp; 25 | 27682 |
| Best Buy Co. Inc. |  |  |
| 1.95%, 10/01/30 | &nbsp;&nbsp; 2508 | 2229077 |
| 4.45%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2094 | 2109019 |
| Costco Wholesale Corp. |  |  |
| 1.60%, 04/20/30 | &nbsp;&nbsp; 73 | 65659 |
| 1.75%, 04/20/32 | &nbsp;&nbsp; 51 | 43816 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Darden Restaurants Inc., 4.55%, 02/15/48 | &nbsp;&nbsp; $61 | $49823 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30 | &nbsp;&nbsp; 15 | 14414 |
| 4.13%, 04/03/50 | &nbsp;&nbsp; 72 | 54814 |
| Dollar Tree Inc. |  |  |
| 3.38%, 12/01/51 | &nbsp;&nbsp; 90 | 57725 |
| 4.20%, 05/15/28 | &nbsp;&nbsp; 50 | 49879 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34 | &nbsp;&nbsp; 1015 | 1005281 |
| Home Depot Inc. (The) |  |  |
| 1.88%, 09/15/31 | &nbsp;&nbsp; 100 | 87026 |
| 2.13%, 09/15/26 | &nbsp;&nbsp; 84 | 82423 |
| 2.38%, 03/15/51 | &nbsp;&nbsp; 140 | 78632 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 207 | 194689 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 170 | 103215 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 825 | 807210 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 1281 | 1235049 |
| 3.13%, 12/15/49<sup>(a)</sup> | &nbsp;&nbsp; 172 | 115536 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 465 | 432904 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 79 | 63401 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 142 | 98735 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 321 | 221142 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 215 | 155735 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 783 | 784433 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 298 | 234292 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 226 | 192536 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 348 | 292005 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 328 | 282254 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 360 | 363164 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 312 | 266383 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 190 | 194583 |
| 4.85%, 06/25/31 | &nbsp;&nbsp; 90 | 92842 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 317 | 292597 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 300 | 305028 |
| 4.95%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 45 | 40618 |
| 5.30%, 06/25/54 | &nbsp;&nbsp; 20 | 19019 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 237 | 240529 |
| 5.40%, 06/25/64 | &nbsp;&nbsp; 160 | 152135 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 796 | 858268 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 225 | 237592 |
| Lowe's Companies Inc. |  |  |
| 1.70%, 10/15/30 | &nbsp;&nbsp; 255 | 224168 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 426 | 387863 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 270 | 167156 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 125 | 122785 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 322 | 239210 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 460 | 436705 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 412 | 320079 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 244 | 188604 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 240 | 197412 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 401 | 307269 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 227 | 230029 |
| 4.55%, 04/05/49<sup>(a)</sup> | &nbsp;&nbsp; 112 | 91697 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 271 | 239736 |
| 5.00%, 04/15/33 | &nbsp;&nbsp; 365 | 370988 |
| 5.00%, 04/15/40 | &nbsp;&nbsp; 34 | 32357 |
| 5.13%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 165 | 146026 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 283 | 292007 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 126 | 120214 |
| 5.80%, 09/15/62<sup>(a)</sup> | &nbsp;&nbsp; 157 | 151064 |
| 5.85%, 04/01/63 | &nbsp;&nbsp; 105 | 101768 |
| 6.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 112 | 120921 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; $28 | $25635 |
| 2.63%, 09/01/29 | &nbsp;&nbsp; 16 | 15149 |
| 3.60%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14627 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 344 | 249353 |
| 3.70%, 02/15/42 | &nbsp;&nbsp; 24 | 19116 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 25 | 24893 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 137 | 109017 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 168 | 141804 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 117 | 97989 |
| 4.60%, 05/26/45 | &nbsp;&nbsp; 194 | 169628 |
| 4.70%, 12/09/35<sup>(a)</sup> | &nbsp;&nbsp; 72 | 70835 |
| 4.88%, 07/15/40 | &nbsp;&nbsp; 108 | 102431 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 467 | 421913 |
| 5.15%, 09/09/52 | &nbsp;&nbsp; 65 | 59676 |
| 5.70%, 02/01/39<sup>(a)</sup> | &nbsp;&nbsp; 45 | 46977 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 242 | 266863 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 202 | 221193 |
| O'Reilly Automotive Inc., 4.20%, 04/01/30 | &nbsp;&nbsp; 49 | 48869 |
| Starbucks Corp. |  |  |
| 2.25%, 03/12/30 | &nbsp;&nbsp; 26 | 23865 |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 160 | 106980 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 5 | 4938 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 304 | 208469 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 130 | 95474 |
| 4.00%, 11/15/28 | &nbsp;&nbsp; 130 | 129705 |
| 4.30%, 06/15/45 | &nbsp;&nbsp; 114 | 93089 |
| 4.45%, 08/15/49 | &nbsp;&nbsp; 203 | 165617 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 262 | 217221 |
| Target Corp. |  |  |
| 2.35%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 101 | 93954 |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 114 | 106278 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 192 | 187987 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 411 | 307676 |
| 3.90%, 11/15/47 | &nbsp;&nbsp; 37 | 28687 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 395 | 330919 |
| 4.35%, 06/15/28 | &nbsp;&nbsp; 55 | 55555 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 201 | 201186 |
| 5.00%, 04/15/35 | &nbsp;&nbsp; 90 | 90293 |
| 5.25%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp; 100 | 101884 |
| 6.35%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 340 | 377243 |
| 6.50%, 10/15/37 | &nbsp;&nbsp; 317 | 357306 |
| 7.00%, 01/15/38 | &nbsp;&nbsp; 165 | 193059 |
| TJX Companies Inc. (The) |  |  |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 92 | 91260 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 219 | 187242 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 1797 | 1575297 |
| 5.25%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1467 | 1504396 |
|  |  | 28682979 |
| **Semiconductors — 3.7%** | **Semiconductors — 3.7%** | **Semiconductors — 3.7%** |
| Analog Devices Inc. |  |  |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 5 | 4416 |
| 4.25%, 06/15/28 | &nbsp;&nbsp; 225 | 226721 |
| 4.50%, 06/15/30 | &nbsp;&nbsp; 210 | 212815 |
| 5.05%, 04/01/34 | &nbsp;&nbsp; 1000 | 1028744 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 542 | 486289 |
| 2.75%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 260 | 162250 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 1000 | 990996 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 326 | 277705 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.80%, 06/15/29 | &nbsp;&nbsp; $248 | $254686 |
| 5.10%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 576 | 591660 |
| 5.85%, 06/15/41 | &nbsp;&nbsp; 227 | 237167 |
| Broadcom Inc. |  |  |
| 2.60%, 02/15/33<sup>(c)</sup> | &nbsp;&nbsp; 145 | 125209 |
| 3.14%, 11/15/35<sup>(c)</sup> | &nbsp;&nbsp; 826 | 698114 |
| 3.19%, 11/15/36<sup>(c)</sup> | &nbsp;&nbsp; 299 | 248762 |
| 3.42%, 04/15/33<sup>(c)</sup> | &nbsp;&nbsp; 456 | 415318 |
| 3.47%, 04/15/34<sup>(c)</sup> | &nbsp;&nbsp; 522 | 467444 |
| 3.50%, 02/15/41<sup>(c)</sup> | &nbsp;&nbsp; 455 | 360938 |
| 3.75%, 02/15/51<sup>(c)</sup> | &nbsp;&nbsp; 686 | 511243 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; 68 | 67330 |
| 4.15%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; 20 | 19363 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 214 | 208427 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 185 | 186813 |
| 4.90%, 07/15/32 | &nbsp;&nbsp; 250 | 252953 |
| 4.93%, 05/15/37<sup>(c)</sup> | &nbsp;&nbsp; 690 | 670676 |
| 5.00%, 04/15/30 | &nbsp;&nbsp; 283 | 291035 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 310 | 312976 |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; 1029 | 954232 |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 286 | 247709 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 270 | 248876 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 296 | 175036 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 222 | 122609 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 1094 | 1072747 |
| 3.20%, 08/12/61 | &nbsp;&nbsp; 168 | 94511 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 373 | 233860 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 288 | 200626 |
| 3.75%, 03/25/27 | &nbsp;&nbsp; 50 | 49528 |
| 3.75%, 08/05/27 | &nbsp;&nbsp; 618 | 611727 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 152 | 148080 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 150 | 147768 |
| 4.00%, 12/15/32 | &nbsp;&nbsp; 355 | 333284 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 181 | 135520 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 143 | 105820 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 180 | 171231 |
| 4.25%, 12/15/42 | &nbsp;&nbsp; 177 | 141597 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 20 | 17579 |
| 4.75%, 03/25/50 | &nbsp;&nbsp; 499 | 399581 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 290 | 251695 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 261 | 264313 |
| 4.90%, 07/29/45 | &nbsp;&nbsp; 360 | 305068 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 225 | 182940 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 164 | 131569 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 77 | 61803 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 135 | 138287 |
| 5.15%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; 220 | 219785 |
| 5.20%, 02/10/33<sup>(a)</sup> | &nbsp;&nbsp; 775 | 780381 |
| 5.60%, 02/21/54<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22690 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 284 | 260810 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 170 | 156954 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 58 | 40107 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 25 | 22623 |
| 5.00%, 03/15/49 | &nbsp;&nbsp; 25 | 22923 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 125 | 115936 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 955 | 862788 |
| 2.88%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 236 | 150369 |
| 3.13%, 06/15/60<sup>(a)</sup> | &nbsp;&nbsp; 173 | 106324 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.00%, 03/15/29 | &nbsp;&nbsp; $897 | $896501 |
| 4.88%, 03/15/49 | &nbsp;&nbsp; 244 | 220358 |
| Marvell Technology Inc. |  |  |
| 2.95%, 04/15/31 | &nbsp;&nbsp; 60 | 55101 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 50 | 50471 |
| 5.45%, 07/15/35 | &nbsp;&nbsp; 50 | 50841 |
| 5.95%, 09/15/33 | &nbsp;&nbsp; 80 | 84983 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 233 | 204933 |
| 3.48%, 11/01/51<sup>(a)</sup> | &nbsp;&nbsp; 274 | 186410 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 20 | 20114 |
| 5.33%, 02/06/29 | &nbsp;&nbsp; 51 | 52430 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 135 | 141868 |
| NVIDIA Corp. |  |  |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 1673 | 1498039 |
| 2.85%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 2014 | 1925735 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 5711 | 5665351 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 477 | 427806 |
| 2.65%, 02/15/32 | &nbsp;&nbsp; 290 | 255449 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 46 | 33050 |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 97 | 95328 |
| 3.25%, 05/11/41 | &nbsp;&nbsp; 240 | 177474 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 185 | 119266 |
| 3.40%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 225 | 215291 |
| 4.30%, 08/19/28 | &nbsp;&nbsp; 95 | 95192 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 713 | 711938 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 255 | 255618 |
| 4.85%, 08/19/32 | &nbsp;&nbsp; 75 | 74953 |
| 5.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 384 | 384512 |
| 5.25%, 08/19/35 | &nbsp;&nbsp; 175 | 173937 |
| 5.55%, 12/01/28 | &nbsp;&nbsp; 1695 | 1756127 |
| Qorvo Inc., 4.38%, 10/15/29 | &nbsp;&nbsp; 55 | 53910 |
| Qualcomm Inc. |  |  |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 275 | 229984 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 185 | 155265 |
| 4.65%, 05/20/35<sup>(a)</sup> | &nbsp;&nbsp; 150 | 149205 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 221 | 201682 |
| 6.00%, 05/20/53<sup>(a)</sup> | &nbsp;&nbsp; 185 | 193283 |
| Texas Instruments Inc. |  |  |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 814 | 733928 |
| 1.90%, 09/15/31 | &nbsp;&nbsp; 715 | 628670 |
| 2.25%, 09/04/29<sup>(a)</sup> | &nbsp;&nbsp; 1013 | 947778 |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 318 | 191822 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 553 | 541869 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 502 | 477647 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 133 | 117139 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 444 | 362886 |
| 4.50%, 05/23/30 | &nbsp;&nbsp; 145 | 147257 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 719 | 730841 |
| 4.60%, 02/08/29<sup>(a)</sup> | &nbsp;&nbsp; 370 | 378142 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 665 | 676936 |
| 4.90%, 03/14/33 | &nbsp;&nbsp; 190 | 194809 |
| 5.10%, 05/23/35 | &nbsp;&nbsp; 150 | 153251 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 20 | 18736 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 678 | 660117 |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 416 | 377876 |
| 3.13%, 10/25/41 | &nbsp;&nbsp; 5 | 3942 |
| 3.25%, 10/25/51 | &nbsp;&nbsp; 317 | 235034 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 155 | 154835 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.13%, 04/22/29 | &nbsp;&nbsp; $133 | $133397 |
| 4.25%, 04/22/32 | &nbsp;&nbsp; 295 | 293749 |
| 4.50%, 04/22/52 | &nbsp;&nbsp; 290 | 265623 |
|  |  | 44258025 |
| **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** |
| Huntington Ingalls Industries Inc. |  |  |
| 2.04%, 08/16/28 | &nbsp;&nbsp; 295 | 276499 |
| 3.48%, 12/01/27 | &nbsp;&nbsp; 64 | 62883 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 368 | 363159 |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 50 | 51577 |
| 5.75%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 30 | 31127 |
|  |  | 785245 |
| **Software — 3.2%** | **Software — 3.2%** | **Software — 3.2%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 827 | 807611 |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 3024 | 2810077 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 25 | 25705 |
| 4.95%, 04/04/34 | &nbsp;&nbsp; 475 | 485923 |
| 5.30%, 01/17/35<sup>(a)</sup> | &nbsp;&nbsp; 200 | 208957 |
| Autodesk Inc. |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 1290 | 1136158 |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 680 | 641940 |
| 3.50%, 06/15/27 | &nbsp;&nbsp; 1103 | 1090656 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 365 | 371576 |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; 867 | 781052 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 514 | 486295 |
| Concentrix Corp., 6.85%, 08/02/33<sup>(a)</sup> | &nbsp;&nbsp; 80 | 84106 |
| Electronic Arts Inc. |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 340 | 298538 |
| 2.95%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 402 | 250373 |
| Fidelity National Information Services Inc. |  |  |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 27 | 22124 |
| 5.10%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 550 | 561745 |
| Fiserv Inc. |  |  |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 40 | 38810 |
| 4.40%, 07/01/49 | &nbsp;&nbsp; 413 | 330096 |
| 4.55%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 55 | 54982 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 100 | 99648 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 20 | 20761 |
| Intuit Inc. |  |  |
| 1.65%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 810 | 720983 |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 440 | 454725 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 1105 | 1144796 |
| 5.50%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 297 | 291099 |
| Microsoft Corp. |  |  |
| 2.53%, 06/01/50 | &nbsp;&nbsp; 386 | 235800 |
| 2.68%, 06/01/60 | &nbsp;&nbsp; 316 | 183001 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 690 | 452252 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 210 | 132037 |
| 3.30%, 02/06/27 | &nbsp;&nbsp; 1864 | 1850210 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 483 | 435826 |
| 3.50%, 02/12/35<sup>(a)</sup> | &nbsp;&nbsp; 1489 | 1397527 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 36 | 29179 |
| 3.95%, 08/08/56 | &nbsp;&nbsp; 398 | 312385 |
| 4.00%, 02/12/55 | &nbsp;&nbsp; 466 | 373093 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 405 | 390056 |
| 4.20%, 11/03/35<sup>(a)</sup> | &nbsp;&nbsp; 210 | 208313 |
| 4.25%, 02/06/47 | &nbsp;&nbsp; 294 | 260530 |
| 4.45%, 11/03/45 | &nbsp;&nbsp; 165 | 151272 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.50%, 10/01/40 | &nbsp;&nbsp; $100 | $96385 |
| 4.50%, 02/06/57 | &nbsp;&nbsp; 306 | 272659 |
| 5.30%, 02/08/41 | &nbsp;&nbsp; 205 | 213004 |
| Oracle Corp. |  |  |
| 2.95%, 04/01/30 | &nbsp;&nbsp; 15 | 14115 |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 142 | 135210 |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 200 | 158490 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 590 | 403014 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 192 | 163578 |
| 3.85%, 07/15/36 | &nbsp;&nbsp; 319 | 280317 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 757 | 506959 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 402 | 362198 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 584 | 420774 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 716 | 545141 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 495 | 374715 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 214 | 149723 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 411 | 323347 |
| 4.20%, 09/27/29 | &nbsp;&nbsp; 155 | 154608 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 500 | 473407 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 422 | 320709 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 260 | 217361 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 160 | 159931 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 510 | 492893 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 535 | 476086 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 490 | 434064 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 211 | 193615 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; 10 | 9746 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 120 | 125270 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; 60 | 58223 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 355 | 383421 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 399 | 432492 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 435 | 470648 |
| Roper Technologies Inc., 2.95%, 09/15/29 | &nbsp;&nbsp; 6 | 5723 |
| Salesforce Inc. |  |  |
| 2.90%, 07/15/51 | &nbsp;&nbsp; 394 | 249550 |
| 3.70%, 04/11/28 | &nbsp;&nbsp; 4691 | 4674492 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 1866 | 1634352 |
| Synopsys Inc. |  |  |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 510 | 514143 |
| 5.70%, 04/01/55 | &nbsp;&nbsp; 300 | 294112 |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 806 | 801794 |
| 4.65%, 05/15/27 | &nbsp;&nbsp; 107 | 107656 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 666 | 673882 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 95 | 94065 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 513 | 505114 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 700 | 663675 |
|  |  | 38670878 |
| **Telecommunications — 3.7%** | **Telecommunications — 3.7%** | **Telecommunications — 3.7%** |
| America Movil SAB de CV |  |  |
| 2.88%, 05/07/30 | &nbsp;&nbsp; 60 | 55953 |
| 4.38%, 07/16/42 | &nbsp;&nbsp; 105 | 89670 |
| 4.38%, 04/22/49 | &nbsp;&nbsp; 292 | 239606 |
| 4.70%, 07/21/32 | &nbsp;&nbsp; 215 | 213313 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 128 | 135611 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 360 | 380157 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 225 | 245508 |
| AT&T Inc. |  |  |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 375 | 242789 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 1195 | 798933 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 3.50%, 02/01/61<sup>(a)</sup> | &nbsp;&nbsp; $280 | $178312 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 1265 | 840939 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 485 | 338466 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 1056 | 697985 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 1089 | 749119 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 367 | 252025 |
| 4.10%, 02/15/28 | &nbsp;&nbsp; 15 | 14983 |
| 4.30%, 02/15/30 | &nbsp;&nbsp; 160 | 160048 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 305 | 257645 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 54 | 54219 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 112 | 92540 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 698 | 666788 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 306 | 252346 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 236 | 193885 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 393 | 341351 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 20 | 17740 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 306 | 289586 |
| 4.85%, 07/15/45 | &nbsp;&nbsp; 40 | 35179 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 50 | 48103 |
| 5.15%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 57 | 53691 |
| 5.15%, 11/15/46 | &nbsp;&nbsp; 220 | 201594 |
| 5.15%, 02/15/50<sup>(a)</sup> | &nbsp;&nbsp; 211 | 189066 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 519 | 519998 |
| 5.35%, 09/01/40 | &nbsp;&nbsp; 262 | 257952 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; 191 | 180458 |
| 5.55%, 08/15/41 | &nbsp;&nbsp; 127 | 124860 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 154 | 153444 |
| 5.70%, 03/01/57<sup>(a)</sup> | &nbsp;&nbsp; 187 | 179157 |
| 6.00%, 08/15/40 | &nbsp;&nbsp; 103 | 107044 |
| 6.30%, 01/15/38 | &nbsp;&nbsp; 135 | 145198 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 120 | 127747 |
| 6.55%, 02/15/39 | &nbsp;&nbsp; 15 | 16432 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 3.65%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 60 | 41088 |
| 4.30%, 07/29/49 | &nbsp;&nbsp; 43 | 33288 |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 63 | 51005 |
| Series US-4, 3.65%, 03/17/51 | &nbsp;&nbsp; 25 | 17456 |
| British Telecommunications PLC |  |  |
| 5.13%, 12/04/28 | &nbsp;&nbsp; 417 | 427323 |
| 9.63%, 12/15/30 | &nbsp;&nbsp; 1401 | 1724674 |
| Cisco Systems Inc. |  |  |
| 2.50%, 09/20/26 | &nbsp;&nbsp; 504 | 496408 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 115 | 118032 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 120 | 123871 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 140 | 143293 |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 244 | 234047 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 40 | 38152 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 664 | 686095 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 632 | 679902 |
| Corning Inc. |  |  |
| 4.38%, 11/15/57 | &nbsp;&nbsp; 278 | 222679 |
| 4.70%, 03/15/37<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19348 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 80 | 72647 |
| Deutsche Telekom International Finance BV |  |  |
| 8.75%, 06/15/30 | &nbsp;&nbsp; 357 | 422353 |
| 9.25%, 06/01/32 | &nbsp;&nbsp; 10 | 12516 |
| Juniper Networks Inc. |  |  |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 37 | 36156 |
| 5.95%, 03/15/41 | &nbsp;&nbsp; 125 | 123538 |
| Koninklijke KPN NV, 8.38%, 10/01/30 | &nbsp;&nbsp; 1801 | 2112714 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; $75 | $67402 |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 214 | 216215 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 222 | 224283 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 100 | 103073 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 105 | 109723 |
| Nokia OYJ |  |  |
| 4.38%, 06/12/27 | &nbsp;&nbsp; 1835 | 1821852 |
| 6.63%, 05/15/39 | &nbsp;&nbsp; 68 | 69626 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; 223 | 218706 |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 176 | 174266 |
| 9.00%, 03/01/31 | &nbsp;&nbsp; 932 | 1135195 |
| Rogers Communications Inc. |  |  |
| 2.90%, 11/15/26 | &nbsp;&nbsp; 43 | 42243 |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 119 | 86624 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 150 | 120749 |
| 4.35%, 05/01/49 | &nbsp;&nbsp; 200 | 159840 |
| 4.50%, 03/15/43<sup>(a)</sup> | &nbsp;&nbsp; 114 | 96305 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 174 | 140157 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 272 | 244572 |
| 5.45%, 10/01/43 | &nbsp;&nbsp; 175 | 164748 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 254 | 294044 |
| Sprint Capital Corp., 8.75%, 03/15/32 | &nbsp;&nbsp; 270 | 327496 |
| Telefonica Emisiones SA |  |  |
| 4.10%, 03/08/27 | &nbsp;&nbsp; 332 | 330986 |
| 4.67%, 03/06/38 | &nbsp;&nbsp; 55 | 49899 |
| 4.90%, 03/06/48 | &nbsp;&nbsp; 203 | 170877 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 459 | 403916 |
| 5.52%, 03/01/49 | &nbsp;&nbsp; 150 | 136124 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 564 | 628063 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 406 | 469399 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 1012 | 991114 |
| 3.70%, 09/15/27 | &nbsp;&nbsp; 821 | 812884 |
| 4.60%, 11/16/48 | &nbsp;&nbsp; 10 | 8376 |
| T-Mobile USA Inc. |  |  |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 60 | 56865 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 520 | 477725 |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 200 | 146092 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 691 | 453355 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 400 | 387571 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 565 | 373882 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 620 | 586893 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 599 | 391538 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 537 | 525878 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 270 | 239533 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 773 | 630580 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 104 | 105939 |
| 5.65%, 01/15/53 | &nbsp;&nbsp; 225 | 215075 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 221 | 213851 |
| Verizon Communications Inc. |  |  |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 365 | 316821 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 265 | 240322 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 468 | 288806 |
| 2.99%, 10/30/56 | &nbsp;&nbsp; 792 | 470386 |
| 3.00%, 03/22/27 | &nbsp;&nbsp; 10 | 9829 |
| 3.00%, 11/20/60<sup>(a)</sup> | &nbsp;&nbsp; 382 | 223209 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 667 | 473067 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 736 | 502891 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 163 | 129532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 3.88%, 02/08/29 | &nbsp;&nbsp; $27 | $26804 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 52 | 39844 |
| 4.02%, 12/03/29 | &nbsp;&nbsp; 19 | 18844 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 185 | 147864 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 768 | 713562 |
| 4.33%, 09/21/28 | &nbsp;&nbsp; 31 | 31205 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 696 | 663766 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 567 | 553726 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 395 | 330776 |
| 4.67%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 340 | 285469 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 196 | 176755 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 367 | 344279 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 687 | 610774 |
| 5.01%, 04/15/49 | &nbsp;&nbsp; 188 | 169675 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 350 | 310412 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 806 | 806939 |
| 5.40%, 07/02/37<sup>(c)</sup> | &nbsp;&nbsp; 99 | 99375 |
| 5.50%, 03/16/47 | &nbsp;&nbsp; 297 | 286354 |
| 5.85%, 09/15/35 | &nbsp;&nbsp; 120 | 126804 |
| 6.40%, 09/15/33 | &nbsp;&nbsp; 110 | 120874 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 335 | 367290 |
| 7.75%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 100 | 115360 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 176 | 137094 |
| 4.38%, 02/19/43 | &nbsp;&nbsp; 250 | 213555 |
| 4.88%, 06/19/49<sup>(a)</sup> | &nbsp;&nbsp; 384 | 333095 |
| 5.00%, 05/30/38 | &nbsp;&nbsp; 100 | 97183 |
| 5.25%, 05/30/48<sup>(a)</sup> | &nbsp;&nbsp; 558 | 514220 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 237 | 255263 |
| 6.25%, 11/30/32 | &nbsp;&nbsp; 262 | 283449 |
| 7.88%, 02/15/30 | &nbsp;&nbsp; 536 | 612549 |
|  |  | 44047581 |
| **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** | **Toys, Games & Hobbies — 0.3%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 627 | 617301 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 1946 | 1925881 |
| 3.90%, 11/19/29<sup>(a)</sup> | &nbsp;&nbsp; 950 | 925263 |
| 6.05%, 05/14/34 | &nbsp;&nbsp; 424 | 440721 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 20 | 20763 |
| Mattel Inc., 5.45%, 11/01/41<sup>(a)</sup> | &nbsp;&nbsp; 35 | 31453 |
|  |  | 3961382 |
| **Transportation — 2.1%** | **Transportation — 2.1%** | **Transportation — 2.1%** |
| Burlington Northern Santa Fe LLC |  |  |
| 3.05%, 02/15/51 | &nbsp;&nbsp; 279 | 181998 |
| 3.55%, 02/15/50 | &nbsp;&nbsp; 313 | 226348 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 155 | 122707 |
| 4.05%, 06/15/48 | &nbsp;&nbsp; 215 | 172264 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 195 | 159655 |
| 4.15%, 12/15/48 | &nbsp;&nbsp; 194 | 157776 |
| 4.38%, 09/01/42 | &nbsp;&nbsp; 18 | 15715 |
| 4.40%, 03/15/42 | &nbsp;&nbsp; 10 | 8797 |
| 4.70%, 09/01/45<sup>(a)</sup> | &nbsp;&nbsp; 118 | 106063 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 15 | 13995 |
| 4.95%, 09/15/41 | &nbsp;&nbsp; 15 | 14170 |
| 5.05%, 03/01/41 | &nbsp;&nbsp; 45 | 43259 |
| 5.40%, 06/01/41 | &nbsp;&nbsp; 45 | 44887 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 56 | 58543 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 30 | 32978 |
| 6.20%, 08/15/36 | &nbsp;&nbsp; 20 | 22072 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Canadian National Railway Co. |  |  |
| 2.45%, 05/01/50 | &nbsp;&nbsp; $407 | $237511 |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 436 | 309822 |
| 3.65%, 02/03/48 | &nbsp;&nbsp; 444 | 336762 |
| 4.38%, 09/18/34<sup>(a)</sup> | &nbsp;&nbsp; 150 | 145715 |
| 4.45%, 01/20/49 | &nbsp;&nbsp; 280 | 239543 |
| 6.20%, 06/01/36 | &nbsp;&nbsp; 203 | 225362 |
| 6.25%, 08/01/34 | &nbsp;&nbsp; 223 | 246576 |
| 6.38%, 11/15/37 | &nbsp;&nbsp; 177 | 198188 |
| 6.90%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 60 | 64615 |
| Canadian Pacific Railway Co. |  |  |
| 2.05%, 03/05/30<sup>(a)</sup> | &nbsp;&nbsp; 87 | 79207 |
| 3.10%, 12/02/51 | &nbsp;&nbsp; 563 | 366142 |
| 4.20%, 11/15/69<sup>(a)</sup> | &nbsp;&nbsp; 149 | 111383 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 93 | 91171 |
| 4.80%, 08/01/45 | &nbsp;&nbsp; 195 | 174733 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 46 | 48975 |
| 6.13%, 09/15/2115 | &nbsp;&nbsp; 221 | 223597 |
| 7.13%, 10/15/31 | &nbsp;&nbsp; 82 | 93220 |
| CH Robinson Worldwide Inc., 4.20%, 04/15/28 | &nbsp;&nbsp; 2579 | 2580720 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 298 | 276995 |
| 3.25%, 06/01/27 | &nbsp;&nbsp; 10 | 9864 |
| 3.35%, 09/15/49 | &nbsp;&nbsp; 169 | 117229 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 23 | 22881 |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 236 | 182762 |
| 3.80%, 04/15/50 | &nbsp;&nbsp; 148 | 111028 |
| 3.95%, 05/01/50 | &nbsp;&nbsp; 214 | 164800 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 188 | 155226 |
| 4.25%, 03/15/29 | &nbsp;&nbsp; 233 | 233936 |
| 4.25%, 11/01/66 | &nbsp;&nbsp; 237 | 179856 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 264 | 218261 |
| 4.40%, 03/01/43 | &nbsp;&nbsp; 69 | 60015 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 173 | 145867 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 212 | 175098 |
| 4.65%, 03/01/68 | &nbsp;&nbsp; 80 | 65125 |
| 4.75%, 05/30/42 | &nbsp;&nbsp; 154 | 140447 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 149 | 130946 |
| 5.05%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 75 | 75703 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 143 | 143424 |
| 6.00%, 10/01/36<sup>(a)</sup> | &nbsp;&nbsp; 96 | 103460 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 250 | 272443 |
| 6.22%, 04/30/40 | &nbsp;&nbsp; 145 | 157025 |
| FedEx Corp. |  |  |
| 3.10%, 08/05/29 | &nbsp;&nbsp; 174 | 166824 |
| 3.25%, 05/15/41<sup>(c)</sup> | &nbsp;&nbsp; 5 | 3608 |
| 4.25%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 133 | 133507 |
| 4.75%, 11/15/45 | &nbsp;&nbsp; 298 | 248447 |
| 4.95%, 10/17/48<sup>(c)</sup> | &nbsp;&nbsp; 5 | 4236 |
| 5.25%, 05/15/50<sup>(a)(c)</sup> | &nbsp;&nbsp; 150 | 132234 |
| Norfolk Southern Corp. |  |  |
| 2.55%, 11/01/29 | &nbsp;&nbsp; 163 | 153382 |
| 2.90%, 08/25/51<sup>(a)</sup> | &nbsp;&nbsp; 220 | 137527 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 190 | 120850 |
| 3.40%, 11/01/49 | &nbsp;&nbsp; 169 | 117788 |
| 3.70%, 03/15/53 | &nbsp;&nbsp; 80 | 57754 |
| 3.80%, 08/01/28 | &nbsp;&nbsp; 335 | 333472 |
| 3.94%, 11/01/47 | &nbsp;&nbsp; 304 | 238623 |
| 3.95%, 10/01/42 | &nbsp;&nbsp; 183 | 150056 |
| 4.05%, 08/15/52 | &nbsp;&nbsp; 380 | 293972 |
| 4.10%, 05/15/49 | &nbsp;&nbsp; 131 | 103095 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.10%, 05/15/2121 | &nbsp;&nbsp; $143 | $98513 |
| 4.15%, 02/28/48 | &nbsp;&nbsp; 233 | 187743 |
| 4.45%, 06/15/45 | &nbsp;&nbsp; 108 | 92660 |
| 4.65%, 01/15/46 | &nbsp;&nbsp; 123 | 108414 |
| 4.84%, 10/01/41 | &nbsp;&nbsp; 233 | 216357 |
| 5.10%, 08/01/2118 | &nbsp;&nbsp; 55 | 46304 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 137 | 133479 |
| 2.85%, 03/01/27 | &nbsp;&nbsp; 120 | 117601 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 441 | 433311 |
| 4.30%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 63 | 63081 |
| 4.85%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 85 | 86623 |
| 4.90%, 12/01/29 | &nbsp;&nbsp; 35 | 35703 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 490 | 500903 |
| 5.00%, 03/15/30 | &nbsp;&nbsp; 360 | 368514 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 1103 | 1133004 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; 575 | 583450 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 135 | 139584 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; 212 | 220912 |
| 5.65%, 03/01/28 | &nbsp;&nbsp; 450 | 465482 |
| 6.30%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 470 | 500446 |
| 6.60%, 12/01/33<sup>(a)</sup> | &nbsp;&nbsp; 518 | 573447 |
| Union Pacific Corp. |  |  |
| 2.95%, 03/10/52 | &nbsp;&nbsp; 160 | 100367 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 247 | 142806 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 429 | 291691 |
| 3.35%, 08/15/46 | &nbsp;&nbsp; 108 | 77521 |
| 3.38%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 95 | 84866 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 234 | 163397 |
| 3.55%, 08/15/39 | &nbsp;&nbsp; 20 | 16732 |
| 3.55%, 05/20/61 | &nbsp;&nbsp; 94 | 62419 |
| 3.60%, 09/15/37 | &nbsp;&nbsp; 15 | 13040 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 170 | 113797 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 336 | 250533 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 216 | 145948 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 316 | 225389 |
| 3.85%, 02/14/72 | &nbsp;&nbsp; 122 | 83358 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 228 | 169317 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 5 | 4995 |
| 3.95%, 08/15/59 | &nbsp;&nbsp; 243 | 176932 |
| 4.00%, 04/15/47 | &nbsp;&nbsp; 158 | 124757 |
| 4.05%, 11/15/45 | &nbsp;&nbsp; 112 | 90490 |
| 4.05%, 03/01/46 | &nbsp;&nbsp; 190 | 152612 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 186 | 136046 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 243 | 198523 |
| 4.50%, 09/10/48 | &nbsp;&nbsp; 243 | 204999 |
| 5.10%, 02/20/35 | &nbsp;&nbsp; 200 | 203563 |
| 5.60%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 165 | 162307 |
| 6.63%, 02/01/29 | &nbsp;&nbsp; 28 | 30202 |
| United Parcel Service Inc. |  |  |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 20 | 18837 |
| 3.40%, 03/15/29 | &nbsp;&nbsp; 12 | 11777 |
| 3.40%, 11/15/46 | &nbsp;&nbsp; 142 | 102759 |
| 3.40%, 09/01/49 | &nbsp;&nbsp; 287 | 198428 |
| 3.63%, 10/01/42 | &nbsp;&nbsp; 101 | 79498 |
| 3.75%, 11/15/47 | &nbsp;&nbsp; 420 | 316948 |
| 4.25%, 03/15/49 | &nbsp;&nbsp; 316 | 255536 |
| 4.45%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 112 | 113889 |
| 4.88%, 11/15/40 | &nbsp;&nbsp; 368 | 346993 |
| 5.20%, 04/01/40 | &nbsp;&nbsp; 165 | 163462 |
| 5.30%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 115 | 108116 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 6.20%, 01/15/38 | &nbsp;&nbsp; $734 | $799530 |
|  |  | 24740146 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| GATX Corp. |  |  |
| 1.90%, 06/01/31 | &nbsp;&nbsp; 15 | 12992 |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 142 | 88187 |
| 3.50%, 03/15/28 | &nbsp;&nbsp; 39 | 38244 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 90 | 82810 |
| 3.85%, 03/30/27 | &nbsp;&nbsp; 48 | 47619 |
| 4.55%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 128 | 128763 |
| 4.70%, 04/01/29 | &nbsp;&nbsp; 113 | 114258 |
| 4.90%, 03/15/33 | &nbsp;&nbsp; 210 | 209887 |
| 5.20%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 92 | 85332 |
| 5.40%, 03/15/27 | &nbsp;&nbsp; 25 | 25373 |
| 5.45%, 09/15/33 | &nbsp;&nbsp; 285 | 292303 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 45 | 45803 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 427 | 454748 |
| 6.05%, 06/05/54<sup>(a)</sup> | &nbsp;&nbsp; 370 | 370798 |
| 6.90%, 05/01/34 | &nbsp;&nbsp; 367 | 409465 |
|  |  | 2406582 |
| **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
| American Water Capital Corp. |  |  |
| 2.80%, 05/01/30 | &nbsp;&nbsp; 106 | 99524 |
| 2.95%, 09/01/27<sup>(a)</sup> | &nbsp;&nbsp; 28 | 27423 |
| 3.45%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 352 | 247257 |
| 3.75%, 09/01/28 | &nbsp;&nbsp; 124 | 123099 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 109 | 82460 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 191 | 152790 |
| 4.15%, 06/01/49<sup>(a)</sup> | &nbsp;&nbsp; 251 | 198471 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 254 | 203981 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 102 | 87115 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 192 | 215670 |
| Essential Utilities Inc. |  |  |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 89 | 82640 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 241 | 159098 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 89 | 86577 |
| 4.28%, 05/01/49 | &nbsp;&nbsp; 308 | 240424 |
| 4.80%, 08/15/27 | &nbsp;&nbsp; 50 | 50542 |
| 5.25%, 08/15/35 | &nbsp;&nbsp; 50 | 49739 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| 5.30%, 05/01/52 | &nbsp;&nbsp; $232 | $210111 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 50 | 50909 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 73 | 77960 |
|  |  | 2445790 |
| **Total Long-Term Investments — 98.4%** <br>**(Cost: $1,246,664,796)** | **Total Long-Term Investments — 98.4%** <br>**(Cost: $1,246,664,796)** | 1176023585 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.3%** | **Money Market Funds — 7.3%** | **Money Market Funds — 7.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 82268026 | 82309160 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 5270000 | 5270000 |
| **Total Short-Term Securities — 7.3%** <br>**(Cost: $87,545,483)** | **Total Short-Term Securities — 7.3%** <br>**(Cost: $87,545,483)** | 87579160 |
| **Total Investments — 105.7%** <br>**(Cost: $1,334,210,279)** | **Total Investments — 105.7%** <br>**(Cost: $1,334,210,279)** | 1263602745 |
| **Liabilities in Excess of Other Assets — (5.7)%** | **Liabilities in Excess of Other Assets — (5.7)%** | (67592628)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1196010117 |

---

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

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

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $92177448 | $— | &nbsp;&nbsp; $(9867298 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(2485)<br>| $1495 | $82309160 | 82268026 | $83261 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 3080000 | 2190000 <br><sup>(a)</sup><br>|  |  |  | 5270000 | 5270000 | 82897 |  |
|  |  |  |  | $(2485) | $1495 | $87579160 |  | $166158 | $— |

---

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Aware USD Corporate Bond ETF** 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1176023585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1176023585 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 87579160 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87579160 |
|  | &nbsp;&nbsp; $87579160 | &nbsp;&nbsp; $1176023585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1263602745 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

August 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>ESG Aware 1-5 <br> Year USD <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>ESG Aware <br> U.S. Aggregate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>ESG Aware <br> USD Corporate <br> Bond ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1001630101 | $4050892713 | $1176023585 |
| Investments, at value—affiliated<sup>(c)</sup> | 64089433 | 177101582 | 87579160 |
| Cash | 9144 | 3983 | 2258 |
| Receivables: |  |  |  |
| Investments sold |  | 28672740 |  |
| Securities lending income—affiliated | 8406 | 2640 | 13512 |
| TBA sales commitments |  | 8032215 |  |
| Capital shares sold |  | 3552044 |  |
| Dividends—affiliated | 11654 | 601767 | 12908 |
| Interest—unaffiliated | 10699249 | 32306846 | 14886212 |
| Total assets | 1076447987 | 4301166530 | 1278517635 |
| **LIABILITIES** |  |  |  |
| Cash received as collateral for TBA commitments |  | 41013 |  |
| Collateral on securities loaned, at value | 57292132 | 8709008 | 82325409 |
| TBA sales commitments, at value<sup>(d)</sup> |  | 8044626 |  |
| Payables: |  |  |  |
| Investments purchased | 511950 | 177564503 |  |
| Investment advisory fees | 102021 | 330962 | 182109 |
| Total liabilities | 57906103 | 194690112 | 82507518 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $1018541884 | $4106476418 | $1196010117 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $1034766409 | $4362244739 | $1310012489 |
| Accumulated loss | (16224525) | (255768321) | (114002372) |
| NET ASSETS | $1018541884 | $4106476418 | $1196010117 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 40300000 | 86200000 | 51350000 |
| Net asset value | $25.27 | $47.64 | $23.29 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $985384446 | $4231748604 | $1246664796 |
| <sup>(b)</sup> Securities loaned, at value | $55426191 | $8404626 | $78138225 |
| <sup>(c)</sup> Investments, at cost—affiliated | $64071251 | $177019701 | $87545483 |
| <sup>(d)</sup> Proceeds from TBA sales commitments | $— | $8032215 | $— |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended August 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>ESG Aware 1-5 <br> Year USD <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>ESG Aware <br> U.S. Aggregate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>ESG Aware <br> USD Corporate <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $56339 | &nbsp;&nbsp;&nbsp; $3508685 | &nbsp;&nbsp;&nbsp; $82897 |
| Interest—unaffiliated | &nbsp;&nbsp; 22094794 | &nbsp;&nbsp;&nbsp; 76326405 | &nbsp;&nbsp;&nbsp; 26285532 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 55055 | &nbsp;&nbsp;&nbsp; 22831 | &nbsp;&nbsp;&nbsp; 83261 |
| Other income—unaffiliated | &nbsp;&nbsp; 66541 | &nbsp;&nbsp;&nbsp; 13966 | &nbsp;&nbsp;&nbsp; 24829 |
| Total investment income | &nbsp;&nbsp; 22272729 | &nbsp;&nbsp;&nbsp; 79871887 | &nbsp;&nbsp;&nbsp; 26476519 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 592236 | &nbsp;&nbsp;&nbsp; 1956925 | &nbsp;&nbsp;&nbsp; 1037467 |
| Total expenses | &nbsp;&nbsp; 592236 | &nbsp;&nbsp;&nbsp; 1956925 | &nbsp;&nbsp;&nbsp; 1037467 |
| Less: |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (70725)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 592236 | &nbsp;&nbsp;&nbsp; 1886200 | &nbsp;&nbsp;&nbsp; 1037467 |
| Net investment income | &nbsp;&nbsp; 21680493 | &nbsp;&nbsp;&nbsp; 77985687 | &nbsp;&nbsp;&nbsp; 25439052 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1823876)<br>| &nbsp;&nbsp;&nbsp; (6959663)<br>| &nbsp;&nbsp;&nbsp; (2151197)<br>|
| Investments—affiliated | &nbsp;&nbsp; (1496)<br>| &nbsp;&nbsp;&nbsp; 2920 | &nbsp;&nbsp;&nbsp; (2485)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 342506 | &nbsp;&nbsp;&nbsp; (1462098)<br>| &nbsp;&nbsp;&nbsp; (49385)<br>|
|  | &nbsp;&nbsp; (1482866)<br>| &nbsp;&nbsp;&nbsp; (8418841)<br>| &nbsp;&nbsp;&nbsp; (2203067)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 13166413 | &nbsp;&nbsp;&nbsp; 15823847 | &nbsp;&nbsp;&nbsp; 7490508 |
| Investments—affiliated | &nbsp;&nbsp; 2381 | &nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp; 1495 |
|  | &nbsp;&nbsp; 13168794 | &nbsp;&nbsp;&nbsp; 15824527 | &nbsp;&nbsp;&nbsp; 7492003 |
| Net realized and unrealized gain | &nbsp;&nbsp; 11685928 | &nbsp;&nbsp;&nbsp; 7405686 | &nbsp;&nbsp;&nbsp; 5288936 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $33366421 | &nbsp;&nbsp;&nbsp; $85391373 | &nbsp;&nbsp;&nbsp; $30727988 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Aware 1-5 Year USD Corporate Bond <br> ETF  | iShares <br>ESG Aware 1-5 Year USD Corporate Bond <br> ETF  | iShares <br>ESG Aware U.S. Aggregate Bond ETF  | iShares <br>ESG Aware U.S. Aggregate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Six Months Ended <br>08/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $21680493 | &nbsp;&nbsp;&nbsp; $36688831 | &nbsp;&nbsp;&nbsp; $77985687 | &nbsp;&nbsp;&nbsp; $140104887 |
| Net realized loss | &nbsp;&nbsp; (1482866)<br>| &nbsp;&nbsp;&nbsp; (6960182)<br>| &nbsp;&nbsp;&nbsp; (8418841)<br>| &nbsp;&nbsp;&nbsp; (19589239)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13168794 | &nbsp;&nbsp;&nbsp; 27854367 | &nbsp;&nbsp;&nbsp; 15824527 | &nbsp;&nbsp;&nbsp; 76107444 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 33366421 | &nbsp;&nbsp;&nbsp; 57583016 | &nbsp;&nbsp;&nbsp; 85391373 | &nbsp;&nbsp;&nbsp; 196623092 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (21495220 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (35770824)<br>| &nbsp;&nbsp;&nbsp; (76263341 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (139444665)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 32663334 | &nbsp;&nbsp;&nbsp; 86847422 | &nbsp;&nbsp;&nbsp; 226080527 | &nbsp;&nbsp;&nbsp; 254149508 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 44534535 | &nbsp;&nbsp;&nbsp; 108659614 | &nbsp;&nbsp;&nbsp; 235208559 | &nbsp;&nbsp;&nbsp; 311327935 |
| Beginning of period | &nbsp;&nbsp; 974007349 | &nbsp;&nbsp;&nbsp; 865347735 | &nbsp;&nbsp;&nbsp; 3871267859 | &nbsp;&nbsp;&nbsp; 3559939924 |
| End of period | &nbsp;&nbsp; $1018541884 | &nbsp;&nbsp;&nbsp; $974007349 | &nbsp;&nbsp;&nbsp; $4106476418 | &nbsp;&nbsp;&nbsp; $3871267859 |

---

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

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

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>ESG Aware USD Corporate Bond ETF  | iShares <br>ESG Aware USD Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $25439052 | &nbsp;&nbsp;&nbsp; $47923273 |
| Net realized loss | &nbsp;&nbsp; (2203067)<br>| &nbsp;&nbsp;&nbsp; (5930695)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7492003 | &nbsp;&nbsp;&nbsp; 25477085 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 30727988 | &nbsp;&nbsp;&nbsp; 67469663 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (25210148 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (47642307)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 59453803 | &nbsp;&nbsp;&nbsp; 90777953 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 64971643 | &nbsp;&nbsp;&nbsp; 110605309 |
| Beginning of period | &nbsp;&nbsp; 1131038474 | &nbsp;&nbsp;&nbsp; 1020433165 |
| End of period | &nbsp;&nbsp; $1196010117 | &nbsp;&nbsp;&nbsp; $1131038474 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Aware 1-5 Year USD Corporate Bond ETF  | iShares ESG Aware 1-5 Year USD Corporate Bond ETF  | iShares ESG Aware 1-5 Year USD Corporate Bond ETF  | iShares ESG Aware 1-5 Year USD Corporate Bond ETF  | iShares ESG Aware 1-5 Year USD Corporate Bond ETF  | iShares ESG Aware 1-5 Year USD Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp; $24.38 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $25.11 | &nbsp;&nbsp;&nbsp; $26.05 | &nbsp;&nbsp;&nbsp; $25.74 |
| Net investment income<sup>(a)</sup> | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net increase (decrease) from investment operations | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.55 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Total distributions | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.27 | &nbsp;&nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp; $24.38 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $25.11 | &nbsp;&nbsp;&nbsp; $26.05 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.43 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> %<br>| &nbsp;&nbsp;&nbsp; (3.58)%<br>| &nbsp;&nbsp;&nbsp; (2.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.12 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Net investment income | 4.39 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1018542 | &nbsp;&nbsp;&nbsp; $974007 | &nbsp;&nbsp;&nbsp; $865348 | &nbsp;&nbsp;&nbsp; $903491 | &nbsp;&nbsp;&nbsp; $1032088 | &nbsp;&nbsp;&nbsp; $652486 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Aware U.S. Aggregate Bond ETF  | iShares ESG Aware U.S. Aggregate Bond ETF  | iShares ESG Aware U.S. Aggregate Bond ETF  | iShares ESG Aware U.S. Aggregate Bond ETF  | iShares ESG Aware U.S. Aggregate Bond ETF  | iShares ESG Aware U.S. Aggregate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $47.56 | &nbsp;&nbsp;&nbsp; $46.78 | &nbsp;&nbsp;&nbsp; $46.88 | &nbsp;&nbsp;&nbsp; $53.10 | &nbsp;&nbsp;&nbsp; $55.22 | &nbsp;&nbsp;&nbsp; $55.42 |
| Net investment income<sup>(a)</sup> | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (6.31)<br>| &nbsp;&nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net increase (decrease) from investment operations | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.93 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total distributions | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $47.64 | &nbsp;&nbsp;&nbsp; $47.56 | &nbsp;&nbsp;&nbsp; $46.78 | &nbsp;&nbsp;&nbsp; $46.88 | &nbsp;&nbsp;&nbsp; $53.10 | &nbsp;&nbsp;&nbsp; $55.22 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.14 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp; (9.81)%<br>| &nbsp;&nbsp;&nbsp; (2.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Total expenses after fees waived | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Net investment income | 3.99 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $4106476 | &nbsp;&nbsp;&nbsp; $3871268 | &nbsp;&nbsp;&nbsp; $3559940 | &nbsp;&nbsp;&nbsp; $2400450 | &nbsp;&nbsp;&nbsp; $1985864 | &nbsp;&nbsp;&nbsp; $1121045 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 156<br> %<br>| &nbsp;&nbsp;&nbsp; 158<br> %<br>| &nbsp;&nbsp;&nbsp; 234<br> %<br>| &nbsp;&nbsp;&nbsp; 384<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |
| <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Aware USD Corporate Bond ETF  | iShares ESG Aware USD Corporate Bond ETF  | iShares ESG Aware USD Corporate Bond ETF  | iShares ESG Aware USD Corporate Bond ETF  | iShares ESG Aware USD Corporate Bond ETF  | iShares ESG Aware USD Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $23.20 | &nbsp;&nbsp;&nbsp; $22.78 | &nbsp;&nbsp;&nbsp; $22.42 | &nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp; $27.42 | &nbsp;&nbsp;&nbsp; $27.30 |
| Net investment income<sup>(a)</sup> | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net increase (decrease) from investment operations | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.51 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.29 | &nbsp;&nbsp;&nbsp; $23.20 | &nbsp;&nbsp;&nbsp; $22.78 | &nbsp;&nbsp;&nbsp; $22.42 | &nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp; $27.42 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.61 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.82<br> %<br>| &nbsp;&nbsp;&nbsp; (10.71)%<br>| &nbsp;&nbsp;&nbsp; (3.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.18 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Net investment income | 4.41 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1196010 | &nbsp;&nbsp;&nbsp; $1131038 | &nbsp;&nbsp;&nbsp; $1020433 | &nbsp;&nbsp;&nbsp; $1139903 | &nbsp;&nbsp;&nbsp; $898015 | &nbsp;&nbsp;&nbsp; $827938 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| ESG Aware 1-5 Year USD Corporate Bond | &nbsp;&nbsp; Diversified |
| ESG Aware U.S. Aggregate Bond | &nbsp;&nbsp; Diversified |
| ESG Aware USD Corporate Bond | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

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

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

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

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

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

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

Notes to Financial Statements

------

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

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

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

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

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

**Mortgage Dollar Roll Transactions:** The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| ESG Aware 1-5 Year USD Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $16079403 | &nbsp;&nbsp;&nbsp; $(16079403) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 282872 | &nbsp;&nbsp;&nbsp; (282872) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 5239551 | &nbsp;&nbsp;&nbsp; (5239551) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 1302129 | &nbsp;&nbsp;&nbsp; (1302129) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1115530 | &nbsp;&nbsp;&nbsp; (1115530) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 14697823 | &nbsp;&nbsp;&nbsp; (14697823) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 1211321 | &nbsp;&nbsp;&nbsp; (1211321) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3638017 | &nbsp;&nbsp;&nbsp; (3638017) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 6219958 | &nbsp;&nbsp;&nbsp; (6219958) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 1383242 | &nbsp;&nbsp;&nbsp; (1383242) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 228837 | &nbsp;&nbsp;&nbsp; (228837) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 8288 | &nbsp;&nbsp;&nbsp; (8288) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 1850148 | &nbsp;&nbsp;&nbsp; (1850148) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2169072 | &nbsp;&nbsp;&nbsp; (2169072) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $55426191 | &nbsp;&nbsp;&nbsp; $(55426191) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| ESG Aware U.S. Aggregate Bond |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $807646 | &nbsp;&nbsp;&nbsp; $(807646) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 1473399 | &nbsp;&nbsp;&nbsp; (1473399) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 788584 | &nbsp;&nbsp;&nbsp; (788584) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1242921 | &nbsp;&nbsp;&nbsp; (1242921) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 145479 | &nbsp;&nbsp;&nbsp; (145479) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 100890 | &nbsp;&nbsp;&nbsp; (100890) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1403628 | &nbsp;&nbsp;&nbsp; (1403628) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 128727 | &nbsp;&nbsp;&nbsp; (128727) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 251518 | &nbsp;&nbsp;&nbsp; (251518) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 140832 | &nbsp;&nbsp;&nbsp; (140832) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 133499 | &nbsp;&nbsp;&nbsp; (133499) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 403403 | &nbsp;&nbsp;&nbsp; (403403) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 163890 | &nbsp;&nbsp;&nbsp; (163890) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 581441 | &nbsp;&nbsp;&nbsp; (581441) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 9841 | &nbsp;&nbsp;&nbsp; (9841) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 628928 | &nbsp;&nbsp;&nbsp; (628928) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $8404626 | &nbsp;&nbsp;&nbsp; $(8404626) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| ESG Aware USD Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $20877744 | &nbsp;&nbsp;&nbsp; $(20877744) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 104726 | &nbsp;&nbsp;&nbsp; (104726) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 11415319 | &nbsp;&nbsp;&nbsp; (11415319) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 4168580 | &nbsp;&nbsp;&nbsp; (4168580) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 52435 | &nbsp;&nbsp;&nbsp; (52435) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 3754972 | &nbsp;&nbsp;&nbsp; (3754972) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 18340450 | &nbsp;&nbsp;&nbsp; (18340450) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 32872 | &nbsp;&nbsp;&nbsp; (32872) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 704959 | &nbsp;&nbsp;&nbsp; (704959) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3990582 | &nbsp;&nbsp;&nbsp; (3990582) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 105095 | &nbsp;&nbsp;&nbsp; (105095) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 2797691 | &nbsp;&nbsp;&nbsp; (2797691) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 4702541 | &nbsp;&nbsp;&nbsp; (4702541) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 1677794 | &nbsp;&nbsp;&nbsp; (1677794) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 357198 | &nbsp;&nbsp;&nbsp; (357198) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 465989 | &nbsp;&nbsp;&nbsp; (465989) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 152180 | &nbsp;&nbsp;&nbsp; (152180) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 3192907 | &nbsp;&nbsp;&nbsp; (3192907) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 521677 | &nbsp;&nbsp;&nbsp; (521677) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 722514 | &nbsp;&nbsp;&nbsp; (722514) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $78138225 | &nbsp;&nbsp;&nbsp; $(78138225) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| ESG Aware 1-5 Year USD Corporate Bond | 0.12% |
| ESG Aware U.S. Aggregate Bond | 0.10 |
| ESG Aware USD Corporate Bond | 0.18 |

---

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

For the iShares ESG Aware U.S. Aggregate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2029 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| ESG Aware U.S. Aggregate Bond | &nbsp;&nbsp; $70725 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Notes to Financial Statements

------

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| ESG Aware 1-5 Year USD Corporate Bond | &nbsp;&nbsp; $22055 |
| ESG Aware U.S. Aggregate Bond | &nbsp;&nbsp; 7320 |
| ESG Aware USD Corporate Bond | &nbsp;&nbsp; 34098 |

---

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

**Other Transactions:** Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended August 31, 2025, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| ESG Aware 1-5 Year USD Corporate Bond | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $169415670 | &nbsp;&nbsp;&nbsp; $174500191 |
| ESG Aware U.S. Aggregate Bond | &nbsp;&nbsp; 1800578970 | &nbsp;&nbsp;&nbsp; 1743071654 | &nbsp;&nbsp;&nbsp; 146923971 | &nbsp;&nbsp;&nbsp; 158074045 |
| ESG Aware USD Corporate Bond | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 84991560 | &nbsp;&nbsp;&nbsp; 83918148 |

---

For the six months ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| ESG Aware 1-5 Year USD Corporate Bond | &nbsp;&nbsp; $60425697 | &nbsp;&nbsp;&nbsp; $29317964 |
| ESG Aware U.S. Aggregate Bond | &nbsp;&nbsp; 258686432 | &nbsp;&nbsp;&nbsp; 90948475 |
| ESG Aware USD Corporate Bond | &nbsp;&nbsp; 74998560 | &nbsp;&nbsp;&nbsp; 17809446 |

---

***7. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of February 28, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| ESG Aware 1-5 Year USD Corporate Bond | &nbsp;&nbsp; $(34506358)<br>|
| ESG Aware U.S. Aggregate Bond | &nbsp;&nbsp; (79451553)<br>|
| ESG Aware USD Corporate Bond | &nbsp;&nbsp; (44584740)<br>|

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| ESG Aware 1-5 Year USD Corporate Bond | &nbsp;&nbsp; $1049690625 | &nbsp;&nbsp;&nbsp; $17492535 | &nbsp;&nbsp;&nbsp; $(1463626) | &nbsp;&nbsp;&nbsp; $16028909 |
| ESG Aware U.S. Aggregate Bond | &nbsp;&nbsp; 4409554974 | &nbsp;&nbsp;&nbsp; 32503895 | &nbsp;&nbsp;&nbsp; (214076985) | &nbsp;&nbsp;&nbsp; (181573090) |
| ESG Aware USD Corporate Bond | &nbsp;&nbsp; 1335217868 | &nbsp;&nbsp;&nbsp; 11953356 | &nbsp;&nbsp;&nbsp; (83568479) | &nbsp;&nbsp;&nbsp; (71615123) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

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

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

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

Notes to Financial Statements

------

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation on any individual financial company, or on the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

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

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>08/31/25 | Six Months Ended <br>08/31/25 | Year Ended <br>02/28/25 | Year Ended <br>02/28/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Aware 1-5 Year USD Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; $62506998 | &nbsp;&nbsp;&nbsp; 7550000 | &nbsp;&nbsp;&nbsp; $187444316 |
| Shares redeemed | &nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (29843664)<br>| &nbsp;&nbsp;&nbsp; (4050000)<br>| &nbsp;&nbsp;&nbsp; (100596894)<br>|
|  | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; $32663334 | &nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; $86847422 |
| ESG Aware U.S. Aggregate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp; $348407578 | &nbsp;&nbsp;&nbsp; 14600000 | &nbsp;&nbsp;&nbsp; $691074247 |
| Shares redeemed | &nbsp;&nbsp; (2600000)<br>| &nbsp;&nbsp;&nbsp; (122327051)<br>| &nbsp;&nbsp;&nbsp; (9300000)<br>| &nbsp;&nbsp;&nbsp; (436924739)<br>|
|  | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; $226080527 | &nbsp;&nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp; $254149508 |
| ESG Aware USD Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $77717287 | &nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp; $154808400 |
| Shares redeemed | &nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp; (18263484)<br>| &nbsp;&nbsp;&nbsp; (2800000)<br>| &nbsp;&nbsp;&nbsp; (64030447)<br>|
|  | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; $59453803 | &nbsp;&nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp; $90777953 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware USD Corporate Bond ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares ESG Aware U.S. Aggregate Bond ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| BAB | Build America Bond |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| GO | General Obligation |
| REIT | Real Estate Investment Trust |
| SCA | Svenska Celluosa Aktiebolaget |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

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2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

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

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August 31, 2025

![](g98161img8a3def551.jpg)

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

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

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

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| |
|:---|
| **iShares Trust** |
| • iShares ESG Advanced Total USD Bond Market ETF \| EUSB \| NYSE Arca |

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**Table of Contents**

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

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| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 46 |
| [Statement of Operations](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 47 |
| [Statements of Changes in Net Assets](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 48 |
| [Financial Highlights](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 49 |
| [Notes to Financial Statements](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_NTFS-Footer-iSharesReport-1051_1)  | &nbsp;&nbsp; 50 |
| [Additional Information](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_SAI-Footer-iSharesReport-1051_1)  | &nbsp;&nbsp; 57 |
| [Board Review and Approval of Investment Advisory Contract](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_15Cheader-Footer-iSharesReport-1051_1)  | &nbsp;&nbsp; 58 |
| [Glossary of Terms Used in these Financial Statements](#xx_768f7e4d-15a4-4975-9613-a6d41861aaa8_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 61 |

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Schedule of Investments (unaudited)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

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

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| American Express Credit Account Master Trust |  |  |
| 5.24%, 04/15/31 | &nbsp;&nbsp; $500 | $521736 |
| 4.30%, 07/15/30 | &nbsp;&nbsp; 250 | 252976 |
| Chase Issuance Trust, 4.60%, 01/15/29 | &nbsp;&nbsp; 860 | 866821 |
| GM Financial Consumer Automobile Receivables <br> Trust, 5.16%, 08/16/29<br>| &nbsp;&nbsp; 500 | 508573 |
| Honda Auto Receivables Owner Trust, 4.04%, <br> 02/21/30<br>| &nbsp;&nbsp; 500 | 500696 |
| Santander Drive Auto Receivables Trust, 5.23%, <br> 12/15/28<br>| &nbsp;&nbsp; 90 | 90517 |
| **Total Asset-Backed Securities — 0.4%** <br>**(Cost: $2,716,228)** | **Total Asset-Backed Securities — 0.4%** <br>**(Cost: $2,716,228)** | 2741319 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Mortgage-Backed Securities — 1.0%** | **Mortgage-Backed Securities — 1.0%** | **Mortgage-Backed Securities — 1.0%** |
| Bank, 2.56%, 05/15/64 | &nbsp;&nbsp; 200 | 180096 |
| Barclays Commercial Mortgage Trust, Series <br> 2019-C3, Class A4, 3.58%, 05/15/52<br>| &nbsp;&nbsp; 100 | 97347 |
| BBCMS Mortgage Trust, Series 2021-C11, Class A5, <br> 2.32%, 09/15/54<br>| &nbsp;&nbsp; 200 | 175555 |
| BBCMS Trust, Series 2021-C10, Class A5, 2.49%, <br> 07/15/54<br>| &nbsp;&nbsp; 459 | 416908 |
| Benchmark Mortgage Trust |  |  |
| 4.59%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 980254 |
| Series 2018-B4, Class ASB, 4.06%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 581 | 578826 |
| Series 2020-B16, Class A5, 2.73%, 02/15/53 | &nbsp;&nbsp; 100 | 92876 |
| Series 2020-B21, Class A4, 1.70%, 12/17/53 | &nbsp;&nbsp; 100 | 88547 |
| BMO Mortgage Trust, 5.88%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 100 | 100748 |
| CGMS Commercial Mortgage Trust, Series 2017-B1 <br> AAB3.24%, 08/15/50<br>| &nbsp;&nbsp; 53 | 51948 |
| CSAIL Commercial Mortgage Trust, 4.05%, 03/15/52 | &nbsp;&nbsp; 200 | 197490 |
| Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates<br>|  |  |
| 3.00%, 09/25/29 | &nbsp;&nbsp; 500 | 483059 |
| 4.50%, 07/25/33<sup>(a)</sup> | &nbsp;&nbsp; 200 | 201303 |
| 4.51%, 07/25/29 | &nbsp;&nbsp; 300 | 304958 |
| 5.36%, 01/25/29<sup>(a)</sup> | &nbsp;&nbsp; 950 | 987044 |
| GS Mortgage Securities Trust |  |  |
| 2.12%, 05/12/53 | &nbsp;&nbsp; 250 | 230364 |
| Series 2017-GS7, Class AAB, 3.20%, 08/10/50 | &nbsp;&nbsp; 257 | 254153 |
| Morgan Stanley Bank of America Merrill Lynch Trust, <br> Series 2016-C32, Class A4, 3.72%, 12/15/49<br>| &nbsp;&nbsp; 100 | 98802 |
| UBS Commercial Mortgage Trust, Series 2018-C13 <br> ASB4.24%, 10/15/51<br>| &nbsp;&nbsp; 66 | 65680 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 5.59%, 07/15/58 | &nbsp;&nbsp; 700 | 733560 |
| Series 2017-RC1, Class A4, 3.63%, 01/15/60 | &nbsp;&nbsp; 150 | 148845 |
| Series 2021-C59, Class A5, 2.63%, 04/15/54 | &nbsp;&nbsp; 600 | 540551 |
|  |  | 7008914 |
| **Total Collateralized Mortgage Obligations — 1.0%** <br>**(Cost: $7,311,396)** | **Total Collateralized Mortgage Obligations — 1.0%** <br>**(Cost: $7,311,396)** | 7008914 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 7.13%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 100 | 101546 |
| 7.50%, 06/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 75 | 69698 |
| 7.50%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50870 |

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Advertising (continued)** | **Advertising (continued)** | **Advertising (continued)** |
| 7.75%, 04/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; $67 | $65064 |
| 7.88%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 110 | 114561 |
| Interpublic Group of Companies Inc. (The) |  |  |
| 2.40%, 03/01/31 | &nbsp;&nbsp; 55 | 49191 |
| 3.38%, 03/01/41 | &nbsp;&nbsp; 40 | 29498 |
| 4.75%, 03/30/30 | &nbsp;&nbsp; 53 | 53400 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 25 | 25360 |
| 5.40%, 10/01/48 | &nbsp;&nbsp; 35 | 31868 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 42 | 40350 |
| 4.63%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38202 |
| 5.00%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 45 | 44609 |
| 7.38%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31705 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 75 | 72336 |
|  |  | 818258 |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| ATI Inc. |  |  |
| 4.88%, 10/01/29 | &nbsp;&nbsp; 25 | 24494 |
| 5.13%, 10/01/31 | &nbsp;&nbsp; 25 | 24432 |
| 5.88%, 12/01/27 | &nbsp;&nbsp; 25 | 25093 |
| 7.25%, 08/15/30 | &nbsp;&nbsp; 30 | 31593 |
| Hexcel Corp., 4.20%, 02/15/27 | &nbsp;&nbsp; 45 | 44680 |
|  |  | 150292 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Darling Ingredients Inc. |  |  |
| 5.25%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39913 |
| 6.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 65 | 65722 |
|  |  | 105635 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Allegiant Travel Co., 7.25%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35625 |
| AS Mileage Plan IP Ltd., 5.31%, 10/20/31<sup>(b)</sup> | &nbsp;&nbsp; 100 | 100160 |
| British Airways Pass Through Trust, Class A, 4.25%, <br> 05/15/34<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 13 | 12688 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>| &nbsp;&nbsp; 170 | 168884 |
| JetBlue Pass-Through Trust, Series 1A, 4.00%, <br> 05/15/34<sup>(c)</sup><br>| &nbsp;&nbsp; 39 | 36382 |
| Latam Airlines Group SA, 7.88%, 04/15/30<sup>(d)</sup> | &nbsp;&nbsp; 110 | 113659 |
| United Airlines Inc., 4.63%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 400 | 394026 |
| United Airlines Pass-Through Trust, 5.80%, 07/15/37 | &nbsp;&nbsp; 140 | 143358 |
|  |  | 1004782 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Crocs Inc. |  |  |
| 4.13%, 08/15/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26930 |
| 4.25%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23810 |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 45 | 47875 |
| Kontoor Brands Inc., 4.13%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28258 |
| Under Armour Inc. |  |  |
| 3.25%, 06/15/26 | &nbsp;&nbsp; 40 | 39417 |
| 7.25%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24970 |
| VF Corp. |  |  |
| 2.80%, 04/23/27 | &nbsp;&nbsp; 30 | 28969 |
| 2.95%, 04/23/30 | &nbsp;&nbsp; 50 | 43563 |
| 6.00%, 10/15/33<sup>(c)</sup> | &nbsp;&nbsp; 30 | 28665 |
| 6.45%, 11/01/37 | &nbsp;&nbsp; 20 | 18540 |
| Wolverine World Wide Inc., 4.00%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 40 | 36639 |
|  |  | 347636 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| American Honda Finance Corp. |  |  |
| 2.00%, 03/24/28 | &nbsp;&nbsp; $200 | $189625 |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 300 | 281428 |
| 4.40%, 10/05/26 | &nbsp;&nbsp; 100 | 100224 |
| 4.40%, 09/05/29 | &nbsp;&nbsp; 115 | 115585 |
| 4.45%, 10/22/27 | &nbsp;&nbsp; 100 | 100689 |
| 4.80%, 03/05/30 | &nbsp;&nbsp; 5 | 5097 |
| 4.85%, 10/23/31 | &nbsp;&nbsp; 125 | 126633 |
| 4.90%, 01/10/34<sup>(c)</sup> | &nbsp;&nbsp; 100 | 99809 |
| 5.20%, 03/05/35<sup>(c)</sup> | &nbsp;&nbsp; 100 | 100473 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; 100 | 88298 |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 60 | 35393 |
| 4.70%, 02/15/31 | &nbsp;&nbsp; 125 | 126918 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 55 | 51736 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 55 | 56346 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 15 | 15321 |
| 5.45%, 02/20/54 | &nbsp;&nbsp; 75 | 72556 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 02/26/27 | &nbsp;&nbsp; 120 | 116585 |
| 2.40%, 04/10/28 | &nbsp;&nbsp; 200 | 190486 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 160 | 142279 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 400 | 379827 |
| 5.00%, 07/15/27 | &nbsp;&nbsp; 500 | 505520 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; 500 | 518984 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 300 | 311102 |
| 6.15%, 07/15/35 | &nbsp;&nbsp; 200 | 205519 |
| PACCAR Financial Corp. |  |  |
| 4.00%, 09/26/29 | &nbsp;&nbsp; 5 | 5003 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 200 | 203212 |
| 4.60%, 01/31/29 | &nbsp;&nbsp; 5 | 5101 |
| 5.00%, 05/13/27 | &nbsp;&nbsp; 60 | 61041 |
| 5.20%, 11/09/26 | &nbsp;&nbsp; 75 | 76092 |
| Series R, 4.50%, 11/25/26 | &nbsp;&nbsp; 40 | 40292 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22971 |
|  |  | 4350145 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Adient Global Holdings Ltd., 7.50%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 104142 |
| BorgWarner Inc., 5.40%, 08/15/34<sup>(c)</sup> | &nbsp;&nbsp; 200 | 203520 |
| Dana Inc. |  |  |
| 4.25%, 09/01/30 | &nbsp;&nbsp; 30 | 29688 |
| 4.50%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; 21 | 20589 |
| 5.38%, 11/15/27 | &nbsp;&nbsp; 25 | 24998 |
| 5.63%, 06/15/28 | &nbsp;&nbsp; 35 | 34973 |
| Garrett Motion Holdings Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(b)</sup><br>| &nbsp;&nbsp; 52 | 54424 |
| Lear Corp. |  |  |
| 3.50%, 05/30/30 | &nbsp;&nbsp; 20 | 19084 |
| 3.55%, 01/15/52 | &nbsp;&nbsp; 30 | 19569 |
| 3.80%, 09/15/27 | &nbsp;&nbsp; 25 | 24758 |
| 4.25%, 05/15/29 | &nbsp;&nbsp; 70 | 69494 |
| 5.25%, 05/15/49<sup>(c)</sup> | &nbsp;&nbsp; 60 | 52656 |
| LG Energy Solution Ltd., 5.38%, 07/02/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 204585 |
| Phinia Inc. |  |  |
| 6.63%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30832 |
| 6.75%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 45 | 46512 |
|  |  | 939824 |
| **Banks — 5.0%** | **Banks — 5.0%** | **Banks — 5.0%** |
| ABN AMRO Bank NV |  |  |
| 2.47%, 12/13/29, (1-year CMT + 1.100%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 70 | 66060 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.32%, 03/13/37, (5-year CMT + 1.900%)<sup>(a)(b)</sup> | &nbsp;&nbsp; $60 | $53745 |
| 5.52%, 12/03/35, (1-year CMT + 1.250%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 205 | 209731 |
| Abu Dhabi Commercial Bank PJSC, 5.50%, <br> 01/12/29<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 207353 |
| AIB Group PLC |  |  |
| 5.32%, 05/15/31, (1-day SOFR + 1.650%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 10263 |
| 5.87%, 03/28/35, (1-day SOFR Index + <br> 1.910%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 200 | 207928 |
| 6.61%, 09/13/29, (1-day SOFR + 2.330%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 35 | 37213 |
| Al Rajhi Sukuk Ltd., 6.25%, (6-year CMT + <br> 1.594%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 202468 |
| Associated Banc-Corp, 6.46%, 08/29/30, (1-day <br> SOFR +3.030%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5 | 5195 |
| Banco do Brasil SA, 6.25%, 04/18/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 205826 |
| Bank of China Ltd., 3.50%, 04/20/27<sup>(d)</sup> | &nbsp;&nbsp; 400 | 396746 |
| Bank of Ireland Group PLC |  |  |
| 2.03%, 09/30/27, (1-year CMT + 1.100%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 50 | 48737 |
| 5.60%, 03/20/30, (1-day SOFR +1.620%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 25 | 25991 |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26 | &nbsp;&nbsp; 240 | 233029 |
| 2.65%, 03/08/27 | &nbsp;&nbsp; 125 | 122554 |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 74947 |
| 3.80%, 12/15/32, (5-year USD Swap + 1.432%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 142071 |
| 4.64%, 09/10/30, (1-day SOFR + 1.250%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25330 |
| 5.00%, 01/27/29, (1-day SOFR Index + 0.670%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 61194 |
| 5.20%, 02/01/28 | &nbsp;&nbsp; 125 | 128230 |
| 5.27%, 12/11/26 | &nbsp;&nbsp; 105 | 106432 |
| 5.37%, 06/04/27 | &nbsp;&nbsp; 100 | 102208 |
| 5.51%, 06/04/31 | &nbsp;&nbsp; 35 | 36806 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 110 | 115013 |
| Series f2f, 4.57%, 09/10/27, (1-day SOFR + <br> 0.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 140 | 140396 |
| Series H, 4.70%, 09/14/27 | &nbsp;&nbsp; 130 | 131525 |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.05%, 10/15/26 | &nbsp;&nbsp; 40 | 38711 |
| 1.65%, 07/14/28 | &nbsp;&nbsp; 20 | 18849 |
| 1.65%, 01/28/31 | &nbsp;&nbsp; 90 | 79156 |
| 1.80%, 07/28/31 | &nbsp;&nbsp; 90 | 79078 |
| 2.05%, 01/26/27 | &nbsp;&nbsp; 45 | 43859 |
| 3.00%, 10/30/28 | &nbsp;&nbsp; 110 | 106450 |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 115 | 113759 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 105 | 101679 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 163 | 161104 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR + <br> 1.331%)<sup>(a)</sup><br>| &nbsp;&nbsp; 157 | 155674 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 132 | 132205 |
| 3.85%, 04/26/29 | &nbsp;&nbsp; 30 | 29911 |
| 4.29%, 06/13/33, (1-day SOFR + 1.418%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 112345 |
| 4.44%, 06/09/28, (1-day SOFR + 0.680%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 150887 |
| 4.89%, 07/21/28, (1-day SOFR + 0.840%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50764 |
| 4.94%, 02/11/31, (1-day SOFR + 0.887%)<sup>(a)</sup> | &nbsp;&nbsp; 215 | 220837 |
| 4.97%, 04/26/34, (1-day SOFR + 1.606%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 116191 |
| 4.98%, 03/14/30, (1-day SOFR + 1.085%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10276 |
| 5.06%, 07/22/32, (1-day SOFR + 1.230%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15445 |
| 5.19%, 03/14/35, (1-day SOFR + 1.418%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 112049 |
| 5.23%, 11/20/35, (1-day SOFR + 1.253%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 40816 |
| 5.32%, 06/06/36, (1-day SOFR + 1.350%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 153537 |
| 5.61%, 07/21/39, (1-day SOFR + 1.770%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5169 |
| 5.80%, 10/25/28, (1-day SOFR Index + 1.802%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 62160 |
| 5.83%, 10/25/33, (1-day SOFR Index + 2.074%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 80165 |
| 6.47%, 10/25/34, (1-day SOFR + 1.845%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 88433 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Series J, 1.90%, 01/25/29 | &nbsp;&nbsp; $45 | $42051 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26 | &nbsp;&nbsp; 120 | 116590 |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 80 | 77835 |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 160 | 141395 |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 50 | 43904 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 90 | 88568 |
| 4.40%, 09/08/28, (1-day SOFR + 1.000%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 110506 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 110316 |
| 4.74%, 11/10/32, (1-day SOFR + 1.440%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30302 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 40 | 40891 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 77120 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 60 | 61989 |
| 5.45%, 08/01/29 | &nbsp;&nbsp; 120 | 125199 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 75 | 79020 |
| Bank of the Philippine Islands, 5.00%, 04/07/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 205770 |
| Bank OZK, 2.75%, 10/01/31, (3-mo. CME Term SOFR <br> + 2.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5 | 4561 |
| BSF Sukuk Co. Ltd., 5.38%, 01/21/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 205358 |
| CaixaBank SA |  |  |
| 6.04%, 06/15/35, (1-day SOFR +2.260%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 10522 |
| 6.21%, 01/18/29, (1-day SOFR + 2.700%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 210 | 218722 |
| 6.68%, 09/13/27, (1-day SOFR + 2.080%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 35 | 35783 |
| 6.84%, 09/13/34, (1-day SOFR + 2.770%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | 221205 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.45%, 04/07/27 | &nbsp;&nbsp; 100 | 99130 |
| 3.60%, 04/07/32 | &nbsp;&nbsp; 90 | 84625 |
| 4.51%, 09/11/27, (1-day SOFR + 0.930%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 100236 |
| 4.63%, 09/11/30, (1-day SOFR + 1.335%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10104 |
| 4.86%, 03/30/29, (1-day SOFR + 1.030%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 152204 |
| 5.24%, 06/28/27 | &nbsp;&nbsp; 190 | 193685 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 108356 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 115 | 118984 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 95 | 102472 |
| Capital One NA, 4.65%, 09/13/28 | &nbsp;&nbsp; 250 | 252879 |
| CBQ Finance Ltd., 5.38%, 03/28/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 205777 |
| China Construction Bank Corp./Hong Kong, 5.00%, <br> 11/30/26<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 202146 |
| Citizens Financial Group Inc. |  |  |
| 2.64%, 09/30/32 | &nbsp;&nbsp; 150 | 126946 |
| 5.25%, 03/05/31, (1-day SOFR + 1.259%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 51139 |
| 5.64%, 05/21/37, (5-year CMT + 2.750%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 40198 |
| 5.72%, 07/23/32, (1-day SOFR + 1.910%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10441 |
| 5.84%, 01/23/30, (1-day SOFR + 2.010%)<sup>(a)</sup> | &nbsp;&nbsp; 250 | 260064 |
| Comerica Bank, 5.33%, 08/25/33, (1-day SOFR + <br> 2.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 35 | 34506 |
| Comerica Inc. |  |  |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 140 | 138153 |
| 5.98%, 01/30/30, (1-day SOFR + 2.155%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10370 |
| DBS Group Holdings Ltd., 1.19%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28762 |
| DIB Sukuk Ltd., 5.24%, 03/04/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 203870 |
| DNB Bank ASA, 1.61%, 03/30/28, (1-year CMT + <br> 0.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 95 | 91199 |
| Dresdner Funding Trust I, 8.15%, 06/30/31<sup>(b)</sup> | &nbsp;&nbsp; 70 | 77351 |
| Emirates NBD Bank PJSC, 4.25%, (6-year CMT + <br> 3.155%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 194314 |
| Fifth Third Bancorp |  |  |
| 2.55%, 05/05/27 | &nbsp;&nbsp; 100 | 97489 |
| 4.90%, 09/06/30, (1-day SOFR + 1.486%)<sup>(a)</sup> | &nbsp;&nbsp; 295 | 300089 |
| 5.63%, 01/29/32, (1-day SOFR + 1.840%)<sup>(a)</sup> | &nbsp;&nbsp; 300 | 314049 |
| 6.34%, 07/27/29, (1-day SOFR + 2.340%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 26386 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 8.25%, 03/01/38 | &nbsp;&nbsp; $60 | $73494 |
| First Abu Dhabi Bank PJSC |  |  |
| 4.50%, (5-year CMT + 4.138%)<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 200 | 198457 |
| 5.00%, 02/28/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 204753 |
| First Horizon Corp., 5.51%, 03/07/31, (1-day SOFR + <br> 1.766%)<sup>(a)</sup><br>| &nbsp;&nbsp; 80 | 82336 |
| HDFC Bank Ltd., 5.20%, 02/15/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 202120 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 63838 |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 155 | 143412 |
| 4.44%, 08/04/28, (1-day SOFR + 1.970%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 100293 |
| 5.27%, 01/15/31, (1-day SOFR + 1.276%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 113395 |
| 5.71%, 02/02/35, (1-day SOFR Index + 1.870%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 77500 |
| Industrial & Commercial Bank of China Ltd., 3.20%, <br> (5-year CMT + 2.368%)<sup>(a)(d)(e)</sup><br>| &nbsp;&nbsp; 200 | 196883 |
| Industrial & Commercial Bank of China <br> Ltd./Singapore, 4.96%, 10/25/26, (1-day SOFR <br> Index + 0.600%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200250 |
| ING Groep NV |  |  |
| 3.95%, 03/29/27 | &nbsp;&nbsp; 265 | 263915 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 10 | 9930 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 205 | 207040 |
| 5.07%, 03/25/31, (1-day SOFR Index + 1.230%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25597 |
| 5.34%, 03/19/30, (1-day SOFR + 1.440%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 206335 |
| 5.53%, 03/25/36, (1-day SOFR + 1.610%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10237 |
| 5.55%, 03/19/35, (1-day SOFR + 1.770%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 56587 |
| 6.11%, 09/11/34, (1-day SOFR + 2.090%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 219148 |
| Kasikornbank PCL, 5.46%, 03/07/28<sup>(d)</sup> | &nbsp;&nbsp; 200 | 204929 |
| KBC Group NV |  |  |
| 4.93%, 10/16/30, (1-year CMT + 1.070%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 5 | 5091 |
| 6.32%, 09/21/34, (1-year CMT + 2.050%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 25 | 27083 |
| KEB Hana Bank, 5.75%, 10/24/28<sup>(d)</sup> | &nbsp;&nbsp; 200 | 209646 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; 25 | 24943 |
| KeyBank NA/Cleveland OH, 4.39%, 12/14/27 | &nbsp;&nbsp; 250 | 250781 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | &nbsp;&nbsp; 161 | 155963 |
| 2.55%, 10/01/29 | &nbsp;&nbsp; 134 | 125309 |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 115 | 114728 |
| 4.79%, 06/01/33, (1-day SOFR Index + 2.060%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197817 |
| 5.12%, 04/04/31, (1-day SOFR Index + <br> 1.227%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 60 | 61363 |
| 6.40%, 03/06/35, (1-day SOFR Index + 2.420%)<sup>(a)</sup> | &nbsp;&nbsp; 90 | 96651 |
| KFH Sukuk Co., 5.38%, 01/14/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 205856 |
| Kookmin Bank, 4.50%, 02/01/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 200130 |
| Korea Development Bank (The), 2.00%, 10/25/31 | &nbsp;&nbsp; 200 | 178217 |
| Landeskreditbank Baden-Wuerttemberg Foerderbank |  |  |
| 1.38%, 10/12/28<sup>(d)</sup> | &nbsp;&nbsp; 210 | 195652 |
| 4.38%, 02/15/28<sup>(d)</sup> | &nbsp;&nbsp; 10 | 10151 |
| 4.63%, 02/13/30<sup>(d)</sup> | &nbsp;&nbsp; 5 | 5161 |
| Landwirtschaftliche Rentenbank |  |  |
| 0.88%, 09/03/30 | &nbsp;&nbsp; 30 | 26086 |
| 1.00%, 02/25/28<sup>(d)</sup> | &nbsp;&nbsp; 55 | 51588 |
| 1.75%, 01/14/27<sup>(d)</sup> | &nbsp;&nbsp; 185 | 179894 |
| 3.00%, 05/21/29<sup>(d)</sup> | &nbsp;&nbsp; 50 | 48810 |
| 3.88%, 09/28/27 | &nbsp;&nbsp; 25 | 25092 |
| 3.88%, 06/14/28 | &nbsp;&nbsp; 55 | 55341 |
| 4.13%, 05/28/30 | &nbsp;&nbsp; 30 | 30536 |
| 4.13%, 02/06/31<sup>(d)</sup> | &nbsp;&nbsp; 160 | 162192 |
| 4.63%, 04/17/29 | &nbsp;&nbsp; 60 | 61912 |
| 5.00%, 10/24/33 | &nbsp;&nbsp; 75 | 79586 |
| Series 37, 2.50%, 11/15/27 | &nbsp;&nbsp; 135 | 131631 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| M&T Bank Corp. |  |  |
| 4.55%, 08/16/28, (1-day SOFR Index + 1.780%)<sup>(a)</sup> | &nbsp;&nbsp; $25 | $25095 |
| 4.83%, 01/16/29, (1-day SOFR + 0.930%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 116300 |
| 5.05%, 01/27/34, (1-day SOFR + 1.850%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 84300 |
| 5.18%, 07/08/31, (1-day SOFR + 1.400%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102205 |
| 5.39%, 01/16/36, (1-day SOFR + 1.610%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 125240 |
| 5.40%, 07/30/35, (5-year CMT + 1.430%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 80527 |
| Macquarie Bank Ltd. |  |  |
| 3.05%, 03/03/36, (5-year CMT + 1.700%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 150 | 135264 |
| 3.62%, 06/03/30<sup>(b)</sup> | &nbsp;&nbsp; 120 | 114283 |
| 4.33%, 06/12/28<sup>(b)</sup> | &nbsp;&nbsp; 105 | 105857 |
| 6.80%, 01/18/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 27257 |
| Manufacturers & Traders Trust Co., 4.70%, 01/27/28 | &nbsp;&nbsp; 255 | 258027 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29 | &nbsp;&nbsp; 250 | 251531 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 70 | 72947 |
| NBK SPC Ltd., 1.63%, 09/15/27, (1-day SOFR + <br> 1.050%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 193730 |
| Nordea Bank Abp |  |  |
| 1.50%, 09/30/26<sup>(b)</sup> | &nbsp;&nbsp; 140 | 136072 |
| 4.63%, 09/13/33, (5-year USD Swap + <br> 1.690%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 140 | 139622 |
| 5.00%, 03/19/27<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25379 |
| 5.38%, 09/22/27<sup>(b)</sup> | &nbsp;&nbsp; 45 | 46111 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 125 | 113632 |
| 3.15%, 05/03/29 | &nbsp;&nbsp; 95 | 92188 |
| 3.38%, 05/08/32<sup>(a)</sup> | &nbsp;&nbsp; 72 | 70380 |
| 3.65%, 08/03/28 | &nbsp;&nbsp; 90 | 89354 |
| 4.00%, 05/10/27 | &nbsp;&nbsp; 108 | 108041 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 80 | 87090 |
| NRW Bank |  |  |
| 4.00%, 04/08/30<sup>(d)</sup> | &nbsp;&nbsp; 10 | 10067 |
| 4.63%, 03/08/27<sup>(d)</sup> | &nbsp;&nbsp; 34 | 34360 |
| Oesterreichische Kontrollbank AG |  |  |
| 3.63%, 09/09/27 | &nbsp;&nbsp; 75 | 74873 |
| 3.75%, 09/05/29 | &nbsp;&nbsp; 15 | 15013 |
| 4.13%, 01/18/29 | &nbsp;&nbsp; 130 | 131743 |
| 4.25%, 03/01/28 | &nbsp;&nbsp; 55 | 55752 |
| 4.50%, 01/24/30 | &nbsp;&nbsp; 10 | 10299 |
| 4.75%, 05/21/27 | &nbsp;&nbsp; 155 | 157496 |
| 5.00%, 10/23/26 | &nbsp;&nbsp; 55 | 55675 |
| Oversea-Chinese Banking Corp. Ltd., 4.60%, <br> 06/15/32, (5-year CMT + 1.575%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200705 |
| PNC Bank NA, 4.05%, 07/26/28 | &nbsp;&nbsp; 15 | 14950 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + 0.979%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 124510 |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 250 | 233509 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 90 | 88626 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 266 | 260340 |
| 4.63%, 06/06/33, (1-day SOFR Index + 1.850%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 63965 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(a)</sup> | &nbsp;&nbsp; 160 | 161730 |
| 4.90%, 05/13/31, (1-day SOFR + 1.333%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 117285 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(a)</sup> | &nbsp;&nbsp; 160 | 161715 |
| 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 154987 |
| 5.30%, 01/21/28, (1-day SOFR + 1.342%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 101499 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 143119 |
| 5.49%, 05/14/30, (1-day SOFR + 1.198%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 109279 |
| 5.58%, 06/12/29, (1-day SOFR + 1.841%)<sup>(a)</sup> | &nbsp;&nbsp; 185 | 191869 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 123744 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 109479 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(a)</sup> | &nbsp;&nbsp; $45 | $47837 |
| 6.04%, 10/28/33, (1-day SOFR Index + 2.140%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 117881 |
| 6.62%, 10/20/27, (1-day SOFR Index + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 107646 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 168384 |
| QNB Finance Ltd., 5.57%, 04/02/29, (1-day SOFR + <br> 1.200%)<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 202572 |
| Regions Bank/Birmingham AL, 6.45%, 06/26/37 | &nbsp;&nbsp; 5 | 5402 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28 | &nbsp;&nbsp; 75 | 70152 |
| 5.50%, 09/06/35, (1-day SOFR +2.060%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10146 |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 45 | 46833 |
| 7.38%, 12/10/37 | &nbsp;&nbsp; 56 | 63700 |
| Santander Holdings USA Inc. |  |  |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(a)</sup> | &nbsp;&nbsp; 300 | 311792 |
| 6.50%, 03/09/29, (1-day SOFR + 2.356%)<sup>(a)</sup> | &nbsp;&nbsp; 300 | 314120 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.90%, 03/15/32, (1-day SOFR + 1.475%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 13663 |
| 4.86%, 09/11/30, (1-day SOFR Index + 1.554%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15182 |
| 5.69%, 04/15/31, (1-day SOFR Index + 1.524%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 214045 |
| Shinhan Bank Co. Ltd., 4.38%, 04/13/32<sup>(d)</sup> | &nbsp;&nbsp; 200 | 193829 |
| Shinhan Financial Group Co. Ltd., 5.00%, 07/24/28<sup>(d)</sup> | &nbsp;&nbsp; 200 | 204089 |
| Skandinaviska Enskilda Banken AB |  |  |
| 1.20%, 09/09/26<sup>(b)</sup> | &nbsp;&nbsp; 60 | 58252 |
| 5.13%, 03/05/27<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35569 |
| 5.38%, 03/05/29<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10347 |
| SNB Funding Ltd. |  |  |
| 5.56%, 03/17/30, (1-day SOFR + 1.200%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 200585 |
| 6.00%, 06/24/35, (5-year CMT + 2.000%)<sup>(a)(d)</sup> | &nbsp;&nbsp; 200 | 203724 |
| Societe Generale SA |  |  |
| 2.80%, 01/19/28, (1-year CMT + 1.300%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 60 | 58571 |
| 2.89%, 06/09/32, (1-year CMT + 1.300%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 210 | 187233 |
| 3.34%, 01/21/33, (1-year CMT + 1.600%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 5 | 4499 |
| 4.68%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 200 | 201767 |
| 5.25%, 02/19/27<sup>(b)</sup> | &nbsp;&nbsp; 400 | 403997 |
| 5.25%, 05/22/29, (1-day SOFR + 1.420%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 205 | 208199 |
| 5.50%, 04/13/29, (1-year CMT + 1.200%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | 204448 |
| 5.52%, 01/19/28, (1-year CMT + 1.500%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 205 | 207605 |
| 5.63%, 01/19/30, (1-year CMT + 1.750%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 50 | 51462 |
| 6.07%, 01/19/35, (1-year CMT + 2.100%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | 206541 |
| 6.10%, 04/13/33, (1-year CMT + 1.600%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 215 | 224662 |
| 6.45%, 01/10/29, (1-year CMT + 2.550%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 15 | 15616 |
| 7.13%, 01/19/55, (1-year CMT + 2.950%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | 205166 |
| 7.37%, 01/10/53<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5258 |
| State Street Corp. |  |  |
| 2.20%, 02/07/28, (1-day SOFR + 0.730%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 116740 |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 120 | 106973 |
| 2.40%, 01/24/30 | &nbsp;&nbsp; 135 | 126611 |
| 2.62%, 02/07/33, (1-day SOFR + 1.002%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 26758 |
| 3.03%, 11/01/34, (1-day SOFR + 1.490%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 56269 |
| 3.15%, 03/30/31, (1-day SOFR + 2.650%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 95865 |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(a)</sup><br>| &nbsp;&nbsp; 85 | 85253 |
| 4.16%, 08/04/33, (1-day SOFR + 1.726%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 38773 |
| 4.33%, 10/22/27 | &nbsp;&nbsp; 300 | 302485 |
| 4.42%, 05/13/33, (1-day SOFR + 1.605%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14846 |
| 4.53%, 02/20/29, (1-day SOFR + 1.018%)<sup>(a)</sup> | &nbsp;&nbsp; 195 | 197044 |
| 4.54%, 02/28/28 | &nbsp;&nbsp; 10 | 10138 |
| 4.54%, 04/24/28, (1-day SOFR + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25176 |
| 4.68%, 10/22/32, (1-day SOFR + 1.050%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30350 |
| 4.82%, 01/26/34, (1-day SOFR + 1.567%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50128 |
| 4.83%, 04/24/30 | &nbsp;&nbsp; 135 | 138533 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.15%, 02/28/36, (1-day SOFR + 1.217%)<sup>(a)</sup> | &nbsp;&nbsp; $95 | $96146 |
| 5.16%, 05/18/34, (1-day SOFR + 1.890%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 107786 |
| 5.82%, 11/04/28, (1-day SOFR + 1.715%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5180 |
| 6.12%, 11/21/34, (1-day SOFR + 1.958%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 69809 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.71%, 01/12/31 | &nbsp;&nbsp; 125 | 108837 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 230 | 215323 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 95 | 85756 |
| 2.14%, 09/23/30 | &nbsp;&nbsp; 112 | 100377 |
| 2.22%, 09/17/31 | &nbsp;&nbsp; 25 | 22033 |
| 2.30%, 01/12/41 | &nbsp;&nbsp; 30 | 20486 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 25 | 23431 |
| 2.93%, 09/17/41 | &nbsp;&nbsp; 205 | 148340 |
| 3.01%, 10/19/26 | &nbsp;&nbsp; 175 | 172757 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 215 | 205379 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 138 | 136094 |
| 3.36%, 07/12/27 | &nbsp;&nbsp; 140 | 138345 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 55 | 54511 |
| 3.54%, 01/17/28 | &nbsp;&nbsp; 65 | 64216 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 140 | 139634 |
| 4.31%, 10/16/28 | &nbsp;&nbsp; 55 | 55320 |
| 5.45%, 01/15/32 | &nbsp;&nbsp; 200 | 209305 |
| 5.52%, 01/13/28 | &nbsp;&nbsp; 205 | 211643 |
| 5.56%, 07/09/34 | &nbsp;&nbsp; 205 | 213937 |
| 5.63%, 01/15/35 | &nbsp;&nbsp; 10 | 10493 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 200 | 210911 |
| 5.77%, 01/13/33 | &nbsp;&nbsp; 215 | 228115 |
| 5.78%, 07/13/33 | &nbsp;&nbsp; 5 | 5323 |
| 5.80%, 07/08/46, (1-day SOFR + 1.780%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 139125 |
| 5.81%, 09/14/33 | &nbsp;&nbsp; 40 | 42693 |
| 5.84%, 07/09/44 | &nbsp;&nbsp; 20 | 20347 |
| 6.18%, 07/13/43 | &nbsp;&nbsp; 20 | 21426 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 1.35%, 09/16/26<sup>(b)</sup> | &nbsp;&nbsp; 65 | 63138 |
| 4.50%, 09/10/29<sup>(b)</sup> | &nbsp;&nbsp; 205 | 206903 |
| 4.85%, 09/10/34<sup>(b)</sup> | &nbsp;&nbsp; 205 | 203652 |
| 4.95%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10152 |
| 5.35%, 03/07/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15450 |
| 5.50%, 03/09/28<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25801 |
| 5.55%, 09/14/28<sup>(b)</sup> | &nbsp;&nbsp; 230 | 239162 |
| Svenska Handelsbanken AB, 5.50%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25910 |
| Synovus Financial Corp., 6.17%, 11/01/30, (1-day <br> SOFR +2.347%)<sup>(a)</sup><br>| &nbsp;&nbsp; 45 | 46763 |
| Truist Bank |  |  |
| 2.25%, 03/11/30 | &nbsp;&nbsp; 30 | 27324 |
| 3.80%, 10/30/26 | &nbsp;&nbsp; 35 | 34783 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | &nbsp;&nbsp; 100 | 94643 |
| 1.89%, 06/07/29, (1-day SOFR + 0.862%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 93999 |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 85 | 76409 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 190 | 186999 |
| 4.12%, 06/06/28, (1-day SOFR + 1.368%)<sup>(a)</sup> | &nbsp;&nbsp; 130 | 129995 |
| 4.92%, 07/28/33, (1-day SOFR + 2.240%)<sup>(a)</sup> | &nbsp;&nbsp; 95 | 93679 |
| 5.07%, 05/20/31, (1-day SOFR + 1.309%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 20 | 20472 |
| 5.12%, 01/26/34, (1-day SOFR + 1.852%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 105751 |
| 5.15%, 08/05/32, (1-day SOFR + 1.571%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 46295 |
| 5.44%, 01/24/30, (1-day SOFR + 1.620%)<sup>(a)</sup> | &nbsp;&nbsp; 170 | 176076 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 145797 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(a)</sup> | &nbsp;&nbsp; 185 | 194366 |
| 6.12%, 10/28/33, (1-day SOFR + 2.300%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 154831 |
| 7.16%, 10/30/29, (1-day SOFR + 2.446%)<sup>(a)</sup> | &nbsp;&nbsp; 165 | 179094 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; $65 | $56808 |
| 2.22%, 01/27/28, (1-day SOFR + 0.730%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 136130 |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 68806 |
| 2.68%, 01/27/33, (1-day SOFR + 1.020%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 70753 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 120 | 114634 |
| 3.90%, 04/26/28 | &nbsp;&nbsp; 10 | 9984 |
| 4.55%, 07/22/28, (1-day SOFR + 1.660%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 105716 |
| 4.65%, 02/01/29, (1-day SOFR + 1.230%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 146658 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(a)</sup> | &nbsp;&nbsp; 160 | 159076 |
| 4.97%, 07/22/33, (1-day SOFR + 2.110%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 84441 |
| 5.05%, 02/12/31, (1-day SOFR + 1.061%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 143525 |
| 5.08%, 05/15/31, (1-day SOFR + 1.296%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 107925 |
| 5.10%, 07/23/30, (1-day SOFR + 1.250%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 61695 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 118986 |
| 5.42%, 02/12/36, (1-day SOFR + 1.411%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102346 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(a)</sup> | &nbsp;&nbsp; 220 | 229343 |
| 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 114582 |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(a)</sup> | &nbsp;&nbsp; 130 | 137234 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(a)</sup> | &nbsp;&nbsp; 130 | 137461 |
| Series X, 3.15%, 04/27/27 | &nbsp;&nbsp; 170 | 167706 |
| U.S. Bank NA/Cincinnati OH, 4.51%, 10/22/27, (1-day <br> SOFR + 0.690%)<sup>(a)</sup><br>| &nbsp;&nbsp; 265 | 265704 |
| United Overseas Bank Ltd., 3.86%, 10/07/32, (5-year <br> CMT + 1.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 65 | 64341 |
| Webster Financial Corp., 4.10%, 03/25/29 | &nbsp;&nbsp; 70 | 68807 |
| Woori Bank, 4.75%, 01/24/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 203344 |
| Yapi ve Kredi Bankasi A/S, 9.25%, 01/17/34, (5-year <br> CMT + 5.278%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 213307 |
| Zions Bancorp NA, 6.82%, 11/19/35, (1-day SOFR + <br> 2.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5 | 5236 |
|  |  | 37542497 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| JDE Peet's NV |  |  |
| 1.38%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4793 |
| 2.25%, 09/24/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 21788 |
| Keurig Dr Pepper Inc. |  |  |
| 2.25%, 03/15/31 | &nbsp;&nbsp; 30 | 26433 |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 70 | 68826 |
| 3.20%, 05/01/30 | &nbsp;&nbsp; 100 | 94206 |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 65 | 41854 |
| 3.43%, 06/15/27 | &nbsp;&nbsp; 50 | 49194 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 55 | 38878 |
| 3.95%, 04/15/29 | &nbsp;&nbsp; 80 | 78702 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 60 | 57228 |
| 4.42%, 12/15/46 | &nbsp;&nbsp; 35 | 28067 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 60 | 48951 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 75 | 58938 |
| 4.60%, 05/25/28 | &nbsp;&nbsp; 20 | 20090 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 50 | 50021 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 60 | 61121 |
| 5.30%, 03/15/34 | &nbsp;&nbsp; 50 | 50444 |
| Series 10, 5.20%, 03/15/31 | &nbsp;&nbsp; 20 | 20466 |
| Primo Water Holdings Inc./Triton Water Holdings Inc. |  |  |
| 4.38%, 04/30/29<sup>(b)</sup> | &nbsp;&nbsp; 50 | 48293 |
| 6.25%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50246 |
|  |  | 918539 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | &nbsp;&nbsp; 154 | 140104 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 3.15%, 05/01/50 | &nbsp;&nbsp; $120 | $74699 |
| 3.25%, 02/15/51 | &nbsp;&nbsp; 65 | 40935 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 80 | 71713 |
| 5.75%, 05/15/35 | &nbsp;&nbsp; 10 | 10320 |
| 6.45%, 05/15/55 | &nbsp;&nbsp; 100 | 101984 |
| CSL Finance PLC |  |  |
| 3.85%, 04/27/27<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34862 |
| 4.05%, 04/27/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34953 |
| 4.25%, 04/27/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24518 |
| 4.63%, 04/27/42<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8920 |
| 4.75%, 04/27/52<sup>(b)</sup> | &nbsp;&nbsp; 105 | 89770 |
| 5.11%, 04/03/34<sup>(b)</sup> | &nbsp;&nbsp; 45 | 46056 |
| 5.42%, 04/03/54<sup>(b)</sup> | &nbsp;&nbsp; 50 | 46972 |
| Illumina Inc. |  |  |
| 2.55%, 03/23/31 | &nbsp;&nbsp; 75 | 66806 |
| 4.65%, 09/09/26 | &nbsp;&nbsp; 30 | 30067 |
| 5.75%, 12/13/27 | &nbsp;&nbsp; 45 | 46279 |
| Regeneron Pharmaceuticals Inc. |  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 100 | 87948 |
| 2.80%, 09/15/50 | &nbsp;&nbsp; 76 | 45111 |
| Royalty Pharma PLC |  |  |
| 1.75%, 09/02/27 | &nbsp;&nbsp; 60 | 57092 |
| 2.15%, 09/02/31 | &nbsp;&nbsp; 20 | 17384 |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 45 | 40267 |
| 3.30%, 09/02/40 | &nbsp;&nbsp; 30 | 22678 |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 115 | 73841 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 70 | 47210 |
| 5.15%, 09/02/29 | &nbsp;&nbsp; 45 | 46181 |
| 5.90%, 09/02/54 | &nbsp;&nbsp; 40 | 38373 |
|  |  | 1345043 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Boise Cascade Co., 4.88%, 07/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 25 | 24495 |
| Builders FirstSource Inc. |  |  |
| 4.25%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 90 | 84593 |
| 5.00%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34632 |
| 6.38%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51668 |
| 6.38%, 03/01/34<sup>(b)</sup> | &nbsp;&nbsp; 67 | 69114 |
| 6.75%, 05/15/35<sup>(b)</sup> | &nbsp;&nbsp; 75 | 78320 |
| CRH America Finance Inc. |  |  |
| 3.95%, 04/04/28<sup>(b)</sup> | &nbsp;&nbsp; 105 | 104283 |
| 4.40%, 05/09/47<sup>(b)</sup> | &nbsp;&nbsp; 20 | 16578 |
| 4.50%, 04/04/48<sup>(b)</sup> | &nbsp;&nbsp; 21 | 17617 |
| 5.40%, 05/21/34 | &nbsp;&nbsp; 15 | 15404 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 200 | 206384 |
| CRH America Inc., 5.13%, 05/18/45<sup>(b)</sup> | &nbsp;&nbsp; 50 | 45952 |
| CRH SMW Finance DAC, 5.20%, 05/21/29 | &nbsp;&nbsp; 10 | 10319 |
| Fortune Brands Innovations Inc. |  |  |
| 3.25%, 09/15/29 | &nbsp;&nbsp; 72 | 68867 |
| 5.88%, 06/01/33 | &nbsp;&nbsp; 60 | 63345 |
| Griffon Corp., 5.75%, 03/01/28<sup>(c)</sup> | &nbsp;&nbsp; 65 | 64872 |
| James Hardie International Finance DAC, 5.00%, <br> 01/15/28<sup>(b)</sup><br>| &nbsp;&nbsp; 30 | 29616 |
| Jeld-Wen Inc. |  |  |
| 4.88%, 12/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 40 | 39352 |
| 7.00%, 09/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 25 | 21600 |
| JH North America Holdings Inc., 5.88%, 01/31/31<sup>(b)</sup> | &nbsp;&nbsp; 100 | 101070 |
| Knife River Corp., 7.75%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31513 |
| Lennox International Inc., 1.70%, 08/01/27 | &nbsp;&nbsp; 57 | 54360 |
| Louisiana-Pacific Corp., 3.63%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24092 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 77 | 68661 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 3.20%, 07/15/51 | &nbsp;&nbsp; $75 | $49743 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 30 | 29629 |
| 3.50%, 12/15/27 | &nbsp;&nbsp; 55 | 54262 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 40 | 32541 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 95 | 95574 |
| Series CB, 2.50%, 03/15/30 | &nbsp;&nbsp; 57 | 52850 |
| Masco Corp. |  |  |
| 2.00%, 10/01/30 | &nbsp;&nbsp; 100 | 89167 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 40 | 34951 |
| 3.13%, 02/15/51 | &nbsp;&nbsp; 20 | 12365 |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 45 | 44326 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 35 | 28319 |
| Mohawk Industries Inc. |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 40 | 38506 |
| 5.85%, 09/18/28 | &nbsp;&nbsp; 25 | 26112 |
| Owens Corning |  |  |
| 3.50%, 02/15/30 | &nbsp;&nbsp; 60 | 57970 |
| 3.88%, 06/01/30<sup>(c)</sup> | &nbsp;&nbsp; 40 | 39034 |
| 3.95%, 08/15/29 | &nbsp;&nbsp; 5 | 4938 |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 55 | 44588 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 25 | 20421 |
| 5.70%, 06/15/34 | &nbsp;&nbsp; 30 | 31384 |
| 5.95%, 06/15/54<sup>(c)</sup> | &nbsp;&nbsp; 115 | 115160 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 25 | 28459 |
| Trane Technologies Financing Ltd. |  |  |
| 3.80%, 03/21/29 | &nbsp;&nbsp; 73 | 72268 |
| 4.50%, 03/21/49 | &nbsp;&nbsp; 34 | 28656 |
| 4.65%, 11/01/44 | &nbsp;&nbsp; 30 | 26665 |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 60 | 61247 |
| 5.25%, 03/03/33 | &nbsp;&nbsp; 40 | 41321 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 3.75%, 08/21/28 | &nbsp;&nbsp; 47 | 46826 |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 27 | 22422 |
| 5.75%, 06/15/43 | &nbsp;&nbsp; 20 | 20573 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 90 | 86869 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 32 | 27053 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 50 | 43296 |
| 4.95%, 12/01/29 | &nbsp;&nbsp; 5 | 5123 |
| 5.35%, 12/01/34 | &nbsp;&nbsp; 150 | 153364 |
| 5.70%, 12/01/54 | &nbsp;&nbsp; 70 | 69245 |
|  |  | 2961934 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Liquide Finance SA |  |  |
| 2.25%, 09/10/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23424 |
| 2.50%, 09/27/26<sup>(b)</sup> | &nbsp;&nbsp; 55 | 54075 |
| 3.50%, 09/27/46<sup>(b)</sup> | &nbsp;&nbsp; 50 | 37899 |
| Air Products and Chemicals Inc. |  |  |
| 1.85%, 05/15/27 | &nbsp;&nbsp; 58 | 56027 |
| 2.05%, 05/15/30 | &nbsp;&nbsp; 69 | 62930 |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 75 | 54860 |
| 2.80%, 05/15/50 | &nbsp;&nbsp; 75 | 46762 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 40 | 40690 |
| 4.75%, 02/08/31 | &nbsp;&nbsp; 5 | 5115 |
| 4.80%, 03/03/33 | &nbsp;&nbsp; 45 | 45441 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 100 | 100596 |
| Ashland Inc. |  |  |
| 3.38%, 09/01/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26704 |
| 6.88%, 05/15/43 | &nbsp;&nbsp; 20 | 20977 |
| Avient Corp. |  |  |
| 6.25%, 11/01/31<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50948 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 7.13%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; $50 | $51666 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br> 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 35 | 36824 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 52024 |
| Axalta Coating Systems LLC/Axalta Coating Systems <br> Dutch Holding B BV, 4.75%, 06/15/27<sup>(b)</sup><br>| &nbsp;&nbsp; 30 | 29913 |
| Cabot Corp., 4.00%, 07/01/29 | &nbsp;&nbsp; 15 | 14834 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 55 | 49182 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 65 | 64773 |
| 5.38%, 03/15/44 | &nbsp;&nbsp; 60 | 56163 |
| FMC Corp. |  |  |
| 3.45%, 10/01/29 | &nbsp;&nbsp; 60 | 56750 |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 55 | 40955 |
| 5.65%, 05/18/33 | &nbsp;&nbsp; 55 | 54736 |
| 6.38%, 05/18/53<sup>(c)</sup> | &nbsp;&nbsp; 35 | 33626 |
| 8.45%, 11/01/55, (5-year CMT + 4.366%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 52048 |
| HB Fuller Co. |  |  |
| 4.00%, 02/15/27 | &nbsp;&nbsp; 30 | 29598 |
| 4.25%, 10/15/28 | &nbsp;&nbsp; 20 | 19419 |
| Huntsman International LLC |  |  |
| 2.95%, 06/15/31 | &nbsp;&nbsp; 40 | 34200 |
| 4.50%, 05/01/29 | &nbsp;&nbsp; 25 | 24028 |
| 5.70%, 10/15/34 | &nbsp;&nbsp; 10 | 9259 |
| International Flavors & Fragrances Inc. |  |  |
| 1.83%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 73 | 69287 |
| 2.30%, 11/01/30<sup>(b)</sup> | &nbsp;&nbsp; 47 | 42013 |
| 3.27%, 11/15/40<sup>(b)</sup> | &nbsp;&nbsp; 22 | 16469 |
| 3.47%, 12/01/50<sup>(b)</sup> | &nbsp;&nbsp; 45 | 30126 |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 55 | 42647 |
| 4.45%, 09/26/28 | &nbsp;&nbsp; 25 | 25114 |
| 5.00%, 09/26/48 | &nbsp;&nbsp; 60 | 51692 |
| Linde Inc./CT |  |  |
| 1.10%, 08/10/30 | &nbsp;&nbsp; 54 | 46855 |
| 2.00%, 08/10/50 | &nbsp;&nbsp; 10 | 5199 |
| 3.55%, 11/07/42 | &nbsp;&nbsp; 30 | 23797 |
| Mosaic Co. (The) |  |  |
| 4.05%, 11/15/27 | &nbsp;&nbsp; 85 | 84573 |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 25 | 22204 |
| 5.38%, 11/15/28 | &nbsp;&nbsp; 35 | 36069 |
| 5.45%, 11/15/33 | &nbsp;&nbsp; 25 | 25637 |
| 5.63%, 11/15/43 | &nbsp;&nbsp; 50 | 48009 |
| Nutrien Ltd. |  |  |
| 2.95%, 05/13/30 | &nbsp;&nbsp; 94 | 88436 |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 60 | 44742 |
| 4.00%, 12/15/26 | &nbsp;&nbsp; 35 | 34900 |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 30 | 27456 |
| 4.20%, 04/01/29 | &nbsp;&nbsp; 85 | 84754 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 30 | 26837 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 56 | 49592 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 40 | 37092 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 30 | 29779 |
| 5.80%, 03/27/53 | &nbsp;&nbsp; 45 | 44309 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 40 | 41683 |
| PPG Industries Inc. |  |  |
| 2.55%, 06/15/30 | &nbsp;&nbsp; 75 | 69208 |
| 3.75%, 03/15/28 | &nbsp;&nbsp; 134 | 132788 |
| RPM International Inc. |  |  |
| 4.25%, 01/15/48 | &nbsp;&nbsp; 45 | 36996 |
| 4.55%, 03/01/29 | &nbsp;&nbsp; 15 | 15090 |
| 5.25%, 06/01/45 | &nbsp;&nbsp; 10 | 9282 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Sherwin-Williams Co. (The) |  |  |
| 2.20%, 03/15/32 | &nbsp;&nbsp; $30 | $25970 |
| 2.30%, 05/15/30 | &nbsp;&nbsp; 95 | 87053 |
| 2.90%, 03/15/52 | &nbsp;&nbsp; 35 | 21210 |
| 2.95%, 08/15/29 | &nbsp;&nbsp; 95 | 90426 |
| 3.30%, 05/15/50 | &nbsp;&nbsp; 55 | 37032 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 169 | 167050 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 50 | 36942 |
| 4.00%, 12/15/42 | &nbsp;&nbsp; 5 | 4067 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 100 | 100547 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 100 | 84095 |
| 4.55%, 03/01/28 | &nbsp;&nbsp; 20 | 20193 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 21 | 17920 |
| 4.80%, 09/01/31 | &nbsp;&nbsp; 5 | 5103 |
| Sociedad Quimica y Minera de Chile SA, 4.25%, <br> 05/07/29<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 198242 |
| Tronox Inc., 4.63%, 03/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 75 | 55317 |
| Yara International ASA |  |  |
| 3.15%, 06/04/30<sup>(b)</sup> | &nbsp;&nbsp; 85 | 79706 |
| 4.75%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 92 | 92575 |
| 7.38%, 11/14/32<sup>(d)</sup> | &nbsp;&nbsp; 100 | 112411 |
|  |  | 3914940 |
| **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** |
| ADT Security Corp. (The) |  |  |
| 4.13%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 67705 |
| 4.88%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 48176 |
| AMN Healthcare Inc. |  |  |
| 4.00%, 04/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 25 | 23337 |
| 4.63%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39358 |
| Ashtead Capital Inc. |  |  |
| 2.45%, 08/12/31<sup>(b)</sup> | &nbsp;&nbsp; 70 | 61324 |
| 4.00%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 75 | 74122 |
| 4.25%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4925 |
| 4.38%, 08/15/27<sup>(b)</sup> | &nbsp;&nbsp; 45 | 44865 |
| 5.50%, 08/11/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10224 |
| 5.55%, 05/30/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30540 |
| 5.80%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31037 |
| 5.95%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 200 | 209224 |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; 61 | 53289 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 92 | 87040 |
| 4.45%, 09/09/34 | &nbsp;&nbsp; 95 | 93392 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 150 | 153265 |
| Avis Budget Car Rental LLC / Avis Budget <br> Finance Inc., 8.38%, 06/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 52186 |
| Avis Budget Car Rental LLC/Avis Budget Finance Inc. |  |  |
| 4.75%, 04/01/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 30 | 29058 |
| 5.38%, 03/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 40 | 38801 |
| 5.75%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29881 |
| 5.75%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 26 | 25865 |
| 8.00%, 02/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 35 | 36172 |
| 8.25%, 01/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 47 | 48687 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 75 | 75955 |
| Block Financial LLC |  |  |
| 2.50%, 07/15/28 | &nbsp;&nbsp; 55 | 52115 |
| 3.88%, 08/15/30 | &nbsp;&nbsp; 45 | 43215 |
| Cimpress PLC, 7.38%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40149 |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/27 | &nbsp;&nbsp; 170 | 169160 |
| 4.00%, 05/01/32 | &nbsp;&nbsp; 70 | 68044 |
| 4.20%, 05/01/28 | &nbsp;&nbsp; 30 | 30145 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; $60 | $57903 |
| 4.88%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 60 | 56771 |
| Deluxe Corp. |  |  |
| 8.00%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39773 |
| 8.13%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36538 |
| Element Fleet Management Corp., 6.32%, 12/04/28<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10587 |
| Equifax Inc. |  |  |
| 4.80%, 09/15/29 | &nbsp;&nbsp; 95 | 96510 |
| 5.10%, 12/15/27 | &nbsp;&nbsp; 25 | 25470 |
| Global Payments Inc. |  |  |
| 2.15%, 01/15/27 | &nbsp;&nbsp; 80 | 77758 |
| 2.90%, 05/15/30 | &nbsp;&nbsp; 85 | 78566 |
| 2.90%, 11/15/31 | &nbsp;&nbsp; 70 | 62623 |
| 3.20%, 08/15/29 | &nbsp;&nbsp; 115 | 109140 |
| 4.15%, 08/15/49 | &nbsp;&nbsp; 30 | 22117 |
| 4.45%, 06/01/28 | &nbsp;&nbsp; 150 | 150381 |
| 5.30%, 08/15/29 | &nbsp;&nbsp; 10 | 10238 |
| 5.40%, 08/15/32 | &nbsp;&nbsp; 60 | 61063 |
| 5.95%, 08/15/52 | &nbsp;&nbsp; 85 | 80878 |
| GXO Logistics Inc. |  |  |
| 2.65%, 07/15/31 | &nbsp;&nbsp; 65 | 57613 |
| 6.25%, 05/06/29 | &nbsp;&nbsp; 60 | 62915 |
| 6.50%, 05/06/34 | &nbsp;&nbsp; 30 | 31743 |
| Herc Holdings Inc. |  |  |
| 5.50%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 96 | 95894 |
| 6.63%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51510 |
| 7.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 125 | 130089 |
| 7.25%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 104870 |
| Hertz Corp. (The) |  |  |
| 4.63%, 12/01/26<sup>(b)</sup> | &nbsp;&nbsp; 35 | 32467 |
| 5.00%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 75 | 53893 |
| 12.63%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 94 | 97434 |
| Korn Ferry, 4.63%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29628 |
| Matthews International Corp., 8.63%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20724 |
| Moody's Corp. |  |  |
| 2.00%, 08/19/31 | &nbsp;&nbsp; 50 | 43930 |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 35 | 21541 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 27 | 26563 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 40 | 26602 |
| 3.75%, 02/25/52 | &nbsp;&nbsp; 25 | 18344 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 67 | 67300 |
| 4.25%, 08/08/32 | &nbsp;&nbsp; 25 | 24601 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 34 | 30249 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 60 | 57467 |
| NESCO Holdings II Inc., 5.50%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 68312 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 95 | 87209 |
| 2.65%, 10/01/26 | &nbsp;&nbsp; 70 | 68909 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 149 | 142047 |
| 3.25%, 06/01/50 | &nbsp;&nbsp; 92 | 62566 |
| 3.90%, 06/01/27 | &nbsp;&nbsp; 20 | 19979 |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 70 | 69496 |
| 5.05%, 06/01/52 | &nbsp;&nbsp; 55 | 50254 |
| 5.10%, 04/01/35 | &nbsp;&nbsp; 10 | 10121 |
| 5.15%, 06/01/34 | &nbsp;&nbsp; 90 | 91935 |
| 5.25%, 06/01/62 | &nbsp;&nbsp; 40 | 36763 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 40 | 38856 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Prime Security Services Borrower LLC/Prime <br> Finance Inc.<br>|  |  |
| 3.38%, 08/31/27<sup>(b)</sup> | &nbsp;&nbsp; $70 | $67930 |
| 6.25%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 105 | 105046 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 95 | 82550 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 66 | 61452 |
| 3.05%, 10/01/41 | &nbsp;&nbsp; 40 | 28763 |
| 4.75%, 08/09/27 | &nbsp;&nbsp; 10 | 10105 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 100 | 94843 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 75 | 74699 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 115 | 117437 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 10 | 10226 |
| RR Donnelley & Sons Co., 8.50%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 26 | 25932 |
| S&P Global Inc. |  |  |
| 1.25%, 08/15/30 | &nbsp;&nbsp; 69 | 60008 |
| 2.30%, 08/15/60 | &nbsp;&nbsp; 40 | 20084 |
| 2.45%, 03/01/27 | &nbsp;&nbsp; 95 | 92812 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 50 | 46849 |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 140 | 133882 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 90 | 82254 |
| 2.95%, 01/22/27 | &nbsp;&nbsp; 32 | 31515 |
| 3.25%, 12/01/49 | &nbsp;&nbsp; 50 | 34787 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 85 | 63462 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 30 | 22292 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 100 | 100655 |
| 4.75%, 08/01/28 | &nbsp;&nbsp; 60 | 61182 |
| 5.25%, 09/15/33 | &nbsp;&nbsp; 10 | 10428 |
| Service Corp. International/U.S. |  |  |
| 3.38%, 08/15/30 | &nbsp;&nbsp; 55 | 50766 |
| 4.00%, 05/15/31 | &nbsp;&nbsp; 55 | 51701 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; 35 | 34856 |
| 5.13%, 06/01/29 | &nbsp;&nbsp; 50 | 49775 |
| 5.75%, 10/15/32 | &nbsp;&nbsp; 55 | 55601 |
| 7.50%, 04/01/27<sup>(c)</sup> | &nbsp;&nbsp; 15 | 15560 |
| TR Finance LLC |  |  |
| 5.50%, 08/15/35 | &nbsp;&nbsp; 30 | 30719 |
| 5.65%, 11/23/43 | &nbsp;&nbsp; 5 | 4924 |
| 5.85%, 04/15/40 | &nbsp;&nbsp; 37 | 38044 |
| Transurban Finance Co. Pty. Ltd. |  |  |
| 2.45%, 03/16/31<sup>(b)</sup> | &nbsp;&nbsp; 62 | 55833 |
| 3.38%, 03/22/27<sup>(b)</sup> | &nbsp;&nbsp; 55 | 54387 |
| TriNet Group Inc. |  |  |
| 3.50%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 32790 |
| 7.13%, 08/15/31<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36402 |
| Valvoline Inc., 3.63%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 35 | 31935 |
| Verisk Analytics Inc. |  |  |
| 3.63%, 05/15/50<sup>(c)</sup> | &nbsp;&nbsp; 40 | 28621 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 65 | 64967 |
| 5.13%, 02/15/36 | &nbsp;&nbsp; 100 | 99348 |
| 5.25%, 06/05/34 | &nbsp;&nbsp; 55 | 56149 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 10 | 10080 |
| 5.50%, 06/15/45 | &nbsp;&nbsp; 22 | 21208 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 25 | 26387 |
| VM Consolidated Inc., 5.50%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 27 | 26797 |
| WEX Inc., 6.50%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51197 |
| ZipRecruiter Inc., 5.00%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 40 | 32364 |
|  |  | 6979000 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | &nbsp;&nbsp; $25 | $25001 |
| 4.05%, 10/04/29 | &nbsp;&nbsp; 100 | 99909 |
| 4.25%, 10/04/31 | &nbsp;&nbsp; 160 | 159370 |
| 4.50%, 10/04/34 | &nbsp;&nbsp; 135 | 131779 |
| ASGN Inc., 4.63%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39138 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28<sup>(b)</sup> | &nbsp;&nbsp; 90 | 88078 |
| 4.00%, 07/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 75 | 73171 |
| 5.95%, 04/15/35<sup>(c)</sup> | &nbsp;&nbsp; 5 | 5156 |
| CACI International Inc., 6.38%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 75 | 77483 |
| CGI Inc. |  |  |
| 1.45%, 09/14/26 | &nbsp;&nbsp; 70 | 68063 |
| 2.30%, 09/14/31 | &nbsp;&nbsp; 50 | 43934 |
| Crane NXT Co., 4.20%, 03/15/48 | &nbsp;&nbsp; 25 | 15152 |
| Diebold Nixdorf Inc., 7.75%, 03/31/30<sup>(b)</sup> | &nbsp;&nbsp; 65 | 68929 |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/26 | &nbsp;&nbsp; 40 | 38880 |
| 2.38%, 09/15/28 | &nbsp;&nbsp; 70 | 65674 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp; 42 | 37420 |
| Gartner Inc. |  |  |
| 3.63%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 62090 |
| 3.75%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 80 | 75292 |
| 4.50%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 100 | 98929 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27 | &nbsp;&nbsp; 110 | 110497 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 100 | 100137 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 150 | 150964 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 115 | 115872 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 190 | 186662 |
| 5.25%, 07/01/28 | &nbsp;&nbsp; 35 | 36001 |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 60 | 55312 |
| 6.20%, 10/15/35 | &nbsp;&nbsp; 80 | 85371 |
| 6.35%, 10/15/45 | &nbsp;&nbsp; 110 | 113279 |
| Insight Enterprises Inc., 6.63%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36108 |
| Kyndryl Holdings Inc. |  |  |
| 2.05%, 10/15/26 | &nbsp;&nbsp; 45 | 43794 |
| 3.15%, 10/15/31 | &nbsp;&nbsp; 10 | 9048 |
| 4.10%, 10/15/41 | &nbsp;&nbsp; 60 | 47365 |
| 6.35%, 02/20/34 | &nbsp;&nbsp; 30 | 31743 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49288 |
| 5.13%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 27 | 26688 |
| NetApp Inc. |  |  |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 82 | 75578 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 40 | 41196 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| 4.09%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 33273 |
| 4.13%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13676 |
| 5.75%, 12/01/34<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38903 |
| 8.25%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 37213 |
| 8.50%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 35 | 37147 |
| 9.63%, 12/01/32<sup>(b)</sup> | &nbsp;&nbsp; 51 | 57789 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | &nbsp;&nbsp; 65 | 61173 |
| 3.10%, 02/01/32 | &nbsp;&nbsp; 50 | 44585 |
|  |  | 2912110 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Coty Inc./HFC Prestige Products Inc./HFC Prestige <br> International U.S. LLC<br>|  |  |
| 4.75%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; $10 | $9798 |
| 6.63%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10253 |
| Edgewell Personal Care Co. |  |  |
| 4.13%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 33342 |
| 5.50%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49783 |
| Estee Lauder Companies Inc. (The) |  |  |
| 1.95%, 03/15/31 | &nbsp;&nbsp; 35 | 30848 |
| 2.38%, 12/01/29 | &nbsp;&nbsp; 59 | 54767 |
| 2.60%, 04/15/30 | &nbsp;&nbsp; 105 | 97591 |
| 3.13%, 12/01/49 | &nbsp;&nbsp; 60 | 38525 |
| 3.15%, 03/15/27 | &nbsp;&nbsp; 78 | 76912 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 45 | 35500 |
| 4.38%, 05/15/28 | &nbsp;&nbsp; 5 | 5034 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 45 | 36975 |
| 4.65%, 05/15/33 | &nbsp;&nbsp; 10 | 9931 |
| 5.00%, 02/14/34 | &nbsp;&nbsp; 55 | 55450 |
| 5.15%, 05/15/53 | &nbsp;&nbsp; 50 | 47389 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 15 | 16068 |
| Kenvue Inc. |  |  |
| 4.85%, 05/22/32 | &nbsp;&nbsp; 15 | 15268 |
| 4.90%, 03/22/33 | &nbsp;&nbsp; 80 | 81271 |
| 5.05%, 03/22/28 | &nbsp;&nbsp; 225 | 230702 |
| 5.05%, 03/22/53 | &nbsp;&nbsp; 170 | 155019 |
| 5.10%, 03/22/43 | &nbsp;&nbsp; 15 | 14388 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 55 | 49847 |
| Perrigo Finance Unlimited Co. |  |  |
| 4.90%, 06/15/30 | &nbsp;&nbsp; 50 | 48956 |
| 4.90%, 12/15/44 | &nbsp;&nbsp; 20 | 15923 |
| 6.13%, 09/30/32 | &nbsp;&nbsp; 50 | 50330 |
|  |  | 1269870 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| Ferguson Finance PLC |  |  |
| 3.25%, 06/02/30<sup>(b)</sup> | &nbsp;&nbsp; 45 | 42595 |
| 4.25%, 04/20/27<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14954 |
| 4.50%, 10/24/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50195 |
| 4.65%, 04/20/32<sup>(b)</sup> | &nbsp;&nbsp; 90 | 88826 |
| Gates Corp./DE, 6.88%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36401 |
| LKQ Corp. |  |  |
| 5.75%, 06/15/28 | &nbsp;&nbsp; 55 | 56803 |
| 6.25%, 06/15/33 | &nbsp;&nbsp; 40 | 42280 |
| RB Global Holdings Inc. |  |  |
| 6.75%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35820 |
| 7.75%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 55 | 57794 |
| Resideo Funding Inc. |  |  |
| 4.00%, 09/01/29<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19165 |
| 6.50%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51128 |
|  |  | 495961 |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26 | &nbsp;&nbsp; 455 | 445582 |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 200 | 192372 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 280 | 256280 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 150 | 133399 |
| 3.65%, 07/21/27 | &nbsp;&nbsp; 155 | 153486 |
| 3.85%, 10/29/41 | &nbsp;&nbsp; 150 | 120862 |
| 3.88%, 01/23/28 | &nbsp;&nbsp; 160 | 158721 |
| 4.63%, 10/15/27 | &nbsp;&nbsp; 150 | 151014 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 4.63%, 09/10/29 | &nbsp;&nbsp; $165 | $166396 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 15 | 14789 |
| 5.10%, 01/19/29 | &nbsp;&nbsp; 165 | 168877 |
| 5.30%, 01/19/34 | &nbsp;&nbsp; 15 | 15199 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 10 | 10330 |
| 5.75%, 06/06/28 | &nbsp;&nbsp; 165 | 171097 |
| 6.15%, 09/30/30 | &nbsp;&nbsp; 25 | 26799 |
| 6.45%, 04/15/27 | &nbsp;&nbsp; 165 | 170334 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(a)</sup> | &nbsp;&nbsp; 155 | 162220 |
| Affiliated Managers Group Inc. |  |  |
| 3.30%, 06/15/30 | &nbsp;&nbsp; 65 | 61776 |
| 5.50%, 08/20/34 | &nbsp;&nbsp; 15 | 15231 |
| Air Lease Corp. |  |  |
| 2.10%, 09/01/28 | &nbsp;&nbsp; 55 | 51703 |
| 2.20%, 01/15/27 | &nbsp;&nbsp; 10 | 9732 |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 30 | 26891 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 80 | 75516 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 70 | 65415 |
| 3.25%, 10/01/29 | &nbsp;&nbsp; 5 | 4788 |
| 4.63%, 10/01/28 | &nbsp;&nbsp; 50 | 50515 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 5 | 5136 |
| 5.20%, 07/15/31 | &nbsp;&nbsp; 5 | 5142 |
| 5.85%, 12/15/27 | &nbsp;&nbsp; 60 | 62127 |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28 | &nbsp;&nbsp; 75 | 69969 |
| 4.75%, 06/09/27 | &nbsp;&nbsp; 50 | 50225 |
| 5.54%, 01/17/31, (1-day SOFR Index + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15346 |
| 5.74%, 05/15/29, (1-day SOFR Index + 1.960%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 107724 |
| 6.18%, 07/26/35, (1-day SOFR + 2.290%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 72008 |
| 6.65%, 01/17/40, (5-year CMT + 2.450%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 34783 |
| 6.70%, 02/14/33<sup>(c)</sup> | &nbsp;&nbsp; 35 | 36385 |
| 6.85%, 01/03/30, (1-day SOFR + 2.282%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 37154 |
| 6.99%, 06/13/29, (1-day SOFR + 3.260%)<sup>(a)</sup> | &nbsp;&nbsp; 90 | 95232 |
| 7.10%, 11/15/27 | &nbsp;&nbsp; 45 | 47453 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 230 | 262983 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 120 | 116654 |
| 2.55%, 03/04/27 | &nbsp;&nbsp; 155 | 151561 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 159 | 157138 |
| 4.05%, 05/03/29 | &nbsp;&nbsp; 145 | 145369 |
| 4.05%, 12/03/42 | &nbsp;&nbsp; 95 | 80385 |
| 4.42%, 08/03/33, (1-day SOFR + 1.760%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 113024 |
| 4.73%, 04/25/29, (1-day SOFR + 1.260%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 203071 |
| 4.99%, 05/26/33, (1-day SOFR + 2.255%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 85677 |
| 5.02%, 04/25/31, (1-day SOFR + 1.440%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 123250 |
| 5.04%, 05/01/34, (1-day SOFR + 1.835%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 111645 |
| 5.09%, 01/30/31, (1-day SOFR Index + 1.020%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 123599 |
| 5.10%, 02/16/28, (1-day SOFR + 1.000%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 146723 |
| 5.28%, 07/27/29, (1-day SOFR Index + 1.280%)<sup>(a)</sup> | &nbsp;&nbsp; 175 | 180459 |
| 5.28%, 07/26/35, (1-day SOFR + 1.420%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 61140 |
| 5.44%, 01/30/36, (1-day SOFR Index + 1.320%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 154140 |
| 5.53%, 04/25/30, (1-day SOFR Index + 1.090%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 52185 |
| 5.63%, 07/28/34, (1-day SOFR + 1.930%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20683 |
| 5.67%, 04/25/36, (1-day SOFR + 1.790%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 114854 |
| 5.85%, 11/05/27 | &nbsp;&nbsp; 10 | 10375 |
| 5.92%, 04/25/35, (1-day SOFR + 1.630%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 79055 |
| 6.49%, 10/30/31, (1-day SOFR + 1.940%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5469 |
| American Express Credit Corp., 3.30%, 05/03/27 | &nbsp;&nbsp; 60 | 59354 |
| Ameriprise Financial Inc. |  |  |
| 2.88%, 09/15/26 | &nbsp;&nbsp; 75 | 74036 |
| 4.50%, 05/13/32 | &nbsp;&nbsp; 70 | 69839 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.15%, 05/15/33 | &nbsp;&nbsp; $55 | $56529 |
| 5.70%, 12/15/28 | &nbsp;&nbsp; 40 | 41904 |
| Apollo Global Management Inc. |  |  |
| 5.80%, 05/21/54 | &nbsp;&nbsp; 60 | 58929 |
| 6.00%, 12/15/54, (5-year CMT + 2.168%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 40 | 39786 |
| 6.38%, 11/15/33 | &nbsp;&nbsp; 55 | 60348 |
| Ares Finance Co. II LLC, 3.25%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 115 | 108418 |
| Ares Finance Co. IV LLC, 3.65%, 02/01/52<sup>(b)</sup> | &nbsp;&nbsp; 25 | 17267 |
| Ares Management Corp., 5.60%, 10/11/54 | &nbsp;&nbsp; 60 | 56267 |
| BOC Aviation Ltd., 2.63%, 09/17/30<sup>(b)</sup> | &nbsp;&nbsp; 200 | 185700 |
| BOC Aviation USA Corp., 5.75%, 11/09/28<sup>(d)</sup> | &nbsp;&nbsp; 200 | 209161 |
| Bread Financial Holdings Inc. |  |  |
| 8.38%, 06/15/35, (5-year CMT + 4.300%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 25 | 25764 |
| 9.75%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 69453 |
| Burford Capital Global Finance LLC, 9.25%, <br> 07/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 75 | 79823 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + 0.855%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 58304 |
| 2.36%, 07/29/32, (1-day SOFR + 1.337%)<sup>(a)</sup> | &nbsp;&nbsp; 130 | 111917 |
| 3.27%, 03/01/30, (1-day SOFR + 1.790%)<sup>(a)</sup> | &nbsp;&nbsp; 140 | 134949 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 150 | 148639 |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 100 | 99784 |
| 4.93%, 05/10/28, (1-day SOFR + 2.057%)<sup>(a)</sup> | &nbsp;&nbsp; 165 | 166685 |
| 5.27%, 05/10/33, (1-day SOFR + 2.370%)<sup>(a)</sup> | &nbsp;&nbsp; 135 | 137360 |
| 5.46%, 07/26/30, (1-day SOFR +1.560%)<sup>(a)</sup> | &nbsp;&nbsp; 120 | 124205 |
| 5.47%, 02/01/29, (1-day SOFR + 2.080%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 118042 |
| 5.70%, 02/01/30, (1-day SOFR + 1.905%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 67477 |
| 5.82%, 02/01/34, (1-day SOFR + 2.600%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 62383 |
| 5.88%, 07/26/35, (1-day SOFR +1.990%)<sup>(a)</sup> | &nbsp;&nbsp; 170 | 176721 |
| 6.05%, 02/01/35, (1-day SOFR + 2.260%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 42128 |
| 6.18%, 01/30/36, (1-day SOFR + 2.036%)<sup>(a)</sup> | &nbsp;&nbsp; 115 | 118676 |
| 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(a)</sup> | &nbsp;&nbsp; 210 | 220429 |
| 6.38%, 06/08/34, (1-day SOFR + 2.860%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 161040 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 60 | 66007 |
| 7.15%, 10/29/27, (1-day SOFR + 2.440%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 108184 |
| 7.62%, 10/30/31, (1-day SOFR + 3.070%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 96412 |
| 7.96%, 11/02/34, (1-day SOFR Index + 3.370%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 75995 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30 | &nbsp;&nbsp; 20 | 17572 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 65 | 59287 |
| 3.65%, 01/12/27 | &nbsp;&nbsp; 85 | 84488 |
| CCBL Cayman 1 Corp. Ltd., 1.60%, 09/15/26<sup>(d)</sup> | &nbsp;&nbsp; 200 | 194641 |
| Charles Schwab Corp. (The) |  |  |
| 1.65%, 03/11/31 | &nbsp;&nbsp; 110 | 95423 |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 95 | 82231 |
| 2.00%, 03/20/28 | &nbsp;&nbsp; 120 | 114407 |
| 2.30%, 05/13/31 | &nbsp;&nbsp; 60 | 53964 |
| 2.45%, 03/03/27 | &nbsp;&nbsp; 45 | 43965 |
| 2.75%, 10/01/29 | &nbsp;&nbsp; 60 | 57025 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 60 | 54357 |
| 3.20%, 03/02/27 | &nbsp;&nbsp; 65 | 64172 |
| 3.20%, 01/25/28 | &nbsp;&nbsp; 100 | 98136 |
| 3.25%, 05/22/29 | &nbsp;&nbsp; 50 | 48648 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 45 | 44510 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 50 | 49973 |
| 4.63%, 03/22/30 | &nbsp;&nbsp; 105 | 107261 |
| 5.64%, 05/19/29, (1-day SOFR + 2.210%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 208024 |
| 5.85%, 05/19/34, (1-day SOFR + 2.500%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 74583 |
| 6.14%, 08/24/34, (1-day SOFR + 2.010%)<sup>(a)</sup> | &nbsp;&nbsp; 125 | 135667 |
| 6.20%, 11/17/29, (1-day SOFR + 1.878%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 111706 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| CICC Hong Kong Finance 2016 MTN Ltd., 5.01%, <br> 01/18/27<sup>(d)</sup><br>| &nbsp;&nbsp; $200 | $201874 |
| CMB International Leasing Management Ltd., 5.12%, <br> 06/04/27, (1-day SOFR + 0.760%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 200259 |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 80 | 72110 |
| 3.75%, 06/15/28 | &nbsp;&nbsp; 95 | 94660 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 40 | 33309 |
| 4.40%, 03/15/30 | &nbsp;&nbsp; 10 | 10105 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 70 | 69953 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50898 |
| Encore Capital Group Inc. |  |  |
| 8.50%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36975 |
| 9.25%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 45 | 47649 |
| Far East Horizon Ltd., 5.88%, 03/05/28<sup>(d)</sup> | &nbsp;&nbsp; 200 | 202461 |
| Franklin Resources Inc. |  |  |
| 1.60%, 10/30/30 | &nbsp;&nbsp; 65 | 56992 |
| 2.95%, 08/12/51 | &nbsp;&nbsp; 45 | 27618 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 160 | 134090 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 90 | 81681 |
| 2.65%, 09/15/40 | &nbsp;&nbsp; 112 | 81869 |
| 3.00%, 06/15/50 | &nbsp;&nbsp; 95 | 61729 |
| 3.00%, 09/15/60 | &nbsp;&nbsp; 115 | 68890 |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 69 | 67706 |
| 3.63%, 09/01/28 | &nbsp;&nbsp; 150 | 148011 |
| 3.75%, 09/21/28 | &nbsp;&nbsp; 35 | 34685 |
| 4.00%, 09/15/27 | &nbsp;&nbsp; 115 | 114894 |
| 4.25%, 09/21/48 | &nbsp;&nbsp; 82 | 67620 |
| 4.35%, 06/15/29 | &nbsp;&nbsp; 5 | 5040 |
| 4.60%, 03/15/33 | &nbsp;&nbsp; 130 | 129933 |
| 4.95%, 06/15/52 | &nbsp;&nbsp; 110 | 98759 |
| 5.20%, 06/15/62 | &nbsp;&nbsp; 75 | 68799 |
| 5.25%, 06/15/31 | &nbsp;&nbsp; 55 | 57547 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 25 | 24934 |
| Lazard Group LLC |  |  |
| 4.38%, 03/11/29 | &nbsp;&nbsp; 50 | 49962 |
| 4.50%, 09/19/28 | &nbsp;&nbsp; 15 | 15077 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 25 | 26476 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 34 | 33425 |
| LPL Holdings Inc. |  |  |
| 4.00%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 75 | 73368 |
| 4.38%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38753 |
| 4.63%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 65 | 65001 |
| 4.90%, 04/03/28 | &nbsp;&nbsp; 5 | 5060 |
| 5.20%, 03/15/30 | &nbsp;&nbsp; 20 | 20435 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 55 | 55588 |
| 5.70%, 05/20/27 | &nbsp;&nbsp; 55 | 56057 |
| 5.75%, 06/15/35 | &nbsp;&nbsp; 40 | 40646 |
| 6.00%, 05/20/34 | &nbsp;&nbsp; 45 | 46554 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 60 | 64235 |
| LSEG U.S. Fin Corp., 5.30%, 03/28/34<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30730 |
| LSEGA Financing PLC |  |  |
| 2.00%, 04/06/28<sup>(b)</sup> | &nbsp;&nbsp; 245 | 232057 |
| 2.50%, 04/06/31<sup>(b)</sup> | &nbsp;&nbsp; 50 | 45082 |
| 3.20%, 04/06/41<sup>(b)</sup> | &nbsp;&nbsp; 35 | 26600 |
| Mirae Asset Securities Co. Ltd., 5.88%, 01/26/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 203766 |
| Mitsubishi HC Capital Inc., 3.97%, 04/13/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19450 |
| Mitsubishi HC Finance America LLC, 5.66%, <br> 02/28/33<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5193 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; $65 | $56841 |
| 2.50%, 12/21/40 | &nbsp;&nbsp; 70 | 48644 |
| 3.25%, 04/28/50 | &nbsp;&nbsp; 55 | 37046 |
| 3.95%, 03/07/52 | &nbsp;&nbsp; 49 | 36610 |
| 5.35%, 06/28/28 | &nbsp;&nbsp; 93 | 95944 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 113 | 117786 |
| 5.95%, 08/15/53 | &nbsp;&nbsp; 10 | 10159 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 55 | 56390 |
| OneMain Finance Corp. |  |  |
| 3.50%, 01/15/27 | &nbsp;&nbsp; 35 | 34268 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 35 | 33550 |
| 4.00%, 09/15/30 | &nbsp;&nbsp; 62 | 57332 |
| 5.38%, 11/15/29 | &nbsp;&nbsp; 55 | 54479 |
| 6.13%, 05/15/30 | &nbsp;&nbsp; 30 | 30488 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 50 | 51289 |
| 6.63%, 05/15/29 | &nbsp;&nbsp; 75 | 77209 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 50 | 51214 |
| 7.13%, 11/15/31 | &nbsp;&nbsp; 55 | 57145 |
| 7.13%, 09/15/32 | &nbsp;&nbsp; 50 | 52052 |
| 7.50%, 05/15/31 | &nbsp;&nbsp; 65 | 68153 |
| 7.88%, 03/15/30 | &nbsp;&nbsp; 80 | 84664 |
| PennyMac Financial Services Inc. |  |  |
| 4.25%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 45 | 43382 |
| 5.75%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29420 |
| 6.75%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 100 | 100680 |
| 6.88%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 70 | 71720 |
| 6.88%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51111 |
| 7.13%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51855 |
| 7.88%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 58468 |
| PRA Group Inc. |  |  |
| 5.00%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23448 |
| 8.38%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36034 |
| 8.88%, 01/31/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36795 |
| Radian Group Inc. |  |  |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 87 | 87185 |
| 6.20%, 05/15/29 | &nbsp;&nbsp; 45 | 47164 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 65 | 47601 |
| 4.65%, 04/01/30 | &nbsp;&nbsp; 65 | 66192 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 65 | 58847 |
| Rocket Companies Inc. |  |  |
| 6.13%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; 150 | 154359 |
| 6.38%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; 150 | 155659 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |  |  |
| 3.63%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 100 | 95376 |
| 3.88%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 80 | 74799 |
| 4.00%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 90247 |
| Shinhan Card Co. Ltd., 2.50%, 01/27/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 194871 |
| Shriram Finance Ltd., 6.63%, 04/22/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 203751 |
| SLM Corp. |  |  |
| 3.13%, 11/02/26 | &nbsp;&nbsp; 35 | 34298 |
| 6.50%, 01/31/30 | &nbsp;&nbsp; 50 | 52234 |
| State Elite Global Ltd., 1.50%, 09/29/26<sup>(d)</sup> | &nbsp;&nbsp; 200 | 194565 |
| Stifel Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 30 | 29352 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; 105 | 93096 |
| 3.95%, 12/01/27 | &nbsp;&nbsp; 145 | 142999 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 109 | 110352 |
| 5.45%, 03/06/31, (1-day SOFR + 1.680%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15285 |
| 7.25%, 02/02/33 | &nbsp;&nbsp; 50 | 52706 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Visa Inc. |  |  |
| 0.75%, 08/15/27 | &nbsp;&nbsp; $130 | $122770 |
| 1.10%, 02/15/31 | &nbsp;&nbsp; 125 | 107557 |
| 1.90%, 04/15/27 | &nbsp;&nbsp; 77 | 74639 |
| 2.00%, 08/15/50 | &nbsp;&nbsp; 90 | 48215 |
| 2.05%, 04/15/30 | &nbsp;&nbsp; 112 | 102835 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 70 | 53094 |
| 2.75%, 09/15/27 | &nbsp;&nbsp; 75 | 73404 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 55 | 42541 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 70 | 66911 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 225 | 194303 |
| Voya Financial Inc. |  |  |
| 4.70%, 01/23/48<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9702 |
| 4.80%, 06/15/46 | &nbsp;&nbsp; 35 | 30359 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 55 | 54000 |
| Western Union Co. (The) |  |  |
| 2.75%, 03/15/31 | &nbsp;&nbsp; 35 | 30851 |
| 6.20%, 11/17/36<sup>(c)</sup> | &nbsp;&nbsp; 40 | 40722 |
|  |  | 19496984 |
| **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 60 | 39702 |
| 3.80%, 10/01/47 | &nbsp;&nbsp; 50 | 36571 |
| 3.95%, 06/01/28 | &nbsp;&nbsp; 10 | 9921 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 55 | 54631 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 50 | 50995 |
| 5.45%, 05/15/29 | &nbsp;&nbsp; 70 | 72671 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; 55 | 56579 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 15 | 10131 |
| Series I, 2.10%, 07/01/30 | &nbsp;&nbsp; 5 | 4503 |
| American Transmission Systems Inc. |  |  |
| 2.65%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 65 | 57810 |
| 5.00%, 09/01/44<sup>(b)</sup> | &nbsp;&nbsp; 45 | 41058 |
| Atlantic City Electric Co. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 5 | 4494 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 60 | 59844 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; 55 | 42408 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 50 | 39030 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 45 | 39064 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 50 | 50604 |
| 5.20%, 10/01/28 | &nbsp;&nbsp; 25 | 25810 |
| Series AA, 3.00%, 02/01/27 | &nbsp;&nbsp; 10 | 9847 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 50 | 40506 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 55 | 34808 |
| Series AE, 2.35%, 04/01/31 | &nbsp;&nbsp; 55 | 49526 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 70 | 47785 |
| Series AG, 3.00%, 03/01/32 | &nbsp;&nbsp; 30 | 27317 |
| Series ai., 4.45%, 10/01/32 | &nbsp;&nbsp; 50 | 49372 |
| Series AJ, 4.85%, 10/01/52 | &nbsp;&nbsp; 5 | 4428 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 15 | 16974 |
| Series Z, 2.40%, 09/01/26 | &nbsp;&nbsp; 15 | 14741 |
| Cleveland Electric Illuminating Co. (The) |  |  |
| 3.50%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 55 | 53849 |
| 4.55%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34705 |
| Commonwealth Edison Co. |  |  |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 45 | 29015 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 130 | 98362 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 5 | 3859 |
| 3.80%, 10/01/42 | &nbsp;&nbsp; 5 | 3997 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 105 | 83017 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.35%, 11/15/45 | &nbsp;&nbsp; $10 | $8397 |
| 4.60%, 08/15/43 | &nbsp;&nbsp; 100 | 88521 |
| 5.30%, 02/01/53 | &nbsp;&nbsp; 70 | 65552 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 30 | 29491 |
| 5.90%, 03/15/36 | &nbsp;&nbsp; 175 | 186869 |
| 5.95%, 06/01/55 | &nbsp;&nbsp; 10 | 10298 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 40 | 44316 |
| Series 122, 2.95%, 08/15/27 | &nbsp;&nbsp; 20 | 19620 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 100 | 75699 |
| Series 130, 3.13%, 03/15/51 | &nbsp;&nbsp; 55 | 35719 |
| Series 133, 3.85%, 03/15/52 | &nbsp;&nbsp; 60 | 44553 |
| Duke Energy Florida Project Finance LLC, Series <br> 2035, 3.11%, 09/01/38<sup>(c)</sup><br>| &nbsp;&nbsp; 25 | 21097 |
| FirstEnergy Transmission LLC |  |  |
| 2.87%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38431 |
| 4.55%, 04/01/49<sup>(b)</sup> | &nbsp;&nbsp; 45 | 37361 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 85 | 84284 |
| 5.45%, 07/15/44<sup>(b)</sup> | &nbsp;&nbsp; 60 | 57220 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30<sup>(b)</sup> | &nbsp;&nbsp; 66 | 62074 |
| 3.35%, 11/15/27 | &nbsp;&nbsp; 65 | 63779 |
| 4.95%, 09/22/27<sup>(b)</sup> | &nbsp;&nbsp; 80 | 81063 |
| 5.30%, 07/01/43 | &nbsp;&nbsp; 30 | 27965 |
| 5.40%, 06/01/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10180 |
| 5.65%, 05/09/34<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36227 |
| Jersey Central Power & Light Co. |  |  |
| 2.75%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 35490 |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 25 | 25044 |
| Mid-Atlantic Interstate Transmission LLC, 4.10%, <br> 05/15/28<sup>(b)</sup><br>| &nbsp;&nbsp; 60 | 59771 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 40 | 29932 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 55 | 42495 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 5 | 5188 |
| Series P, 2.60%, 04/01/30 | &nbsp;&nbsp; 50 | 46483 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 50 | 43182 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; 80 | 48030 |
| PG&E Recovery Funding LLC, Series A-2, 5.23%, <br> 06/01/42<br>| &nbsp;&nbsp; 90 | 89716 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 117 | 97617 |
| 5.20%, 03/15/34 | &nbsp;&nbsp; 15 | 15369 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 5 | 4809 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 5 | 5579 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 55 | 35740 |
| 3.95%, 06/01/47 | &nbsp;&nbsp; 45 | 35642 |
| 4.13%, 06/15/44 | &nbsp;&nbsp; 35 | 29233 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 45 | 36413 |
| 5.00%, 05/15/33 | &nbsp;&nbsp; 60 | 61295 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 55 | 51987 |
| 6.25%, 05/15/39 | &nbsp;&nbsp; 30 | 33001 |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; 15 | 16250 |
| Trans-Allegheny Interstate Line Co., 5.00%, <br> 01/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5121 |
|  |  | 3280037 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| ABB Finance USA Inc. |  |  |
| 3.80%, 04/03/28 | &nbsp;&nbsp; 60 | 60206 |
| 4.38%, 05/08/42 | &nbsp;&nbsp; 15 | 13253 |
| Acuity Brands Lighting Inc., 2.15%, 12/15/30 | &nbsp;&nbsp; 50 | 44642 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| Energizer Holdings Inc. |  |  |
| 4.38%, 03/31/29<sup>(b)</sup> | &nbsp;&nbsp; $53 | $50757 |
| 4.75%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 45 | 44222 |
| 6.50%, 12/31/27<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20191 |
| EnerSys |  |  |
| 4.38%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29538 |
| 6.63%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20628 |
| WESCO Distribution Inc. |  |  |
| 6.38%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 66995 |
| 6.38%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 70 | 72561 |
| 6.63%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 67 | 69674 |
| 7.25%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 90 | 91349 |
|  |  | 584016 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 37 | 35777 |
| Allegion U.S. Holding Co. Inc. |  |  |
| 3.55%, 10/01/27 | &nbsp;&nbsp; 40 | 39398 |
| 5.41%, 07/01/32 | &nbsp;&nbsp; 45 | 46697 |
| 5.60%, 05/29/34 | &nbsp;&nbsp; 55 | 56628 |
| Arrow Electronics Inc. |  |  |
| 3.88%, 01/12/28 | &nbsp;&nbsp; 30 | 29613 |
| 5.88%, 04/10/34 | &nbsp;&nbsp; 70 | 72633 |
| Atkore Inc., 4.25%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 27835 |
| Avnet Inc., 3.00%, 05/15/31 | &nbsp;&nbsp; 45 | 40731 |
| Coherent Corp., 5.00%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 68840 |
| Flex Ltd. |  |  |
| 4.88%, 06/15/29 | &nbsp;&nbsp; 61 | 61668 |
| 4.88%, 05/12/30 | &nbsp;&nbsp; 55 | 55572 |
| Fortive Corp., 4.30%, 06/15/46 | &nbsp;&nbsp; 47 | 38434 |
| Hubbell Inc. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 22 | 19706 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 45 | 44081 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 37 | 36403 |
| Jabil Inc. |  |  |
| 3.00%, 01/15/31 | &nbsp;&nbsp; 50 | 45869 |
| 3.60%, 01/15/30 | &nbsp;&nbsp; 55 | 52842 |
| 3.95%, 01/12/28 | &nbsp;&nbsp; 187 | 185385 |
| 5.45%, 02/01/29 | &nbsp;&nbsp; 5 | 5138 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 67 | 63578 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 70 | 70317 |
| 5.35%, 07/30/30 | &nbsp;&nbsp; 100 | 103911 |
| Sensata Technologies BV |  |  |
| 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 67174 |
| 5.88%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40349 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 50 | 45964 |
| 4.38%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28911 |
| 6.63%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41315 |
| TD SYNNEX Corp. |  |  |
| 2.65%, 08/09/31 | &nbsp;&nbsp; 10 | 8899 |
| 6.10%, 04/12/34 | &nbsp;&nbsp; 45 | 47174 |
| Trimble Inc. |  |  |
| 4.90%, 06/15/28 | &nbsp;&nbsp; 82 | 83175 |
| 6.10%, 03/15/33 | &nbsp;&nbsp; 65 | 69287 |
| TTM Technologies Inc., 4.00%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 33603 |
| Tyco Electronics Group SA |  |  |
| 2.50%, 02/04/32 | &nbsp;&nbsp; 25 | 22254 |
| 3.13%, 08/15/27 | &nbsp;&nbsp; 75 | 73677 |
| 7.13%, 10/01/37 | &nbsp;&nbsp; 45 | 52763 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28 | &nbsp;&nbsp; $40 | $37981 |
| 2.95%, 04/01/31 | &nbsp;&nbsp; 73 | 66451 |
|  |  | 1920033 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Arcosa Inc. |  |  |
| 4.38%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29146 |
| 6.88%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41730 |
| Cellnex Finance Co. SA, 3.88%, 07/07/41<sup>(b)</sup> | &nbsp;&nbsp; 55 | 43128 |
| Dycom Industries Inc., 4.50%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34149 |
| Great Lakes Dredge & Dock Corp., 5.25%, <br> 06/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 24043 |
| INNOVATE Corp., 10.50%, 02/01/27, (10.50% <br> PIK)<sup>(b)(c)(f)</sup><br>| &nbsp;&nbsp; 4 | 3768 |
| Jacobs Engineering Group Inc., 6.35%, 08/18/28 | &nbsp;&nbsp; 70 | 73764 |
| TopBuild Corp. |  |  |
| 3.63%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23866 |
| 4.13%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 32647 |
| Tutor Perini Corp., 11.88%, 04/30/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 33709 |
| Vinci SA, 3.75%, 04/10/29<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9826 |
|  |  | 349776 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Cinemark USA Inc. |  |  |
| 5.25%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 55 | 54610 |
| 7.00%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36307 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34187 |
| 4.75%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 74 | 73383 |
| 6.50%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 80 | 80802 |
| SeaWorld Parks & Entertainment Inc., 5.25%, <br> 08/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 55 | 53993 |
| Six Flags Entertainment Corp. |  |  |
| 5.50%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39936 |
| 7.25%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 60 | 60306 |
| Six Flags Entertainment Corp. /Six Flags Theme <br> Parks Inc./ Canada's Wonderland Co., 6.63%, <br> 05/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 62 | 63017 |
| Six Flags Entertainment Corp./Canada's Wonderland <br> Co./Magnum Management Corp.<br>|  |  |
| 5.25%, 07/15/29 | &nbsp;&nbsp; 35 | 33870 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; 40 | 39894 |
| 6.50%, 10/01/28 | &nbsp;&nbsp; 20 | 20108 |
| Vail Resorts Inc. |  |  |
| 5.63%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50675 |
| 6.50%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41434 |
|  |  | 682522 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Republic Services Inc. |  |  |
| 1.45%, 02/15/31 | &nbsp;&nbsp; 75 | 64590 |
| 1.75%, 02/15/32 | &nbsp;&nbsp; 102 | 86890 |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 89 | 82286 |
| 2.38%, 03/15/33<sup>(c)</sup> | &nbsp;&nbsp; 40 | 34484 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 35 | 23457 |
| 3.38%, 11/15/27 | &nbsp;&nbsp; 78 | 77095 |
| 3.95%, 05/15/28 | &nbsp;&nbsp; 38 | 38005 |
| 4.88%, 04/01/29 | &nbsp;&nbsp; 65 | 66668 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 5 | 5167 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 90 | 91590 |
| 5.70%, 05/15/41 | &nbsp;&nbsp; 25 | 25752 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 20 | 21797 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; $20 | $20656 |
| 5.45%, 09/18/33 | &nbsp;&nbsp; 45 | 46478 |
| 5.50%, 09/18/26 | &nbsp;&nbsp; 80 | 80811 |
| Waste Management Inc. |  |  |
| 1.15%, 03/15/28 | &nbsp;&nbsp; 105 | 98053 |
| 1.50%, 03/15/31 | &nbsp;&nbsp; 62 | 53639 |
| 2.00%, 06/01/29 | &nbsp;&nbsp; 55 | 51158 |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 37 | 21723 |
| 3.15%, 11/15/27 | &nbsp;&nbsp; 64 | 62895 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 55 | 45659 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 75 | 73636 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 60 | 48686 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 5 | 5062 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 120 | 122381 |
| 4.80%, 03/15/32 | &nbsp;&nbsp; 130 | 132710 |
| 4.88%, 02/15/29 | &nbsp;&nbsp; 90 | 92568 |
| 4.88%, 02/15/34 | &nbsp;&nbsp; 105 | 106671 |
| 4.95%, 07/03/27 | &nbsp;&nbsp; 60 | 61056 |
| 4.95%, 07/03/31 | &nbsp;&nbsp; 5 | 5171 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 125 | 125647 |
| 5.35%, 10/15/54 | &nbsp;&nbsp; 100 | 95801 |
|  |  | 1968242 |
| **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
| B&G Foods Inc. |  |  |
| 5.25%, 09/15/27<sup>(c)</sup> | &nbsp;&nbsp; 40 | 38251 |
| 8.00%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 65 | 63933 |
| Bimbo Bakeries USA Inc., 6.40%, 01/15/34<sup>(d)</sup> | &nbsp;&nbsp; 200 | 216429 |
| BRF SA, 5.75%, 09/21/50<sup>(d)</sup> | &nbsp;&nbsp; 200 | 165813 |
| Cencosud SA, 4.38%, 07/17/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 199365 |
| Conagra Brands Inc. |  |  |
| 1.38%, 11/01/27 | &nbsp;&nbsp; 100 | 93799 |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 126 | 127343 |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 103 | 97173 |
| 5.40%, 11/01/48 | &nbsp;&nbsp; 55 | 48364 |
| 5.75%, 08/01/35 | &nbsp;&nbsp; 100 | 100508 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 10 | 10683 |
| 8.25%, 09/15/30 | &nbsp;&nbsp; 50 | 57796 |
| Flowers Foods Inc. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 60 | 52927 |
| 3.50%, 10/01/26 | &nbsp;&nbsp; 20 | 19769 |
| 5.75%, 03/15/35 | &nbsp;&nbsp; 5 | 5087 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31 | &nbsp;&nbsp; 60 | 52735 |
| 2.88%, 04/15/30 | &nbsp;&nbsp; 80 | 75116 |
| 3.00%, 02/01/51 | &nbsp;&nbsp; 65 | 40966 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 75 | 73992 |
| 4.15%, 02/15/43 | &nbsp;&nbsp; 25 | 20364 |
| 4.20%, 04/17/28 | &nbsp;&nbsp; 116 | 116153 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 60 | 60385 |
| 4.70%, 04/17/48 | &nbsp;&nbsp; 50 | 43089 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 5 | 5111 |
| 4.95%, 03/29/33 | &nbsp;&nbsp; 70 | 70424 |
| 5.25%, 01/30/35 | &nbsp;&nbsp; 5 | 5027 |
| 5.40%, 06/15/40 | &nbsp;&nbsp; 37 | 36234 |
| Grupo Bimbo SAB de CV, 4.00%, 09/06/49<sup>(d)</sup> | &nbsp;&nbsp; 200 | 147168 |
| Hershey Co. (The) |  |  |
| 1.70%, 06/01/30 | &nbsp;&nbsp; 100 | 89522 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 100 | 93757 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 100 | 101973 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Hormel Foods Corp. |  |  |
| 1.70%, 06/03/28 | &nbsp;&nbsp; $70 | $65829 |
| 1.80%, 06/11/30 | &nbsp;&nbsp; 90 | 80694 |
| 3.05%, 06/03/51 | &nbsp;&nbsp; 75 | 48166 |
| 4.80%, 03/30/27 | &nbsp;&nbsp; 50 | 50518 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 70 | 65473 |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 57 | 56337 |
| 3.90%, 06/01/50 | &nbsp;&nbsp; 25 | 18027 |
| J.M. Smucker Co. (The) |  |  |
| 2.13%, 03/15/32 | &nbsp;&nbsp; 40 | 33964 |
| 2.38%, 03/15/30 | &nbsp;&nbsp; 65 | 59800 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 55 | 54200 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 60 | 55740 |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 55 | 45080 |
| 5.90%, 11/15/28 | &nbsp;&nbsp; 45 | 47266 |
| 6.20%, 11/15/33 | &nbsp;&nbsp; 85 | 91333 |
| 6.50%, 11/15/43 | &nbsp;&nbsp; 10 | 10632 |
| 6.50%, 11/15/53<sup>(c)</sup> | &nbsp;&nbsp; 80 | 85183 |
| Kellanova |  |  |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 40 | 39442 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 70 | 70455 |
| 5.75%, 05/16/54 | &nbsp;&nbsp; 10 | 9743 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 50 | 57286 |
| Lamb Weston Holdings Inc. |  |  |
| 4.13%, 01/31/30<sup>(b)</sup> | &nbsp;&nbsp; 55 | 52751 |
| 4.38%, 01/31/32<sup>(b)</sup> | &nbsp;&nbsp; 47 | 44201 |
| 4.88%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49694 |
| Nestle Capital Corp. |  |  |
| 4.75%, 03/12/31<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35934 |
| 4.88%, 03/12/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10143 |
| Nestle Holdings Inc. |  |  |
| 1.00%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 325 | 306631 |
| 1.15%, 01/14/27<sup>(b)</sup> | &nbsp;&nbsp; 50 | 48200 |
| 1.25%, 09/15/30<sup>(b)</sup> | &nbsp;&nbsp; 300 | 261864 |
| 1.50%, 09/14/28<sup>(b)</sup> | &nbsp;&nbsp; 155 | 144640 |
| 1.88%, 09/14/31<sup>(b)</sup> | &nbsp;&nbsp; 150 | 131808 |
| 2.50%, 09/14/41<sup>(b)</sup> | &nbsp;&nbsp; 10 | 6881 |
| 2.63%, 09/14/51<sup>(b)</sup> | &nbsp;&nbsp; 20 | 12131 |
| 3.63%, 09/24/28<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19828 |
| 3.90%, 09/24/38<sup>(b)</sup> | &nbsp;&nbsp; 150 | 134040 |
| 4.00%, 09/24/48<sup>(b)</sup> | &nbsp;&nbsp; 200 | 160627 |
| 4.13%, 10/01/27<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25108 |
| 4.25%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 155 | 156460 |
| 4.30%, 10/01/32<sup>(b)</sup> | &nbsp;&nbsp; 150 | 148629 |
| 4.70%, 01/15/53<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8781 |
| 4.95%, 03/14/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30977 |
| 5.00%, 03/14/28<sup>(b)</sup> | &nbsp;&nbsp; 150 | 153750 |
| 5.00%, 09/12/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15556 |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 75 | 69950 |
| 4.63%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 90 | 86769 |
| 5.50%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 110 | 109744 |
| 6.25%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 65 | 66786 |
| 6.25%, 10/15/34<sup>(b)</sup> | &nbsp;&nbsp; 45 | 45454 |
| 6.38%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 101233 |
| Sysco Corp. |  |  |
| 3.15%, 12/14/51 | &nbsp;&nbsp; 60 | 38279 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 150 | 147931 |
| 4.45%, 03/15/48 | &nbsp;&nbsp; 5 | 4137 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 150 | 126162 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 5.40%, 03/23/35 | &nbsp;&nbsp; $80 | $81721 |
| 5.75%, 01/17/29 | &nbsp;&nbsp; 95 | 99519 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 10 | 10629 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 100 | 110191 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 100 | 107691 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 80 | 73104 |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 25 | 15957 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 75 | 74980 |
| 4.80%, 03/15/48 | &nbsp;&nbsp; 70 | 60494 |
| 5.20%, 03/21/29 | &nbsp;&nbsp; 50 | 51340 |
| 5.25%, 10/13/54 | &nbsp;&nbsp; 50 | 45007 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 75 | 76104 |
| TreeHouse Foods Inc., 4.00%, 09/01/28 | &nbsp;&nbsp; 37 | 34330 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34124 |
| 4.75%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 54195 |
| 5.75%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50345 |
| 6.88%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 45 | 46401 |
| 7.25%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36722 |
| United Natural Foods Inc., 6.75%, 10/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 35 | 34991 |
|  |  | 7227348 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 80 | 79480 |
| Sodexo Inc. |  |  |
| 2.72%, 04/16/31<sup>(b)</sup> | &nbsp;&nbsp; 40 | 36178 |
| 5.15%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 200 | 205262 |
|  |  | 320920 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| International Paper Co. |  |  |
| 4.35%, 08/15/48 | &nbsp;&nbsp; 69 | 55453 |
| 4.40%, 08/15/47 | &nbsp;&nbsp; 49 | 39926 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 53 | 46588 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 35 | 34766 |
| 5.15%, 05/15/46 | &nbsp;&nbsp; 40 | 36230 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 50 | 50884 |
| Inversiones CMPC SA, 6.13%, 06/23/33<sup>(d)</sup> | &nbsp;&nbsp; 200 | 207442 |
| Magnera Corp. |  |  |
| 4.75%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 30923 |
| 7.25%, 11/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 70 | 66268 |
|  |  | 568480 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Kennametal Inc., 4.63%, 06/15/28 | &nbsp;&nbsp; 10 | 10070 |
| Snap-on Inc. |  |  |
| 3.10%, 05/01/50 | &nbsp;&nbsp; 40 | 26740 |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 22 | 21730 |
| 4.10%, 03/01/48 | &nbsp;&nbsp; 25 | 20225 |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30 | &nbsp;&nbsp; 90 | 81862 |
| 2.75%, 11/15/50 | &nbsp;&nbsp; 75 | 42675 |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 45 | 40244 |
| 4.25%, 11/15/28 | &nbsp;&nbsp; 20 | 20028 |
| 4.85%, 11/15/48 | &nbsp;&nbsp; 35 | 29645 |
| 5.20%, 09/01/40 | &nbsp;&nbsp; 21 | 20023 |
|  |  | 313242 |
| **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** |
| Agilent Technologies Inc. |  |  |
| 2.10%, 06/04/30 | &nbsp;&nbsp; 75 | 67928 |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 90 | 80752 |
| 2.75%, 09/15/29 | &nbsp;&nbsp; 50 | 47370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 3.05%, 09/22/26 | &nbsp;&nbsp; $50 | $49337 |
| 4.20%, 09/09/27 | &nbsp;&nbsp; 100 | 100089 |
| 4.75%, 09/09/34 | &nbsp;&nbsp; 40 | 39427 |
| Alcon Finance Corp. |  |  |
| 2.60%, 05/27/30<sup>(b)</sup> | &nbsp;&nbsp; 60 | 55603 |
| 3.00%, 09/23/29<sup>(b)</sup> | &nbsp;&nbsp; 75 | 71497 |
| 3.80%, 09/23/49<sup>(b)</sup> | &nbsp;&nbsp; 75 | 55941 |
| 5.38%, 12/06/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5180 |
| 5.75%, 12/06/52<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14920 |
| Avantor Funding Inc. |  |  |
| 3.88%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 52264 |
| 4.63%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 105 | 103338 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50 | &nbsp;&nbsp; 85 | 51147 |
| 2.80%, 12/10/51 | &nbsp;&nbsp; 60 | 37203 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 40 | 34357 |
| Dentsply Sirona Inc., 3.25%, 06/01/30 | &nbsp;&nbsp; 85 | 78091 |
| DENTSPLY SIRONA Inc., 8.38%, 09/12/55, (5-year <br> CMT + 4.379%)<sup>(a)</sup><br>| &nbsp;&nbsp; 50 | 50922 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29 | &nbsp;&nbsp; 90 | 84704 |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 65 | 52404 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 87 | 61779 |
| Embecta Corp. |  |  |
| 5.00%, 02/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 32 | 30040 |
| 6.75%, 02/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | 14530 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | &nbsp;&nbsp; 85 | 86736 |
| 5.65%, 11/15/27 | &nbsp;&nbsp; 115 | 118536 |
| 5.86%, 03/15/30 | &nbsp;&nbsp; 100 | 106174 |
| 5.91%, 11/22/32 | &nbsp;&nbsp; 120 | 128232 |
| 6.38%, 11/22/52 | &nbsp;&nbsp; 110 | 117619 |
| Hologic Inc. |  |  |
| 3.25%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 62101 |
| 4.63%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29702 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 25 | 26077 |
| Revvity Inc. |  |  |
| 1.90%, 09/15/28 | &nbsp;&nbsp; 30 | 27936 |
| 2.25%, 09/15/31 | &nbsp;&nbsp; 60 | 51881 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 32 | 28558 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 53 | 50635 |
| 3.63%, 03/15/51 | &nbsp;&nbsp; 43 | 29340 |
| Stryker Corp. |  |  |
| 1.95%, 06/15/30 | &nbsp;&nbsp; 140 | 126209 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 10 | 8343 |
| 4.25%, 09/11/29 | &nbsp;&nbsp; 95 | 95352 |
| 4.63%, 09/11/34 | &nbsp;&nbsp; 150 | 147755 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 105 | 93183 |
| 4.70%, 02/10/28 | &nbsp;&nbsp; 100 | 101537 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 150 | 153209 |
| Teleflex Inc. |  |  |
| 4.25%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34338 |
| 4.63%, 11/15/27 | &nbsp;&nbsp; 40 | 39593 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 95 | 84925 |
| 4.45%, 08/15/45 | &nbsp;&nbsp; 30 | 25614 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 50 | 50659 |
|  |  | 3063067 |
| **Health Care - Services — 1.4%** | **Health Care - Services — 1.4%** | **Health Care - Services — 1.4%** |
| Acadia Healthcare Co. Inc. |  |  |
| 5.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34230 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.50%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; $35 | $34811 |
| 7.38%, 03/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 50 | 52111 |
| AHP Health Partners Inc., 5.75%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19835 |
| Charles River Laboratories International Inc. |  |  |
| 3.75%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 33199 |
| 4.00%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 45 | 41687 |
| 4.25%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39100 |
| Concentra Health Services Inc., 6.88%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51852 |
| DaVita Inc. |  |  |
| 3.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 101 | 92133 |
| 4.63%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 200 | 192537 |
| 6.75%, 07/15/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 103528 |
| 6.88%, 09/01/32<sup>(b)</sup> | &nbsp;&nbsp; 70 | 72459 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 115 | 104882 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 115 | 104190 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 95 | 90005 |
| 3.13%, 05/15/50 | &nbsp;&nbsp; 65 | 41518 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 120 | 83103 |
| 3.65%, 12/01/27 | &nbsp;&nbsp; 131 | 129861 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 50 | 35592 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 140 | 139888 |
| 4.10%, 05/15/32 | &nbsp;&nbsp; 20 | 19260 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 105 | 84835 |
| 4.50%, 10/30/26 | &nbsp;&nbsp; 40 | 40157 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 75 | 61820 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 25 | 20174 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 55 | 48052 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 65 | 56635 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 55 | 47432 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 100 | 99533 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 15 | 15259 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 20 | 18320 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 90 | 79382 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 210 | 216298 |
| 5.20%, 02/15/35 | &nbsp;&nbsp; 220 | 221575 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 85 | 86851 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 65 | 67725 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 80 | 75786 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 120 | 114244 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 70 | 67085 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 65 | 65460 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 20 | 21583 |
| Encompass Health Corp. |  |  |
| 4.50%, 02/01/28 | &nbsp;&nbsp; 57 | 56530 |
| 4.63%, 04/01/31 | &nbsp;&nbsp; 25 | 24231 |
| 4.75%, 02/01/30 | &nbsp;&nbsp; 55 | 54281 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 40 | 38187 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 90 | 79349 |
| 3.13%, 03/15/27 | &nbsp;&nbsp; 60 | 59042 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 70 | 67765 |
| 3.50%, 09/01/30 | &nbsp;&nbsp; 135 | 128725 |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 100 | 65640 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 120 | 111512 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 145 | 143601 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 40 | 33452 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 123 | 123117 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 140 | 111301 |
| 5.00%, 03/01/28 | &nbsp;&nbsp; 130 | 132276 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 90 | 84832 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.20%, 06/01/28 | &nbsp;&nbsp; $50 | $51218 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 130 | 114582 |
| 5.38%, 09/01/26 | &nbsp;&nbsp; 145 | 145534 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 155 | 160896 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 100 | 101198 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; 30 | 31081 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 80 | 82286 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 95 | 87719 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 105 | 107841 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; 105 | 108303 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; 135 | 138957 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 70 | 72925 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 70 | 66665 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 90 | 86219 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 95 | 91648 |
| 6.10%, 04/01/64 | &nbsp;&nbsp; 45 | 43365 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; 150 | 148891 |
| HealthEquity Inc., 4.50%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38685 |
| Humana Inc. |  |  |
| 1.35%, 02/03/27 | &nbsp;&nbsp; 110 | 105644 |
| 2.15%, 02/03/32 | &nbsp;&nbsp; 85 | 72107 |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 60 | 57108 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 105 | 102844 |
| 3.95%, 03/15/27 | &nbsp;&nbsp; 58 | 57816 |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 40 | 28766 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 42 | 35645 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 20 | 16634 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 67 | 67872 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 65 | 56579 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 110 | 113308 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 60 | 53808 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 80 | 80764 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 15 | 15519 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 70 | 65004 |
| 5.88%, 03/01/33 | &nbsp;&nbsp; 30 | 31322 |
| 5.95%, 03/15/34 | &nbsp;&nbsp; 60 | 62804 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 10 | 9593 |
| IQVIA Inc. |  |  |
| 5.00%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp; 60 | 59965 |
| 5.00%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 60 | 59824 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 90 | 94842 |
| 6.25%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 165 | 170176 |
| 6.50%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41494 |
| LifePoint Health Inc. |  |  |
| 5.38%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 100 | 95087 |
| 8.38%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 100 | 106098 |
| 10.00%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 100 | 103032 |
| Molina Healthcare Inc. |  |  |
| 3.88%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 45 | 41345 |
| 3.88%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 44741 |
| 4.38%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 75 | 73116 |
| 6.25%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50450 |
| Pediatrix Medical Group Inc., 5.38%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24732 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31 | &nbsp;&nbsp; 35 | 32021 |
| 2.95%, 06/30/30 | &nbsp;&nbsp; 111 | 104467 |
| 4.20%, 06/30/29 | &nbsp;&nbsp; 55 | 55046 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 55 | 55578 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 40 | 40606 |
| 4.70%, 03/30/45 | &nbsp;&nbsp; 25 | 22193 |
| 5.00%, 12/15/34 | &nbsp;&nbsp; 65 | 65064 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 6.40%, 11/30/33 | &nbsp;&nbsp; $50 | $55065 |
| Roche Holdings Inc. |  |  |
| 1.93%, 12/13/28<sup>(b)</sup> | &nbsp;&nbsp; 600 | 563544 |
| 2.08%, 12/13/31<sup>(b)</sup> | &nbsp;&nbsp; 400 | 350464 |
| 2.61%, 12/13/51<sup>(b)</sup> | &nbsp;&nbsp; 400 | 239451 |
| 3.63%, 09/17/28<sup>(b)</sup> | &nbsp;&nbsp; 200 | 198602 |
| 4.59%, 09/09/34<sup>(b)</sup> | &nbsp;&nbsp; 200 | 198454 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 37 | 37193 |
| Surgery Center Holdings Inc., 7.25%, 04/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 55 | 57042 |
|  |  | 10088670 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| Clue Opco LLC, 9.50%, 10/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 50 | 53245 |
| Compass Group Diversified Holdings LLC |  |  |
| 5.00%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22170 |
| 5.25%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 64587 |
| HA Sustainable Infrastructure Capital Inc., 6.38%, <br> 07/01/34<br>| &nbsp;&nbsp; 90 | 89188 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.75%, 09/15/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 32024 |
| 8.00%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 90 | 93327 |
|  |  | 354541 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| Beazer Homes USA Inc. |  |  |
| 5.88%, 10/15/27 | &nbsp;&nbsp; 20 | 19957 |
| 7.25%, 10/15/29<sup>(c)</sup> | &nbsp;&nbsp; 20 | 20229 |
| 7.50%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20291 |
| Century Communities Inc. |  |  |
| 3.88%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 32660 |
| 6.75%, 06/01/27 | &nbsp;&nbsp; 35 | 35050 |
| DR Horton Inc. |  |  |
| 1.30%, 10/15/26 | &nbsp;&nbsp; 30 | 29080 |
| 1.40%, 10/15/27 | &nbsp;&nbsp; 30 | 28415 |
| 4.85%, 10/15/30 | &nbsp;&nbsp; 25 | 25537 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 20 | 19991 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 100 | 102440 |
| Installed Building Products Inc., 5.75%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19978 |
| K Hovnanian Enterprises Inc., 11.75%, 09/30/29<sup>(b)</sup> | &nbsp;&nbsp; 40 | 43286 |
| KB Home |  |  |
| 4.00%, 06/15/31 | &nbsp;&nbsp; 25 | 23325 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 20 | 19712 |
| 6.88%, 06/15/27 | &nbsp;&nbsp; 20 | 20469 |
| 7.25%, 07/15/30 | &nbsp;&nbsp; 25 | 25762 |
| Lennar Corp. |  |  |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 10 | 10077 |
| 5.20%, 07/30/30 | &nbsp;&nbsp; 80 | 82603 |
| LGI Homes Inc. |  |  |
| 4.00%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18260 |
| 7.00%, 11/15/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29271 |
| 8.75%, 12/15/28<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31445 |
| M/I Homes Inc. |  |  |
| 3.95%, 02/15/30 | &nbsp;&nbsp; 20 | 18864 |
| 4.95%, 02/01/28 | &nbsp;&nbsp; 30 | 29694 |
| MDC Holdings Inc. |  |  |
| 2.50%, 01/15/31 | &nbsp;&nbsp; 45 | 39878 |
| 3.85%, 01/15/30 | &nbsp;&nbsp; 40 | 38442 |
| 3.97%, 08/06/61<sup>(c)</sup> | &nbsp;&nbsp; 20 | 12861 |
| 6.00%, 01/15/43 | &nbsp;&nbsp; 50 | 45741 |
| Meritage Homes Corp. |  |  |
| 3.88%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34239 |
| 5.13%, 06/06/27 | &nbsp;&nbsp; 25 | 25165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| NVR Inc., 3.00%, 05/15/30 | &nbsp;&nbsp; $94 | $88755 |
| PulteGroup Inc. |  |  |
| 5.00%, 01/15/27 | &nbsp;&nbsp; 45 | 45336 |
| 6.00%, 02/15/35 | &nbsp;&nbsp; 41 | 43208 |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 45 | 48983 |
| 7.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; 40 | 47126 |
| Taylor Morrison Communities Inc. |  |  |
| 5.13%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29917 |
| 5.75%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35487 |
| 5.88%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40333 |
| Thor Industries Inc., 4.00%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 33134 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/29 | &nbsp;&nbsp; 5 | 4888 |
| 4.35%, 02/15/28 | &nbsp;&nbsp; 10 | 10025 |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 5 | 5034 |
| Tri Pointe Homes Inc. |  |  |
| 5.25%, 06/01/27 | &nbsp;&nbsp; 25 | 25024 |
| 5.70%, 06/15/28 | &nbsp;&nbsp; 25 | 25414 |
| Winnebago Industries Inc., 6.25%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 12 | 11944 |
|  |  | 1397330 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 15 | 14646 |
| 3.50%, 11/15/51 | &nbsp;&nbsp; 40 | 25457 |
| 4.40%, 03/15/29 | &nbsp;&nbsp; 57 | 56059 |
| Somnigroup International Inc. |  |  |
| 3.88%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp; 55 | 50401 |
| 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 54 | 51904 |
| Whirlpool Corp. |  |  |
| 2.40%, 05/15/31 | &nbsp;&nbsp; 50 | 42183 |
| 4.50%, 06/01/46 | &nbsp;&nbsp; 55 | 41685 |
| 4.60%, 05/15/50<sup>(c)</sup> | &nbsp;&nbsp; 34 | 25347 |
| 4.70%, 05/14/32 | &nbsp;&nbsp; 40 | 37254 |
| 4.75%, 02/26/29 | &nbsp;&nbsp; 30 | 29618 |
| 5.50%, 03/01/33<sup>(c)</sup> | &nbsp;&nbsp; 20 | 19299 |
| 5.75%, 03/01/34<sup>(c)</sup> | &nbsp;&nbsp; 20 | 19410 |
| 6.13%, 06/15/30 | &nbsp;&nbsp; 75 | 75955 |
| 6.50%, 06/15/33 | &nbsp;&nbsp; 50 | 50293 |
|  |  | 539511 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | &nbsp;&nbsp; 75 | 64378 |
| 2.65%, 04/30/30 | &nbsp;&nbsp; 23 | 21364 |
| 4.88%, 12/06/28 | &nbsp;&nbsp; 45 | 45805 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 25 | 26291 |
| Church & Dwight Co. Inc. |  |  |
| 2.30%, 12/15/31 | &nbsp;&nbsp; 15 | 13207 |
| 3.15%, 08/01/27 | &nbsp;&nbsp; 85 | 83640 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 70 | 54475 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 15 | 13479 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 15 | 15832 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 95 | 85002 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 45 | 44137 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 55 | 54756 |
| 4.60%, 05/01/32 | &nbsp;&nbsp; 20 | 20038 |
| Kimberly-Clark Corp. |  |  |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 55 | 52736 |
| 3.20%, 07/30/46 | &nbsp;&nbsp; 45 | 32124 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 30 | 30051 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Household Products & Wares (continued)** | **Household Products & Wares (continued)** | **Household Products & Wares (continued)** |
| 4.50%, 02/16/33 | &nbsp;&nbsp; $150 | $150920 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 10 | 9967 |
|  |  | 818202 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands Inc. |  |  |
| 6.38%, 09/15/27 | &nbsp;&nbsp; 35 | 35434 |
| 6.38%, 05/15/30 | &nbsp;&nbsp; 50 | 49360 |
| 6.63%, 09/15/29 | &nbsp;&nbsp; 35 | 35215 |
| 6.63%, 05/15/32<sup>(c)</sup> | &nbsp;&nbsp; 40 | 39167 |
| 6.88%, 04/01/36 | &nbsp;&nbsp; 30 | 29344 |
| 7.00%, 04/01/46 | &nbsp;&nbsp; 45 | 39142 |
| 8.50%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 115 | 121550 |
|  |  | 349212 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| ACE Capital Trust II, Series N, 9.70%, 04/01/30 | &nbsp;&nbsp; 50 | 60220 |
| Aegon Funding Co. LLC, 5.50%, 04/16/27<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10162 |
| Aflac Inc. |  |  |
| 2.88%, 10/15/26 | &nbsp;&nbsp; 50 | 49319 |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 128 | 125152 |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 25 | 19663 |
| 4.75%, 01/15/49 | &nbsp;&nbsp; 70 | 60543 |
| AIA Group Ltd. |  |  |
| 3.20%, 09/16/40<sup>(b)</sup> | &nbsp;&nbsp; 205 | 160250 |
| 3.38%, 04/07/30<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38767 |
| 3.60%, 04/09/29<sup>(b)</sup> | &nbsp;&nbsp; 200 | 196763 |
| 4.95%, 04/04/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10187 |
| 5.38%, 04/05/34<sup>(b)</sup> | &nbsp;&nbsp; 200 | 206324 |
| 5.40%, 09/30/54<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28633 |
| 5.63%, 10/25/27<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51586 |
| American International Group Inc. |  |  |
| 4.38%, 06/30/50 | &nbsp;&nbsp; 85 | 69786 |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 25 | 21755 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 90 | 79176 |
| 4.80%, 07/10/45 | &nbsp;&nbsp; 80 | 72200 |
| 4.85%, 05/07/30 | &nbsp;&nbsp; 100 | 102308 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 50 | 51034 |
| 5.45%, 05/07/35 | &nbsp;&nbsp; 125 | 128957 |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 30 | 28134 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 90 | 88646 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 50 | 50480 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.05%, 08/23/31 | &nbsp;&nbsp; 70 | 61189 |
| 2.60%, 12/02/31 | &nbsp;&nbsp; 5 | 4478 |
| 2.85%, 05/28/27 | &nbsp;&nbsp; 95 | 93065 |
| 2.90%, 08/23/51 | &nbsp;&nbsp; 10 | 6110 |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 185 | 135503 |
| 5.00%, 09/12/32 | &nbsp;&nbsp; 45 | 45941 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 90 | 93067 |
| Aon Global Ltd. |  |  |
| 4.60%, 06/14/44 | &nbsp;&nbsp; 65 | 56297 |
| 4.75%, 05/15/45 | &nbsp;&nbsp; 45 | 39330 |
| Aon North America Inc. |  |  |
| 5.13%, 03/01/27 | &nbsp;&nbsp; 90 | 91253 |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 95 | 97775 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 130 | 134165 |
| 5.75%, 03/01/54 | &nbsp;&nbsp; 110 | 107173 |
| Arch Capital Finance LLC |  |  |
| 4.01%, 12/15/26 | &nbsp;&nbsp; 35 | 34917 |
| 5.03%, 12/15/46 | &nbsp;&nbsp; 29 | 26213 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | &nbsp;&nbsp; $85 | $61416 |
| 7.35%, 05/01/34 | &nbsp;&nbsp; 20 | 23119 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 55 | 51145 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31 | &nbsp;&nbsp; 25 | 22122 |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 15 | 9348 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 75 | 51625 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 120 | 121110 |
| 5.00%, 02/15/32 | &nbsp;&nbsp; 10 | 10180 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 155 | 155451 |
| 5.45%, 07/15/34 | &nbsp;&nbsp; 100 | 102814 |
| 5.50%, 03/02/33 | &nbsp;&nbsp; 80 | 82711 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 125 | 117586 |
| 5.75%, 03/02/53 | &nbsp;&nbsp; 65 | 62698 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 20 | 19287 |
| 6.50%, 02/15/34 | &nbsp;&nbsp; 15 | 16454 |
| 6.75%, 02/15/54 | &nbsp;&nbsp; 45 | 49071 |
| Assurant Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 25 | 21779 |
| 3.70%, 02/22/30 | &nbsp;&nbsp; 25 | 24212 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 75 | 76041 |
| 7.00%, 03/27/48<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30691 |
| Assured Guaranty Municipal Holdings Inc., 6.40%, <br> 12/15/66<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5 | 4636 |
| Assured Guaranty U.S. Holdings Inc. |  |  |
| 3.15%, 06/15/31 | &nbsp;&nbsp; 85 | 79488 |
| 3.60%, 09/15/51 | &nbsp;&nbsp; 5 | 3415 |
| 6.13%, 09/15/28 | &nbsp;&nbsp; 55 | 57882 |
| AXA SA, 6.38%, (1-day SOFR Index + 2.256%)<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; 30 | 33280 |
| Axis Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | &nbsp;&nbsp; 10 | 9833 |
| 4.90%, 01/15/40, (5-year CMT + 3.186%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9688 |
| Axis Specialty Finance PLC, 4.00%, 12/06/27 | &nbsp;&nbsp; 55 | 54616 |
| Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 51920 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 25 | 22213 |
| 4.20%, 03/17/32 | &nbsp;&nbsp; 40 | 38206 |
| 4.50%, 03/15/29 | &nbsp;&nbsp; 10 | 10031 |
| 4.70%, 06/23/28 | &nbsp;&nbsp; 100 | 100999 |
| 4.90%, 06/23/30 | &nbsp;&nbsp; 100 | 101292 |
| 4.95%, 03/17/52 | &nbsp;&nbsp; 70 | 59545 |
| 5.25%, 06/23/32 | &nbsp;&nbsp; 120 | 122707 |
| 5.55%, 06/23/35 | &nbsp;&nbsp; 30 | 30578 |
| 6.25%, 06/23/55 | &nbsp;&nbsp; 100 | 102376 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 40 | 43259 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 35 | 39512 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30 | &nbsp;&nbsp; 105 | 91943 |
| 2.85%, 12/15/51 | &nbsp;&nbsp; 45 | 28499 |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 90 | 54266 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 35 | 29893 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 70 | 60023 |
| 4.65%, 08/15/29 | &nbsp;&nbsp; 40 | 40780 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 215 | 218377 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 35 | 39697 |
| CNO Financial Group Inc. |  |  |
| 5.25%, 05/30/29 | &nbsp;&nbsp; 45 | 45877 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 6.45%, 06/15/34 | &nbsp;&nbsp; $60 | $63039 |
| Dai-Ichi Life Insurance Co. Ltd. (The), 6.20%, (5-year <br> CMT + 2.515%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 10 | 10386 |
| Empower Finance 2020 LP |  |  |
| 1.36%, 09/17/27<sup>(b)</sup> | &nbsp;&nbsp; 45 | 42425 |
| 1.78%, 03/17/31<sup>(b)</sup> | &nbsp;&nbsp; 110 | 97442 |
| 3.08%, 09/17/51<sup>(b)</sup> | &nbsp;&nbsp; 80 | 50082 |
| Equitable America Global Funding, 4.95%, <br> 06/09/30<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | 101962 |
| Equitable Financial Life Global Funding, 4.88%, <br> 11/19/27<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | 101364 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28 | &nbsp;&nbsp; 200 | 200535 |
| 5.59%, 01/11/33 | &nbsp;&nbsp; 200 | 207957 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 135 | 83564 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 40 | 27202 |
| First American Financial Corp., 5.45%, 09/30/34 | &nbsp;&nbsp; 45 | 44779 |
| Five Corners Funding Trust II, 2.85%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14017 |
| Five Corners Funding Trust IV, 6.00%, 02/15/53<sup>(b)</sup> | &nbsp;&nbsp; 100 | 100921 |
| Globe Life Inc. |  |  |
| 4.80%, 06/15/32 | &nbsp;&nbsp; 15 | 14951 |
| 5.85%, 09/15/34 | &nbsp;&nbsp; 85 | 88517 |
| Great-West Lifeco Finance 2018 LP |  |  |
| 4.05%, 05/17/28<sup>(b)</sup> | &nbsp;&nbsp; 60 | 59562 |
| 4.58%, 05/17/48<sup>(b)</sup> | &nbsp;&nbsp; 35 | 29493 |
| Great-West Lifeco Finance Delaware LP, 4.15%, <br> 06/03/47<sup>(b)</sup><br>| &nbsp;&nbsp; 75 | 59492 |
| Hanover Insurance Group Inc. (The), 2.50%, <br> 09/01/30<br>| &nbsp;&nbsp; 55 | 49591 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.90%, 09/15/51 | &nbsp;&nbsp; 45 | 28171 |
| 3.60%, 08/19/49 | &nbsp;&nbsp; 41 | 29854 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 35 | 29602 |
| 4.40%, 03/15/48 | &nbsp;&nbsp; 55 | 46216 |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 15 | 15961 |
| 6.10%, 10/01/41 | &nbsp;&nbsp; 40 | 41609 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 95 | 85786 |
| 4.00%, 11/23/51 | &nbsp;&nbsp; 65 | 44925 |
| Lincoln National Corp. |  |  |
| 3.05%, 01/15/30 | &nbsp;&nbsp; 65 | 61781 |
| 3.40%, 01/15/31 | &nbsp;&nbsp; 60 | 56354 |
| 3.40%, 03/01/32 | &nbsp;&nbsp; 10 | 9144 |
| 3.63%, 12/12/26 | &nbsp;&nbsp; 45 | 44632 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 26 | 25685 |
| 4.35%, 03/01/48 | &nbsp;&nbsp; 15 | 12051 |
| 5.85%, 03/15/34 | &nbsp;&nbsp; 40 | 41504 |
| 6.30%, 10/09/37 | &nbsp;&nbsp; 5 | 5301 |
| 7.00%, 06/15/40 | &nbsp;&nbsp; 55 | 61820 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 10 | 9669 |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 115 | 76163 |
| 4.30%, 11/01/47 | &nbsp;&nbsp; 60 | 47729 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 105 | 91510 |
| 6.00%, 05/16/54 | &nbsp;&nbsp; 5 | 4962 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 101 | 91403 |
| 2.38%, 12/15/31 | &nbsp;&nbsp; 25 | 22153 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 80 | 65171 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 50 | 41829 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.38%, 03/15/29 | &nbsp;&nbsp; $155 | $156512 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 50 | 50563 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 100 | 101749 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 90 | 85582 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 85 | 86993 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 97 | 86346 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 140 | 140366 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 10 | 10247 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 15 | 14438 |
| 5.40%, 03/15/55 | &nbsp;&nbsp; 120 | 113685 |
| 5.45%, 03/15/54 | &nbsp;&nbsp; 110 | 104916 |
| 5.70%, 09/15/53 | &nbsp;&nbsp; 60 | 59313 |
| 5.75%, 11/01/32 | &nbsp;&nbsp; 25 | 26676 |
| 5.88%, 08/01/33 | &nbsp;&nbsp; 75 | 80283 |
| Metropolitan Life Global Funding I |  |  |
| 1.55%, 01/07/31<sup>(b)</sup> | &nbsp;&nbsp; 100 | 86933 |
| 1.88%, 01/11/27<sup>(b)</sup> | &nbsp;&nbsp; 150 | 145609 |
| 2.40%, 01/11/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 34991 |
| 2.95%, 04/09/30<sup>(b)</sup> | &nbsp;&nbsp; 160 | 151128 |
| 3.00%, 09/19/27<sup>(b)</sup> | &nbsp;&nbsp; 175 | 171290 |
| 3.30%, 03/21/29<sup>(b)</sup> | &nbsp;&nbsp; 60 | 58347 |
| 3.45%, 12/18/26<sup>(b)</sup> | &nbsp;&nbsp; 135 | 133824 |
| 4.30%, 08/25/29<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20036 |
| 4.85%, 01/08/29<sup>(b)</sup> | &nbsp;&nbsp; 180 | 183961 |
| 5.05%, 01/06/28<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25531 |
| 5.15%, 03/28/33<sup>(b)</sup> | &nbsp;&nbsp; 165 | 169284 |
| MGIC Investment Corp., 5.25%, 08/15/28 | &nbsp;&nbsp; 65 | 65027 |
| NMI Holdings Inc., 6.00%, 08/15/29 | &nbsp;&nbsp; 5 | 5150 |
| Old Republic International Corp., 5.75%, 03/28/34 | &nbsp;&nbsp; 30 | 30851 |
| Pine Street Trust II, 5.57%, 02/15/49<sup>(b)</sup> | &nbsp;&nbsp; 100 | 91730 |
| Pricoa Global Funding I |  |  |
| 1.20%, 09/01/26<sup>(b)</sup> | &nbsp;&nbsp; 65 | 63139 |
| 4.75%, 08/26/32<sup>(b)</sup> | &nbsp;&nbsp; 150 | 150902 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 45 | 40555 |
| Principal Financial Group Inc. |  |  |
| 2.13%, 06/15/30 | &nbsp;&nbsp; 75 | 67847 |
| 3.10%, 11/15/26 | &nbsp;&nbsp; 50 | 49346 |
| 3.70%, 05/15/29 | &nbsp;&nbsp; 65 | 63739 |
| 4.11%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14966 |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 45 | 37239 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 32 | 27295 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 25 | 22245 |
| 5.38%, 03/15/33 | &nbsp;&nbsp; 110 | 113499 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 70 | 67189 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 56 | 60047 |
| Principal Life Global Funding II |  |  |
| 1.50%, 08/27/30<sup>(b)</sup> | &nbsp;&nbsp; 65 | 56685 |
| 1.63%, 11/19/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13018 |
| 2.50%, 09/16/29<sup>(b)</sup> | &nbsp;&nbsp; 36 | 33570 |
| 4.60%, 08/19/27<sup>(b)</sup> | &nbsp;&nbsp; 100 | 100819 |
| 4.80%, 01/09/28<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25361 |
| 5.00%, 01/16/27<sup>(b)</sup> | &nbsp;&nbsp; 45 | 45494 |
| Progressive Corp. (The) |  |  |
| 2.45%, 01/15/27 | &nbsp;&nbsp; 70 | 68580 |
| 3.20%, 03/26/30 | &nbsp;&nbsp; 65 | 62546 |
| 3.70%, 01/26/45 | &nbsp;&nbsp; 40 | 31188 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 5 | 3704 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 40 | 31074 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 72 | 71967 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 67 | 54720 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 45 | 37118 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.35%, 04/25/44 | &nbsp;&nbsp; $40 | $34210 |
| 6.25%, 12/01/32 | &nbsp;&nbsp; 83 | 91788 |
| Protective Life Corp. |  |  |
| 3.40%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 70 | 67015 |
| 4.30%, 09/30/28<sup>(b)</sup> | &nbsp;&nbsp; 80 | 79904 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30<sup>(c)</sup> | &nbsp;&nbsp; 99 | 91159 |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 55 | 42181 |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 46197 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 95 | 69197 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 60 | 59989 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 75 | 58493 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 107 | 81471 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 75 | 61501 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 70 | 58093 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 70 | 61837 |
| 5.13%, 03/01/52, (5-year CMT + 3.162%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 83355 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 120 | 122121 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 67 | 70715 |
| 5.70%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 75 | 76245 |
| 5.75%, 07/15/33 | &nbsp;&nbsp; 28 | 30094 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(a)</sup> | &nbsp;&nbsp; 105 | 108605 |
| 6.50%, 03/15/54, (5-year CMT + 2.404%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 68273 |
| 6.63%, 12/01/37 | &nbsp;&nbsp; 30 | 33737 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30 | &nbsp;&nbsp; 85 | 81182 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 65 | 61243 |
| Reinsurance Group of America Inc. |  |  |
| 3.15%, 06/15/30 | &nbsp;&nbsp; 87 | 82166 |
| 3.90%, 05/15/29 | &nbsp;&nbsp; 73 | 71998 |
| 3.95%, 09/15/26 | &nbsp;&nbsp; 30 | 29887 |
| 5.75%, 09/15/34 | &nbsp;&nbsp; 105 | 108364 |
| 6.00%, 09/15/33 | &nbsp;&nbsp; 65 | 68659 |
| Reliance Standard Life Global Funding II |  |  |
| 1.51%, 09/28/26<sup>(b)(c)</sup> | &nbsp;&nbsp; 65 | 62933 |
| 2.75%, 01/21/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38847 |
| RenaissanceRe Finance Inc., 3.45%, 07/01/27 | &nbsp;&nbsp; 50 | 49282 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.75%, 06/05/33 | &nbsp;&nbsp; 85 | 88270 |
| 5.80%, 04/01/35 | &nbsp;&nbsp; 100 | 103430 |
| Ryan Specialty LLC, 5.88%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 105 | 106078 |
| Selective Insurance Group Inc., 5.38%, 03/01/49 | &nbsp;&nbsp; 15 | 13323 |
| Stewart Information Services Corp., 3.60%, 11/15/31 | &nbsp;&nbsp; 15 | 13496 |
| Swiss Re Finance Luxembourg SA, 5.00%, 04/02/49, <br> (5-year CMT + 3.582%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 195 | 195536 |
| Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42<sup>(b)</sup> | &nbsp;&nbsp; 25 | 21064 |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; 40 | 23654 |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 20 | 12987 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 39 | 30343 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 60 | 47977 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 35 | 28125 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 52 | 41514 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 40 | 33729 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 40 | 35424 |
| 5.05%, 07/24/35 | &nbsp;&nbsp; 100 | 100648 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 55 | 55354 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 55 | 53365 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 70 | 77198 |
| 6.75%, 06/20/36 | &nbsp;&nbsp; 35 | 40158 |
| Travelers Property Casualty Corp., 6.38%, 03/15/33 | &nbsp;&nbsp; 45 | 50267 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Unum Group |  |  |
| 4.05%, 08/15/41<sup>(b)</sup> | &nbsp;&nbsp; $15 | $11953 |
| 4.13%, 06/15/51 | &nbsp;&nbsp; 70 | 51408 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 25 | 24336 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 93 | 88064 |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 54 | 39538 |
| 4.50%, 09/15/28 | &nbsp;&nbsp; 62 | 62526 |
| 4.65%, 06/15/27 | &nbsp;&nbsp; 85 | 85557 |
| 5.05%, 09/15/48 | &nbsp;&nbsp; 50 | 44330 |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 65 | 66863 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 55 | 54091 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 30 | 28707 |
| Zurich Finance Ireland Designated Activity Co., <br> 3.00%, 04/19/51, (5-year CMT + 2.777%)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 200 | 179505 |
|  |  | 15933250 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| Booking Holdings Inc., 3.55%, 03/15/28 | &nbsp;&nbsp; 85 | 84000 |
| Cars.com Inc., 6.38%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30023 |
| Cogent Communications Group LLC / Cogent <br> Finance Inc.<br>|  |  |
| 6.50%, 07/01/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 47663 |
| 7.00%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19898 |
| 7.00%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29897 |
| eBay Inc. |  |  |
| 2.60%, 05/10/31 | &nbsp;&nbsp; 65 | 59028 |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 75 | 70142 |
| 3.60%, 06/05/27 | &nbsp;&nbsp; 82 | 81345 |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 75 | 54239 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 80 | 65642 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 75 | 77144 |
| 6.75%, 09/30/27<sup>(b)</sup> | &nbsp;&nbsp; 60 | 61063 |
| 7.13%, 09/30/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51786 |
| Go Daddy Operating Co. LLC/GD Finance Co. Inc. |  |  |
| 3.50%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 52137 |
| 5.25%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39858 |
| Meituan, 3.05%, 10/28/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 186367 |
| Prosus NV |  |  |
| 3.26%, 01/19/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 196522 |
| 3.68%, 01/21/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 190615 |
| 4.99%, 01/19/52<sup>(d)</sup> | &nbsp;&nbsp; 200 | 156999 |
| Rakuten Group Inc. |  |  |
| 6.25%, (5-year CMT + 4.956%)<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; 65 | 61202 |
| 8.13%, (5-year CMT + 4.250%)<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; 40 | 40953 |
| 9.75%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 165 | 183209 |
| 11.25%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 120 | 129826 |
| VeriSign Inc. |  |  |
| 2.70%, 06/15/31 | &nbsp;&nbsp; 80 | 72018 |
| 4.75%, 07/15/27 | &nbsp;&nbsp; 40 | 40010 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 56197 |
| 7.75%, 09/15/30<sup>(b)</sup> | &nbsp;&nbsp; 57 | 58922 |
| Ziff Davis Inc., 4.63%, 10/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 35 | 33022 |
|  |  | 2229727 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| Cleveland-Cliffs Inc. |  |  |
| 4.63%, 03/01/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23721 |
| 4.88%, 03/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 27 | 24680 |
| 5.88%, 06/01/27 | &nbsp;&nbsp; 36 | 35973 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| 6.25%, 10/01/40 | &nbsp;&nbsp; $15 | $12436 |
| 6.75%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50549 |
| 6.88%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 60 | 60900 |
| 7.00%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 105 | 104589 |
| 7.38%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 65 | 64821 |
| 7.50%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 82 | 83160 |
| Commercial Metals Co. |  |  |
| 3.88%, 02/15/31 | &nbsp;&nbsp; 20 | 18571 |
| 4.13%, 01/15/30 | &nbsp;&nbsp; 20 | 19165 |
| 4.38%, 03/15/32 | &nbsp;&nbsp; 20 | 18746 |
| Gerdau Trade Inc., 5.75%, 06/09/35 | &nbsp;&nbsp; 100 | 101761 |
| GUSAP III LP, 4.25%, 01/21/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 194989 |
| Reliance Inc., 2.15%, 08/15/30 | &nbsp;&nbsp; 70 | 62768 |
| Steel Dynamics Inc. |  |  |
| 1.65%, 10/15/27 | &nbsp;&nbsp; 60 | 56844 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 25 | 23517 |
| 3.25%, 10/15/50 | &nbsp;&nbsp; 20 | 13208 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 50 | 47942 |
| 5.00%, 12/15/26 | &nbsp;&nbsp; 65 | 65068 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 5 | 5054 |
| 5.38%, 08/15/34 | &nbsp;&nbsp; 80 | 81796 |
|  |  | 1170258 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| Acushnet Co., 7.38%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26066 |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31 | &nbsp;&nbsp; 50 | 43206 |
| 4.40%, 09/15/32 | &nbsp;&nbsp; 25 | 23505 |
| 5.10%, 04/01/52 | &nbsp;&nbsp; 35 | 26684 |
| Brunswick Corp./DE, 5.85%, 03/18/29 | &nbsp;&nbsp; 35 | 36261 |
| Harley-Davidson Financial Services Inc. |  |  |
| 3.05%, 02/14/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 60 | 58908 |
| 5.95%, 06/11/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 67310 |
| 6.50%, 03/10/28<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5214 |
| Harley-Davidson Inc., 4.63%, 07/28/45 | &nbsp;&nbsp; 33 | 26182 |
| Life Time Inc., 6.00%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35566 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 65 | 65165 |
| 6.25%, 03/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 35 | 35542 |
| 6.75%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 115 | 118656 |
| 7.75%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 74796 |
| 8.13%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 73641 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40689 |
| Polaris Inc., 6.95%, 03/15/29 | &nbsp;&nbsp; 35 | 37067 |
| Royal Caribbean Cruises Ltd. |  |  |
| 3.70%, 03/15/28 | &nbsp;&nbsp; 50 | 49111 |
| 5.38%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 85 | 85697 |
| 5.50%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 125 | 127291 |
| 5.63%, 09/30/31<sup>(b)</sup> | &nbsp;&nbsp; 125 | 127124 |
| 6.00%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 155 | 159038 |
| 6.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 95 | 98188 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; 43 | 43623 |
| 10.75%, 11/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 75 | 72969 |
| 11.13%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 100 | 98011 |
|  |  | 1655510 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Choice Hotels International Inc. |  |  |
| 3.70%, 01/15/31 | &nbsp;&nbsp; 50 | 46793 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 70 | 70825 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Hilton Domestic Operating Co. Inc. |  |  |
| 3.63%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; $105 | $95796 |
| 3.75%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 52796 |
| 4.00%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; 121 | 113982 |
| 4.88%, 01/15/30 | &nbsp;&nbsp; 65 | 64861 |
| 5.75%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35061 |
| 5.75%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 100887 |
| 5.88%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40765 |
| 5.88%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 67 | 68353 |
| 6.13%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30870 |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton <br> Grand Vacations Borrower Esc<br>|  |  |
| 4.88%, 07/01/31<sup>(b)</sup> | &nbsp;&nbsp; 40 | 37234 |
| 5.00%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 53198 |
| 6.63%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 60 | 61187 |
| Hilton Worldwide Finance LLC/Hilton Worldwide <br> Finance Corp., 4.88%, 04/01/27<br>| &nbsp;&nbsp; 35 | 34914 |
| Marriott Ownership Resorts Inc. |  |  |
| 4.50%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28998 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 35 | 34372 |
| Travel & Leisure Co., 4.63%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19252 |
| Travel + Leisure Co. |  |  |
| 4.50%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 45 | 43604 |
| 6.00%, 04/01/27 | &nbsp;&nbsp; 35 | 35460 |
| 6.13%, 09/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15051 |
| 6.63%, 07/31/26<sup>(b)</sup> | &nbsp;&nbsp; 45 | 45403 |
|  |  | 1129662 |
| **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
| AGCO Corp. |  |  |
| 5.45%, 03/21/27 | &nbsp;&nbsp; 80 | 81093 |
| 5.80%, 03/21/34 | &nbsp;&nbsp; 70 | 72025 |
| Chart Industries Inc. |  |  |
| 7.50%, 01/01/30<sup>(b)</sup> | &nbsp;&nbsp; 90 | 94235 |
| 9.50%, 01/01/31<sup>(b)</sup> | &nbsp;&nbsp; 36 | 38587 |
| CNH Industrial Capital LLC |  |  |
| 4.55%, 04/10/28 | &nbsp;&nbsp; 15 | 15126 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 20 | 20717 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 104 | 103475 |
| Deere & Co. |  |  |
| 2.88%, 09/07/49 | &nbsp;&nbsp; 45 | 29430 |
| 3.10%, 04/15/30 | &nbsp;&nbsp; 76 | 72761 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 55 | 42146 |
| 3.90%, 06/09/42 | &nbsp;&nbsp; 85 | 72031 |
| 5.38%, 10/16/29 | &nbsp;&nbsp; 85 | 89251 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 5 | 5109 |
| 7.13%, 03/03/31 | &nbsp;&nbsp; 25 | 28560 |
| Eaton Capital ULC, 4.45%, 05/09/30 | &nbsp;&nbsp; 10 | 10098 |
| IDEX Corp. |  |  |
| 2.63%, 06/15/31 | &nbsp;&nbsp; 55 | 49756 |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 69 | 64932 |
| John Deere Capital Corp. |  |  |
| 1.30%, 10/13/26 | &nbsp;&nbsp; 55 | 53431 |
| 1.45%, 01/15/31 | &nbsp;&nbsp; 37 | 32277 |
| 1.50%, 03/06/28 | &nbsp;&nbsp; 22 | 20741 |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 105 | 101563 |
| 2.00%, 06/17/31 | &nbsp;&nbsp; 57 | 50437 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 90 | 88385 |
| 2.45%, 01/09/30 | &nbsp;&nbsp; 76 | 71077 |
| 2.80%, 09/08/27 | &nbsp;&nbsp; 85 | 83197 |
| 2.80%, 07/18/29 | &nbsp;&nbsp; 85 | 81219 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 48 | 47041 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 3.35%, 04/18/29 | &nbsp;&nbsp; $50 | $48876 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 97 | 95231 |
| 3.90%, 06/07/32 | &nbsp;&nbsp; 60 | 58190 |
| 4.15%, 09/15/27 | &nbsp;&nbsp; 85 | 85358 |
| 4.20%, 07/15/27 | &nbsp;&nbsp; 200 | 201203 |
| 4.35%, 09/15/32 | &nbsp;&nbsp; 60 | 59484 |
| 4.40%, 09/08/31 | &nbsp;&nbsp; 15 | 15076 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 185 | 187884 |
| 4.75%, 01/20/28 | &nbsp;&nbsp; 115 | 117102 |
| 4.85%, 10/11/29 | &nbsp;&nbsp; 5 | 5164 |
| 4.90%, 06/11/27 | &nbsp;&nbsp; 150 | 152694 |
| 4.90%, 03/03/28 | &nbsp;&nbsp; 120 | 122693 |
| 4.90%, 03/07/31 | &nbsp;&nbsp; 5 | 5154 |
| 4.95%, 07/14/28 | &nbsp;&nbsp; 100 | 102759 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 155 | 158725 |
| 5.15%, 09/08/26 | &nbsp;&nbsp; 110 | 111258 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 35 | 35727 |
| Series I, 4.55%, 06/05/30 | &nbsp;&nbsp; 200 | 203195 |
| Mueller Water Products Inc., 4.00%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 26 | 25012 |
| Nordson Corp. |  |  |
| 5.60%, 09/15/28 | &nbsp;&nbsp; 10 | 10374 |
| 5.80%, 09/15/33 | &nbsp;&nbsp; 45 | 47824 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/31 | &nbsp;&nbsp; 40 | 35540 |
| 5.65%, 05/15/33 | &nbsp;&nbsp; 35 | 36030 |
| Otis Worldwide Corp. |  |  |
| 2.29%, 04/05/27 | &nbsp;&nbsp; 75 | 73017 |
| 2.57%, 02/15/30 | &nbsp;&nbsp; 130 | 121150 |
| 3.11%, 02/15/40 | &nbsp;&nbsp; 75 | 57966 |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 65 | 44995 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28 | &nbsp;&nbsp; 90 | 93143 |
| 6.30%, 02/15/30 | &nbsp;&nbsp; 95 | 100538 |
| 6.40%, 04/15/33 | &nbsp;&nbsp; 105 | 111683 |
| Terex Corp. |  |  |
| 5.00%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 45 | 44279 |
| 6.25%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50612 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 50 | 49518 |
| 4.70%, 09/15/28 | &nbsp;&nbsp; 95 | 96220 |
| 4.90%, 05/29/30 | &nbsp;&nbsp; 15 | 15328 |
| 5.50%, 05/29/35 | &nbsp;&nbsp; 15 | 15391 |
| 5.61%, 03/11/34 | &nbsp;&nbsp; 80 | 82989 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 55 | 52513 |
| 2.25%, 01/30/31<sup>(c)</sup> | &nbsp;&nbsp; 50 | 44921 |
| 3.25%, 11/01/26 | &nbsp;&nbsp; 85 | 84028 |
| 4.38%, 11/01/46 | &nbsp;&nbsp; 22 | 18136 |
|  |  | 4595680 |
| **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** |
| Axon Enterprise Inc., 6.25%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 103418 |
| Carlisle Companies Inc. |  |  |
| 2.20%, 03/01/32 | &nbsp;&nbsp; 50 | 42816 |
| 2.75%, 03/01/30 | &nbsp;&nbsp; 51 | 47686 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 69 | 68347 |
| 5.25%, 09/15/35 | &nbsp;&nbsp; 100 | 100138 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 110 | 108230 |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 25 | 19794 |
| 4.00%, 11/02/32 | &nbsp;&nbsp; 60 | 58193 |
| 4.15%, 03/15/33 | &nbsp;&nbsp; 100 | 97618 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| 4.15%, 11/02/42 | &nbsp;&nbsp; $75 | $64361 |
| 4.70%, 08/23/52 | &nbsp;&nbsp; 60 | 53111 |
| Hillenbrand Inc. |  |  |
| 3.75%, 03/01/31 | &nbsp;&nbsp; 25 | 22993 |
| 6.25%, 02/15/29 | &nbsp;&nbsp; 41 | 41893 |
| Illinois Tool Works Inc. |  |  |
| 2.65%, 11/15/26 | &nbsp;&nbsp; 75 | 73934 |
| 3.90%, 09/01/42 | &nbsp;&nbsp; 63 | 52334 |
| 4.88%, 09/15/41 | &nbsp;&nbsp; 82 | 77166 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 35 | 34590 |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 96 | 93063 |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 60 | 47322 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 35 | 28436 |
| 4.20%, 11/21/34 | &nbsp;&nbsp; 61 | 58522 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 15 | 15055 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 45 | 38985 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 70 | 70931 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 5 | 5491 |
| Pentair Finance SARL, 4.50%, 07/01/29 | &nbsp;&nbsp; 55 | 55264 |
| Trinity Industries Inc., 7.75%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41436 |
|  |  | 1521127 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Belo Corp. |  |  |
| 7.25%, 09/15/27 | &nbsp;&nbsp; 45 | 46930 |
| 7.75%, 06/01/27 | &nbsp;&nbsp; 25 | 26037 |
| Cable One Inc., 4.00%, 11/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 50 | 41326 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital, 6.15%, <br> 11/10/26<br>| &nbsp;&nbsp; 40 | 40887 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31 | &nbsp;&nbsp; 210 | 181052 |
| 1.95%, 01/15/31 | &nbsp;&nbsp; 185 | 163870 |
| 2.35%, 01/15/27 | &nbsp;&nbsp; 125 | 122232 |
| 2.45%, 08/15/52 | &nbsp;&nbsp; 110 | 58781 |
| 2.65%, 02/01/30 | &nbsp;&nbsp; 150 | 140560 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 90 | 46019 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 105 | 62006 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 335 | 200311 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 430 | 247158 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 280 | 155146 |
| 3.15%, 02/15/28 | &nbsp;&nbsp; 85 | 83272 |
| 3.20%, 07/15/36 | &nbsp;&nbsp; 40 | 33663 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 115 | 90304 |
| 3.30%, 02/01/27 | &nbsp;&nbsp; 125 | 123592 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 65 | 64250 |
| 3.40%, 04/01/30 | &nbsp;&nbsp; 105 | 101476 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 100 | 70835 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 175 | 118857 |
| 3.55%, 05/01/28 | &nbsp;&nbsp; 170 | 167917 |
| 3.75%, 04/01/40 | &nbsp;&nbsp; 120 | 99635 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 110 | 95718 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 225 | 171815 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 20 | 15384 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 75 | 57369 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 150 | 112643 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 80 | 59723 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 305 | 305862 |
| 4.20%, 08/15/34 | &nbsp;&nbsp; 90 | 85359 |
| 4.25%, 10/15/30 | &nbsp;&nbsp; 190 | 190140 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 165 | 160271 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 4.40%, 08/15/35 | &nbsp;&nbsp; $75 | $71396 |
| 4.55%, 01/15/29 | &nbsp;&nbsp; 25 | 25358 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 65 | 60478 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 15 | 13304 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 110 | 93811 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 110 | 110133 |
| 4.95%, 05/15/32 | &nbsp;&nbsp; 100 | 102169 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 50 | 42523 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 15 | 15510 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 120 | 123497 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 105 | 107193 |
| 5.35%, 11/15/27 | &nbsp;&nbsp; 30 | 30824 |
| 5.35%, 05/15/53 | &nbsp;&nbsp; 105 | 96193 |
| 5.50%, 11/15/32 | &nbsp;&nbsp; 55 | 57918 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; 100 | 91898 |
| 5.65%, 06/15/35 | &nbsp;&nbsp; 70 | 73332 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 95 | 91029 |
| 6.05%, 05/15/55 | &nbsp;&nbsp; 150 | 151765 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 40 | 44297 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 110 | 122388 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 45 | 51440 |
| FactSet Research Systems Inc. |  |  |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 75 | 73614 |
| 3.45%, 03/01/32 | &nbsp;&nbsp; 20 | 18433 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 120 | 102838 |
| 6.40%, 04/30/40 | &nbsp;&nbsp; 30 | 32722 |
| Nexstar Media Inc. |  |  |
| 4.75%, 11/01/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 70 | 68695 |
| 5.63%, 07/15/27<sup>(b)</sup> | &nbsp;&nbsp; 145 | 144795 |
| Paramount Global |  |  |
| 3.38%, 02/15/28 | &nbsp;&nbsp; 5 | 4877 |
| 4.20%, 06/01/29 | &nbsp;&nbsp; 30 | 29572 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 200 | 152108 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 100 | 76927 |
| 4.90%, 08/15/44 | &nbsp;&nbsp; 50 | 40088 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 115 | 114307 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 10 | 9000 |
| 6.25%, 02/28/57<sup>(a)</sup> | &nbsp;&nbsp; 49 | 47733 |
| 6.38%, 03/30/62, (5-year CMT + 3.999%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 75139 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 55 | 58354 |
| Sirius XM Radio LLC |  |  |
| 3.13%, 09/01/26<sup>(b)</sup> | &nbsp;&nbsp; 45 | 44706 |
| 3.88%, 09/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 105 | 94464 |
| 4.00%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 150 | 144943 |
| 4.13%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 105 | 97678 |
| 5.00%, 08/01/27<sup>(b)</sup> | &nbsp;&nbsp; 90 | 89627 |
| 5.50%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 132 | 132047 |
| TEGNA Inc. |  |  |
| 4.63%, 03/15/28 | &nbsp;&nbsp; 67 | 66489 |
| 5.00%, 09/15/29 | &nbsp;&nbsp; 75 | 75093 |
| Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 198629 |
|  |  | 7309734 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Advanced Drainage Systems Inc. |  |  |
| 5.00%, 09/30/27<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24859 |
| 6.38%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35702 |
| Timken Co. (The) |  |  |
| 4.13%, 04/01/32 | &nbsp;&nbsp; 5 | 4732 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 35 | 35257 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Metal Fabricate & Hardware (continued)** | **Metal Fabricate & Hardware (continued)** | **Metal Fabricate & Hardware (continued)** |
| Valmont Industries Inc., 5.00%, 10/01/44 | &nbsp;&nbsp; $37 | $33721 |
|  |  | 134271 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Alumina Pty. Ltd. |  |  |
| 6.13%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25469 |
| 6.38%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30646 |
| Antofagasta PLC, 5.63%, 05/13/32<sup>(d)</sup> | &nbsp;&nbsp; 200 | 204698 |
| Coeur Mining Inc., 5.13%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19542 |
| Compass Minerals International Inc. |  |  |
| 6.75%, 12/01/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10026 |
| 8.00%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 52300 |
| Constellium SE |  |  |
| 3.75%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 40 | 37941 |
| 5.63%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29868 |
| 6.38%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25527 |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.30%, 09/08/53<sup>(d)</sup> | &nbsp;&nbsp; 200 | 196548 |
| 6.33%, 01/13/35<sup>(d)</sup> | &nbsp;&nbsp; 200 | 209403 |
| 6.78%, 01/13/55<sup>(d)</sup> | &nbsp;&nbsp; 200 | 206572 |
| Hecla Mining Co., 7.25%, 02/15/28 | &nbsp;&nbsp; 20 | 20254 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 40 | 37525 |
| 4.63%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34453 |
| Northern Star Resources Ltd., 6.13%, 04/11/33<sup>(b)</sup> | &nbsp;&nbsp; 45 | 47036 |
| Novelis Corp. |  |  |
| 3.88%, 08/15/31<sup>(b)</sup> | &nbsp;&nbsp; 50 | 45375 |
| 4.75%, 01/30/30<sup>(b)</sup> | &nbsp;&nbsp; 107 | 102960 |
| 6.88%, 01/30/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 225 | 233468 |
| Yamana Gold Inc., 2.63%, 08/15/31 | &nbsp;&nbsp; 55 | 48840 |
|  |  | 1618451 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| Dexia SA |  |  |
| 4.50%, 03/19/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40335 |
| 4.75%, 01/24/30<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5155 |
|  |  | 45490 |
| **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** | **Office & Business Equipment — 0.1%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | &nbsp;&nbsp; 64 | 62640 |
| 3.25%, 02/15/29 | &nbsp;&nbsp; 95 | 90911 |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 60 | 57823 |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 80 | 74518 |
| 4.25%, 04/01/28 | &nbsp;&nbsp; 50 | 49743 |
| 5.55%, 08/22/34 | &nbsp;&nbsp; 60 | 60849 |
| Pitney Bowes Inc. |  |  |
| 6.88%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30163 |
| 7.25%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25294 |
| Xerox Corp. |  |  |
| 4.80%, 03/01/35<sup>(c)</sup> | &nbsp;&nbsp; 20 | 9616 |
| 6.75%, 12/15/39<sup>(c)</sup> | &nbsp;&nbsp; 24 | 12064 |
| 10.25%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51918 |
| 13.50%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50172 |
| Xerox Holdings Corp. |  |  |
| 5.50%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp; 60 | 38890 |
| 8.88%, 11/30/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 34 | 20762 |
| Zebra Technologies Corp., 6.50%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35939 |
|  |  | 671302 |
| **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** |
| Interface Inc., 5.50%, 12/01/28<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19930 |
| Steelcase Inc., 5.13%, 01/18/29 | &nbsp;&nbsp; 32 | 31904 |
|  |  | 51834 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| AptarGroup Inc., 3.60%, 03/15/32 | &nbsp;&nbsp; $15 | $13797 |
| Ball Corp. |  |  |
| 2.88%, 08/15/30 | &nbsp;&nbsp; 90 | 81401 |
| 3.13%, 09/15/31 | &nbsp;&nbsp; 60 | 54107 |
| 5.50%, 09/15/33 | &nbsp;&nbsp; 75 | 75999 |
| 6.00%, 06/15/29 | &nbsp;&nbsp; 67 | 68655 |
| 6.88%, 03/15/28 | &nbsp;&nbsp; 55 | 56154 |
| Berry Global Inc., 5.65%, 01/15/34 | &nbsp;&nbsp; 75 | 77959 |
| Crown Americas LLC |  |  |
| 5.25%, 04/01/30 | &nbsp;&nbsp; 35 | 35454 |
| 5.88%, 06/01/33<sup>(b)</sup> | &nbsp;&nbsp; 65 | 65747 |
| Crown Americas LLC/Crown Americas Capital Corp. <br> V, 4.25%, 09/30/26<br>| &nbsp;&nbsp; 30 | 29877 |
| Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 | &nbsp;&nbsp; 25 | 25710 |
| OI European Group BV, 4.75%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23658 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27<sup>(b)</sup> | &nbsp;&nbsp; 45 | 45011 |
| 7.25%, 05/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 50 | 50895 |
| 7.38%, 06/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 20 | 20189 |
| Sealed Air Corp. |  |  |
| 1.57%, 10/15/26<sup>(b)</sup> | &nbsp;&nbsp; 75 | 72462 |
| 4.00%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29400 |
| 5.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29778 |
| 6.50%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41454 |
| 6.88%, 07/15/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 32420 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 6.13%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 55 | 55738 |
| 7.25%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31592 |
| Sonoco Products Co. |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 15 | 14564 |
| 2.85%, 02/01/32<sup>(c)</sup> | &nbsp;&nbsp; 25 | 22280 |
| 3.13%, 05/01/30 | &nbsp;&nbsp; 95 | 89416 |
| 4.45%, 09/01/26 | &nbsp;&nbsp; 75 | 74959 |
| 4.60%, 09/01/29 | &nbsp;&nbsp; 25 | 25092 |
| 5.00%, 09/01/34<sup>(c)</sup> | &nbsp;&nbsp; 60 | 58752 |
| 5.75%, 11/01/40 | &nbsp;&nbsp; 45 | 45511 |
|  |  | 1348031 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 45 | 42605 |
| 5.13%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 47 | 44820 |
| 6.13%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24916 |
| Elanco Animal Health Inc., 6.65%, 08/28/28 | &nbsp;&nbsp; 65 | 67732 |
| EMD Finance LLC, 5.00%, 10/15/35<sup>(b)</sup> | &nbsp;&nbsp; 150 | 148426 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 115 | 112606 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | &nbsp;&nbsp; 10 | 9747 |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 135 | 123914 |
| 2.75%, 08/14/50 | &nbsp;&nbsp; 160 | 100820 |
| 3.10%, 05/17/27 | &nbsp;&nbsp; 205 | 202497 |
| 3.70%, 09/21/42 | &nbsp;&nbsp; 20 | 16300 |
| 3.80%, 09/18/29 | &nbsp;&nbsp; 5 | 4984 |
| 4.00%, 09/18/31 | &nbsp;&nbsp; 15 | 14893 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 10 | 8241 |
| 4.20%, 09/18/34 | &nbsp;&nbsp; 90 | 87122 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 200 | 177030 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 60 | 52985 |
| Option Care Health Inc., 4.38%, 10/31/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 33723 |
| Owens & Minor Inc. |  |  |
| 4.50%, 03/31/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 45 | 38214 |
| 6.63%, 04/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 45 | 39050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Zoetis Inc. |  |  |
| 3.00%, 09/12/27 | &nbsp;&nbsp; $75 | $73538 |
| 3.00%, 05/15/50 | &nbsp;&nbsp; 40 | 25902 |
| 3.90%, 08/20/28 | &nbsp;&nbsp; 30 | 29956 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 58 | 45715 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 50 | 42062 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 80 | 72274 |
| 5.00%, 08/17/35 | &nbsp;&nbsp; 110 | 109539 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 40 | 42356 |
|  |  | 1791967 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| Apollo Management Holdings LP |  |  |
| 2.65%, 06/05/30<sup>(b)</sup> | &nbsp;&nbsp; 70 | 64591 |
| 4.87%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 45 | 45608 |
| 5.00%, 03/15/48<sup>(b)</sup> | &nbsp;&nbsp; 35 | 31286 |
| Carlyle Finance LLC, 5.65%, 09/15/48<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28990 |
| Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 67801 |
| Carlyle Holdings II Finance LLC, 5.63%, 03/30/43<sup>(b)</sup> | &nbsp;&nbsp; 45 | 43765 |
|  |  | 282041 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| Aldar Investment Properties Sukuk Ltd., 5.50%, <br> 05/16/34<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 208072 |
| CBRE Services Inc. |  |  |
| 2.50%, 04/01/31 | &nbsp;&nbsp; 65 | 58535 |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 55 | 55793 |
| 5.50%, 04/01/29 | &nbsp;&nbsp; 55 | 57040 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 50 | 53006 |
| China Overseas Finance Cayman VI Ltd., 6.45%, <br> 06/11/34<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 218912 |
| CoStar Group Inc., 2.80%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18336 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/28<sup>(b)</sup> | &nbsp;&nbsp; 45 | 45491 |
| 8.88%, 09/01/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 32216 |
| Emaar Sukuk Ltd., 3.88%, 09/17/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 194928 |
| Hongkong Land Finance Cayman Islands Co. Ltd. <br> (The), 2.88%, 05/27/30<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 187650 |
| Howard Hughes Corp. (The) |  |  |
| 4.13%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 45 | 43084 |
| 4.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 45 | 41943 |
| 5.38%, 08/01/28<sup>(b)</sup> | &nbsp;&nbsp; 52 | 51963 |
| Kennedy-Wilson Inc. |  |  |
| 4.75%, 03/01/29 | &nbsp;&nbsp; 40 | 38137 |
| 4.75%, 02/01/30 | &nbsp;&nbsp; 65 | 60995 |
| 5.00%, 03/01/31<sup>(c)</sup> | &nbsp;&nbsp; 40 | 37469 |
| Newmark Group Inc., 7.50%, 01/12/29 | &nbsp;&nbsp; 35 | 37476 |
| Ontario Teachers' Cadillac Fairview Properties Trust, <br> 4.13%, 02/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 120 | 119230 |
| Sun Hung Kai Properties Capital Market Ltd., 2.75%, <br> 05/13/30<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 187027 |
| Swire Pacific Mtn Financing HK Ltd., 2.88%, <br> 01/30/30<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 189504 |
| Swire Properties MTN Financing Ltd., 3.50%, <br> 01/10/28<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 196162 |
|  |  | 2132969 |
| **Real Estate Investment Trusts — 2.2%** | **Real Estate Investment Trusts — 2.2%** | **Real Estate Investment Trusts — 2.2%** |
| American Assets Trust LP, 3.38%, 02/01/31 | &nbsp;&nbsp; 60 | 54153 |
| American Tower Corp. |  |  |
| 1.45%, 09/15/26 | &nbsp;&nbsp; 50 | 48554 |
| 1.50%, 01/31/28 | &nbsp;&nbsp; 90 | 84434 |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 75 | 66070 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 2.10%, 06/15/30 | &nbsp;&nbsp; $54 | $48553 |
| 2.30%, 09/15/31 | &nbsp;&nbsp; 65 | 57214 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 60 | 54427 |
| 2.75%, 01/15/27 | &nbsp;&nbsp; 79 | 77465 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 110 | 103347 |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 105 | 65706 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 75 | 48603 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 44 | 43337 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 89 | 88135 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; 74 | 73192 |
| 3.60%, 01/15/28 | &nbsp;&nbsp; 99 | 97680 |
| 3.70%, 10/15/49 | &nbsp;&nbsp; 62 | 44984 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 101 | 98923 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 76 | 75159 |
| 4.05%, 03/15/32 | &nbsp;&nbsp; 75 | 72231 |
| 5.20%, 02/15/29 | &nbsp;&nbsp; 20 | 20570 |
| 5.25%, 07/15/28 | &nbsp;&nbsp; 10 | 10285 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 25 | 25641 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 20 | 20509 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 75 | 77337 |
| 5.50%, 03/15/28 | &nbsp;&nbsp; 5 | 5153 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 85 | 88792 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 50 | 52279 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 80 | 84965 |
| Apollo Commercial Real Estate Finance Inc., 4.63%, <br> 06/15/29<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 35 | 33593 |
| AvalonBay Communities Inc. |  |  |
| 1.90%, 12/01/28 | &nbsp;&nbsp; 60 | 56131 |
| 2.05%, 01/15/32 | &nbsp;&nbsp; 75 | 65192 |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 65 | 59076 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 15 | 14727 |
| 3.35%, 05/15/27 | &nbsp;&nbsp; 75 | 74131 |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 40 | 31201 |
| 4.15%, 07/01/47 | &nbsp;&nbsp; 30 | 24312 |
| 4.35%, 04/15/48 | &nbsp;&nbsp; 20 | 16701 |
| 5.30%, 12/07/33 | &nbsp;&nbsp; 40 | 41292 |
| Blackstone Mortgage Trust Inc. |  |  |
| 3.75%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24496 |
| 7.75%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31982 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 60 | 48710 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 70 | 60027 |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 75 | 73700 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 65 | 60280 |
| 3.25%, 01/30/31 | &nbsp;&nbsp; 95 | 88293 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 90 | 86267 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 80 | 80024 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 60 | 60846 |
| 6.50%, 01/15/34<sup>(c)</sup> | &nbsp;&nbsp; 60 | 64448 |
| 6.75%, 12/01/27 | &nbsp;&nbsp; 20 | 21040 |
| Brandywine Operating Partnership LP |  |  |
| 3.95%, 11/15/27 | &nbsp;&nbsp; 30 | 29241 |
| 4.55%, 10/01/29<sup>(c)</sup> | &nbsp;&nbsp; 25 | 23991 |
| 8.30%, 03/15/28 | &nbsp;&nbsp; 30 | 31970 |
| 8.88%, 04/12/29 | &nbsp;&nbsp; 55 | 59817 |
| Brixmor Operating Partnership LP |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 53 | 50463 |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 25 | 22164 |
| 3.90%, 03/15/27 | &nbsp;&nbsp; 80 | 79543 |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 65 | 63691 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 50 | 49543 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.50%, 02/15/34 | &nbsp;&nbsp; $55 | $56032 |
| 5.75%, 02/15/35 | &nbsp;&nbsp; 35 | 36306 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31 | &nbsp;&nbsp; 5 | 4318 |
| Brookfield Property REIT Inc./BPR Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco LLC<br>|  |  |
| 4.50%, 04/01/27<sup>(b)</sup> | &nbsp;&nbsp; 38 | 37339 |
| 5.75%, 05/15/26<sup>(b)</sup> | &nbsp;&nbsp; 44 | 43940 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29<sup>(c)</sup> | &nbsp;&nbsp; 40 | 36945 |
| 2.75%, 04/15/31 | &nbsp;&nbsp; 50 | 45053 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 45 | 37764 |
| Cousins Properties LP |  |  |
| 5.25%, 07/15/30 | &nbsp;&nbsp; 10 | 10262 |
| 5.88%, 10/01/34 | &nbsp;&nbsp; 35 | 36197 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 91 | 79330 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 72 | 63761 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 71 | 62843 |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 25 | 24485 |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 112 | 80003 |
| 3.10%, 11/15/29 | &nbsp;&nbsp; 60 | 56901 |
| 3.25%, 01/15/51 | &nbsp;&nbsp; 78 | 50934 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 77 | 72725 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 129 | 127374 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 75 | 74068 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 25 | 24882 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 43 | 31996 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 45 | 34385 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 72 | 71615 |
| 4.75%, 05/15/47 | &nbsp;&nbsp; 10 | 8644 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; 5 | 5065 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 210 | 212833 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 25 | 25074 |
| 5.20%, 09/01/34 | &nbsp;&nbsp; 60 | 59908 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 20 | 17851 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 90 | 93507 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 95 | 99133 |
| CTR Partnership LP/CareTrust Capital Corp., 3.88%, <br> 06/30/28<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 4867 |
| CubeSmart LP |  |  |
| 2.50%, 02/15/32 | &nbsp;&nbsp; 60 | 52237 |
| 3.00%, 02/15/30 | &nbsp;&nbsp; 40 | 37725 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 150 | 147925 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 50 | 49961 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29 | &nbsp;&nbsp; 75 | 73167 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 130 | 128985 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 65 | 65461 |
| DOC DR LLC |  |  |
| 2.63%, 11/01/31 | &nbsp;&nbsp; 55 | 49024 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 15 | 14919 |
| 4.30%, 03/15/27 | &nbsp;&nbsp; 25 | 25006 |
| EPR Properties |  |  |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 20 | 19203 |
| 4.95%, 04/15/28 | &nbsp;&nbsp; 35 | 35142 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 60 | 61547 |
| Equinix Inc. |  |  |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 60 | 56244 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 60 | 57473 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 50 | 47255 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 2.15%, 07/15/30 | &nbsp;&nbsp; $74 | $66697 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 50 | 44873 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 74 | 72782 |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 60 | 36796 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; 60 | 37700 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 125 | 119409 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 25 | 16692 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 60 | 57112 |
| ERP Operating LP |  |  |
| 2.50%, 02/15/30 | &nbsp;&nbsp; 65 | 60612 |
| 2.85%, 11/01/26 | &nbsp;&nbsp; 50 | 49302 |
| 4.15%, 12/01/28 | &nbsp;&nbsp; 10 | 10025 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 105 | 91128 |
| 4.65%, 09/15/34 | &nbsp;&nbsp; 55 | 53785 |
| 4.95%, 06/15/32 | &nbsp;&nbsp; 100 | 102120 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 45 | 43204 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 45 | 44201 |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 45 | 43331 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 45 | 38272 |
| Goodman U.S. Finance Three LLC, 3.70%, <br> 03/15/28<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 60 | 59160 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | &nbsp;&nbsp; 55 | 52887 |
| 2.88%, 01/15/31 | &nbsp;&nbsp; 61 | 56103 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 65 | 61542 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 20 | 19439 |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 55 | 56211 |
| 6.75%, 02/01/41 | &nbsp;&nbsp; 49 | 53549 |
| Highwoods Realty LP |  |  |
| 3.88%, 03/01/27 | &nbsp;&nbsp; 35 | 34597 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 45 | 50911 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 65 | 64708 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 50 | 50857 |
| Series H, 3.38%, 12/15/29 | &nbsp;&nbsp; 72 | 68284 |
| Series I, 3.50%, 09/15/30 | &nbsp;&nbsp; 72 | 67692 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 20 | 17744 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 50 | 43015 |
| 2.30%, 11/15/28 | &nbsp;&nbsp; 60 | 56656 |
| 2.70%, 01/15/34 | &nbsp;&nbsp; 50 | 41921 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 140 | 134086 |
| 4.88%, 02/01/35 | &nbsp;&nbsp; 30 | 29337 |
| 5.45%, 08/15/30 | &nbsp;&nbsp; 105 | 109201 |
| 5.50%, 08/15/33 | &nbsp;&nbsp; 20 | 20535 |
| Iron Mountain Inc. |  |  |
| 4.50%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 78 | 74219 |
| 4.88%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 57 | 56664 |
| 4.88%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 63941 |
| 5.00%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34779 |
| 5.25%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 55 | 54857 |
| 5.25%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 92 | 90958 |
| 5.63%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39700 |
| 6.25%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 105 | 107314 |
| 7.00%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 105 | 108248 |
| Iron Mountain Information Management Services Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 55 | 52873 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32 | &nbsp;&nbsp; 50 | 40987 |
| 2.65%, 11/15/33 | &nbsp;&nbsp; 45 | 36372 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.05%, 02/15/30 | &nbsp;&nbsp; $30 | $27597 |
| 4.25%, 08/15/29 | &nbsp;&nbsp; 50 | 48865 |
| 4.75%, 12/15/28 | &nbsp;&nbsp; 40 | 40071 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 40 | 40835 |
| Kimco Realty OP LLC |  |  |
| 1.90%, 03/01/28 | &nbsp;&nbsp; 30 | 28479 |
| 2.25%, 12/01/31 | &nbsp;&nbsp; 30 | 26321 |
| 2.70%, 10/01/30 | &nbsp;&nbsp; 80 | 73814 |
| 2.80%, 10/01/26 | &nbsp;&nbsp; 19 | 18707 |
| 3.20%, 04/01/32 | &nbsp;&nbsp; 50 | 45744 |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 5 | 3621 |
| 3.80%, 04/01/27 | &nbsp;&nbsp; 140 | 139122 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 35 | 27753 |
| 4.25%, 04/01/45 | &nbsp;&nbsp; 30 | 24703 |
| 4.60%, 02/01/33 | &nbsp;&nbsp; 125 | 123137 |
| 4.85%, 03/01/35 | &nbsp;&nbsp; 45 | 44355 |
| 6.40%, 03/01/34 | &nbsp;&nbsp; 15 | 16435 |
| LXP Industrial Trust |  |  |
| 2.38%, 10/01/31 | &nbsp;&nbsp; 10 | 8637 |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 25 | 22759 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 3.50%, 03/15/31 | &nbsp;&nbsp; 100 | 70559 |
| 4.63%, 08/01/29<sup>(c)</sup> | &nbsp;&nbsp; 75 | 59185 |
| 5.00%, 10/15/27 | &nbsp;&nbsp; 95 | 90066 |
| 8.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 120 | 125737 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; 70 | 60894 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 77 | 71153 |
| 4.50%, 04/01/27 | &nbsp;&nbsp; 5 | 5007 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 55 | 55461 |
| 5.20%, 07/01/30 | &nbsp;&nbsp; 100 | 101435 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| 4.88%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 53553 |
| 5.88%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49937 |
| 7.00%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41263 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 25341 |
| Phillips Edison Grocery Center Operating Partnership <br> I LP<br>|  |  |
| 2.63%, 11/15/31 | &nbsp;&nbsp; 20 | 17696 |
| 4.95%, 01/15/35 | &nbsp;&nbsp; 100 | 97661 |
| 5.75%, 07/15/34 | &nbsp;&nbsp; 55 | 56786 |
| Piedmont Operating Partnership LP |  |  |
| 3.15%, 08/15/30 | &nbsp;&nbsp; 15 | 13569 |
| 9.25%, 07/20/28 | &nbsp;&nbsp; 25 | 27781 |
| Prologis LP |  |  |
| 1.25%, 10/15/30 | &nbsp;&nbsp; 40 | 34605 |
| 1.63%, 03/15/31 | &nbsp;&nbsp; 80 | 69484 |
| 1.75%, 07/01/30 | &nbsp;&nbsp; 59 | 52507 |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 66 | 64049 |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 42 | 22215 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 20 | 18394 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 89 | 84543 |
| 3.00%, 04/15/50 | &nbsp;&nbsp; 57 | 36701 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 42 | 27244 |
| 3.25%, 10/01/26 | &nbsp;&nbsp; 60 | 59478 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 145 | 143054 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 50 | 49713 |
| 4.00%, 09/15/28 | &nbsp;&nbsp; 51 | 50972 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 25 | 20698 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.63%, 01/15/33 | &nbsp;&nbsp; $45 | $44861 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 50 | 50035 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 95 | 95778 |
| 5.00%, 01/31/35 | &nbsp;&nbsp; 75 | 75337 |
| 5.13%, 01/15/34 | &nbsp;&nbsp; 60 | 61308 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 65 | 60771 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 70 | 65304 |
| Public Storage Operating Co. |  |  |
| 1.85%, 05/01/28 | &nbsp;&nbsp; 120 | 113549 |
| 1.95%, 11/09/28 | &nbsp;&nbsp; 85 | 79784 |
| 2.30%, 05/01/31 | &nbsp;&nbsp; 145 | 129855 |
| 3.39%, 05/01/29 | &nbsp;&nbsp; 55 | 53645 |
| 5.10%, 08/01/33 | &nbsp;&nbsp; 95 | 97922 |
| 5.35%, 08/01/53 | &nbsp;&nbsp; 60 | 56974 |
| Realty Income Corp. |  |  |
| 2.10%, 03/15/28 | &nbsp;&nbsp; 200 | 190695 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 200 | 188946 |
| 3.95%, 08/15/27 | &nbsp;&nbsp; 200 | 199575 |
| 5.13%, 04/15/35 | &nbsp;&nbsp; 200 | 201262 |
| 5.38%, 09/01/54 | &nbsp;&nbsp; 80 | 75611 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 55 | 52438 |
| 3.60%, 02/01/27 | &nbsp;&nbsp; 70 | 69439 |
| 3.70%, 06/15/30 | &nbsp;&nbsp; 40 | 38957 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 15 | 14972 |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 20 | 16707 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 35 | 29795 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 80 | 81581 |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 5 | 5023 |
| Rexford Industrial Realty LP |  |  |
| 2.13%, 12/01/30 | &nbsp;&nbsp; 10 | 8847 |
| 2.15%, 09/01/31 | &nbsp;&nbsp; 15 | 13021 |
| 5.00%, 06/15/28 | &nbsp;&nbsp; 100 | 101967 |
| RHP Hotel Properties LP / RHP Finance Corp., <br> 6.50%, 06/15/33<sup>(b)</sup><br>| &nbsp;&nbsp; 60 | 62001 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.50%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39105 |
| 4.75%, 10/15/27 | &nbsp;&nbsp; 40 | 39865 |
| 6.50%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 70 | 71919 |
| 7.25%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 32 | 32962 |
| Sabra Health Care LP |  |  |
| 3.20%, 12/01/31 | &nbsp;&nbsp; 55 | 49651 |
| 3.90%, 10/15/29 | &nbsp;&nbsp; 25 | 24203 |
| SBA Communications Corp. |  |  |
| 3.13%, 02/01/29 | &nbsp;&nbsp; 105 | 98685 |
| 3.88%, 02/15/27 | &nbsp;&nbsp; 105 | 103244 |
| Scentre Group Trust 1/Scentre Group Trust 2 |  |  |
| 3.75%, 03/23/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39664 |
| 4.38%, 05/28/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 75 | 75099 |
| Scentre Group Trust 2, 5.13%, 09/24/80, (5-year CMT <br> + 4.685%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 40 | 40018 |
| Starwood Property Trust Inc. |  |  |
| 3.63%, 07/15/26<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29545 |
| 4.38%, 01/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 35 | 34571 |
| 6.00%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30492 |
| 6.50%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36313 |
| 6.50%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15540 |
| 7.25%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 68227 |
| Tanger Properties LP, 2.75%, 09/01/31 | &nbsp;&nbsp; 35 | 31306 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Uniti Group LP/Uniti Group Finance 2019 Inc./CSL <br> Capital LLC<br>|  |  |
| 6.50%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; $66 | $62853 |
| 10.50%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 73 | 76810 |
| Ventas Realty LP |  |  |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 25 | 22278 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 40 | 37817 |
| 3.25%, 10/15/26 | &nbsp;&nbsp; 35 | 34582 |
| 3.85%, 04/01/27 | &nbsp;&nbsp; 47 | 46747 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 37 | 36795 |
| 4.38%, 02/01/45 | &nbsp;&nbsp; 30 | 24574 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 62 | 62194 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 17 | 17145 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 27 | 23033 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 35 | 34622 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 25 | 25569 |
| 5.63%, 07/01/34 | &nbsp;&nbsp; 40 | 41364 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 40 | 38953 |
| WEA Finance LLC |  |  |
| 2.88%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 75 | 73357 |
| 3.50%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 62755 |
| 4.13%, 09/20/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34583 |
| 4.63%, 09/20/48<sup>(b)</sup> | &nbsp;&nbsp; 45 | 35693 |
| WEA Finance LLC/Westfield U.K. & Europe Finance <br> PLC, 4.75%, 09/17/44<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 16767 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29 | &nbsp;&nbsp; 75 | 70085 |
| 2.75%, 01/15/31 | &nbsp;&nbsp; 85 | 78303 |
| 2.75%, 01/15/32 | &nbsp;&nbsp; 30 | 27001 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 55 | 50478 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 25 | 23835 |
| 3.85%, 06/15/32 | &nbsp;&nbsp; 100 | 95574 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 60 | 59989 |
| 4.25%, 04/15/28 | &nbsp;&nbsp; 35 | 35193 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 100 | 100966 |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 30 | 27469 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 130 | 130784 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 35 | 38514 |
| WP Carey Inc. |  |  |
| 2.25%, 04/01/33 | &nbsp;&nbsp; 90 | 74555 |
| 2.40%, 02/01/31 | &nbsp;&nbsp; 60 | 53519 |
| 2.45%, 02/01/32 | &nbsp;&nbsp; 25 | 21680 |
| 3.85%, 07/15/29 | &nbsp;&nbsp; 25 | 24592 |
| 4.25%, 10/01/26 | &nbsp;&nbsp; 45 | 44945 |
| 5.38%, 06/30/34 | &nbsp;&nbsp; 5 | 5068 |
| XHR LP |  |  |
| 4.88%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34181 |
| 6.63%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25699 |
|  |  | 16304578 |
| **Retail — 1.4%** | **Retail — 1.4%** | **Retail — 1.4%** |
| Advance Auto Parts Inc. |  |  |
| 1.75%, 10/01/27 | &nbsp;&nbsp; 52 | 48496 |
| 3.50%, 03/15/32 | &nbsp;&nbsp; 25 | 21795 |
| 3.90%, 04/15/30 | &nbsp;&nbsp; 32 | 29484 |
| 5.95%, 03/09/28 | &nbsp;&nbsp; 25 | 25462 |
| 7.00%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51306 |
| 7.38%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51237 |
| Asbury Automotive Group Inc. |  |  |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 25 | 24719 |
| 4.63%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 54 | 52454 |
| 4.75%, 03/01/30 | &nbsp;&nbsp; 35 | 34213 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 5.00%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; $40 | $38440 |
| AutoNation Inc. |  |  |
| 2.40%, 08/01/31 | &nbsp;&nbsp; 75 | 65322 |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 45 | 44393 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 70 | 70263 |
| 5.89%, 03/15/35 | &nbsp;&nbsp; 10 | 10227 |
| AutoZone Inc. |  |  |
| 3.75%, 06/01/27 | &nbsp;&nbsp; 85 | 84395 |
| 3.75%, 04/18/29 | &nbsp;&nbsp; 10 | 9836 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 25 | 24654 |
| 4.75%, 08/01/32 | &nbsp;&nbsp; 115 | 115052 |
| 4.75%, 02/01/33 | &nbsp;&nbsp; 25 | 24842 |
| 5.10%, 07/15/29 | &nbsp;&nbsp; 50 | 51474 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 100 | 101942 |
| 5.40%, 07/15/34 | &nbsp;&nbsp; 50 | 51467 |
| 6.25%, 11/01/28 | &nbsp;&nbsp; 50 | 53067 |
| 6.55%, 11/01/33 | &nbsp;&nbsp; 65 | 71974 |
| Bath & Body Works Inc. |  |  |
| 5.25%, 02/01/28 | &nbsp;&nbsp; 45 | 45294 |
| 6.63%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 60 | 61643 |
| 6.75%, 07/01/36 | &nbsp;&nbsp; 60 | 61140 |
| 6.88%, 11/01/35 | &nbsp;&nbsp; 60 | 62491 |
| 6.95%, 03/01/33 | &nbsp;&nbsp; 20 | 20706 |
| 7.50%, 06/15/29<sup>(c)</sup> | &nbsp;&nbsp; 25 | 25677 |
| Best Buy Co. Inc. |  |  |
| 1.95%, 10/01/30 | &nbsp;&nbsp; 60 | 53327 |
| 4.45%, 10/01/28 | &nbsp;&nbsp; 50 | 50359 |
| BlueLinx Holdings Inc., 6.00%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19639 |
| Brinker International Inc., 8.25%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26610 |
| Burger King (Restaurant Brands <br> International Inc.)/New Red Finance Inc.<br>|  |  |
| 3.50%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 50 | 47645 |
| 3.88%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 115 | 111984 |
| 4.00%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 230 | 215081 |
| 4.38%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49179 |
| 5.63%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30379 |
| 6.13%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 105 | 107548 |
| Carvana Co. |  |  |
| 9.00%, 12/01/28, (9.00% PIK)<sup>(b)(f)</sup> | &nbsp;&nbsp; 43 | 43832 |
| 9.00%, 06/01/30, (9.00% Cash)<sup>(b)(f)</sup> | &nbsp;&nbsp; 132 | 137369 |
| 9.00%, 06/01/31, (9.00% Cash)<sup>(b)(f)</sup> | &nbsp;&nbsp; 153 | 173766 |
| Darden Restaurants Inc. |  |  |
| 3.85%, 05/01/27 | &nbsp;&nbsp; 70 | 69522 |
| 4.55%, 02/15/48 | &nbsp;&nbsp; 15 | 12252 |
| 6.30%, 10/10/33 | &nbsp;&nbsp; 70 | 75204 |
| Dick's Sporting Goods Inc. |  |  |
| 3.15%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp; 120 | 109060 |
| 4.10%, 01/15/52 | &nbsp;&nbsp; 20 | 14205 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30 | &nbsp;&nbsp; 60 | 57656 |
| 3.88%, 04/15/27 | &nbsp;&nbsp; 75 | 74578 |
| 4.13%, 05/01/28 | &nbsp;&nbsp; 40 | 39845 |
| 4.13%, 04/03/50 | &nbsp;&nbsp; 50 | 38065 |
| 4.63%, 11/01/27 | &nbsp;&nbsp; 25 | 25184 |
| 5.00%, 11/01/32 | &nbsp;&nbsp; 90 | 90726 |
| 5.20%, 07/05/28 | &nbsp;&nbsp; 30 | 30747 |
| 5.45%, 07/05/33<sup>(c)</sup> | &nbsp;&nbsp; 85 | 87736 |
| Foot Locker Inc., 4.00%, 10/01/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 30 | 28636 |
| Genuine Parts Co. |  |  |
| 1.88%, 11/01/30 | &nbsp;&nbsp; 45 | 39522 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 5 | 5101 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 6.50%, 11/01/28 | &nbsp;&nbsp; $30 | $31914 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 65 | 72959 |
| Group 1 Automotive Inc. |  |  |
| 4.00%, 08/15/28<sup>(b)</sup> | &nbsp;&nbsp; 51 | 49481 |
| 6.38%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35962 |
| GYP Holdings III Corp., 4.63%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25289 |
| Home Depot Inc. (The) |  |  |
| 0.90%, 03/15/28 | &nbsp;&nbsp; 110 | 102238 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 150 | 128852 |
| 1.50%, 09/15/28 | &nbsp;&nbsp; 90 | 83921 |
| 1.88%, 09/15/31 | &nbsp;&nbsp; 125 | 108783 |
| 2.13%, 09/15/26 | &nbsp;&nbsp; 100 | 98122 |
| 2.38%, 03/15/51 | &nbsp;&nbsp; 120 | 67399 |
| 2.50%, 04/15/27 | &nbsp;&nbsp; 185 | 180953 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 219 | 205976 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 65 | 39465 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 205 | 200579 |
| 2.88%, 04/15/27 | &nbsp;&nbsp; 120 | 118040 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 155 | 149440 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 120 | 80607 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 50 | 46549 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 125 | 100318 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 100 | 69532 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 55 | 37890 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 100 | 72435 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 70 | 70128 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 110 | 86484 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 45 | 38337 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 135 | 113278 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 70 | 60237 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 200 | 201758 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 115 | 98186 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 100 | 102412 |
| 4.88%, 06/25/27 | &nbsp;&nbsp; 135 | 137231 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 55 | 50766 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 5 | 5150 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 135 | 137263 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 35 | 31591 |
| 5.30%, 06/25/54 | &nbsp;&nbsp; 110 | 104606 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 85 | 86266 |
| 5.40%, 06/25/64 | &nbsp;&nbsp; 40 | 38034 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 269 | 290043 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 65 | 68638 |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of <br> America LLC, 4.75%, 06/01/27<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 49964 |
| Lithia Motors Inc. |  |  |
| 3.88%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 52683 |
| 4.38%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38059 |
| 4.63%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 27 | 26757 |
| Lowe's Companies Inc. |  |  |
| 1.30%, 04/15/28 | &nbsp;&nbsp; 140 | 130655 |
| 1.70%, 09/15/28 | &nbsp;&nbsp; 80 | 74555 |
| 1.70%, 10/15/30 | &nbsp;&nbsp; 110 | 96700 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 135 | 122914 |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 45 | 31581 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 140 | 86673 |
| 3.10%, 05/03/27 | &nbsp;&nbsp; 145 | 142651 |
| 3.35%, 04/01/27 | &nbsp;&nbsp; 50 | 49420 |
| 3.50%, 04/01/51 | &nbsp;&nbsp; 60 | 40814 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 100 | 98228 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 105 | 78003 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 3.75%, 04/01/32 | &nbsp;&nbsp; $165 | $156644 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 120 | 93227 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 105 | 81162 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 25 | 20564 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 90 | 68963 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 100 | 101334 |
| 4.55%, 04/05/49 | &nbsp;&nbsp; 25 | 20468 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 50 | 44232 |
| 5.00%, 04/15/33 | &nbsp;&nbsp; 15 | 15246 |
| 5.00%, 04/15/40 | &nbsp;&nbsp; 35 | 33309 |
| 5.13%, 04/15/50 | &nbsp;&nbsp; 50 | 44250 |
| 5.15%, 07/01/33<sup>(c)</sup> | &nbsp;&nbsp; 130 | 133237 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 56 | 57782 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 80 | 76326 |
| 5.75%, 07/01/53 | &nbsp;&nbsp; 40 | 38859 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 60 | 57732 |
| 5.85%, 04/01/63 | &nbsp;&nbsp; 20 | 19384 |
| 6.50%, 03/15/29 | &nbsp;&nbsp; 5 | 5398 |
| O'Reilly Automotive Inc. |  |  |
| 3.90%, 06/01/29 | &nbsp;&nbsp; 100 | 99035 |
| 4.70%, 06/15/32 | &nbsp;&nbsp; 115 | 115153 |
| 5.00%, 08/19/34 | &nbsp;&nbsp; 10 | 10005 |
| 5.75%, 11/20/26 | &nbsp;&nbsp; 50 | 50853 |
| Papa John's International Inc., 3.88%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24032 |
| Patrick Industries Inc. |  |  |
| 4.75%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24518 |
| 6.38%, 11/01/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35518 |
| QXO Building Products Inc., 6.75%, 04/30/32<sup>(b)</sup> | &nbsp;&nbsp; 150 | 155445 |
| Sally Holdings LLC/Sally Capital Inc., 6.75%, <br> 03/01/32<br>| &nbsp;&nbsp; 40 | 41542 |
| Sonic Automotive Inc. |  |  |
| 4.63%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 50 | 48642 |
| 4.88%, 11/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 35 | 33481 |
| TJX Companies Inc. (The) |  |  |
| 1.15%, 05/15/28 | &nbsp;&nbsp; 70 | 65112 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 120 | 117946 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 40 | 34199 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 15 | 13149 |
| 5.25%, 05/15/33 | &nbsp;&nbsp; 60 | 61529 |
| Victoria's Secret & Co., 4.63%, 07/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 40 | 37924 |
| Yum! Brands Inc. |  |  |
| 3.63%, 03/15/31 | &nbsp;&nbsp; 72 | 67013 |
| 4.63%, 01/31/32 | &nbsp;&nbsp; 85 | 82324 |
| 4.75%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 55 | 54617 |
| 5.35%, 11/01/43 | &nbsp;&nbsp; 20 | 19071 |
| 5.38%, 04/01/32 | &nbsp;&nbsp; 110 | 110665 |
| 6.88%, 11/15/37 | &nbsp;&nbsp; 20 | 21802 |
|  |  | 10636683 |
| **Semiconductors — 2.0%** | **Semiconductors — 2.0%** | **Semiconductors — 2.0%** |
| Advanced Micro Devices Inc. |  |  |
| 3.92%, 06/01/32 | &nbsp;&nbsp; 20 | 19445 |
| 4.32%, 03/24/28 | &nbsp;&nbsp; 10 | 10100 |
| 4.39%, 06/01/52 | &nbsp;&nbsp; 50 | 41926 |
| Analog Devices Inc. |  |  |
| 1.70%, 10/01/28 | &nbsp;&nbsp; 75 | 70066 |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 60 | 52992 |
| 2.80%, 10/01/41 | &nbsp;&nbsp; 70 | 50777 |
| 2.95%, 10/01/51 | &nbsp;&nbsp; 48 | 30798 |
| 3.50%, 12/05/26 | &nbsp;&nbsp; 40 | 39762 |
| 4.25%, 06/15/28 | &nbsp;&nbsp; 150 | 151147 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.50%, 06/15/30 | &nbsp;&nbsp; $5 | $5067 |
| 5.05%, 04/01/34 | &nbsp;&nbsp; 40 | 41150 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 60 | 53833 |
| 2.75%, 06/01/50 | &nbsp;&nbsp; 60 | 37442 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 127 | 125856 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 62 | 52815 |
| 5.10%, 10/01/35 | &nbsp;&nbsp; 45 | 46223 |
| 5.85%, 06/15/41 | &nbsp;&nbsp; 54 | 56419 |
| Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 75 | 74007 |
| 3.88%, 01/15/27 | &nbsp;&nbsp; 155 | 154351 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 110 | 104612 |
| 2.45%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 220 | 198842 |
| 2.60%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 110 | 94986 |
| 3.14%, 11/15/35<sup>(b)</sup> | &nbsp;&nbsp; 225 | 190164 |
| 3.19%, 11/15/36<sup>(b)</sup> | &nbsp;&nbsp; 195 | 162236 |
| 3.42%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 188 | 171228 |
| 3.46%, 09/15/26 | &nbsp;&nbsp; 40 | 39704 |
| 3.47%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 215 | 192530 |
| 3.50%, 02/15/41<sup>(b)</sup> | &nbsp;&nbsp; 460 | 364905 |
| 3.75%, 02/15/51<sup>(b)</sup> | &nbsp;&nbsp; 135 | 100609 |
| 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 80 | 79412 |
| 4.11%, 09/15/28 | &nbsp;&nbsp; 140 | 139917 |
| 4.15%, 02/15/28 | &nbsp;&nbsp; 105 | 105084 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; 100 | 99015 |
| 4.15%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 95 | 91973 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 160 | 155833 |
| 4.35%, 02/15/30 | &nbsp;&nbsp; 5 | 5008 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 200 | 201960 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 75 | 76338 |
| 4.80%, 04/15/28 | &nbsp;&nbsp; 115 | 117105 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 140 | 138397 |
| 4.93%, 05/15/37<sup>(b)</sup> | &nbsp;&nbsp; 180 | 174959 |
| 5.00%, 04/15/30 | &nbsp;&nbsp; 40 | 41136 |
| 5.05%, 07/12/27 | &nbsp;&nbsp; 80 | 81265 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 180 | 185047 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 15 | 15452 |
| 5.15%, 11/15/31 | &nbsp;&nbsp; 105 | 108537 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; 150 | 154826 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 220 | 222112 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; 130 | 129499 |
| Entegris Inc. |  |  |
| 3.63%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28329 |
| 4.38%, 04/15/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34144 |
| 4.75%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 120 | 118422 |
| 5.95%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 60 | 60745 |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; 5 | 4637 |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 50 | 43306 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 110 | 101394 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 30 | 17740 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 50 | 27615 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 45 | 44126 |
| 3.20%, 08/12/61 | &nbsp;&nbsp; 40 | 22503 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 235 | 147338 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 300 | 208985 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 65 | 64033 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 100 | 74000 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 150 | 142692 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.60%, 03/25/40 | &nbsp;&nbsp; $70 | $61525 |
| 4.75%, 03/25/50 | &nbsp;&nbsp; 60 | 48046 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 375 | 379760 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 20 | 16261 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 5 | 4011 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 30 | 24079 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 135 | 138287 |
| 5.15%, 02/21/34<sup>(c)</sup> | &nbsp;&nbsp; 75 | 74927 |
| 5.20%, 02/10/33 | &nbsp;&nbsp; 180 | 181250 |
| 5.60%, 02/21/54 | &nbsp;&nbsp; 130 | 117989 |
| 5.63%, 02/10/43 | &nbsp;&nbsp; 220 | 208357 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 220 | 202036 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 190 | 175420 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 85 | 58777 |
| 4.10%, 03/15/29 | &nbsp;&nbsp; 85 | 85128 |
| 4.65%, 07/15/32 | &nbsp;&nbsp; 70 | 70604 |
| 4.70%, 02/01/34 | &nbsp;&nbsp; 200 | 199564 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 95 | 85967 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 65 | 60287 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 80 | 72275 |
| 2.88%, 06/15/50 | &nbsp;&nbsp; 65 | 41415 |
| 3.13%, 06/15/60 | &nbsp;&nbsp; 44 | 27042 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 98 | 97946 |
| 4.88%, 03/15/49 | &nbsp;&nbsp; 60 | 54186 |
| Marvell Technology Inc. |  |  |
| 2.45%, 04/15/28 | &nbsp;&nbsp; 37 | 35427 |
| 2.95%, 04/15/31 | &nbsp;&nbsp; 80 | 73468 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 60 | 60565 |
| 4.88%, 06/22/28 | &nbsp;&nbsp; 80 | 81134 |
| 5.75%, 02/15/29 | &nbsp;&nbsp; 15 | 15657 |
| 5.95%, 09/15/33 | &nbsp;&nbsp; 10 | 10623 |
| Microchip Technology Inc. |  |  |
| 4.90%, 03/15/28 | &nbsp;&nbsp; 150 | 152137 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 105 | 107048 |
| 5.05%, 02/15/30 | &nbsp;&nbsp; 100 | 102025 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 55 | 48375 |
| 3.37%, 11/01/41 | &nbsp;&nbsp; 55 | 41093 |
| 3.48%, 11/01/51 | &nbsp;&nbsp; 55 | 37418 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 90 | 90511 |
| 5.30%, 01/15/31 | &nbsp;&nbsp; 25 | 25782 |
| 5.33%, 02/06/29 | &nbsp;&nbsp; 76 | 78131 |
| 5.65%, 11/01/32 | &nbsp;&nbsp; 50 | 52223 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 95 | 98206 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 75 | 78816 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 65 | 68359 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 80 | 84054 |
| 6.75%, 11/01/29 | &nbsp;&nbsp; 25 | 27125 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | &nbsp;&nbsp; 75 | 70644 |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 80 | 71634 |
| 2.85%, 04/01/30 | &nbsp;&nbsp; 151 | 144382 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 80 | 79361 |
| 3.50%, 04/01/40 | &nbsp;&nbsp; 114 | 96382 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 280 | 208296 |
| 3.70%, 04/01/60 | &nbsp;&nbsp; 52 | 37872 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 75 | 67265 |
| 2.65%, 02/15/32 | &nbsp;&nbsp; 85 | 74873 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 3.13%, 02/15/42 | &nbsp;&nbsp; $55 | $39516 |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 82 | 80587 |
| 3.25%, 05/11/41 | &nbsp;&nbsp; 80 | 59158 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 20 | 12894 |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 99 | 94728 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 100 | 99851 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 10 | 10024 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 55 | 55073 |
| 5.25%, 08/19/35 | &nbsp;&nbsp; 110 | 109332 |
| 5.55%, 12/01/28 | &nbsp;&nbsp; 60 | 62164 |
| ON Semiconductor Corp., 3.88%, 09/01/28<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38920 |
| Qorvo Inc. |  |  |
| 3.38%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 60 | 54700 |
| 4.38%, 10/15/29 | &nbsp;&nbsp; 74 | 72534 |
| Qualcomm Inc. |  |  |
| 1.30%, 05/20/28 | &nbsp;&nbsp; 55 | 51418 |
| 1.65%, 05/20/32 | &nbsp;&nbsp; 205 | 172375 |
| 2.15%, 05/20/30 | &nbsp;&nbsp; 35 | 32117 |
| 3.25%, 05/20/27 | &nbsp;&nbsp; 205 | 202966 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 140 | 95845 |
| 4.25%, 05/20/32 | &nbsp;&nbsp; 5 | 4968 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 135 | 112901 |
| 4.50%, 05/20/30 | &nbsp;&nbsp; 5 | 5080 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 85 | 71338 |
| 4.65%, 05/20/35 | &nbsp;&nbsp; 65 | 64656 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 105 | 106836 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 40 | 36504 |
| 5.40%, 05/20/33 | &nbsp;&nbsp; 55 | 58106 |
| 6.00%, 05/20/53 | &nbsp;&nbsp; 85 | 88806 |
| Renesas Electronics Corp., 2.17%, 11/25/26<sup>(b)</sup> | &nbsp;&nbsp; 50 | 48625 |
| SK Hynix Inc., 2.38%, 01/19/31<sup>(d)</sup> | &nbsp;&nbsp; 200 | 179290 |
| Skyworks Solutions Inc., 3.00%, 06/01/31 | &nbsp;&nbsp; 57 | 51353 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 55 | 53449 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 80 | 72131 |
| 1.90%, 09/15/31 | &nbsp;&nbsp; 75 | 65944 |
| 2.25%, 09/04/29 | &nbsp;&nbsp; 105 | 98240 |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 30 | 18096 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 57 | 55853 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 35 | 33302 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 80 | 70459 |
| 4.10%, 08/16/52 | &nbsp;&nbsp; 20 | 15695 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 104 | 85000 |
| 4.50%, 05/23/30 | &nbsp;&nbsp; 60 | 60934 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 50 | 50823 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 75 | 76346 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 70 | 63901 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 115 | 103293 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 55 | 51523 |
| TSMC Arizona Corp. |  |  |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 200 | 181671 |
| 3.13%, 10/25/41 | &nbsp;&nbsp; 205 | 161632 |
| 4.50%, 04/22/52 | &nbsp;&nbsp; 400 | 366376 |
| TSMC Global Ltd. |  |  |
| 1.00%, 09/28/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 187733 |
| 1.38%, 09/28/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 174717 |
| Xilinx Inc., 2.38%, 06/01/30 | &nbsp;&nbsp; 106 | 98100 |
|  |  | 15218784 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 125 | 122069 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 2.30%, 02/01/30 | &nbsp;&nbsp; $141 | $131025 |
| 4.75%, 01/17/28 | &nbsp;&nbsp; 50 | 50990 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 50 | 51409 |
| 4.85%, 04/04/27 | &nbsp;&nbsp; 105 | 106552 |
| 4.95%, 04/04/34 | &nbsp;&nbsp; 60 | 61380 |
| Atlassian Corp., 5.25%, 05/15/29 | &nbsp;&nbsp; 120 | 123555 |
| Autodesk Inc. |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 95 | 83670 |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 65 | 61362 |
| 3.50%, 06/15/27 | &nbsp;&nbsp; 47 | 46474 |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; 85 | 76574 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 85 | 80418 |
| Cadence Design Systems Inc., 4.70%, 09/10/34 | &nbsp;&nbsp; 95 | 94003 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> | &nbsp;&nbsp; 13 | 12844 |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/28<sup>(c)</sup> | &nbsp;&nbsp; 60 | 63471 |
| 6.85%, 08/02/33<sup>(c)</sup> | &nbsp;&nbsp; 45 | 47309 |
| Constellation Software Inc./Canada, 5.46%, <br> 02/16/34<sup>(b)</sup><br>| &nbsp;&nbsp; 40 | 40837 |
| Elastic NV, 4.13%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38444 |
| Electronic Arts Inc. |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 70 | 61464 |
| 2.95%, 02/15/51 | &nbsp;&nbsp; 55 | 34255 |
| Fair Isaac Corp. |  |  |
| 4.00%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 65 | 63386 |
| 5.25%, 05/15/26<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30008 |
| 6.00%, 05/15/33<sup>(b)</sup> | &nbsp;&nbsp; 100 | 101754 |
| Fidelity National Information Services Inc. |  |  |
| 1.65%, 03/01/28 | &nbsp;&nbsp; 45 | 42367 |
| 2.25%, 03/01/31 | &nbsp;&nbsp; 35 | 31073 |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 51 | 37395 |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 40 | 32776 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 55 | 56174 |
| Fiserv Inc. |  |  |
| 2.25%, 06/01/27 | &nbsp;&nbsp; 115 | 111396 |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 99 | 91427 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 265 | 257117 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 65 | 64930 |
| 4.40%, 07/01/49 | &nbsp;&nbsp; 147 | 117492 |
| 5.15%, 08/12/34 | &nbsp;&nbsp; 60 | 60128 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 120 | 119578 |
| 5.35%, 03/15/31 | &nbsp;&nbsp; 15 | 15606 |
| 5.45%, 03/02/28 | &nbsp;&nbsp; 110 | 113103 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 75 | 76834 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 110 | 114186 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 42 | 40094 |
| 1.65%, 07/15/30 | &nbsp;&nbsp; 42 | 37384 |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 70 | 72343 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 120 | 124322 |
| 5.25%, 09/15/26 | &nbsp;&nbsp; 60 | 60625 |
| 5.50%, 09/15/53 | &nbsp;&nbsp; 85 | 83311 |
| Open Text Corp. |  |  |
| 3.88%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 65 | 63173 |
| 3.88%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 70 | 66052 |
| 6.90%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp; 55 | 57114 |
| Open Text Holdings Inc. |  |  |
| 4.13%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 60 | 56615 |
| 4.13%, 12/01/31<sup>(b)</sup> | &nbsp;&nbsp; 47 | 43292 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Paychex Inc. |  |  |
| 5.10%, 04/15/30 | &nbsp;&nbsp; $100 | $102902 |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 25 | 25834 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 110 | 113636 |
| PTC Inc., 4.00%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29397 |
| RingCentral Inc., 8.50%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | 32045 |
| Roper Technologies Inc. |  |  |
| 1.40%, 09/15/27 | &nbsp;&nbsp; 80 | 75766 |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 66 | 57244 |
| 2.00%, 06/30/30 | &nbsp;&nbsp; 70 | 62820 |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 55 | 52460 |
| 3.80%, 12/15/26 | &nbsp;&nbsp; 49 | 48707 |
| 4.20%, 09/15/28 | &nbsp;&nbsp; 145 | 145207 |
| 4.90%, 10/15/34 | &nbsp;&nbsp; 75 | 74170 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 150 | 131379 |
| Synopsys Inc. |  |  |
| 4.55%, 04/01/27 | &nbsp;&nbsp; 150 | 150856 |
| 4.65%, 04/01/28 | &nbsp;&nbsp; 100 | 101309 |
| 4.85%, 04/01/30 | &nbsp;&nbsp; 155 | 158111 |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 35 | 35692 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 250 | 252031 |
| 5.70%, 04/01/55 | &nbsp;&nbsp; 110 | 107841 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | &nbsp;&nbsp; 35 | 33295 |
| 3.88%, 03/15/31 | &nbsp;&nbsp; 35 | 32713 |
| VMware LLC |  |  |
| 2.20%, 08/15/31 | &nbsp;&nbsp; 180 | 157883 |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 120 | 119374 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 65 | 64360 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 25 | 24616 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 190 | 180140 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br> 3.88%, 02/01/29<sup>(b)</sup><br>| &nbsp;&nbsp; 40 | 37554 |
|  |  | 6036502 |
| **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** |
| America Movil SAB de CV |  |  |
| 2.88%, 05/07/30 | &nbsp;&nbsp; 10 | 9325 |
| 3.63%, 04/22/29 | &nbsp;&nbsp; 5 | 4878 |
| 4.38%, 07/16/42 | &nbsp;&nbsp; 30 | 25620 |
| 4.38%, 04/22/49 | &nbsp;&nbsp; 75 | 61542 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 10 | 10595 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 230 | 242878 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 110 | 120026 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 3.65%, 08/15/52 | &nbsp;&nbsp; 40 | 27392 |
| 4.30%, 07/29/49 | &nbsp;&nbsp; 45 | 34836 |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 100 | 80961 |
| 5.10%, 05/11/33<sup>(c)</sup> | &nbsp;&nbsp; 60 | 60566 |
| 5.20%, 02/15/34 | &nbsp;&nbsp; 60 | 60170 |
| 5.55%, 02/15/54<sup>(c)</sup> | &nbsp;&nbsp; 75 | 70451 |
| 6.88%, 09/15/55, (5-year CMT + 2.390%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102474 |
| 7.00%, 09/15/55, (5-year CMT + 2.363%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 81872 |
| Series US-4, 3.65%, 03/17/51 | &nbsp;&nbsp; 50 | 34912 |
| Series US-5, 2.15%, 02/15/32 | &nbsp;&nbsp; 5 | 4274 |
| Ciena Corp., 4.00%, 01/31/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28517 |
| CommScope LLC |  |  |
| 4.75%, 09/01/29<sup>(b)</sup> | &nbsp;&nbsp; 61 | 60543 |
| 7.13%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 52 | 52146 |
| 8.25%, 03/01/27<sup>(b)</sup> | &nbsp;&nbsp; 80 | 81017 |
| 9.50%, 12/15/31<sup>(b)</sup> | &nbsp;&nbsp; 72 | 74478 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| CommScope Technologies LLC, 5.00%, 03/15/27<sup>(b)(c)</sup> | &nbsp;&nbsp; $50 | $49503 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 135 | 140686 |
| Corning Inc. |  |  |
| 3.90%, 11/15/49 | &nbsp;&nbsp; 32 | 24358 |
| 4.38%, 11/15/57 | &nbsp;&nbsp; 57 | 45657 |
| 4.70%, 03/15/37 | &nbsp;&nbsp; 14 | 13544 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 50 | 45219 |
| 5.35%, 11/15/48 | &nbsp;&nbsp; 51 | 48186 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 70 | 63566 |
| 5.75%, 08/15/40 | &nbsp;&nbsp; 41 | 41913 |
| 5.85%, 11/15/68 | &nbsp;&nbsp; 20 | 19183 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(b)</sup> | &nbsp;&nbsp; 100 | 99775 |
| 5.88%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 80 | 80011 |
| 5.88%, 11/01/29 | &nbsp;&nbsp; 50 | 50459 |
| 6.00%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 70 | 70749 |
| 6.75%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 65 | 65635 |
| 8.63%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 55 | 58408 |
| 8.75%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 80 | 83752 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 | &nbsp;&nbsp; 50 | 51863 |
| Level 3 Financing Inc. |  |  |
| 3.88%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 55 | 46866 |
| 4.00%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp; 40 | 33644 |
| 4.50%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 65 | 58344 |
| 4.88%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 55 | 51471 |
| 6.88%, 06/30/33<sup>(b)</sup> | &nbsp;&nbsp; 215 | 217214 |
| 7.00%, 03/31/34<sup>(b)</sup> | &nbsp;&nbsp; 118 | 118259 |
| 10.00%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50206 |
| 10.75%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 39 | 43551 |
| Lumen Technologies Inc. |  |  |
| 4.13%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 23 | 22839 |
| 4.13%, 04/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 28 | 27737 |
| 4.50%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 27343 |
| 5.38%, 06/15/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | 13583 |
| 10.00%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40837 |
| Series P, 7.60%, 09/15/39 | &nbsp;&nbsp; 25 | 21910 |
| Series U, 7.65%, 03/15/42<sup>(c)</sup> | &nbsp;&nbsp; 20 | 17054 |
| Motorola Solutions Inc. |  |  |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 100 | 101035 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 85 | 85874 |
| 5.00%, 04/15/29 | &nbsp;&nbsp; 10 | 10227 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 80 | 82092 |
| 5.50%, 09/01/44 | &nbsp;&nbsp; 40 | 39026 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 150 | 154609 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 150 | 156747 |
| Nokia OYJ |  |  |
| 4.38%, 06/12/27 | &nbsp;&nbsp; 30 | 29785 |
| 6.63%, 05/15/39 | &nbsp;&nbsp; 35 | 35837 |
| NTT Finance Corp. |  |  |
| 4.57%, 07/16/27<sup>(b)</sup> | &nbsp;&nbsp; 200 | 201354 |
| 4.62%, 07/16/28<sup>(b)</sup> | &nbsp;&nbsp; 300 | 303108 |
| 4.88%, 07/16/30<sup>(b)</sup> | &nbsp;&nbsp; 200 | 203101 |
| 5.17%, 07/16/32<sup>(b)</sup> | &nbsp;&nbsp; 200 | 203715 |
| 5.50%, 07/16/35<sup>(b)</sup> | &nbsp;&nbsp; 300 | 307338 |
| Rogers Communications Inc. |  |  |
| 2.90%, 11/15/26 | &nbsp;&nbsp; 79 | 77609 |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 40 | 29117 |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 125 | 117235 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 70 | 56350 |
| 4.35%, 05/01/49 | &nbsp;&nbsp; 80 | 63936 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.50%, 03/15/42 | &nbsp;&nbsp; $65 | $55539 |
| 4.50%, 03/15/43 | &nbsp;&nbsp; 55 | 46463 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 100 | 80550 |
| 5.00%, 02/15/29 | &nbsp;&nbsp; 30 | 30608 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 60 | 53950 |
| 5.25%, 03/15/82, (5-year CMT + 3.590%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 62 | 61314 |
| 5.30%, 02/15/34 | &nbsp;&nbsp; 70 | 70460 |
| 5.45%, 10/01/43 | &nbsp;&nbsp; 20 | 18828 |
| 7.00%, 04/15/55, (5-year CMT + 2.653%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102917 |
| 7.13%, 04/15/55, (5-year CMT + 2.620%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 72680 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 45 | 52094 |
| Telecom Italia Capital SA |  |  |
| 6.00%, 09/30/34 | &nbsp;&nbsp; 45 | 45072 |
| 6.38%, 11/15/33 | &nbsp;&nbsp; 40 | 41545 |
| 7.20%, 07/18/36 | &nbsp;&nbsp; 35 | 37079 |
| 7.72%, 06/04/38 | &nbsp;&nbsp; 35 | 38211 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 37 | 36236 |
| 3.40%, 05/13/32 | &nbsp;&nbsp; 70 | 64151 |
| 3.70%, 09/15/27 | &nbsp;&nbsp; 120 | 118814 |
| 6.63%, 10/15/55, (5-year CMT + 2.769%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50901 |
| 7.00%, 10/15/55, (5-year CMT + 2.709%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 51279 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30 | &nbsp;&nbsp; 92 | 80203 |
| 1.68%, 10/30/30 | &nbsp;&nbsp; 115 | 100843 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 145 | 126444 |
| 2.10%, 03/22/28 | &nbsp;&nbsp; 129 | 122775 |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 356 | 309009 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 214 | 194071 |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 239 | 169557 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 65 | 46181 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 195 | 120336 |
| 2.99%, 10/30/56 | &nbsp;&nbsp; 290 | 172237 |
| 3.00%, 03/22/27 | &nbsp;&nbsp; 37 | 36366 |
| 3.00%, 11/20/60 | &nbsp;&nbsp; 142 | 82973 |
| 3.15%, 03/22/30 | &nbsp;&nbsp; 109 | 104045 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 257 | 198621 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 384 | 272351 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 270 | 184484 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 55 | 43707 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 114 | 113174 |
| 3.88%, 03/01/52 | &nbsp;&nbsp; 70 | 51784 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 89 | 68195 |
| 4.02%, 12/03/29 | &nbsp;&nbsp; 273 | 270756 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 85 | 67938 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 25 | 23228 |
| 4.33%, 09/21/28 | &nbsp;&nbsp; 135 | 135895 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 147 | 140192 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 156 | 152348 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 115 | 96302 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 40 | 33585 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 47 | 42385 |
| 4.78%, 02/15/35 | &nbsp;&nbsp; 185 | 180296 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 94 | 88180 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 145 | 128912 |
| 5.01%, 04/15/49 | &nbsp;&nbsp; 55 | 49639 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 60 | 53214 |
| 5.05%, 05/09/33 | &nbsp;&nbsp; 200 | 203346 |
| 5.25%, 04/02/35 | &nbsp;&nbsp; 210 | 211672 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 110 | 110128 |
| 5.40%, 07/02/37<sup>(b)</sup> | &nbsp;&nbsp; 269 | 270020 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.50%, 03/16/47 | &nbsp;&nbsp; $32 | $30853 |
| 5.50%, 02/23/54<sup>(c)</sup> | &nbsp;&nbsp; 70 | 67038 |
| 5.85%, 09/15/35 | &nbsp;&nbsp; 32 | 33814 |
| 6.40%, 09/15/33 | &nbsp;&nbsp; 32 | 35163 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 57 | 62494 |
| 7.75%, 12/01/30 | &nbsp;&nbsp; 85 | 98056 |
| Viasat Inc. |  |  |
| 5.63%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49898 |
| 6.50%, 07/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 25 | 24290 |
| 7.50%, 05/30/31<sup>(b)</sup> | &nbsp;&nbsp; 60 | 56316 |
| Viavi Solutions Inc., 3.75%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28043 |
|  |  | 11900941 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 20 | 19691 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 60 | 59380 |
| 3.90%, 11/19/29 | &nbsp;&nbsp; 105 | 102266 |
| 5.10%, 05/15/44 | &nbsp;&nbsp; 40 | 35203 |
| 6.05%, 05/14/34 | &nbsp;&nbsp; 30 | 31183 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 45 | 46716 |
|  |  | 294439 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| CH Robinson Worldwide Inc., 4.20%, 04/15/28 | &nbsp;&nbsp; 55 | 55037 |
| Empresa de Transporte de Pasajeros Metro SA, <br> 4.70%, 05/07/50<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 167656 |
| JB Hunt Transport Services Inc., 4.90%, 03/15/30 | &nbsp;&nbsp; 65 | 66529 |
| MTR Corp. Ltd., 1.63%, 08/19/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 180084 |
| RXO Inc., 7.50%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25530 |
| Ryder System Inc. |  |  |
| 2.85%, 03/01/27 | &nbsp;&nbsp; 65 | 63700 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 50 | 49128 |
| 4.30%, 06/15/27 | &nbsp;&nbsp; 60 | 60077 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 15 | 15334 |
| 5.00%, 03/15/30 | &nbsp;&nbsp; 45 | 46064 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 50 | 51360 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 30 | 31019 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; 30 | 31261 |
| 5.65%, 03/01/28 | &nbsp;&nbsp; 25 | 25860 |
| 6.30%, 12/01/28 | &nbsp;&nbsp; 20 | 21296 |
| 6.60%, 12/01/33 | &nbsp;&nbsp; 70 | 77493 |
| SF Holding Investment 2021 Ltd., 3.13%, 11/17/31<sup>(d)</sup> | &nbsp;&nbsp; 200 | 187783 |
| XPO CNW Inc., 6.70%, 05/01/34 | &nbsp;&nbsp; 20 | 20930 |
| XPO Inc. |  |  |
| 6.25%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 85 | 86609 |
| 7.13%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 50 | 52131 |
| 7.13%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 45 | 47238 |
|  |  | 1362119 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.80%, 05/01/30 | &nbsp;&nbsp; 75 | 70418 |
| 2.95%, 09/01/27 | &nbsp;&nbsp; 5 | 4897 |
| 3.25%, 06/01/51 | &nbsp;&nbsp; 25 | 16764 |
| 3.45%, 06/01/29 | &nbsp;&nbsp; 92 | 89859 |
| 3.45%, 05/01/50 | &nbsp;&nbsp; 39 | 27395 |
| 3.75%, 09/01/28 | &nbsp;&nbsp; 50 | 49637 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 41 | 31017 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 25 | 19999 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 37 | 29257 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 60 | 48185 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 37 | 31600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| 4.30%, 09/01/45 | &nbsp;&nbsp; $20 | $17015 |
| 4.45%, 06/01/32 | &nbsp;&nbsp; 65 | 64662 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 20 | 20454 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 120 | 122195 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 55 | 52855 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 55 | 61780 |
|  |  | 757989 |
| **Total Corporate Bonds & Notes — 30.2%** <br>**(Cost: $231,375,082)** | **Total Corporate Bonds & Notes — 30.2%** <br>**(Cost: $231,375,082)** | 225511938 |
| **Foreign Government Obligations**<sup>(g)</sup> | **Foreign Government Obligations**<sup>(g)</sup> | **Foreign Government Obligations**<sup>(g)</sup> |
| **Argentina — 0.2%** | **Argentina — 0.2%** | **Argentina — 0.2%** |
| Argentina Bonar Bonds |  |  |
| 1.00%, 07/09/29 | &nbsp;&nbsp; 48 | 35942 |
| 1.75%, 07/09/30<sup>(h)</sup> | &nbsp;&nbsp; 284 | 206333 |
| 3.50%, 07/09/41<sup>(h)</sup> | &nbsp;&nbsp; 50 | 28058 |
| 4.75%, 07/09/35<sup>(h)</sup> | &nbsp;&nbsp; 370 | 225762 |
| 5.00%, 01/09/38<sup>(h)</sup> | &nbsp;&nbsp; 190 | 120247 |
| Argentina Republic Government International Bonds |  |  |
| 0.75%, 07/09/30<sup>(c)(h)</sup> | &nbsp;&nbsp; 376 | 283156 |
| 1.00%, 07/09/29 | &nbsp;&nbsp; 80 | 63406 |
| 3.50%, 07/09/41<sup>(h)</sup> | &nbsp;&nbsp; 280 | 163258 |
| 4.38%, 07/09/46<sup>(c)(h)</sup> | &nbsp;&nbsp; 62 | 38063 |
| 4.75%, 07/09/35<sup>(h)</sup> | &nbsp;&nbsp; 525 | 332326 |
| 5.00%, 01/09/38<sup>(c)(h)</sup> | &nbsp;&nbsp; 290 | 195264 |
|  |  | 1691815 |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| Kingdom of Belgium Government International Bonds, <br> 4.88%, 06/10/55<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 177947 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Brazil Government International Bonds |  |  |
| 5.00%, 01/27/45 | &nbsp;&nbsp; 200 | 155476 |
| 5.63%, 01/07/41 | &nbsp;&nbsp; 300 | 274415 |
| 7.13%, 01/20/37 | &nbsp;&nbsp; 125 | 135931 |
| 8.25%, 01/20/34 | &nbsp;&nbsp; 260 | 299961 |
| 10.13%, 05/15/27 | &nbsp;&nbsp; 120 | 131583 |
|  |  | 997366 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |
| Bulgaria Government International Bonds, 5.00%, <br> 03/05/37<sup>(d)</sup><br>| &nbsp;&nbsp; 70 | 68885 |
| **Canada — 0.7%** | **Canada — 0.7%** | **Canada — 0.7%** |
| Canada Government International Bonds |  |  |
| 3.75%, 04/26/28 | &nbsp;&nbsp; 210 | 210726 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 20 | 20248 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 155 | 160084 |
| CDP Financial Inc. |  |  |
| 1.75%, 02/01/27<sup>(b)</sup> | &nbsp;&nbsp; 40 | 38858 |
| 4.25%, 07/25/28<sup>(b)</sup> | &nbsp;&nbsp; 255 | 258602 |
| CPPIB Capital Inc. |  |  |
| 0.88%, 09/09/26<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4848 |
| 4.25%, 07/20/28<sup>(b)</sup> | &nbsp;&nbsp; 270 | 274117 |
| Export Development Canada |  |  |
| 3.00%, 05/25/27 | &nbsp;&nbsp; 200 | 197468 |
| 3.75%, 09/07/27 | &nbsp;&nbsp; 150 | 150136 |
| 3.88%, 02/14/28 | &nbsp;&nbsp; 130 | 130698 |
| 4.13%, 02/13/29 | &nbsp;&nbsp; 220 | 223339 |
| 4.75%, 06/05/34 | &nbsp;&nbsp; 60 | 62380 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Ontario Teachers' Finance Trust |  |  |
| 1.25%, 09/27/30<sup>(b)</sup> | &nbsp;&nbsp; $250 | $219551 |
| 2.00%, 04/16/31<sup>(b)</sup> | &nbsp;&nbsp; 250 | 225032 |
| 4.63%, 04/10/29<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5134 |
| Province of Alberta Canada |  |  |
| 1.30%, 07/22/30 | &nbsp;&nbsp; 125 | 110944 |
| 3.30%, 03/15/28 | &nbsp;&nbsp; 30 | 29674 |
| 4.50%, 01/24/34 | &nbsp;&nbsp; 50 | 50254 |
| Province of British Columbia Canada |  |  |
| 1.30%, 01/29/31 | &nbsp;&nbsp; 90 | 78514 |
| 3.90%, 08/27/30 | &nbsp;&nbsp; 200 | 200359 |
| 4.20%, 07/06/33 | &nbsp;&nbsp; 110 | 109028 |
| 4.70%, 01/24/28 | &nbsp;&nbsp; 5 | 5111 |
| 4.75%, 06/12/34 | &nbsp;&nbsp; 130 | 132522 |
| 4.80%, 11/15/28 | &nbsp;&nbsp; 150 | 154745 |
| 4.80%, 06/11/35 | &nbsp;&nbsp; 150 | 152480 |
| 4.90%, 04/24/29 | &nbsp;&nbsp; 135 | 140141 |
| 7.25%, 09/01/36 | &nbsp;&nbsp; 20 | 24192 |
| Province of Manitoba Canada |  |  |
| 1.50%, 10/25/28 | &nbsp;&nbsp; 75 | 69961 |
| 4.30%, 07/27/33 | &nbsp;&nbsp; 5 | 4974 |
| 4.90%, 05/31/34 | &nbsp;&nbsp; 65 | 66885 |
| Province of New Brunswick Canada, 3.63%, 02/24/28 | &nbsp;&nbsp; 20 | 19908 |
| Province of Ontario Canada |  |  |
| 1.05%, 05/21/27 | &nbsp;&nbsp; 110 | 104973 |
| 1.13%, 10/07/30 | &nbsp;&nbsp; 125 | 109221 |
| 1.60%, 02/25/31 | &nbsp;&nbsp; 75 | 66469 |
| 1.80%, 10/14/31 | &nbsp;&nbsp; 125 | 109806 |
| 2.00%, 10/02/29 | &nbsp;&nbsp; 95 | 88631 |
| 2.13%, 01/21/32 | &nbsp;&nbsp; 75 | 66581 |
| 3.10%, 05/19/27 | &nbsp;&nbsp; 130 | 128474 |
| 3.70%, 09/17/29 | &nbsp;&nbsp; 20 | 19936 |
| 4.20%, 01/18/29 | &nbsp;&nbsp; 160 | 162321 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 5 | 5175 |
| 4.85%, 06/11/35 | &nbsp;&nbsp; 150 | 153321 |
| 5.05%, 04/24/34 | &nbsp;&nbsp; 110 | 114739 |
| Province of Quebec Canada |  |  |
| 1.35%, 05/28/30 | &nbsp;&nbsp; 90 | 80310 |
| 1.90%, 04/21/31 | &nbsp;&nbsp; 50 | 44729 |
| 2.75%, 04/12/27 | &nbsp;&nbsp; 68 | 66829 |
| 3.63%, 04/13/28 | &nbsp;&nbsp; 200 | 199489 |
| 4.25%, 09/05/34 | &nbsp;&nbsp; 30 | 29459 |
| 4.50%, 04/03/29 | &nbsp;&nbsp; 110 | 112705 |
| 4.50%, 09/08/33 | &nbsp;&nbsp; 105 | 106066 |
| Series PD, 7.50%, 09/15/29 | &nbsp;&nbsp; 110 | 125006 |
| Province of Saskatchewan Canada, 3.25%, 06/08/27 | &nbsp;&nbsp; 5 | 4948 |
| PSP Capital Inc. |  |  |
| 1.63%, 10/26/28<sup>(b)</sup> | &nbsp;&nbsp; 35 | 32817 |
| 3.75%, 10/02/29<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4990 |
|  |  | 5467908 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Chile Government International Bonds |  |  |
| 2.55%, 01/27/32 | &nbsp;&nbsp; 200 | 177153 |
| 3.24%, 02/06/28 | &nbsp;&nbsp; 200 | 195643 |
| 3.50%, 01/25/50 | &nbsp;&nbsp; 200 | 141145 |
| 3.86%, 06/21/47 | &nbsp;&nbsp; 200 | 154246 |
| 4.00%, 01/31/52 | &nbsp;&nbsp; 200 | 152633 |
| 4.95%, 01/05/36 | &nbsp;&nbsp; 200 | 198220 |
| 5.33%, 01/05/54 | &nbsp;&nbsp; 200 | 188026 |
|  |  | 1207066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Colombia Government International Bonds |  |  |
| 4.50%, 03/15/29 | &nbsp;&nbsp; $200 | $194779 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 200 | 145664 |
| 6.13%, 01/18/41 | &nbsp;&nbsp; 300 | 260717 |
| 7.38%, 09/18/37 | &nbsp;&nbsp; 400 | 403034 |
|  |  | 1004194 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Costa Rica Government International Bonds, 6.55%, <br> 04/03/34<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 211377 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| Kommunekredit, 4.63%, 03/05/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 202200 |
| **Finland — 0.0%** | **Finland — 0.0%** | **Finland — 0.0%** |
| Kuntarahoitus OYJ |  |  |
| 3.63%, 10/09/29<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19902 |
| 4.13%, 12/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5040 |
| 4.88%, 01/13/27<sup>(b)</sup> | &nbsp;&nbsp; 200 | 202597 |
|  |  | 227539 |
| **France — 0.3%** | **France — 0.3%** | **France — 0.3%** |
| Agence Francaise de Developpement EPIC, 4.50%, <br> 03/05/29<sup>(d)</sup><br>| &nbsp;&nbsp; 400 | 406894 |
| Caisse d'Amortissement de la Dette Sociale |  |  |
| 1.00%, 10/21/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8639 |
| 1.25%, 10/28/26<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4847 |
| 1.38%, 01/20/31<sup>(b)</sup> | &nbsp;&nbsp; 330 | 288817 |
| 3.75%, 05/24/28<sup>(b)</sup> | &nbsp;&nbsp; 320 | 319740 |
| 4.25%, 01/24/27<sup>(b)</sup> | &nbsp;&nbsp; 600 | 602679 |
| 4.50%, 05/22/29<sup>(b)</sup> | &nbsp;&nbsp; 205 | 209792 |
| 4.88%, 09/19/26<sup>(b)</sup> | &nbsp;&nbsp; 205 | 206827 |
| Caisse des Depots et Consignations, 4.25%, <br> 01/31/27<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 200548 |
| SFIL SA, 5.00%, 04/26/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 202934 |
|  |  | 2451717 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Airport Authority |  |  |
| 1.75%, 01/12/27<sup>(b)</sup> | &nbsp;&nbsp; 200 | 194065 |
| 2.63%, 02/04/51<sup>(b)</sup> | &nbsp;&nbsp; 200 | 129621 |
| 4.75%, 01/12/28<sup>(b)</sup> | &nbsp;&nbsp; 200 | 203481 |
| Hong Kong Government International Bonds |  |  |
| 1.38%, 02/02/31<sup>(b)</sup> | &nbsp;&nbsp; 200 | 176618 |
| 4.00%, 06/07/33<sup>(b)</sup> | &nbsp;&nbsp; 200 | 196230 |
|  |  | 900015 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government International Bonds |  |  |
| 2.13%, 09/22/31<sup>(d)</sup> | &nbsp;&nbsp; 200 | 170064 |
| 5.50%, 06/16/34<sup>(d)</sup> | &nbsp;&nbsp; 200 | 200597 |
| 5.50%, 03/26/36<sup>(d)</sup> | &nbsp;&nbsp; 200 | 196705 |
| 6.25%, 09/22/32<sup>(d)</sup> | &nbsp;&nbsp; 200 | 211432 |
| 7.63%, 03/29/41 | &nbsp;&nbsp; 166 | 191787 |
|  |  | 970585 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Indonesia Government International Bonds |  |  |
| 2.85%, 02/14/30 | &nbsp;&nbsp; 200 | 188333 |
| 3.05%, 03/12/51 | &nbsp;&nbsp; 200 | 131310 |
| 3.20%, 09/23/61 | &nbsp;&nbsp; 200 | 125327 |
| 3.40%, 09/18/29 | &nbsp;&nbsp; 200 | 194227 |
| 4.35%, 01/11/48 | &nbsp;&nbsp; 200 | 170008 |
| 4.55%, 01/11/28 | &nbsp;&nbsp; 200 | 201804 |
| 4.65%, 09/20/32 | &nbsp;&nbsp; 200 | 199819 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| 4.70%, 02/10/34 | &nbsp;&nbsp; $200 | $198309 |
| 4.85%, 01/11/33 | &nbsp;&nbsp; 200 | 201212 |
| 5.10%, 02/10/54<sup>(c)</sup> | &nbsp;&nbsp; 400 | 374440 |
| 6.75%, 01/15/44<sup>(d)</sup> | &nbsp;&nbsp; 200 | 228196 |
| 7.75%, 01/17/38<sup>(d)</sup> | &nbsp;&nbsp; 100 | 122875 |
| Perusahaan Penerbit SBSN Indonesia III |  |  |
| 2.55%, 06/09/31<sup>(d)</sup> | &nbsp;&nbsp; 200 | 180203 |
| 4.15%, 03/29/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 200141 |
| 4.40%, 06/06/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 201057 |
| 4.70%, 06/06/32<sup>(d)</sup> | &nbsp;&nbsp; 200 | 200537 |
| 5.10%, 07/02/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 205674 |
|  |  | 3323472 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Israel Government International Bonds |  |  |
| 5.38%, 03/12/29 | &nbsp;&nbsp; 200 | 204683 |
| 5.38%, 02/19/30 | &nbsp;&nbsp; 200 | 205313 |
| 5.50%, 03/12/34 | &nbsp;&nbsp; 200 | 203550 |
| 5.63%, 02/19/35 | &nbsp;&nbsp; 200 | 204621 |
| 5.75%, 03/12/54 | &nbsp;&nbsp; 200 | 184779 |
| State of Israel |  |  |
| 3.38%, 01/15/50 | &nbsp;&nbsp; 400 | 261148 |
| 3.80%, 05/13/60<sup>(d)</sup> | &nbsp;&nbsp; 200 | 129077 |
|  |  | 1393171 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Republic of Italy Government International Bonds |  |  |
| 2.88%, 10/17/29 | &nbsp;&nbsp; 235 | 223657 |
| 3.88%, 05/06/51 | &nbsp;&nbsp; 260 | 179213 |
| 4.00%, 10/17/49 | &nbsp;&nbsp; 20 | 14400 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 70 | 74002 |
|  |  | 491272 |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Development Bank of Japan Inc. |  |  |
| 1.00%, 08/27/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8667 |
| 1.25%, 10/20/26<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4848 |
| 1.25%, 01/28/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4333 |
| 1.75%, 10/20/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8747 |
| 4.00%, 08/28/27<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5011 |
| 4.50%, 01/30/34<sup>(b)</sup> | &nbsp;&nbsp; 200 | 201403 |
| 5.13%, 09/01/26<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5052 |
| Japan International Cooperation Agency |  |  |
| 1.00%, 07/22/30 | &nbsp;&nbsp; 65 | 56286 |
| 2.13%, 10/20/26 | &nbsp;&nbsp; 46 | 45004 |
| 2.75%, 04/27/27 | &nbsp;&nbsp; 15 | 14704 |
| 4.00%, 05/23/28 | &nbsp;&nbsp; 200 | 200699 |
| 4.75%, 05/21/29 | &nbsp;&nbsp; 215 | 221106 |
|  |  | 775860 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |
| Kazakhstan Government International Bonds |  |  |
| 4.71%, 04/09/35<sup>(d)</sup> | &nbsp;&nbsp; 200 | 196343 |
| 4.88%, 10/14/44<sup>(d)</sup> | &nbsp;&nbsp; 200 | 182075 |
|  |  | 378418 |
| **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** |
| Kuwait International Government Bonds, 3.50%, <br> 03/20/27<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 197251 |
| **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** |
| Latvia Government International Bonds, 5.13%, <br> 07/30/34<sup>(b)</sup><br>| &nbsp;&nbsp; 85 | 86669 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Malaysia Sovereign Sukuk Bhd, 4.24%, 04/22/45<sup>(d)</sup> | &nbsp;&nbsp; $200 | $176210 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| BNG Bank NV |  |  |
| 3.50%, 05/19/28<sup>(b)</sup> | &nbsp;&nbsp; 310 | 308344 |
| 3.63%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp; 200 | 199373 |
| 4.25%, 01/25/29<sup>(b)</sup> | &nbsp;&nbsp; 205 | 208307 |
| 4.50%, 03/01/27<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5048 |
| Nederlandse Waterschapsbank NV |  |  |
| 1.00%, 05/28/30<sup>(b)</sup> | &nbsp;&nbsp; 55 | 48294 |
| 4.00%, 06/01/28<sup>(b)</sup> | &nbsp;&nbsp; 230 | 231678 |
| 4.38%, 02/28/29<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5097 |
| 4.50%, 01/16/30<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5140 |
|  |  | 1011281 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Kommunalbanken AS |  |  |
| 1.13%, 10/26/26<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14537 |
| 1.13%, 06/14/30<sup>(b)</sup> | &nbsp;&nbsp; 200 | 176748 |
| 4.25%, 01/24/29<sup>(b)</sup> | &nbsp;&nbsp; 200 | 203267 |
|  |  | 394552 |
| **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** |
| Panama Government International Bonds |  |  |
| 2.25%, 09/29/32 | &nbsp;&nbsp; 200 | 158070 |
| 3.16%, 01/23/30 | &nbsp;&nbsp; 200 | 183831 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 400 | 293063 |
| 4.50%, 04/16/50 | &nbsp;&nbsp; 200 | 141769 |
| 6.70%, 01/26/36 | &nbsp;&nbsp; 100 | 102526 |
| 7.88%, 03/01/57 | &nbsp;&nbsp; 200 | 213972 |
| 8.88%, 09/30/27 | &nbsp;&nbsp; 55 | 59552 |
| 9.38%, 04/01/29 | &nbsp;&nbsp; 100 | 113000 |
|  |  | 1265783 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |
| Paraguay Government International Bonds, 3.85%, <br> 06/28/33<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 183214 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Peru Government International Bonds |  |  |
| 1.86%, 12/01/32 | &nbsp;&nbsp; 100 | 81605 |
| 2.78%, 01/23/31 | &nbsp;&nbsp; 145 | 132744 |
| 2.78%, 12/01/60 | &nbsp;&nbsp; 65 | 34685 |
| 2.84%, 06/20/30 | &nbsp;&nbsp; 25 | 23366 |
| 3.00%, 01/15/34 | &nbsp;&nbsp; 110 | 94358 |
| 3.30%, 03/11/41 | &nbsp;&nbsp; 70 | 52886 |
| 3.55%, 03/10/51 | &nbsp;&nbsp; 75 | 51488 |
| 3.60%, 01/15/72 | &nbsp;&nbsp; 85 | 51763 |
| 5.38%, 02/08/35 | &nbsp;&nbsp; 200 | 202281 |
| 5.63%, 11/18/50 | &nbsp;&nbsp; 100 | 95723 |
| 6.55%, 03/14/37 | &nbsp;&nbsp; 70 | 76875 |
| 8.75%, 11/21/33 | &nbsp;&nbsp; 110 | 136734 |
| Peruvian Government International Bonds |  |  |
| 5.50%, 03/30/36 | &nbsp;&nbsp; 122 | 123084 |
| 6.20%, 06/30/55 | &nbsp;&nbsp; 100 | 101198 |
|  |  | 1258790 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| Bank Gospodarstwa Krajowego |  |  |
| 5.75%, 07/09/34<sup>(d)</sup> | &nbsp;&nbsp; 200 | 208281 |
| 6.25%, 07/09/54<sup>(d)</sup> | &nbsp;&nbsp; 200 | 202984 |
| Republic of Poland Government International Bonds |  |  |
| 4.88%, 02/12/30 | &nbsp;&nbsp; 140 | 143801 |
| 4.88%, 10/04/33 | &nbsp;&nbsp; 90 | 90140 |
| 5.13%, 09/18/34 | &nbsp;&nbsp; 100 | 100777 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| 5.38%, 02/12/35 | &nbsp;&nbsp; $105 | $107344 |
| 5.50%, 11/16/27 | &nbsp;&nbsp; 80 | 82611 |
| 5.50%, 04/04/53 | &nbsp;&nbsp; 215 | 201438 |
| 5.50%, 03/18/54 | &nbsp;&nbsp; 200 | 187406 |
|  |  | 1324782 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Qatar Government International Bonds |  |  |
| 3.75%, 04/16/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 197469 |
| 4.00%, 03/14/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 199703 |
| 4.40%, 04/16/50<sup>(d)</sup> | &nbsp;&nbsp; 200 | 170890 |
| 4.63%, 06/02/46<sup>(d)</sup> | &nbsp;&nbsp; 200 | 180490 |
| 4.75%, 05/29/34<sup>(d)</sup> | &nbsp;&nbsp; 200 | 205845 |
| 4.82%, 03/14/49<sup>(d)</sup> | &nbsp;&nbsp; 200 | 183083 |
| 4.88%, 02/27/35<sup>(d)</sup> | &nbsp;&nbsp; 200 | 206968 |
| 5.10%, 04/23/48<sup>(d)</sup> | &nbsp;&nbsp; 200 | 191219 |
| 5.75%, 01/20/42<sup>(b)</sup> | &nbsp;&nbsp; 200 | 211717 |
|  |  | 1747384 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |
| Romania Government International Bonds |  |  |
| 3.00%, 02/27/27<sup>(d)</sup> | &nbsp;&nbsp; 60 | 58376 |
| 3.00%, 02/14/31<sup>(d)</sup> | &nbsp;&nbsp; 100 | 87962 |
| 3.63%, 03/27/32<sup>(d)</sup> | &nbsp;&nbsp; 66 | 57952 |
| 4.00%, 02/14/51<sup>(d)</sup> | &nbsp;&nbsp; 100 | 64282 |
| 5.13%, 06/15/48<sup>(d)</sup> | &nbsp;&nbsp; 60 | 47099 |
| 5.25%, 11/25/27<sup>(d)</sup> | &nbsp;&nbsp; 60 | 60409 |
| 6.00%, 05/25/34<sup>(d)</sup> | &nbsp;&nbsp; 50 | 48989 |
| 6.13%, 01/22/44<sup>(d)</sup> | &nbsp;&nbsp; 60 | 54855 |
| 6.38%, 01/30/34<sup>(d)</sup> | &nbsp;&nbsp; 200 | 200384 |
| 6.63%, 02/17/28<sup>(d)</sup> | &nbsp;&nbsp; 110 | 114304 |
| 7.13%, 01/17/33<sup>(d)</sup> | &nbsp;&nbsp; 100 | 106212 |
| 7.63%, 01/17/53<sup>(d)</sup> | &nbsp;&nbsp; 50 | 52132 |
|  |  | 952956 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Republic of South Africa Government <br> International Bonds<br>|  |  |
| 4.85%, 09/30/29 | &nbsp;&nbsp; 200 | 195301 |
| 5.65%, 09/27/47 | &nbsp;&nbsp; 200 | 152307 |
| 6.25%, 03/08/41 | &nbsp;&nbsp; 225 | 200289 |
|  |  | 547897 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Korea Development Bank (The) |  |  |
| 4.38%, 02/15/28 | &nbsp;&nbsp; 200 | 201879 |
| 4.63%, 02/15/27 | &nbsp;&nbsp; 200 | 201909 |
| Korea International Bonds |  |  |
| 1.75%, 10/15/31 | &nbsp;&nbsp; 200 | 176486 |
| 4.50%, 07/03/29 | &nbsp;&nbsp; 200 | 204646 |
| Korea Mine Rehabilitation & Mineral Resources Corp., <br> 5.13%, 05/08/29<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 205484 |
|  |  | 990404 |
| **Supranational — 1.8%** | **Supranational — 1.8%** | **Supranational — 1.8%** |
| African Development Bank |  |  |
| 3.50%, 09/18/29 | &nbsp;&nbsp; 170 | 168711 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 15 | 15170 |
| 4.13%, 02/25/27 | &nbsp;&nbsp; 110 | 110553 |
| 4.38%, 11/03/27 | &nbsp;&nbsp; 190 | 192770 |
| 4.38%, 03/14/28 | &nbsp;&nbsp; 95 | 96691 |
| 4.50%, 06/12/35 | &nbsp;&nbsp; 5 | 5085 |
| 4.63%, 01/04/27 | &nbsp;&nbsp; 115 | 116216 |
| Council of Europe Development Bank |  |  |
| 0.88%, 09/22/26 | &nbsp;&nbsp; 210 | 203569 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 3.63%, 01/26/28 | &nbsp;&nbsp; $20 | $19990 |
| 4.13%, 01/24/29 | &nbsp;&nbsp; 95 | 96414 |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 25 | 25781 |
| 4.63%, 06/11/27 | &nbsp;&nbsp; 35 | 35522 |
| European Bank for Reconstruction & Development |  |  |
| 4.13%, 01/25/29 | &nbsp;&nbsp; 195 | 198000 |
| 4.25%, 03/13/34 | &nbsp;&nbsp; 150 | 150523 |
| 4.38%, 03/09/28 | &nbsp;&nbsp; 50 | 50885 |
| European Investment Bank |  |  |
| 0.75%, 10/26/26 | &nbsp;&nbsp; 25 | 24142 |
| 0.75%, 09/23/30 | &nbsp;&nbsp; 60 | 51831 |
| 1.25%, 02/14/31 | &nbsp;&nbsp; 15 | 13154 |
| 1.38%, 03/15/27 | &nbsp;&nbsp; 800 | 772162 |
| 1.63%, 10/09/29 | &nbsp;&nbsp; 45 | 41535 |
| 1.75%, 03/15/29 | &nbsp;&nbsp; 300 | 281286 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 30 | 29751 |
| 3.63%, 07/15/30 | &nbsp;&nbsp; 15 | 14938 |
| 3.75%, 11/15/29 | &nbsp;&nbsp; 1000 | 1002920 |
| 3.75%, 02/14/33 | &nbsp;&nbsp; 5 | 4926 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 10 | 10064 |
| 4.00%, 02/15/29 | &nbsp;&nbsp; 20 | 20233 |
| 4.13%, 02/13/34 | &nbsp;&nbsp; 405 | 404513 |
| 4.25%, 08/16/32 | &nbsp;&nbsp; 200 | 203359 |
| 4.38%, 03/19/27 | &nbsp;&nbsp; 60 | 60580 |
| 4.38%, 10/10/31 | &nbsp;&nbsp; 5 | 5152 |
| 4.50%, 10/16/28 | &nbsp;&nbsp; 405 | 415466 |
| 4.50%, 03/14/30 | &nbsp;&nbsp; 400 | 413275 |
| 4.63%, 02/12/35 | &nbsp;&nbsp; 205 | 211265 |
| 4.75%, 06/15/29 | &nbsp;&nbsp; 25 | 25962 |
| Inter-American Development Bank |  |  |
| 0.63%, 09/16/27 | &nbsp;&nbsp; 100 | 94048 |
| 1.13%, 07/20/28 | &nbsp;&nbsp; 190 | 177037 |
| 1.13%, 01/13/31 | &nbsp;&nbsp; 280 | 244040 |
| 1.50%, 01/13/27 | &nbsp;&nbsp; 155 | 150301 |
| 2.25%, 06/18/29 | &nbsp;&nbsp; 176 | 167208 |
| 2.38%, 07/07/27 | &nbsp;&nbsp; 120 | 117169 |
| 3.13%, 09/18/28 | &nbsp;&nbsp; 219 | 215785 |
| 3.20%, 08/07/42 | &nbsp;&nbsp; 5 | 4021 |
| 3.50%, 09/14/29 | &nbsp;&nbsp; 215 | 213554 |
| 3.50%, 04/12/33 | &nbsp;&nbsp; 165 | 159184 |
| 3.63%, 09/17/31 | &nbsp;&nbsp; 30 | 29611 |
| 3.75%, 06/14/30<sup>(c)</sup> | &nbsp;&nbsp; 5 | 5005 |
| 3.88%, 10/28/41 | &nbsp;&nbsp; 75 | 66109 |
| 4.00%, 01/12/28 | &nbsp;&nbsp; 115 | 115913 |
| 4.13%, 02/15/29 | &nbsp;&nbsp; 235 | 238559 |
| 4.38%, 02/01/27 | &nbsp;&nbsp; 90 | 90703 |
| 4.38%, 07/17/34 | &nbsp;&nbsp; 45 | 45569 |
| 4.38%, 01/24/44 | &nbsp;&nbsp; 29 | 26839 |
| 4.50%, 02/15/30 | &nbsp;&nbsp; 300 | 309634 |
| International Bank for Reconstruction & Development |  |  |
| 0.75%, 11/24/27 | &nbsp;&nbsp; 224 | 210173 |
| 0.75%, 08/26/30 | &nbsp;&nbsp; 161 | 139283 |
| 0.85%, 02/10/27<sup>(c)</sup> | &nbsp;&nbsp; 30 | 28701 |
| 0.88%, 05/14/30 | &nbsp;&nbsp; 179 | 157236 |
| 1.13%, 09/13/28 | &nbsp;&nbsp; 380 | 352808 |
| 1.25%, 02/10/31 | &nbsp;&nbsp; 191 | 167198 |
| 1.38%, 04/20/28 | &nbsp;&nbsp; 250 | 235944 |
| 1.63%, 11/03/31 | &nbsp;&nbsp; 290 | 254367 |
| 1.75%, 10/23/29 | &nbsp;&nbsp; 275 | 254652 |
| 1.88%, 10/27/26 | &nbsp;&nbsp; 88 | 86059 |
| 2.50%, 11/22/27 | &nbsp;&nbsp; 115 | 112177 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 3.13%, 06/15/27 | &nbsp;&nbsp; $205 | $202978 |
| 3.50%, 07/12/28 | &nbsp;&nbsp; 240 | 239168 |
| 3.63%, 09/21/29<sup>(c)</sup> | &nbsp;&nbsp; 50 | 49883 |
| 3.88%, 10/16/29 | &nbsp;&nbsp; 300 | 302096 |
| 3.88%, 02/14/30 | &nbsp;&nbsp; 185 | 186250 |
| 3.88%, 08/28/34 | &nbsp;&nbsp; 270 | 263479 |
| 4.00%, 07/25/30<sup>(c)</sup> | &nbsp;&nbsp; 85 | 85988 |
| 4.00%, 01/10/31 | &nbsp;&nbsp; 300 | 303030 |
| 4.38%, 08/27/35 | &nbsp;&nbsp; 250 | 251674 |
| 4.63%, 08/01/28<sup>(c)</sup> | &nbsp;&nbsp; 225 | 231085 |
| 4.63%, 01/15/32 | &nbsp;&nbsp; 300 | 311494 |
| 4.75%, 11/14/33 | &nbsp;&nbsp; 245 | 256244 |
| 4.75%, 02/15/35 | &nbsp;&nbsp; 25 | 25942 |
| Nordic Investment Bank |  |  |
| 3.38%, 09/08/27 | &nbsp;&nbsp; 40 | 39764 |
| 3.75%, 05/09/30 | &nbsp;&nbsp; 10 | 10012 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 215 | 219132 |
| 4.38%, 03/14/28 | &nbsp;&nbsp; 65 | 66144 |
|  |  | 13005644 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Kommuninvest I Sverige AB, 3.50%, 08/25/27<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19904 |
| Svensk Exportkredit AB |  |  |
| 2.25%, 03/22/27 | &nbsp;&nbsp; 235 | 229261 |
| 3.75%, 09/13/27 | &nbsp;&nbsp; 25 | 24997 |
| 4.13%, 06/14/28 | &nbsp;&nbsp; 45 | 45479 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 15 | 15240 |
| 4.88%, 10/04/30 | &nbsp;&nbsp; 65 | 68026 |
|  |  | 402907 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26<sup>(d)</sup> | &nbsp;&nbsp; 200 | 200608 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| Abu Dhabi Government International Bonds |  |  |
| 1.70%, 03/02/31<sup>(d)</sup> | &nbsp;&nbsp; 200 | 177126 |
| 1.88%, 09/15/31<sup>(d)</sup> | &nbsp;&nbsp; 200 | 176671 |
| 2.50%, 09/30/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 188994 |
| 3.13%, 10/11/27<sup>(d)</sup> | &nbsp;&nbsp; 200 | 196526 |
| 3.13%, 09/30/49<sup>(d)</sup> | &nbsp;&nbsp; 200 | 139069 |
| 3.88%, 04/16/50<sup>(d)</sup> | &nbsp;&nbsp; 200 | 157841 |
| 4.13%, 10/11/47<sup>(d)</sup> | &nbsp;&nbsp; 200 | 167921 |
| 5.50%, 04/30/54<sup>(d)</sup> | &nbsp;&nbsp; 200 | 202216 |
| Dubai DOF Sukuk Ltd., 2.76%, 09/09/30<sup>(d)</sup> | &nbsp;&nbsp; 200 | 187542 |
| Finance Department Government of Sharjah, 3.63%, <br> 03/10/33<sup>(d)</sup><br>| &nbsp;&nbsp; 200 | 175929 |
| Sharjah Sukuk Program Ltd., 3.23%, 10/23/29<sup>(d)</sup> | &nbsp;&nbsp; 200 | 188754 |
| UAE International Government Bonds, 2.88%, <br> 10/19/41<sup>(d)</sup><br>| &nbsp;&nbsp; 400 | 301465 |
|  |  | 2260054 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |
| Bank of England Euro Note, 4.50%, 03/05/27<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30302 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Uruguay Government International Bonds |  |  |
| 4.13%, 11/20/45 | &nbsp;&nbsp; 100 | 85649 |
| 4.38%, 01/23/31 | &nbsp;&nbsp; 110 | 110456 |
| 4.98%, 04/20/55 | &nbsp;&nbsp; 128 | 113498 |
| 5.10%, 06/18/50 | &nbsp;&nbsp; 219 | 202128 |
| 5.75%, 10/28/34 | &nbsp;&nbsp; 50 | 53001 |
| 7.63%, 03/21/36 | &nbsp;&nbsp; 120 | 143896 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Uruguay (continued)** | **Uruguay (continued)** | **Uruguay (continued)** |
| 7.88%, 01/15/33, (7.88% PIK)<sup>(f)</sup> | &nbsp;&nbsp; $85 | $100905 |
|  |  | 809533 |
| **Total Foreign Government Obligations — 6.5%** <br>**(Cost: $49,838,643)** | **Total Foreign Government Obligations — 6.5%** <br>**(Cost: $49,838,643)** | 48787028 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 21.7%** | **Mortgage-Backed Securities — 21.7%** | **Mortgage-Backed Securities — 21.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.00%, 05/01/29 | &nbsp;&nbsp; 190 | 187835 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 30 | 28755 |
| Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates<br>|  |  |
| 2.03%, 09/25/28 | &nbsp;&nbsp; 250 | 236605 |
| Series K070, Class A2, 3.30%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197307 |
| Series K115, Class A2, 1.38%, 06/25/30 | &nbsp;&nbsp; 50 | 44278 |
| Series K131, Class A2, 1.85%, 07/25/31 | &nbsp;&nbsp; 1000 | 883369 |
| Series K739, Class A2, 1.34%, 09/25/27 | &nbsp;&nbsp; 177 | 169197 |
| Federal National Mortgage Association-ACES |  |  |
| Series 2017-M3, Class A2, 2.56%, 12/25/26<sup>(a)</sup> | &nbsp;&nbsp; 125 | 122025 |
| Series 2018-M12, Class A2, 3.75%, 08/25/30<sup>(a)</sup> | &nbsp;&nbsp; 50 | 49110 |
| Series 2021-M13, Class A2, 1.65%, 04/25/31<sup>(a)</sup> | &nbsp;&nbsp; 340 | 296660 |
| Series 2021-M17, Class A2, 1.71%, 07/25/31<sup>(a)</sup> | &nbsp;&nbsp; 250 | 219138 |
| Series 2022-M1, Class A2, 1.72%, 10/25/31<sup>(a)</sup> | &nbsp;&nbsp; 490 | 422542 |
| Government National Mortgage Association |  |  |
| 2.00%, 08/20/50 | &nbsp;&nbsp; 137 | 112080 |
| 2.00%, 11/20/50 | &nbsp;&nbsp; 366 | 299336 |
| 2.00%, 12/20/50 | &nbsp;&nbsp; 2626 | 2150576 |
| 2.00%, 01/20/51 | &nbsp;&nbsp; 3579 | 2930942 |
| 2.00%, 02/20/51 | &nbsp;&nbsp; 1388 | 1136957 |
| 2.00%, 10/20/51 | &nbsp;&nbsp; 971 | 794701 |
| 2.00%, 12/20/51 | &nbsp;&nbsp; 336 | 275261 |
| 2.50%, 10/20/50 | &nbsp;&nbsp; 438 | 373393 |
| 2.50%, 01/20/51 | &nbsp;&nbsp; 156 | 133106 |
| 2.50%, 05/20/51 | &nbsp;&nbsp; 1718 | 1463701 |
| 2.50%, 08/20/51 | &nbsp;&nbsp; 103 | 87401 |
| 2.50%, 11/20/51 | &nbsp;&nbsp; 2923 | 2489553 |
| 2.50%, 12/20/51 | &nbsp;&nbsp; 736 | 627249 |
| 2.50%, 02/20/52 | &nbsp;&nbsp; 1521 | 1295565 |
| 2.50%, 08/20/52 | &nbsp;&nbsp; 294 | 250622 |
| 3.00%, 03/20/45 | &nbsp;&nbsp; 26 | 23660 |
| 3.00%, 12/20/45 | &nbsp;&nbsp; 3 | 2860 |
| 3.00%, 01/20/46 | &nbsp;&nbsp; 3 | 2851 |
| 3.00%, 03/20/46 | &nbsp;&nbsp; 212 | 190437 |
| 3.00%, 05/20/46 | &nbsp;&nbsp; 2 | 1749 |
| 3.00%, 08/20/46 | &nbsp;&nbsp; 8 | 7573 |
| 3.00%, 09/20/46 | &nbsp;&nbsp; 77 | 68851 |
| 3.00%, 04/20/49 | &nbsp;&nbsp; 39 | 35317 |
| 3.00%, 10/15/49 | &nbsp;&nbsp; 25 | 22308 |
| 3.00%, 12/20/49 | &nbsp;&nbsp; 860 | 765824 |
| 3.00%, 02/20/50 | &nbsp;&nbsp; 299 | 265419 |
| 3.00%, 07/20/50 | &nbsp;&nbsp; 100 | 88591 |
| 3.00%, 12/20/50 | &nbsp;&nbsp; 137 | 121952 |
| 3.00%, 08/20/51 | &nbsp;&nbsp; 896 | 794646 |
| 3.00%, 09/20/51 | &nbsp;&nbsp; 758 | 672278 |
| 3.00%, 10/20/51 | &nbsp;&nbsp; 496 | 439387 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; 115 | 102114 |
| 3.00%, 02/20/52 | &nbsp;&nbsp; 762 | 675240 |
| 3.50%, 10/20/42 | &nbsp;&nbsp; 616 | 577431 |
| 3.50%, 05/20/47 | &nbsp;&nbsp; 351 | 324930 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 09/20/47 | &nbsp;&nbsp; $672 | $621538 |
| 3.50%, 02/20/48 | &nbsp;&nbsp; 122 | 112838 |
| 3.50%, 03/20/49 | &nbsp;&nbsp; 295 | 272143 |
| 3.50%, 09/20/49 | &nbsp;&nbsp; 187 | 171899 |
| 3.50%, 10/20/49 | &nbsp;&nbsp; 124 | 113989 |
| 3.50%, 12/20/49 | &nbsp;&nbsp; 52 | 47745 |
| 3.50%, 01/20/50 | &nbsp;&nbsp; 276 | 253782 |
| 3.50%, 01/20/52 | &nbsp;&nbsp; 767 | 702837 |
| 3.50%, 02/20/52 | &nbsp;&nbsp; 272 | 249545 |
| 3.50%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 375 | 341266 |
| 4.00%, 02/20/49 | &nbsp;&nbsp; 656 | 622140 |
| 4.00%, 01/20/50 | &nbsp;&nbsp; 37 | 34729 |
| 4.00%, 07/20/52 | &nbsp;&nbsp; 77 | 72195 |
| 4.00%, 08/20/52 | &nbsp;&nbsp; 281 | 264654 |
| 4.00%, 09/20/52 | &nbsp;&nbsp; 653 | 613957 |
| 4.00%, 12/20/52 | &nbsp;&nbsp; 190 | 178214 |
| 4.00%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 300 | 279824 |
| 4.50%, 07/20/41 | &nbsp;&nbsp; 149 | 147836 |
| 4.50%, 09/20/48 | &nbsp;&nbsp; 74 | 72442 |
| 4.50%, 01/20/49 | &nbsp;&nbsp; 147 | 144378 |
| 4.50%, 06/20/53 | &nbsp;&nbsp; 573 | 555817 |
| 4.50%, 10/20/54 | &nbsp;&nbsp; 487 | 469398 |
| 4.50%, 11/20/54 | &nbsp;&nbsp; 369 | 355503 |
| 4.50%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 2250 | 2166699 |
| 5.00%, 07/20/52 | &nbsp;&nbsp; 39 | 39165 |
| 5.00%, 09/20/52 | &nbsp;&nbsp; 404 | 401087 |
| 5.00%, 12/20/52 | &nbsp;&nbsp; 315 | 312720 |
| 5.00%, 01/20/53 | &nbsp;&nbsp; 195 | 193824 |
| 5.00%, 04/20/53 | &nbsp;&nbsp; 120 | 119758 |
| 5.00%, 11/20/53 | &nbsp;&nbsp; 209 | 208074 |
| 5.00%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 865 | 856213 |
| 5.00%, 10/20/54 | &nbsp;&nbsp; 130 | 128625 |
| 5.00%, 11/20/54 | &nbsp;&nbsp; 916 | 906051 |
| 5.50%, 12/20/52 | &nbsp;&nbsp; 528 | 534620 |
| 5.50%, 01/20/53 | &nbsp;&nbsp; 53 | 53710 |
| 5.50%, 04/20/53 | &nbsp;&nbsp; 290 | 293358 |
| 5.50%, 05/20/53 | &nbsp;&nbsp; 114 | 114846 |
| 5.50%, 06/20/53 | &nbsp;&nbsp; 153 | 155027 |
| 5.50%, 07/20/53 | &nbsp;&nbsp; 212 | 214592 |
| 5.50%, 09/20/53 | &nbsp;&nbsp; 568 | 574884 |
| 5.50%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 1150 | 1158442 |
| 5.50%, 10/20/54 | &nbsp;&nbsp; 523 | 527694 |
| 5.50%, 12/20/54 | &nbsp;&nbsp; 456 | 459354 |
| 6.00%, 09/20/53 | &nbsp;&nbsp; 97 | 99422 |
| 6.00%, 10/20/53 | &nbsp;&nbsp; 148 | 151415 |
| 6.00%, 07/20/54 | &nbsp;&nbsp; 701 | 716769 |
| 6.00%, 08/20/54 | &nbsp;&nbsp; 728 | 743654 |
| 6.00%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 1175 | 1198297 |
| 6.50%, 10/20/53 | &nbsp;&nbsp; 20 | 21055 |
| 6.50%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 995 | 1023741 |
| 6.50%, 02/20/55 | &nbsp;&nbsp; 574 | 590187 |
| 6.50%, 03/20/55 | &nbsp;&nbsp; 123 | 126585 |
| 6.50%, 06/20/55 | &nbsp;&nbsp; 159 | 164067 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 03/01/36 | &nbsp;&nbsp; 131 | 116953 |
| 1.50%, 10/01/36 | &nbsp;&nbsp; 52 | 46263 |
| 1.50%, 02/01/37 | &nbsp;&nbsp; 1062 | 948170 |
| 1.50%, 03/01/37 | &nbsp;&nbsp; 1334 | 1191121 |
| 1.50%, 04/01/37 | &nbsp;&nbsp; 103 | 92028 |
| 1.50%, 08/01/37 | &nbsp;&nbsp; 91 | 80813 |
| 1.50%, 09/18/40<sup>(i)</sup> | &nbsp;&nbsp; 200 | 178760 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 1.50%, 11/01/50 | &nbsp;&nbsp; $396 | $299369 |
| 1.50%, 03/01/51 | &nbsp;&nbsp; 566 | 428314 |
| 1.50%, 04/01/51 | &nbsp;&nbsp; 415 | 313733 |
| 1.50%, 05/01/51 | &nbsp;&nbsp; 799 | 604372 |
| 1.50%, 07/01/51 | &nbsp;&nbsp; 1432 | 1083470 |
| 2.00%, 12/01/35 | &nbsp;&nbsp; 36 | 33148 |
| 2.00%, 02/01/36 | &nbsp;&nbsp; 586 | 542142 |
| 2.00%, 03/01/36 | &nbsp;&nbsp; 117 | 107993 |
| 2.00%, 04/01/36 | &nbsp;&nbsp; 43 | 39755 |
| 2.00%, 05/01/36 | &nbsp;&nbsp; 85 | 78443 |
| 2.00%, 06/01/36 | &nbsp;&nbsp; 479 | 439439 |
| 2.00%, 08/01/36 | &nbsp;&nbsp; 323 | 297089 |
| 2.00%, 09/01/36 | &nbsp;&nbsp; 580 | 532127 |
| 2.00%, 10/01/36 | &nbsp;&nbsp; 187 | 172459 |
| 2.00%, 11/01/36 | &nbsp;&nbsp; 168 | 154998 |
| 2.00%, 12/01/36 | &nbsp;&nbsp; 365 | 335818 |
| 2.00%, 01/01/37 | &nbsp;&nbsp; 490 | 451178 |
| 2.00%, 02/01/37 | &nbsp;&nbsp; 615 | 565051 |
| 2.00%, 04/01/37 | &nbsp;&nbsp; 1600 | 1467864 |
| 2.00%, 05/01/37 | &nbsp;&nbsp; 243 | 222875 |
| 2.00%, 06/01/37 | &nbsp;&nbsp; 530 | 485376 |
| 2.00%, 09/18/40<sup>(i)</sup> | &nbsp;&nbsp; 850 | 779750 |
| 2.00%, 07/01/50 | &nbsp;&nbsp; 229 | 184288 |
| 2.00%, 08/01/50 | &nbsp;&nbsp; 673 | 544411 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 297 | 239060 |
| 2.00%, 10/01/50 | &nbsp;&nbsp; 681 | 547431 |
| 2.00%, 11/01/50 | &nbsp;&nbsp; 1501 | 1204189 |
| 2.00%, 12/01/50 | &nbsp;&nbsp; 51 | 41371 |
| 2.00%, 01/01/51 | &nbsp;&nbsp; 614 | 492988 |
| 2.00%, 02/01/51 | &nbsp;&nbsp; 310 | 248089 |
| 2.00%, 03/01/51 | &nbsp;&nbsp; 1917 | 1537259 |
| 2.00%, 04/01/51 | &nbsp;&nbsp; 1159 | 927723 |
| 2.00%, 05/01/51 | &nbsp;&nbsp; 953 | 763415 |
| 2.00%, 06/01/51 | &nbsp;&nbsp; 723 | 581308 |
| 2.00%, 07/01/51 | &nbsp;&nbsp; 554 | 443851 |
| 2.00%, 08/01/51 | &nbsp;&nbsp; 1772 | 1416386 |
| 2.00%, 10/01/51 | &nbsp;&nbsp; 2477 | 1986396 |
| 2.00%, 11/01/51 | &nbsp;&nbsp; 2093 | 1678417 |
| 2.00%, 12/01/51 | &nbsp;&nbsp; 2325 | 1873857 |
| 2.00%, 01/01/52 | &nbsp;&nbsp; 2404 | 1922966 |
| 2.00%, 02/01/52 | &nbsp;&nbsp; 394 | 314032 |
| 2.00%, 04/01/52 | &nbsp;&nbsp; 1025 | 817821 |
| 2.00%, 10/01/52 | &nbsp;&nbsp; 2253 | 1795724 |
| 2.00%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 1850 | 1469281 |
| 2.50%, 07/01/32 | &nbsp;&nbsp; 225 | 217323 |
| 2.50%, 11/01/34 | &nbsp;&nbsp; 29 | 27337 |
| 2.50%, 10/01/35 | &nbsp;&nbsp; 85 | 80713 |
| 2.50%, 03/01/36 | &nbsp;&nbsp; 67 | 63490 |
| 2.50%, 05/01/36 | &nbsp;&nbsp; 364 | 341823 |
| 2.50%, 06/01/36 | &nbsp;&nbsp; 66 | 62147 |
| 2.50%, 07/01/36 | &nbsp;&nbsp; 264 | 248259 |
| 2.50%, 08/01/36 | &nbsp;&nbsp; 72 | 67597 |
| 2.50%, 04/01/37 | &nbsp;&nbsp; 260 | 244002 |
| 2.50%, 05/01/37 | &nbsp;&nbsp; 292 | 273364 |
| 2.50%, 06/01/37 | &nbsp;&nbsp; 295 | 276261 |
| 2.50%, 09/18/40<sup>(i)</sup> | &nbsp;&nbsp; 600 | 562906 |
| 2.50%, 10/01/50 | &nbsp;&nbsp; 83 | 70917 |
| 2.50%, 11/01/50 | &nbsp;&nbsp; 1100 | 926694 |
| 2.50%, 12/01/50 | &nbsp;&nbsp; 258 | 216101 |
| 2.50%, 01/01/51 | &nbsp;&nbsp; 258 | 215011 |
| 2.50%, 03/01/51 | &nbsp;&nbsp; 459 | 385784 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 04/01/51 | &nbsp;&nbsp; $121 | $100928 |
| 2.50%, 07/01/51 | &nbsp;&nbsp; 1634 | 1367095 |
| 2.50%, 08/01/51 | &nbsp;&nbsp; 1267 | 1070145 |
| 2.50%, 09/01/51 | &nbsp;&nbsp; 1377 | 1155206 |
| 2.50%, 10/01/51 | &nbsp;&nbsp; 954 | 797180 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 2086 | 1744217 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; 2956 | 2482916 |
| 2.50%, 01/01/52 | &nbsp;&nbsp; 2705 | 2256847 |
| 2.50%, 02/01/52 | &nbsp;&nbsp; 394 | 331048 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 2560 | 2137123 |
| 2.50%, 07/01/52 | &nbsp;&nbsp; 135 | 112862 |
| 2.50%, 01/01/54 | &nbsp;&nbsp; 427 | 356390 |
| 2.50%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 2175 | 1805548 |
| 3.00%, 03/01/30 | &nbsp;&nbsp; 47 | 46489 |
| 3.00%, 09/01/34 | &nbsp;&nbsp; 288 | 278037 |
| 3.00%, 03/01/35 | &nbsp;&nbsp; 26 | 25490 |
| 3.00%, 07/01/35 | &nbsp;&nbsp; 20 | 18987 |
| 3.00%, 07/01/38 | &nbsp;&nbsp; 186 | 177916 |
| 3.00%, 09/15/39<sup>(i)</sup> | &nbsp;&nbsp; 750 | 717009 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 79 | 70470 |
| 3.00%, 04/01/48 | &nbsp;&nbsp; 504 | 459592 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 104 | 92059 |
| 3.00%, 02/01/49 | &nbsp;&nbsp; 724 | 651192 |
| 3.00%, 12/01/49 | &nbsp;&nbsp; 1021 | 903704 |
| 3.00%, 08/01/50 | &nbsp;&nbsp; 144 | 127746 |
| 3.00%, 10/01/50 | &nbsp;&nbsp; 223 | 193995 |
| 3.00%, 01/01/51 | &nbsp;&nbsp; 63 | 55781 |
| 3.00%, 04/01/51 | &nbsp;&nbsp; 70 | 60248 |
| 3.00%, 07/01/51 | &nbsp;&nbsp; 931 | 815681 |
| 3.00%, 08/01/51 | &nbsp;&nbsp; 368 | 320280 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; 57 | 49424 |
| 3.00%, 01/01/52 | &nbsp;&nbsp; 1055 | 926607 |
| 3.00%, 02/01/52 | &nbsp;&nbsp; 390 | 340424 |
| 3.00%, 04/01/52 | &nbsp;&nbsp; 3975 | 3472888 |
| 3.00%, 05/01/52 | &nbsp;&nbsp; 1236 | 1076956 |
| 3.00%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 1250 | 1082759 |
| 3.50%, 02/01/34 | &nbsp;&nbsp; 75 | 73704 |
| 3.50%, 09/18/40<sup>(i)</sup> | &nbsp;&nbsp; 425 | 411462 |
| 3.50%, 07/01/45 | &nbsp;&nbsp; 1415 | 1312342 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 50 | 45654 |
| 3.50%, 09/01/47 | &nbsp;&nbsp; 508 | 467381 |
| 3.50%, 10/01/47 | &nbsp;&nbsp; 265 | 243453 |
| 3.50%, 11/01/47 | &nbsp;&nbsp; 66 | 60805 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 315 | 289083 |
| 3.50%, 02/01/49 | &nbsp;&nbsp; 50 | 46029 |
| 3.50%, 03/01/49 | &nbsp;&nbsp; 203 | 186811 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 299 | 274469 |
| 3.50%, 08/01/49 | &nbsp;&nbsp; 59 | 54043 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 264 | 238972 |
| 3.50%, 02/01/51 | &nbsp;&nbsp; 1421 | 1297988 |
| 3.50%, 10/01/51 | &nbsp;&nbsp; 628 | 577079 |
| 3.50%, 06/01/52 | &nbsp;&nbsp; 790 | 721072 |
| 3.50%, 07/01/52 | &nbsp;&nbsp; 265 | 242112 |
| 3.50%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 1575 | 1422670 |
| 4.00%, 08/01/37 | &nbsp;&nbsp; 25 | 24434 |
| 4.00%, 09/01/37 | &nbsp;&nbsp; 35 | 34381 |
| 4.00%, 11/01/37 | &nbsp;&nbsp; 48 | 47659 |
| 4.00%, 02/01/38 | &nbsp;&nbsp; 25 | 24823 |
| 4.00%, 05/01/38 | &nbsp;&nbsp; 22 | 21863 |
| 4.00%, 11/01/38 | &nbsp;&nbsp; 13 | 13113 |
| 4.00%, 09/15/39<sup>(i)</sup> | &nbsp;&nbsp; 875 | 859004 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 11/01/39 | &nbsp;&nbsp; $222 | $218379 |
| 4.00%, 12/01/39 | &nbsp;&nbsp; 135 | 132437 |
| 4.00%, 09/01/47 | &nbsp;&nbsp; 33 | 31415 |
| 4.00%, 05/01/48 | &nbsp;&nbsp; 975 | 924059 |
| 4.00%, 09/01/48 | &nbsp;&nbsp; 293 | 277705 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 149 | 141283 |
| 4.00%, 07/01/49 | &nbsp;&nbsp; 598 | 567031 |
| 4.00%, 08/01/49 | &nbsp;&nbsp; 211 | 201506 |
| 4.00%, 04/01/50 | &nbsp;&nbsp; 441 | 417454 |
| 4.00%, 05/01/50 | &nbsp;&nbsp; 213 | 201056 |
| 4.00%, 03/01/51 | &nbsp;&nbsp; 1049 | 993140 |
| 4.00%, 05/01/52 | &nbsp;&nbsp; 444 | 416549 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 571 | 535482 |
| 4.00%, 08/01/52 | &nbsp;&nbsp; 530 | 497860 |
| 4.00%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 1300 | 1213230 |
| 4.50%, 04/01/49 | &nbsp;&nbsp; 69 | 67586 |
| 4.50%, 09/01/50 | &nbsp;&nbsp; 330 | 323216 |
| 4.50%, 10/01/50 | &nbsp;&nbsp; 121 | 117748 |
| 4.50%, 05/01/52 | &nbsp;&nbsp; 127 | 124213 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 658 | 636329 |
| 4.50%, 09/01/52 | &nbsp;&nbsp; 913 | 883494 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; 1676 | 1624116 |
| 4.50%, 11/01/52 | &nbsp;&nbsp; 38 | 36829 |
| 4.50%, 12/01/52 | &nbsp;&nbsp; 280 | 272036 |
| 4.50%, 08/01/53 | &nbsp;&nbsp; 35 | 33759 |
| 4.50%, 03/01/55 | &nbsp;&nbsp; 244 | 234611 |
| 4.50%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 450 | 432832 |
| 5.00%, 09/01/49 | &nbsp;&nbsp; 21 | 21408 |
| 5.00%, 08/01/52 | &nbsp;&nbsp; 100 | 99803 |
| 5.00%, 09/01/52 | &nbsp;&nbsp; 237 | 235925 |
| 5.00%, 10/01/52 | &nbsp;&nbsp; 351 | 349518 |
| 5.00%, 11/01/52 | &nbsp;&nbsp; 305 | 304148 |
| 5.00%, 12/01/52 | &nbsp;&nbsp; 259 | 257853 |
| 5.00%, 01/01/53 | &nbsp;&nbsp; 747 | 742683 |
| 5.00%, 03/01/53 | &nbsp;&nbsp; 81 | 80552 |
| 5.00%, 04/01/53 | &nbsp;&nbsp; 213 | 210588 |
| 5.00%, 06/01/53 | &nbsp;&nbsp; 181 | 180700 |
| 5.00%, 10/01/54 | &nbsp;&nbsp; 813 | 801592 |
| 5.00%, 11/01/54 | &nbsp;&nbsp; 614 | 605916 |
| 5.00%, 12/01/54 | &nbsp;&nbsp; 1455 | 1443339 |
| 5.00%, 01/01/55 | &nbsp;&nbsp; 364 | 360677 |
| 5.00%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 1450 | 1429981 |
| 5.50%, 09/01/52 | &nbsp;&nbsp; 96 | 98071 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 278 | 282800 |
| 5.50%, 12/01/52 | &nbsp;&nbsp; 538 | 548621 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 1176 | 1195001 |
| 5.50%, 02/01/53 | &nbsp;&nbsp; 674 | 681552 |
| 5.50%, 03/01/53 | &nbsp;&nbsp; 166 | 168490 |
| 5.50%, 04/01/53 | &nbsp;&nbsp; 139 | 141629 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 1871 | 1886032 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 40 | 40896 |
| 5.50%, 03/01/54 | &nbsp;&nbsp; 556 | 560470 |
| 5.50%, 05/01/54 | &nbsp;&nbsp; 270 | 273849 |
| 5.50%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 1680 | 1689458 |
| 5.50%, 11/01/54 | &nbsp;&nbsp; 1167 | 1184032 |
| 5.50%, 03/01/55 | &nbsp;&nbsp; 270 | 273165 |
| 5.50%, 04/01/55 | &nbsp;&nbsp; 204 | 207838 |
| 5.50%, 05/01/55 | &nbsp;&nbsp; 348 | 350501 |
| 5.50%, 07/01/55 | &nbsp;&nbsp; 547 | 551052 |
| 6.00%, 12/01/52 | &nbsp;&nbsp; 61 | 62134 |
| 6.00%, 01/01/53 | &nbsp;&nbsp; 61 | 63846 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 06/01/53 | &nbsp;&nbsp; $71 | $73321 |
| 6.00%, 07/01/53 | &nbsp;&nbsp; 183 | 187562 |
| 6.00%, 08/01/53 | &nbsp;&nbsp; 277 | 286261 |
| 6.00%, 09/01/53 | &nbsp;&nbsp; 381 | 392706 |
| 6.00%, 11/01/53 | &nbsp;&nbsp; 574 | 589400 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 170 | 175324 |
| 6.00%, 01/01/54 | &nbsp;&nbsp; 302 | 309783 |
| 6.00%, 02/01/54 | &nbsp;&nbsp; 105 | 108363 |
| 6.00%, 03/01/54 | &nbsp;&nbsp; 244 | 250119 |
| 6.00%, 05/01/54 | &nbsp;&nbsp; 1155 | 1187946 |
| 6.00%, 08/01/54 | &nbsp;&nbsp; 1058 | 1082553 |
| 6.00%, 09/01/54 | &nbsp;&nbsp; 217 | 224670 |
| 6.00%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 2825 | 2886048 |
| 6.00%, 10/01/54 | &nbsp;&nbsp; 277 | 283733 |
| 6.00%, 02/01/55 | &nbsp;&nbsp; 395 | 406792 |
| 6.00%, 03/01/55 | &nbsp;&nbsp; 409 | 419649 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 390 | 400418 |
| 6.00%, 06/01/55 | &nbsp;&nbsp; 72 | 73549 |
| 6.00%, 07/01/55 | &nbsp;&nbsp; 655 | 669594 |
| 6.00%, 08/01/55 | &nbsp;&nbsp; 129 | 131941 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 43 | 44247 |
| 6.50%, 11/01/53 | &nbsp;&nbsp; 53 | 54728 |
| 6.50%, 12/01/53 | &nbsp;&nbsp; 462 | 482636 |
| 6.50%, 01/01/54 | &nbsp;&nbsp; 650 | 681484 |
| 6.50%, 02/01/54 | &nbsp;&nbsp; 563 | 590378 |
| 6.50%, 03/01/54 | &nbsp;&nbsp; 235 | 243501 |
| 6.50%, 08/01/54 | &nbsp;&nbsp; 730 | 758758 |
| 6.50%, 09/01/54 | &nbsp;&nbsp; 132 | 137457 |
| 6.50%, 09/17/54<sup>(i)</sup> | &nbsp;&nbsp; 925 | 958550 |
| 6.50%, 01/01/55 | &nbsp;&nbsp; 751 | 782006 |
| 6.50%, 04/01/55 | &nbsp;&nbsp; 421 | 436792 |
| 6.50%, 07/01/55 | &nbsp;&nbsp; 131 | 136314 |
|  |  | 161869852 |
| **U.S. Government Obligations — 39.0%** | **U.S. Government Obligations — 39.0%** | **U.S. Government Obligations — 39.0%** |
| U.S. Treasury Note/Bond |  |  |
| 0.38%, 09/30/27 | &nbsp;&nbsp; 1100 | 1029273 |
| 0.50%, 05/31/27 | &nbsp;&nbsp; 1000 | 947109 |
| 0.50%, 08/31/27 | &nbsp;&nbsp; 780 | 733505 |
| 0.50%, 10/31/27 | &nbsp;&nbsp; 560 | 524081 |
| 0.63%, 03/31/27 | &nbsp;&nbsp; 800 | 762750 |
| 0.63%, 11/30/27 | &nbsp;&nbsp; 700 | 655539 |
| 0.63%, 12/31/27 | &nbsp;&nbsp; 1445 | 1349607 |
| 0.63%, 05/15/30 | &nbsp;&nbsp; 115 | 99951 |
| 0.63%, 08/15/30 | &nbsp;&nbsp; 2050 | 1766523 |
| 0.75%, 08/31/26 | &nbsp;&nbsp; 600 | 581836 |
| 0.75%, 01/31/28 | &nbsp;&nbsp; 1700 | 1588969 |
| 0.88%, 09/30/26 | &nbsp;&nbsp; 1900 | 1840848 |
| 0.88%, 11/15/30 | &nbsp;&nbsp; 1190 | 1031674 |
| 1.00%, 07/31/28 | &nbsp;&nbsp; 2100 | 1951031 |
| 1.13%, 10/31/26 | &nbsp;&nbsp; 1100 | 1066398 |
| 1.13%, 02/28/27 | &nbsp;&nbsp; 700 | 673887 |
| 1.13%, 02/29/28 | &nbsp;&nbsp; 2130 | 2005695 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 2400 | 2233125 |
| 1.13%, 02/15/31 | &nbsp;&nbsp; 1015 | 886618 |
| 1.13%, 05/15/40 | &nbsp;&nbsp; 2000 | 1244375 |
| 1.13%, 08/15/40 | &nbsp;&nbsp; 1590 | 978347 |
| 1.25%, 11/30/26 | &nbsp;&nbsp; 1900 | 1841812 |
| 1.25%, 12/31/26 | &nbsp;&nbsp; 1700 | 1644883 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 2143 | 2020447 |
| 1.25%, 04/30/28 | &nbsp;&nbsp; 1400 | 1317750 |
| 1.25%, 05/31/28 | &nbsp;&nbsp; 1600 | 1502875 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 1.25%, 06/30/28 | &nbsp;&nbsp; $1660 | $1556639 |
| 1.25%, 09/30/28 | &nbsp;&nbsp; 1700 | 1584852 |
| 1.25%, 08/15/31 | &nbsp;&nbsp; 1950 | 1685074 |
| 1.25%, 05/15/50 | &nbsp;&nbsp; 1482 | 698393 |
| 1.38%, 10/31/28 | &nbsp;&nbsp; 1970 | 1840257 |
| 1.38%, 12/31/28 | &nbsp;&nbsp; 1400 | 1303312 |
| 1.38%, 11/15/31 | &nbsp;&nbsp; 2650 | 2289973 |
| 1.38%, 11/15/40 | &nbsp;&nbsp; 1650 | 1051102 |
| 1.38%, 08/15/50 | &nbsp;&nbsp; 1440 | 695700 |
| 1.50%, 01/31/27 | &nbsp;&nbsp; 2000 | 1938516 |
| 1.50%, 11/30/28 | &nbsp;&nbsp; 1300 | 1217125 |
| 1.63%, 10/31/26 | &nbsp;&nbsp; 600 | 585188 |
| 1.63%, 05/15/31 | &nbsp;&nbsp; 1800 | 1602422 |
| 1.63%, 11/15/50 | &nbsp;&nbsp; 1600 | 825500 |
| 1.75%, 01/31/29 | &nbsp;&nbsp; 2800 | 2634406 |
| 1.75%, 08/15/41 | &nbsp;&nbsp; 1970 | 1304202 |
| 1.88%, 02/28/27 | &nbsp;&nbsp; 1000 | 973281 |
| 1.88%, 02/28/29 | &nbsp;&nbsp; 1050 | 990691 |
| 1.88%, 02/15/32 | &nbsp;&nbsp; 2150 | 1904934 |
| 1.88%, 02/15/41 | &nbsp;&nbsp; 1839 | 1263450 |
| 1.88%, 02/15/51 | &nbsp;&nbsp; 1770 | 973500 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 1954 | 1063403 |
| 2.00%, 11/15/26 | &nbsp;&nbsp; 2000 | 1957969 |
| 2.00%, 11/15/41 | &nbsp;&nbsp; 1300 | 891109 |
| 2.00%, 02/15/50 | &nbsp;&nbsp; 1400 | 808281 |
| 2.00%, 08/15/51 | &nbsp;&nbsp; 2124 | 1198733 |
| 2.25%, 02/15/27 | &nbsp;&nbsp; 570 | 558155 |
| 2.25%, 08/15/27 | &nbsp;&nbsp; 700 | 681789 |
| 2.25%, 11/15/27 | &nbsp;&nbsp; 1000 | 971328 |
| 2.25%, 05/15/41 | &nbsp;&nbsp; 1550 | 1123023 |
| 2.25%, 08/15/46 | &nbsp;&nbsp; 1300 | 841750 |
| 2.25%, 08/15/49 | &nbsp;&nbsp; 500 | 308516 |
| 2.25%, 02/15/52 | &nbsp;&nbsp; 1320 | 789113 |
| 2.38%, 05/15/27 | &nbsp;&nbsp; 600 | 587273 |
| 2.38%, 03/31/29 | &nbsp;&nbsp; 680 | 652056 |
| 2.38%, 05/15/29 | &nbsp;&nbsp; 1000 | 957266 |
| 2.38%, 02/15/42 | &nbsp;&nbsp; 1275 | 922582 |
| 2.38%, 11/15/49 | &nbsp;&nbsp; 500 | 316328 |
| 2.38%, 05/15/51 | &nbsp;&nbsp; 2036 | 1264865 |
| 2.50%, 03/31/27 | &nbsp;&nbsp; 1030 | 1011130 |
| 2.50%, 02/15/45 | &nbsp;&nbsp; 1075 | 748973 |
| 2.50%, 02/15/46 | &nbsp;&nbsp; 760 | 521075 |
| 2.50%, 05/15/46 | &nbsp;&nbsp; 900 | 615094 |
| 2.63%, 05/31/27 | &nbsp;&nbsp; 1400 | 1375336 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 1000 | 968359 |
| 2.63%, 07/31/29 | &nbsp;&nbsp; 1000 | 963594 |
| 2.75%, 04/30/27 | &nbsp;&nbsp; 2784 | 2742458 |
| 2.75%, 07/31/27 | &nbsp;&nbsp; 1000 | 983555 |
| 2.75%, 02/15/28 | &nbsp;&nbsp; 1400 | 1372328 |
| 2.75%, 05/31/29 | &nbsp;&nbsp; 900 | 872719 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 2400 | 2228250 |
| 2.75%, 08/15/42 | &nbsp;&nbsp; 290 | 220219 |
| 2.75%, 11/15/42 | &nbsp;&nbsp; 400 | 302188 |
| 2.75%, 08/15/47 | &nbsp;&nbsp; 550 | 387148 |
| 2.75%, 11/15/47 | &nbsp;&nbsp; 600 | 421219 |
| 2.88%, 05/15/28 | &nbsp;&nbsp; 1000 | 981563 |
| 2.88%, 08/15/28 | &nbsp;&nbsp; 600 | 588141 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 800 | 779750 |
| 2.88%, 05/15/32 | &nbsp;&nbsp; 2000 | 1878750 |
| 2.88%, 05/15/43 | &nbsp;&nbsp; 200 | 152875 |
| 2.88%, 08/15/45 | &nbsp;&nbsp; 960 | 709950 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 2.88%, 11/15/46 | &nbsp;&nbsp; $600 | $436688 |
| 2.88%, 05/15/49 | &nbsp;&nbsp; 200 | 141406 |
| 2.88%, 05/15/52 | &nbsp;&nbsp; 1300 | 896391 |
| 3.00%, 05/15/42 | &nbsp;&nbsp; 250 | 198203 |
| 3.00%, 11/15/44 | &nbsp;&nbsp; 500 | 381484 |
| 3.00%, 05/15/45 | &nbsp;&nbsp; 990 | 750544 |
| 3.00%, 11/15/45 | &nbsp;&nbsp; 400 | 301500 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 500 | 371172 |
| 3.00%, 05/15/47 | &nbsp;&nbsp; 600 | 444094 |
| 3.00%, 02/15/48 | &nbsp;&nbsp; 800 | 586875 |
| 3.00%, 08/15/48 | &nbsp;&nbsp; 700 | 510891 |
| 3.00%, 02/15/49 | &nbsp;&nbsp; 300 | 217875 |
| 3.00%, 08/15/52 | &nbsp;&nbsp; 1400 | 989844 |
| 3.13%, 11/15/28 | &nbsp;&nbsp; 1100 | 1084273 |
| 3.13%, 08/31/29 | &nbsp;&nbsp; 1900 | 1864523 |
| 3.13%, 02/15/43 | &nbsp;&nbsp; 500 | 398594 |
| 3.13%, 08/15/44 | &nbsp;&nbsp; 500 | 390625 |
| 3.13%, 05/15/48 | &nbsp;&nbsp; 550 | 411813 |
| 3.25%, 06/30/27 | &nbsp;&nbsp; 900 | 893707 |
| 3.25%, 06/30/29 | &nbsp;&nbsp; 2400 | 2367750 |
| 3.25%, 05/15/42 | &nbsp;&nbsp; 700 | 575531 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 833 | 829160 |
| 3.38%, 05/15/33 | &nbsp;&nbsp; 2800 | 2684062 |
| 3.38%, 08/15/42 | &nbsp;&nbsp; 826 | 688807 |
| 3.38%, 05/15/44 | &nbsp;&nbsp; 100 | 81469 |
| 3.50%, 09/30/26 | &nbsp;&nbsp; 1061 | 1057146 |
| 3.50%, 01/31/28 | &nbsp;&nbsp; 638 | 636555 |
| 3.50%, 04/30/28 | &nbsp;&nbsp; 1000 | 997578 |
| 3.50%, 09/30/29 | &nbsp;&nbsp; 1273 | 1266337 |
| 3.50%, 01/31/30 | &nbsp;&nbsp; 1440 | 1430325 |
| 3.50%, 04/30/30 | &nbsp;&nbsp; 800 | 793813 |
| 3.50%, 02/15/33 | &nbsp;&nbsp; 2751 | 2666751 |
| 3.63%, 03/31/28 | &nbsp;&nbsp; 924 | 924938 |
| 3.63%, 05/31/28 | &nbsp;&nbsp; 453 | 453389 |
| 3.63%, 08/31/29 | &nbsp;&nbsp; 1964 | 1963386 |
| 3.63%, 03/31/30 | &nbsp;&nbsp; 700 | 698469 |
| 3.63%, 09/30/31 | &nbsp;&nbsp; 750 | 741621 |
| 3.63%, 08/15/43 | &nbsp;&nbsp; 200 | 170531 |
| 3.63%, 02/15/53 | &nbsp;&nbsp; 1114 | 891722 |
| 3.63%, 05/15/53 | &nbsp;&nbsp; 1195 | 955440 |
| 3.75%, 08/31/26 | &nbsp;&nbsp; 962 | 960835 |
| 3.75%, 04/30/27 | &nbsp;&nbsp; 2550 | 2552789 |
| 3.75%, 06/30/27 | &nbsp;&nbsp; 1720 | 1723023 |
| 3.75%, 08/15/27 | &nbsp;&nbsp; 1124 | 1126371 |
| 3.75%, 04/15/28 | &nbsp;&nbsp; 360 | 361378 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 477 | 479012 |
| 3.75%, 12/31/28 | &nbsp;&nbsp; 1200 | 1205437 |
| 3.75%, 05/31/30 | &nbsp;&nbsp; 1210 | 1213214 |
| 3.75%, 06/30/30 | &nbsp;&nbsp; 438 | 439163 |
| 3.75%, 12/31/30 | &nbsp;&nbsp; 800 | 800313 |
| 3.75%, 08/31/31 | &nbsp;&nbsp; 636 | 633665 |
| 3.75%, 11/15/43 | &nbsp;&nbsp; 300 | 259734 |
| 3.88%, 03/31/27 | &nbsp;&nbsp; 2827 | 2834509 |
| 3.88%, 05/31/27 | &nbsp;&nbsp; 1126 | 1129871 |
| 3.88%, 07/31/27 | &nbsp;&nbsp; 1930 | 1938142 |
| 3.88%, 10/15/27 | &nbsp;&nbsp; 785 | 789048 |
| 3.88%, 11/30/27 | &nbsp;&nbsp; 1223 | 1229884 |
| 3.88%, 12/31/27 | &nbsp;&nbsp; 800 | 804875 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 366 | 368631 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 386 | 389016 |
| 3.88%, 09/30/29 | &nbsp;&nbsp; 1900 | 1916922 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.88%, 11/30/29 | &nbsp;&nbsp; $1450 | $1462348 |
| 3.88%, 12/31/29 | &nbsp;&nbsp; 1895 | 1911581 |
| 3.88%, 04/30/30 | &nbsp;&nbsp; 2263 | 2282271 |
| 3.88%, 06/30/30 | &nbsp;&nbsp; 2997 | 3022053 |
| 3.88%, 07/31/30 | &nbsp;&nbsp; 1596 | 1609092 |
| 3.88%, 08/15/33 | &nbsp;&nbsp; 3027 | 2996279 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 2969 | 2911012 |
| 3.88%, 02/15/43 | &nbsp;&nbsp; 488 | 433558 |
| 3.88%, 05/15/43 | &nbsp;&nbsp; 486 | 430869 |
| 4.00%, 01/15/27 | &nbsp;&nbsp; 704 | 706200 |
| 4.00%, 12/15/27 | &nbsp;&nbsp; 502 | 506432 |
| 4.00%, 02/29/28 | &nbsp;&nbsp; 1000 | 1009609 |
| 4.00%, 06/30/28 | &nbsp;&nbsp; 538 | 544010 |
| 4.00%, 01/31/29 | &nbsp;&nbsp; 2617 | 2649917 |
| 4.00%, 07/31/29 | &nbsp;&nbsp; 1133 | 1148048 |
| 4.00%, 10/31/29 | &nbsp;&nbsp; 1050 | 1064355 |
| 4.00%, 02/28/30 | &nbsp;&nbsp; 2166 | 2196629 |
| 4.00%, 03/31/30 | &nbsp;&nbsp; 2868 | 2907435 |
| 4.00%, 05/31/30 | &nbsp;&nbsp; 2469 | 2503527 |
| 4.00%, 07/31/30 | &nbsp;&nbsp; 600 | 607969 |
| 4.00%, 01/31/31 | &nbsp;&nbsp; 995 | 1006971 |
| 4.00%, 04/30/32 | &nbsp;&nbsp; 653 | 656877 |
| 4.00%, 06/30/32 | &nbsp;&nbsp; 1132 | 1138014 |
| 4.00%, 07/31/32 | &nbsp;&nbsp; 557 | 559611 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 2838 | 2822036 |
| 4.00%, 11/15/42 | &nbsp;&nbsp; 488 | 441945 |
| 4.00%, 11/15/52 | &nbsp;&nbsp; 1104 | 947370 |
| 4.13%, 10/31/26 | &nbsp;&nbsp; 863 | 865764 |
| 4.13%, 01/31/27 | &nbsp;&nbsp; 1634 | 1642170 |
| 4.13%, 02/15/27 | &nbsp;&nbsp; 860 | 864535 |
| 4.13%, 02/28/27 | &nbsp;&nbsp; 1561 | 1569964 |
| 4.13%, 09/30/27 | &nbsp;&nbsp; 900 | 909070 |
| 4.13%, 11/15/27 | &nbsp;&nbsp; 536 | 541737 |
| 4.13%, 07/31/28 | &nbsp;&nbsp; 500 | 507344 |
| 4.13%, 03/31/29 | &nbsp;&nbsp; 1700 | 1728953 |
| 4.13%, 10/31/29 | &nbsp;&nbsp; 1792 | 1824620 |
| 4.13%, 11/30/29 | &nbsp;&nbsp; 1605 | 1634592 |
| 4.13%, 08/31/30 | &nbsp;&nbsp; 662 | 674464 |
| 4.13%, 03/31/31 | &nbsp;&nbsp; 990 | 1007634 |
| 4.13%, 07/31/31 | &nbsp;&nbsp; 674 | 685163 |
| 4.13%, 10/31/31 | &nbsp;&nbsp; 498 | 505665 |
| 4.13%, 11/30/31 | &nbsp;&nbsp; 1120 | 1136888 |
| 4.13%, 02/29/32 | &nbsp;&nbsp; 599 | 607283 |
| 4.13%, 03/31/32 | &nbsp;&nbsp; 1140 | 1155497 |
| 4.13%, 05/31/32 | &nbsp;&nbsp; 467 | 472983 |
| 4.13%, 11/15/32 | &nbsp;&nbsp; 2608 | 2637340 |
| 4.13%, 08/15/44 | &nbsp;&nbsp; 1178 | 1070139 |
| 4.13%, 08/15/53 | &nbsp;&nbsp; 1338 | 1172004 |
| 4.25%, 11/30/26 | &nbsp;&nbsp; 923 | 927939 |
| 4.25%, 12/31/26 | &nbsp;&nbsp; 1203 | 1210237 |
| 4.25%, 03/15/27 | &nbsp;&nbsp; 1545 | 1557251 |
| 4.25%, 01/15/28 | &nbsp;&nbsp; 372 | 377377 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 1304 | 1323764 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 1312 | 1339470 |
| 4.25%, 06/30/29 | &nbsp;&nbsp; 1500 | 1532930 |
| 4.25%, 01/31/30 | &nbsp;&nbsp; 2487 | 2545872 |
| 4.25%, 02/28/31 | &nbsp;&nbsp; 1000 | 1024219 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 900 | 920883 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 3110 | 3130895 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 1770 | 1776084 |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 550 | 551117 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.25%, 05/15/39 | &nbsp;&nbsp; $400 | $388188 |
| 4.25%, 02/15/54 | &nbsp;&nbsp; 1454 | 1301103 |
| 4.25%, 08/15/54 | &nbsp;&nbsp; 1653 | 1479177 |
| 4.38%, 12/15/26 | &nbsp;&nbsp; 677 | 681945 |
| 4.38%, 07/15/27 | &nbsp;&nbsp; 1210 | 1225645 |
| 4.38%, 08/31/28 | &nbsp;&nbsp; 800 | 817688 |
| 4.38%, 11/30/28 | &nbsp;&nbsp; 1556 | 1592590 |
| 4.38%, 12/31/29 | &nbsp;&nbsp; 2000 | 2056875 |
| 4.38%, 11/30/30 | &nbsp;&nbsp; 687 | 707771 |
| 4.38%, 01/31/32 | &nbsp;&nbsp; 537 | 552103 |
| 4.38%, 05/15/34 | &nbsp;&nbsp; 2824 | 2879597 |
| 4.38%, 08/15/43 | &nbsp;&nbsp; 1373 | 1298129 |
| 4.50%, 04/15/27 | &nbsp;&nbsp; 2013 | 2038005 |
| 4.50%, 05/15/27 | &nbsp;&nbsp; 1620 | 1641642 |
| 4.50%, 05/31/29 | &nbsp;&nbsp; 2370 | 2441655 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 629 | 651408 |
| 4.50%, 11/15/33 | &nbsp;&nbsp; 2771 | 2858027 |
| 4.50%, 02/15/36 | &nbsp;&nbsp; 100 | 102500 |
| 4.50%, 02/15/44 | &nbsp;&nbsp; 1006 | 964345 |
| 4.50%, 11/15/54 | &nbsp;&nbsp; 1342 | 1253092 |
| 4.63%, 09/15/26 | &nbsp;&nbsp; 1400 | 1410992 |
| 4.63%, 10/15/26 | &nbsp;&nbsp; 1400 | 1412141 |
| 4.63%, 11/15/26 | &nbsp;&nbsp; 1047 | 1056857 |
| 4.63%, 06/15/27 | &nbsp;&nbsp; 1000 | 1016445 |
| 4.63%, 09/30/28 | &nbsp;&nbsp; 1101 | 1133755 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 1960 | 2027069 |
| 4.63%, 09/30/30 | &nbsp;&nbsp; 600 | 624984 |
| 4.63%, 04/30/31 | &nbsp;&nbsp; 800 | 834125 |
| 4.63%, 05/31/31 | &nbsp;&nbsp; 1000 | 1042578 |
| 4.63%, 02/15/35 | &nbsp;&nbsp; 3074 | 3179669 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 599 | 582715 |
| 4.63%, 11/15/44 | &nbsp;&nbsp; 682 | 661753 |
| 4.63%, 05/15/54 | &nbsp;&nbsp; 1501 | 1430172 |
| 4.63%, 02/15/55 | &nbsp;&nbsp; 1646 | 1569358 |
| 4.75%, 02/15/37 | &nbsp;&nbsp; 600 | 624000 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; 885 | 876841 |
| 4.75%, 02/15/45 | &nbsp;&nbsp; 1456 | 1434387 |
| 4.75%, 11/15/53 | &nbsp;&nbsp; 1517 | 1474808 |
| 4.75%, 05/15/55 | &nbsp;&nbsp; 1158 | 1126698 |
| 4.75%, 08/15/55 | &nbsp;&nbsp; 500 | 486641 |
| 4.88%, 10/31/28 | &nbsp;&nbsp; 1400 | 1452937 |
| 4.88%, 10/31/30 | &nbsp;&nbsp; 771 | 812261 |
| 5.00%, 05/15/37 | &nbsp;&nbsp; 400 | 424813 |
| 5.00%, 05/15/45 | &nbsp;&nbsp; 687 | 698593 |
|  |  | 291450694 |
| **Total U.S. Government & Agency Obligations — 60.7%** <br>**(Cost: $485,506,114)** | **Total U.S. Government & Agency Obligations — 60.7%** <br>**(Cost: $485,506,114)** | 453320546 |
| **Total Long-Term Investments — 98.8%** <br>**(Cost: $776,747,463)** | **Total Long-Term Investments — 98.8%** <br>**(Cost: $776,747,463)** | 737369745 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp; 34601140 | $34601140 |
| **Total Short-Term Securities — 4.6%** <br>**(Cost: $34,601,140)** | **Total Short-Term Securities — 4.6%** <br>**(Cost: $34,601,140)** | 34601140 |
| **Total Investments Before TBA Sales Commitments — 103.4%** <br>**(Cost: $811,348,603)** | **Total Investments Before TBA Sales Commitments — 103.4%** <br>**(Cost: $811,348,603)** | 771970885 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(i)</sup> | **TBA Sales Commitments**<sup>(i)</sup> | **TBA Sales Commitments**<sup>(i)</sup> |
| **Mortgage-Backed Securities — (0.3)%** | **Mortgage-Backed Securities — (0.3)%** | **Mortgage-Backed Securities — (0.3)%** |
| Government National Mortgage Association, 6.50%, <br> 09/15/54<br>| &nbsp;&nbsp; $(120)<br>| (123466)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 2.50%, 09/15/55 | &nbsp;&nbsp; (1100)<br>| (913151)<br>|
| 5.50%, 09/15/54 | &nbsp;&nbsp; (200)<br>| (201126)<br>|
| 6.00%, 09/15/54 | &nbsp;&nbsp; (500)<br>| (510805)<br>|
| 6.50%, 09/17/54 | &nbsp;&nbsp; (225)<br>| (233161)<br>|
| **Total TBA Sales Commitments — (0.3)%** <br>**(Proceeds: $(1975245))** | **Total TBA Sales Commitments — (0.3)%** <br>**(Proceeds: $(1975245))** | (1981709)<br>|
| **Total Investments, Net of TBA Sales Commitments — 103.1%** <br>**(Cost: $809,373,358)** | **Total Investments, Net of TBA Sales Commitments — 103.1%** <br>**(Cost: $809,373,358)** | 769989176 |
| **Liabilities in Excess of Other Assets — (3.1)%** | **Liabilities in Excess of Other Assets — (3.1)%** | (23375620)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $746613556 |

---

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

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

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

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

<sup>(e)</sup> Perpetual security with no stated maturity date.

<sup>(f)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

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

<sup>(h)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

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

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® ESG Advanced Total USD Bond Market ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $36345727 | $—<br> $(1744587 )<sup>(a)</sup><br>| $— | $— | $34601140 | 34601140<br> $642939 <br><sup>(b)</sup><br>| $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2741319 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2741319 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 7008914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7008914 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 225511938 | &nbsp;&nbsp; — | &nbsp;&nbsp; 225511938 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 48787028 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48787028 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 453320546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 453320546 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 34601140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34601140 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (1981709)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1981709)<br>|
|  | &nbsp;&nbsp; $34601140 | &nbsp;&nbsp; $735388036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $769989176 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

August 31, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>ESG <br> Advanced <br> Total USD <br> Bond Market <br> ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $737369745 |
| Investments, at value—affiliated<sup>(c)</sup> | 34601140 |
| Cash | 2292 |
| Foreign currency, at value<sup>(d)</sup> | 927 |
| Receivables: |  |
| Investments sold | 7391852 |
| Securities lending income—affiliated | 4455 |
| TBA sales commitments | 1975245 |
| Dividends—affiliated | 108640 |
| Interest—unaffiliated | 6301197 |
| Total assets | 787755493 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 5651140 |
| TBA sales commitments, at value<sup>(e)</sup> | 1981709 |
| Payables: |  |
| Investments purchased | 33435576 |
| Investment advisory fees | 73512 |
| Total liabilities | 41141937 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $746613556 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $818121399 |
| Accumulated loss | (71507843) |
| NET ASSETS | $746613556 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 17100000 |
| Net asset value | $43.66 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $776747463 |
| <sup>(b)</sup> Securities loaned, at value | $5511170 |
| <sup>(c)</sup> Investments, at cost—affiliated | $34601140 |
| <sup>(d)</sup> Foreign currency, at cost | $860 |
| <sup>(e)</sup> Proceeds from TBA sales commitments | $1975245 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended August 31, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>ESG <br> Advanced <br> Total USD <br> Bond Market <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—affiliated | &nbsp;&nbsp; $614214 |
| Interest—unaffiliated | &nbsp;&nbsp; 13675515 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 28725 |
| Payment-in-kind interest—unaffiliated | &nbsp;&nbsp; 10017 |
| Other income—unaffiliated | &nbsp;&nbsp; 18700 |
| Total investment income | &nbsp;&nbsp; 14347171 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 429809 |
| Total expenses | &nbsp;&nbsp; 429809 |
| Less: |  |
| Investment advisory fees waived | &nbsp;&nbsp; (12913)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 416896 |
| Net investment income | &nbsp;&nbsp; 13930275 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1188685)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (30718)<br>|
|  | &nbsp;&nbsp; (1219403)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 5100713 |
| Foreign currency translations | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp; 5100798 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3881395 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $17811670 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>ESG Advanced Total USD Bond Market <br> ETF  | iShares <br>ESG Advanced Total USD Bond Market <br> ETF  |
|  | Six Months <br> Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $13930275 | &nbsp;&nbsp;&nbsp; $24471412 |
| Net realized loss | &nbsp;&nbsp; (1219403)<br>| &nbsp;&nbsp;&nbsp; (4990493)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5100798 | &nbsp;&nbsp;&nbsp; 19296819 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 17811670 | &nbsp;&nbsp;&nbsp; 38777738 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (13586469 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (24090005)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 51383196 | &nbsp;&nbsp;&nbsp; 85977750 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 55608397 | &nbsp;&nbsp;&nbsp; 100665483 |
| Beginning of period | &nbsp;&nbsp; 691005159 | &nbsp;&nbsp;&nbsp; 590339676 |
| End of period | &nbsp;&nbsp; $746613556 | &nbsp;&nbsp;&nbsp; $691005159 |

---

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

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

*See notes to financial statements.*

Statement of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Advanced Total USD Bond Market ETF  | iShares ESG Advanced Total USD Bond Market ETF  | iShares ESG Advanced Total USD Bond Market ETF  | iShares ESG Advanced Total USD Bond Market ETF  | iShares ESG Advanced Total USD Bond Market ETF  | iShares ESG Advanced Total USD Bond Market ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Period From <br>06/23/20<sup>(a)</sup> <br>to 02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $43.46 | &nbsp;&nbsp;&nbsp; $42.47 | &nbsp;&nbsp;&nbsp; $42.27 | &nbsp;&nbsp;&nbsp; $47.64 | &nbsp;&nbsp;&nbsp; $49.61 | &nbsp;&nbsp;&nbsp; $50.00 |
| Net investment income<sup>(b)</sup> | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Net increase (decrease) from investment operations | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.83 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $43.66 | &nbsp;&nbsp;&nbsp; $43.46 | &nbsp;&nbsp;&nbsp; $42.47 | &nbsp;&nbsp;&nbsp; $42.27 | &nbsp;&nbsp;&nbsp; $47.64 | &nbsp;&nbsp;&nbsp; $49.61 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.39 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br> %<br>| &nbsp;&nbsp;&nbsp; (9.22)%<br>| &nbsp;&nbsp;&nbsp; (2.85)%<br>| &nbsp;&nbsp;&nbsp; (0.16 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.12 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.12 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>(i)</sup><br>|
| Net investment income | 3.89 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $746614 | &nbsp;&nbsp;&nbsp; $691005 | &nbsp;&nbsp;&nbsp; $590340 | &nbsp;&nbsp;&nbsp; $570693 | &nbsp;&nbsp;&nbsp; $609795 | &nbsp;&nbsp;&nbsp; $188521 |
| Portfolio turnover rate<sup>(j)(k)</sup> | &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 167<br> %<br>| &nbsp;&nbsp;&nbsp; 243<br> %<br>| &nbsp;&nbsp;&nbsp; 216 %<sup>(g)</sup><br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |
| <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

These financial statements relate only to the following fund (the "Fund"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| ESG Advanced Total USD Bond Market | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

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

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

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund's tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

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

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of the Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not

Notes to Financial Statements

------

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

otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

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

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

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

**Mortgage Dollar Roll Transactions:** The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| ESG Advanced Total USD Bond Market |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $1014495 | &nbsp;&nbsp;&nbsp; $(1014495) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 90740 | &nbsp;&nbsp;&nbsp; (90740) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 1135427 | &nbsp;&nbsp;&nbsp; (1135427) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 521729 | &nbsp;&nbsp;&nbsp; (506158) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15571 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 122227 | &nbsp;&nbsp;&nbsp; (122227) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 204892 | &nbsp;&nbsp;&nbsp; (197270) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7622 |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 857676 | &nbsp;&nbsp;&nbsp; (857676) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 229359 | &nbsp;&nbsp;&nbsp; (229359) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 35540 | &nbsp;&nbsp;&nbsp; (35540) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 553040 | &nbsp;&nbsp;&nbsp; (553040) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 188416 | &nbsp;&nbsp;&nbsp; (188416) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 197370 | &nbsp;&nbsp;&nbsp; (197370) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 237953 | &nbsp;&nbsp;&nbsp; (237953) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 11801 | &nbsp;&nbsp;&nbsp; (11801) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 110505 | &nbsp;&nbsp;&nbsp; (110505) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $5511170 | &nbsp;&nbsp;&nbsp; $(5487977) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $23193 |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.12%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

For the iShares ESG Advanced Total USD Bond Market ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2030 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| ESG Advanced Total USD Bond Market | &nbsp;&nbsp; $12913 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended August 31, 2025, the Fund paid BTC $7,634 for securities lending agent services.

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

**Other Transactions:** The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended August 31, 2025, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| ESG Advanced Total USD Bond Market | &nbsp;&nbsp; $321608567 | &nbsp;&nbsp;&nbsp; $308755581 | &nbsp;&nbsp;&nbsp; $49730274 | &nbsp;&nbsp;&nbsp; $52623496 |

---

For the six months ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| ESG Advanced Total USD Bond Market | &nbsp;&nbsp; $46338550 | &nbsp;&nbsp;&nbsp; $6711099 |

---

***7. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Fund as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and

Notes to Financial Statements

------

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

judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of February 28, 2025, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| ESG Advanced Total USD Bond Market | &nbsp;&nbsp; $(33121610)<br>|

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| ESG Advanced Total USD Bond Market | &nbsp;&nbsp; $811550570 | &nbsp;&nbsp;&nbsp; $6237274 | &nbsp;&nbsp;&nbsp; $(45823423) | &nbsp;&nbsp;&nbsp; $(39586149) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

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

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

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

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

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

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>08/31/25 | Six Months Ended <br>08/31/25 | Year Ended <br>02/28/25 | Year Ended <br>02/28/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Advanced Total USD Bond Market |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; $60055279 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; $115949768 |
| Shares redeemed | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (8672083)<br>| &nbsp;&nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (29972018)<br>|
|  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; $51383196 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; $85977750 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

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

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares ESG Advanced Total USD Bond Market ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| PIK | Payment-in-kind |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

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The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

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

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August 31, 2025

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

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

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

---

| |
|:---|
| **iShares Trust** |
| • iShares High Yield Systematic Bond ETF \| HYDB \| Cboe BZX Exchange |
| • iShares Investment Grade Systematic Bond ETF \| IGEB \| Cboe BZX Exchange |

---

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**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 17 |
| [Statements of Operations](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 18 |
| [Statements of Changes in Net Assets](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 19 |
| [Financial Highlights](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 20 |
| [Notes to Financial Statements](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 22 |
| [Additional Information](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 29 |
| [Board Review and Approval of Investment Advisory Contract](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_15Cheader-Footer-iSharesReport-406_1)  | &nbsp;&nbsp; 30 |
| [Glossary of Terms Used in these Financial Statements](#xx_e8225daf-3252-40f8-bae7-e291cf2f4ada_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 33 |

---

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| Spirit AeroSystems Inc. |  |  |
| 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; $2453 | $2594337 |
| 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9518 | 10482364 |
| TransDigm Inc., 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5717 | 5853253 |
|  |  | 18929954 |
| **Airlines — 1.5%** | **Airlines — 1.5%** | **Airlines — 1.5%** |
| American Airlines Inc. |  |  |
| 7.25%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8497 | 8717344 |
| 8.50%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3469 | 3635325 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 12919 | 12837534 |
|  |  | 25190203 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| Under Armour Inc., 7.25%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4971 | 4963280 |
| Wolverine World Wide Inc., 4.00%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7246 | 6663598 |
|  |  | 11626878 |
| **Auto Manufacturers — 2.3%** | **Auto Manufacturers — 2.3%** | **Auto Manufacturers — 2.3%** |
| Allison Transmission Inc., 5.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2677 | 2697862 |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 12913 | 12561723 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5573 | 5516814 |
| 5.50%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4425 | 4420479 |
| 5.88%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 2039 | 2041516 |
| New Flyer Holdings Inc., 9.25%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3891 | 4173860 |
| Nissan Motor Co. Ltd., 8.13%, 07/17/35<sup>(a)</sup> | &nbsp;&nbsp; 5755 | 6097455 |
|  |  | 37509709 |
| **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** |
| Garrett Motion Holdings Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9055 | 9468461 |
| Phinia Inc., 6.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4009 | 4138298 |
|  |  | 13606759 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Primo Water Holdings Inc./Triton Water <br> Holdings Inc., 4.38%, 04/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; 8967 | 8669312 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9734 | 9164678 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| Builders FirstSource Inc., 6.38%, 06/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6997 | 7215418 |
| Sisecam U.K. PLC |  |  |
| 8.25%, 05/02/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3874 | 4043982 |
| 8.63%, 05/02/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9268 | 9731400 |
|  |  | 20990800 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| CVR Partners LP/CVR Nitrogen Finance Corp., <br> 6.13%, 06/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 6893 | 6883484 |
| Rain Carbon Inc., 12.25%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4670 | 5013759 |
| SK Invictus Intermediate II SARL, 5.00%, <br> 10/30/29<sup>(a)</sup><br>| &nbsp;&nbsp; 8111 | 7947685 |
|  |  | 19844928 |
| **Coal — 0.6%** | **Coal — 0.6%** | **Coal — 0.6%** |
| Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp., 8.63%, 06/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 3940 | 4163689 |
| SunCoke Energy Inc., 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; 6267 | 5721060 |
| Warrior Met Coal Inc., 7.88%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 300 | 306807 |
|  |  | 10191556 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services — 4.6%** | **Commercial Services — 4.6%** | **Commercial Services — 4.6%** |
| ADT Security Corp. (The) |  |  |
| 4.13%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $5404 | $5223817 |
| 4.88%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7984 | 7682670 |
| Adtalem Global Education Inc., 5.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 2163 | 2153921 |
| Alta Equipment Group Inc., 9.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 731 | 695486 |
| Avis Budget Car Rental LLC / Avis Budget <br> Finance Inc., 8.38%, 06/15/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6937 | 7240688 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance Inc.<br>|  |  |
| 8.00%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5988 | 6178358 |
| 8.25%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 3302 | 3417985 |
| Deluxe Corp. |  |  |
| 8.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5727 | 5671124 |
| 8.13%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5319 | 5541132 |
| GEO Group Inc. (The), 8.63%, 04/15/29 | &nbsp;&nbsp; 3143 | 3323851 |
| Hertz Corp. (The), 12.63%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1214 | 1261594 |
| Korn Ferry, 4.63%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1610 | 1583341 |
| Prime Security Services Borrower LLC/Prime <br> Finance Inc.<br>|  |  |
| 3.38%, 08/31/27<sup>(a)</sup> | &nbsp;&nbsp; 1143 | 1107285 |
| 6.25%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5956 | 5954179 |
| PROG Holdings Inc., 6.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7565 | 7346750 |
| United Rentals North America Inc., 4.88%, <br> 01/15/28<br>| &nbsp;&nbsp; 4129 | 4106222 |
| Upbound Group Inc., 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5649 | 5536597 |
|  |  | 74025000 |
| **Computers — 1.5%** | **Computers — 1.5%** | **Computers — 1.5%** |
| ASGN Inc., 4.63%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6565 | 6425165 |
| Conduent Business Services LLC/Conduent State <br> & Local Solutions Inc., 6.00%, 11/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 6460 | 6181115 |
| Diebold Nixdorf Inc., 7.75%, 03/31/30<sup>(a)</sup> | &nbsp;&nbsp; 10499 | 11107764 |
|  |  | 23714044 |
| **Diversified Financial Services — 11.8%** | **Diversified Financial Services — 11.8%** | **Diversified Financial Services — 11.8%** |
| Ally Financial Inc., 6.70%, 02/14/33<sup>(b)</sup> | &nbsp;&nbsp; 5798 | 6020983 |
| Atlanticus Holdings Corp., 9.75%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7280 | 7241606 |
| Burford Capital Global Finance LLC |  |  |
| 6.25%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1340 | 1337974 |
| 6.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3289 | 3300485 |
| 7.50%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 1405250 |
| 9.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 7936 | 8447975 |
| Coinbase Global Inc. |  |  |
| 3.38%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13810 | 13103885 |
| 3.63%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; 387 | 346382 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5533 | 5604575 |
| 9.25%, 12/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5856 | 6182091 |
| Enova International Inc. |  |  |
| 9.13%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 6103 | 6435369 |
| 11.25%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3445 | 3672518 |
| goeasy Ltd. |  |  |
| 6.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 298 | 298008 |
| 7.38%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1102 | 1135403 |
| 7.63%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 6855 | 7098832 |
| 9.25%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 5526 | 5815452 |
| LD Holdings Group LLC, 6.13%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4171 | 3672433 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.50%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1041 | 1038905 |
| 5.75%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3242 | 3272835 |
| OneMain Finance Corp. |  |  |
| 3.88%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1225 | 1174284 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.38%, 11/15/29 | &nbsp;&nbsp; $374 | $369799 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 861 | 882762 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 6305 | 6454599 |
| 7.13%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8642 | 8977370 |
| 7.50%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 519 | 544059 |
| 7.88%, 03/15/30 | &nbsp;&nbsp; 1307 | 1382782 |
| PennyMac Financial Services Inc. |  |  |
| 4.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1706 | 1645449 |
| 5.75%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6035 | 5921276 |
| 6.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 650 | 654435 |
| 6.88%, 05/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8906 | 9118292 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| 3.63%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 1269 | 1209814 |
| 3.88%, 03/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11991 | 11205213 |
| 4.00%, 10/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3144 | 2834583 |
| SLM Corp., 3.13%, 11/02/26<sup>(b)</sup> | &nbsp;&nbsp; 4539 | 4449839 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6710 | 6897129 |
| StoneX Group Inc., 7.88%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; 6208 | 6562272 |
| Synchrony Financial, 7.25%, 02/02/33<sup>(b)</sup> | &nbsp;&nbsp; 8254 | 8697978 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8379 | 8252026 |
| 5.75%, 06/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4522 | 4516778 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(a)</sup> | &nbsp;&nbsp; 9412 | 9561340 |
| VFH Parent LLC / Valor Co-Issuer Inc., 7.50%, <br> 06/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5296 | 5559042 |
|  |  | 192302082 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| NRG Energy Inc. |  |  |
| 3.88%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5984 | 5496351 |
| 5.75%, 01/15/28 | &nbsp;&nbsp; 3797 | 3809029 |
| PG&E Corp. |  |  |
| 5.00%, 07/01/28 | &nbsp;&nbsp; 9861 | 9748697 |
| 5.25%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 4791 | 4669161 |
| Vistra Operations Co. LLC, 5.50%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 3494886 |
|  |  | 27218124 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| Energizer Holdings Inc. |  |  |
| 4.38%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6741 | 6453479 |
| 4.75%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7013 | 6896071 |
|  |  | 13349550 |
| **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** |
| IHS Holding Ltd. |  |  |
| 7.88%, 05/29/30<sup>(a)</sup> | &nbsp;&nbsp; 6350 | 6479727 |
| 8.25%, 11/29/31<sup>(a)</sup> | &nbsp;&nbsp; 7430 | 7666680 |
| Tutor Perini Corp., 11.88%, 04/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 3749 | 4209017 |
|  |  | 18355424 |
| **Entertainment — 2.7%** | **Entertainment — 2.7%** | **Entertainment — 2.7%** |
| AMC Entertainment Holdings Inc., 7.50%, <br> 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5283 | 4266022 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 1782 | 1733210 |
| 6.50%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 7227 | 7302804 |
| Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.<br>|  |  |
| 5.63%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10530 | 6133725 |
| 5.88%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 5473 | 3174340 |
| Resorts World Las Vegas LLC/RWLV Capital Inc. |  |  |
| 4.63%, 04/16/29<sup>(a)</sup> | &nbsp;&nbsp; 13161 | 11833678 |
| 8.45%, 07/27/30<sup>(a)</sup> | &nbsp;&nbsp; 249 | 250354 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Warnermedia Holdings Inc., 4.28%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; $10631 | $9174553 |
|  |  | 43868686 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC, 4.63%, <br> 01/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; 2882 | 2864455 |
| **Gas — 1.7%** | **Gas — 1.7%** | **Gas — 1.7%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 5.75%, 05/20/27<sup>(b)</sup> | &nbsp;&nbsp; 6074 | 6061228 |
| 9.38%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5949 | 6139261 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3245 | 3559353 |
| 7.75%, 05/01/35<sup>(a)</sup> | &nbsp;&nbsp; 11259 | 12536266 |
|  |  | 28296108 |
| **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 10551 | 10990449 |
| Embecta Corp., 5.00%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6415 | 6011408 |
|  |  | 17001857 |
| **Health Care - Services — 1.7%** | **Health Care - Services — 1.7%** | **Health Care - Services — 1.7%** |
| DaVita Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6391 | 5831810 |
| 4.63%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 12448 | 11983993 |
| Fortrea Holdings Inc., 7.50%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1779 | 1694900 |
| MPH Acquisition Holdings LLC, 5.75%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp; 9282 | 8119305 |
|  |  | 27630008 |
| **Holding Companies - Diversified — 1.6%** | **Holding Companies - Diversified — 1.6%** | **Holding Companies - Diversified — 1.6%** |
| Clue Opco LLC, 9.50%, 10/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8111 | 8635011 |
| Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| 9.75%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 8200 | 8151620 |
| 10.00%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8920 | 8829766 |
|  |  | 25616397 |
| **Home Builders — 1.1%** | **Home Builders — 1.1%** | **Home Builders — 1.1%** |
| Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| 4.88%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6347 | 5820606 |
| 6.25%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6855 | 6828344 |
| Century Communities Inc., 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6442 | 6000731 |
|  |  | 18649681 |
| **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** |
| Somnigroup International Inc., 3.88%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6432 | 5884286 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6833 | 7091581 |
| **Internet — 2.2%** | **Internet — 2.2%** | **Internet — 2.2%** |
| GrubHub Holdings Inc., 5.50%, 07/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6044 | 6023198 |
| Rakuten Group Inc. |  |  |
| 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9941 | 11043887 |
| 11.25%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 4228 | 4571504 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp; 9414 | 9598787 |
| 7.75%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4797 | 4956040 |
|  |  | 36193416 |
| **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** | **Iron & Steel — 0.6%** |
| Algoma Steel Inc., 9.13%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3196 | 2833085 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| Champion Iron Canada Inc., 7.88%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; $5977 | $6237818 |
|  |  | 9070903 |
| **Leisure Time — 1.7%** | **Leisure Time — 1.7%** | **Leisure Time — 1.7%** |
| Carnival Corp., 6.00%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10636 | 10773917 |
| NCL Corp. Ltd., 5.88%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9796 | 9816581 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 3110 | 3006568 |
| 11.13%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3627 | 3554823 |
| 11.25%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 1214 | 1250420 |
|  |  | 28402309 |
| **Lodging — 1.6%** | **Lodging — 1.6%** | **Lodging — 1.6%** |
| Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc<br>|  |  |
| 4.88%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6355 | 5917223 |
| 5.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 4638 | 4485784 |
| Station Casinos LLC, 4.63%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6439 | 6093057 |
| Travel + Leisure Co., 4.50%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8030 | 7778884 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital <br> Corp., 5.25%, 05/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; 1099 | 1099733 |
|  |  | 25374681 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8919 | 8706140 |
| **Manufacturing — 0.4%** | **Manufacturing — 0.4%** | **Manufacturing — 0.4%** |
| LSB Industries Inc., 6.25%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5814 | 5768304 |
| **Media — 6.0%** | **Media — 6.0%** | **Media — 6.0%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3618 | 3337296 |
| 4.25%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 12878 | 11181677 |
| 4.50%, 05/01/32<sup>(b)</sup> | &nbsp;&nbsp; 12878 | 11776361 |
| 4.50%, 06/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 10216 | 9112262 |
| 4.75%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10083 | 9353270 |
| Discovery Communications LLC |  |  |
| 5.00%, 09/20/37<sup>(b)</sup> | &nbsp;&nbsp; 7245 | 5347680 |
| 6.35%, 06/01/40 | &nbsp;&nbsp; 4382 | 3410379 |
| Nexstar Media Inc. |  |  |
| 4.75%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11957 | 11737162 |
| 5.63%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 2864 | 2860895 |
| Sinclair Television Group Inc. |  |  |
| 4.38%, 12/31/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2115 | 1500254 |
| 5.50%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9640 | 7928900 |
| 8.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 382 | 391359 |
| 9.75%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 3472 | 3797500 |
| TEGNA Inc. |  |  |
| 4.63%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 9659 | 9578949 |
| 5.00%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 5374 | 5379578 |
|  |  | 96693522 |
| **Metal Fabricate & Hardware — 0.1%** | **Metal Fabricate & Hardware — 0.1%** | **Metal Fabricate & Hardware — 0.1%** |
| Park-Ohio Industries Inc., 8.50%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 1710 | 1738933 |
| **Mining — 6.2%** | **Mining — 6.2%** | **Mining — 6.2%** |
| Aris Mining Corp., 8.00%, 10/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5096 | 5274360 |
| Eldorado Gold Corp., 6.25%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5775 | 5789008 |
| Endeavour Mining PLC, 7.00%, 05/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6294 | 6428120 |
| First Quantum Minerals Ltd. |  |  |
| 7.25%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1463994 |
| 8.63%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6184 | 6459837 |
| 9.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7247 | 7704204 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Fortescue Treasury Pty Ltd. |  |  |
| 4.38%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $7171 | $6818697 |
| 6.13%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9534 | 9785078 |
| Hecla Mining Co., 7.25%, 02/15/28 | &nbsp;&nbsp; 2027 | 2047132 |
| IAMGOLD Corp., 5.75%, 10/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5300 | 5263460 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8860 | 8972372 |
| Novelis Corp. |  |  |
| 4.75%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12184 | 11716919 |
| 6.38%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5051 |
| 6.88%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4328 | 4490789 |
| Stillwater Mining Co. |  |  |
| 4.00%, 11/16/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 6742 | 6608457 |
| 4.50%, 11/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6881 | 6317494 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5870 | 6171571 |
|  |  | 101316543 |
| **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** |
| Steelcase Inc., 5.13%, 01/18/29 | &nbsp;&nbsp; 5185 | 5162445 |
| **Oil & Gas — 6.3%** | **Oil & Gas — 6.3%** | **Oil & Gas — 6.3%** |
| California Resources Corp., 8.25%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10147 | 10483637 |
| CNX Resources Corp. |  |  |
| 6.00%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 4535 | 4544759 |
| 7.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4686 | 4859930 |
| Comstock Resources Inc., 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 14463 | 14251598 |
| CVR Energy Inc., 8.50%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 647 | 653970 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6110 | 6480773 |
| Energean PLC, 6.50%, 04/30/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5425 | 5364918 |
| Gulfport Energy Operating Corp., 6.75%, <br> 09/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7365 | 7534896 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8489 | 8834986 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11675 | 12087058 |
| Northern Oil & Gas Inc. |  |  |
| 8.13%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 7741 | 7799383 |
| 8.75%, 06/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4947 | 5082212 |
| Talos Production Inc. |  |  |
| 9.00%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6822 | 7022553 |
| 9.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 6543 | 6780380 |
|  |  | 101781053 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| Archrock Partners LP/Archrock Partners Finance <br> Corp., 6.25%, 04/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 1438 | 1442816 |
| Bristow Group Inc., 6.88%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 1852 | 1854850 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 6.88%, 09/01/27<br>| &nbsp;&nbsp; 3533 | 3533752 |
| Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10545 | 10807655 |
|  |  | 17639073 |
| **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, <br> 09/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 950 | 871752 |
| Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA Inc.<br>|  |  |
| 4.13%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; 2158 | 2050100 |
| 5.25%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8973 | 3953503 |
| Klabin Austria GmbH, 7.00%, 04/03/49<sup>(a)</sup> | &nbsp;&nbsp; 7732 | 7874733 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| Owens-Brockway Glass Container Inc. |  |  |
| 7.25%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $4461 | $4539041 |
| 7.38%, 06/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 3065 | 3089848 |
|  |  | 22378977 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 4057 | 4212590 |
| Bausch Health Companies Inc. |  |  |
| 6.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 1985 | 1560706 |
| 11.00%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; 4740 | 4971075 |
| Elanco Animal Health Inc., 6.65%, 08/28/28<sup>(b)</sup> | &nbsp;&nbsp; 7417 | 7721905 |
| Grifols SA, 4.75%, 10/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8635 | 8367470 |
|  |  | 26833746 |
| **Pipelines — 3.9%** | **Pipelines — 3.9%** | **Pipelines — 3.9%** |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.75%, 03/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; 3945 | 3944039 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp., 8.63%, 03/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 11122 | 11625905 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 7.88%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3193 | 3314171 |
| 8.00%, 05/15/33 | &nbsp;&nbsp; 6622 | 6917023 |
| 8.88%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 4846 | 5128861 |
| Summit Midstream Holdings LLC, 8.63%, <br> 10/31/29<sup>(a)</sup><br>| &nbsp;&nbsp; 5598 | 5582279 |
| Venture Global LNG Inc. |  |  |
| 8.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 5015 | 5196558 |
| 8.38%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8621 | 9044964 |
| 9.88%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10959 | 11933025 |
|  |  | 62686825 |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
| Anywhere Real Estate Group LLC / Realogy <br> Co-Issuer Corp., 9.75%, 04/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6015 | 6389499 |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5673 | 5584944 |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, <br> 05/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6061 | 6120737 |
| Howard Hughes Corp. (The) |  |  |
| 4.13%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7723 | 7387595 |
| 4.38%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 7627 | 7103667 |
|  |  | 32586442 |
| **Real Estate Investment Trusts — 5.2%** | **Real Estate Investment Trusts — 5.2%** | **Real Estate Investment Trusts — 5.2%** |
| Apollo Commercial Real Estate Finance Inc., <br> 4.63%, 06/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6496 | 6245160 |
| Brookfield Property REIT Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, 04/01/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6101 | 5995514 |
| Iron Mountain Inc. |  |  |
| 4.50%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 1896 | 1803731 |
| 5.25%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 820 | 818057 |
| 5.63%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2048 | 2029946 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 3.50%, 03/15/31 | &nbsp;&nbsp; 382 | 268834 |
| 4.63%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 14261 | 11241387 |
| 5.00%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 7023 | 6652695 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| 4.88%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6386 | 6215883 |
| 5.88%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4491 | 4486428 |
| Rithm Capital Corp. |  |  |
| 8.00%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8877 | 9087252 |
| 8.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4436 | 4529023 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $5956 | $5588872 |
| Starwood Property Trust Inc. |  |  |
| 4.38%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 3484 | 3444102 |
| 6.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5617 | 5798351 |
| Uniti Group LP/Uniti Group Finance 2019 Inc./CSL <br> Capital LLC, 6.50%, 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 4907 | 4673430 |
| XHR LP, 4.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6073 | 5909198 |
|  |  | 84787863 |
| **Retail — 4.3%** | **Retail — 4.3%** | **Retail — 4.3%** |
| Advance Auto Parts Inc. |  |  |
| 7.00%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 3324 | 3410849 |
| 7.38%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 4255 | 4361375 |
| Brinker International Inc., 8.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2946 | 3132567 |
| FirstCash Inc. |  |  |
| 4.63%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 5320 | 5223628 |
| 5.63%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp; 5957 | 5947151 |
| Gap Inc. (The) |  |  |
| 3.63%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8944 | 8388180 |
| 3.88%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5968 | 5379072 |
| Kohl's Corp. |  |  |
| 5.13%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; 9025 | 7100922 |
| 10.00%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4284 | 4600875 |
| Macy's Retail Holdings LLC |  |  |
| 6.13%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 2019 | 1970634 |
| 7.38%, 08/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 2295 | 2356462 |
| Patrick Industries Inc., 6.38%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 5944 | 6029611 |
| QXO Building Products Inc., 6.75%, 04/30/32<sup>(a)</sup> | &nbsp;&nbsp; 11315 | 11686186 |
|  |  | 69587512 |
| **Software — 2.1%** | **Software — 2.1%** | **Software — 2.1%** |
| CoreWeave Inc. |  |  |
| 9.00%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 4596 | 4550024 |
| 9.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 11767 | 11809185 |
| Dye & Durham Ltd., 8.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6565 | 6861324 |
| Pagaya U.S. Holdings Co. LLC, 8.88%, <br> 08/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5785 | 5799884 |
| ROBLOX Corp., 3.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4580 | 4354477 |
|  |  | 33374894 |
| **Telecommunications — 5.8%** | **Telecommunications — 5.8%** | **Telecommunications — 5.8%** |
| CommScope LLC, 7.13%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6684 | 6705756 |
| EchoStar Corp., Series ., 10.75%, 11/30/29 | &nbsp;&nbsp; 747 | 803959 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7250 | 7060666 |
| Hughes Satellite Systems Corp. |  |  |
| 5.25%, 08/01/26 | &nbsp;&nbsp; 9126 | 8841627 |
| 6.63%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp; 11222 | 10384906 |
| Level 3 Financing Inc. |  |  |
| 3.88%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6119 | 5201150 |
| 4.00%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6031 | 5050963 |
| 4.50%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 4078 | 3660005 |
| 4.88%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 2878 | 2683735 |
| 7.00%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp; 2200 | 2214942 |
| 10.75%, 12/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2002 | 2259879 |
| Lumen Technologies Inc., 10.00%, 10/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 4292 | 4347360 |
| Millicom International Cellular SA |  |  |
| 4.50%, 04/27/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9661 | 9002442 |
| 7.38%, 04/02/32<sup>(a)</sup> | &nbsp;&nbsp; 5114 | 5277679 |
| Viasat Inc., 7.50%, 05/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10210 | 9584467 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9994 | 10629918 |
|  |  | 93709454 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Trucking & Leasing — 0.7%** | **Trucking & Leasing — 0.7%** | **Trucking & Leasing — 0.7%** |
| FTAI Aviation Investors LLC, 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; $10765 | $10761085 |
| **Total Corporate Bonds & Notes — 97.1%** <br>**(Cost: $1,553,133,859)** | **Total Corporate Bonds & Notes — 97.1%** <br>**(Cost: $1,553,133,859)** | 1576146180 |
|  | *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Azul SA, ADR NVS<sup>(c)</sup> | &nbsp;&nbsp; 2 | 1 |
| **Total Common Stocks — 0.0%** <br>**(Cost $0)** | **Total Common Stocks — 0.0%** <br>**(Cost $0)** | 1 |
| **Total Long-Term Investments — 97.1%** <br>**(Cost: $1,553,133,859)** | **Total Long-Term Investments — 97.1%** <br>**(Cost: $1,553,133,859)** | 1576146181 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 21.6%** | **Money Market Funds — 21.6%** | **Money Market Funds — 21.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 343486898 | 343658642 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 6240000 | $6240000 |
| **Total Short-Term Securities — 21.6%** <br>**(Cost: $349,842,361)** | **Total Short-Term Securities — 21.6%** <br>**(Cost: $349,842,361)** | 349898642 |
| **Total Investments — 118.7%** <br>**(Cost: $1,902,976,220)** | **Total Investments — 118.7%** <br>**(Cost: $1,902,976,220)** | 1926044823 |
| **Liabilities in Excess of Other Assets — (18.7)%** | **Liabilities in Excess of Other Assets — (18.7)%** | (303412010)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1622632813 |

---

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

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

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

<sup>(c)</sup> Non-income producing security.

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $290875869<br> $52790455 <br><sup>(a)</sup><br>| $— | $(32214)<br>| $24532 | $343658642 | 343486898 | $1064155 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 6030000<br> 210000 <br><sup>(a)</sup><br>|  |  |  | 6240000 | 6240000 | 199317 |  |
|  |  |  | $(32214) | $24532 | $349898642 |  | $1263472 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1576146180 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1576146180 |
| Common Stocks | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® High Yield Systematic Bond ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $349898642 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $349898642 |
|  | &nbsp;&nbsp; $349898643 | &nbsp;&nbsp; $1576146180 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1926044823 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® Investment Grade Systematic Bond ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Omnicom Group Inc., 5.30%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; $1747 | $1773374 |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| Boeing Co. (The) |  |  |
| 3.20%, 03/01/29 | &nbsp;&nbsp; 663 | 637638 |
| 3.25%, 02/01/35 | &nbsp;&nbsp; 3379 | 2883117 |
| 3.60%, 05/01/34 | &nbsp;&nbsp; 3595 | 3203898 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 5495 | 5636388 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 1547 | 1680150 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 1388 | 1520063 |
| General Electric Co. |  |  |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 722 | 774332 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 80 | 90532 |
| HEICO Corp., 5.35%, 08/01/33 | &nbsp;&nbsp; 869 | 892577 |
| L3Harris Technologies Inc., 5.40%, 07/31/33 | &nbsp;&nbsp; 2660 | 2747350 |
| Northrop Grumman Corp., 4.75%, 06/01/43 | &nbsp;&nbsp; 460 | 414621 |
| RTX Corp. |  |  |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 3864 | 3405502 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 476 | 451415 |
|  |  | 24337583 |
| **Agriculture — 2.3%** | **Agriculture — 2.3%** | **Agriculture — 2.3%** |
| Altria Group Inc. |  |  |
| 5.38%, 01/31/44<sup>(a)</sup> | &nbsp;&nbsp; 3164 | 3026008 |
| 5.63%, 02/06/35 | &nbsp;&nbsp; 915 | 939623 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 4824 | 4923426 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 686 | 767000 |
| BAT Capital Corp. |  |  |
| 5.63%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 690 | 707919 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; 314 | 338791 |
| 6.42%, 08/02/33 | &nbsp;&nbsp; 909 | 991036 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 4264 | 4730017 |
| 7.75%, 10/19/32 | &nbsp;&nbsp; 874 | 1012402 |
| Philip Morris International Inc. |  |  |
| 5.38%, 02/15/33 | &nbsp;&nbsp; 2842 | 2942008 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 1167 | 1235481 |
| 6.38%, 05/16/38<sup>(a)</sup> | &nbsp;&nbsp; 4499 | 4981472 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | &nbsp;&nbsp; 780 | 802752 |
| 5.85%, 08/15/45 | &nbsp;&nbsp; 3497 | 3373825 |
|  |  | 30771760 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| Tapestry Inc. |  |  |
| 5.10%, 03/11/30 | &nbsp;&nbsp; 1825 | 1865235 |
| 5.50%, 03/11/35 | &nbsp;&nbsp; 4610 | 4659960 |
|  |  | 6525195 |
| **Banks — 12.2%** | **Banks — 12.2%** | **Banks — 12.2%** |
| Bank of America Corp. |  |  |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(b)</sup><br>| &nbsp;&nbsp; 6523 | 6264736 |
| 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(b)</sup> | &nbsp;&nbsp; 3930 | 3981857 |
| Series RR, 4.38%, (5-year CMT + 2.760%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 764 | 746288 |
| Series TT, 6.13%, (5-year CMT + 3.231%)<sup>(b)(c)</sup> | &nbsp;&nbsp; 6254 | 6312133 |
| Bank of New York Mellon Corp. (The), Series F, <br> 4.63%, (3-mo. CME Term SOFR + 3.393%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 5844 | 5807851 |
| Citibank NA |  |  |
| 4.93%, 08/06/26 | &nbsp;&nbsp; 4899 | 4931847 |
| 5.49%, 12/04/26 | &nbsp;&nbsp; 750 | 761901 |
| Citigroup Inc., 3.40%, 05/01/26 | &nbsp;&nbsp; 238 | 236569 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citizens Financial Group Inc. |  |  |
| 5.72%, 07/23/32, (1-day SOFR + 1.910%)<sup>(b)</sup> | &nbsp;&nbsp; $1508 | $1574992 |
| 5.84%, 01/23/30, (1-day SOFR + 2.010%)<sup>(b)</sup> | &nbsp;&nbsp; 5835 | 6068653 |
| Fifth Third Bancorp |  |  |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(b)</sup><br>| &nbsp;&nbsp; 2446 | 2475768 |
| 5.63%, 01/29/32, (1-day SOFR + 1.840%)<sup>(b)</sup> | &nbsp;&nbsp; 5674 | 5941774 |
| Goldman Sachs Group Inc. (The) |  |  |
| 3.85%, 01/26/27 | &nbsp;&nbsp; 235 | 233907 |
| 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(b)</sup> | &nbsp;&nbsp; 5742 | 6110349 |
| HSBC Holdings PLC |  |  |
| 2.36%, 08/18/31, (1-day SOFR + 1.947%)<sup>(b)</sup> | &nbsp;&nbsp; 375 | 338340 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(b)</sup> | &nbsp;&nbsp; 445 | 412932 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6601 | 6496375 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(b)</sup><br>| &nbsp;&nbsp; 3833 | 3860063 |
| 5.40%, 08/11/33, (1-day SOFR + 2.870%)<sup>(b)</sup> | &nbsp;&nbsp; 1129 | 1165263 |
| 5.55%, 03/04/30, (1-day SOFR + 1.460%)<sup>(b)</sup> | &nbsp;&nbsp; 5546 | 5758839 |
| 7.39%, 11/03/28, (1-day SOFR + 3.350%)<sup>(b)</sup> | &nbsp;&nbsp; 3703 | 3935742 |
| Huntington Bancshares Inc./Ohio, 6.21%, 08/21/29, <br> (1-day SOFR + 2.020%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5942 | 6261936 |
| JPMorgan Chase & Co. |  |  |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(b)</sup> | &nbsp;&nbsp; 7227 | 6443550 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp; 7013 | 6361644 |
| 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 2100 | 2125991 |
| 5.04%, 01/23/28, (1-day SOFR + 1.190%)<sup>(b)</sup> | &nbsp;&nbsp; 2205 | 2228054 |
| Series NN, 6.88%, (5-year CMT + 2.737%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 3469 | 3645142 |
| M&T Bank Corp. |  |  |
| 5.05%, 01/27/34, (1-day SOFR + 1.850%)<sup>(b)</sup> | &nbsp;&nbsp; 2389 | 2370711 |
| 6.08%, 03/13/32, (1-day SOFR + 2.260%)<sup>(b)</sup> | &nbsp;&nbsp; 5005 | 5313686 |
| 7.41%, 10/30/29, (1-day SOFR + 2.800%)<sup>(b)</sup> | &nbsp;&nbsp; 255 | 277639 |
| Morgan Stanley |  |  |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp; 7495 | 6985190 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(b)</sup> | &nbsp;&nbsp; 3787 | 3664163 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(b)</sup> | &nbsp;&nbsp; 392 | 435184 |
| PNC Financial Services Group Inc. (The) |  |  |
| Series U, 6.00%, (5-year CMT + 3.000%)<sup>(b)(c)</sup> | &nbsp;&nbsp; 6920 | 6966322 |
| Series V, 6.20%, (5-year CMT + 3.238%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 6020 | 6116404 |
| Regions Financial Corp., 5.72%, 06/06/30, (1-day <br> SOFR +1.490%)<sup>(b)</sup><br>| &nbsp;&nbsp; 4409 | 4589320 |
| Santander Holdings USA Inc. |  |  |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(b)</sup> | &nbsp;&nbsp; 4650 | 4832507 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(b)</sup> | &nbsp;&nbsp; 3125 | 3279951 |
| Truist Financial Corp., 5.87%, 06/08/34, (1-day <br> SOFR + 2.361%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1813 | 1905773 |
| U.S. Bancorp |  |  |
| 5.30%, (3-mo. CME Term SOFR + <br> 3.176%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 5810 | 5792194 |
| 6.79%, 10/26/27, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp; 3620 | 3720460 |
| Wells Fargo & Co. |  |  |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(b)</sup> | &nbsp;&nbsp; 1750 | 1760322 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(b)</sup> | &nbsp;&nbsp; 2510 | 2582983 |
| 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(b)</sup> | &nbsp;&nbsp; 817 | 843089 |
| 6.49%, 10/23/34, (1-day SOFR + 2.060%)<sup>(b)</sup> | &nbsp;&nbsp; 486 | 534445 |
|  |  | 162452839 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Anheuser-Busch Companies LLC/Anheuser-Busch <br> InBev Worldwide Inc., 4.70%, 02/01/36<br>| &nbsp;&nbsp; 5143 | 5019312 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 407 | 415376 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Investment Grade Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 8.20%, 01/15/39 | &nbsp;&nbsp; $1621 | $2067472 |
| Coca-Cola Co. (The), 2.75%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 7988 | 4683744 |
|  |  | 12185904 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; 2375 | 2219349 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 2406 | 2035194 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7358 | 6698642 |
| 5.75%, 05/15/35 | &nbsp;&nbsp; 1030 | 1063176 |
| Bio-Rad Laboratories Inc., 3.70%, 03/15/32 | &nbsp;&nbsp; 5550 | 5174422 |
| Gilead Sciences Inc., 5.65%, 12/01/41 | &nbsp;&nbsp; 2061 | 2105344 |
| Royalty Pharma PLC |  |  |
| 5.15%, 09/02/29 | &nbsp;&nbsp; 1122 | 1152484 |
| 5.40%, 09/02/34<sup>(a)</sup> | &nbsp;&nbsp; 1162 | 1176786 |
|  |  | 21625397 |
| **Building Materials — 0.8%** | **Building Materials — 0.8%** | **Building Materials — 0.8%** |
| Amrize Finance US LLC, 5.40%, 04/07/35<sup>(d)</sup> | &nbsp;&nbsp; 540 | 547904 |
| CRH America Finance Inc., 5.40%, 05/21/34 | &nbsp;&nbsp; 4600 | 4723515 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp; 5190 | 4641112 |
|  |  | 9912531 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| Equifax Inc., 2.35%, 09/15/31 | &nbsp;&nbsp; 4335 | 3822338 |
| Quanta Services Inc., 5.25%, 08/09/34<sup>(a)</sup> | &nbsp;&nbsp; 1799 | 1821434 |
| Rollins Inc., 5.25%, 02/24/35 | &nbsp;&nbsp; 1565 | 1575349 |
|  |  | 7219121 |
| **Computers — 2.1%** | **Computers — 2.1%** | **Computers — 2.1%** |
| Apple Inc. |  |  |
| 2.55%, 08/20/60<sup>(a)</sup> | &nbsp;&nbsp; 10247 | 5809342 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 1500 | 877631 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 2760 | 1626664 |
| CGI Inc., 4.95%, 03/14/30<sup>(d)</sup> | &nbsp;&nbsp; 1861 | 1898634 |
| Dell International LLC/EMC Corp. |  |  |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 174 | 177253 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 5450 | 6599733 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 355 | 315621 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 3325 | 3308180 |
| 5.40%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1565 | 1616830 |
| 5.50%, 03/15/35 | &nbsp;&nbsp; 1605 | 1642812 |
| NetApp Inc. |  |  |
| 5.50%, 03/17/32 | &nbsp;&nbsp; 1870 | 1936134 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 1940 | 1999557 |
|  |  | 27808391 |
| **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 6605 | 6047084 |
| 5.38%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp; 495 | 510943 |
| 6.50%, 01/31/56, (5-year CMT + 2.441%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 375 | 385766 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(b)</sup> | &nbsp;&nbsp; 4407 | 4614078 |
| American Express Co., 3.55%, (5-year CMT + <br> 2.854%)<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 6597 | 6437132 |
| Blue Owl Finance LLC |  |  |
| 3.13%, 06/10/31 | &nbsp;&nbsp; 399 | 361742 |
| 6.25%, 04/18/34 | &nbsp;&nbsp; 6089 | 6357250 |
| Capital One Financial Corp. |  |  |
| 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(b)</sup> | &nbsp;&nbsp; 4591 | 4818588 |
| 7.15%, 10/29/27, (1-day SOFR + 2.440%)<sup>(b)</sup> | &nbsp;&nbsp; 860 | 886152 |
| 7.62%, 10/30/31, (1-day SOFR + 3.070%)<sup>(b)</sup> | &nbsp;&nbsp; 5478 | 6215176 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Charles Schwab Corp. (The), Series K, 5.00%, <br> (5-year CMT + 3.256%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; $4818 | $4782789 |
| Enact Holdings Inc., 6.25%, 05/28/29 | &nbsp;&nbsp; 4726 | 4931609 |
| LPL Holdings Inc. |  |  |
| 5.70%, 05/20/27 | &nbsp;&nbsp; 245 | 249707 |
| 6.00%, 05/20/34<sup>(a)</sup> | &nbsp;&nbsp; 991 | 1023946 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 3958 | 4236824 |
| Radian Group Inc., 6.20%, 05/15/29 | &nbsp;&nbsp; 1134 | 1187474 |
| TPG Operating Group II LP, 5.88%, 03/05/34 | &nbsp;&nbsp; 1165 | 1220355 |
| Visa Inc., 2.00%, 08/15/50 | &nbsp;&nbsp; 12204 | 6529269 |
|  |  | 60795884 |
| **Electric — 13.1%** | **Electric — 13.1%** | **Electric — 13.1%** |
| Ameren Corp., 5.38%, 03/15/35 | &nbsp;&nbsp; 2195 | 2230066 |
| Ameren Illinois Co. |  |  |
| 3.85%, 09/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1173 | 1116982 |
| 4.95%, 06/01/33 | &nbsp;&nbsp; 373 | 379401 |
| 5.55%, 07/01/54 | &nbsp;&nbsp; 1761 | 1726731 |
| American Electric Power Co. Inc. |  |  |
| 3.88%, 02/15/62, (5-year CMT + 2.675%)<sup>(b)</sup> | &nbsp;&nbsp; 4721 | 4576960 |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 4814 | 5041719 |
| Arizona Public Service Co., 5.55%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 1191 | 1234463 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 1382 | 1415108 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 1066 | 1078886 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 1557 | 1564233 |
| Series AQ, 4.95%, 08/15/35 | &nbsp;&nbsp; 1990 | 1973153 |
| CenterPoint Energy Inc. |  |  |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 1690 | 1750800 |
| 6.70%, 05/15/55, (5-year CMT + 2.586%)<sup>(b)</sup> | &nbsp;&nbsp; 1301 | 1332326 |
| Consumers Energy Co. |  |  |
| 4.63%, 05/15/33 | &nbsp;&nbsp; 1706 | 1693576 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 2305 | 2353152 |
| Dominion Energy Inc. |  |  |
| 4.35%, (5-year CMT + 3.195%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 6345 | 6223062 |
| 5.45%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 2045 | 2071775 |
| Series A, 6.88%, 02/01/55, (5-year CMT + <br> 2.386%)<sup>(b)</sup><br>| &nbsp;&nbsp; 3995 | 4175906 |
| Dominion Energy South Carolina Inc., 6.25%, <br> 10/15/53<br>| &nbsp;&nbsp; 796 | 855063 |
| DTE Electric Co. |  |  |
| 5.20%, 04/01/33 | &nbsp;&nbsp; 1042 | 1079202 |
| 5.20%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1357 | 1396120 |
| DTE Energy Co., 5.85%, 06/01/34 | &nbsp;&nbsp; 4914 | 5160307 |
| Duke Energy Carolinas LLC |  |  |
| 2.85%, 03/15/32 | &nbsp;&nbsp; 650 | 588487 |
| 3.20%, 08/15/49 | &nbsp;&nbsp; 4084 | 2750733 |
| 4.95%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 864 | 883344 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 446 | 458785 |
| Duke Energy Florida LLC |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 1015 | 908523 |
| 5.88%, 11/15/33 | &nbsp;&nbsp; 1445 | 1545046 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 1042 | 1104674 |
| Duke Energy Indiana LLC, 5.40%, 04/01/53 | &nbsp;&nbsp; 734 | 698237 |
| Duke Energy Progress LLC |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 675 | 593352 |
| 3.40%, 04/01/32 | &nbsp;&nbsp; 648 | 609155 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; 2610 | 2634233 |
| 5.25%, 03/15/33 | &nbsp;&nbsp; 892 | 921732 |
| Emera U.S. Finance LP, 4.75%, 06/15/46 | &nbsp;&nbsp; 7930 | 6608207 |
| Entergy Corp., 7.13%, 12/01/54, (5-year CMT + <br> 2.670%)<sup>(b)</sup><br>| &nbsp;&nbsp; 6019 | 6268509 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Investment Grade Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Entergy Louisiana LLC |  |  |
| 4.00%, 03/15/33 | &nbsp;&nbsp; $1986 | $1883533 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 1110 | 1142522 |
| Entergy Mississippi LLC, 5.80%, 04/15/55 | &nbsp;&nbsp; 340 | 338484 |
| Entergy Texas Inc., 5.25%, 04/15/35 | &nbsp;&nbsp; 810 | 824156 |
| Evergy Inc., 6.65%, 06/01/55, (5-year CMT + <br> 2.558%)<sup>(b)</sup><br>| &nbsp;&nbsp; 1705 | 1729921 |
| Eversource Energy |  |  |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 4755 | 4769922 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 1456 | 1488310 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 393 | 415970 |
| 5.95%, 07/15/34 | &nbsp;&nbsp; 1766 | 1852466 |
| Florida Power & Light Co. |  |  |
| 3.95%, 03/01/48<sup>(a)</sup> | &nbsp;&nbsp; 4878 | 3865746 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 6289 | 6503480 |
| 5.80%, 03/15/65 | &nbsp;&nbsp; 415 | 420170 |
| Louisville Gas and Electric Co., Series ., 5.85%, <br> 08/15/55<br>| &nbsp;&nbsp; 2310 | 2292213 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 1849 | 1902765 |
| 5.81%, 06/12/33<sup>(a)</sup> | &nbsp;&nbsp; 4890 | 5180146 |
| NextEra Energy Capital Holdings Inc., 6.70%, <br> 09/01/54, (5-year CMT + 2.364%)<sup>(b)</sup><br>| &nbsp;&nbsp; 4725 | 4853567 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 1620 | 1647179 |
| 5.35%, 04/01/35<sup>(d)</sup> | &nbsp;&nbsp; 1835 | 1886404 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 2375 | 2301731 |
| 5.80%, 04/01/55<sup>(a)(d)</sup> | &nbsp;&nbsp; 2055 | 2055139 |
| PECO Energy Co., 5.25%, 09/15/54 | &nbsp;&nbsp; 1823 | 1712635 |
| PPL Electric Utilities Corp. |  |  |
| 4.85%, 02/15/34 | &nbsp;&nbsp; 1399 | 1408676 |
| 5.00%, 05/15/33 | &nbsp;&nbsp; 1227 | 1252991 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 4061 | 3847933 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31 | &nbsp;&nbsp; 5362 | 4679900 |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 800 | 814116 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 1642 | 1613323 |
| Public Service Co. of Oklahoma |  |  |
| 5.20%, 01/15/35 | &nbsp;&nbsp; 1992 | 1997521 |
| 5.45%, 01/15/36 | &nbsp;&nbsp; 560 | 566880 |
| Public Service Electric & Gas Co. |  |  |
| 3.10%, 03/15/32 | &nbsp;&nbsp; 344 | 315938 |
| 4.65%, 03/15/33 | &nbsp;&nbsp; 837 | 836119 |
| 4.85%, 08/01/34 | &nbsp;&nbsp; 1726 | 1730710 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 715 | 738933 |
| 5.30%, 08/01/54 | &nbsp;&nbsp; 1441 | 1368703 |
| 5.45%, 03/01/54<sup>(a)</sup> | &nbsp;&nbsp; 1138 | 1108062 |
| Public Service Electric and Gas Co., Series Q, <br> 5.50%, 03/01/55<sup>(a)</sup><br>| &nbsp;&nbsp; 165 | 161127 |
| Sempra |  |  |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(b)</sup> | &nbsp;&nbsp; 3905 | 3784559 |
| 6.55%, 04/01/55, (5-year CMT + 2.138%)<sup>(b)</sup> | &nbsp;&nbsp; 1150 | 1132571 |
| 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 6325 | 6418262 |
| Southern Co. (The) |  |  |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 621 | 515871 |
| Series 21-A, 3.75%, 09/15/51, (5-year CMT + <br> 2.915%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5861 | 5772541 |
| Southwestern Public Service Co. |  |  |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 110 | 110939 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 1711 | 1711824 |
| System Energy Resources Inc., 5.30%, 12/15/34 | &nbsp;&nbsp; 190 | 189307 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Union Electric Co. |  |  |
| 2.15%, 03/15/32 | &nbsp;&nbsp; $40 | $34606 |
| 5.20%, 04/01/34 | &nbsp;&nbsp; 1608 | 1646362 |
| 5.45%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1326 | 1267712 |
| Xcel Energy Inc., 5.45%, 08/15/33 | &nbsp;&nbsp; 2172 | 2219646 |
|  |  | 173313599 |
| **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
| Keysight Technologies Inc., 4.95%, 10/15/34 | &nbsp;&nbsp; 1856 | 1841339 |
| Trimble Inc., 6.10%, 03/15/33 | &nbsp;&nbsp; 4773 | 5074583 |
|  |  | 6915922 |
| **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 801 | 837831 |
| 6.35%, 08/18/28 | &nbsp;&nbsp; 1032 | 1088022 |
| MasTec Inc., 5.90%, 06/15/29 | &nbsp;&nbsp; 1605 | 1676474 |
|  |  | 3602327 |
| **Food — 2.9%** | **Food — 2.9%** | **Food — 2.9%** |
| Flowers Foods Inc., 5.75%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1532 | 1560388 |
| General Mills Inc., 5.25%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp; 4270 | 4292994 |
| Kraft Heinz Foods Co. |  |  |
| 5.20%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1555 | 1588317 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 6595 | 5875369 |
| 5.40%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1620 | 1629600 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 1137 | 1027409 |
| 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 5966 | 6287520 |
| Sysco Corp., 6.60%, 04/01/50 | &nbsp;&nbsp; 2765 | 2980087 |
| The Campbell's Co. |  |  |
| 4.75%, 03/23/35<sup>(a)</sup> | &nbsp;&nbsp; 1110 | 1062872 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 6335 | 6430936 |
| Tyson Foods Inc., 5.70%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5410 | 5637212 |
|  |  | 38372704 |
| **Forest Products & Paper — 0.6%** | **Forest Products & Paper — 0.6%** | **Forest Products & Paper — 0.6%** |
| Suzano Austria GmbH |  |  |
| 3.13%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 1145 | 1013533 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 6975 | 6549641 |
|  |  | 7563174 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31 | &nbsp;&nbsp; 486 | 442272 |
| 5.50%, 03/15/30 | &nbsp;&nbsp; 1285 | 1327648 |
| 5.95%, 03/15/35 | &nbsp;&nbsp; 1220 | 1258516 |
| NiSource Inc. |  |  |
| 5.35%, 04/01/34 | &nbsp;&nbsp; 1232 | 1260179 |
| 5.35%, 07/15/35 | &nbsp;&nbsp; 2935 | 2963823 |
| 6.95%, 11/30/54, (5-year CMT + 2.451%)<sup>(b)</sup> | &nbsp;&nbsp; 815 | 847428 |
|  |  | 8099866 |
| **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** | **Health Care - Products — 1.0%** |
| Smith & Nephew PLC, 2.03%, 10/14/30 | &nbsp;&nbsp; 7237 | 6454723 |
| STERIS Irish FinCo Unlimited Co. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 537 | 487909 |
| 3.75%, 03/15/51 | &nbsp;&nbsp; 254 | 179137 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 3746 | 3359114 |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 2095 | 2122864 |
|  |  | 12603747 |
| **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** |
| Cigna Group (The) |  |  |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 6537 | 6136290 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Investment Grade Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.80%, 07/15/46 | &nbsp;&nbsp; $4605 | $4004101 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 291 | 252840 |
| 5.25%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 580 | 591467 |
| HCA Inc. |  |  |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 6504 | 6048990 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 3775 | 3738845 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 2379 | 2244154 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 1589 | 1402816 |
| Laboratory Corp. of America Holdings, 4.80%, <br> 10/01/34<br>| &nbsp;&nbsp; 5380 | 5281316 |
|  |  | 29700819 |
| **Holding Companies - Diversified — 2.1%** | **Holding Companies - Diversified — 2.1%** | **Holding Companies - Diversified — 2.1%** |
| Ares Capital Corp. |  |  |
| 5.88%, 03/01/29 | &nbsp;&nbsp; 5717 | 5883284 |
| 5.95%, 07/15/29 | &nbsp;&nbsp; 1845 | 1907829 |
| Blackstone Secured Lending Fund |  |  |
| 2.85%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; 1158 | 1094220 |
| 5.30%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1385 | 1397162 |
| 5.35%, 04/13/28<sup>(a)</sup> | &nbsp;&nbsp; 2060 | 2089933 |
| Blue Owl Capital Corp. |  |  |
| 2.88%, 06/11/28 | &nbsp;&nbsp; 938 | 885426 |
| 5.95%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6185 | 6281152 |
| Blue Owl Technology Finance Corp., 6.10%, <br> 03/15/28<sup>(d)</sup><br>| &nbsp;&nbsp; 1910 | 1933909 |
| Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<sup>(a)</sup><br>| &nbsp;&nbsp; 2050 | 2121945 |
| Golub Capital BDC Inc., 6.00%, 07/15/29 | &nbsp;&nbsp; 4682 | 4790476 |
|  |  | 28385336 |
| **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** |
| Lennar Corp., 5.20%, 07/30/30<sup>(a)</sup> | &nbsp;&nbsp; 1555 | 1605683 |
| NVR Inc., 3.00%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 3854 | 3638903 |
| Toll Brothers Finance Corp., 5.60%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1421350 |
|  |  | 6665936 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| American International Group Inc., 5.13%, <br> 03/27/33<sup>(a)</sup><br>| &nbsp;&nbsp; 4105 | 4189867 |
| American National Group Inc. |  |  |
| 5.75%, 10/01/29 | &nbsp;&nbsp; 1790 | 1848245 |
| 6.00%, 07/15/35 | &nbsp;&nbsp; 2140 | 2163331 |
| Aon Corp./Aon Global Holdings PLC, 5.35%, <br> 02/28/33<br>| &nbsp;&nbsp; 3429 | 3548828 |
| Arthur J Gallagher & Co., 5.45%, 07/15/34 | &nbsp;&nbsp; 905 | 931154 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 384 | 341082 |
| 4.20%, 03/17/32 | &nbsp;&nbsp; 532 | 509548 |
| 5.65%, 06/11/34 | &nbsp;&nbsp; 1374 | 1409176 |
| CNA Financial Corp. |  |  |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 786 | 786281 |
| 5.50%, 06/15/33 | &nbsp;&nbsp; 737 | 759685 |
| Corebridge Financial Inc. |  |  |
| 3.90%, 04/05/32<sup>(a)</sup> | &nbsp;&nbsp; 1163 | 1099836 |
| 5.75%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 536 | 559935 |
| 6.88%, 12/15/52, (5-year CMT + 3.846%)<sup>(b)</sup> | &nbsp;&nbsp; 6040 | 6246267 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | &nbsp;&nbsp; 969 | 910555 |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 4034 | 4161439 |
| 5.75%, 05/20/35<sup>(d)</sup> | &nbsp;&nbsp; 835 | 852773 |
| 6.00%, 12/07/33 | &nbsp;&nbsp; 1655 | 1740229 |
| Fidelity National Financial Inc., 2.45%, 03/15/31 | &nbsp;&nbsp; 364 | 320654 |
| First American Financial Corp., 2.40%, 08/15/31 | &nbsp;&nbsp; 497 | 430549 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| MetLife Inc., Series G, 6.35%, 03/15/55, (5-year <br> CMT + 2.078%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $6039 | $6289775 |
| Prudential Financial Inc. |  |  |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(b)</sup> | &nbsp;&nbsp; 2973 | 2746667 |
| 5.70%, 09/15/48<sup>(b)</sup> | &nbsp;&nbsp; 5975 | 6069931 |
| Reinsurance Group of America Inc., 5.75%, <br> 09/15/34<br>| &nbsp;&nbsp; 1506 | 1552658 |
| Willis North America Inc., 5.35%, 05/15/33 | &nbsp;&nbsp; 4445 | 4572196 |
|  |  | 54040661 |
| **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |
| Alphabet Inc. |  |  |
| 2.05%, 08/15/50 | &nbsp;&nbsp; 3935 | 2147810 |
| 2.25%, 08/15/60<sup>(a)</sup> | &nbsp;&nbsp; 12524 | 6493443 |
| Amazon.com Inc., 2.70%, 06/03/60 | &nbsp;&nbsp; 1805 | 1031557 |
| VeriSign Inc. |  |  |
| 2.70%, 06/15/31 | &nbsp;&nbsp; 5256 | 4737280 |
| 5.25%, 06/01/32 | &nbsp;&nbsp; 1405 | 1432795 |
|  |  | 15842885 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| Steel Dynamics Inc., 5.38%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1495 | 1527959 |
| **Lodging — 1.0%** | **Lodging — 1.0%** | **Lodging — 1.0%** |
| Choice Hotels International Inc., 5.85%, 08/01/34 | &nbsp;&nbsp; 1866 | 1887540 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/29 | &nbsp;&nbsp; 1622 | 1664754 |
| 5.75%, 03/30/32<sup>(a)</sup> | &nbsp;&nbsp; 1585 | 1641958 |
| Marriott International Inc./MD |  |  |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 402 | 407771 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 6076 | 6134443 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 200 | 183406 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 1975 | 1811603 |
|  |  | 13731475 |
| **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
| IDEX Corp., 4.95%, 09/01/29 | &nbsp;&nbsp; 1365 | 1394994 |
| Ingersoll Rand Inc., 5.70%, 08/14/33 | &nbsp;&nbsp; 5618 | 5920804 |
| Westinghouse Air Brake Technologies Corp., 5.61%, <br> 03/11/34<br>| &nbsp;&nbsp; 932 | 967267 |
|  |  | 8283065 |
| **Manufacturing — 0.3%** | **Manufacturing — 0.3%** | **Manufacturing — 0.3%** |
| Carlisle Companies Inc., 2.75%, 03/01/30 | &nbsp;&nbsp; 3139 | 2933870 |
| Textron Inc., 5.50%, 05/15/35 | &nbsp;&nbsp; 1552 | 1580384 |
|  |  | 4514254 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Comcast Corp., 1.95%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1574 | 1394783 |
| Fox Corp. |  |  |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 5154 | 5091154 |
| 6.50%, 10/13/33 | &nbsp;&nbsp; 2463 | 2681098 |
| Walt Disney Co. (The), 6.65%, 11/15/37<sup>(a)</sup> | &nbsp;&nbsp; 945 | 1084044 |
|  |  | 10251079 |
| **Mining — 0.6%** | **Mining — 0.6%** | **Mining — 0.6%** |
| Freeport-McMoRan Inc., 5.45%, 03/15/43 | &nbsp;&nbsp; 2744 | 2597539 |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; 252 | 236371 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 2851 | 2860884 |
| 6.75%, 04/16/40 | &nbsp;&nbsp; 2071 | 2285096 |
|  |  | 7979890 |
| **Office & Business Equipment — 0.6%** | **Office & Business Equipment — 0.6%** | **Office & Business Equipment — 0.6%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 703 | 675743 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Investment Grade Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Office & Business Equipment (continued)** | **Office & Business Equipment (continued)** | **Office & Business Equipment (continued)** |
| 3.57%, 12/01/31 | &nbsp;&nbsp; $6253 | $5820648 |
| 5.55%, 08/22/34 | &nbsp;&nbsp; 1118 | 1131684 |
|  |  | 7628075 |
| **Oil & Gas — 3.1%** | **Oil & Gas — 3.1%** | **Oil & Gas — 3.1%** |
| Canadian Natural Resources Ltd. |  |  |
| 5.00%, 12/15/29<sup>(d)</sup> | &nbsp;&nbsp; 2840 | 2894920 |
| 5.40%, 12/15/34<sup>(d)</sup> | &nbsp;&nbsp; 4656 | 4664315 |
| Coterra Energy Inc., 5.60%, 03/15/34 | &nbsp;&nbsp; 800 | 810007 |
| Diamondback Energy Inc., 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5815 | 6214300 |
| EQT Corp. |  |  |
| 4.50%, 01/15/29<sup>(d)</sup> | &nbsp;&nbsp; 2240 | 2233539 |
| 4.75%, 01/15/31<sup>(d)</sup> | &nbsp;&nbsp; 3865 | 3837667 |
| 6.38%, 04/01/29<sup>(a)(d)</sup> | &nbsp;&nbsp; 1900 | 1969725 |
| Expand Energy Corp., 5.70%, 01/15/35 | &nbsp;&nbsp; 4602 | 4668825 |
| Valero Energy Corp., 6.63%, 06/15/37 | &nbsp;&nbsp; 4475 | 4880242 |
| Viper Energy Partners LLC, 4.90%, 08/01/30 | &nbsp;&nbsp; 1625 | 1637691 |
| Woodside Finance Ltd. |  |  |
| 5.40%, 05/19/30 | &nbsp;&nbsp; 5800 | 5960451 |
| 5.70%, 05/19/32 | &nbsp;&nbsp; 1570 | 1622401 |
|  |  | 41394083 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
| AstraZeneca PLC, 6.45%, 09/15/37 | &nbsp;&nbsp; 4250 | 4799239 |
| Cardinal Health Inc. |  |  |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 5685 | 5773684 |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1298 | 1333044 |
| Cencora Inc., 2.70%, 03/15/31 | &nbsp;&nbsp; 6505 | 5961284 |
| CVS Health Corp. |  |  |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 905 | 832813 |
| 5.25%, 02/21/33<sup>(a)</sup> | &nbsp;&nbsp; 1455 | 1471834 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 6270 | 6353899 |
| 5.70%, 06/01/34 | &nbsp;&nbsp; 6265 | 6462993 |
| 6.00%, 06/01/63<sup>(a)</sup> | &nbsp;&nbsp; 285 | 270220 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 9449 | 5292689 |
| 2.50%, 09/15/60<sup>(a)</sup> | &nbsp;&nbsp; 5860 | 3191095 |
| Johnson & Johnson |  |  |
| 2.25%, 09/01/50 | &nbsp;&nbsp; 9115 | 5279412 |
| 2.45%, 09/01/60<sup>(a)</sup> | &nbsp;&nbsp; 10713 | 5875423 |
|  |  | 52897629 |
| **Pipelines — 8.2%** | **Pipelines — 8.2%** | **Pipelines — 8.2%** |
| Boardwalk Pipelines LP, 5.63%, 08/01/34<sup>(a)</sup> | &nbsp;&nbsp; 1059 | 1086262 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 1386 | 1346395 |
| 5.13%, 06/30/27<sup>(a)</sup> | &nbsp;&nbsp; 5572 | 5631639 |
| Cheniere Energy Inc., 5.65%, 04/15/34 | &nbsp;&nbsp; 6169 | 6297493 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 659 | 596566 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 5787 | 5576796 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; 253 | 259853 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 880 | 921390 |
| Enbridge Inc. |  |  |
| 5.50%, 07/15/77, (3-mo. CME Term SOFR + <br> 3.680%)<sup>(b)</sup><br>| &nbsp;&nbsp; 6255 | 6228959 |
| 6.25%, 03/01/78, (3-mo. CME Term SOFR + <br> 3.903%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3350 | 3370961 |
| 8.25%, 01/15/84, (5-year CMT + 3.785%)<sup>(b)</sup> | &nbsp;&nbsp; 355 | 378138 |
| Series 20-A, 5.75%, 07/15/80, (5-year CMT + <br> 5.314%)<sup>(b)</sup><br>| &nbsp;&nbsp; 2314 | 2311101 |
| Energy Transfer LP |  |  |
| 5.75%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 2460 | 2557154 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.55%, 12/01/33 | &nbsp;&nbsp; $5703 | $6177656 |
| Enterprise Products Operating LLC, Series E, <br> 5.25%, 08/16/77, (3-mo. CME Term SOFR + <br> 3.295%)<sup>(b)</sup><br>| &nbsp;&nbsp; 6311 | 6244673 |
| Kinder Morgan Inc. |  |  |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 4248 | 4199472 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 3009 | 3044016 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 1079 | 1085707 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | &nbsp;&nbsp; 573 | 523868 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 4486 | 4000204 |
| 4.95%, 09/01/32 | &nbsp;&nbsp; 1110 | 1103368 |
| 5.00%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 4935 | 4888014 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 397 | 400330 |
| ONEOK Inc. |  |  |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 1480 | 1505172 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 4700 | 4945141 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 1902 | 2018537 |
| Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 | &nbsp;&nbsp; 6233 | 6251022 |
| Targa Resources Corp., 6.13%, 03/15/33 | &nbsp;&nbsp; 2685 | 2839369 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., 4.00%, 01/15/32<br>| &nbsp;&nbsp; 7065 | 6641816 |
| TransCanada PipeLines Ltd., 7.00%, 06/01/65, <br> (5-year CMT + 2.614%)<sup>(b)</sup><br>| &nbsp;&nbsp; 3035 | 3078446 |
| Transcanada Trust, 5.30%, 03/15/77<sup>(b)</sup> | &nbsp;&nbsp; 5771 | 5733734 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 1247 | 1212470 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 375 | 370395 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 4433 | 4631589 |
| 6.35%, 01/15/29 | &nbsp;&nbsp; 1501 | 1578723 |
|  |  | 109036429 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| CBRE Services Inc. |  |  |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 355 | 362045 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 6004 | 6376577 |
|  |  | 6738622 |
| **Real Estate Investment Trusts — 5.9%** | **Real Estate Investment Trusts — 5.9%** | **Real Estate Investment Trusts — 5.9%** |
| American Homes 4 Rent LP |  |  |
| 3.63%, 04/15/32 | &nbsp;&nbsp; 980 | 911658 |
| 5.25%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1205 | 1209807 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 1423 | 1461286 |
| 5.50%, 07/15/34 | &nbsp;&nbsp; 1354 | 1385857 |
| American Tower Corp., 2.90%, 01/15/30 | &nbsp;&nbsp; 2214 | 2078126 |
| Brixmor Operating Partnership LP |  |  |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 2022 | 1981446 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 2584 | 2560992 |
| Cousins Properties LP |  |  |
| 5.25%, 07/15/30 | &nbsp;&nbsp; 1595 | 1637443 |
| 5.88%, 10/01/34 | &nbsp;&nbsp; 1578 | 1631595 |
| Crown Castle Inc. |  |  |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 1655 | 1563052 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 4600 | 4611909 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 3265 | 3403614 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 4510 | 4623182 |
| Extra Space Storage LP |  |  |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 1079 | 1099355 |
| 5.90%, 01/15/31 | &nbsp;&nbsp; 1119 | 1187882 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; 5662 | 5053242 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Investment Grade Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.30%, 01/15/29 | &nbsp;&nbsp; $2359 | $2401778 |
| Healthcare Realty Holdings LP, 2.00%, 03/15/31 | &nbsp;&nbsp; 5782 | 5016904 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 583 | 580211 |
| 5.70%, 06/15/32 | &nbsp;&nbsp; 50 | 51354 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 1371 | 1394128 |
| Series I, 3.50%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 4824 | 4535871 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 1016 | 872574 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 875 | 836984 |
| 4.88%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 1248 | 1219137 |
| NNN REIT Inc., 5.50%, 06/15/34 | &nbsp;&nbsp; 1305 | 1343292 |
| Omega Healthcare Investors Inc., 5.20%, 07/01/30 | &nbsp;&nbsp; 1910 | 1937530 |
| Sabra Health Care LP, 3.20%, 12/01/31 | &nbsp;&nbsp; 5700 | 5150326 |
| Sun Communities Operating LP |  |  |
| 2.70%, 07/15/31 | &nbsp;&nbsp; 5143 | 4654702 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 708 | 680207 |
| Ventas Realty LP, 5.63%, 07/01/34 | &nbsp;&nbsp; 1022 | 1057095 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 1284 | 1298392 |
| 5.13%, 11/15/31 | &nbsp;&nbsp; 430 | 435321 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 5852 | 5872410 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 406 | 417527 |
| Welltower OP LLC, 3.10%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2764 | 2636534 |
|  |  | 78792723 |
| **Retail — 1.7%** | **Retail — 1.7%** | **Retail — 1.7%** |
| AutoNation Inc., 5.89%, 03/15/35 | &nbsp;&nbsp; 1560 | 1594129 |
| AutoZone Inc. |  |  |
| 5.40%, 07/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1808 | 1857849 |
| 6.55%, 11/01/33 | &nbsp;&nbsp; 661 | 732660 |
| Darden Restaurants Inc., 6.30%, 10/10/33 | &nbsp;&nbsp; 889 | 954495 |
| Dick's Sporting Goods Inc. |  |  |
| 3.15%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5398 | 4906007 |
| 4.10%, 01/15/52 | &nbsp;&nbsp; 2379 | 1687575 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34 | &nbsp;&nbsp; 4802 | 4753996 |
| Genuine Parts Co., 4.95%, 08/15/29 | &nbsp;&nbsp; 4757 | 4855998 |
| Walmart Inc., 2.65%, 09/22/51<sup>(a)</sup> | &nbsp;&nbsp; 1361 | 837189 |
|  |  | 22179898 |
| **Semiconductors — 1.4%** | **Semiconductors — 1.4%** | **Semiconductors — 1.4%** |
| Micron Technology Inc. |  |  |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 1935 | 2000235 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 6125 | 6435342 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 922 | 882504 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 5182 | 5178318 |
| 5.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 1812 | 1814285 |
| TSMC Arizona Corp., 3.25%, 10/25/51<sup>(a)</sup> | &nbsp;&nbsp; 2845 | 2109409 |
|  |  | 18420093 |
| **Shipbuilding — 0.3%** | **Shipbuilding — 0.3%** | **Shipbuilding — 0.3%** |
| Huntington Ingalls Industries Inc. |  |  |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 1585 | 1633491 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 1570 | 1628458 |
|  |  | 3261949 |
| **Software — 5.1%** | **Software — 5.1%** | **Software — 5.1%** |
| AppLovin Corp. |  |  |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 6380 | 6573839 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 695 | 709391 |
| Atlassian Corp., 5.50%, 05/15/34 | &nbsp;&nbsp; 1163 | 1188512 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; $3631 | $3271494 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 3485 | 3299664 |
| Fiserv Inc. |  |  |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 4627 | 4739142 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 4507 | 4676366 |
| Microsoft Corp. |  |  |
| 2.68%, 06/01/60 | &nbsp;&nbsp; 10745 | 6224734 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 9841 | 6205428 |
| MSCI Inc., 5.25%, 09/01/35 | &nbsp;&nbsp; 6605 | 6552134 |
| Oracle Corp. |  |  |
| 2.88%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 353 | 323648 |
| 2.95%, 04/01/30 | &nbsp;&nbsp; 2136 | 2011456 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 1021 | 920697 |
| 4.30%, 07/08/34<sup>(a)</sup> | &nbsp;&nbsp; 5401 | 5130388 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 5997 | 5803731 |
| 6.25%, 11/09/32<sup>(a)</sup> | &nbsp;&nbsp; 3622 | 3913582 |
| VMware LLC |  |  |
| 1.80%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4900 | 4582865 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 1414 | 1431535 |
|  |  | 67558606 |
| **Telecommunications — 5.4%** | **Telecommunications — 5.4%** | **Telecommunications — 5.4%** |
| AT&T Inc. |  |  |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 559 | 534835 |
| 5.40%, 02/15/34 | &nbsp;&nbsp; 1007 | 1038112 |
| British Telecommunications PLC, 9.63%, 12/15/30 | &nbsp;&nbsp; 5331 | 6563257 |
| Corning Inc., 5.45%, 11/15/79 | &nbsp;&nbsp; 1218 | 1105339 |
| Deutsche Telekom International Finance BV, 8.75%, <br> 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 5175 | 6116087 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; 944 | 849320 |
| 2.75%, 05/24/31 | &nbsp;&nbsp; 2029 | 1849627 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 3364 | 3454826 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 1840 | 1897536 |
| Orange SA, 9.00%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; 5119 | 6243153 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | &nbsp;&nbsp; 1240 | 1333954 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 5224 | 6335019 |
| Telefonica Emisiones SA |  |  |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 2016 | 1770299 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 5708 | 6355892 |
| TELUS Corp., 3.40%, 05/13/32 | &nbsp;&nbsp; 6224 | 5705096 |
| T-Mobile USA Inc. |  |  |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 3943 | 3571155 |
| 2.70%, 03/15/32 | &nbsp;&nbsp; 751 | 665320 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 6459 | 4219092 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 5914 | 5792715 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 2688 | 2388056 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 629 | 514067 |
| Verizon Communications Inc. |  |  |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 1705 | 1585857 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 1618 | 1545273 |
| 4.50%, 08/10/33<sup>(a)</sup> | &nbsp;&nbsp; 164 | 160421 |
|  |  | 71594308 |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31<sup>(a)(d)</sup> | &nbsp;&nbsp; 2155 | 1915013 |
| 3.25%, 05/15/41<sup>(d)</sup> | &nbsp;&nbsp; 2525 | 1812985 |
| 4.10%, 02/01/45<sup>(d)</sup> | &nbsp;&nbsp; 1090 | 837536 |
| 4.95%, 10/17/48<sup>(a)(d)</sup> | &nbsp;&nbsp; 2420 | 2039757 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Investment Grade Systematic Bond ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 5.10%, 01/15/44<sup>(d)</sup> | &nbsp;&nbsp; $1900 | $1686647 |
| Union Pacific Corp., 3.80%, 04/06/71 | &nbsp;&nbsp; 9261 | 6259628 |
| United Parcel Service Inc., 6.20%, 01/15/38 | &nbsp;&nbsp; 3813 | 4151916 |
|  |  | 18703482 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| GATX Corp., 5.50%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 1600 | 1628963 |
| **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
| Essential Utilities Inc. |  |  |
| 5.25%, 08/15/35 | &nbsp;&nbsp; 1235 | 1227601 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 1270 | 1293932 |
|  |  | 2521533 |
| **Total Long-Term Investments — 97.8%** <br>**(Cost: $1,286,227,646)** | **Total Long-Term Investments — 97.8%** <br>**(Cost: $1,286,227,646)** | 1299159070 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.6%** | **Money Market Funds — 6.6%** | **Money Market Funds — 6.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 79529632 | 79569397 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 7750000 | $7750000 |
| **Total Short-Term Securities — 6.6%** <br>**(Cost: $87,301,669)** | **Total Short-Term Securities — 6.6%** <br>**(Cost: $87,301,669)** | 87319397 |
| **Total Investments — 104.4%** <br>**(Cost: $1,373,529,315)** | **Total Investments — 104.4%** <br>**(Cost: $1,373,529,315)** | 1386478467 |
| **Liabilities in Excess of Other Assets — (4.4)%** | **Liabilities in Excess of Other Assets — (4.4)%** | (58377923)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1328100544 |

---

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

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

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(c)</sup> Perpetual security with no stated maturity date.

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $102003185 | $— | &nbsp;&nbsp; $(22433931 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(1509)<br>| $1652 | $79569397 | 79529632 | $86270 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 2270000 | 5480000 <br><sup>(a)</sup><br>|  |  |  | 7750000 | 7750000 | 157366 |  |
|  |  |  |  | $(1509) | $1652 | $87319397 |  | $243636 | $— |

---

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1299159070 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1299159070 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Investment Grade Systematic Bond ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $87319397 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87319397 |
|  | &nbsp;&nbsp; $87319397 | &nbsp;&nbsp; $1299159070 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1386478467 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>High Yield <br> Systematic Bond <br> ETF <br>| &nbsp;&nbsp; iShares <br>Investment Grade <br> Systematic Bond <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1576146181 | $1299159070 |
| Investments, at value—affiliated<sup>(c)</sup> | 349898642 | 87319397 |
| Cash | 191831 | 2974 |
| Foreign currency, at value<sup>(d)</sup> | 291 |  |
| Receivables: |  |  |
| Investments sold | 46040063 | 56001638 |
| Securities lending income—affiliated | 175213 | 15506 |
| Capital shares sold | 59037 | 36827 |
| Dividends—affiliated | 24971 | 24630 |
| Interest—unaffiliated | 28599471 | 18132762 |
| Total assets | 2001135700 | 1460692804 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 343679136 | 79574207 |
| Payables: |  |  |
| Investments purchased | 34358976 | 52817989 |
| Investment advisory fees | 464775 | 200064 |
| Total liabilities | 378502887 | 132592260 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $1622632813 | $1328100544 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $1618046677 | $1330568966 |
| Accumulated earnings (loss) | 4586136 | (2468422) |
| NET ASSETS | $1622632813 | $1328100544 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 34100000 | 29150000 |
| Net asset value | $47.58 | $45.56 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1553133859 | $1286227646 |
| <sup>(b)</sup> Securities loaned, at value | $331274476 | $76437673 |
| <sup>(c)</sup> Investments, at cost—affiliated | $349842361 | $87301669 |
| <sup>(d)</sup> Foreign currency, at cost | $242 | $— |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>High Yield <br> Systematic <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Investment <br> Grade <br> Systematic <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $199317 | &nbsp;&nbsp;&nbsp; $157366 |
| Interest—unaffiliated | &nbsp;&nbsp; 57462847 | &nbsp;&nbsp;&nbsp; 30159474 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1064155 | &nbsp;&nbsp;&nbsp; 86270 |
| Payment-in-kind interest—unaffiliated | &nbsp;&nbsp; 41691 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1505 |
| Total investment income | &nbsp;&nbsp; 58768010 | &nbsp;&nbsp;&nbsp; 30404615 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 2707665 | &nbsp;&nbsp;&nbsp; 1050811 |
| Total expenses | &nbsp;&nbsp; 2707665 | &nbsp;&nbsp;&nbsp; 1050811 |
| Net investment income | &nbsp;&nbsp; 56060345 | &nbsp;&nbsp;&nbsp; 29353804 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (18619165)<br>| &nbsp;&nbsp;&nbsp; (847031)<br>|
| Investments—affiliated | &nbsp;&nbsp; (32214)<br>| &nbsp;&nbsp;&nbsp; (1509)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 2985614 | &nbsp;&nbsp;&nbsp; (104647)<br>|
|  | &nbsp;&nbsp; (15665765)<br>| &nbsp;&nbsp;&nbsp; (953187)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 9982859 | &nbsp;&nbsp;&nbsp; 9544272 |
| Investments—affiliated | &nbsp;&nbsp; 24532 | &nbsp;&nbsp;&nbsp; 1652 |
| Foreign currency translations | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 10007424 | &nbsp;&nbsp;&nbsp; 9545924 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (5658341)<br>| &nbsp;&nbsp;&nbsp; 8592737 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $50402004 | &nbsp;&nbsp;&nbsp; $37946541 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>High Yield Systematic Bond ETF  | iShares <br>High Yield Systematic Bond ETF  | iShares <br>Investment Grade Systematic Bond ETF  | iShares <br>Investment Grade Systematic Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Six Months Ended <br>08/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $56060345 | &nbsp;&nbsp;&nbsp; $58259134 | &nbsp;&nbsp;&nbsp; $29353804 | &nbsp;&nbsp;&nbsp; $56359681 |
| Net realized gain (loss) | &nbsp;&nbsp; (15665765)<br>| &nbsp;&nbsp;&nbsp; 13132250 | &nbsp;&nbsp;&nbsp; (953187)<br>| &nbsp;&nbsp;&nbsp; 17590389 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10007424 | &nbsp;&nbsp;&nbsp; 5165271 | &nbsp;&nbsp;&nbsp; 9545924 | &nbsp;&nbsp;&nbsp; 6027865 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 50402004 | &nbsp;&nbsp;&nbsp; 76556655 | &nbsp;&nbsp;&nbsp; 37946541 | &nbsp;&nbsp;&nbsp; 79977935 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (54832811 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (54319948)<br>| &nbsp;&nbsp;&nbsp; (28290360 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (54498633)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 80897353 | &nbsp;&nbsp;&nbsp; 923525176 | &nbsp;&nbsp;&nbsp; 245653433 | &nbsp;&nbsp;&nbsp; 490147057 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 76466546 | &nbsp;&nbsp;&nbsp; 945761883 | &nbsp;&nbsp;&nbsp; 255309614 | &nbsp;&nbsp;&nbsp; 515626359 |
| Beginning of period | &nbsp;&nbsp; 1546166267 | &nbsp;&nbsp;&nbsp; 600404384 | &nbsp;&nbsp;&nbsp; 1072790930 | &nbsp;&nbsp;&nbsp; 557164571 |
| End of period | &nbsp;&nbsp; $1622632813 | &nbsp;&nbsp;&nbsp; $1546166267 | &nbsp;&nbsp;&nbsp; $1328100544 | &nbsp;&nbsp;&nbsp; $1072790930 |

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

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

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

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Financial Highlights

(For a share outstanding throughout each period)

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares High Yield Systematic Bond ETF  | iShares High Yield Systematic Bond ETF  | iShares High Yield Systematic Bond ETF  | iShares High Yield Systematic Bond ETF  | iShares High Yield Systematic Bond ETF  | iShares High Yield Systematic Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $47.65 | &nbsp;&nbsp;&nbsp; $46.18 | &nbsp;&nbsp;&nbsp; $44.14 | &nbsp;&nbsp;&nbsp; $49.27 | &nbsp;&nbsp;&nbsp; $51.32 | &nbsp;&nbsp;&nbsp; $49.43 |
| Net investment income<sup>(a)</sup> | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp; (5.00)<br>| &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Net increase (decrease) from investment operations | 1.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.68 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp; (2.98)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $47.58 | &nbsp;&nbsp;&nbsp; $47.65 | &nbsp;&nbsp;&nbsp; $46.18 | &nbsp;&nbsp;&nbsp; $44.14 | &nbsp;&nbsp;&nbsp; $49.27 | &nbsp;&nbsp;&nbsp; $51.32 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.43<br> %<br>| &nbsp;&nbsp;&nbsp; (4.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.38<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 7.25 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.97<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1622633 | &nbsp;&nbsp;&nbsp; $1546166 | &nbsp;&nbsp;&nbsp; $600404 | &nbsp;&nbsp;&nbsp; $134615 | &nbsp;&nbsp;&nbsp; $174913 | &nbsp;&nbsp;&nbsp; $79541 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

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*See notes to financial statements.*

Financial Highlights

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Financial Highlights(continued)

(For a share outstanding throughout each period)

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Investment Grade Systematic Bond ETF  | iShares Investment Grade Systematic Bond ETF  | iShares Investment Grade Systematic Bond ETF  | iShares Investment Grade Systematic Bond ETF  | iShares Investment Grade Systematic Bond ETF  | iShares Investment Grade Systematic Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $45.27 | &nbsp;&nbsp;&nbsp; $44.40 | &nbsp;&nbsp;&nbsp; $43.60 | &nbsp;&nbsp;&nbsp; $49.85 | &nbsp;&nbsp;&nbsp; $53.69 | &nbsp;&nbsp;&nbsp; $53.44 |
| Net investment income<sup>(a)</sup> | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (6.35)<br>| &nbsp;&nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net increase (decrease) from investment operations | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.11 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| Total distributions | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $45.56 | &nbsp;&nbsp;&nbsp; $45.27 | &nbsp;&nbsp;&nbsp; $44.40 | &nbsp;&nbsp;&nbsp; $43.60 | &nbsp;&nbsp;&nbsp; $49.85 | &nbsp;&nbsp;&nbsp; $53.69 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.14 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.87<br> %<br>| &nbsp;&nbsp;&nbsp; (9.35)%<br>| &nbsp;&nbsp;&nbsp; (3.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.18 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Net investment income | 5.03 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1328101 | &nbsp;&nbsp;&nbsp; $1072791 | &nbsp;&nbsp;&nbsp; $557165 | &nbsp;&nbsp;&nbsp; $235460 | &nbsp;&nbsp;&nbsp; $162009 | &nbsp;&nbsp;&nbsp; $158379 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>| &nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

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*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

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

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> High Yield Systematic Bond Diversified <br> Investment Grade Systematic Bond Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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

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

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

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

Notes to Financial Statements

------

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

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

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

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

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| High Yield Systematic Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $74231196 | &nbsp;&nbsp;&nbsp; $(74231196) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 49873392 | &nbsp;&nbsp;&nbsp; (49873392) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 1462044 | &nbsp;&nbsp;&nbsp; (1462044) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 300096 | &nbsp;&nbsp;&nbsp; (300096) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 10906841 | &nbsp;&nbsp;&nbsp; (10906841) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 10375330 | &nbsp;&nbsp;&nbsp; (10375330) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 29016116 | &nbsp;&nbsp;&nbsp; (29016116) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 15681526 | &nbsp;&nbsp;&nbsp; (15681526) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 20220859 | &nbsp;&nbsp;&nbsp; (20220859) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 567434 | &nbsp;&nbsp;&nbsp; (567434) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 1799985 | &nbsp;&nbsp;&nbsp; (1799985) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 44718518 | &nbsp;&nbsp;&nbsp; (44718518) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 33188770 | &nbsp;&nbsp;&nbsp; (33188770) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 11994084 | &nbsp;&nbsp;&nbsp; (11994084) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 3240048 | &nbsp;&nbsp;&nbsp; (3240048) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 15566144 | &nbsp;&nbsp;&nbsp; (15566144) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 2695138 | &nbsp;&nbsp;&nbsp; (2695138) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 1572455 | &nbsp;&nbsp;&nbsp; (1572455) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 293012 | &nbsp;&nbsp;&nbsp; (293012) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 3571488 | &nbsp;&nbsp;&nbsp; (3571488) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $331274476 | &nbsp;&nbsp;&nbsp; $(331274476) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| Investment Grade Systematic Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $16668381 | &nbsp;&nbsp;&nbsp; $(16668381) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 3719923 | &nbsp;&nbsp;&nbsp; (3719923) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 6471781 | &nbsp;&nbsp;&nbsp; (6471781) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 4290244 | &nbsp;&nbsp;&nbsp; (4290244) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 13131598 | &nbsp;&nbsp;&nbsp; (13131598) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 952030 | &nbsp;&nbsp;&nbsp; (952030) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 5797980 | &nbsp;&nbsp;&nbsp; (5797980) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 1778511 | &nbsp;&nbsp;&nbsp; (1778511) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 5197884 | &nbsp;&nbsp;&nbsp; (5197884) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 5500161 | &nbsp;&nbsp;&nbsp; (5500161) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1053892 | &nbsp;&nbsp;&nbsp; (1053892) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 4733313 | &nbsp;&nbsp;&nbsp; (4733313) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 4200353 | &nbsp;&nbsp;&nbsp; (4200353) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2941622 | &nbsp;&nbsp;&nbsp; (2941622) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $76437673 | &nbsp;&nbsp;&nbsp; $(76437673) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| High Yield Systematic Bond | 0.35% |
| Investment Grade Systematic Bond | 0.18 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Index Provider:** BlackRock Index Services, LLC, an affiliate of BFA, created, sponsors and publishes the underlying index used by each Fund. Each Fund uses its underlying index at no charge pursuant to a license agreement between BlackRock Index Services, LLC (or one or more of its affiliates) and the Trust, on behalf of the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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

fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| High Yield Systematic Bond | &nbsp;&nbsp; $309696 |
| Investment Grade Systematic Bond | &nbsp;&nbsp; 34636 |

---

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

**Other Transactions:** Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | *Other Securities* | *Other Securities* |
| *iShares ETF* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| High Yield Systematic Bond | &nbsp;&nbsp; $688468052 | &nbsp;&nbsp;&nbsp; $691526647 |
| Investment Grade Systematic Bond | &nbsp;&nbsp; 361173550 | &nbsp;&nbsp;&nbsp; 360940527 |

---

For the six months ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| High Yield Systematic Bond | &nbsp;&nbsp; $297336806 | &nbsp;&nbsp;&nbsp; $218974421 |
| Investment Grade Systematic Bond | &nbsp;&nbsp; 273968857 | &nbsp;&nbsp;&nbsp; 32788635 |

---

***7. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

Notes to Financial Statements

------

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

As of February 28, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| High Yield Systematic Bond | &nbsp;&nbsp; $(11282704)<br>|
| Investment Grade Systematic Bond | &nbsp;&nbsp; (19745918)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| High Yield Systematic Bond | &nbsp;&nbsp; $1903890251 | &nbsp;&nbsp;&nbsp; $30476471 | &nbsp;&nbsp;&nbsp; $(8321899) | &nbsp;&nbsp;&nbsp; $22154572 |
| Investment Grade Systematic Bond | &nbsp;&nbsp; 1373747179 | &nbsp;&nbsp;&nbsp; 20285663 | &nbsp;&nbsp;&nbsp; (7554375) | &nbsp;&nbsp;&nbsp; 12731288 |

---

***8. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>08/31/25 | Six Months Ended <br>08/31/25 | Year Ended <br>02/28/25 | Year Ended <br>02/28/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| High Yield Systematic Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6550000 | &nbsp;&nbsp;&nbsp; $308085550 | &nbsp;&nbsp;&nbsp; 22550000 | &nbsp;&nbsp;&nbsp; $1066797782 |
| Shares redeemed | &nbsp;&nbsp; (4900000)<br>| &nbsp;&nbsp;&nbsp; (227188197)<br>| &nbsp;&nbsp;&nbsp; (3100000)<br>| &nbsp;&nbsp;&nbsp; (143272606)<br>|
|  | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; $80897353 | &nbsp;&nbsp;&nbsp; 19450000 | &nbsp;&nbsp;&nbsp; $923525176 |
| Investment Grade Systematic Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; $278880843 | &nbsp;&nbsp;&nbsp; 25500000 | &nbsp;&nbsp;&nbsp; $1138206179 |
| Shares redeemed | &nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (33227410)<br>| &nbsp;&nbsp;&nbsp; (14350000)<br>| &nbsp;&nbsp;&nbsp; (648059122)<br>|
|  | &nbsp;&nbsp; 5450000 | &nbsp;&nbsp;&nbsp; $245653433 | &nbsp;&nbsp;&nbsp; 11150000 | &nbsp;&nbsp;&nbsp; $490147057 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares High Yield Systematic Bond ETF, iShares Investment Grade Systematic Bond ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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![](g98161img7045b4693.gif)

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August 31, 2025

![](g98161img39c2d9b01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares Core 5-10 Year USD Bond ETF \| IMTB \| NYSE Arca |
| • iShares Core 10+ Year USD Bond ETF \| ILTB \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 79 |
| [Statements of Operations](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 80 |
| [Statements of Changes in Net Assets](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 81 |
| [Financial Highlights](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 82 |
| [Notes to Financial Statements](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 84 |
| [Additional Information](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 92 |
| [Board Review and Approval of Investment Advisory Contract](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 93 |
| [Glossary of Terms Used in these Financial Statements](#xx_722c15bd-09fe-48d9-bf4c-5f7ef82d41c5_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 96 |

---

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Mortgage-Backed Securities — 0.7%** | **Mortgage-Backed Securities — 0.7%** | **Mortgage-Backed Securities — 0.7%** |
| BBCMS Mortgage Trust, 5.40%, 09/15/57 | &nbsp;&nbsp; $250 | $259783 |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B4, Class A5, 4.12%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 200 | 198437 |
| Series 2019-B9, Class A5, 4.02%, 03/15/52 | &nbsp;&nbsp; 50 | 49175 |
| Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates, 4.50%, <br> 07/25/33<sup>(a)</sup><br>| &nbsp;&nbsp; 500 | 503258 |
| Morgan Stanley Capital I Trust |  |  |
| 2.32%, 10/15/54 | &nbsp;&nbsp; 250 | 221665 |
| Series 2021-L7, Class A5, 2.57%, 10/15/54 | &nbsp;&nbsp; 500 | 448122 |
|  |  | 1680440 |
| **Total Collateralized Mortgage Obligations — 0.7%** <br>**(Cost: $1,644,593)** | **Total Collateralized Mortgage Obligations — 0.7%** <br>**(Cost: $1,644,593)** | 1680440 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 7.13%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10155 |
| 7.50%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10174 |
| Dotdash Meredith Inc., 7.63%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24562 |
| Interpublic Group of Companies Inc. (The) |  |  |
| 2.40%, 03/01/31 | &nbsp;&nbsp; 10 | 8944 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 9 | 9130 |
| Lamar Media Corp., 3.63%, 01/15/31 | &nbsp;&nbsp; 5 | 4634 |
| Omnicom Group Inc., 2.60%, 08/01/31 | &nbsp;&nbsp; 25 | 22492 |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp., 7.38%, 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10568 |
|  |  | 100659 |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| ATI Inc. |  |  |
| 5.13%, 10/01/31 | &nbsp;&nbsp; 5 | 4886 |
| 7.25%, 08/15/30 | &nbsp;&nbsp; 10 | 10531 |
| BAE Systems PLC, 5.30%, 03/26/34<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30764 |
| Boeing Co. (The) |  |  |
| 3.25%, 02/01/35 | &nbsp;&nbsp; 5 | 4266 |
| 3.60%, 05/01/34 | &nbsp;&nbsp; 35 | 31174 |
| 3.63%, 02/01/31 | &nbsp;&nbsp; 25 | 23868 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 10 | 10856 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 50 | 54729 |
| Bombardier Inc. |  |  |
| 6.75%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15613 |
| 7.00%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15686 |
| 7.25%, 07/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15813 |
| 7.45%, 05/01/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10928 |
| 8.75%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10795 |
| Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15349 |
| Embraer Netherlands Finance BV, 5.98%, 02/11/35 | &nbsp;&nbsp; 10 | 10379 |
| General Electric Co., 6.75%, 03/15/32 | &nbsp;&nbsp; 25 | 28305 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15272 |
| Hexcel Corp., 5.88%, 02/26/35 | &nbsp;&nbsp; 5 | 5104 |
| L3Harris Technologies Inc. |  |  |
| 4.85%, 04/27/35 | &nbsp;&nbsp; 10 | 9846 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 20 | 20490 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 40 | 41258 |
| Lockheed Martin Corp. |  |  |
| 4.75%, 02/15/34 | &nbsp;&nbsp; 45 | 44974 |
| 4.80%, 08/15/34 | &nbsp;&nbsp; 10 | 10015 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 5.00%, 08/15/35 | &nbsp;&nbsp; $20 | $20112 |
| Northrop Grumman Corp. |  |  |
| 4.70%, 03/15/33 | &nbsp;&nbsp; 40 | 40007 |
| 5.25%, 07/15/35 | &nbsp;&nbsp; 10 | 10217 |
| RTX Corp. |  |  |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 15 | 13131 |
| 5.15%, 02/27/33 | &nbsp;&nbsp; 55 | 56460 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 50 | 54014 |
| 6.10%, 03/15/34 | &nbsp;&nbsp; 25 | 27135 |
| Spirit AeroSystems Inc., 9.75%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 22042 |
| TransDigm Inc. |  |  |
| 6.00%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30336 |
| 6.25%, 01/31/34<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5131 |
| 6.38%, 05/31/33<sup>(b)</sup> | &nbsp;&nbsp; 45 | 45627 |
| 6.63%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36060 |
| 6.75%, 01/31/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10325 |
| 6.88%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36324 |
| 7.13%, 12/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15645 |
|  |  | 863467 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| Altria Group Inc. |  |  |
| 2.45%, 02/04/32 | &nbsp;&nbsp; 60 | 52246 |
| 5.25%, 08/06/35 | &nbsp;&nbsp; 10 | 9988 |
| 5.63%, 02/06/35 | &nbsp;&nbsp; 15 | 15407 |
| Archer-Daniels-Midland Co., 4.50%, 08/15/33 | &nbsp;&nbsp; 25 | 24696 |
| BAT Capital Corp. |  |  |
| 2.73%, 03/25/31 | &nbsp;&nbsp; 25 | 22754 |
| 4.74%, 03/16/32 | &nbsp;&nbsp; 15 | 14949 |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 20 | 20523 |
| 6.00%, 02/20/34 | &nbsp;&nbsp; 15 | 15923 |
| 6.42%, 08/02/33 | &nbsp;&nbsp; 30 | 32671 |
| 7.75%, 10/19/32 | &nbsp;&nbsp; 20 | 23166 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31 | &nbsp;&nbsp; 10 | 9138 |
| 4.65%, 09/17/34 | &nbsp;&nbsp; 10 | 9740 |
| 5.15%, 08/04/35 | &nbsp;&nbsp; 10 | 10029 |
| Cargill Inc. |  |  |
| 1.70%, 02/02/31<sup>(b)</sup> | &nbsp;&nbsp; 35 | 30748 |
| 2.13%, 11/10/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8782 |
| 4.00%, 06/22/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24161 |
| 5.13%, 10/11/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10345 |
| 5.13%, 02/11/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10196 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA <br> Foods Group, 5.95%, 04/20/35<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20799 |
| Philip Morris International Inc. |  |  |
| 4.88%, 04/30/35 | &nbsp;&nbsp; 20 | 19809 |
| 5.25%, 02/13/34 | &nbsp;&nbsp; 50 | 51082 |
| 5.38%, 02/15/33 | &nbsp;&nbsp; 50 | 51760 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 85 | 89943 |
|  |  | 578855 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| American Airlines Pass-Through Trust |  |  |
| Series 2019-1, Class AA, 3.15%, 08/15/33 | &nbsp;&nbsp; 4 | 3241 |
| Series A, Class A, 2.88%, 01/11/36 | &nbsp;&nbsp; 8 | 7511 |
| AS Mileage Plan IP Ltd., 5.31%, 10/20/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5008 |
| British Airways Pass-Through Trust |  |  |
| Class A, 2.90%, 09/15/36<sup>(b)</sup> | &nbsp;&nbsp; 8 | 7516 |
| Series 2019-1, Class AA, 3.30%, 06/15/34<sup>(b)</sup> | &nbsp;&nbsp; 7 | 7024 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>| &nbsp;&nbsp; 39 | 38744 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| JetBlue Pass-Through Trust |  |  |
| Series 1A, 4.00%, 05/15/34<sup>(c)</sup> | &nbsp;&nbsp; $7 | $6615 |
| Series 2019-1, Class AA, 2.75%, 11/15/33 | &nbsp;&nbsp; 4 | 3267 |
| United Airlines Pass-Through Trust |  |  |
| Series 2019, Class AA, 4.15%, 02/25/33 | &nbsp;&nbsp; 3 | 3061 |
| Series 2019-2, Class AA, 2.70%, 11/01/33 | &nbsp;&nbsp; 4 | 3432 |
|  |  | 85419 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Beach Acquisition Bidco LLC, 10.00%, 07/15/33, <br> (10.00% Cash)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 50 | 53050 |
| Champ Acquisition Corp., 8.38%, 12/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10677 |
| Crocs Inc., 4.13%, 08/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8 | 7181 |
| Hanesbrands Inc., 9.00%, 02/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10639 |
| Levi Strauss & Co., 3.50%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9235 |
| S&S Holdings LLC, 8.38%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9573 |
| Tapestry Inc. |  |  |
| 3.05%, 03/15/32 | &nbsp;&nbsp; 25 | 22403 |
| 5.50%, 03/11/35 | &nbsp;&nbsp; 15 | 15143 |
| VF Corp., 6.00%, 10/15/33<sup>(c)</sup> | &nbsp;&nbsp; 5 | 4777 |
|  |  | 142678 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| Allison Transmission Inc., 3.75%, 01/30/31<sup>(b)</sup> | &nbsp;&nbsp; 17 | 15680 |
| American Honda Finance Corp. |  |  |
| 4.90%, 01/10/34<sup>(c)</sup> | &nbsp;&nbsp; 15 | 14971 |
| 5.05%, 07/10/31 | &nbsp;&nbsp; 20 | 20525 |
| 5.20%, 03/05/35<sup>(c)</sup> | &nbsp;&nbsp; 15 | 15071 |
| BMW U.S. Capital LLC |  |  |
| 1.95%, 08/12/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17302 |
| 2.55%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13546 |
| 3.70%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9417 |
| 5.15%, 08/11/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10186 |
| 5.15%, 04/02/34<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10105 |
| 5.20%, 08/11/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9949 |
| 5.40%, 03/21/35<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10219 |
| Cummins Inc. |  |  |
| 4.70%, 02/15/31 | &nbsp;&nbsp; 20 | 20307 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 25 | 25612 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 20 | 20428 |
| Daimler Truck Finance North America LLC, 5.63%, <br> 01/13/35<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10263 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 58 | 49698 |
| 6.10%, 08/19/32 | &nbsp;&nbsp; 95 | 95953 |
| 7.45%, 07/16/31 | &nbsp;&nbsp; 40 | 43999 |
| Ford Motor Credit Co. LLC |  |  |
| 3.63%, 06/17/31 | &nbsp;&nbsp; 33 | 29696 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 20 | 18585 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 10 | 9837 |
| 6.50%, 02/07/35 | &nbsp;&nbsp; 10 | 10070 |
| General Motors Co. |  |  |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 20 | 19107 |
| 5.60%, 10/15/32 | &nbsp;&nbsp; 25 | 25681 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 10 | 8807 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 19 | 16857 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 45 | 40016 |
| 5.45%, 09/06/34 | &nbsp;&nbsp; 15 | 14845 |
| 5.75%, 02/08/31 | &nbsp;&nbsp; 10 | 10379 |
| 5.90%, 01/07/35 | &nbsp;&nbsp; 25 | 25380 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 30 | 30752 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 6.10%, 01/07/34 | &nbsp;&nbsp; $45 | $46665 |
| 6.15%, 07/15/35 | &nbsp;&nbsp; 20 | 20552 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 29 | 30721 |
| Honda Motor Co. Ltd. |  |  |
| 2.97%, 03/10/32 | &nbsp;&nbsp; 50 | 45137 |
| 5.34%, 07/08/35 | &nbsp;&nbsp; 25 | 25133 |
| Hyundai Capital America |  |  |
| 4.75%, 09/26/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10046 |
| 5.40%, 01/08/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25792 |
| 5.40%, 03/29/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10262 |
| JB Poindexter & Co. Inc., 8.75%, 12/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10329 |
| Mercedes-Benz Finance North America LLC |  |  |
| 5.00%, 01/11/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15039 |
| 8.50%, 01/18/31 | &nbsp;&nbsp; 25 | 29876 |
| Nissan Motor Co. Ltd. |  |  |
| 4.81%, 09/17/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 46723 |
| 8.13%, 07/17/35<sup>(b)</sup> | &nbsp;&nbsp; 50 | 52875 |
| PACCAR Financial Corp., 5.00%, 03/22/34 | &nbsp;&nbsp; 10 | 10225 |
| Stellantis Finance U.S. Inc. |  |  |
| 2.69%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4258 |
| 6.45%, 03/18/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10078 |
| Toyota Motor Corp., 5.05%, 06/30/35 | &nbsp;&nbsp; 20 | 20227 |
| Toyota Motor Credit Corp. |  |  |
| 1.65%, 01/10/31 | &nbsp;&nbsp; 45 | 39293 |
| 4.60%, 10/10/31 | &nbsp;&nbsp; 25 | 25243 |
| 4.70%, 01/12/33 | &nbsp;&nbsp; 15 | 15091 |
| 4.80%, 01/05/34 | &nbsp;&nbsp; 25 | 25200 |
| 5.10%, 03/21/31 | &nbsp;&nbsp; 10 | 10368 |
| 5.35%, 01/09/35 | &nbsp;&nbsp; 20 | 20677 |
| Volkswagen Group of America Finance LLC, 5.60%, <br> 03/22/34<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10151 |
|  |  | 1233204 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Adient Global Holdings Ltd. |  |  |
| 7.50%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15621 |
| 8.25%, 04/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10531 |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/32<sup>(c)</sup> | &nbsp;&nbsp; 25 | 22659 |
| 5.15%, 09/13/34 | &nbsp;&nbsp; 15 | 14653 |
| BorgWarner Inc., 5.40%, 08/15/34<sup>(c)</sup> | &nbsp;&nbsp; 10 | 10176 |
| Dana Inc. |  |  |
| 4.25%, 09/01/30 | &nbsp;&nbsp; 5 | 4948 |
| 4.50%, 02/15/32<sup>(c)</sup> | &nbsp;&nbsp; 10 | 9804 |
| Garrett Motion Holdings Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(b)</sup><br>| &nbsp;&nbsp; 14 | 14653 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 5.25%, 04/30/31 | &nbsp;&nbsp; 10 | 9492 |
| 5.25%, 07/15/31 | &nbsp;&nbsp; 9 | 8526 |
| 5.63%, 04/30/33<sup>(c)</sup> | &nbsp;&nbsp; 10 | 9409 |
| IHO Verwaltungs GmbH |  |  |
| 7.75%, 11/15/30, (7.75% Cash)<sup>(b)(d)</sup> | &nbsp;&nbsp; 10 | 10392 |
| 8.00%, 11/15/32, (8.00% Cash)<sup>(b)(d)</sup> | &nbsp;&nbsp; 10 | 10441 |
| Lear Corp., 2.60%, 01/15/32 | &nbsp;&nbsp; 25 | 21801 |
| Magna International Inc. |  |  |
| 5.50%, 03/21/33 | &nbsp;&nbsp; 10 | 10310 |
| 5.88%, 06/01/35 | &nbsp;&nbsp; 10 | 10394 |
| Phinia Inc., 6.63%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5139 |
| Qnity Electronics Inc. |  |  |
| 5.75%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10168 |
| 6.25%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10337 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| ZF North America Capital Inc., 6.88%, 04/23/32<sup>(b)</sup> | &nbsp;&nbsp; $15 | $14373 |
|  |  | 233827 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 2.57%, 11/25/35, (5-year CMT + 1.700%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 25 | 22296 |
| 5.20%, 09/30/35, (1-year CMT + 1.470%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 30 | 29789 |
| Banco Bilbao Vizcaya Argentaria SA, 6.03%, <br> 03/13/35, (1-year CMT + 1.950%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | 10492 |
| Banco Santander SA |  |  |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 150 | 135228 |
| 2.96%, 03/25/31 | &nbsp;&nbsp; 20 | 18476 |
| 6.03%, 01/17/35 | &nbsp;&nbsp; 20 | 21234 |
| Bank of America Corp. |  |  |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 57391 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 57347 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 47544 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 66925 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 68027 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 58687 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 27695 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(a)</sup> | &nbsp;&nbsp; 95 | 94024 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(a)</sup> | &nbsp;&nbsp; 90 | 91387 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 87121 |
| 5.43%, 08/15/35, (1-day SOFR +1.913%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 45318 |
| 5.46%, 05/09/36, (1-day SOFR + 1.640%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 51364 |
| 5.47%, 01/23/35, (1-day SOFR + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 103261 |
| 5.51%, 01/24/36, (1-day SOFR + 1.310%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 72115 |
| 5.52%, 10/25/35, (1-day SOFR + 1.738%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 70591 |
| 5.74%, 02/12/36, (1-day SOFR + 1.697%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 61482 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 84844 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 45 | 40883 |
| Bank of Montreal |  |  |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22043 |
| 5.51%, 06/04/31 | &nbsp;&nbsp; 40 | 42064 |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.80%, 07/28/31 | &nbsp;&nbsp; 5 | 4393 |
| 2.50%, 01/26/32 | &nbsp;&nbsp; 25 | 22321 |
| 4.71%, 02/01/34, (1-day SOFR + 1.512%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19928 |
| 4.97%, 04/26/34, (1-day SOFR + 1.606%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20207 |
| 5.06%, 07/22/32, (1-day SOFR + 1.230%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 61779 |
| 5.19%, 03/14/35, (1-day SOFR + 1.418%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25466 |
| 5.23%, 11/20/35, (1-day SOFR + 1.253%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30612 |
| 5.32%, 06/06/36, (1-day SOFR + 1.350%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20472 |
| 5.83%, 10/25/33, (1-day SOFR Index + 2.074%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 32066 |
| 6.47%, 10/25/34, (1-day SOFR + 1.845%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 33162 |
| Bank of Nova Scotia (The) |  |  |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 45 | 39513 |
| 4.74%, 11/10/32, (1-day SOFR + 1.440%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25252 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 35 | 36876 |
| Barclays PLC |  |  |
| 5.79%, 02/25/36, (1-day SOFR + 1.590%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20614 |
| 6.22%, 05/09/34, (1-day SOFR + 2.980%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 213317 |
| Blackstone Reg Finance Co. LLC, 5.00%, 12/06/34 | &nbsp;&nbsp; 10 | 9989 |
| BNP Paribas SA |  |  |
| 2.87%, 04/19/32, (3-mo. CME Term SOFR + <br> 1.387%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 200 | 181192 |
| 5.74%, 02/20/35, (1-day SOFR + 1.880%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 5 | 5204 |
| 5.89%, 12/05/34, (1-day SOFR + 1.866%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 10530 |
| BPCE SA, 5.94%, 05/30/35, (1-day SOFR + <br> 1.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 250 | 258453 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| CaixaBank SA, 6.04%, 06/15/35, (1-day SOFR <br> +2.260%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $10 | $10522 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.60%, 04/07/32 | &nbsp;&nbsp; 16 | 15045 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 20 | 21573 |
| Citibank NA, 5.57%, 04/30/34 | &nbsp;&nbsp; 30 | 31389 |
| Citigroup Inc. |  |  |
| 2.52%, 11/03/32, (1-day SOFR + 1.177%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 44264 |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 98781 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 45149 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(a)</sup> | &nbsp;&nbsp; 90 | 84661 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 45156 |
| 5.41%, 09/19/39, (5-year CMT + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9896 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 66708 |
| 5.83%, 02/13/35, (1-day SOFR + 2.056%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 46158 |
| 6.02%, 01/24/36, (1-day SOFR + 1.830%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 56755 |
| 6.17%, 05/25/34, (1-day SOFR + 2.661%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 57902 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 54195 |
| 6.63%, 06/15/32 | &nbsp;&nbsp; 30 | 33063 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(a)</sup><br>| &nbsp;&nbsp; 40 | 40420 |
| Citizens Financial Group Inc. |  |  |
| 5.64%, 05/21/37, (5-year CMT + 2.750%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20099 |
| 5.72%, 07/23/32, (1-day SOFR + 1.910%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5220 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10872 |
| Commonwealth Bank of Australia |  |  |
| 1.88%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17634 |
| 2.69%, 03/11/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9040 |
| 5.84%, 03/13/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15643 |
| Credit Agricole SA |  |  |
| 5.37%, 03/11/34<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5168 |
| 5.86%, 01/09/36, (1-day SOFR + 1.740%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 10387 |
| 6.25%, 01/10/35, (1-day SOFR + 2.670%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 10446 |
| Deutsche Bank AG/New York NY |  |  |
| 3.55%, 09/18/31, (1-day SOFR + 3.043%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 142304 |
| 3.73%, 01/14/32, (1-day SOFR + 2.757%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9360 |
| 3.74%, 01/07/33, (1-day SOFR + 2.257%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22886 |
| Dresdner Funding Trust I, 8.15%, 06/30/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 22100 |
| Fifth Third Bancorp |  |  |
| 4.34%, 04/25/33, (1-day SOFR + 1.660%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14506 |
| 5.63%, 01/29/32, (1-day SOFR + 1.840%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20937 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 8 | 8873 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 10 | 10617 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 21948 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 44277 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 76717 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 35718 |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 72774 |
| 5.02%, 10/23/35, (1-day SOFR + 1.420%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 109302 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50875 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 67038 |
| 5.85%, 04/25/35, (1-day SOFR + 1.552%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 42223 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 50 | 54785 |
| 6.56%, 10/24/34, (1-day SOFR + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 83247 |
| HSBC Holdings PLC |  |  |
| 2.80%, 05/24/32, (1-day SOFR + 1.187%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 180535 |
| 4.76%, 03/29/33, (1-day SOFR + 2.530%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 197331 |
| 5.45%, 03/03/36, (1-day SOFR + 1.560%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30491 |
| 6.25%, 03/09/34, (1-day SOFR + 2.390%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 215909 |
| 8.11%, 11/03/33, (1-day SOFR + 4.250%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 11634 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(a)</sup> | &nbsp;&nbsp; $15 | $12768 |
| 5.02%, 05/17/33, (1-day SOFR + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20015 |
| 5.71%, 02/02/35, (1-day SOFR Index + 1.870%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 41333 |
| 6.14%, 11/18/39, (5-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5153 |
| ING Groep NV, 2.73%, 04/01/32, (1-day SOFR + <br> 1.316%)<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 182468 |
| Intesa Sanpaolo SpA |  |  |
| 4.20%, 06/01/32, (1-year CMT + 2.600%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 9359 |
| 7.20%, 11/28/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 33937 |
| 8.25%, 11/21/33, (1-year CMT + 4.400%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 15 | 17535 |
| JPMorgan Chase & Co. |  |  |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(a)</sup><br>| &nbsp;&nbsp; 30 | 26343 |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 48387 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 53492 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 70 | 63314 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 58943 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 49738 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(a)</sup> | &nbsp;&nbsp; 80 | 81082 |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 69614 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(a)</sup> | &nbsp;&nbsp; 110 | 112199 |
| 5.34%, 01/23/35, (1-day SOFR + 1.620%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 56476 |
| 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 87789 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 51641 |
| 5.57%, 04/22/36, (1-day SOFR + 1.680%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 72800 |
| 5.58%, 07/23/36 | &nbsp;&nbsp; 50 | 51039 |
| 5.72%, 09/14/33, (1-day SOFR + 2.580%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 52353 |
| 5.77%, 04/22/35, (1-day SOFR + 1.490%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 63391 |
| 6.25%, 10/23/34, (1-day SOFR + 1.810%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 60066 |
| KeyCorp |  |  |
| 4.79%, 06/01/33, (1-day SOFR Index + 2.060%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4945 |
| 6.40%, 03/06/35, (1-day SOFR Index + 2.420%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 32217 |
| KKR Group Finance Co. XII LLC, 4.85%, 05/17/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20111 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 0.75%, 09/30/30 | &nbsp;&nbsp; 20 | 17263 |
| 4.13%, 07/15/33 | &nbsp;&nbsp; 135 | 135517 |
| 4.38%, 02/28/34 | &nbsp;&nbsp; 100 | 101510 |
| 4.75%, 10/29/30 | &nbsp;&nbsp; 80 | 83731 |
| Landwirtschaftliche Rentenbank |  |  |
| 0.88%, 09/03/30 | &nbsp;&nbsp; 115 | 99995 |
| 4.13%, 02/06/31<sup>(e)</sup> | &nbsp;&nbsp; 25 | 25342 |
| Lloyds Banking Group PLC |  |  |
| 4.98%, 08/11/33, (1-year CMT + 2.300%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10023 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5130 |
| 5.68%, 01/05/35, (1-year CMT + 1.750%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10370 |
| 7.95%, 11/15/33, (1-year CMT + 3.750%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 17306 |
| M&T Bank Corp. |  |  |
| 5.05%, 01/27/34, (1-day SOFR + 1.850%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14876 |
| 5.39%, 01/16/36, (1-day SOFR + 1.610%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25048 |
| 6.08%, 03/13/32, (1-day SOFR + 2.260%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 37205 |
| Macquarie Bank Ltd., 3.05%, 03/03/36, (5-year CMT + <br> 1.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10 | 9018 |
| Macquarie Group Ltd. |  |  |
| 2.69%, 06/23/32, (1-day SOFR + 1.440%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 9021 |
| 2.87%, 01/14/33, (1-day SOFR + 1.532%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 33 | 29471 |
| 4.44%, 06/21/33, (1-day SOFR + 2.405%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 33 | 32189 |
| 5.49%, 11/09/33, (1-day SOFR + 2.865%)<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 30 | 31177 |
| 5.89%, 06/15/34, (1-day SOFR + 2.380%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 30 | 31891 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Mitsubishi UFJ Financial Group Inc., 5.43%, 04/17/35, <br> (1-year CMT + 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; $200 | $206270 |
| Mizuho Financial Group Inc. |  |  |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 45 | 39810 |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(a)</sup> | &nbsp;&nbsp; 95 | 99687 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(a)</sup> | &nbsp;&nbsp; 54 | 46837 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 43388 |
| 2.24%, 07/21/32, (1-day SOFR + 1.178%)<sup>(a)</sup> | &nbsp;&nbsp; 85 | 74656 |
| 2.48%, 09/16/36, (1-day SOFR + 1.360%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 56305 |
| 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 62095 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 49566 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25228 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 66386 |
| 5.30%, 04/20/37, (1-day SOFR + 2.620%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5030 |
| 5.32%, 07/19/35, (1-day SOFR + 1.555%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50941 |
| 5.42%, 07/21/34, (1-day SOFR + 1.880%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 77413 |
| 5.47%, 01/18/35, (1-day SOFR + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 51575 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(a)</sup> | &nbsp;&nbsp; 70 | 72368 |
| 5.66%, 04/17/36, (1-day SOFR + 1.757%)<sup>(a)</sup> | &nbsp;&nbsp; 60 | 62445 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 57983 |
| 5.94%, 02/07/39, (5-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 36360 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 36364 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 49168 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 38822 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; 80 | 92182 |
| National Australia Bank Ltd., 5.90%, 01/14/36, (1-year <br> CMT + 1.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 20 | 20800 |
| NatWest Group PLC, 6.02%, 03/02/34, (1-year CMT + <br> 2.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 106455 |
| Norinchukin Bank (The), 2.08%, 09/22/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 12946 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + 0.979%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 8894 |
| 4.63%, 06/06/33, (1-day SOFR Index + 1.850%)<sup>(a)</sup> | &nbsp;&nbsp; 7 | 6889 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25270 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25268 |
| 5.37%, 07/21/36, (1-day SOFR + 1.417%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30473 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 40891 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25780 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 41706 |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 42522 |
| 6.04%, 10/28/33, (1-day SOFR Index + 2.140%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 48224 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 33677 |
| Regions Financial Corp., 5.50%, 09/06/35, (1-day <br> SOFR +2.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 30 | 30437 |
| Royal Bank of Canada |  |  |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 45 | 40014 |
| 5.00%, 02/01/33 | &nbsp;&nbsp; 70 | 71705 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 35 | 35791 |
| 5.15%, 02/01/34 | &nbsp;&nbsp; 30 | 30991 |
| Santander Holdings USA Inc., 6.34%, 05/31/35, <br> (1-day SOFR + 2.138%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15 | 15947 |
| Societe Generale SA, 6.69%, 01/10/34, (1-year CMT <br> + 2.950%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 200 | 214949 |
| Standard Chartered PLC |  |  |
| 3.27%, 02/18/36, (5-year CMT + 2.300%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 15 | 13668 |
| 5.91%, 05/14/35, (1-year CMT + 1.450%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 30 | 31375 |
| 6.10%, 01/11/35, (1-year CMT + 2.100%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 10613 |
| State Street Corp. |  |  |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 25 | 22286 |
| 2.62%, 02/07/33, (1-day SOFR + 1.002%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 17839 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.16%, 08/04/33, (1-day SOFR + 1.726%)<sup>(a)</sup> | &nbsp;&nbsp; $15 | $14540 |
| 4.42%, 05/13/33, (1-day SOFR + 1.605%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4949 |
| 4.68%, 10/22/32, (1-day SOFR + 1.050%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 35408 |
| 4.82%, 01/26/34, (1-day SOFR + 1.567%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25064 |
| 5.15%, 02/28/36, (1-day SOFR + 1.217%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30362 |
| 5.16%, 05/18/34, (1-day SOFR + 1.890%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15398 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 5.25%, 07/08/36, (1-day SOFR + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202974 |
| 5.56%, 07/09/34 | &nbsp;&nbsp; 20 | 20872 |
| Toronto-Dominion Bank (The) |  |  |
| 2.00%, 09/10/31 | &nbsp;&nbsp; 10 | 8824 |
| 2.45%, 01/12/32 | &nbsp;&nbsp; 25 | 22128 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 45 | 41373 |
| 4.46%, 06/08/32 | &nbsp;&nbsp; 45 | 44568 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 25 | 25973 |
| Truist Financial Corp. |  |  |
| 4.92%, 07/28/33, (1-day SOFR + 2.240%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24652 |
| 5.12%, 01/26/34, (1-day SOFR + 1.852%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 35250 |
| 5.15%, 08/05/32, (1-day SOFR + 1.571%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20576 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 36449 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 42025 |
| 6.12%, 10/28/33, (1-day SOFR + 2.300%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 21356 |
| U.S. Bancorp |  |  |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 25802 |
| 2.68%, 01/27/33, (1-day SOFR + 1.020%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 13266 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24856 |
| 4.97%, 07/22/33, (1-day SOFR + 2.110%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24836 |
| 5.42%, 02/12/36, (1-day SOFR + 1.411%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25587 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 36486 |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 36948 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 31722 |
| UBS Group AG |  |  |
| 2.10%, 02/11/32, (1-year CMT + 1.000%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | 175809 |
| 4.99%, 08/05/33, (1-year CMT + 2.400%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 200 | 200772 |
| 6.54%, 08/12/33, (1-day SOFR + 3.920%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 10929 |
| UniCredit SpA, 3.13%, 06/03/32, (1-year CMT + <br> 1.550%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5 | 4591 |
| Walker & Dunlop Inc., 6.63%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10386 |
| Wells Fargo & Co. |  |  |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 69162 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 75431 |
| 5.21%, 12/03/35, (1-day SOFR + 1.380%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50439 |
| 5.38%, 02/07/35 | &nbsp;&nbsp; 15 | 15800 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(a)</sup> | &nbsp;&nbsp; 90 | 92600 |
| 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 77345 |
| 5.56%, 07/25/34, (1-day SOFR + 1.990%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 77873 |
| 5.61%, 04/23/36, (1-day SOFR + 1.740%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 67443 |
| 6.49%, 10/23/34, (1-day SOFR + 2.060%)<sup>(a)</sup> | &nbsp;&nbsp; 75 | 82425 |
| Westpac Banking Corp. |  |  |
| 2.15%, 06/03/31 | &nbsp;&nbsp; 85 | 76405 |
| 2.67%, 11/15/35, (5-year CMT + 1.750%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22404 |
| 3.02%, 11/18/36, (5-year CMT + 1.530%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22274 |
| 5.62%, 11/20/35, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 55 | 56040 |
|  |  | 11622759 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Anheuser-Busch InBev Worldwide Inc., 5.00%, <br> 06/15/34<br>| &nbsp;&nbsp; 25 | 25559 |
| Coca-Cola Co. (The) |  |  |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 40 | 34688 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 45 | 40076 |
| 4.65%, 08/14/34<sup>(c)</sup> | &nbsp;&nbsp; 25 | 25266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 5.00%, 05/13/34 | &nbsp;&nbsp; $10 | $10332 |
| Constellation Brands Inc. |  |  |
| 2.25%, 08/01/31 | &nbsp;&nbsp; 15 | 13171 |
| 4.90%, 05/01/33<sup>(c)</sup> | &nbsp;&nbsp; 25 | 24965 |
| Diageo Investment Corp., 7.45%, 04/15/35 | &nbsp;&nbsp; 5 | 5964 |
| Keurig Dr Pepper Inc. |  |  |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 10 | 9538 |
| 5.15%, 05/15/35 | &nbsp;&nbsp; 15 | 14805 |
| 5.30%, 03/15/34 | &nbsp;&nbsp; 30 | 30267 |
| PepsiCo Inc. |  |  |
| 1.95%, 10/21/31 | &nbsp;&nbsp; 30 | 26347 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 25 | 24272 |
| 4.45%, 02/15/33 | &nbsp;&nbsp; 10 | 10018 |
| 5.00%, 02/07/35 | &nbsp;&nbsp; 20 | 20308 |
| 5.00%, 07/23/35 | &nbsp;&nbsp; 10 | 10087 |
| Pepsico Singapore Financing I Pte Ltd., 4.70%, <br> 02/16/34<br>| &nbsp;&nbsp; 35 | 34843 |
| Pernod Ricard International Finance LLC, 1.63%, <br> 04/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 8613 |
|  |  | 369119 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen Inc. |  |  |
| 2.00%, 01/15/32 | &nbsp;&nbsp; 55 | 47229 |
| 3.35%, 02/22/32 | &nbsp;&nbsp; 35 | 32612 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 90 | 92345 |
| Biogen Inc., 5.75%, 05/15/35 | &nbsp;&nbsp; 25 | 25801 |
| Bio-Rad Laboratories Inc., 3.70%, 03/15/32 | &nbsp;&nbsp; 25 | 23284 |
| CSL Finance PLC, 4.25%, 04/27/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29421 |
| Gilead Sciences Inc. |  |  |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 40 | 35338 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; 20 | 20271 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 10 | 10384 |
| Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 | &nbsp;&nbsp; 40 | 35179 |
| Royalty Pharma PLC |  |  |
| 2.15%, 09/02/31 | &nbsp;&nbsp; 25 | 21730 |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 10 | 8948 |
|  |  | 382542 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| AmeriTex HoldCo Intermediate LLC, 7.63%, <br> 08/15/33<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15487 |
| Amrize Finance US LLC, 5.40%, 04/07/35<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20292 |
| Builders FirstSource Inc. |  |  |
| 4.25%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 27 | 25378 |
| 6.38%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10334 |
| 6.38%, 03/01/34<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20631 |
| 6.75%, 05/15/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10443 |
| Carrier Global Corp. |  |  |
| 2.70%, 02/15/31 | &nbsp;&nbsp; 35 | 32184 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 10 | 10667 |
| Cemex SAB de CV, 7.20%, (5-year CMT + <br> 3.520%)<sup>(a)(e)(f)</sup><br>| &nbsp;&nbsp; 200 | 206440 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp; 10 | 8935 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| 6.63%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51366 |
| 6.75%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10351 |
| Fortune Brands Innovations Inc. |  |  |
| 4.00%, 03/25/32 | &nbsp;&nbsp; 10 | 9499 |
| 5.88%, 06/01/33 | &nbsp;&nbsp; 21 | 22171 |
| Jeld-Wen Inc., 7.00%, 09/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 5 | 4320 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA<br>|  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; $10 | $8860 |
| 2.00%, 09/16/31 | &nbsp;&nbsp; 30 | 25965 |
| 4.90%, 12/01/32 | &nbsp;&nbsp; 5 | 5049 |
| Knife River Corp., 7.75%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5252 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 10 | 8917 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 15 | 15091 |
| Masco Corp. |  |  |
| 2.00%, 10/01/30 | &nbsp;&nbsp; 15 | 13375 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 25 | 21845 |
| Masterbrand Inc., 7.00%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15560 |
| Miter Brands Acquisition Holdco Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15462 |
| Owens Corning, 5.70%, 06/15/34 | &nbsp;&nbsp; 20 | 20923 |
| Quikrete Holdings Inc. |  |  |
| 6.38%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 80 | 82498 |
| 6.75%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20720 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 21345 |
| Standard Building Solutions Inc., 6.25%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20422 |
| Standard Industries Inc./New York |  |  |
| 3.38%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 18 | 16361 |
| 4.38%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 27 | 25881 |
| 6.50%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25812 |
| Trane Technologies Financing Ltd. |  |  |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 15 | 15312 |
| 5.25%, 03/03/33 | &nbsp;&nbsp; 5 | 5165 |
| Vulcan Materials Co., 5.35%, 12/01/34 | &nbsp;&nbsp; 15 | 15336 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 9567 |
|  |  | 873216 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Products and Chemicals Inc. |  |  |
| 4.80%, 03/03/33 | &nbsp;&nbsp; 25 | 25245 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 20 | 20119 |
| Albemarle Corp., 5.05%, 06/01/32<sup>(c)</sup> | &nbsp;&nbsp; 5 | 4891 |
| Ashland Inc., 3.38%, 09/01/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17803 |
| Avient Corp. |  |  |
| 6.25%, 11/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10190 |
| 7.13%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15500 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br> 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10521 |
| Braskem Netherlands Finance BV, 7.25%, 02/13/33<sup>(e)</sup> | &nbsp;&nbsp; 200 | 142157 |
| Celanese U.S. Holdings LLC |  |  |
| 6.75%, 04/15/33 | &nbsp;&nbsp; 10 | 10069 |
| 6.88%, 07/15/32 | &nbsp;&nbsp; 25 | 25848 |
| 7.05%, 11/15/30 | &nbsp;&nbsp; 35 | 36385 |
| 7.20%, 11/15/33 | &nbsp;&nbsp; 20 | 20781 |
| Cerdia Finanz GmbH, 9.38%, 10/03/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15908 |
| CF Industries Inc., 5.15%, 03/15/34 | &nbsp;&nbsp; 15 | 14948 |
| Chemours Co. (The), 8.00%, 01/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 9792 |
| Consolidated Energy Finance SA, 12.00%, <br> 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9206 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30 | &nbsp;&nbsp; 45 | 39765 |
| 4.25%, 10/01/34 | &nbsp;&nbsp; 10 | 9114 |
| 5.15%, 02/15/34<sup>(c)</sup> | &nbsp;&nbsp; 25 | 24846 |
| 6.30%, 03/15/33 | &nbsp;&nbsp; 25 | 26772 |
| Eastman Chemical Co. |  |  |
| 5.63%, 02/20/34 | &nbsp;&nbsp; 15 | 15253 |
| 5.75%, 03/08/33 | &nbsp;&nbsp; 10 | 10406 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Ecolab Inc., 2.13%, 02/01/32 | &nbsp;&nbsp; $25 | $21763 |
| EIDP Inc., 4.80%, 05/15/33 | &nbsp;&nbsp; 15 | 15025 |
| FMC Corp. |  |  |
| 5.65%, 05/18/33 | &nbsp;&nbsp; 15 | 14928 |
| 8.45%, 11/01/55, (5-year CMT + 4.366%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15614 |
| Huntsman International LLC, 2.95%, 06/15/31 | &nbsp;&nbsp; 10 | 8550 |
| International Flavors & Fragrances Inc., 2.30%, <br> 11/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 19 | 16984 |
| LYB International Finance III LLC |  |  |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 35 | 34812 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 5 | 5117 |
| Methanex U.S. Operations Inc., 6.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10093 |
| Nutrien Ltd. |  |  |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 10 | 9152 |
| 5.40%, 06/21/34 | &nbsp;&nbsp; 10 | 10184 |
| Olin Corp., 6.63%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24969 |
| Olympus Water U.S. Holding Corp., 7.25%, <br> 06/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15348 |
| RPM International Inc., 2.95%, 01/15/32 | &nbsp;&nbsp; 20 | 17903 |
| Sherwin-Williams Co. (The) |  |  |
| 2.20%, 03/15/32 | &nbsp;&nbsp; 20 | 17313 |
| 4.80%, 09/01/31 | &nbsp;&nbsp; 15 | 15310 |
| 5.15%, 08/15/35 | &nbsp;&nbsp; 10 | 10071 |
| WR Grace Holdings LLC |  |  |
| 6.63%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19949 |
| 7.38%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5095 |
| YPF SA, 7.00%, 09/30/33<sup>(e)(g)</sup> | &nbsp;&nbsp; 50 | 48061 |
|  |  | 851760 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| ADT Security Corp. (The), 4.88%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14453 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 45 | 47268 |
| Ashtead Capital Inc. |  |  |
| 5.55%, 05/30/33<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5090 |
| 5.80%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15518 |
| Automatic Data Processing Inc. |  |  |
| 4.45%, 09/09/34 | &nbsp;&nbsp; 15 | 14746 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 25 | 25544 |
| Avis Budget Car Rental LLC / Avis Budget <br> Finance Inc., 8.38%, 06/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20875 |
| Avis Budget Car Rental LLC/Avis Budget Finance Inc., <br> 8.00%, 02/15/31<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 10 | 10335 |
| Block Inc. |  |  |
| 3.50%, 06/01/31 | &nbsp;&nbsp; 18 | 16636 |
| 6.00%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5133 |
| 6.50%, 05/15/32 | &nbsp;&nbsp; 40 | 41442 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 40 | 42426 |
| Brink's Co. (The), 6.75%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5191 |
| Cimpress PLC, 7.38%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10037 |
| DP World Crescent Ltd., 5.50%, 05/08/35<sup>(e)</sup> | &nbsp;&nbsp; 200 | 206246 |
| Emory University, Series 2020, 2.14%, 09/01/30 | &nbsp;&nbsp; 5 | 4557 |
| Equifax Inc., 2.35%, 09/15/31 | &nbsp;&nbsp; 30 | 26452 |
| EquipmentShare.com Inc. |  |  |
| 8.00%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10626 |
| 8.63%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10773 |
| ERAC USA Finance LLC |  |  |
| 4.90%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30283 |
| 5.20%, 10/30/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10219 |
| Garda World Security Corp. |  |  |
| 8.25%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20811 |
| 8.38%, 11/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15647 |
| GEO Group Inc. (The), 10.25%, 04/15/31 | &nbsp;&nbsp; 10 | 11023 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Global Payments Inc. |  |  |
| 2.90%, 11/15/31 | &nbsp;&nbsp; $15 | $13419 |
| 5.40%, 08/15/32 | &nbsp;&nbsp; 15 | 15266 |
| GXO Logistics Inc. |  |  |
| 2.65%, 07/15/31 | &nbsp;&nbsp; 20 | 17727 |
| 6.50%, 05/06/34 | &nbsp;&nbsp; 10 | 10581 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26018 |
| 7.25%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26217 |
| J Paul Getty Trust (The), 4.91%, 04/01/35 | &nbsp;&nbsp; 10 | 10175 |
| Moody's Corp., 4.25%, 08/08/32 | &nbsp;&nbsp; 25 | 24601 |
| PayPal Holdings Inc. |  |  |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 30 | 29784 |
| 5.15%, 06/01/34<sup>(c)</sup> | &nbsp;&nbsp; 20 | 20430 |
| President and Fellows of Harvard College, Series ., <br> 4.61%, 02/15/35<sup>(c)</sup><br>| &nbsp;&nbsp; 15 | 14990 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 25 | 21724 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 65 | 60521 |
| 5.25%, 08/09/34 | &nbsp;&nbsp; 10 | 10132 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25523 |
| RELX Capital Inc., 5.25%, 03/27/35 | &nbsp;&nbsp; 15 | 15339 |
| Rollins Inc., 5.25%, 02/24/35 | &nbsp;&nbsp; 10 | 10057 |
| RRD Parent Inc., 10.00%, 10/15/31, (10.00% <br> PIK)<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 7 | 13241 |
| S&P Global Inc., 2.90%, 03/01/32 | &nbsp;&nbsp; 45 | 41127 |
| Service Corp. International/U.S. |  |  |
| 3.38%, 08/15/30 | &nbsp;&nbsp; 20 | 18460 |
| 4.00%, 05/15/31 | &nbsp;&nbsp; 10 | 9400 |
| 5.75%, 10/15/32 | &nbsp;&nbsp; 15 | 15164 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc., 6.75%, 08/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20739 |
| Transurban Finance Co. Pty. Ltd., 2.45%, 03/16/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13508 |
| TriNet Group Inc., 7.13%, 08/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5200 |
| Triton Container International Ltd., 3.15%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22185 |
| Triton Container International Ltd./TAL International <br> Container Corp., 3.25%, 03/15/32<br>| &nbsp;&nbsp; 10 | 8826 |
| United Rentals North America Inc. |  |  |
| 3.75%, 01/15/32 | &nbsp;&nbsp; 11 | 10139 |
| 3.88%, 02/15/31 | &nbsp;&nbsp; 33 | 31113 |
| 4.00%, 07/15/30 | &nbsp;&nbsp; 10 | 9551 |
| 6.13%, 03/15/34<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20729 |
| Valvoline Inc., 3.63%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9124 |
| Verisk Analytics Inc., 5.25%, 06/05/34 | &nbsp;&nbsp; 25 | 25522 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16239 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 21147 |
| WEX Inc., 6.50%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15359 |
| Williams Scotsman Inc., 7.38%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10455 |
|  |  | 1311063 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Accenture Capital Inc. |  |  |
| 4.25%, 10/04/31 | &nbsp;&nbsp; 75 | 74705 |
| 4.50%, 10/04/34 | &nbsp;&nbsp; 25 | 24403 |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15654 |
| Apple Inc. |  |  |
| 1.70%, 08/05/31 | &nbsp;&nbsp; 25 | 21974 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 30 | 28444 |
| 4.30%, 05/10/33 | &nbsp;&nbsp; 20 | 20121 |
| 4.50%, 05/12/32 | &nbsp;&nbsp; 25 | 25427 |
| 4.75%, 05/12/35 | &nbsp;&nbsp; 25 | 25385 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33 | &nbsp;&nbsp; $10 | $10440 |
| 5.95%, 04/15/35 | &nbsp;&nbsp; 10 | 10312 |
| CACI International Inc., 6.38%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10331 |
| CGI Inc., 2.30%, 09/14/31 | &nbsp;&nbsp; 10 | 8787 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/35 | &nbsp;&nbsp; 25 | 24305 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; 30 | 30905 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 15 | 15327 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 25 | 25475 |
| 5.75%, 02/01/33 | &nbsp;&nbsp; 20 | 21070 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp; 5 | 4455 |
| Fortress Intermediate 3 Inc., 7.50%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15795 |
| Gartner Inc., 3.75%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 21 | 19764 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 30 | 30227 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 30 | 29473 |
| HP Inc. |  |  |
| 2.65%, 06/17/31 | &nbsp;&nbsp; 75 | 67316 |
| 5.50%, 01/15/33 | &nbsp;&nbsp; 30 | 30802 |
| IBM International Capital Pte Ltd., 4.90%, 02/05/34 | &nbsp;&nbsp; 10 | 10009 |
| Insight Enterprises Inc., 6.63%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10317 |
| International Business Machines Corp. |  |  |
| 2.72%, 02/09/32 | &nbsp;&nbsp; 10 | 9000 |
| 4.40%, 07/27/32 | &nbsp;&nbsp; 10 | 9924 |
| 5.88%, 11/29/32 | &nbsp;&nbsp; 5 | 5381 |
| Series .., 5.00%, 02/10/32 | &nbsp;&nbsp; 15 | 15374 |
| Series .., 5.20%, 02/10/35 | &nbsp;&nbsp; 10 | 10156 |
| Kyndryl Holdings Inc., 3.15%, 10/15/31 | &nbsp;&nbsp; 15 | 13572 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 15 | 13339 |
| 5.50%, 03/15/35 | &nbsp;&nbsp; 10 | 10225 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 20 | 20953 |
| Lenovo Group Ltd., 3.42%, 11/02/30<sup>(e)</sup> | &nbsp;&nbsp; 200 | 188883 |
| NetApp Inc., 5.70%, 03/17/35 | &nbsp;&nbsp; 15 | 15449 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| 4.13%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4559 |
| 5.75%, 12/01/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9726 |
| 8.50%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5307 |
| 9.63%, 12/01/32<sup>(b)</sup> | &nbsp;&nbsp; 12 | 13597 |
| Unisys Corp., 10.63%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10413 |
| Western Digital Corp., 3.10%, 02/01/32 | &nbsp;&nbsp; 15 | 13375 |
|  |  | 980456 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Colgate-Palmolive Co. |  |  |
| 3.25%, 08/15/32 | &nbsp;&nbsp; 10 | 9330 |
| 4.60%, 03/01/33 | &nbsp;&nbsp; 4 | 4054 |
| Estee Lauder Companies Inc. (The) |  |  |
| 4.65%, 05/15/33 | &nbsp;&nbsp; 15 | 14897 |
| 5.00%, 02/14/34 | &nbsp;&nbsp; 50 | 50409 |
| Kenvue Inc., 4.90%, 03/22/33 | &nbsp;&nbsp; 35 | 35556 |
| Opal Bidco SAS, 6.50%, 03/31/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20351 |
| Perrigo Finance Unlimited Co. |  |  |
| 4.90%, 06/15/30 | &nbsp;&nbsp; 10 | 9791 |
| 6.13%, 09/30/32 | &nbsp;&nbsp; 15 | 15099 |
| Prestige Brands Inc., 3.75%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 7 | 6449 |
| Procter & Gamble Co. (The) |  |  |
| 1.20%, 10/29/30 | &nbsp;&nbsp; 40 | 34904 |
| 1.95%, 04/23/31 | &nbsp;&nbsp; 25 | 22457 |
| 2.30%, 02/01/32 | &nbsp;&nbsp; 35 | 31593 |
| 4.55%, 01/29/34 | &nbsp;&nbsp; 50 | 50422 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| Unilever Capital Corp., 1.75%, 08/12/31 | &nbsp;&nbsp; $100 | $87405 |
|  |  | 392717 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| Ferguson Finance PLC, 4.65%, 04/20/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4935 |
| LKQ Corp., 6.25%, 06/15/33 | &nbsp;&nbsp; 25 | 26425 |
| RB Global Holdings Inc., 7.75%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10508 |
| Resideo Funding Inc., 6.50%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10225 |
|  |  | 52093 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 150 | 137293 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 10 | 8893 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 20 | 19718 |
| Air Lease Corp. |  |  |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 10 | 8964 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 80 | 74760 |
| Ally Financial Inc. |  |  |
| 5.55%, 07/31/33, (1-day SOFR + 1.780%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10059 |
| 6.18%, 07/26/35, (1-day SOFR + 2.290%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20574 |
| 6.65%, 01/17/40, (5-year CMT + 2.450%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9938 |
| 6.70%, 02/14/33<sup>(c)</sup> | &nbsp;&nbsp; 10 | 10396 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 55 | 62835 |
| American Express Co. |  |  |
| 4.42%, 08/03/33, (1-day SOFR + 1.760%)<sup>(a)</sup> | &nbsp;&nbsp; 40 | 39313 |
| 4.99%, 05/26/33, (1-day SOFR + 2.255%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25199 |
| 5.04%, 05/01/34, (1-day SOFR + 1.835%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 35523 |
| 5.28%, 07/26/35, (1-day SOFR + 1.420%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 45855 |
| 5.44%, 01/30/36, (1-day SOFR Index + 1.320%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 25690 |
| 5.67%, 04/25/36, (1-day SOFR + 1.790%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 31324 |
| 5.92%, 04/25/35, (1-day SOFR + 1.630%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5270 |
| Ameriprise Financial Inc. |  |  |
| 4.50%, 05/13/32 | &nbsp;&nbsp; 5 | 4988 |
| 5.15%, 05/15/33 | &nbsp;&nbsp; 15 | 15417 |
| 5.20%, 04/15/35 | &nbsp;&nbsp; 15 | 15185 |
| Apollo Global Management Inc. |  |  |
| 6.00%, 12/15/54, (5-year CMT + 2.168%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4973 |
| 6.38%, 11/15/33 | &nbsp;&nbsp; 10 | 10972 |
| Blackstone Holdings Finance Co. LLC |  |  |
| 2.00%, 01/30/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17060 |
| 2.55%, 03/30/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4374 |
| 6.20%, 04/22/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 32479 |
| Blue Owl Finance LLC, 4.38%, 02/15/32 | &nbsp;&nbsp; 35 | 33298 |
| BOC Aviation Ltd., 2.63%, 09/17/30<sup>(b)</sup> | &nbsp;&nbsp; 200 | 185700 |
| Brookfield Asset Management Ltd., 5.80%, 04/24/35 | &nbsp;&nbsp; 10 | 10354 |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 | &nbsp;&nbsp; 5 | 5330 |
| Brookfield Finance Inc., 6.35%, 01/05/34 | &nbsp;&nbsp; 35 | 37847 |
| Burford Capital Global Finance LLC, 9.25%, <br> 07/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15965 |
| Capital One Financial Corp. |  |  |
| 2.36%, 07/29/32, (1-day SOFR + 1.337%)<sup>(a)</sup> | &nbsp;&nbsp; 45 | 38741 |
| 2.62%, 11/02/32, (1-day SOFR + 1.265%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 26625 |
| 5.27%, 05/10/33, (1-day SOFR + 2.370%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20350 |
| 5.82%, 02/01/34, (1-day SOFR + 2.600%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20794 |
| 5.88%, 07/26/35, (1-day SOFR +1.990%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20791 |
| 6.05%, 02/01/35, (1-day SOFR + 2.260%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 26330 |
| 6.18%, 01/30/36, (1-day SOFR + 2.036%)<sup>(a)</sup> | &nbsp;&nbsp; 35 | 36119 |
| 6.38%, 06/08/34, (1-day SOFR + 2.860%)<sup>(a)</sup> | &nbsp;&nbsp; 30 | 32208 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 10 | 11001 |
| 7.96%, 11/02/34, (1-day SOFR Index + 3.370%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 29229 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Charles Schwab Corp. (The) |  |  |
| 1.95%, 12/01/31 | &nbsp;&nbsp; $30 | $25968 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 65 | 58887 |
| 5.85%, 05/19/34, (1-day SOFR + 2.500%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 26637 |
| 6.14%, 08/24/34, (1-day SOFR + 2.010%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10853 |
| CI Financial Corp., 3.20%, 12/17/30 | &nbsp;&nbsp; 25 | 22485 |
| Citadel LP, 6.38%, 01/23/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10531 |
| CME Group Inc., 2.65%, 03/15/32 | &nbsp;&nbsp; 5 | 4507 |
| Coinbase Global Inc., 3.63%, 10/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | 13436 |
| Credit Suisse USA LLC, 7.13%, 07/15/32 | &nbsp;&nbsp; 25 | 28557 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15510 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15493 |
| 9.13%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15755 |
| goeasy Ltd., Series 144\*, 6.88%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5080 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 35 | 29332 |
| 4.60%, 03/15/33 | &nbsp;&nbsp; 50 | 49974 |
| Jane Street Group/JSG Finance Inc. |  |  |
| 6.13%, 11/01/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30140 |
| 6.75%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25867 |
| 7.13%, 04/30/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26161 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 10 | 9974 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.63%, <br> 10/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10037 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31 | &nbsp;&nbsp; 45 | 39785 |
| 2.75%, 10/15/32 | &nbsp;&nbsp; 25 | 21463 |
| Lazard Group LLC, 6.00%, 03/15/31 | &nbsp;&nbsp; 5 | 5295 |
| LPL Holdings Inc. |  |  |
| 4.38%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8 | 7751 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 10 | 10107 |
| 5.75%, 06/15/35 | &nbsp;&nbsp; 10 | 10161 |
| 6.00%, 05/20/34 | &nbsp;&nbsp; 10 | 10345 |
| Macquarie Airfinance Holdings Ltd., 6.50%, <br> 03/26/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10688 |
| Mastercard Inc. |  |  |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 15 | 13178 |
| 4.55%, 01/15/35 | &nbsp;&nbsp; 25 | 24665 |
| 4.85%, 03/09/33 | &nbsp;&nbsp; 15 | 15320 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 25 | 25384 |
| Mitsubishi HC Finance America LLC, 5.66%, <br> 02/28/33<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10385 |
| Nasdaq Inc., 5.55%, 02/15/34 | &nbsp;&nbsp; 35 | 36482 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.13%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10112 |
| 5.75%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 14 | 14153 |
| 7.13%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26063 |
| Navient Corp. |  |  |
| 5.63%, 08/01/33 | &nbsp;&nbsp; 10 | 9126 |
| 7.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; 15 | 15848 |
| 9.38%, 07/25/30 | &nbsp;&nbsp; 10 | 11050 |
| 11.50%, 03/15/31 | &nbsp;&nbsp; 8 | 9044 |
| Nomura Holdings Inc., 5.78%, 07/03/34 | &nbsp;&nbsp; 200 | 209506 |
| Nuveen LLC, 5.85%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26131 |
| OneMain Finance Corp. |  |  |
| 4.00%, 09/15/30 | &nbsp;&nbsp; 11 | 10172 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 25 | 25607 |
| 7.13%, 11/15/31 | &nbsp;&nbsp; 5 | 5195 |
| 7.50%, 05/15/31 | &nbsp;&nbsp; 15 | 15728 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| ORIX Corp. |  |  |
| 4.00%, 04/13/32 | &nbsp;&nbsp; $5 | $4804 |
| 5.20%, 09/13/32 | &nbsp;&nbsp; 25 | 25675 |
| Osaic Holdings Inc. |  |  |
| 6.75%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5094 |
| 8.00%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5068 |
| PennyMac Financial Services Inc. |  |  |
| 5.75%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 12 | 11768 |
| 6.75%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5034 |
| 6.88%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10246 |
| 6.88%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15333 |
| 7.13%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15557 |
| Rocket Companies Inc. |  |  |
| 6.13%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41162 |
| 6.38%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15566 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |  |  |
| 3.88%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18700 |
| 4.00%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 19 | 17147 |
| StoneX Group Inc., 7.88%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10574 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; 15 | 13299 |
| 6.00%, 07/29/36, (1-day SOFR + 2.070%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10109 |
| 7.25%, 02/02/33 | &nbsp;&nbsp; 15 | 15812 |
| TPG Operating Group II LP, 5.88%, 03/05/34 | &nbsp;&nbsp; 10 | 10484 |
| VFH Parent LLC / Valor Co-Issuer Inc., 7.50%, <br> 06/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10526 |
| Visa Inc., 1.10%, 02/15/31 | &nbsp;&nbsp; 20 | 17209 |
| Voya Financial Inc., 5.00%, 09/20/34 | &nbsp;&nbsp; 20 | 19652 |
| Western Union Co. (The), 2.75%, 03/15/31 | &nbsp;&nbsp; 20 | 17629 |
|  |  | 2608110 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| AEP Texas Inc. |  |  |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 10 | 9933 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 5 | 5099 |
| AEP Transmission Co. LLC |  |  |
| 5.15%, 04/01/34 | &nbsp;&nbsp; 5 | 5069 |
| 5.38%, 06/15/35 | &nbsp;&nbsp; 10 | 10239 |
| AES Corp. (The), 2.45%, 01/15/31 | &nbsp;&nbsp; 15 | 13441 |
| Alabama Power Co. |  |  |
| 3.05%, 03/15/32 | &nbsp;&nbsp; 5 | 4575 |
| 3.94%, 09/01/32 | &nbsp;&nbsp; 5 | 4815 |
| 5.10%, 04/02/35 | &nbsp;&nbsp; 10 | 10117 |
| Alliant Energy Finance LLC, 3.60%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22867 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15484 |
| Ameren Corp. |  |  |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 30 | 28668 |
| 5.38%, 03/15/35 | &nbsp;&nbsp; 20 | 20343 |
| American Electric Power Co. Inc. |  |  |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 18 | 18841 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 15 | 15991 |
| 6.95%, 12/15/54, (5-year CMT + 2.675%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5322 |
| American Transmission Systems Inc., 2.65%, <br> 01/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 28 | 24903 |
| Appalachian Power Co. |  |  |
| 4.50%, 08/01/32 | &nbsp;&nbsp; 10 | 9856 |
| 5.65%, 04/01/34 | &nbsp;&nbsp; 45 | 46608 |
| Arizona Public Service Co. |  |  |
| 2.20%, 12/15/31 | &nbsp;&nbsp; 30 | 26125 |
| 5.70%, 08/15/34 | &nbsp;&nbsp; 10 | 10363 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Baltimore Gas & Electric Co. |  |  |
| 5.30%, 06/01/34 | &nbsp;&nbsp; $10 | $10309 |
| 5.45%, 06/01/35 | &nbsp;&nbsp; 15 | 15462 |
| Black Hills Corp. |  |  |
| 6.00%, 01/15/35 | &nbsp;&nbsp; 10 | 10512 |
| 6.15%, 05/15/34 | &nbsp;&nbsp; 10 | 10591 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 6.38%, 02/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10118 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 17 | 16145 |
| 5.00%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 16 | 15870 |
| Capital Power U.S. Holdings Inc., 6.19%, 06/01/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10347 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 20 | 20242 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 10 | 10172 |
| Series ai., 4.45%, 10/01/32 | &nbsp;&nbsp; 10 | 9874 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 10 | 11316 |
| CenterPoint Energy Inc. |  |  |
| 2.65%, 06/01/31 | &nbsp;&nbsp; 20 | 18078 |
| Series B, 6.85%, 02/15/55, (5-year CMT + <br> 2.946%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | 10500 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18396 |
| 3.75%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4498 |
| Cleveland Electric Illuminating Co. (The), 4.55%, <br> 11/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14873 |
| CMS Energy Corp., 6.50%, 06/01/55, (5-year CMT + <br> 1.961%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20 | 20395 |
| Comision Federal de Electricidad, 3.88%, 07/26/33<sup>(e)</sup> | &nbsp;&nbsp; 200 | 173090 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.95%, 08/15/34 | &nbsp;&nbsp; 10 | 10054 |
| Series A, 2.05%, 07/01/31 | &nbsp;&nbsp; 20 | 17656 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 36 | 32613 |
| 5.13%, 03/15/35<sup>(c)</sup> | &nbsp;&nbsp; 15 | 15344 |
| 5.20%, 03/01/33 | &nbsp;&nbsp; 15 | 15509 |
| Constellation Energy Generation LLC, 6.13%, <br> 01/15/34<br>| &nbsp;&nbsp; 25 | 27116 |
| Consumers Energy Co. |  |  |
| 3.60%, 08/15/32 | &nbsp;&nbsp; 30 | 28182 |
| 4.50%, 01/15/31 | &nbsp;&nbsp; 10 | 10087 |
| 4.63%, 05/15/33 | &nbsp;&nbsp; 20 | 19834 |
| 5.05%, 05/15/35 | &nbsp;&nbsp; 15 | 15138 |
| Dominion Energy Inc. |  |  |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 20 | 20258 |
| 6.63%, 05/15/55, (5-year CMT + 2.207%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20508 |
| Series B, 7.00%, 06/01/54, (5-year CMT + <br> 2.511%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | 10730 |
| Series F, 5.25%, 08/01/33 | &nbsp;&nbsp; 10 | 10122 |
| Dominion Energy South Carolina Inc. |  |  |
| 5.30%, 05/15/33 | &nbsp;&nbsp; 10 | 10335 |
| 6.63%, 02/01/32 | &nbsp;&nbsp; 5 | 5555 |
| Series 2025, 5.30%, 01/15/35 | &nbsp;&nbsp; 10 | 10257 |
| DTE Electric Co. |  |  |
| 5.20%, 04/01/33 | &nbsp;&nbsp; 25 | 25879 |
| Series A, 3.00%, 03/01/32 | &nbsp;&nbsp; 15 | 13792 |
| DTE Energy Co., 5.85%, 06/01/34 | &nbsp;&nbsp; 30 | 31556 |
| Duke Energy Carolinas LLC |  |  |
| 4.85%, 01/15/34 | &nbsp;&nbsp; 10 | 10042 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 15 | 15331 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 15 | 15433 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Duke Energy Corp. |  |  |
| 2.55%, 06/15/31 | &nbsp;&nbsp; $40 | $36010 |
| 4.50%, 08/15/32 | &nbsp;&nbsp; 20 | 19735 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 25 | 25817 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 20 | 21102 |
| 6.45%, 09/01/54, (5-year CMT + 2.588%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20712 |
| Duke Energy Florida LLC, 2.40%, 12/15/31 | &nbsp;&nbsp; 15 | 13433 |
| Duke Energy Ohio Inc., 5.25%, 04/01/33 | &nbsp;&nbsp; 10 | 10303 |
| Duke Energy Progress LLC |  |  |
| 3.40%, 04/01/32 | &nbsp;&nbsp; 30 | 28225 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; 15 | 15146 |
| 5.25%, 03/15/33 | &nbsp;&nbsp; 20 | 20675 |
| Duquesne Light Holdings Inc. |  |  |
| 2.53%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26811 |
| 2.78%, 01/07/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8817 |
| El Paso Electric Co., 6.00%, 05/15/35 | &nbsp;&nbsp; 10 | 10355 |
| Electricite de France SA, 5.75%, 01/13/35<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20562 |
| Enel Finance International NV |  |  |
| 5.50%, 06/26/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15373 |
| 7.50%, 10/14/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 11466 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime <br> Energia SpA, 5.38%, 12/30/30<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 4605 |
| Entergy Arkansas LLC, 5.15%, 01/15/33 | &nbsp;&nbsp; 40 | 41172 |
| Entergy Louisiana LLC |  |  |
| 2.35%, 06/15/32 | &nbsp;&nbsp; 15 | 13063 |
| 3.05%, 06/01/31 | &nbsp;&nbsp; 15 | 14006 |
| 4.00%, 03/15/33 | &nbsp;&nbsp; 40 | 37937 |
| 5.15%, 09/15/34 | &nbsp;&nbsp; 20 | 20239 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 10 | 10292 |
| Entergy Texas Inc., 1.75%, 03/15/31 | &nbsp;&nbsp; 5 | 4360 |
| Evergy Kansas Central Inc. |  |  |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 10 | 10110 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 5 | 5326 |
| Evergy Metro Inc., 5.40%, 04/01/34 | &nbsp;&nbsp; 10 | 10316 |
| Evergy Missouri West Inc., 5.65%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15320 |
| Eversource Energy |  |  |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 25 | 25100 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 30 | 30677 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 25 | 26476 |
| 5.95%, 07/15/34 | &nbsp;&nbsp; 10 | 10496 |
| Exelon Corp. |  |  |
| 3.35%, 03/15/32 | &nbsp;&nbsp; 30 | 27866 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 10 | 9760 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 10 | 10310 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 50 | 51576 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 10 | 10340 |
| FirstEnergy Corp., Series B, 2.25%, 09/01/30 | &nbsp;&nbsp; 5 | 4490 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32 | &nbsp;&nbsp; 20 | 17822 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 15 | 15126 |
| 4.95%, 06/01/35 | &nbsp;&nbsp; 10 | 10046 |
| 5.00%, 08/01/34 | &nbsp;&nbsp; 15 | 15155 |
| 5.10%, 04/01/33 | &nbsp;&nbsp; 20 | 20506 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 45 | 46544 |
| Georgia Power Co. |  |  |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 43 | 43247 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 15 | 15218 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 30 | 30772 |
| Idaho Power Co., 5.20%, 08/15/34 | &nbsp;&nbsp; 10 | 10265 |
| Indianapolis Power & Light Co., 5.65%, 12/01/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Interstate Power & Light Co. |  |  |
| 4.95%, 09/30/34 | &nbsp;&nbsp; $10 | $9851 |
| 5.60%, 06/29/35 | &nbsp;&nbsp; 10 | 10317 |
| IPALCO Enterprises Inc., 5.75%, 04/01/34 | &nbsp;&nbsp; 25 | 25202 |
| ITC Holdings Corp., 5.65%, 05/09/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15526 |
| Jersey Central Power & Light Co. |  |  |
| 2.75%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17745 |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 15 | 15026 |
| Liberty Utilities Finance GP 1, 2.05%, 09/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22258 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26531 |
| Louisville Gas & Electric Co., 5.45%, 04/15/33 | &nbsp;&nbsp; 30 | 31209 |
| Massachusetts Electric Co., 1.73%, 11/24/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13032 |
| MidAmerican Energy Co. |  |  |
| 5.35%, 01/15/34 | &nbsp;&nbsp; 5 | 5182 |
| 6.75%, 12/30/31 | &nbsp;&nbsp; 5 | 5656 |
| Narragansett Electric Co. (The), 5.35%, 05/01/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10216 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 20 | 20568 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 10 | 10588 |
| National Grid USA, 5.80%, 04/01/35 | &nbsp;&nbsp; 5 | 5133 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 1.35%, 03/15/31 | &nbsp;&nbsp; 15 | 12812 |
| 2.75%, 04/15/32 | &nbsp;&nbsp; 10 | 8989 |
| 5.00%, 02/07/31 | &nbsp;&nbsp; 15 | 15464 |
| 5.00%, 08/15/34 | &nbsp;&nbsp; 30 | 30277 |
| Series C, 8.00%, 03/01/32 | &nbsp;&nbsp; 10 | 11848 |
| New York State Electric & Gas Corp., 2.15%, <br> 10/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 35 | 30427 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 2.44%, 01/15/32 | &nbsp;&nbsp; 20 | 17533 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 15 | 15250 |
| 5.05%, 02/28/33 | &nbsp;&nbsp; 30 | 30427 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 35 | 35624 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 25 | 25630 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10553 |
| Niagara Mohawk Power Corp., 5.29%, 01/17/34<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25257 |
| NRG Energy Inc. |  |  |
| 3.63%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 27 | 24904 |
| 3.88%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9202 |
| 6.00%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15217 |
| 6.25%, 11/01/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15384 |
| 7.00%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 27324 |
| NSTAR Electric Co., 1.95%, 08/15/31 | &nbsp;&nbsp; 10 | 8772 |
| Ohio Power Co. |  |  |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 25 | 25156 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 5 | 5188 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 10 | 8636 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.55%, 09/15/32 | &nbsp;&nbsp; 20 | 19878 |
| 5.35%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10285 |
| 5.65%, 11/15/33 | &nbsp;&nbsp; 10 | 10584 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 10 | 11282 |
| Pacific Gas and Electric Co. |  |  |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 45 | 39903 |
| 4.40%, 03/01/32 | &nbsp;&nbsp; 20 | 19256 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 20 | 20265 |
| 5.90%, 06/15/32 | &nbsp;&nbsp; 15 | 15615 |
| 6.00%, 08/15/35 | &nbsp;&nbsp; 15 | 15515 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 40 | 42007 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; 35 | 37160 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| PacifiCorp |  |  |
| 2.70%, 09/15/30 | &nbsp;&nbsp; $30 | $27690 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 50 | 50815 |
| 7.70%, 11/15/31 | &nbsp;&nbsp; 25 | 29103 |
| PECO Energy Co., 4.90%, 06/15/33 | &nbsp;&nbsp; 18 | 18275 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10720 |
| Potomac Electric Power Co., 5.20%, 03/15/34 | &nbsp;&nbsp; 10 | 10246 |
| PPL Capital Funding Inc., 5.25%, 09/01/34 | &nbsp;&nbsp; 15 | 15211 |
| Progress Energy Inc., 7.75%, 03/01/31 | &nbsp;&nbsp; 20 | 23135 |
| PSEG Power LLC, 5.75%, 05/15/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10351 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31 | &nbsp;&nbsp; 25 | 21792 |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 10 | 10179 |
| Series 35, 1.90%, 01/15/31 | &nbsp;&nbsp; 5 | 4399 |
| Public Service Co. of New Hampshire, Series V, <br> 2.20%, 06/15/31<br>| &nbsp;&nbsp; 10 | 8928 |
| Public Service Co. of Oklahoma, 5.20%, 01/15/35 | &nbsp;&nbsp; 15 | 15042 |
| Public Service Electric & Gas Co. |  |  |
| 1.90%, 08/15/31 | &nbsp;&nbsp; 20 | 17475 |
| 4.65%, 03/15/33 | &nbsp;&nbsp; 10 | 10002 |
| 4.85%, 08/01/34 | &nbsp;&nbsp; 10 | 10027 |
| Public Service Enterprise Group Inc. |  |  |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 30 | 26597 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 15 | 15299 |
| 5.45%, 04/01/34 | &nbsp;&nbsp; 20 | 20557 |
| 6.13%, 10/15/33 | &nbsp;&nbsp; 5 | 5358 |
| Puget Energy Inc., 5.73%, 03/15/35 | &nbsp;&nbsp; 10 | 10150 |
| Puget Sound Energy Inc., 5.33%, 06/15/34 | &nbsp;&nbsp; 10 | 10253 |
| RWE Finance U.S. LLC, 5.88%, 04/16/34<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5220 |
| San Diego Gas & Electric Co. |  |  |
| 5.40%, 04/15/35 | &nbsp;&nbsp; 15 | 15389 |
| Series XXX, 3.00%, 03/15/32 | &nbsp;&nbsp; 10 | 9093 |
| Saudi Electricity Sukuk Programme Co., 5.49%, <br> 02/18/35<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 208753 |
| Sempra |  |  |
| 5.50%, 08/01/33 | &nbsp;&nbsp; 40 | 41096 |
| 6.40%, 10/01/54, (5-year CMT + 2.632%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14831 |
| 6.55%, 04/01/55, (5-year CMT + 2.138%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9866 |
| Southern California Edison Co. |  |  |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 10 | 8779 |
| 5.20%, 06/01/34 | &nbsp;&nbsp; 15 | 14900 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 10 | 10345 |
| 5.45%, 03/01/35 | &nbsp;&nbsp; 20 | 20126 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 35 | 36803 |
| Series G, 2.50%, 06/01/31 | &nbsp;&nbsp; 20 | 17710 |
| Southern Co. (The) |  |  |
| 4.85%, 03/15/35 | &nbsp;&nbsp; 15 | 14707 |
| 5.20%, 06/15/33 | &nbsp;&nbsp; 25 | 25524 |
| 5.70%, 10/15/32 | &nbsp;&nbsp; 15 | 15814 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 20 | 20963 |
| Series 2025, 6.38%, 03/15/55, (5-year CMT + <br> 2.069%)<sup>(a)</sup><br>| &nbsp;&nbsp; 25 | 26178 |
| Southwestern Public Service Co., 5.30%, 05/15/35 | &nbsp;&nbsp; 10 | 10089 |
| Tampa Electric Co., 5.15%, 03/01/35 | &nbsp;&nbsp; 15 | 15119 |
| Tucson Electric Power Co. |  |  |
| 3.25%, 05/15/32 | &nbsp;&nbsp; 5 | 4593 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 10 | 10090 |
| Union Electric Co. |  |  |
| 2.15%, 03/15/32 | &nbsp;&nbsp; 10 | 8662 |
| 5.20%, 04/01/34 | &nbsp;&nbsp; 25 | 25612 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Virginia Electric & Power Co. |  |  |
| 2.30%, 11/15/31 | &nbsp;&nbsp; $50 | $44168 |
| 2.40%, 03/30/32 | &nbsp;&nbsp; 35 | 30674 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 25 | 25346 |
| 5.00%, 01/15/34 | &nbsp;&nbsp; 25 | 25095 |
| 5.05%, 08/15/34 | &nbsp;&nbsp; 10 | 10081 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 20 | 20172 |
| Vistra Operations Co. LLC |  |  |
| 5.70%, 12/30/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15324 |
| 6.88%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20978 |
| 6.95%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 27631 |
| 7.75%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26569 |
| WEC Energy Group Inc., 1.80%, 10/15/30 | &nbsp;&nbsp; 11 | 9736 |
| Wisconsin Electric Power Co., 5.63%, 05/15/33 | &nbsp;&nbsp; 10 | 10685 |
| Xcel Energy Inc. |  |  |
| 4.60%, 06/01/32 | &nbsp;&nbsp; 20 | 19705 |
| 5.45%, 08/15/33 | &nbsp;&nbsp; 5 | 5118 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 40 | 40908 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 15 | 15345 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 8.38%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10463 |
| 8.63%, 03/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 20 | 21144 |
|  |  | 4301337 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Emerson Electric Co., 2.20%, 12/21/31 | &nbsp;&nbsp; 35 | 31034 |
| EnerSys, 6.63%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5157 |
| WESCO Distribution Inc. |  |  |
| 6.38%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10366 |
| 6.63%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15598 |
|  |  | 62155 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32 | &nbsp;&nbsp; 20 | 20754 |
| Amphenol Corp. |  |  |
| 2.20%, 09/15/31 | &nbsp;&nbsp; 35 | 30969 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 15 | 15126 |
| Arrow Electronics Inc. |  |  |
| 2.95%, 02/15/32 | &nbsp;&nbsp; 15 | 13253 |
| 5.88%, 04/10/34 | &nbsp;&nbsp; 25 | 25940 |
| Atkore Inc., 4.25%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 8 | 7423 |
| Avnet Inc., 5.50%, 06/01/32 | &nbsp;&nbsp; 10 | 10113 |
| Flex Ltd., 5.25%, 01/15/32 | &nbsp;&nbsp; 10 | 10214 |
| Honeywell International Inc. |  |  |
| 1.75%, 09/01/31 | &nbsp;&nbsp; 45 | 38753 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 10 | 9808 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 30 | 30571 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 30 | 30199 |
| Jabil Inc., 3.00%, 01/15/31 | &nbsp;&nbsp; 15 | 13761 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 26 | 23901 |
| 6.63%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10329 |
| TD SYNNEX Corp. |  |  |
| 2.65%, 08/09/31 | &nbsp;&nbsp; 20 | 17798 |
| 6.10%, 04/12/34 | &nbsp;&nbsp; 10 | 10483 |
| Trimble Inc., 6.10%, 03/15/33 | &nbsp;&nbsp; 10 | 10659 |
| Tyco Electronics Group SA |  |  |
| 2.50%, 02/04/32 | &nbsp;&nbsp; 5 | 4451 |
| 5.00%, 05/09/35 | &nbsp;&nbsp; 10 | 9958 |
| Vontier Corp., 2.95%, 04/01/31 | &nbsp;&nbsp; 22 | 20026 |
|  |  | 364489 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| AECOM, 6.00%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; $20 | $20371 |
| Arcosa Inc., 6.88%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10432 |
| Artera Services LLC, 8.50%, 02/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 8734 |
| Brundage-Bone Concrete Pumping Holdings Inc., <br> 7.50%, 02/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9983 |
| CIMIC Finance USA Pty. Ltd., 7.00%, 03/25/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10755 |
| Global Infrastructure Solutions Inc., 7.50%, <br> 04/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 7 | 7316 |
| Jacobs Engineering Group Inc., 5.90%, 03/01/33 | &nbsp;&nbsp; 10 | 10464 |
| TopBuild Corp., 4.13%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9328 |
|  |  | 87383 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Caesars Entertainment Inc. |  |  |
| 6.00%, 10/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 20 | 19619 |
| 6.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30759 |
| Churchill Downs Inc., 6.75%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10276 |
| Cinemark USA Inc., 7.00%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10373 |
| Light & Wonder International Inc., 7.50%, 09/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10434 |
| Merlin Entertainments Group U.S. Holdings Inc., <br> 7.38%, 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 8538 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, 04/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10525 |
| Motion Finco SARL, 8.38%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8624 |
| Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp., 5.88%, 09/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 13 | 7725 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5060 |
| Six Flags Entertainment Corp., 7.25%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15077 |
| Six Flags Entertainment Corp. /Six Flags Theme <br> Parks Inc./ Canada's Wonderland Co., 6.63%, <br> 05/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15246 |
| Vail Resorts Inc., 6.50%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10358 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36945 |
| Warnermedia Holdings Inc., 4.28%, 03/15/32 | &nbsp;&nbsp; 56 | 48314 |
| WMG Acquisition Corp., 3.00%, 02/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 11 | 10183 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 6.25%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25318 |
| 7.13%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16139 |
|  |  | 299513 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Clean Harbors Inc., 6.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10254 |
| GFL Environmental Inc., 6.75%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15675 |
| Republic Services Inc. |  |  |
| 1.75%, 02/15/32 | &nbsp;&nbsp; 25 | 21297 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 35 | 35618 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 20 | 20426 |
| 5.20%, 11/15/34 | &nbsp;&nbsp; 10 | 10266 |
| Reworld Holding Corp., 5.00%, 09/01/30 | &nbsp;&nbsp; 8 | 7643 |
| Veralto Corp., 5.45%, 09/18/33 | &nbsp;&nbsp; 10 | 10328 |
| Waste Connections Inc. |  |  |
| 2.20%, 01/15/32 | &nbsp;&nbsp; 20 | 17457 |
| 3.20%, 06/01/32 | &nbsp;&nbsp; 15 | 13832 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 30 | 30435 |
| Waste Management Inc. |  |  |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 60 | 58909 |
| 4.80%, 03/15/32 | &nbsp;&nbsp; 70 | 71460 |
| 4.88%, 02/15/34 | &nbsp;&nbsp; 25 | 25398 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 35 | 35181 |
| Waste Pro USA Inc., 7.00%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10452 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; $10 | $10425 |
|  |  | 405056 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC, 6.25%, 03/15/33<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10247 |
| Conagra Brands Inc. |  |  |
| 5.75%, 08/01/35 | &nbsp;&nbsp; 10 | 10051 |
| 8.25%, 09/15/30 | &nbsp;&nbsp; 10 | 11559 |
| Fiesta Purchaser Inc. |  |  |
| 7.88%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10640 |
| 9.63%, 09/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10746 |
| Flowers Foods Inc., 5.75%, 03/15/35 | &nbsp;&nbsp; 10 | 10174 |
| General Mills Inc. |  |  |
| 4.95%, 03/29/33 | &nbsp;&nbsp; 30 | 30182 |
| 5.25%, 01/30/35 | &nbsp;&nbsp; 15 | 15082 |
| Hershey Co. (The) |  |  |
| 4.50%, 05/04/33 | &nbsp;&nbsp; 20 | 19907 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 10 | 10197 |
| Ingles Markets Inc., 4.00%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8 | 7500 |
| J.M. Smucker Co. (The) |  |  |
| 2.13%, 03/15/32 | &nbsp;&nbsp; 20 | 16982 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 10 | 9290 |
| 6.20%, 11/15/33 | &nbsp;&nbsp; 20 | 21490 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL<br>|  |  |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 20 | 17695 |
| 3.75%, 12/01/31 | &nbsp;&nbsp; 20 | 18841 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 32 | 33113 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 38 | 41685 |
| Kellanova, 5.25%, 03/01/33 | &nbsp;&nbsp; 15 | 15401 |
| Kraft Heinz Foods Co. |  |  |
| 4.25%, 03/01/31 | &nbsp;&nbsp; 20 | 19664 |
| 5.40%, 03/15/35<sup>(c)</sup> | &nbsp;&nbsp; 10 | 10057 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 5 | 5509 |
| Kroger Co. (The) |  |  |
| 1.70%, 01/15/31 | &nbsp;&nbsp; 5 | 4352 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 70 | 69747 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 25 | 28695 |
| Lamb Weston Holdings Inc., 4.38%, 01/31/32<sup>(b)</sup> | &nbsp;&nbsp; 22 | 20690 |
| Mars Inc. |  |  |
| 1.63%, 07/16/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8392 |
| 3.60%, 04/01/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9060 |
| 4.65%, 04/20/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5075 |
| 4.75%, 04/20/33<sup>(b)</sup> | &nbsp;&nbsp; 45 | 44761 |
| 5.00%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40802 |
| 5.20%, 03/01/35<sup>(b)</sup> | &nbsp;&nbsp; 90 | 90812 |
| McCormick & Co. Inc./MD |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 35 | 30575 |
| 4.70%, 10/15/34 | &nbsp;&nbsp; 10 | 9713 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 5 | 5041 |
| Mondelez International Inc. |  |  |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 25 | 22743 |
| 4.75%, 08/28/34 | &nbsp;&nbsp; 10 | 9908 |
| 5.13%, 05/06/35 | &nbsp;&nbsp; 10 | 10098 |
| Nestle Capital Corp., 4.88%, 03/12/34<sup>(b)</sup> | &nbsp;&nbsp; 150 | 152148 |
| Performance Food Group Inc., 6.13%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20492 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 30 | 27154 |
| 4.25%, 04/15/31 | &nbsp;&nbsp; 20 | 19281 |
| 6.88%, 05/15/34 | &nbsp;&nbsp; 20 | 21903 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; $20 | $18653 |
| 6.25%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15412 |
| 6.25%, 10/15/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15152 |
| 6.38%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20247 |
| Safeway Inc., 7.25%, 02/01/31 | &nbsp;&nbsp; 3 | 3241 |
| Smithfield Foods Inc. |  |  |
| 2.63%, 09/13/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 21887 |
| 3.00%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18272 |
| Sysco Corp. |  |  |
| 2.45%, 12/14/31 | &nbsp;&nbsp; 5 | 4444 |
| 5.40%, 03/23/35 | &nbsp;&nbsp; 10 | 10215 |
| 6.00%, 01/17/34 | &nbsp;&nbsp; 15 | 16155 |
| The Campbell's Co. |  |  |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 15 | 14369 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 25 | 25368 |
| Tyson Foods Inc., 5.70%, 03/15/34 | &nbsp;&nbsp; 25 | 26042 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4875 |
| 5.75%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10069 |
| 7.25%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10492 |
| Viking Baked Goods Acquisition Corp., 8.63%, <br> 11/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14869 |
|  |  | 1257216 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Georgia-Pacific LLC, 8.88%, 05/15/31 | &nbsp;&nbsp; 10 | 12174 |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | 14200 |
| Suzano Austria GmbH |  |  |
| 3.13%, 01/15/32 | &nbsp;&nbsp; 25 | 22187 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 30 | 28194 |
|  |  | 76755 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| AltaGas Ltd., 7.20%, 10/15/54, (5-year CMT + <br> 3.573%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 15 | 15220 |
| APA Infrastructure Ltd. |  |  |
| 5.00%, 03/23/35<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4906 |
| 5.13%, 09/16/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15009 |
| Atmos Energy Corp., 1.50%, 01/15/31 | &nbsp;&nbsp; 40 | 34650 |
| Boston Gas Co. |  |  |
| 3.76%, 03/16/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14010 |
| 5.84%, 01/10/35<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15740 |
| CenterPoint Energy Resources Corp. |  |  |
| 4.40%, 07/01/32 | &nbsp;&nbsp; 10 | 9819 |
| 5.40%, 07/01/34 | &nbsp;&nbsp; 15 | 15338 |
| KeySpan Gas East Corp., 5.99%, 03/06/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15706 |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31 | &nbsp;&nbsp; 5 | 4545 |
| 5.95%, 03/15/35 | &nbsp;&nbsp; 10 | 10281 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 35 | 30319 |
| 5.35%, 04/01/34 | &nbsp;&nbsp; 10 | 10217 |
| 6.38%, 03/31/55, (5-year CMT + 2.527%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10269 |
| ONE Gas Inc., 4.25%, 09/01/32 | &nbsp;&nbsp; 5 | 4875 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 2.50%, 03/15/31 | &nbsp;&nbsp; 5 | 4505 |
| 5.10%, 02/15/35 | &nbsp;&nbsp; 10 | 10097 |
| 5.40%, 06/15/33 | &nbsp;&nbsp; 5 | 5159 |
| Southern California Gas Co. |  |  |
| 5.05%, 09/01/34 | &nbsp;&nbsp; 15 | 15156 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 10 | 10228 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 5.45%, 06/15/35 | &nbsp;&nbsp; $10 | $10261 |
| Southern Co. Gas Capital Corp. |  |  |
| 4.95%, 09/15/34 | &nbsp;&nbsp; 15 | 14924 |
| 5.15%, 09/15/32 | &nbsp;&nbsp; 20 | 20392 |
| Southwest Gas Corp., 4.05%, 03/15/32 | &nbsp;&nbsp; 30 | 28623 |
| Spire Missouri Inc. |  |  |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 10 | 10029 |
| Series 2034, 5.15%, 08/15/34 | &nbsp;&nbsp; 5 | 5121 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 20 | 21948 |
| 7.75%, 05/01/35<sup>(b)</sup> | &nbsp;&nbsp; 25 | 27843 |
|  |  | 395190 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Stanley Black & Decker Inc., 3.00%, 05/15/32 | &nbsp;&nbsp; 25 | 22358 |
| **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** | **Health Care - Products — 0.2%** |
| Agilent Technologies Inc. |  |  |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 30 | 26917 |
| 4.75%, 09/09/34 | &nbsp;&nbsp; 5 | 4928 |
| Alcon Finance Corp., 5.38%, 12/06/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5180 |
| Baxter International Inc. |  |  |
| 1.73%, 04/01/31 | &nbsp;&nbsp; 30 | 25691 |
| 2.54%, 02/01/32 | &nbsp;&nbsp; 25 | 21738 |
| GE HealthCare Technologies Inc., 5.91%, 11/22/32 | &nbsp;&nbsp; 100 | 106860 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5183 |
| Medtronic Global Holdings SCA, 4.50%, 03/30/33 | &nbsp;&nbsp; 30 | 29817 |
| Medtronic Inc., 4.38%, 03/15/35 | &nbsp;&nbsp; 25 | 24291 |
| Revvity Inc., 2.25%, 09/15/31 | &nbsp;&nbsp; 10 | 8647 |
| Smith & Nephew PLC |  |  |
| 2.03%, 10/14/30 | &nbsp;&nbsp; 25 | 22247 |
| 5.40%, 03/20/34 | &nbsp;&nbsp; 10 | 10227 |
| Solventum Corp. |  |  |
| 5.45%, 03/13/31 | &nbsp;&nbsp; 35 | 36637 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 30 | 31108 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15750 |
| Stryker Corp. |  |  |
| 4.63%, 09/11/34 | &nbsp;&nbsp; 15 | 14776 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 25 | 25535 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.00%, 10/15/31 | &nbsp;&nbsp; 35 | 30880 |
| 5.09%, 08/10/33 | &nbsp;&nbsp; 30 | 30877 |
| 5.20%, 01/31/34 | &nbsp;&nbsp; 10 | 10313 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 36 | 32182 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 10 | 10132 |
| 5.50%, 02/19/35 | &nbsp;&nbsp; 10 | 10311 |
|  |  | 540227 |
| **Health Care - Services — 0.7%** | **Health Care - Services — 0.7%** | **Health Care - Services — 0.7%** |
| Acadia Healthcare Co. Inc., 7.38%, 03/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10422 |
| Adventist Health System/West |  |  |
| 5.43%, 03/01/32 | &nbsp;&nbsp; 15 | 15306 |
| 5.76%, 12/01/34 | &nbsp;&nbsp; 20 | 20168 |
| Centene Corp. |  |  |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 56 | 47750 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 63 | 53428 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 32 | 28294 |
| Charles River Laboratories International Inc., 4.00%, <br> 03/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9264 |
| CHS/Community Health Systems Inc. |  |  |
| 4.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 23 | 19576 |
| 9.75%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40583 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 10.88%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; $45 | $47650 |
| Cigna Group (The) |  |  |
| 5.25%, 02/15/34 | &nbsp;&nbsp; 20 | 20392 |
| 5.40%, 03/15/33 | &nbsp;&nbsp; 55 | 56955 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | &nbsp;&nbsp; 10 | 9245 |
| 5.21%, 12/01/31 | &nbsp;&nbsp; 5 | 5169 |
| 5.32%, 12/01/34 | &nbsp;&nbsp; 15 | 15151 |
| Concentra Health Services Inc., 6.88%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10370 |
| DaVita Inc. |  |  |
| 3.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 26 | 23717 |
| 6.75%, 07/15/33<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20706 |
| 6.88%, 09/01/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20703 |
| Elevance Health Inc. |  |  |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 35 | 31710 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 20 | 19907 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 30 | 30517 |
| 5.20%, 02/15/35 | &nbsp;&nbsp; 30 | 30215 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 20 | 20435 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 40 | 41677 |
| Encompass Health Corp., 4.63%, 04/01/31 | &nbsp;&nbsp; 10 | 9692 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 9255 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 50 | 44083 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 100 | 92927 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 5 | 5190 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 25 | 25299 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 5 | 5143 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 35 | 35947 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; 25 | 25733 |
| Horizon Mutual Holdings Inc., 6.20%, 11/15/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9733 |
| Humana Inc. |  |  |
| 2.15%, 02/03/32 | &nbsp;&nbsp; 45 | 38174 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 15 | 15143 |
| 5.88%, 03/01/33 | &nbsp;&nbsp; 15 | 15661 |
| 5.95%, 03/15/34 | &nbsp;&nbsp; 25 | 26168 |
| IQVIA Inc., 6.25%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15471 |
| Laboratory Corp. of America Holdings |  |  |
| 2.70%, 06/01/31 | &nbsp;&nbsp; 10 | 9078 |
| 4.55%, 04/01/32 | &nbsp;&nbsp; 10 | 9917 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 15 | 14713 |
| LifePoint Health Inc. |  |  |
| 8.38%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 21220 |
| 9.88%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16245 |
| 10.00%, 06/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | 15455 |
| 11.00%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16535 |
| Molina Healthcare Inc. |  |  |
| 3.88%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13782 |
| 3.88%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 13 | 11633 |
| 6.25%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15135 |
| MPH Acquisition Holdings LLC, 5.75%, 12/31/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13137 |
| OhioHealth Corp., 2.30%, 11/15/31 | &nbsp;&nbsp; 5 | 4473 |
| Piedmont Healthcare Inc., 2.04%, 01/01/32 | &nbsp;&nbsp; 15 | 12768 |
| Providence St. Joseph Health Obligated Group, <br> 5.40%, 10/01/33<br>| &nbsp;&nbsp; 5 | 5091 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31 | &nbsp;&nbsp; 20 | 18298 |
| 5.00%, 12/15/34 | &nbsp;&nbsp; 10 | 10010 |
| 6.40%, 11/30/33 | &nbsp;&nbsp; 20 | 22026 |
| Radiology Partners Inc., 8.50%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25550 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Roche Holdings Inc. |  |  |
| 2.08%, 12/13/31<sup>(b)</sup> | &nbsp;&nbsp; $10 | $8762 |
| 4.99%, 03/08/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10221 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10052 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 21196 |
| Surgery Center Holdings Inc., 7.25%, 04/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | 15557 |
| Sutter Health, 5.16%, 08/15/33 | &nbsp;&nbsp; 15 | 15291 |
| Tenet Healthcare Corp. |  |  |
| 6.75%, 05/15/31 | &nbsp;&nbsp; 25 | 25980 |
| 6.88%, 11/15/31 | &nbsp;&nbsp; 8 | 8590 |
| UnitedHealth Group Inc. |  |  |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 45 | 43867 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 50 | 48962 |
| 4.63%, 07/15/35 | &nbsp;&nbsp; 10 | 9709 |
| 4.65%, 01/15/31 | &nbsp;&nbsp; 25 | 25326 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 60 | 61214 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 65 | 65262 |
| 5.15%, 07/15/34 | &nbsp;&nbsp; 25 | 25379 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 20 | 20431 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 35 | 36187 |
| Universal Health Services Inc. |  |  |
| 2.65%, 10/15/30 | &nbsp;&nbsp; 25 | 22428 |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 15 | 12912 |
| 5.05%, 10/15/34 | &nbsp;&nbsp; 10 | 9618 |
| UPMC, 5.04%, 05/15/33 | &nbsp;&nbsp; 5 | 5068 |
|  |  | 1780007 |
| **Holding Companies - Diversified — 0.3%** | **Holding Companies - Diversified — 0.3%** | **Holding Companies - Diversified — 0.3%** |
| Apollo Debt Solutions BDC |  |  |
| 6.55%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10404 |
| 6.70%, 07/29/31 | &nbsp;&nbsp; 25 | 26433 |
| Ares Capital Corp. |  |  |
| 3.20%, 11/15/31 | &nbsp;&nbsp; 30 | 26729 |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; 20 | 20292 |
| Ares Strategic Income Fund, 6.20%, 03/21/32 | &nbsp;&nbsp; 10 | 10280 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32 | &nbsp;&nbsp; 30 | 30812 |
| 6.00%, 11/22/34 | &nbsp;&nbsp; 15 | 15121 |
| 6.25%, 01/25/31 | &nbsp;&nbsp; 5 | 5220 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/31 | &nbsp;&nbsp; 15 | 15674 |
| Clue Opco LLC, 9.50%, 10/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 12 | 12779 |
| Compass Group Diversified Holdings LLC, 5.00%, <br> 01/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 4434 |
| Gaci First Investment Co., 5.25%, 01/29/34<sup>(e)</sup> | &nbsp;&nbsp; 200 | 204519 |
| HA Sustainable Infrastructure Capital Inc., 6.38%, <br> 07/01/34<br>| &nbsp;&nbsp; 20 | 19820 |
| HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, <br> 09/15/30<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 13 | 11895 |
| MDGH GMTN RSC Ltd., 3.38%, 03/28/32<sup>(e)</sup> | &nbsp;&nbsp; 200 | 185828 |
| Otel Sukuk Ltd., 5.38%, 01/24/31<sup>(e)</sup> | &nbsp;&nbsp; 200 | 202345 |
| Stena International SA |  |  |
| 7.25%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10216 |
| 7.63%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10318 |
|  |  | 823119 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Ashton Woods USA LLC / Ashton Woods Finance Co., <br> 6.88%, 08/01/33<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15032 |
| Beazer Homes USA Inc., 7.50%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5073 |
| DR Horton Inc., 5.00%, 10/15/34 | &nbsp;&nbsp; 15 | 14993 |
| Forestar Group Inc., 6.50%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25469 |
| KB Home, 4.00%, 06/15/31 | &nbsp;&nbsp; 5 | 4665 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| LGI Homes Inc., 7.00%, 11/15/32<sup>(b)</sup> | &nbsp;&nbsp; $10 | $9757 |
| MDC Holdings Inc., 2.50%, 01/15/31 | &nbsp;&nbsp; 10 | 8862 |
| Meritage Homes Corp., 5.65%, 03/15/35 | &nbsp;&nbsp; 10 | 10100 |
| PulteGroup Inc. |  |  |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 20 | 21770 |
| 7.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; 10 | 11782 |
| Toll Brothers Finance Corp., 5.60%, 06/15/35 | &nbsp;&nbsp; 10 | 10151 |
|  |  | 137654 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Somnigroup International Inc., 3.88%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp; 17 | 15579 |
| Whirlpool Corp. |  |  |
| 2.40%, 05/15/31 | &nbsp;&nbsp; 5 | 4218 |
| 4.70%, 05/14/32 | &nbsp;&nbsp; 15 | 13970 |
| 5.50%, 03/01/33<sup>(c)</sup> | &nbsp;&nbsp; 5 | 4825 |
| 6.50%, 06/15/33 | &nbsp;&nbsp; 10 | 10059 |
|  |  | 48651 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | &nbsp;&nbsp; 35 | 30043 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 10 | 10516 |
| Central Garden & Pet Co. |  |  |
| 4.13%, 10/15/30 | &nbsp;&nbsp; 10 | 9461 |
| 4.13%, 04/30/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4672 |
| Church & Dwight Co. Inc. |  |  |
| 2.30%, 12/15/31 | &nbsp;&nbsp; 10 | 8805 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 25 | 26386 |
| Clorox Co. (The), 4.60%, 05/01/32 | &nbsp;&nbsp; 25 | 25047 |
| Kimberly-Clark Corp., 4.50%, 02/16/33 | &nbsp;&nbsp; 10 | 10061 |
| Kronos Acquisition Holdings Inc. |  |  |
| 8.25%, 06/30/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 7495 |
| 10.75%, 06/30/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 5100 |
|  |  | 137586 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands Inc. |  |  |
| 6.38%, 05/15/30 | &nbsp;&nbsp; 10 | 9872 |
| 6.63%, 05/15/32<sup>(c)</sup> | &nbsp;&nbsp; 10 | 9792 |
| Scotts Miracle-Gro Co. (The) |  |  |
| 4.00%, 04/01/31 | &nbsp;&nbsp; 8 | 7356 |
| 4.38%, 02/01/32 | &nbsp;&nbsp; 9 | 8306 |
|  |  | 35326 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| Acrisure LLC / Acrisure Finance Inc., 6.75%, <br> 07/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15396 |
| Acrisure LLC/Acrisure Finance Inc., 7.50%, <br> 11/06/30<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20753 |
| AIA Group Ltd., 4.95%, 04/04/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10188 |
| Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<br>|  |  |
| 6.50%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20483 |
| 7.00%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25885 |
| 7.38%, 10/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15476 |
| Allianz SE, 6.35%, 09/06/53, (5-year CMT + <br> 3.232%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10 | 10630 |
| Allstate Corp. (The) |  |  |
| 5.25%, 03/30/33 | &nbsp;&nbsp; 35 | 36018 |
| 5.55%, 05/09/35 | &nbsp;&nbsp; 15 | 15609 |
| American International Group Inc. |  |  |
| 3.88%, 01/15/35 | &nbsp;&nbsp; 10 | 9210 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 30 | 30620 |
| 5.45%, 05/07/35 | &nbsp;&nbsp; 20 | 20633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| American National Group Inc. |  |  |
| 6.00%, 07/15/35 | &nbsp;&nbsp; $25 | $25284 |
| 6.14%, 06/13/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15490 |
| Americo Life Inc., 3.45%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18028 |
| AmFam Holdings Inc., 2.81%, 03/11/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26008 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.05%, 08/23/31 | &nbsp;&nbsp; 15 | 13112 |
| 2.60%, 12/02/31 | &nbsp;&nbsp; 10 | 8955 |
| 5.00%, 09/12/32 | &nbsp;&nbsp; 10 | 10209 |
| Aon North America Inc. |  |  |
| 5.30%, 03/01/31 | &nbsp;&nbsp; 20 | 20843 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 40 | 41281 |
| Arch Capital Group Ltd., 7.35%, 05/01/34 | &nbsp;&nbsp; 10 | 11559 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26178 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26465 |
| Arthur J Gallagher & Co. |  |  |
| 5.00%, 02/15/32 | &nbsp;&nbsp; 5 | 5090 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 30 | 30087 |
| 5.45%, 07/15/34 | &nbsp;&nbsp; 25 | 25704 |
| 5.50%, 03/02/33 | &nbsp;&nbsp; 10 | 10339 |
| 6.50%, 02/15/34 | &nbsp;&nbsp; 5 | 5485 |
| Ascot Group Ltd., 4.25%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9075 |
| Assurant Inc., 2.65%, 01/15/32 | &nbsp;&nbsp; 25 | 21779 |
| Assured Guaranty U.S. Holdings Inc., 3.15%, <br> 06/15/31<br>| &nbsp;&nbsp; 25 | 23379 |
| Athene Global Funding |  |  |
| 2.67%, 06/07/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8906 |
| 5.32%, 11/13/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10232 |
| 5.53%, 07/11/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5158 |
| 5.54%, 08/22/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9959 |
| Athene Holding Ltd. |  |  |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 30 | 28403 |
| 5.88%, 01/15/34 | &nbsp;&nbsp; 35 | 36275 |
| 6.63%, 10/15/54, (5-year CMT + 2.607%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20076 |
| 6.65%, 02/01/33 | &nbsp;&nbsp; 20 | 21636 |
| AXA SA, 8.60%, 12/15/30 | &nbsp;&nbsp; 25 | 29692 |
| Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10384 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30 | &nbsp;&nbsp; 15 | 13241 |
| 2.88%, 03/15/32 | &nbsp;&nbsp; 35 | 32485 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 15 | 13328 |
| 4.20%, 03/17/32 | &nbsp;&nbsp; 15 | 14327 |
| 5.55%, 06/23/35 | &nbsp;&nbsp; 20 | 20386 |
| 5.65%, 06/11/34 | &nbsp;&nbsp; 15 | 15395 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30 | &nbsp;&nbsp; 30 | 26269 |
| 4.90%, 08/15/35 | &nbsp;&nbsp; 25 | 24870 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 40 | 40628 |
| Cincinnati Financial Corp., 6.13%, 11/01/34 | &nbsp;&nbsp; 10 | 10711 |
| CNA Financial Corp. |  |  |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 15 | 15014 |
| 5.20%, 08/15/35 | &nbsp;&nbsp; 10 | 9893 |
| 5.50%, 06/15/33 | &nbsp;&nbsp; 10 | 10292 |
| CNO Financial Group Inc., 6.45%, 06/15/34 | &nbsp;&nbsp; 10 | 10507 |
| Corebridge Financial Inc. |  |  |
| 3.90%, 04/05/32 | &nbsp;&nbsp; 35 | 33126 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 50 | 52246 |
| 6.05%, 09/15/33 | &nbsp;&nbsp; 10 | 10595 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Doctors Co. An Interinsurance Exchange (The), <br> 4.50%, 01/18/32<sup>(b)</sup><br>| &nbsp;&nbsp; $10 | $8890 |
| Empower Finance 2020 LP, 1.78%, 03/17/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13288 |
| Enstar Group Ltd., 3.10%, 09/01/31 | &nbsp;&nbsp; 10 | 8936 |
| Equitable Holdings Inc., 5.59%, 01/11/33 | &nbsp;&nbsp; 25 | 25995 |
| F&G Annuities & Life Inc., 6.25%, 10/04/34 | &nbsp;&nbsp; 10 | 10049 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | &nbsp;&nbsp; 15 | 14107 |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 25 | 25792 |
| 5.75%, 05/20/35<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20436 |
| Fidelity National Financial Inc., 2.45%, 03/15/31 | &nbsp;&nbsp; 5 | 4406 |
| First American Financial Corp. |  |  |
| 2.40%, 08/15/31 | &nbsp;&nbsp; 15 | 12994 |
| 5.45%, 09/30/34 | &nbsp;&nbsp; 10 | 9951 |
| Genworth Holdings Inc., 6.50%, 06/15/34 | &nbsp;&nbsp; 5 | 5102 |
| Global Atlantic Fin Co. |  |  |
| 3.13%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 35 | 31602 |
| 7.95%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 14 | 15996 |
| Globe Life Inc. |  |  |
| 4.80%, 06/15/32 | &nbsp;&nbsp; 25 | 24919 |
| 5.85%, 09/15/34 | &nbsp;&nbsp; 10 | 10414 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| 7.25%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15494 |
| 8.13%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10421 |
| HUB International Ltd., 7.38%, 01/31/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36736 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 5 | 4515 |
| 5.67%, 06/08/32 | &nbsp;&nbsp; 10 | 10349 |
| Jones Deslauriers Insurance Management Inc., <br> 10.50%, 12/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5332 |
| Kemper Corp. |  |  |
| 2.40%, 09/30/30 | &nbsp;&nbsp; 15 | 13286 |
| 3.80%, 02/23/32 | &nbsp;&nbsp; 20 | 18294 |
| Lincoln National Corp. |  |  |
| 3.40%, 01/15/31 | &nbsp;&nbsp; 20 | 18785 |
| 3.40%, 03/01/32 | &nbsp;&nbsp; 15 | 13716 |
| 5.85%, 03/15/34 | &nbsp;&nbsp; 10 | 10376 |
| Loews Corp., 6.00%, 02/01/35 | &nbsp;&nbsp; 10 | 10789 |
| Manulife Financial Corp., 3.70%, 03/16/32 | &nbsp;&nbsp; 25 | 23853 |
| Marsh & McLennan Companies Inc. |  |  |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 25 | 25586 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 50 | 50131 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 15 | 15370 |
| 5.40%, 09/15/33 | &nbsp;&nbsp; 10 | 10406 |
| 5.75%, 11/01/32 | &nbsp;&nbsp; 10 | 10670 |
| Meiji Yasuda Life Insurance Co., 5.80%, 09/11/54, <br> (5-year CMT + 3.033%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 20 | 20325 |
| MetLife Inc. |  |  |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 25 | 25735 |
| 5.38%, 07/15/33 | &nbsp;&nbsp; 29 | 30323 |
| 5.70%, 06/15/35 | &nbsp;&nbsp; 20 | 21173 |
| 6.38%, 06/15/34 | &nbsp;&nbsp; 40 | 44326 |
| 6.50%, 12/15/32 | &nbsp;&nbsp; 9 | 10099 |
| Series G, 6.35%, 03/15/55, (5-year CMT + <br> 2.078%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20 | 20857 |
| Metropolitan Life Global Funding I, 5.15%, 03/28/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10260 |
| Nationwide Mutual Insurance Co., 7.88%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5628 |
| New York Life Global Funding |  |  |
| 4.55%, 01/28/33<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39511 |
| 5.00%, 01/09/34<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.35%, 01/23/35<sup>(b)</sup> | &nbsp;&nbsp; $25 | $25848 |
| New York Life Insurance Co., 5.88%, 05/15/33<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36811 |
| Nippon Life Insurance Co., 5.95%, 04/16/54, (5-year <br> CMT + 2.590%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 20 | 20680 |
| Old Republic International Corp., 5.75%, 03/28/34 | &nbsp;&nbsp; 10 | 10284 |
| Pacific Life Global Funding II, 2.45%, 01/11/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8711 |
| Pacific LifeCorp, 6.60%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16440 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 56 | 58043 |
| PartnerRe Finance B LLC, 4.50%, 10/01/50, (5-year <br> CMT + 3.815%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5 | 4708 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 5 | 4506 |
| Progressive Corp. (The) |  |  |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 25 | 22956 |
| 6.25%, 12/01/32 | &nbsp;&nbsp; 10 | 11059 |
| Protective Life Global Funding, 5.43%, 01/14/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5194 |
| Prudential Financial Inc. |  |  |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(a)</sup> | &nbsp;&nbsp; 25 | 23098 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 15 | 15265 |
| 5.75%, 07/15/33 | &nbsp;&nbsp; 50 | 53739 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(a)</sup> | &nbsp;&nbsp; 65 | 67232 |
| 6.50%, 03/15/54, (5-year CMT + 2.404%)<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5252 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15864 |
| Prudential Funding Asia PLC, 3.63%, 03/24/32 | &nbsp;&nbsp; 10 | 9422 |
| Reinsurance Group of America Inc., 5.75%, 09/15/34 | &nbsp;&nbsp; 40 | 41281 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.75%, 06/05/33 | &nbsp;&nbsp; 25 | 25962 |
| 5.80%, 04/01/35 | &nbsp;&nbsp; 10 | 10343 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5087 |
| 5.50%, 01/11/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15680 |
| Ryan Specialty LLC, 5.88%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20205 |
| Sammons Financial Group Inc. |  |  |
| 3.35%, 04/16/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18570 |
| 4.75%, 04/08/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | 14521 |
| 6.88%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10842 |
| SBL Holdings Inc. |  |  |
| 5.00%, 02/18/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13922 |
| 7.20%, 10/30/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14763 |
| Selective Insurance Group Inc., 5.90%, 04/15/35 | &nbsp;&nbsp; 10 | 10306 |
| Stewart Information Services Corp., 3.60%, 11/15/31 | &nbsp;&nbsp; 10 | 8997 |
| Sumitomo Life Insurance Co., 5.88%, (5-year CMT + <br> 2.841%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp; 5 | 5107 |
| Travelers Companies Inc. (The), 5.05%, 07/24/35 | &nbsp;&nbsp; 10 | 10065 |
| USI Inc./New York, 7.50%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10591 |
| Western & Southern Financial Group Inc., 5.75%, <br> 07/15/33<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10442 |
| Wilton RE Ltd., 6.00%, (5-year CMT + 5.266%)<sup>(a)(b)(f)</sup> | &nbsp;&nbsp; 5 | 4954 |
|  |  | 2616754 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Alibaba Group Holding Ltd., 2.13%, 02/09/31 | &nbsp;&nbsp; 20 | 17976 |
| Alphabet Inc., 4.50%, 05/15/35 | &nbsp;&nbsp; 25 | 24791 |
| Amazon.com Inc. |  |  |
| 2.10%, 05/12/31 | &nbsp;&nbsp; 95 | 85164 |
| 3.60%, 04/13/32 | &nbsp;&nbsp; 85 | 81745 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; 45 | 46004 |
| 4.80%, 12/05/34 | &nbsp;&nbsp; 20 | 20488 |
| Cogent Communications Group LLC / Cogent <br> Finance Inc., 6.50%, 07/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 23831 |
| eBay Inc. |  |  |
| 2.60%, 05/10/31 | &nbsp;&nbsp; 15 | 13622 |
| 6.30%, 11/22/32 | &nbsp;&nbsp; 10 | 10967 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Expedia Group Inc. |  |  |
| 2.95%, 03/15/31 | &nbsp;&nbsp; $27 | $24934 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 25 | 25388 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15429 |
| 7.13%, 09/30/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15536 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13545 |
| 4.13%, 08/01/30<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4710 |
| 6.13%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15169 |
| Meta Platforms Inc. |  |  |
| 3.85%, 08/15/32 | &nbsp;&nbsp; 55 | 53138 |
| 4.55%, 08/15/31 | &nbsp;&nbsp; 25 | 25490 |
| 4.75%, 08/15/34 | &nbsp;&nbsp; 50 | 50226 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 25 | 25664 |
| Prosus NV, 3.06%, 07/13/31<sup>(e)</sup> | &nbsp;&nbsp; 200 | 179584 |
| Rakuten Group Inc., 6.25%, (5-year CMT + <br> 4.956%)<sup>(a)(b)(f)</sup><br>| &nbsp;&nbsp; 18 | 16948 |
| Snap Inc., 6.88%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25303 |
| Uber Technologies Inc., 4.80%, 09/15/34 | &nbsp;&nbsp; 40 | 39528 |
| VeriSign Inc., 5.25%, 06/01/32 | &nbsp;&nbsp; 10 | 10213 |
| Wayfair LLC, 7.75%, 09/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25843 |
| Ziff Davis Inc., 4.63%, 10/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 9435 |
|  |  | 900671 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| ArcelorMittal SA |  |  |
| 6.00%, 06/17/34<sup>(c)</sup> | &nbsp;&nbsp; 10 | 10529 |
| 6.80%, 11/29/32<sup>(c)</sup> | &nbsp;&nbsp; 25 | 27661 |
| Cleveland-Cliffs Inc. |  |  |
| 4.88%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4570 |
| 7.00%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24902 |
| 7.38%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14959 |
| 7.50%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25354 |
| Commercial Metals Co. |  |  |
| 3.88%, 02/15/31 | &nbsp;&nbsp; 5 | 4643 |
| 4.38%, 03/15/32 | &nbsp;&nbsp; 3 | 2812 |
| Gerdau Trade Inc., 5.75%, 06/09/35 | &nbsp;&nbsp; 10 | 10176 |
| Nucor Corp. |  |  |
| 3.13%, 04/01/32 | &nbsp;&nbsp; 10 | 9157 |
| 5.10%, 06/01/35 | &nbsp;&nbsp; 10 | 10058 |
| Samarco Mineracao SA, 9.50%, 06/30/31, (9.50 % <br> PIK)<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 58 | 57278 |
| Steel Dynamics Inc. |  |  |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 10 | 10108 |
| 5.38%, 08/15/34 | &nbsp;&nbsp; 10 | 10224 |
| Vale Overseas Ltd., 6.13%, 06/12/33 | &nbsp;&nbsp; 35 | 36876 |
|  |  | 259307 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Amer Sports Co., 6.75%, 02/16/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20862 |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31 | &nbsp;&nbsp; 15 | 12962 |
| 4.40%, 09/15/32 | &nbsp;&nbsp; 10 | 9402 |
| Carnival Corp. |  |  |
| 5.75%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50832 |
| 5.88%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20493 |
| 6.13%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35965 |
| Life Time Inc., 6.00%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10161 |
| NCL Corp. Ltd., 6.75%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25795 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30510 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| 6.00%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; $35 | $35912 |
| 6.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25839 |
| Viking Cruises Ltd., 9.13%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10772 |
|  |  | 289505 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Boyd Gaming Corp., 4.75%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 17 | 16369 |
| Choice Hotels International Inc. |  |  |
| 3.70%, 01/15/31 | &nbsp;&nbsp; 15 | 14038 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 10 | 10118 |
| Hilton Domestic Operating Co. Inc. |  |  |
| 3.63%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 26 | 23721 |
| 4.00%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; 18 | 16956 |
| 5.75%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15133 |
| 5.88%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20404 |
| 6.13%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15435 |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton <br> Grand Vacations Borrower Esc<br>|  |  |
| 4.88%, 07/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9308 |
| 6.63%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15297 |
| Hyatt Hotels Corp. |  |  |
| 5.50%, 06/30/34 | &nbsp;&nbsp; 15 | 15135 |
| 5.75%, 03/30/32 | &nbsp;&nbsp; 20 | 20735 |
| Las Vegas Sands Corp., 6.20%, 08/15/34 | &nbsp;&nbsp; 10 | 10352 |
| Marriott International Inc./MD |  |  |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 25 | 25370 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 20 | 20178 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 30 | 27510 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 5 | 4587 |
| Series II, 2.75%, 10/15/33 | &nbsp;&nbsp; 5 | 4284 |
| Melco Resorts Finance Ltd., 7.63%, 04/17/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15621 |
| MGM China Holdings Ltd., 7.13%, 06/26/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5215 |
| MGM Resorts International, 6.50%, 04/15/32 | &nbsp;&nbsp; 15 | 15383 |
| Sands China Ltd., 3.25%, 08/08/31 | &nbsp;&nbsp; 10 | 9067 |
| Station Casinos LLC |  |  |
| 4.63%, 12/01/31<sup>(b)</sup> | &nbsp;&nbsp; 8 | 7577 |
| 6.63%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10290 |
| Travel + Leisure Co., 6.13%, 09/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15051 |
|  |  | 363134 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| AGCO Corp., 5.80%, 03/21/34 | &nbsp;&nbsp; 15 | 15434 |
| Caterpillar Inc., 5.20%, 05/15/35 | &nbsp;&nbsp; 30 | 30748 |
| Chart Industries Inc., 9.50%, 01/01/31<sup>(b)</sup> | &nbsp;&nbsp; 7 | 7503 |
| Deere & Co. |  |  |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 25 | 26046 |
| 7.13%, 03/03/31 | &nbsp;&nbsp; 20 | 22848 |
| Flowserve Corp. |  |  |
| 2.80%, 01/15/32 | &nbsp;&nbsp; 30 | 26312 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 10 | 9513 |
| IDEX Corp., 2.63%, 06/15/31 | &nbsp;&nbsp; 15 | 13570 |
| Ingersoll Rand Inc. |  |  |
| 5.31%, 06/15/31 | &nbsp;&nbsp; 25 | 26108 |
| 5.70%, 08/14/33 | &nbsp;&nbsp; 25 | 26341 |
| John Deere Capital Corp. |  |  |
| 1.45%, 01/15/31 | &nbsp;&nbsp; 25 | 21809 |
| 2.00%, 06/17/31 | &nbsp;&nbsp; 30 | 26546 |
| 3.90%, 06/07/32 | &nbsp;&nbsp; 20 | 19396 |
| 4.35%, 09/15/32 | &nbsp;&nbsp; 25 | 24785 |
| 4.40%, 09/08/31 | &nbsp;&nbsp; 25 | 25126 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 30 | 30721 |
| 5.15%, 09/08/33 | &nbsp;&nbsp; 10 | 10362 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Manitowoc Co. Inc. (The), 9.25%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; $5 | $5290 |
| Nordson Corp., 5.80%, 09/15/33 | &nbsp;&nbsp; 10 | 10627 |
| nVent Finance SARL, 5.65%, 05/15/33 | &nbsp;&nbsp; 10 | 10294 |
| Regal Rexnord Corp., 6.40%, 04/15/33 | &nbsp;&nbsp; 25 | 26591 |
| Rockwell Automation Inc., 1.75%, 08/15/31 | &nbsp;&nbsp; 15 | 13043 |
| Terex Corp., 6.25%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15184 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 5.50%, 05/29/35 | &nbsp;&nbsp; 15 | 15391 |
| 5.61%, 03/11/34 | &nbsp;&nbsp; 10 | 10374 |
| Xylem Inc./New York, 2.25%, 01/30/31<sup>(c)</sup> | &nbsp;&nbsp; 5 | 4492 |
|  |  | 474454 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| 3M Co., 5.15%, 03/15/35 | &nbsp;&nbsp; 10 | 10155 |
| Amsted Industries Inc., 4.63%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 8 | 7729 |
| Axon Enterprise Inc., 6.25%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15513 |
| Carlisle Companies Inc., 2.20%, 03/01/32 | &nbsp;&nbsp; 5 | 4281 |
| Eaton Corp., 4.15%, 03/15/33 | &nbsp;&nbsp; 50 | 48809 |
| Enpro Inc., 6.13%, 06/01/33<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5125 |
| Hillenbrand Inc., 3.75%, 03/01/31 | &nbsp;&nbsp; 8 | 7358 |
| Parker-Hannifin Corp., 4.20%, 11/21/34 | &nbsp;&nbsp; 10 | 9594 |
| Teledyne Technologies Inc., 2.75%, 04/01/31 | &nbsp;&nbsp; 30 | 27462 |
| Textron Inc. |  |  |
| 2.45%, 03/15/31 | &nbsp;&nbsp; 15 | 13484 |
| 5.50%, 05/15/35 | &nbsp;&nbsp; 10 | 10190 |
|  |  | 159700 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| AMC Networks Inc., 10.50%, 07/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 25 | 25836 |
| Cable One Inc., 4.00%, 11/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 8265 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 51 | 47063 |
| 4.25%, 01/15/34<sup>(b)(c)</sup> | &nbsp;&nbsp; 45 | 39080 |
| 4.50%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 45 | 42574 |
| 4.50%, 05/01/32 | &nbsp;&nbsp; 59 | 53973 |
| 4.50%, 06/01/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26768 |
| 4.75%, 02/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 20 | 18552 |
| 7.38%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20747 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 2.30%, 02/01/32 | &nbsp;&nbsp; 25 | 21165 |
| 4.40%, 04/01/33 | &nbsp;&nbsp; 15 | 14109 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 25 | 26510 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; 25 | 26662 |
| Comcast Corp. |  |  |
| 1.95%, 01/15/31 | &nbsp;&nbsp; 5 | 4429 |
| 4.20%, 08/15/34 | &nbsp;&nbsp; 35 | 33195 |
| 4.25%, 10/15/30 | &nbsp;&nbsp; 25 | 25019 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 70 | 67994 |
| 4.65%, 02/15/33 | &nbsp;&nbsp; 50 | 49878 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 35 | 35042 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 25 | 25729 |
| 5.50%, 11/15/32 | &nbsp;&nbsp; 30 | 31592 |
| Cox Communications Inc. |  |  |
| 1.80%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8708 |
| 4.80%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9377 |
| 5.70%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20241 |
| CSC Holdings LLC |  |  |
| 3.38%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 15997 |
| 4.13%, 12/01/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 13162 |
| 4.50%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 19434 |
| 4.63%, 12/01/30<sup>(b)</sup> | &nbsp;&nbsp; 40 | 17555 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 5.00%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; $8 | $3500 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc., 10.00%, 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 40 | 39702 |
| Fox Corp., 6.50%, 10/13/33 | &nbsp;&nbsp; 50 | 54398 |
| Gray Media Inc. |  |  |
| 7.25%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9859 |
| 9.63%, 07/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 5 | 5025 |
| Gray Television Inc. |  |  |
| 4.75%, 10/15/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 14 | 10524 |
| 5.38%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 22 | 16230 |
| Grupo Televisa SAB, 8.50%, 03/11/32 | &nbsp;&nbsp; 5 | 5577 |
| iHeartCommunications Inc. |  |  |
| 7.00%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 3783 |
| 7.75%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 7934 |
| 10.88%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 5882 |
| McGraw-Hill Education Inc., 7.38%, 09/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10499 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 10451 |
| News Corp., 5.13%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 7 | 6916 |
| Paramount Global |  |  |
| 4.20%, 05/19/32 | &nbsp;&nbsp; 20 | 18648 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 35 | 34789 |
| Scripps Escrow II Inc., 5.38%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 7 | 4968 |
| Sinclair Television Group Inc. |  |  |
| 4.38%, 12/31/32<sup>(b)</sup> | &nbsp;&nbsp; 13 | 9207 |
| 8.13%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30743 |
| Sirius XM Radio LLC |  |  |
| 3.88%, 09/01/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 31 | 27890 |
| 4.13%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23257 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19094 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 27 | 31525 |
| TWDC Enterprises 18 Corp., Series B, 7.00%, <br> 03/01/32<br>| &nbsp;&nbsp; 25 | 28516 |
| Univision Communications Inc. |  |  |
| 7.38%, 06/30/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20186 |
| 8.50%, 07/31/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20632 |
| 9.38%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10539 |
| Virgin Media Finance PLC, 5.00%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13715 |
| Virgin Media Secured Finance PLC, 4.50%, <br> 08/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14077 |
| VZ Secured Financing BV, 5.00%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22176 |
| Walt Disney Co. (The) |  |  |
| 2.65%, 01/13/31 | &nbsp;&nbsp; 75 | 69687 |
| 6.20%, 12/15/34 | &nbsp;&nbsp; 10 | 11201 |
| 6.55%, 03/15/33 | &nbsp;&nbsp; 20 | 22629 |
|  |  | 1372415 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10631 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| Alcoa Nederland Holding BV, 7.13%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15800 |
| Alumina Pty. Ltd., 6.38%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10215 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10603 |
| 11.50%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 11134 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.90%, 02/28/33 | &nbsp;&nbsp; 5 | 5058 |
| 5.13%, 02/21/32 | &nbsp;&nbsp; 30 | 30974 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 30 | 31305 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 70 | 72235 |
| 5.30%, 02/21/35 | &nbsp;&nbsp; 35 | 35957 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Capstone Copper Corp., 6.75%, 03/31/33<sup>(b)</sup> | &nbsp;&nbsp; $10 | $10276 |
| Century Aluminum Co., 6.88%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15366 |
| Constellium SE, 6.38%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5105 |
| Corp. Nacional del Cobre de Chile, 3.75%, <br> 01/15/31<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 188004 |
| Fortescue Treasury Pty Ltd. |  |  |
| 4.38%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 26 | 24727 |
| 6.13%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 16 | 16410 |
| Freeport-McMoRan Inc., 5.40%, 11/14/34 | &nbsp;&nbsp; 15 | 15295 |
| Glencore Funding LLC |  |  |
| 2.50%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 70 | 63787 |
| 2.85%, 04/27/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4558 |
| 5.63%, 04/04/34<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25661 |
| 5.67%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20431 |
| 6.50%, 10/06/33<sup>(b)</sup> | &nbsp;&nbsp; 25 | 27276 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9381 |
| New Gold Inc., 6.88%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5211 |
| Newcastle Coal Infrastructure Group Pty. Ltd., 4.70%, <br> 05/12/31<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14289 |
| Newmont Corp., 2.60%, 07/15/32<sup>(c)</sup> | &nbsp;&nbsp; 65 | 58104 |
| Novelis Corp. |  |  |
| 3.88%, 08/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13613 |
| 6.38%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15147 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | &nbsp;&nbsp; 5 | 5314 |
| 6.13%, 12/15/33 | &nbsp;&nbsp; 10 | 10869 |
| 7.25%, 03/15/31 | &nbsp;&nbsp; 25 | 28855 |
| Rio Tinto Finance USA PLC |  |  |
| 5.00%, 03/09/33 | &nbsp;&nbsp; 15 | 15312 |
| 5.25%, 03/14/35 | &nbsp;&nbsp; 35 | 35641 |
| South32 Treasury Ltd., 4.35%, 04/14/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23807 |
| Vedanta Resources Finance II PLC, 11.25%, <br> 12/03/31<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 210089 |
| Yamana Gold Inc., 2.63%, 08/15/31 | &nbsp;&nbsp; 14 | 12432 |
|  |  | 1098241 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 20 | 18630 |
| 5.55%, 08/22/34 | &nbsp;&nbsp; 15 | 15212 |
| Xerox Corp., 13.50%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20069 |
| Zebra Technologies Corp., 6.50%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10268 |
|  |  | 64179 |
| **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
| Aker BP ASA |  |  |
| 3.10%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4540 |
| 5.13%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9689 |
| 6.00%, 06/13/33<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5190 |
| APA Corp., 6.10%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5007 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp., 6.63%, 10/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10182 |
| Baytex Energy Corp., 7.38%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9773 |
| BP Capital Markets America Inc. |  |  |
| 2.72%, 01/12/32 | &nbsp;&nbsp; 30 | 27027 |
| 4.81%, 02/13/33 | &nbsp;&nbsp; 25 | 25097 |
| 4.89%, 09/11/33 | &nbsp;&nbsp; 55 | 55353 |
| 4.99%, 04/10/34 | &nbsp;&nbsp; 20 | 20214 |
| 5.23%, 11/17/34 | &nbsp;&nbsp; 30 | 30619 |
| Canadian Natural Resources Ltd. |  |  |
| 5.40%, 12/15/34<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25050 |
| 5.85%, 02/01/35 | &nbsp;&nbsp; 5 | 5133 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 7.20%, 01/15/32 | &nbsp;&nbsp; $5 | $5567 |
| Cenovus Energy Inc., 2.65%, 01/15/32 | &nbsp;&nbsp; 20 | 17560 |
| Chevron USA Inc. |  |  |
| 4.82%, 04/15/32 | &nbsp;&nbsp; 30 | 30724 |
| 4.98%, 04/15/35 | &nbsp;&nbsp; 15 | 15240 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10264 |
| Civitas Resources Inc. |  |  |
| 8.63%, 11/01/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20820 |
| 8.75%, 07/01/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25726 |
| 9.63%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10580 |
| CNOOC Petroleum North America ULC, 5.88%, <br> 03/10/35<br>| &nbsp;&nbsp; 200 | 222070 |
| CNX Resources Corp. |  |  |
| 7.25%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10379 |
| 7.38%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 9 | 9335 |
| ConocoPhillips Co. |  |  |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 25 | 24995 |
| 5.05%, 09/15/33 | &nbsp;&nbsp; 40 | 40857 |
| Continental Resources Inc./OK |  |  |
| 2.88%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8587 |
| 5.75%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35908 |
| Coterra Energy Inc. |  |  |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 20 | 19910 |
| 5.60%, 03/15/34 | &nbsp;&nbsp; 10 | 10144 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14669 |
| 7.63%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19923 |
| Devon Energy Corp. |  |  |
| 5.20%, 09/15/34<sup>(c)</sup> | &nbsp;&nbsp; 25 | 24504 |
| 7.95%, 04/15/32 | &nbsp;&nbsp; 10 | 11563 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10608 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 25 | 23166 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 25 | 25257 |
| 5.55%, 04/01/35 | &nbsp;&nbsp; 20 | 20241 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 20 | 21374 |
| Ecopetrol SA |  |  |
| 4.63%, 11/02/31 | &nbsp;&nbsp; 40 | 35077 |
| 7.75%, 02/01/32 | &nbsp;&nbsp; 50 | 50869 |
| 8.88%, 01/13/33 | &nbsp;&nbsp; 40 | 42530 |
| Energian Israel Finance Ltd., 5.88%, 03/30/31<sup>(b)(e)</sup> | &nbsp;&nbsp; 30 | 28202 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 10 | 9165 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 25 | 25434 |
| EQT Corp. |  |  |
| 3.63%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9345 |
| 4.75%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19865 |
| 5.75%, 02/01/34 | &nbsp;&nbsp; 20 | 20712 |
| Equinor ASA, 5.13%, 06/03/35 | &nbsp;&nbsp; 15 | 15284 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 33 | 32140 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; 15 | 15223 |
| Helmerich & Payne Inc. |  |  |
| 2.90%, 09/29/31<sup>(c)</sup> | &nbsp;&nbsp; 15 | 13090 |
| 5.50%, 12/01/34<sup>(c)</sup> | &nbsp;&nbsp; 10 | 9626 |
| Hess Corp., 7.30%, 08/15/31 | &nbsp;&nbsp; 25 | 28837 |
| HF Sinclair Corp. |  |  |
| 4.50%, 10/01/30 | &nbsp;&nbsp; 15 | 14664 |
| 6.25%, 01/15/35 | &nbsp;&nbsp; 15 | 15447 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 6.00%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; $10 | $9644 |
| 6.25%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4793 |
| 6.88%, 05/15/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9595 |
| 7.25%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19556 |
| 8.38%, 11/01/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10450 |
| Long Ridge Energy LLC, 8.75%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15533 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & <br> Gas Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5146 |
| Marathon Petroleum Corp., 5.70%, 03/01/35 | &nbsp;&nbsp; 15 | 15324 |
| Matador Resources Co. |  |  |
| 6.25%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15110 |
| 6.50%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15224 |
| Moss Creek Resources Holdings Inc., 8.25%, <br> 09/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14937 |
| Murphy Oil Corp., 6.00%, 10/01/32 | &nbsp;&nbsp; 10 | 9740 |
| Nabors Industries Inc., 8.88%, 08/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 9019 |
| Northern Oil & Gas Inc., 8.75%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10277 |
| Occidental Petroleum Corp. |  |  |
| 5.38%, 01/01/32 | &nbsp;&nbsp; 25 | 25149 |
| 5.55%, 10/01/34<sup>(c)</sup> | &nbsp;&nbsp; 20 | 19900 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 14 | 14637 |
| 6.63%, 09/01/30 | &nbsp;&nbsp; 31 | 32979 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 16 | 17886 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; 26 | 29384 |
| Ovintiv Inc. |  |  |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 25 | 26012 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 5 | 5265 |
| 7.20%, 11/01/31 | &nbsp;&nbsp; 5 | 5484 |
| 8.13%, 09/15/30 | &nbsp;&nbsp; 15 | 17183 |
| Parkland Corp. |  |  |
| 4.63%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 16 | 15529 |
| 6.63%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10300 |
| Patterson-UTI Energy Inc., 7.15%, 10/01/33 | &nbsp;&nbsp; 10 | 10440 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9671 |
| Permian Resources Operating LLC |  |  |
| 6.25%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20422 |
| 7.00%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20719 |
| 9.88%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 6 | 6539 |
| Petrobras Global Finance BV, 5.60%, 01/03/31<sup>(c)</sup> | &nbsp;&nbsp; 80 | 81637 |
| Petroleos Mexicanos |  |  |
| 5.95%, 01/28/31 | &nbsp;&nbsp; 100 | 93579 |
| 6.70%, 02/16/32 | &nbsp;&nbsp; 200 | 191859 |
| 10.00%, 02/07/33<sup>(c)</sup> | &nbsp;&nbsp; 30 | 33535 |
| Petronas Capital Ltd., 2.48%, 01/28/32<sup>(e)</sup> | &nbsp;&nbsp; 200 | 178599 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | &nbsp;&nbsp; 20 | 17808 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 15 | 14470 |
| Phillips 66 Co. |  |  |
| 4.95%, 03/15/35<sup>(c)</sup> | &nbsp;&nbsp; 10 | 9793 |
| 5.30%, 06/30/33 | &nbsp;&nbsp; 35 | 35726 |
| Raizen Fuels Finance SA, 6.45%, 03/05/34<sup>(e)</sup> | &nbsp;&nbsp; 200 | 195065 |
| Santos Finance Ltd., 6.88%, 09/19/33<sup>(b)</sup> | &nbsp;&nbsp; 40 | 43939 |
| Saudi Arabian Oil Co., 2.25%, 11/24/30<sup>(e)</sup> | &nbsp;&nbsp; 200 | 180542 |
| Shell Finance U.S. Inc., 4.13%, 05/11/35 | &nbsp;&nbsp; 25 | 23737 |
| SM Energy Co., 7.00%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15108 |
| Suncor Energy Inc., 5.95%, 12/01/34 | &nbsp;&nbsp; 10 | 10403 |
| Sunoco LP |  |  |
| 6.25%, 07/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15334 |
| 7.25%, 05/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15879 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Talos Production Inc., 9.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; $10 | $10390 |
| TotalEnergies Capital SA |  |  |
| 4.72%, 09/10/34 | &nbsp;&nbsp; 20 | 19986 |
| 5.15%, 04/05/34 | &nbsp;&nbsp; 40 | 41222 |
| Transocean Inc. |  |  |
| 7.50%, 04/15/31<sup>(c)</sup> | &nbsp;&nbsp; 5 | 4428 |
| 8.50%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18780 |
| Valero Energy Corp., 2.80%, 12/01/31 | &nbsp;&nbsp; 35 | 31572 |
| Vermilion Energy Inc. |  |  |
| 6.88%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 8 | 7737 |
| 7.25%, 02/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 9403 |
| Viper Energy Partners LLC, 5.70%, 08/01/35 | &nbsp;&nbsp; 20 | 20072 |
| Vital Energy Inc. |  |  |
| 7.88%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19738 |
| 9.75%, 10/15/30 | &nbsp;&nbsp; 5 | 5209 |
| Woodside Finance Ltd. |  |  |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 25 | 24483 |
| 6.00%, 05/19/35 | &nbsp;&nbsp; 25 | 25820 |
|  |  | 3156055 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Archrock Partners LP/Archrock Partners Finance <br> Corp., 6.63%, 09/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 12 | 12311 |
| Schlumberger Holdings Corp., 4.85%, 05/15/33<sup>(b)(c)</sup> | &nbsp;&nbsp; 20 | 19946 |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4980 |
|  |  | 37237 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Finance USA Inc., 5.63%, 05/26/33 | &nbsp;&nbsp; 5 | 5193 |
| Amcor Flexibles North America Inc. |  |  |
| 2.69%, 05/25/31 | &nbsp;&nbsp; 20 | 18103 |
| 5.50%, 03/17/35 | &nbsp;&nbsp; 15 | 15347 |
| Ball Corp. |  |  |
| 2.88%, 08/15/30 | &nbsp;&nbsp; 27 | 24420 |
| 3.13%, 09/15/31 | &nbsp;&nbsp; 17 | 15330 |
| 5.50%, 09/15/33 | &nbsp;&nbsp; 25 | 25333 |
| Berry Global Inc. |  |  |
| 5.65%, 01/15/34 | &nbsp;&nbsp; 35 | 36381 |
| 5.80%, 06/15/31 | &nbsp;&nbsp; 5 | 5291 |
| Clydesdale Acquisition Holdings Inc., 6.75%, <br> 04/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 25675 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15173 |
| Graphic Packaging International LLC, 6.38%, <br> 07/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10175 |
| LABL Inc., 8.63%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 11061 |
| Owens-Brockway Glass Container Inc. |  |  |
| 7.25%, 05/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 15 | 15268 |
| 7.38%, 06/01/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 5 | 5047 |
| Packaging Corp. of America, 5.20%, 08/15/35 | &nbsp;&nbsp; 10 | 10062 |
| Sealed Air Corp. |  |  |
| 6.50%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5182 |
| 6.88%, 07/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10807 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 7 | 7371 |
| Sonoco Products Co., 5.00%, 09/01/34 | &nbsp;&nbsp; 20 | 19584 |
| Trivium Packaging Finance BV, 12.25%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16036 |
| WestRock MWV LLC, 7.95%, 02/15/31 | &nbsp;&nbsp; 5 | 5804 |
| WRKCo Inc., 3.00%, 06/15/33 | &nbsp;&nbsp; 25 | 22011 |
|  |  | 324654 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 100 | 103974 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| AbbVie Inc. |  |  |
| 4.50%, 05/14/35 | &nbsp;&nbsp; $50 | $48431 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 40 | 39027 |
| 4.95%, 03/15/31 | &nbsp;&nbsp; 25 | 25811 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 65 | 66212 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 25 | 25579 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5143 |
| Astrazeneca Finance LLC |  |  |
| 2.25%, 05/28/31 | &nbsp;&nbsp; 80 | 72312 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 15 | 15329 |
| 4.90%, 02/26/31 | &nbsp;&nbsp; 15 | 15502 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 30 | 30659 |
| Bausch Health Companies Inc. |  |  |
| 5.25%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8 | 5415 |
| 14.00%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 6 | 5769 |
| Bayer U.S. Finance II LLC, 5.50%, 07/30/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10083 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 35 | 30766 |
| 5.11%, 02/08/34 | &nbsp;&nbsp; 20 | 20241 |
| Bristol-Myers Squibb Co. |  |  |
| 1.45%, 11/13/30 | &nbsp;&nbsp; 95 | 83046 |
| 2.95%, 03/15/32 | &nbsp;&nbsp; 15 | 13677 |
| 5.20%, 02/22/34 | &nbsp;&nbsp; 70 | 71867 |
| 5.75%, 02/01/31 | &nbsp;&nbsp; 25 | 26739 |
| Cardinal Health Inc., 5.35%, 11/15/34 | &nbsp;&nbsp; 25 | 25368 |
| Cencora Inc. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 45 | 41148 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 10 | 10080 |
| CVS Health Corp. |  |  |
| 1.88%, 02/28/31 | &nbsp;&nbsp; 15 | 12987 |
| 2.13%, 09/15/31 | &nbsp;&nbsp; 31 | 26759 |
| 5.25%, 01/30/31 | &nbsp;&nbsp; 35 | 35998 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 45 | 45519 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 35 | 35428 |
| 5.55%, 06/01/31 | &nbsp;&nbsp; 30 | 31326 |
| 5.70%, 06/01/34 | &nbsp;&nbsp; 25 | 25780 |
| 6.75%, 12/10/54, (5-year CMT + 2.516%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15262 |
| Eli Lilly & Co. |  |  |
| 4.25%, 03/15/31 | &nbsp;&nbsp; 25 | 25061 |
| 4.55%, 10/15/32 | &nbsp;&nbsp; 25 | 25134 |
| 4.60%, 08/14/34 | &nbsp;&nbsp; 10 | 9932 |
| 4.70%, 02/27/33 | &nbsp;&nbsp; 30 | 30375 |
| 4.70%, 02/09/34 | &nbsp;&nbsp; 40 | 40121 |
| 4.90%, 10/15/35 | &nbsp;&nbsp; 25 | 25113 |
| 5.10%, 02/12/35 | &nbsp;&nbsp; 25 | 25591 |
| Endo Finance Holdings Inc., 8.50%, 04/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 20 | 21308 |
| GlaxoSmithKline Capital Inc. |  |  |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 25 | 24986 |
| 5.38%, 04/15/34 | &nbsp;&nbsp; 5 | 5236 |
| Johnson & Johnson |  |  |
| 1.30%, 09/01/30 | &nbsp;&nbsp; 40 | 35241 |
| 4.85%, 03/01/32 | &nbsp;&nbsp; 30 | 31068 |
| 4.90%, 06/01/31 | &nbsp;&nbsp; 25 | 26106 |
| 4.95%, 06/01/34<sup>(c)</sup> | &nbsp;&nbsp; 35 | 36568 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 25 | 25700 |
| McKesson Corp. |  |  |
| 5.10%, 07/15/33 | &nbsp;&nbsp; 30 | 30750 |
| 5.25%, 05/30/35 | &nbsp;&nbsp; 15 | 15272 |
| Merck & Co. Inc. |  |  |
| 2.15%, 12/10/31 | &nbsp;&nbsp; 65 | 57168 |
| 4.50%, 05/17/33 | &nbsp;&nbsp; 25 | 24998 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Novartis Capital Corp. |  |  |
| 4.00%, 09/18/31 | &nbsp;&nbsp; $30 | $29786 |
| 4.20%, 09/18/34 | &nbsp;&nbsp; 45 | 43561 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| 5.13%, 04/30/31<sup>(b)</sup> | &nbsp;&nbsp; 30 | 25728 |
| 6.75%, 05/15/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14222 |
| 7.88%, 05/15/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9011 |
| Paradigm Parent LLC and Paradigm Parent <br> CO-Issuer Inc., 8.75%, 04/17/32<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14325 |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, <br> 05/19/33<br>| &nbsp;&nbsp; 125 | 125291 |
| Zoetis Inc. |  |  |
| 5.00%, 08/17/35 | &nbsp;&nbsp; 20 | 19916 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 10 | 10589 |
|  |  | 1829394 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 6.63%, 02/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10343 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., <br> 7.25%, 07/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10616 |
| Boardwalk Pipelines LP |  |  |
| 3.60%, 09/01/32 | &nbsp;&nbsp; 20 | 18314 |
| 5.63%, 08/01/34 | &nbsp;&nbsp; 10 | 10238 |
| Cameron LNG LLC, 2.90%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22782 |
| Cheniere Energy Inc., 5.65%, 04/15/34 | &nbsp;&nbsp; 30 | 30621 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 20 | 18101 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 26 | 25065 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; 30 | 30804 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 32 | 33514 |
| Columbia Pipelines Holding Co. LLC, 5.68%, <br> 01/15/34<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5114 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.44%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10050 |
| 6.04%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 35 | 37043 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| 5.50%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24662 |
| 7.50%, 12/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10741 |
| DCP Midstream Operating LP, 3.25%, 02/15/32 | &nbsp;&nbsp; 8 | 7195 |
| Delek Logistics Partners LP / Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10007 |
| DT Midstream Inc. |  |  |
| 4.30%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9427 |
| 4.38%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; 17 | 16353 |
| 5.80%, 12/15/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10173 |
| Eastern Energy Gas Holdings LLC, 5.80%, 01/15/35 | &nbsp;&nbsp; 15 | 15633 |
| El Paso Natural Gas Co. LLC, 3.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9126 |
| Enbridge Inc. |  |  |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 25 | 21003 |
| 5.55%, 06/20/35 | &nbsp;&nbsp; 25 | 25466 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 20 | 20633 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 55 | 57337 |
| 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10402 |
| Energy Transfer LP |  |  |
| 4.90%, 03/15/35 | &nbsp;&nbsp; 10 | 9615 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 25 | 25400 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 15 | 15240 |
| 5.70%, 04/01/35 | &nbsp;&nbsp; 25 | 25470 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 50 | 51974 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 30 | 32521 |
| 7.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10462 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/15/31 | &nbsp;&nbsp; $50 | $50484 |
| 4.85%, 01/31/34 | &nbsp;&nbsp; 20 | 19971 |
| 4.95%, 02/15/35 | &nbsp;&nbsp; 50 | 49909 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 30 | 31109 |
| Flex Intermediate Holdco LLC, 3.36%, 06/30/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22850 |
| Florida Gas Transmission Co. LLC, 5.75%, <br> 07/15/35<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20588 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 7.88%, 05/15/32 | &nbsp;&nbsp; 15 | 15596 |
| 8.00%, 05/15/33 | &nbsp;&nbsp; 10 | 10448 |
| Global Partners LP / GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10230 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10535 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10313 |
| Hess Midstream Operations LP, 5.50%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10067 |
| Howard Midstream Energy Partners LLC |  |  |
| 6.63%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15250 |
| 7.38%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10434 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.80%, 03/15/35 | &nbsp;&nbsp; 10 | 10316 |
| 7.75%, 03/15/32 | &nbsp;&nbsp; 5 | 5787 |
| Kinder Morgan Inc. |  |  |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 25 | 24720 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 40 | 40466 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 10 | 10059 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 35 | 35625 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 15 | 15583 |
| 7.80%, 08/01/31 | &nbsp;&nbsp; 10 | 11571 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | &nbsp;&nbsp; 25 | 25015 |
| 4.95%, 09/01/32 | &nbsp;&nbsp; 20 | 19877 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 25 | 24785 |
| 5.00%, 03/01/33 | &nbsp;&nbsp; 40 | 39631 |
| 5.40%, 04/01/35 | &nbsp;&nbsp; 25 | 24845 |
| 5.40%, 09/15/35 | &nbsp;&nbsp; 25 | 24685 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 20 | 20157 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp., 8.38%, 02/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 25407 |
| NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4506 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10284 |
| NuStar Logistics LP, 6.38%, 10/01/30 | &nbsp;&nbsp; 10 | 10369 |
| ONEOK Inc. |  |  |
| 4.75%, 10/15/31 | &nbsp;&nbsp; 15 | 15000 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 25 | 24384 |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 10 | 10169 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 30 | 31552 |
| 6.00%, 06/15/35 | &nbsp;&nbsp; 10 | 10358 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 25 | 26291 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 20 | 21253 |
| 6.50%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26908 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | &nbsp;&nbsp; 20 | 20595 |
| Plains All American Pipeline LP/PAA Finance Corp., <br> 3.80%, 09/15/30<br>| &nbsp;&nbsp; 30 | 28937 |
| Rockies Express Pipeline LLC |  |  |
| 4.80%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4873 |
| 6.75%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15675 |
| Sempra Infrastructure Partners LP, 3.25%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4313 |
| South Bow Canadian Infrastructure Holdings Ltd., <br> 7.63%, 03/01/55, (5-year CMT + 3.949%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | 10435 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| South Bow USA Infrastructure Holdings LLC, 5.58%, <br> 10/01/34<br>| &nbsp;&nbsp; $20 | $19844 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 6.00%, 12/31/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9866 |
| 6.00%, 09/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9836 |
| Targa Resources Corp. |  |  |
| 4.90%, 09/15/30 | &nbsp;&nbsp; 25 | 25380 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 15 | 15130 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 25 | 25156 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 30 | 31743 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 5 | 5405 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 10 | 9407 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 55 | 54778 |
| Texas Eastern Transmission LP, 7.00%, 07/15/32 | &nbsp;&nbsp; 5 | 5568 |
| TransCanada PipeLines Ltd. |  |  |
| 4.63%, 03/01/34 | &nbsp;&nbsp; 30 | 28919 |
| 5.60%, 03/31/34 | &nbsp;&nbsp; 10 | 10246 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.88%, 11/01/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26728 |
| 4.13%, 08/15/31<sup>(b)</sup> | &nbsp;&nbsp; 21 | 19718 |
| Venture Global LNG Inc. |  |  |
| 8.38%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 45 | 47227 |
| 9.88%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 35 | 38113 |
| Venture Global Plaquemines LNG LLC, 6.50%, <br> 01/15/34<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20894 |
| Western Midstream Operating LP |  |  |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 20 | 19735 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 20 | 20945 |
| Whistler Pipeline LLC, 5.95%, 09/30/34<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20517 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31 | &nbsp;&nbsp; 10 | 9040 |
| 4.65%, 08/15/32 | &nbsp;&nbsp; 45 | 44412 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 35 | 35079 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 20 | 20531 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 5 | 5209 |
| Series A, 7.50%, 01/15/31 | &nbsp;&nbsp; 20 | 22646 |
|  |  | 2205732 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services Inc. |  |  |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 20 | 20408 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 15 | 15902 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10739 |
| Greystar Real Estate Partners LLC, 7.75%, <br> 09/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5291 |
| Howard Hughes Corp. (The), 4.38%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9320 |
| Kennedy-Wilson Inc., 5.00%, 03/01/31<sup>(c)</sup> | &nbsp;&nbsp; 12 | 11241 |
|  |  | 72901 |
| **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
| Agree LP |  |  |
| 2.60%, 06/15/33 | &nbsp;&nbsp; 15 | 12687 |
| 4.80%, 10/01/32 | &nbsp;&nbsp; 10 | 9974 |
| 5.60%, 06/15/35 | &nbsp;&nbsp; 10 | 10297 |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 25 | 20275 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 10 | 8535 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 35 | 32664 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.75%, 04/15/35 | &nbsp;&nbsp; $10 | $9649 |
| American Assets Trust LP |  |  |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 15 | 13538 |
| 6.15%, 10/01/34 | &nbsp;&nbsp; 10 | 10058 |
| American Homes 4 Rent LP |  |  |
| 3.63%, 04/15/32 | &nbsp;&nbsp; 20 | 18592 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 10 | 10004 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 15 | 15373 |
| 5.50%, 07/15/34 | &nbsp;&nbsp; 10 | 10219 |
| American Tower Corp. |  |  |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 15 | 13214 |
| 2.30%, 09/15/31 | &nbsp;&nbsp; 15 | 13203 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 20 | 18142 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 25 | 25641 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 10 | 10255 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 15 | 15467 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 10 | 10384 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 10 | 10446 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 25 | 26551 |
| Americold Realty Operating Partnership LP |  |  |
| 5.41%, 09/12/34 | &nbsp;&nbsp; 10 | 9816 |
| 5.60%, 05/15/32 | &nbsp;&nbsp; 10 | 10122 |
| AvalonBay Communities Inc. |  |  |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 35 | 31810 |
| 5.30%, 12/07/33 | &nbsp;&nbsp; 20 | 20646 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 15 | 12177 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 40 | 34301 |
| 3.25%, 01/30/31 | &nbsp;&nbsp; 35 | 32529 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 15 | 15212 |
| Brixmor Operating Partnership LP |  |  |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 10 | 8866 |
| 5.75%, 02/15/35 | &nbsp;&nbsp; 10 | 10373 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31 | &nbsp;&nbsp; 10 | 8636 |
| Camden Property Trust, 4.90%, 01/15/34 | &nbsp;&nbsp; 10 | 10030 |
| COPT Defense Properties LP, 2.90%, 12/01/33 | &nbsp;&nbsp; 10 | 8392 |
| Cousins Properties LP, 5.88%, 10/01/34 | &nbsp;&nbsp; 10 | 10342 |
| Crown Castle Inc. |  |  |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 30 | 26567 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 30 | 26553 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 5 | 5015 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 35 | 36523 |
| CubeSmart LP, 2.50%, 02/15/32 | &nbsp;&nbsp; 10 | 8706 |
| Diversified Healthcare Trust, 4.38%, 03/01/31 | &nbsp;&nbsp; 10 | 8490 |
| DOC DR LLC, 2.63%, 11/01/31 | &nbsp;&nbsp; 5 | 4457 |
| EPR Properties, 3.60%, 11/15/31 | &nbsp;&nbsp; 10 | 9172 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 20 | 20516 |
| Equinix Inc., 3.90%, 04/15/32 | &nbsp;&nbsp; 45 | 42834 |
| ERP Operating LP, 4.65%, 09/15/34 | &nbsp;&nbsp; 25 | 24448 |
| Essex Portfolio LP |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 10 | 8829 |
| 5.38%, 04/01/35 | &nbsp;&nbsp; 10 | 10213 |
| 5.50%, 04/01/34 | &nbsp;&nbsp; 10 | 10303 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | &nbsp;&nbsp; 5 | 4488 |
| 2.35%, 03/15/32 | &nbsp;&nbsp; 10 | 8598 |
| 2.40%, 10/15/31 | &nbsp;&nbsp; 30 | 26316 |
| 5.35%, 01/15/35 | &nbsp;&nbsp; 5 | 5045 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 15 | 15271 |
| 5.40%, 06/15/35 | &nbsp;&nbsp; 10 | 10095 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; $5 | $4461 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; 10 | 9540 |
| 5.63%, 09/15/34 | &nbsp;&nbsp; 10 | 10040 |
| 6.75%, 12/01/33 | &nbsp;&nbsp; 25 | 26876 |
| Goodman U.S. Finance Six LLC, 5.13%, 10/07/34<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30034 |
| Healthpeak OP LLC |  |  |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 20 | 20440 |
| 5.38%, 02/15/35 | &nbsp;&nbsp; 20 | 20238 |
| Highwoods Realty LP |  |  |
| 2.60%, 02/01/31 | &nbsp;&nbsp; 10 | 8780 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 10 | 11314 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 15 | 14933 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 20 | 20343 |
| Series I, 3.50%, 09/15/30 | &nbsp;&nbsp; 15 | 14102 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 5 | 4436 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 25 | 21508 |
| 2.70%, 01/15/34 | &nbsp;&nbsp; 10 | 8384 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 15 | 14366 |
| Iron Mountain Inc. |  |  |
| 4.50%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 23 | 21885 |
| 5.25%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 19 | 18785 |
| 5.63%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9925 |
| 6.25%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30661 |
| Iron Mountain Information Management Services Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14420 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32 | &nbsp;&nbsp; 15 | 12296 |
| 2.65%, 11/15/33 | &nbsp;&nbsp; 5 | 4041 |
| Kimco Realty OP LLC |  |  |
| 3.20%, 04/01/32 | &nbsp;&nbsp; 20 | 18298 |
| 4.60%, 02/01/33 | &nbsp;&nbsp; 15 | 14776 |
| 4.85%, 03/01/35 | &nbsp;&nbsp; 20 | 19713 |
| 6.40%, 03/01/34 | &nbsp;&nbsp; 10 | 10957 |
| Kite Realty Group LP |  |  |
| 4.95%, 12/15/31 | &nbsp;&nbsp; 5 | 5059 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 10 | 10223 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp., 7.00%, 07/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10514 |
| LXP Industrial Trust, 2.70%, 09/15/30 | &nbsp;&nbsp; 5 | 4552 |
| Mid-America Apartments LP |  |  |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 10 | 10070 |
| 5.30%, 02/15/32 | &nbsp;&nbsp; 15 | 15601 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 3.50%, 03/15/31 | &nbsp;&nbsp; 22 | 15523 |
| 8.50%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31434 |
| National Health Investors Inc., 3.00%, 02/01/31 | &nbsp;&nbsp; 15 | 13383 |
| NNN REIT Inc., 5.60%, 10/15/33 | &nbsp;&nbsp; 25 | 25959 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; 10 | 8699 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 25 | 23102 |
| Phillips Edison Grocery Center Operating Partnership <br> I LP<br>|  |  |
| 2.63%, 11/15/31 | &nbsp;&nbsp; 10 | 8848 |
| 4.95%, 01/15/35 | &nbsp;&nbsp; 10 | 9766 |
| 5.75%, 07/15/34 | &nbsp;&nbsp; 10 | 10325 |
| Prologis LP |  |  |
| 1.63%, 03/15/31 | &nbsp;&nbsp; 15 | 13028 |
| 1.75%, 02/01/31 | &nbsp;&nbsp; 10 | 8776 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 2.25%, 01/15/32 | &nbsp;&nbsp; $20 | $17500 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 25 | 25018 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 30 | 30246 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 15 | 15298 |
| Prologis Targeted U.S. Logistics Fund LP, 5.25%, <br> 01/15/35<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20261 |
| Public Storage Operating Co. |  |  |
| 2.30%, 05/01/31 | &nbsp;&nbsp; 25 | 22389 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 10 | 9987 |
| 5.10%, 08/01/33 | &nbsp;&nbsp; 5 | 5154 |
| Rayonier LP, 2.75%, 05/17/31 | &nbsp;&nbsp; 15 | 13459 |
| Realty Income Corp. |  |  |
| 1.80%, 03/15/33 | &nbsp;&nbsp; 10 | 8194 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 30 | 28342 |
| 4.90%, 07/15/33 | &nbsp;&nbsp; 5 | 5019 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 10 | 10179 |
| 5.13%, 04/15/35 | &nbsp;&nbsp; 15 | 15095 |
| 5.63%, 10/13/32 | &nbsp;&nbsp; 30 | 31563 |
| Regency Centers LP |  |  |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 10 | 10046 |
| 5.25%, 01/15/34 | &nbsp;&nbsp; 5 | 5106 |
| Rexford Industrial Realty LP, 2.13%, 12/01/30 | &nbsp;&nbsp; 20 | 17695 |
| RHP Hotel Properties LP / RHP Finance Corp., <br> 6.50%, 06/15/33<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10333 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.50%, <br> 04/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20548 |
| Sabra Health Care LP, 3.20%, 12/01/31 | &nbsp;&nbsp; 15 | 13541 |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31<sup>(c)</sup> | &nbsp;&nbsp; 15 | 13711 |
| 5.65%, 01/15/35 | &nbsp;&nbsp; 10 | 10105 |
| 6.10%, 04/01/34 | &nbsp;&nbsp; 10 | 10490 |
| Service Properties Trust |  |  |
| 8.63%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16031 |
| 8.88%, 06/15/32<sup>(c)</sup> | &nbsp;&nbsp; 10 | 10313 |
| Simon Property Group LP |  |  |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 15 | 13066 |
| 2.65%, 02/01/32 | &nbsp;&nbsp; 30 | 26722 |
| 4.75%, 09/26/34 | &nbsp;&nbsp; 35 | 34408 |
| Starwood Property Trust Inc., 6.50%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15563 |
| Store Capital LLC |  |  |
| 2.70%, 12/01/31 | &nbsp;&nbsp; 20 | 17422 |
| 2.75%, 11/18/30 | &nbsp;&nbsp; 5 | 4515 |
| Sun Communities Operating LP |  |  |
| 2.70%, 07/15/31 | &nbsp;&nbsp; 15 | 13562 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 15 | 14417 |
| UDR Inc. |  |  |
| 1.90%, 03/15/33 | &nbsp;&nbsp; 5 | 4054 |
| 3.00%, 08/15/31 | &nbsp;&nbsp; 25 | 22960 |
| 3.10%, 11/01/34 | &nbsp;&nbsp; 5 | 4273 |
| 5.13%, 09/01/34 | &nbsp;&nbsp; 10 | 10048 |
| Uniti Group LP / Uniti Group Finance 2019 Inc. / CSL <br> Capital LLC, 8.63%, 06/15/32<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 15 | 14756 |
| Ventas Realty LP |  |  |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 15 | 13367 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 15 | 14838 |
| 5.63%, 07/01/34 | &nbsp;&nbsp; 5 | 5171 |
| VICI Properties LP |  |  |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 20 | 20050 |
| 5.63%, 04/01/35 | &nbsp;&nbsp; 25 | 25281 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 35 | 36015 |
| Vornado Realty LP, 3.40%, 06/01/31 | &nbsp;&nbsp; 5 | 4465 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Welltower OP LLC |  |  |
| 2.75%, 01/15/32 | &nbsp;&nbsp; $15 | $13500 |
| 3.85%, 06/15/32 | &nbsp;&nbsp; 20 | 19115 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 25 | 25151 |
| Weyerhaeuser Co., 7.38%, 03/15/32 | &nbsp;&nbsp; 10 | 11400 |
| WP Carey Inc. |  |  |
| 2.40%, 02/01/31 | &nbsp;&nbsp; 5 | 4460 |
| 5.38%, 06/30/34 | &nbsp;&nbsp; 15 | 15205 |
|  |  | 2300680 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| 7-Eleven Inc., 1.80%, 02/10/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17252 |
| Advance Auto Parts Inc. |  |  |
| 3.50%, 03/15/32<sup>(c)</sup> | &nbsp;&nbsp; 5 | 4359 |
| 7.38%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15371 |
| Asbury Automotive Group Inc., 5.00%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 13 | 12493 |
| AutoNation Inc. |  |  |
| 2.40%, 08/01/31 | &nbsp;&nbsp; 10 | 8710 |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 20 | 18606 |
| 5.89%, 03/15/35 | &nbsp;&nbsp; 10 | 10227 |
| AutoZone Inc. |  |  |
| 4.75%, 02/01/33 | &nbsp;&nbsp; 50 | 49684 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 5 | 5097 |
| 5.40%, 07/15/34 | &nbsp;&nbsp; 15 | 15440 |
| Bath & Body Works Inc. |  |  |
| 6.63%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20548 |
| 6.95%, 03/01/33 | &nbsp;&nbsp; 5 | 5177 |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor <br> Issuer Inc., 9.50%, 07/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 25926 |
| Burger King (Restaurant Brands <br> International Inc.)/New Red Finance Inc., 4.00%, <br> 10/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 55 | 51432 |
| Carvana Co. |  |  |
| 9.00%, 06/01/30, (9.00% Cash)<sup>(b)(d)</sup> | &nbsp;&nbsp; 27 | 28800 |
| 9.00%, 06/01/31, (9.00% Cash)<sup>(b)(d)</sup> | &nbsp;&nbsp; 46 | 52049 |
| Costco Wholesale Corp., 1.75%, 04/20/32 | &nbsp;&nbsp; 20 | 17183 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10605 |
| Darden Restaurants Inc., 6.30%, 10/10/33 | &nbsp;&nbsp; 10 | 10743 |
| Dick's Sporting Goods Inc., 3.15%, 01/15/32<sup>(c)</sup> | &nbsp;&nbsp; 20 | 18177 |
| Dollar General Corp. |  |  |
| 5.00%, 11/01/32 | &nbsp;&nbsp; 5 | 5040 |
| 5.45%, 07/05/33<sup>(c)</sup> | &nbsp;&nbsp; 35 | 36127 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34 | &nbsp;&nbsp; 15 | 14856 |
| FirstCash Inc., 6.88%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10383 |
| Gap Inc. (The), 3.88%, 10/01/31<sup>(b)</sup> | &nbsp;&nbsp; 12 | 10831 |
| Genuine Parts Co. |  |  |
| 1.88%, 11/01/30 | &nbsp;&nbsp; 10 | 8783 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 25 | 22072 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, <br> 01/15/32<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 8765 |
| Home Depot Inc. (The) |  |  |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 40 | 34361 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 45 | 41894 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 35 | 35308 |
| 4.85%, 06/25/31 | &nbsp;&nbsp; 40 | 41263 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 35 | 35587 |
| Kohl's Corp., 5.13%, 05/01/31 | &nbsp;&nbsp; 10 | 7908 |
| LCM Investments Holdings II LLC, 8.25%, 08/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15913 |
| Lithia Motors Inc., 4.38%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 7 | 6660 |
| Lowe's Companies Inc. |  |  |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 60 | 54629 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 45 | 42721 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 5.00%, 04/15/33 | &nbsp;&nbsp; $30 | $30492 |
| 5.15%, 07/01/33 | &nbsp;&nbsp; 10 | 10249 |
| Macy's Retail Holdings LLC |  |  |
| 6.13%, 03/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 10 | 9755 |
| 6.70%, 07/15/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8730 |
| 7.38%, 08/01/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10289 |
| McDonald's Corp. |  |  |
| 4.60%, 09/09/32 | &nbsp;&nbsp; 50 | 50455 |
| 4.95%, 03/03/35 | &nbsp;&nbsp; 20 | 20112 |
| Murphy Oil USA Inc., 3.75%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9252 |
| Nordstrom Inc., 4.25%, 08/01/31 | &nbsp;&nbsp; 17 | 15117 |
| O'Reilly Automotive Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 5 | 4343 |
| 4.70%, 06/15/32 | &nbsp;&nbsp; 50 | 50067 |
| 5.00%, 08/19/34 | &nbsp;&nbsp; 10 | 10005 |
| Patrick Industries Inc., 6.38%, 11/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10148 |
| PetSmart LLC / PetSmart Finance Corp., 10.00%, <br> 09/15/33<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 48986 |
| QVC Inc., 5.45%, 08/15/34<sup>(c)</sup> | &nbsp;&nbsp; 5 | 2328 |
| QXO Building Products Inc., 6.75%, 04/30/32<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41452 |
| Ross Stores Inc., 1.88%, 04/15/31 | &nbsp;&nbsp; 5 | 4345 |
| Sally Holdings LLC/Sally Capital Inc., 6.75%, <br> 03/01/32<sup>(c)</sup><br>| &nbsp;&nbsp; 10 | 10385 |
| Sonic Automotive Inc., 4.88%, 11/15/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 7 | 6696 |
| Starbucks Corp. |  |  |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 45 | 41261 |
| 5.00%, 02/15/34<sup>(c)</sup> | &nbsp;&nbsp; 40 | 40447 |
| 5.40%, 05/15/35 | &nbsp;&nbsp; 10 | 10235 |
| Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9471 |
| Target Corp. |  |  |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 30 | 27968 |
| 4.40%, 01/15/33 | &nbsp;&nbsp; 25 | 24807 |
| 4.50%, 09/15/32<sup>(c)</sup> | &nbsp;&nbsp; 25 | 25023 |
| 4.50%, 09/15/34 | &nbsp;&nbsp; 20 | 19547 |
| 5.00%, 04/15/35 | &nbsp;&nbsp; 20 | 20065 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 15 | 13149 |
| 5.25%, 05/15/33 | &nbsp;&nbsp; 25 | 25637 |
| Walmart Inc. |  |  |
| 4.10%, 04/15/33 | &nbsp;&nbsp; 25 | 24549 |
| 4.15%, 09/09/32 | &nbsp;&nbsp; 25 | 24793 |
| 4.90%, 04/28/35 | &nbsp;&nbsp; 30 | 30481 |
| Yum! Brands Inc. |  |  |
| 3.63%, 03/15/31 | &nbsp;&nbsp; 18 | 16753 |
| 4.63%, 01/31/32 | &nbsp;&nbsp; 23 | 22276 |
| 5.38%, 04/01/32 | &nbsp;&nbsp; 17 | 17103 |
|  |  | 1577751 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| Advanced Micro Devices Inc., 3.92%, 06/01/32 | &nbsp;&nbsp; 15 | 14584 |
| Analog Devices Inc. |  |  |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 25 | 22080 |
| 5.05%, 04/01/34 | &nbsp;&nbsp; 10 | 10287 |
| Broadcom Inc. |  |  |
| 2.45%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 62 | 56037 |
| 2.60%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 45 | 38858 |
| 3.42%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 65 | 59201 |
| 3.47%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 55 | 49252 |
| 4.15%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24204 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 45 | 43828 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 35 | 34599 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.90%, 07/15/32 | &nbsp;&nbsp; $25 | $25295 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 50 | 50480 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; 15 | 14942 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10484 |
| 6.25%, 01/25/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10594 |
| Intel Corp. |  |  |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 30 | 25983 |
| 4.00%, 12/15/32 | &nbsp;&nbsp; 10 | 9388 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 30 | 28539 |
| 5.00%, 02/21/31 | &nbsp;&nbsp; 30 | 30572 |
| 5.20%, 02/10/33<sup>(c)</sup> | &nbsp;&nbsp; 65 | 65451 |
| KLA Corp., 4.65%, 07/15/32 | &nbsp;&nbsp; 20 | 20173 |
| Marvell Technology Inc., 2.95%, 04/15/31 | &nbsp;&nbsp; 30 | 27550 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 45 | 39579 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 20 | 20675 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 10 | 10509 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 35 | 36809 |
| NVIDIA Corp., 2.00%, 06/15/31 | &nbsp;&nbsp; 50 | 44771 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 10 | 8969 |
| 2.65%, 02/15/32 | &nbsp;&nbsp; 25 | 22022 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 27 | 27036 |
| 5.25%, 08/19/35 | &nbsp;&nbsp; 10 | 9939 |
| Qorvo Inc., 3.38%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4558 |
| Qualcomm Inc. |  |  |
| 1.65%, 05/20/32 | &nbsp;&nbsp; 25 | 21021 |
| 4.65%, 05/20/35 | &nbsp;&nbsp; 20 | 19894 |
| QUALCOMM Inc., 5.00%, 05/20/35 | &nbsp;&nbsp; 30 | 30286 |
| Skyworks Solutions Inc., 3.00%, 06/01/31 | &nbsp;&nbsp; 15 | 13514 |
| Texas Instruments Inc. |  |  |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 5 | 4757 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 25 | 25449 |
| 4.90%, 03/14/33 | &nbsp;&nbsp; 20 | 20506 |
| 5.10%, 05/23/35 | &nbsp;&nbsp; 10 | 10217 |
| TSMC Global Ltd., 2.25%, 04/23/31<sup>(e)</sup> | &nbsp;&nbsp; 200 | 180682 |
|  |  | 1223574 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries Inc., 5.75%, 01/15/35 | &nbsp;&nbsp; 15 | 15563 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Adobe Inc. |  |  |
| 4.95%, 04/04/34 | &nbsp;&nbsp; 5 | 5115 |
| 5.30%, 01/17/35 | &nbsp;&nbsp; 10 | 10448 |
| AppLovin Corp. |  |  |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 10 | 10286 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 15 | 15288 |
| Atlassian Corp., 5.50%, 05/15/34 | &nbsp;&nbsp; 10 | 10224 |
| Autodesk Inc., 2.40%, 12/15/31 | &nbsp;&nbsp; 25 | 22019 |
| Broadridge Financial Solutions Inc., 2.60%, 05/01/31 | &nbsp;&nbsp; 10 | 9009 |
| Cadence Design Systems Inc., 4.70%, 09/10/34 | &nbsp;&nbsp; 15 | 14843 |
| Cloud Software Group Inc. |  |  |
| 6.63%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5069 |
| 8.25%, 06/30/32<sup>(b)</sup> | &nbsp;&nbsp; 30 | 32073 |
| Constellation Software Inc./Canada, 5.46%, <br> 02/16/34<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10209 |
| CoreWeave Inc., 9.00%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24751 |
| Fair Isaac Corp., 6.00%, 05/15/33<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40702 |
| Fidelity National Information Services Inc., 5.10%, <br> 07/15/32<br>| &nbsp;&nbsp; 30 | 30641 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Fiserv Inc. |  |  |
| 5.15%, 08/12/34 | &nbsp;&nbsp; $25 | $25053 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 20 | 19930 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 40 | 40978 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 25 | 25925 |
| Intuit Inc., 5.20%, 09/15/33 | &nbsp;&nbsp; 35 | 36261 |
| Microsoft Corp., 1.35%, 09/15/30 | &nbsp;&nbsp; 10 | 8857 |
| MSCI Inc. |  |  |
| 3.25%, 08/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13270 |
| 3.63%, 09/01/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 31 | 29559 |
| 3.63%, 11/01/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14004 |
| 3.88%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 27 | 25764 |
| Open Text Holdings Inc., 4.13%, 12/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9211 |
| Oracle Corp. |  |  |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 85 | 77951 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 15 | 14202 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 55 | 53113 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 60 | 59974 |
| 5.50%, 08/03/35 | &nbsp;&nbsp; 30 | 30578 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 40 | 43202 |
| Paychex Inc. |  |  |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 35 | 36167 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 25 | 25826 |
| Roper Technologies Inc. |  |  |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 15 | 13010 |
| 4.90%, 10/15/34 | &nbsp;&nbsp; 25 | 24723 |
| Salesforce Inc., 1.95%, 07/15/31 | &nbsp;&nbsp; 25 | 22142 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 20 | 17517 |
| SS&C Technologies Inc., 6.50%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15567 |
| Synopsys Inc. |  |  |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 30 | 30593 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 50 | 50406 |
| Take-Two Interactive Software Inc., 4.00%, 04/14/32 | &nbsp;&nbsp; 25 | 23841 |
| Twilio Inc., 3.88%, 03/15/31 | &nbsp;&nbsp; 9 | 8412 |
| UKG Inc., 6.88%, 02/01/31<sup>(b)</sup> | &nbsp;&nbsp; 45 | 46526 |
| VMware LLC, 2.20%, 08/15/31 | &nbsp;&nbsp; 40 | 35085 |
| Workday Inc., 3.80%, 04/01/32 | &nbsp;&nbsp; 30 | 28443 |
|  |  | 1146767 |
| **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |
| America Movil SAB de CV, 6.38%, 03/01/35 | &nbsp;&nbsp; 10 | 10912 |
| AT&T Inc. |  |  |
| 2.25%, 02/01/32 | &nbsp;&nbsp; 10 | 8659 |
| 2.55%, 12/01/33 | &nbsp;&nbsp; 85 | 71490 |
| 2.75%, 06/01/31 | &nbsp;&nbsp; 45 | 41147 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 50 | 47764 |
| 5.38%, 08/15/35 | &nbsp;&nbsp; 25 | 25467 |
| 5.40%, 02/15/34 | &nbsp;&nbsp; 70 | 72045 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 5.10%, 05/11/33<sup>(c)</sup> | &nbsp;&nbsp; 15 | 15142 |
| 5.20%, 02/15/34 | &nbsp;&nbsp; 20 | 20057 |
| 6.88%, 09/15/55, (5-year CMT + 2.390%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20495 |
| British Telecommunications PLC |  |  |
| 4.88%, 11/23/81, (5-year CMT + 3.493%)<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 9400 |
| 9.63%, 12/15/30 | &nbsp;&nbsp; 80 | 98483 |
| Cisco Systems Inc. |  |  |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 25 | 25807 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 90 | 92413 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 25 | 25588 |
| CommScope LLC, 9.50%, 12/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15516 |
| Deutsche Telekom International Finance BV, 9.25%, <br> 06/01/32<br>| &nbsp;&nbsp; 25 | 31289 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| EchoStar Corp., 6.75%, 11/30/30, (6.75% PIK)<sup>(d)</sup> | &nbsp;&nbsp; $47 | $45899 |
| Empresa Nacional de Telecomunicaciones SA, 3.05%, <br> 09/14/32<sup>(e)</sup><br>| &nbsp;&nbsp; 150 | 130051 |
| Fibercop SpA |  |  |
| Series 2033, 6.38%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14843 |
| Series 2034, 6.00%, 09/30/34<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9540 |
| Frontier Communications Holdings LLC |  |  |
| 8.63%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15929 |
| 8.75%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 19 | 19891 |
| Juniper Networks Inc., 2.00%, 12/10/30 | &nbsp;&nbsp; 20 | 17534 |
| Koninklijke KPN NV, 8.38%, 10/01/30 | &nbsp;&nbsp; 10 | 11731 |
| Level 3 Financing Inc. |  |  |
| 3.88%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 11 | 9373 |
| 4.00%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp; 12 | 10093 |
| 6.88%, 06/30/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15155 |
| 7.00%, 03/31/34<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15098 |
| 10.75%, 12/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5 | 6221 |
| Lumen Technologies Inc., 10.00%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10155 |
| Maya SAS/Paris France |  |  |
| 7.00%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15423 |
| 8.50%, 04/15/31<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16143 |
| Motorola Solutions Inc. |  |  |
| 2.75%, 05/24/31 | &nbsp;&nbsp; 27 | 24591 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 25 | 25654 |
| Orange SA, 9.00%, 03/01/31 | &nbsp;&nbsp; 40 | 48721 |
| Rogers Communications Inc. |  |  |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 50 | 46894 |
| 5.30%, 02/15/34 | &nbsp;&nbsp; 20 | 20131 |
| 7.00%, 04/15/55, (5-year CMT + 2.653%)<sup>(a)</sup> | &nbsp;&nbsp; 20 | 20583 |
| Sprint Capital Corp., 8.75%, 03/15/32 | &nbsp;&nbsp; 34 | 41240 |
| Telecom Argentina SA, 9.50%, 07/18/31<sup>(e)</sup> | &nbsp;&nbsp; 10 | 10463 |
| Telecom Italia Capital SA |  |  |
| 6.00%, 09/30/34 | &nbsp;&nbsp; 10 | 10016 |
| 6.38%, 11/15/33 | &nbsp;&nbsp; 10 | 10386 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 35 | 40465 |
| TELUS Corp., 3.40%, 05/13/32 | &nbsp;&nbsp; 10 | 9164 |
| T-Mobile USA Inc. |  |  |
| 2.25%, 11/15/31 | &nbsp;&nbsp; 25 | 21879 |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 60 | 54297 |
| 2.70%, 03/15/32 | &nbsp;&nbsp; 20 | 17717 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 27 | 24805 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 105 | 99393 |
| 5.05%, 07/15/33 | &nbsp;&nbsp; 35 | 35366 |
| 5.15%, 04/15/34 | &nbsp;&nbsp; 30 | 30314 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 25 | 25466 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 50 | 50477 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 30 | 31462 |
| 6.70%, 12/15/33 | &nbsp;&nbsp; 10 | 11072 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30 | &nbsp;&nbsp; 20 | 17435 |
| 1.68%, 10/30/30 | &nbsp;&nbsp; 30 | 26307 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 55 | 47961 |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 95 | 82460 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 70 | 63481 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 35 | 33379 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 25 | 24415 |
| 4.78%, 02/15/35 | &nbsp;&nbsp; 25 | 24364 |
| 5.05%, 05/09/33 | &nbsp;&nbsp; 25 | 25418 |
| 5.25%, 04/02/35 | &nbsp;&nbsp; 45 | 45358 |
| 6.40%, 09/15/33 | &nbsp;&nbsp; 10 | 10989 |
| 7.75%, 12/01/30 | &nbsp;&nbsp; 15 | 17304 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Viasat Inc., 7.50%, 05/30/31<sup>(b)</sup> | &nbsp;&nbsp; $12 | $11263 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.25%, 01/31/31<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18458 |
| 4.75%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23376 |
| 7.75%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20948 |
| Vodafone Group PLC |  |  |
| 4.13%, 06/04/81, (5-year CMT + 2.767%)<sup>(a)</sup> | &nbsp;&nbsp; 22 | 20407 |
| 6.25%, 11/30/32 | &nbsp;&nbsp; 25 | 27047 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(b)</sup><br>| &nbsp;&nbsp; 40 | 41666 |
|  |  | 2287345 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc., 6.05%, 05/14/34 | &nbsp;&nbsp; 10 | 10394 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| AP Moller - Maersk A/S, 5.88%, 09/14/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15860 |
| Canadian National Railway Co. |  |  |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 15 | 14341 |
| 4.38%, 09/18/34 | &nbsp;&nbsp; 15 | 14571 |
| 5.85%, 11/01/33 | &nbsp;&nbsp; 5 | 5412 |
| 6.25%, 08/01/34 | &nbsp;&nbsp; 15 | 16586 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/31 | &nbsp;&nbsp; 40 | 35445 |
| 5.20%, 03/30/35 | &nbsp;&nbsp; 10 | 10192 |
| 7.13%, 10/15/31 | &nbsp;&nbsp; 10 | 11368 |
| CSX Corp. |  |  |
| 4.10%, 11/15/32 | &nbsp;&nbsp; 35 | 34035 |
| 5.05%, 06/15/35 | &nbsp;&nbsp; 10 | 10094 |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31<sup>(c)</sup> | &nbsp;&nbsp; 10 | 8970 |
| 3.90%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9022 |
| 4.90%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4857 |
| FedEx Corp. Pass-Through Trust, Series 2020-1, <br> Class AA, 1.88%, 08/20/35<br>| &nbsp;&nbsp; 15 | 12719 |
| Genesee & Wyoming Inc., 6.25%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10174 |
| Norfolk Southern Corp. |  |  |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 10 | 8994 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 20 | 18212 |
| 4.45%, 03/01/33 | &nbsp;&nbsp; 20 | 19693 |
| 5.10%, 05/01/35 | &nbsp;&nbsp; 10 | 10106 |
| Ryder System Inc., 6.60%, 12/01/33 | &nbsp;&nbsp; 10 | 11070 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10515 |
| Union Pacific Corp. |  |  |
| 2.80%, 02/14/32 | &nbsp;&nbsp; 50 | 45379 |
| 4.50%, 01/20/33 | &nbsp;&nbsp; 15 | 14923 |
| 5.10%, 02/20/35 | &nbsp;&nbsp; 25 | 25445 |
| United Parcel Service Inc. |  |  |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 15 | 15307 |
| 5.15%, 05/22/34 | &nbsp;&nbsp; 25 | 25749 |
| 5.25%, 05/14/35 | &nbsp;&nbsp; 25 | 25605 |
| Walmart Inc., 1.80%, 09/22/31 | &nbsp;&nbsp; 55 | 48359 |
| Watco Companies LLC/Watco Finance Corp., 7.13%, <br> 08/01/32<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15691 |
| XPO CNW Inc., 6.70%, 05/01/34 | &nbsp;&nbsp; 5 | 5233 |
| XPO Inc. |  |  |
| 7.13%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10426 |
| 7.13%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10497 |
|  |  | 534850 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| FTAI Aviation Investors LLC |  |  |
| 5.88%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10027 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Trucking & Leasing (continued)** | **Trucking & Leasing (continued)** | **Trucking & Leasing (continued)** |
| 7.00%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; $10 | $10462 |
| 7.00%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15647 |
| 7.88%, 12/01/30<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10636 |
| GATX Corp. |  |  |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 5 | 4601 |
| 4.90%, 03/15/33 | &nbsp;&nbsp; 20 | 19989 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 10 | 10178 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 55 | 58574 |
| SMBC Aviation Capital Finance DAC |  |  |
| 5.55%, 04/03/34<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20379 |
| 5.70%, 07/25/33<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15547 |
|  |  | 176040 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| American Water Capital Corp. |  |  |
| 2.30%, 06/01/31 | &nbsp;&nbsp; 15 | 13368 |
| 4.45%, 06/01/32 | &nbsp;&nbsp; 20 | 19896 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 5 | 5113 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 25 | 25457 |
| Essential Utilities Inc. |  |  |
| 2.40%, 05/01/31 | &nbsp;&nbsp; 10 | 8927 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 25 | 25455 |
|  |  | 98216 |
| **Total Corporate Bonds & Notes — 22.8%** <br>**(Cost: $56,962,439)** | **Total Corporate Bonds & Notes — 22.8%** <br>**(Cost: $56,962,439)** | 58062110 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** |
| Argentina Republic Government International Bonds, <br> 4.75%, 07/09/35<sup>(g)</sup><br>| &nbsp;&nbsp; 600 | 379801 |
| **Bahrain — 0.1%** | **Bahrain — 0.1%** | **Bahrain — 0.1%** |
| Bahrain Government International Bonds, 5.63%, <br> 09/30/31<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 195854 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| Bermuda Government International Bonds, 5.00%, <br> 07/15/32<sup>(e)</sup><br>| &nbsp;&nbsp; 10 | 10102 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Brazil Government International Bonds |  |  |
| 6.13%, 01/22/32 | &nbsp;&nbsp; 200 | 206961 |
| 8.25%, 01/20/34 | &nbsp;&nbsp; 100 | 115370 |
|  |  | 322331 |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |
| Export Development Canada, 4.75%, 06/05/34 | &nbsp;&nbsp; 25 | 25992 |
| Province of Alberta Canada, 4.50%, 01/24/34 | &nbsp;&nbsp; 85 | 85432 |
| Province of British Columbia Canada |  |  |
| 4.20%, 07/06/33 | &nbsp;&nbsp; 95 | 94160 |
| 4.80%, 06/11/35 | &nbsp;&nbsp; 35 | 35579 |
| Province of Manitoba Canada, 4.90%, 05/31/34 | &nbsp;&nbsp; 20 | 20580 |
| Province of Ontario Canada |  |  |
| 1.13%, 10/07/30 | &nbsp;&nbsp; 15 | 13106 |
| 1.80%, 10/14/31 | &nbsp;&nbsp; 15 | 13177 |
| 2.13%, 01/21/32 | &nbsp;&nbsp; 25 | 22193 |
| 5.05%, 04/24/34 | &nbsp;&nbsp; 100 | 104308 |
| Province of Quebec Canada, 4.25%, 09/05/34<sup>(c)</sup> | &nbsp;&nbsp; 105 | 103106 |
|  |  | 517633 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Chile Government International Bonds, 3.50%, <br> 01/31/34<br>| &nbsp;&nbsp; 200 | 181426 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Colombia Government International Bonds, 3.25%, <br> 04/22/32<br>| &nbsp;&nbsp; $200 | $166544 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| Dominican Republic International Bonds, 7.05%, <br> 02/03/31<sup>(e)</sup><br>| &nbsp;&nbsp; 150 | 160060 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| Ecuador Government International Bonds, 6.90%, <br> 07/31/35<sup>(e)(g)</sup><br>| &nbsp;&nbsp; 100 | 75534 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Egypt Government International Bonds, 5.88%, <br> 02/16/31<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 179164 |
| **France — 0.0%** | **France — 0.0%** | **France — 0.0%** |
| Caisse d'Amortissement de la Dette Sociale, 2.13%, <br> 01/26/32<sup>(b)</sup><br>| &nbsp;&nbsp; 30 | 26625 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Airport Authority, 1.63%, 02/04/31<sup>(b)</sup> | &nbsp;&nbsp; 200 | 177735 |
| Hong Kong Government International Bonds, 1.38%, <br> 02/02/31<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 176618 |
|  |  | 354353 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government International Bonds, 2.13%, <br> 09/22/31<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 170064 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Indonesia Government International Bonds, 2.15%, <br> 07/28/31<br>| &nbsp;&nbsp; 200 | 175564 |
| Perusahaan Penerbit SBSN Indonesia III, 4.70%, <br> 06/06/32<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 200537 |
|  |  | 376101 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Israel Government International Bonds, 5.63%, <br> 02/19/35<br>| &nbsp;&nbsp; 200 | 204621 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Republic of Italy Government International Bonds, <br> 5.38%, 06/15/33<br>| &nbsp;&nbsp; 30 | 31715 |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Japan Bank for International Cooperation, 1.88%, <br> 04/15/31<br>| &nbsp;&nbsp; 200 | 178763 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |
| Republic of Kenya Government International Bonds, <br> 9.75%, 02/16/31<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 210061 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanon Government International Bonds, 7.00%, <br> 03/23/32<sup>(e)(h)(i)</sup><br>| &nbsp;&nbsp; 16 | 3122 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Mexico Government International Bonds |  |  |
| 4.75%, 04/27/32 | &nbsp;&nbsp; 200 | 192726 |
| 5.85%, 07/02/32 | &nbsp;&nbsp; 200 | 204165 |
|  |  | 396891 |
| **Morocco — 0.1%** | **Morocco — 0.1%** | **Morocco — 0.1%** |
| Morocco Government International Bonds, 6.50%, <br> 09/08/33<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 213782 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |
| Nigeria Government International Bonds, 7.88%, <br> 02/16/32<sup>(e)</sup><br>| &nbsp;&nbsp; $200 | $197011 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Panama Government International Bonds, 2.25%, <br> 09/29/32<br>| &nbsp;&nbsp; 200 | 158070 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru Government International Bonds |  |  |
| 1.86%, 12/01/32 | &nbsp;&nbsp; 10 | 8160 |
| 2.78%, 01/23/31 | &nbsp;&nbsp; 100 | 91548 |
| 3.00%, 01/15/34 | &nbsp;&nbsp; 200 | 171560 |
|  |  | 271268 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Philippines Government International Bonds |  |  |
| 5.25%, 05/14/34 | &nbsp;&nbsp; 200 | 206258 |
| 6.38%, 01/15/32 | &nbsp;&nbsp; 100 | 110030 |
|  |  | 316288 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Bank Gospodarstwa Krajowego, 5.38%, 05/22/33<sup>(e)</sup> | &nbsp;&nbsp; 200 | 204706 |
| Republic of Poland Government International Bonds |  |  |
| 4.88%, 10/04/33 | &nbsp;&nbsp; 50 | 50078 |
| 5.75%, 11/16/32 | &nbsp;&nbsp; 21 | 22267 |
|  |  | 277051 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Qatar Government International Bonds, 4.88%, <br> 02/27/35<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 206968 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |
| Romania Government International Bonds |  |  |
| 3.00%, 02/14/31<sup>(e)</sup> | &nbsp;&nbsp; 20 | 17592 |
| 3.63%, 03/27/32<sup>(e)</sup> | &nbsp;&nbsp; 42 | 36879 |
| 5.75%, 03/24/35<sup>(e)</sup> | &nbsp;&nbsp; 50 | 47435 |
| 6.38%, 01/30/34<sup>(e)</sup> | &nbsp;&nbsp; 70 | 70135 |
|  |  | 172041 |
| **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** |
| Saudi Government International Bonds |  |  |
| 3.25%, 10/22/30<sup>(e)</sup> | &nbsp;&nbsp; 200 | 189455 |
| 5.00%, 01/16/34<sup>(e)</sup> | &nbsp;&nbsp; 200 | 202573 |
| 5.50%, 10/25/32<sup>(e)</sup> | &nbsp;&nbsp; 200 | 209759 |
|  |  | 601787 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Export-Import Bank of Korea, 5.13%, 01/11/33 | &nbsp;&nbsp; 200 | 207769 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Sri Lanka Government International Bonds, 3.60%, <br> 03/15/33<sup>(e)(g)</sup><br>| &nbsp;&nbsp; 40 | 33319 |
| **Supranational — 0.8%** | **Supranational — 0.8%** | **Supranational — 0.8%** |
| African Development Bank, 5.75%, , (5-year CMT + <br> 1.575%)<sup>(a)(f)</sup><br>| &nbsp;&nbsp; 10 | 9984 |
| African Export-Import Bank (The), 3.80%, 05/17/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8834 |
| Asian Development Bank |  |  |
| 0.75%, 10/08/30 | &nbsp;&nbsp; 10 | 8614 |
| 1.50%, 03/04/31 | &nbsp;&nbsp; 40 | 35456 |
| 3.13%, 04/27/32 | &nbsp;&nbsp; 30 | 28538 |
| 3.88%, 09/28/32 | &nbsp;&nbsp; 20 | 19861 |
| 4.00%, 01/12/33 | &nbsp;&nbsp; 65 | 64917 |
| 4.13%, 01/12/34 | &nbsp;&nbsp; 110 | 109712 |
| Asian Infrastructure Investment Bank (The), 4.25%, <br> 03/13/34<br>| &nbsp;&nbsp; 80 | 80364 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| European Bank for Reconstruction & Development, <br> 4.25%, 03/13/34<br>| &nbsp;&nbsp; $50 | $50175 |
| European Investment Bank |  |  |
| 0.75%, 09/23/30 | &nbsp;&nbsp; 35 | 30235 |
| 1.25%, 02/14/31 | &nbsp;&nbsp; 25 | 21924 |
| 3.75%, 02/14/33 | &nbsp;&nbsp; 92 | 90643 |
| 4.13%, 02/13/34 | &nbsp;&nbsp; 185 | 184777 |
| 4.25%, 08/16/32 | &nbsp;&nbsp; 30 | 30504 |
| 4.38%, 10/10/31 | &nbsp;&nbsp; 30 | 30911 |
| 4.63%, 02/12/35 | &nbsp;&nbsp; 25 | 25764 |
| Inter-American Development Bank |  |  |
| 1.13%, 01/13/31 | &nbsp;&nbsp; 145 | 126378 |
| 3.50%, 04/12/33 | &nbsp;&nbsp; 45 | 43414 |
| 3.63%, 09/17/31 | &nbsp;&nbsp; 30 | 29611 |
| 4.38%, 07/17/34 | &nbsp;&nbsp; 20 | 20253 |
| 4.38%, 07/16/35 | &nbsp;&nbsp; 25 | 25162 |
| 4.50%, 09/13/33 | &nbsp;&nbsp; 100 | 102828 |
| International Bank for Reconstruction & Development |  |  |
| 1.25%, 02/10/31 | &nbsp;&nbsp; 120 | 105046 |
| 1.63%, 11/03/31 | &nbsp;&nbsp; 135 | 118412 |
| 2.50%, 03/29/32 | &nbsp;&nbsp; 115 | 105374 |
| 3.88%, 08/28/34 | &nbsp;&nbsp; 95 | 92705 |
| 4.00%, 01/10/31<sup>(c)</sup> | &nbsp;&nbsp; 130 | 131313 |
| 4.50%, 04/10/31 | &nbsp;&nbsp; 20 | 20683 |
| 4.63%, 01/15/32 | &nbsp;&nbsp; 60 | 62299 |
| 4.75%, 11/14/33 | &nbsp;&nbsp; 110 | 115048 |
| International Development Association, 4.50%, <br> 02/12/35<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 15224 |
|  |  | 1944963 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Turkiye Government International Bonds |  |  |
| 6.50%, 01/03/35 | &nbsp;&nbsp; 200 | 194518 |
| 7.13%, 07/17/32 | &nbsp;&nbsp; 200 | 204606 |
| 9.38%, 01/19/33 | &nbsp;&nbsp; 200 | 229928 |
|  |  | 629052 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Ukraine Government International Bonds |  |  |
| 3.00%, 02/01/34<sup>(e)(g)</sup> | &nbsp;&nbsp; 60 | 23631 |
| 6.00%, 02/01/34<sup>(e)(g)</sup> | &nbsp;&nbsp; 74 | 39876 |
| 6.00%, 02/01/35<sup>(e)(g)</sup> | &nbsp;&nbsp; 60 | 31797 |
|  |  | 95304 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| Sharjah Sukuk Program Ltd., 6.09%, 03/19/34<sup>(e)</sup> | &nbsp;&nbsp; 200 | 211852 |
| UAE International Government Bonds, 4.86%, <br> 07/02/34<sup>(e)</sup><br>| &nbsp;&nbsp; 200 | 208662 |
|  |  | 420514 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |
| Uruguay Government International Bonds |  |  |
| 4.38%, 01/23/31 | &nbsp;&nbsp; 70 | 70291 |
| 5.75%, 10/28/34 | &nbsp;&nbsp; 50 | 53001 |
|  |  | 123292 |
| **Zambia — 0.0%** | **Zambia — 0.0%** | **Zambia — 0.0%** |
| Zambia Government International Bonds, 7.50%, <br> 06/30/33<sup>(e)(g)</sup><br>| &nbsp;&nbsp; 42 | 39587 |
| **Total Foreign Government Obligations — 3.9%** <br>**(Cost: $9,816,266)** | **Total Foreign Government Obligations — 3.9%** <br>**(Cost: $9,816,266)** | 10048831 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
| State of California GO |  |  |
| 2.50%, 10/01/29 | &nbsp;&nbsp; $50 | $47490 |
| 5.75%, 10/01/31 | &nbsp;&nbsp; 50 | 54556 |
| 6.00%, 03/01/33 | &nbsp;&nbsp; 15 | 16512 |
|  |  | 118558 |
| **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp; 109 | 110274 |
| **Total Municipal Debt Obligations — 0.1%** <br>**(Cost: $225,071)** | **Total Municipal Debt Obligations — 0.1%** <br>**(Cost: $225,071)** | 228832 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 49.4%** | **Mortgage-Backed Securities — 49.4%** | **Mortgage-Backed Securities — 49.4%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.50%, 01/01/33 | &nbsp;&nbsp; 5 | 5015 |
| 3.00%, 03/01/46 | &nbsp;&nbsp; 92 | 82574 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 7 | 5966 |
| 3.00%, 08/01/46 | &nbsp;&nbsp; 42 | 37560 |
| 3.00%, 09/01/46 | &nbsp;&nbsp; 29 | 26562 |
| 3.00%, 10/01/46 | &nbsp;&nbsp; 16 | 13995 |
| 3.00%, 12/01/46 | &nbsp;&nbsp; 147 | 131253 |
| 3.00%, 01/01/47 | &nbsp;&nbsp; 24 | 21614 |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 80 | 71113 |
| 3.00%, 06/01/47 | &nbsp;&nbsp; 71 | 63878 |
| 3.00%, 08/01/47 | &nbsp;&nbsp; 9 | 8385 |
| 3.00%, 09/01/47 | &nbsp;&nbsp; 19 | 17345 |
| 3.00%, 10/01/47 | &nbsp;&nbsp; 16 | 14738 |
| 3.50%, 06/01/34 | &nbsp;&nbsp; 5 | 4668 |
| 3.50%, 03/01/38 | &nbsp;&nbsp; 38 | 36998 |
| 3.50%, 10/01/42 | &nbsp;&nbsp; 33 | 30738 |
| 3.50%, 10/01/44 | &nbsp;&nbsp; 14 | 13049 |
| 3.50%, 03/01/46 | &nbsp;&nbsp; 75 | 69564 |
| 3.50%, 12/01/46 | &nbsp;&nbsp; 9 | 8692 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 15 | 13616 |
| 3.50%, 04/01/47 | &nbsp;&nbsp; 23 | 21369 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 21 | 19766 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 3 | 3168 |
| 3.50%, 09/01/47 | &nbsp;&nbsp; 53 | 48784 |
| 3.50%, 12/01/47 | &nbsp;&nbsp; 3 | 2597 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 51 | 47284 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 22 | 20615 |
| 3.50%, 05/01/48 | &nbsp;&nbsp; 14 | 12640 |
| 3.50%, 04/01/49 | &nbsp;&nbsp; 37 | 33633 |
| 3.50%, 05/01/49 | &nbsp;&nbsp; 9 | 7936 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 12 | 11077 |
| 4.00%, 09/01/45 | &nbsp;&nbsp; 9 | 8371 |
| 4.00%, 02/01/46 | &nbsp;&nbsp; 70 | 67328 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 4 | 4035 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 2 | 1833 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 15 | 14302 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 7 | 6776 |
| 4.00%, 06/01/48 | &nbsp;&nbsp; 17 | 16868 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 10 | 9668 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 3 | 2625 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 18 | 17419 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 8 | 7743 |
| 5.00%, 12/01/41 | &nbsp;&nbsp; 139 | 141380 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates<br>|  |  |
| 2.45%, 04/25/32 | &nbsp;&nbsp; $400 | $358705 |
| Series K078, Class A2, 3.85%, 06/25/28 | &nbsp;&nbsp; 175 | 174544 |
| Series K-1512, Class A2, 2.99%, 05/25/31 | &nbsp;&nbsp; 70 | 66030 |
| Federal National Mortgage Association |  |  |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 21 | 19244 |
| 3.50%, 11/01/51 | &nbsp;&nbsp; 228 | 212133 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 20 | 19052 |
| 4.00%, 02/01/57 | &nbsp;&nbsp; 17 | 16329 |
| Federal National Mortgage Association-ACES |  |  |
| Series 2018-M12, Class A2, 3.75%, 08/25/30<sup>(a)</sup> | &nbsp;&nbsp; 280 | 275014 |
| Series 2021-M17, Class A2, 1.71%, 07/25/31<sup>(a)</sup> | &nbsp;&nbsp; 250 | 219138 |
| Government National Mortgage Association |  |  |
| 2.00%, 08/20/50 | &nbsp;&nbsp; 135 | 110432 |
| 2.00%, 12/20/50 | &nbsp;&nbsp; 373 | 305479 |
| 2.00%, 01/20/51 | &nbsp;&nbsp; 545 | 446596 |
| 2.00%, 02/20/51 | &nbsp;&nbsp; 802 | 656908 |
| 2.00%, 10/20/51 | &nbsp;&nbsp; 404 | 331125 |
| 2.00%, 12/20/51 | &nbsp;&nbsp; 971 | 795198 |
| 2.00%, 02/20/52 | &nbsp;&nbsp; 2292 | 1875774 |
| 2.00%, 04/20/52 | &nbsp;&nbsp; 444 | 363552 |
| 2.00%, 09/22/55<sup>(j)</sup> | &nbsp;&nbsp; 550 | 450434 |
| 2.50%, 12/20/46 | &nbsp;&nbsp; 30 | 26392 |
| 2.50%, 01/20/47 | &nbsp;&nbsp; 15 | 12676 |
| 2.50%, 08/20/50 | &nbsp;&nbsp; 118 | 100280 |
| 2.50%, 09/20/50 | &nbsp;&nbsp; 181 | 153447 |
| 2.50%, 01/20/51 | &nbsp;&nbsp; 169 | 144198 |
| 2.50%, 05/20/51 | &nbsp;&nbsp; 260 | 221392 |
| 2.50%, 07/20/51 | &nbsp;&nbsp; 756 | 644189 |
| 2.50%, 08/20/51 | &nbsp;&nbsp; 778 | 663084 |
| 2.50%, 11/20/51 | &nbsp;&nbsp; 812 | 691543 |
| 2.50%, 12/20/51 | &nbsp;&nbsp; 258 | 220102 |
| 2.50%, 02/20/52 | &nbsp;&nbsp; 563 | 479839 |
| 2.50%, 03/20/52 | &nbsp;&nbsp; 1205 | 1026399 |
| 2.50%, 09/22/55<sup>(j)</sup> | &nbsp;&nbsp; 400 | 340930 |
| 3.00%, 03/20/45 | &nbsp;&nbsp; 26 | 23660 |
| 3.00%, 05/20/45 | &nbsp;&nbsp; 58 | 52349 |
| 3.00%, 07/20/45 | &nbsp;&nbsp; 50 | 45009 |
| 3.00%, 10/20/45 | &nbsp;&nbsp; 5 | 4891 |
| 3.00%, 11/20/45 | &nbsp;&nbsp; 173 | 155343 |
| 3.00%, 12/20/45 | &nbsp;&nbsp; 16 | 14285 |
| 3.00%, 01/20/46 | &nbsp;&nbsp; 8 | 7435 |
| 3.00%, 02/20/46 | &nbsp;&nbsp; 19 | 17210 |
| 3.00%, 03/20/46 | &nbsp;&nbsp; 46 | 41302 |
| 3.00%, 05/20/46 | &nbsp;&nbsp; 23 | 20390 |
| 3.00%, 06/20/46 | &nbsp;&nbsp; 16 | 14625 |
| 3.00%, 07/20/46 | &nbsp;&nbsp; 14 | 12310 |
| 3.00%, 08/20/46 | &nbsp;&nbsp; 74 | 66431 |
| 3.00%, 09/20/46 | &nbsp;&nbsp; 44 | 39538 |
| 3.00%, 11/20/46 | &nbsp;&nbsp; 187 | 168173 |
| 3.00%, 12/20/46 | &nbsp;&nbsp; 68 | 60747 |
| 3.00%, 02/20/47 | &nbsp;&nbsp; 15 | 13237 |
| 3.00%, 06/20/47 | &nbsp;&nbsp; 22 | 19319 |
| 3.00%, 11/20/47 | &nbsp;&nbsp; 87 | 78358 |
| 3.00%, 02/20/48 | &nbsp;&nbsp; 15 | 13141 |
| 3.00%, 04/20/49 | &nbsp;&nbsp; 281 | 251915 |
| 3.00%, 09/20/49 | &nbsp;&nbsp; 12 | 10512 |
| 3.00%, 01/20/50 | &nbsp;&nbsp; 86 | 76051 |
| 3.00%, 02/20/50 | &nbsp;&nbsp; 91 | 81230 |
| 3.00%, 07/20/50 | &nbsp;&nbsp; 39 | 34618 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 08/20/50 | &nbsp;&nbsp; $52 | $46530 |
| 3.00%, 10/20/51 | &nbsp;&nbsp; 8 | 7077 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; 156 | 138408 |
| 3.00%, 02/20/52 | &nbsp;&nbsp; 22 | 19534 |
| 3.00%, 03/20/52 | &nbsp;&nbsp; 429 | 376972 |
| 3.00%, 06/20/52 | &nbsp;&nbsp; 1034 | 916050 |
| 3.00%, 09/20/52 | &nbsp;&nbsp; 264 | 233514 |
| 3.00%, 09/22/55<sup>(j)</sup> | &nbsp;&nbsp; 575 | 509120 |
| 3.50%, 09/20/42 | &nbsp;&nbsp; 168 | 157438 |
| 3.50%, 10/20/42 | &nbsp;&nbsp; 7 | 6549 |
| 3.50%, 12/20/42 | &nbsp;&nbsp; 69 | 64752 |
| 3.50%, 04/20/43 | &nbsp;&nbsp; 50 | 47120 |
| 3.50%, 06/20/45 | &nbsp;&nbsp; 9 | 8712 |
| 3.50%, 11/20/45 | &nbsp;&nbsp; 33 | 30260 |
| 3.50%, 12/20/45 | &nbsp;&nbsp; 3 | 2912 |
| 3.50%, 03/20/46 | &nbsp;&nbsp; 36 | 33637 |
| 3.50%, 04/20/46 | &nbsp;&nbsp; 17 | 15666 |
| 3.50%, 06/20/46 | &nbsp;&nbsp; 59 | 54908 |
| 3.50%, 12/20/46 | &nbsp;&nbsp; 15 | 14220 |
| 3.50%, 01/20/47 | &nbsp;&nbsp; 4 | 3784 |
| 3.50%, 02/20/47 | &nbsp;&nbsp; 10 | 9402 |
| 3.50%, 03/20/47 | &nbsp;&nbsp; 5 | 4271 |
| 3.50%, 09/20/47 | &nbsp;&nbsp; 14 | 13104 |
| 3.50%, 11/20/47 | &nbsp;&nbsp; 23 | 20991 |
| 3.50%, 02/20/48 | &nbsp;&nbsp; 13 | 12199 |
| 3.50%, 04/20/48 | &nbsp;&nbsp; 43 | 39889 |
| 3.50%, 05/20/48 | &nbsp;&nbsp; 33 | 30127 |
| 3.50%, 08/20/48 | &nbsp;&nbsp; 28 | 25866 |
| 3.50%, 09/20/48 | &nbsp;&nbsp; 3 | 2741 |
| 3.50%, 01/20/49 | &nbsp;&nbsp; 12 | 11257 |
| 3.50%, 03/20/49 | &nbsp;&nbsp; 153 | 141213 |
| 3.50%, 09/20/49 | &nbsp;&nbsp; 32 | 29332 |
| 3.50%, 12/20/49 | &nbsp;&nbsp; 18 | 16351 |
| 3.50%, 03/20/50 | &nbsp;&nbsp; 569 | 523677 |
| 3.50%, 05/20/50 | &nbsp;&nbsp; 38 | 35390 |
| 3.50%, 02/20/52 | &nbsp;&nbsp; 564 | 516721 |
| 3.50%, 09/22/55<sup>(j)</sup> | &nbsp;&nbsp; 1244 | 1132095 |
| 4.00%, 04/20/47 | &nbsp;&nbsp; 61 | 57565 |
| 4.00%, 06/20/47 | &nbsp;&nbsp; 41 | 38717 |
| 4.00%, 07/20/47 | &nbsp;&nbsp; 108 | 102520 |
| 4.00%, 11/20/47 | &nbsp;&nbsp; 22 | 20820 |
| 4.00%, 03/20/48 | &nbsp;&nbsp; 28 | 26492 |
| 4.00%, 04/20/48 | &nbsp;&nbsp; 13 | 12423 |
| 4.00%, 05/15/48 | &nbsp;&nbsp; 6 | 5260 |
| 4.00%, 05/20/48 | &nbsp;&nbsp; 34 | 31934 |
| 4.00%, 08/20/48 | &nbsp;&nbsp; 36 | 34366 |
| 4.00%, 09/20/48 | &nbsp;&nbsp; 15 | 13796 |
| 4.00%, 11/20/48 | &nbsp;&nbsp; 80 | 75811 |
| 4.00%, 01/20/50 | &nbsp;&nbsp; 191 | 180589 |
| 4.00%, 02/20/50 | &nbsp;&nbsp; 49 | 46614 |
| 4.00%, 12/20/52 | &nbsp;&nbsp; 84 | 79206 |
| 4.00%, 09/22/55<sup>(j)</sup> | &nbsp;&nbsp; 1425 | 1329163 |
| 4.50%, 07/20/41 | &nbsp;&nbsp; 37 | 36959 |
| 4.50%, 10/20/46 | &nbsp;&nbsp; 34 | 33549 |
| 4.50%, 06/20/47 | &nbsp;&nbsp; 4 | 3572 |
| 4.50%, 04/20/48 | &nbsp;&nbsp; 9 | 8580 |
| 4.50%, 06/20/48 | &nbsp;&nbsp; 4 | 4050 |
| 4.50%, 08/20/48 | &nbsp;&nbsp; 33 | 32365 |
| 4.50%, 10/20/48 | &nbsp;&nbsp; 64 | 62372 |
| 4.50%, 12/20/48 | &nbsp;&nbsp; 12 | 11767 |
| 4.50%, 03/20/49 | &nbsp;&nbsp; 120 | 117475 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 06/20/49 | &nbsp;&nbsp; $58 | $56517 |
| 4.50%, 07/20/49 | &nbsp;&nbsp; 15 | 14945 |
| 4.50%, 08/20/49 | &nbsp;&nbsp; 4 | 3504 |
| 4.50%, 07/20/52 | &nbsp;&nbsp; 553 | 537322 |
| 4.50%, 08/20/52 | &nbsp;&nbsp; 139 | 134956 |
| 4.50%, 11/20/54 | &nbsp;&nbsp; 426 | 410845 |
| 4.50%, 09/22/55<sup>(j)</sup> | &nbsp;&nbsp; 1125 | 1083350 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 10 | 9749 |
| 5.00%, 05/20/48 | &nbsp;&nbsp; 18 | 18025 |
| 5.00%, 11/20/48 | &nbsp;&nbsp; 3 | 3193 |
| 5.00%, 12/20/48 | &nbsp;&nbsp; 20 | 19740 |
| 5.00%, 01/20/49 | &nbsp;&nbsp; 27 | 27513 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 2 | 2447 |
| 5.00%, 06/20/49 | &nbsp;&nbsp; 77 | 77004 |
| 5.00%, 07/20/52 | &nbsp;&nbsp; 23 | 22596 |
| 5.00%, 12/20/52 | &nbsp;&nbsp; 629 | 624658 |
| 5.00%, 01/20/53 | &nbsp;&nbsp; 156 | 155060 |
| 5.00%, 04/20/53 | &nbsp;&nbsp; 171 | 170266 |
| 5.00%, 11/20/53 | &nbsp;&nbsp; 251 | 249509 |
| 5.00%, 09/15/54<sup>(j)</sup> | &nbsp;&nbsp; 400 | 395937 |
| 5.00%, 09/20/54 | &nbsp;&nbsp; 158 | 155872 |
| 5.00%, 10/20/54 | &nbsp;&nbsp; 151 | 149586 |
| 5.00%, 11/20/54 | &nbsp;&nbsp; 499 | 493252 |
| 5.00%, 12/20/54 | &nbsp;&nbsp; 614 | 607330 |
| 5.50%, 12/20/52 | &nbsp;&nbsp; 98 | 99614 |
| 5.50%, 01/20/53 | &nbsp;&nbsp; 302 | 306506 |
| 5.50%, 03/20/53 | &nbsp;&nbsp; 198 | 200251 |
| 5.50%, 04/20/53 | &nbsp;&nbsp; 139 | 140354 |
| 5.50%, 05/20/53 | &nbsp;&nbsp; 93 | 94253 |
| 5.50%, 06/20/53 | &nbsp;&nbsp; 21 | 21290 |
| 5.50%, 07/20/53 | &nbsp;&nbsp; 8 | 7971 |
| 5.50%, 09/20/53 | &nbsp;&nbsp; 561 | 567747 |
| 5.50%, 04/20/54 | &nbsp;&nbsp; 279 | 281337 |
| 5.50%, 09/15/54<sup>(j)</sup> | &nbsp;&nbsp; 578 | 582243 |
| 5.50%, 10/20/54 | &nbsp;&nbsp; 468 | 472148 |
| 5.50%, 12/20/54 | &nbsp;&nbsp; 375 | 377888 |
| 5.50%, 07/20/55 | &nbsp;&nbsp; 300 | 302608 |
| 6.00%, 09/20/53 | &nbsp;&nbsp; 110 | 112949 |
| 6.00%, 10/20/53 | &nbsp;&nbsp; 167 | 170774 |
| 6.00%, 07/20/54 | &nbsp;&nbsp; 378 | 386080 |
| 6.00%, 08/20/54 | &nbsp;&nbsp; 893 | 912361 |
| 6.00%, 09/15/54<sup>(j)</sup> | &nbsp;&nbsp; 1125 | 1147306 |
| 6.50%, 10/20/53 | &nbsp;&nbsp; 20 | 21055 |
| 6.50%, 09/15/54<sup>(j)</sup> | &nbsp;&nbsp; 1400 | 1440440 |
| 6.50%, 02/20/55 | &nbsp;&nbsp; 212 | 217807 |
| 6.50%, 03/20/55 | &nbsp;&nbsp; 25 | 25317 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 03/01/36 | &nbsp;&nbsp; 4 | 3380 |
| 1.50%, 02/01/37 | &nbsp;&nbsp; 87 | 77923 |
| 1.50%, 03/01/37 | &nbsp;&nbsp; 59 | 52606 |
| 1.50%, 04/01/37 | &nbsp;&nbsp; 7 | 6135 |
| 1.50%, 09/18/40<sup>(j)</sup> | &nbsp;&nbsp; 300 | 268139 |
| 1.50%, 11/01/50 | &nbsp;&nbsp; 162 | 122469 |
| 1.50%, 01/01/51 | &nbsp;&nbsp; 370 | 279796 |
| 1.50%, 07/01/51 | &nbsp;&nbsp; 121 | 91456 |
| 1.50%, 11/01/51 | &nbsp;&nbsp; 159 | 119844 |
| 2.00%, 12/01/35 | &nbsp;&nbsp; 25 | 23042 |
| 2.00%, 02/01/36 | &nbsp;&nbsp; 137 | 127015 |
| 2.00%, 03/01/36 | &nbsp;&nbsp; 15 | 13443 |
| 2.00%, 05/01/36 | &nbsp;&nbsp; 97 | 89260 |
| 2.00%, 08/01/36 | &nbsp;&nbsp; 15 | 14212 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.00%, 09/01/36 | &nbsp;&nbsp; $76 | $70017 |
| 2.00%, 11/01/36 | &nbsp;&nbsp; 17 | 15458 |
| 2.00%, 01/01/37 | &nbsp;&nbsp; 17 | 15185 |
| 2.00%, 02/01/37 | &nbsp;&nbsp; 147 | 134796 |
| 2.00%, 04/01/37 | &nbsp;&nbsp; 48 | 44071 |
| 2.00%, 09/18/40<sup>(j)</sup> | &nbsp;&nbsp; 1036 | 950664 |
| 2.00%, 05/01/50 | &nbsp;&nbsp; 193 | 157348 |
| 2.00%, 07/01/50 | &nbsp;&nbsp; 202 | 162607 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 742 | 596755 |
| 2.00%, 10/01/50 | &nbsp;&nbsp; 256 | 206750 |
| 2.00%, 12/01/50 | &nbsp;&nbsp; 1244 | 1005809 |
| 2.00%, 01/01/51 | &nbsp;&nbsp; 210 | 170133 |
| 2.00%, 02/01/51 | &nbsp;&nbsp; 815 | 652640 |
| 2.00%, 03/01/51 | &nbsp;&nbsp; 619 | 498726 |
| 2.00%, 04/01/51 | &nbsp;&nbsp; 2900 | 2322486 |
| 2.00%, 05/01/51 | &nbsp;&nbsp; 72 | 58281 |
| 2.00%, 06/01/51 | &nbsp;&nbsp; 208 | 167484 |
| 2.00%, 07/01/51 | &nbsp;&nbsp; 807 | 646174 |
| 2.00%, 08/01/51 | &nbsp;&nbsp; 186 | 149311 |
| 2.00%, 10/01/51 | &nbsp;&nbsp; 2188 | 1755090 |
| 2.00%, 11/01/51 | &nbsp;&nbsp; 196 | 157180 |
| 2.00%, 12/01/51 | &nbsp;&nbsp; 445 | 354646 |
| 2.00%, 01/01/52 | &nbsp;&nbsp; 803 | 642731 |
| 2.00%, 02/01/52 | &nbsp;&nbsp; 1183 | 943623 |
| 2.00%, 03/01/52 | &nbsp;&nbsp; 1232 | 982360 |
| 2.00%, 04/01/52 | &nbsp;&nbsp; 2627 | 2094998 |
| 2.00%, 05/01/52 | &nbsp;&nbsp; 3116 | 2485257 |
| 2.00%, 10/01/52 | &nbsp;&nbsp; 3032 | 2416372 |
| 2.00%, 09/15/55<sup>(j)</sup> | &nbsp;&nbsp; 2500 | 1985515 |
| 2.50%, 04/01/32 | &nbsp;&nbsp; 16 | 15237 |
| 2.50%, 07/01/35 | &nbsp;&nbsp; 20 | 19343 |
| 2.50%, 10/01/35 | &nbsp;&nbsp; 44 | 41578 |
| 2.50%, 05/01/36 | &nbsp;&nbsp; 26 | 24027 |
| 2.50%, 07/01/36 | &nbsp;&nbsp; 67 | 63483 |
| 2.50%, 09/18/40<sup>(j)</sup> | &nbsp;&nbsp; 475 | 445634 |
| 2.50%, 04/01/47 | &nbsp;&nbsp; 28 | 23841 |
| 2.50%, 06/01/50 | &nbsp;&nbsp; 45 | 37580 |
| 2.50%, 07/01/50 | &nbsp;&nbsp; 56 | 47779 |
| 2.50%, 08/01/50 | &nbsp;&nbsp; 84 | 70724 |
| 2.50%, 09/01/50 | &nbsp;&nbsp; 493 | 416238 |
| 2.50%, 10/01/50 | &nbsp;&nbsp; 354 | 298503 |
| 2.50%, 11/01/50 | &nbsp;&nbsp; 1042 | 875272 |
| 2.50%, 12/01/50 | &nbsp;&nbsp; 40 | 33349 |
| 2.50%, 01/01/51 | &nbsp;&nbsp; 59 | 49199 |
| 2.50%, 02/01/51 | &nbsp;&nbsp; 441 | 369234 |
| 2.50%, 04/01/51 | &nbsp;&nbsp; 40 | 33547 |
| 2.50%, 07/01/51 | &nbsp;&nbsp; 1281 | 1070757 |
| 2.50%, 08/01/51 | &nbsp;&nbsp; 36 | 30115 |
| 2.50%, 09/01/51 | &nbsp;&nbsp; 630 | 525784 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 97 | 82366 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; 2557 | 2133555 |
| 2.50%, 01/01/52 | &nbsp;&nbsp; 3464 | 2892539 |
| 2.50%, 03/01/52 | &nbsp;&nbsp; 55 | 45738 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 2630 | 2194106 |
| 2.50%, 05/01/52 | &nbsp;&nbsp; 1284 | 1070721 |
| 2.50%, 07/01/52 | &nbsp;&nbsp; 930 | 775375 |
| 2.50%, 08/01/52 | &nbsp;&nbsp; 1051 | 876166 |
| 2.50%, 09/15/55<sup>(j)</sup> | &nbsp;&nbsp; 2400 | 1992329 |
| 3.00%, 03/01/30 | &nbsp;&nbsp; 16 | 16160 |
| 3.00%, 01/01/31 | &nbsp;&nbsp; 14 | 14022 |
| 3.00%, 02/01/31 | &nbsp;&nbsp; 4 | 3994 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 02/01/32 | &nbsp;&nbsp; $5 | $4412 |
| 3.00%, 06/01/32 | &nbsp;&nbsp; 4 | 4176 |
| 3.00%, 11/01/32 | &nbsp;&nbsp; 5 | 5295 |
| 3.00%, 12/01/32 | &nbsp;&nbsp; 4 | 4030 |
| 3.00%, 01/01/33 | &nbsp;&nbsp; 4 | 4131 |
| 3.00%, 02/01/33 | &nbsp;&nbsp; 5 | 4831 |
| 3.00%, 09/01/34 | &nbsp;&nbsp; 36 | 35095 |
| 3.00%, 12/01/34 | &nbsp;&nbsp; 33 | 32133 |
| 3.00%, 04/01/35 | &nbsp;&nbsp; 194 | 186560 |
| 3.00%, 09/15/39<sup>(j)</sup> | &nbsp;&nbsp; 175 | 167302 |
| 3.00%, 11/01/42 | &nbsp;&nbsp; 4 | 3466 |
| 3.00%, 09/01/43 | &nbsp;&nbsp; 5 | 4657 |
| 3.00%, 01/01/44 | &nbsp;&nbsp; 7 | 6728 |
| 3.00%, 10/01/44 | &nbsp;&nbsp; 85 | 77459 |
| 3.00%, 03/01/45 | &nbsp;&nbsp; 44 | 40008 |
| 3.00%, 05/01/45 | &nbsp;&nbsp; 21 | 19175 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 233 | 209935 |
| 3.00%, 08/01/46 | &nbsp;&nbsp; 18 | 16690 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 157 | 141543 |
| 3.00%, 12/01/46 | &nbsp;&nbsp; 34 | 30592 |
| 3.00%, 01/01/47 | &nbsp;&nbsp; 50 | 44648 |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 156 | 139276 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 86 | 76630 |
| 3.00%, 07/01/47 | &nbsp;&nbsp; 43 | 38351 |
| 3.00%, 08/01/47 | &nbsp;&nbsp; 6 | 5588 |
| 3.00%, 12/01/47 | &nbsp;&nbsp; 33 | 29587 |
| 3.00%, 03/01/48 | &nbsp;&nbsp; 14 | 12615 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 50 | 44715 |
| 3.00%, 02/01/49 | &nbsp;&nbsp; 724 | 651192 |
| 3.00%, 09/01/49 | &nbsp;&nbsp; 83 | 73711 |
| 3.00%, 11/01/49 | &nbsp;&nbsp; 7 | 5768 |
| 3.00%, 12/01/49 | &nbsp;&nbsp; 712 | 625133 |
| 3.00%, 02/01/50 | &nbsp;&nbsp; 854 | 749955 |
| 3.00%, 06/01/50 | &nbsp;&nbsp; 83 | 72981 |
| 3.00%, 07/01/50 | &nbsp;&nbsp; 71 | 62115 |
| 3.00%, 08/01/50 | &nbsp;&nbsp; 25 | 22047 |
| 3.00%, 05/01/51 | &nbsp;&nbsp; 274 | 243444 |
| 3.00%, 06/01/51 | &nbsp;&nbsp; 949 | 829933 |
| 3.00%, 07/01/51 | &nbsp;&nbsp; 239 | 209762 |
| 3.00%, 08/01/51 | &nbsp;&nbsp; 104 | 91121 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; 86 | 74956 |
| 3.00%, 03/01/52 | &nbsp;&nbsp; 723 | 632505 |
| 3.00%, 04/01/52 | &nbsp;&nbsp; 577 | 504216 |
| 3.00%, 05/01/52 | &nbsp;&nbsp; 1169 | 1018351 |
| 3.00%, 09/15/55<sup>(j)</sup> | &nbsp;&nbsp; 2325 | 2013933 |
| 3.50%, 03/01/33 | &nbsp;&nbsp; 6 | 5643 |
| 3.50%, 04/01/33 | &nbsp;&nbsp; 8 | 7422 |
| 3.50%, 05/01/33 | &nbsp;&nbsp; 5 | 5067 |
| 3.50%, 02/01/34 | &nbsp;&nbsp; 14 | 14051 |
| 3.50%, 07/01/34 | &nbsp;&nbsp; 2 | 2271 |
| 3.50%, 08/01/34 | &nbsp;&nbsp; 5 | 5335 |
| 3.50%, 09/18/40<sup>(j)</sup> | &nbsp;&nbsp; 75 | 72611 |
| 3.50%, 02/01/45 | &nbsp;&nbsp; 9 | 8179 |
| 3.50%, 01/01/46 | &nbsp;&nbsp; 14 | 12475 |
| 3.50%, 03/01/46 | &nbsp;&nbsp; 39 | 36345 |
| 3.50%, 07/01/46 | &nbsp;&nbsp; 6 | 5728 |
| 3.50%, 08/01/46 | &nbsp;&nbsp; 207 | 191358 |
| 3.50%, 10/01/46 | &nbsp;&nbsp; 44 | 40445 |
| 3.50%, 12/01/46 | &nbsp;&nbsp; 45 | 41732 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 55 | 50697 |
| 3.50%, 02/01/47 | &nbsp;&nbsp; 17 | 16066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 05/01/47 | &nbsp;&nbsp; $12 | $11552 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 10 | 8861 |
| 3.50%, 11/01/47 | &nbsp;&nbsp; 8 | 7365 |
| 3.50%, 01/01/48 | &nbsp;&nbsp; 295 | 271638 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 113 | 104356 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 4 | 3617 |
| 3.50%, 04/01/48 | &nbsp;&nbsp; 32 | 29078 |
| 3.50%, 05/01/48 | &nbsp;&nbsp; 10 | 8988 |
| 3.50%, 06/01/48 | &nbsp;&nbsp; 24 | 22116 |
| 3.50%, 11/01/48 | &nbsp;&nbsp; 9 | 8090 |
| 3.50%, 01/01/49 | &nbsp;&nbsp; 43 | 39409 |
| 3.50%, 04/01/49 | &nbsp;&nbsp; 7 | 6804 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 72 | 66526 |
| 3.50%, 07/01/49 | &nbsp;&nbsp; 30 | 27781 |
| 3.50%, 08/01/49 | &nbsp;&nbsp; 508 | 467510 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 139 | 126761 |
| 3.50%, 06/01/50 | &nbsp;&nbsp; 842 | 768974 |
| 3.50%, 07/01/50 | &nbsp;&nbsp; 107 | 97240 |
| 3.50%, 02/01/51 | &nbsp;&nbsp; 358 | 327224 |
| 3.50%, 04/01/52 | &nbsp;&nbsp; 94 | 86251 |
| 3.50%, 06/01/52 | &nbsp;&nbsp; 416 | 380699 |
| 3.50%, 07/01/52 | &nbsp;&nbsp; 874 | 793579 |
| 3.50%, 09/15/54<sup>(j)</sup> | &nbsp;&nbsp; 2675 | 2416281 |
| 4.00%, 07/01/32 | &nbsp;&nbsp; 1 | 613 |
| 4.00%, 05/01/33 | &nbsp;&nbsp; 3 | 3360 |
| 4.00%, 06/01/33 | &nbsp;&nbsp; 3 | 3201 |
| 4.00%, 07/01/33 | &nbsp;&nbsp; 2 | 2094 |
| 4.00%, 12/01/33 | &nbsp;&nbsp; 1 | 521 |
| 4.00%, 08/01/37 | &nbsp;&nbsp; 3 | 3394 |
| 4.00%, 09/01/37 | &nbsp;&nbsp; 6 | 5429 |
| 4.00%, 11/01/37 | &nbsp;&nbsp; 7 | 6529 |
| 4.00%, 02/01/38 | &nbsp;&nbsp; 3 | 2920 |
| 4.00%, 06/01/38 | &nbsp;&nbsp; 4 | 3876 |
| 4.00%, 11/01/38 | &nbsp;&nbsp; 1 | 1380 |
| 4.00%, 09/15/39<sup>(j)</sup> | &nbsp;&nbsp; 219 | 214996 |
| 4.00%, 12/01/39 | &nbsp;&nbsp; 51 | 50259 |
| 4.00%, 01/01/45 | &nbsp;&nbsp; 33 | 32113 |
| 4.00%, 03/01/45 | &nbsp;&nbsp; 6 | 5286 |
| 4.00%, 06/01/45 | &nbsp;&nbsp; 14 | 13646 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 60 | 57903 |
| 4.00%, 07/01/46 | &nbsp;&nbsp; 130 | 123779 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 7 | 6528 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 4 | 3838 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 3 | 2486 |
| 4.00%, 09/01/47 | &nbsp;&nbsp; 29 | 27489 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 41 | 39209 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 36 | 34471 |
| 4.00%, 09/01/48 | &nbsp;&nbsp; 160 | 151842 |
| 4.00%, 10/01/48 | &nbsp;&nbsp; 15 | 14275 |
| 4.00%, 11/01/48 | &nbsp;&nbsp; 19 | 18320 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 10 | 9410 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 405 | 383352 |
| 4.00%, 02/01/49 | &nbsp;&nbsp; 5 | 4400 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 22 | 20453 |
| 4.00%, 04/01/49 | &nbsp;&nbsp; 34 | 32085 |
| 4.00%, 05/01/49 | &nbsp;&nbsp; 20 | 19416 |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 45 | 43171 |
| 4.00%, 07/01/49 | &nbsp;&nbsp; 106 | 100028 |
| 4.00%, 12/01/49 | &nbsp;&nbsp; 15 | 14392 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 4 | 3355 |
| 4.00%, 04/01/50 | &nbsp;&nbsp; 161 | 152351 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 05/01/50 | &nbsp;&nbsp; $17 | $16121 |
| 4.00%, 03/01/51 | &nbsp;&nbsp; 166 | 157247 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 61 | 56677 |
| 4.00%, 05/01/52 | &nbsp;&nbsp; 80 | 74950 |
| 4.00%, 07/01/52 | &nbsp;&nbsp; 798 | 749114 |
| 4.00%, 08/01/52 | &nbsp;&nbsp; 106 | 99142 |
| 4.00%, 10/01/52 | &nbsp;&nbsp; 407 | 382997 |
| 4.00%, 02/01/53 | &nbsp;&nbsp; 474 | 448573 |
| 4.00%, 06/01/54 | &nbsp;&nbsp; 762 | 711265 |
| 4.00%, 09/15/55<sup>(j)</sup> | &nbsp;&nbsp; 2671 | 2492721 |
| 4.50%, 01/01/44 | &nbsp;&nbsp; 84 | 83122 |
| 4.50%, 02/01/46 | &nbsp;&nbsp; 12 | 12432 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 6 | 5442 |
| 4.50%, 10/01/47 | &nbsp;&nbsp; 12 | 12321 |
| 4.50%, 03/01/48 | &nbsp;&nbsp; 9 | 8434 |
| 4.50%, 06/01/48 | &nbsp;&nbsp; 7 | 7248 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 2 | 1763 |
| 4.50%, 08/01/48 | &nbsp;&nbsp; 20 | 19868 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 26 | 25207 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 33 | 32471 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 41 | 41163 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 15 | 14957 |
| 4.50%, 02/01/49 | &nbsp;&nbsp; 45 | 43628 |
| 4.50%, 04/01/49 | &nbsp;&nbsp; 60 | 59103 |
| 4.50%, 05/01/49 | &nbsp;&nbsp; 21 | 20477 |
| 4.50%, 09/01/50 | &nbsp;&nbsp; 166 | 161967 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 176 | 170340 |
| 4.50%, 08/01/52 | &nbsp;&nbsp; 100 | 96904 |
| 4.50%, 09/01/52 | &nbsp;&nbsp; 500 | 484620 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; 240 | 232944 |
| 4.50%, 11/01/52 | &nbsp;&nbsp; 150 | 144912 |
| 4.50%, 12/01/52 | &nbsp;&nbsp; 708 | 686826 |
| 4.50%, 08/01/53 | &nbsp;&nbsp; 138 | 133318 |
| 4.50%, 11/01/53 | &nbsp;&nbsp; 205 | 197489 |
| 4.50%, 09/15/55<sup>(j)</sup> | &nbsp;&nbsp; 1474 | 1417767 |
| 5.00%, 03/01/48 | &nbsp;&nbsp; 4 | 3763 |
| 5.00%, 04/01/48 | &nbsp;&nbsp; 11 | 11535 |
| 5.00%, 05/01/48 | &nbsp;&nbsp; 8 | 7721 |
| 5.00%, 07/01/48 | &nbsp;&nbsp; 9 | 9185 |
| 5.00%, 01/01/49 | &nbsp;&nbsp; 7 | 7250 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 12 | 11735 |
| 5.00%, 08/01/52 | &nbsp;&nbsp; 40 | 39921 |
| 5.00%, 09/01/52 | &nbsp;&nbsp; 118 | 117963 |
| 5.00%, 10/01/52 | &nbsp;&nbsp; 379 | 376354 |
| 5.00%, 11/01/52 | &nbsp;&nbsp; 141 | 141308 |
| 5.00%, 12/01/52 | &nbsp;&nbsp; 119 | 118644 |
| 5.00%, 01/01/53 | &nbsp;&nbsp; 80 | 79150 |
| 5.00%, 03/01/53 | &nbsp;&nbsp; 60 | 60415 |
| 5.00%, 06/01/53 | &nbsp;&nbsp; 181 | 180700 |
| 5.00%, 04/01/54 | &nbsp;&nbsp; 211 | 209740 |
| 5.00%, 10/01/54 | &nbsp;&nbsp; 983 | 969758 |
| 5.00%, 11/01/54 | &nbsp;&nbsp; 2326 | 2293179 |
| 5.00%, 12/01/54 | &nbsp;&nbsp; 74 | 73351 |
| 5.00%, 01/01/55 | &nbsp;&nbsp; 153 | 151659 |
| 5.00%, 09/15/55<sup>(j)</sup> | &nbsp;&nbsp; 350 | 345168 |
| 5.50%, 01/01/47 | &nbsp;&nbsp; 9 | 9700 |
| 5.50%, 09/01/52 | &nbsp;&nbsp; 58 | 58843 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 84 | 85587 |
| 5.50%, 12/01/52 | &nbsp;&nbsp; 236 | 240543 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 246 | 251646 |
| 5.50%, 02/01/53 | &nbsp;&nbsp; 295 | 299609 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 03/01/53 | &nbsp;&nbsp; $214 | $217553 |
| 5.50%, 04/01/53 | &nbsp;&nbsp; 656 | 666019 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 476 | 480973 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 43 | 43655 |
| 5.50%, 08/01/53 | &nbsp;&nbsp; 214 | 215446 |
| 5.50%, 03/01/54 | &nbsp;&nbsp; 750 | 756047 |
| 5.50%, 05/01/54 | &nbsp;&nbsp; 314 | 316145 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 222 | 224355 |
| 5.50%, 08/01/54 | &nbsp;&nbsp; 651 | 658269 |
| 5.50%, 09/15/54<sup>(j)</sup> | &nbsp;&nbsp; 1000 | 1005630 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; 375 | 377769 |
| 5.50%, 11/01/54 | &nbsp;&nbsp; 698 | 706213 |
| 5.50%, 03/01/55 | &nbsp;&nbsp; 1054 | 1070909 |
| 6.00%, 02/01/49 | &nbsp;&nbsp; 21 | 21787 |
| 6.00%, 12/01/52 | &nbsp;&nbsp; 65 | 66625 |
| 6.00%, 01/01/53 | &nbsp;&nbsp; 55 | 57297 |
| 6.00%, 06/01/53 | &nbsp;&nbsp; 32 | 32495 |
| 6.00%, 07/01/53 | &nbsp;&nbsp; 167 | 171151 |
| 6.00%, 08/01/53 | &nbsp;&nbsp; 632 | 653424 |
| 6.00%, 09/01/53 | &nbsp;&nbsp; 262 | 270301 |
| 6.00%, 11/01/53 | &nbsp;&nbsp; 240 | 245956 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 76 | 77822 |
| 6.00%, 02/01/54 | &nbsp;&nbsp; 47 | 47860 |
| 6.00%, 05/01/54 | &nbsp;&nbsp; 813 | 835981 |
| 6.00%, 08/01/54 | &nbsp;&nbsp; 661 | 676981 |
| 6.00%, 09/01/54 | &nbsp;&nbsp; 756 | 776358 |
| 6.00%, 09/15/54<sup>(j)</sup> | &nbsp;&nbsp; 1400 | 1430254 |
| 6.00%, 02/01/55 | &nbsp;&nbsp; 406 | 417488 |
| 6.00%, 04/01/55 | &nbsp;&nbsp; 245 | 252775 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 375 | 384643 |
| 6.00%, 06/01/55 | &nbsp;&nbsp; 565 | 579720 |
| 6.00%, 07/01/55 | &nbsp;&nbsp; 274 | 279831 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 37 | 38403 |
| 6.50%, 11/01/53 | &nbsp;&nbsp; 371 | 386106 |
| 6.50%, 12/01/53 | &nbsp;&nbsp; 355 | 371457 |
| 6.50%, 01/01/54 | &nbsp;&nbsp; 217 | 226401 |
| 6.50%, 02/01/54 | &nbsp;&nbsp; 231 | 240806 |
| 6.50%, 03/01/54 | &nbsp;&nbsp; 825 | 858763 |
| 6.50%, 04/01/54 | &nbsp;&nbsp; 175 | 183280 |
| 6.50%, 05/01/54 | &nbsp;&nbsp; 113 | 118344 |
| 6.50%, 08/01/54 | &nbsp;&nbsp; 215 | 223697 |
| 6.50%, 09/01/54 | &nbsp;&nbsp; 100 | 104246 |
| 6.50%, 09/17/54<sup>(j)</sup> | &nbsp;&nbsp; 275 | 284974 |
| 6.50%, 01/01/55 | &nbsp;&nbsp; 190 | 198237 |
| 6.50%, 04/01/55 | &nbsp;&nbsp; 821 | 852698 |
| 6.50%, 07/01/55 | &nbsp;&nbsp; 89 | 92243 |
|  |  | 125729878 |
| **U.S. Government Agency Obligations — 0.0%** | **U.S. Government Agency Obligations — 0.0%** | **U.S. Government Agency Obligations — 0.0%** |
| Federal Home Loan Mortgage Corp., 6.25%, <br> 07/15/32<br>| &nbsp;&nbsp; 50 | 56791 |
| **U.S. Government Obligations — 22.0%** | **U.S. Government Obligations — 22.0%** | **U.S. Government Obligations — 22.0%** |
| U.S. Treasury Note/Bond |  |  |
| 0.88%, 11/15/30 | &nbsp;&nbsp; 700 | 606867 |
| 1.25%, 08/15/31 | &nbsp;&nbsp; 2713 | 2344414 |
| 1.38%, 11/15/31 | &nbsp;&nbsp; 2500 | 2160352 |
| 1.63%, 05/15/31 | &nbsp;&nbsp; 1770 | 1575715 |
| 1.88%, 02/15/32 | &nbsp;&nbsp; 2070 | 1834052 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 1490 | 1383372 |
| 2.88%, 05/15/32 | &nbsp;&nbsp; 2750 | 2583281 |
| 3.38%, 05/15/33 | &nbsp;&nbsp; 1879 | 1801198 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.50%, 02/15/33 | &nbsp;&nbsp; $1700 | $1647938 |
| 3.63%, 09/30/31 | &nbsp;&nbsp; 550 | 543855 |
| 3.75%, 06/30/30 | &nbsp;&nbsp; 28 | 28074 |
| 3.75%, 12/31/30 | &nbsp;&nbsp; 600 | 600234 |
| 3.75%, 08/31/31 | &nbsp;&nbsp; 300 | 298898 |
| 3.88%, 08/31/32 | &nbsp;&nbsp; 870 | 867451 |
| 3.88%, 08/15/33 | &nbsp;&nbsp; 2149 | 2126838 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 2123 | 2081535 |
| 4.00%, 07/31/30 | &nbsp;&nbsp; 1365 | 1383129 |
| 4.00%, 01/31/31 | &nbsp;&nbsp; 500 | 506016 |
| 4.00%, 04/30/32 | &nbsp;&nbsp; 797 | 801732 |
| 4.00%, 06/30/32 | &nbsp;&nbsp; 736 | 739910 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 2000 | 1988750 |
| 4.13%, 08/31/30 | &nbsp;&nbsp; 182 | 185427 |
| 4.13%, 03/31/31 | &nbsp;&nbsp; 400 | 407125 |
| 4.13%, 07/31/31 | &nbsp;&nbsp; 750 | 762422 |
| 4.13%, 10/31/31 | &nbsp;&nbsp; 818 | 830590 |
| 4.13%, 11/30/31 | &nbsp;&nbsp; 650 | 659801 |
| 4.13%, 02/29/32 | &nbsp;&nbsp; 833 | 844519 |
| 4.13%, 03/31/32 | &nbsp;&nbsp; 1122 | 1137252 |
| 4.13%, 05/31/32 | &nbsp;&nbsp; 261 | 264344 |
| 4.13%, 11/15/32 | &nbsp;&nbsp; 1629 | 1647326 |
| 4.25%, 02/28/31 | &nbsp;&nbsp; 500 | 512109 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 500 | 511602 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 2283 | 2298339 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 1803 | 1809198 |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 975 | 976981 |
| 4.38%, 11/30/30 | &nbsp;&nbsp; 1742 | 1794668 |
| 4.38%, 01/31/32 | &nbsp;&nbsp; 833 | 856428 |
| 4.38%, 05/15/34 | &nbsp;&nbsp; 3295 | 3359870 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 330 | 341756 |
| 4.50%, 11/15/33 | &nbsp;&nbsp; 2249 | 2319633 |
| 4.63%, 04/30/31 | &nbsp;&nbsp; 1456 | 1518108 |
| 4.63%, 05/31/31 | &nbsp;&nbsp; 900 | 938320 |
| 4.63%, 02/15/35 | &nbsp;&nbsp; 2777 | 2872459 |
| 4.88%, 10/31/30 | &nbsp;&nbsp; 726 | 764852 |
| 5.38%, 02/15/31 | &nbsp;&nbsp; 300 | 323227 |
|  |  | 55839967 |
| **Total U.S. Government & Agency Obligations — 71.4%** <br>**(Cost: $186,389,708)** | **Total U.S. Government & Agency Obligations — 71.4%** <br>**(Cost: $186,389,708)** | 181626636 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Office Properties Income Trust | &nbsp;&nbsp; 17 | 4 |
| **Total Common Stocks — 0.0%** <br>**(Cost $0)** | **Total Common Stocks — 0.0%** <br>**(Cost $0)** | 4 |
| **Total Long-Term Investments — 98.9%** <br>**(Cost: $255,038,077)** | **Total Long-Term Investments — 98.9%** <br>**(Cost: $255,038,077)** | 251646853 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 11.5%** | **Money Market Funds — 11.5%** | **Money Market Funds — 11.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(k)(l)</sup><br>| &nbsp;&nbsp; 27568464 | $27582248 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(k)(l)(m)</sup><br>| &nbsp;&nbsp; 1614500 | 1614500 |
| **Total Short-Term Securities — 11.5%** <br>**(Cost: $29,187,632)** | **Total Short-Term Securities — 11.5%** <br>**(Cost: $29,187,632)** | 29196748 |
| **Total Investments Before TBA Sales Commitments — 110.4%** <br>**(Cost: $284,225,709)** | **Total Investments Before TBA Sales Commitments — 110.4%** <br>**(Cost: $284,225,709)** | 280843601 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(j)</sup> | **TBA Sales Commitments**<sup>(j)</sup> | **TBA Sales Commitments**<sup>(j)</sup> |
| **Mortgage-Backed Securities — (0.5)%** | **Mortgage-Backed Securities — (0.5)%** | **Mortgage-Backed Securities — (0.5)%** |
| Uniform Mortgage-Backed Securities |  |  |
| 2.50%, 09/15/55 | &nbsp;&nbsp; (1125)<br>| (933904)<br>|
| 6.00%, 09/15/54 | &nbsp;&nbsp; (200)<br>| (204322)<br>|
| 6.50%, 09/17/54 | &nbsp;&nbsp; (125)<br>| (129534)<br>|
| **Total TBA Sales Commitments — (0.5)%** <br>**(Proceeds: $(1263297))** | **Total TBA Sales Commitments — (0.5)%** <br>**(Proceeds: $(1263297))** | (1267760)<br>|
| **Total Investments, Net of TBA Sales Commitments — 109.9%** <br>**(Cost: $282,962,412)** | **Total Investments, Net of TBA Sales Commitments — 109.9%** <br>**(Cost: $282,962,412)** | 279575841 |
| **Liabilities in Excess of Other Assets — (9.9)%** | **Liabilities in Excess of Other Assets — (9.9)%** | (25279073)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $254296768 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Perpetual security with no stated maturity date.

<sup>(g)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(h)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(i)</sup> Non-income producing security.

<sup>(j)</sup> Represents or includes a TBA transaction.

<sup>(k)</sup> Affiliate of the Fund.

<sup>(l)</sup> Annualized 7-day yield as of period end.

<sup>(m)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 5-10 Year USD Bond ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $28457512 | $— | &nbsp;&nbsp; $(875367 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(31)<br>| $134 | $27582248 | 27568464 | $759804 | $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1313962 | 300538 <br><sup>(a)</sup><br>|  |  |  | 1614500 | 1614500 | 6572 <br><sup>(b)</sup><br>|  |
|  |  |  |  | $(31) | $134 | $29196748 |  | $766376 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1680440 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1680440 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 58062110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58062110 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 10048831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10048831 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 228832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 228832 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 181626636 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181626636 |
| Common Stocks | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 29196748 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29196748 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (1267760)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1267760)<br>|
|  | &nbsp;&nbsp; $29196752 | &nbsp;&nbsp; $250379089 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $279575841 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| Citibank Credit Card Issuance Trust, 6.15%, 06/15/39 | &nbsp;&nbsp; $100 | $110023 |
| **Total Asset-Backed Securities — 0.0%** <br>**(Cost: $109,214)** | **Total Asset-Backed Securities — 0.0%** <br>**(Cost: $109,214)** | 110023 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The), 5.40%, <br> 10/01/48<br>| &nbsp;&nbsp; 19 | 17300 |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| Airbus SE, 3.95%, 04/10/47<sup>(a)</sup> | &nbsp;&nbsp; 30 | 24373 |
| BAE Systems Holdings Inc., 4.75%, 10/07/44<sup>(a)</sup> | &nbsp;&nbsp; 85 | 76628 |
| BAE Systems PLC |  |  |
| 3.00%, 09/15/50<sup>(a)</sup> | &nbsp;&nbsp; 50 | 32438 |
| 5.80%, 10/11/41<sup>(a)</sup> | &nbsp;&nbsp; 60 | 61449 |
| Boeing Co. (The) |  |  |
| 3.38%, 06/15/46 | &nbsp;&nbsp; 70 | 48096 |
| 3.50%, 03/01/39 | &nbsp;&nbsp; 40 | 31771 |
| 3.55%, 03/01/38 | &nbsp;&nbsp; 45 | 36907 |
| 3.63%, 03/01/48 | &nbsp;&nbsp; 35 | 24509 |
| 3.65%, 03/01/47 | &nbsp;&nbsp; 30 | 21145 |
| 3.75%, 02/01/50 | &nbsp;&nbsp; 185 | 131211 |
| 3.83%, 03/01/59 | &nbsp;&nbsp; 40 | 26996 |
| 3.85%, 11/01/48 | &nbsp;&nbsp; 35 | 25090 |
| 3.90%, 05/01/49 | &nbsp;&nbsp; 110 | 79895 |
| 3.95%, 08/01/59 | &nbsp;&nbsp; 100 | 68949 |
| 5.71%, 05/01/40 | &nbsp;&nbsp; 295 | 295189 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 560 | 538482 |
| 5.88%, 02/15/40 | &nbsp;&nbsp; 55 | 55525 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 340 | 326318 |
| 6.63%, 02/15/38 | &nbsp;&nbsp; 40 | 43762 |
| 6.86%, 05/01/54 | &nbsp;&nbsp; 175 | 192035 |
| 6.88%, 03/15/39 | &nbsp;&nbsp; 35 | 38870 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; 130 | 144078 |
| GE Capital International Funding Co. Unlimited Co., <br> 4.42%, 11/15/35<br>| &nbsp;&nbsp; 200 | 193467 |
| General Dynamics Corp. |  |  |
| 2.85%, 06/01/41 | &nbsp;&nbsp; 25 | 18340 |
| 3.60%, 11/15/42 | &nbsp;&nbsp; 41 | 32761 |
| 4.25%, 04/01/40 | &nbsp;&nbsp; 95 | 85733 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 110 | 91442 |
| General Electric Co. |  |  |
| 4.50%, 03/11/44 | &nbsp;&nbsp; 50 | 44556 |
| 4.90%, 01/29/36 | &nbsp;&nbsp; 90 | 90358 |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 60 | 64351 |
| 6.88%, 01/10/39 | &nbsp;&nbsp; 60 | 70378 |
| Howmet Aerospace Inc., 5.95%, 02/01/37 | &nbsp;&nbsp; 90 | 96065 |
| L3Harris Technologies Inc. |  |  |
| 5.05%, 04/27/45 | &nbsp;&nbsp; 60 | 56119 |
| 5.50%, 08/15/54 | &nbsp;&nbsp; 55 | 52827 |
| 5.60%, 07/31/53 | &nbsp;&nbsp; 45 | 43810 |
| 6.15%, 12/15/40 | &nbsp;&nbsp; 30 | 32024 |
| Lockheed Martin Corp. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 110 | 68426 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 125 | 98840 |
| 4.07%, 12/15/42 | &nbsp;&nbsp; 160 | 134302 |
| 4.09%, 09/15/52 | &nbsp;&nbsp; 137 | 106758 |
| 4.15%, 06/15/53 | &nbsp;&nbsp; 115 | 90277 |
| 4.30%, 06/15/62 | &nbsp;&nbsp; 60 | 46589 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 4.50%, 05/15/36 | &nbsp;&nbsp; $80 | $77079 |
| 4.70%, 05/15/46 | &nbsp;&nbsp; 147 | 131086 |
| 5.20%, 02/15/55 | &nbsp;&nbsp; 75 | 69549 |
| 5.20%, 02/15/64 | &nbsp;&nbsp; 10 | 9084 |
| 5.70%, 11/15/54 | &nbsp;&nbsp; 125 | 124778 |
| 5.72%, 06/01/40 | &nbsp;&nbsp; 55 | 57563 |
| 5.90%, 11/15/63 | &nbsp;&nbsp; 45 | 45979 |
| Series B, 6.15%, 09/01/36 | &nbsp;&nbsp; 50 | 55001 |
| Northrop Grumman Corp. |  |  |
| 3.85%, 04/15/45 | &nbsp;&nbsp; 75 | 59274 |
| 4.03%, 10/15/47 | &nbsp;&nbsp; 218 | 172552 |
| 4.75%, 06/01/43 | &nbsp;&nbsp; 108 | 97596 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 110 | 97735 |
| 5.05%, 11/15/40 | &nbsp;&nbsp; 45 | 43479 |
| 5.15%, 05/01/40 | &nbsp;&nbsp; 55 | 53902 |
| 5.20%, 06/01/54 | &nbsp;&nbsp; 95 | 87451 |
| 5.25%, 05/01/50 | &nbsp;&nbsp; 100 | 93307 |
| RTX Corp. |  |  |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 90 | 54797 |
| 3.03%, 03/15/52 | &nbsp;&nbsp; 110 | 69590 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 130 | 85367 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 125 | 95127 |
| 4.05%, 05/04/47 | &nbsp;&nbsp; 75 | 59683 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 51 | 41818 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 115 | 95614 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 50 | 46259 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 355 | 313035 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 180 | 154706 |
| 4.70%, 12/15/41 | &nbsp;&nbsp; 60 | 54566 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 50 | 45159 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 46 | 43470 |
| 5.38%, 02/27/53 | &nbsp;&nbsp; 110 | 103902 |
| 5.70%, 04/15/40 | &nbsp;&nbsp; 10 | 10410 |
| 6.05%, 06/01/36 | &nbsp;&nbsp; 70 | 75744 |
| 6.13%, 07/15/38 | &nbsp;&nbsp; 40 | 43318 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 175 | 189347 |
|  |  | 6698466 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| Altria Group Inc. |  |  |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 150 | 112506 |
| 3.70%, 02/04/51 | &nbsp;&nbsp; 140 | 96898 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; 130 | 96478 |
| 4.00%, 02/04/61<sup>(b)</sup> | &nbsp;&nbsp; 110 | 77373 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; 108 | 88429 |
| 4.45%, 05/06/50 | &nbsp;&nbsp; 75 | 59238 |
| 4.50%, 05/02/43 | &nbsp;&nbsp; 80 | 66832 |
| 5.38%, 01/31/44 | &nbsp;&nbsp; 195 | 185967 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 200 | 203882 |
| 5.95%, 02/14/49 | &nbsp;&nbsp; 165 | 164305 |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 85 | 51138 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 40 | 30310 |
| 4.02%, 04/16/43 | &nbsp;&nbsp; 40 | 33155 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 60 | 50673 |
| 4.54%, 03/26/42 | &nbsp;&nbsp; 32 | 28349 |
| 5.38%, 09/15/35 | &nbsp;&nbsp; 50 | 52406 |
| BAT Capital Corp. |  |  |
| 4.39%, 08/15/37 | &nbsp;&nbsp; 245 | 220842 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 202 | 163507 |
| 4.76%, 09/06/49 | &nbsp;&nbsp; 105 | 86346 |
| 5.28%, 04/02/50 | &nbsp;&nbsp; 50 | 44148 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 5.65%, 03/16/52 | &nbsp;&nbsp; $70 | $64938 |
| 6.25%, 08/15/55 | &nbsp;&nbsp; 45 | 45517 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 65 | 71867 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; 105 | 116553 |
| Cargill Inc. |  |  |
| 3.13%, 05/25/51<sup>(a)</sup> | &nbsp;&nbsp; 80 | 52625 |
| 3.88%, 05/23/49<sup>(a)</sup> | &nbsp;&nbsp; 20 | 15235 |
| 4.38%, 04/22/52<sup>(a)</sup> | &nbsp;&nbsp; 50 | 41013 |
| 4.76%, 11/23/45<sup>(a)</sup> | &nbsp;&nbsp; 55 | 49061 |
| Philip Morris International Inc. |  |  |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 64 | 51762 |
| 4.13%, 03/04/43 | &nbsp;&nbsp; 90 | 75350 |
| 4.25%, 11/10/44 | &nbsp;&nbsp; 130 | 109381 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 82 | 71464 |
| 4.50%, 03/20/42 | &nbsp;&nbsp; 55 | 48564 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 75 | 68449 |
| 6.38%, 05/16/38 | &nbsp;&nbsp; 90 | 99803 |
| Reynolds American Inc. |  |  |
| 5.85%, 08/15/45 | &nbsp;&nbsp; 225 | 217165 |
| 6.15%, 09/15/43 | &nbsp;&nbsp; 60 | 60366 |
| 7.25%, 06/15/37 | &nbsp;&nbsp; 56 | 63540 |
|  |  | 3235435 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| United Airlines Pass-Through Trust |  |  |
| 5.80%, 07/15/37 | &nbsp;&nbsp; 70 | 71679 |
| Series AA, 5.45%, 08/15/38 | &nbsp;&nbsp; 5 | 4911 |
|  |  | 76590 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| NIKE Inc. |  |  |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 95 | 75566 |
| 3.38%, 11/01/46 | &nbsp;&nbsp; 55 | 39916 |
| 3.38%, 03/27/50 | &nbsp;&nbsp; 135 | 94938 |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 55 | 43461 |
| 3.88%, 11/01/45 | &nbsp;&nbsp; 100 | 79401 |
| VF Corp., 6.45%, 11/01/37 | &nbsp;&nbsp; 35 | 32445 |
|  |  | 365727 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Cummins Inc. |  |  |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 60 | 35393 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 56 | 52677 |
| 5.45%, 02/20/54 | &nbsp;&nbsp; 100 | 96741 |
| Ford Motor Co. |  |  |
| 4.75%, 01/15/43 | &nbsp;&nbsp; 210 | 162365 |
| 5.29%, 12/08/46 | &nbsp;&nbsp; 130 | 105780 |
| 7.40%, 11/01/46 | &nbsp;&nbsp; 20 | 21012 |
| General Motors Co. |  |  |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 90 | 84148 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 90 | 78440 |
| 5.40%, 04/01/48<sup>(b)</sup> | &nbsp;&nbsp; 85 | 74736 |
| 5.95%, 04/01/49 | &nbsp;&nbsp; 85 | 79795 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 153 | 151010 |
| 6.60%, 04/01/36 | &nbsp;&nbsp; 100 | 106038 |
| 6.75%, 04/01/46 | &nbsp;&nbsp; 75 | 77678 |
|  |  | 1125813 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 155 | 93357 |
| 4.15%, 05/01/52 | &nbsp;&nbsp; 100 | 72246 |
| 4.40%, 10/01/46 | &nbsp;&nbsp; 20 | 15411 |
| 5.40%, 03/15/49 | &nbsp;&nbsp; 45 | 39311 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| BorgWarner Inc., 4.38%, 03/15/45 | &nbsp;&nbsp; $61 | $50697 |
| Lear Corp. |  |  |
| 3.55%, 01/15/52 | &nbsp;&nbsp; 25 | 16307 |
| 5.25%, 05/15/49<sup>(b)</sup> | &nbsp;&nbsp; 75 | 65820 |
|  |  | 353149 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Bank of America Corp. |  |  |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(c)</sup> | &nbsp;&nbsp; 499 | 359028 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 85 | 52762 |
| 2.97%, 07/21/52, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 144359 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 350 | 269117 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(c)</sup><br>| &nbsp;&nbsp; 155 | 121437 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(c)</sup><br>| &nbsp;&nbsp; 153 | 133851 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(c)</sup><br>| &nbsp;&nbsp; 495 | 389594 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(c)</sup><br>| &nbsp;&nbsp; 196 | 179270 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(c)</sup><br>| &nbsp;&nbsp; 256 | 210250 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(c)</sup><br>| &nbsp;&nbsp; 225 | 191676 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; 20 | 18516 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 235 | 222440 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 145 | 151433 |
| 6.00%, 10/15/36 | &nbsp;&nbsp; 85 | 90832 |
| 6.11%, 01/29/37 | &nbsp;&nbsp; 220 | 233704 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 175 | 210382 |
| Series L, 4.75%, 04/21/45 | &nbsp;&nbsp; 65 | 57350 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(c)</sup><br>| &nbsp;&nbsp; 55 | 38965 |
| Barclays PLC |  |  |
| 3.33%, 11/24/42, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 149352 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 210 | 188137 |
| 5.25%, 08/17/45 | &nbsp;&nbsp; 200 | 186882 |
| BNP Paribas SA, 2.82%, 01/26/41<sup>(a)</sup> | &nbsp;&nbsp; 100 | 70314 |
| Citigroup Inc. |  |  |
| 2.90%, 11/03/42, (1-day SOFR + 1.379%)<sup>(c)</sup> | &nbsp;&nbsp; 135 | 95890 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(c)</sup><br>| &nbsp;&nbsp; 110 | 95198 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR + <br> 2.101%)<sup>(c)</sup><br>| &nbsp;&nbsp; 105 | 86448 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 112 | 97992 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 245 | 211729 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 195 | 169167 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 95 | 90142 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(c)</sup> | &nbsp;&nbsp; 132 | 129068 |
| 5.61%, 03/04/56, (1-day SOFR + 1.746%)<sup>(c)</sup> | &nbsp;&nbsp; 175 | 170186 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 80 | 82857 |
| 6.68%, 09/13/43 | &nbsp;&nbsp; 105 | 116107 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 196 | 246950 |
| Commonwealth Bank of Australia |  |  |
| 3.31%, 03/11/41<sup>(a)</sup> | &nbsp;&nbsp; 200 | 149678 |
| 3.74%, 09/12/39<sup>(a)</sup> | &nbsp;&nbsp; 200 | 164661 |
| 3.90%, 07/12/47<sup>(a)</sup> | &nbsp;&nbsp; 190 | 152606 |
| Cooperatieve Rabobank UA |  |  |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 95 | 93713 |
| 5.25%, 08/04/45 | &nbsp;&nbsp; 250 | 232998 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 35 | 34996 |
| Fifth Third Bancorp, 8.25%, 03/01/38 | &nbsp;&nbsp; 97 | 118815 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group Inc. (The) |  |  |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(c)</sup> | &nbsp;&nbsp; $160 | $114861 |
| 3.21%, 04/22/42, (1-day SOFR + 1.513%)<sup>(c)</sup> | &nbsp;&nbsp; 245 | 184088 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 168340 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(c)</sup><br>| &nbsp;&nbsp; 250 | 219837 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(c)</sup><br>| &nbsp;&nbsp; 151 | 137130 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 120 | 106481 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 186 | 167199 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 205 | 186840 |
| 5.56%, 11/19/45, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 280 | 276124 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(c)</sup> | &nbsp;&nbsp; 280 | 279267 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 236 | 253336 |
| 6.45%, 05/01/36 | &nbsp;&nbsp; 80 | 87067 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 513 | 569387 |
| HSBC Holdings PLC |  |  |
| 5.25%, 03/14/44 | &nbsp;&nbsp; 200 | 188426 |
| 6.10%, 01/14/42 | &nbsp;&nbsp; 105 | 111874 |
| 6.33%, 03/09/44, (1-day SOFR + 2.650%)<sup>(c)</sup> | &nbsp;&nbsp; 315 | 338169 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 195 | 211716 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 230 | 245469 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 100 | 109861 |
| Intesa Sanpaolo SpA |  |  |
| 4.95%, 06/01/42, (1-year CMT + 2.750%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 80 | 65639 |
| 7.78%, 06/20/54, (1-year CMT + 3.900%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 100 | 114963 |
| 7.80%, 11/28/53<sup>(a)</sup> | &nbsp;&nbsp; 200 | 238247 |
| JPMorgan Chase & Co. |  |  |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(c)</sup><br>| &nbsp;&nbsp; 202 | 142743 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(c)</sup><br>| &nbsp;&nbsp; 175 | 134763 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(c)</sup> | &nbsp;&nbsp; 246 | 164312 |
| 3.16%, 04/22/42, (3-mo. CME Term SOFR + <br> 1.460%)<sup>(c)</sup><br>| &nbsp;&nbsp; 230 | 174073 |
| 3.33%, 04/22/52, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 320 | 221288 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR + <br> 1.622%)<sup>(c)</sup><br>| &nbsp;&nbsp; 272 | 240370 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(c)</sup><br>| &nbsp;&nbsp; 145 | 114012 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(c)</sup><br>| &nbsp;&nbsp; 300 | 238612 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.722%)<sup>(c)</sup><br>| &nbsp;&nbsp; 175 | 140502 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(c)</sup><br>| &nbsp;&nbsp; 210 | 175594 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 115 | 106332 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 115 | 105163 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 145 | 144762 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 136 | 138601 |
| 5.53%, 11/29/45, (1-day SOFR + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 250491 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 190 | 194592 |
| 5.63%, 08/16/43 | &nbsp;&nbsp; 145 | 146148 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 173 | 193184 |
| Kreditanstalt fuer Wiederaufbau, 0.00%, 06/29/37<sup>(b)(d)</sup> | &nbsp;&nbsp; 315 | 188002 |
| Lloyds Banking Group PLC |  |  |
| 3.37%, 12/14/46, (5-year CMT + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 20 | 14571 |
| 4.34%, 01/09/48 | &nbsp;&nbsp; 205 | 164765 |
| 5.30%, 12/01/45 | &nbsp;&nbsp; 200 | 187226 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 3.75%, 07/18/39 | &nbsp;&nbsp; 200 | 173415 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.15%, 03/07/39 | &nbsp;&nbsp; $76 | $70653 |
| 4.29%, 07/26/38 | &nbsp;&nbsp; 60 | 56535 |
| Morgan Stanley |  |  |
| 2.80%, 01/25/52, (1-day SOFR + 1.430%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 135396 |
| 3.22%, 04/22/42, (1-day SOFR + 1.485%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 159694 |
| 3.97%, 07/22/38<sup>(c)</sup> | &nbsp;&nbsp; 215 | 189908 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 255 | 217565 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 230 | 195712 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(c)</sup><br>| &nbsp;&nbsp; 117 | 108987 |
| 5.52%, 11/19/55, (1-day SOFR + 1.710%)<sup>(c)</sup> | &nbsp;&nbsp; 275 | 267682 |
| 5.60%, 03/24/51, (1-day SOFR + 4.840%)<sup>(c)</sup> | &nbsp;&nbsp; 201 | 198018 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 152 | 166987 |
| Regions Financial Corp., 7.38%, 12/10/37 | &nbsp;&nbsp; 15 | 17063 |
| Societe Generale SA |  |  |
| 3.63%, 03/01/41<sup>(a)</sup> | &nbsp;&nbsp; 200 | 143915 |
| 4.03%, 01/21/43, (1-year CMT + 1.900%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 115 | 85653 |
| 7.13%, 01/19/55, (1-year CMT + 2.950%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 100 | 102583 |
| 7.37%, 01/10/53<sup>(a)</sup> | &nbsp;&nbsp; 100 | 105169 |
| Standard Chartered PLC |  |  |
| 5.30%, 01/09/43<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9283 |
| 5.70%, 03/26/44<sup>(a)</sup> | &nbsp;&nbsp; 200 | 193071 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 2.30%, 01/12/41 | &nbsp;&nbsp; 200 | 136570 |
| 2.93%, 09/17/41 | &nbsp;&nbsp; 75 | 54271 |
| 3.05%, 01/14/42 | &nbsp;&nbsp; 40 | 30042 |
| 5.84%, 07/09/44 | &nbsp;&nbsp; 90 | 91560 |
| 6.18%, 07/13/43 | &nbsp;&nbsp; 90 | 96417 |
| UBS Group AG |  |  |
| 3.18%, 02/11/43, (1-year CMT + 1.100%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 200 | 147274 |
| 4.88%, 05/15/45 | &nbsp;&nbsp; 225 | 204990 |
| 5.38%, 09/06/45, (1-year USD ICE Swap + <br> 1.860%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 200 | 193458 |
| Wells Fargo & Co. |  |  |
| 3.07%, 04/30/41, (1-day SOFR + 2.530%)<sup>(c)</sup> | &nbsp;&nbsp; 295 | 224543 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 220 | 175144 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 215 | 176645 |
| 4.61%, 04/25/53, (1-day SOFR + 2.130%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 220586 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 215 | 186265 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 200 | 172702 |
| 4.90%, 11/17/45 | &nbsp;&nbsp; 188 | 166484 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR + <br> 4.502%)<sup>(c)</sup><br>| &nbsp;&nbsp; 525 | 474675 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 201 | 191597 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 250 | 243901 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; 45 | 46369 |
| Wells Fargo Bank NA, 6.60%, 01/15/38 | &nbsp;&nbsp; 250 | 279891 |
| Westpac Banking Corp. |  |  |
| 2.96%, 11/16/40 | &nbsp;&nbsp; 70 | 52684 |
| 3.13%, 11/18/41 | &nbsp;&nbsp; 70 | 51686 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 95 | 86580 |
|  |  | 20464902 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Anheuser-Busch Companies LLC/Anheuser-Busch <br> InBev Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 448 | 437227 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 945 | 862620 |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 95 | 84450 |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 100 | 97768 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 185 | 168594 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 4.38%, 04/15/38 | &nbsp;&nbsp; $160 | $150444 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 211 | 178014 |
| 4.50%, 06/01/50 | &nbsp;&nbsp; 20 | 17522 |
| 4.60%, 04/15/48 | &nbsp;&nbsp; 6 | 4850 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 30 | 25822 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 140 | 131597 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 220 | 224749 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 340 | 334099 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 165 | 166091 |
| 8.00%, 11/15/39 | &nbsp;&nbsp; 5 | 6344 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 145 | 184989 |
| Brown-Forman Corp. |  |  |
| 4.00%, 04/15/38 | &nbsp;&nbsp; 60 | 53019 |
| 4.50%, 07/15/45 | &nbsp;&nbsp; 47 | 40514 |
| Coca-Cola Co. (The) |  |  |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 131 | 95956 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 155 | 91729 |
| 2.60%, 06/01/50 | &nbsp;&nbsp; 180 | 110092 |
| 2.75%, 06/01/60 | &nbsp;&nbsp; 95 | 55696 |
| 2.88%, 05/05/41 | &nbsp;&nbsp; 85 | 64030 |
| 3.00%, 03/05/51 | &nbsp;&nbsp; 175 | 115799 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 80 | 66117 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 130 | 122952 |
| 5.30%, 05/13/54 | &nbsp;&nbsp; 105 | 101202 |
| 5.40%, 05/13/64 | &nbsp;&nbsp; 120 | 115727 |
| Constellation Brands Inc. |  |  |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 65 | 46484 |
| 4.10%, 02/15/48 | &nbsp;&nbsp; 65 | 50067 |
| 4.50%, 05/09/47 | &nbsp;&nbsp; 45 | 37173 |
| 5.25%, 11/15/48 | &nbsp;&nbsp; 35 | 31764 |
| Diageo Capital PLC |  |  |
| 3.88%, 04/29/43 | &nbsp;&nbsp; 60 | 48679 |
| 5.88%, 09/30/36 | &nbsp;&nbsp; 60 | 64614 |
| Diageo Investment Corp., 4.25%, 05/11/42 | &nbsp;&nbsp; 47 | 40474 |
| Fomento Economico Mexicano SAB de CV, 4.38%, <br> 05/10/43<br>| &nbsp;&nbsp; 15 | 12918 |
| Heineken NV |  |  |
| 4.00%, 10/01/42<sup>(a)</sup> | &nbsp;&nbsp; 20 | 16342 |
| 4.35%, 03/29/47<sup>(a)</sup> | &nbsp;&nbsp; 90 | 73696 |
| Keurig Dr Pepper Inc. |  |  |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 55 | 35415 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 80 | 56550 |
| 4.42%, 12/15/46 | &nbsp;&nbsp; 40 | 32077 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 50 | 40793 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 95 | 74655 |
| 5.09%, 05/25/48 | &nbsp;&nbsp; 40 | 34886 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46 | &nbsp;&nbsp; 164 | 129504 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 105 | 95527 |
| PepsiCo Inc. |  |  |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 90 | 63612 |
| 2.75%, 10/21/51 | &nbsp;&nbsp; 85 | 52416 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 35 | 22617 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 67 | 47653 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 110 | 81869 |
| 3.50%, 03/19/40 | &nbsp;&nbsp; 100 | 83658 |
| 3.60%, 08/13/42 | &nbsp;&nbsp; 20 | 15974 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 109 | 80947 |
| 3.88%, 03/19/60 | &nbsp;&nbsp; 70 | 52083 |
| 4.00%, 03/05/42 | &nbsp;&nbsp; 50 | 42572 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.00%, 05/02/47 | &nbsp;&nbsp; $75 | $60637 |
| 4.20%, 07/18/52 | &nbsp;&nbsp; 65 | 52917 |
| 4.25%, 10/22/44 | &nbsp;&nbsp; 5 | 4287 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 70 | 61337 |
| 4.65%, 02/15/53 | &nbsp;&nbsp; 45 | 39156 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 50 | 48196 |
| 5.25%, 07/17/54 | &nbsp;&nbsp; 75 | 71604 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 15 | 15631 |
| Pernod Ricard International Finance LLC, 2.75%, <br> 10/01/50<sup>(a)</sup><br>| &nbsp;&nbsp; 40 | 23195 |
|  |  | 5949992 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| Amgen Inc. |  |  |
| 2.77%, 09/01/53 | &nbsp;&nbsp; 122 | 71335 |
| 2.80%, 08/15/41 | &nbsp;&nbsp; 70 | 50484 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 135 | 86452 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 175 | 135451 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 170 | 118616 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 115 | 89427 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 255 | 215647 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 120 | 92562 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 155 | 130562 |
| 4.66%, 06/15/51 | &nbsp;&nbsp; 360 | 304617 |
| 4.88%, 03/01/53 | &nbsp;&nbsp; 110 | 95016 |
| 4.95%, 10/01/41 | &nbsp;&nbsp; 91 | 84229 |
| 5.15%, 11/15/41 | &nbsp;&nbsp; 81 | 76601 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 185 | 182655 |
| 5.65%, 06/15/42 | &nbsp;&nbsp; 55 | 54949 |
| 5.65%, 03/02/53 | &nbsp;&nbsp; 340 | 328344 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 250 | 239547 |
| 6.38%, 06/01/37 | &nbsp;&nbsp; 57 | 62635 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 25 | 27084 |
| Biogen Inc. |  |  |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 150 | 93374 |
| 3.25%, 02/15/51 | &nbsp;&nbsp; 54 | 34008 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 110 | 98605 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/42<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22300 |
| 4.75%, 04/27/52<sup>(a)</sup> | &nbsp;&nbsp; 115 | 98320 |
| 4.95%, 04/27/62<sup>(a)</sup> | &nbsp;&nbsp; 50 | 42975 |
| 5.42%, 04/03/54<sup>(a)</sup> | &nbsp;&nbsp; 80 | 75155 |
| Gilead Sciences Inc. |  |  |
| 2.60%, 10/01/40 | &nbsp;&nbsp; 50 | 35978 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 170 | 105711 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 85 | 77936 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 190 | 155207 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 175 | 152508 |
| 4.60%, 09/01/35 | &nbsp;&nbsp; 120 | 117139 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 230 | 205564 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 170 | 154884 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 75 | 72800 |
| 5.55%, 10/15/53 | &nbsp;&nbsp; 110 | 107557 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 75 | 73050 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 115 | 117397 |
| Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 | &nbsp;&nbsp; 85 | 50454 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | &nbsp;&nbsp; 115 | 86931 |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 80 | 51367 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 90 | 60699 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 5.90%, 09/02/54 | &nbsp;&nbsp; $25 | $23983 |
|  |  | 4560115 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Carrier Global Corp. |  |  |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 185 | 147753 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 173 | 126435 |
| 6.20%, 03/15/54 | &nbsp;&nbsp; 31 | 33001 |
| CRH America Finance Inc., 4.50%, 04/04/48<sup>(a)</sup> | &nbsp;&nbsp; 85 | 71306 |
| CRH America Inc., 5.13%, 05/18/45<sup>(a)</sup> | &nbsp;&nbsp; 105 | 96498 |
| Fortune Brands Innovations Inc., 4.50%, 03/25/52 | &nbsp;&nbsp; 50 | 39749 |
| Johnson Controls International PLC |  |  |
| 4.50%, 02/15/47 | &nbsp;&nbsp; 70 | 59251 |
| 4.63%, 07/02/44 | &nbsp;&nbsp; 30 | 26089 |
| 4.95%, 07/02/64<sup>(e)</sup> | &nbsp;&nbsp; 28 | 23835 |
| 6.00%, 01/15/36 | &nbsp;&nbsp; 60 | 64952 |
| Martin Marietta Materials Inc. |  |  |
| 3.20%, 07/15/51 | &nbsp;&nbsp; 135 | 89538 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 60 | 48811 |
| 5.50%, 12/01/54 | &nbsp;&nbsp; 50 | 48128 |
| Masco Corp. |  |  |
| 3.13%, 02/15/51 | &nbsp;&nbsp; 35 | 21640 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 42 | 33983 |
| Owens Corning |  |  |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 63 | 51073 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 60 | 49011 |
| 5.95%, 06/15/54 | &nbsp;&nbsp; 55 | 55076 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 30 | 34151 |
| Trane Technologies Financing Ltd. |  |  |
| 4.50%, 03/21/49 | &nbsp;&nbsp; 15 | 12642 |
| 4.65%, 11/01/44 | &nbsp;&nbsp; 20 | 17776 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 55 | 45674 |
| 5.75%, 06/15/43 | &nbsp;&nbsp; 70 | 72004 |
| Vulcan Materials Co. |  |  |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 65 | 54951 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 80 | 69274 |
| 5.70%, 12/01/54 | &nbsp;&nbsp; 35 | 34623 |
|  |  | 1427224 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Air Products and Chemicals Inc. |  |  |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 80 | 58518 |
| 2.80%, 05/15/50 | &nbsp;&nbsp; 120 | 74819 |
| Albemarle Corp. |  |  |
| 5.45%, 12/01/44 | &nbsp;&nbsp; 40 | 34422 |
| 5.65%, 06/01/52 | &nbsp;&nbsp; 45 | 38471 |
| Ashland Inc., 6.88%, 05/15/43 | &nbsp;&nbsp; 55 | 57687 |
| Braskem America Finance Co., 7.13%, 07/22/41<sup>(f)</sup> | &nbsp;&nbsp; 200 | 135540 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 82 | 73326 |
| 5.38%, 03/15/44 | &nbsp;&nbsp; 75 | 70203 |
| Dow Chemical Co. (The) |  |  |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 120 | 79131 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 107 | 85828 |
| 4.63%, 10/01/44 | &nbsp;&nbsp; 55 | 44673 |
| 4.80%, 05/15/49 | &nbsp;&nbsp; 80 | 63836 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 90 | 81302 |
| 5.55%, 11/30/48 | &nbsp;&nbsp; 60 | 53721 |
| 5.60%, 02/15/54 | &nbsp;&nbsp; 80 | 71099 |
| 5.95%, 03/15/55 | &nbsp;&nbsp; 50 | 46542 |
| 6.90%, 05/15/53 | &nbsp;&nbsp; 100 | 104940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 9.40%, 05/15/39 | &nbsp;&nbsp; $53 | $68431 |
| DuPont de Nemours Inc. |  |  |
| 5.32%, 11/15/38 | &nbsp;&nbsp; 116 | 120915 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 215 | 216344 |
| Eastman Chemical Co. |  |  |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 99 | 82588 |
| 4.80%, 09/01/42 | &nbsp;&nbsp; 50 | 43225 |
| Ecolab Inc. |  |  |
| 2.13%, 08/15/50 | &nbsp;&nbsp; 55 | 29586 |
| 2.70%, 12/15/51 | &nbsp;&nbsp; 80 | 48668 |
| 2.75%, 08/18/55 | &nbsp;&nbsp; 97 | 57638 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 55 | 43957 |
| FMC Corp. |  |  |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 60 | 44678 |
| 6.38%, 05/18/53 | &nbsp;&nbsp; 30 | 28822 |
| ICL Group Ltd., 6.38%, 05/31/38<sup>(a)(f)</sup> | &nbsp;&nbsp; 60 | 62280 |
| International Flavors & Fragrances Inc. |  |  |
| 3.27%, 11/15/40<sup>(a)(b)</sup> | &nbsp;&nbsp; 52 | 38927 |
| 3.47%, 12/01/50<sup>(a)</sup> | &nbsp;&nbsp; 60 | 40168 |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 50 | 38770 |
| 5.00%, 09/26/48 | &nbsp;&nbsp; 80 | 68923 |
| Linde Inc./CT |  |  |
| 2.00%, 08/10/50 | &nbsp;&nbsp; 20 | 10399 |
| 3.55%, 11/07/42 | &nbsp;&nbsp; 85 | 67424 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44 | &nbsp;&nbsp; 98 | 82601 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 75 | 66146 |
| LYB International Finance III LLC |  |  |
| 3.38%, 10/01/40 | &nbsp;&nbsp; 75 | 55115 |
| 3.63%, 04/01/51 | &nbsp;&nbsp; 100 | 64903 |
| 3.80%, 10/01/60 | &nbsp;&nbsp; 60 | 37689 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 105 | 75756 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 90 | 64987 |
| LyondellBasell Industries NV, 4.63%, 02/26/55<sup>(b)</sup> | &nbsp;&nbsp; 86 | 66008 |
| Methanex Corp., 5.65%, 12/01/44 | &nbsp;&nbsp; 35 | 29187 |
| Mosaic Co. (The) |  |  |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 55 | 48850 |
| 5.63%, 11/15/43 | &nbsp;&nbsp; 50 | 48009 |
| Nutrien Ltd. |  |  |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 60 | 44742 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 65 | 58146 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 25 | 22139 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 55 | 51002 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 41 | 40698 |
| 5.80%, 03/27/53 | &nbsp;&nbsp; 95 | 93542 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 60 | 62524 |
| 6.13%, 01/15/41 | &nbsp;&nbsp; 25 | 25751 |
| OCP SA, 5.13%, 06/23/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 158036 |
| Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44<sup>(f)</sup> | &nbsp;&nbsp; 200 | 167314 |
| RPM International Inc. |  |  |
| 4.25%, 01/15/48 | &nbsp;&nbsp; 40 | 32885 |
| 5.25%, 06/01/45 | &nbsp;&nbsp; 35 | 32488 |
| Sherwin-Williams Co. (The) |  |  |
| 2.90%, 03/15/52 | &nbsp;&nbsp; 50 | 30300 |
| 3.30%, 05/15/50 | &nbsp;&nbsp; 55 | 37032 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 60 | 44330 |
| 4.00%, 12/15/42 | &nbsp;&nbsp; 30 | 24405 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 125 | 105119 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 30 | 25600 |
| Sociedad Quimica y Minera de Chile SA, 3.50%, <br> 09/10/51<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 132879 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Westlake Corp. |  |  |
| 2.88%, 08/15/41 | &nbsp;&nbsp; $30 | $20405 |
| 3.13%, 08/15/51 | &nbsp;&nbsp; 70 | 42735 |
| 4.38%, 11/15/47 | &nbsp;&nbsp; 55 | 42997 |
| 5.00%, 08/15/46 | &nbsp;&nbsp; 66 | 57595 |
|  |  | 4277716 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| American University (The), Series 2019, 3.67%, <br> 04/01/49<sup>(b)</sup><br>| &nbsp;&nbsp; 35 | 26124 |
| Brown University, Series A, 2.92%, 09/01/50 | &nbsp;&nbsp; 5 | 3254 |
| California Endowment (The), Series 2021, 2.50%, <br> 04/01/51<br>| &nbsp;&nbsp; 55 | 31577 |
| California Institute of Technology |  |  |
| 3.65%, 09/01/2119 | &nbsp;&nbsp; 10 | 6293 |
| 4.32%, 08/01/45 | &nbsp;&nbsp; 80 | 67955 |
| 4.70%, 11/01/2111 | &nbsp;&nbsp; 65 | 52159 |
| Case Western Reserve University, 5.41%, 06/01/2122 | &nbsp;&nbsp; 30 | 27774 |
| DP World Ltd./United Arab Emirates |  |  |
| 5.63%, 09/25/48<sup>(f)</sup> | &nbsp;&nbsp; 200 | 193036 |
| 6.85%, 07/02/37<sup>(a)</sup> | &nbsp;&nbsp; 200 | 227112 |
| Duke University |  |  |
| Series 2020, 2.68%, 10/01/44 | &nbsp;&nbsp; 85 | 60830 |
| Series 2020, 2.76%, 10/01/50 | &nbsp;&nbsp; 45 | 28477 |
| Series 2020, 2.83%, 10/01/55 | &nbsp;&nbsp; 70 | 43068 |
| Emory University, Series 2020, 2.97%, 09/01/50 | &nbsp;&nbsp; 45 | 29259 |
| ERAC USA Finance LLC |  |  |
| 4.20%, 11/01/46<sup>(a)</sup> | &nbsp;&nbsp; 55 | 45232 |
| 4.50%, 02/15/45<sup>(a)</sup> | &nbsp;&nbsp; 50 | 43222 |
| 5.40%, 05/01/53<sup>(a)</sup> | &nbsp;&nbsp; 85 | 81608 |
| 5.63%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 35 | 34776 |
| 7.00%, 10/15/37<sup>(a)</sup> | &nbsp;&nbsp; 150 | 173607 |
| Ford Foundation (The) |  |  |
| Series 2020, 2.42%, 06/01/50 | &nbsp;&nbsp; 50 | 29260 |
| Series 2020, 2.82%, 06/01/70 | &nbsp;&nbsp; 5 | 2787 |
| George Washington University (The) |  |  |
| 4.87%, 09/15/45 | &nbsp;&nbsp; 75 | 67912 |
| Series 2014, 4.30%, 09/15/44 | &nbsp;&nbsp; 70 | 58983 |
| Series 2018, 4.13%, 09/15/48 | &nbsp;&nbsp; 40 | 31974 |
| Georgetown University (The) |  |  |
| Series 20A, 2.94%, 04/01/50 | &nbsp;&nbsp; 55 | 34925 |
| Series A, 5.22%, 10/01/2118 | &nbsp;&nbsp; 10 | 8593 |
| Series B, 4.32%, 04/01/49 | &nbsp;&nbsp; 61 | 49703 |
| Global Payments Inc. |  |  |
| 4.15%, 08/15/49 | &nbsp;&nbsp; 65 | 47919 |
| 5.95%, 08/15/52<sup>(b)</sup> | &nbsp;&nbsp; 60 | 57091 |
| Howard University, 5.21%, 10/01/52 | &nbsp;&nbsp; 20 | 17362 |
| Johns Hopkins University |  |  |
| Series 2013, 4.08%, 07/01/53 | &nbsp;&nbsp; 60 | 47559 |
| Series A, 2.81%, 01/01/60 | &nbsp;&nbsp; 45 | 26458 |
| Leland Stanford Junior University (The) |  |  |
| 2.41%, 06/01/50 | &nbsp;&nbsp; 35 | 20596 |
| 3.65%, 05/01/48 | &nbsp;&nbsp; 125 | 97028 |
| Massachusetts Institute of Technology |  |  |
| 3.07%, 04/01/52 | &nbsp;&nbsp; 50 | 33252 |
| 3.89%, 07/01/2116 | &nbsp;&nbsp; 15 | 10259 |
| 3.96%, 07/01/38 | &nbsp;&nbsp; 30 | 27375 |
| 4.68%, 07/01/2114 | &nbsp;&nbsp; 30 | 24785 |
| 5.60%, 07/01/2111 | &nbsp;&nbsp; 65 | 63485 |
| Series F, 2.99%, 07/01/50 | &nbsp;&nbsp; 80 | 53286 |
| Series G, 2.29%, 07/01/51<sup>(b)</sup> | &nbsp;&nbsp; 55 | 30986 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Moody's Corp. |  |  |
| 2.75%, 08/19/41 | &nbsp;&nbsp; $50 | $35279 |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 25 | 15387 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 20 | 13301 |
| 3.75%, 02/25/52 | &nbsp;&nbsp; 55 | 40358 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 25 | 22242 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 56 | 53636 |
| Northeastern University, Series 2020, 2.89%, <br> 10/01/50<br>| &nbsp;&nbsp; 30 | 19830 |
| Northwestern University |  |  |
| 4.64%, 12/01/44 | &nbsp;&nbsp; 95 | 89892 |
| Series 2017, 3.66%, 12/01/57 | &nbsp;&nbsp; 30 | 21515 |
| Series 2020, 2.64%, 12/01/50 | &nbsp;&nbsp; 50 | 30858 |
| PayPal Holdings Inc. |  |  |
| 3.25%, 06/01/50 | &nbsp;&nbsp; 95 | 64607 |
| 5.05%, 06/01/52 | &nbsp;&nbsp; 90 | 82234 |
| 5.25%, 06/01/62 | &nbsp;&nbsp; 30 | 27572 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 40 | 38856 |
| President and Fellows of Harvard College |  |  |
| 2.52%, 10/15/50<sup>(b)</sup> | &nbsp;&nbsp; 70 | 42047 |
| 3.15%, 07/15/46 | &nbsp;&nbsp; 55 | 39620 |
| 3.30%, 07/15/56 | &nbsp;&nbsp; 55 | 37295 |
| 3.75%, 11/15/52 | &nbsp;&nbsp; 5 | 3769 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 80 | 78418 |
| 6.50%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp; 30 | 34236 |
| Quanta Services Inc., 3.05%, 10/01/41 | &nbsp;&nbsp; 50 | 35954 |
| Rockefeller Foundation (The), Series 2020, 2.49%, <br> 10/01/50<br>| &nbsp;&nbsp; 90 | 53380 |
| S&P Global Inc. |  |  |
| 2.30%, 08/15/60 | &nbsp;&nbsp; 40 | 20084 |
| 3.25%, 12/01/49 | &nbsp;&nbsp; 41 | 28525 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 90 | 67195 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 45 | 33437 |
| Thomas Jefferson University, 3.85%, 11/01/57 | &nbsp;&nbsp; 30 | 20820 |
| TR Finance LLC |  |  |
| 5.65%, 11/23/43 | &nbsp;&nbsp; 25 | 24619 |
| 5.85%, 04/15/40 | &nbsp;&nbsp; 20 | 20564 |
| Trustees of Boston College, 3.13%, 07/01/52 | &nbsp;&nbsp; 45 | 30476 |
| Trustees of Columbia University in the City of New <br> York (The), Series 2024, 4.36%, 10/01/35<br>| &nbsp;&nbsp; 5 | 4860 |
| Trustees of Princeton University (The) |  |  |
| 5.70%, 03/01/39 | &nbsp;&nbsp; 60 | 64167 |
| Series 2020, 2.52%, 07/01/50 | &nbsp;&nbsp; 110 | 66497 |
| Trustees of the University of Pennsylvania (The) |  |  |
| 3.61%, 02/15/2119 | &nbsp;&nbsp; 35 | 22180 |
| 4.67%, 09/01/2112 | &nbsp;&nbsp; 10 | 8118 |
| Series 2020, 2.40%, 10/01/50 | &nbsp;&nbsp; 65 | 37628 |
| University of Chicago (The) |  |  |
| 4.00%, 10/01/53 | &nbsp;&nbsp; 100 | 77729 |
| Series 20B, 2.76%, 04/01/45 | &nbsp;&nbsp; 20 | 15622 |
| Series C, 2.55%, 04/01/50 | &nbsp;&nbsp; 25 | 16035 |
| University of Miami, 4.06%, 04/01/52 | &nbsp;&nbsp; 5 | 3927 |
| University of Notre Dame du Lac |  |  |
| Series 2015, 3.44%, 02/15/45 | &nbsp;&nbsp; 75 | 57364 |
| Series 2017, 3.39%, 02/15/48 | &nbsp;&nbsp; 71 | 52209 |
| University of Southern California |  |  |
| 2.81%, 10/01/50 | &nbsp;&nbsp; 50 | 31178 |
| 3.03%, 10/01/39 | &nbsp;&nbsp; 85 | 69974 |
| 4.98%, 10/01/53<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4563 |
| 5.25%, 10/01/2111 | &nbsp;&nbsp; 30 | 27327 |
| Series 2017, 3.84%, 10/01/47 | &nbsp;&nbsp; 105 | 82472 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Series 21A, 2.95%, 10/01/51 | &nbsp;&nbsp; $35 | $22431 |
| Series A, 3.23%, 10/01/2120 | &nbsp;&nbsp; 10 | 5647 |
| Verisk Analytics Inc. |  |  |
| 3.63%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 30 | 21466 |
| 5.13%, 02/15/36 | &nbsp;&nbsp; 50 | 49674 |
| 5.50%, 06/15/45 | &nbsp;&nbsp; 30 | 28920 |
| Washington University (The) |  |  |
| 3.52%, 04/15/54 | &nbsp;&nbsp; 35 | 24906 |
| 4.35%, 04/15/2122 | &nbsp;&nbsp; 5 | 3749 |
| William Marsh Rice University, 3.57%, 05/15/45 | &nbsp;&nbsp; 100 | 78478 |
| WK Kellogg Foundation Trust, 2.44%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 5 | 2898 |
| Yale University, Series 2020, 2.40%, 04/15/50<sup>(b)</sup> | &nbsp;&nbsp; 43 | 25273 |
|  |  | 4048239 |
| **Computers — 0.9%** | **Computers — 0.9%** | **Computers — 0.9%** |
| Apple Inc. |  |  |
| 2.38%, 02/08/41 | &nbsp;&nbsp; 190 | 133058 |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 130 | 76260 |
| 2.55%, 08/20/60 | &nbsp;&nbsp; 145 | 82260 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 283 | 175127 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 335 | 205533 |
| 2.70%, 08/05/51 | &nbsp;&nbsp; 210 | 129323 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 130 | 75993 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 140 | 82512 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 125 | 82928 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 225 | 174374 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 135 | 105946 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 135 | 106523 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 250 | 208798 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 230 | 185537 |
| 3.95%, 08/08/52 | &nbsp;&nbsp; 195 | 153505 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 75 | 58589 |
| 4.25%, 02/09/47 | &nbsp;&nbsp; 120 | 102808 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 230 | 202851 |
| 4.45%, 05/06/44 | &nbsp;&nbsp; 100 | 91749 |
| 4.50%, 02/23/36 | &nbsp;&nbsp; 110 | 110202 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 260 | 237404 |
| 4.85%, 05/10/53<sup>(b)</sup> | &nbsp;&nbsp; 155 | 146338 |
| Crane NXT Co. |  |  |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 40 | 24243 |
| 6.55%, 11/15/36 | &nbsp;&nbsp; 22 | 23419 |
| Dell Inc., 6.50%, 04/15/38 | &nbsp;&nbsp; 35 | 37344 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/41 | &nbsp;&nbsp; 90 | 67093 |
| 3.45%, 12/15/51 | &nbsp;&nbsp; 60 | 40921 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 79 | 95694 |
| 8.35%, 07/15/46 | &nbsp;&nbsp; 60 | 76554 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 140 | 129062 |
| 6.20%, 10/15/35 | &nbsp;&nbsp; 83 | 88572 |
| 6.35%, 10/15/45 | &nbsp;&nbsp; 140 | 144173 |
| HP Inc., 6.00%, 09/15/41<sup>(b)</sup> | &nbsp;&nbsp; 95 | 96461 |
| IBM International Capital Pte Ltd. |  |  |
| 5.25%, 02/05/44 | &nbsp;&nbsp; 120 | 114894 |
| 5.30%, 02/05/54 | &nbsp;&nbsp; 155 | 143424 |
| International Business Machines Corp. |  |  |
| 2.85%, 05/15/40 | &nbsp;&nbsp; 125 | 92526 |
| 2.95%, 05/15/50 | &nbsp;&nbsp; 125 | 78978 |
| 3.43%, 02/09/52 | &nbsp;&nbsp; 105 | 71519 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 145 | 119954 |
| 4.15%, 05/15/39 | &nbsp;&nbsp; 185 | 163015 |
| 4.25%, 05/15/49 | &nbsp;&nbsp; 165 | 131850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 4.70%, 02/19/46 | &nbsp;&nbsp; $100 | $88011 |
| 4.90%, 07/27/52 | &nbsp;&nbsp; 100 | 87916 |
| 5.60%, 11/30/39 | &nbsp;&nbsp; 30 | 31007 |
| 7.13%, 12/01/96 | &nbsp;&nbsp; 25 | 29507 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 100 | 98179 |
| Kyndryl Holdings Inc., 4.10%, 10/15/41 | &nbsp;&nbsp; 45 | 35524 |
|  |  | 5037458 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Colgate-Palmolive Co. |  |  |
| 3.70%, 08/01/47 | &nbsp;&nbsp; 45 | 34982 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 60 | 49174 |
| Estee Lauder Companies Inc. (The) |  |  |
| 3.13%, 12/01/49 | &nbsp;&nbsp; 85 | 54577 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 55 | 43389 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 45 | 36975 |
| 5.15%, 05/15/53<sup>(b)</sup> | &nbsp;&nbsp; 35 | 33172 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 40 | 42849 |
| Haleon U.S. Capital LLC, 4.00%, 03/24/52 | &nbsp;&nbsp; 95 | 72938 |
| Kenvue Inc. |  |  |
| 5.05%, 03/22/53 | &nbsp;&nbsp; 150 | 136782 |
| 5.10%, 03/22/43 | &nbsp;&nbsp; 75 | 71938 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 70 | 63441 |
| Perrigo Finance Unlimited Co., 4.90%, 12/15/44 | &nbsp;&nbsp; 35 | 27865 |
| Procter & Gamble Co. (The) |  |  |
| 3.50%, 10/25/47 | &nbsp;&nbsp; 45 | 34013 |
| 3.55%, 03/25/40 | &nbsp;&nbsp; 50 | 42839 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 50 | 37612 |
| 5.55%, 03/05/37 | &nbsp;&nbsp; 85 | 91521 |
| Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51 | &nbsp;&nbsp; 80 | 48353 |
|  |  | 922420 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| WW Grainger Inc. |  |  |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 50 | 38848 |
| 4.20%, 05/15/47 | &nbsp;&nbsp; 40 | 32856 |
| 4.60%, 06/15/45 | &nbsp;&nbsp; 110 | 97500 |
|  |  | 169204 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust, 3.85%, 10/29/41<br>| &nbsp;&nbsp; 170 | 136977 |
| American Express Co., 4.05%, 12/03/42 | &nbsp;&nbsp; 97 | 82078 |
| Apollo Global Management Inc., 5.80%, 05/21/54 | &nbsp;&nbsp; 75 | 73661 |
| Ares Finance Co. IV LLC, 3.65%, 02/01/52<sup>(a)</sup> | &nbsp;&nbsp; 20 | 13814 |
| Ares Management Corp., 5.60%, 10/11/54 | &nbsp;&nbsp; 105 | 98467 |
| Blackstone Holdings Finance Co. LLC |  |  |
| 2.80%, 09/30/50<sup>(a)</sup> | &nbsp;&nbsp; 55 | 33052 |
| 2.85%, 08/05/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 75 | 45791 |
| 3.20%, 01/30/52<sup>(a)</sup> | &nbsp;&nbsp; 55 | 36207 |
| 3.50%, 09/10/49<sup>(a)</sup> | &nbsp;&nbsp; 20 | 14017 |
| 4.00%, 10/02/47<sup>(a)</sup> | &nbsp;&nbsp; 50 | 38579 |
| 4.45%, 07/15/45<sup>(a)</sup> | &nbsp;&nbsp; 45 | 37950 |
| 5.00%, 06/15/44<sup>(a)</sup> | &nbsp;&nbsp; 60 | 54813 |
| Blue Owl Finance LLC, 4.13%, 10/07/51 | &nbsp;&nbsp; 25 | 17624 |
| Brookfield Finance Inc. |  |  |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 70 | 48091 |
| 3.63%, 02/15/52 | &nbsp;&nbsp; 45 | 31114 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 113 | 96889 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 100 | 100114 |
| Brookfield Finance LLC/Brookfield Finance Inc., <br> 3.45%, 04/15/50<br>| &nbsp;&nbsp; 85 | 57611 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| CME Group Inc. |  |  |
| 4.15%, 06/15/48 | &nbsp;&nbsp; $50 | $41636 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 102 | 101931 |
| Franklin Resources Inc., 2.95%, 08/12/51 | &nbsp;&nbsp; 25 | 15343 |
| Intercontinental Exchange Inc. |  |  |
| 2.65%, 09/15/40 | &nbsp;&nbsp; 45 | 32894 |
| 3.00%, 06/15/50 | &nbsp;&nbsp; 192 | 124757 |
| 3.00%, 09/15/60 | &nbsp;&nbsp; 120 | 71885 |
| 4.25%, 09/21/48 | &nbsp;&nbsp; 90 | 74217 |
| 4.95%, 06/15/52 | &nbsp;&nbsp; 170 | 152627 |
| 5.20%, 06/15/62 | &nbsp;&nbsp; 120 | 110078 |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; 30 | 28650 |
| Jefferies Financial Group Inc. |  |  |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 40 | 42052 |
| 6.50%, 01/20/43 | &nbsp;&nbsp; 25 | 26078 |
| KKR Group Finance Co. II LLC, 5.50%, 02/01/43<sup>(a)(b)</sup> | &nbsp;&nbsp; 65 | 62701 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 85 | 83563 |
| Mastercard Inc. |  |  |
| 2.95%, 03/15/51 | &nbsp;&nbsp; 60 | 38844 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 95 | 71433 |
| 3.80%, 11/21/46 | &nbsp;&nbsp; 55 | 43419 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 145 | 112357 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 35 | 27924 |
| Nasdaq Inc. |  |  |
| 2.50%, 12/21/40 | &nbsp;&nbsp; 80 | 55593 |
| 3.25%, 04/28/50 | &nbsp;&nbsp; 60 | 40414 |
| 3.95%, 03/07/52 | &nbsp;&nbsp; 35 | 26150 |
| 5.95%, 08/15/53 | &nbsp;&nbsp; 80 | 81269 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 40 | 41011 |
| Neuberger Berman Group LLC/Neuberger Berman <br> Finance Corp., 4.88%, 04/15/45<sup>(a)</sup><br>| &nbsp;&nbsp; 60 | 51060 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 80 | 58586 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 90 | 81480 |
| Visa Inc. |  |  |
| 2.00%, 08/15/50 | &nbsp;&nbsp; 160 | 85715 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 97 | 73574 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 75 | 58011 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 135 | 129043 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 320 | 276342 |
| Voya Financial Inc. |  |  |
| 4.80%, 06/15/46 | &nbsp;&nbsp; 40 | 34696 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 45 | 44182 |
| Western Union Co. (The), 6.20%, 11/17/36<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30541 |
|  |  | 3446905 |
| **Electric — 5.8%** | **Electric — 5.8%** | **Electric — 5.8%** |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 4.00%, 10/03/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 157209 |
| 6.50%, 10/27/36<sup>(a)</sup> | &nbsp;&nbsp; 100 | 113128 |
| Adani Transmission Step-One Ltd., 4.25%, 05/21/36<sup>(f)</sup> | &nbsp;&nbsp; 139 | 122459 |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 60 | 39702 |
| 3.80%, 10/01/47 | &nbsp;&nbsp; 50 | 36571 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 60 | 53497 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 30 | 22629 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 50 | 33771 |
| AEP Transmission Co. LLC |  |  |
| 3.15%, 09/15/49 | &nbsp;&nbsp; 5 | 3336 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 62 | 46750 |
| 3.80%, 06/15/49 | &nbsp;&nbsp; 25 | 18546 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 15 | 11884 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.25%, 09/15/48 | &nbsp;&nbsp; $20 | $16220 |
| 4.50%, 06/15/52 | &nbsp;&nbsp; 35 | 29304 |
| 5.40%, 03/15/53 | &nbsp;&nbsp; 45 | 43122 |
| Series M, 3.65%, 04/01/50 | &nbsp;&nbsp; 55 | 40314 |
| Series N, 2.75%, 08/15/51 | &nbsp;&nbsp; 35 | 21389 |
| Alabama Power Co. |  |  |
| 3.00%, 03/15/52 | &nbsp;&nbsp; 50 | 32065 |
| 3.13%, 07/15/51 | &nbsp;&nbsp; 55 | 36253 |
| 3.45%, 10/01/49 | &nbsp;&nbsp; 85 | 60072 |
| 3.75%, 03/01/45 | &nbsp;&nbsp; 85 | 66042 |
| 4.15%, 08/15/44 | &nbsp;&nbsp; 30 | 24729 |
| 4.30%, 01/02/46 | &nbsp;&nbsp; 30 | 25055 |
| 6.00%, 03/01/39 | &nbsp;&nbsp; 40 | 42882 |
| Series A, 4.30%, 07/15/48 | &nbsp;&nbsp; 27 | 22424 |
| Series B, 3.70%, 12/01/47 | &nbsp;&nbsp; 45 | 34008 |
| Alfa Desarrollo SpA, 4.55%, 09/27/51<sup>(f)</sup> | &nbsp;&nbsp; 198 | 155924 |
| Ameren Illinois Co. |  |  |
| 2.90%, 06/15/51 | &nbsp;&nbsp; 55 | 34165 |
| 3.25%, 03/15/50 | &nbsp;&nbsp; 25 | 16781 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 65 | 49033 |
| 4.15%, 03/15/46 | &nbsp;&nbsp; 50 | 40965 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 25 | 21086 |
| 5.55%, 07/01/54 | &nbsp;&nbsp; 75 | 73602 |
| 5.63%, 03/01/55 | &nbsp;&nbsp; 50 | 49814 |
| 5.90%, 12/01/52 | &nbsp;&nbsp; 35 | 35693 |
| American Electric Power Co. Inc., 3.25%, 03/01/50 | &nbsp;&nbsp; 55 | 35759 |
| American Transmission Systems Inc., 5.00%, <br> 09/01/44<sup>(a)</sup><br>| &nbsp;&nbsp; 25 | 22810 |
| Appalachian Power Co. |  |  |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 60 | 49405 |
| 4.45%, 06/01/45 | &nbsp;&nbsp; 30 | 24588 |
| 7.00%, 04/01/38 | &nbsp;&nbsp; 46 | 51615 |
| Series Y, 4.50%, 03/01/49 | &nbsp;&nbsp; 70 | 56739 |
| Series Z, 3.70%, 05/01/50 | &nbsp;&nbsp; 75 | 52691 |
| Arizona Public Service Co. |  |  |
| 2.65%, 09/15/50 | &nbsp;&nbsp; 25 | 14777 |
| 3.35%, 05/15/50 | &nbsp;&nbsp; 60 | 40811 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 30 | 20547 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 45 | 33800 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 30 | 23636 |
| 4.25%, 03/01/49 | &nbsp;&nbsp; 35 | 27653 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 30 | 24531 |
| 4.50%, 04/01/42 | &nbsp;&nbsp; 31 | 26578 |
| 5.05%, 09/01/41 | &nbsp;&nbsp; 30 | 27830 |
| 5.90%, 08/15/55 | &nbsp;&nbsp; 45 | 44827 |
| Avista Corp. |  |  |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 25 | 18788 |
| 4.35%, 06/01/48 | &nbsp;&nbsp; 5 | 4066 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 30 | 18816 |
| 3.20%, 09/15/49 | &nbsp;&nbsp; 25 | 16662 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 25 | 18284 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 35 | 26520 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 10 | 8018 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 75 | 63034 |
| 5.40%, 06/01/53 | &nbsp;&nbsp; 95 | 89848 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 50 | 49416 |
| 6.35%, 10/01/36 | &nbsp;&nbsp; 45 | 49566 |
| Berkshire Hathaway Energy Co. |  |  |
| 2.85%, 05/15/51 | &nbsp;&nbsp; 185 | 112873 |
| 3.80%, 07/15/48 | &nbsp;&nbsp; 115 | 86424 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.25%, 10/15/50 | &nbsp;&nbsp; $120 | $95173 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 78 | 64397 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 98 | 84634 |
| 4.60%, 05/01/53 | &nbsp;&nbsp; 75 | 62320 |
| 5.15%, 11/15/43 | &nbsp;&nbsp; 35 | 33262 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 70 | 74383 |
| 6.13%, 04/01/36 | &nbsp;&nbsp; 156 | 168227 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; 50 | 38553 |
| 3.60%, 03/01/52 | &nbsp;&nbsp; 45 | 32418 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 45 | 35127 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 55 | 47745 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 20 | 19024 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 70 | 56709 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 15 | 9493 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 50 | 34132 |
| Series AJ, 4.85%, 10/01/52 | &nbsp;&nbsp; 30 | 26566 |
| Chile Electricity Lux MPC II SARL, 5.58%, 10/20/35<sup>(f)</sup> | &nbsp;&nbsp; 195 | 197464 |
| Cleveland Electric Illuminating Co. (The), 5.95%, <br> 12/15/36<br>| &nbsp;&nbsp; 28 | 29218 |
| CMS Energy Corp., 4.88%, 03/01/44 | &nbsp;&nbsp; 50 | 44146 |
| Comision Federal de Electricidad, 4.68%, 02/09/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 142478 |
| Commonwealth Edison Co. |  |  |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 80 | 51582 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 110 | 83229 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 35 | 27013 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 80 | 63251 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 70 | 54168 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 60 | 50382 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 55 | 49039 |
| 5.30%, 02/01/53 | &nbsp;&nbsp; 20 | 18729 |
| 5.90%, 03/15/36 | &nbsp;&nbsp; 60 | 64069 |
| 5.95%, 06/01/55 | &nbsp;&nbsp; 60 | 61787 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 40 | 44316 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 95 | 71914 |
| Series 127, 3.20%, 11/15/49 | &nbsp;&nbsp; 45 | 30193 |
| Series 130, 3.13%, 03/15/51 | &nbsp;&nbsp; 50 | 32472 |
| Series 131, 2.75%, 09/01/51 | &nbsp;&nbsp; 65 | 39130 |
| Series 133, 3.85%, 03/15/52 | &nbsp;&nbsp; 60 | 44553 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 85 | 66770 |
| 4.30%, 04/15/44 | &nbsp;&nbsp; 30 | 25514 |
| 5.25%, 01/15/53 | &nbsp;&nbsp; 45 | 42110 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 40 | 32709 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 3.20%, 12/01/51 | &nbsp;&nbsp; 30 | 19686 |
| 3.60%, 06/15/61 | &nbsp;&nbsp; 60 | 40492 |
| 3.70%, 11/15/59 | &nbsp;&nbsp; 60 | 41498 |
| 3.85%, 06/15/46 | &nbsp;&nbsp; 95 | 73846 |
| 3.95%, 03/01/43 | &nbsp;&nbsp; 115 | 93303 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 115 | 99130 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 100 | 85686 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 70 | 56413 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 85 | 71006 |
| 5.70%, 06/15/40 | &nbsp;&nbsp; 20 | 20493 |
| 5.70%, 05/15/54 | &nbsp;&nbsp; 75 | 74342 |
| 5.90%, 11/15/53 | &nbsp;&nbsp; 115 | 116949 |
| 6.15%, 11/15/52 | &nbsp;&nbsp; 100 | 104504 |
| Series 06-A, 5.85%, 03/15/36 | &nbsp;&nbsp; 65 | 68875 |
| Series 07-A, 6.30%, 08/15/37 | &nbsp;&nbsp; 15 | 16436 |
| Series 08-B, 6.75%, 04/01/38 | &nbsp;&nbsp; 40 | 45613 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series 12-A, 4.20%, 03/15/42 | &nbsp;&nbsp; $65 | $55426 |
| Series 2017, 3.88%, 06/15/47 | &nbsp;&nbsp; 80 | 61269 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 75 | 58006 |
| Series A, 4.13%, 05/15/49 | &nbsp;&nbsp; 100 | 78494 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 65 | 38243 |
| Series C, 4.00%, 11/15/57 | &nbsp;&nbsp; 40 | 29474 |
| Series C, 4.30%, 12/01/56 | &nbsp;&nbsp; 45 | 35230 |
| Series E, 4.65%, 12/01/48 | &nbsp;&nbsp; 95 | 81726 |
| Consorcio Transmantaro SA, 5.20%, 04/11/38<sup>(f)</sup> | &nbsp;&nbsp; 200 | 194942 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 06/15/42 | &nbsp;&nbsp; 65 | 64271 |
| 5.75%, 10/01/41 | &nbsp;&nbsp; 30 | 30147 |
| 5.75%, 03/15/54 | &nbsp;&nbsp; 75 | 73232 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 88 | 94431 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 85 | 91601 |
| Consumers Energy Co. |  |  |
| 2.65%, 08/15/52 | &nbsp;&nbsp; 40 | 24146 |
| 3.10%, 08/15/50 | &nbsp;&nbsp; 91 | 60619 |
| 3.25%, 08/15/46 | &nbsp;&nbsp; 50 | 36059 |
| 3.50%, 08/01/51 | &nbsp;&nbsp; 95 | 68939 |
| 3.75%, 02/15/50 | &nbsp;&nbsp; 50 | 37331 |
| 4.05%, 05/15/48 | &nbsp;&nbsp; 85 | 68117 |
| 4.20%, 09/01/52 | &nbsp;&nbsp; 65 | 52291 |
| 4.35%, 04/15/49 | &nbsp;&nbsp; 60 | 49795 |
| Dayton Power & Light Co. (The), 3.95%, 06/15/49 | &nbsp;&nbsp; 15 | 10981 |
| Dominion Energy Inc. |  |  |
| 4.70%, 12/01/44 | &nbsp;&nbsp; 45 | 38521 |
| 4.85%, 08/15/52 | &nbsp;&nbsp; 45 | 37915 |
| 7.00%, 06/15/38 | &nbsp;&nbsp; 40 | 45456 |
| Series A, 4.60%, 03/15/49 | &nbsp;&nbsp; 25 | 20471 |
| Series B, 3.30%, 04/15/41 | &nbsp;&nbsp; 40 | 29784 |
| Series C, 4.05%, 09/15/42 | &nbsp;&nbsp; 80 | 64256 |
| Series C, 4.90%, 08/01/41 | &nbsp;&nbsp; 95 | 85484 |
| Dominion Energy South Carolina Inc. |  |  |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 65 | 57237 |
| 5.10%, 06/01/65 | &nbsp;&nbsp; 40 | 35197 |
| 5.45%, 02/01/41 | &nbsp;&nbsp; 35 | 34741 |
| 6.05%, 01/15/38 | &nbsp;&nbsp; 66 | 70500 |
| 6.25%, 10/15/53 | &nbsp;&nbsp; 55 | 59023 |
| DTE Electric Co. |  |  |
| 2.95%, 03/01/50 | &nbsp;&nbsp; 75 | 48894 |
| 3.70%, 03/15/45 | &nbsp;&nbsp; 65 | 50262 |
| 3.70%, 06/01/46 | &nbsp;&nbsp; 15 | 11478 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 55 | 41779 |
| 3.95%, 03/01/49 | &nbsp;&nbsp; 75 | 58634 |
| 4.30%, 07/01/44 | &nbsp;&nbsp; 45 | 37889 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 25 | 24216 |
| Series A, 4.00%, 04/01/43 | &nbsp;&nbsp; 25 | 20535 |
| Series A, 4.05%, 05/15/48 | &nbsp;&nbsp; 55 | 44263 |
| Series B, 3.25%, 04/01/51 | &nbsp;&nbsp; 45 | 30617 |
| Series B, 3.65%, 03/01/52 | &nbsp;&nbsp; 50 | 36211 |
| Duke Energy Carolinas LLC |  |  |
| 3.20%, 08/15/49 | &nbsp;&nbsp; 95 | 63949 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 70 | 49009 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 45 | 32050 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 70 | 52464 |
| 3.75%, 06/01/45 | &nbsp;&nbsp; 75 | 57977 |
| 3.88%, 03/15/46 | &nbsp;&nbsp; 80 | 62408 |
| 3.95%, 03/15/48 | &nbsp;&nbsp; 38 | 29655 |
| 4.00%, 09/30/42 | &nbsp;&nbsp; 60 | 49700 |
| 4.25%, 12/15/41 | &nbsp;&nbsp; 70 | 60364 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.30%, 02/15/40 | &nbsp;&nbsp; $80 | $80129 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; 90 | 85504 |
| 5.40%, 01/15/54 | &nbsp;&nbsp; 43 | 41467 |
| 6.00%, 01/15/38 | &nbsp;&nbsp; 50 | 53539 |
| 6.05%, 04/15/38 | &nbsp;&nbsp; 40 | 42893 |
| 6.10%, 06/01/37 | &nbsp;&nbsp; 50 | 53444 |
| Duke Energy Corp. |  |  |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 100 | 75309 |
| 3.50%, 06/15/51 | &nbsp;&nbsp; 65 | 44324 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 165 | 122785 |
| 3.95%, 08/15/47 | &nbsp;&nbsp; 45 | 34070 |
| 4.20%, 06/15/49 | &nbsp;&nbsp; 70 | 54105 |
| 4.80%, 12/15/45 | &nbsp;&nbsp; 25 | 21692 |
| 5.00%, 08/15/52 | &nbsp;&nbsp; 120 | 104662 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; 90 | 87688 |
| 6.10%, 09/15/53 | &nbsp;&nbsp; 80 | 81249 |
| Duke Energy Florida LLC |  |  |
| 3.00%, 12/15/51 | &nbsp;&nbsp; 60 | 37872 |
| 3.40%, 10/01/46 | &nbsp;&nbsp; 45 | 32344 |
| 3.85%, 11/15/42 | &nbsp;&nbsp; 50 | 40014 |
| 4.20%, 07/15/48 | &nbsp;&nbsp; 30 | 23976 |
| 5.65%, 04/01/40 | &nbsp;&nbsp; 20 | 20698 |
| 5.95%, 11/15/52 | &nbsp;&nbsp; 45 | 46133 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 80 | 85078 |
| 6.35%, 09/15/37 | &nbsp;&nbsp; 55 | 60212 |
| 6.40%, 06/15/38 | &nbsp;&nbsp; 100 | 110725 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/50 | &nbsp;&nbsp; 50 | 30562 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 40 | 30654 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 65 | 61702 |
| 6.12%, 10/15/35 | &nbsp;&nbsp; 35 | 37855 |
| 6.35%, 08/15/38 | &nbsp;&nbsp; 50 | 55046 |
| 6.45%, 04/01/39 | &nbsp;&nbsp; 30 | 33156 |
| Series YYY, 3.25%, 10/01/49 | &nbsp;&nbsp; 75 | 50864 |
| Duke Energy Ohio Inc. |  |  |
| 4.30%, 02/01/49 | &nbsp;&nbsp; 65 | 52409 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 15 | 14528 |
| 5.65%, 04/01/53 | &nbsp;&nbsp; 55 | 53996 |
| Duke Energy Progress LLC |  |  |
| 2.50%, 08/15/50 | &nbsp;&nbsp; 45 | 26191 |
| 2.90%, 08/15/51 | &nbsp;&nbsp; 50 | 30912 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 35 | 25713 |
| 3.70%, 10/15/46 | &nbsp;&nbsp; 70 | 52778 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 25 | 19094 |
| 4.10%, 05/15/42 | &nbsp;&nbsp; 65 | 54546 |
| 4.10%, 03/15/43 | &nbsp;&nbsp; 50 | 41519 |
| 4.15%, 12/01/44 | &nbsp;&nbsp; 65 | 53645 |
| 4.20%, 08/15/45 | &nbsp;&nbsp; 89 | 73573 |
| 4.38%, 03/30/44 | &nbsp;&nbsp; 60 | 50758 |
| 5.35%, 03/15/53 | &nbsp;&nbsp; 50 | 47241 |
| 5.55%, 03/15/55 | &nbsp;&nbsp; 50 | 48582 |
| 6.30%, 04/01/38 | &nbsp;&nbsp; 20 | 21881 |
| E.ON International Finance BV, 6.65%, 04/30/38<sup>(a)</sup> | &nbsp;&nbsp; 60 | 66396 |
| Electricite de France SA |  |  |
| 4.75%, 10/13/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 30 | 29457 |
| 4.88%, 09/21/38<sup>(a)</sup> | &nbsp;&nbsp; 120 | 112144 |
| 4.88%, 01/22/44<sup>(a)</sup> | &nbsp;&nbsp; 140 | 122310 |
| 4.95%, 10/13/45<sup>(a)</sup> | &nbsp;&nbsp; 185 | 162513 |
| 5.00%, 09/21/48<sup>(a)</sup> | &nbsp;&nbsp; 90 | 78322 |
| 5.25%, 10/13/55<sup>(a)</sup> | &nbsp;&nbsp; 20 | 17138 |
| 5.60%, 01/27/40<sup>(a)</sup> | &nbsp;&nbsp; 100 | 99954 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 6.00%, 04/22/64<sup>(a)</sup> | &nbsp;&nbsp; $20 | $19020 |
| 6.00%, 01/22/2114<sup>(a)</sup> | &nbsp;&nbsp; 55 | 52398 |
| 6.38%, 01/13/55<sup>(a)</sup> | &nbsp;&nbsp; 105 | 105849 |
| 6.90%, 05/23/53<sup>(a)</sup> | &nbsp;&nbsp; 130 | 139692 |
| 6.95%, 01/26/39<sup>(a)</sup> | &nbsp;&nbsp; 295 | 327753 |
| Emera U.S. Finance LP, 4.75%, 06/15/46 | &nbsp;&nbsp; 50 | 41651 |
| Enel Finance America LLC, 2.88%, 07/12/41<sup>(a)</sup> | &nbsp;&nbsp; 200 | 139816 |
| Enel Finance International NV |  |  |
| 4.75%, 05/25/47<sup>(a)</sup> | &nbsp;&nbsp; 85 | 72183 |
| 5.50%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 165 | 152779 |
| 6.00%, 10/07/39<sup>(a)</sup> | &nbsp;&nbsp; 50 | 51767 |
| 6.80%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; 100 | 111222 |
| 7.75%, 10/14/52<sup>(a)</sup> | &nbsp;&nbsp; 75 | 90321 |
| Entergy Arkansas LLC |  |  |
| 2.65%, 06/15/51 | &nbsp;&nbsp; 55 | 32172 |
| 3.35%, 06/15/52 | &nbsp;&nbsp; 45 | 30248 |
| 4.20%, 04/01/49 | &nbsp;&nbsp; 70 | 55430 |
| 5.75%, 06/01/54 | &nbsp;&nbsp; 35 | 34819 |
| Entergy Corp., 3.75%, 06/15/50 | &nbsp;&nbsp; 60 | 42803 |
| Entergy Louisiana LLC |  |  |
| 2.90%, 03/15/51 | &nbsp;&nbsp; 65 | 40200 |
| 3.10%, 06/15/41 | &nbsp;&nbsp; 65 | 48215 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 105 | 84298 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 65 | 51438 |
| 4.75%, 09/15/52 | &nbsp;&nbsp; 65 | 55594 |
| 4.95%, 01/15/45 | &nbsp;&nbsp; 85 | 75799 |
| 5.70%, 03/15/54 | &nbsp;&nbsp; 70 | 68388 |
| 5.80%, 03/15/55 | &nbsp;&nbsp; 25 | 24888 |
| Entergy Mississippi LLC |  |  |
| 3.50%, 06/01/51 | &nbsp;&nbsp; 25 | 17167 |
| 3.85%, 06/01/49 | &nbsp;&nbsp; 39 | 29170 |
| 5.80%, 04/15/55 | &nbsp;&nbsp; 25 | 24883 |
| 5.85%, 06/01/54 | &nbsp;&nbsp; 45 | 44596 |
| Entergy Texas Inc. |  |  |
| 3.55%, 09/30/49 | &nbsp;&nbsp; 45 | 31614 |
| 4.50%, 03/30/39 | &nbsp;&nbsp; 35 | 31848 |
| 5.00%, 09/15/52 | &nbsp;&nbsp; 45 | 39874 |
| 5.55%, 09/15/54 | &nbsp;&nbsp; 35 | 33452 |
| 5.80%, 09/01/53 | &nbsp;&nbsp; 25 | 24651 |
| Evergy Kansas Central Inc. |  |  |
| 3.25%, 09/01/49 | &nbsp;&nbsp; 35 | 23096 |
| 3.45%, 04/15/50 | &nbsp;&nbsp; 10 | 6919 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 45 | 36824 |
| 4.13%, 03/01/42 | &nbsp;&nbsp; 41 | 34036 |
| 4.25%, 12/01/45 | &nbsp;&nbsp; 35 | 28757 |
| 5.70%, 03/15/53 | &nbsp;&nbsp; 35 | 34314 |
| Evergy Metro Inc. |  |  |
| 4.20%, 06/15/47 | &nbsp;&nbsp; 35 | 28180 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 25 | 19912 |
| 5.30%, 10/01/41 | &nbsp;&nbsp; 40 | 38584 |
| Series 2019, 4.13%, 04/01/49 | &nbsp;&nbsp; 45 | 35105 |
| Eversource Energy, 3.45%, 01/15/50 | &nbsp;&nbsp; 75 | 52086 |
| Exelon Corp. |  |  |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 90 | 68392 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 105 | 87187 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 85 | 70881 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 50 | 45692 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 120 | 113809 |
| 5.88%, 03/15/55 | &nbsp;&nbsp; 65 | 64152 |
| FIEMEX Energia - Banco Actinver SA Institucion de <br> Banca Multiple, 7.25%, 01/31/41<sup>(f)</sup><br>| &nbsp;&nbsp; 198 | 203797 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| FirstEnergy Corp. |  |  |
| Series C, 3.40%, 03/01/50 | &nbsp;&nbsp; $80 | $53693 |
| Series C, 4.85%, 07/15/47 | &nbsp;&nbsp; 80 | 68667 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp; 55 | 45664 |
| 5.45%, 07/15/44<sup>(a)</sup> | &nbsp;&nbsp; 45 | 42915 |
| Florida Power & Light Co. |  |  |
| 2.88%, 12/04/51 | &nbsp;&nbsp; 65 | 40535 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 50 | 33540 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 60 | 45370 |
| 3.80%, 12/15/42 | &nbsp;&nbsp; 50 | 40640 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 120 | 95049 |
| 3.99%, 03/01/49 | &nbsp;&nbsp; 45 | 35200 |
| 4.05%, 06/01/42 | &nbsp;&nbsp; 60 | 50393 |
| 4.05%, 10/01/44 | &nbsp;&nbsp; 85 | 69983 |
| 4.13%, 02/01/42 | &nbsp;&nbsp; 55 | 46829 |
| 4.13%, 06/01/48 | &nbsp;&nbsp; 65 | 52441 |
| 5.25%, 02/01/41 | &nbsp;&nbsp; 75 | 73789 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 95 | 90254 |
| 5.60%, 06/15/54 | &nbsp;&nbsp; 85 | 84155 |
| 5.65%, 02/01/37 | &nbsp;&nbsp; 45 | 47109 |
| 5.69%, 03/01/40 | &nbsp;&nbsp; 55 | 57001 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 60 | 60244 |
| 5.80%, 03/15/65 | &nbsp;&nbsp; 25 | 25310 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 50 | 53699 |
| 5.96%, 04/01/39 | &nbsp;&nbsp; 50 | 53129 |
| Georgia Power Co. |  |  |
| 4.30%, 03/15/42 | &nbsp;&nbsp; 135 | 116630 |
| 4.30%, 03/15/43 | &nbsp;&nbsp; 65 | 55298 |
| 5.13%, 05/15/52 | &nbsp;&nbsp; 75 | 69545 |
| Series 10-C, 4.75%, 09/01/40 | &nbsp;&nbsp; 75 | 70400 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 55 | 37162 |
| Series B, 3.70%, 01/30/50 | &nbsp;&nbsp; 55 | 40710 |
| Great River Energy, 6.25%, 07/01/38<sup>(a)</sup> | &nbsp;&nbsp; 69 | 73138 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 45 | 51406 |
| Idaho Power Co. |  |  |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 25 | 23947 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 35 | 34516 |
| 5.80%, 04/01/54 | &nbsp;&nbsp; 25 | 24918 |
| Series K, 4.20%, 03/01/48 | &nbsp;&nbsp; 5 | 4034 |
| Indiana Michigan Power Co. |  |  |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 20 | 13029 |
| 4.25%, 08/15/48 | &nbsp;&nbsp; 35 | 27702 |
| 5.63%, 04/01/53 | &nbsp;&nbsp; 70 | 68145 |
| Series K, 4.55%, 03/15/46 | &nbsp;&nbsp; 71 | 60520 |
| Series L, 3.75%, 07/01/47 | &nbsp;&nbsp; 15 | 11171 |
| Indianapolis Power & Light Co., 5.70%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 35 | 34267 |
| Infraestructura Energetica Nova SAPI de CV, 4.75%, <br> 01/15/51<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 150243 |
| Interstate Power & Light Co. |  |  |
| 3.50%, 09/30/49 | &nbsp;&nbsp; 20 | 14018 |
| 3.70%, 09/15/46 | &nbsp;&nbsp; 20 | 14700 |
| 5.45%, 09/30/54 | &nbsp;&nbsp; 10 | 9446 |
| 6.25%, 07/15/39 | &nbsp;&nbsp; 30 | 31942 |
| John Sevier Combined Cycle Generation LLC, 4.63%, <br> 01/15/42<br>| &nbsp;&nbsp; 8 | 7425 |
| Kentucky Utilities Co. |  |  |
| 3.30%, 06/01/50 | &nbsp;&nbsp; 65 | 43868 |
| 4.38%, 10/01/45 | &nbsp;&nbsp; 70 | 58906 |
| 5.13%, 11/01/40 | &nbsp;&nbsp; 40 | 38907 |
| 5.85%, 08/15/55 | &nbsp;&nbsp; 65 | 64523 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Louisville Gas & Electric Co., 4.25%, 04/01/49 | &nbsp;&nbsp; $40 | $31825 |
| Louisville Gas and Electric Co., Series ., 5.85%, <br> 08/15/55<br>| &nbsp;&nbsp; 80 | 79430 |
| Massachusetts Electric Co. |  |  |
| 4.00%, 08/15/46<sup>(a)</sup> | &nbsp;&nbsp; 5 | 3900 |
| 5.87%, 02/26/54<sup>(a)</sup> | &nbsp;&nbsp; 50 | 49053 |
| 5.90%, 11/15/39<sup>(a)</sup> | &nbsp;&nbsp; 75 | 77288 |
| MidAmerican Energy Co. |  |  |
| 2.70%, 08/01/52 | &nbsp;&nbsp; 95 | 57838 |
| 3.15%, 04/15/50 | &nbsp;&nbsp; 80 | 53485 |
| 3.65%, 08/01/48 | &nbsp;&nbsp; 70 | 51980 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 25 | 19588 |
| 4.25%, 05/01/46 | &nbsp;&nbsp; 5 | 4145 |
| 4.25%, 07/15/49 | &nbsp;&nbsp; 110 | 88985 |
| 4.40%, 10/15/44 | &nbsp;&nbsp; 45 | 38501 |
| 4.80%, 09/15/43 | &nbsp;&nbsp; 25 | 22670 |
| 5.30%, 02/01/55 | &nbsp;&nbsp; 20 | 18855 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 35 | 37352 |
| 5.85%, 09/15/54 | &nbsp;&nbsp; 100 | 102233 |
| Mississippi Power Co. |  |  |
| Series 12-A, 4.25%, 03/15/42 | &nbsp;&nbsp; 60 | 51425 |
| Series B, 3.10%, 07/30/51 | &nbsp;&nbsp; 50 | 32614 |
| Monongahela Power Co., 5.40%, 12/15/43<sup>(a)</sup> | &nbsp;&nbsp; 70 | 68113 |
| Nevada Power Co. |  |  |
| 6.00%, 03/15/54 | &nbsp;&nbsp; 70 | 70537 |
| Series EE, 3.13%, 08/01/50 | &nbsp;&nbsp; 20 | 12693 |
| Series R, 6.75%, 07/01/37 | &nbsp;&nbsp; 35 | 39190 |
| New England Power Co. |  |  |
| 2.81%, 10/06/50<sup>(a)</sup> | &nbsp;&nbsp; 20 | 12203 |
| 3.80%, 12/05/47<sup>(a)</sup> | &nbsp;&nbsp; 44 | 33506 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 75 | 46402 |
| 5.11%, 09/29/57<sup>(a)</sup> | &nbsp;&nbsp; 30 | 26758 |
| 5.25%, 02/28/53 | &nbsp;&nbsp; 120 | 109731 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 75 | 71230 |
| 5.90%, 03/15/55 | &nbsp;&nbsp; 90 | 89678 |
| Niagara Mohawk Power Corp. |  |  |
| 3.03%, 06/27/50<sup>(a)</sup> | &nbsp;&nbsp; 70 | 43549 |
| 4.12%, 11/28/42<sup>(a)</sup> | &nbsp;&nbsp; 25 | 20598 |
| 5.66%, 01/17/54<sup>(a)</sup> | &nbsp;&nbsp; 75 | 71728 |
| 5.78%, 09/16/52<sup>(a)</sup> | &nbsp;&nbsp; 60 | 58286 |
| 6.00%, 07/03/55<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24837 |
| Northern States Power Co., 5.65%, 05/15/55 | &nbsp;&nbsp; 40 | 39643 |
| Northern States Power Co./MN |  |  |
| 2.60%, 06/01/51 | &nbsp;&nbsp; 63 | 37899 |
| 2.90%, 03/01/50 | &nbsp;&nbsp; 70 | 45213 |
| 3.20%, 04/01/52 | &nbsp;&nbsp; 55 | 37371 |
| 3.40%, 08/15/42 | &nbsp;&nbsp; 76 | 58169 |
| 3.60%, 05/15/46 | &nbsp;&nbsp; 45 | 33863 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 95 | 70788 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 30 | 24276 |
| 4.13%, 05/15/44 | &nbsp;&nbsp; 60 | 49893 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 60 | 50436 |
| 5.10%, 05/15/53 | &nbsp;&nbsp; 50 | 45964 |
| 5.35%, 11/01/39 | &nbsp;&nbsp; 20 | 20441 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 90 | 87124 |
| Northern States Power Co./WI, 5.65%, 06/15/54 | &nbsp;&nbsp; 75 | 74859 |
| NSTAR Electric Co. |  |  |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 45 | 29686 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 35 | 29825 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 55 | 45647 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.95%, 09/15/52 | &nbsp;&nbsp; $45 | $39990 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 20 | 20261 |
| Oglethorpe Power Corp. |  |  |
| 3.75%, 08/01/50 | &nbsp;&nbsp; 25 | 17521 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 55 | 45259 |
| 5.05%, 10/01/48 | &nbsp;&nbsp; 50 | 44512 |
| 5.38%, 11/01/40 | &nbsp;&nbsp; 55 | 53607 |
| 5.80%, 06/01/54 | &nbsp;&nbsp; 30 | 28907 |
| 5.90%, 02/01/55 | &nbsp;&nbsp; 30 | 29419 |
| 5.95%, 11/01/39 | &nbsp;&nbsp; 37 | 38187 |
| 6.20%, 12/01/53 | &nbsp;&nbsp; 45 | 46018 |
| Ohio Edison Co., 6.88%, 07/15/36 | &nbsp;&nbsp; 35 | 39714 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 30 | 22449 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 70 | 54085 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.85%, 08/15/47 | &nbsp;&nbsp; 15 | 11544 |
| 4.15%, 04/01/47 | &nbsp;&nbsp; 15 | 12164 |
| 5.60%, 04/01/53 | &nbsp;&nbsp; 55 | 53312 |
| 5.80%, 04/01/55 | &nbsp;&nbsp; 25 | 24897 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 30 | 17682 |
| 3.10%, 09/15/49 | &nbsp;&nbsp; 90 | 59141 |
| 3.70%, 05/15/50 | &nbsp;&nbsp; 20 | 14437 |
| 3.75%, 04/01/45 | &nbsp;&nbsp; 70 | 53990 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 50 | 38112 |
| 3.80%, 06/01/49 | &nbsp;&nbsp; 65 | 48171 |
| 4.10%, 11/15/48 | &nbsp;&nbsp; 45 | 35624 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 55 | 48842 |
| 4.60%, 06/01/52 | &nbsp;&nbsp; 55 | 45389 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 95 | 84341 |
| 5.25%, 09/30/40 | &nbsp;&nbsp; 30 | 29540 |
| 5.30%, 06/01/42 | &nbsp;&nbsp; 50 | 48291 |
| 5.35%, 10/01/52 | &nbsp;&nbsp; 15 | 14033 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 55 | 53113 |
| 5.80%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 50 | 49985 |
| 7.50%, 09/01/38 | &nbsp;&nbsp; 30 | 36115 |
| Pacific Gas and Electric Co. |  |  |
| 3.30%, 08/01/40 | &nbsp;&nbsp; 140 | 103661 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 215 | 140898 |
| 3.75%, 08/15/42 | &nbsp;&nbsp; 45 | 32809 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 125 | 90465 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 40 | 28997 |
| 4.20%, 06/01/41 | &nbsp;&nbsp; 70 | 55247 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; 15 | 11325 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 95 | 73010 |
| 4.45%, 04/15/42 | &nbsp;&nbsp; 40 | 31938 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 165 | 140652 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 25 | 20167 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; 95 | 78574 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 320 | 264815 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; 75 | 64005 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 50 | 48372 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 65 | 66906 |
| 6.75%, 01/15/53 | &nbsp;&nbsp; 160 | 165193 |
| PacifiCorp |  |  |
| 2.90%, 06/15/52 | &nbsp;&nbsp; 110 | 64293 |
| 3.30%, 03/15/51 | &nbsp;&nbsp; 90 | 57384 |
| 4.10%, 02/01/42 | &nbsp;&nbsp; 60 | 47923 |
| 4.13%, 01/15/49 | &nbsp;&nbsp; 75 | 56858 |
| 4.15%, 02/15/50 | &nbsp;&nbsp; 90 | 68158 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.35%, 12/01/53 | &nbsp;&nbsp; $130 | $116406 |
| 5.50%, 05/15/54 | &nbsp;&nbsp; 125 | 113980 |
| 5.75%, 04/01/37 | &nbsp;&nbsp; 60 | 61293 |
| 5.80%, 01/15/55 | &nbsp;&nbsp; 155 | 146317 |
| 6.00%, 01/15/39 | &nbsp;&nbsp; 70 | 72192 |
| 6.10%, 08/01/36 | &nbsp;&nbsp; 35 | 36892 |
| 6.25%, 10/15/37 | &nbsp;&nbsp; 60 | 63475 |
| 6.35%, 07/15/38 | &nbsp;&nbsp; 15 | 15892 |
| PECO Energy Co. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 35 | 21734 |
| 2.85%, 09/15/51 | &nbsp;&nbsp; 35 | 21746 |
| 3.00%, 09/15/49 | &nbsp;&nbsp; 35 | 22731 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; 75 | 56689 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; 100 | 78073 |
| 4.15%, 10/01/44 | &nbsp;&nbsp; 50 | 41462 |
| 4.38%, 08/15/52 | &nbsp;&nbsp; 10 | 8185 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; 40 | 34322 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; 20 | 18803 |
| 5.95%, 10/01/36 | &nbsp;&nbsp; 15 | 16076 |
| Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 4.88%, 07/17/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 169306 |
| 6.15%, 05/21/48<sup>(f)</sup> | &nbsp;&nbsp; 200 | 202619 |
| PG&E Recovery Funding LLC, Series A-2, 5.23%, <br> 06/01/42<br>| &nbsp;&nbsp; 450 | 448579 |
| PG&E Wildfire Recovery Funding LLC, Series A-5, <br> 5.10%, 06/01/54<br>| &nbsp;&nbsp; 648 | 592881 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 70 | 58404 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 30 | 28855 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 40 | 44628 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 25 | 16246 |
| 3.95%, 06/01/47 | &nbsp;&nbsp; 25 | 19801 |
| 4.13%, 06/15/44 | &nbsp;&nbsp; 40 | 33409 |
| 4.15%, 10/01/45 | &nbsp;&nbsp; 40 | 33153 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 25 | 20229 |
| 4.75%, 07/15/43 | &nbsp;&nbsp; 50 | 45139 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 80 | 75617 |
| 5.55%, 08/15/55 | &nbsp;&nbsp; 100 | 97743 |
| 6.25%, 05/15/39 | &nbsp;&nbsp; 10 | 11000 |
| Progress Energy Inc., 6.00%, 12/01/39 | &nbsp;&nbsp; 65 | 68301 |
| Public Service Co. of Colorado |  |  |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 45 | 34621 |
| 3.80%, 06/15/47 | &nbsp;&nbsp; 20 | 14975 |
| 4.05%, 09/15/49 | &nbsp;&nbsp; 45 | 34548 |
| 4.10%, 06/15/48 | &nbsp;&nbsp; 35 | 27159 |
| 4.30%, 03/15/44 | &nbsp;&nbsp; 50 | 41230 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 55 | 44542 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 95 | 86626 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 60 | 58931 |
| 5.85%, 05/15/55 | &nbsp;&nbsp; 110 | 108402 |
| 6.50%, 08/01/38 | &nbsp;&nbsp; 25 | 27321 |
| Series 17, 6.25%, 09/01/37 | &nbsp;&nbsp; 31 | 33494 |
| Series 34, 3.20%, 03/01/50 | &nbsp;&nbsp; 65 | 42676 |
| Series 36, 2.70%, 01/15/51 | &nbsp;&nbsp; 50 | 29351 |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | &nbsp;&nbsp; 40 | 29393 |
| 5.15%, 01/15/53 | &nbsp;&nbsp; 35 | 32233 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Public Service Co. of Oklahoma |  |  |
| 5.45%, 01/15/36 | &nbsp;&nbsp; $100 | $101193 |
| Series K, 3.15%, 08/15/51 | &nbsp;&nbsp; 10 | 6258 |
| Public Service Electric & Gas Co. |  |  |
| 2.05%, 08/01/50 | &nbsp;&nbsp; 35 | 18532 |
| 2.70%, 05/01/50 | &nbsp;&nbsp; 25 | 15274 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 40 | 26009 |
| 3.15%, 01/01/50 | &nbsp;&nbsp; 35 | 23604 |
| 3.20%, 08/01/49 | &nbsp;&nbsp; 45 | 30768 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 65 | 48344 |
| 3.80%, 03/01/46 | &nbsp;&nbsp; 85 | 66163 |
| 3.85%, 05/01/49 | &nbsp;&nbsp; 65 | 49701 |
| 3.95%, 05/01/42 | &nbsp;&nbsp; 55 | 45349 |
| 5.13%, 03/15/53 | &nbsp;&nbsp; 65 | 60139 |
| 5.30%, 08/01/54 | &nbsp;&nbsp; 50 | 47426 |
| 5.45%, 08/01/53 | &nbsp;&nbsp; 50 | 48519 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 65 | 63175 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 15 | 15278 |
| 5.80%, 05/01/37 | &nbsp;&nbsp; 40 | 42488 |
| Puget Sound Energy Inc. |  |  |
| 2.89%, 09/15/51 | &nbsp;&nbsp; 30 | 18373 |
| 3.25%, 09/15/49 | &nbsp;&nbsp; 45 | 30019 |
| 4.22%, 06/15/48 | &nbsp;&nbsp; 53 | 42720 |
| 4.30%, 05/20/45 | &nbsp;&nbsp; 30 | 24430 |
| 5.45%, 06/01/53 | &nbsp;&nbsp; 25 | 23725 |
| 5.64%, 04/15/41 | &nbsp;&nbsp; 31 | 30657 |
| 5.69%, 06/15/54 | &nbsp;&nbsp; 40 | 39380 |
| 5.76%, 10/01/39 | &nbsp;&nbsp; 35 | 36190 |
| 5.80%, 03/15/40 | &nbsp;&nbsp; 30 | 30877 |
| 6.27%, 03/15/37 | &nbsp;&nbsp; 30 | 32472 |
| San Diego Gas & Electric Co. |  |  |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 55 | 39160 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 45 | 35627 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 60 | 54388 |
| 5.35%, 04/01/53 | &nbsp;&nbsp; 90 | 83805 |
| 5.55%, 04/15/54 | &nbsp;&nbsp; 65 | 62220 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 30 | 32008 |
| Series RRR, 3.75%, 06/01/47 | &nbsp;&nbsp; 50 | 37338 |
| Series TTT, 4.10%, 06/15/49 | &nbsp;&nbsp; 35 | 27364 |
| Series UUU, 3.32%, 04/15/50 | &nbsp;&nbsp; 45 | 30193 |
| Series WWW, 2.95%, 08/15/51 | &nbsp;&nbsp; 75 | 47114 |
| Saudi Electricity Global Sukuk Co. 2, 5.06%, <br> 04/08/43<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 189235 |
| Saudi Electricity Global Sukuk Co. 3, 5.50%, <br> 04/08/44<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 197439 |
| Sempra |  |  |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 120 | 101132 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 45 | 33632 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 70 | 71575 |
| Sierra Pacific Power Co., 5.90%, 03/15/54 | &nbsp;&nbsp; 15 | 14863 |
| Southern California Edison Co. |  |  |
| 3.45%, 02/01/52 | &nbsp;&nbsp; 65 | 42318 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 125 | 85971 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 195 | 145237 |
| 4.05%, 03/15/42 | &nbsp;&nbsp; 61 | 48200 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 35 | 30679 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 50 | 42086 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 60 | 58332 |
| 5.63%, 02/01/36 | &nbsp;&nbsp; 10 | 10031 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 60 | 55374 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 40 | 37238 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.88%, 12/01/53 | &nbsp;&nbsp; $80 | $76062 |
| 5.90%, 03/01/55 | &nbsp;&nbsp; 40 | 38166 |
| 6.05%, 03/15/39 | &nbsp;&nbsp; 60 | 61638 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 70 | 69471 |
| Series 06-E, 5.55%, 01/15/37 | &nbsp;&nbsp; 30 | 29767 |
| Series 08-A, 5.95%, 02/01/38 | &nbsp;&nbsp; 46 | 47027 |
| Series 13-A, 3.90%, 03/15/43 | &nbsp;&nbsp; 35 | 26898 |
| Series 20A, 2.95%, 02/01/51 | &nbsp;&nbsp; 90 | 54598 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 70 | 58419 |
| Series C, 3.60%, 02/01/45 | &nbsp;&nbsp; 60 | 42986 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 75 | 56707 |
| Series E, 5.45%, 06/01/52 | &nbsp;&nbsp; 25 | 22287 |
| Series H, 3.65%, 06/01/51 | &nbsp;&nbsp; 35 | 23796 |
| Southern Co. (The) |  |  |
| 4.25%, 07/01/36 | &nbsp;&nbsp; 50 | 46012 |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 215 | 178831 |
| Southern Power Co. |  |  |
| 5.15%, 09/15/41 | &nbsp;&nbsp; 65 | 61421 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 40 | 37630 |
| Series F, 4.95%, 12/15/46 | &nbsp;&nbsp; 55 | 48424 |
| Southwestern Electric Power Co. |  |  |
| 3.25%, 11/01/51 | &nbsp;&nbsp; 80 | 51527 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 30 | 31289 |
| Series J, 3.90%, 04/01/45 | &nbsp;&nbsp; 60 | 45411 |
| Series L, 3.85%, 02/01/48 | &nbsp;&nbsp; 35 | 25467 |
| Southwestern Public Service Co. |  |  |
| 3.40%, 08/15/46 | &nbsp;&nbsp; 50 | 34425 |
| 3.70%, 08/15/47 | &nbsp;&nbsp; 35 | 25527 |
| 3.75%, 06/15/49 | &nbsp;&nbsp; 40 | 28725 |
| 4.50%, 08/15/41 | &nbsp;&nbsp; 60 | 52676 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 50 | 50083 |
| Series 6, 4.40%, 11/15/48 | &nbsp;&nbsp; 40 | 31976 |
| Series 8, 3.15%, 05/01/50 | &nbsp;&nbsp; 70 | 45041 |
| State Grid Overseas Investment 2014 Ltd., 4.85%, <br> 05/07/44<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 197167 |
| Tampa Electric Co. |  |  |
| 3.45%, 03/15/51 | &nbsp;&nbsp; 29 | 20018 |
| 3.63%, 06/15/50 | &nbsp;&nbsp; 15 | 10663 |
| 4.10%, 06/15/42 | &nbsp;&nbsp; 25 | 20914 |
| 4.30%, 06/15/48 | &nbsp;&nbsp; 33 | 26915 |
| 4.35%, 05/15/44 | &nbsp;&nbsp; 9 | 7618 |
| 4.45%, 06/15/49 | &nbsp;&nbsp; 20 | 16388 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 20 | 17639 |
| Tierra Mojada Luxembourg II SARL, 5.75%, <br> 12/01/40<sup>(f)</sup><br>| &nbsp;&nbsp; 169 | 162052 |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; 26 | 28167 |
| TransAlta Corp., 6.50%, 03/15/40 | &nbsp;&nbsp; 35 | 34452 |
| Tri-State Generation & Transmission Association Inc., <br> 6.00%, 06/15/40<sup>(a)</sup><br>| &nbsp;&nbsp; 5 | 5072 |
| Tucson Electric Power Co. |  |  |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 30 | 19405 |
| 4.00%, 06/15/50 | &nbsp;&nbsp; 35 | 26183 |
| 4.85%, 12/01/48 | &nbsp;&nbsp; 15 | 13038 |
| 5.50%, 04/15/53 | &nbsp;&nbsp; 30 | 28130 |
| 5.90%, 04/15/55 | &nbsp;&nbsp; 20 | 19740 |
| Union Electric Co. |  |  |
| 2.63%, 03/15/51 | &nbsp;&nbsp; 75 | 44380 |
| 3.25%, 10/01/49 | &nbsp;&nbsp; 40 | 26864 |
| 3.65%, 04/15/45 | &nbsp;&nbsp; 65 | 49670 |
| 3.90%, 09/15/42 | &nbsp;&nbsp; 50 | 40566 |
| 3.90%, 04/01/52 | &nbsp;&nbsp; 35 | 26394 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.00%, 04/01/48 | &nbsp;&nbsp; $20 | $15724 |
| 5.13%, 03/15/55 | &nbsp;&nbsp; 45 | 41105 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 40 | 36924 |
| 5.30%, 08/01/37 | &nbsp;&nbsp; 35 | 35408 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 60 | 57317 |
| 8.45%, 03/15/39 | &nbsp;&nbsp; 26 | 33535 |
| Virginia Electric & Power Co. |  |  |
| 2.45%, 12/15/50 | &nbsp;&nbsp; 65 | 36493 |
| 2.95%, 11/15/51 | &nbsp;&nbsp; 110 | 68381 |
| 3.30%, 12/01/49 | &nbsp;&nbsp; 75 | 50338 |
| 4.00%, 01/15/43 | &nbsp;&nbsp; 70 | 56718 |
| 4.45%, 02/15/44 | &nbsp;&nbsp; 80 | 68380 |
| 4.60%, 12/01/48 | &nbsp;&nbsp; 25 | 21301 |
| 5.35%, 01/15/54 | &nbsp;&nbsp; 55 | 51241 |
| 5.45%, 04/01/53 | &nbsp;&nbsp; 95 | 90045 |
| 5.65%, 03/15/55 | &nbsp;&nbsp; 25 | 24530 |
| 5.70%, 08/15/53 | &nbsp;&nbsp; 60 | 58956 |
| 6.35%, 11/30/37 | &nbsp;&nbsp; 10 | 10903 |
| 8.88%, 11/15/38 | &nbsp;&nbsp; 55 | 73129 |
| Series A, 6.00%, 05/15/37 | &nbsp;&nbsp; 55 | 58477 |
| Series B, 3.80%, 09/15/47 | &nbsp;&nbsp; 84 | 63200 |
| Series B, 4.20%, 05/15/45 | &nbsp;&nbsp; 35 | 28668 |
| Series B, 6.00%, 01/15/36 | &nbsp;&nbsp; 55 | 58475 |
| Series C, 4.00%, 11/15/46 | &nbsp;&nbsp; 75 | 58847 |
| Series C, 4.63%, 05/15/52 | &nbsp;&nbsp; 85 | 71044 |
| Series D, 4.65%, 08/15/43 | &nbsp;&nbsp; 85 | 74879 |
| Wisconsin Electric Power Co. |  |  |
| 4.30%, 10/15/48 | &nbsp;&nbsp; 10 | 8245 |
| 5.05%, 10/01/54 | &nbsp;&nbsp; 10 | 9039 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 30 | 32201 |
| Wisconsin Power and Light Co. |  |  |
| 3.65%, 04/01/50 | &nbsp;&nbsp; 20 | 14144 |
| 6.38%, 08/15/37 | &nbsp;&nbsp; 25 | 27473 |
| Wisconsin Public Service Corp. |  |  |
| 2.85%, 12/01/51 | &nbsp;&nbsp; 40 | 24513 |
| 3.30%, 09/01/49 | &nbsp;&nbsp; 15 | 10177 |
| 3.67%, 12/01/42 | &nbsp;&nbsp; 20 | 15656 |
| 4.75%, 11/01/44 | &nbsp;&nbsp; 40 | 35639 |
| Xcel Energy Inc. |  |  |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 70 | 48020 |
| 6.50%, 07/01/36 | &nbsp;&nbsp; 35 | 37981 |
|  |  | 33022648 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| ABB Finance USA Inc., 4.38%, 05/08/42 | &nbsp;&nbsp; 40 | 35341 |
| Emerson Electric Co. |  |  |
| 2.75%, 10/15/50 | &nbsp;&nbsp; 45 | 28162 |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 70 | 43627 |
| 5.25%, 11/15/39 | &nbsp;&nbsp; 50 | 50353 |
|  |  | 157483 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Fortive Corp., 4.30%, 06/15/46 | &nbsp;&nbsp; 50 | 40887 |
| Honeywell International Inc. |  |  |
| 2.80%, 06/01/50 | &nbsp;&nbsp; 105 | 65912 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 95 | 73024 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 105 | 97711 |
| 5.35%, 03/01/64 | &nbsp;&nbsp; 45 | 41704 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 80 | 81212 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 65 | 68579 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 30 | 31551 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| Tyco Electronics Group SA, 7.13%, 10/01/37 | &nbsp;&nbsp; $40 | $46901 |
|  |  | 547481 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| Topaz Solar Farms LLC, 5.75%, 09/30/39<sup>(a)</sup> | &nbsp;&nbsp; 63 | 63683 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Aeropuerto Internacional de Tocumen SA, 4.00%, <br> 08/11/41<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 160367 |
| LBJ Infrastructure Group LLC, 3.80%, 12/31/57<sup>(a)</sup> | &nbsp;&nbsp; 30 | 20260 |
| Mexico City Airport Trust, 5.50%, 07/31/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 168960 |
|  |  | 349587 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Warnermedia Holdings Inc. |  |  |
| 5.05%, 03/15/42 | &nbsp;&nbsp; 420 | 283080 |
| 5.14%, 03/15/52 | &nbsp;&nbsp; 102 | 63686 |
|  |  | 346766 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Nature Conservancy (The), Series A, 3.96%, <br> 03/01/52<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 3856 |
| Republic Services Inc. |  |  |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 55 | 36862 |
| 5.70%, 05/15/41 | &nbsp;&nbsp; 40 | 41203 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 50 | 54492 |
| Waste Connections Inc. |  |  |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 85 | 53497 |
| 3.05%, 04/01/50 | &nbsp;&nbsp; 55 | 36018 |
| Waste Management Inc. |  |  |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 50 | 29355 |
| 2.95%, 06/01/41 | &nbsp;&nbsp; 30 | 22236 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 40 | 33207 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 80 | 64915 |
| 5.35%, 10/15/54 | &nbsp;&nbsp; 130 | 124541 |
|  |  | 500182 |
| **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
| Conagra Brands Inc. |  |  |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 98 | 92456 |
| 5.40%, 11/01/48 | &nbsp;&nbsp; 100 | 87934 |
| General Mills Inc. |  |  |
| 3.00%, 02/01/51 | &nbsp;&nbsp; 75 | 47269 |
| 4.15%, 02/15/43 | &nbsp;&nbsp; 25 | 20364 |
| 4.70%, 04/17/48 | &nbsp;&nbsp; 50 | 43089 |
| 5.40%, 06/15/40 | &nbsp;&nbsp; 50 | 48965 |
| Grupo Bimbo SAB de CV |  |  |
| 4.00%, 09/06/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 147168 |
| 4.70%, 11/10/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 167961 |
| Hershey Co. (The) |  |  |
| 2.65%, 06/01/50 | &nbsp;&nbsp; 60 | 35962 |
| 3.13%, 11/15/49 | &nbsp;&nbsp; 56 | 37327 |
| 3.38%, 08/15/46 | &nbsp;&nbsp; 5 | 3623 |
| Hormel Foods Corp., 3.05%, 06/03/51 | &nbsp;&nbsp; 65 | 41744 |
| Indofood CBP Sukses Makmur Tbk PT, 4.75%, <br> 06/09/51<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 170047 |
| Ingredion Inc., 3.90%, 06/01/50 | &nbsp;&nbsp; 45 | 32449 |
| J.M. Smucker Co. (The) |  |  |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 61 | 49998 |
| 6.50%, 11/15/43 | &nbsp;&nbsp; 65 | 69108 |
| 6.50%, 11/15/53<sup>(b)</sup> | &nbsp;&nbsp; 95 | 101154 |
| JBS USA Holding Lux Sarl / JBS USA Foods Group <br> Holdings Inc. / JBS USA Food Co.<br>|  |  |
| 5.50%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 125 | 125675 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 6.25%, 03/01/56<sup>(a)</sup> | &nbsp;&nbsp; $125 | $123598 |
| 6.38%, 04/15/66<sup>(a)</sup> | &nbsp;&nbsp; 120 | 118489 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL<br>|  |  |
| 4.38%, 02/02/52 | &nbsp;&nbsp; 105 | 79717 |
| 6.50%, 12/01/52 | &nbsp;&nbsp; 145 | 147926 |
| 7.25%, 11/15/53 | &nbsp;&nbsp; 85 | 94229 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA <br> Foods Group, 6.38%, 02/25/55<sup>(a)</sup><br>| &nbsp;&nbsp; 60 | 60293 |
| Kellanova |  |  |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 55 | 46995 |
| 5.75%, 05/16/54 | &nbsp;&nbsp; 35 | 34099 |
| Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 | &nbsp;&nbsp; 52 | 53692 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 285 | 226754 |
| 4.63%, 10/01/39 | &nbsp;&nbsp; 36 | 31954 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 145 | 121037 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 115 | 102778 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 125 | 111105 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 85 | 76998 |
| 6.50%, 02/09/40 | &nbsp;&nbsp; 55 | 57959 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 75 | 81586 |
| 7.13%, 08/01/39<sup>(a)</sup> | &nbsp;&nbsp; 85 | 94448 |
| Kroger Co. (The) |  |  |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 55 | 41794 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 65 | 48711 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 110 | 91095 |
| 4.65%, 01/15/48 | &nbsp;&nbsp; 45 | 37931 |
| 5.00%, 04/15/42 | &nbsp;&nbsp; 30 | 27593 |
| 5.15%, 08/01/43 | &nbsp;&nbsp; 30 | 27716 |
| 5.40%, 07/15/40 | &nbsp;&nbsp; 15 | 14773 |
| 5.40%, 01/15/49 | &nbsp;&nbsp; 55 | 51408 |
| 5.50%, 09/15/54 | &nbsp;&nbsp; 205 | 191739 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 140 | 131294 |
| 6.90%, 04/15/38 | &nbsp;&nbsp; 56 | 62811 |
| Mars Inc. |  |  |
| 2.38%, 07/16/40<sup>(a)</sup> | &nbsp;&nbsp; 80 | 56217 |
| 2.45%, 07/16/50<sup>(a)</sup> | &nbsp;&nbsp; 50 | 28131 |
| 3.88%, 04/01/39<sup>(a)</sup> | &nbsp;&nbsp; 110 | 95414 |
| 3.95%, 04/01/44<sup>(a)</sup> | &nbsp;&nbsp; 40 | 32411 |
| 3.95%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp; 85 | 66219 |
| 4.13%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 53 | 40872 |
| 4.20%, 04/01/59<sup>(a)</sup> | &nbsp;&nbsp; 85 | 64227 |
| 5.65%, 05/01/45<sup>(a)</sup> | &nbsp;&nbsp; 275 | 271068 |
| 5.70%, 05/01/55<sup>(a)</sup> | &nbsp;&nbsp; 460 | 449251 |
| 5.80%, 05/01/65<sup>(a)</sup> | &nbsp;&nbsp; 70 | 68590 |
| McCormick & Co. Inc./MD, 4.20%, 08/15/47 | &nbsp;&nbsp; 41 | 32577 |
| Mondelez International Inc., 2.63%, 09/04/50 | &nbsp;&nbsp; 105 | 61539 |
| Nestle Holdings Inc. |  |  |
| 2.63%, 09/14/51<sup>(a)</sup> | &nbsp;&nbsp; 55 | 33359 |
| 3.90%, 09/24/38<sup>(a)</sup> | &nbsp;&nbsp; 150 | 134040 |
| 4.00%, 09/24/48<sup>(a)</sup> | &nbsp;&nbsp; 20 | 16063 |
| 4.70%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 150 | 131711 |
| Sysco Corp. |  |  |
| 3.15%, 12/14/51 | &nbsp;&nbsp; 100 | 63799 |
| 3.30%, 02/15/50 | &nbsp;&nbsp; 45 | 30193 |
| 4.45%, 03/15/48 | &nbsp;&nbsp; 55 | 45503 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 65 | 54670 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 43 | 38259 |
| 5.38%, 09/21/35 | &nbsp;&nbsp; 20 | 20348 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 35 | 38567 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 6.60%, 04/01/50 | &nbsp;&nbsp; $84 | $90461 |
| Tesco PLC, 6.15%, 11/15/37<sup>(a)</sup> | &nbsp;&nbsp; 50 | 51646 |
| The Campbell's Co. |  |  |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 55 | 35106 |
| 4.80%, 03/15/48 | &nbsp;&nbsp; 55 | 47531 |
| 5.25%, 10/13/54 | &nbsp;&nbsp; 35 | 31505 |
| Tyson Foods Inc. |  |  |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 75 | 62565 |
| 5.10%, 09/28/48 | &nbsp;&nbsp; 145 | 130050 |
| 5.15%, 08/15/44 | &nbsp;&nbsp; 50 | 45661 |
|  |  | 6080368 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 5.50%, 11/02/47 | &nbsp;&nbsp; 40 | 35522 |
| 5.50%, 04/30/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 178072 |
| International Paper Co. |  |  |
| 4.35%, 08/15/48 | &nbsp;&nbsp; 62 | 49828 |
| 4.40%, 08/15/47 | &nbsp;&nbsp; 64 | 52148 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 75 | 65927 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 40 | 39732 |
| 5.15%, 05/15/46<sup>(b)</sup> | &nbsp;&nbsp; 45 | 40759 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 60 | 61060 |
| 7.30%, 11/15/39 | &nbsp;&nbsp; 5 | 5760 |
| Suzano Austria GmbH, 7.00%, 03/16/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 217032 |
|  |  | 745840 |
| **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** |
| Atmos Energy Corp. |  |  |
| 2.85%, 02/15/52 | &nbsp;&nbsp; 80 | 48854 |
| 3.38%, 09/15/49 | &nbsp;&nbsp; 60 | 41605 |
| 4.13%, 10/15/44 | &nbsp;&nbsp; 50 | 41611 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 65 | 51520 |
| 4.15%, 01/15/43 | &nbsp;&nbsp; 50 | 42031 |
| 4.30%, 10/01/48 | &nbsp;&nbsp; 65 | 53605 |
| 5.50%, 06/15/41 | &nbsp;&nbsp; 45 | 45363 |
| 5.75%, 10/15/52 | &nbsp;&nbsp; 65 | 64716 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 60 | 63955 |
| Boston Gas Co. |  |  |
| 4.49%, 02/15/42<sup>(a)</sup> | &nbsp;&nbsp; 30 | 25218 |
| 6.12%, 07/20/53<sup>(a)</sup> | &nbsp;&nbsp; 50 | 49853 |
| Brooklyn Union Gas Co. (The) |  |  |
| 4.27%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 28 | 21745 |
| 4.49%, 03/04/49<sup>(a)</sup> | &nbsp;&nbsp; 45 | 35349 |
| 4.50%, 03/10/46<sup>(a)</sup> | &nbsp;&nbsp; 50 | 40650 |
| 6.42%, 07/18/54<sup>(a)</sup> | &nbsp;&nbsp; 55 | 56548 |
| CenterPoint Energy Resources Corp., 5.85%, <br> 01/15/41<br>| &nbsp;&nbsp; 50 | 50701 |
| East Ohio Gas Co. (The), 3.00%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 55 | 34172 |
| KeySpan Gas East Corp. |  |  |
| 3.59%, 01/18/52<sup>(a)</sup> | &nbsp;&nbsp; 55 | 36005 |
| 5.82%, 04/01/41<sup>(a)</sup> | &nbsp;&nbsp; 65 | 63244 |
| NiSource Inc. |  |  |
| 3.95%, 03/30/48 | &nbsp;&nbsp; 85 | 65532 |
| 4.38%, 05/15/47 | &nbsp;&nbsp; 125 | 103124 |
| 4.80%, 02/15/44 | &nbsp;&nbsp; 95 | 84236 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 50 | 43756 |
| 5.25%, 02/15/43 | &nbsp;&nbsp; 10 | 9388 |
| 5.65%, 02/01/45 | &nbsp;&nbsp; 70 | 68287 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 100 | 98203 |
| 5.95%, 06/15/41 | &nbsp;&nbsp; 45 | 45782 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| ONE Gas Inc. |  |  |
| 4.50%, 11/01/48 | &nbsp;&nbsp; $15 | $12462 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 105 | 91976 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 3.35%, 06/01/50 | &nbsp;&nbsp; 60 | 40178 |
| 3.64%, 11/01/46 | &nbsp;&nbsp; 50 | 36230 |
| 4.65%, 08/01/43 | &nbsp;&nbsp; 10 | 8803 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 50 | 43947 |
| Southern California Gas Co. |  |  |
| 3.75%, 09/15/42 | &nbsp;&nbsp; 50 | 39099 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 25 | 24009 |
| 5.60%, 04/01/54 | &nbsp;&nbsp; 50 | 48309 |
| 5.75%, 06/01/53 | &nbsp;&nbsp; 60 | 58689 |
| 6.00%, 06/15/55 | &nbsp;&nbsp; 80 | 81216 |
| 6.35%, 11/15/52 | &nbsp;&nbsp; 70 | 74482 |
| Series UU, 4.13%, 06/01/48 | &nbsp;&nbsp; 55 | 43251 |
| Series VV, 4.30%, 01/15/49 | &nbsp;&nbsp; 60 | 48030 |
| Series WW, 3.95%, 02/15/50 | &nbsp;&nbsp; 45 | 33678 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.95%, 10/01/46 | &nbsp;&nbsp; 75 | 57749 |
| 4.40%, 06/01/43 | &nbsp;&nbsp; 39 | 32839 |
| 4.40%, 05/30/47 | &nbsp;&nbsp; 60 | 49012 |
| 5.88%, 03/15/41 | &nbsp;&nbsp; 51 | 51998 |
| Series 21A, 3.15%, 09/30/51 | &nbsp;&nbsp; 65 | 41143 |
| Southwest Gas Corp. |  |  |
| 3.18%, 08/15/51 | &nbsp;&nbsp; 30 | 19778 |
| 3.80%, 09/29/46 | &nbsp;&nbsp; 20 | 14711 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 40 | 30794 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 52 | 37050 |
| Series K, 3.80%, 09/15/46 | &nbsp;&nbsp; 45 | 33626 |
| WGL Holdings Inc., 4.60%, 11/01/44 | &nbsp;&nbsp; 15 | 12459 |
|  |  | 2450571 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Snap-on Inc. |  |  |
| 3.10%, 05/01/50 | &nbsp;&nbsp; 80 | 53480 |
| 4.10%, 03/01/48 | &nbsp;&nbsp; 30 | 24270 |
| Stanley Black & Decker Inc. |  |  |
| 2.75%, 11/15/50 | &nbsp;&nbsp; 86 | 48934 |
| 4.85%, 11/15/48 | &nbsp;&nbsp; 40 | 33880 |
| 5.20%, 09/01/40 | &nbsp;&nbsp; 30 | 28604 |
|  |  | 189168 |
| **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** |
| Abbott Laboratories |  |  |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 179 | 177910 |
| 4.75%, 04/15/43 | &nbsp;&nbsp; 65 | 60913 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 305 | 284832 |
| 5.30%, 05/27/40 | &nbsp;&nbsp; 60 | 61319 |
| 6.00%, 04/01/39 | &nbsp;&nbsp; 40 | 43943 |
| 6.15%, 11/30/37 | &nbsp;&nbsp; 63 | 70131 |
| Alcon Finance Corp. |  |  |
| 3.80%, 09/23/49<sup>(a)</sup> | &nbsp;&nbsp; 50 | 37294 |
| 5.75%, 12/06/52<sup>(a)</sup> | &nbsp;&nbsp; 20 | 19893 |
| Baxter International Inc. |  |  |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 85 | 52125 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 40 | 27731 |
| Boston Scientific Corp. |  |  |
| 4.55%, 03/01/39 | &nbsp;&nbsp; 50 | 47260 |
| 4.70%, 03/01/49 | &nbsp;&nbsp; 69 | 61036 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 42 | 46622 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 7.38%, 01/15/40 | &nbsp;&nbsp; $35 | $42268 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50 | &nbsp;&nbsp; 80 | 48138 |
| 2.80%, 12/10/51 | &nbsp;&nbsp; 100 | 62005 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 50 | 42946 |
| DH Europe Finance II SARL |  |  |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 100 | 80622 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 91 | 64620 |
| GE HealthCare Technologies Inc., 6.38%, 11/22/52 | &nbsp;&nbsp; 105 | 112273 |
| Koninklijke Philips NV |  |  |
| 5.00%, 03/15/42 | &nbsp;&nbsp; 45 | 40999 |
| 6.88%, 03/11/38 | &nbsp;&nbsp; 55 | 61078 |
| Medtronic Inc., 4.63%, 03/15/45 | &nbsp;&nbsp; 184 | 164865 |
| Revvity Inc., 3.63%, 03/15/51 | &nbsp;&nbsp; 45 | 30705 |
| Solventum Corp. |  |  |
| 5.90%, 04/30/54<sup>(b)</sup> | &nbsp;&nbsp; 130 | 130086 |
| 6.00%, 05/15/64 | &nbsp;&nbsp; 55 | 55398 |
| STERIS Irish FinCo Unlimited Co., 3.75%, 03/15/51 | &nbsp;&nbsp; 65 | 45935 |
| Stryker Corp. |  |  |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 65 | 42227 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 40 | 33373 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 45 | 38530 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 95 | 84309 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.80%, 10/15/41 | &nbsp;&nbsp; 120 | 86492 |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 76 | 62741 |
| 5.30%, 02/01/44 | &nbsp;&nbsp; 40 | 39082 |
| 5.40%, 08/10/43 | &nbsp;&nbsp; 40 | 39589 |
| Zimmer Biomet Holdings Inc. |  |  |
| 4.45%, 08/15/45 | &nbsp;&nbsp; 50 | 42689 |
| 5.75%, 11/30/39 | &nbsp;&nbsp; 40 | 40494 |
|  |  | 2482473 |
| **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** | **Health Care - Services — 2.2%** |
| AdventHealth Obligated Group, Series E, 2.80%, <br> 11/15/51<br>| &nbsp;&nbsp; 30 | 18191 |
| Adventist Health System/West, 3.63%, 03/01/49 | &nbsp;&nbsp; 40 | 26694 |
| Advocate Health & Hospitals Corp. |  |  |
| 3.39%, 10/15/49 | &nbsp;&nbsp; 42 | 29469 |
| 4.27%, 08/15/48 | &nbsp;&nbsp; 41 | 33692 |
| Series 2020, 3.01%, 06/15/50 | &nbsp;&nbsp; 45 | 29185 |
| Aetna Inc. |  |  |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 55 | 45706 |
| 4.75%, 03/15/44 | &nbsp;&nbsp; 50 | 42097 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 76 | 82449 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 45 | 49043 |
| AHS Hospital Corp. |  |  |
| 5.02%, 07/01/45 | &nbsp;&nbsp; 45 | 41859 |
| Series 2021, 2.78%, 07/01/51 | &nbsp;&nbsp; 50 | 30424 |
| Allina Health System |  |  |
| 2.90%, 11/15/51<sup>(b)</sup> | &nbsp;&nbsp; 10 | 6137 |
| Series 2019, 3.89%, 04/15/49 | &nbsp;&nbsp; 55 | 41740 |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | &nbsp;&nbsp; 115 | 91418 |
| 4.85%, 11/15/53<sup>(b)</sup> | &nbsp;&nbsp; 45 | 39907 |
| Series B, 3.11%, 11/15/39 | &nbsp;&nbsp; 40 | 31357 |
| Banner Health |  |  |
| 2.91%, 01/01/42 | &nbsp;&nbsp; 35 | 25447 |
| 2.91%, 01/01/51 | &nbsp;&nbsp; 30 | 18778 |
| Series 2020, 3.18%, 01/01/50 | &nbsp;&nbsp; 35 | 23265 |
| Baptist Health South Florida Obligated Group, Series <br> 2021, 3.12%, 11/15/71<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 2861 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Baptist Healthcare System Obligated Group, Series <br> 20B, 3.54%, 08/15/50<br>| &nbsp;&nbsp; $60 | $41964 |
| BayCare Health System Inc., Series 2020, 3.83%, <br> 11/15/50<br>| &nbsp;&nbsp; 60 | 45416 |
| Baylor Scott & White Holdings |  |  |
| 3.97%, 11/15/46 | &nbsp;&nbsp; 15 | 11919 |
| 4.19%, 11/15/45 | &nbsp;&nbsp; 60 | 49473 |
| Series 2021, 2.84%, 11/15/50 | &nbsp;&nbsp; 105 | 65544 |
| Beth Israel Lahey Health Inc., Series L, 3.08%, <br> 07/01/51<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 6342 |
| Catholic Health Services of Long Island Obligated <br> Group, Series 2020, 3.37%, 07/01/50<br>| &nbsp;&nbsp; 20 | 13397 |
| Children's Health System of Texas, 2.51%, 08/15/50 | &nbsp;&nbsp; 30 | 17328 |
| Children's Hospital Corp. (The) |  |  |
| Series 2017, 4.12%, 01/01/47 | &nbsp;&nbsp; 30 | 24512 |
| Series 2020, 2.59%, 02/01/50 | &nbsp;&nbsp; 50 | 29761 |
| Children's Hospital Medical Center/Cincinnati OH, <br> 4.27%, 05/15/44<br>| &nbsp;&nbsp; 40 | 33482 |
| Children's Hospital/DC, Series 2020, 2.93%, <br> 07/15/50<sup>(b)</sup><br>| &nbsp;&nbsp; 30 | 18847 |
| Cigna Group (The) |  |  |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 130 | 99060 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 150 | 100661 |
| 3.40%, 03/15/51 | &nbsp;&nbsp; 180 | 119971 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 115 | 86032 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 174 | 163294 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 100 | 86960 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 300 | 260625 |
| 5.60%, 02/15/54 | &nbsp;&nbsp; 70 | 66103 |
| 6.13%, 11/15/41 | &nbsp;&nbsp; 61 | 62954 |
| City of Hope |  |  |
| Series 2013, 5.62%, 11/15/43 | &nbsp;&nbsp; 25 | 24378 |
| Series 2018, 4.38%, 08/15/48 | &nbsp;&nbsp; 45 | 36179 |
| Cleveland Clinic Foundation (The), 4.86%, <br> 01/01/2114<br>| &nbsp;&nbsp; 47 | 39046 |
| CommonSpirit Health |  |  |
| 3.82%, 10/01/49 | &nbsp;&nbsp; 72 | 52624 |
| 3.91%, 10/01/50 | &nbsp;&nbsp; 75 | 54679 |
| 4.19%, 10/01/49 | &nbsp;&nbsp; 101 | 77777 |
| 4.35%, 11/01/42 | &nbsp;&nbsp; 85 | 71971 |
| 5.55%, 12/01/54 | &nbsp;&nbsp; 10 | 9413 |
| 6.46%, 11/01/52 | &nbsp;&nbsp; 40 | 42314 |
| Community Health Network Inc., Series 20-A, 3.10%, <br> 05/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 6263 |
| Corewell Health Obligated Group, Series 19A, 3.49%, <br> 07/15/49<br>| &nbsp;&nbsp; 40 | 28758 |
| Cottage Health Obligated Group, Series 2020, 3.30%, <br> 11/01/49<br>| &nbsp;&nbsp; 60 | 41101 |
| Dartmouth-Hitchcock Health, Series B, 4.18%, <br> 08/01/48<br>| &nbsp;&nbsp; 40 | 31091 |
| Dignity Health, 4.50%, 11/01/42 | &nbsp;&nbsp; 40 | 33788 |
| Duke University Health System Inc., Series 2017, <br> 3.92%, 06/01/47<br>| &nbsp;&nbsp; 65 | 51156 |
| Elevance Health Inc. |  |  |
| 3.13%, 05/15/50 | &nbsp;&nbsp; 105 | 67067 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 105 | 72715 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 95 | 67625 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 153 | 123616 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 95 | 78305 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 65 | 52453 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 105 | 91735 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.65%, 01/15/43 | &nbsp;&nbsp; $45 | $39209 |
| 4.65%, 08/15/44 | &nbsp;&nbsp; 95 | 81927 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 56 | 51296 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 120 | 105842 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 100 | 94733 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 130 | 123764 |
| 5.85%, 01/15/36 | &nbsp;&nbsp; 25 | 26215 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 70 | 67085 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 85 | 85602 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 40 | 43166 |
| Franciscan Missionaries of Our Lady Health <br> System Inc., Series B, 3.91%, 07/01/49<br>| &nbsp;&nbsp; 5 | 3701 |
| Fred Hutchinson Cancer Center, 4.97%, 01/01/52 | &nbsp;&nbsp; 10 | 8892 |
| Hackensack Meridian Health Inc. |  |  |
| 4.21%, 07/01/48 | &nbsp;&nbsp; 50 | 40516 |
| 4.50%, 07/01/57 | &nbsp;&nbsp; 45 | 37135 |
| Series 2020, 2.68%, 09/01/41 | &nbsp;&nbsp; 10 | 6955 |
| Series 2020, 2.88%, 09/01/50 | &nbsp;&nbsp; 68 | 42388 |
| Hartford HealthCare Corp., 3.45%, 07/01/54 | &nbsp;&nbsp; 35 | 24773 |
| HCA Inc. |  |  |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 165 | 108305 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 40 | 33452 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 205 | 162976 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 130 | 122536 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 165 | 145431 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 155 | 143120 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 105 | 99998 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 110 | 105379 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 155 | 149532 |
| 6.10%, 04/01/64 | &nbsp;&nbsp; 55 | 53002 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; 100 | 99261 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co.<br>|  |  |
| 3.20%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 125 | 78470 |
| 5.88%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 70 | 66748 |
| Hoag Memorial Hospital Presbyterian, 3.80%, <br> 07/15/52<br>| &nbsp;&nbsp; 20 | 14949 |
| Humana Inc. |  |  |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 65 | 46745 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 46 | 39039 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 65 | 54061 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 95 | 82693 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 75 | 67260 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 75 | 69647 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 15 | 14390 |
| Indiana University Health Inc. Obligated Group |  |  |
| 3.97%, 11/01/48 | &nbsp;&nbsp; 45 | 35481 |
| Series 2021, 2.85%, 11/01/51 | &nbsp;&nbsp; 30 | 18545 |
| Inova Health System Foundation, 4.07%, 05/15/52 | &nbsp;&nbsp; 25 | 19526 |
| Integris Baptist Medical Center Inc., Series A, 3.88%, <br> 08/15/50<br>| &nbsp;&nbsp; 55 | 38795 |
| Iowa Health System, Series 2020, 3.67%, 02/15/50 | &nbsp;&nbsp; 40 | 28929 |
| Johns Hopkins Health System Corp. (The), 3.84%, <br> 05/15/46<br>| &nbsp;&nbsp; 35 | 27597 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | &nbsp;&nbsp; 124 | 101468 |
| 4.88%, 04/01/42 | &nbsp;&nbsp; 80 | 74312 |
| Series 2019, 3.27%, 11/01/49 | &nbsp;&nbsp; 125 | 85725 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 135 | 97301 |
| Series 2021, 3.00%, 06/01/51 | &nbsp;&nbsp; 125 | 80079 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Laboratory Corp. of America Holdings, 4.70%, <br> 02/01/45<br>| &nbsp;&nbsp; $93 | $81287 |
| Mass General Brigham Inc. |  |  |
| Series 2015, 4.12%, 07/01/55 | &nbsp;&nbsp; 30 | 23801 |
| Series 2017, 3.77%, 07/01/48 | &nbsp;&nbsp; 35 | 26541 |
| Series 2020, 3.19%, 07/01/49 | &nbsp;&nbsp; 40 | 27114 |
| Series 2020, 3.34%, 07/01/60 | &nbsp;&nbsp; 55 | 35488 |
| Mayo Clinic |  |  |
| 3.77%, 11/15/43 | &nbsp;&nbsp; 35 | 28223 |
| Series 2013, 4.00%, 11/15/47<sup>(b)</sup> | &nbsp;&nbsp; 35 | 27332 |
| Series 2016, 4.13%, 11/15/52 | &nbsp;&nbsp; 30 | 23657 |
| Series 2021, 3.20%, 11/15/61 | &nbsp;&nbsp; 65 | 40346 |
| McLaren Health Care Corp., Series A, 4.39%, <br> 05/15/48<br>| &nbsp;&nbsp; 50 | 41130 |
| MedStar Health Inc., Series 20A, 3.63%, 08/15/49 | &nbsp;&nbsp; 40 | 28576 |
| Memorial Health Services, 3.45%, 11/01/49 | &nbsp;&nbsp; 40 | 27795 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | &nbsp;&nbsp; 45 | 35488 |
| 5.00%, 07/01/42 | &nbsp;&nbsp; 40 | 37820 |
| Series 2015, 4.20%, 07/01/55 | &nbsp;&nbsp; 5 | 3983 |
| Series 2020, 2.96%, 01/01/50 | &nbsp;&nbsp; 50 | 32199 |
| Methodist Hospital (The), Series 20A, 2.71%, <br> 12/01/50<br>| &nbsp;&nbsp; 15 | 9051 |
| Montefiore Obligated Group |  |  |
| 4.29%, 09/01/50 | &nbsp;&nbsp; 30 | 19988 |
| Series 18-C, 5.25%, 11/01/48<sup>(b)</sup> | &nbsp;&nbsp; 50 | 39680 |
| Mount Nittany Medical Center Obligated Group, <br> 3.80%, 11/15/52<br>| &nbsp;&nbsp; 20 | 14717 |
| MyMichigan Health, Series 2020, 3.41%, 06/01/50 | &nbsp;&nbsp; 40 | 27443 |
| Nationwide Children's Hospital Inc., 4.56%, 11/01/52 | &nbsp;&nbsp; 5 | 4246 |
| New York and Presbyterian Hospital (The) |  |  |
| 2.26%, 08/01/40 | &nbsp;&nbsp; 35 | 24243 |
| 2.61%, 08/01/60<sup>(b)</sup> | &nbsp;&nbsp; 15 | 8078 |
| 4.02%, 08/01/45 | &nbsp;&nbsp; 75 | 61252 |
| 4.06%, 08/01/56 | &nbsp;&nbsp; 15 | 11535 |
| Series 2019, 3.95%, 08/01/2119 | &nbsp;&nbsp; 65 | 43948 |
| Northwell Healthcare Inc. |  |  |
| 3.81%, 11/01/49 | &nbsp;&nbsp; 40 | 28989 |
| 3.98%, 11/01/46 | &nbsp;&nbsp; 55 | 42568 |
| 4.26%, 11/01/47 | &nbsp;&nbsp; 85 | 68025 |
| Novant Health Inc. |  |  |
| 2.64%, 11/01/36 | &nbsp;&nbsp; 70 | 55193 |
| 3.17%, 11/01/51 | &nbsp;&nbsp; 85 | 55532 |
| 3.32%, 11/01/61 | &nbsp;&nbsp; 10 | 6351 |
| NYU Langone Hospitals |  |  |
| 4.37%, 07/01/47 | &nbsp;&nbsp; 70 | 59783 |
| 4.78%, 07/01/44 | &nbsp;&nbsp; 25 | 22395 |
| 5.75%, 07/01/43 | &nbsp;&nbsp; 5 | 5058 |
| Series 2020, 3.38%, 07/01/55<sup>(b)</sup> | &nbsp;&nbsp; 40 | 26953 |
| OhioHealth Corp. |  |  |
| 2.83%, 11/15/41 | &nbsp;&nbsp; 5 | 3562 |
| Series 2020, 3.04%, 11/15/50 | &nbsp;&nbsp; 50 | 33549 |
| Orlando Health Obligated Group |  |  |
| 3.33%, 10/01/50 | &nbsp;&nbsp; 30 | 20910 |
| 4.09%, 10/01/48 | &nbsp;&nbsp; 40 | 31915 |
| PeaceHealth Obligated Group |  |  |
| Series 2018, 4.79%, 11/15/48 | &nbsp;&nbsp; 45 | 37641 |
| Series 2020, 3.22%, 11/15/50 | &nbsp;&nbsp; 35 | 21965 |
| Piedmont Healthcare Inc. |  |  |
| 2.86%, 01/01/52 | &nbsp;&nbsp; 55 | 33962 |
| Series 2042, 2.72%, 01/01/42 | &nbsp;&nbsp; 10 | 6949 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Providence St. Joseph Health Obligated Group |  |  |
| Series 21A, 2.70%, 10/01/51 | &nbsp;&nbsp; $85 | $49073 |
| Series A, 3.93%, 10/01/48 | &nbsp;&nbsp; 40 | 30222 |
| Series I, 3.74%, 10/01/47 | &nbsp;&nbsp; 35 | 26082 |
| Quest Diagnostics Inc., 4.70%, 03/30/45 | &nbsp;&nbsp; 40 | 35509 |
| Rady Children's Hospital-San Diego, Series 21A, <br> 3.15%, 08/15/51<br>| &nbsp;&nbsp; 40 | 26286 |
| Roche Holdings Inc. |  |  |
| 2.61%, 12/13/51<sup>(a)</sup> | &nbsp;&nbsp; 200 | 119725 |
| 4.00%, 11/28/44<sup>(a)</sup> | &nbsp;&nbsp; 105 | 86952 |
| 7.00%, 03/01/39<sup>(a)</sup> | &nbsp;&nbsp; 125 | 149471 |
| Seattle Children's Hospital, Series 2021, 2.72%, <br> 10/01/50<br>| &nbsp;&nbsp; 50 | 30558 |
| Sentara Health, 2.93%, 11/01/51 | &nbsp;&nbsp; 15 | 9169 |
| Sharp HealthCare, Series 20B, 2.68%, 08/01/50 | &nbsp;&nbsp; 25 | 15152 |
| Stanford Health Care |  |  |
| 3.03%, 08/15/51 | &nbsp;&nbsp; 10 | 6357 |
| Series 2018, 3.80%, 11/15/48 | &nbsp;&nbsp; 78 | 59825 |
| Sutter Health |  |  |
| 5.55%, 08/15/53<sup>(b)</sup> | &nbsp;&nbsp; 45 | 43832 |
| Series 2018, 4.09%, 08/15/48 | &nbsp;&nbsp; 36 | 28633 |
| Series 20A, 3.16%, 08/15/40 | &nbsp;&nbsp; 25 | 19457 |
| Series 20A, 3.36%, 08/15/50 | &nbsp;&nbsp; 60 | 41056 |
| Texas Health Resources |  |  |
| 2.33%, 11/15/50 | &nbsp;&nbsp; 20 | 11079 |
| 4.33%, 11/15/55 | &nbsp;&nbsp; 45 | 36829 |
| Toledo Hospital (The) |  |  |
| 4.98%, 11/15/45 | &nbsp;&nbsp; 30 | 24499 |
| 5.75%, 11/15/38 | &nbsp;&nbsp; 50 | 50278 |
| 6.02%, 11/15/48 | &nbsp;&nbsp; 45 | 41563 |
| Trinity Health Corp. |  |  |
| 4.13%, 12/01/45 | &nbsp;&nbsp; 50 | 41139 |
| Series 2019, 3.43%, 12/01/48 | &nbsp;&nbsp; 25 | 18288 |
| Series 2021, 2.63%, 12/01/40 | &nbsp;&nbsp; 35 | 25249 |
| UMass Memorial Health Care Obligated Group, <br> 5.36%, 07/01/52<br>| &nbsp;&nbsp; 5 | 4563 |
| UnitedHealth Group Inc. |  |  |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 70 | 50849 |
| 2.90%, 05/15/50 | &nbsp;&nbsp; 125 | 76937 |
| 3.05%, 05/15/41 | &nbsp;&nbsp; 170 | 125327 |
| 3.13%, 05/15/60 | &nbsp;&nbsp; 75 | 44347 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 245 | 160044 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 140 | 113559 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 140 | 100686 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 90 | 66878 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 130 | 90720 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 45 | 36565 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 105 | 84127 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 103 | 86343 |
| 4.25%, 04/15/47 | &nbsp;&nbsp; 85 | 68708 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 150 | 119767 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 100 | 86113 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 140 | 115044 |
| 4.63%, 11/15/41 | &nbsp;&nbsp; 85 | 75576 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 107 | 94225 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 205 | 172333 |
| 4.95%, 05/15/62 | &nbsp;&nbsp; 110 | 92818 |
| 5.05%, 04/15/53 | &nbsp;&nbsp; 205 | 179944 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 155 | 135985 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 165 | 151940 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 110 | 106889 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.50%, 04/15/64 | &nbsp;&nbsp; $120 | $110178 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 205 | 195133 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 155 | 147784 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 90 | 94626 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 220 | 217335 |
| 5.95%, 02/15/41 | &nbsp;&nbsp; 50 | 51637 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; 160 | 160248 |
| 6.50%, 06/15/37 | &nbsp;&nbsp; 50 | 54812 |
| 6.63%, 11/15/37 | &nbsp;&nbsp; 65 | 71979 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 80 | 90810 |
| UPMC, 5.38%, 05/15/43 | &nbsp;&nbsp; 25 | 23848 |
| West Virginia United Health System Obligated Group, <br> Series 2020, 3.13%, 06/01/50<br>| &nbsp;&nbsp; 40 | 24621 |
| Willis-Knighton Medical Center |  |  |
| Series 2018, 4.81%, 09/01/48 | &nbsp;&nbsp; 34 | 29246 |
| Series 2021, 3.07%, 03/01/51 | &nbsp;&nbsp; 45 | 27836 |
| Yale-New Haven Health Services Corp., Series 2020, <br> 2.50%, 07/01/50<br>| &nbsp;&nbsp; 55 | 31552 |
|  |  | 12659845 |
| **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** |
| Gaci First Investment Co. |  |  |
| 5.13%, 02/14/53<sup>(f)</sup> | &nbsp;&nbsp; 200 | 175568 |
| 5.38%, 01/29/54<sup>(f)</sup> | &nbsp;&nbsp; 200 | 181824 |
| JAB Holdings BV |  |  |
| 3.75%, 05/28/51<sup>(a)</sup> | &nbsp;&nbsp; 35 | 23088 |
| 4.50%, 04/08/52<sup>(a)</sup> | &nbsp;&nbsp; 5 | 3762 |
| MDGH GMTN RSC Ltd. |  |  |
| 3.40%, 06/07/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 139547 |
| 3.70%, 11/07/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 149005 |
| 3.95%, 05/21/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 154899 |
| Temasek Financial I Ltd., 2.50%, 10/06/70<sup>(a)</sup> | &nbsp;&nbsp; 250 | 139828 |
|  |  | 967521 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| DR Horton Inc., 5.50%, 10/15/35 | &nbsp;&nbsp; 60 | 61464 |
| MDC Holdings Inc., 6.00%, 01/15/43 | &nbsp;&nbsp; 55 | 50315 |
|  |  | 111779 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc., 3.50%, 11/15/51 | &nbsp;&nbsp; 50 | 31821 |
| Whirlpool Corp. |  |  |
| 4.50%, 06/01/46 | &nbsp;&nbsp; 56 | 42443 |
| 4.60%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 60 | 44730 |
|  |  | 118994 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Church & Dwight Co. Inc. |  |  |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 65 | 50584 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 35 | 31450 |
| Kimberly-Clark Corp. |  |  |
| 2.88%, 02/07/50 | &nbsp;&nbsp; 30 | 19259 |
| 3.20%, 07/30/46 | &nbsp;&nbsp; 65 | 46402 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 60 | 47223 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 30 | 29902 |
| 6.63%, 08/01/37 | &nbsp;&nbsp; 100 | 115708 |
| SC Johnson & Son Inc. |  |  |
| 4.75%, 10/15/46<sup>(a)</sup> | &nbsp;&nbsp; 40 | 34939 |
| 4.80%, 09/01/40<sup>(a)</sup> | &nbsp;&nbsp; 50 | 46618 |
|  |  | 422085 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands Inc. |  |  |
| 6.88%, 04/01/36 | &nbsp;&nbsp; $48 | $46950 |
| 7.00%, 04/01/46 | &nbsp;&nbsp; 67 | 58279 |
|  |  | 105229 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| 200 Park Funding Trust, 5.74%, 02/15/55<sup>(a)</sup> | &nbsp;&nbsp; 195 | 190765 |
| Aflac Inc. |  |  |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 30 | 23596 |
| 4.75%, 01/15/49 | &nbsp;&nbsp; 80 | 69192 |
| AIA Group Ltd. |  |  |
| 3.20%, 09/16/40<sup>(a)</sup> | &nbsp;&nbsp; 225 | 175884 |
| 4.50%, 03/16/46<sup>(a)</sup> | &nbsp;&nbsp; 55 | 48606 |
| 5.40%, 09/30/54<sup>(a)</sup> | &nbsp;&nbsp; 30 | 28633 |
| Alleghany Corp. |  |  |
| 3.25%, 08/15/51 | &nbsp;&nbsp; 50 | 33533 |
| 4.90%, 09/15/44 | &nbsp;&nbsp; 50 | 45814 |
| Allstate Corp. (The) |  |  |
| 3.85%, 08/10/49 | &nbsp;&nbsp; 60 | 45005 |
| 4.20%, 12/15/46 | &nbsp;&nbsp; 75 | 61197 |
| 4.50%, 06/15/43 | &nbsp;&nbsp; 35 | 30309 |
| 5.95%, 04/01/36 | &nbsp;&nbsp; 50 | 53362 |
| 6.50%, 05/15/67<sup>(c)</sup> | &nbsp;&nbsp; 35 | 36155 |
| American Financial Group Inc./OH, 4.50%, 06/15/47 | &nbsp;&nbsp; 75 | 61423 |
| American International Group Inc. |  |  |
| 4.38%, 06/30/50 | &nbsp;&nbsp; 110 | 90311 |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 80 | 69616 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 100 | 87974 |
| AmFam Holdings Inc., 3.83%, 03/11/51<sup>(a)</sup> | &nbsp;&nbsp; 32 | 20192 |
| Aon Corp., 6.25%, 09/30/40 | &nbsp;&nbsp; 30 | 32281 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.90%, 08/23/51 | &nbsp;&nbsp; 65 | 39716 |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 85 | 62258 |
| Aon Global Ltd. |  |  |
| 4.60%, 06/14/44 | &nbsp;&nbsp; 50 | 43306 |
| 4.75%, 05/15/45 | &nbsp;&nbsp; 64 | 55936 |
| Aon North America Inc., 5.75%, 03/01/54 | &nbsp;&nbsp; 190 | 185117 |
| Arch Capital Finance LLC, 5.03%, 12/15/46 | &nbsp;&nbsp; 50 | 45194 |
| Arch Capital Group Ltd., 3.64%, 06/30/50 | &nbsp;&nbsp; 90 | 65029 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 55 | 51145 |
| Arthur J Gallagher & Co. |  |  |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 50 | 31161 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 105 | 72275 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 155 | 145807 |
| 5.75%, 03/02/53 | &nbsp;&nbsp; 72 | 69450 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 65 | 62682 |
| 6.75%, 02/15/54 | &nbsp;&nbsp; 35 | 38166 |
| Assured Guaranty Municipal Holdings Inc., 6.40%, <br> 12/15/66<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 30 | 27819 |
| Assured Guaranty U.S. Holdings Inc., 3.60%, <br> 09/15/51<br>| &nbsp;&nbsp; 45 | 30735 |
| Athene Holding Ltd. |  |  |
| 3.45%, 05/15/52 | &nbsp;&nbsp; 50 | 31488 |
| 3.95%, 05/25/51 | &nbsp;&nbsp; 65 | 45765 |
| 6.25%, 04/01/54 | &nbsp;&nbsp; 85 | 83727 |
| Beacon Funding Trust, 6.27%, 08/15/54<sup>(a)</sup> | &nbsp;&nbsp; 100 | 99408 |
| Belrose Funding Trust II, 6.79%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; 100 | 103663 |
| Berkshire Hathaway Finance Corp. |  |  |
| 2.50%, 01/15/51 | &nbsp;&nbsp; 60 | 35357 |
| 2.85%, 10/15/50 | &nbsp;&nbsp; 155 | 98222 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 240 | 182319 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 233 | 193084 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.25%, 01/15/49 | &nbsp;&nbsp; $196 | $163119 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 70 | 61579 |
| 4.40%, 05/15/42 | &nbsp;&nbsp; 90 | 82224 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 63 | 67852 |
| Berkshire Hathaway Inc., 4.50%, 02/11/43<sup>(b)</sup> | &nbsp;&nbsp; 105 | 97365 |
| Brighthouse Financial Inc. |  |  |
| 3.85%, 12/22/51 | &nbsp;&nbsp; 45 | 27875 |
| 4.70%, 06/22/47 | &nbsp;&nbsp; 99 | 74014 |
| Brown & Brown Inc. |  |  |
| 4.95%, 03/17/52 | &nbsp;&nbsp; 65 | 55292 |
| 6.25%, 06/23/55 | &nbsp;&nbsp; 30 | 30713 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 56 | 60563 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 70 | 79025 |
| Chubb INA Holdings LLC |  |  |
| 2.85%, 12/15/51 | &nbsp;&nbsp; 65 | 41165 |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 105 | 63311 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 55 | 46975 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 155 | 132909 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 30 | 34026 |
| Corebridge Financial Inc. |  |  |
| 4.35%, 04/05/42 | &nbsp;&nbsp; 50 | 42088 |
| 4.40%, 04/05/52 | &nbsp;&nbsp; 130 | 103654 |
| Empower Finance 2020 LP, 3.08%, 09/17/51<sup>(a)</sup> | &nbsp;&nbsp; 65 | 40692 |
| Equitable Holdings Inc., 5.00%, 04/20/48 | &nbsp;&nbsp; 73 | 65125 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 100 | 61900 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 100 | 68004 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 45 | 39584 |
| Fairfax Financial Holdings Ltd. |  |  |
| 6.10%, 03/15/55 | &nbsp;&nbsp; 50 | 49452 |
| 6.35%, 03/22/54 | &nbsp;&nbsp; 45 | 45747 |
| Farmers Insurance Exchange |  |  |
| 4.75%, 11/01/57<sup>(a)(c)</sup> | &nbsp;&nbsp; 45 | 37337 |
| 7.00%, 10/15/64, (10-year CMT + 3.864%)<sup>(a)(c)</sup> | &nbsp;&nbsp; 10 | 10238 |
| Fidelity National Financial Inc., 3.20%, 09/17/51 | &nbsp;&nbsp; 60 | 37134 |
| Five Corners Funding Trust IV, 6.00%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 30 | 30276 |
| Global Atlantic Fin Co., 6.75%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5102 |
| Great-West Lifeco Finance 2018 LP, 4.58%, <br> 05/17/48<sup>(a)</sup><br>| &nbsp;&nbsp; 60 | 50560 |
| Great-West Lifeco Finance Delaware LP, 4.15%, <br> 06/03/47<sup>(a)</sup><br>| &nbsp;&nbsp; 70 | 55525 |
| Guardian Life Insurance Co. of America (The) |  |  |
| 3.70%, 01/22/70<sup>(a)</sup> | &nbsp;&nbsp; 35 | 23252 |
| 4.85%, 01/24/77<sup>(a)</sup> | &nbsp;&nbsp; 60 | 49196 |
| 4.88%, 06/19/64<sup>(a)</sup> | &nbsp;&nbsp; 45 | 38251 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.90%, 09/15/51 | &nbsp;&nbsp; 15 | 9390 |
| 3.60%, 08/19/49 | &nbsp;&nbsp; 85 | 61893 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 45 | 38060 |
| 4.40%, 03/15/48 | &nbsp;&nbsp; 55 | 46216 |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 40 | 42564 |
| 6.10%, 10/01/41 | &nbsp;&nbsp; 45 | 46810 |
| Jackson Financial Inc., 4.00%, 11/23/51 | &nbsp;&nbsp; 60 | 41469 |
| Liberty Mutual Group Inc. |  |  |
| 3.95%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 195 | 144192 |
| 3.95%, 05/15/60<sup>(a)</sup> | &nbsp;&nbsp; 80 | 54583 |
| 4.30%, 02/01/61<sup>(a)</sup> | &nbsp;&nbsp; 85 | 53597 |
| 5.50%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 80 | 74521 |
| 7.80%, 03/07/87<sup>(a)</sup> | &nbsp;&nbsp; 50 | 57329 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Lincoln National Corp. |  |  |
| 4.35%, 03/01/48 | &nbsp;&nbsp; $27 | $21691 |
| 7.00%, 06/15/40 | &nbsp;&nbsp; 55 | 61820 |
| Loews Corp., 4.13%, 05/15/43 | &nbsp;&nbsp; 65 | 53827 |
| Manulife Financial Corp., 5.38%, 03/04/46 | &nbsp;&nbsp; 80 | 78342 |
| Markel Group Inc. |  |  |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 65 | 43049 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 51 | 38748 |
| 4.30%, 11/01/47 | &nbsp;&nbsp; 15 | 11932 |
| 5.00%, 04/05/46 | &nbsp;&nbsp; 40 | 35413 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 60 | 52291 |
| 6.00%, 05/16/54 | &nbsp;&nbsp; 65 | 64509 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.90%, 12/15/51 | &nbsp;&nbsp; 40 | 24709 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 50 | 40732 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 55 | 46012 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 60 | 57055 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 140 | 124623 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 50 | 48125 |
| 5.40%, 03/15/55 | &nbsp;&nbsp; 180 | 170528 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 70 | 66867 |
| 5.45%, 03/15/54 | &nbsp;&nbsp; 60 | 57227 |
| 5.70%, 09/15/53 | &nbsp;&nbsp; 145 | 143341 |
| 6.25%, 11/01/52 | &nbsp;&nbsp; 45 | 47831 |
| Massachusetts Mutual Life Insurance Co. |  |  |
| 3.20%, 12/01/61<sup>(a)</sup> | &nbsp;&nbsp; 40 | 23772 |
| 3.38%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 45 | 30375 |
| 3.73%, 10/15/70<sup>(a)</sup> | &nbsp;&nbsp; 76 | 49390 |
| 4.90%, 04/01/77<sup>(a)</sup> | &nbsp;&nbsp; 50 | 41015 |
| 5.08%, 02/15/69<sup>(a)(c)</sup> | &nbsp;&nbsp; 15 | 13211 |
| 5.67%, 12/01/52<sup>(a)</sup> | &nbsp;&nbsp; 90 | 86494 |
| MetLife Capital Trust IV, 7.88%, 12/15/67<sup>(a)</sup> | &nbsp;&nbsp; 30 | 33024 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 110 | 89571 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 91 | 76320 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 95 | 83887 |
| 4.72%, 12/15/44 | &nbsp;&nbsp; 60 | 53377 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 116 | 106087 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 120 | 107881 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 115 | 107688 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 100 | 103815 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 130 | 136141 |
| 10.75%, 08/01/69 | &nbsp;&nbsp; 31 | 41536 |
| Mutual of Omaha Insurance Co., 6.14%, 01/16/64, <br> (10-year CMT + 2.950%)<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 35 | 35165 |
| Nationwide Financial Services Inc. |  |  |
| 3.90%, 11/30/49<sup>(a)</sup> | &nbsp;&nbsp; 105 | 77777 |
| 5.30%, 11/18/44<sup>(a)</sup> | &nbsp;&nbsp; 40 | 36900 |
| 6.75%, 05/15/87 | &nbsp;&nbsp; 25 | 24996 |
| Nationwide Mutual Insurance Co. |  |  |
| 4.35%, 04/30/50<sup>(a)</sup> | &nbsp;&nbsp; 140 | 107628 |
| 9.38%, 08/15/39<sup>(a)</sup> | &nbsp;&nbsp; 70 | 93915 |
| New York Life Insurance Co. |  |  |
| 3.75%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 150 | 109775 |
| 4.45%, 05/15/69<sup>(a)</sup> | &nbsp;&nbsp; 100 | 76804 |
| 6.75%, 11/15/39<sup>(a)</sup> | &nbsp;&nbsp; 100 | 112735 |
| Northwestern Mutual Life Insurance Co. (The) |  |  |
| 3.45%, 03/30/51<sup>(a)</sup> | &nbsp;&nbsp; 115 | 79373 |
| 3.63%, 09/30/59<sup>(a)</sup> | &nbsp;&nbsp; 140 | 94493 |
| 3.85%, 09/30/47<sup>(a)</sup> | &nbsp;&nbsp; 110 | 83139 |
| 6.06%, 03/30/40<sup>(a)</sup> | &nbsp;&nbsp; 125 | 131261 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Old Republic International Corp., 3.85%, 06/11/51 | &nbsp;&nbsp; $80 | $56122 |
| Pacific Life Insurance Co., 4.30%, 10/24/67<sup>(a)(c)</sup> | &nbsp;&nbsp; 75 | 58677 |
| Pacific LifeCorp |  |  |
| 3.35%, 09/15/50<sup>(a)</sup> | &nbsp;&nbsp; 80 | 53522 |
| 5.13%, 01/30/43<sup>(a)</sup> | &nbsp;&nbsp; 50 | 46593 |
| 5.40%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 75 | 71252 |
| Penn Mutual Life Insurance Co. (The), 3.80%, <br> 04/29/61<sup>(a)</sup><br>| &nbsp;&nbsp; 60 | 38680 |
| Pine Street Trust II, 5.57%, 02/15/49<sup>(a)</sup> | &nbsp;&nbsp; 110 | 100903 |
| Pine Street Trust III, 6.22%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 30 | 29801 |
| Principal Financial Group Inc. |  |  |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 45 | 37239 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 51 | 43501 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 10 | 8898 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 110 | 105583 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 50 | 53613 |
| Progressive Corp. (The) |  |  |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 60 | 44450 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 50 | 38843 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 87 | 71054 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 60 | 49491 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 40 | 34210 |
| Provident Financing Trust I, 7.41%, 03/15/38 | &nbsp;&nbsp; 25 | 27029 |
| Prudential Financial Inc. |  |  |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 50 | 38346 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 170 | 123827 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 90 | 70192 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 120 | 91369 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 120 | 98401 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 55 | 45644 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 88 | 77737 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 55 | 58050 |
| 6.63%, 12/01/37 | &nbsp;&nbsp; 50 | 56228 |
| 6.63%, 06/21/40 | &nbsp;&nbsp; 45 | 50673 |
| Securian Financial Group Inc., 4.80%, 04/15/48<sup>(a)</sup> | &nbsp;&nbsp; 35 | 30291 |
| Selective Insurance Group Inc., 5.38%, 03/01/49 | &nbsp;&nbsp; 45 | 39968 |
| Teachers Insurance & Annuity Association of America |  |  |
| 3.30%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 145 | 96044 |
| 4.27%, 05/15/47<sup>(a)</sup> | &nbsp;&nbsp; 215 | 173658 |
| 4.90%, 09/15/44<sup>(a)</sup> | &nbsp;&nbsp; 145 | 130339 |
| 6.85%, 12/16/39<sup>(a)</sup> | &nbsp;&nbsp; 100 | 113472 |
| Transatlantic Holdings Inc., 8.00%, 11/30/39 | &nbsp;&nbsp; 35 | 43809 |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; 50 | 29567 |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 50 | 32468 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 45 | 35012 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 85 | 67968 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 60 | 48215 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 60 | 47901 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 35 | 29513 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 35 | 30996 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 95 | 95611 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 85 | 82473 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 65 | 71684 |
| 6.75%, 06/20/36 | &nbsp;&nbsp; 40 | 45895 |
| Unum Group |  |  |
| 4.05%, 08/15/41<sup>(a)</sup> | &nbsp;&nbsp; 65 | 51797 |
| 4.13%, 06/15/51 | &nbsp;&nbsp; 25 | 18360 |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 50 | 39387 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 65 | 63306 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| W R Berkley Corp. |  |  |
| 3.15%, 09/30/61 | &nbsp;&nbsp; $45 | $27310 |
| 3.55%, 03/30/52 | &nbsp;&nbsp; 25 | 17143 |
| 4.00%, 05/12/50 | &nbsp;&nbsp; 65 | 49002 |
| 4.75%, 08/01/44 | &nbsp;&nbsp; 40 | 35307 |
| Western & Southern Life Insurance Co. (The) |  |  |
| 3.75%, 04/28/61<sup>(a)</sup> | &nbsp;&nbsp; 60 | 40443 |
| 5.15%, 01/15/49<sup>(a)</sup> | &nbsp;&nbsp; 55 | 48861 |
| Willis North America Inc. |  |  |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 55 | 40270 |
| 5.05%, 09/15/48 | &nbsp;&nbsp; 35 | 31031 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 80 | 78677 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 50 | 47846 |
|  |  | 12794194 |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.70%, 02/09/41 | &nbsp;&nbsp; 200 | 144276 |
| 3.15%, 02/09/51 | &nbsp;&nbsp; 210 | 141368 |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 5 | 3197 |
| 4.00%, 12/06/37 | &nbsp;&nbsp; 55 | 50154 |
| 4.20%, 12/06/47 | &nbsp;&nbsp; 225 | 186591 |
| 4.40%, 12/06/57 | &nbsp;&nbsp; 65 | 53541 |
| Alphabet Inc. |  |  |
| 1.90%, 08/15/40 | &nbsp;&nbsp; 180 | 120391 |
| 2.05%, 08/15/50 | &nbsp;&nbsp; 225 | 122844 |
| 2.25%, 08/15/60<sup>(b)</sup> | &nbsp;&nbsp; 145 | 75200 |
| 5.25%, 05/15/55 | &nbsp;&nbsp; 65 | 63034 |
| 5.30%, 05/15/65 | &nbsp;&nbsp; 70 | 67379 |
| Amazon.com Inc. |  |  |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 270 | 160464 |
| 2.70%, 06/03/60 | &nbsp;&nbsp; 173 | 98733 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 205 | 153512 |
| 3.10%, 05/12/51 | &nbsp;&nbsp; 290 | 194644 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 180 | 116073 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 275 | 249744 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 260 | 203668 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 342 | 281480 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 70 | 54313 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 220 | 178553 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 160 | 154546 |
| eBay Inc. |  |  |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 100 | 72318 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 70 | 57436 |
| Meta Platforms Inc. |  |  |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 310 | 258322 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 135 | 112482 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 345 | 330557 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 215 | 207459 |
| 5.60%, 05/15/53 | &nbsp;&nbsp; 265 | 261734 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 165 | 164352 |
| Netflix Inc., 5.40%, 08/15/54 | &nbsp;&nbsp; 35 | 34118 |
| Prosus NV |  |  |
| 3.83%, 02/08/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 131329 |
| 4.03%, 08/03/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 136208 |
| Tencent Holdings Ltd. |  |  |
| 3.24%, 06/03/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 141214 |
| 3.84%, 04/22/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 155753 |
| 3.93%, 01/19/38<sup>(f)</sup> | &nbsp;&nbsp; 200 | 182831 |
| Uber Technologies Inc., 5.35%, 09/15/54 | &nbsp;&nbsp; 105 | 98326 |
|  |  | 5218144 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
| ArcelorMittal SA |  |  |
| 6.35%, 06/17/54<sup>(b)</sup> | &nbsp;&nbsp; $50 | $50524 |
| 6.75%, 03/01/41 | &nbsp;&nbsp; 50 | 53216 |
| 7.00%, 10/15/39 | &nbsp;&nbsp; 65 | 71875 |
| Cleveland-Cliffs Inc., 6.25%, 10/01/40 | &nbsp;&nbsp; 35 | 29016 |
| Nucor Corp. |  |  |
| 2.98%, 12/15/55 | &nbsp;&nbsp; 84 | 50939 |
| 3.85%, 04/01/52 | &nbsp;&nbsp; 75 | 56256 |
| 6.40%, 12/01/37 | &nbsp;&nbsp; 60 | 66261 |
| Steel Dynamics Inc. |  |  |
| 3.25%, 10/15/50 | &nbsp;&nbsp; 55 | 36323 |
| 5.75%, 05/15/55 | &nbsp;&nbsp; 40 | 39067 |
| U.S. Steel Corp., 6.65%, 06/01/37 | &nbsp;&nbsp; 30 | 31228 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/54 | &nbsp;&nbsp; 105 | 105003 |
| 6.88%, 11/21/36 | &nbsp;&nbsp; 80 | 88071 |
| 6.88%, 11/10/39<sup>(b)</sup> | &nbsp;&nbsp; 65 | 71309 |
| Vale SA, 5.63%, 09/11/42 | &nbsp;&nbsp; 110 | 109296 |
|  |  | 858384 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Brunswick Corp., 5.10%, 04/01/52 | &nbsp;&nbsp; 35 | 26684 |
| Harley-Davidson Inc., 4.63%, 07/28/45 | &nbsp;&nbsp; 40 | 31736 |
|  |  | 58420 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Marriott International Inc., 5.50%, 04/15/37 | &nbsp;&nbsp; 100 | 100258 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Caterpillar Inc. |  |  |
| 3.25%, 09/19/49 | &nbsp;&nbsp; 120 | 83985 |
| 3.25%, 04/09/50 | &nbsp;&nbsp; 50 | 34859 |
| 3.80%, 08/15/42 | &nbsp;&nbsp; 185 | 152361 |
| 4.30%, 05/15/44 | &nbsp;&nbsp; 75 | 64937 |
| 4.75%, 05/15/64 | &nbsp;&nbsp; 15 | 13068 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 96 | 95031 |
| 5.30%, 09/15/35 | &nbsp;&nbsp; 5 | 5165 |
| 6.05%, 08/15/36 | &nbsp;&nbsp; 60 | 65781 |
| Deere & Co. |  |  |
| 2.88%, 09/07/49 | &nbsp;&nbsp; 55 | 35970 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 40 | 30651 |
| 3.90%, 06/09/42 | &nbsp;&nbsp; 124 | 105080 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 30 | 30656 |
| Dover Corp. |  |  |
| 5.38%, 10/15/35 | &nbsp;&nbsp; 40 | 41595 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 50 | 49044 |
| Ingersoll Rand Inc., 5.70%, 06/15/54 | &nbsp;&nbsp; 30 | 29560 |
| Otis Worldwide Corp. |  |  |
| 3.11%, 02/15/40 | &nbsp;&nbsp; 105 | 81152 |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 85 | 58840 |
| Rockwell Automation Inc. |  |  |
| 2.80%, 08/15/61 | &nbsp;&nbsp; 15 | 8628 |
| 4.20%, 03/01/49 | &nbsp;&nbsp; 75 | 61269 |
| Xylem Inc./New York, 4.38%, 11/01/46 | &nbsp;&nbsp; 30 | 24731 |
|  |  | 1072363 |
| **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** |
| 3M Co. |  |  |
| 3.13%, 09/19/46 | &nbsp;&nbsp; 70 | 47862 |
| 3.25%, 08/26/49 | &nbsp;&nbsp; 95 | 64382 |
| 3.63%, 10/15/47 | &nbsp;&nbsp; 35 | 25835 |
| 3.70%, 04/15/50 | &nbsp;&nbsp; 50 | 36312 |
| 3.88%, 06/15/44 | &nbsp;&nbsp; 50 | 39672 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| 4.00%, 09/14/48 | &nbsp;&nbsp; $115 | $90687 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 77 | 80996 |
| Eaton Corp. |  |  |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 15 | 11876 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 115 | 98687 |
| 4.70%, 08/23/52 | &nbsp;&nbsp; 90 | 79667 |
| Illinois Tool Works Inc. |  |  |
| 3.90%, 09/01/42 | &nbsp;&nbsp; 135 | 112145 |
| 4.88%, 09/15/41 | &nbsp;&nbsp; 56 | 52699 |
| Parker-Hannifin Corp. |  |  |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 90 | 70982 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 60 | 48748 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 55 | 47649 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 25 | 27454 |
| Siemens Financieringsmaatschappij NV |  |  |
| 2.88%, 03/11/41<sup>(a)</sup> | &nbsp;&nbsp; 250 | 185535 |
| 3.30%, 09/15/46<sup>(a)</sup> | &nbsp;&nbsp; 15 | 10986 |
| 4.20%, 03/16/47<sup>(a)</sup> | &nbsp;&nbsp; 255 | 213473 |
| 4.40%, 05/27/45<sup>(a)</sup> | &nbsp;&nbsp; 50 | 43536 |
|  |  | 1389183 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| Charter Communications Operating LLC / Charter <br> Communications Operating Capital, 6.70%, <br> 12/01/55<br>| &nbsp;&nbsp; 50 | 49444 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 170 | 121987 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 145 | 102949 |
| 3.70%, 04/01/51 | &nbsp;&nbsp; 225 | 144799 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 190 | 115855 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 250 | 165327 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; 135 | 83598 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 130 | 88451 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; 295 | 228039 |
| 5.13%, 07/01/49 | &nbsp;&nbsp; 130 | 105484 |
| 5.25%, 04/01/53<sup>(b)</sup> | &nbsp;&nbsp; 165 | 134743 |
| 5.38%, 04/01/38 | &nbsp;&nbsp; 90 | 84186 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 245 | 208343 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 70 | 57368 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 258 | 230059 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 195 | 203001 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 326 | 316913 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; 45 | 44979 |
| Comcast Corp. |  |  |
| 2.45%, 08/15/52 | &nbsp;&nbsp; 155 | 82828 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 140 | 71586 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 160 | 94486 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 520 | 310930 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 575 | 330501 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 264 | 146280 |
| 3.20%, 07/15/36 | &nbsp;&nbsp; 95 | 79949 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 126 | 98942 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 175 | 123961 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 220 | 149420 |
| 3.75%, 04/01/40 | &nbsp;&nbsp; 175 | 145301 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 105 | 91367 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 227 | 173342 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 85 | 65380 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 140 | 107088 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 201 | 150941 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 95 | 70921 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 4.60%, 10/15/38 | &nbsp;&nbsp; $99 | $92112 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 105 | 89929 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 90 | 79824 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 115 | 98075 |
| 4.75%, 03/01/44 | &nbsp;&nbsp; 80 | 70331 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 60 | 51027 |
| 5.35%, 05/15/53 | &nbsp;&nbsp; 140 | 128258 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; 115 | 105683 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 100 | 95820 |
| 6.05%, 05/15/55 | &nbsp;&nbsp; 90 | 91059 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 40 | 44297 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 55 | 61194 |
| 6.55%, 07/01/39 | &nbsp;&nbsp; 60 | 66472 |
| 6.95%, 08/15/37 | &nbsp;&nbsp; 30 | 34180 |
| Cox Communications Inc. |  |  |
| 2.95%, 10/01/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 75 | 42219 |
| 3.60%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 70 | 44329 |
| 4.50%, 06/30/43<sup>(a)</sup> | &nbsp;&nbsp; 36 | 28228 |
| 4.60%, 08/15/47<sup>(a)</sup> | &nbsp;&nbsp; 35 | 26559 |
| 4.70%, 12/15/42<sup>(a)</sup> | &nbsp;&nbsp; 35 | 28263 |
| 5.80%, 12/15/53<sup>(a)</sup> | &nbsp;&nbsp; 70 | 62116 |
| 5.95%, 09/01/54<sup>(a)</sup> | &nbsp;&nbsp; 75 | 67981 |
| 8.38%, 03/01/39<sup>(a)</sup> | &nbsp;&nbsp; 50 | 59637 |
| Discovery Communications LLC |  |  |
| 5.00%, 09/20/37 | &nbsp;&nbsp; 80 | 59086 |
| 5.20%, 09/20/47 | &nbsp;&nbsp; 2 | 949 |
| 6.35%, 06/01/40 | &nbsp;&nbsp; 20 | 13564 |
| Fox Corp. |  |  |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 165 | 162734 |
| 5.58%, 01/25/49 | &nbsp;&nbsp; 65 | 61201 |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45 | &nbsp;&nbsp; 45 | 31368 |
| 5.25%, 05/24/49 | &nbsp;&nbsp; 40 | 28032 |
| 6.13%, 01/31/46 | &nbsp;&nbsp; 65 | 52463 |
| 6.63%, 01/15/40 | &nbsp;&nbsp; 94 | 86797 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 70 | 59989 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 70 | 72306 |
| Paramount Global |  |  |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 135 | 102673 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 55 | 42310 |
| 4.85%, 07/01/42 | &nbsp;&nbsp; 49 | 39912 |
| 4.90%, 08/15/44 | &nbsp;&nbsp; 55 | 44096 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 95 | 74425 |
| 5.25%, 04/01/44 | &nbsp;&nbsp; 30 | 24565 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 110 | 98999 |
| 5.90%, 10/15/40 | &nbsp;&nbsp; 25 | 23480 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 129 | 136866 |
| Sky Group Finance Ltd., 6.50%, 10/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 45 | 49552 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42 | &nbsp;&nbsp; 119 | 94192 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 115 | 103778 |
| 5.88%, 11/15/40 | &nbsp;&nbsp; 115 | 109902 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 155 | 160579 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 150 | 155632 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 125 | 136144 |
| TWDC Enterprises 18 Corp. |  |  |
| 3.00%, 07/30/46 | &nbsp;&nbsp; 75 | 50762 |
| 3.70%, 12/01/42 | &nbsp;&nbsp; 70 | 55872 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 96 | 80008 |
| 4.38%, 08/16/41 | &nbsp;&nbsp; 50 | 44007 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Series E, 4.13%, 12/01/41 | &nbsp;&nbsp; $80 | $68503 |
| Walt Disney Co. (The) |  |  |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 230 | 143378 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 190 | 156967 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 285 | 209044 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 40 | 29038 |
| 4.63%, 03/23/40 | &nbsp;&nbsp; 100 | 95179 |
| 4.70%, 03/23/50 | &nbsp;&nbsp; 180 | 159294 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 30 | 27176 |
| 4.75%, 11/15/46 | &nbsp;&nbsp; 20 | 17921 |
| 4.95%, 10/15/45 | &nbsp;&nbsp; 65 | 60227 |
| 5.40%, 10/01/43 | &nbsp;&nbsp; 95 | 94477 |
| 6.15%, 03/01/37 | &nbsp;&nbsp; 31 | 34003 |
| 6.15%, 02/15/41 | &nbsp;&nbsp; 50 | 53913 |
| 6.40%, 12/15/35 | &nbsp;&nbsp; 91 | 102589 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 130 | 149121 |
| 7.75%, 12/01/45 | &nbsp;&nbsp; 35 | 44429 |
|  |  | 9947843 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Precision Castparts Corp. |  |  |
| 3.90%, 01/15/43 | &nbsp;&nbsp; 55 | 45015 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 40 | 33892 |
| Valmont Industries Inc. |  |  |
| 5.00%, 10/01/44 | &nbsp;&nbsp; 65 | 59240 |
| 5.25%, 10/01/54 | &nbsp;&nbsp; 20 | 17768 |
|  |  | 155915 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| Anglo American Capital PLC, 4.75%, 03/16/52<sup>(f)</sup> | &nbsp;&nbsp; 200 | 166561 |
| AngloGold Ashanti Holdings PLC, 6.50%, 04/15/40 | &nbsp;&nbsp; 30 | 31165 |
| Barrick International Barbados Corp., 6.35%, <br> 10/15/36<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | 10793 |
| Barrick Mining Corp., 6.45%, 10/15/35 | &nbsp;&nbsp; 30 | 32963 |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | &nbsp;&nbsp; 94 | 94718 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 84 | 85235 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 90 | 93745 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 105 | 90307 |
| 5.00%, 09/30/43 | &nbsp;&nbsp; 245 | 232333 |
| 5.50%, 09/08/53 | &nbsp;&nbsp; 70 | 69079 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.70%, 01/30/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 135750 |
| 4.25%, 07/17/42<sup>(a)</sup> | &nbsp;&nbsp; 200 | 158309 |
| 4.38%, 02/05/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 151590 |
| 4.50%, 08/01/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 156339 |
| 5.63%, 10/18/43<sup>(f)</sup> | &nbsp;&nbsp; 200 | 184278 |
| 6.30%, 09/08/53<sup>(f)</sup> | &nbsp;&nbsp; 200 | 196548 |
| Freeport-McMoRan Inc., 5.45%, 03/15/43 | &nbsp;&nbsp; 180 | 170037 |
| Glencore Finance Canada Ltd. |  |  |
| 5.55%, 10/25/42<sup>(a)</sup> | &nbsp;&nbsp; 55 | 52626 |
| 6.00%, 11/15/41<sup>(a)</sup> | &nbsp;&nbsp; 40 | 40436 |
| 6.90%, 11/15/37<sup>(a)</sup> | &nbsp;&nbsp; 54 | 59863 |
| Glencore Funding LLC |  |  |
| 3.38%, 09/23/51<sup>(a)</sup> | &nbsp;&nbsp; 40 | 26451 |
| 3.88%, 04/27/51<sup>(a)</sup> | &nbsp;&nbsp; 85 | 61684 |
| 5.89%, 04/04/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 35 | 34186 |
| 6.14%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 50 | 50262 |
| Indonesia Asahan Aluminium PT/Mineral Industri <br> Indonesia Persero PT, 5.80%, 05/15/50<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 193679 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Industrias Penoles SAB de CV, 4.75%, 08/06/50<sup>(f)</sup> | &nbsp;&nbsp; $200 | $160494 |
| Newmont Corp. |  |  |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 57 | 53580 |
| 5.45%, 06/09/44 | &nbsp;&nbsp; 45 | 44269 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 4.20%, <br> 05/13/50<br>| &nbsp;&nbsp; 40 | 32407 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; 131 | 79366 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 105 | 103667 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; 55 | 46583 |
| 4.75%, 03/22/42 | &nbsp;&nbsp; 55 | 50246 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 115 | 105638 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 175 | 174507 |
| 5.88%, 03/14/65 | &nbsp;&nbsp; 50 | 50067 |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; 115 | 107802 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 120 | 120464 |
| 6.75%, 04/16/40 | &nbsp;&nbsp; 100 | 110531 |
|  |  | 3818558 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| Xerox Corp., 6.75%, 12/15/39<sup>(b)</sup> | &nbsp;&nbsp; 50 | 25133 |
| **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** |
| Adnoc Murban Rsc Ltd., 5.13%, 09/11/54<sup>(f)</sup> | &nbsp;&nbsp; 200 | 187411 |
| Aker BP ASA, 5.80%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4448 |
| APA Corp. |  |  |
| 5.10%, 09/01/40<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4251 |
| 5.35%, 07/01/49<sup>(a)</sup> | &nbsp;&nbsp; 45 | 35707 |
| 6.75%, 02/15/55<sup>(a)</sup> | &nbsp;&nbsp; 55 | 52207 |
| BP Capital Markets America Inc. |  |  |
| 2.77%, 11/10/50 | &nbsp;&nbsp; 130 | 78574 |
| 2.94%, 06/04/51 | &nbsp;&nbsp; 205 | 127210 |
| 3.00%, 02/24/50 | &nbsp;&nbsp; 215 | 136966 |
| 3.00%, 03/17/52 | &nbsp;&nbsp; 135 | 84396 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 140 | 103694 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 180 | 115298 |
| Burlington Resources LLC, 5.95%, 10/15/36 | &nbsp;&nbsp; 35 | 37300 |
| Canadian Natural Resources Ltd. |  |  |
| 4.95%, 06/01/47 | &nbsp;&nbsp; 80 | 69312 |
| 6.25%, 03/15/38 | &nbsp;&nbsp; 110 | 115250 |
| 6.50%, 02/15/37 | &nbsp;&nbsp; 45 | 48050 |
| 6.75%, 02/01/39 | &nbsp;&nbsp; 35 | 37629 |
| Cenovus Energy Inc. |  |  |
| 3.75%, 02/15/52 | &nbsp;&nbsp; 65 | 44142 |
| 5.25%, 06/15/37 | &nbsp;&nbsp; 32 | 30460 |
| 5.40%, 06/15/47 | &nbsp;&nbsp; 62 | 55350 |
| 6.75%, 11/15/39 | &nbsp;&nbsp; 53 | 57401 |
| Chevron Corp., 3.08%, 05/11/50 | &nbsp;&nbsp; 95 | 63425 |
| Chevron USA Inc. |  |  |
| 2.34%, 08/12/50 | &nbsp;&nbsp; 85 | 48505 |
| 5.25%, 11/15/43 | &nbsp;&nbsp; 43 | 42581 |
| 6.00%, 03/01/41 | &nbsp;&nbsp; 40 | 42861 |
| CNOOC Finance 2014 ULC, 4.88%, 04/30/44 | &nbsp;&nbsp; 400 | 390575 |
| CNOOC Petroleum North America ULC, 6.40%, <br> 05/15/37<br>| &nbsp;&nbsp; 40 | 46988 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42 | &nbsp;&nbsp; 135 | 107923 |
| 3.80%, 03/15/52 | &nbsp;&nbsp; 160 | 115839 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 130 | 93347 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 120 | 100934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.30%, 05/15/53 | &nbsp;&nbsp; $110 | $100879 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 140 | 131892 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 80 | 75962 |
| 5.65%, 01/15/65 | &nbsp;&nbsp; 110 | 103815 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 45 | 42833 |
| 5.90%, 05/15/38 | &nbsp;&nbsp; 25 | 26497 |
| 5.95%, 03/15/46 | &nbsp;&nbsp; 55 | 57534 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 150 | 167277 |
| Continental Resources Inc./OK, 4.90%, 06/01/44 | &nbsp;&nbsp; 75 | 59190 |
| Coterra Energy Inc., 5.90%, 02/15/55 | &nbsp;&nbsp; 75 | 69870 |
| Devon Energy Corp. |  |  |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 89 | 75039 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 70 | 58796 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 130 | 121691 |
| 5.75%, 09/15/54 | &nbsp;&nbsp; 105 | 94010 |
| Diamondback Energy Inc. |  |  |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 75 | 56248 |
| 4.40%, 03/24/51 | &nbsp;&nbsp; 70 | 54260 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 150 | 138860 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 80 | 73988 |
| 6.25%, 03/15/53 | &nbsp;&nbsp; 70 | 69193 |
| Ecopetrol SA |  |  |
| 5.88%, 05/28/45 | &nbsp;&nbsp; 241 | 177139 |
| 5.88%, 11/02/51<sup>(b)</sup> | &nbsp;&nbsp; 100 | 70830 |
| 7.38%, 09/18/43<sup>(b)</sup> | &nbsp;&nbsp; 90 | 79864 |
| 8.38%, 01/19/36 | &nbsp;&nbsp; 130 | 131602 |
| Eni SpA, 5.70%, 10/01/40<sup>(a)</sup> | &nbsp;&nbsp; 50 | 48288 |
| EOG Resources Inc. |  |  |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 105 | 92464 |
| 5.35%, 01/15/36 | &nbsp;&nbsp; 100 | 101590 |
| 5.65%, 12/01/54 | &nbsp;&nbsp; 35 | 33855 |
| 5.95%, 07/15/55 | &nbsp;&nbsp; 45 | 45388 |
| Equinor ASA |  |  |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 100 | 69555 |
| 3.63%, 04/06/40 | &nbsp;&nbsp; 50 | 42329 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 100 | 75601 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 102 | 85568 |
| 4.25%, 11/23/41 | &nbsp;&nbsp; 70 | 61971 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 50 | 46369 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 95 | 94447 |
| Exxon Mobil Corp. |  |  |
| 3.00%, 08/16/39 | &nbsp;&nbsp; 80 | 62742 |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 140 | 93639 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 315 | 222303 |
| 3.57%, 03/06/45 | &nbsp;&nbsp; 60 | 46064 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 225 | 185088 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 200 | 180027 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 275 | 227705 |
| Hess Corp. |  |  |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 110 | 111409 |
| 5.80%, 04/01/47 | &nbsp;&nbsp; 55 | 55541 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 85 | 90978 |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48<sup>(f)</sup> | &nbsp;&nbsp; 200 | 192081 |
| Marathon Petroleum Corp. |  |  |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 55 | 42845 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 80 | 67352 |
| 5.00%, 09/15/54 | &nbsp;&nbsp; 30 | 24433 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 120 | 126019 |
| Motiva Enterprises LLC, 6.85%, 01/15/40<sup>(a)</sup> | &nbsp;&nbsp; 95 | 103102 |
| Murphy Oil Corp., 5.88%, 12/01/42 | &nbsp;&nbsp; 40 | 33518 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Occidental Petroleum Corp. |  |  |
| 4.20%, 03/15/48 | &nbsp;&nbsp; $55 | $38820 |
| 4.40%, 04/15/46 | &nbsp;&nbsp; 40 | 30340 |
| 6.05%, 10/01/54 | &nbsp;&nbsp; 125 | 116516 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 74 | 73034 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 155 | 160476 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 55 | 55248 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 35 | 39890 |
| Ovintiv Inc. |  |  |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 45 | 46289 |
| 6.63%, 08/15/37 | &nbsp;&nbsp; 40 | 41517 |
| 7.10%, 07/15/53 | &nbsp;&nbsp; 40 | 41323 |
| Pertamina Persero PT |  |  |
| 4.18%, 01/21/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 154741 |
| 5.63%, 05/20/43<sup>(f)</sup> | &nbsp;&nbsp; 200 | 195103 |
| 6.00%, 05/03/42<sup>(f)</sup> | &nbsp;&nbsp; 200 | 202893 |
| 6.45%, 05/30/44<sup>(f)</sup> | &nbsp;&nbsp; 200 | 212370 |
| Petrobras Global Finance BV |  |  |
| 5.50%, 06/10/51<sup>(b)</sup> | &nbsp;&nbsp; 50 | 39374 |
| 6.75%, 01/27/41 | &nbsp;&nbsp; 60 | 59469 |
| 6.85%, 06/05/2115 | &nbsp;&nbsp; 150 | 133706 |
| 6.88%, 01/20/40<sup>(b)</sup> | &nbsp;&nbsp; 90 | 91074 |
| 7.25%, 03/17/44 | &nbsp;&nbsp; 60 | 61218 |
| Petroleos del Peru SA, 5.63%, 06/19/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 135745 |
| Petroleos Mexicanos |  |  |
| 5.50%, 06/27/44 | &nbsp;&nbsp; 90 | 65265 |
| 5.63%, 01/23/46 | &nbsp;&nbsp; 10 | 7126 |
| 6.35%, 02/12/48 | &nbsp;&nbsp; 150 | 112156 |
| 6.38%, 01/23/45 | &nbsp;&nbsp; 150 | 114734 |
| 6.50%, 06/02/41<sup>(b)</sup> | &nbsp;&nbsp; 100 | 81436 |
| 6.75%, 09/21/47 | &nbsp;&nbsp; 575 | 449769 |
| 6.95%, 01/28/60 | &nbsp;&nbsp; 380 | 295130 |
| 7.69%, 01/23/50 | &nbsp;&nbsp; 750 | 641247 |
| Petronas Capital Ltd. |  |  |
| 3.40%, 04/28/61<sup>(f)</sup> | &nbsp;&nbsp; 200 | 132325 |
| 4.50%, 03/18/45<sup>(f)</sup> | &nbsp;&nbsp; 200 | 174105 |
| 4.55%, 04/21/50<sup>(f)</sup> | &nbsp;&nbsp; 300 | 256522 |
| 5.85%, 04/03/55<sup>(f)</sup> | &nbsp;&nbsp; 200 | 204860 |
| Phillips 66 |  |  |
| 3.30%, 03/15/52 | &nbsp;&nbsp; 120 | 77160 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 195 | 170696 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 100 | 100210 |
| Phillips 66 Co. |  |  |
| 4.68%, 02/15/45 | &nbsp;&nbsp; 65 | 54452 |
| 4.90%, 10/01/46 | &nbsp;&nbsp; 55 | 47357 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 25 | 22862 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 75 | 69822 |
| PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59<sup>(f)</sup> | &nbsp;&nbsp; 200 | 145277 |
| Qatar Energy, 3.13%, 07/12/41<sup>(f)</sup> | &nbsp;&nbsp; 400 | 300403 |
| QatarEnergy, 3.30%, 07/12/51<sup>(f)</sup> | &nbsp;&nbsp; 400 | 272649 |
| Raizen Fuels Finance SA, 6.95%, 03/05/54<sup>(f)</sup> | &nbsp;&nbsp; 200 | 184293 |
| Reliance Industries Ltd., 3.63%, 01/12/52<sup>(f)</sup> | &nbsp;&nbsp; 250 | 179550 |
| Saudi Arabian Oil Co. |  |  |
| 3.25%, 11/24/50<sup>(f)</sup> | &nbsp;&nbsp; 400 | 262571 |
| 3.50%, 11/24/70<sup>(f)</sup> | &nbsp;&nbsp; 200 | 124726 |
| 4.25%, 04/16/39<sup>(f)</sup> | &nbsp;&nbsp; 400 | 359821 |
| 4.38%, 04/16/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 161548 |
| 5.75%, 07/17/54<sup>(f)</sup> | &nbsp;&nbsp; 200 | 190418 |
| 5.88%, 07/17/64<sup>(f)</sup> | &nbsp;&nbsp; 200 | 189495 |
| Shell Finance U.S. Inc. |  |  |
| 3.25%, 04/06/50 | &nbsp;&nbsp; 210 | 143747 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 3.75%, 09/12/46 | &nbsp;&nbsp; $125 | $96370 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 205 | 163292 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 270 | 230024 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 40 | 35288 |
| Shell International Finance BV |  |  |
| 2.88%, 11/26/41 | &nbsp;&nbsp; 70 | 50311 |
| 3.00%, 11/26/51 | &nbsp;&nbsp; 70 | 44931 |
| 3.13%, 11/07/49 | &nbsp;&nbsp; 100 | 66689 |
| 3.63%, 08/21/42 | &nbsp;&nbsp; 60 | 47359 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 20 | 16024 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 15 | 12764 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 80 | 81614 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 285 | 317699 |
| Sinopec Group Overseas Development 2015 Ltd., <br> 4.10%, 04/28/45<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 176420 |
| Sinopec Group Overseas Development 2017 Ltd., <br> 4.25%, 04/12/47<sup>(f)</sup><br>| &nbsp;&nbsp; 300 | 268428 |
| Sinopec Group Overseas Development 2018 Ltd., <br> 3.10%, 01/08/51<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 144881 |
| Suncor Energy Inc. |  |  |
| 3.75%, 03/04/51 | &nbsp;&nbsp; 75 | 52219 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 79 | 58293 |
| 6.80%, 05/15/38 | &nbsp;&nbsp; 66 | 71323 |
| 6.85%, 06/01/39 | &nbsp;&nbsp; 45 | 49271 |
| Thaioil Treasury Center Co. Ltd., 3.50%, 10/17/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 134102 |
| TotalEnergies Capital International SA |  |  |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 122 | 90568 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 266 | 174973 |
| 3.39%, 06/29/60 | &nbsp;&nbsp; 35 | 22553 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 115 | 81057 |
| TotalEnergies Capital SA |  |  |
| 5.28%, 09/10/54 | &nbsp;&nbsp; 75 | 69284 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 100 | 92777 |
| 5.49%, 04/05/54 | &nbsp;&nbsp; 155 | 147623 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 85 | 81358 |
| Transocean Inc. |  |  |
| 6.80%, 03/15/38<sup>(b)</sup> | &nbsp;&nbsp; 40 | 31346 |
| 9.35%, 12/15/41 | &nbsp;&nbsp; 40 | 34624 |
| Valero Energy Corp. |  |  |
| 3.65%, 12/01/51 | &nbsp;&nbsp; 85 | 57302 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 50 | 35705 |
| 4.90%, 03/15/45 | &nbsp;&nbsp; 65 | 56828 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 140 | 152803 |
| Vista Energy Argentina SAU, 7.63%, 12/10/35<sup>(f)</sup> | &nbsp;&nbsp; 40 | 39166 |
| Woodside Finance Ltd., 5.70%, 09/12/54 | &nbsp;&nbsp; 80 | 73481 |
| YPF SA, 7.00%, 12/15/47<sup>(f)</sup> | &nbsp;&nbsp; 90 | 74411 |
|  |  | 18131613 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 120 | 115447 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc., 4.08%, 12/15/47<br>| &nbsp;&nbsp; 128 | 99645 |
| Halliburton Co. |  |  |
| 4.50%, 11/15/41 | &nbsp;&nbsp; 60 | 51461 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 98 | 84962 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 116 | 112619 |
| 5.00%, 11/15/45 | &nbsp;&nbsp; 140 | 123621 |
| 6.70%, 09/15/38 | &nbsp;&nbsp; 78 | 85660 |
| 7.45%, 09/15/39 | &nbsp;&nbsp; 85 | 99563 |
| NOV Inc., 3.95%, 12/01/42 | &nbsp;&nbsp; 109 | 82510 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| Yinson Boronia Production BV, 8.95%, 07/31/42<sup>(f)</sup> | &nbsp;&nbsp; $196 | $214052 |
|  |  | 1069540 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Packaging Corp. of America |  |  |
| 3.05%, 10/01/51 | &nbsp;&nbsp; 75 | 47050 |
| 4.05%, 12/15/49 | &nbsp;&nbsp; 50 | 38071 |
| Smurfit Kappa Treasury ULC, 5.78%, 04/03/54 | &nbsp;&nbsp; 25 | 24586 |
| Sonoco Products Co., 5.75%, 11/01/40 | &nbsp;&nbsp; 50 | 50568 |
| Stora Enso OYJ, 7.25%, 04/15/36<sup>(a)</sup> | &nbsp;&nbsp; 35 | 37991 |
|  |  | 198266 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| AbbVie Inc. |  |  |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 390 | 343114 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 480 | 390509 |
| 4.30%, 05/14/36 | &nbsp;&nbsp; 120 | 113637 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 290 | 254768 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 211 | 181257 |
| 4.63%, 10/01/42 | &nbsp;&nbsp; 70 | 63587 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 275 | 246227 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 60 | 54130 |
| 4.85%, 06/15/44 | &nbsp;&nbsp; 90 | 82628 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 200 | 180452 |
| 5.35%, 03/15/44 | &nbsp;&nbsp; 70 | 68493 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 300 | 288285 |
| 5.50%, 03/15/64 | &nbsp;&nbsp; 150 | 143799 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 90 | 88896 |
| AstraZeneca PLC |  |  |
| 2.13%, 08/06/50 | &nbsp;&nbsp; 50 | 27465 |
| 3.00%, 05/28/51 | &nbsp;&nbsp; 55 | 36454 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 101 | 85859 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 98 | 85280 |
| 4.38%, 08/17/48 | &nbsp;&nbsp; 75 | 64347 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 245 | 276306 |
| Bayer U.S. Finance II LLC |  |  |
| 3.95%, 04/15/45<sup>(a)</sup> | &nbsp;&nbsp; 118 | 84941 |
| 4.40%, 07/15/44<sup>(a)</sup> | &nbsp;&nbsp; 140 | 109546 |
| 4.63%, 06/25/38<sup>(a)</sup> | &nbsp;&nbsp; 110 | 98201 |
| 4.70%, 07/15/64<sup>(a)</sup> | &nbsp;&nbsp; 81 | 60053 |
| 4.88%, 06/25/48<sup>(a)</sup> | &nbsp;&nbsp; 85 | 69861 |
| Bayer U.S. Finance LLC, 6.88%, 11/21/53<sup>(a)</sup> | &nbsp;&nbsp; 60 | 63409 |
| Becton Dickinson & Co. |  |  |
| 3.79%, 05/20/50 | &nbsp;&nbsp; 55 | 40669 |
| 4.67%, 06/06/47 | &nbsp;&nbsp; 148 | 127395 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 93 | 81267 |
| Bristol-Myers Squibb Co. |  |  |
| 2.35%, 11/13/40 | &nbsp;&nbsp; 110 | 75631 |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 100 | 57979 |
| 3.25%, 08/01/42 | &nbsp;&nbsp; 75 | 56506 |
| 3.55%, 03/15/42 | &nbsp;&nbsp; 100 | 78984 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 225 | 162263 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 45 | 31802 |
| 4.13%, 06/15/39 | &nbsp;&nbsp; 225 | 199975 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 370 | 296234 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 80 | 66229 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 35 | 30428 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 130 | 110631 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 100 | 88278 |
| 5.00%, 08/15/45 | &nbsp;&nbsp; 85 | 79037 |
| 5.50%, 02/22/44 | &nbsp;&nbsp; 55 | 54474 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 210 | 202423 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.65%, 02/22/64 | &nbsp;&nbsp; $230 | $220134 |
| 6.25%, 11/15/53 | &nbsp;&nbsp; 135 | 142785 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 100 | 106890 |
| Cardinal Health Inc. |  |  |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 61 | 49199 |
| 4.50%, 11/15/44 | &nbsp;&nbsp; 35 | 29089 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 40 | 34076 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 35 | 30720 |
| 5.75%, 11/15/54 | &nbsp;&nbsp; 50 | 48240 |
| Cencora Inc. |  |  |
| 4.25%, 03/01/45 | &nbsp;&nbsp; 55 | 44876 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 50 | 40371 |
| CVS Health Corp. |  |  |
| 2.70%, 08/21/40 | &nbsp;&nbsp; 40 | 28055 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 90 | 75423 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 60 | 45284 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 510 | 469867 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 765 | 656810 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 270 | 237421 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 95 | 86466 |
| 5.63%, 02/21/53 | &nbsp;&nbsp; 140 | 127882 |
| 5.88%, 06/01/53 | &nbsp;&nbsp; 135 | 127754 |
| 6.00%, 06/01/44 | &nbsp;&nbsp; 40 | 39521 |
| 6.00%, 06/01/63 | &nbsp;&nbsp; 45 | 42659 |
| 6.05%, 06/01/54 | &nbsp;&nbsp; 90 | 87363 |
| 6.13%, 09/15/39 | &nbsp;&nbsp; 25 | 25666 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 100 | 98497 |
| 6.25%, 09/15/65 | &nbsp;&nbsp; 55 | 53754 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50 | &nbsp;&nbsp; 120 | 67160 |
| 2.50%, 09/15/60 | &nbsp;&nbsp; 90 | 49071 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 35 | 27607 |
| 3.95%, 05/15/47 | &nbsp;&nbsp; 25 | 20112 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 100 | 78951 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 45 | 35046 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 120 | 108151 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 50 | 44521 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 160 | 146543 |
| 5.05%, 08/14/54 | &nbsp;&nbsp; 115 | 106490 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 150 | 136481 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 75 | 69336 |
| 5.50%, 02/12/55 | &nbsp;&nbsp; 95 | 93864 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 75 | 79697 |
| 5.55%, 10/15/55 | &nbsp;&nbsp; 45 | 44689 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 95 | 94172 |
| 5.65%, 10/15/65 | &nbsp;&nbsp; 95 | 94292 |
| GlaxoSmithKline Capital Inc. |  |  |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 28 | 24047 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 297 | 330531 |
| Johnson & Johnson |  |  |
| 2.10%, 09/01/40 | &nbsp;&nbsp; 110 | 76317 |
| 2.25%, 09/01/50 | &nbsp;&nbsp; 70 | 40477 |
| 2.45%, 09/01/60 | &nbsp;&nbsp; 65 | 35608 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 120 | 103812 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 48 | 36471 |
| 3.55%, 03/01/36 | &nbsp;&nbsp; 120 | 108485 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 172 | 154367 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 205 | 163773 |
| 3.75%, 03/03/47 | &nbsp;&nbsp; 105 | 83912 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 80 | 76520 |
| 4.50%, 12/05/43 | &nbsp;&nbsp; 40 | 36967 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.85%, 05/15/41 | &nbsp;&nbsp; $30 | $29219 |
| 5.25%, 06/01/54 | &nbsp;&nbsp; 35 | 34521 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 75 | 82029 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 50 | 55270 |
| Mead Johnson Nutrition Co. |  |  |
| 4.60%, 06/01/44 | &nbsp;&nbsp; 55 | 48353 |
| 5.90%, 11/01/39 | &nbsp;&nbsp; 20 | 21045 |
| Merck & Co. Inc. |  |  |
| 2.35%, 06/24/40 | &nbsp;&nbsp; 110 | 77415 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 145 | 83554 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 135 | 81857 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 165 | 94963 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 75 | 59442 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 195 | 152671 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 90 | 79221 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 165 | 129776 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 145 | 123170 |
| 4.90%, 05/17/44 | &nbsp;&nbsp; 45 | 41883 |
| 5.00%, 05/17/53 | &nbsp;&nbsp; 145 | 131390 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 35 | 31743 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 35 | 39800 |
| Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | &nbsp;&nbsp; 45 | 48114 |
| Mylan Inc. |  |  |
| 5.20%, 04/15/48 | &nbsp;&nbsp; 80 | 64131 |
| 5.40%, 11/29/43 | &nbsp;&nbsp; 40 | 33823 |
| Novartis Capital Corp. |  |  |
| 2.75%, 08/14/50 | &nbsp;&nbsp; 130 | 81916 |
| 3.70%, 09/21/42 | &nbsp;&nbsp; 50 | 40751 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 130 | 107129 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 162 | 143394 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 70 | 61816 |
| Pfizer Inc. |  |  |
| 2.55%, 05/28/40 | &nbsp;&nbsp; 110 | 79341 |
| 2.70%, 05/28/50 | &nbsp;&nbsp; 87 | 53127 |
| 3.90%, 03/15/39 | &nbsp;&nbsp; 70 | 61043 |
| 4.00%, 12/15/36 | &nbsp;&nbsp; 95 | 87340 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 140 | 109401 |
| 4.10%, 09/15/38 | &nbsp;&nbsp; 75 | 67404 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 140 | 113715 |
| 4.20%, 09/15/48 | &nbsp;&nbsp; 115 | 93807 |
| 4.30%, 06/15/43 | &nbsp;&nbsp; 50 | 42874 |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 70 | 60984 |
| 5.60%, 09/15/40 | &nbsp;&nbsp; 55 | 56392 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 240 | 284360 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 5.11%, 05/19/43 | &nbsp;&nbsp; 300 | 283803 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 575 | 535517 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 395 | 359555 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.03%, 07/09/40 | &nbsp;&nbsp; 200 | 150601 |
| 3.18%, 07/09/50 | &nbsp;&nbsp; 215 | 140234 |
| 3.38%, 07/09/60 | &nbsp;&nbsp; 200 | 126201 |
| Takeda U.S. Financing Inc., 5.90%, 07/07/55 | &nbsp;&nbsp; 200 | 199316 |
| Teva Pharmaceutical Finance Co. LLC, 6.15%, <br> 02/01/36<br>| &nbsp;&nbsp; 65 | 66939 |
| Teva Pharmaceutical Finance Netherlands III BV, <br> 4.10%, 10/01/46<br>| &nbsp;&nbsp; 250 | 182331 |
| Utah Acquisition Sub Inc., 5.25%, 06/15/46 | &nbsp;&nbsp; 80 | 65233 |
| Viatris Inc. |  |  |
| 3.85%, 06/22/40 | &nbsp;&nbsp; 150 | 112238 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 205 | 135131 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | &nbsp;&nbsp; $205 | $218457 |
| 6.00%, 02/15/36 | &nbsp;&nbsp; 55 | 59348 |
| Zoetis Inc. |  |  |
| 3.00%, 05/15/50 | &nbsp;&nbsp; 45 | 29140 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 50 | 39410 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 40 | 33649 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 120 | 108411 |
|  |  | 16851679 |
| **Pipelines — 2.3%** | **Pipelines — 2.3%** | **Pipelines — 2.3%** |
| Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 182995 |
| Buckeye Partners LP |  |  |
| 5.60%, 10/15/44 | &nbsp;&nbsp; 35 | 30368 |
| 5.85%, 11/15/43 | &nbsp;&nbsp; 45 | 40727 |
| Cameron LNG LLC |  |  |
| 3.40%, 01/15/38<sup>(a)</sup> | &nbsp;&nbsp; 40 | 34295 |
| 3.70%, 01/15/39<sup>(a)</sup> | &nbsp;&nbsp; 90 | 76475 |
| Cheniere Corpus Christi Holdings LLC, 2.74%, <br> 12/31/39<br>| &nbsp;&nbsp; 45 | 37001 |
| Colonial Pipeline Co. |  |  |
| 4.20%, 04/15/43<sup>(a)</sup> | &nbsp;&nbsp; 5 | 3920 |
| 4.25%, 04/15/48<sup>(a)</sup> | &nbsp;&nbsp; 65 | 49254 |
| Columbia Pipeline Group Inc., 5.80%, 06/01/45 | &nbsp;&nbsp; 50 | 48966 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.70%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 25 | 23108 |
| 5.96%, 02/15/55<sup>(a)</sup> | &nbsp;&nbsp; 25 | 23826 |
| 6.50%, 08/15/43<sup>(a)</sup> | &nbsp;&nbsp; 60 | 62350 |
| 6.54%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 140 | 144902 |
| 6.71%, 08/15/63<sup>(a)</sup> | &nbsp;&nbsp; 40 | 42174 |
| DCP Midstream Operating LP |  |  |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 35 | 32709 |
| 6.45%, 11/03/36<sup>(a)</sup> | &nbsp;&nbsp; 30 | 31361 |
| 6.75%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; 40 | 42539 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/54 | &nbsp;&nbsp; 20 | 19057 |
| 6.20%, 01/15/55 | &nbsp;&nbsp; 25 | 25576 |
| Eastern Gas Transmission & Storage Inc. |  |  |
| 4.60%, 12/15/44 | &nbsp;&nbsp; 55 | 46621 |
| 4.80%, 11/01/43 | &nbsp;&nbsp; 35 | 30619 |
| EIG Pearl Holdings SARL, 4.39%, 11/30/46<sup>(f)</sup> | &nbsp;&nbsp; 200 | 161497 |
| Enbridge Energy Partners LP |  |  |
| 5.50%, 09/15/40 | &nbsp;&nbsp; 56 | 54624 |
| 7.38%, 10/15/45 | &nbsp;&nbsp; 35 | 40271 |
| Series B, 7.50%, 04/15/38 | &nbsp;&nbsp; 40 | 46685 |
| Enbridge Inc. |  |  |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 60 | 39568 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 70 | 51779 |
| 4.50%, 06/10/44 | &nbsp;&nbsp; 25 | 20839 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 93 | 89285 |
| 5.95%, 04/05/54 | &nbsp;&nbsp; 125 | 123355 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 135 | 145374 |
| Energy Transfer LP |  |  |
| 4.95%, 01/15/43 | &nbsp;&nbsp; 35 | 30284 |
| 5.00%, 05/15/44 | &nbsp;&nbsp; 60 | 51813 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 230 | 191114 |
| 5.15%, 02/01/43 | &nbsp;&nbsp; 70 | 62121 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 110 | 96760 |
| 5.30%, 04/01/44 | &nbsp;&nbsp; 80 | 71648 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 125 | 110196 |
| 5.35%, 05/15/45 | &nbsp;&nbsp; 95 | 85114 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 160 | 142458 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.95%, 10/01/43 | &nbsp;&nbsp; $65 | $63119 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; 185 | 173588 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 120 | 115218 |
| 6.05%, 06/01/41 | &nbsp;&nbsp; 40 | 39964 |
| 6.05%, 09/01/54 | &nbsp;&nbsp; 160 | 152162 |
| 6.10%, 02/15/42 | &nbsp;&nbsp; 40 | 39909 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 100 | 98364 |
| 6.25%, 04/15/49 | &nbsp;&nbsp; 130 | 127452 |
| 6.50%, 02/01/42 | &nbsp;&nbsp; 125 | 129763 |
| 6.63%, 10/15/36 | &nbsp;&nbsp; 45 | 48476 |
| 6.75%, 02/15/56, (5-year CMT + 2.475%)<sup>(c)</sup> | &nbsp;&nbsp; 50 | 49757 |
| 7.50%, 07/01/38 | &nbsp;&nbsp; 45 | 51664 |
| Series 20Y, 5.80%, 06/15/38 | &nbsp;&nbsp; 50 | 50387 |
| Enterprise Products Operating LLC |  |  |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 125 | 81235 |
| 3.30%, 02/15/53 | &nbsp;&nbsp; 75 | 49146 |
| 3.70%, 01/31/51 | &nbsp;&nbsp; 115 | 82399 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 60 | 43179 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 135 | 106213 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 140 | 113034 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 115 | 99203 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 130 | 112455 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 93 | 84446 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 125 | 112908 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 70 | 62694 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 50 | 43324 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 95 | 87833 |
| 5.20%, 01/15/36 | &nbsp;&nbsp; 100 | 100798 |
| 5.55%, 02/16/55 | &nbsp;&nbsp; 130 | 124110 |
| 5.70%, 02/15/42 | &nbsp;&nbsp; 80 | 80333 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 75 | 77674 |
| 6.13%, 10/15/39 | &nbsp;&nbsp; 80 | 85279 |
| 6.45%, 09/01/40 | &nbsp;&nbsp; 80 | 87769 |
| 7.55%, 04/15/38 | &nbsp;&nbsp; 26 | 30821 |
| Flex Intermediate Holdco LLC, 4.32%, 12/30/39<sup>(a)</sup> | &nbsp;&nbsp; 50 | 39946 |
| FLNG Liquefaction 2 LLC, 4.13%, 03/31/38<sup>(a)</sup> | &nbsp;&nbsp; 59 | 54884 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.63%, 03/31/36<sup>(f)</sup> | &nbsp;&nbsp; 200 | 174144 |
| 2.94%, 09/30/40<sup>(f)</sup> | &nbsp;&nbsp; 176 | 147832 |
| 3.25%, 09/30/40<sup>(f)</sup> | &nbsp;&nbsp; 200 | 159850 |
| Greensaif Pipelines Bidco SARL |  |  |
| 6.13%, 02/23/38<sup>(f)</sup> | &nbsp;&nbsp; 200 | 211252 |
| 6.51%, 02/23/42<sup>(f)</sup> | &nbsp;&nbsp; 400 | 425698 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; 50 | 43000 |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 75 | 67167 |
| 5.00%, 03/01/43 | &nbsp;&nbsp; 80 | 71597 |
| 5.40%, 09/01/44 | &nbsp;&nbsp; 65 | 60210 |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 70 | 65930 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 30 | 29104 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 70 | 73232 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; 25 | 26707 |
| 6.50%, 09/01/39 | &nbsp;&nbsp; 75 | 80237 |
| 6.55%, 09/15/40 | &nbsp;&nbsp; 45 | 48125 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 75 | 83442 |
| 7.50%, 11/15/40 | &nbsp;&nbsp; 45 | 52299 |
| Kinder Morgan Inc. |  |  |
| 3.25%, 08/01/50 | &nbsp;&nbsp; 35 | 22270 |
| 3.60%, 02/15/51 | &nbsp;&nbsp; 120 | 81622 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 95 | 83498 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 80 | 71343 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.45%, 08/01/52 | &nbsp;&nbsp; $85 | $77110 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 175 | 164619 |
| 5.95%, 08/01/54 | &nbsp;&nbsp; 55 | 53409 |
| MPLX LP |  |  |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 165 | 146909 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 155 | 125623 |
| 4.90%, 04/15/58 | &nbsp;&nbsp; 45 | 36134 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 110 | 90516 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 115 | 100075 |
| 5.20%, 12/01/47 | &nbsp;&nbsp; 60 | 51944 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 152 | 136708 |
| 5.65%, 03/01/53 | &nbsp;&nbsp; 60 | 54489 |
| 5.95%, 04/01/55 | &nbsp;&nbsp; 65 | 61276 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 85 | 82758 |
| NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(a)</sup> | &nbsp;&nbsp; 53 | 60734 |
| Northern Natural Gas Co. |  |  |
| 3.40%, 10/16/51<sup>(a)</sup> | &nbsp;&nbsp; 75 | 49254 |
| 4.30%, 01/15/49<sup>(a)</sup> | &nbsp;&nbsp; 85 | 66459 |
| 5.63%, 02/01/54<sup>(a)</sup> | &nbsp;&nbsp; 60 | 56630 |
| ONEOK Inc. |  |  |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 115 | 81392 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 60 | 45175 |
| 4.25%, 09/15/46 | &nbsp;&nbsp; 80 | 60803 |
| 4.45%, 09/01/49 | &nbsp;&nbsp; 85 | 66249 |
| 4.50%, 03/15/50 | &nbsp;&nbsp; 60 | 46834 |
| 4.85%, 02/01/49 | &nbsp;&nbsp; 45 | 36690 |
| 4.95%, 07/13/47 | &nbsp;&nbsp; 85 | 72172 |
| 5.05%, 04/01/45 | &nbsp;&nbsp; 49 | 42429 |
| 5.15%, 10/15/43 | &nbsp;&nbsp; 50 | 44340 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 110 | 96048 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 100 | 99083 |
| 5.45%, 06/01/47 | &nbsp;&nbsp; 50 | 44647 |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 40 | 37070 |
| 5.70%, 11/01/54 | &nbsp;&nbsp; 75 | 68362 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 50 | 45664 |
| 6.25%, 10/15/55 | &nbsp;&nbsp; 100 | 97721 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 185 | 189789 |
| 7.15%, 01/15/51 | &nbsp;&nbsp; 55 | 59081 |
| ONEOK Partners LP |  |  |
| 6.13%, 02/01/41 | &nbsp;&nbsp; 55 | 55462 |
| 6.20%, 09/15/43 | &nbsp;&nbsp; 25 | 25036 |
| 6.65%, 10/01/36 | &nbsp;&nbsp; 60 | 64801 |
| 6.85%, 10/15/37 | &nbsp;&nbsp; 60 | 65458 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 4.30%, 01/31/43 | &nbsp;&nbsp; 40 | 31695 |
| 4.70%, 06/15/44 | &nbsp;&nbsp; 70 | 57886 |
| 4.90%, 02/15/45 | &nbsp;&nbsp; 65 | 55183 |
| 5.15%, 06/01/42 | &nbsp;&nbsp; 45 | 40162 |
| 6.65%, 01/15/37 | &nbsp;&nbsp; 30 | 32483 |
| Rockies Express Pipeline LLC |  |  |
| 6.88%, 04/15/40<sup>(a)</sup> | &nbsp;&nbsp; 55 | 55504 |
| 7.50%, 07/15/38<sup>(a)</sup> | &nbsp;&nbsp; 28 | 29006 |
| Sabal Trail Transmission LLC |  |  |
| 4.68%, 05/01/38<sup>(a)</sup> | &nbsp;&nbsp; 70 | 64352 |
| 4.83%, 05/01/48<sup>(a)</sup> | &nbsp;&nbsp; 45 | 38209 |
| Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 | &nbsp;&nbsp; 45 | 47304 |
| South Bow USA Infrastructure Holdings LLC, 6.18%, <br> 10/01/54<br>| &nbsp;&nbsp; 70 | 66501 |
| Southern Natural Gas Co. LLC, 4.80%, 03/15/47<sup>(a)</sup> | &nbsp;&nbsp; 55 | 47355 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Spectra Energy Partners LP |  |  |
| 4.50%, 03/15/45 | &nbsp;&nbsp; $55 | $45954 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 60 | 59469 |
| Targa Resources Corp. |  |  |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 85 | 70365 |
| 5.65%, 02/15/36 | &nbsp;&nbsp; 75 | 75850 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 70 | 67972 |
| 6.25%, 07/01/52 | &nbsp;&nbsp; 55 | 54215 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; 90 | 91941 |
| Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37 | &nbsp;&nbsp; 55 | 64936 |
| Texas Eastern Transmission LP, 4.15%, 01/15/48<sup>(a)</sup> | &nbsp;&nbsp; 49 | 38224 |
| TransCanada PipeLines Ltd. |  |  |
| 5.10%, 03/15/49 | &nbsp;&nbsp; 86 | 77473 |
| 5.85%, 03/15/36 | &nbsp;&nbsp; 45 | 46602 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 80 | 82816 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 110 | 115982 |
| 7.25%, 08/15/38 | &nbsp;&nbsp; 60 | 68182 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 100 | 117428 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.95%, 05/15/50 | &nbsp;&nbsp; 60 | 44986 |
| 4.45%, 08/01/42 | &nbsp;&nbsp; 25 | 21238 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 65 | 54675 |
| 5.40%, 08/15/41 | &nbsp;&nbsp; 40 | 38386 |
| Venture Global Plaquemines LNG LLC, 6.75%, <br> 01/15/36<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 104979 |
| Western Midstream Operating LP |  |  |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 80 | 66948 |
| 5.30%, 03/01/48 | &nbsp;&nbsp; 66 | 55562 |
| 5.45%, 04/01/44 | &nbsp;&nbsp; 65 | 57071 |
| 5.50%, 08/15/48 | &nbsp;&nbsp; 45 | 38678 |
| Williams Companies Inc. (The) |  |  |
| 3.50%, 10/15/51 | &nbsp;&nbsp; 75 | 50791 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 90 | 77436 |
| 4.90%, 01/15/45 | &nbsp;&nbsp; 50 | 43878 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 100 | 90282 |
| 5.30%, 08/15/52 | &nbsp;&nbsp; 85 | 76853 |
| 5.40%, 03/04/44 | &nbsp;&nbsp; 60 | 56537 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 80 | 78582 |
| 5.80%, 11/15/43 | &nbsp;&nbsp; 55 | 54499 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 60 | 57968 |
| 6.00%, 03/15/55 | &nbsp;&nbsp; 10 | 9948 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 105 | 111288 |
|  |  | 13314280 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| Apollo Management Holdings LP, 5.00%, 03/15/48<sup>(a)</sup> | &nbsp;&nbsp; 55 | 49163 |
| Brookfield Finance Inc., 5.81%, 03/03/55 | &nbsp;&nbsp; 25 | 24526 |
| Carlyle Finance LLC, 5.65%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 55 | 53148 |
| Carlyle Holdings II Finance LLC, 5.63%, 03/30/43<sup>(a)</sup> | &nbsp;&nbsp; 40 | 38902 |
| KKR Group Finance Co. III LLC, 5.13%, 06/01/44<sup>(a)</sup> | &nbsp;&nbsp; 65 | 60252 |
| KKR Group Finance Co. VII LLC, 3.63%, 02/25/50<sup>(a)</sup> | &nbsp;&nbsp; 65 | 46007 |
| KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50<sup>(a)</sup> | &nbsp;&nbsp; 85 | 59127 |
| KKR Group Finance Co. X LLC, 3.25%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 85 | 55199 |
|  |  | 386324 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| China Overseas Finance Cayman V Ltd., 5.35%, <br> 11/15/42<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 185523 |
| Sinochem Overseas Capital Co. Ltd., 6.30%, <br> 11/12/40<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 114155 |
|  |  | 299678 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts — 0.6%** | **Real Estate Investment Trusts — 0.6%** | **Real Estate Investment Trusts — 0.6%** |
| Alexandria Real Estate Equities Inc. |  |  |
| 3.00%, 05/18/51 | &nbsp;&nbsp; $75 | $45584 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 90 | 60774 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 70 | 51994 |
| 4.85%, 04/15/49 | &nbsp;&nbsp; 45 | 37876 |
| 5.15%, 04/15/53 | &nbsp;&nbsp; 35 | 30541 |
| 5.25%, 05/15/36 | &nbsp;&nbsp; 55 | 54483 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 65 | 65950 |
| 5.63%, 05/15/54 | &nbsp;&nbsp; 50 | 46777 |
| American Homes 4 Rent LP |  |  |
| 3.38%, 07/15/51 | &nbsp;&nbsp; 40 | 26156 |
| 4.30%, 04/15/52 | &nbsp;&nbsp; 35 | 26945 |
| American Tower Corp. |  |  |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 67 | 41927 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 80 | 51843 |
| 3.70%, 10/15/49 | &nbsp;&nbsp; 40 | 29022 |
| AvalonBay Communities Inc. |  |  |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 40 | 31201 |
| 4.15%, 07/01/47 | &nbsp;&nbsp; 30 | 24312 |
| 4.35%, 04/15/48 | &nbsp;&nbsp; 35 | 29227 |
| Camden Property Trust, 3.35%, 11/01/49 | &nbsp;&nbsp; 45 | 31233 |
| Crown Castle Inc. |  |  |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 110 | 78574 |
| 3.25%, 01/15/51 | &nbsp;&nbsp; 91 | 59423 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 30 | 22323 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 55 | 42026 |
| 4.75%, 05/15/47 | &nbsp;&nbsp; 36 | 31120 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 41 | 36595 |
| Equinix Inc. |  |  |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 60 | 36796 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; 60 | 37700 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 10 | 6677 |
| ERP Operating LP |  |  |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 20 | 15634 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 75 | 65091 |
| 4.50%, 06/01/45 | &nbsp;&nbsp; 50 | 43076 |
| Essex Portfolio LP |  |  |
| 2.65%, 09/01/50 | &nbsp;&nbsp; 40 | 23362 |
| 4.50%, 03/15/48 | &nbsp;&nbsp; 35 | 29440 |
| Federal Realty OP LP, 4.50%, 12/01/44 | &nbsp;&nbsp; 65 | 55281 |
| GLP Capital LP / GLP Financing II Inc., 5.75%, <br> 11/01/37<br>| &nbsp;&nbsp; 25 | 24594 |
| GLP Capital LP/GLP Financing II Inc., 6.25%, <br> 09/15/54<br>| &nbsp;&nbsp; 45 | 44037 |
| Goodman U.S. Finance Four LLC, 4.50%, 10/15/37<sup>(a)</sup> | &nbsp;&nbsp; 50 | 46027 |
| Healthpeak OP LLC, 6.75%, 02/01/41 | &nbsp;&nbsp; 40 | 43714 |
| Kilroy Realty LP, 6.25%, 01/15/36 | &nbsp;&nbsp; 50 | 51043 |
| Kimco Realty OP LLC |  |  |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 10 | 7242 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 60 | 47576 |
| 4.25%, 04/01/45 | &nbsp;&nbsp; 25 | 20586 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 65 | 54186 |
| 5.30%, 02/01/36 | &nbsp;&nbsp; 50 | 50507 |
| Mid-America Apartments LP, 2.88%, 09/15/51 | &nbsp;&nbsp; 30 | 18788 |
| NNN REIT Inc. |  |  |
| 3.00%, 04/15/52 | &nbsp;&nbsp; 35 | 21397 |
| 3.10%, 04/15/50 | &nbsp;&nbsp; 40 | 25332 |
| 3.50%, 04/15/51 | &nbsp;&nbsp; 55 | 37461 |
| 4.80%, 10/15/48 | &nbsp;&nbsp; 30 | 25868 |
| Prologis LP |  |  |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 55 | 29091 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.00%, 04/15/50 | &nbsp;&nbsp; $65 | $41852 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 30 | 19460 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 35 | 28977 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 60 | 56096 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 90 | 83962 |
| Public Storage Operating Co., 5.35%, 08/01/53 | &nbsp;&nbsp; 90 | 85462 |
| Realty Income Corp. |  |  |
| 4.65%, 03/15/47 | &nbsp;&nbsp; 70 | 60882 |
| 5.38%, 09/01/54 | &nbsp;&nbsp; 30 | 28354 |
| Regency Centers LP |  |  |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 45 | 37592 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 35 | 29795 |
| Simon Property Group LP |  |  |
| 3.25%, 09/13/49 | &nbsp;&nbsp; 125 | 84301 |
| 3.80%, 07/15/50 | &nbsp;&nbsp; 65 | 48314 |
| 4.25%, 10/01/44 | &nbsp;&nbsp; 45 | 37417 |
| 4.25%, 11/30/46 | &nbsp;&nbsp; 55 | 45129 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 40 | 36126 |
| 5.85%, 03/08/53 | &nbsp;&nbsp; 64 | 63860 |
| 6.65%, 01/15/54 | &nbsp;&nbsp; 55 | 60758 |
| 6.75%, 02/01/40 | &nbsp;&nbsp; 71 | 80770 |
| Trust Fibra Uno, 6.39%, 01/15/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 177865 |
| Ventas Realty LP |  |  |
| 4.38%, 02/01/45 | &nbsp;&nbsp; 25 | 20478 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 45 | 38388 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 30 | 29214 |
| VICI Properties LP |  |  |
| 5.63%, 05/15/52 | &nbsp;&nbsp; 85 | 77496 |
| 6.13%, 04/01/54 | &nbsp;&nbsp; 40 | 38889 |
| WEA Finance LLC, 4.63%, 09/20/48<sup>(a)</sup> | &nbsp;&nbsp; 60 | 47590 |
| WEA Finance LLC/Westfield U.K. & Europe Finance <br> PLC, 4.75%, 09/17/44<sup>(a)</sup><br>| &nbsp;&nbsp; 10 | 8383 |
| Welltower OP LLC |  |  |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 55 | 50360 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 40 | 44016 |
| Weyerhaeuser Co., 4.00%, 03/09/52 | &nbsp;&nbsp; 65 | 49012 |
|  |  | 3327210 |
| **Retail — 1.3%** | **Retail — 1.3%** | **Retail — 1.3%** |
| 7-Eleven Inc. |  |  |
| 2.50%, 02/10/41<sup>(a)</sup> | &nbsp;&nbsp; 80 | 53632 |
| 2.80%, 02/10/51<sup>(a)</sup> | &nbsp;&nbsp; 125 | 73691 |
| Alimentation Couche-Tard Inc. |  |  |
| 3.44%, 05/13/41<sup>(a)</sup> | &nbsp;&nbsp; 80 | 60473 |
| 3.63%, 05/13/51<sup>(a)</sup> | &nbsp;&nbsp; 45 | 31487 |
| 3.80%, 01/25/50<sup>(a)</sup> | &nbsp;&nbsp; 20 | 14565 |
| 4.50%, 07/26/47<sup>(a)</sup> | &nbsp;&nbsp; 70 | 58122 |
| 5.62%, 02/12/54<sup>(a)(b)</sup> | &nbsp;&nbsp; 65 | 62520 |
| Bath & Body Works Inc. |  |  |
| 6.75%, 07/01/36 | &nbsp;&nbsp; 65 | 66235 |
| 6.88%, 11/01/35 | &nbsp;&nbsp; 85 | 88529 |
| 7.60%, 07/15/37 | &nbsp;&nbsp; 25 | 25484 |
| CK Hutchison International 20 Ltd., 3.38%, <br> 05/08/50<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 141161 |
| CK Hutchison International 21 Ltd., 3.13%, <br> 04/15/41<sup>(a)</sup><br>| &nbsp;&nbsp; 105 | 78513 |
| Darden Restaurants Inc., 4.55%, 02/15/48 | &nbsp;&nbsp; 45 | 36755 |
| Dick's Sporting Goods Inc., 4.10%, 01/15/52 | &nbsp;&nbsp; 85 | 60372 |
| Dollar General Corp. |  |  |
| 4.13%, 04/03/50 | &nbsp;&nbsp; 55 | 41872 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 35 | 32648 |
| Dollar Tree Inc., 3.38%, 12/01/51 | &nbsp;&nbsp; 35 | 22449 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Home Depot Inc. (The) |  |  |
| 2.38%, 03/15/51 | &nbsp;&nbsp; $100 | $56166 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 80 | 48572 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 140 | 94041 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 125 | 100318 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 175 | 121681 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 85 | 58558 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 175 | 126761 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 132 | 103780 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 110 | 93712 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 185 | 155233 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 110 | 94658 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 100 | 85379 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 70 | 64611 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 115 | 103800 |
| 5.30%, 06/25/54 | &nbsp;&nbsp; 120 | 114116 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 61 | 61908 |
| 5.40%, 06/25/64 | &nbsp;&nbsp; 15 | 14263 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 294 | 316998 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 102 | 107708 |
| Kohl's Corp., 5.55%, 07/17/45 | &nbsp;&nbsp; 45 | 27877 |
| Lowe's Companies Inc. |  |  |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 133 | 93339 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 195 | 120724 |
| 3.50%, 04/01/51 | &nbsp;&nbsp; 25 | 17006 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 138 | 102519 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 115 | 89342 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 155 | 119810 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 63 | 51821 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 70 | 53638 |
| 4.55%, 04/05/49 | &nbsp;&nbsp; 40 | 32749 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 80 | 70771 |
| 5.00%, 04/15/40 | &nbsp;&nbsp; 40 | 38068 |
| 5.13%, 04/15/50 | &nbsp;&nbsp; 65 | 57526 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 35 | 36114 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 130 | 124031 |
| 5.75%, 07/01/53 | &nbsp;&nbsp; 60 | 58288 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 90 | 86597 |
| 5.85%, 04/01/63 | &nbsp;&nbsp; 45 | 43615 |
| Macy's Retail Holdings LLC |  |  |
| 4.30%, 02/15/43 | &nbsp;&nbsp; 25 | 16851 |
| 5.13%, 01/15/42 | &nbsp;&nbsp; 30 | 21900 |
| 6.38%, 03/15/37 | &nbsp;&nbsp; 20 | 17297 |
| Marks & Spencer PLC, 7.13%, 12/01/37<sup>(a)</sup> | &nbsp;&nbsp; 35 | 38434 |
| McDonald's Corp. |  |  |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 60 | 46694 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 130 | 94232 |
| 3.70%, 02/15/42 | &nbsp;&nbsp; 50 | 39825 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 85 | 67638 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 100 | 84407 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 80 | 67001 |
| 4.60%, 05/26/45 | &nbsp;&nbsp; 55 | 48090 |
| 4.70%, 12/09/35 | &nbsp;&nbsp; 69 | 67884 |
| 4.88%, 07/15/40 | &nbsp;&nbsp; 35 | 33195 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 175 | 158104 |
| 5.15%, 09/09/52 | &nbsp;&nbsp; 75 | 68856 |
| 5.45%, 08/14/53 | &nbsp;&nbsp; 80 | 76744 |
| 5.70%, 02/01/39 | &nbsp;&nbsp; 30 | 31318 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 85 | 93733 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 75 | 82126 |
| Nordstrom Inc., 5.00%, 01/15/44 | &nbsp;&nbsp; 110 | 75184 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| QVC Inc., 5.95%, 03/15/43 | &nbsp;&nbsp; $30 | $13731 |
| Starbucks Corp. |  |  |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 55 | 36774 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 115 | 78862 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 55 | 40393 |
| 4.30%, 06/15/45 | &nbsp;&nbsp; 45 | 36746 |
| 4.45%, 08/15/49 | &nbsp;&nbsp; 105 | 85664 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 75 | 62182 |
| Target Corp. |  |  |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 95 | 59587 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 60 | 44916 |
| 3.90%, 11/15/47 | &nbsp;&nbsp; 65 | 50396 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 120 | 100532 |
| 4.80%, 01/15/53<sup>(b)</sup> | &nbsp;&nbsp; 110 | 96633 |
| 5.25%, 02/15/36 | &nbsp;&nbsp; 25 | 25471 |
| 7.00%, 01/15/38 | &nbsp;&nbsp; 100 | 117006 |
| TJX Companies Inc. (The), 4.50%, 04/15/50 | &nbsp;&nbsp; 55 | 47024 |
| Walmart Inc. |  |  |
| 2.50%, 09/22/41 | &nbsp;&nbsp; 140 | 98498 |
| 2.65%, 09/22/51 | &nbsp;&nbsp; 175 | 107498 |
| 2.95%, 09/24/49 | &nbsp;&nbsp; 45 | 30008 |
| 3.63%, 12/15/47 | &nbsp;&nbsp; 20 | 15310 |
| 3.95%, 06/28/38 | &nbsp;&nbsp; 125 | 114390 |
| 4.00%, 04/11/43 | &nbsp;&nbsp; 75 | 63368 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 180 | 147428 |
| 4.30%, 04/22/44 | &nbsp;&nbsp; 60 | 52541 |
| 4.50%, 09/09/52 | &nbsp;&nbsp; 80 | 69161 |
| 4.50%, 04/15/53 | &nbsp;&nbsp; 85 | 73669 |
| 5.00%, 10/25/40 | &nbsp;&nbsp; 60 | 60079 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 80 | 83644 |
| 5.63%, 04/01/40 | &nbsp;&nbsp; 85 | 90405 |
| 5.63%, 04/15/41 | &nbsp;&nbsp; 70 | 73071 |
| 6.20%, 04/15/38 | &nbsp;&nbsp; 75 | 84157 |
| 6.50%, 08/15/37 | &nbsp;&nbsp; 30 | 34371 |
| Yum! Brands Inc. |  |  |
| 5.35%, 11/01/43 | &nbsp;&nbsp; 30 | 28606 |
| 6.88%, 11/15/37 | &nbsp;&nbsp; 40 | 43604 |
|  |  | 7489844 |
| **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** |
| Advanced Micro Devices Inc., 4.39%, 06/01/52 | &nbsp;&nbsp; 45 | 37734 |
| Analog Devices Inc. |  |  |
| 2.80%, 10/01/41 | &nbsp;&nbsp; 75 | 54404 |
| 2.95%, 10/01/51 | &nbsp;&nbsp; 110 | 70579 |
| 5.30%, 12/15/45 | &nbsp;&nbsp; 40 | 38622 |
| 5.30%, 04/01/54 | &nbsp;&nbsp; 30 | 28691 |
| Applied Materials Inc. |  |  |
| 2.75%, 06/01/50 | &nbsp;&nbsp; 70 | 43683 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 82 | 69852 |
| 5.10%, 10/01/35 | &nbsp;&nbsp; 50 | 51359 |
| 5.85%, 06/15/41 | &nbsp;&nbsp; 55 | 57463 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 295 | 249327 |
| 3.19%, 11/15/36<sup>(a)</sup> | &nbsp;&nbsp; 285 | 237114 |
| 3.50%, 02/15/41<sup>(a)</sup> | &nbsp;&nbsp; 305 | 241948 |
| 3.75%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 185 | 137872 |
| 4.93%, 05/15/37<sup>(a)</sup> | &nbsp;&nbsp; 245 | 238139 |
| Foundry JV Holdco LLC |  |  |
| 6.10%, 01/25/36<sup>(a)</sup> | &nbsp;&nbsp; 200 | 209338 |
| 6.20%, 01/25/37<sup>(a)</sup> | &nbsp;&nbsp; 200 | 210368 |
| 6.30%, 01/25/39<sup>(a)</sup> | &nbsp;&nbsp; 200 | 211199 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Intel Corp. |  |  |
| 2.80%, 08/12/41 | &nbsp;&nbsp; $85 | $56998 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 140 | 82787 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 90 | 49706 |
| 3.20%, 08/12/61 | &nbsp;&nbsp; 75 | 42192 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 190 | 119125 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 195 | 135840 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 146 | 109314 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 110 | 81400 |
| 4.25%, 12/15/42 | &nbsp;&nbsp; 70 | 55999 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 70 | 61525 |
| 4.75%, 03/25/50 | &nbsp;&nbsp; 220 | 176168 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 90 | 78112 |
| 4.90%, 07/29/45 | &nbsp;&nbsp; 50 | 42371 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 185 | 150417 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 100 | 80225 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 90 | 72237 |
| 5.60%, 02/21/54 | &nbsp;&nbsp; 85 | 77147 |
| 5.63%, 02/10/43 | &nbsp;&nbsp; 55 | 52089 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 185 | 169894 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 120 | 110791 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 80 | 55319 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 135 | 122164 |
| 5.00%, 03/15/49 | &nbsp;&nbsp; 50 | 45847 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 60 | 55649 |
| Lam Research Corp. |  |  |
| 2.88%, 06/15/50 | &nbsp;&nbsp; 60 | 38229 |
| 3.13%, 06/15/60 | &nbsp;&nbsp; 35 | 21511 |
| 4.88%, 03/15/49 | &nbsp;&nbsp; 75 | 67733 |
| Micron Technology Inc. |  |  |
| 3.37%, 11/01/41 | &nbsp;&nbsp; 35 | 26150 |
| 3.48%, 11/01/51 | &nbsp;&nbsp; 55 | 37418 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 75 | 78800 |
| NVIDIA Corp. |  |  |
| 3.50%, 04/01/40 | &nbsp;&nbsp; 96 | 81164 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 185 | 137624 |
| 3.70%, 04/01/60 | &nbsp;&nbsp; 30 | 21849 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 35 | 25147 |
| 3.25%, 05/11/41 | &nbsp;&nbsp; 95 | 70250 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 50 | 32234 |
| Qualcomm Inc. |  |  |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 95 | 65037 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 157 | 131300 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 115 | 96516 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 175 | 159703 |
| 6.00%, 05/20/53 | &nbsp;&nbsp; 115 | 120149 |
| Texas Instruments Inc. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 45 | 27145 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 65 | 57248 |
| 4.10%, 08/16/52 | &nbsp;&nbsp; 25 | 19618 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 130 | 106250 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 65 | 59337 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 135 | 121257 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 75 | 70259 |
| TSMC Arizona Corp., 3.25%, 10/25/51 | &nbsp;&nbsp; 200 | 148286 |
|  |  | 6091222 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| Fidelity National Information Services Inc. |  |  |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 70 | 51326 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.50%, 08/15/46 | &nbsp;&nbsp; $25 | $20485 |
| Fiserv Inc., 4.40%, 07/01/49 | &nbsp;&nbsp; 180 | 143867 |
| Intuit Inc., 5.50%, 09/15/53 | &nbsp;&nbsp; 105 | 102914 |
| Microsoft Corp. |  |  |
| 2.50%, 09/15/50 | &nbsp;&nbsp; 190 | 115395 |
| 2.53%, 06/01/50 | &nbsp;&nbsp; 584 | 356754 |
| 2.68%, 06/01/60 | &nbsp;&nbsp; 299 | 173156 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 560 | 367087 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 177 | 111288 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 175 | 157908 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 65 | 52684 |
| 3.70%, 08/08/46 | &nbsp;&nbsp; 200 | 161039 |
| 3.75%, 02/12/45 | &nbsp;&nbsp; 50 | 41460 |
| 3.95%, 08/08/56 | &nbsp;&nbsp; 25 | 19622 |
| 4.00%, 02/12/55 | &nbsp;&nbsp; 45 | 36028 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 95 | 91495 |
| 4.20%, 11/03/35<sup>(b)</sup> | &nbsp;&nbsp; 120 | 119036 |
| 4.25%, 02/06/47 | &nbsp;&nbsp; 130 | 115200 |
| 4.45%, 11/03/45 | &nbsp;&nbsp; 150 | 137520 |
| 4.50%, 10/01/40 | &nbsp;&nbsp; 75 | 72231 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 80 | 71852 |
| 4.50%, 02/06/57 | &nbsp;&nbsp; 25 | 22276 |
| 5.20%, 06/01/39 | &nbsp;&nbsp; 20 | 21037 |
| 5.30%, 02/08/41 | &nbsp;&nbsp; 55 | 57147 |
| Oracle Corp. |  |  |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 325 | 257547 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 465 | 317630 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 240 | 187743 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 170 | 144835 |
| 3.85%, 07/15/36 | &nbsp;&nbsp; 140 | 123023 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 295 | 197560 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 350 | 252176 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 315 | 239831 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 240 | 181680 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 170 | 118939 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 125 | 98342 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 135 | 102597 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 120 | 100320 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 170 | 164298 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 210 | 186875 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 105 | 93014 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 205 | 188110 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; 150 | 146192 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 155 | 161808 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; 80 | 77631 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 121 | 131157 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 190 | 205570 |
| Salesforce Inc. |  |  |
| 2.70%, 07/15/41 | &nbsp;&nbsp; 120 | 86158 |
| 2.90%, 07/15/51 | &nbsp;&nbsp; 175 | 110841 |
| 3.05%, 07/15/61 | &nbsp;&nbsp; 110 | 66568 |
| Synopsys Inc., 5.70%, 04/01/55 | &nbsp;&nbsp; 190 | 186271 |
|  |  | 6745523 |
| **Telecommunications — 2.4%** | **Telecommunications — 2.4%** | **Telecommunications — 2.4%** |
| America Movil SAB de CV |  |  |
| 4.38%, 07/16/42 | &nbsp;&nbsp; 40 | 34160 |
| 4.38%, 04/22/49 | &nbsp;&nbsp; 50 | 41028 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 105 | 111243 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 154 | 162623 |
| AT&T Inc. |  |  |
| 3.10%, 02/01/43 | &nbsp;&nbsp; 115 | 83157 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 3.30%, 02/01/52 | &nbsp;&nbsp; $130 | $84167 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 185 | 144670 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 765 | 511451 |
| 3.50%, 02/01/61 | &nbsp;&nbsp; 30 | 19105 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 790 | 525172 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 325 | 226807 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 576 | 380719 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 570 | 392101 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 125 | 85839 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 170 | 143606 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 115 | 95019 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 160 | 131946 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 125 | 102693 |
| 4.65%, 06/01/44 | &nbsp;&nbsp; 85 | 73209 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 185 | 160687 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 35 | 31045 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 80 | 75709 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 95 | 91396 |
| 5.15%, 03/15/42 | &nbsp;&nbsp; 50 | 47098 |
| 5.15%, 11/15/46 | &nbsp;&nbsp; 60 | 54980 |
| 5.15%, 02/15/50 | &nbsp;&nbsp; 60 | 53763 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 95 | 95183 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; 75 | 70860 |
| 5.55%, 08/15/41 | &nbsp;&nbsp; 60 | 58989 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 80 | 79711 |
| 5.70%, 03/01/57<sup>(b)</sup> | &nbsp;&nbsp; 55 | 52693 |
| 6.00%, 08/15/40 | &nbsp;&nbsp; 25 | 25982 |
| 6.05%, 08/15/56 | &nbsp;&nbsp; 175 | 176038 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 40 | 42582 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 3.65%, 08/15/52 | &nbsp;&nbsp; 42 | 28761 |
| 4.30%, 07/29/49 | &nbsp;&nbsp; 35 | 27095 |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 115 | 93105 |
| 5.55%, 02/15/54<sup>(b)</sup> | &nbsp;&nbsp; 75 | 70451 |
| 7.00%, 09/15/55, (5-year CMT + 2.363%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 102339 |
| Series US-4, 3.65%, 03/17/51 | &nbsp;&nbsp; 40 | 27929 |
| Cisco Systems Inc. |  |  |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 180 | 172658 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 75 | 71535 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 220 | 227321 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 70 | 69057 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 170 | 182885 |
| Corning Inc. |  |  |
| 3.90%, 11/15/49 | &nbsp;&nbsp; 20 | 15223 |
| 4.38%, 11/15/57 | &nbsp;&nbsp; 65 | 52065 |
| 4.70%, 03/15/37 | &nbsp;&nbsp; 30 | 29022 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 45 | 40697 |
| 5.35%, 11/15/48 | &nbsp;&nbsp; 55 | 51965 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 90 | 81728 |
| 5.75%, 08/15/40 | &nbsp;&nbsp; 41 | 41913 |
| 5.85%, 11/15/68 | &nbsp;&nbsp; 35 | 33571 |
| Deutsche Telekom AG, 3.63%, 01/21/50<sup>(a)</sup> | &nbsp;&nbsp; 150 | 107765 |
| Deutsche Telekom International Finance BV, 4.75%, <br> 06/21/38<sup>(a)</sup><br>| &nbsp;&nbsp; 20 | 19005 |
| Embarq LLC, 8.00%, 06/01/36<sup>(b)</sup> | &nbsp;&nbsp; 127 | 60339 |
| Fibercop SpA |  |  |
| Series 2036, 7.20%, 07/18/36<sup>(a)</sup> | &nbsp;&nbsp; 38 | 38233 |
| Series 2038, 7.72%, 06/04/38<sup>(a)</sup> | &nbsp;&nbsp; 65 | 65907 |
| Juniper Networks Inc., 5.95%, 03/15/41 | &nbsp;&nbsp; 31 | 30638 |
| Lumen Technologies Inc. |  |  |
| Series P, 7.60%, 09/15/39 | &nbsp;&nbsp; 43 | 37685 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Series U, 7.65%, 03/15/42<sup>(b)</sup> | &nbsp;&nbsp; $30 | $25580 |
| Motorola Solutions Inc., 5.50%, 09/01/44 | &nbsp;&nbsp; 31 | 30245 |
| Nokia OYJ, 6.63%, 05/15/39 | &nbsp;&nbsp; 50 | 51196 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; 25 | 24519 |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 5 | 4951 |
| Rogers Communications Inc. |  |  |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 60 | 43676 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 80 | 64400 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 95 | 81172 |
| 4.50%, 03/15/43 | &nbsp;&nbsp; 50 | 42239 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 200 | 161100 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 80 | 71933 |
| 5.45%, 10/01/43 | &nbsp;&nbsp; 35 | 32950 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 60 | 69459 |
| SES Global Americas Holdings Inc., 5.30%, <br> 03/25/44<sup>(a)</sup><br>| &nbsp;&nbsp; 9 | 6769 |
| Telecom Italia Capital SA |  |  |
| 7.20%, 07/18/36 | &nbsp;&nbsp; 55 | 58267 |
| 7.72%, 06/04/38 | &nbsp;&nbsp; 55 | 60046 |
| Telefonica Emisiones SA |  |  |
| 4.90%, 03/06/48 | &nbsp;&nbsp; 150 | 126264 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 270 | 237598 |
| 5.52%, 03/01/49 | &nbsp;&nbsp; 150 | 136124 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 195 | 217149 |
| TELUS Corp., 7.00%, 10/15/55, (5-year CMT + <br> 2.709%)<sup>(c)</sup><br>| &nbsp;&nbsp; 50 | 51279 |
| T-Mobile USA Inc. |  |  |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 280 | 204529 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 320 | 209947 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 290 | 191904 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 150 | 98048 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 200 | 177432 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 300 | 244727 |
| 5.25%, 06/15/55 | &nbsp;&nbsp; 105 | 94383 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 85 | 79390 |
| 5.65%, 01/15/53 | &nbsp;&nbsp; 190 | 181619 |
| 5.75%, 01/15/54 | &nbsp;&nbsp; 140 | 135548 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 55 | 53221 |
| 5.88%, 11/15/55 | &nbsp;&nbsp; 105 | 103530 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 110 | 110523 |
| Verizon Communications Inc. |  |  |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 345 | 244758 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 140 | 99466 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 295 | 182046 |
| 2.99%, 10/30/56 | &nbsp;&nbsp; 313 | 185898 |
| 3.00%, 11/20/60 | &nbsp;&nbsp; 165 | 96412 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 395 | 305273 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 450 | 319161 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 310 | 211815 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 100 | 79467 |
| 3.88%, 03/01/52 | &nbsp;&nbsp; 125 | 92471 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 145 | 111104 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 100 | 79927 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 135 | 125431 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 155 | 129798 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 80 | 67169 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 42 | 37876 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 135 | 126642 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 190 | 168919 |
| 5.01%, 04/15/49 | &nbsp;&nbsp; 60 | 54151 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.01%, 08/21/54 | &nbsp;&nbsp; $75 | $66517 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 70 | 70082 |
| 5.50%, 03/16/47 | &nbsp;&nbsp; 75 | 72311 |
| 5.50%, 02/23/54<sup>(b)</sup> | &nbsp;&nbsp; 105 | 100557 |
| 5.85%, 09/15/35 | &nbsp;&nbsp; 40 | 42268 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 50 | 54819 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 87 | 67768 |
| 4.88%, 06/19/49 | &nbsp;&nbsp; 195 | 169150 |
| 5.00%, 05/30/38 | &nbsp;&nbsp; 50 | 48592 |
| 5.13%, 06/04/81, (5-year CMT + 3.073%)<sup>(c)</sup> | &nbsp;&nbsp; 115 | 89069 |
| 5.25%, 05/30/48 | &nbsp;&nbsp; 115 | 105977 |
| 5.63%, 02/10/53 | &nbsp;&nbsp; 90 | 84810 |
| 5.75%, 06/28/54 | &nbsp;&nbsp; 205 | 195794 |
| 5.75%, 02/10/63 | &nbsp;&nbsp; 30 | 28168 |
| 5.88%, 06/28/64 | &nbsp;&nbsp; 75 | 72063 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 103 | 110937 |
|  |  | 13822706 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc. |  |  |
| 5.10%, 05/15/44 | &nbsp;&nbsp; 35 | 30803 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 60 | 62289 |
| Mattel Inc., 5.45%, 11/01/41 | &nbsp;&nbsp; 35 | 31452 |
|  |  | 124544 |
| **Transportation — 1.5%** | **Transportation — 1.5%** | **Transportation — 1.5%** |
| Burlington Northern Santa Fe LLC |  |  |
| 2.88%, 06/15/52 | &nbsp;&nbsp; 55 | 34034 |
| 3.05%, 02/15/51 | &nbsp;&nbsp; 45 | 29355 |
| 3.30%, 09/15/51 | &nbsp;&nbsp; 80 | 54662 |
| 3.55%, 02/15/50 | &nbsp;&nbsp; 110 | 79547 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 80 | 63333 |
| 4.05%, 06/15/48 | &nbsp;&nbsp; 100 | 80123 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 50 | 40937 |
| 4.15%, 04/01/45 | &nbsp;&nbsp; 125 | 104061 |
| 4.15%, 12/15/48 | &nbsp;&nbsp; 60 | 48797 |
| 4.38%, 09/01/42 | &nbsp;&nbsp; 90 | 78575 |
| 4.40%, 03/15/42 | &nbsp;&nbsp; 85 | 74773 |
| 4.45%, 03/15/43 | &nbsp;&nbsp; 50 | 43887 |
| 4.45%, 01/15/53 | &nbsp;&nbsp; 115 | 95446 |
| 4.55%, 09/01/44 | &nbsp;&nbsp; 90 | 79261 |
| 4.70%, 09/01/45 | &nbsp;&nbsp; 35 | 31459 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 55 | 51315 |
| 4.95%, 09/15/41 | &nbsp;&nbsp; 55 | 51955 |
| 5.05%, 03/01/41 | &nbsp;&nbsp; 30 | 28839 |
| 5.15%, 09/01/43 | &nbsp;&nbsp; 80 | 76857 |
| 5.20%, 04/15/54 | &nbsp;&nbsp; 160 | 148996 |
| 5.40%, 06/01/41 | &nbsp;&nbsp; 60 | 59849 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 125 | 121396 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 75 | 78405 |
| 5.80%, 03/15/56 | &nbsp;&nbsp; 135 | 136680 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 75 | 82444 |
| 6.20%, 08/15/36 | &nbsp;&nbsp; 25 | 27590 |
| Canadian National Railway Co. |  |  |
| 2.45%, 05/01/50 | &nbsp;&nbsp; 30 | 17507 |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 55 | 39083 |
| 3.65%, 02/03/48 | &nbsp;&nbsp; 55 | 41716 |
| 4.40%, 08/05/52 | &nbsp;&nbsp; 60 | 50180 |
| 4.45%, 01/20/49 | &nbsp;&nbsp; 60 | 51331 |
| 6.13%, 11/01/53 | &nbsp;&nbsp; 20 | 21404 |
| 6.20%, 06/01/36 | &nbsp;&nbsp; 60 | 66609 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 6.38%, 11/15/37 | &nbsp;&nbsp; $57 | $63823 |
| Canadian Pacific Railway Co. |  |  |
| 3.00%, 12/02/41 | &nbsp;&nbsp; 60 | 43808 |
| 3.10%, 12/02/51 | &nbsp;&nbsp; 180 | 117061 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 75 | 53106 |
| 4.20%, 11/15/69 | &nbsp;&nbsp; 15 | 11213 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 50 | 42397 |
| 4.70%, 05/01/48 | &nbsp;&nbsp; 60 | 52667 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 50 | 49017 |
| 4.80%, 08/01/45 | &nbsp;&nbsp; 70 | 62725 |
| 4.95%, 08/15/45 | &nbsp;&nbsp; 65 | 59310 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 40 | 42587 |
| 6.13%, 09/15/2115 | &nbsp;&nbsp; 73 | 73858 |
| CSX Corp. |  |  |
| 2.50%, 05/15/51<sup>(b)</sup> | &nbsp;&nbsp; 35 | 20125 |
| 3.35%, 09/15/49 | &nbsp;&nbsp; 75 | 52025 |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 77 | 59630 |
| 3.80%, 04/15/50 | &nbsp;&nbsp; 65 | 48762 |
| 3.95%, 05/01/50 | &nbsp;&nbsp; 41 | 31574 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 128 | 105685 |
| 4.25%, 11/01/66 | &nbsp;&nbsp; 35 | 26561 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 100 | 82675 |
| 4.40%, 03/01/43 | &nbsp;&nbsp; 71 | 61755 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 75 | 63237 |
| 4.50%, 11/15/52 | &nbsp;&nbsp; 110 | 91723 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 55 | 45426 |
| 4.65%, 03/01/68 | &nbsp;&nbsp; 35 | 28492 |
| 4.75%, 05/30/42 | &nbsp;&nbsp; 105 | 95760 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 5 | 4394 |
| 4.90%, 03/15/55<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26549 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 45 | 45133 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 40 | 43108 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 50 | 54489 |
| 6.22%, 04/30/40 | &nbsp;&nbsp; 105 | 113708 |
| Empresa de Transporte de Pasajeros Metro SA, <br> 5.00%, 01/25/47<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 177752 |
| FedEx Corp. |  |  |
| 3.25%, 05/15/41 | &nbsp;&nbsp; 25 | 17999 |
| 4.05%, 02/15/48 | &nbsp;&nbsp; 75 | 54803 |
| 4.10%, 04/15/43 | &nbsp;&nbsp; 25 | 19435 |
| 4.10%, 02/01/45 | &nbsp;&nbsp; 80 | 61240 |
| 4.40%, 01/15/47 | &nbsp;&nbsp; 75 | 58448 |
| 4.55%, 04/01/46 | &nbsp;&nbsp; 85 | 67474 |
| 4.55%, 04/01/46<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4079 |
| 4.75%, 11/15/45 | &nbsp;&nbsp; 60 | 50023 |
| 4.95%, 10/17/48 | &nbsp;&nbsp; 50 | 41797 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 78 | 69532 |
| 5.25%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 85 | 75392 |
| 5.25%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 5 | 4408 |
| Indian Railway Finance Corp. Ltd., 3.95%, 02/13/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 154330 |
| Norfolk Southern Corp. |  |  |
| 2.90%, 08/25/51 | &nbsp;&nbsp; 60 | 37507 |
| 3.05%, 05/15/50 | &nbsp;&nbsp; 95 | 61906 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 80 | 50884 |
| 3.40%, 11/01/49 | &nbsp;&nbsp; 65 | 45303 |
| 3.70%, 03/15/53 | &nbsp;&nbsp; 60 | 43315 |
| 3.94%, 11/01/47 | &nbsp;&nbsp; 94 | 73785 |
| 3.95%, 10/01/42 | &nbsp;&nbsp; 55 | 45099 |
| 4.05%, 08/15/52 | &nbsp;&nbsp; 95 | 73493 |
| 4.10%, 05/15/49 | &nbsp;&nbsp; 45 | 35414 |
| 4.10%, 05/15/2121 | &nbsp;&nbsp; 35 | 24111 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.15%, 02/28/48 | &nbsp;&nbsp; $60 | $48346 |
| 4.45%, 06/15/45 | &nbsp;&nbsp; 25 | 21449 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 80 | 66895 |
| 4.65%, 01/15/46 | &nbsp;&nbsp; 50 | 44071 |
| 4.84%, 10/01/41 | &nbsp;&nbsp; 75 | 69643 |
| 5.10%, 08/01/2118 | &nbsp;&nbsp; 20 | 16838 |
| 5.35%, 08/01/54<sup>(b)</sup> | &nbsp;&nbsp; 70 | 66486 |
| 5.95%, 03/15/64 | &nbsp;&nbsp; 45 | 45888 |
| Polar Tankers Inc., 5.95%, 05/10/37<sup>(a)</sup> | &nbsp;&nbsp; 26 | 27237 |
| Union Pacific Corp. |  |  |
| 2.95%, 03/10/52 | &nbsp;&nbsp; 125 | 78412 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 55 | 31799 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 145 | 111044 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 225 | 152985 |
| 3.35%, 08/15/46 | &nbsp;&nbsp; 5 | 3589 |
| 3.38%, 02/14/42 | &nbsp;&nbsp; 40 | 30867 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 145 | 101250 |
| 3.55%, 08/15/39 | &nbsp;&nbsp; 65 | 54380 |
| 3.55%, 05/20/61 | &nbsp;&nbsp; 35 | 23241 |
| 3.60%, 09/15/37 | &nbsp;&nbsp; 76 | 66067 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 65 | 43511 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 105 | 78292 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 70 | 47298 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 200 | 142651 |
| 3.85%, 02/14/72 | &nbsp;&nbsp; 50 | 34163 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 70 | 51983 |
| 3.95%, 08/15/59 | &nbsp;&nbsp; 40 | 29125 |
| 4.00%, 04/15/47 | &nbsp;&nbsp; 90 | 71064 |
| 4.05%, 11/15/45 | &nbsp;&nbsp; 95 | 76755 |
| 4.05%, 03/01/46 | &nbsp;&nbsp; 100 | 80322 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 35 | 25600 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 85 | 69442 |
| 4.50%, 09/10/48 | &nbsp;&nbsp; 35 | 29527 |
| 4.95%, 09/09/52 | &nbsp;&nbsp; 15 | 13523 |
| 5.15%, 01/20/63 | &nbsp;&nbsp; 40 | 36124 |
| 5.60%, 12/01/54 | &nbsp;&nbsp; 140 | 137715 |
| United Parcel Service Inc. |  |  |
| 3.40%, 11/15/46 | &nbsp;&nbsp; 35 | 25328 |
| 3.63%, 10/01/42 | &nbsp;&nbsp; 45 | 35420 |
| 3.75%, 11/15/47 | &nbsp;&nbsp; 132 | 99612 |
| 4.25%, 03/15/49 | &nbsp;&nbsp; 75 | 60649 |
| 4.88%, 11/15/40 | &nbsp;&nbsp; 65 | 61289 |
| 5.05%, 03/03/53 | &nbsp;&nbsp; 120 | 107840 |
| 5.20%, 04/01/40 | &nbsp;&nbsp; 60 | 59441 |
| 5.30%, 04/01/50<sup>(b)</sup> | &nbsp;&nbsp; 125 | 117517 |
| 5.50%, 05/22/54 | &nbsp;&nbsp; 115 | 110088 |
| 5.60%, 05/22/64 | &nbsp;&nbsp; 25 | 23678 |
| 5.95%, 05/14/55 | &nbsp;&nbsp; 130 | 131584 |
| 6.05%, 05/14/65 | &nbsp;&nbsp; 75 | 75919 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; 170 | 185177 |
|  |  | 8331442 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| GATX Corp. |  |  |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 50 | 31052 |
| 5.20%, 03/15/44 | &nbsp;&nbsp; 55 | 51013 |
| 6.05%, 06/05/54 | &nbsp;&nbsp; 50 | 50108 |
|  |  | 132173 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 3.25%, 06/01/51 | &nbsp;&nbsp; 55 | 36882 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| 3.45%, 05/01/50 | &nbsp;&nbsp; $50 | $35122 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 35 | 26478 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 40 | 31998 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 60 | 47443 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 80 | 64246 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 55 | 46973 |
| 4.30%, 09/01/45 | &nbsp;&nbsp; 40 | 34029 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 75 | 72075 |
| 5.70%, 09/01/55 | &nbsp;&nbsp; 95 | 93508 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 50 | 56164 |
| Essential Utilities Inc. |  |  |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 75 | 49512 |
| 4.28%, 05/01/49 | &nbsp;&nbsp; 75 | 58545 |
| 5.30%, 05/01/52 | &nbsp;&nbsp; 30 | 27169 |
|  |  | 680144 |
| **Total Corporate Bonds & Notes — 44.7%** <br>**(Cost: $288,171,952)** | **Total Corporate Bonds & Notes — 44.7%** <br>**(Cost: $288,171,952)** | 255932941 |
| **Foreign Government Obligations** | **Foreign Government Obligations** | **Foreign Government Obligations** |
| **Angola — 0.1%** | **Angola — 0.1%** | **Angola — 0.1%** |
| Angola Government International Bonds |  |  |
| 9.13%, 11/26/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 161704 |
| 9.38%, 05/08/48<sup>(f)</sup> | &nbsp;&nbsp; 200 | 165692 |
|  |  | 327396 |
| **Argentina — 0.4%** | **Argentina — 0.4%** | **Argentina — 0.4%** |
| Argentina Bonar Bonds |  |  |
| 3.50%, 07/09/41<sup>(e)</sup> | &nbsp;&nbsp; 59 | 33109 |
| 5.00%, 01/09/38<sup>(e)</sup> | &nbsp;&nbsp; 315 | 199356 |
| Argentina Republic Government International Bonds |  |  |
| 3.50%, 07/09/41<sup>(e)</sup> | &nbsp;&nbsp; 1084 | 632043 |
| 4.38%, 07/09/46<sup>(b)(e)</sup> | &nbsp;&nbsp; 218 | 133513 |
| 5.00%, 01/09/38<sup>(b)(e)</sup> | &nbsp;&nbsp; 1350 | 908987 |
| Provincia de Buenos Aires/Government Bonds |  |  |
| 5.88%, 09/01/37<sup>(e)(f)</sup> | &nbsp;&nbsp; 80 | 46712 |
| 6.63%, 09/01/37<sup>(e)(f)</sup> | &nbsp;&nbsp; 611 | 419403 |
|  |  | 2373123 |
| **Bahrain — 0.1%** | **Bahrain — 0.1%** | **Bahrain — 0.1%** |
| Bahrain Government International Bonds |  |  |
| 6.00%, 09/19/44<sup>(f)</sup> | &nbsp;&nbsp; 200 | 174834 |
| 7.50%, 02/12/36<sup>(f)</sup> | &nbsp;&nbsp; 200 | 213363 |
|  |  | 388197 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Brazil Government International Bonds |  |  |
| 4.75%, 01/14/50 | &nbsp;&nbsp; 400 | 288074 |
| 5.00%, 01/27/45<sup>(b)</sup> | &nbsp;&nbsp; 400 | 310951 |
| 5.63%, 01/07/41 | &nbsp;&nbsp; 200 | 182943 |
| 5.63%, 02/21/47 | &nbsp;&nbsp; 200 | 165390 |
| 7.13%, 01/20/37 | &nbsp;&nbsp; 200 | 217490 |
| 7.13%, 05/13/54 | &nbsp;&nbsp; 200 | 194525 |
|  |  | 1359373 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |
| Bulgaria Government International Bonds, 5.00%, <br> 03/05/37<sup>(f)</sup><br>| &nbsp;&nbsp; 100 | 98406 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| OMERS Finance Trust, 4.00%, 04/19/52<sup>(a)</sup> | &nbsp;&nbsp; 55 | 41884 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| Chile Government International Bonds |  |  |
| 3.10%, 05/07/41 | &nbsp;&nbsp; $200 | $149881 |
| 3.10%, 01/22/61 | &nbsp;&nbsp; 400 | 239503 |
| 3.50%, 01/25/50 | &nbsp;&nbsp; 200 | 141145 |
| 3.50%, 04/15/53 | &nbsp;&nbsp; 200 | 138517 |
| 3.63%, 10/30/42 | &nbsp;&nbsp; 150 | 121037 |
| 3.86%, 06/21/47 | &nbsp;&nbsp; 200 | 154246 |
| 4.00%, 01/31/52 | &nbsp;&nbsp; 200 | 152633 |
| 4.34%, 03/07/42 | &nbsp;&nbsp; 200 | 174249 |
| 4.95%, 01/05/36 | &nbsp;&nbsp; 200 | 198220 |
|  |  | 1469431 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| China Government International Bonds, 2.75%, <br> 12/03/39<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 174547 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Colombia Government International Bonds |  |  |
| 3.88%, 02/15/61 | &nbsp;&nbsp; 200 | 118760 |
| 4.13%, 05/15/51 | &nbsp;&nbsp; 200 | 126938 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 400 | 291328 |
| 5.20%, 05/15/49 | &nbsp;&nbsp; 200 | 146062 |
| 5.63%, 02/26/44 | &nbsp;&nbsp; 200 | 158773 |
| 6.13%, 01/18/41 | &nbsp;&nbsp; 200 | 173811 |
| 7.38%, 09/18/37 | &nbsp;&nbsp; 150 | 151138 |
| 8.00%, 11/14/35 | &nbsp;&nbsp; 200 | 210472 |
| 8.38%, 11/07/54 | &nbsp;&nbsp; 200 | 202950 |
| 8.75%, 11/14/53 | &nbsp;&nbsp; 200 | 211211 |
|  |  | 1791443 |
| **Costa Rica — 0.1%** | **Costa Rica — 0.1%** | **Costa Rica — 0.1%** |
| Costa Rica Government International Bonds |  |  |
| 7.16%, 03/12/45<sup>(f)</sup> | &nbsp;&nbsp; 200 | 209976 |
| 7.30%, 11/13/54<sup>(f)</sup> | &nbsp;&nbsp; 200 | 211900 |
|  |  | 421876 |
| **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** |
| Dominican Republic International Bonds |  |  |
| 5.30%, 01/21/41<sup>(f)</sup> | &nbsp;&nbsp; 150 | 132146 |
| 5.88%, 01/30/60<sup>(f)</sup> | &nbsp;&nbsp; 300 | 258035 |
| 6.40%, 06/05/49<sup>(f)</sup> | &nbsp;&nbsp; 150 | 144119 |
| 6.50%, 02/15/48<sup>(f)</sup> | &nbsp;&nbsp; 150 | 145563 |
| 6.85%, 01/27/45<sup>(f)</sup> | &nbsp;&nbsp; 250 | 253102 |
| 6.95%, 03/15/37<sup>(f)</sup> | &nbsp;&nbsp; 150 | 156431 |
| 7.45%, 04/30/44<sup>(f)</sup> | &nbsp;&nbsp; 200 | 214085 |
|  |  | 1303481 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |
| Ecuador Government International Bonds, 5.00%, <br> 07/31/40<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 300 | 195149 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Egypt Government International Bonds |  |  |
| 6.88%, 04/30/40<sup>(f)</sup> | &nbsp;&nbsp; 100 | 81257 |
| 7.50%, 02/16/61<sup>(f)</sup> | &nbsp;&nbsp; 200 | 148770 |
| 7.90%, 02/21/48<sup>(f)</sup> | &nbsp;&nbsp; 200 | 157002 |
| 8.50%, 01/31/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 165996 |
| 8.70%, 03/01/49<sup>(f)</sup> | &nbsp;&nbsp; 200 | 168342 |
| 8.88%, 05/29/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 171233 |
|  |  | 892600 |
| **El Salvador — 0.0%** | **El Salvador — 0.0%** | **El Salvador — 0.0%** |
| El Salvador Government International Bonds, 7.12%, <br> 01/20/50<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 166918 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |
| Ghana Government International Bonds, 1.50%, <br> 01/03/37<sup>(f)</sup><br>| &nbsp;&nbsp; $100 | $47487 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |
| Guatemala Government Bonds |  |  |
| 6.13%, 06/01/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 185907 |
| 6.60%, 06/13/36<sup>(f)</sup> | &nbsp;&nbsp; 200 | 209257 |
|  |  | 395164 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Airport Authority, 3.25%, 01/12/52<sup>(a)</sup> | &nbsp;&nbsp; 200 | 146350 |
| Hong Kong Government International Bonds, 5.25%, <br> 01/11/53<sup>(a)</sup><br>| &nbsp;&nbsp; 200 | 207124 |
|  |  | 353474 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government International Bonds |  |  |
| 3.13%, 09/21/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 121000 |
| 5.50%, 03/26/36<sup>(f)</sup> | &nbsp;&nbsp; 200 | 196704 |
| 6.75%, 09/25/52<sup>(f)</sup> | &nbsp;&nbsp; 200 | 209504 |
| 7.63%, 03/29/41 | &nbsp;&nbsp; 200 | 231069 |
|  |  | 758277 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Indonesia Government International Bonds |  |  |
| 3.05%, 03/12/51 | &nbsp;&nbsp; 200 | 131310 |
| 3.20%, 09/23/61 | &nbsp;&nbsp; 200 | 125327 |
| 3.50%, 02/14/50 | &nbsp;&nbsp; 200 | 144251 |
| 3.70%, 10/30/49 | &nbsp;&nbsp; 200 | 150288 |
| 4.20%, 10/15/50 | &nbsp;&nbsp; 200 | 162352 |
| 4.35%, 01/11/48 | &nbsp;&nbsp; 200 | 170008 |
| 5.10%, 02/10/54 | &nbsp;&nbsp; 200 | 187220 |
| 5.13%, 01/15/45<sup>(f)</sup> | &nbsp;&nbsp; 200 | 194499 |
| 5.25%, 01/17/42<sup>(f)</sup> | &nbsp;&nbsp; 200 | 198614 |
| 5.25%, 01/08/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 196269 |
| 5.95%, 01/08/46<sup>(f)</sup> | &nbsp;&nbsp; 200 | 210108 |
| 6.63%, 02/17/37<sup>(f)</sup> | &nbsp;&nbsp; 200 | 224705 |
| 6.75%, 01/15/44<sup>(f)</sup> | &nbsp;&nbsp; 200 | 228196 |
| 7.75%, 01/17/38<sup>(f)</sup> | &nbsp;&nbsp; 200 | 245749 |
| 8.50%, 10/12/35<sup>(f)</sup> | &nbsp;&nbsp; 200 | 253764 |
| Perusahaan Penerbit SBSN Indonesia III |  |  |
| 3.55%, 06/09/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 143091 |
| 3.80%, 06/23/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 149999 |
|  |  | 3115750 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Israel Government International Bonds |  |  |
| 3.88%, 07/03/50 | &nbsp;&nbsp; 200 | 141019 |
| 4.50%, 01/30/43 | &nbsp;&nbsp; 200 | 169292 |
| 5.75%, 03/12/54 | &nbsp;&nbsp; 200 | 184780 |
| State of Israel |  |  |
| 3.38%, 01/15/50 | &nbsp;&nbsp; 200 | 130574 |
| 3.80%, 05/13/60<sup>(f)</sup> | &nbsp;&nbsp; 600 | 387230 |
|  |  | 1012895 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Republic of Italy Government International Bonds |  |  |
| 3.88%, 05/06/51 | &nbsp;&nbsp; 230 | 158535 |
| 4.00%, 10/17/49 | &nbsp;&nbsp; 290 | 208798 |
|  |  | 367333 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |
| Ivory Coast Government International Bonds |  |  |
| 8.08%, 04/01/36<sup>(f)</sup> | &nbsp;&nbsp; $200 | $198251 |
| 8.25%, 01/30/37<sup>(f)</sup> | &nbsp;&nbsp; 200 | 198873 |
|  |  | 397124 |
| **Jamaica — 0.0%** | **Jamaica — 0.0%** | **Jamaica — 0.0%** |
| Jamaica Government International Bonds, 7.88%, <br> 07/28/45<br>| &nbsp;&nbsp; 200 | 235881 |
| **Jordan — 0.0%** | **Jordan — 0.0%** | **Jordan — 0.0%** |
| Jordan Government International Bonds, 7.38%, <br> 10/10/47<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 185174 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |
| Kazakhstan Government International Bonds |  |  |
| 4.88%, 10/14/44<sup>(f)</sup> | &nbsp;&nbsp; 200 | 182075 |
| 6.50%, 07/21/45<sup>(f)</sup> | &nbsp;&nbsp; 200 | 218788 |
|  |  | 400863 |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |
| Republic of Kenya Government International Bonds, <br> 9.50%, 03/05/36<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 197257 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Lebanon Government International Bonds |  |  |
| 7.05%, 11/02/35<sup>(f)(g)(h)</sup> | &nbsp;&nbsp; 100 | 19671 |
| 7.25%, 03/23/37<sup>(f)(g)(h)</sup> | &nbsp;&nbsp; 150 | 29261 |
|  |  | 48932 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Malaysia Sovereign Sukuk Bhd, 4.24%, 04/22/45<sup>(f)</sup> | &nbsp;&nbsp; 200 | 176210 |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| Mexico Government International Bonds |  |  |
| 3.75%, 04/19/71 | &nbsp;&nbsp; 200 | 115035 |
| 3.77%, 05/24/61 | &nbsp;&nbsp; 400 | 238734 |
| 4.28%, 08/14/41 | &nbsp;&nbsp; 300 | 234428 |
| 4.35%, 01/15/47 | &nbsp;&nbsp; 200 | 146913 |
| 4.40%, 02/12/52 | &nbsp;&nbsp; 200 | 141895 |
| 4.50%, 01/31/50 | &nbsp;&nbsp; 200 | 147556 |
| 4.60%, 01/23/46 | &nbsp;&nbsp; 200 | 153583 |
| 4.60%, 02/10/48 | &nbsp;&nbsp; 200 | 150927 |
| 4.75%, 03/08/44 | &nbsp;&nbsp; 340 | 271165 |
| 5.00%, 04/27/51 | &nbsp;&nbsp; 200 | 156811 |
| 5.55%, 01/21/45 | &nbsp;&nbsp; 300 | 268144 |
| 5.75%, 10/12/2110 | &nbsp;&nbsp; 250 | 202920 |
| 6.00%, 05/07/36 | &nbsp;&nbsp; 400 | 401136 |
| 6.05%, 01/11/40 | &nbsp;&nbsp; 350 | 338335 |
| 6.34%, 05/04/53 | &nbsp;&nbsp; 200 | 184981 |
| 6.40%, 05/07/54 | &nbsp;&nbsp; 200 | 185641 |
| 6.63%, 01/29/38 | &nbsp;&nbsp; 200 | 204816 |
| 6.88%, 05/13/37 | &nbsp;&nbsp; 400 | 420962 |
| 7.38%, 05/13/55 | &nbsp;&nbsp; 200 | 209085 |
|  |  | 4173067 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| Morocco Government International Bonds, 4.00%, <br> 12/15/50<sup>(f)</sup><br>| &nbsp;&nbsp; 400 | 280076 |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |
| Nigeria Government International Bonds |  |  |
| 7.63%, 11/28/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 167150 |
| 8.25%, 09/28/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 175954 |
|  |  | 343104 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oman — 0.1%** | **Oman — 0.1%** | **Oman — 0.1%** |
| Oman Government International Bonds |  |  |
| 6.50%, 03/08/47<sup>(f)</sup> | &nbsp;&nbsp; $200 | $210071 |
| 6.75%, 01/17/48<sup>(f)</sup> | &nbsp;&nbsp; 200 | 213971 |
| 7.00%, 01/25/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 220254 |
|  |  | 644296 |
| **Panama — 0.3%** | **Panama — 0.3%** | **Panama — 0.3%** |
| Panama Government International Bonds |  |  |
| 3.87%, 07/23/60 | &nbsp;&nbsp; 200 | 120601 |
| 4.30%, 04/29/53 | &nbsp;&nbsp; 200 | 137227 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 200 | 146532 |
| 4.50%, 04/16/50 | &nbsp;&nbsp; 200 | 141769 |
| 4.50%, 04/01/56 | &nbsp;&nbsp; 200 | 137565 |
| 4.50%, 01/19/63 | &nbsp;&nbsp; 200 | 136448 |
| 6.70%, 01/26/36 | &nbsp;&nbsp; 215 | 220430 |
| 6.85%, 03/28/54 | &nbsp;&nbsp; 200 | 192222 |
| 8.00%, 03/01/38 | &nbsp;&nbsp; 200 | 221124 |
|  |  | 1453918 |
| **Paraguay — 0.1%** | **Paraguay — 0.1%** | **Paraguay — 0.1%** |
| Paraguay Government International Bonds |  |  |
| 5.40%, 03/30/50<sup>(f)</sup> | &nbsp;&nbsp; 200 | 176138 |
| 6.10%, 08/11/44<sup>(f)</sup> | &nbsp;&nbsp; 200 | 197553 |
|  |  | 373691 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Peru Government International Bonds |  |  |
| 2.78%, 12/01/60 | &nbsp;&nbsp; 260 | 138742 |
| 3.23%, 07/28/2121 | &nbsp;&nbsp; 130 | 69391 |
| 3.30%, 03/11/41 | &nbsp;&nbsp; 100 | 75551 |
| 3.55%, 03/10/51 | &nbsp;&nbsp; 200 | 137302 |
| 3.60%, 01/15/72 | &nbsp;&nbsp; 125 | 76122 |
| 5.63%, 11/18/50 | &nbsp;&nbsp; 220 | 210590 |
| 5.88%, 08/08/54 | &nbsp;&nbsp; 200 | 194649 |
| 6.55%, 03/14/37 | &nbsp;&nbsp; 150 | 164733 |
| Peruvian Government International Bonds, 6.20%, <br> 06/30/55<br>| &nbsp;&nbsp; 100 | 101198 |
|  |  | 1168278 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Philippines Government International Bonds |  |  |
| 2.65%, 12/10/45 | &nbsp;&nbsp; 200 | 131459 |
| 2.95%, 05/05/45 | &nbsp;&nbsp; 200 | 139523 |
| 3.20%, 07/06/46 | &nbsp;&nbsp; 200 | 142843 |
| 3.70%, 03/01/41 | &nbsp;&nbsp; 200 | 166374 |
| 3.70%, 02/02/42 | &nbsp;&nbsp; 200 | 163316 |
| 3.95%, 01/20/40 | &nbsp;&nbsp; 300 | 264421 |
| 4.20%, 03/29/47 | &nbsp;&nbsp; 200 | 167405 |
| 5.50%, 01/17/48 | &nbsp;&nbsp; 400 | 399592 |
|  |  | 1574933 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland Government International Bonds |  |  |
| 5.50%, 04/04/53 | &nbsp;&nbsp; 300 | 281076 |
| 5.50%, 03/18/54 | &nbsp;&nbsp; 400 | 374813 |
|  |  | 655889 |
| **Qatar — 0.3%** | **Qatar — 0.3%** | **Qatar — 0.3%** |
| Qatar Government International Bonds |  |  |
| 4.40%, 04/16/50<sup>(f)</sup> | &nbsp;&nbsp; 400 | 341780 |
| 4.63%, 06/02/46<sup>(f)</sup> | &nbsp;&nbsp; 200 | 180490 |
| 4.82%, 03/14/49<sup>(f)</sup> | &nbsp;&nbsp; 600 | 549250 |
| 5.10%, 04/23/48<sup>(f)</sup> | &nbsp;&nbsp; 700 | 669266 |
| 5.75%, 01/20/42<sup>(a)</sup> | &nbsp;&nbsp; 200 | 211717 |
|  |  | 1952503 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |
| Romania Government International Bonds |  |  |
| 4.00%, 02/14/51<sup>(f)</sup> | &nbsp;&nbsp; $200 | $128564 |
| 5.13%, 06/15/48<sup>(f)</sup> | &nbsp;&nbsp; 140 | 109897 |
| 6.13%, 01/22/44<sup>(f)</sup> | &nbsp;&nbsp; 100 | 91424 |
| 7.50%, 02/10/37<sup>(f)</sup> | &nbsp;&nbsp; 130 | 138300 |
| 7.63%, 01/17/53<sup>(f)</sup> | &nbsp;&nbsp; 150 | 156396 |
|  |  | 624581 |
| **Saudi Arabia — 0.5%** | **Saudi Arabia — 0.5%** | **Saudi Arabia — 0.5%** |
| Saudi Government International Bonds |  |  |
| 3.25%, 11/17/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 129991 |
| 3.45%, 02/02/61<sup>(f)</sup> | &nbsp;&nbsp; 200 | 125129 |
| 3.75%, 01/21/55<sup>(f)</sup> | &nbsp;&nbsp; 400 | 277406 |
| 4.50%, 10/26/46<sup>(f)</sup> | &nbsp;&nbsp; 600 | 502845 |
| 4.50%, 04/22/60<sup>(f)</sup> | &nbsp;&nbsp; 200 | 158910 |
| 4.63%, 10/04/47<sup>(f)</sup> | &nbsp;&nbsp; 400 | 338194 |
| 5.00%, 04/17/49<sup>(f)</sup> | &nbsp;&nbsp; 400 | 353689 |
| 5.00%, 01/18/53<sup>(f)</sup> | &nbsp;&nbsp; 200 | 173653 |
| 5.25%, 01/16/50<sup>(f)</sup> | &nbsp;&nbsp; 400 | 366934 |
| 5.75%, 01/16/54<sup>(f)</sup> | &nbsp;&nbsp; 400 | 387167 |
|  |  | 2813918 |
| **Senegal — 0.0%** | **Senegal — 0.0%** | **Senegal — 0.0%** |
| Senegal Government International Bonds, 6.75%, <br> 03/13/48<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 126860 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Republic of South Africa Government <br> International Bonds<br>|  |  |
| 5.00%, 10/12/46 | &nbsp;&nbsp; 200 | 141841 |
| 5.38%, 07/24/44 | &nbsp;&nbsp; 200 | 154211 |
| 5.65%, 09/27/47 | &nbsp;&nbsp; 200 | 152308 |
| 5.75%, 09/30/49 | &nbsp;&nbsp; 200 | 151854 |
| 7.30%, 04/20/52 | &nbsp;&nbsp; 200 | 182999 |
| 7.95%, 11/19/54<sup>(f)</sup> | &nbsp;&nbsp; 200 | 193802 |
|  |  | 977015 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Export-Import Bank of Korea, 2.50%, 06/29/41 | &nbsp;&nbsp; 200 | 142393 |
| Korea International Bonds, 3.88%, 09/20/48 | &nbsp;&nbsp; 200 | 164622 |
|  |  | 307015 |
| **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** |
| Sri Lanka Government International Bonds |  |  |
| 3.60%, 05/15/36<sup>(e)(f)</sup> | &nbsp;&nbsp; 150 | 125699 |
| 3.60%, 02/15/38<sup>(e)(f)</sup> | &nbsp;&nbsp; 188 | 157867 |
|  |  | 283566 |
| **Supranational — 0.0%** | **Supranational — 0.0%** | **Supranational — 0.0%** |
| European Investment Bank, 4.88%, 02/15/36 | &nbsp;&nbsp; 5 | 5250 |
| Inter-American Development Bank |  |  |
| 3.20%, 08/07/42 | &nbsp;&nbsp; 50 | 40207 |
| 3.88%, 10/28/41 | &nbsp;&nbsp; 110 | 96960 |
| 4.38%, 01/24/44 | &nbsp;&nbsp; 50 | 46275 |
|  |  | 188692 |
| **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** |
| Turkiye Government International Bonds |  |  |
| 4.88%, 04/16/43 | &nbsp;&nbsp; 200 | 145794 |
| 5.75%, 05/11/47 | &nbsp;&nbsp; 400 | 310514 |
| 6.00%, 01/14/41 | &nbsp;&nbsp; 300 | 256973 |
| 6.63%, 02/17/45 | &nbsp;&nbsp; 200 | 175942 |
| 6.75%, 05/30/40<sup>(b)</sup> | &nbsp;&nbsp; 200 | 189290 |
| 6.88%, 03/17/36<sup>(b)</sup> | &nbsp;&nbsp; 350 | 348762 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| 7.25%, 03/05/38<sup>(b)</sup> | &nbsp;&nbsp; $50 | $51989 |
|  |  | 1479264 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Ukraine Government International Bonds |  |  |
| 3.00%, 02/01/36<sup>(e)(f)</sup> | &nbsp;&nbsp; 141 | 72699 |
| 4.50%, 02/01/36<sup>(e)(f)</sup> | &nbsp;&nbsp; 188 | 98745 |
|  |  | 171444 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| Abu Dhabi Government International Bonds |  |  |
| 2.70%, 09/02/70<sup>(f)</sup> | &nbsp;&nbsp; 200 | 109992 |
| 3.00%, 09/15/51<sup>(f)</sup> | &nbsp;&nbsp; 200 | 132665 |
| 3.13%, 09/30/49<sup>(f)</sup> | &nbsp;&nbsp; 400 | 278139 |
| 3.88%, 04/16/50<sup>(f)</sup> | &nbsp;&nbsp; 400 | 315682 |
| 4.13%, 10/11/47<sup>(f)</sup> | &nbsp;&nbsp; 200 | 167921 |
| 5.50%, 04/30/54<sup>(f)</sup> | &nbsp;&nbsp; 200 | 202216 |
| Emirate of Dubai Government International Bonds, <br> 5.25%, 01/30/43<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 195596 |
| Finance Department Government of Sharjah, 4.00%, <br> 07/28/50<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 131376 |
| UAE International Government Bonds |  |  |
| 3.25%, 10/19/61<sup>(f)</sup> | &nbsp;&nbsp; 200 | 133297 |
| 4.95%, 07/07/52<sup>(f)</sup> | &nbsp;&nbsp; 200 | 187398 |
|  |  | 1854282 |
| **Uruguay — 0.2%** | **Uruguay — 0.2%** | **Uruguay — 0.2%** |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 | &nbsp;&nbsp; 130 | 118154 |
| Uruguay Government International Bonds |  |  |
| 4.13%, 11/20/45 | &nbsp;&nbsp; 55 | 47107 |
| 4.98%, 04/20/55 | &nbsp;&nbsp; 305 | 270444 |
| 5.10%, 06/18/50 | &nbsp;&nbsp; 390 | 359954 |
| 5.44%, 02/14/37 | &nbsp;&nbsp; 95 | 98143 |
| 7.63%, 03/21/36 | &nbsp;&nbsp; 150 | 179870 |
|  |  | 1073672 |
| **Zambia — 0.0%** | **Zambia — 0.0%** | **Zambia — 0.0%** |
| Zambia Government International Bonds, 0.50%, <br> 12/31/53<sup>(f)</sup><br>| &nbsp;&nbsp; 200 | 133662 |
| **Total Foreign Government Obligations — 7.2%** <br>**(Cost: $44,217,865)** | **Total Foreign Government Obligations — 7.2%** <br>**(Cost: $44,217,865)** | 41349371 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
| Salt River Project Agricultural Improvement & Power <br> District RB BAB, 4.84%, 01/01/41<br>| &nbsp;&nbsp; 150 | 144032 |
| **California — 0.5%** | **California — 0.5%** | **California — 0.5%** |
| Bay Area Toll Authority RB BAB |  |  |
| Series S-1, 7.04%, 04/01/50<sup>(b)</sup> | &nbsp;&nbsp; 50 | 56568 |
| Series S-3, 6.91%, 10/01/50 | &nbsp;&nbsp; 170 | 190161 |
| California State University RB |  |  |
| Class B,2.72%, 11/01/52 | &nbsp;&nbsp; 200 | 128992 |
| 5.18%, 11/01/53 | &nbsp;&nbsp; 100 | 93994 |
| City of San Francisco California Public Utilities <br> Commission Water Revenue RB BAB, 6.95%, <br> 11/01/50<br>| &nbsp;&nbsp; 100 | 110557 |
| East Bay Municipal Utility District Water System <br> Revenue RB BAB, Series B, 5.87%, 06/01/40<br>| &nbsp;&nbsp; 50 | 52927 |
| Foothill-Eastern Transportation Corridor Agency RB, <br> Series A, 4.09%, 01/15/49<br>| &nbsp;&nbsp; 100 | 80556 |
| Los Angeles Community College District/California GO <br> BAB, 6.75%, 08/01/49<br>| &nbsp;&nbsp; 200 | 219504 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Los Angeles County Public Works Financing Authority <br> RB BAB, 7.62%, 08/01/40<br>| &nbsp;&nbsp; $50 | $58105 |
| Regents of the University of California Medical Center <br> Pooled Revenue RB<br>|  |  |
| 3.71%, 05/15/2120 | &nbsp;&nbsp; 225 | 138388 |
| Series N, 3.26%, 05/15/60 | &nbsp;&nbsp; 65 | 40785 |
| Regents of the University of California Medical Center <br> Pooled Revenue RB BAB, Series F, 6.58%, <br> 05/15/49<br>| &nbsp;&nbsp; 150 | 160567 |
| San Diego County Regional Transportation <br> Commission RB BAB, 5.91%, 04/01/48<br>| &nbsp;&nbsp; 125 | 125324 |
| San Diego County Water Authority RB BAB, Series B, <br> Class B,6.14%, 05/01/49<br>| &nbsp;&nbsp; 50 | 50996 |
| State of California GO |  |  |
| 4.60%, 04/01/38 | &nbsp;&nbsp; 100 | 101937 |
| 5.20%, 03/01/43 | &nbsp;&nbsp; 105 | 102220 |
| State of California GO BAB |  |  |
| 7.30%, 10/01/39 | &nbsp;&nbsp; 400 | 463634 |
| 7.55%, 04/01/39 | &nbsp;&nbsp; 250 | 300450 |
| 7.60%, 11/01/40 | &nbsp;&nbsp; 245 | 298382 |
| University of California RB |  |  |
| Series AQ, 4.77%, 05/15/2115 | &nbsp;&nbsp; 150 | 120612 |
| Series BG, 3.07%, 05/15/51 | &nbsp;&nbsp; 200 | 125994 |
|  |  | 3020653 |
| **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |
| Regional Transportation District Sales Tax Revenue <br> RB BAB, Series B, 5.84%, 11/01/50<br>| &nbsp;&nbsp; 20 | 20129 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |
| District of Columbia Water & Sewer Authority RB, <br> 4.81%, 10/01/2114<br>| &nbsp;&nbsp; 50 | 41876 |
| **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** |
| County of Miami-Dade Florida Aviation Revenue RB, <br> Series C, 4.28%, 10/01/41<br>| &nbsp;&nbsp; 50 | 45331 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| Municipal Electric Authority of Georgia RB BAB |  |  |
| Project J, Series 2010-A, 6.64%, 04/01/57 | &nbsp;&nbsp; 89 | 95412 |
| Project M, Series 2010-A, 6.66%, 04/01/57 | &nbsp;&nbsp; 45 | 47514 |
|  |  | 142926 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| Chicago O'Hare International Airport RB, Series C, <br> Class C,4.57%, 01/01/54<br>| &nbsp;&nbsp; 250 | 212346 |
| Chicago Transit Authority Sales & Transfer Tax <br> Receipts Revenue RB, Series B, Class B,6.90%, <br> 12/01/40<br>| &nbsp;&nbsp; 230 | 256365 |
| Metropolitan Water Reclamation District of Greater <br> Chicago GOL BAB, 5.72%, 12/01/38<br>| &nbsp;&nbsp; 55 | 56849 |
|  |  | 525560 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| Louisiana Local Government Environmental Facilities <br> & Community Development Authority RB, 5.20%, <br> 12/01/39<br>| &nbsp;&nbsp; 210 | 213314 |
| **Maryland — 0.0%** | **Maryland — 0.0%** | **Maryland — 0.0%** |
| Maryland Health & Higher Educational Facilities <br> Authority RB, Class D,3.05%, 07/01/40<br>| &nbsp;&nbsp; 50 | 37964 |
| **Massachusetts — 0.1%** | **Massachusetts — 0.1%** | **Massachusetts — 0.1%** |
| Commonwealth of Massachusetts GOL BAB, <br> Series E, 5.46%, 12/01/39<br>| &nbsp;&nbsp; 200 | 204118 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Massachusetts (continued)** | **Massachusetts (continued)** | **Massachusetts (continued)** |
| Commonwealth of Massachusetts Transportation <br> Fund Revenue RB BAB, Series A, 5.73%, 06/01/40<br>| &nbsp;&nbsp; $25 | $25512 |
| Massachusetts School Building Authority RB BAB, <br> Series B, 5.72%, 08/15/39<br>| &nbsp;&nbsp; 50 | 51627 |
|  |  | 281257 |
| **Michigan — 0.1%** | **Michigan — 0.1%** | **Michigan — 0.1%** |
| Michigan State University RB, 4.17%, 08/15/2122 | &nbsp;&nbsp; 100 | 72280 |
| University of Michigan RB |  |  |
| Class B,3.50%, 04/01/52 | &nbsp;&nbsp; 200 | 144237 |
| Series B, 2.44%, 04/01/40<sup>(b)</sup> | &nbsp;&nbsp; 200 | 147337 |
|  |  | 363854 |
| **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
| Health & Educational Facilities Authority of the State <br> of Missouri RB, Series A, 3.23%, 05/15/50<br>| &nbsp;&nbsp; 100 | 70246 |
| **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
| New Jersey State Turnpike Authority RB BAB, <br> Series F, 7.41%, 01/01/40<br>| &nbsp;&nbsp; 150 | 179635 |
| New Jersey Transportation Trust Fund Authority RB <br> BAB, Series B, 6.56%, 12/15/40<br>| &nbsp;&nbsp; 100 | 110498 |
| New Jersey Turnpike Authority RB BAB, Series A, <br> 7.10%, 01/01/41<br>| &nbsp;&nbsp; 200 | 230456 |
|  |  | 520589 |
| **New York — 0.3%** | **New York — 0.3%** | **New York — 0.3%** |
| City of New York GO BAB, Series C-1, 5.52%, <br> 10/01/37<br>| &nbsp;&nbsp; 200 | 203451 |
| Empire State Development Corp. RB BABA, 5.77%, <br> 03/15/39<br>| &nbsp;&nbsp; 45 | 46715 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund RB BAB, 7.34%, 11/15/39<br>| &nbsp;&nbsp; 130 | 152182 |
| Metropolitan Transportation Authority RB BAB, <br> Series E, 6.81%, 11/15/40<br>| &nbsp;&nbsp; 125 | 135749 |
| New York City Municipal Water Finance Authority <br> RB BAB<br>|  |  |
| 5.44%, 06/15/43<sup>(b)</sup> | &nbsp;&nbsp; 250 | 244570 |
| 6.01%, 06/15/42 | &nbsp;&nbsp; 200 | 204791 |
| New York State Dormitory Authority RB BAB, Series F, <br> 5.63%, 03/15/39<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | 103151 |
| Port Authority of New York & New Jersey RB |  |  |
| 3.29%, 08/01/69 | &nbsp;&nbsp; 300 | 187071 |
| 5.07%, 07/15/53 | &nbsp;&nbsp; 30 | 28047 |
| Series 168, 4.93%, 10/01/51 | &nbsp;&nbsp; 80 | 73164 |
| Series 174, 4.46%, 10/01/62 | &nbsp;&nbsp; 350 | 291233 |
| Series 181, 4.96%, 08/01/46 | &nbsp;&nbsp; 50 | 47317 |
| Series 225, 3.18%, 07/15/60 | &nbsp;&nbsp; 70 | 44147 |
|  |  | 1761588 |
| **Ohio — 0.1%** | **Ohio — 0.1%** | **Ohio — 0.1%** |
| American Municipal Power Inc. RB, Series B, 8.08%, <br> 02/15/50<br>| &nbsp;&nbsp; 50 | 62551 |
| American Municipal Power Inc. RB BAB, 6.45%, <br> 02/15/44<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 213249 |
| Ohio State University (The) RB, Series A, 4.80%, <br> 06/01/2111<br>| &nbsp;&nbsp; 75 | 61670 |
| Ohio State University (The) RB BAB, Series C, 4.91%, <br> 06/01/40<br>| &nbsp;&nbsp; 100 | 96663 |
|  |  | 434133 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| Oklahoma Development Finance Authority RB |  |  |
| 4.62%, 06/01/44 | &nbsp;&nbsp; $85 | $81153 |
| 4.71%, 05/01/52 | &nbsp;&nbsp; 175 | 157922 |
|  |  | 239075 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |
| Commonwealth Financing Authority RB, Series A, <br> 4.14%, 06/01/38<br>| &nbsp;&nbsp; 150 | 140544 |
| Pennsylvania State University (The) RB, 2.79%, <br> 09/01/43<br>| &nbsp;&nbsp; 75 | 56398 |
|  |  | 196942 |
| **Tennessee — 0.0%** | **Tennessee — 0.0%** | **Tennessee — 0.0%** |
| Metropolitan Government of Nashville & Davidson <br> County Convention Center Authority RB BAB, <br> Series B, 6.73%, 07/01/43<br>| &nbsp;&nbsp; 40 | 42773 |
| **Texas — 0.3%** | **Texas — 0.3%** | **Texas — 0.3%** |
| Board of Regents of the University of Texas System <br> RB BAB, Series C, 4.79%, 08/15/46<br>| &nbsp;&nbsp; 150 | 139159 |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue RB BAB, 5.81%, 02/01/41<br>| &nbsp;&nbsp; 50 | 51115 |
| Dallas Area Rapid Transit RB, Class A,2.61%, <br> 12/01/48<br>| &nbsp;&nbsp; 100 | 66027 |
| Dallas Area Rapid Transit RB BAB, Series B, 6.00%, <br> 12/01/44<sup>(b)</sup><br>| &nbsp;&nbsp; 100 | 102065 |
| Dallas County Hospital District GOL BAB, Series C, <br> Class C,5.62%, 08/15/44<br>| &nbsp;&nbsp; 30 | 30049 |
| Dallas Fort Worth International Airport RB |  |  |
| Class A,4.51%, 11/01/51 | &nbsp;&nbsp; 200 | 170534 |
| Series C, Class C,2.92%, 11/01/50 | &nbsp;&nbsp; 100 | 69392 |
| Grand Parkway Transportation Corp. RB, 3.24%, <br> 10/01/52<br>| &nbsp;&nbsp; 150 | 99134 |
| North Texas Tollway Authority RB BAB, Series B, <br> Class B,6.72%, 01/01/49<br>| &nbsp;&nbsp; 70 | 77058 |
| Permanent University Fund - Texas A&M University <br> System RB, Series B, Class B,3.66%, 07/01/47<br>| &nbsp;&nbsp; 100 | 80459 |
| State of Texas GO BAB, 5.52%, 04/01/39 | &nbsp;&nbsp; 250 | 259796 |
| Texas Natural Gas Securitization Finance Corp. RB, <br> 5.17%, 04/01/41<br>| &nbsp;&nbsp; 200 | 203932 |
| Texas Private Activity Bond Surface Transportation <br> Corp. RB, Series B, Class B,3.92%, 12/31/49<br>| &nbsp;&nbsp; 100 | 78692 |
| Texas Transportation Commission GO, 2.47%, <br> 10/01/44<br>| &nbsp;&nbsp; 50 | 34474 |
|  |  | 1461886 |
| **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
| University of Virginia RB |  |  |
| 2.26%, 09/01/50 | &nbsp;&nbsp; 270 | 153562 |
| Series C, 4.18%, 09/01/2117 | &nbsp;&nbsp; 45 | 32938 |
|  |  | 186500 |
| **Total Municipal Debt Obligations — 1.7%** <br>**(Cost: $11,280,839)** | **Total Municipal Debt Obligations — 1.7%** <br>**(Cost: $11,280,839)** | 9750628 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 0.1%** | **Mortgage-Backed Securities — 0.1%** | **Mortgage-Backed Securities — 0.1%** |
| Federal National Mortgage Association-ACES, Series <br> 2019-M4, Class A2, 3.61%, 02/25/31<br>| &nbsp;&nbsp; 260 | 252920 |
| **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** |
| Federal Home Loan Banks, 5.50%, 07/15/36 | &nbsp;&nbsp; 290 | 315241 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Agency Obligations (continued)** | **U.S. Government Agency Obligations (continued)** | **U.S. Government Agency Obligations (continued)** |
| Tennessee Valley Authority |  |  |
| 3.50%, 12/15/42 | &nbsp;&nbsp; $50 | $40620 |
| 5.25%, 09/15/39 | &nbsp;&nbsp; 65 | 68105 |
| 5.25%, 02/01/55 | &nbsp;&nbsp; 50 | 48285 |
| 5.38%, 04/01/56 | &nbsp;&nbsp; 500 | 493169 |
| 5.88%, 04/01/36 | &nbsp;&nbsp; 200 | 221567 |
|  |  | 1186987 |
| **U.S. Government Obligations — 44.3%** | **U.S. Government Obligations — 44.3%** | **U.S. Government Obligations — 44.3%** |
| U.S. Treasury Note/Bond |  |  |
| 1.13%, 05/15/40 | &nbsp;&nbsp; 4977 | 3096627 |
| 1.13%, 08/15/40 | &nbsp;&nbsp; 6700 | 4122594 |
| 1.25%, 05/15/50 | &nbsp;&nbsp; 3600 | 1696500 |
| 1.38%, 11/15/40 | &nbsp;&nbsp; 5757 | 3667389 |
| 1.38%, 08/15/50 | &nbsp;&nbsp; 3890 | 1879356 |
| 1.63%, 11/15/50 | &nbsp;&nbsp; 5870 | 3028553 |
| 1.75%, 08/15/41 | &nbsp;&nbsp; 7638 | 5056595 |
| 1.88%, 02/15/41 | &nbsp;&nbsp; 5970 | 4101577 |
| 1.88%, 02/15/51 | &nbsp;&nbsp; 6100 | 3355000 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 8100 | 4408172 |
| 2.00%, 11/15/41 | &nbsp;&nbsp; 5300 | 3632984 |
| 2.00%, 02/15/50 | &nbsp;&nbsp; 4170 | 2407523 |
| 2.00%, 08/15/51 | &nbsp;&nbsp; 7261 | 4097927 |
| 2.25%, 05/15/41 | &nbsp;&nbsp; 4503 | 3262564 |
| 2.25%, 08/15/46 | &nbsp;&nbsp; 1922 | 1244495 |
| 2.25%, 08/15/49 | &nbsp;&nbsp; 4700 | 2900047 |
| 2.25%, 02/15/52 | &nbsp;&nbsp; 6150 | 3676547 |
| 2.38%, 02/15/42 | &nbsp;&nbsp; 5390 | 3900170 |
| 2.38%, 11/15/49 | &nbsp;&nbsp; 3960 | 2505319 |
| 2.38%, 05/15/51 | &nbsp;&nbsp; 7889 | 4901041 |
| 2.50%, 02/15/45 | &nbsp;&nbsp; 2130 | 1484011 |
| 2.50%, 02/15/46 | &nbsp;&nbsp; 895 | 613634 |
| 2.50%, 05/15/46 | &nbsp;&nbsp; 1750 | 1196016 |
| 2.75%, 08/15/42 | &nbsp;&nbsp; 1450 | 1101094 |
| 2.75%, 11/15/42 | &nbsp;&nbsp; 4355 | 3290066 |
| 2.75%, 08/15/47 | &nbsp;&nbsp; 1700 | 1196641 |
| 2.75%, 11/15/47 | &nbsp;&nbsp; 3120 | 2190337 |
| 2.88%, 05/15/43 | &nbsp;&nbsp; 3150 | 2407781 |
| 2.88%, 08/15/45 | &nbsp;&nbsp; 500 | 369766 |
| 2.88%, 11/15/46 | &nbsp;&nbsp; 850 | 618641 |
| 2.88%, 05/15/49 | &nbsp;&nbsp; 5300 | 3747266 |
| 2.88%, 05/15/52 | &nbsp;&nbsp; 6500 | 4481953 |
| 3.00%, 05/15/42 | &nbsp;&nbsp; 1000 | 792812 |
| 3.00%, 05/15/45 | &nbsp;&nbsp; 300 | 227437 |
| 3.00%, 11/15/45 | &nbsp;&nbsp; 500 | 376875 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 1300 | 965047 |
| 3.00%, 02/15/48 | &nbsp;&nbsp; 3835 | 2813332 |
| 3.00%, 08/15/48 | &nbsp;&nbsp; 4840 | 3532444 |
| 3.00%, 02/15/49 | &nbsp;&nbsp; 4600 | 3340750 |
| 3.00%, 08/15/52 | &nbsp;&nbsp; 4710 | 3330117 |
| 3.13%, 11/15/41 | &nbsp;&nbsp; 600 | 488906 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 2600 | 2108031 |
| 3.13%, 02/15/43 | &nbsp;&nbsp; 4486 | 3576183 |
| 3.13%, 08/15/44 | &nbsp;&nbsp; 1400 | 1093750 |
| 3.13%, 05/15/48 | &nbsp;&nbsp; 4247 | 3179941 |
| 3.25%, 05/15/42 | &nbsp;&nbsp; 3690 | 3033872 |
| 3.38%, 08/15/42 | &nbsp;&nbsp; 4840 | 4036106 |
| 3.38%, 05/15/44 | &nbsp;&nbsp; 1450 | 1181297 |
| 3.63%, 08/15/43 | &nbsp;&nbsp; 1450 | 1236352 |
| 3.63%, 02/15/44 | &nbsp;&nbsp; 2600 | 2204719 |
| 3.63%, 02/15/53 | &nbsp;&nbsp; 6499 | 5202246 |
| 3.63%, 05/15/53 | &nbsp;&nbsp; 6021 | 4813978 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.75%, 11/15/43 | &nbsp;&nbsp; $2300 | $1991297 |
| 3.88%, 08/15/40 | &nbsp;&nbsp; 650 | 595258 |
| 3.88%, 02/15/43 | &nbsp;&nbsp; 1970 | 1750222 |
| 3.88%, 05/15/43 | &nbsp;&nbsp; 4730 | 4193441 |
| 4.00%, 11/15/42 | &nbsp;&nbsp; 4900 | 4437562 |
| 4.00%, 11/15/52 | &nbsp;&nbsp; 5710 | 4899894 |
| 4.13%, 08/15/44 | &nbsp;&nbsp; 3999 | 3632842 |
| 4.13%, 08/15/53 | &nbsp;&nbsp; 6515 | 5706733 |
| 4.25%, 05/15/39 | &nbsp;&nbsp; 300 | 291141 |
| 4.25%, 11/15/40 | &nbsp;&nbsp; 2026 | 1932931 |
| 4.25%, 02/15/54 | &nbsp;&nbsp; 6100 | 5458547 |
| 4.25%, 08/15/54 | &nbsp;&nbsp; 6724 | 6016929 |
| 4.38%, 11/15/39 | &nbsp;&nbsp; 1630 | 1591797 |
| 4.38%, 05/15/40 | &nbsp;&nbsp; 2137 | 2078900 |
| 4.38%, 08/15/43 | &nbsp;&nbsp; 4324 | 4088207 |
| 4.50%, 08/15/39 | &nbsp;&nbsp; 1300 | 1290047 |
| 4.50%, 02/15/44 | &nbsp;&nbsp; 4945 | 4740246 |
| 4.50%, 11/15/54 | &nbsp;&nbsp; 7158 | 6683782 |
| 4.63%, 02/15/40 | &nbsp;&nbsp; 1350 | 1352109 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 4550 | 4426297 |
| 4.63%, 11/15/44 | &nbsp;&nbsp; 4336 | 4207275 |
| 4.63%, 05/15/54 | &nbsp;&nbsp; 7110 | 6774497 |
| 4.63%, 02/15/55 | &nbsp;&nbsp; 7529 | 7178431 |
| 4.75%, 02/15/41 | &nbsp;&nbsp; 270 | 272194 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; 5227 | 5178814 |
| 4.75%, 02/15/45 | &nbsp;&nbsp; 7453 | 7342369 |
| 4.75%, 11/15/53 | &nbsp;&nbsp; 6776 | 6587542 |
| 4.75%, 05/15/55 | &nbsp;&nbsp; 7530 | 7326455 |
| 5.00%, 05/15/45 | &nbsp;&nbsp; 4377 | 4450862 |
|  |  | 253649002 |
| **Total U.S. Government & Agency Obligations — 44.6%** <br>**(Cost: $308,676,720)** | **Total U.S. Government & Agency Obligations — 44.6%** <br>**(Cost: $308,676,720)** | 255088909 |
| **Total Long-Term Investments — 98.2%** <br>**(Cost: $652,456,590)** | **Total Long-Term Investments — 98.2%** <br>**(Cost: $652,456,590)** | 562231872 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(i)(j)(k)</sup><br>| &nbsp;&nbsp; 11037102 | 11037102 |
| **Total Short-Term Securities — 1.9%** <br>**(Cost: $11,037,102)** | **Total Short-Term Securities — 1.9%** <br>**(Cost: $11,037,102)** | 11037102 |
| **Total Investments — 100.1%** <br>**(Cost: $663,493,692)** | **Total Investments — 100.1%** <br>**(Cost: $663,493,692)** | 573268974 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (428864)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $572840110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(d)</sup> Zero-coupon bond.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core 10+ Year USD Bond ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(f)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(g)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(h)</sup> Non-income producing security.

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> Annualized 7-day yield as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(k)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $10597307<br> $439795 <br><sup>(a)</sup><br>| $— | $— | $— | $11037102 | 11037102<br> $104613 <br><sup>(b)</sup><br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110023 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110023 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 255932941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 255932941 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 41349371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41349371 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 9750628 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9750628 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 255088909 | &nbsp;&nbsp; — | &nbsp;&nbsp; 255088909 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 11037102 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11037102 |
|  | &nbsp;&nbsp; $11037102 | &nbsp;&nbsp; $562231872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $573268974 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Core 5-10 <br> Year USD <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Core 10+ <br> Year USD <br> Bond ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $251646853 | $562231872 |
| Investments, at value—affiliated<sup>(c)</sup> | 29196748 | 11037102 |
| Cash |  | 4147 |
| Foreign currency, at value<sup>(d)</sup> | 117 | 345 |
| Receivables: |  |  |
| Investments sold | 3639368 | 7127870 |
| Securities lending income—affiliated | 729 | 2974 |
| TBA sales commitments | 1263297 |  |
| Dividends—affiliated | 106979 | 13360 |
| Interest—unaffiliated | 1673236 | 6550833 |
| Total assets | 287527327 | 586968503 |
| **LIABILITIES** |  |  |
| Bank overdraft | 46814 |  |
| Collateral on securities loaned, at value | 1514500 | 4827102 |
| TBA sales commitments, at value<sup>(e)</sup> | 1267760 |  |
| Payables: |  |  |
| Investments purchased | 30390768 | 9271884 |
| Investment advisory fees | 10717 | 29407 |
| Total liabilities | 33230559 | 14128393 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $254296768 | $572840110 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $263703954 | $688711035 |
| Accumulated loss | (9407186) | (115870925) |
| NET ASSETS | $254296768 | $572840110 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 5800000 | 11650000 |
| Net asset value | $43.84 | $49.17 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $255038077 | $652456590 |
| <sup>(b)</sup> Securities loaned, at value | $1462849 | $4629877 |
| <sup>(c)</sup> Investments, at cost—affiliated | $29187632 | $11037102 |
| <sup>(d)</sup> Foreign currency, at cost | $109 | $315 |
| <sup>(e)</sup> Proceeds from TBA sales commitments | $1263297 | $— |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Core 5-10 <br> Year USD <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Core 10+ <br> Year USD <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $761962 | &nbsp;&nbsp;&nbsp; $87490 |
| Interest—unaffiliated | &nbsp;&nbsp; 4839298 | &nbsp;&nbsp;&nbsp; 14783628 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 4414 | &nbsp;&nbsp;&nbsp; 17123 |
| Payment-in-kind interest—unaffiliated | &nbsp;&nbsp; 7538 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 9495 |
| Total investment income | &nbsp;&nbsp; 5613346 | &nbsp;&nbsp;&nbsp; 14897736 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 73929 | &nbsp;&nbsp;&nbsp; 180020 |
| Interest expense | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 73941 | &nbsp;&nbsp;&nbsp; 180020 |
| Less: |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (15373)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 58568 | &nbsp;&nbsp;&nbsp; 180020 |
| Net investment income | &nbsp;&nbsp; 5554778 | &nbsp;&nbsp;&nbsp; 14717716 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 492337 | &nbsp;&nbsp;&nbsp; (5098408)<br>|
| Investments—affiliated | &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 4742 | &nbsp;&nbsp;&nbsp; (3658086)<br>|
|  | &nbsp;&nbsp; 497048 | &nbsp;&nbsp;&nbsp; (8756494)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 1757419 | &nbsp;&nbsp;&nbsp; (10879467)<br>|
| Investments—affiliated | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 39 |
|  | &nbsp;&nbsp; 1757564 | &nbsp;&nbsp;&nbsp; (10879428)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 2254612 | &nbsp;&nbsp;&nbsp; (19635922)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $7809390 | &nbsp;&nbsp;&nbsp; $(4918206)<br>|
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Core 5-10 Year USD Bond ETF  | iShares <br>Core 5-10 Year USD Bond ETF  | iShares <br>Core 10+ Year USD Bond ETF  | iShares <br>Core 10+ Year USD Bond ETF  |
|  | Six Months <br> Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>08/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5554778 | &nbsp;&nbsp;&nbsp; $9127045 | &nbsp;&nbsp;&nbsp; $14717716 | &nbsp;&nbsp;&nbsp; $28953284 |
| Net realized gain (loss) | &nbsp;&nbsp; 497048 | &nbsp;&nbsp;&nbsp; (1452478)<br>| &nbsp;&nbsp;&nbsp; (8756494)<br>| &nbsp;&nbsp;&nbsp; (9420982)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1757564 | &nbsp;&nbsp;&nbsp; 5169888 | &nbsp;&nbsp;&nbsp; (10879428)<br>| &nbsp;&nbsp;&nbsp; 10980993 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 7809390 | &nbsp;&nbsp;&nbsp; 12844455 | &nbsp;&nbsp;&nbsp; (4918206)<br>| &nbsp;&nbsp;&nbsp; 30513295 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (5361492 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8944733)<br>| &nbsp;&nbsp;&nbsp; (14751641 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (28803357)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 30030455 | &nbsp;&nbsp;&nbsp; 47585126 | &nbsp;&nbsp;&nbsp; (33856696)<br>| &nbsp;&nbsp;&nbsp; 41431534 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 32478353 | &nbsp;&nbsp;&nbsp; 51484848 | &nbsp;&nbsp;&nbsp; (53526543)<br>| &nbsp;&nbsp;&nbsp; 43141472 |
| Beginning of period | &nbsp;&nbsp; 221818415 | &nbsp;&nbsp;&nbsp; 170333567 | &nbsp;&nbsp;&nbsp; 626366653 | &nbsp;&nbsp;&nbsp; 583225181 |
| End of period | &nbsp;&nbsp; $254296768 | &nbsp;&nbsp;&nbsp; $221818415 | &nbsp;&nbsp;&nbsp; $572840110 | &nbsp;&nbsp;&nbsp; $626366653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core 5-10 Year USD Bond ETF  | iShares Core 5-10 Year USD Bond ETF  | iShares Core 5-10 Year USD Bond ETF  | iShares Core 5-10 Year USD Bond ETF  | iShares Core 5-10 Year USD Bond ETF  | iShares Core 5-10 Year USD Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $43.49 | &nbsp;&nbsp;&nbsp; $42.58 | &nbsp;&nbsp;&nbsp; $42.85 | &nbsp;&nbsp;&nbsp; $48.76 | &nbsp;&nbsp;&nbsp; $51.55 | &nbsp;&nbsp;&nbsp; $51.67 |
| Net investment income<sup>(a)</sup> | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net increase (decrease) from investment operations | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; (4.61)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.96 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $43.84 | &nbsp;&nbsp;&nbsp; $43.49 | &nbsp;&nbsp;&nbsp; $42.58 | &nbsp;&nbsp;&nbsp; $42.85 | &nbsp;&nbsp;&nbsp; $48.76 | &nbsp;&nbsp;&nbsp; $51.55 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.05 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp; (9.51)%<br>| &nbsp;&nbsp;&nbsp; (3.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.06 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Total expenses after fees waived | 0.05 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 4.51 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $254297 | &nbsp;&nbsp;&nbsp; $221818 | &nbsp;&nbsp;&nbsp; $170334 | &nbsp;&nbsp;&nbsp; $162844 | &nbsp;&nbsp;&nbsp; $107265 | &nbsp;&nbsp;&nbsp; $123730 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 304<br> %<br>| &nbsp;&nbsp;&nbsp; 300<br> %<br>| &nbsp;&nbsp;&nbsp; 335<br> %<br>| &nbsp;&nbsp;&nbsp; 279<br> %<br>| &nbsp;&nbsp;&nbsp; 384<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |
| <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core 10+ Year USD Bond ETF  | iShares Core 10+ Year USD Bond ETF  | iShares Core 10+ Year USD Bond ETF  | iShares Core 10+ Year USD Bond ETF  | iShares Core 10+ Year USD Bond ETF  | iShares Core 10+ Year USD Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $50.72 | &nbsp;&nbsp;&nbsp; $50.50 | &nbsp;&nbsp;&nbsp; $51.61 | &nbsp;&nbsp;&nbsp; $66.64 | &nbsp;&nbsp;&nbsp; $71.04 | &nbsp;&nbsp;&nbsp; $73.73 |
| Net investment income<sup>(a)</sup> | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (15.04)<br>| &nbsp;&nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; (12.83)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.20 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (2.23)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.30)<br>|
| Total distributions | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (2.53)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $49.17 | &nbsp;&nbsp;&nbsp; $50.72 | &nbsp;&nbsp;&nbsp; $50.50 | &nbsp;&nbsp;&nbsp; $51.61 | &nbsp;&nbsp;&nbsp; $66.64 | &nbsp;&nbsp;&nbsp; $71.04 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.68 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp; (19.44)%<br>| &nbsp;&nbsp;&nbsp; (3.23)%<br>| &nbsp;&nbsp;&nbsp; (0.36)%<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.06 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Net investment income | 4.91 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $572840 | &nbsp;&nbsp;&nbsp; $626367 | &nbsp;&nbsp;&nbsp; $583225 | &nbsp;&nbsp;&nbsp; $338029 | &nbsp;&nbsp;&nbsp; $306529 | &nbsp;&nbsp;&nbsp; $440428 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> Core 5-10 Year USD Bond Diversified <br> Core 10+ Year USD Bond Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

**Mortgage Dollar Roll Transactions:** The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Core 5-10 Year USD Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $363698 | &nbsp;&nbsp;&nbsp; $(363698) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 319544 | &nbsp;&nbsp;&nbsp; (319544) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 8361 | &nbsp;&nbsp;&nbsp; (8361) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 35733 | &nbsp;&nbsp;&nbsp; (35733) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 71933 | &nbsp;&nbsp;&nbsp; (71933) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 190387 | &nbsp;&nbsp;&nbsp; (190387) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 41519 | &nbsp;&nbsp;&nbsp; (41519) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 138528 | &nbsp;&nbsp;&nbsp; (138528) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 98196 | &nbsp;&nbsp;&nbsp; (98196) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 11883 | &nbsp;&nbsp;&nbsp; (11883) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 94289 | &nbsp;&nbsp;&nbsp; (94289) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 63969 | &nbsp;&nbsp;&nbsp; (63969) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 17287 | &nbsp;&nbsp;&nbsp; (17287) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 7522 | &nbsp;&nbsp;&nbsp; (7522) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1462849 | &nbsp;&nbsp;&nbsp; $(1462849) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Core 10+ Year USD Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $505963 | &nbsp;&nbsp;&nbsp; $(505963) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 848093 | &nbsp;&nbsp;&nbsp; (848093) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 611416 | &nbsp;&nbsp;&nbsp; (611416) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 117052 | &nbsp;&nbsp;&nbsp; (117052) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 284784 | &nbsp;&nbsp;&nbsp; (284784) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1421006 | &nbsp;&nbsp;&nbsp; (1421006) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 47511 | &nbsp;&nbsp;&nbsp; (47511) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 411114 | &nbsp;&nbsp;&nbsp; (411114) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 23549 | &nbsp;&nbsp;&nbsp; (23549) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 68597 | &nbsp;&nbsp;&nbsp; (68597) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 73857 | &nbsp;&nbsp;&nbsp; (73857) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 178049 | &nbsp;&nbsp;&nbsp; (178049) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 38886 | &nbsp;&nbsp;&nbsp; (38886) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4629877 | &nbsp;&nbsp;&nbsp; $(4629877) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| Core 5-10 Year USD Bond | 0.06% |
| Core 10+ Year USD Bond | 0.06 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Core 5-10 Year USD Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2031 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Core 5-10 Year USD Bond | &nbsp;&nbsp; $15373 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Core 5-10 Year USD Bond | &nbsp;&nbsp; $1232 |
| Core 10+ Year USD Bond | &nbsp;&nbsp; 4767 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***6. PURCHASES AND SALES***

For the six months ended August 31, 2025, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| Core 5-10 Year USD Bond | &nbsp;&nbsp; $386298575 | &nbsp;&nbsp;&nbsp; $372596499 | &nbsp;&nbsp;&nbsp; $10430104 | &nbsp;&nbsp;&nbsp; $10478558 |
| Core 10+ Year USD Bond | &nbsp;&nbsp; 32392409 | &nbsp;&nbsp;&nbsp; 19868416 | &nbsp;&nbsp;&nbsp; 8114983 | &nbsp;&nbsp;&nbsp; 19372552 |

---

For the six months ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Core 5-10 Year USD Bond | &nbsp;&nbsp; $17015873 | &nbsp;&nbsp;&nbsp; $2102299 |
| Core 10+ Year USD Bond | &nbsp;&nbsp; 24287389 | &nbsp;&nbsp;&nbsp; 57820868 |

---

***7. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of February 28, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| Core 5-10 Year USD Bond | &nbsp;&nbsp; $(7456280)<br>|
| Core 10+ Year USD Bond | &nbsp;&nbsp; (19166968)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Core 5-10 Year USD Bond | &nbsp;&nbsp; $284249311 | &nbsp;&nbsp;&nbsp; $3071289 | &nbsp;&nbsp;&nbsp; $(6481462) | &nbsp;&nbsp;&nbsp; $(3410173) |
| Core 10+ Year USD Bond | &nbsp;&nbsp; 663592927 | &nbsp;&nbsp;&nbsp; 2336995 | &nbsp;&nbsp;&nbsp; (92660948) | &nbsp;&nbsp;&nbsp; (90323953) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Valuation Risk:** The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>08/31/25 | Six Months Ended <br>08/31/25 | Year Ended <br>02/28/25 | Year Ended <br>02/28/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Core 5-10 Year USD Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $34336701 | &nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $73389359 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (4306246)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (25804233)<br>|
|  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $30030455 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $47585126 |
| Core 10+ Year USD Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $24696060 | &nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; $167944199 |
| Shares redeemed | &nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (58552756)<br>| &nbsp;&nbsp;&nbsp; (2500000)<br>| &nbsp;&nbsp;&nbsp; (126512665)<br>|
|  | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; $(33856696)<br>| &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $41431534 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Core 10+ Year USD Bond ETF, iShares Core 5-10 Year USD Bond ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| BAB | Build America Bond |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| GO | General Obligation |
| GOL | General Obligation Limited |
| PIK | Payment-in-kind |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SCA | Svenska Celluosa Aktiebolaget |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

---

Glossary of Terms Used in this Report

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

![](g98161img0aac1fa82.gif)

![](g98161imgb36e48763.gif)

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August 31, 2025

![](g98161img7acf91211.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares Government/Credit Bond ETF \| GBF \| NYSE Arca |
| • iShares Intermediate Government/Credit Bond ETF \| GVI \| Cboe BZX Exchange |
| • iShares MBS ETF \| MBB \| NASDAQ |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 135 |
| [Statements of Operations](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 136 |
| [Statements of Changes in Net Assets](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 137 |
| [Financial Highlights](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 139 |
| [Notes to Financial Statements](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 142 |
| [Additional Information](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 150 |
| [Board Review and Approval of Investment Advisory Contract](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 151 |
| [Glossary of Terms Used in these Financial Statements](#xx_2358a4b4-8380-4443-bc15-e9292b7e87cd_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 156 |

---

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 3.38%, 03/01/41 | &nbsp;&nbsp; $5 | $3687 |
| 4.65%, 10/01/28 | &nbsp;&nbsp; 5 | 5039 |
| 4.75%, 03/30/30 | &nbsp;&nbsp; 5 | 5038 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 5 | 5072 |
| Omnicom Group Inc., 2.60%, 08/01/31 | &nbsp;&nbsp; 5 | 4499 |
|  |  | 23335 |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| Boeing Co. (The) |  |  |
| 2.70%, 02/01/27 | &nbsp;&nbsp; 20 | 19549 |
| 2.80%, 03/01/27 | &nbsp;&nbsp; 5 | 4892 |
| 2.95%, 02/01/30 | &nbsp;&nbsp; 5 | 4693 |
| 3.25%, 02/01/28 | &nbsp;&nbsp; 15 | 14643 |
| 3.25%, 02/01/35 | &nbsp;&nbsp; 20 | 17062 |
| 3.45%, 11/01/28 | &nbsp;&nbsp; 5 | 4880 |
| 3.50%, 03/01/39 | &nbsp;&nbsp; 5 | 3971 |
| 3.60%, 05/01/34 | &nbsp;&nbsp; 32 | 28502 |
| 3.63%, 02/01/31 | &nbsp;&nbsp; 45 | 42963 |
| 3.95%, 08/01/59 | &nbsp;&nbsp; 15 | 10342 |
| 5.04%, 05/01/27 | &nbsp;&nbsp; 35 | 35331 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 60 | 61490 |
| 5.71%, 05/01/40 | &nbsp;&nbsp; 50 | 50032 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 20 | 19232 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 15 | 14396 |
| 6.30%, 05/01/29 | &nbsp;&nbsp; 20 | 21229 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 30 | 32838 |
| Embraer Netherlands Finance BV, 5.98%, 02/11/35 | &nbsp;&nbsp; 20 | 20758 |
| General Dynamics Corp. |  |  |
| 3.63%, 04/01/30 | &nbsp;&nbsp; 30 | 29438 |
| 4.25%, 04/01/40 | &nbsp;&nbsp; 20 | 18049 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 15 | 12469 |
| General Electric Co., 6.75%, 03/15/32 | &nbsp;&nbsp; 10 | 11322 |
| HEICO Corp., 5.35%, 08/01/33 | &nbsp;&nbsp; 5 | 5141 |
| Hexcel Corp. |  |  |
| 4.20%, 02/15/27 | &nbsp;&nbsp; 10 | 9929 |
| 5.88%, 02/26/35 | &nbsp;&nbsp; 20 | 20415 |
| Howmet Aerospace Inc., 5.95%, 02/01/37 | &nbsp;&nbsp; 25 | 26685 |
| L3Harris Technologies Inc. |  |  |
| 3.85%, 12/15/26 | &nbsp;&nbsp; 25 | 24874 |
| 4.85%, 04/27/35 | &nbsp;&nbsp; 5 | 4923 |
| 5.05%, 04/27/45 | &nbsp;&nbsp; 10 | 9353 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 15 | 15472 |
| Lockheed Martin Corp. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 10 | 6221 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 5 | 3954 |
| 3.90%, 06/15/32 | &nbsp;&nbsp; 5 | 4844 |
| 4.09%, 09/15/52 | &nbsp;&nbsp; 15 | 11689 |
| 4.50%, 02/15/29 | &nbsp;&nbsp; 15 | 15214 |
| 4.70%, 05/15/46 | &nbsp;&nbsp; 5 | 4459 |
| 4.75%, 02/15/34 | &nbsp;&nbsp; 15 | 14991 |
| 5.10%, 11/15/27 | &nbsp;&nbsp; 5 | 5120 |
| 5.20%, 02/15/55 | &nbsp;&nbsp; 10 | 9273 |
| 5.90%, 11/15/63 | &nbsp;&nbsp; 5 | 5109 |
| Series B, 6.15%, 09/01/36 | &nbsp;&nbsp; 5 | 5500 |
| Northrop Grumman Corp. |  |  |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 5 | 4909 |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 5 | 5039 |
| 4.70%, 03/15/33 | &nbsp;&nbsp; 5 | 5001 |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 25 | 25038 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| RTX Corp. |  |  |
| 2.25%, 07/01/30 | &nbsp;&nbsp; $20 | $18272 |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 10 | 6089 |
| 3.03%, 03/15/52 | &nbsp;&nbsp; 10 | 6326 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 15 | 11415 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 5 | 5003 |
| 4.45%, 11/16/38 | &nbsp;&nbsp; 5 | 4626 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 25 | 22045 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 20 | 17190 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 10 | 9032 |
| 5.15%, 02/27/33 | &nbsp;&nbsp; 10 | 10265 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 10 | 10803 |
| 6.05%, 06/01/36 | &nbsp;&nbsp; 5 | 5410 |
| 6.10%, 03/15/34 | &nbsp;&nbsp; 20 | 21708 |
|  |  | 869418 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| Altria Group Inc. |  |  |
| 3.40%, 05/06/30 | &nbsp;&nbsp; 5 | 4791 |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 10 | 7500 |
| 3.70%, 02/04/51 | &nbsp;&nbsp; 10 | 6921 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; 10 | 7421 |
| 4.45%, 05/06/50 | &nbsp;&nbsp; 10 | 7898 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; 25 | 25380 |
| 5.38%, 01/31/44 | &nbsp;&nbsp; 20 | 19073 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 15 | 15291 |
| Archer-Daniels-Midland Co. |  |  |
| 3.25%, 03/27/30 | &nbsp;&nbsp; 15 | 14425 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 5 | 3789 |
| 4.50%, 08/15/33 | &nbsp;&nbsp; 15 | 14818 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 20 | 16891 |
| 5.38%, 09/15/35 | &nbsp;&nbsp; 9 | 9433 |
| BAT Capital Corp. |  |  |
| 2.26%, 03/25/28 | &nbsp;&nbsp; 35 | 33332 |
| 3.46%, 09/06/29 | &nbsp;&nbsp; 5 | 4841 |
| 3.56%, 08/15/27 | &nbsp;&nbsp; 23 | 22696 |
| 3.98%, 09/25/50 | &nbsp;&nbsp; 5 | 3606 |
| 4.39%, 08/15/37 | &nbsp;&nbsp; 20 | 18028 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 17 | 13761 |
| 4.70%, 04/02/27 | &nbsp;&nbsp; 5 | 5030 |
| 4.74%, 03/16/32 | &nbsp;&nbsp; 15 | 14949 |
| 5.28%, 04/02/50 | &nbsp;&nbsp; 10 | 8830 |
| 5.83%, 02/20/31 | &nbsp;&nbsp; 5 | 5289 |
| 6.00%, 02/20/34 | &nbsp;&nbsp; 15 | 15923 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 15 | 16585 |
| Bunge Ltd. Finance Corp., 2.75%, 05/14/31 | &nbsp;&nbsp; 15 | 13707 |
| Philip Morris International Inc. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 5 | 4410 |
| 2.10%, 05/01/30 | &nbsp;&nbsp; 5 | 4547 |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 10 | 8088 |
| 4.25%, 11/10/44 | &nbsp;&nbsp; 16 | 13462 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 10 | 8715 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 15 | 13690 |
| 5.13%, 11/17/27 | &nbsp;&nbsp; 45 | 45942 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 25 | 26454 |
| 6.38%, 05/16/38 | &nbsp;&nbsp; 20 | 22178 |
| Reynolds American Inc., 5.70%, 08/15/35 | &nbsp;&nbsp; 5 | 5144 |
|  |  | 482838 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| American Airlines Pass-Through Trust |  |  |
| Series 2015-2, Class AA, 3.60%, 03/22/29 | &nbsp;&nbsp; 14 | 14022 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| Series 2016-3, Class AA, 3.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; $6 | $5723 |
| Series 2017-2, Class AA, 3.35%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 3 | 2969 |
| Series A, Class A, 2.88%, 01/11/36 | &nbsp;&nbsp; 9 | 7512 |
| Delta Air Lines Inc., 5.25%, 07/10/30 | &nbsp;&nbsp; 20 | 20404 |
| JetBlue Pass-Through Trust |  |  |
| Series 1A, 4.00%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7 | 6615 |
| Series 2019-1, Class AA, 2.75%, 11/15/33 | &nbsp;&nbsp; 4 | 3267 |
| Southwest Airlines Co. |  |  |
| 2.63%, 02/10/30 | &nbsp;&nbsp; 10 | 9196 |
| 3.00%, 11/15/26 | &nbsp;&nbsp; 5 | 4916 |
| 5.13%, 06/15/27 | &nbsp;&nbsp; 20 | 20229 |
| United Airlines Pass-Through Trust |  |  |
| 5.80%, 07/15/37 | &nbsp;&nbsp; 14 | 14336 |
| Series 2014-2, Class A, 3.75%, 03/03/28 | &nbsp;&nbsp; 19 | 18686 |
| Series 2016-2, Class AA, 2.88%, 04/07/30 | &nbsp;&nbsp; 3 | 2962 |
| Series 2020-1, 5.88%, 04/15/29 | &nbsp;&nbsp; 9 | 9416 |
|  |  | 140253 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| NIKE Inc. |  |  |
| 2.38%, 11/01/26 | &nbsp;&nbsp; 5 | 4909 |
| 2.85%, 03/27/30 | &nbsp;&nbsp; 20 | 18980 |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 15 | 11932 |
| 3.38%, 11/01/46 | &nbsp;&nbsp; 15 | 10886 |
| 3.38%, 03/27/50 | &nbsp;&nbsp; 15 | 10549 |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 15 | 11853 |
| 3.88%, 11/01/45 | &nbsp;&nbsp; 15 | 11910 |
| Tapestry Inc., 3.05%, 03/15/32 | &nbsp;&nbsp; 10 | 8961 |
|  |  | 89980 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| American Honda Finance Corp. |  |  |
| 1.80%, 01/13/31 | &nbsp;&nbsp; 10 | 8720 |
| 4.60%, 04/17/30 | &nbsp;&nbsp; 5 | 5048 |
| 4.90%, 01/10/34<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14971 |
| 5.85%, 10/04/30 | &nbsp;&nbsp; 10 | 10640 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; 15 | 13245 |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 5 | 2949 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 15 | 15367 |
| Ford Motor Co., 4.75%, 01/15/43 | &nbsp;&nbsp; 25 | 19329 |
| Ford Motor Credit Co. LLC |  |  |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 200 | 185848 |
| 4.13%, 08/17/27 | &nbsp;&nbsp; 200 | 196241 |
| General Motors Co. |  |  |
| 4.20%, 10/01/27 | &nbsp;&nbsp; 5 | 4985 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 10 | 8716 |
| 5.40%, 10/15/29 | &nbsp;&nbsp; 10 | 10310 |
| 5.60%, 10/15/32 | &nbsp;&nbsp; 15 | 15408 |
| 5.95%, 04/01/49 | &nbsp;&nbsp; 20 | 18775 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 10 | 9870 |
| 6.75%, 04/01/46 | &nbsp;&nbsp; 5 | 5179 |
| 6.80%, 10/01/27 | &nbsp;&nbsp; 10 | 10435 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 02/26/27 | &nbsp;&nbsp; 30 | 29146 |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 20 | 17615 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 20 | 17744 |
| 4.00%, 10/06/26 | &nbsp;&nbsp; 30 | 29857 |
| 4.35%, 01/17/27 | &nbsp;&nbsp; 10 | 9992 |
| 5.00%, 04/09/27 | &nbsp;&nbsp; 20 | 20174 |
| 5.35%, 01/07/30 | &nbsp;&nbsp; 40 | 40927 |
| 5.80%, 06/23/28 | &nbsp;&nbsp; 5 | 5176 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 5.90%, 01/07/35 | &nbsp;&nbsp; $20 | $20304 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 15 | 15376 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 15 | 15555 |
| Honda Motor Co. Ltd., 2.53%, 03/10/27 | &nbsp;&nbsp; 20 | 19524 |
| PACCAR Financial Corp., Series R, 4.50%, 11/25/26 | &nbsp;&nbsp; 5 | 5036 |
| Toyota Motor Credit Corp. |  |  |
| 3.05%, 03/22/27 | &nbsp;&nbsp; 5 | 4928 |
| 3.05%, 01/11/28 | &nbsp;&nbsp; 5 | 4898 |
| 4.55%, 05/17/30 | &nbsp;&nbsp; 5 | 5069 |
| 4.63%, 01/12/28 | &nbsp;&nbsp; 20 | 20293 |
| 4.70%, 01/12/33 | &nbsp;&nbsp; 5 | 5030 |
| 4.80%, 01/05/34 | &nbsp;&nbsp; 5 | 5040 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 50 | 51606 |
| 5.45%, 11/10/27 | &nbsp;&nbsp; 5 | 5151 |
|  |  | 904477 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 30 | 18069 |
| 3.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9063 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 10 | 9960 |
| BorgWarner Inc., 2.65%, 07/01/27 | &nbsp;&nbsp; 15 | 14603 |
| Lear Corp. |  |  |
| 3.50%, 05/30/30 | &nbsp;&nbsp; 5 | 4771 |
| 3.55%, 01/15/52 | &nbsp;&nbsp; 10 | 6523 |
| 5.25%, 05/15/49 | &nbsp;&nbsp; 5 | 4388 |
| Magna International Inc. |  |  |
| 2.45%, 06/15/30 | &nbsp;&nbsp; 10 | 9203 |
| 5.50%, 03/21/33 | &nbsp;&nbsp; 5 | 5155 |
|  |  | 81735 |
| **Banks — 6.6%** | **Banks — 6.6%** | **Banks — 6.6%** |
| Banco Santander SA |  |  |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24954 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 200 | 200813 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 207468 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13335 |
| 2.09%, 06/14/29, (1-day SOFR + 1.060%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14170 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 30879 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 21611 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 23079 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 31232 |
| 2.59%, 04/29/31, (1-day SOFR + 2.150%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 23121 |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 3597 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22676 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 9311 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 27086 |
| 2.97%, 07/21/52, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 3208 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 19200 |
| 3.25%, 10/21/27 | &nbsp;&nbsp; 50 | 49250 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 30756 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(b)</sup><br>| &nbsp;&nbsp; 50 | 49115 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4616 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(b)</sup><br>| &nbsp;&nbsp; 22 | 21865 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(b)</sup><br>| &nbsp;&nbsp; 45 | 44621 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(b)</sup><br>| &nbsp;&nbsp; $20 | $17497 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(b)</sup><br>| &nbsp;&nbsp; 35 | 27547 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 22866 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 35 | 34997 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(b)</sup><br>| &nbsp;&nbsp; 40 | 32852 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(b)</sup><br>| &nbsp;&nbsp; 30 | 25557 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 34641 |
| 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50669 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 40 | 37862 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 66002 |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41005 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 66622 |
| 5.47%, 01/23/35, (1-day SOFR + 1.650%)<sup>(b)</sup> | &nbsp;&nbsp; 55 | 56794 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31356 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 42422 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 25 | 26109 |
| 6.20%, 11/10/28, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10418 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 18170 |
| Bank of Montreal |  |  |
| 2.65%, 03/08/27 | &nbsp;&nbsp; 5 | 4902 |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8817 |
| 3.80%, 12/15/32, (5-year USD Swap + 1.432%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4899 |
| Bank of New York Mellon Corp. (The) |  |  |
| 2.50%, 01/26/32<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4464 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 5 | 4842 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 5 | 5008 |
| 3.85%, 04/26/29 | &nbsp;&nbsp; 105 | 104688 |
| 5.06%, 07/22/32, (1-day SOFR + 1.230%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15445 |
| 5.61%, 07/21/39, (1-day SOFR + 1.770%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5169 |
| 6.32%, 10/25/29, (1-day SOFR + 1.598%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5326 |
| Bank of Nova Scotia (The) |  |  |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 5 | 4865 |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 10 | 8837 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9593 |
| Barclays PLC |  |  |
| 7.39%, 11/02/28, (1-year CMT + 3.300%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 212291 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 228169 |
| Canadian Imperial Bank of Commerce, 3.60%, <br> 04/07/32<br>| &nbsp;&nbsp; 10 | 9403 |
| Citigroup Inc. |  |  |
| 2.52%, 11/03/32, (1-day SOFR + 1.177%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13279 |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13470 |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 18361 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4637 |
| 2.90%, 11/03/42, (1-day SOFR + 1.379%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 3551 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9030 |
| 3.07%, 02/24/28, (1-day SOFR + 1.280%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14733 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR + <br> 1.413%)<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9846 |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR + <br> 1.652%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 4943 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 28220 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 4327 |
| 4.41%, 03/31/31, (1-day SOFR + 3.914%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24935 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.45%, 09/29/27 | &nbsp;&nbsp; $15 | $15041 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30135 |
| 4.64%, 05/07/28, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp; 65 | 65343 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 29 | 25062 |
| 4.66%, 05/24/28, (1-day SOFR + 1.887%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5030 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 35122 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 5 | 4744 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4889 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5131 |
| 5.83%, 02/13/35, (1-day SOFR + 2.056%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30772 |
| 5.88%, 02/22/33 | &nbsp;&nbsp; 35 | 36834 |
| 6.00%, 10/31/33 | &nbsp;&nbsp; 10 | 10653 |
| 6.02%, 01/24/36, (1-day SOFR + 1.830%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36117 |
| 6.17%, 05/25/34, (1-day SOFR + 2.661%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 42111 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 43356 |
| 6.63%, 06/15/32 | &nbsp;&nbsp; 25 | 27553 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 20 | 25199 |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; 5 | 4590 |
| 2.64%, 09/30/32 | &nbsp;&nbsp; 5 | 4232 |
| 5.64%, 05/21/37, (5-year CMT + 2.750%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10049 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5436 |
| Cooperatieve Rabobank UA, 5.75%, 12/01/43 | &nbsp;&nbsp; 50 | 49995 |
| Deutsche Bank AG/New York NY, 3.55%, 09/18/31, <br> (1-day SOFR + 3.043%)<sup>(b)</sup><br>| &nbsp;&nbsp; 210 | 199226 |
| Fifth Third Bancorp |  |  |
| 1.71%, 11/01/27, (1-day SOFR + 0.685%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4849 |
| 5.63%, 01/29/32, (1-day SOFR + 1.840%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10468 |
| 6.36%, 10/27/28, (1-day SOFR Index + 2.192%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5220 |
| 8.25%, 03/01/38 | &nbsp;&nbsp; 15 | 18373 |
| First-Citizens Bank & Trust Co., 6.13%, 03/09/28 | &nbsp;&nbsp; 5 | 5191 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 5 | 5308 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17558 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(b)</sup> | &nbsp;&nbsp; 55 | 48705 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 31589 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9760 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26788 |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 10768 |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 31839 |
| 3.21%, 04/22/42, (1-day SOFR + 1.513%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 18785 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 15304 |
| 3.62%, 03/15/28, (1-day SOFR + 1.846%)<sup>(b)</sup> | &nbsp;&nbsp; 80 | 79153 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 21984 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9081 |
| 5.02%, 10/23/35, (1-day SOFR + 1.420%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19873 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 20 | 18228 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30525 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29921 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 15 | 16102 |
| 6.45%, 05/01/36 | &nbsp;&nbsp; 30 | 32650 |
| 6.56%, 10/24/34, (1-day SOFR + 1.950%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16649 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 30 | 33298 |
| HSBC Bank USA NA/New York, 7.00%, 01/15/39 | &nbsp;&nbsp; 70 | 81794 |
| HSBC Holdings PLC |  |  |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 147577 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 201281 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.76%, 06/09/28, (1-day SOFR + 2.110%)<sup>(b)</sup> | &nbsp;&nbsp; $200 | $201470 |
| 6.25%, 03/09/34, (1-day SOFR + 2.390%)<sup>(b)</sup> | &nbsp;&nbsp; 200 | 215909 |
| Huntington Bancshares Inc./Ohio |  |  |
| 4.44%, 08/04/28, (1-day SOFR + 1.970%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5015 |
| 5.02%, 05/17/33, (1-day SOFR + 2.050%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5004 |
| ING Groep NV, 5.34%, 03/19/30, (1-day SOFR + <br> 1.440%)<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 206335 |
| JPMorgan Chase & Co. |  |  |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 4391 |
| 2.18%, 06/01/28, (1-day SOFR + 1.890%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 14508 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 13858 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 17831 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(b)</sup><br>| &nbsp;&nbsp; 35 | 31657 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR + <br> 2.515%)<sup>(b)</sup><br>| &nbsp;&nbsp; 21 | 19584 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp; 45 | 40807 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 20038 |
| 3.16%, 04/22/42, (3-mo. CME Term SOFR + <br> 1.460%)<sup>(b)</sup><br>| &nbsp;&nbsp; 30 | 22705 |
| 3.33%, 04/22/52, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 13831 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR + <br> 1.207%)<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 19700 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 15726 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 10011 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 10 | 10064 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 16723 |
| 4.32%, 04/26/28, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10012 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5036 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29843 |
| 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10121 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 5 | 4623 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(b)</sup> | &nbsp;&nbsp; 110 | 111487 |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 39779 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 5 | 4572 |
| 5.14%, 01/24/31, (1-day SOFR + 1.010%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20622 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50999 |
| 5.34%, 01/23/35, (1-day SOFR + 1.620%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51342 |
| 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 51640 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30985 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 15 | 15287 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 15 | 15363 |
| 5.63%, 08/16/43 | &nbsp;&nbsp; 20 | 20158 |
| 5.72%, 09/14/33, (1-day SOFR + 2.580%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36647 |
| 6.25%, 10/23/34, (1-day SOFR + 1.810%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 21842 |
| 8.00%, 04/29/27 | &nbsp;&nbsp; 35 | 37185 |
| KeyCorp |  |  |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 5 | 4988 |
| 6.40%, 03/06/35, (1-day SOFR Index + 2.420%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5369 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 0.00%, 04/18/36<sup>(c)</sup> | &nbsp;&nbsp; 20 | 12663 |
| 0.00%, 06/29/37<sup>(a)(c)</sup> | &nbsp;&nbsp; 175 | 104445 |
| 1.75%, 09/14/29 | &nbsp;&nbsp; 5 | 4646 |
| 3.00%, 05/20/27 | &nbsp;&nbsp; 5 | 4941 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 50 | 50163 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 10 | 10070 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.00%, 03/15/29 | &nbsp;&nbsp; $5 | $5059 |
| 4.13%, 07/15/33 | &nbsp;&nbsp; 5 | 5019 |
| 4.38%, 03/01/27 | &nbsp;&nbsp; 5 | 5046 |
| 4.38%, 02/28/34 | &nbsp;&nbsp; 5 | 5076 |
| Landwirtschaftliche Rentenbank |  |  |
| 0.88%, 09/03/30 | &nbsp;&nbsp; 5 | 4348 |
| 3.88%, 06/14/28 | &nbsp;&nbsp; 5 | 5031 |
| 4.63%, 04/17/29 | &nbsp;&nbsp; 15 | 15478 |
| Series 37, 2.50%, 11/15/27 | &nbsp;&nbsp; 5 | 4875 |
| Lloyds Banking Group PLC, 4.34%, 01/09/48 | &nbsp;&nbsp; 100 | 80373 |
| Mitsubishi UFJ Financial Group Inc., 3.75%, 07/18/39 | &nbsp;&nbsp; 200 | 173415 |
| Mizuho Financial Group Inc., 2.20%, 07/10/31, (3-mo. <br> CME Term SOFR + 1.772%)<sup>(b)</sup><br>| &nbsp;&nbsp; 200 | 180063 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 26021 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 30371 |
| 2.24%, 07/21/32, (1-day SOFR + 1.178%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 21958 |
| 2.48%, 09/16/36, (1-day SOFR + 1.360%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 34649 |
| 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(b)</sup> | &nbsp;&nbsp; 45 | 39918 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 27947 |
| 2.80%, 01/25/52, (1-day SOFR + 1.430%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 6154 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22530 |
| 3.59%, 07/22/28<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29634 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29015 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 10 | 9948 |
| 3.97%, 07/22/38<sup>(b)</sup> | &nbsp;&nbsp; 55 | 48581 |
| 4.21%, 04/20/28, (1-day SOFR + 1.610%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19994 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 10 | 8509 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20088 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9315 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 40365 |
| 5.12%, 02/01/29, (1-day SOFR + 1.730%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10211 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25533 |
| 5.30%, 04/20/37, (1-day SOFR + 2.620%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30180 |
| 5.32%, 07/19/35, (1-day SOFR + 1.555%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30565 |
| 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10322 |
| 5.47%, 01/18/35, (1-day SOFR + 1.730%)<sup>(b)</sup> | &nbsp;&nbsp; 40 | 41260 |
| 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10435 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26356 |
| 5.94%, 02/07/39, (5-year CMT + 1.800%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20777 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10390 |
| 6.30%, 10/18/28, (1-day SOFR + 2.240%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5212 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 32779 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 20 | 21972 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; 30 | 34568 |
| NatWest Group PLC, 4.89%, 05/18/29<sup>(b)</sup> | &nbsp;&nbsp; 200 | 203138 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 5 | 4545 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 5 | 5443 |
| Oesterreichische Kontrollbank AG, 4.25%, 03/01/28 | &nbsp;&nbsp; 5 | 5068 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + 0.979%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4447 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 5 | 4924 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 37 | 36213 |
| 4.63%, 06/06/33, (1-day SOFR Index + 1.850%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4920 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20214 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15334 |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5315 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 22451 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Regions Financial Corp. |  |  |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(b)</sup> | &nbsp;&nbsp; $5 | $5204 |
| 7.38%, 12/10/37 | &nbsp;&nbsp; 5 | 5688 |
| Royal Bank of Canada |  |  |
| 3.88%, 05/04/32 | &nbsp;&nbsp; 25 | 24051 |
| 4.24%, 08/03/27 | &nbsp;&nbsp; 5 | 5023 |
| 4.90%, 01/12/28 | &nbsp;&nbsp; 5 | 5102 |
| 5.00%, 02/01/33 | &nbsp;&nbsp; 5 | 5122 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 5 | 5113 |
| Santander Holdings USA Inc. |  |  |
| 4.40%, 07/13/27 | &nbsp;&nbsp; 5 | 5009 |
| 5.35%, 09/06/30, (1-day SOFR + 1.940%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5137 |
| 6.50%, 03/09/29, (1-day SOFR + 2.356%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5235 |
| 6.57%, 06/12/29, (1-day SOFR + 2.700%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5257 |
| 7.66%, 11/09/31, (1-day SOFR + 3.280%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5634 |
| State Street Corp. |  |  |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 10 | 8914 |
| 5.16%, 05/18/34, (1-day SOFR + 1.890%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5133 |
| 5.68%, 11/21/29, (1-day SOFR + 1.484%)<sup>(b)</sup> | &nbsp;&nbsp; 105 | 110157 |
| 6.12%, 11/21/34, (1-day SOFR + 1.958%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5370 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 200 | 187237 |
| 5.77%, 01/13/33 | &nbsp;&nbsp; 200 | 212200 |
| Toronto-Dominion Bank (The) |  |  |
| 1.25%, 09/10/26 | &nbsp;&nbsp; 5 | 4857 |
| 1.95%, 01/12/27 | &nbsp;&nbsp; 5 | 4862 |
| 2.00%, 09/10/31 | &nbsp;&nbsp; 10 | 8824 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 15 | 13791 |
| 4.11%, 06/08/27 | &nbsp;&nbsp; 5 | 5003 |
| 4.46%, 06/08/32 | &nbsp;&nbsp; 25 | 24760 |
| 4.69%, 09/15/27 | &nbsp;&nbsp; 5 | 5058 |
| Truist Financial Corp. |  |  |
| 1.89%, 06/07/29, (1-day SOFR + 0.862%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4700 |
| 4.12%, 06/06/28, (1-day SOFR + 1.368%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5000 |
| 4.87%, 01/26/29, (1-day SOFR + 1.435%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15224 |
| 4.92%, 07/28/33, (1-day SOFR + 2.240%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4930 |
| 5.15%, 08/05/32, (1-day SOFR + 1.571%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15432 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10414 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15759 |
| 6.12%, 10/28/33, (1-day SOFR + 2.300%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5339 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 10 | 8740 |
| 4.55%, 07/22/28, (1-day SOFR + 1.660%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5034 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 19885 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5173 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20849 |
| 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5208 |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10556 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26435 |
| UBS AG/Stamford CT, 7.50%, 02/15/28 | &nbsp;&nbsp; 250 | 269733 |
| UBS Group AG, 4.88%, 05/15/45 | &nbsp;&nbsp; 25 | 22777 |
| Wachovia Corp., 5.50%, 08/01/35 | &nbsp;&nbsp; 6 | 6121 |
| Wells Fargo & Co. |  |  |
| 2.39%, 06/02/28, (1-day SOFR + 2.100%)<sup>(b)</sup> | &nbsp;&nbsp; 50 | 48475 |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9259 |
| 2.88%, 10/30/30, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(b)</sup><br>| &nbsp;&nbsp; 15 | 14166 |
| 3.00%, 10/23/26 | &nbsp;&nbsp; 25 | 24668 |
| 3.07%, 04/30/41, (1-day SOFR + 2.530%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 26641 |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 32276 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.90%, 05/01/45 | &nbsp;&nbsp; $30 | $23883 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 10 | 9995 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 25 | 21659 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 20 | 17270 |
| 4.81%, 07/25/28, (1-day SOFR + 1.980%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5054 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30173 |
| 4.90%, 11/17/45 | &nbsp;&nbsp; 30 | 26567 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR + <br> 4.502%)<sup>(b)</sup><br>| &nbsp;&nbsp; 40 | 36166 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 15 | 14298 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30867 |
| 5.56%, 07/25/34, (1-day SOFR + 1.990%)<sup>(b)</sup> | &nbsp;&nbsp; 35 | 36341 |
| 5.57%, 07/25/29, (1-day SOFR + 1.740%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10365 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 12 | 11707 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; 20 | 20608 |
| 6.49%, 10/23/34, (1-day SOFR + 2.060%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 32970 |
| Wells Fargo Bank NA, 5.85%, 02/01/37 | &nbsp;&nbsp; 20 | 20958 |
| Westpac Banking Corp. |  |  |
| 2.67%, 11/15/35, (5-year CMT + 1.750%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 22404 |
| 2.96%, 11/16/40 | &nbsp;&nbsp; 15 | 11289 |
| 3.13%, 11/18/41 | &nbsp;&nbsp; 10 | 7384 |
| 4.11%, 07/24/34, (5-year CMT + 2.000%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4890 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 20 | 18227 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 55 | 56930 |
|  |  | 9022527 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 10 | 8889 |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 10 | 9777 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 15 | 13670 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 5 | 4866 |
| 4.38%, 04/15/38 | &nbsp;&nbsp; 10 | 9403 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 25 | 21092 |
| 4.75%, 01/23/29 | &nbsp;&nbsp; 25 | 25551 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 5 | 4304 |
| 4.90%, 01/23/31 | &nbsp;&nbsp; 5 | 5174 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 15 | 14100 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 15 | 15324 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 35 | 34393 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 15 | 15099 |
| Brown-Forman Corp., 4.75%, 04/15/33 | &nbsp;&nbsp; 5 | 5029 |
| Coca-Cola Co. (The) |  |  |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 10 | 8672 |
| 1.50%, 03/05/28 | &nbsp;&nbsp; 5 | 4733 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 5 | 4453 |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 10 | 7325 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 35 | 20713 |
| 2.75%, 06/01/60 | &nbsp;&nbsp; 5 | 2931 |
| 2.88%, 05/05/41 | &nbsp;&nbsp; 5 | 3766 |
| 3.38%, 03/25/27 | &nbsp;&nbsp; 10 | 9930 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 5 | 4874 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 10 | 8265 |
| Constellation Brands Inc. |  |  |
| 3.15%, 08/01/29 | &nbsp;&nbsp; 5 | 4793 |
| 3.70%, 12/06/26 | &nbsp;&nbsp; 10 | 9930 |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 20 | 14303 |
| 4.75%, 05/09/32 | &nbsp;&nbsp; 5 | 4994 |
| Diageo Capital PLC, 2.00%, 04/29/30 | &nbsp;&nbsp; 150 | 136305 |
| Diageo Investment Corp., 7.45%, 04/15/35 | &nbsp;&nbsp; 5 | 5964 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Keurig Dr Pepper Inc. |  |  |
| 2.55%, 09/15/26 | &nbsp;&nbsp; $10 | $9832 |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 15 | 9659 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 5 | 3534 |
| 3.95%, 04/15/29 | &nbsp;&nbsp; 20 | 19676 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 15 | 14307 |
| Series 10, 5.20%, 03/15/31 | &nbsp;&nbsp; 5 | 5116 |
| Molson Coors Beverage Co., 4.20%, 07/15/46 | &nbsp;&nbsp; 25 | 19742 |
| PepsiCo Inc. |  |  |
| 1.40%, 02/25/31 | &nbsp;&nbsp; 15 | 12993 |
| 1.95%, 10/21/31 | &nbsp;&nbsp; 10 | 8782 |
| 2.63%, 03/19/27 | &nbsp;&nbsp; 5 | 4903 |
| 2.63%, 07/29/29 | &nbsp;&nbsp; 5 | 4753 |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 10 | 7068 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 25 | 23596 |
| 2.75%, 10/21/51 | &nbsp;&nbsp; 5 | 3083 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 15 | 9693 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 5 | 4916 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 8 | 5690 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 15 | 11164 |
| 3.60%, 02/18/28 | &nbsp;&nbsp; 5 | 4973 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 15 | 14563 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 15 | 15230 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 10 | 9639 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 5 | 5489 |
|  |  | 667023 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Amgen Inc. |  |  |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 25 | 23135 |
| 2.77%, 09/01/53 | &nbsp;&nbsp; 25 | 14618 |
| 2.80%, 08/15/41 | &nbsp;&nbsp; 20 | 14424 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 20 | 15480 |
| 3.20%, 11/02/27 | &nbsp;&nbsp; 30 | 29439 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 5 | 4829 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 5 | 3888 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 20 | 16914 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 30 | 25270 |
| 4.66%, 06/15/51 | &nbsp;&nbsp; 35 | 29616 |
| 4.88%, 03/01/53 | &nbsp;&nbsp; 5 | 4319 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 15 | 15391 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 35 | 34556 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 10 | 10834 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | &nbsp;&nbsp; 25 | 22744 |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 30 | 18675 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 25 | 23633 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 20 | 12437 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 25 | 24620 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 10 | 9169 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 15 | 13072 |
| 4.60%, 09/01/35 | &nbsp;&nbsp; 25 | 24404 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 15 | 13406 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 25 | 22777 |
| 5.55%, 10/15/53 | &nbsp;&nbsp; 5 | 4889 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 10 | 10208 |
| Illumina Inc. |  |  |
| 2.55%, 03/23/31 | &nbsp;&nbsp; 15 | 13361 |
| 5.75%, 12/13/27 | &nbsp;&nbsp; 5 | 5142 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Regeneron Pharmaceuticals Inc. |  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; $10 | $8795 |
| 2.80%, 09/15/50 | &nbsp;&nbsp; 20 | 11871 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 10 | 8948 |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 10 | 6421 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 20 | 13489 |
|  |  | 510774 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Carrier Global Corp. |  |  |
| 2.70%, 02/15/31 | &nbsp;&nbsp; 20 | 18391 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 20 | 18780 |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 15 | 11980 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 30 | 21925 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 14 | 14935 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp; 5 | 4468 |
| Fortune Brands Innovations Inc., 3.25%, 09/15/29 | &nbsp;&nbsp; 15 | 14347 |
| Johnson Controls International PLC, 4.50%, 02/15/47 | &nbsp;&nbsp; 20 | 16929 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA, 1.75%, 09/15/30<br>| &nbsp;&nbsp; 10 | 8860 |
| Lennox International Inc., 1.70%, 08/01/27 | &nbsp;&nbsp; 5 | 4768 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 10 | 8917 |
| 3.20%, 07/15/51 | &nbsp;&nbsp; 10 | 6632 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 25 | 24691 |
| 3.50%, 12/15/27 | &nbsp;&nbsp; 25 | 24665 |
| Masco Corp., 2.00%, 10/01/30 | &nbsp;&nbsp; 5 | 4458 |
| Owens Corning, 4.30%, 07/15/47 | &nbsp;&nbsp; 10 | 8107 |
| Trane Technologies Financing Ltd., 3.80%, 03/21/29 | &nbsp;&nbsp; 15 | 14850 |
| Trane Technologies Global Holding Co. Ltd., 4.30%, <br> 02/21/48<br>| &nbsp;&nbsp; 5 | 4152 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 10 | 9652 |
| 3.90%, 04/01/27 | &nbsp;&nbsp; 10 | 9964 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 10 | 8454 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 5 | 4330 |
|  |  | 264255 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Products and Chemicals Inc. |  |  |
| 1.85%, 05/15/27 | &nbsp;&nbsp; 155 | 149727 |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 10 | 7315 |
| 2.80%, 05/15/50 | &nbsp;&nbsp; 30 | 18705 |
| 4.80%, 03/03/33 | &nbsp;&nbsp; 10 | 10098 |
| Albemarle Corp. |  |  |
| 4.65%, 06/01/27 | &nbsp;&nbsp; 25 | 25016 |
| 5.05%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9783 |
| CF Industries Inc., 5.15%, 03/15/34 | &nbsp;&nbsp; 10 | 9965 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30 | &nbsp;&nbsp; 5 | 4418 |
| 4.25%, 10/01/34 | &nbsp;&nbsp; 5 | 4557 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 15 | 12032 |
| 5.55%, 11/30/48 | &nbsp;&nbsp; 15 | 13430 |
| 6.30%, 03/15/33 | &nbsp;&nbsp; 10 | 10709 |
| 6.90%, 05/15/53 | &nbsp;&nbsp; 5 | 5247 |
| DuPont de Nemours Inc. |  |  |
| 4.73%, 11/15/28 | &nbsp;&nbsp; 15 | 15284 |
| 5.32%, 11/15/38 | &nbsp;&nbsp; 18 | 18763 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 10 | 10063 |
| Eastman Chemical Co. |  |  |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 15 | 12513 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 4.80%, 09/01/42 | &nbsp;&nbsp; $5 | $4322 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 5 | 5092 |
| Ecolab Inc., 2.13%, 08/15/50 | &nbsp;&nbsp; 30 | 16138 |
| EIDP Inc. |  |  |
| 2.30%, 07/15/30 | &nbsp;&nbsp; 20 | 18365 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 5 | 5008 |
| FMC Corp. |  |  |
| 3.45%, 10/01/29 | &nbsp;&nbsp; 5 | 4729 |
| 5.65%, 05/18/33 | &nbsp;&nbsp; 10 | 9952 |
| Linde Inc./CT, 2.00%, 08/10/50 | &nbsp;&nbsp; 25 | 12998 |
| LYB International Finance BV, 4.88%, 03/15/44 | &nbsp;&nbsp; 10 | 8429 |
| LYB International Finance III LLC |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 25 | 22319 |
| 3.63%, 04/01/51 | &nbsp;&nbsp; 10 | 6490 |
| 3.80%, 10/01/60 | &nbsp;&nbsp; 10 | 6282 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 5 | 3610 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 15 | 14920 |
| Mosaic Co. (The) |  |  |
| 5.38%, 11/15/28 | &nbsp;&nbsp; 25 | 25764 |
| 5.45%, 11/15/33 | &nbsp;&nbsp; 15 | 15382 |
| Nutrien Ltd. |  |  |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 5 | 3728 |
| 4.00%, 12/15/26 | &nbsp;&nbsp; 5 | 4986 |
| 4.20%, 04/01/29 | &nbsp;&nbsp; 30 | 29913 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 5 | 5085 |
| 5.40%, 06/21/34 | &nbsp;&nbsp; 15 | 15276 |
| PPG Industries Inc., 3.75%, 03/15/28 | &nbsp;&nbsp; 20 | 19819 |
| RPM International Inc. |  |  |
| 2.95%, 01/15/32 | &nbsp;&nbsp; 15 | 13427 |
| 3.75%, 03/15/27 | &nbsp;&nbsp; 10 | 9919 |
| Sherwin-Williams Co. (The) |  |  |
| 2.95%, 08/15/29 | &nbsp;&nbsp; 5 | 4759 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 75 | 74135 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 30 | 22165 |
| Westlake Corp., 5.00%, 08/15/46 | &nbsp;&nbsp; 15 | 13090 |
|  |  | 733727 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; 5 | 4368 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 30 | 28383 |
| California Institute of Technology, 4.32%, 08/01/45 | &nbsp;&nbsp; 5 | 4247 |
| Case Western Reserve University, 5.41%, 06/01/2122 | &nbsp;&nbsp; 5 | 4629 |
| Cintas Corp. No. 2, 4.00%, 05/01/32 | &nbsp;&nbsp; 10 | 9721 |
| Emory University, Series 2020, 2.97%, 09/01/50 | &nbsp;&nbsp; 15 | 9753 |
| Equifax Inc., 2.35%, 09/15/31 | &nbsp;&nbsp; 10 | 8817 |
| George Washington University (The), 4.87%, 09/15/45 | &nbsp;&nbsp; 15 | 13582 |
| Global Payments Inc. |  |  |
| 2.15%, 01/15/27 | &nbsp;&nbsp; 5 | 4860 |
| 2.90%, 05/15/30 | &nbsp;&nbsp; 5 | 4622 |
| 2.90%, 11/15/31 | &nbsp;&nbsp; 30 | 26838 |
| 5.30%, 08/15/29 | &nbsp;&nbsp; 10 | 10238 |
| 5.40%, 08/15/32 | &nbsp;&nbsp; 10 | 10177 |
| GXO Logistics Inc., 2.65%, 07/15/31 | &nbsp;&nbsp; 5 | 4432 |
| Howard University, 5.21%, 10/01/52 | &nbsp;&nbsp; 5 | 4341 |
| Johns Hopkins University |  |  |
| Series 2013, 4.08%, 07/01/53 | &nbsp;&nbsp; 5 | 3963 |
| Series A, 2.81%, 01/01/60 | &nbsp;&nbsp; 5 | 2940 |
| Leland Stanford Junior University (The) |  |  |
| 1.29%, 06/01/27 | &nbsp;&nbsp; 30 | 28695 |
| 2.41%, 06/01/50 | &nbsp;&nbsp; 15 | 8827 |
| 3.65%, 05/01/48 | &nbsp;&nbsp; 5 | 3881 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Massachusetts Institute of Technology |  |  |
| 3.07%, 04/01/52 | &nbsp;&nbsp; $5 | $3325 |
| 3.96%, 07/01/38 | &nbsp;&nbsp; 5 | 4563 |
| 5.60%, 07/01/2111 | &nbsp;&nbsp; 5 | 4883 |
| Moody's Corp. |  |  |
| 2.00%, 08/19/31 | &nbsp;&nbsp; 10 | 8786 |
| 2.75%, 08/19/41 | &nbsp;&nbsp; 5 | 3528 |
| 4.25%, 08/08/32 | &nbsp;&nbsp; 10 | 9841 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 5 | 4448 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 5 | 4789 |
| Northwestern University, 4.64%, 12/01/44 | &nbsp;&nbsp; 20 | 18925 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 15 | 13770 |
| 2.65%, 10/01/26 | &nbsp;&nbsp; 10 | 9844 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 10 | 9533 |
| 3.25%, 06/01/50 | &nbsp;&nbsp; 15 | 10201 |
| 3.90%, 06/01/27 | &nbsp;&nbsp; 10 | 9989 |
| 5.05%, 06/01/52 | &nbsp;&nbsp; 10 | 9137 |
| 5.25%, 06/01/62 | &nbsp;&nbsp; 10 | 9191 |
| President and Fellows of Harvard College, 3.15%, <br> 07/15/46<br>| &nbsp;&nbsp; 20 | 14407 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 10 | 8690 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 25 | 23277 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 10 | 9484 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 5 | 5058 |
| Rockefeller Foundation (The), Series 2020, 2.49%, <br> 10/01/50<br>| &nbsp;&nbsp; 5 | 2966 |
| S&P Global Inc. |  |  |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 5 | 4781 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 20 | 18279 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 20 | 14932 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 20 | 14861 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 10 | 10066 |
| Thomas Jefferson University, 3.85%, 11/01/57 | &nbsp;&nbsp; 4 | 2776 |
| TR Finance LLC |  |  |
| 5.50%, 08/15/35 | &nbsp;&nbsp; 9 | 9216 |
| 5.85%, 04/15/40 | &nbsp;&nbsp; 10 | 10282 |
| Trustees of Boston College, 3.13%, 07/01/52 | &nbsp;&nbsp; 20 | 13545 |
| Trustees of Princeton University (The) |  |  |
| 5.70%, 03/01/39 | &nbsp;&nbsp; 15 | 16042 |
| Series 2020, 2.52%, 07/01/50 | &nbsp;&nbsp; 10 | 6045 |
| Trustees of the University of Pennsylvania (The), <br> 4.67%, 09/01/2112<br>| &nbsp;&nbsp; 5 | 4059 |
| University of Chicago (The), Series C, 2.55%, 04/01/50 | &nbsp;&nbsp; 5 | 3207 |
| University of Miami, 4.06%, 04/01/52 | &nbsp;&nbsp; 10 | 7855 |
| University of Notre Dame du Lac |  |  |
| Series 2015, 3.44%, 02/15/45 | &nbsp;&nbsp; 5 | 3824 |
| Series 2017, 3.39%, 02/15/48 | &nbsp;&nbsp; 10 | 7353 |
| University of Southern California |  |  |
| 2.81%, 10/01/50 | &nbsp;&nbsp; 5 | 3118 |
| Series A, 3.23%, 10/01/2120 | &nbsp;&nbsp; 5 | 2823 |
| Verisk Analytics Inc. |  |  |
| 3.63%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 5 | 3578 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 10 | 9995 |
| Washington University (The), 3.52%, 04/15/54 | &nbsp;&nbsp; 5 | 3558 |
| William Marsh Rice University |  |  |
| 3.57%, 05/15/45 | &nbsp;&nbsp; 10 | 7848 |
| 3.77%, 05/15/55 | &nbsp;&nbsp; 5 | 3737 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Yale University, Series 2020, 2.40%, 04/15/50 | &nbsp;&nbsp; $15 | $8816 |
|  |  | 586545 |
| **Computers — 0.7%** | **Computers — 0.7%** | **Computers — 0.7%** |
| Amdocs Ltd., 2.54%, 06/15/30 | &nbsp;&nbsp; 10 | 9144 |
| Apple Inc. |  |  |
| 1.65%, 05/11/30 | &nbsp;&nbsp; 5 | 4508 |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 25 | 14665 |
| 2.55%, 08/20/60 | &nbsp;&nbsp; 30 | 17019 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 30 | 18565 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 30 | 19903 |
| 3.00%, 11/13/27 | &nbsp;&nbsp; 44 | 43350 |
| 3.25%, 08/08/29 | &nbsp;&nbsp; 10 | 9783 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 30 | 28444 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 15 | 11625 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 25 | 19726 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 35 | 29232 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 29 | 23394 |
| 4.30%, 05/10/33 | &nbsp;&nbsp; 5 | 5030 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 30 | 26459 |
| 4.50%, 02/23/36 | &nbsp;&nbsp; 35 | 35064 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 45 | 41089 |
| CGI Inc., 2.30%, 09/14/31 | &nbsp;&nbsp; 5 | 4393 |
| Dell International LLC/EMC Corp. |  |  |
| 3.45%, 12/15/51 | &nbsp;&nbsp; 4 | 2728 |
| 4.90%, 10/01/26 | &nbsp;&nbsp; 10 | 10047 |
| 5.30%, 10/01/29 | &nbsp;&nbsp; 5 | 5174 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 15 | 15327 |
| 6.10%, 07/15/27 | &nbsp;&nbsp; 5 | 5161 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 10 | 10750 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 25 | 30283 |
| DXC Technology Co., 2.38%, 09/15/28 | &nbsp;&nbsp; 15 | 14073 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp; 10 | 8910 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 20 | 19649 |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 20 | 18437 |
| 6.20%, 10/15/35 | &nbsp;&nbsp; 5 | 5336 |
| HP Inc. |  |  |
| 2.65%, 06/17/31 | &nbsp;&nbsp; 10 | 8975 |
| 5.50%, 01/15/33 | &nbsp;&nbsp; 15 | 15401 |
| 6.00%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15231 |
| International Business Machines Corp. |  |  |
| 1.95%, 05/15/30 | &nbsp;&nbsp; 100 | 90324 |
| 2.85%, 05/15/40 | &nbsp;&nbsp; 140 | 103629 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 100 | 97997 |
| Kyndryl Holdings Inc. |  |  |
| 2.70%, 10/15/28 | &nbsp;&nbsp; 15 | 14260 |
| 3.15%, 10/15/31 | &nbsp;&nbsp; 5 | 4524 |
| Leidos Inc., 2.30%, 02/15/31 | &nbsp;&nbsp; 15 | 13339 |
| NetApp Inc. |  |  |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 5 | 4608 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 15 | 15449 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | &nbsp;&nbsp; 10 | 9143 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | &nbsp;&nbsp; 10 | 9411 |
| 3.10%, 02/01/32 | &nbsp;&nbsp; 10 | 8917 |
|  |  | 918476 |
| **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** | **Cosmetics & Personal Care — 0.3%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27 | &nbsp;&nbsp; 15 | 14832 |
| 3.25%, 08/15/32 | &nbsp;&nbsp; 15 | 13995 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| 3.70%, 08/01/47 | &nbsp;&nbsp; $10 | $7774 |
| Estee Lauder Companies Inc. (The) |  |  |
| 3.13%, 12/01/49 | &nbsp;&nbsp; 20 | 12842 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 5 | 3944 |
| 5.15%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9478 |
| Kenvue Inc. |  |  |
| 4.90%, 03/22/33 | &nbsp;&nbsp; 30 | 30477 |
| 5.05%, 03/22/28 | &nbsp;&nbsp; 30 | 30760 |
| 5.05%, 03/22/53 | &nbsp;&nbsp; 10 | 9119 |
| 5.10%, 03/22/43 | &nbsp;&nbsp; 20 | 19183 |
| Procter & Gamble Co. (The) |  |  |
| 1.90%, 02/01/27 | &nbsp;&nbsp; 5 | 4869 |
| 2.45%, 11/03/26 | &nbsp;&nbsp; 15 | 14753 |
| 2.80%, 03/25/27 | &nbsp;&nbsp; 30 | 29520 |
| 3.00%, 03/25/30 | &nbsp;&nbsp; 35 | 33599 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 15 | 11284 |
| 3.95%, 01/26/28 | &nbsp;&nbsp; 10 | 10058 |
| 4.55%, 10/24/34 | &nbsp;&nbsp; 5 | 5013 |
| 5.55%, 03/05/37 | &nbsp;&nbsp; 5 | 5384 |
| 5.80%, 08/15/34 | &nbsp;&nbsp; 10 | 10861 |
| Unilever Capital Corp. |  |  |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 120 | 118915 |
| 5.90%, 11/15/32 | &nbsp;&nbsp; 31 | 33807 |
|  |  | 430467 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| LKQ Corp., 6.25%, 06/15/33 | &nbsp;&nbsp; 25 | 26425 |
| WW Grainger Inc., 4.60%, 06/15/45 | &nbsp;&nbsp; 20 | 17727 |
|  |  | 44152 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 150 | 137293 |
| 3.85%, 10/29/41 | &nbsp;&nbsp; 15 | 12086 |
| 3.88%, 01/23/28 | &nbsp;&nbsp; 15 | 14880 |
| Air Lease Corp. |  |  |
| 2.10%, 09/01/28 | &nbsp;&nbsp; 5 | 4700 |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 25 | 22410 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 5 | 4672 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 8 | 7901 |
| Ally Financial Inc., 6.18%, 07/26/35, (1-day SOFR + <br> 2.290%)<sup>(b)</sup><br>| &nbsp;&nbsp; 5 | 5143 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 5 | 4861 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 10 | 9883 |
| 4.05%, 12/03/42 | &nbsp;&nbsp; 15 | 12692 |
| 5.04%, 05/01/34, (1-day SOFR + 1.835%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15224 |
| 5.09%, 01/30/31, (1-day SOFR Index + 1.020%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20600 |
| 5.28%, 07/26/35, (1-day SOFR + 1.420%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15285 |
| Ameriprise Financial Inc. |  |  |
| 2.88%, 09/15/26 | &nbsp;&nbsp; 30 | 29614 |
| 5.15%, 05/15/33 | &nbsp;&nbsp; 25 | 25695 |
| Andrew W Mellon Foundation (The), Series 2020, <br> 0.95%, 08/01/27<br>| &nbsp;&nbsp; 5 | 4731 |
| Blue Owl Finance LLC, 4.13%, 10/07/51 | &nbsp;&nbsp; 5 | 3525 |
| Brookfield Finance Inc. |  |  |
| 2.72%, 04/15/31 | &nbsp;&nbsp; 15 | 13696 |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 5 | 4963 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 5 | 4988 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 10 | 8574 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Brookfield Finance LLC/Brookfield Finance Inc., 3.45%, <br> 04/15/50<br>| &nbsp;&nbsp; $10 | $6778 |
| Capital One Financial Corp. |  |  |
| 3.65%, 05/11/27 | &nbsp;&nbsp; 10 | 9914 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 5 | 4955 |
| 5.47%, 02/01/29, (1-day SOFR + 2.080%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5132 |
| 5.82%, 02/01/34, (1-day SOFR + 2.600%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10397 |
| 6.18%, 01/30/36, (1-day SOFR + 2.036%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20639 |
| 6.38%, 06/08/34, (1-day SOFR + 2.860%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 16104 |
| 7.62%, 10/30/31, (1-day SOFR + 3.070%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 22685 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30 | &nbsp;&nbsp; 10 | 8786 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 15 | 13682 |
| Charles Schwab Corp. (The) |  |  |
| 1.65%, 03/11/31 | &nbsp;&nbsp; 15 | 13012 |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 5 | 4328 |
| 2.30%, 05/13/31 | &nbsp;&nbsp; 10 | 8994 |
| 2.45%, 03/03/27 | &nbsp;&nbsp; 10 | 9770 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 5 | 4530 |
| 3.25%, 05/22/29 | &nbsp;&nbsp; 5 | 4865 |
| 5.64%, 05/19/29, (1-day SOFR + 2.210%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5201 |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 20 | 18027 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 5 | 4164 |
| Eaton Vance Corp., 3.50%, 04/06/27 | &nbsp;&nbsp; 5 | 4954 |
| Franklin Resources Inc., 1.60%, 10/30/30 | &nbsp;&nbsp; 20 | 17536 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 35 | 29332 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 10 | 9076 |
| 3.00%, 06/15/50 | &nbsp;&nbsp; 30 | 19493 |
| 4.35%, 06/15/29 | &nbsp;&nbsp; 5 | 5040 |
| 4.60%, 03/15/33 | &nbsp;&nbsp; 25 | 24987 |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; 10 | 9550 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31 | &nbsp;&nbsp; 10 | 8841 |
| 2.75%, 10/15/32 | &nbsp;&nbsp; 20 | 17171 |
| 4.15%, 01/23/30 | &nbsp;&nbsp; 10 | 9873 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 5 | 5256 |
| Lazard Group LLC |  |  |
| 3.63%, 03/01/27 | &nbsp;&nbsp; 5 | 4999 |
| 4.38%, 03/11/29 | &nbsp;&nbsp; 5 | 4996 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 10 | 9831 |
| Mastercard Inc. |  |  |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 5 | 4833 |
| 3.30%, 03/26/27 | &nbsp;&nbsp; 20 | 19818 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 25 | 24319 |
| 3.50%, 02/26/28 | &nbsp;&nbsp; 15 | 14879 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 5 | 3760 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 20 | 15957 |
| 4.88%, 03/09/28 | &nbsp;&nbsp; 5 | 5122 |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 25 | 21862 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 34 | 35440 |
| Nomura Holdings Inc., 5.78%, 07/03/34 | &nbsp;&nbsp; 200 | 209506 |
| Radian Group Inc., 4.88%, 03/15/27 | &nbsp;&nbsp; 10 | 10021 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 5 | 3662 |
| 4.65%, 04/01/30 | &nbsp;&nbsp; 10 | 10183 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 5 | 4527 |
| Stifel Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 10 | 9784 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; $5 | $4433 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 5 | 5062 |
| Visa Inc. |  |  |
| 1.10%, 02/15/31 | &nbsp;&nbsp; 5 | 4302 |
| 1.90%, 04/15/27 | &nbsp;&nbsp; 45 | 43620 |
| 2.75%, 09/15/27 | &nbsp;&nbsp; 50 | 48936 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 60 | 57353 |
| Voya Financial Inc. |  |  |
| 4.70%, 01/23/48<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9702 |
| 4.80%, 06/15/46 | &nbsp;&nbsp; 5 | 4337 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 5 | 4909 |
|  |  | 1332641 |
| **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 10 | 6617 |
| 3.95%, 06/01/28 | &nbsp;&nbsp; 25 | 24804 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 10 | 8916 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 10 | 7543 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 20 | 13508 |
| Series I, 2.10%, 07/01/30 | &nbsp;&nbsp; 5 | 4503 |
| AEP Transmission Co. LLC |  |  |
| 3.10%, 12/01/26 | &nbsp;&nbsp; 5 | 4942 |
| 4.50%, 06/15/52 | &nbsp;&nbsp; 10 | 8373 |
| 5.40%, 03/15/53 | &nbsp;&nbsp; 25 | 23957 |
| AES Corp. (The), 2.45%, 01/15/31 | &nbsp;&nbsp; 5 | 4480 |
| Alabama Power Co., 3.00%, 03/15/52 | &nbsp;&nbsp; 10 | 6413 |
| Ameren Corp., 1.75%, 03/15/28 | &nbsp;&nbsp; 5 | 4715 |
| Ameren Illinois Co. |  |  |
| 2.90%, 06/15/51 | &nbsp;&nbsp; 10 | 6212 |
| 3.25%, 03/15/50 | &nbsp;&nbsp; 10 | 6713 |
| 3.85%, 09/01/32 | &nbsp;&nbsp; 10 | 9531 |
| American Electric Power Co. Inc. |  |  |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 15 | 13722 |
| 3.25%, 03/01/50 | &nbsp;&nbsp; 15 | 9753 |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 5 | 5234 |
| 6.95%, 12/15/54, (5-year CMT + 2.675%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15965 |
| Arizona Public Service Co. |  |  |
| 2.20%, 12/15/31 | &nbsp;&nbsp; 5 | 4354 |
| 2.65%, 09/15/50 | &nbsp;&nbsp; 15 | 8866 |
| 3.35%, 05/15/50 | &nbsp;&nbsp; 15 | 10203 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 10 | 7511 |
| 5.55%, 08/01/33 | &nbsp;&nbsp; 5 | 5180 |
| Avangrid Inc., 3.80%, 06/01/29 | &nbsp;&nbsp; 15 | 14740 |
| Avista Corp., 4.35%, 06/01/48 | &nbsp;&nbsp; 5 | 4066 |
| Baltimore Gas & Electric Co., 3.75%, 08/15/47 | &nbsp;&nbsp; 15 | 11366 |
| Berkshire Hathaway Energy Co. |  |  |
| 2.85%, 05/15/51 | &nbsp;&nbsp; 20 | 12202 |
| 3.70%, 07/15/30 | &nbsp;&nbsp; 20 | 19570 |
| 3.80%, 07/15/48 | &nbsp;&nbsp; 10 | 7515 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 10 | 8256 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 20 | 17272 |
| Black Hills Corp. |  |  |
| 2.50%, 06/15/30 | &nbsp;&nbsp; 10 | 9180 |
| 5.95%, 03/15/28 | &nbsp;&nbsp; 20 | 20783 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 5 | 5060 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 5 | 5022 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 10 | 9512 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 35 | 23893 |
| Series ai., 4.45%, 10/01/32 | &nbsp;&nbsp; 20 | 19749 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series Z, 2.40%, 09/01/26 | &nbsp;&nbsp; $5 | $4914 |
| CenterPoint Energy Inc., 2.95%, 03/01/30 | &nbsp;&nbsp; 16 | 15031 |
| CMS Energy Corp. |  |  |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 20 | 19724 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4833 |
| 6.50%, 06/01/55, (5-year CMT + 1.961%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15296 |
| Commonwealth Edison Co. |  |  |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 5 | 3783 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 5 | 4962 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 5 | 3953 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 10 | 7738 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 10 | 8916 |
| 5.30%, 02/01/53 | &nbsp;&nbsp; 10 | 9365 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 10 | 7855 |
| 4.90%, 07/01/33 | &nbsp;&nbsp; 5 | 5039 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 10 | 8177 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 3.60%, 06/15/61 | &nbsp;&nbsp; 10 | 6749 |
| 3.95%, 03/01/43 | &nbsp;&nbsp; 5 | 4057 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 15 | 12930 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 5 | 4284 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 15 | 12089 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 10 | 8354 |
| 6.15%, 11/15/52 | &nbsp;&nbsp; 10 | 10450 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 10 | 7734 |
| Series B, 3.13%, 11/15/27 | &nbsp;&nbsp; 5 | 4906 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 40 | 23534 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 06/15/42 | &nbsp;&nbsp; 12 | 11865 |
| 5.80%, 03/01/33 | &nbsp;&nbsp; 15 | 15943 |
| 6.13%, 01/15/34 | &nbsp;&nbsp; 5 | 5423 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 10 | 10731 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 25 | 26942 |
| Consumers Energy Co. |  |  |
| 3.10%, 08/15/50 | &nbsp;&nbsp; 15 | 9992 |
| 3.50%, 08/01/51 | &nbsp;&nbsp; 5 | 3628 |
| 3.60%, 08/15/32 | &nbsp;&nbsp; 10 | 9394 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 10 | 8167 |
| 4.05%, 05/15/48 | &nbsp;&nbsp; 5 | 4007 |
| Dayton Power & Light Co. (The), 3.95%, 06/15/49 | &nbsp;&nbsp; 13 | 9517 |
| Dominion Energy Inc. |  |  |
| 4.70%, 12/01/44 | &nbsp;&nbsp; 5 | 4280 |
| 6.20%, 02/15/56, (5-year CMT + 2.006%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 24912 |
| 6.63%, 05/15/55, (5-year CMT + 2.207%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20508 |
| Series A, 4.60%, 03/15/49 | &nbsp;&nbsp; 5 | 4094 |
| Series C, 3.38%, 04/01/30 | &nbsp;&nbsp; 25 | 23996 |
| Series C, 4.90%, 08/01/41 | &nbsp;&nbsp; 10 | 8998 |
| Dominion Energy South Carolina Inc. |  |  |
| 6.25%, 10/15/53 | &nbsp;&nbsp; 5 | 5366 |
| Series A, 2.30%, 12/01/31 | &nbsp;&nbsp; 5 | 4429 |
| DTE Electric Co. |  |  |
| 2.25%, 03/01/30 | &nbsp;&nbsp; 5 | 4610 |
| Series A, 4.00%, 04/01/43 | &nbsp;&nbsp; 10 | 8214 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | &nbsp;&nbsp; 10 | 9853 |
| 4.88%, 06/01/28 | &nbsp;&nbsp; 5 | 5087 |
| 5.85%, 06/01/34 | &nbsp;&nbsp; 20 | 21037 |
| Series C, 3.40%, 06/15/29 | &nbsp;&nbsp; 15 | 14507 |
| Duke Energy Carolinas LLC |  |  |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 15 | 10683 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.95%, 03/15/48 | &nbsp;&nbsp; $5 | $3902 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 10 | 10221 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; 25 | 23751 |
| Duke Energy Corp. |  |  |
| 2.55%, 06/15/31 | &nbsp;&nbsp; 5 | 4501 |
| 2.65%, 09/01/26 | &nbsp;&nbsp; 25 | 24635 |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 25 | 18827 |
| 3.50%, 06/15/51 | &nbsp;&nbsp; 10 | 6819 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 20 | 14883 |
| 4.20%, 06/15/49 | &nbsp;&nbsp; 20 | 15459 |
| 4.30%, 03/15/28 | &nbsp;&nbsp; 5 | 5024 |
| 4.50%, 08/15/32 | &nbsp;&nbsp; 5 | 4934 |
| 4.80%, 12/15/45 | &nbsp;&nbsp; 10 | 8677 |
| 6.45%, 09/01/54, (5-year CMT + 2.588%)<sup>(b)</sup> | &nbsp;&nbsp; 30 | 31069 |
| Duke Energy Florida LLC |  |  |
| 3.20%, 01/15/27 | &nbsp;&nbsp; 50 | 49483 |
| 3.80%, 07/15/28 | &nbsp;&nbsp; 34 | 33873 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/50 | &nbsp;&nbsp; 15 | 9169 |
| 6.35%, 08/15/38 | &nbsp;&nbsp; 5 | 5505 |
| Series YYY, 3.25%, 10/01/49 | &nbsp;&nbsp; 20 | 13564 |
| Duke Energy Ohio Inc., 5.65%, 04/01/53 | &nbsp;&nbsp; 15 | 14726 |
| Duke Energy Progress LLC |  |  |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 20 | 19585 |
| 3.70%, 10/15/46 | &nbsp;&nbsp; 10 | 7540 |
| 4.15%, 12/01/44 | &nbsp;&nbsp; 8 | 6603 |
| 4.20%, 08/15/45 | &nbsp;&nbsp; 25 | 20667 |
| Edison International |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 5 | 4921 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 10 | 10103 |
| El Paso Electric Co., 6.00%, 05/15/35 | &nbsp;&nbsp; 5 | 5178 |
| Emera U.S. Finance LP, 4.75%, 06/15/46 | &nbsp;&nbsp; 20 | 16661 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 5 | 4969 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 10 | 10118 |
| Entergy Arkansas LLC, 3.35%, 06/15/52 | &nbsp;&nbsp; 15 | 10083 |
| Entergy Corp. |  |  |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 5 | 4707 |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 5 | 4458 |
| 2.80%, 06/15/30 | &nbsp;&nbsp; 15 | 13957 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 40 | 39440 |
| 3.75%, 06/15/50 | &nbsp;&nbsp; 5 | 3567 |
| 7.13%, 12/01/54, (5-year CMT + 2.670%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 26032 |
| Entergy Louisiana LLC |  |  |
| 2.40%, 10/01/26 | &nbsp;&nbsp; 5 | 4906 |
| 3.10%, 06/15/41 | &nbsp;&nbsp; 5 | 3709 |
| 3.25%, 04/01/28 | &nbsp;&nbsp; 10 | 9817 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 15 | 12043 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 10 | 7914 |
| 4.95%, 01/15/45 | &nbsp;&nbsp; 5 | 4459 |
| 5.15%, 09/15/34 | &nbsp;&nbsp; 25 | 25299 |
| 5.80%, 03/15/55 | &nbsp;&nbsp; 5 | 4978 |
| Evergy Kansas Central Inc. |  |  |
| 3.10%, 04/01/27 | &nbsp;&nbsp; 35 | 34527 |
| 3.25%, 09/01/49 | &nbsp;&nbsp; 15 | 9898 |
| 4.25%, 12/01/45 | &nbsp;&nbsp; 5 | 4108 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 5 | 5326 |
| Evergy Metro Inc. |  |  |
| 4.20%, 06/15/47 | &nbsp;&nbsp; 15 | 12077 |
| Series 2020, 2.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 19 | 17377 |
| Eversource Energy |  |  |
| 3.38%, 03/01/32 | &nbsp;&nbsp; 10 | 9179 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.45%, 01/15/50 | &nbsp;&nbsp; $10 | $6945 |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 15 | 15060 |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; 5 | 4387 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | &nbsp;&nbsp; 25 | 24475 |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 30 | 29672 |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 10 | 7599 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 10 | 8304 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 15 | 12508 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 5 | 4880 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 10 | 9138 |
| 5.15%, 03/15/28 | &nbsp;&nbsp; 25 | 25573 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 5 | 4742 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 5 | 5170 |
| 6.50%, 03/15/55, (5-year CMT + 1.975%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15506 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32 | &nbsp;&nbsp; 10 | 8911 |
| 2.88%, 12/04/51 | &nbsp;&nbsp; 5 | 3118 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 5 | 3354 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 20 | 15123 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 10 | 7921 |
| 4.40%, 05/15/28 | &nbsp;&nbsp; 5 | 5055 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 20 | 19001 |
| 5.69%, 03/01/40 | &nbsp;&nbsp; 10 | 10364 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 5 | 5370 |
| Georgia Power Co. |  |  |
| 5.13%, 05/15/52 | &nbsp;&nbsp; 5 | 4636 |
| Series 10-C, 4.75%, 09/01/40 | &nbsp;&nbsp; 5 | 4693 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 15 | 10135 |
| Series B, 3.70%, 01/30/50 | &nbsp;&nbsp; 5 | 3701 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 15 | 17135 |
| Indiana Michigan Power Co., 6.05%, 03/15/37 | &nbsp;&nbsp; 10 | 10767 |
| Interstate Power & Light Co. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 5 | 4556 |
| 3.10%, 11/30/51 | &nbsp;&nbsp; 10 | 6356 |
| 4.10%, 09/26/28 | &nbsp;&nbsp; 5 | 4996 |
| 6.25%, 07/15/39 | &nbsp;&nbsp; 10 | 10647 |
| IPALCO Enterprises Inc., 4.25%, 05/01/30 | &nbsp;&nbsp; 5 | 4885 |
| ITC Holdings Corp., 3.35%, 11/15/27 | &nbsp;&nbsp; 15 | 14718 |
| Kentucky Utilities Co., 5.13%, 11/01/40 | &nbsp;&nbsp; 5 | 4863 |
| MidAmerican Energy Co. |  |  |
| 5.35%, 01/15/34 | &nbsp;&nbsp; 5 | 5182 |
| 5.85%, 09/15/54 | &nbsp;&nbsp; 25 | 25558 |
| 6.75%, 12/30/31 | &nbsp;&nbsp; 5 | 5656 |
| Mississippi Power Co., Series B, 3.10%, 07/30/51 | &nbsp;&nbsp; 5 | 3261 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 3.05%, 04/25/27 | &nbsp;&nbsp; 20 | 19676 |
| 3.70%, 03/15/29 | &nbsp;&nbsp; 20 | 19719 |
| 4.15%, 12/15/32 | &nbsp;&nbsp; 20 | 19413 |
| 4.30%, 03/15/49 | &nbsp;&nbsp; 15 | 12400 |
| 5.05%, 09/15/28 | &nbsp;&nbsp; 5 | 5135 |
| 5.80%, 01/15/33 | &nbsp;&nbsp; 15 | 15999 |
| Nevada Power Co., Series CC, 3.70%, 05/01/29 | &nbsp;&nbsp; 5 | 4924 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 1.88%, 01/15/27 | &nbsp;&nbsp; 30 | 29080 |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 25 | 23582 |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 10 | 9110 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 10 | 9443 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 20 | 19554 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4834 |
| 4.63%, 07/15/27 | &nbsp;&nbsp; 40 | 40352 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.80%, 12/01/77<sup>(b)</sup> | &nbsp;&nbsp; $5 | $4819 |
| 4.90%, 02/28/28 | &nbsp;&nbsp; 30 | 30525 |
| 5.00%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10302 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 15 | 15250 |
| 5.05%, 02/28/33 | &nbsp;&nbsp; 5 | 5071 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 5 | 5089 |
| 5.25%, 02/28/53 | &nbsp;&nbsp; 10 | 9144 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15829 |
| Series ., 6.50%, 08/15/55, (5-year CMT + 1.979%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20969 |
| Northern States Power Co./MN |  |  |
| 2.90%, 03/01/50 | &nbsp;&nbsp; 15 | 9689 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 10 | 7451 |
| 5.10%, 05/15/53 | &nbsp;&nbsp; 10 | 9193 |
| NorthWestern Corp., 4.18%, 11/15/44 | &nbsp;&nbsp; 20 | 16336 |
| NSTAR Electric Co. |  |  |
| 1.95%, 08/15/31 | &nbsp;&nbsp; 25 | 21930 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 5 | 4261 |
| Oglethorpe Power Corp. |  |  |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 15 | 12343 |
| 5.25%, 09/01/50 | &nbsp;&nbsp; 7 | 6270 |
| 5.38%, 11/01/40 | &nbsp;&nbsp; 10 | 9747 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.25%, 04/01/30 | &nbsp;&nbsp; 5 | 4800 |
| 3.80%, 08/15/28 | &nbsp;&nbsp; 5 | 4970 |
| 4.15%, 04/01/47 | &nbsp;&nbsp; 10 | 8109 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 5 | 2947 |
| 3.75%, 04/01/45 | &nbsp;&nbsp; 5 | 3856 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 10 | 7622 |
| 4.55%, 09/15/32 | &nbsp;&nbsp; 5 | 4969 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 9 | 7992 |
| 4.60%, 06/01/52 | &nbsp;&nbsp; 10 | 8253 |
| 5.75%, 03/15/29 | &nbsp;&nbsp; 30 | 31402 |
| Pacific Gas and Electric Co. |  |  |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 20 | 17735 |
| 3.30%, 12/01/27 | &nbsp;&nbsp; 20 | 19524 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 25 | 16383 |
| 3.75%, 07/01/28 | &nbsp;&nbsp; 5 | 4901 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 10 | 7685 |
| 4.45%, 04/15/42 | &nbsp;&nbsp; 10 | 7985 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 30 | 25573 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 14 | 13866 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 20 | 16551 |
| 5.80%, 05/15/34 | &nbsp;&nbsp; 25 | 25544 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 15 | 15440 |
| PacifiCorp |  |  |
| 2.90%, 06/15/52 | &nbsp;&nbsp; 25 | 14612 |
| 3.30%, 03/15/51 | &nbsp;&nbsp; 10 | 6376 |
| 3.50%, 06/15/29 | &nbsp;&nbsp; 15 | 14576 |
| 4.15%, 02/15/50 | &nbsp;&nbsp; 15 | 11360 |
| 5.35%, 12/01/53 | &nbsp;&nbsp; 10 | 8954 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 15 | 15245 |
| 5.50%, 05/15/54 | &nbsp;&nbsp; 50 | 45592 |
| PPL Capital Funding Inc. |  |  |
| 4.13%, 04/15/30 | &nbsp;&nbsp; 5 | 4959 |
| 5.25%, 09/01/34 | &nbsp;&nbsp; 20 | 20281 |
| PPL Electric Utilities Corp., 5.00%, 05/15/33 | &nbsp;&nbsp; 5 | 5108 |
| Progress Energy Inc., 7.75%, 03/01/31 | &nbsp;&nbsp; 5 | 5784 |
| Public Service Co. of Colorado |  |  |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 10 | 10179 |
| Series 17, 6.25%, 09/01/37 | &nbsp;&nbsp; 20 | 21609 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Public Service Electric & Gas Co. |  |  |
| 3.10%, 03/15/32 | &nbsp;&nbsp; $10 | $9172 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 10 | 7438 |
| 3.70%, 05/01/28 | &nbsp;&nbsp; 5 | 4970 |
| 4.05%, 05/01/48 | &nbsp;&nbsp; 15 | 11980 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 10 | 10326 |
| 5.45%, 08/01/53 | &nbsp;&nbsp; 20 | 19408 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 5 | 5093 |
| Public Service Enterprise Group Inc., 6.13%, 10/15/33 | &nbsp;&nbsp; 15 | 16073 |
| Puget Energy Inc. |  |  |
| 2.38%, 06/15/28 | &nbsp;&nbsp; 20 | 18967 |
| 4.10%, 06/15/30 | &nbsp;&nbsp; 20 | 19485 |
| Puget Sound Energy Inc. |  |  |
| 3.25%, 09/15/49 | &nbsp;&nbsp; 6 | 4003 |
| 5.45%, 06/01/53 | &nbsp;&nbsp; 25 | 23725 |
| San Diego Gas & Electric Co., Series WWW, 2.95%, <br> 08/15/51<br>| &nbsp;&nbsp; 25 | 15705 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 20 | 19648 |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 90 | 75849 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 25 | 18684 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 5 | 4498 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 15 | 10317 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 10 | 7448 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 10 | 8417 |
| 5.20%, 06/01/34 | &nbsp;&nbsp; 25 | 24833 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 25 | 25862 |
| 5.45%, 03/01/35 | &nbsp;&nbsp; 20 | 20126 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 5 | 4615 |
| 5.88%, 12/01/53 | &nbsp;&nbsp; 5 | 4754 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 25 | 26255 |
| Series 04-G, 5.75%, 04/01/35 | &nbsp;&nbsp; 5 | 5151 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 5 | 4173 |
| Series E, 5.45%, 06/01/52 | &nbsp;&nbsp; 5 | 4457 |
| Series H, 3.65%, 06/01/51 | &nbsp;&nbsp; 5 | 3399 |
| Southern Co. (The) |  |  |
| 4.25%, 07/01/36 | &nbsp;&nbsp; 5 | 4601 |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 16 | 13308 |
| 4.85%, 06/15/28 | &nbsp;&nbsp; 5 | 5097 |
| 4.85%, 03/15/35 | &nbsp;&nbsp; 5 | 4902 |
| 5.11%, 08/01/27 | &nbsp;&nbsp; 20 | 20389 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 30 | 31445 |
| Series 2025, 6.38%, 03/15/55, (5-year CMT + <br> 2.069%)<sup>(b)</sup><br>| &nbsp;&nbsp; 20 | 20942 |
| Series A, 3.70%, 04/30/30 | &nbsp;&nbsp; 15 | 14616 |
| Southwestern Electric Power Co. |  |  |
| 3.25%, 11/01/51 | &nbsp;&nbsp; 5 | 3220 |
| Series L, 3.85%, 02/01/48 | &nbsp;&nbsp; 20 | 14552 |
| Series M, 4.10%, 09/15/28 | &nbsp;&nbsp; 5 | 4992 |
| Southwestern Public Service Co., 4.50%, 08/15/41 | &nbsp;&nbsp; 10 | 8779 |
| Tampa Electric Co. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 10 | 9060 |
| 4.10%, 06/15/42 | &nbsp;&nbsp; 5 | 4183 |
| 4.30%, 06/15/48 | &nbsp;&nbsp; 5 | 4078 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 5 | 4410 |
| Tucson Electric Power Co. |  |  |
| 3.25%, 05/15/32 | &nbsp;&nbsp; 5 | 4593 |
| 4.00%, 06/15/50 | &nbsp;&nbsp; 10 | 7481 |
| Union Electric Co. |  |  |
| 2.63%, 03/15/51 | &nbsp;&nbsp; 10 | 5917 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 2.95%, 06/15/27 | &nbsp;&nbsp; $5 | $4919 |
| 3.90%, 04/01/52 | &nbsp;&nbsp; 5 | 3771 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 5 | 4776 |
| Virginia Electric & Power Co. |  |  |
| 2.45%, 12/15/50 | &nbsp;&nbsp; 9 | 5053 |
| 2.95%, 11/15/51 | &nbsp;&nbsp; 15 | 9325 |
| 4.00%, 01/15/43 | &nbsp;&nbsp; 20 | 16205 |
| 4.60%, 12/01/48 | &nbsp;&nbsp; 15 | 12781 |
| 5.45%, 04/01/53 | &nbsp;&nbsp; 5 | 4739 |
| 8.88%, 11/15/38 | &nbsp;&nbsp; 5 | 6648 |
| Series B, 2.95%, 11/15/26 | &nbsp;&nbsp; 25 | 24641 |
| Series B, 3.75%, 05/15/27 | &nbsp;&nbsp; 5 | 4974 |
| Series B, 3.80%, 09/15/47 | &nbsp;&nbsp; 5 | 3762 |
| Series C, 4.00%, 11/15/46 | &nbsp;&nbsp; 10 | 7846 |
| Series C, 4.63%, 05/15/52 | &nbsp;&nbsp; 5 | 4179 |
| WEC Energy Group Inc., 1.38%, 10/15/27 | &nbsp;&nbsp; 45 | 42609 |
| Wisconsin Power and Light Co., 3.00%, 07/01/29 | &nbsp;&nbsp; 20 | 19140 |
| Wisconsin Public Service Corp. |  |  |
| 2.85%, 12/01/51 | &nbsp;&nbsp; 10 | 6128 |
| 3.30%, 09/01/49 | &nbsp;&nbsp; 20 | 13570 |
| 3.67%, 12/01/42 | &nbsp;&nbsp; 5 | 3914 |
| Xcel Energy Inc. |  |  |
| 2.60%, 12/01/29 | &nbsp;&nbsp; 15 | 13992 |
| 3.40%, 06/01/30 | &nbsp;&nbsp; 20 | 19149 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 10 | 6860 |
| 4.00%, 06/15/28 | &nbsp;&nbsp; 20 | 19954 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 25 | 25568 |
|  |  | 3772286 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Emerson Electric Co. |  |  |
| 0.88%, 10/15/26 | &nbsp;&nbsp; 10 | 9665 |
| 1.95%, 10/15/30 | &nbsp;&nbsp; 20 | 18027 |
| 2.00%, 12/21/28 | &nbsp;&nbsp; 35 | 32902 |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 10 | 6232 |
| 5.25%, 11/15/39 | &nbsp;&nbsp; 10 | 10071 |
|  |  | 76897 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32 | &nbsp;&nbsp; 5 | 5189 |
| Amphenol Corp., 2.20%, 09/15/31 | &nbsp;&nbsp; 20 | 17697 |
| Arrow Electronics Inc. |  |  |
| 2.95%, 02/15/32 | &nbsp;&nbsp; 5 | 4418 |
| 3.88%, 01/12/28 | &nbsp;&nbsp; 5 | 4935 |
| Flex Ltd., 4.88%, 06/15/29 | &nbsp;&nbsp; 10 | 10110 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 | &nbsp;&nbsp; 10 | 9571 |
| 1.75%, 09/01/31 | &nbsp;&nbsp; 5 | 4306 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 40 | 39270 |
| 2.70%, 08/15/29 | &nbsp;&nbsp; 5 | 4757 |
| 2.80%, 06/01/50 | &nbsp;&nbsp; 5 | 3139 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 15 | 11530 |
| 4.95%, 02/15/28 | &nbsp;&nbsp; 55 | 56294 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 35 | 36927 |
| Hubbell Inc. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 10 | 8957 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 5 | 4898 |
| Jabil Inc. |  |  |
| 3.00%, 01/15/31 | &nbsp;&nbsp; 10 | 9174 |
| 4.25%, 05/15/27 | &nbsp;&nbsp; 5 | 4997 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 10 | 9489 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| 4.60%, 04/06/27 | &nbsp;&nbsp; $15 | $15068 |
| TD SYNNEX Corp., 2.38%, 08/09/28 | &nbsp;&nbsp; 10 | 9475 |
| Trimble Inc., 4.90%, 06/15/28 | &nbsp;&nbsp; 10 | 10143 |
| Tyco Electronics Group SA, 7.13%, 10/01/37 | &nbsp;&nbsp; 10 | 11725 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28 | &nbsp;&nbsp; 10 | 9495 |
| 2.95%, 04/01/31 | &nbsp;&nbsp; 5 | 4551 |
|  |  | 306115 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Engineering Group Inc., 5.90%, 03/01/33 | &nbsp;&nbsp; 5 | 5232 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Nature Conservancy (The), Series A, 3.96%, 03/01/52 | &nbsp;&nbsp; 5 | 3856 |
| Republic Services Inc. |  |  |
| 1.45%, 02/15/31 | &nbsp;&nbsp; 20 | 17224 |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 5 | 4623 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 15 | 10053 |
| 4.88%, 04/01/29 | &nbsp;&nbsp; 25 | 25641 |
| 5.00%, 12/15/33 | &nbsp;&nbsp; 10 | 10233 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 5 | 5088 |
| Waste Connections Inc. |  |  |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 20 | 12588 |
| 3.20%, 06/01/32 | &nbsp;&nbsp; 25 | 23054 |
| 4.20%, 01/15/33 | &nbsp;&nbsp; 5 | 4859 |
| 4.25%, 12/01/28 | &nbsp;&nbsp; 25 | 25186 |
| Waste Management Inc. |  |  |
| 1.50%, 03/15/31 | &nbsp;&nbsp; 10 | 8651 |
| 2.00%, 06/01/29 | &nbsp;&nbsp; 5 | 4651 |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 15 | 8807 |
| 2.95%, 06/01/41 | &nbsp;&nbsp; 5 | 3706 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 10 | 8114 |
| 4.63%, 02/15/30 | &nbsp;&nbsp; 5 | 5094 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 10 | 10199 |
| 4.88%, 02/15/34 | &nbsp;&nbsp; 20 | 20318 |
|  |  | 211945 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 15 | 16351 |
| Conagra Brands Inc. |  |  |
| 1.38%, 11/01/27 | &nbsp;&nbsp; 15 | 14070 |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 15 | 15160 |
| 5.40%, 11/01/48 | &nbsp;&nbsp; 15 | 13190 |
| Flowers Foods Inc. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 10 | 8821 |
| 3.50%, 10/01/26 | &nbsp;&nbsp; 5 | 4942 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31 | &nbsp;&nbsp; 5 | 4395 |
| 3.00%, 02/01/51 | &nbsp;&nbsp; 25 | 15756 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 15 | 14798 |
| 4.95%, 03/29/33 | &nbsp;&nbsp; 20 | 20121 |
| Hershey Co. (The), 3.13%, 11/15/49 | &nbsp;&nbsp; 15 | 9998 |
| Hormel Foods Corp. |  |  |
| 1.80%, 06/11/30 | &nbsp;&nbsp; 5 | 4483 |
| 3.05%, 06/03/51 | &nbsp;&nbsp; 5 | 3211 |
| Ingredion Inc., 2.90%, 06/01/30 | &nbsp;&nbsp; 10 | 9353 |
| J.M. Smucker Co. (The) |  |  |
| 2.13%, 03/15/32 | &nbsp;&nbsp; 10 | 8491 |
| 2.38%, 03/15/30 | &nbsp;&nbsp; 5 | 4600 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 10 | 9290 |
| 6.20%, 11/15/33 | &nbsp;&nbsp; 5 | 5373 |
| 6.50%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 10 | 10648 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL<br>|  |  |
| 3.00%, 05/15/32 | &nbsp;&nbsp; $5 | $4424 |
| 3.75%, 12/01/31 | &nbsp;&nbsp; 5 | 4710 |
| 6.50%, 12/01/52 | &nbsp;&nbsp; 20 | 20404 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 8 | 8776 |
| Kellanova |  |  |
| 2.10%, 06/01/30 | &nbsp;&nbsp; 10 | 9065 |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 40 | 39442 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 20 | 20130 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 15 | 17186 |
| Kraft Heinz Foods Co. |  |  |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 5 | 4853 |
| 3.88%, 05/15/27 | &nbsp;&nbsp; 5 | 4967 |
| 4.25%, 03/01/31 | &nbsp;&nbsp; 10 | 9832 |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 20 | 15913 |
| 4.63%, 01/30/29 | &nbsp;&nbsp; 25 | 25216 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 15 | 12521 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 10 | 8889 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 5 | 4529 |
| Kroger Co. (The) |  |  |
| 1.70%, 01/15/31 | &nbsp;&nbsp; 10 | 8705 |
| 2.65%, 10/15/26 | &nbsp;&nbsp; 25 | 24582 |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 10 | 7599 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 5 | 3747 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 15 | 12422 |
| 4.50%, 01/15/29 | &nbsp;&nbsp; 20 | 20235 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 25 | 24910 |
| 5.15%, 08/01/43 | &nbsp;&nbsp; 5 | 4619 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 5 | 5739 |
| McCormick & Co. Inc./MD |  |  |
| 4.20%, 08/15/47 | &nbsp;&nbsp; 10 | 7946 |
| 4.70%, 10/15/34 | &nbsp;&nbsp; 5 | 4857 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 5 | 5041 |
| Mondelez International Inc. |  |  |
| 1.88%, 10/15/32 | &nbsp;&nbsp; 20 | 16900 |
| 2.63%, 03/17/27 | &nbsp;&nbsp; 15 | 14661 |
| 2.63%, 09/04/50 | &nbsp;&nbsp; 15 | 8791 |
| 2.75%, 04/13/30 | &nbsp;&nbsp; 5 | 4682 |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 10 | 9097 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 10 | 9051 |
| 4.25%, 04/15/31 | &nbsp;&nbsp; 5 | 4820 |
| 6.25%, 07/01/33 | &nbsp;&nbsp; 15 | 15821 |
| 6.88%, 05/15/34 | &nbsp;&nbsp; 5 | 5476 |
| Sysco Corp. |  |  |
| 3.30%, 02/15/50 | &nbsp;&nbsp; 15 | 10064 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 15 | 13346 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 10 | 11019 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 5 | 5385 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 10 | 9138 |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 5 | 3192 |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 5 | 4790 |
| Tyson Foods Inc. |  |  |
| 3.55%, 06/02/27 | &nbsp;&nbsp; 15 | 14837 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 5 | 5004 |
| 4.88%, 08/15/34 | &nbsp;&nbsp; 15 | 14775 |
| 5.10%, 09/28/48 | &nbsp;&nbsp; 25 | 22422 |
|  |  | 737581 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| International Paper Co. |  |  |
| 4.35%, 08/15/48 | &nbsp;&nbsp; $10 | $8037 |
| 4.40%, 08/15/47 | &nbsp;&nbsp; 10 | 8148 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 5 | 4967 |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | &nbsp;&nbsp; 20 | 18701 |
| 3.13%, 01/15/32 | &nbsp;&nbsp; 5 | 4437 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 15 | 14097 |
| Suzano International Finance BV, 5.50%, 01/17/27 | &nbsp;&nbsp; 10 | 10121 |
|  |  | 68508 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| Atmos Energy Corp. |  |  |
| 1.50%, 01/15/31 | &nbsp;&nbsp; 10 | 8663 |
| 2.85%, 02/15/52 | &nbsp;&nbsp; 5 | 3053 |
| 3.00%, 06/15/27 | &nbsp;&nbsp; 140 | 137720 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 14 | 11097 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 5 | 5384 |
| CenterPoint Energy Resources Corp. |  |  |
| 1.75%, 10/01/30 | &nbsp;&nbsp; 5 | 4406 |
| 5.25%, 03/01/28 | &nbsp;&nbsp; 5 | 5135 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 30 | 25988 |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 5 | 4769 |
| 3.49%, 05/15/27 | &nbsp;&nbsp; 20 | 19787 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 15 | 13127 |
| 5.65%, 02/01/45 | &nbsp;&nbsp; 5 | 4878 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 10 | 9082 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 5 | 4380 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 3.35%, 06/01/50 | &nbsp;&nbsp; 15 | 10044 |
| 4.65%, 08/01/43 | &nbsp;&nbsp; 10 | 8803 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 5 | 4395 |
| Southern California Gas Co., Series XX, 2.55%, <br> 02/01/30<br>| &nbsp;&nbsp; 50 | 46533 |
| Southern Co. Gas Capital Corp. |  |  |
| 4.40%, 05/30/47 | &nbsp;&nbsp; 5 | 4084 |
| 5.88%, 03/15/41 | &nbsp;&nbsp; 15 | 15293 |
| Series 2020-A, 1.75%, 01/15/31 | &nbsp;&nbsp; 30 | 26095 |
| Series 21A, 3.15%, 09/30/51 | &nbsp;&nbsp; 5 | 3165 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30 | &nbsp;&nbsp; 15 | 13569 |
| 4.05%, 03/15/32 | &nbsp;&nbsp; 10 | 9541 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 10 | 7698 |
| 5.45%, 03/23/28 | &nbsp;&nbsp; 40 | 41168 |
| 5.80%, 12/01/27 | &nbsp;&nbsp; 10 | 10286 |
| Spire Missouri Inc., 3.30%, 06/01/51 | &nbsp;&nbsp; 10 | 6644 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 5 | 3563 |
| Series K, 3.80%, 09/15/46 | &nbsp;&nbsp; 5 | 3736 |
|  |  | 472086 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Snap-on Inc., 3.10%, 05/01/50 | &nbsp;&nbsp; 10 | 6685 |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30 | &nbsp;&nbsp; 11 | 10005 |
| 2.75%, 11/15/50 | &nbsp;&nbsp; 20 | 11380 |
| 4.25%, 11/15/28 | &nbsp;&nbsp; 5 | 5007 |
| 6.00%, 03/06/28 | &nbsp;&nbsp; 25 | 26028 |
|  |  | 59105 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** | **Health Care - Products — 0.4%** |
| Abbott Laboratories |  |  |
| 3.75%, 11/30/26 | &nbsp;&nbsp; $65 | $64889 |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 10 | 9939 |
| 4.75%, 04/15/43 | &nbsp;&nbsp; 5 | 4686 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 5 | 4669 |
| 5.30%, 05/27/40 | &nbsp;&nbsp; 30 | 30660 |
| 6.00%, 04/01/39 | &nbsp;&nbsp; 5 | 5493 |
| Agilent Technologies Inc. |  |  |
| 2.10%, 06/04/30 | &nbsp;&nbsp; 15 | 13586 |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 10 | 8972 |
| 3.05%, 09/22/26 | &nbsp;&nbsp; 5 | 4934 |
| Baxter International Inc. |  |  |
| 1.73%, 04/01/31 | &nbsp;&nbsp; 15 | 12846 |
| 1.92%, 02/01/27 | &nbsp;&nbsp; 15 | 14506 |
| 2.54%, 02/01/32 | &nbsp;&nbsp; 5 | 4347 |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 15 | 9198 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 5 | 4908 |
| Boston Scientific Corp. |  |  |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 25 | 23336 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 5 | 5012 |
| 4.70%, 03/01/49 | &nbsp;&nbsp; 12 | 10615 |
| Danaher Corp., 2.80%, 12/10/51 | &nbsp;&nbsp; 15 | 9301 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29 | &nbsp;&nbsp; 20 | 18823 |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 5 | 4031 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 20 | 14202 |
| Koninklijke Philips NV |  |  |
| 5.00%, 03/15/42 | &nbsp;&nbsp; 5 | 4555 |
| 6.88%, 03/11/38 | &nbsp;&nbsp; 10 | 11105 |
| Medtronic Global Holdings SCA, 4.50%, 03/30/33 | &nbsp;&nbsp; 5 | 4970 |
| Medtronic Inc., 4.38%, 03/15/35 | &nbsp;&nbsp; 20 | 19433 |
| Revvity Inc. |  |  |
| 1.90%, 09/15/28 | &nbsp;&nbsp; 10 | 9312 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 5 | 4462 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 10 | 9554 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; 15 | 15640 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 15 | 15554 |
| 5.90%, 04/30/54<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15010 |
| Stryker Corp. |  |  |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 10 | 6496 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 10 | 8343 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 10 | 8562 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 15 | 13312 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.00%, 10/15/31 | &nbsp;&nbsp; 5 | 4411 |
| 2.60%, 10/01/29 | &nbsp;&nbsp; 22 | 20844 |
| 2.80%, 10/15/41 | &nbsp;&nbsp; 10 | 7208 |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 15 | 12383 |
| 4.80%, 11/21/27 | &nbsp;&nbsp; 5 | 5087 |
| 4.98%, 08/10/30 | &nbsp;&nbsp; 5 | 5179 |
| 5.00%, 12/05/26 | &nbsp;&nbsp; 5 | 5055 |
| 5.40%, 08/10/43 | &nbsp;&nbsp; 5 | 4949 |
|  |  | 490377 |
| **Health Care - Services — 1.2%** | **Health Care - Services — 1.2%** | **Health Care - Services — 1.2%** |
| Adventist Health System/West, 3.63%, 03/01/49 | &nbsp;&nbsp; 5 | 3337 |
| Advocate Health & Hospitals Corp., 4.27%, 08/15/48 | &nbsp;&nbsp; 10 | 8218 |
| Aetna Inc. |  |  |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 10 | 8310 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 15 | 16273 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 10 | 10899 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| AHS Hospital Corp., Series 2021, 2.78%, 07/01/51 | &nbsp;&nbsp; $5 | $3042 |
| Allina Health System, Series 2019, 3.89%, 04/15/49 | &nbsp;&nbsp; 5 | 3794 |
| Ascension Health |  |  |
| 4.85%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4434 |
| Series B, 3.11%, 11/15/39 | &nbsp;&nbsp; 25 | 19598 |
| Banner Health, 2.91%, 01/01/51 | &nbsp;&nbsp; 15 | 9389 |
| Baptist Healthcare System Obligated Group, Series <br> 20B, 3.54%, 08/15/50<br>| &nbsp;&nbsp; 5 | 3497 |
| Baylor Scott & White Holdings |  |  |
| 3.97%, 11/15/46 | &nbsp;&nbsp; 10 | 7946 |
| 4.19%, 11/15/45 | &nbsp;&nbsp; 5 | 4123 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 20 | 18490 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 5 | 4263 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 10 | 8481 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 20 | 17684 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 10 | 9771 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 25 | 24088 |
| Children's Hospital Medical Center/Cincinnati OH, <br> 4.27%, 05/15/44<br>| &nbsp;&nbsp; 5 | 4185 |
| Children's Hospital of Philadelphia (The), Series 2020, <br> 2.70%, 07/01/50<br>| &nbsp;&nbsp; 10 | 6098 |
| Cigna Group (The) |  |  |
| 3.40%, 03/01/27 | &nbsp;&nbsp; 5 | 4947 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 15 | 10066 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 50 | 50263 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 25 | 23462 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 25 | 21740 |
| Corewell Health Obligated Group, Series 19A, 3.49%, <br> 07/15/49<br>| &nbsp;&nbsp; 5 | 3595 |
| Dignity Health, 5.27%, 11/01/64 | &nbsp;&nbsp; 5 | 4373 |
| Duke University Health System Inc., Series 2017, <br> 3.92%, 06/01/47<br>| &nbsp;&nbsp; 5 | 3935 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 5 | 4560 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 35 | 33160 |
| 3.65%, 12/01/27 | &nbsp;&nbsp; 40 | 39652 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 25 | 24980 |
| 4.10%, 05/15/32 | &nbsp;&nbsp; 5 | 4815 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 15 | 12119 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 5 | 4121 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 20 | 19907 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 5 | 4410 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 15 | 15327 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 15 | 14280 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 10 | 9583 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 5 | 5035 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 25 | 26979 |
| Hackensack Meridian Health Inc., 4.21%, 07/01/48 | &nbsp;&nbsp; 10 | 8103 |
| HCA Inc. |  |  |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 20 | 13128 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 20 | 18585 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 11 | 9199 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 10 | 10009 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 5 | 3975 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 20 | 18852 |
| 5.20%, 06/01/28 | &nbsp;&nbsp; 10 | 10244 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 25 | 22035 |
| 5.38%, 09/01/26 | &nbsp;&nbsp; 40 | 40147 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 5 | 4617 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 10 | 10418 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 6.00%, 04/01/54 | &nbsp;&nbsp; $15 | $14471 |
| Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 | &nbsp;&nbsp; 5 | 3737 |
| Humana Inc. |  |  |
| 1.35%, 02/03/27 | &nbsp;&nbsp; 25 | 24010 |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 15 | 14277 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 20 | 20601 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 25 | 25864 |
| 5.75%, 12/01/28 | &nbsp;&nbsp; 5 | 5214 |
| 5.88%, 03/01/33 | &nbsp;&nbsp; 5 | 5220 |
| 5.95%, 03/15/34 | &nbsp;&nbsp; 25 | 26168 |
| Indiana University Health Inc. Obligated Group, 3.97%, <br> 11/01/48<br>| &nbsp;&nbsp; 5 | 3942 |
| Inova Health System Foundation, 4.07%, 05/15/52 | &nbsp;&nbsp; 5 | 3905 |
| Integris Baptist Medical Center Inc., Series A, 3.88%, <br> 08/15/50<br>| &nbsp;&nbsp; 5 | 3527 |
| IQVIA Inc., 6.25%, 02/01/29 | &nbsp;&nbsp; 5 | 5269 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | &nbsp;&nbsp; 15 | 12274 |
| 4.88%, 04/01/42 | &nbsp;&nbsp; 15 | 13933 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 22 | 15856 |
| Laboratory Corp. of America Holdings |  |  |
| 2.70%, 06/01/31 | &nbsp;&nbsp; 15 | 13617 |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 15 | 14200 |
| Mass General Brigham Inc., Series 2017, 3.77%, <br> 07/01/48<br>| &nbsp;&nbsp; 25 | 18958 |
| Mayo Clinic |  |  |
| Series 2013, 4.00%, 11/15/47 | &nbsp;&nbsp; 5 | 3905 |
| Series 2016, 4.13%, 11/15/52 | &nbsp;&nbsp; 10 | 7886 |
| Series 2021, 3.20%, 11/15/61 | &nbsp;&nbsp; 5 | 3104 |
| Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 | &nbsp;&nbsp; 5 | 3017 |
| MyMichigan Health, Series 2020, 3.41%, 06/01/50 | &nbsp;&nbsp; 10 | 6861 |
| Nationwide Children's Hospital Inc., 4.56%, 11/01/52 | &nbsp;&nbsp; 10 | 8492 |
| Northwell Healthcare Inc. |  |  |
| 3.81%, 11/01/49 | &nbsp;&nbsp; 5 | 3624 |
| 3.98%, 11/01/46 | &nbsp;&nbsp; 15 | 11609 |
| Northwestern Memorial Healthcare Obligated Group, <br> Series 2021, 2.63%, 07/15/51<br>| &nbsp;&nbsp; 5 | 3017 |
| Novant Health Inc. |  |  |
| 2.64%, 11/01/36 | &nbsp;&nbsp; 10 | 7885 |
| 3.17%, 11/01/51 | &nbsp;&nbsp; 5 | 3267 |
| 3.32%, 11/01/61 | &nbsp;&nbsp; 10 | 6351 |
| OhioHealth Corp., 2.83%, 11/15/41 | &nbsp;&nbsp; 10 | 7125 |
| Orlando Health Obligated Group |  |  |
| 3.33%, 10/01/50 | &nbsp;&nbsp; 10 | 6970 |
| 4.09%, 10/01/48 | &nbsp;&nbsp; 5 | 3989 |
| PeaceHealth Obligated Group, Series 2018, 4.79%, <br> 11/15/48<br>| &nbsp;&nbsp; 5 | 4182 |
| Piedmont Healthcare Inc. |  |  |
| 2.04%, 01/01/32 | &nbsp;&nbsp; 10 | 8512 |
| Series 2042, 2.72%, 01/01/42 | &nbsp;&nbsp; 10 | 6949 |
| Presbyterian Healthcare Services, 4.88%, 08/01/52 | &nbsp;&nbsp; 5 | 4384 |
| Providence St. Joseph Health Obligated Group |  |  |
| Series 21A, 2.70%, 10/01/51 | &nbsp;&nbsp; 15 | 8660 |
| Series A, 3.93%, 10/01/48 | &nbsp;&nbsp; 5 | 3778 |
| Series I, 3.74%, 10/01/47 | &nbsp;&nbsp; 5 | 3726 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31 | &nbsp;&nbsp; 10 | 9149 |
| 2.95%, 06/30/30 | &nbsp;&nbsp; 15 | 14117 |
| Seattle Children's Hospital, Series 2021, 2.72%, <br> 10/01/50<br>| &nbsp;&nbsp; 5 | 3056 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Stanford Health Care |  |  |
| 3.03%, 08/15/51 | &nbsp;&nbsp; $10 | $6357 |
| Series 2018, 3.80%, 11/15/48 | &nbsp;&nbsp; 10 | 7670 |
| Sutter Health, Series 20A, 3.36%, 08/15/50 | &nbsp;&nbsp; 35 | 23949 |
| Texas Health Resources, 2.33%, 11/15/50 | &nbsp;&nbsp; 5 | 2770 |
| Toledo Hospital (The), 5.75%, 11/15/38 | &nbsp;&nbsp; 5 | 5028 |
| Trinity Health Corp., Series 2021, 2.63%, 12/01/40 | &nbsp;&nbsp; 5 | 3607 |
| UMass Memorial Health Care Obligated Group, 5.36%, <br> 07/01/52<br>| &nbsp;&nbsp; 5 | 4563 |
| UnitedHealth Group Inc. |  |  |
| 3.70%, 05/15/27 | &nbsp;&nbsp; 5 | 4972 |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 5 | 4520 |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 5 | 4464 |
| 2.90%, 05/15/50 | &nbsp;&nbsp; 20 | 12310 |
| 2.95%, 10/15/27 | &nbsp;&nbsp; 25 | 24445 |
| 3.13%, 05/15/60 | &nbsp;&nbsp; 5 | 2956 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 20 | 13065 |
| 3.45%, 01/15/27 | &nbsp;&nbsp; 35 | 34703 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 20 | 16223 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 20 | 14384 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 10 | 7431 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 10 | 9919 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 10 | 8126 |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 5 | 4874 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 10 | 10028 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 20 | 17223 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 15 | 14689 |
| 4.63%, 07/15/35 | &nbsp;&nbsp; 25 | 24273 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 19 | 16732 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 20 | 16813 |
| 5.15%, 07/15/34 | &nbsp;&nbsp; 40 | 40606 |
| 5.25%, 02/15/28 | &nbsp;&nbsp; 10 | 10279 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 50 | 51696 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 25 | 23797 |
| 5.70%, 10/15/40 | &nbsp;&nbsp; 10 | 10173 |
| 5.95%, 02/15/41 | &nbsp;&nbsp; 15 | 15491 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; 10 | 10015 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 38 | 43135 |
| Universal Health Services Inc. |  |  |
| 1.65%, 09/01/26 | &nbsp;&nbsp; 15 | 14583 |
| 2.65%, 10/15/30 | &nbsp;&nbsp; 10 | 8971 |
| WakeMed, Series A, 3.29%, 10/01/52 | &nbsp;&nbsp; 5 | 3333 |
| Willis-Knighton Medical Center |  |  |
| Series 2018, 4.81%, 09/01/48 | &nbsp;&nbsp; 5 | 4301 |
| Series 2021, 3.07%, 03/01/51 | &nbsp;&nbsp; 5 | 3093 |
| Yale-New Haven Health Services Corp., Series 2020, <br> 2.50%, 07/01/50<br>| &nbsp;&nbsp; 10 | 5737 |
|  |  | 1666503 |
| **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** |
| Apollo Debt Solutions BDC, 6.55%, 03/15/32<sup>(d)</sup> | &nbsp;&nbsp; 15 | 15605 |
| Ares Capital Corp. |  |  |
| 2.88%, 06/15/28 | &nbsp;&nbsp; 5 | 4772 |
| 3.20%, 11/15/31 | &nbsp;&nbsp; 5 | 4455 |
| 5.50%, 09/01/30 | &nbsp;&nbsp; 15 | 15194 |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; 10 | 10146 |
| Ares Strategic Income Fund, 6.20%, 03/21/32 | &nbsp;&nbsp; 15 | 15419 |
| Bain Capital Specialty Finance Inc., 2.55%, 10/13/26 | &nbsp;&nbsp; 5 | 4874 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | &nbsp;&nbsp; 5 | 4871 |
| 3.25%, 03/15/27 | &nbsp;&nbsp; 10 | 9790 |
| 4.00%, 01/15/29 | &nbsp;&nbsp; 5 | 4883 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| 6.00%, 01/29/32 | &nbsp;&nbsp; $20 | $20541 |
| 6.00%, 11/22/34 | &nbsp;&nbsp; 10 | 10081 |
| Blackstone Secured Lending Fund, 2.13%, 02/15/27 | &nbsp;&nbsp; 10 | 9644 |
| Blue Owl Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 5 | 4847 |
| 2.88%, 06/11/28 | &nbsp;&nbsp; 5 | 4723 |
| Blue Owl Capital Corp. III, 3.13%, 04/13/27 | &nbsp;&nbsp; 5 | 4853 |
| Blue Owl Credit Income Corp. |  |  |
| 6.65%, 03/15/31 | &nbsp;&nbsp; 15 | 15674 |
| 7.75%, 09/16/27 | &nbsp;&nbsp; 5 | 5249 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 5 | 4843 |
| 3.13%, 10/12/28 | &nbsp;&nbsp; 5 | 4591 |
| 6.13%, 01/15/30 | &nbsp;&nbsp; 15 | 14899 |
| Golub Capital BDC Inc., 2.05%, 02/15/27 | &nbsp;&nbsp; 5 | 4801 |
| HA Sustainable Infrastructure Capital Inc., 6.38%, <br> 07/01/34<br>| &nbsp;&nbsp; 15 | 14865 |
| Sixth Street Lending Partners |  |  |
| 5.75%, 01/15/30 | &nbsp;&nbsp; 15 | 15217 |
| 6.13%, 07/15/30<sup>(d)</sup> | &nbsp;&nbsp; 5 | 5157 |
| Sixth Street Specialty Lending Inc., 6.95%, 08/14/28 | &nbsp;&nbsp; 5 | 5286 |
|  |  | 235280 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| DR Horton Inc., 1.40%, 10/15/27 | &nbsp;&nbsp; 15 | 14208 |
| Lennar Corp., 4.75%, 11/29/27 | &nbsp;&nbsp; 20 | 20156 |
| MDC Holdings Inc. |  |  |
| 2.50%, 01/15/31 | &nbsp;&nbsp; 5 | 4431 |
| 3.85%, 01/15/30 | &nbsp;&nbsp; 5 | 4805 |
| 3.97%, 08/06/61<sup>(a)</sup> | &nbsp;&nbsp; 5 | 3215 |
| 6.00%, 01/15/43 | &nbsp;&nbsp; 15 | 13722 |
| PulteGroup Inc. |  |  |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 5 | 5442 |
| 7.88%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5891 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/29 | &nbsp;&nbsp; 5 | 4888 |
| 4.35%, 02/15/28 | &nbsp;&nbsp; 10 | 10025 |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 5 | 5034 |
|  |  | 91817 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc., 4.40%, 03/15/29 | &nbsp;&nbsp; 50 | 49174 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Avery Dennison Corp., 4.88%, 12/06/28 | &nbsp;&nbsp; 5 | 5089 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 15 | 13421 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 25 | 24521 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 5 | 4978 |
| 4.60%, 05/01/32 | &nbsp;&nbsp; 5 | 5009 |
| Kimberly-Clark Corp. |  |  |
| 1.05%, 09/15/27 | &nbsp;&nbsp; 25 | 23646 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 10 | 9588 |
| 3.20%, 04/25/29 | &nbsp;&nbsp; 15 | 14626 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 25 | 19676 |
| 4.50%, 02/16/33 | &nbsp;&nbsp; 5 | 5031 |
| 6.63%, 08/01/37 | &nbsp;&nbsp; 10 | 11571 |
|  |  | 137156 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| ACE Capital Trust II, Series N, 9.70%, 04/01/30 | &nbsp;&nbsp; 5 | 6022 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Aflac Inc. |  |  |
| 2.88%, 10/15/26 | &nbsp;&nbsp; $5 | $4932 |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 25 | 24444 |
| Alleghany Corp. |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 25 | 24385 |
| 4.90%, 09/15/44 | &nbsp;&nbsp; 10 | 9163 |
| Allstate Corp. (The) |  |  |
| 3.28%, 12/15/26 | &nbsp;&nbsp; 5 | 4943 |
| 3.85%, 08/10/49 | &nbsp;&nbsp; 5 | 3750 |
| 4.20%, 12/15/46 | &nbsp;&nbsp; 15 | 12239 |
| 4.50%, 06/15/43 | &nbsp;&nbsp; 5 | 4330 |
| 5.95%, 04/01/36 | &nbsp;&nbsp; 10 | 10672 |
| 6.50%, 05/15/67<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5165 |
| American International Group Inc. |  |  |
| 3.88%, 01/15/35 | &nbsp;&nbsp; 10 | 9210 |
| 4.20%, 04/01/28 | &nbsp;&nbsp; 10 | 10009 |
| American National Group Inc., 5.00%, 06/15/27 | &nbsp;&nbsp; 5 | 5037 |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 5 | 4689 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 4 | 3940 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 10 | 7324 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 5 | 5170 |
| Aon Global Ltd., 4.75%, 05/15/45 | &nbsp;&nbsp; 5 | 4370 |
| Aon North America Inc. |  |  |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 25 | 25730 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 25 | 25801 |
| 5.75%, 03/01/54 | &nbsp;&nbsp; 15 | 14615 |
| Arch Capital Finance LLC, 4.01%, 12/15/26 | &nbsp;&nbsp; 5 | 4988 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | &nbsp;&nbsp; 15 | 10838 |
| 7.35%, 05/01/34 | &nbsp;&nbsp; 5 | 5780 |
| Arthur J Gallagher & Co., 5.45%, 07/15/34 | &nbsp;&nbsp; 25 | 25704 |
| Assurant Inc. |  |  |
| 3.70%, 02/22/30 | &nbsp;&nbsp; 10 | 9685 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 5 | 5069 |
| Assured Guaranty U.S. Holdings Inc. |  |  |
| 3.15%, 06/15/31 | &nbsp;&nbsp; 15 | 14027 |
| 6.13%, 09/15/28 | &nbsp;&nbsp; 5 | 5262 |
| Athene Holding Ltd. |  |  |
| 3.45%, 05/15/52 | &nbsp;&nbsp; 10 | 6298 |
| 3.95%, 05/25/51 | &nbsp;&nbsp; 5 | 3520 |
| 4.13%, 01/12/28 | &nbsp;&nbsp; 54 | 53863 |
| 6.65%, 02/01/33 | &nbsp;&nbsp; 5 | 5409 |
| 6.88%, 06/28/55, (5-year CMT + 2.582%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20240 |
| Axis Specialty Finance LLC, 3.90%, 07/15/29 | &nbsp;&nbsp; 5 | 4916 |
| Axis Specialty Finance PLC, 4.00%, 12/06/27 | &nbsp;&nbsp; 10 | 9930 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30 | &nbsp;&nbsp; 10 | 8828 |
| 2.50%, 01/15/51 | &nbsp;&nbsp; 5 | 2946 |
| 2.88%, 03/15/32 | &nbsp;&nbsp; 15 | 13922 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 25 | 18992 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 20 | 16574 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 25 | 26925 |
| Brighthouse Financial Inc., 5.63%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15374 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 10 | 8885 |
| 4.50%, 03/15/29 | &nbsp;&nbsp; 10 | 10031 |
| 4.95%, 03/17/52 | &nbsp;&nbsp; 10 | 8507 |
| Chubb INA Holdings LLC |  |  |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 15 | 9044 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.35%, 11/03/45 | &nbsp;&nbsp; $25 | $21437 |
| CNA Financial Corp., 3.90%, 05/01/29 | &nbsp;&nbsp; 25 | 24652 |
| CNO Financial Group Inc., 5.25%, 05/30/29 | &nbsp;&nbsp; 10 | 10195 |
| Corebridge Financial Inc. |  |  |
| 3.65%, 04/05/27 | &nbsp;&nbsp; 35 | 34684 |
| 3.90%, 04/05/32 | &nbsp;&nbsp; 15 | 14197 |
| 4.35%, 04/05/42 | &nbsp;&nbsp; 10 | 8418 |
| 4.40%, 04/05/52 | &nbsp;&nbsp; 5 | 3987 |
| 6.88%, 12/15/52, (5-year CMT + 3.846%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 20652 |
| Enstar Finance LLC, 5.50%, 01/15/42, (5-year CMT + <br> 4.006%)<sup>(b)</sup><br>| &nbsp;&nbsp; 10 | 9902 |
| Enstar Group Ltd. |  |  |
| 3.10%, 09/01/31 | &nbsp;&nbsp; 5 | 4468 |
| 4.95%, 06/01/29 | &nbsp;&nbsp; 10 | 10076 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28 | &nbsp;&nbsp; 25 | 25067 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 11 | 9813 |
| 5.59%, 01/11/33 | &nbsp;&nbsp; 5 | 5199 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 10 | 6190 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 5 | 4398 |
| Fairfax Financial Holdings Ltd. |  |  |
| 4.63%, 04/29/30 | &nbsp;&nbsp; 15 | 15045 |
| 4.85%, 04/17/28 | &nbsp;&nbsp; 20 | 20269 |
| 6.00%, 12/07/33 | &nbsp;&nbsp; 25 | 26311 |
| Fidelity National Financial Inc., 4.50%, 08/15/28 | &nbsp;&nbsp; 20 | 20064 |
| First American Financial Corp., 2.40%, 08/15/31 | &nbsp;&nbsp; 10 | 8663 |
| Globe Life Inc. |  |  |
| 2.15%, 08/15/30 | &nbsp;&nbsp; 5 | 4471 |
| 4.80%, 06/15/32 | &nbsp;&nbsp; 10 | 9967 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.90%, 09/15/51 | &nbsp;&nbsp; 15 | 9390 |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 5 | 5321 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 5 | 4515 |
| 4.00%, 11/23/51 | &nbsp;&nbsp; 5 | 3456 |
| 5.67%, 06/08/32 | &nbsp;&nbsp; 5 | 5175 |
| Kemper Corp. |  |  |
| 2.40%, 09/30/30 | &nbsp;&nbsp; 15 | 13286 |
| 3.80%, 02/23/32 | &nbsp;&nbsp; 25 | 22868 |
| Lincoln National Corp. |  |  |
| 3.40%, 01/15/31 | &nbsp;&nbsp; 15 | 14088 |
| 3.63%, 12/12/26 | &nbsp;&nbsp; 10 | 9918 |
| Manulife Financial Corp., 4.06%, 02/24/32, (5-year <br> USD ICE Swap + 1.647%)<sup>(b)</sup><br>| &nbsp;&nbsp; 25 | 24746 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 15 | 14504 |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 5 | 3311 |
| 3.50%, 11/01/27 | &nbsp;&nbsp; 10 | 9843 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 10 | 7598 |
| 5.00%, 04/05/46 | &nbsp;&nbsp; 5 | 4427 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 20 | 18100 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 15 | 12220 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 40 | 40390 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 10 | 9509 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 5 | 4451 |
| 5.40%, 09/15/33 | &nbsp;&nbsp; 25 | 26015 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 10 | 9552 |
| 5.75%, 11/01/32 | &nbsp;&nbsp; 10 | 10670 |
| 5.88%, 08/01/33 | &nbsp;&nbsp; 10 | 10704 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| MetLife Inc. |  |  |
| 4.60%, 05/13/46 | &nbsp;&nbsp; $10 | $8830 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 10 | 9145 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 10 | 9364 |
| 5.38%, 07/15/33 | &nbsp;&nbsp; 20 | 20912 |
| 5.70%, 06/15/35 | &nbsp;&nbsp; 20 | 21173 |
| 6.38%, 06/15/34 | &nbsp;&nbsp; 5 | 5541 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 15 | 15709 |
| Old Republic International Corp., 5.75%, 03/28/34 | &nbsp;&nbsp; 5 | 5142 |
| PartnerRe Finance B LLC, 3.70%, 07/02/29 | &nbsp;&nbsp; 20 | 19562 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 5 | 4506 |
| Principal Financial Group Inc. |  |  |
| 2.13%, 06/15/30 | &nbsp;&nbsp; 5 | 4523 |
| 3.70%, 05/15/29 | &nbsp;&nbsp; 10 | 9806 |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 10 | 8275 |
| 5.38%, 03/15/33 | &nbsp;&nbsp; 5 | 5159 |
| Progressive Corp. (The) |  |  |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 5 | 4591 |
| 3.70%, 01/26/45 | &nbsp;&nbsp; 5 | 3899 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 20 | 19991 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 5 | 4084 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 5 | 4276 |
| Prudential Financial Inc. |  |  |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 5 | 3642 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 50 | 49991 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 10 | 7799 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 10 | 8200 |
| 4.50%, 09/15/47<sup>(b)</sup> | &nbsp;&nbsp; 10 | 9848 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 10 | 10555 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(b)</sup> | &nbsp;&nbsp; 10 | 10343 |
| 6.50%, 03/15/54, (5-year CMT + 2.404%)<sup>(b)</sup> | &nbsp;&nbsp; 20 | 21007 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(b)</sup> | &nbsp;&nbsp; 5 | 5288 |
| Prudential Funding Asia PLC, 3.13%, 04/14/30 | &nbsp;&nbsp; 15 | 14326 |
| Reinsurance Group of America Inc., 3.95%, 09/15/26 | &nbsp;&nbsp; 35 | 34868 |
| RenaissanceRe Finance Inc., 3.45%, 07/01/27 | &nbsp;&nbsp; 20 | 19713 |
| RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 | &nbsp;&nbsp; 5 | 4870 |
| Stewart Information Services Corp., 3.60%, 11/15/31 | &nbsp;&nbsp; 5 | 4499 |
| Travelers Companies Inc. (The) |  |  |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 15 | 9740 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 5 | 3992 |
| 4.60%, 08/01/43 | &nbsp;&nbsp; 5 | 4428 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 5 | 4851 |
| Travelers Property Casualty Corp., 6.38%, 03/15/33 | &nbsp;&nbsp; 10 | 11170 |
| Unum Group |  |  |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 5 | 3939 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 5 | 4870 |
| W R Berkley Corp., 4.00%, 05/12/50 | &nbsp;&nbsp; 15 | 11308 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 25 | 23673 |
| 4.65%, 06/15/27 | &nbsp;&nbsp; 5 | 5033 |
| 5.05%, 09/15/48 | &nbsp;&nbsp; 10 | 8866 |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 25 | 25717 |
|  |  | 1670703 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| Alibaba Group Holding Ltd., 3.40%, 12/06/27 | &nbsp;&nbsp; 200 | 197318 |
| Alphabet Inc. |  |  |
| 1.90%, 08/15/40 | &nbsp;&nbsp; 30 | 20065 |
| 2.25%, 08/15/60 | &nbsp;&nbsp; 25 | 12965 |
| Amazon.com Inc. |  |  |
| 1.50%, 06/03/30 | &nbsp;&nbsp; 10 | 8929 |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 25 | 14858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 2.70%, 06/03/60 | &nbsp;&nbsp; $15 | $8561 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 40 | 29954 |
| 3.15%, 08/22/27 | &nbsp;&nbsp; 33 | 32588 |
| 3.30%, 04/13/27 | &nbsp;&nbsp; 10 | 9916 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 55 | 49949 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 20 | 15667 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 40 | 32922 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 15 | 12174 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; 30 | 30669 |
| 4.80%, 12/05/34 | &nbsp;&nbsp; 25 | 25610 |
| eBay Inc. |  |  |
| 3.60%, 06/05/27 | &nbsp;&nbsp; 15 | 14880 |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 15 | 10848 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 20 | 16410 |
| 5.95%, 11/22/27 | &nbsp;&nbsp; 15 | 15566 |
| 6.30%, 11/22/32 | &nbsp;&nbsp; 10 | 10967 |
| Expedia Group Inc. |  |  |
| 3.25%, 02/15/30 | &nbsp;&nbsp; 15 | 14296 |
| 4.63%, 08/01/27 | &nbsp;&nbsp; 10 | 10062 |
| Meta Platforms Inc. |  |  |
| 3.50%, 08/15/27 | &nbsp;&nbsp; 15 | 14911 |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 25 | 20832 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 20 | 20386 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 20 | 16664 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 5 | 5161 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 10 | 9649 |
| 5.60%, 05/15/53 | &nbsp;&nbsp; 25 | 24692 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 10 | 9961 |
| Netflix Inc., 4.88%, 04/15/28 | &nbsp;&nbsp; 5 | 5112 |
| VeriSign Inc., 4.75%, 07/15/27 | &nbsp;&nbsp; 35 | 35009 |
|  |  | 757551 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/27 | &nbsp;&nbsp; 10 | 10427 |
| 6.75%, 03/01/41 | &nbsp;&nbsp; 10 | 10643 |
| 6.80%, 11/29/32<sup>(a)</sup> | &nbsp;&nbsp; 20 | 22129 |
| Nucor Corp. |  |  |
| 2.98%, 12/15/55 | &nbsp;&nbsp; 13 | 7883 |
| 3.13%, 04/01/32 | &nbsp;&nbsp; 20 | 18314 |
| 3.85%, 04/01/52 | &nbsp;&nbsp; 15 | 11251 |
| Steel Dynamics Inc. |  |  |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 25 | 23517 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 5 | 4794 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | &nbsp;&nbsp; 27 | 25725 |
| 6.13%, 06/12/33 | &nbsp;&nbsp; 25 | 26340 |
|  |  | 161023 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31 | &nbsp;&nbsp; 10 | 8641 |
| 4.40%, 09/15/32 | &nbsp;&nbsp; 10 | 9402 |
|  |  | 18043 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Choice Hotels International Inc., 3.70%, 01/15/31 | &nbsp;&nbsp; 15 | 14038 |
| Hyatt Hotels Corp. |  |  |
| 4.38%, 09/15/28 | &nbsp;&nbsp; 10 | 10006 |
| 5.75%, 04/23/30 | &nbsp;&nbsp; 5 | 5195 |
| Las Vegas Sands Corp., 6.20%, 08/15/34 | &nbsp;&nbsp; 10 | 10352 |
| Marriott International Inc./MD |  |  |
| 5.45%, 09/15/26 | &nbsp;&nbsp; 5 | 5059 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Series FF, 4.63%, 06/15/30 | &nbsp;&nbsp; $10 | $10072 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 25 | 22925 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 5 | 4587 |
| Series X, 4.00%, 04/15/28 | &nbsp;&nbsp; 15 | 14941 |
|  |  | 97175 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| AGCO Corp., 5.80%, 03/21/34 | &nbsp;&nbsp; 20 | 20579 |
| Caterpillar Financial Services Corp. |  |  |
| 1.70%, 01/08/27 | &nbsp;&nbsp; 10 | 9711 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 10 | 10073 |
| Caterpillar Inc. |  |  |
| 3.25%, 04/09/50 | &nbsp;&nbsp; 5 | 3486 |
| 6.05%, 08/15/36 | &nbsp;&nbsp; 28 | 30698 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 25 | 24874 |
| Deere & Co. |  |  |
| 3.90%, 06/09/42 | &nbsp;&nbsp; 15 | 12711 |
| 5.38%, 10/16/29 | &nbsp;&nbsp; 5 | 5250 |
| Dover Corp., 2.95%, 11/04/29 | &nbsp;&nbsp; 5 | 4759 |
| Flowserve Corp., 2.80%, 01/15/32 | &nbsp;&nbsp; 10 | 8771 |
| Ingersoll Rand Inc. |  |  |
| 5.40%, 08/14/28 | &nbsp;&nbsp; 5 | 5172 |
| 5.70%, 08/14/33 | &nbsp;&nbsp; 10 | 10536 |
| John Deere Capital Corp. |  |  |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 15 | 14509 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 40 | 39282 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 15 | 14700 |
| 3.90%, 06/07/32 | &nbsp;&nbsp; 5 | 4849 |
| 4.70%, 06/10/30 | &nbsp;&nbsp; 5 | 5124 |
| nVent Finance SARL, 5.65%, 05/15/33 | &nbsp;&nbsp; 15 | 15441 |
| Otis Worldwide Corp. |  |  |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 25 | 17306 |
| 5.25%, 08/16/28 | &nbsp;&nbsp; 5 | 5156 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28 | &nbsp;&nbsp; 10 | 10349 |
| 6.30%, 02/15/30 | &nbsp;&nbsp; 10 | 10583 |
| 6.40%, 04/15/33 | &nbsp;&nbsp; 10 | 10636 |
| Rockwell Automation Inc., 1.75%, 08/15/31 | &nbsp;&nbsp; 10 | 8695 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 25 | 24759 |
| 4.70%, 09/15/28 | &nbsp;&nbsp; 20 | 20257 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 30 | 28643 |
| 2.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4492 |
| 4.38%, 11/01/46 | &nbsp;&nbsp; 10 | 8244 |
|  |  | 389645 |
| **Manufacturing — 0.3%** | **Manufacturing — 0.3%** | **Manufacturing — 0.3%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26 | &nbsp;&nbsp; 10 | 9805 |
| 2.38%, 08/26/29 | &nbsp;&nbsp; 25 | 23394 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 5 | 4752 |
| 3.25%, 08/26/49 | &nbsp;&nbsp; 10 | 6777 |
| 3.38%, 03/01/29 | &nbsp;&nbsp; 5 | 4877 |
| 3.63%, 10/15/47 | &nbsp;&nbsp; 10 | 7381 |
| 3.70%, 04/15/50 | &nbsp;&nbsp; 10 | 7263 |
| 4.00%, 09/14/48 | &nbsp;&nbsp; 5 | 3943 |
| Carlisle Companies Inc. |  |  |
| 2.20%, 03/01/32 | &nbsp;&nbsp; 15 | 12845 |
| 2.75%, 03/01/30 | &nbsp;&nbsp; 5 | 4675 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 15 | 14858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| Eaton Corp. |  |  |
| 3.92%, 09/15/47 | &nbsp;&nbsp; $15 | $11876 |
| 4.15%, 03/15/33 | &nbsp;&nbsp; 30 | 29285 |
| 4.70%, 08/23/52 | &nbsp;&nbsp; 10 | 8852 |
| Illinois Tool Works Inc., 2.65%, 11/15/26 | &nbsp;&nbsp; 75 | 73934 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 13 | 12848 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 20 | 16249 |
| 4.20%, 11/21/34 | &nbsp;&nbsp; 10 | 9594 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 5 | 4332 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 5 | 5067 |
| Pentair Finance SARL |  |  |
| 4.50%, 07/01/29 | &nbsp;&nbsp; 10 | 10048 |
| 5.90%, 07/15/32 | &nbsp;&nbsp; 5 | 5270 |
| Teledyne Technologies Inc. |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 30 | 28575 |
| 2.75%, 04/01/31 | &nbsp;&nbsp; 15 | 13731 |
| Textron Inc., 2.45%, 03/15/31 | &nbsp;&nbsp; 17 | 15282 |
|  |  | 345513 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 5 | 4650 |
| 2.30%, 02/01/32 | &nbsp;&nbsp; 5 | 4233 |
| 2.80%, 04/01/31 | &nbsp;&nbsp; 10 | 9001 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 15 | 10764 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 10 | 9850 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 20 | 13226 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; 15 | 9289 |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 5 | 4970 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; 30 | 23190 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 15 | 15230 |
| 5.13%, 07/01/49 | &nbsp;&nbsp; 15 | 12171 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 10 | 8166 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 15 | 12756 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 25 | 22293 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 25 | 24303 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 40 | 42415 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10 | 8622 |
| 1.95%, 01/15/31 | &nbsp;&nbsp; 20 | 17716 |
| 2.45%, 08/15/52 | &nbsp;&nbsp; 10 | 5344 |
| 2.65%, 02/01/30 | &nbsp;&nbsp; 35 | 32797 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 25 | 12783 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 10 | 5905 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 45 | 26907 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 40 | 22991 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 56 | 31029 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 60 | 59308 |
| 3.40%, 04/01/30 | &nbsp;&nbsp; 20 | 19329 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 5 | 3542 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 10 | 6792 |
| 3.75%, 04/01/40 | &nbsp;&nbsp; 20 | 16606 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 35 | 30456 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 15 | 11264 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 5 | 5014 |
| 4.20%, 08/15/34 | &nbsp;&nbsp; 5 | 4742 |
| 4.25%, 10/15/30 | &nbsp;&nbsp; 10 | 10007 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 5 | 4857 |
| 4.40%, 08/15/35 | &nbsp;&nbsp; 25 | 23799 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 20 | 17739 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 4.75%, 03/01/44 | &nbsp;&nbsp; $10 | $8791 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 20 | 20024 |
| 5.35%, 11/15/27 | &nbsp;&nbsp; 10 | 10275 |
| 5.50%, 11/15/32 | &nbsp;&nbsp; 5 | 5265 |
| 5.65%, 06/15/35 | &nbsp;&nbsp; 5 | 5238 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 5 | 5563 |
| FactSet Research Systems Inc., 2.90%, 03/01/27 | &nbsp;&nbsp; 10 | 9815 |
| Fox Corp., 5.58%, 01/25/49 | &nbsp;&nbsp; 20 | 18831 |
| Grupo Televisa SAB, 6.63%, 01/15/40 | &nbsp;&nbsp; 25 | 23084 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | &nbsp;&nbsp; 6 | 5868 |
| 3.70%, 06/01/28 | &nbsp;&nbsp; 5 | 4906 |
| 4.20%, 05/19/32 | &nbsp;&nbsp; 5 | 4662 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 10 | 7605 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 10 | 7693 |
| 4.90%, 08/15/44 | &nbsp;&nbsp; 5 | 4009 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 5 | 4970 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 5 | 4936 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 10 | 9000 |
| 5.90%, 10/15/40 | &nbsp;&nbsp; 5 | 4696 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 10 | 10610 |
| Time Warner Cable Enterprises LLC, 8.38%, 07/15/33 | &nbsp;&nbsp; 5 | 5838 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42 | &nbsp;&nbsp; 15 | 11873 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 10 | 9024 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 20 | 20720 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 20 | 20751 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 10 | 10892 |
| TWDC Enterprises 18 Corp. |  |  |
| 3.70%, 12/01/42 | &nbsp;&nbsp; 10 | 7982 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 15 | 12501 |
| Walt Disney Co. (The) |  |  |
| 2.20%, 01/13/28 | &nbsp;&nbsp; 20 | 19253 |
| 2.65%, 01/13/31 | &nbsp;&nbsp; 20 | 18583 |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 5 | 3117 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 20 | 14519 |
| 4.70%, 03/23/50 | &nbsp;&nbsp; 20 | 17699 |
| 5.40%, 10/01/43 | &nbsp;&nbsp; 15 | 14917 |
| 6.20%, 12/15/34 | &nbsp;&nbsp; 5 | 5601 |
| 6.40%, 12/15/35 | &nbsp;&nbsp; 10 | 11274 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 40 | 45883 |
|  |  | 1030324 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Precision Castparts Corp., 4.38%, 06/15/45 | &nbsp;&nbsp; 5 | 4236 |
| Timken Co. (The), 4.13%, 04/01/32 | &nbsp;&nbsp; 35 | 33124 |
|  |  | 37360 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | &nbsp;&nbsp; 10 | 10076 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 10 | 10147 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 5 | 5208 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 10 | 8601 |
| 4.75%, 02/28/28 | &nbsp;&nbsp; 5 | 5086 |
| 4.90%, 02/28/33 | &nbsp;&nbsp; 5 | 5058 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 25 | 26088 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 25 | 25798 |
| 5.50%, 09/08/53 | &nbsp;&nbsp; 5 | 4934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | &nbsp;&nbsp; $10 | $9951 |
| 4.38%, 08/01/28 | &nbsp;&nbsp; 20 | 20004 |
| 5.25%, 09/01/29 | &nbsp;&nbsp; 10 | 10144 |
| 5.40%, 11/14/34 | &nbsp;&nbsp; 10 | 10197 |
| 5.45%, 03/15/43 | &nbsp;&nbsp; 25 | 23616 |
| Kinross Gold Corp., 4.50%, 07/15/27 | &nbsp;&nbsp; 5 | 5010 |
| Newmont Corp. |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 27 | 24561 |
| 2.60%, 07/15/32 | &nbsp;&nbsp; 5 | 4470 |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 2 | 1880 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 3.25%, <br> 05/13/30<br>| &nbsp;&nbsp; 10 | 9576 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | &nbsp;&nbsp; 5 | 5314 |
| 6.13%, 12/15/33 | &nbsp;&nbsp; 10 | 10869 |
| 7.25%, 03/15/31 | &nbsp;&nbsp; 10 | 11542 |
| Rio Tinto Finance USA PLC |  |  |
| 5.00%, 03/09/33 | &nbsp;&nbsp; 15 | 15312 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 5 | 4593 |
| Southern Copper Corp., 5.25%, 11/08/42 | &nbsp;&nbsp; 10 | 9374 |
| Yamana Gold Inc., 2.63%, 08/15/31 | &nbsp;&nbsp; 10 | 8880 |
|  |  | 286289 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | &nbsp;&nbsp; 5 | 4894 |
| 3.25%, 02/15/29 | &nbsp;&nbsp; 10 | 9570 |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 5 | 4818 |
| 5.55%, 08/22/34 | &nbsp;&nbsp; 20 | 20283 |
|  |  | 39565 |
| **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
| APA Corp., 5.35%, 07/01/49<sup>(d)</sup> | &nbsp;&nbsp; 15 | 11903 |
| BP Capital Markets America Inc. |  |  |
| 1.75%, 08/10/30 | &nbsp;&nbsp; 5 | 4445 |
| 2.72%, 01/12/32 | &nbsp;&nbsp; 15 | 13514 |
| 2.77%, 11/10/50 | &nbsp;&nbsp; 25 | 15110 |
| 3.00%, 02/24/50 | &nbsp;&nbsp; 20 | 12741 |
| 3.02%, 01/16/27 | &nbsp;&nbsp; 5 | 4937 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 20 | 14813 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 35 | 22419 |
| 3.59%, 04/14/27 | &nbsp;&nbsp; 5 | 4968 |
| 3.63%, 04/06/30 | &nbsp;&nbsp; 25 | 24455 |
| 3.94%, 09/21/28 | &nbsp;&nbsp; 5 | 4986 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 45 | 45212 |
| BP Capital Markets PLC, 3.28%, 09/19/27 | &nbsp;&nbsp; 55 | 54203 |
| Canadian Natural Resources Ltd. |  |  |
| 2.95%, 07/15/30 | &nbsp;&nbsp; 9 | 8388 |
| 4.95%, 06/01/47 | &nbsp;&nbsp; 35 | 30324 |
| Cenovus Energy Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 10 | 8780 |
| 3.75%, 02/15/52 | &nbsp;&nbsp; 10 | 6791 |
| 5.40%, 06/15/47 | &nbsp;&nbsp; 18 | 16069 |
| Chevron Corp. |  |  |
| 2.00%, 05/11/27 | &nbsp;&nbsp; 10 | 9703 |
| 2.24%, 05/11/30 | &nbsp;&nbsp; 30 | 27659 |
| 3.08%, 05/11/50 | &nbsp;&nbsp; 55 | 36720 |
| Chevron USA Inc. |  |  |
| 1.02%, 08/12/27 | &nbsp;&nbsp; 20 | 18966 |
| 3.25%, 10/15/29 | &nbsp;&nbsp; 9 | 8741 |
| 3.85%, 01/15/28 | &nbsp;&nbsp; 5 | 5006 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| CNOOC Petroleum North America ULC, 5.88%, <br> 03/10/35<br>| &nbsp;&nbsp; $15 | $16655 |
| ConocoPhillips Co. |  |  |
| 3.80%, 03/15/52 | &nbsp;&nbsp; 25 | 18100 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 20 | 14361 |
| 5.30%, 05/15/53 | &nbsp;&nbsp; 5 | 4585 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 10 | 9421 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 5 | 4748 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 15 | 14278 |
| 5.90%, 10/15/32 | &nbsp;&nbsp; 25 | 27053 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 5 | 5473 |
| Continental Resources Inc./OK, 4.90%, 06/01/44 | &nbsp;&nbsp; 10 | 7892 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | &nbsp;&nbsp; 10 | 9935 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 15 | 14966 |
| Devon Energy Corp. |  |  |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 15 | 15002 |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 5 | 4216 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 20 | 16799 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 10 | 9361 |
| 5.88%, 06/15/28 | &nbsp;&nbsp; 5 | 5001 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 10 | 9266 |
| 3.25%, 12/01/26 | &nbsp;&nbsp; 5 | 4941 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 10 | 9637 |
| 4.40%, 03/24/51 | &nbsp;&nbsp; 10 | 7751 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 25 | 25257 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 15 | 13873 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 5 | 5344 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 5 | 4583 |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 10 | 10059 |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 15 | 13209 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | &nbsp;&nbsp; 20 | 19808 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 5 | 5058 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 10 | 9256 |
| 3.13%, 04/06/30 | &nbsp;&nbsp; 45 | 43143 |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 20 | 13911 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 30 | 22680 |
| Exxon Mobil Corp. |  |  |
| 2.44%, 08/16/29 | &nbsp;&nbsp; 25 | 23755 |
| 2.61%, 10/15/30 | &nbsp;&nbsp; 25 | 23309 |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 25 | 16721 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 49 | 34581 |
| 3.48%, 03/19/30 | &nbsp;&nbsp; 10 | 9782 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 15 | 12339 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 15 | 13502 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 20 | 16560 |
| Helmerich & Payne Inc., 2.90%, 09/29/31 | &nbsp;&nbsp; 10 | 8727 |
| Hess Corp. |  |  |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 20 | 20256 |
| 5.80%, 04/01/47 | &nbsp;&nbsp; 10 | 10098 |
| 7.30%, 08/15/31 | &nbsp;&nbsp; 20 | 23070 |
| HF Sinclair Corp., 4.50%, 10/01/30 | &nbsp;&nbsp; 5 | 4888 |
| Marathon Petroleum Corp. |  |  |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 5 | 4210 |
| 5.00%, 09/15/54 | &nbsp;&nbsp; 5 | 4072 |
| 5.13%, 12/15/26 | &nbsp;&nbsp; 10 | 10082 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 15 | 15752 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Occidental Petroleum Corp. |  |  |
| 4.20%, 03/15/48 | &nbsp;&nbsp; $5 | $3529 |
| 4.40%, 04/15/46 | &nbsp;&nbsp; 15 | 11378 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 5 | 5228 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 10 | 9869 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 10 | 10045 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 5 | 5589 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 10 | 11397 |
| Ovintiv Inc. |  |  |
| 5.65%, 05/15/28 | &nbsp;&nbsp; 15 | 15438 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 5 | 5203 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 5 | 5265 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 10 | 10287 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | &nbsp;&nbsp; 11 | 9794 |
| 3.30%, 03/15/52 | &nbsp;&nbsp; 5 | 3215 |
| 3.90%, 03/15/28 | &nbsp;&nbsp; 15 | 14914 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 10 | 9647 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 15 | 15032 |
| Phillips 66 Co. |  |  |
| 4.95%, 12/01/27 | &nbsp;&nbsp; 30 | 30471 |
| 5.30%, 06/30/33 | &nbsp;&nbsp; 20 | 20415 |
| Pioneer Natural Resources Co., 1.90%, 08/15/30 | &nbsp;&nbsp; 30 | 26857 |
| Shell Finance U.S. Inc. |  |  |
| 2.38%, 11/07/29 | &nbsp;&nbsp; 10 | 9356 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 20 | 18891 |
| 3.25%, 04/06/50 | &nbsp;&nbsp; 20 | 13690 |
| 3.75%, 09/12/46 | &nbsp;&nbsp; 30 | 23129 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/26 | &nbsp;&nbsp; 5 | 4924 |
| 3.00%, 11/26/51 | &nbsp;&nbsp; 15 | 9628 |
| 3.88%, 11/13/28 | &nbsp;&nbsp; 8 | 7989 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 10 | 10202 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 10 | 11147 |
| Suncor Energy Inc., 4.00%, 11/15/47 | &nbsp;&nbsp; 30 | 22136 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30 | &nbsp;&nbsp; 10 | 9557 |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 10 | 7424 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 55 | 36179 |
| 3.39%, 06/29/60 | &nbsp;&nbsp; 5 | 3222 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 20 | 19691 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 15 | 10573 |
| TotalEnergies Capital SA, 3.88%, 10/11/28 | &nbsp;&nbsp; 15 | 14984 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | &nbsp;&nbsp; 15 | 14395 |
| 2.80%, 12/01/31 | &nbsp;&nbsp; 25 | 22551 |
| 3.65%, 12/01/51 | &nbsp;&nbsp; 35 | 23595 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 5 | 5457 |
|  |  | 1600472 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 15 | 14431 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 2.06%, 12/15/26 | &nbsp;&nbsp; 30 | 29196 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 5 | 4921 |
| 4.08%, 12/15/47 | &nbsp;&nbsp; 25 | 19462 |
| Halliburton Co. |  |  |
| 2.92%, 03/01/30 | &nbsp;&nbsp; 30 | 28211 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 5 | 4335 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 10 | 9709 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| NOV Inc., 3.60%, 12/01/29 | &nbsp;&nbsp; $10 | $9660 |
|  |  | 119925 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Flexibles North America Inc., 2.69%, 05/25/31 | &nbsp;&nbsp; 20 | 18103 |
| AptarGroup Inc., 3.60%, 03/15/32 | &nbsp;&nbsp; 20 | 18396 |
| Berry Global Inc., 1.65%, 01/15/27 | &nbsp;&nbsp; 15 | 14479 |
| Packaging Corp. of America |  |  |
| 3.00%, 12/15/29 | &nbsp;&nbsp; 15 | 14310 |
| 3.05%, 10/01/51 | &nbsp;&nbsp; 30 | 18820 |
| 3.40%, 12/15/27 | &nbsp;&nbsp; 10 | 9820 |
| Sonoco Products Co. |  |  |
| 2.85%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 15 | 13368 |
| 3.13%, 05/01/30 | &nbsp;&nbsp; 5 | 4706 |
| WRKCo Inc. |  |  |
| 3.00%, 06/15/33 | &nbsp;&nbsp; 10 | 8804 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 5 | 4976 |
|  |  | 125782 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| AbbVie Inc. |  |  |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 25 | 24678 |
| 3.20%, 11/21/29 | &nbsp;&nbsp; 30 | 28914 |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 30 | 26393 |
| 4.25%, 11/14/28 | &nbsp;&nbsp; 10 | 10079 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 25 | 21963 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 20 | 17181 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 15 | 14635 |
| 4.63%, 10/01/42 | &nbsp;&nbsp; 15 | 13626 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 25 | 22384 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 15 | 13532 |
| 4.85%, 06/15/44 | &nbsp;&nbsp; 10 | 9181 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 20 | 18045 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 10 | 10186 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 25 | 24024 |
| Astrazeneca Finance LLC |  |  |
| 2.25%, 05/28/31 | &nbsp;&nbsp; 5 | 4519 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 5 | 5110 |
| 4.90%, 03/03/30 | &nbsp;&nbsp; 5 | 5161 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | &nbsp;&nbsp; 20 | 17561 |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 5 | 4939 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 20 | 20008 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 30 | 25503 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 35 | 39472 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 20 | 17580 |
| 3.70%, 06/06/27 | &nbsp;&nbsp; 20 | 19849 |
| 3.79%, 05/20/50 | &nbsp;&nbsp; 10 | 7394 |
| 4.69%, 02/13/28 | &nbsp;&nbsp; 5 | 5064 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 10 | 8738 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13%, 11/13/27 | &nbsp;&nbsp; 15 | 14148 |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 35 | 20293 |
| 2.95%, 03/15/32 | &nbsp;&nbsp; 5 | 4559 |
| 3.25%, 02/27/27 | &nbsp;&nbsp; 5 | 4951 |
| 3.55%, 03/15/42 | &nbsp;&nbsp; 30 | 23695 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 25 | 18029 |
| 3.90%, 02/20/28 | &nbsp;&nbsp; 25 | 24986 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 5 | 3533 |
| 4.13%, 06/15/39 | &nbsp;&nbsp; 15 | 13332 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 40 | 32025 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.35%, 11/15/47 | &nbsp;&nbsp; $25 | $20697 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 20 | 17656 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 15 | 16147 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 5 | 5344 |
| Cardinal Health Inc. |  |  |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 5 | 4033 |
| 4.50%, 11/15/44 | &nbsp;&nbsp; 10 | 8311 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 5 | 4259 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 10 | 8777 |
| Cencora Inc. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 10 | 9144 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 10 | 8074 |
| CVS Health Corp. |  |  |
| 1.30%, 08/21/27 | &nbsp;&nbsp; 45 | 42475 |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 5 | 4783 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 5 | 4831 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 20 | 16761 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 65 | 55807 |
| 5.13%, 02/21/30 | &nbsp;&nbsp; 5 | 5117 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 40 | 35174 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 20 | 20231 |
| 5.63%, 02/21/53 | &nbsp;&nbsp; 15 | 13702 |
| 5.70%, 06/01/34 | &nbsp;&nbsp; 20 | 20624 |
| 6.00%, 06/01/63 | &nbsp;&nbsp; 5 | 4740 |
| 6.25%, 06/01/27 | &nbsp;&nbsp; 5 | 5162 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50 | &nbsp;&nbsp; 40 | 22387 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 10 | 7888 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 5 | 3894 |
| 4.70%, 02/27/33 | &nbsp;&nbsp; 5 | 5062 |
| 4.70%, 02/09/34 | &nbsp;&nbsp; 40 | 40121 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 5 | 4506 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 10 | 8904 |
| 5.50%, 03/15/27 | &nbsp;&nbsp; 50 | 51219 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 15 | 15939 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | &nbsp;&nbsp; 5 | 4998 |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 10 | 8588 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 5 | 5564 |
| GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 | &nbsp;&nbsp; 10 | 9763 |
| Johnson & Johnson |  |  |
| 0.95%, 09/01/27 | &nbsp;&nbsp; 40 | 37922 |
| 1.30%, 09/01/30 | &nbsp;&nbsp; 15 | 13215 |
| 2.45%, 09/01/60 | &nbsp;&nbsp; 20 | 10956 |
| 2.90%, 01/15/28 | &nbsp;&nbsp; 20 | 19631 |
| 2.95%, 03/03/27 | &nbsp;&nbsp; 10 | 9880 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 10 | 8651 |
| 3.55%, 03/01/36 | &nbsp;&nbsp; 10 | 9040 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 20 | 17950 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 30 | 23967 |
| 4.38%, 12/05/33 | &nbsp;&nbsp; 10 | 10028 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 10 | 10937 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 15 | 16581 |
| 6.95%, 09/01/29 | &nbsp;&nbsp; 5 | 5576 |
| McKesson Corp., 5.10%, 07/15/33 | &nbsp;&nbsp; 10 | 10250 |
| Mead Johnson Nutrition Co., 4.60%, 06/01/44 | &nbsp;&nbsp; 10 | 8792 |
| Merck & Co. Inc. |  |  |
| 1.70%, 06/10/27 | &nbsp;&nbsp; 5 | 4818 |
| 2.15%, 12/10/31 | &nbsp;&nbsp; 25 | 21988 |
| 2.35%, 06/24/40 | &nbsp;&nbsp; 15 | 10557 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 20 | 11525 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 3.40%, 03/07/29 | &nbsp;&nbsp; $25 | $24519 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 25 | 19573 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 20 | 17605 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 15 | 11798 |
| 4.50%, 05/17/33 | &nbsp;&nbsp; 5 | 5000 |
| 5.00%, 05/17/53 | &nbsp;&nbsp; 20 | 18123 |
| 6.50%, 12/01/33 | &nbsp;&nbsp; 15 | 16966 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 5 | 5686 |
| Merck Sharp & Dohme Corp., 5.95%, 12/01/28 | &nbsp;&nbsp; 25 | 26508 |
| Mylan Inc. |  |  |
| 5.20%, 04/15/48 | &nbsp;&nbsp; 15 | 12025 |
| 5.40%, 11/29/43 | &nbsp;&nbsp; 10 | 8456 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | &nbsp;&nbsp; 10 | 9747 |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 5 | 4589 |
| 2.75%, 08/14/50 | &nbsp;&nbsp; 10 | 6301 |
| 3.10%, 05/17/27 | &nbsp;&nbsp; 30 | 29634 |
| 4.00%, 09/18/31 | &nbsp;&nbsp; 5 | 4964 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 23 | 18954 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 25 | 22129 |
| Pfizer Inc. |  |  |
| 2.55%, 05/28/40 | &nbsp;&nbsp; 15 | 10819 |
| 2.70%, 05/28/50 | &nbsp;&nbsp; 30 | 18320 |
| 3.00%, 12/15/26 | &nbsp;&nbsp; 5 | 4944 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 5 | 4924 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 25 | 19536 |
| 4.10%, 09/15/38 | &nbsp;&nbsp; 5 | 4494 |
| 4.13%, 12/15/46<sup>(a)</sup> | &nbsp;&nbsp; 20 | 16245 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 30 | 35545 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.45%, 05/19/28 | &nbsp;&nbsp; 5 | 5057 |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 50 | 50116 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 80 | 74507 |
| Sanofi SA, 3.63%, 06/19/28 | &nbsp;&nbsp; 10 | 9944 |
| Takeda Pharmaceutical Co. Ltd., 3.03%, 07/09/40 | &nbsp;&nbsp; 200 | 150601 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | &nbsp;&nbsp; 5 | 4801 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 10 | 8984 |
| 3.85%, 06/22/40 | &nbsp;&nbsp; 10 | 7482 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 5 | 3296 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 25 | 22674 |
| 3.00%, 09/12/27 | &nbsp;&nbsp; 40 | 39221 |
| 3.00%, 05/15/50 | &nbsp;&nbsp; 20 | 12951 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 25 | 26472 |
|  |  | 2171726 |
| **Pipelines — 1.3%** | **Pipelines — 1.3%** | **Pipelines — 1.3%** |
| Boardwalk Pipelines LP, 3.60%, 09/01/32 | &nbsp;&nbsp; 5 | 4579 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.74%, 12/31/39 | &nbsp;&nbsp; 20 | 16445 |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 15 | 14574 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 20 | 20211 |
| Cheniere Energy Inc., 4.63%, 10/15/28 | &nbsp;&nbsp; 30 | 29969 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 15 | 13575 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; 30 | 29930 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 15 | 15710 |
| Columbia Pipeline Group Inc., 5.80%, 06/01/45 | &nbsp;&nbsp; 5 | 4897 |
| DCP Midstream Operating LP |  |  |
| 3.25%, 02/15/32 | &nbsp;&nbsp; 20 | 17988 |
| 5.63%, 07/15/27 | &nbsp;&nbsp; 10 | 10210 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 8.13%, 08/16/30 | &nbsp;&nbsp; $5 | $5742 |
| Enbridge Energy Partners LP, 5.50%, 09/15/40 | &nbsp;&nbsp; 10 | 9754 |
| Enbridge Inc. |  |  |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 5 | 4201 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 10 | 9525 |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 5 | 3297 |
| 4.25%, 12/01/26 | &nbsp;&nbsp; 5 | 4999 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 25 | 25792 |
| 6.20%, 11/15/30 | &nbsp;&nbsp; 15 | 16146 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 15 | 16153 |
| Energy Transfer LP |  |  |
| 4.40%, 03/15/27 | &nbsp;&nbsp; 5 | 5009 |
| 4.95%, 05/15/28 | &nbsp;&nbsp; 10 | 10162 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 15 | 12464 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 15 | 13194 |
| 5.25%, 04/15/29 | &nbsp;&nbsp; 30 | 30839 |
| 5.30%, 04/01/44 | &nbsp;&nbsp; 5 | 4478 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 15 | 13223 |
| 5.35%, 05/15/45 | &nbsp;&nbsp; 10 | 8959 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 5 | 4452 |
| 5.50%, 06/01/27 | &nbsp;&nbsp; 25 | 25435 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 20 | 20320 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 5 | 5080 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 15 | 14755 |
| 6.40%, 12/01/30 | &nbsp;&nbsp; 25 | 27043 |
| 6.50%, 02/01/42 | &nbsp;&nbsp; 15 | 15572 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 25 | 27101 |
| 6.63%, 10/15/36 | &nbsp;&nbsp; 10 | 10772 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 30 | 28310 |
| 3.13%, 07/31/29 | &nbsp;&nbsp; 15 | 14449 |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 10 | 6499 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 20 | 14393 |
| 4.15%, 10/16/28 | &nbsp;&nbsp; 5 | 5020 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 10 | 7868 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 10 | 8074 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 10 | 8626 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 10 | 9080 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 20 | 18065 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 10 | 8956 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 10 | 8665 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 10 | 9246 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 25 | 25924 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 10 | 8956 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 5 | 4851 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 5 | 5563 |
| Kinder Morgan Inc. |  |  |
| 3.60%, 02/15/51 | &nbsp;&nbsp; 15 | 10203 |
| 4.30%, 03/01/28 | &nbsp;&nbsp; 30 | 30112 |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 25 | 24720 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 15 | 15175 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 10 | 8918 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 15 | 15089 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 20 | 18814 |
| MPLX LP |  |  |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 40 | 39769 |
| 4.13%, 03/01/27 | &nbsp;&nbsp; 25 | 24938 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 20 | 17807 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 25 | 20262 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 15 | 12343 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.20%, 09/15/55 | &nbsp;&nbsp; $25 | $24340 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 5 | 4982 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 5 | 4712 |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 10 | 7078 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 10 | 7529 |
| 4.25%, 09/15/46 | &nbsp;&nbsp; 5 | 3800 |
| 4.55%, 07/15/28 | &nbsp;&nbsp; 35 | 35268 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 25 | 24384 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 15 | 13097 |
| 5.45%, 06/01/47 | &nbsp;&nbsp; 5 | 4465 |
| 5.55%, 11/01/26 | &nbsp;&nbsp; 5 | 5060 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 15 | 15776 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 10 | 10626 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 5 | 5129 |
| 7.15%, 01/15/51 | &nbsp;&nbsp; 5 | 5371 |
| ONEOK Partners LP, 6.13%, 02/01/41 | &nbsp;&nbsp; 5 | 5042 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 3.55%, 12/15/29 | &nbsp;&nbsp; 10 | 9641 |
| 3.80%, 09/15/30 | &nbsp;&nbsp; 25 | 24114 |
| 4.30%, 01/31/43 | &nbsp;&nbsp; 15 | 11886 |
| 4.50%, 12/15/26 | &nbsp;&nbsp; 5 | 5004 |
| 4.70%, 06/15/44 | &nbsp;&nbsp; 5 | 4135 |
| 4.90%, 02/15/45 | &nbsp;&nbsp; 15 | 12734 |
| 6.65%, 01/15/37 | &nbsp;&nbsp; 10 | 10828 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 50 | 49983 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; 5 | 5016 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 35 | 35201 |
| 5.88%, 06/30/26 | &nbsp;&nbsp; 8 | 8036 |
| Spectra Energy Partners LP |  |  |
| 4.50%, 03/15/45 | &nbsp;&nbsp; 5 | 4178 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 20 | 19823 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 25 | 23567 |
| 5.20%, 07/01/27 | &nbsp;&nbsp; 10 | 10162 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 5 | 5290 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 20 | 21115 |
| 6.25%, 07/01/52 | &nbsp;&nbsp; 15 | 14786 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 20 | 18814 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 10 | 9960 |
| 5.00%, 01/15/28 | &nbsp;&nbsp; 10 | 10012 |
| TC PipeLines LP, 3.90%, 05/25/27 | &nbsp;&nbsp; 20 | 19873 |
| Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27 | &nbsp;&nbsp; 25 | 25964 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30 | &nbsp;&nbsp; 25 | 24622 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 5 | 5004 |
| 4.63%, 03/01/34 | &nbsp;&nbsp; 30 | 28919 |
| 5.10%, 03/15/49 | &nbsp;&nbsp; 5 | 4504 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 10 | 10544 |
| 7.00%, 06/01/65, (5-year CMT + 2.614%)<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25410 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 15 | 14276 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 25 | 24929 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 10 | 8412 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 10 | 9716 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 5 | 4994 |
| 5.30%, 03/01/48 | &nbsp;&nbsp; 15 | 12628 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.50%, 08/15/48 | &nbsp;&nbsp; $5 | $4298 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31 | &nbsp;&nbsp; 30 | 27120 |
| 3.50%, 11/15/30 | &nbsp;&nbsp; 5 | 4763 |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 10 | 9918 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 25 | 25473 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 15 | 13542 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 20 | 20045 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 5 | 5209 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 10 | 9823 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 15 | 15898 |
|  |  | 1800078 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services Inc., 2.50%, 04/01/31 | &nbsp;&nbsp; 15 | 13508 |
| **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** |
| Agree LP, 2.00%, 06/15/28 | &nbsp;&nbsp; 20 | 18854 |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 10 | 8110 |
| 2.00%, 05/18/32 | &nbsp;&nbsp; 10 | 8381 |
| 4.90%, 12/15/30 | &nbsp;&nbsp; 10 | 10154 |
| 5.15%, 04/15/53 | &nbsp;&nbsp; 25 | 21815 |
| American Assets Trust LP, 3.38%, 02/01/31 | &nbsp;&nbsp; 5 | 4513 |
| American Homes 4 Rent LP |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 5 | 4418 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 5 | 4992 |
| 4.30%, 04/15/52 | &nbsp;&nbsp; 15 | 11548 |
| American Tower Corp. |  |  |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 20 | 18790 |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 15 | 9387 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 5 | 3240 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 15 | 14854 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; 20 | 19782 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 5 | 4897 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 5 | 4945 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 5 | 5192 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 5 | 5310 |
| AvalonBay Communities Inc. |  |  |
| 2.05%, 01/15/32 | &nbsp;&nbsp; 5 | 4346 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 5 | 4909 |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 15 | 11700 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 16 | 12989 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 25 | 25007 |
| Brixmor Operating Partnership LP |  |  |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 5 | 4433 |
| 3.90%, 03/15/27 | &nbsp;&nbsp; 10 | 9943 |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 5 | 4899 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31 | &nbsp;&nbsp; 5 | 4318 |
| Camden Property Trust |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 10 | 9383 |
| 3.35%, 11/01/49 | &nbsp;&nbsp; 10 | 6941 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29 | &nbsp;&nbsp; 5 | 4618 |
| 2.75%, 04/15/31 | &nbsp;&nbsp; 5 | 4505 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 5 | 4196 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 10 | 8718 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 5 | 4426 |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 5 | 4897 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 5 | 4722 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.00%, 11/15/49 | &nbsp;&nbsp; $5 | $3720 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 10 | 7641 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 10 | 9947 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 5 | 5015 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 5 | 4463 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 10 | 10435 |
| CubeSmart LP |  |  |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 25 | 24654 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 20 | 19984 |
| Digital Realty Trust LP |  |  |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 20 | 19844 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 15 | 15106 |
| Equinix Inc. |  |  |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 20 | 19158 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 10 | 9013 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 5 | 4918 |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 10 | 6133 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 5 | 4776 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 5 | 3338 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 15 | 14278 |
| ERP Operating LP |  |  |
| 2.85%, 11/01/26 | &nbsp;&nbsp; 15 | 14791 |
| 3.25%, 08/01/27 | &nbsp;&nbsp; 40 | 39434 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 5 | 3908 |
| Essential Properties LP, 2.95%, 07/15/31 | &nbsp;&nbsp; 5 | 4499 |
| Essex Portfolio LP |  |  |
| 2.65%, 09/01/50 | &nbsp;&nbsp; 15 | 8761 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 25 | 23625 |
| Extra Space Storage LP |  |  |
| 2.55%, 06/01/31 | &nbsp;&nbsp; 5 | 4481 |
| 3.88%, 12/15/27 | &nbsp;&nbsp; 30 | 29738 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 10 | 9897 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; 5 | 5223 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 4.00%, 01/15/30 | &nbsp;&nbsp; 5 | 4832 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; 15 | 14311 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 10 | 10190 |
| 5.75%, 06/01/28 | &nbsp;&nbsp; 5 | 5145 |
| 6.75%, 12/01/33 | &nbsp;&nbsp; 5 | 5375 |
| Healthcare Realty Holdings LP, 3.10%, 02/15/30 | &nbsp;&nbsp; 14 | 13163 |
| Healthpeak OP LLC |  |  |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 20 | 18936 |
| 6.75%, 02/01/41 | &nbsp;&nbsp; 5 | 5464 |
| Highwoods Realty LP |  |  |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 5 | 4616 |
| 3.88%, 03/01/27 | &nbsp;&nbsp; 10 | 9885 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 5 | 4926 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 5 | 4978 |
| Series H, 3.38%, 12/15/29 | &nbsp;&nbsp; 15 | 14226 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 5 | 4436 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.30%, 11/15/28 | &nbsp;&nbsp; 10 | 9443 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 5 | 4789 |
| Kilroy Realty LP |  |  |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 5 | 4599 |
| 4.25%, 08/15/29 | &nbsp;&nbsp; 5 | 4887 |
| Kimco Realty OP LLC |  |  |
| 2.80%, 10/01/26 | &nbsp;&nbsp; 10 | 9846 |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 16 | 11586 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 10 | 8336 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.60%, 02/01/33 | &nbsp;&nbsp; $10 | $9851 |
| Kite Realty Group LP, 4.00%, 10/01/26 | &nbsp;&nbsp; 10 | 9955 |
| LXP Industrial Trust |  |  |
| 2.38%, 10/01/31 | &nbsp;&nbsp; 5 | 4319 |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 10 | 9103 |
| Mid-America Apartments LP |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 5 | 4355 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 15 | 14900 |
| National Health Investors Inc., 3.00%, 02/01/31 | &nbsp;&nbsp; 5 | 4461 |
| NNN REIT Inc. |  |  |
| 3.10%, 04/15/50 | &nbsp;&nbsp; 5 | 3166 |
| 3.50%, 04/15/51 | &nbsp;&nbsp; 30 | 20433 |
| 3.60%, 12/15/26 | &nbsp;&nbsp; 7 | 6956 |
| 4.30%, 10/15/28 | &nbsp;&nbsp; 15 | 15043 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; 5 | 4350 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 10 | 9241 |
| Piedmont Operating Partnership LP, 3.15%, 08/15/30 | &nbsp;&nbsp; 5 | 4523 |
| Prologis LP |  |  |
| 1.25%, 10/15/30 | &nbsp;&nbsp; 15 | 12977 |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 25 | 24261 |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 5 | 2645 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 10 | 6487 |
| 3.25%, 10/01/26 | &nbsp;&nbsp; 25 | 24783 |
| 4.63%, 01/15/33 | &nbsp;&nbsp; 15 | 14954 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 5 | 4675 |
| Public Storage Operating Co. |  |  |
| 2.25%, 11/09/31 | &nbsp;&nbsp; 10 | 8837 |
| 3.09%, 09/15/27 | &nbsp;&nbsp; 55 | 54035 |
| 5.10%, 08/01/33 | &nbsp;&nbsp; 5 | 5154 |
| 5.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15528 |
| 5.35%, 08/01/53 | &nbsp;&nbsp; 30 | 28487 |
| Rayonier LP, 2.75%, 05/17/31 | &nbsp;&nbsp; 5 | 4486 |
| Realty Income Corp. |  |  |
| 2.70%, 02/15/32 | &nbsp;&nbsp; 5 | 4451 |
| 3.00%, 01/15/27 | &nbsp;&nbsp; 25 | 24620 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 5 | 4724 |
| 3.65%, 01/15/28 | &nbsp;&nbsp; 15 | 14875 |
| 4.13%, 10/15/26 | &nbsp;&nbsp; 25 | 24976 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 5 | 4767 |
| 3.60%, 02/01/27 | &nbsp;&nbsp; 10 | 9920 |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 5 | 4177 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 5 | 4256 |
| Rexford Industrial Realty LP, 2.13%, 12/01/30 | &nbsp;&nbsp; 10 | 8847 |
| Sabra Health Care LP |  |  |
| 3.20%, 12/01/31 | &nbsp;&nbsp; 10 | 9027 |
| 3.90%, 10/15/29 | &nbsp;&nbsp; 5 | 4841 |
| Safehold GL Holdings LLC, 2.80%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4570 |
| Simon Property Group LP |  |  |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 10 | 8711 |
| 2.45%, 09/13/29 | &nbsp;&nbsp; 35 | 32821 |
| 3.25%, 09/13/49 | &nbsp;&nbsp; 45 | 30348 |
| Store Capital LLC, 4.50%, 03/15/28 | &nbsp;&nbsp; 15 | 14913 |
| Sun Communities Operating LP |  |  |
| 2.70%, 07/15/31 | &nbsp;&nbsp; 5 | 4520 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 5 | 4806 |
| Tanger Properties LP |  |  |
| 2.75%, 09/01/31 | &nbsp;&nbsp; 5 | 4472 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 10 | 9854 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| UDR Inc. |  |  |
| 2.10%, 08/01/32 | &nbsp;&nbsp; $5 | $4218 |
| 3.20%, 01/15/30 | &nbsp;&nbsp; 30 | 28693 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 5 | 4941 |
| Ventas Realty LP |  |  |
| 3.25%, 10/15/26 | &nbsp;&nbsp; 20 | 19761 |
| 4.38%, 02/01/45 | &nbsp;&nbsp; 5 | 4096 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 5 | 5043 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 5 | 5042 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 15 | 15037 |
| 5.63%, 05/15/52 | &nbsp;&nbsp; 10 | 9117 |
| Welltower OP LLC |  |  |
| 2.70%, 02/15/27 | &nbsp;&nbsp; 25 | 24542 |
| 2.75%, 01/15/31 | &nbsp;&nbsp; 5 | 4606 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 5 | 4589 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 10 | 11004 |
| Weyerhaeuser Co. |  |  |
| 3.38%, 03/09/33 | &nbsp;&nbsp; 10 | 9013 |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 25 | 24723 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 25 | 24645 |
| 7.38%, 03/15/32 | &nbsp;&nbsp; 5 | 5700 |
| WP Carey Inc., 3.85%, 07/15/29 | &nbsp;&nbsp; 15 | 14755 |
|  |  | 1596867 |
| **Retail — 0.8%** | **Retail — 0.8%** | **Retail — 0.8%** |
| AutoNation Inc. |  |  |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 10 | 9303 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 5 | 5019 |
| AutoZone Inc. |  |  |
| 3.75%, 04/18/29 | &nbsp;&nbsp; 5 | 4918 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 10 | 9862 |
| 4.50%, 02/01/28 | &nbsp;&nbsp; 5 | 5051 |
| 4.75%, 02/01/33 | &nbsp;&nbsp; 10 | 9937 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 10 | 10194 |
| Best Buy Co. Inc. |  |  |
| 1.95%, 10/01/30 | &nbsp;&nbsp; 10 | 8888 |
| 4.45%, 10/01/28 | &nbsp;&nbsp; 5 | 5036 |
| Costco Wholesale Corp. |  |  |
| 1.38%, 06/20/27 | &nbsp;&nbsp; 20 | 19154 |
| 1.60%, 04/20/30 | &nbsp;&nbsp; 30 | 26983 |
| 1.75%, 04/20/32 | &nbsp;&nbsp; 15 | 12887 |
| 3.00%, 05/18/27 | &nbsp;&nbsp; 10 | 9868 |
| Darden Restaurants Inc. |  |  |
| 3.85%, 05/01/27 | &nbsp;&nbsp; 20 | 19864 |
| 4.35%, 10/15/27 | &nbsp;&nbsp; 10 | 10043 |
| 6.30%, 10/10/33 | &nbsp;&nbsp; 15 | 16115 |
| Dick's Sporting Goods Inc., 3.15%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 10 | 9088 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30 | &nbsp;&nbsp; 10 | 9609 |
| 3.88%, 04/15/27 | &nbsp;&nbsp; 20 | 19887 |
| 4.13%, 05/01/28 | &nbsp;&nbsp; 5 | 4981 |
| 4.13%, 04/03/50 | &nbsp;&nbsp; 5 | 3807 |
| 5.00%, 11/01/32 | &nbsp;&nbsp; 5 | 5040 |
| 5.45%, 07/05/33 | &nbsp;&nbsp; 15 | 15483 |
| Dollar Tree Inc., 4.20%, 05/15/28 | &nbsp;&nbsp; 5 | 4988 |
| Genuine Parts Co. |  |  |
| 1.88%, 11/01/30 | &nbsp;&nbsp; 5 | 4391 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 5 | 4414 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 15 | 16837 |
| Home Depot Inc. (The) |  |  |
| 2.50%, 04/15/27 | &nbsp;&nbsp; 10 | 9781 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 2.70%, 04/15/30 | &nbsp;&nbsp; $20 | $18811 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 20 | 12143 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 15 | 14677 |
| 2.88%, 04/15/27 | &nbsp;&nbsp; 10 | 9837 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 20 | 13434 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 15 | 12038 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 5 | 3477 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 15 | 10865 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 20 | 15724 |
| 4.20%, 04/01/43 | &nbsp;&nbsp; 15 | 12779 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 25 | 20977 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 55 | 59302 |
| Lowe's Companies Inc. |  |  |
| 1.70%, 10/15/30 | &nbsp;&nbsp; 5 | 4395 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 5 | 4552 |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 5 | 3509 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 10 | 6191 |
| 3.35%, 04/01/27 | &nbsp;&nbsp; 10 | 9884 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 25 | 18572 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 5 | 4747 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 30 | 23307 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 25 | 19324 |
| 5.00%, 04/15/33 | &nbsp;&nbsp; 5 | 5082 |
| 5.15%, 07/01/33 | &nbsp;&nbsp; 5 | 5124 |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; 5 | 4578 |
| 2.63%, 09/01/29 | &nbsp;&nbsp; 10 | 9468 |
| 3.50%, 03/01/27 | &nbsp;&nbsp; 10 | 9914 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 25 | 24788 |
| 3.60%, 07/01/30 | &nbsp;&nbsp; 20 | 19503 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 15 | 10873 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 5 | 4979 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 15 | 11936 |
| 4.60%, 09/09/32 | &nbsp;&nbsp; 5 | 5045 |
| 4.60%, 05/26/45 | &nbsp;&nbsp; 15 | 13116 |
| 4.70%, 12/09/35 | &nbsp;&nbsp; 5 | 4919 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 10 | 9035 |
| 5.45%, 08/14/53 | &nbsp;&nbsp; 5 | 4797 |
| 5.70%, 02/01/39 | &nbsp;&nbsp; 5 | 5220 |
| O'Reilly Automotive Inc. |  |  |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 10 | 9902 |
| 4.20%, 04/01/30 | &nbsp;&nbsp; 5 | 4987 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 10 | 10043 |
| 4.70%, 06/15/32 | &nbsp;&nbsp; 15 | 15020 |
| 5.75%, 11/20/26 | &nbsp;&nbsp; 5 | 5085 |
| Ross Stores Inc., 1.88%, 04/15/31 | &nbsp;&nbsp; 5 | 4345 |
| Starbucks Corp. |  |  |
| 2.00%, 03/12/27 | &nbsp;&nbsp; 25 | 24217 |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 5 | 4585 |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 5 | 3343 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 15 | 14814 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 10 | 6858 |
| 3.55%, 08/15/29 | &nbsp;&nbsp; 5 | 4906 |
| 4.00%, 11/15/28 | &nbsp;&nbsp; 15 | 14966 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 5 | 4145 |
| Target Corp. |  |  |
| 1.95%, 01/15/27 | &nbsp;&nbsp; 20 | 19480 |
| 2.35%, 02/15/30 | &nbsp;&nbsp; 15 | 13953 |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 5 | 4661 |
| 2.95%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 15 | 9408 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 5 | 3743 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.00%, 07/01/42 | &nbsp;&nbsp; $20 | $16755 |
| 4.80%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4392 |
| TJX Companies Inc. (The) |  |  |
| 1.15%, 05/15/28 | &nbsp;&nbsp; 5 | 4651 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 25 | 24572 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 10 | 9920 |
| Tractor Supply Co., 5.25%, 05/15/33 | &nbsp;&nbsp; 5 | 5127 |
| Walmart Inc. |  |  |
| 2.50%, 09/22/41 | &nbsp;&nbsp; 20 | 14071 |
| 3.63%, 12/15/47 | &nbsp;&nbsp; 15 | 11482 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 20 | 16381 |
| 4.15%, 09/09/32 | &nbsp;&nbsp; 5 | 4959 |
| 4.50%, 09/09/52 | &nbsp;&nbsp; 10 | 8645 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 35 | 36594 |
| 6.50%, 08/15/37 | &nbsp;&nbsp; 35 | 40100 |
| 7.55%, 02/15/30 | &nbsp;&nbsp; 5 | 5724 |
|  |  | 1120184 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
| Advanced Micro Devices Inc. |  |  |
| 3.92%, 06/01/32 | &nbsp;&nbsp; 15 | 14584 |
| 4.39%, 06/01/52 | &nbsp;&nbsp; 25 | 20963 |
| Analog Devices Inc. |  |  |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 15 | 13248 |
| 2.80%, 10/01/41 | &nbsp;&nbsp; 5 | 3627 |
| 2.95%, 10/01/51 | &nbsp;&nbsp; 15 | 9624 |
| Applied Materials Inc. |  |  |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 20 | 17037 |
| 5.10%, 10/01/35 | &nbsp;&nbsp; 15 | 15408 |
| Broadcom Inc. |  |  |
| 2.60%, 02/15/33<sup>(d)</sup> | &nbsp;&nbsp; 15 | 12953 |
| 3.14%, 11/15/35<sup>(d)</sup> | &nbsp;&nbsp; 40 | 33807 |
| 3.42%, 04/15/33<sup>(d)</sup> | &nbsp;&nbsp; 30 | 27324 |
| 3.47%, 04/15/34<sup>(d)</sup> | &nbsp;&nbsp; 15 | 13432 |
| 3.50%, 02/15/41<sup>(d)</sup> | &nbsp;&nbsp; 35 | 27765 |
| 4.00%, 04/15/29<sup>(d)</sup> | &nbsp;&nbsp; 5 | 4963 |
| 4.11%, 09/15/28 | &nbsp;&nbsp; 30 | 29982 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; 4 | 3961 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 5 | 4870 |
| 4.93%, 05/15/37<sup>(d)</sup> | &nbsp;&nbsp; 30 | 29160 |
| 5.00%, 04/15/30 | &nbsp;&nbsp; 5 | 5142 |
| Intel Corp. |  |  |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 5 | 4331 |
| 2.80%, 08/12/41 | &nbsp;&nbsp; 25 | 16764 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 20 | 11827 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 15 | 14709 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 25 | 15674 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 20 | 13932 |
| 3.75%, 03/25/27 | &nbsp;&nbsp; 5 | 4953 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 20 | 14975 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 20 | 14800 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 10 | 9513 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 15 | 13184 |
| 4.75%, 03/25/50 | &nbsp;&nbsp; 20 | 16015 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 20 | 17358 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 5 | 5063 |
| 4.90%, 07/29/45 | &nbsp;&nbsp; 10 | 8474 |
| KLA Corp. |  |  |
| 4.10%, 03/15/29 | &nbsp;&nbsp; 15 | 15023 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 20 | 18098 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 15 | 13912 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Lam Research Corp. |  |  |
| 2.88%, 06/15/50 | &nbsp;&nbsp; $20 | $12743 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 15 | 14992 |
| Marvell Technology Inc. |  |  |
| 2.95%, 04/15/31 | &nbsp;&nbsp; 10 | 9183 |
| 5.75%, 02/15/29 | &nbsp;&nbsp; 5 | 5219 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 5 | 4398 |
| 3.48%, 11/01/51 | &nbsp;&nbsp; 5 | 3402 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 20 | 20675 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 5 | 5254 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 15 | 15775 |
| 6.75%, 11/01/29 | &nbsp;&nbsp; 30 | 32550 |
| NVIDIA Corp. |  |  |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 15 | 13431 |
| 2.85%, 04/01/30 | &nbsp;&nbsp; 20 | 19124 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 65 | 64480 |
| 3.70%, 04/01/60 | &nbsp;&nbsp; 15 | 10925 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 15 | 10777 |
| 3.25%, 05/11/41 | &nbsp;&nbsp; 5 | 3697 |
| Qualcomm Inc. |  |  |
| 1.30%, 05/20/28 | &nbsp;&nbsp; 5 | 4674 |
| 1.65%, 05/20/32 | &nbsp;&nbsp; 15 | 12613 |
| 2.15%, 05/20/30 | &nbsp;&nbsp; 5 | 4588 |
| 3.25%, 05/20/27 | &nbsp;&nbsp; 25 | 24752 |
| 4.25%, 05/20/32 | &nbsp;&nbsp; 5 | 4968 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 10 | 8363 |
| 4.65%, 05/20/35 | &nbsp;&nbsp; 40 | 39788 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 20 | 18252 |
| Skyworks Solutions Inc., 3.00%, 06/01/31 | &nbsp;&nbsp; 5 | 4505 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 10 | 9718 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 10 | 9016 |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 5 | 3016 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 5 | 4757 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 25 | 22019 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 7 | 5721 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 5 | 4564 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 5 | 4491 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 15 | 14052 |
|  |  | 962937 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries Inc., 3.48%, 12/01/27 | &nbsp;&nbsp; 25 | 24564 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Adobe Inc., 2.15%, 02/01/27 | &nbsp;&nbsp; 50 | 48828 |
| Autodesk Inc. |  |  |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 10 | 9440 |
| 3.50%, 06/15/27 | &nbsp;&nbsp; 10 | 9888 |
| Broadridge Financial Solutions Inc., 2.90%, 12/01/29 | &nbsp;&nbsp; 10 | 9461 |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/28 | &nbsp;&nbsp; 10 | 10578 |
| 6.85%, 08/02/33 | &nbsp;&nbsp; 5 | 5257 |
| Electronic Arts Inc., 1.85%, 02/15/31 | &nbsp;&nbsp; 10 | 8781 |
| Fidelity National Information Services Inc. |  |  |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 20 | 14665 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 5 | 5107 |
| Fiserv Inc. |  |  |
| 2.25%, 06/01/27 | &nbsp;&nbsp; 5 | 4843 |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 5 | 4618 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 3.50%, 07/01/29 | &nbsp;&nbsp; $35 | $33959 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 5 | 4995 |
| 4.40%, 07/01/49 | &nbsp;&nbsp; 15 | 11989 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 20 | 19092 |
| 1.65%, 07/15/30 | &nbsp;&nbsp; 15 | 13352 |
| Microsoft Corp. |  |  |
| 1.35%, 09/15/30 | &nbsp;&nbsp; 5 | 4428 |
| 2.50%, 09/15/50 | &nbsp;&nbsp; 25 | 15183 |
| 2.68%, 06/01/60 | &nbsp;&nbsp; 45 | 26060 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 35 | 22943 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 30 | 18862 |
| 3.30%, 02/06/27 | &nbsp;&nbsp; 70 | 69482 |
| 3.40%, 06/15/27 | &nbsp;&nbsp; 30 | 29901 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 49 | 44214 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 10 | 9631 |
| 4.25%, 02/06/47 | &nbsp;&nbsp; 25 | 22154 |
| Oracle Corp. |  |  |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 30 | 27512 |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 35 | 27736 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 45 | 30738 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 25 | 19557 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 30 | 20091 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 35 | 25218 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 30 | 22710 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 10 | 6996 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 35 | 27536 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 35 | 29260 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 25 | 26098 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 30 | 32402 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 35 | 37868 |
| Roper Technologies Inc. |  |  |
| 2.00%, 06/30/30 | &nbsp;&nbsp; 5 | 4487 |
| 3.80%, 12/15/26 | &nbsp;&nbsp; 5 | 4970 |
| Salesforce Inc. |  |  |
| 1.95%, 07/15/31 | &nbsp;&nbsp; 5 | 4428 |
| 2.70%, 07/15/41 | &nbsp;&nbsp; 25 | 17950 |
| 2.90%, 07/15/51 | &nbsp;&nbsp; 20 | 12667 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 25 | 21896 |
| Take-Two Interactive Software Inc. |  |  |
| 3.70%, 04/14/27 | &nbsp;&nbsp; 5 | 4963 |
| 4.00%, 04/14/32 | &nbsp;&nbsp; 5 | 4768 |
| 4.95%, 03/28/28 | &nbsp;&nbsp; 5 | 5094 |
| VMware LLC |  |  |
| 1.80%, 08/15/28 | &nbsp;&nbsp; 15 | 14023 |
| 2.20%, 08/15/31 | &nbsp;&nbsp; 10 | 8771 |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 15 | 14922 |
| Workday Inc., 3.50%, 04/01/27 | &nbsp;&nbsp; 10 | 9902 |
|  |  | 940274 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| America Movil SAB de CV |  |  |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 50 | 52800 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 20 | 21823 |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | &nbsp;&nbsp; 25 | 23588 |
| 2.25%, 02/01/32 | &nbsp;&nbsp; 20 | 17317 |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 20 | 12949 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 55 | 36771 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 70 | 46534 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 40 | 27915 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 20 | 13219 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 3.80%, 12/01/57 | &nbsp;&nbsp; $44 | $30267 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 30 | 20602 |
| 4.25%, 03/01/27 | &nbsp;&nbsp; 30 | 30019 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 30 | 25342 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 30 | 30122 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 20 | 19106 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 15 | 12323 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 40 | 34743 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 5 | 4810 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 30 | 30058 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 20 | 16192 |
| Series US-5, 2.15%, 02/15/32 | &nbsp;&nbsp; 5 | 4275 |
| British Telecommunications PLC, 9.63%, 12/15/30 | &nbsp;&nbsp; 15 | 18465 |
| Cisco Systems Inc. |  |  |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 25 | 25670 |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 25 | 23980 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 30 | 30998 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 15 | 16137 |
| Corning Inc. |  |  |
| 4.70%, 03/15/37 | &nbsp;&nbsp; 25 | 24185 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 20 | 18162 |
| Deutsche Telekom International Finance BV |  |  |
| 8.75%, 06/15/30<sup>(e)</sup> | &nbsp;&nbsp; 30 | 35492 |
| 9.25%, 06/01/32 | &nbsp;&nbsp; 5 | 6258 |
| Juniper Networks Inc. |  |  |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 10 | 9772 |
| 5.95%, 03/15/41 | &nbsp;&nbsp; 5 | 4942 |
| Motorola Solutions Inc. |  |  |
| 2.75%, 05/24/31 | &nbsp;&nbsp; 10 | 9108 |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 5 | 5052 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 5 | 5051 |
| 5.50%, 09/01/44 | &nbsp;&nbsp; 5 | 4878 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 5 | 5225 |
| Orange SA |  |  |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 15 | 14852 |
| 9.00%, 03/01/31 | &nbsp;&nbsp; 20 | 24360 |
| Rogers Communications Inc. |  |  |
| 3.20%, 03/15/27 | &nbsp;&nbsp; 30 | 29521 |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 20 | 18758 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 10 | 8050 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 10 | 8544 |
| 5.00%, 02/15/29 | &nbsp;&nbsp; 25 | 25507 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 20 | 17983 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 20 | 23153 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | &nbsp;&nbsp; 30 | 32269 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 15 | 18194 |
| Telefonica Emisiones SA, 7.05%, 06/20/36 | &nbsp;&nbsp; 55 | 61247 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 15 | 14690 |
| 3.40%, 05/13/32 | &nbsp;&nbsp; 5 | 4582 |
| 3.70%, 09/15/27 | &nbsp;&nbsp; 5 | 4951 |
| T-Mobile USA Inc. |  |  |
| 2.25%, 11/15/31 | &nbsp;&nbsp; 20 | 17504 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 20 | 18955 |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 15 | 10957 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 25 | 16402 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 30 | 29068 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 30 | 19852 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 25 | 23665 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 3.60%, 11/15/60 | &nbsp;&nbsp; $35 | $22878 |
| 3.75%, 04/15/27 | &nbsp;&nbsp; 69 | 68541 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 20 | 19586 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 30 | 24473 |
| 4.75%, 02/01/28 | &nbsp;&nbsp; 35 | 35071 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; 50 | 50000 |
| 5.75%, 01/15/54 | &nbsp;&nbsp; 50 | 48410 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 15 | 14515 |
| Verizon Communications Inc. |  |  |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 25 | 21700 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 34 | 30834 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 15 | 9257 |
| 3.00%, 11/20/60 | &nbsp;&nbsp; 30 | 17530 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 25 | 19321 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 50 | 35462 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 45 | 30747 |
| 3.88%, 03/01/52 | &nbsp;&nbsp; 15 | 11097 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 25 | 23842 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 10 | 9766 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 20 | 16792 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 20 | 18762 |
| 5.05%, 05/09/33 | &nbsp;&nbsp; 20 | 20335 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 20 | 20023 |
| 5.40%, 07/02/37<sup>(d)</sup> | &nbsp;&nbsp; 50 | 50190 |
| 5.85%, 09/15/35 | &nbsp;&nbsp; 30 | 31701 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 12 | 9347 |
| 5.25%, 05/30/48 | &nbsp;&nbsp; 5 | 4608 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 24 | 25849 |
| 6.25%, 11/30/32 | &nbsp;&nbsp; 5 | 5409 |
|  |  | 1893260 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 20 | 19691 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 13 | 12866 |
| 3.90%, 11/19/29 | &nbsp;&nbsp; 15 | 14609 |
| 5.10%, 05/15/44 | &nbsp;&nbsp; 5 | 4400 |
| Mattel Inc., 5.45%, 11/01/41 | &nbsp;&nbsp; 5 | 4493 |
|  |  | 56059 |
| **Transportation — 0.7%** | **Transportation — 0.7%** | **Transportation — 0.7%** |
| Burlington Northern Santa Fe LLC |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 40 | 39539 |
| 3.55%, 02/15/50 | &nbsp;&nbsp; 15 | 10847 |
| 5.20%, 04/15/54 | &nbsp;&nbsp; 95 | 88466 |
| Canadian National Railway Co. |  |  |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 15 | 10659 |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 15 | 14341 |
| 6.20%, 06/01/36 | &nbsp;&nbsp; 5 | 5551 |
| 6.25%, 08/01/34 | &nbsp;&nbsp; 5 | 5529 |
| 6.38%, 11/15/37 | &nbsp;&nbsp; 5 | 5599 |
| 6.90%, 07/15/28 | &nbsp;&nbsp; 5 | 5385 |
| Canadian Pacific Railway Co. |  |  |
| 1.75%, 12/02/26 | &nbsp;&nbsp; 10 | 9716 |
| 2.05%, 03/05/30 | &nbsp;&nbsp; 5 | 4552 |
| 2.45%, 12/02/31 | &nbsp;&nbsp; 15 | 13292 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 5 | 4751 |
| 3.10%, 12/02/51 | &nbsp;&nbsp; 25 | 16259 |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 25 | 24967 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 10 | 9803 |
| 6.13%, 09/15/2115 | &nbsp;&nbsp; 15 | 15176 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; $10 | $9295 |
| 2.50%, 05/15/51 | &nbsp;&nbsp; 15 | 8625 |
| 2.60%, 11/01/26 | &nbsp;&nbsp; 45 | 44240 |
| 3.25%, 06/01/27 | &nbsp;&nbsp; 5 | 4932 |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 10 | 7744 |
| 4.10%, 11/15/32 | &nbsp;&nbsp; 20 | 19449 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 5 | 4134 |
| 4.50%, 11/15/52 | &nbsp;&nbsp; 5 | 4169 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 5 | 4130 |
| 4.65%, 03/01/68 | &nbsp;&nbsp; 10 | 8141 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 5 | 4394 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 5 | 5015 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 10 | 10898 |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31 | &nbsp;&nbsp; 5 | 4485 |
| 3.10%, 08/05/29 | &nbsp;&nbsp; 10 | 9588 |
| 4.25%, 05/15/30 | &nbsp;&nbsp; 20 | 20076 |
| 4.75%, 11/15/45 | &nbsp;&nbsp; 10 | 8337 |
| 4.95%, 10/17/48<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4180 |
| 5.25%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 10 | 8870 |
| FedEx Corp. Pass-Through Trust, Series 2020-1, <br> Class AA, 1.88%, 08/20/35<br>| &nbsp;&nbsp; 18 | 15898 |
| Kirby Corp., 4.20%, 03/01/28 | &nbsp;&nbsp; 5 | 4991 |
| Norfolk Southern Corp. |  |  |
| 2.55%, 11/01/29 | &nbsp;&nbsp; 5 | 4705 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 10 | 9106 |
| 3.05%, 05/15/50 | &nbsp;&nbsp; 20 | 13033 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 22 | 13993 |
| 3.80%, 08/01/28 | &nbsp;&nbsp; 15 | 14932 |
| 4.45%, 03/01/33 | &nbsp;&nbsp; 5 | 4923 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 20 | 16724 |
| 5.35%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5 | 4749 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 10 | 9743 |
| 2.85%, 03/01/27 | &nbsp;&nbsp; 5 | 4900 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 15 | 14738 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 5 | 5136 |
| 5.65%, 03/01/28 | &nbsp;&nbsp; 5 | 5172 |
| Union Pacific Corp. |  |  |
| 2.80%, 02/14/32 | &nbsp;&nbsp; 20 | 18152 |
| 2.89%, 04/06/36 | &nbsp;&nbsp; 30 | 24909 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 15 | 11487 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 10 | 6799 |
| 3.38%, 02/01/35 | &nbsp;&nbsp; 5 | 4467 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 5 | 3491 |
| 3.55%, 08/15/39 | &nbsp;&nbsp; 15 | 12549 |
| 3.70%, 03/01/29 | &nbsp;&nbsp; 25 | 24693 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 15 | 10135 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 20 | 14265 |
| 3.85%, 02/14/72 | &nbsp;&nbsp; 5 | 3416 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 5 | 3713 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 35 | 34966 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 5 | 3657 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 10 | 8170 |
| 4.50%, 01/20/33 | &nbsp;&nbsp; 10 | 9948 |
| 6.63%, 02/01/29 | &nbsp;&nbsp; 15 | 16180 |
| United Parcel Service Inc. |  |  |
| 2.40%, 11/15/26 | &nbsp;&nbsp; 25 | 24530 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 10 | 9418 |
| 3.40%, 03/15/29 | &nbsp;&nbsp; 10 | 9814 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.45%, 04/01/30 | &nbsp;&nbsp; $20 | $20337 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 10 | 10204 |
| 5.05%, 03/03/53 | &nbsp;&nbsp; 15 | 13480 |
| 5.20%, 04/01/40 | &nbsp;&nbsp; 5 | 4953 |
| 5.30%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14102 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; 15 | 16339 |
| Walmart Inc., 3.95%, 09/09/27 | &nbsp;&nbsp; 20 | 20062 |
|  |  | 972113 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| GATX Corp. |  |  |
| 1.90%, 06/01/31 | &nbsp;&nbsp; 5 | 4331 |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 5 | 3105 |
| 3.25%, 09/15/26 | &nbsp;&nbsp; 5 | 4933 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 20 | 18402 |
| 4.55%, 11/07/28 | &nbsp;&nbsp; 5 | 5030 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 20 | 21300 |
|  |  | 57101 |
| **Venture Capital — 0.0%** | **Venture Capital — 0.0%** | **Venture Capital — 0.0%** |
| Hercules Capital Inc., 2.63%, 09/16/26 | &nbsp;&nbsp; 10 | 9772 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.30%, 06/01/31 | &nbsp;&nbsp; 35 | 31192 |
| 2.95%, 09/01/27 | &nbsp;&nbsp; 25 | 24485 |
| 3.45%, 06/01/29 | &nbsp;&nbsp; 10 | 9767 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 10 | 7565 |
| 4.30%, 09/01/45 | &nbsp;&nbsp; 15 | 12761 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 15 | 16849 |
| Essential Utilities Inc. |  |  |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 25 | 16504 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 15 | 14592 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 20 | 21359 |
|  |  | 155074 |
| **Total Corporate Bonds & Notes — 32.3%** <br>**(Cost: $46,103,395)** | **Total Corporate Bonds & Notes — 32.3%** <br>**(Cost: $46,103,395)** | 43935572 |
| **Foreign Government Obligations**<sup>(f)</sup> | **Foreign Government Obligations**<sup>(f)</sup> | **Foreign Government Obligations**<sup>(f)</sup> |
| **Canada — 0.3%** | **Canada — 0.3%** | **Canada — 0.3%** |
| Canada Government International Bonds, 3.75%, <br> 04/26/28<br>| &nbsp;&nbsp; 25 | 25086 |
| Export Development Canada, 4.13%, 02/13/29 | &nbsp;&nbsp; 15 | 15228 |
| Hydro-Quebec, Series HK, 9.38%, 04/15/30 | &nbsp;&nbsp; 10 | 12217 |
| Province of Alberta Canada |  |  |
| 1.30%, 07/22/30 | &nbsp;&nbsp; 15 | 13313 |
| 3.30%, 03/15/28 | &nbsp;&nbsp; 5 | 4946 |
| Province of British Columbia Canada |  |  |
| 1.30%, 01/29/31 | &nbsp;&nbsp; 5 | 4362 |
| 4.75%, 06/12/34 | &nbsp;&nbsp; 30 | 30582 |
| 7.25%, 09/01/36 | &nbsp;&nbsp; 15 | 18144 |
| Province of Manitoba Canada, 4.90%, 05/31/34 | &nbsp;&nbsp; 20 | 20580 |
| Province of Ontario Canada |  |  |
| 1.13%, 10/07/30 | &nbsp;&nbsp; 5 | 4369 |
| 1.60%, 02/25/31 | &nbsp;&nbsp; 10 | 8863 |
| 4.20%, 01/18/29 | &nbsp;&nbsp; 80 | 81161 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 40 | 41401 |
| 5.05%, 04/24/34 | &nbsp;&nbsp; 25 | 26077 |
| Province of Quebec Canada |  |  |
| 1.35%, 05/28/30 | &nbsp;&nbsp; 10 | 8923 |
| 4.25%, 09/05/34 | &nbsp;&nbsp; 30 | 29459 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Province of Saskatchewan Canada, 4.65%, 01/28/30 | &nbsp;&nbsp; $10 | $10325 |
|  |  | 355036 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Chile Government International Bonds |  |  |
| 3.10%, 01/22/61 | &nbsp;&nbsp; 25 | 14969 |
| 4.95%, 01/05/36 | &nbsp;&nbsp; 200 | 198220 |
|  |  | 213189 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Indonesia Government International Bonds |  |  |
| 4.45%, 04/15/70 | &nbsp;&nbsp; 15 | 11974 |
| 4.65%, 09/20/32 | &nbsp;&nbsp; 200 | 199819 |
|  |  | 211793 |
| **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** |
| Israel Government International Bonds |  |  |
| 4.50%, 01/17/33 | &nbsp;&nbsp; 200 | 192949 |
| 5.38%, 03/12/29 | &nbsp;&nbsp; 200 | 204683 |
|  |  | 397632 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Republic of Italy Government International Bonds, <br> 2.88%, 10/17/29<br>| &nbsp;&nbsp; 200 | 190347 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| Mexico Government International Bonds |  |  |
| 4.15%, 03/28/27 | &nbsp;&nbsp; 200 | 199223 |
| 4.28%, 08/14/41 | &nbsp;&nbsp; 15 | 11721 |
| 4.50%, 04/22/29 | &nbsp;&nbsp; 5 | 4981 |
| 4.60%, 01/23/46 | &nbsp;&nbsp; 210 | 161262 |
| 4.88%, 05/19/33 | &nbsp;&nbsp; 200 | 190953 |
| 5.00%, 04/27/51 | &nbsp;&nbsp; 10 | 7841 |
| 5.55%, 01/21/45 | &nbsp;&nbsp; 5 | 4469 |
| 5.75%, 10/12/2110 | &nbsp;&nbsp; 5 | 4058 |
| 6.75%, 09/27/34 | &nbsp;&nbsp; 5 | 5363 |
|  |  | 589871 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Panama Government International Bonds |  |  |
| 4.50%, 04/01/56 | &nbsp;&nbsp; 125 | 85978 |
| 6.70%, 01/26/36 | &nbsp;&nbsp; 20 | 20505 |
|  |  | 106483 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru Government International Bonds |  |  |
| 2.78%, 12/01/60<sup>(a)</sup> | &nbsp;&nbsp; 20 | 10673 |
| 3.00%, 01/15/34 | &nbsp;&nbsp; 120 | 102936 |
| 3.23%, 07/28/2121 | &nbsp;&nbsp; 5 | 2669 |
| 3.55%, 03/10/51 | &nbsp;&nbsp; 5 | 3433 |
| 5.63%, 11/18/50 | &nbsp;&nbsp; 5 | 4786 |
| 8.75%, 11/21/33 | &nbsp;&nbsp; 31 | 38534 |
| Peruvian Government International Bonds, 5.50%, <br> 03/30/36<br>| &nbsp;&nbsp; 5 | 5044 |
|  |  | 168075 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Philippines Government International Bonds |  |  |
| 2.95%, 05/05/45 | &nbsp;&nbsp; 200 | 139523 |
| 3.75%, 01/14/29 | &nbsp;&nbsp; 200 | 196620 |
| 9.50%, 02/02/30 | &nbsp;&nbsp; 5 | 6032 |
|  |  | 342175 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland Government International Bonds |  |  |
| 4.63%, 03/18/29 | &nbsp;&nbsp; 5 | 5074 |
| 4.88%, 10/04/33 | &nbsp;&nbsp; 27 | 27042 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| 5.13%, 09/18/34 | &nbsp;&nbsp; $100 | $100777 |
| 5.75%, 11/16/32 | &nbsp;&nbsp; 60 | 63621 |
|  |  | 196514 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Export-Import Bank of Korea, 5.00%, 01/11/28 | &nbsp;&nbsp; 200 | 204755 |
| **Supranational — 1.4%** | **Supranational — 1.4%** | **Supranational — 1.4%** |
| African Development Bank |  |  |
| 3.50%, 09/18/29 | &nbsp;&nbsp; 50 | 49621 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 100 | 101132 |
| 4.38%, 11/03/27 | &nbsp;&nbsp; 6 | 6087 |
| 4.63%, 01/04/27 | &nbsp;&nbsp; 5 | 5053 |
| Asian Development Bank |  |  |
| 0.75%, 10/08/30 | &nbsp;&nbsp; 5 | 4307 |
| 1.50%, 01/20/27 | &nbsp;&nbsp; 10 | 9694 |
| 1.75%, 09/19/29 | &nbsp;&nbsp; 5 | 4640 |
| 1.88%, 01/24/30 | &nbsp;&nbsp; 5 | 4631 |
| 3.88%, 06/14/33<sup>(a)</sup> | &nbsp;&nbsp; 45 | 44493 |
| 4.00%, 01/12/33 | &nbsp;&nbsp; 15 | 14981 |
| 4.13%, 01/12/34 | &nbsp;&nbsp; 30 | 29922 |
| 4.38%, 01/14/28 | &nbsp;&nbsp; 90 | 91512 |
| 4.38%, 03/06/29 | &nbsp;&nbsp; 5 | 5119 |
| 4.38%, 03/22/35 | &nbsp;&nbsp; 50 | 50513 |
| 5.82%, 06/16/28 | &nbsp;&nbsp; 5 | 5276 |
| Asian Infrastructure Investment Bank (The) |  |  |
| 3.75%, 09/14/27 | &nbsp;&nbsp; 5 | 5008 |
| 4.50%, 01/16/30 | &nbsp;&nbsp; 70 | 72204 |
| 4.88%, 09/14/26 | &nbsp;&nbsp; 5 | 5050 |
| Corp. Andina de Fomento |  |  |
| 5.00%, 01/24/29 | &nbsp;&nbsp; 25 | 25784 |
| 5.00%, 01/22/30 | &nbsp;&nbsp; 25 | 25932 |
| Council of Europe Development Bank |  |  |
| 0.88%, 09/22/26 | &nbsp;&nbsp; 5 | 4847 |
| 4.13%, 01/24/29 | &nbsp;&nbsp; 5 | 5074 |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 50 | 51562 |
| European Bank for Reconstruction & Development |  |  |
| 4.13%, 01/25/29 | &nbsp;&nbsp; 5 | 5077 |
| 4.25%, 03/13/34 | &nbsp;&nbsp; 20 | 20070 |
| 4.38%, 03/09/28 | &nbsp;&nbsp; 5 | 5088 |
| European Investment Bank |  |  |
| 0.75%, 09/23/30 | &nbsp;&nbsp; 5 | 4319 |
| 1.63%, 10/09/29 | &nbsp;&nbsp; 5 | 4615 |
| 1.63%, 05/13/31 | &nbsp;&nbsp; 10 | 8901 |
| 3.75%, 02/14/33 | &nbsp;&nbsp; 245 | 241386 |
| 4.13%, 02/13/34 | &nbsp;&nbsp; 50 | 49940 |
| 4.38%, 03/19/27 | &nbsp;&nbsp; 75 | 75724 |
| 4.88%, 02/15/36 | &nbsp;&nbsp; 10 | 10500 |
| Inter-American Development Bank |  |  |
| 1.13%, 07/20/28 | &nbsp;&nbsp; 43 | 40066 |
| 1.13%, 01/13/31 | &nbsp;&nbsp; 35 | 30505 |
| 2.25%, 06/18/29 | &nbsp;&nbsp; 5 | 4750 |
| 3.50%, 04/12/33 | &nbsp;&nbsp; 45 | 43414 |
| 4.13%, 02/15/29 | &nbsp;&nbsp; 5 | 5076 |
| 4.38%, 01/24/44 | &nbsp;&nbsp; 10 | 9255 |
| Inter-American Investment Corp. |  |  |
| 4.13%, 02/15/28 | &nbsp;&nbsp; 5 | 5045 |
| 4.25%, 02/14/29 | &nbsp;&nbsp; 5 | 5076 |
| 4.75%, 09/19/28 | &nbsp;&nbsp; 25 | 25718 |
| International Bank for Reconstruction & Development |  |  |
| 0.88%, 05/14/30 | &nbsp;&nbsp; 50 | 43921 |
| 1.25%, 02/10/31 | &nbsp;&nbsp; 25 | 21884 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 1.63%, 11/03/31 | &nbsp;&nbsp; $75 | $65785 |
| 1.88%, 10/27/26 | &nbsp;&nbsp; 29 | 28360 |
| 2.50%, 11/22/27 | &nbsp;&nbsp; 5 | 4877 |
| 2.50%, 03/29/32 | &nbsp;&nbsp; 40 | 36652 |
| 3.13%, 06/15/27 | &nbsp;&nbsp; 50 | 49507 |
| 3.63%, 05/05/28 | &nbsp;&nbsp; 65 | 65019 |
| 3.63%, 09/21/29 | &nbsp;&nbsp; 5 | 4988 |
| 3.88%, 02/14/30 | &nbsp;&nbsp; 20 | 20135 |
| 3.88%, 08/28/34 | &nbsp;&nbsp; 50 | 48792 |
| 4.00%, 07/25/30 | &nbsp;&nbsp; 5 | 5058 |
| 4.00%, 01/10/31 | &nbsp;&nbsp; 20 | 20202 |
| 4.00%, 05/06/32 | &nbsp;&nbsp; 50 | 50092 |
| 4.13%, 03/20/30 | &nbsp;&nbsp; 75 | 76277 |
| 4.50%, 04/10/31 | &nbsp;&nbsp; 30 | 31024 |
| 4.63%, 01/15/32 | &nbsp;&nbsp; 50 | 51916 |
| 4.75%, 11/14/33 | &nbsp;&nbsp; 20 | 20918 |
| International Finance Corp. |  |  |
| 0.75%, 10/08/26 | &nbsp;&nbsp; 9 | 8702 |
| 0.75%, 08/27/30<sup>(a)</sup> | &nbsp;&nbsp; 10 | 8651 |
| 4.38%, 01/15/27 | &nbsp;&nbsp; 5 | 5038 |
| 4.50%, 07/13/28<sup>(a)</sup> | &nbsp;&nbsp; 5 | 5118 |
|  |  | 1889883 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Uruguay Government International Bonds |  |  |
| 4.38%, 10/27/27 | &nbsp;&nbsp; 10 | 10041 |
| 5.75%, 10/28/34 | &nbsp;&nbsp; 70 | 74201 |
|  |  | 84242 |
| **Total Foreign Government Obligations — 3.7%** <br>**(Cost: $5,072,893)** | **Total Foreign Government Obligations — 3.7%** <br>**(Cost: $5,072,893)** | 4949995 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| California State University RB, Class B,2.72%, <br> 11/01/52<br>| &nbsp;&nbsp; 40 | 25798 |
| City of San Francisco California Public Utilities <br> Commission Water Revenue RB BAB, 6.95%, <br> 11/01/50<br>| &nbsp;&nbsp; 20 | 22111 |
| Los Angeles Community College District/California GO <br> BAB, 6.75%, 08/01/49<br>| &nbsp;&nbsp; 25 | 27438 |
| Regents of the University of California Medical Center <br> Pooled Revenue RB, 3.01%, 05/15/50<br>| &nbsp;&nbsp; 60 | 38258 |
| State of California GO, 2.50%, 10/01/29 | &nbsp;&nbsp; 50 | 47490 |
| State of California GO BAB, 7.30%, 10/01/39 | &nbsp;&nbsp; 70 | 81136 |
| University of California RB |  |  |
| Series AD, 4.86%, 05/15/2112 | &nbsp;&nbsp; 25 | 20757 |
| Series BD, 3.35%, 07/01/29 | &nbsp;&nbsp; 35 | 34376 |
| Series BG, 3.07%, 05/15/51 | &nbsp;&nbsp; 10 | 6300 |
|  |  | 303664 |
| **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** |
| County of Miami-Dade Florida Aviation Revenue RB, <br> Series C, 4.28%, 10/01/41<br>| &nbsp;&nbsp; 50 | 45331 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| Municipal Electric Authority of Georgia RB BAB, Project <br> M, Series 2010-A, 6.66%, 04/01/57<br>| &nbsp;&nbsp; 20 | 21118 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| Chicago O'Hare International Airport RB, Series C, <br> Class C,4.47%, 01/01/49<sup>(a)</sup><br>| &nbsp;&nbsp; 25 | 21359 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Chicago Transit Authority Sales & Transfer Tax <br> Receipts Revenue RB, Series A, Class A,6.90%, <br> 12/01/40<br>| &nbsp;&nbsp; $24 | $26148 |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp; 87 | 88220 |
|  |  | 135727 |
| **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |
| Commonwealth of Massachusetts GOL BAB, Series E, <br> 5.46%, 12/01/39<br>| &nbsp;&nbsp; 25 | 25515 |
| **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
| New Jersey Turnpike Authority RB BAB, Series A, <br> 7.10%, 01/01/41<br>| &nbsp;&nbsp; 50 | 57614 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| Empire State Development Corp. RB BABA, 5.77%, <br> 03/15/39<br>| &nbsp;&nbsp; 15 | 15572 |
| Metropolitan Transportation Authority RB BAB, Series <br> 2010-A, 6.67%, 11/15/39<br>| &nbsp;&nbsp; 45 | 48435 |
| New York City Municipal Water Finance Authority RB <br> BAB, 5.44%, 06/15/43<sup>(a)</sup><br>| &nbsp;&nbsp; 30 | 29348 |
| New York State Dormitory Authority RB BAB, Series F, <br> 5.63%, 03/15/39<br>| &nbsp;&nbsp; 15 | 15472 |
| Port Authority of New York & New Jersey RB |  |  |
| Series 174, 4.46%, 10/01/62 | &nbsp;&nbsp; 20 | 16642 |
| Series 182, 5.31%, 08/01/46 | &nbsp;&nbsp; 50 | 48656 |
|  |  | 174125 |
| **Ohio — 0.1%** | **Ohio — 0.1%** | **Ohio — 0.1%** |
| American Municipal Power Inc. RB, Series B, 8.08%, <br> 02/15/50<br>| &nbsp;&nbsp; 20 | 25020 |
| JobsOhio Beverage System RB, Series B, <br> Class B,4.53%, 01/01/35<br>| &nbsp;&nbsp; 25 | 25080 |
|  |  | 50100 |
| **Oregon — 0.0%** | **Oregon — 0.0%** | **Oregon — 0.0%** |
| State of Oregon GO, 5.89%, 06/01/27 | &nbsp;&nbsp; 28 | 28229 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| Dallas Area Rapid Transit RB BAB, 5.02%, 12/01/48<sup>(a)</sup> | &nbsp;&nbsp; 25 | 22314 |
| Grand Parkway Transportation Corp. RB, 3.24%, <br> 10/01/52<sup>(a)</sup><br>| &nbsp;&nbsp; 50 | 33044 |
| State of Texas GO BAB, 5.52%, 04/01/39 | &nbsp;&nbsp; 20 | 20784 |
| Texas Natural Gas Securitization Finance Corp. RB |  |  |
| 5.10%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 13 | 13607 |
| 5.17%, 04/01/41 | &nbsp;&nbsp; 25 | 25492 |
|  |  | 115241 |
| **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
| University of Virginia RB, Series C, 4.18%, 09/01/2117 | &nbsp;&nbsp; 25 | 18299 |
| **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |
| State of Wisconsin RB, 3.95%, 05/01/36 | &nbsp;&nbsp; 25 | 23485 |
| **Total Municipal Debt Obligations — 0.7%** <br>**(Cost: $1,141,591)** | **Total Municipal Debt Obligations — 0.7%** <br>**(Cost: $1,141,591)** | 998448 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **U.S. Government Agency Obligations — 2.2%** | **U.S. Government Agency Obligations — 2.2%** | **U.S. Government Agency Obligations — 2.2%** |
| Federal Home Loan Banks |  |  |
| 3.25%, 06/09/28 | &nbsp;&nbsp; 90 | 89170 |
| 3.25%, 11/16/28 | &nbsp;&nbsp; 990 | 979478 |
| 5.50%, 07/15/36 | &nbsp;&nbsp; 35 | 38046 |
| Federal Home Loan Mortgage Corp., 6.25%, 07/15/32 | &nbsp;&nbsp; 225 | 255559 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Agency Obligations (continued)** | **U.S. Government Agency Obligations (continued)** | **U.S. Government Agency Obligations (continued)** |
| Federal National Mortgage Association |  |  |
| 0.88%, 08/05/30 | &nbsp;&nbsp; $200 | $174522 |
| 1.88%, 09/24/26 | &nbsp;&nbsp; 475 | 465082 |
| 5.63%, 07/15/37 | &nbsp;&nbsp; 186 | 203669 |
| 6.25%, 05/15/29 | &nbsp;&nbsp; 50 | 54460 |
| 6.63%, 11/15/30 | &nbsp;&nbsp; 100 | 113378 |
| 7.25%, 05/15/30 | &nbsp;&nbsp; 35 | 40306 |
| Tennessee Valley Authority |  |  |
| 3.50%, 12/15/42 | &nbsp;&nbsp; 67 | 54430 |
| 5.50%, 06/15/38 | &nbsp;&nbsp; 10 | 10694 |
| 5.88%, 04/01/36 | &nbsp;&nbsp; 50 | 55392 |
| 6.15%, 01/15/38 | &nbsp;&nbsp; 185 | 210263 |
| 7.13%, 05/01/30 | &nbsp;&nbsp; 190 | 216868 |
| Series A, 2.88%, 02/01/27 | &nbsp;&nbsp; 100 | 98693 |
|  |  | 3060010 |
| **U.S. Government Obligations — 59.6%** | **U.S. Government Obligations — 59.6%** | **U.S. Government Obligations — 59.6%** |
| U.S. Treasury Note/Bond |  |  |
| 0.38%, 07/31/27 | &nbsp;&nbsp; 350 | 329137 |
| 0.38%, 09/30/27 | &nbsp;&nbsp; 500 | 467852 |
| 0.50%, 06/30/27 | &nbsp;&nbsp; 450 | 425180 |
| 0.50%, 08/31/27 | &nbsp;&nbsp; 600 | 564234 |
| 0.50%, 10/31/27 | &nbsp;&nbsp; 500 | 467930 |
| 0.63%, 03/31/27 | &nbsp;&nbsp; 100 | 95344 |
| 0.63%, 11/30/27 | &nbsp;&nbsp; 300 | 280945 |
| 0.63%, 05/15/30 | &nbsp;&nbsp; 350 | 304199 |
| 0.63%, 08/15/30 | &nbsp;&nbsp; 775 | 667832 |
| 0.75%, 01/31/28 | &nbsp;&nbsp; 850 | 794484 |
| 0.88%, 09/30/26 | &nbsp;&nbsp; 500 | 484434 |
| 1.00%, 07/31/28 | &nbsp;&nbsp; 700 | 650344 |
| 1.13%, 10/31/26 | &nbsp;&nbsp; 400 | 387781 |
| 1.13%, 02/28/27 | &nbsp;&nbsp; 300 | 288809 |
| 1.13%, 02/29/28 | &nbsp;&nbsp; 400 | 376656 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 300 | 279141 |
| 1.13%, 02/15/31 | &nbsp;&nbsp; 500 | 436758 |
| 1.13%, 08/15/40 | &nbsp;&nbsp; 400 | 246125 |
| 1.25%, 11/30/26 | &nbsp;&nbsp; 700 | 678562 |
| 1.25%, 12/31/26 | &nbsp;&nbsp; 700 | 677305 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 400 | 377125 |
| 1.25%, 04/30/28 | &nbsp;&nbsp; 200 | 188250 |
| 1.25%, 05/31/28 | &nbsp;&nbsp; 550 | 516613 |
| 1.25%, 06/30/28 | &nbsp;&nbsp; 680 | 637659 |
| 1.25%, 09/30/28 | &nbsp;&nbsp; 400 | 372906 |
| 1.25%, 08/15/31 | &nbsp;&nbsp; 1100 | 950555 |
| 1.25%, 05/15/50 | &nbsp;&nbsp; 390 | 183788 |
| 1.38%, 10/31/28 | &nbsp;&nbsp; 600 | 560484 |
| 1.38%, 11/15/31 | &nbsp;&nbsp; 684 | 591072 |
| 1.38%, 11/15/40 | &nbsp;&nbsp; 400 | 254813 |
| 1.38%, 08/15/50 | &nbsp;&nbsp; 110 | 53144 |
| 1.50%, 08/15/26 | &nbsp;&nbsp; 630 | 616071 |
| 1.50%, 01/31/27 | &nbsp;&nbsp; 400 | 387703 |
| 1.50%, 11/30/28 | &nbsp;&nbsp; 500 | 468125 |
| 1.63%, 09/30/26 | &nbsp;&nbsp; 300 | 293039 |
| 1.63%, 10/31/26 | &nbsp;&nbsp; 300 | 292594 |
| 1.63%, 11/30/26 | &nbsp;&nbsp; 300 | 292207 |
| 1.63%, 05/15/31 | &nbsp;&nbsp; 920 | 819016 |
| 1.63%, 11/15/50 | &nbsp;&nbsp; 200 | 103188 |
| 1.75%, 01/31/29 | &nbsp;&nbsp; 417 | 392338 |
| 1.75%, 08/15/41 | &nbsp;&nbsp; 450 | 297914 |
| 1.88%, 02/28/27 | &nbsp;&nbsp; 500 | 486641 |
| 1.88%, 02/28/29 | &nbsp;&nbsp; 300 | 283055 |
| 1.88%, 02/15/41 | &nbsp;&nbsp; 377 | 259011 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 1.88%, 02/15/51 | &nbsp;&nbsp; $500 | $275000 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 429 | 233470 |
| 2.00%, 11/15/41 | &nbsp;&nbsp; 500 | 342734 |
| 2.00%, 02/15/50 | &nbsp;&nbsp; 184 | 106231 |
| 2.00%, 08/15/51 | &nbsp;&nbsp; 39 | 22011 |
| 2.25%, 02/15/27 | &nbsp;&nbsp; 300 | 293766 |
| 2.25%, 08/15/27 | &nbsp;&nbsp; 250 | 243496 |
| 2.25%, 11/15/27 | &nbsp;&nbsp; 400 | 388531 |
| 2.25%, 05/15/41 | &nbsp;&nbsp; 390 | 282567 |
| 2.25%, 08/15/46 | &nbsp;&nbsp; 265 | 171588 |
| 2.25%, 02/15/52 | &nbsp;&nbsp; 680 | 406512 |
| 2.38%, 05/15/27 | &nbsp;&nbsp; 500 | 489395 |
| 2.38%, 03/31/29 | &nbsp;&nbsp; 700 | 671234 |
| 2.38%, 05/15/29 | &nbsp;&nbsp; 500 | 478633 |
| 2.38%, 02/15/42 | &nbsp;&nbsp; 165 | 119393 |
| 2.38%, 11/15/49 | &nbsp;&nbsp; 300 | 189797 |
| 2.38%, 05/15/51 | &nbsp;&nbsp; 470 | 291987 |
| 2.50%, 02/15/46 | &nbsp;&nbsp; 300 | 205688 |
| 2.50%, 05/15/46 | &nbsp;&nbsp; 260 | 177694 |
| 2.63%, 07/31/29 | &nbsp;&nbsp; 400 | 385437 |
| 2.75%, 04/30/27 | &nbsp;&nbsp; 400 | 394031 |
| 2.75%, 07/31/27 | &nbsp;&nbsp; 600 | 590133 |
| 2.75%, 05/31/29 | &nbsp;&nbsp; 402 | 389426 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 700 | 649906 |
| 2.75%, 08/15/42 | &nbsp;&nbsp; 190 | 144281 |
| 2.75%, 11/15/42 | &nbsp;&nbsp; 300 | 226641 |
| 2.75%, 08/15/47 | &nbsp;&nbsp; 200 | 140781 |
| 2.75%, 11/15/47 | &nbsp;&nbsp; 240 | 168488 |
| 2.88%, 08/15/28 | &nbsp;&nbsp; 500 | 490117 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 300 | 292406 |
| 2.88%, 05/15/32 | &nbsp;&nbsp; 700 | 657562 |
| 2.88%, 05/15/43 | &nbsp;&nbsp; 400 | 305750 |
| 2.88%, 11/15/46 | &nbsp;&nbsp; 150 | 109172 |
| 2.88%, 05/15/49 | &nbsp;&nbsp; 300 | 212109 |
| 2.88%, 05/15/52 | &nbsp;&nbsp; 440 | 303394 |
| 3.00%, 05/15/42 | &nbsp;&nbsp; 200 | 158563 |
| 3.00%, 05/15/45 | &nbsp;&nbsp; 200 | 151625 |
| 3.00%, 11/15/45 | &nbsp;&nbsp; 140 | 105525 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 200 | 148469 |
| 3.00%, 05/15/47 | &nbsp;&nbsp; 100 | 74016 |
| 3.00%, 02/15/48 | &nbsp;&nbsp; 280 | 205406 |
| 3.00%, 08/15/48 | &nbsp;&nbsp; 300 | 218953 |
| 3.00%, 02/15/49 | &nbsp;&nbsp; 150 | 108938 |
| 3.00%, 08/15/52 | &nbsp;&nbsp; 420 | 296953 |
| 3.13%, 08/31/27 | &nbsp;&nbsp; 600 | 594305 |
| 3.13%, 11/15/28 | &nbsp;&nbsp; 600 | 591422 |
| 3.13%, 08/31/29 | &nbsp;&nbsp; 270 | 264959 |
| 3.13%, 02/15/43 | &nbsp;&nbsp; 140 | 111606 |
| 3.25%, 06/30/27 | &nbsp;&nbsp; 600 | 595805 |
| 3.25%, 06/30/29 | &nbsp;&nbsp; 250 | 246641 |
| 3.25%, 05/15/42 | &nbsp;&nbsp; 400 | 328875 |
| 3.38%, 05/15/33 | &nbsp;&nbsp; 1100 | 1054453 |
| 3.38%, 08/15/42 | &nbsp;&nbsp; 450 | 375258 |
| 3.38%, 11/15/48 | &nbsp;&nbsp; 330 | 257555 |
| 3.50%, 04/30/28 | &nbsp;&nbsp; 800 | 798062 |
| 3.50%, 01/31/30 | &nbsp;&nbsp; 100 | 99328 |
| 3.50%, 04/30/30 | &nbsp;&nbsp; 91 | 90296 |
| 3.63%, 05/31/28 | &nbsp;&nbsp; 700 | 700602 |
| 3.63%, 03/31/30 | &nbsp;&nbsp; 200 | 199563 |
| 3.63%, 08/15/43 | &nbsp;&nbsp; 300 | 255797 |
| 3.63%, 02/15/53 | &nbsp;&nbsp; 420 | 336197 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.63%, 05/15/53 | &nbsp;&nbsp; $428 | $342199 |
| 3.75%, 04/30/27 | &nbsp;&nbsp; 399 | 399436 |
| 3.75%, 06/30/27 | &nbsp;&nbsp; 610 | 611072 |
| 3.75%, 08/15/27 | &nbsp;&nbsp; 610 | 611287 |
| 3.75%, 12/31/28 | &nbsp;&nbsp; 400 | 401812 |
| 3.75%, 05/31/30 | &nbsp;&nbsp; 300 | 300797 |
| 3.75%, 06/30/30 | &nbsp;&nbsp; 300 | 300797 |
| 3.75%, 12/31/30 | &nbsp;&nbsp; 600 | 600234 |
| 3.75%, 11/15/43 | &nbsp;&nbsp; 200 | 173156 |
| 3.88%, 03/31/27 | &nbsp;&nbsp; 246 | 246653 |
| 3.88%, 05/31/27 | &nbsp;&nbsp; 658 | 660262 |
| 3.88%, 12/31/27 | &nbsp;&nbsp; 300 | 301828 |
| 3.88%, 09/30/29 | &nbsp;&nbsp; 200 | 201781 |
| 3.88%, 11/30/29 | &nbsp;&nbsp; 700 | 705961 |
| 3.88%, 12/31/29 | &nbsp;&nbsp; 260 | 262275 |
| 3.88%, 04/30/30 | &nbsp;&nbsp; 715 | 721089 |
| 3.88%, 06/30/30 | &nbsp;&nbsp; 530 | 534430 |
| 3.88%, 07/31/30 | &nbsp;&nbsp; 430 | 433527 |
| 3.88%, 08/15/33 | &nbsp;&nbsp; 331 | 327587 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 890 | 872617 |
| 3.88%, 02/15/43 | &nbsp;&nbsp; 94 | 83513 |
| 3.88%, 05/15/43 | &nbsp;&nbsp; 155 | 137417 |
| 4.00%, 01/15/27 | &nbsp;&nbsp; 40 | 40125 |
| 4.00%, 12/15/27 | &nbsp;&nbsp; 607 | 612359 |
| 4.00%, 02/29/28 | &nbsp;&nbsp; 600 | 605766 |
| 4.00%, 01/31/29 | &nbsp;&nbsp; 500 | 506289 |
| 4.00%, 10/31/29 | &nbsp;&nbsp; 500 | 506836 |
| 4.00%, 02/28/30 | &nbsp;&nbsp; 900 | 912727 |
| 4.00%, 03/31/30 | &nbsp;&nbsp; 540 | 547425 |
| 4.00%, 05/31/30 | &nbsp;&nbsp; 862 | 874055 |
| 4.00%, 07/31/30 | &nbsp;&nbsp; 260 | 263453 |
| 4.00%, 01/31/31 | &nbsp;&nbsp; 300 | 303609 |
| 4.00%, 06/30/32 | &nbsp;&nbsp; 290 | 291541 |
| 4.00%, 07/31/32 | &nbsp;&nbsp; 278 | 279303 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 875 | 870078 |
| 4.00%, 11/15/52 | &nbsp;&nbsp; 420 | 360412 |
| 4.13%, 02/28/27 | &nbsp;&nbsp; 247 | 248418 |
| 4.13%, 09/30/27 | &nbsp;&nbsp; 600 | 606047 |
| 4.13%, 07/31/28 | &nbsp;&nbsp; 268 | 271936 |
| 4.13%, 03/31/29 | &nbsp;&nbsp; 500 | 508516 |
| 4.13%, 11/30/29 | &nbsp;&nbsp; 386 | 393117 |
| 4.13%, 08/31/30 | &nbsp;&nbsp; 273 | 278140 |
| 4.13%, 03/31/31 | &nbsp;&nbsp; 400 | 407125 |
| 4.13%, 11/30/31 | &nbsp;&nbsp; 350 | 355277 |
| 4.13%, 02/29/32 | &nbsp;&nbsp; 645 | 653919 |
| 4.13%, 05/31/32 | &nbsp;&nbsp; 182 | 184332 |
| 4.13%, 11/15/32 | &nbsp;&nbsp; 240 | 242700 |
| 4.13%, 08/15/44 | &nbsp;&nbsp; 180 | 163519 |
| 4.13%, 08/15/53 | &nbsp;&nbsp; 470 | 411691 |
| 4.25%, 11/30/26 | &nbsp;&nbsp; 590 | 593157 |
| 4.25%, 01/15/28 | &nbsp;&nbsp; 117 | 118691 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 400 | 408375 |
| 4.25%, 01/31/30 | &nbsp;&nbsp; 730 | 747280 |
| 4.25%, 02/28/31 | &nbsp;&nbsp; 700 | 716953 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 300 | 306961 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 1003 | 1009739 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 500 | 501719 |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 400 | 400812 |
| 4.25%, 02/15/54 | &nbsp;&nbsp; 462 | 413418 |
| 4.25%, 08/15/54 | &nbsp;&nbsp; 599 | 536011 |
| 4.38%, 08/15/26 | &nbsp;&nbsp; 1000 | 1004492 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.38%, 07/15/27 | &nbsp;&nbsp; $700 | $709051 |
| 4.38%, 08/31/28 | &nbsp;&nbsp; 518 | 529453 |
| 4.38%, 11/30/28 | &nbsp;&nbsp; 473 | 484123 |
| 4.38%, 12/31/29 | &nbsp;&nbsp; 780 | 802181 |
| 4.38%, 11/30/30 | &nbsp;&nbsp; 290 | 298768 |
| 4.38%, 01/31/32 | &nbsp;&nbsp; 49 | 50378 |
| 4.38%, 05/15/34 | &nbsp;&nbsp; 1073 | 1094125 |
| 4.38%, 08/15/43 | &nbsp;&nbsp; 148 | 139929 |
| 4.50%, 05/15/27 | &nbsp;&nbsp; 700 | 709352 |
| 4.50%, 05/31/29 | &nbsp;&nbsp; 500 | 515117 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 574 | 594449 |
| 4.50%, 11/15/33 | &nbsp;&nbsp; 850 | 876695 |
| 4.50%, 02/15/44 | &nbsp;&nbsp; 157 | 150499 |
| 4.50%, 11/15/54 | &nbsp;&nbsp; 531 | 495821 |
| 4.63%, 10/15/26 | &nbsp;&nbsp; 900 | 907805 |
| 4.63%, 09/30/28 | &nbsp;&nbsp; 600 | 617906 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 520 | 537794 |
| 4.63%, 09/30/30 | &nbsp;&nbsp; 200 | 208328 |
| 4.63%, 04/30/31 | &nbsp;&nbsp; 400 | 417062 |
| 4.63%, 05/31/31 | &nbsp;&nbsp; 500 | 521289 |
| 4.63%, 02/15/35 | &nbsp;&nbsp; 864 | 893700 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 196 | 190671 |
| 4.63%, 11/15/44 | &nbsp;&nbsp; 300 | 291094 |
| 4.63%, 05/15/54 | &nbsp;&nbsp; 386 | 367786 |
| 4.63%, 02/15/55 | &nbsp;&nbsp; 557 | 531065 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; 400 | 396312 |
| 4.75%, 02/15/45 | &nbsp;&nbsp; 190 | 187180 |
| 4.75%, 11/15/53 | &nbsp;&nbsp; 490 | 476372 |
| 4.75%, 05/15/55 | &nbsp;&nbsp; 497 | 483565 |
| 4.75%, 08/15/55 | &nbsp;&nbsp; 150 | 145992 |
| 4.88%, 10/31/28 | &nbsp;&nbsp; 600 | 622687 |
| 5.00%, 05/15/45 | &nbsp;&nbsp; 180 | 183038 |
| 6.50%, 11/15/26 | &nbsp;&nbsp; 100 | 103297 |
|  |  | 81017833 |
| **Total U.S. Government & Agency Obligations — 61.8%** <br>**(Cost: $89,381,478)** | **Total U.S. Government & Agency Obligations — 61.8%** <br>**(Cost: $89,381,478)** | 84077843 |
| **Total Long-Term Investments — 98.5%** <br>**(Cost: $141,699,357)** | **Total Long-Term Investments — 98.5%** <br>**(Cost: $141,699,357)** | 133961858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp; 1535848 | $1535848 |
| **Total Short-Term Securities — 1.2%** <br>**(Cost: $1,535,848)** | **Total Short-Term Securities — 1.2%** <br>**(Cost: $1,535,848)** | 1535848 |
| **Total Investments — 99.7%** <br>**(Cost: $143,235,205)** | **Total Investments — 99.7%** <br>**(Cost: $143,235,205)** | 135497706 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 467817 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $135965523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(g)</sup> Affiliate of the Fund.

<sup>(h)</sup> Annualized 7-day yield as of period end.

<sup>(i)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $1892153 | $—<br> $(356305 )<sup>(a)</sup><br>| $— | $— | $1535848 | 1535848<br> $15832 <br><sup>(b)</sup><br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Government/Credit Bond ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43935572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43935572 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 4949995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4949995 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 998448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 998448 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 84077843 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84077843 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1535848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535848 |
|  | &nbsp;&nbsp; $1535848 | &nbsp;&nbsp; $133961858 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135497706 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 2.40%, 03/01/31 | &nbsp;&nbsp; $115 | $102853 |
| 4.65%, 10/01/28 | &nbsp;&nbsp; 130 | 131023 |
| 4.75%, 03/30/30 | &nbsp;&nbsp; 185 | 186398 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 100 | 101440 |
| Omnicom Group Inc. |  |  |
| 2.45%, 04/30/30 | &nbsp;&nbsp; 150 | 137792 |
| 2.60%, 08/01/31 | &nbsp;&nbsp; 195 | 175439 |
| 4.20%, 06/01/30 | &nbsp;&nbsp; 155 | 153720 |
| 5.30%, 11/01/34<sup>(a)</sup> | &nbsp;&nbsp; 120 | 121820 |
|  |  | 1110485 |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| Boeing Co. (The) |  |  |
| 2.70%, 02/01/27 | &nbsp;&nbsp; 205 | 200375 |
| 2.80%, 03/01/27 | &nbsp;&nbsp; 75 | 73386 |
| 2.95%, 02/01/30 | &nbsp;&nbsp; 160 | 150163 |
| 3.20%, 03/01/29 | &nbsp;&nbsp; 223 | 214638 |
| 3.25%, 02/01/28 | &nbsp;&nbsp; 245 | 239175 |
| 3.25%, 03/01/28 | &nbsp;&nbsp; 60 | 58458 |
| 3.25%, 02/01/35 | &nbsp;&nbsp; 51 | 43509 |
| 3.45%, 11/01/28 | &nbsp;&nbsp; 95 | 92711 |
| 3.60%, 05/01/34 | &nbsp;&nbsp; 190 | 169232 |
| 3.63%, 02/01/31 | &nbsp;&nbsp; 260 | 248231 |
| 5.04%, 05/01/27 | &nbsp;&nbsp; 405 | 408834 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 933 | 956161 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 120 | 127878 |
| 6.26%, 05/01/27 | &nbsp;&nbsp; 225 | 231447 |
| 6.30%, 05/01/29 | &nbsp;&nbsp; 315 | 334358 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 240 | 260552 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 540 | 591076 |
| Embraer Netherlands Finance BV, 5.98%, 02/11/35 | &nbsp;&nbsp; 140 | 145307 |
| GE Capital Funding LLC, 4.55%, 05/15/32 | &nbsp;&nbsp; 40 | 40208 |
| General Dynamics Corp. |  |  |
| 2.25%, 06/01/31 | &nbsp;&nbsp; 125 | 112670 |
| 2.63%, 11/15/27 | &nbsp;&nbsp; 101 | 98295 |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 210 | 208909 |
| 3.63%, 04/01/30 | &nbsp;&nbsp; 232 | 227656 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 250 | 249379 |
| 4.95%, 08/15/35 | &nbsp;&nbsp; 25 | 25231 |
| General Electric Co. |  |  |
| 4.30%, 07/29/30 | &nbsp;&nbsp; 70 | 70332 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 235 | 266070 |
| HEICO Corp. |  |  |
| 5.25%, 08/01/28 | &nbsp;&nbsp; 80 | 82203 |
| 5.35%, 08/01/33 | &nbsp;&nbsp; 130 | 133659 |
| Hexcel Corp. |  |  |
| 4.20%, 02/15/27 | &nbsp;&nbsp; 120 | 119147 |
| 5.88%, 02/26/35 | &nbsp;&nbsp; 35 | 35727 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 | &nbsp;&nbsp; 75 | 72218 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 90 | 92051 |
| 5.90%, 02/01/27 | &nbsp;&nbsp; 50 | 51125 |
| 6.75%, 01/15/28 | &nbsp;&nbsp; 45 | 47524 |
| L3Harris Technologies Inc. |  |  |
| 1.80%, 01/15/31 | &nbsp;&nbsp; 180 | 157668 |
| 2.90%, 12/15/29 | &nbsp;&nbsp; 115 | 108563 |
| 3.85%, 12/15/26 | &nbsp;&nbsp; 140 | 139295 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 393 | 395167 |
| 4.85%, 04/27/35 | &nbsp;&nbsp; 20 | 19692 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 5.05%, 06/01/29 | &nbsp;&nbsp; $140 | $143719 |
| 5.25%, 06/01/31 | &nbsp;&nbsp; 145 | 150566 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 175 | 179284 |
| 5.40%, 01/15/27 | &nbsp;&nbsp; 280 | 284356 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 335 | 345538 |
| Lockheed Martin Corp. |  |  |
| 1.85%, 06/15/30 | &nbsp;&nbsp; 120 | 108139 |
| 3.60%, 03/01/35 | &nbsp;&nbsp; 20 | 18212 |
| 3.90%, 06/15/32 | &nbsp;&nbsp; 195 | 188896 |
| 4.15%, 08/15/28 | &nbsp;&nbsp; 100 | 100518 |
| 4.40%, 08/15/30 | &nbsp;&nbsp; 135 | 136084 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 80 | 80940 |
| 4.50%, 02/15/29 | &nbsp;&nbsp; 130 | 131857 |
| 4.70%, 12/15/31 | &nbsp;&nbsp; 75 | 76432 |
| 4.75%, 02/15/34 | &nbsp;&nbsp; 180 | 179897 |
| 4.80%, 08/15/34 | &nbsp;&nbsp; 125 | 125181 |
| 5.00%, 08/15/35 | &nbsp;&nbsp; 150 | 150843 |
| 5.10%, 11/15/27 | &nbsp;&nbsp; 190 | 194552 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 250 | 260337 |
| Northrop Grumman Corp. |  |  |
| 3.20%, 02/01/27 | &nbsp;&nbsp; 159 | 157027 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 445 | 436904 |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 200 | 201566 |
| 4.60%, 02/01/29 | &nbsp;&nbsp; 70 | 71068 |
| 4.65%, 07/15/30 | &nbsp;&nbsp; 150 | 152412 |
| 4.70%, 03/15/33 | &nbsp;&nbsp; 240 | 240039 |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 165 | 165251 |
| 5.25%, 07/15/35 | &nbsp;&nbsp; 115 | 117498 |
| RTX Corp. |  |  |
| 1.90%, 09/01/31 | &nbsp;&nbsp; 225 | 194723 |
| 2.25%, 07/01/30 | &nbsp;&nbsp; 215 | 196426 |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 230 | 201336 |
| 2.65%, 11/01/26 | &nbsp;&nbsp; 140 | 137599 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; 273 | 268775 |
| 3.50%, 03/15/27 | &nbsp;&nbsp; 290 | 287430 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 765 | 765493 |
| 5.15%, 02/27/33 | &nbsp;&nbsp; 315 | 323361 |
| 5.75%, 11/08/26 | &nbsp;&nbsp; 230 | 233812 |
| 5.75%, 01/15/29 | &nbsp;&nbsp; 130 | 136354 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 260 | 280871 |
| 6.10%, 03/15/34 | &nbsp;&nbsp; 290 | 314764 |
| 7.20%, 08/15/27 | &nbsp;&nbsp; 52 | 55123 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 80 | 89575 |
|  |  | 15181038 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| Altria Group Inc. |  |  |
| 2.45%, 02/04/32 | &nbsp;&nbsp; 385 | 335247 |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 133 | 130757 |
| 3.40%, 05/06/30 | &nbsp;&nbsp; 180 | 172471 |
| 4.50%, 08/06/30 | &nbsp;&nbsp; 75 | 74972 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; 426 | 432474 |
| 4.88%, 02/04/28 | &nbsp;&nbsp; 65 | 65979 |
| 5.25%, 08/06/35 | &nbsp;&nbsp; 35 | 34958 |
| 5.63%, 02/06/35 | &nbsp;&nbsp; 140 | 143797 |
| 6.20%, 11/01/28 | &nbsp;&nbsp; 130 | 137352 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 100 | 111861 |
| Archer-Daniels-Midland Co. |  |  |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 185 | 168227 |
| 3.25%, 03/27/30 | &nbsp;&nbsp; 270 | 259643 |
| 4.50%, 08/15/33 | &nbsp;&nbsp; 50 | 49392 |
| 5.94%, 10/01/32 | &nbsp;&nbsp; 155 | 167844 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| BAT Capital Corp. |  |  |
| 2.26%, 03/25/28 | &nbsp;&nbsp; $395 | $376176 |
| 2.73%, 03/25/31 | &nbsp;&nbsp; 290 | 263949 |
| 3.22%, 09/06/26 | &nbsp;&nbsp; 216 | 213515 |
| 3.46%, 09/06/29 | &nbsp;&nbsp; 90 | 87135 |
| 3.56%, 08/15/27 | &nbsp;&nbsp; 303 | 298990 |
| 4.70%, 04/02/27 | &nbsp;&nbsp; 240 | 241427 |
| 4.74%, 03/16/32 | &nbsp;&nbsp; 166 | 165439 |
| 4.91%, 04/02/30 | &nbsp;&nbsp; 210 | 213772 |
| 5.35%, 08/15/32 | &nbsp;&nbsp; 165 | 169823 |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 275 | 282190 |
| 5.83%, 02/20/31 | &nbsp;&nbsp; 200 | 211547 |
| 6.00%, 02/20/34 | &nbsp;&nbsp; 220 | 233544 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; 265 | 285990 |
| 6.42%, 08/02/33 | &nbsp;&nbsp; 275 | 299484 |
| 7.75%, 10/19/32 | &nbsp;&nbsp; 130 | 150581 |
| BAT International Finance PLC |  |  |
| 4.45%, 03/16/28 | &nbsp;&nbsp; 205 | 205779 |
| 5.93%, 02/02/29 | &nbsp;&nbsp; 245 | 257341 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31 | &nbsp;&nbsp; 251 | 229368 |
| 3.75%, 09/25/27 | &nbsp;&nbsp; 122 | 121130 |
| 4.10%, 01/07/28 | &nbsp;&nbsp; 95 | 94966 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 80 | 79631 |
| 4.55%, 08/04/30 | &nbsp;&nbsp; 75 | 75403 |
| 4.65%, 09/17/34 | &nbsp;&nbsp; 205 | 199672 |
| 5.15%, 08/04/35 | &nbsp;&nbsp; 75 | 75215 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA <br> Foods Group, 5.95%, 04/20/35<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 155989 |
| Philip Morris International Inc. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 205 | 180813 |
| 2.10%, 05/01/30 | &nbsp;&nbsp; 180 | 163700 |
| 3.13%, 08/17/27 | &nbsp;&nbsp; 120 | 117855 |
| 3.13%, 03/02/28 | &nbsp;&nbsp; 125 | 122313 |
| 3.38%, 08/15/29 | &nbsp;&nbsp; 186 | 180527 |
| 4.13%, 04/28/28 | &nbsp;&nbsp; 125 | 125190 |
| 4.38%, 11/01/27 | &nbsp;&nbsp; 145 | 145932 |
| 4.38%, 04/30/30 | &nbsp;&nbsp; 100 | 100488 |
| 4.63%, 11/01/29 | &nbsp;&nbsp; 170 | 172683 |
| 4.75%, 02/12/27 | &nbsp;&nbsp; 195 | 196737 |
| 4.75%, 11/01/31 | &nbsp;&nbsp; 185 | 187571 |
| 4.88%, 02/15/28 | &nbsp;&nbsp; 305 | 310478 |
| 4.88%, 02/13/29 | &nbsp;&nbsp; 220 | 224617 |
| 4.88%, 04/30/35 | &nbsp;&nbsp; 80 | 79235 |
| 4.90%, 11/01/34 | &nbsp;&nbsp; 135 | 134463 |
| 5.13%, 11/17/27 | &nbsp;&nbsp; 335 | 342013 |
| 5.13%, 02/15/30 | &nbsp;&nbsp; 495 | 511952 |
| 5.13%, 02/13/31 | &nbsp;&nbsp; 180 | 185828 |
| 5.25%, 09/07/28 | &nbsp;&nbsp; 120 | 123929 |
| 5.25%, 02/13/34 | &nbsp;&nbsp; 365 | 372899 |
| 5.38%, 02/15/33 | &nbsp;&nbsp; 480 | 496900 |
| 5.50%, 09/07/30 | &nbsp;&nbsp; 135 | 142178 |
| 5.63%, 11/17/29 | &nbsp;&nbsp; 275 | 289313 |
| 5.63%, 09/07/33 | &nbsp;&nbsp; 240 | 251678 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 325 | 343900 |
|  |  | 12776222 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| American Airlines Pass-Through Trust |  |  |
| Series 2014-1, Class A, 3.70%, 04/01/28 | &nbsp;&nbsp; 23 | 22751 |
| Series 2015-1, Class A, 3.38%, 11/01/28 | &nbsp;&nbsp; 55 | 53656 |
| Series 2015-2, Class AA, 3.60%, 03/22/29 | &nbsp;&nbsp; 72 | 70108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| Series 2016-1, Class AA, 3.58%, 07/15/29 | &nbsp;&nbsp; $49 | $47397 |
| Series 2016-2, Class AA, 3.20%, 12/15/29 | &nbsp;&nbsp; 73 | 70105 |
| Series 2016-3, Class AA, 3.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 75 | 71540 |
| Series 2017-1, Class AA, 3.65%, 02/15/29 | &nbsp;&nbsp; 44 | 42938 |
| Series 2017-2, Class AA, 3.35%, 04/15/31 | &nbsp;&nbsp; 121 | 115807 |
| Series 2019-1, Class AA, 3.15%, 08/15/33 | &nbsp;&nbsp; 77 | 71310 |
| Delta Air Lines Inc. |  |  |
| 3.75%, 10/28/29 | &nbsp;&nbsp; 120 | 116398 |
| 4.38%, 04/19/28 | &nbsp;&nbsp; 65 | 65015 |
| 4.95%, 07/10/28 | &nbsp;&nbsp; 160 | 161915 |
| 5.25%, 07/10/30 | &nbsp;&nbsp; 100 | 102022 |
| Delta Air Lines Pass-Through Trust, Series 2020, <br> Class AA, 2.00%, 12/10/29<br>| &nbsp;&nbsp; 49 | 46903 |
| JetBlue Pass-Through Trust |  |  |
| Series 1A, 4.00%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; 116 | 109146 |
| Series 2019-1, Class AA, 2.75%, 11/15/33 | &nbsp;&nbsp; 82 | 71871 |
| Southwest Airlines Co. |  |  |
| 2.63%, 02/10/30 | &nbsp;&nbsp; 130 | 119549 |
| 3.00%, 11/15/26 | &nbsp;&nbsp; 125 | 122907 |
| 3.45%, 11/16/27 | &nbsp;&nbsp; 55 | 54021 |
| 5.13%, 06/15/27 | &nbsp;&nbsp; 390 | 394456 |
| United Airlines Pass-Through Trust |  |  |
| Series 2014-2, Class A, 3.75%, 03/03/28 | &nbsp;&nbsp; 102 | 100435 |
| Series 2016-1, Class AA, 3.10%, 01/07/30 | &nbsp;&nbsp; 95 | 91720 |
| Series 2016-2, Class AA, 2.88%, 04/07/30 | &nbsp;&nbsp; 90 | 85905 |
| Series 2018-1, Class AA, 3.50%, 09/01/31 | &nbsp;&nbsp; 119 | 113612 |
| Series 2019, Class AA, 4.15%, 02/25/33 | &nbsp;&nbsp; 89 | 85702 |
| Series 2019-2, Class AA, 2.70%, 11/01/33 | &nbsp;&nbsp; 91 | 82368 |
| Series 2020-1, 5.88%, 04/15/29 | &nbsp;&nbsp; 233 | 237671 |
|  |  | 2727228 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| NIKE Inc. |  |  |
| 2.38%, 11/01/26 | &nbsp;&nbsp; 240 | 235646 |
| 2.75%, 03/27/27 | &nbsp;&nbsp; 248 | 243513 |
| 2.85%, 03/27/30 | &nbsp;&nbsp; 349 | 331207 |
| PVH Corp., 5.50%, 06/13/30 | &nbsp;&nbsp; 75 | 76461 |
| Ralph Lauren Corp., 2.95%, 06/15/30 | &nbsp;&nbsp; 220 | 207593 |
| Tapestry Inc. |  |  |
| 3.05%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 100 | 89613 |
| 4.13%, 07/15/27 | &nbsp;&nbsp; 62 | 61730 |
| 5.10%, 03/11/30 | &nbsp;&nbsp; 75 | 76632 |
| 5.50%, 03/11/35 | &nbsp;&nbsp; 155 | 156476 |
|  |  | 1478871 |
| **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** |
| American Honda Finance Corp. |  |  |
| 1.30%, 09/09/26 | &nbsp;&nbsp; 180 | 174742 |
| 1.80%, 01/13/31 | &nbsp;&nbsp; 95 | 82837 |
| 2.00%, 03/24/28 | &nbsp;&nbsp; 210 | 199106 |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 170 | 159476 |
| 2.30%, 09/09/26 | &nbsp;&nbsp; 115 | 112782 |
| 2.35%, 01/08/27 | &nbsp;&nbsp; 130 | 126958 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 115 | 113417 |
| 4.40%, 10/05/26 | &nbsp;&nbsp; 165 | 165369 |
| 4.40%, 09/05/29 | &nbsp;&nbsp; 170 | 170864 |
| 4.45%, 10/22/27 | &nbsp;&nbsp; 160 | 161102 |
| 4.55%, 07/09/27 | &nbsp;&nbsp; 55 | 55422 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 145 | 146381 |
| 4.60%, 04/17/30 | &nbsp;&nbsp; 170 | 171639 |
| 4.70%, 01/12/28 | &nbsp;&nbsp; 120 | 121569 |
| 4.80%, 03/05/30 | &nbsp;&nbsp; 110 | 112126 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 4.85%, 10/23/31 | &nbsp;&nbsp; $180 | $182352 |
| 4.90%, 03/12/27 | &nbsp;&nbsp; 160 | 161664 |
| 4.90%, 07/09/27 | &nbsp;&nbsp; 110 | 111476 |
| 4.90%, 03/13/29 | &nbsp;&nbsp; 145 | 148143 |
| 4.90%, 01/10/34<sup>(a)</sup> | &nbsp;&nbsp; 170 | 169675 |
| 5.05%, 07/10/31 | &nbsp;&nbsp; 185 | 189856 |
| 5.13%, 07/07/28 | &nbsp;&nbsp; 195 | 200107 |
| 5.15%, 07/09/32 | &nbsp;&nbsp; 50 | 50956 |
| 5.20%, 03/05/35 | &nbsp;&nbsp; 125 | 125591 |
| 5.65%, 11/15/28 | &nbsp;&nbsp; 100 | 104311 |
| 5.85%, 10/04/30 | &nbsp;&nbsp; 135 | 143634 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; 270 | 238405 |
| 4.25%, 05/09/28 | &nbsp;&nbsp; 70 | 70565 |
| 4.70%, 02/15/31 | &nbsp;&nbsp; 170 | 172608 |
| 4.90%, 02/20/29 | &nbsp;&nbsp; 100 | 102750 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 110 | 112691 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 120 | 122571 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 540 | 462703 |
| 4.35%, 12/08/26 | &nbsp;&nbsp; 110 | 109424 |
| 6.10%, 08/19/32 | &nbsp;&nbsp; 400 | 404012 |
| 6.63%, 10/01/28 | &nbsp;&nbsp; 5 | 5268 |
| 7.45%, 07/16/31 | &nbsp;&nbsp; 255 | 280493 |
| 9.63%, 04/22/30 | &nbsp;&nbsp; 70 | 81494 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90%, 02/16/28 | &nbsp;&nbsp; 200 | 189589 |
| 2.90%, 02/10/29 | &nbsp;&nbsp; 200 | 184270 |
| 3.63%, 06/17/31 | &nbsp;&nbsp; 220 | 197975 |
| 3.82%, 11/02/27 | &nbsp;&nbsp; 130 | 126543 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 340 | 315942 |
| 4.13%, 08/17/27 | &nbsp;&nbsp; 305 | 299268 |
| 4.27%, 01/09/27 | &nbsp;&nbsp; 85 | 84188 |
| 4.95%, 05/28/27 | &nbsp;&nbsp; 380 | 378999 |
| 5.11%, 05/03/29 | &nbsp;&nbsp; 340 | 335273 |
| 5.13%, 11/05/26 | &nbsp;&nbsp; 200 | 200349 |
| 5.30%, 09/06/29 | &nbsp;&nbsp; 205 | 203486 |
| 5.80%, 03/05/27 | &nbsp;&nbsp; 210 | 211711 |
| 5.80%, 03/08/29 | &nbsp;&nbsp; 260 | 262908 |
| 5.85%, 05/17/27 | &nbsp;&nbsp; 265 | 267788 |
| 5.88%, 11/07/29 | &nbsp;&nbsp; 210 | 212376 |
| 5.92%, 03/20/28 | &nbsp;&nbsp; 200 | 203010 |
| 6.05%, 03/05/31 | &nbsp;&nbsp; 210 | 213464 |
| 6.05%, 11/05/31 | &nbsp;&nbsp; 230 | 232631 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 335 | 329540 |
| 6.50%, 02/07/35 | &nbsp;&nbsp; 210 | 211477 |
| 6.53%, 03/19/32 | &nbsp;&nbsp; 200 | 205635 |
| 6.80%, 05/12/28 | &nbsp;&nbsp; 337 | 349828 |
| 6.80%, 11/07/28 | &nbsp;&nbsp; 340 | 353957 |
| 7.12%, 11/07/33 | &nbsp;&nbsp; 285 | 297975 |
| 7.20%, 06/10/30 | &nbsp;&nbsp; 205 | 217766 |
| 7.35%, 11/04/27 | &nbsp;&nbsp; 320 | 333169 |
| 7.35%, 03/06/30 | &nbsp;&nbsp; 235 | 250241 |
| General Motors Co. |  |  |
| 4.20%, 10/01/27 | &nbsp;&nbsp; 200 | 199407 |
| 5.00%, 10/01/28 | &nbsp;&nbsp; 97 | 98567 |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 245 | 234061 |
| 5.35%, 04/15/28 | &nbsp;&nbsp; 30 | 30673 |
| 5.40%, 10/15/29 | &nbsp;&nbsp; 225 | 231968 |
| 5.60%, 10/15/32 | &nbsp;&nbsp; 250 | 256806 |
| 5.63%, 04/15/30 | &nbsp;&nbsp; 105 | 108485 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 6.25%, 04/15/35 | &nbsp;&nbsp; $115 | $119268 |
| 6.80%, 10/01/27 | &nbsp;&nbsp; 180 | 187836 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 02/26/27 | &nbsp;&nbsp; 250 | 242885 |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 233 | 205210 |
| 2.40%, 04/10/28 | &nbsp;&nbsp; 195 | 185723 |
| 2.40%, 10/15/28 | &nbsp;&nbsp; 220 | 207499 |
| 2.70%, 08/20/27 | &nbsp;&nbsp; 170 | 165057 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 255 | 226237 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 310 | 275665 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 271 | 257333 |
| 3.85%, 01/05/28 | &nbsp;&nbsp; 170 | 167989 |
| 4.00%, 10/06/26 | &nbsp;&nbsp; 210 | 208998 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 240 | 237463 |
| 4.35%, 01/17/27 | &nbsp;&nbsp; 302 | 301745 |
| 4.90%, 10/06/29 | &nbsp;&nbsp; 230 | 231814 |
| 5.00%, 04/09/27 | &nbsp;&nbsp; 360 | 363141 |
| 5.00%, 07/15/27 | &nbsp;&nbsp; 100 | 101104 |
| 5.05%, 04/04/28 | &nbsp;&nbsp; 205 | 208293 |
| 5.35%, 07/15/27 | &nbsp;&nbsp; 210 | 213820 |
| 5.35%, 01/07/30 | &nbsp;&nbsp; 270 | 276255 |
| 5.40%, 05/08/27 | &nbsp;&nbsp; 145 | 147419 |
| 5.45%, 07/15/30 | &nbsp;&nbsp; 100 | 102720 |
| 5.45%, 09/06/34 | &nbsp;&nbsp; 185 | 183091 |
| 5.55%, 07/15/29 | &nbsp;&nbsp; 265 | 273154 |
| 5.60%, 06/18/31 | &nbsp;&nbsp; 130 | 134115 |
| 5.63%, 04/04/32 | &nbsp;&nbsp; 110 | 112547 |
| 5.65%, 01/17/29 | &nbsp;&nbsp; 115 | 118569 |
| 5.75%, 02/08/31 | &nbsp;&nbsp; 160 | 166065 |
| 5.80%, 06/23/28 | &nbsp;&nbsp; 295 | 305367 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; 315 | 326960 |
| 5.85%, 04/06/30 | &nbsp;&nbsp; 200 | 208983 |
| 5.90%, 01/07/35 | &nbsp;&nbsp; 215 | 218272 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 270 | 276772 |
| 6.00%, 01/09/28 | &nbsp;&nbsp; 220 | 228014 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 325 | 337027 |
| 6.15%, 07/15/35 | &nbsp;&nbsp; 105 | 107898 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 225 | 238351 |
| Honda Motor Co. Ltd. |  |  |
| 2.53%, 03/10/27 | &nbsp;&nbsp; 45 | 43928 |
| 2.97%, 03/10/32 | &nbsp;&nbsp; 170 | 153464 |
| 4.44%, 07/08/28 | &nbsp;&nbsp; 200 | 201137 |
| 4.69%, 07/08/30 | &nbsp;&nbsp; 260 | 262445 |
| 5.34%, 07/08/35 | &nbsp;&nbsp; 180 | 180955 |
| Mercedes-Benz Finance North America LLC, 8.50%, <br> 01/18/31<br>| &nbsp;&nbsp; 320 | 382418 |
| PACCAR Financial Corp. |  |  |
| 2.00%, 02/04/27 | &nbsp;&nbsp; 125 | 121641 |
| 4.00%, 08/08/28 | &nbsp;&nbsp; 50 | 50126 |
| 4.00%, 09/26/29 | &nbsp;&nbsp; 75 | 75046 |
| 4.25%, 06/23/27 | &nbsp;&nbsp; 100 | 100591 |
| 4.45%, 08/06/27 | &nbsp;&nbsp; 120 | 121439 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 120 | 121927 |
| 4.55%, 05/08/30 | &nbsp;&nbsp; 80 | 81556 |
| 4.60%, 01/10/28 | &nbsp;&nbsp; 100 | 101636 |
| 4.60%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 130 | 132629 |
| 4.95%, 08/10/28 | &nbsp;&nbsp; 60 | 61741 |
| 5.00%, 05/13/27 | &nbsp;&nbsp; 90 | 91562 |
| 5.00%, 03/22/34 | &nbsp;&nbsp; 90 | 92023 |
| 5.20%, 11/09/26 | &nbsp;&nbsp; 140 | 142038 |
| Series R, 4.50%, 11/25/26 | &nbsp;&nbsp; 80 | 80584 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Toyota Motor Corp. |  |  |
| 2.36%, 03/25/31 | &nbsp;&nbsp; $148 | $134006 |
| 2.76%, 07/02/29 | &nbsp;&nbsp; 85 | 81106 |
| 3.67%, 07/20/28 | &nbsp;&nbsp; 70 | 69877 |
| 4.19%, 06/30/27 | &nbsp;&nbsp; 130 | 130442 |
| 4.45%, 06/30/30 | &nbsp;&nbsp; 70 | 70693 |
| 5.05%, 06/30/35 | &nbsp;&nbsp; 65 | 65737 |
| 5.12%, 07/13/28 | &nbsp;&nbsp; 140 | 144354 |
| 5.12%, 07/13/33 | &nbsp;&nbsp; 95 | 98268 |
| Toyota Motor Credit Corp. |  |  |
| 1.15%, 08/13/27 | &nbsp;&nbsp; 130 | 123247 |
| 1.65%, 01/10/31 | &nbsp;&nbsp; 140 | 122246 |
| 1.90%, 01/13/27 | &nbsp;&nbsp; 195 | 189615 |
| 1.90%, 04/06/28 | &nbsp;&nbsp; 150 | 142611 |
| 1.90%, 09/12/31 | &nbsp;&nbsp; 125 | 108680 |
| 2.15%, 02/13/30 | &nbsp;&nbsp; 165 | 151495 |
| 2.40%, 01/13/32 | &nbsp;&nbsp; 25 | 22115 |
| 3.05%, 03/22/27 | &nbsp;&nbsp; 350 | 344991 |
| 3.05%, 01/11/28 | &nbsp;&nbsp; 140 | 137132 |
| 3.20%, 01/11/27 | &nbsp;&nbsp; 230 | 227660 |
| 3.38%, 04/01/30 | &nbsp;&nbsp; 250 | 241673 |
| 3.65%, 01/08/29 | &nbsp;&nbsp; 135 | 133401 |
| 4.35%, 10/08/27 | &nbsp;&nbsp; 225 | 226638 |
| 4.45%, 06/29/29 | &nbsp;&nbsp; 210 | 212554 |
| 4.50%, 05/14/27 | &nbsp;&nbsp; 175 | 176476 |
| 4.55%, 09/20/27 | &nbsp;&nbsp; 205 | 207246 |
| 4.55%, 08/09/29 | &nbsp;&nbsp; 240 | 243631 |
| 4.55%, 05/17/30 | &nbsp;&nbsp; 125 | 126718 |
| 4.60%, 01/08/27 | &nbsp;&nbsp; 100 | 100821 |
| 4.60%, 10/10/31 | &nbsp;&nbsp; 180 | 181753 |
| 4.63%, 01/12/28 | &nbsp;&nbsp; 225 | 228292 |
| 4.65%, 01/05/29 | &nbsp;&nbsp; 205 | 208674 |
| 4.70%, 01/12/33 | &nbsp;&nbsp; 145 | 145877 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 165 | 168825 |
| 4.80%, 01/05/34 | &nbsp;&nbsp; 195 | 196563 |
| 4.95%, 01/09/30 | &nbsp;&nbsp; 170 | 175168 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 130 | 134175 |
| 5.10%, 03/21/31 | &nbsp;&nbsp; 170 | 176260 |
| 5.25%, 09/11/28 | &nbsp;&nbsp; 140 | 144963 |
| 5.35%, 01/09/35 | &nbsp;&nbsp; 95 | 98218 |
| 5.40%, 11/20/26 | &nbsp;&nbsp; 225 | 228649 |
| 5.45%, 11/10/27 | &nbsp;&nbsp; 195 | 200875 |
| 5.55%, 11/20/30 | &nbsp;&nbsp; 305 | 322960 |
| Series B, 5.00%, 03/19/27 | &nbsp;&nbsp; 150 | 152167 |
|  |  | 30918261 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/32 | &nbsp;&nbsp; 200 | 181270 |
| 4.65%, 09/13/29 | &nbsp;&nbsp; 200 | 200820 |
| 5.15%, 09/13/34 | &nbsp;&nbsp; 200 | 195379 |
| BorgWarner Inc. |  |  |
| 2.65%, 07/01/27 | &nbsp;&nbsp; 243 | 236561 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 130 | 132688 |
| 5.40%, 08/15/34 | &nbsp;&nbsp; 115 | 117024 |
| Lear Corp. |  |  |
| 2.60%, 01/15/32 | &nbsp;&nbsp; 115 | 100286 |
| 3.50%, 05/30/30 | &nbsp;&nbsp; 75 | 71566 |
| 3.80%, 09/15/27 | &nbsp;&nbsp; 143 | 141616 |
| 4.25%, 05/15/29 | &nbsp;&nbsp; 96 | 95306 |
| Magna International Inc. |  |  |
| 2.45%, 06/15/30 | &nbsp;&nbsp; 155 | 142651 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| 5.05%, 03/14/29<sup>(a)</sup> | &nbsp;&nbsp; $125 | $127986 |
| 5.50%, 03/21/33 | &nbsp;&nbsp; 125 | 128871 |
| 5.88%, 06/01/35 | &nbsp;&nbsp; 50 | 51969 |
|  |  | 1923993 |
| **Banks — 8.6%** | **Banks — 8.6%** | **Banks — 8.6%** |
| Associated Banc-Corp, 6.46%, 08/29/30, (1-day <br> SOFR +3.030%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5 | 5195 |
| Australia & New Zealand Banking Group <br> Ltd./New York<br>|  |  |
| 3.92%, 09/30/27 | &nbsp;&nbsp; 250 | 249719 |
| 4.42%, 12/16/26 | &nbsp;&nbsp; 250 | 251335 |
| 4.62%, 12/16/29 | &nbsp;&nbsp; 250 | 255514 |
| 4.75%, 01/18/27 | &nbsp;&nbsp; 30 | 30306 |
| 4.90%, 07/16/27 | &nbsp;&nbsp; 250 | 254372 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29 | &nbsp;&nbsp; 205 | 212192 |
| 6.03%, 03/13/35, (1-year CMT + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 209835 |
| 6.14%, 09/14/28, (1-year CMT + 2.700%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 206929 |
| 7.88%, 11/15/34, (1-year CMT + 3.300%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 230086 |
| Banco Santander SA |  |  |
| 1.72%, 09/14/27, (1-year CMT + 0.900%)<sup>(c)</sup> | &nbsp;&nbsp; 280 | 272305 |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 325 | 292995 |
| 2.96%, 03/25/31 | &nbsp;&nbsp; 200 | 184758 |
| 3.23%, 11/22/32, (1-year CMT + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 204072 |
| 3.31%, 06/27/29 | &nbsp;&nbsp; 205 | 198003 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 210 | 201927 |
| 3.80%, 02/23/28 | &nbsp;&nbsp; 215 | 212750 |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(c)</sup> | &nbsp;&nbsp; 300 | 299446 |
| 4.25%, 04/11/27 | &nbsp;&nbsp; 235 | 235107 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 275 | 276117 |
| 5.29%, 08/18/27 | &nbsp;&nbsp; 315 | 320737 |
| 5.37%, 07/15/28, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 235 | 239745 |
| 5.44%, 07/15/31 | &nbsp;&nbsp; 285 | 298529 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 259334 |
| 5.55%, 03/14/28, (1-year CMT + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 215 | 218832 |
| 5.57%, 01/17/30 | &nbsp;&nbsp; 200 | 208772 |
| 5.59%, 08/08/28 | &nbsp;&nbsp; 320 | 332796 |
| 6.03%, 01/17/35 | &nbsp;&nbsp; 200 | 212336 |
| 6.35%, 03/14/34 | &nbsp;&nbsp; 245 | 259714 |
| 6.53%, 11/07/27, (1-year CMT + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 225384 |
| 6.61%, 11/07/28 | &nbsp;&nbsp; 435 | 465562 |
| 6.92%, 08/08/33 | &nbsp;&nbsp; 410 | 451235 |
| 6.94%, 11/07/33 | &nbsp;&nbsp; 300 | 340425 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(c)</sup> | &nbsp;&nbsp; 780 | 693430 |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(c)</sup> | &nbsp;&nbsp; 580 | 512106 |
| 2.09%, 06/14/29, (1-day SOFR + 1.060%)<sup>(c)</sup> | &nbsp;&nbsp; 695 | 656564 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 835 | 736690 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 395 | 341452 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(c)</sup><br>| &nbsp;&nbsp; 790 | 729301 |
| 2.55%, 02/04/28, (1-day SOFR + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 500 | 488201 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(c)</sup> | &nbsp;&nbsp; 727 | 648730 |
| 2.59%, 04/29/31, (1-day SOFR + 2.150%)<sup>(c)</sup> | &nbsp;&nbsp; 675 | 624262 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(c)</sup> | &nbsp;&nbsp; 950 | 861681 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(c)</sup><br>| &nbsp;&nbsp; 478 | 451993 |
| 2.97%, 02/04/33, (1-day SOFR + 1.330%)<sup>(c)</sup> | &nbsp;&nbsp; 850 | 767445 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(c)</sup><br>| &nbsp;&nbsp; 570 | 547195 |
| 3.25%, 10/21/27 | &nbsp;&nbsp; 581 | 572282 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR + <br> 1.302%)<sup>(c)</sup><br>| &nbsp;&nbsp; $1258 | $1235743 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR + <br> 1.632%)<sup>(c)</sup><br>| &nbsp;&nbsp; 500 | 494509 |
| 3.71%, 04/24/28, (3-mo. CME Term SOFR + <br> 1.774%)<sup>(c)</sup><br>| &nbsp;&nbsp; 526 | 521662 |
| 3.82%, 01/20/28, (3-mo. CME Term SOFR + <br> 1.837%)<sup>(c)</sup><br>| &nbsp;&nbsp; 595 | 591453 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(c)</sup> | &nbsp;&nbsp; 525 | 484662 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(c)</sup><br>| &nbsp;&nbsp; 586 | 582407 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(c)</sup><br>| &nbsp;&nbsp; 682 | 676263 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 477 | 476965 |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(c)</sup><br>| &nbsp;&nbsp; 685 | 686704 |
| 4.38%, 04/27/28, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 525 | 526167 |
| 4.57%, 04/27/33, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 940 | 930346 |
| 4.62%, 05/09/29, (1-day SOFR + 1.110%)<sup>(c)</sup> | &nbsp;&nbsp; 625 | 632029 |
| 4.95%, 07/22/28, (1-day SOFR + 2.040%)<sup>(c)</sup> | &nbsp;&nbsp; 660 | 668828 |
| 4.98%, 01/24/29, (1-day SOFR + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 101749 |
| 5.02%, 07/22/33, (1-day SOFR + 2.160%)<sup>(c)</sup> | &nbsp;&nbsp; 1165 | 1182953 |
| 5.16%, 01/24/31, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 740 | 763817 |
| 5.20%, 04/25/29, (1-day SOFR + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 775 | 794476 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 1215 | 1245311 |
| 5.43%, 08/15/35, (1-day SOFR +1.913%)<sup>(c)</sup> | &nbsp;&nbsp; 500 | 503531 |
| 5.46%, 05/09/36, (1-day SOFR + 1.640%)<sup>(c)</sup> | &nbsp;&nbsp; 605 | 621504 |
| 5.47%, 01/23/35, (1-day SOFR + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 1120 | 1156527 |
| 5.51%, 01/24/36, (1-day SOFR + 1.310%)<sup>(c)</sup> | &nbsp;&nbsp; 835 | 860234 |
| 5.52%, 10/25/35, (1-day SOFR + 1.738%)<sup>(c)</sup> | &nbsp;&nbsp; 750 | 756330 |
| 5.74%, 02/12/36, (1-day SOFR + 1.697%)<sup>(c)</sup> | &nbsp;&nbsp; 465 | 476486 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 705 | 736866 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(c)</sup> | &nbsp;&nbsp; 860 | 912076 |
| 5.93%, 09/15/27, (1-day SOFR + 1.340%)<sup>(c)</sup> | &nbsp;&nbsp; 325 | 330231 |
| 6.20%, 11/10/28, (1-day SOFR + 1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 460 | 479226 |
| Series L, 4.18%, 11/25/27 | &nbsp;&nbsp; 432 | 431710 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(c)</sup><br>| &nbsp;&nbsp; 480 | 436081 |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26 | &nbsp;&nbsp; 270 | 262158 |
| 2.65%, 03/08/27 | &nbsp;&nbsp; 330 | 323544 |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 185162 |
| 3.80%, 12/15/32, (5-year USD Swap + <br> 1.432%)<sup>(c)</sup><br>| &nbsp;&nbsp; 285 | 279242 |
| 4.64%, 09/10/30, (1-day SOFR + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 195 | 197573 |
| 5.00%, 01/27/29, (1-day SOFR Index + <br> 0.670%)<sup>(c)</sup><br>| &nbsp;&nbsp; 175 | 178482 |
| 5.20%, 02/01/28 | &nbsp;&nbsp; 270 | 276977 |
| 5.27%, 12/11/26 | &nbsp;&nbsp; 270 | 273683 |
| 5.37%, 06/04/27 | &nbsp;&nbsp; 240 | 245299 |
| 5.51%, 06/04/31 | &nbsp;&nbsp; 235 | 247125 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 295 | 308444 |
| Series f2f, 4.57%, 09/10/27, (1-day SOFR + <br> 0.880%)<sup>(c)</sup><br>| &nbsp;&nbsp; 190 | 190538 |
| Series H, 4.70%, 09/14/27 | &nbsp;&nbsp; 195 | 197288 |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.05%, 10/15/26 | &nbsp;&nbsp; 140 | 135489 |
| 1.65%, 07/14/28 | &nbsp;&nbsp; 139 | 130997 |
| 1.65%, 01/28/31 | &nbsp;&nbsp; 120 | 105542 |
| 1.80%, 07/28/31 | &nbsp;&nbsp; 119 | 104559 |
| 2.05%, 01/26/27 | &nbsp;&nbsp; 220 | 214420 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.50%, 01/26/32<sup>(a)</sup> | &nbsp;&nbsp; $125 | $111604 |
| 3.00%, 10/30/28 | &nbsp;&nbsp; 120 | 116128 |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 150 | 148382 |
| 3.30%, 08/23/29 | &nbsp;&nbsp; 149 | 144287 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 191 | 188778 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR + <br> 1.331%)<sup>(c)</sup><br>| &nbsp;&nbsp; 259 | 256813 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 215 | 215334 |
| 3.85%, 04/26/29 | &nbsp;&nbsp; 90 | 89733 |
| 3.99%, 06/13/28, (1-day SOFR + 1.151%)<sup>(c)</sup> | &nbsp;&nbsp; 40 | 39957 |
| 4.29%, 06/13/33, (1-day SOFR + 1.418%)<sup>(c)</sup> | &nbsp;&nbsp; 140 | 136767 |
| 4.44%, 06/09/28, (1-day SOFR + 0.680%)<sup>(c)</sup> | &nbsp;&nbsp; 95 | 95562 |
| 4.54%, 02/01/29, (1-day SOFR + 1.169%)<sup>(c)</sup> | &nbsp;&nbsp; 165 | 166991 |
| 4.60%, 07/26/30, (1-day SOFR + 1.755%)<sup>(c)</sup> | &nbsp;&nbsp; 105 | 106756 |
| 4.71%, 02/01/34, (1-day SOFR + 1.512%)<sup>(c)</sup> | &nbsp;&nbsp; 170 | 169391 |
| 4.89%, 07/21/28, (1-day SOFR + 0.840%)<sup>(c)</sup> | &nbsp;&nbsp; 160 | 162444 |
| 4.94%, 02/11/31, (1-day SOFR + 0.887%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 267058 |
| 4.97%, 04/26/34, (1-day SOFR + 1.606%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 227331 |
| 4.98%, 03/14/30, (1-day SOFR + 1.085%)<sup>(c)</sup> | &nbsp;&nbsp; 215 | 220923 |
| 5.06%, 07/22/32, (1-day SOFR + 1.230%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 267707 |
| 5.19%, 03/14/35, (1-day SOFR + 1.418%)<sup>(c)</sup> | &nbsp;&nbsp; 245 | 249563 |
| 5.23%, 11/20/35, (1-day SOFR + 1.253%)<sup>(c)</sup> | &nbsp;&nbsp; 155 | 158162 |
| 5.32%, 06/06/36, (1-day SOFR + 1.350%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 102358 |
| 5.61%, 07/21/39, (1-day SOFR + 1.770%)<sup>(c)</sup> | &nbsp;&nbsp; 50 | 51686 |
| 5.80%, 10/25/28, (1-day SOFR Index + <br> 1.802%)<sup>(c)</sup><br>| &nbsp;&nbsp; 225 | 233098 |
| 5.83%, 10/25/33, (1-day SOFR Index + <br> 2.074%)<sup>(c)</sup><br>| &nbsp;&nbsp; 350 | 374103 |
| 6.32%, 10/25/29, (1-day SOFR + 1.598%)<sup>(c)</sup> | &nbsp;&nbsp; 185 | 197043 |
| 6.47%, 10/25/34, (1-day SOFR + 1.845%)<sup>(c)</sup> | &nbsp;&nbsp; 265 | 292934 |
| Series J, 1.90%, 01/25/29 | &nbsp;&nbsp; 100 | 93446 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26 | &nbsp;&nbsp; 200 | 194316 |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 195 | 189723 |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 211 | 186465 |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 180 | 158053 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 175 | 172216 |
| 4.40%, 09/08/28, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 245 | 246127 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 235 | 225428 |
| 4.74%, 11/10/32, (1-day SOFR + 1.440%)<sup>(c)</sup> | &nbsp;&nbsp; 135 | 136359 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 270 | 276012 |
| 4.93%, 02/14/29, (1-day SOFR + 0.890%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 228805 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 245 | 251924 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 180 | 185968 |
| 5.35%, 12/07/26 | &nbsp;&nbsp; 240 | 243451 |
| 5.40%, 06/04/27 | &nbsp;&nbsp; 200 | 204699 |
| 5.45%, 08/01/29 | &nbsp;&nbsp; 135 | 140849 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 220 | 231792 |
| BankUnited Inc., 5.13%, 06/11/30 | &nbsp;&nbsp; 65 | 65024 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27, (1-year CMT + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 415 | 404702 |
| 2.65%, 06/24/31, (1-year CMT + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; 230 | 210586 |
| 2.67%, 03/10/32, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 198176 |
| 2.89%, 11/24/32, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 280 | 250639 |
| 3.56%, 09/23/35, (5-year CMT + 2.900%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 186565 |
| 4.34%, 01/10/28 | &nbsp;&nbsp; 285 | 285146 |
| 4.48%, 11/11/29, (1-day SOFR + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 200371 |
| 4.84%, 05/09/28 | &nbsp;&nbsp; 440 | 441913 |
| 4.84%, 09/10/28, (1-day SOFR + 1.340%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 222207 |
| 4.94%, 09/10/30, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 290 | 294405 |
| 4.97%, 05/16/29<sup>(c)</sup> | &nbsp;&nbsp; 385 | 390712 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.09%, 02/25/29, (1-day SOFR + 0.960%)<sup>(c)</sup> | &nbsp;&nbsp; $215 | $218700 |
| 5.09%, 06/20/30<sup>(c)</sup> | &nbsp;&nbsp; 325 | 329396 |
| 5.34%, 09/10/35, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 450 | 450491 |
| 5.37%, 02/25/31, (1-day SOFR + 1.230%)<sup>(c)</sup> | &nbsp;&nbsp; 215 | 221742 |
| 5.50%, 08/09/28, (1-year CMT + 2.650%)<sup>(c)</sup> | &nbsp;&nbsp; 395 | 403329 |
| 5.67%, 03/12/28, (1-day SOFR +1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 245 | 249663 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(c)</sup> | &nbsp;&nbsp; 440 | 457689 |
| 5.75%, 08/09/33, (1-year CMT + 3.000%)<sup>(c)</sup> | &nbsp;&nbsp; 205 | 214066 |
| 5.79%, 02/25/36, (1-day SOFR + 1.590%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 206137 |
| 6.22%, 05/09/34, (1-day SOFR + 2.980%)<sup>(c)</sup> | &nbsp;&nbsp; 410 | 437299 |
| 6.49%, 09/13/29, (1-day SOFR + 2.220%)<sup>(c)</sup> | &nbsp;&nbsp; 265 | 280776 |
| 6.50%, 09/13/27, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 214372 |
| 6.69%, 09/13/34, (1-day SOFR + 2.620%)<sup>(c)</sup> | &nbsp;&nbsp; 300 | 328874 |
| 7.12%, 06/27/34, (1-day SOFR + 3.570%)<sup>(c)</sup> | &nbsp;&nbsp; 315 | 348137 |
| 7.39%, 11/02/28, (1-year CMT + 3.300%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 302515 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(c)</sup> | &nbsp;&nbsp; 420 | 479155 |
| Blackstone Reg Finance Co. LLC, 5.00%, 12/06/34 | &nbsp;&nbsp; 165 | 164815 |
| BPCE SA, 3.38%, 12/02/26 | &nbsp;&nbsp; 25 | 24773 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.45%, 04/07/27 | &nbsp;&nbsp; 270 | 267650 |
| 3.60%, 04/07/32 | &nbsp;&nbsp; 300 | 282085 |
| 4.51%, 09/11/27, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 120 | 120283 |
| 4.63%, 09/11/30, (1-day SOFR + 1.335%)<sup>(c)</sup> | &nbsp;&nbsp; 145 | 146511 |
| 4.86%, 01/13/28, (1-day SOFR + 0.720%)<sup>(c)</sup> | &nbsp;&nbsp; 75 | 75626 |
| 4.86%, 03/30/29, (1-day SOFR + 1.030%)<sup>(c)</sup> | &nbsp;&nbsp; 195 | 197865 |
| 5.00%, 04/28/28 | &nbsp;&nbsp; 190 | 194307 |
| 5.24%, 06/28/27 | &nbsp;&nbsp; 70 | 71358 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(c)</sup> | &nbsp;&nbsp; 190 | 196072 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 285 | 294873 |
| 5.93%, 10/02/26 | &nbsp;&nbsp; 320 | 325915 |
| 5.99%, 10/03/28 | &nbsp;&nbsp; 160 | 168409 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 265 | 285844 |
| Capital One NA, 4.65%, 09/13/28 | &nbsp;&nbsp; 100 | 101152 |
| Citibank NA |  |  |
| 4.58%, 05/29/27 | &nbsp;&nbsp; 500 | 504042 |
| 4.84%, 08/06/29 | &nbsp;&nbsp; 350 | 358878 |
| 4.88%, 11/19/27, (1-day SOFR + 0.712%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 287127 |
| 4.91%, 05/29/30 | &nbsp;&nbsp; 335 | 343907 |
| 5.49%, 12/04/26 | &nbsp;&nbsp; 455 | 462200 |
| 5.57%, 04/30/34 | &nbsp;&nbsp; 505 | 528379 |
| 5.80%, 09/29/28 | &nbsp;&nbsp; 550 | 576494 |
| Citigroup Inc. |  |  |
| 2.52%, 11/03/32, (1-day SOFR + 1.177%)<sup>(c)</sup> | &nbsp;&nbsp; 395 | 349686 |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(c)</sup> | &nbsp;&nbsp; 670 | 601665 |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(c)</sup> | &nbsp;&nbsp; 791 | 726179 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(c)</sup> | &nbsp;&nbsp; 500 | 463722 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(c)</sup> | &nbsp;&nbsp; 493 | 465966 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(c)</sup> | &nbsp;&nbsp; 670 | 604998 |
| 3.07%, 02/24/28, (1-day SOFR + 1.280%)<sup>(c)</sup> | &nbsp;&nbsp; 550 | 540202 |
| 3.20%, 10/21/26 | &nbsp;&nbsp; 665 | 657537 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR + <br> 1.413%)<sup>(c)</sup><br>| &nbsp;&nbsp; 490 | 482457 |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR + <br> 1.652%)<sup>(c)</sup><br>| &nbsp;&nbsp; 596 | 589260 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(c)</sup> | &nbsp;&nbsp; 660 | 620848 |
| 3.89%, 01/10/28, (3-mo. CME Term SOFR + <br> 1.825%)<sup>(c)</sup><br>| &nbsp;&nbsp; 565 | 561738 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(c)</sup><br>| &nbsp;&nbsp; 560 | 552996 |
| 4.08%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.454%)<sup>(c)</sup><br>| &nbsp;&nbsp; 511 | 508826 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.13%, 07/25/28 | &nbsp;&nbsp; $480 | $479276 |
| 4.30%, 11/20/26 | &nbsp;&nbsp; 222 | 222147 |
| 4.41%, 03/31/31, (1-day SOFR + 3.914%)<sup>(c)</sup> | &nbsp;&nbsp; 880 | 877704 |
| 4.45%, 09/29/27 | &nbsp;&nbsp; 807 | 809217 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(c)</sup> | &nbsp;&nbsp; 650 | 652923 |
| 4.64%, 05/07/28, (1-day SOFR + 1.143%)<sup>(c)</sup> | &nbsp;&nbsp; 511 | 513699 |
| 4.66%, 05/24/28, (1-day SOFR + 1.887%)<sup>(c)</sup> | &nbsp;&nbsp; 305 | 306801 |
| 4.79%, 03/04/29, (1-day SOFR + 0.870%)<sup>(c)</sup> | &nbsp;&nbsp; 510 | 516582 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(c)</sup> | &nbsp;&nbsp; 620 | 622154 |
| 4.95%, 05/07/31, (1-day SOFR + 1.463%)<sup>(c)</sup> | &nbsp;&nbsp; 450 | 458549 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(c)</sup> | &nbsp;&nbsp; 675 | 692699 |
| 5.41%, 09/19/39, (5-year CMT + 1.730%)<sup>(c)</sup> | &nbsp;&nbsp; 175 | 173185 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(c)</sup> | &nbsp;&nbsp; 635 | 651686 |
| 5.59%, 11/19/34, (5-year CMT + 1.280%)<sup>(c)</sup> | &nbsp;&nbsp; 265 | 270661 |
| 5.83%, 02/13/35, (1-day SOFR + 2.056%)<sup>(c)</sup> | &nbsp;&nbsp; 590 | 605184 |
| 5.88%, 02/22/33 | &nbsp;&nbsp; 175 | 184172 |
| 6.00%, 10/31/33 | &nbsp;&nbsp; 150 | 159795 |
| 6.02%, 01/24/36, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 445 | 459202 |
| 6.17%, 05/25/34, (1-day SOFR + 2.661%)<sup>(c)</sup> | &nbsp;&nbsp; 500 | 526383 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(c)</sup> | &nbsp;&nbsp; 685 | 742473 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 100 | 106025 |
| 6.63%, 06/15/32 | &nbsp;&nbsp; 290 | 319612 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(c)</sup><br>| &nbsp;&nbsp; 500 | 505244 |
| Citizens Bank NA, 4.58%, 08/09/28, (1-day SOFR + <br> 2.000%)<sup>(c)</sup><br>| &nbsp;&nbsp; 250 | 251147 |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; 82 | 75269 |
| 2.64%, 09/30/32 | &nbsp;&nbsp; 185 | 156567 |
| 3.25%, 04/30/30 | &nbsp;&nbsp; 190 | 179642 |
| 5.25%, 03/05/31, (1-day SOFR + 1.259%)<sup>(c)</sup> | &nbsp;&nbsp; 170 | 173874 |
| 5.64%, 05/21/37, (5-year CMT + 2.750%)<sup>(c)</sup> | &nbsp;&nbsp; 50 | 50247 |
| 5.72%, 07/23/32, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 265 | 276674 |
| 5.84%, 01/23/30, (1-day SOFR + 2.010%)<sup>(c)</sup> | &nbsp;&nbsp; 240 | 249662 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(c)</sup> | &nbsp;&nbsp; 130 | 141338 |
| Comerica Bank, 5.33%, 08/25/33, (1-day SOFR + <br> 2.610%)<sup>(c)</sup><br>| &nbsp;&nbsp; 30 | 29577 |
| Comerica Inc. |  |  |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 185 | 182559 |
| 5.98%, 01/30/30, (1-day SOFR + 2.155%)<sup>(c)</sup> | &nbsp;&nbsp; 239 | 247851 |
| Commonwealth Bank of Australia/New York |  |  |
| 4.42%, 03/14/28 | &nbsp;&nbsp; 250 | 252991 |
| 4.58%, 11/27/26 | &nbsp;&nbsp; 275 | 276954 |
| Cooperatieve Rabobank UA/NY |  |  |
| 4.49%, 10/17/29 | &nbsp;&nbsp; 250 | 254008 |
| 5.04%, 03/05/27 | &nbsp;&nbsp; 115 | 116731 |
| 5.50%, 10/05/26 | &nbsp;&nbsp; 250 | 253820 |
| Deutsche Bank AG/New York NY |  |  |
| 2.31%, 11/16/27, (1-day SOFR + 1.219%)<sup>(c)</sup> | &nbsp;&nbsp; 350 | 341388 |
| 2.55%, 01/07/28, (1-day SOFR + 1.318%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 278397 |
| 3.04%, 05/28/32, (1-day SOFR + 1.718%)<sup>(c)</sup> | &nbsp;&nbsp; 205 | 186923 |
| 3.55%, 09/18/31, (1-day SOFR + 3.043%)<sup>(c)</sup> | &nbsp;&nbsp; 330 | 313070 |
| 3.73%, 01/14/32, (1-day SOFR + 2.757%)<sup>(c)</sup> | &nbsp;&nbsp; 265 | 248033 |
| 3.74%, 01/07/33, (1-day SOFR + 2.257%)<sup>(c)</sup> | &nbsp;&nbsp; 265 | 242591 |
| 4.88%, 12/01/32, (5-year USD ICE Swap + <br> 2.553%)<sup>(c)</sup><br>| &nbsp;&nbsp; 235 | 234024 |
| 4.95%, 08/04/31, (1-day SOFR + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 170 | 171373 |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 190 | 193188 |
| 5.30%, 05/09/31, (1-day SOFR + 1.720%)<sup>(c)</sup> | &nbsp;&nbsp; 150 | 153661 |
| 5.37%, 09/09/27 | &nbsp;&nbsp; 310 | 317466 |
| 5.40%, 09/11/35, (1-day SOFR + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 261473 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.41%, 05/10/29 | &nbsp;&nbsp; $235 | $244639 |
| 5.71%, 02/08/28, (1-day SOFR + 1.594%)<sup>(c)</sup> | &nbsp;&nbsp; 85 | 86567 |
| 5.88%, 07/08/31, (1-day SOFR + 5.438%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 206995 |
| 6.72%, 01/18/29, (1-day SOFR + 3.180%)<sup>(c)</sup> | &nbsp;&nbsp; 295 | 310264 |
| 6.82%, 11/20/29, (1-day SOFR + 2.510%)<sup>(c)</sup> | &nbsp;&nbsp; 350 | 375123 |
| 7.08%, 02/10/34, (1-day SOFR + 3.650%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 282403 |
| Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(c)</sup><br>| &nbsp;&nbsp; 150 | 153262 |
| Fifth Third Bancorp |  |  |
| 1.71%, 11/01/27, (1-day SOFR + 0.685%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 252167 |
| 2.55%, 05/05/27 | &nbsp;&nbsp; 155 | 151109 |
| 3.95%, 03/14/28 | &nbsp;&nbsp; 230 | 228717 |
| 4.06%, 04/25/28, (1-day SOFR + 1.355%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 99672 |
| 4.34%, 04/25/33, (1-day SOFR + 1.660%)<sup>(c)</sup> | &nbsp;&nbsp; 75 | 72529 |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(c)</sup><br>| &nbsp;&nbsp; 240 | 242888 |
| 5.63%, 01/29/32, (1-day SOFR + 1.840%)<sup>(c)</sup> | &nbsp;&nbsp; 300 | 314049 |
| 6.34%, 07/27/29, (1-day SOFR + 2.340%)<sup>(c)</sup> | &nbsp;&nbsp; 205 | 216362 |
| 6.36%, 10/27/28, (1-day SOFR Index + <br> 2.192%)<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 208795 |
| Fifth Third Bank NA |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 250 | 243438 |
| 4.97%, 01/28/28, (1-day SOFR + 0.810%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 252517 |
| First Citizens BancShares Inc./NC |  |  |
| 5.23%, 03/12/31, (1-day SOFR + 1.410%)<sup>(c)</sup> | &nbsp;&nbsp; 55 | 55811 |
| 6.25%, 03/12/40, (5-year CMT + 1.970%)<sup>(c)</sup> | &nbsp;&nbsp; 150 | 150869 |
| First-Citizens Bank & Trust Co., 6.13%, 03/09/28 | &nbsp;&nbsp; 75 | 77868 |
| FNB Corp./PA, 5.72%, 12/11/30, (1-day SOFR Index <br> + 1.930%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5 | 5089 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 210 | 222948 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + 0.818%)<sup>(c)</sup> | &nbsp;&nbsp; 610 | 592838 |
| 1.95%, 10/21/27, (1-day SOFR + 0.913%)<sup>(c)</sup> | &nbsp;&nbsp; 900 | 876095 |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(c)</sup> | &nbsp;&nbsp; 547 | 480224 |
| 2.38%, 07/21/32, (1-day SOFR + 1.248%)<sup>(c)</sup> | &nbsp;&nbsp; 900 | 796991 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; 479 | 447809 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(c)</sup> | &nbsp;&nbsp; 810 | 731064 |
| 2.64%, 02/24/28, (1-day SOFR + 1.114%)<sup>(c)</sup> | &nbsp;&nbsp; 670 | 653893 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(c)</sup> | &nbsp;&nbsp; 660 | 589343 |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(c)</sup> | &nbsp;&nbsp; 855 | 777771 |
| 3.50%, 11/16/26 | &nbsp;&nbsp; 610 | 604959 |
| 3.62%, 03/15/28, (1-day SOFR + 1.846%)<sup>(c)</sup> | &nbsp;&nbsp; 657 | 650044 |
| 3.69%, 06/05/28, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(c)</sup><br>| &nbsp;&nbsp; 545 | 539805 |
| 3.80%, 03/15/30 | &nbsp;&nbsp; 53 | 52093 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.420%)<sup>(c)</sup><br>| &nbsp;&nbsp; 537 | 531447 |
| 3.85%, 01/26/27 | &nbsp;&nbsp; 788 | 784460 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR + <br> 1.563%)<sup>(c)</sup><br>| &nbsp;&nbsp; 766 | 766114 |
| 4.48%, 08/23/28, (1-day SOFR + 1.725%)<sup>(c)</sup> | &nbsp;&nbsp; 585 | 587542 |
| 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(c)</sup> | &nbsp;&nbsp; 425 | 429740 |
| 4.94%, 04/23/28, (1-day SOFR + 1.319%)<sup>(c)</sup> | &nbsp;&nbsp; 190 | 191938 |
| 5.02%, 10/23/35, (1-day SOFR + 1.420%)<sup>(c)</sup> | &nbsp;&nbsp; 725 | 720401 |
| 5.05%, 07/23/30, (1-day SOFR + 1.210%)<sup>(c)</sup> | &nbsp;&nbsp; 605 | 619274 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(c)</sup> | &nbsp;&nbsp; 480 | 494405 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 700 | 722740 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 640 | 651206 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 745 | 768356 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(c)</sup> | &nbsp;&nbsp; 660 | 690440 |
| 5.85%, 04/25/35, (1-day SOFR + 1.552%)<sup>(c)</sup> | &nbsp;&nbsp; 540 | 570008 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.95%, 01/15/27 | &nbsp;&nbsp; $195 | $199722 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 250 | 273926 |
| 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(c)</sup> | &nbsp;&nbsp; 610 | 648904 |
| 6.56%, 10/24/34, (1-day SOFR + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 340 | 377388 |
| HSBC Bank USA NA/New York, 5.88%, 11/01/34 | &nbsp;&nbsp; 90 | 95661 |
| HSBC Holdings PLC |  |  |
| 2.01%, 09/22/28, (1-day SOFR + 1.732%)<sup>(c)</sup> | &nbsp;&nbsp; 435 | 415122 |
| 2.21%, 08/17/29, (1-day SOFR + 1.285%)<sup>(c)</sup> | &nbsp;&nbsp; 420 | 395627 |
| 2.25%, 11/22/27, (1-day SOFR + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 205 | 199946 |
| 2.36%, 08/18/31, (1-day SOFR + 1.947%)<sup>(c)</sup> | &nbsp;&nbsp; 330 | 297818 |
| 2.80%, 05/24/32, (1-day SOFR + 1.187%)<sup>(c)</sup> | &nbsp;&nbsp; 630 | 568686 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(c)</sup> | &nbsp;&nbsp; 320 | 296593 |
| 2.87%, 11/22/32, (1-day SOFR + 1.410%)<sup>(c)</sup> | &nbsp;&nbsp; 345 | 310229 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(c)</sup><br>| &nbsp;&nbsp; 645 | 634581 |
| 4.04%, 03/13/28, (3-mo. CME Term SOFR + <br> 1.808%)<sup>(c)</sup><br>| &nbsp;&nbsp; 515 | 513032 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR + <br> 1.796%)<sup>(c)</sup><br>| &nbsp;&nbsp; 635 | 639067 |
| 4.76%, 06/09/28, (1-day SOFR + 2.110%)<sup>(c)</sup> | &nbsp;&nbsp; 470 | 473455 |
| 4.76%, 03/29/33, (1-day SOFR + 2.530%)<sup>(c)</sup> | &nbsp;&nbsp; 405 | 399596 |
| 4.90%, 03/03/29, (1-day SOFR + 1.030%)<sup>(c)</sup> | &nbsp;&nbsp; 345 | 349610 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 525 | 537556 |
| 5.13%, 11/19/28, (1-day SOFR + 1.040%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 203231 |
| 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 350 | 358374 |
| 5.21%, 08/11/28, (1-day SOFR + 2.610%)<sup>(c)</sup> | &nbsp;&nbsp; 485 | 492754 |
| 5.24%, 05/13/31, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 415 | 426508 |
| 5.29%, 11/19/30, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 445 | 458421 |
| 5.40%, 08/11/33, (1-day SOFR + 2.870%)<sup>(c)</sup> | &nbsp;&nbsp; 555 | 572308 |
| 5.45%, 03/03/36, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 400 | 406549 |
| 5.55%, 03/04/30, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 295504 |
| 5.60%, 05/17/28, (1-day SOFR + 1.060%)<sup>(c)</sup> | &nbsp;&nbsp; 410 | 418495 |
| 5.72%, 03/04/35, (1-day SOFR + 1.780%)<sup>(c)</sup> | &nbsp;&nbsp; 290 | 303517 |
| 5.73%, 05/17/32, (1-day SOFR + 1.520%)<sup>(c)</sup> | &nbsp;&nbsp; 310 | 325320 |
| 5.79%, 05/13/36, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 400 | 416020 |
| 5.87%, 11/18/35, (1-day SOFR + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; 385 | 394741 |
| 6.16%, 03/09/29, (1-day SOFR + 1.970%)<sup>(c)</sup> | &nbsp;&nbsp; 405 | 422412 |
| 6.25%, 03/09/34, (1-day SOFR + 2.390%)<sup>(c)</sup> | &nbsp;&nbsp; 475 | 512785 |
| 6.55%, 06/20/34, (1-day SOFR + 2.980%)<sup>(c)</sup> | &nbsp;&nbsp; 445 | 476398 |
| 7.39%, 11/03/28, (1-day SOFR + 3.350%)<sup>(c)</sup> | &nbsp;&nbsp; 485 | 515409 |
| 7.40%, 11/13/34, (1-day SOFR + 3.020%)<sup>(c)</sup> | &nbsp;&nbsp; 405 | 456351 |
| 8.11%, 11/03/33, (1-day SOFR + 4.250%)<sup>(c)</sup> | &nbsp;&nbsp; 370 | 430441 |
| HSBC USA Inc. |  |  |
| 4.65%, 06/03/28 | &nbsp;&nbsp; 200 | 202824 |
| 5.29%, 03/04/27 | &nbsp;&nbsp; 225 | 228988 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(c)</sup> | &nbsp;&nbsp; 75 | 63838 |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 193 | 178571 |
| 4.44%, 08/04/28, (1-day SOFR + 1.970%)<sup>(c)</sup> | &nbsp;&nbsp; 275 | 275806 |
| 5.02%, 05/17/33, (1-day SOFR + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 75 | 75056 |
| 5.27%, 01/15/31, (1-day SOFR + 1.276%)<sup>(c)</sup> | &nbsp;&nbsp; 195 | 201019 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(c)</sup><br>| &nbsp;&nbsp; 280 | 289332 |
| 6.14%, 11/18/39, (5-year CMT + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 80 | 82442 |
| 6.21%, 08/21/29, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 221298 |
| Huntington National Bank (The) |  |  |
| 4.55%, 05/17/28, (1-day SOFR Index + <br> 1.650%)<sup>(c)</sup><br>| &nbsp;&nbsp; 250 | 251329 |
| 4.87%, 04/12/28, (1-day SOFR + 0.720%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 252275 |
| 5.65%, 01/10/30 | &nbsp;&nbsp; 125 | 130768 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Industrial & Commercial Bank of China Ltd./New <br> York, 3.54%, 11/08/27<br>| &nbsp;&nbsp; $250 | $247303 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + 1.316%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 182468 |
| 3.95%, 03/29/27 | &nbsp;&nbsp; 290 | 288813 |
| 4.02%, 03/28/28, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 283889 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 215 | 213505 |
| 4.25%, 03/28/33, (1-day SOFR + 2.070%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 203796 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 323 | 326215 |
| 4.86%, 03/25/29, (1-day SOFR + 1.010%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 202693 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 204777 |
| 5.34%, 03/19/30, (1-day SOFR + 1.440%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 268235 |
| 5.55%, 03/19/35, (1-day SOFR + 1.770%)<sup>(c)</sup> | &nbsp;&nbsp; 335 | 344664 |
| 6.08%, 09/11/27, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 264439 |
| 6.11%, 09/11/34, (1-day SOFR + 2.090%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 267254 |
| JPMorgan Chase & Co. |  |  |
| 1.47%, 09/22/27, (1-day SOFR + 0.765%)<sup>(c)</sup> | &nbsp;&nbsp; 590 | 573123 |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(c)</sup><br>| &nbsp;&nbsp; 355 | 311725 |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(c)</sup> | &nbsp;&nbsp; 660 | 580639 |
| 2.07%, 06/01/29, (1-day SOFR + 1.015%)<sup>(c)</sup> | &nbsp;&nbsp; 465 | 439757 |
| 2.18%, 06/01/28, (1-day SOFR + 1.890%)<sup>(c)</sup> | &nbsp;&nbsp; 360 | 348196 |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(c)</sup> | &nbsp;&nbsp; 615 | 568195 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(c)</sup> | &nbsp;&nbsp; 685 | 610703 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(c)</sup><br>| &nbsp;&nbsp; 740 | 669322 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(c)</sup><br>| &nbsp;&nbsp; 840 | 791446 |
| 2.95%, 10/01/26 | &nbsp;&nbsp; 726 | 717882 |
| 2.95%, 02/24/28, (1-day SOFR + 1.170%)<sup>(c)</sup> | &nbsp;&nbsp; 400 | 392737 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR + <br> 2.515%)<sup>(c)</sup><br>| &nbsp;&nbsp; 644 | 600582 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 910 | 825201 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR + <br> 1.207%)<sup>(c)</sup><br>| &nbsp;&nbsp; 503 | 495443 |
| 3.54%, 05/01/28, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(c)</sup><br>| &nbsp;&nbsp; 585 | 578530 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 291 | 288256 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(c)</sup><br>| &nbsp;&nbsp; 570 | 558965 |
| 3.78%, 02/01/28, (3-mo. CME Term SOFR + <br> 1.599%)<sup>(c)</sup><br>| &nbsp;&nbsp; 610 | 606305 |
| 4.01%, 04/23/29, (3-mo. CME Term SOFR + <br> 1.382%)<sup>(c)</sup><br>| &nbsp;&nbsp; 507 | 504684 |
| 4.13%, 12/15/26 | &nbsp;&nbsp; 524 | 524157 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR + <br> 1.522%)<sup>(c)</sup><br>| &nbsp;&nbsp; 632 | 632671 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 338 | 340157 |
| 4.32%, 04/26/28, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 665 | 665810 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(c)</sup><br>| &nbsp;&nbsp; 568 | 572257 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(c)</sup><br>| &nbsp;&nbsp; 670 | 674880 |
| 4.51%, 10/22/28, (1-day SOFR + 0.860%)<sup>(c)</sup> | &nbsp;&nbsp; 455 | 457969 |
| 4.57%, 06/14/30, (1-day SOFR + 1.750%)<sup>(c)</sup> | &nbsp;&nbsp; 480 | 484793 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 575 | 571992 |
| 4.60%, 10/22/30, (1-day SOFR + 1.040%)<sup>(c)</sup> | &nbsp;&nbsp; 585 | 591233 |
| 4.85%, 07/25/28, (1-day SOFR + 1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 780 | 789474 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(c)</sup> | &nbsp;&nbsp; 1025 | 1038859 |
| 4.92%, 01/24/29, (1-day SOFR + 0.800%)<sup>(c)</sup> | &nbsp;&nbsp; 450 | 457868 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(c)</sup> | &nbsp;&nbsp; $625 | $621550 |
| 4.98%, 07/22/28, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 410 | 415929 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(c)</sup> | &nbsp;&nbsp; 640 | 656293 |
| 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(c)</sup> | &nbsp;&nbsp; 600 | 614204 |
| 5.04%, 01/23/28, (1-day SOFR + 1.190%)<sup>(c)</sup> | &nbsp;&nbsp; 530 | 535603 |
| 5.10%, 04/22/31, (1-day SOFR + 1.435%)<sup>(c)</sup> | &nbsp;&nbsp; 465 | 479681 |
| 5.14%, 01/24/31, (1-day SOFR + 1.010%)<sup>(c)</sup> | &nbsp;&nbsp; 355 | 366038 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 810 | 826191 |
| 5.30%, 07/24/29, (1-day SOFR + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 565 | 581937 |
| 5.34%, 01/23/35, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 760 | 780393 |
| 5.35%, 06/01/34, (1-day SOFR + 1.845%)<sup>(c)</sup> | &nbsp;&nbsp; 1005 | 1037970 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(c)</sup> | &nbsp;&nbsp; 490 | 506083 |
| 5.57%, 04/22/28, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 560 | 571947 |
| 5.57%, 04/22/36, (1-day SOFR + 1.680%)<sup>(c)</sup> | &nbsp;&nbsp; 505 | 525202 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(c)</sup> | &nbsp;&nbsp; 600 | 626555 |
| 5.58%, 07/23/36 | &nbsp;&nbsp; 170 | 173533 |
| 5.72%, 09/14/33, (1-day SOFR + 2.580%)<sup>(c)</sup> | &nbsp;&nbsp; 795 | 832420 |
| 5.77%, 04/22/35, (1-day SOFR + 1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 700 | 739560 |
| 6.07%, 10/22/27, (1-day SOFR + 1.330%)<sup>(c)</sup> | &nbsp;&nbsp; 470 | 479231 |
| 6.09%, 10/23/29, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 500 | 527221 |
| 6.25%, 10/23/34, (1-day SOFR + 1.810%)<sup>(c)</sup> | &nbsp;&nbsp; 670 | 731714 |
| 7.63%, 10/15/26 | &nbsp;&nbsp; 145 | 150650 |
| 8.00%, 04/29/27 | &nbsp;&nbsp; 145 | 154052 |
| 8.75%, 09/01/30 | &nbsp;&nbsp; 152 | 181259 |
| JPMorgan Chase Bank NA, 5.11%, 12/08/26 | &nbsp;&nbsp; 470 | 476036 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; 65 | 64852 |
| KeyBank NA/Cleveland OH |  |  |
| 3.90%, 04/13/29 | &nbsp;&nbsp; 250 | 243822 |
| 4.90%, 08/08/32 | &nbsp;&nbsp; 250 | 245376 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 250 | 257821 |
| 6.95%, 02/01/28 | &nbsp;&nbsp; 50 | 52786 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | &nbsp;&nbsp; 250 | 242179 |
| 2.55%, 10/01/29 | &nbsp;&nbsp; 258 | 241266 |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 180 | 179575 |
| 4.79%, 06/01/33, (1-day SOFR Index + <br> 2.060%)<sup>(c)</sup><br>| &nbsp;&nbsp; 165 | 163199 |
| 5.12%, 04/04/31, (1-day SOFR Index + <br> 1.227%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 65 | 66477 |
| 6.40%, 03/06/35, (1-day SOFR Index + <br> 2.420%)<sup>(c)</sup><br>| &nbsp;&nbsp; 245 | 263104 |
| Korea Development Bank (The) |  |  |
| 2.00%, 09/12/26 | &nbsp;&nbsp; 205 | 200785 |
| 2.00%, 10/25/31 | &nbsp;&nbsp; 75 | 66831 |
| 2.25%, 02/24/27 | &nbsp;&nbsp; 70 | 68293 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 0.75%, 09/30/30 | &nbsp;&nbsp; 545 | 470426 |
| 1.00%, 10/01/26 | &nbsp;&nbsp; 1065 | 1033057 |
| 1.75%, 09/14/29 | &nbsp;&nbsp; 503 | 467377 |
| 2.88%, 04/03/28 | &nbsp;&nbsp; 697 | 684484 |
| 3.00%, 05/20/27 | &nbsp;&nbsp; 1250 | 1235336 |
| 3.50%, 08/27/27 | &nbsp;&nbsp; 250 | 249175 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 925 | 928022 |
| 3.75%, 07/15/30 | &nbsp;&nbsp; 1100 | 1101421 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 945 | 951570 |
| 4.00%, 06/28/27 | &nbsp;&nbsp; 80 | 80451 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 1105 | 1118108 |
| 4.13%, 07/15/33 | &nbsp;&nbsp; 840 | 843215 |
| 4.38%, 03/01/27 | &nbsp;&nbsp; 1310 | 1322120 |
| 4.38%, 02/28/34 | &nbsp;&nbsp; 430 | 436493 |
| 4.63%, 03/18/30 | &nbsp;&nbsp; 305 | 316768 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.75%, 10/29/30 | &nbsp;&nbsp; $555 | $580887 |
| Series GLOB, 3.88%, 05/15/28 | &nbsp;&nbsp; 90 | 90606 |
| Landwirtschaftliche Rentenbank |  |  |
| 0.88%, 09/03/30 | &nbsp;&nbsp; 210 | 182599 |
| 3.88%, 09/28/27 | &nbsp;&nbsp; 260 | 260961 |
| 3.88%, 06/14/28 | &nbsp;&nbsp; 210 | 211303 |
| 4.13%, 05/28/30 | &nbsp;&nbsp; 135 | 137413 |
| 4.63%, 04/17/29 | &nbsp;&nbsp; 310 | 319881 |
| 5.00%, 10/24/33 | &nbsp;&nbsp; 97 | 102931 |
| Series 37, 2.50%, 11/15/27 | &nbsp;&nbsp; 195 | 190134 |
| Lloyds Banking Group PLC |  |  |
| 3.57%, 11/07/28<sup>(c)</sup> | &nbsp;&nbsp; 380 | 374066 |
| 3.75%, 01/11/27 | &nbsp;&nbsp; 290 | 288401 |
| 3.75%, 03/18/28, (1-year CMT + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 247879 |
| 4.38%, 03/22/28 | &nbsp;&nbsp; 300 | 301177 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 270 | 272815 |
| 4.82%, 06/13/29, (1-year CMT + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 202789 |
| 4.98%, 08/11/33, (1-year CMT + 2.300%)<sup>(c)</sup> | &nbsp;&nbsp; 255 | 255578 |
| 5.09%, 11/26/28, (1-year CMT + 0.850%)<sup>(c)</sup> | &nbsp;&nbsp; 235 | 238969 |
| 5.46%, 01/05/28, (1-year CMT + 1.375%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 223175 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 205207 |
| 5.68%, 01/05/35, (1-year CMT + 1.750%)<sup>(c)</sup> | &nbsp;&nbsp; 420 | 435549 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 275 | 287666 |
| 5.87%, 03/06/29, (1-year CMT + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 280 | 290599 |
| 7.95%, 11/15/33, (1-year CMT + 3.750%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 242277 |
| M&T Bank Corp. |  |  |
| 4.55%, 08/16/28, (1-day SOFR Index + <br> 1.780%)<sup>(c)</sup><br>| &nbsp;&nbsp; 150 | 150570 |
| 4.83%, 01/16/29, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 110 | 111244 |
| 5.05%, 01/27/34, (1-day SOFR + 1.850%)<sup>(c)</sup> | &nbsp;&nbsp; 265 | 262817 |
| 5.18%, 07/08/31, (1-day SOFR + 1.400%)<sup>(c)</sup> | &nbsp;&nbsp; 80 | 81764 |
| 5.39%, 01/16/36, (1-day SOFR + 1.610%)<sup>(c)</sup> | &nbsp;&nbsp; 160 | 160307 |
| 5.40%, 07/30/35, (5-year CMT + 1.430%)<sup>(c)</sup> | &nbsp;&nbsp; 50 | 50329 |
| 6.08%, 03/13/32, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; 230 | 244490 |
| 7.41%, 10/30/29, (1-day SOFR + 2.800%)<sup>(c)</sup> | &nbsp;&nbsp; 180 | 195833 |
| Manufacturers & Traders Trust Co. |  |  |
| 4.70%, 01/27/28 | &nbsp;&nbsp; 150 | 151780 |
| 4.76%, 07/06/28, (1-day SOFR + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 251971 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 1.64%, 10/13/27, (1-year CMT + 0.670%)<sup>(c)</sup> | &nbsp;&nbsp; 25 | 24278 |
| 2.05%, 07/17/30 | &nbsp;&nbsp; 120 | 107938 |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 418 | 369530 |
| 2.34%, 01/19/28, (1-year CMT + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 277547 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 177826 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 255 | 236905 |
| 2.76%, 09/13/26 | &nbsp;&nbsp; 220 | 216849 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 245 | 219594 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 380 | 365474 |
| 3.29%, 07/25/27 | &nbsp;&nbsp; 240 | 236760 |
| 3.68%, 02/22/27 | &nbsp;&nbsp; 255 | 253614 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 365 | 360822 |
| 3.96%, 03/02/28 | &nbsp;&nbsp; 361 | 360246 |
| 4.05%, 09/11/28 | &nbsp;&nbsp; 235 | 235288 |
| 4.08%, 04/19/28, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 199560 |
| 4.32%, 04/19/33, (1-year CMT + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 170 | 165608 |
| 5.02%, 07/20/28, (1-year CMT + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 310 | 314656 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(c)</sup> | &nbsp;&nbsp; 325 | 331445 |
| 5.16%, 04/24/31, (1-year CMT + 1.170%)<sup>(c)</sup> | &nbsp;&nbsp; 400 | 412828 |
| 5.20%, 01/16/31, (1-year CMT + 0.780%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 216672 |
| 5.24%, 04/19/29, (1-year CMT + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 215327 |
| 5.26%, 04/17/30, (1-year CMT + 0.820%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 227033 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.35%, 09/13/28, (1-year CMT + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; $95 | $97110 |
| 5.41%, 04/19/34, (1-year CMT + 1.970%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 234078 |
| 5.42%, 02/22/29, (1-year CMT + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 257064 |
| 5.43%, 04/17/35, (1-year CMT + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 350 | 360972 |
| 5.44%, 02/22/34, (1-year CMT + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 296978 |
| 5.47%, 09/13/33, (1-year CMT + 2.125%)<sup>(c)</sup> | &nbsp;&nbsp; 40 | 41645 |
| 5.48%, 02/22/31, (1-year CMT + 1.530%)<sup>(c)</sup> | &nbsp;&nbsp; 15 | 15655 |
| 5.57%, 01/16/36, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 207805 |
| 5.62%, 04/24/36, (1-year CMT + 1.270%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 208537 |
| Mizuho Financial Group Inc. |  |  |
| 1.98%, 09/08/31, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(c)</sup><br>| &nbsp;&nbsp; 160 | 141918 |
| 2.17%, 05/22/32, (1-year CMT + 0.870%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 175657 |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(c)</sup><br>| &nbsp;&nbsp; 275 | 247587 |
| 2.26%, 07/09/32, (1-year CMT + 0.900%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 175834 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 230 | 203473 |
| 2.59%, 05/25/31, (3-mo. CME Term SOFR + <br> 1.332%)<sup>(c)</sup><br>| &nbsp;&nbsp; 125 | 115044 |
| 2.84%, 09/13/26 | &nbsp;&nbsp; 233 | 229812 |
| 2.87%, 09/13/30, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 188790 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(c)</sup><br>| &nbsp;&nbsp; 205 | 196084 |
| 3.17%, 09/11/27 | &nbsp;&nbsp; 220 | 216033 |
| 3.26%, 05/22/30, (1-year CMT + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 120 | 115549 |
| 4.02%, 03/05/28 | &nbsp;&nbsp; 295 | 294761 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(c)</sup><br>| &nbsp;&nbsp; 255 | 255086 |
| 4.71%, 07/08/31, (1-year CMT + 0.920%)<sup>(c)</sup> | &nbsp;&nbsp; 400 | 404149 |
| 5.32%, 07/08/36, (1-year CMT + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 400 | 406892 |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 206832 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 207034 |
| 5.41%, 09/13/28, (1-year CMT + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 230226 |
| 5.58%, 05/26/35, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 207971 |
| 5.59%, 07/10/35, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 207865 |
| 5.67%, 05/27/29, (1-year CMT + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 50 | 51855 |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 209867 |
| 5.74%, 05/27/31, (1-year CMT + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 25 | 26326 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 210498 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 236867 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(c)</sup> | &nbsp;&nbsp; 320 | 333182 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(c)</sup> | &nbsp;&nbsp; 625 | 542100 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(c)</sup> | &nbsp;&nbsp; 605 | 524989 |
| 2.24%, 07/21/32, (1-day SOFR + 1.178%)<sup>(c)</sup> | &nbsp;&nbsp; 795 | 698255 |
| 2.48%, 01/21/28, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 475 | 463585 |
| 2.48%, 09/16/36, (1-day SOFR + 1.360%)<sup>(c)</sup> | &nbsp;&nbsp; 560 | 485088 |
| 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 575 | 510065 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(c)</sup> | &nbsp;&nbsp; 735 | 684698 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 565 | 509175 |
| 3.59%, 07/22/28<sup>(c)</sup> | &nbsp;&nbsp; 666 | 657863 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(c)</sup> | &nbsp;&nbsp; 650 | 628649 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 683 | 679426 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR + <br> 1.402%)<sup>(c)</sup><br>| &nbsp;&nbsp; 661 | 654217 |
| 3.95%, 04/23/27 | &nbsp;&nbsp; 434 | 432455 |
| 4.21%, 04/20/28, (1-day SOFR + 1.610%)<sup>(c)</sup> | &nbsp;&nbsp; 575 | 574824 |
| 4.35%, 09/08/26 | &nbsp;&nbsp; 478 | 478565 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(c)</sup><br>| &nbsp;&nbsp; 634 | 636777 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.65%, 10/18/30, (1-day SOFR + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; $645 | $651205 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(c)</sup> | &nbsp;&nbsp; 450 | 454107 |
| 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(c)</sup> | &nbsp;&nbsp; 970 | 993808 |
| 5.12%, 02/01/29, (1-day SOFR + 1.730%)<sup>(c)</sup> | &nbsp;&nbsp; 555 | 566706 |
| 5.16%, 04/20/29, (1-day SOFR + 1.590%)<sup>(c)</sup> | &nbsp;&nbsp; 575 | 587945 |
| 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 490 | 503495 |
| 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(c)</sup> | &nbsp;&nbsp; 690 | 711437 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(c)</sup> | &nbsp;&nbsp; 510 | 526219 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(c)</sup> | &nbsp;&nbsp; 740 | 755777 |
| 5.30%, 04/20/37, (1-day SOFR + 2.620%)<sup>(c)</sup> | &nbsp;&nbsp; 405 | 407431 |
| 5.32%, 07/19/35, (1-day SOFR + 1.555%)<sup>(c)</sup> | &nbsp;&nbsp; 755 | 769216 |
| 5.42%, 07/21/34, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 580 | 598663 |
| 5.45%, 07/20/29, (1-day SOFR + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 485 | 500619 |
| 5.47%, 01/18/35, (1-day SOFR + 1.730%)<sup>(c)</sup> | &nbsp;&nbsp; 690 | 711735 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(c)</sup> | &nbsp;&nbsp; 565 | 584109 |
| 5.65%, 04/13/28, (1-day SOFR +1.010%)<sup>(c)</sup> | &nbsp;&nbsp; 110 | 112365 |
| 5.66%, 04/18/30, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 545 | 568711 |
| 5.66%, 04/17/36, (1-day SOFR + 1.757%)<sup>(c)</sup> | &nbsp;&nbsp; 360 | 374669 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 770 | 811757 |
| 5.94%, 02/07/39, (5-year CMT + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 315 | 327236 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(c)</sup> | &nbsp;&nbsp; 420 | 436374 |
| 6.30%, 10/18/28, (1-day SOFR + 2.240%)<sup>(c)</sup> | &nbsp;&nbsp; 525 | 547220 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(c)</sup> | &nbsp;&nbsp; 695 | 759380 |
| 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 445 | 472806 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 465 | 515774 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; 250 | 288070 |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(c)</sup><br>| &nbsp;&nbsp; 275 | 280101 |
| Morgan Stanley Bank NA |  |  |
| 4.45%, 10/15/27, (1-day SOFR + 0.680%)<sup>(c)</sup> | &nbsp;&nbsp; 390 | 390400 |
| 4.95%, 01/14/28, (1-day SOFR + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 350 | 353157 |
| 4.97%, 07/14/28, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 330 | 334498 |
| 5.02%, 01/12/29, (1-day SOFR + 0.906%)<sup>(c)</sup> | &nbsp;&nbsp; 445 | 452899 |
| 5.50%, 05/26/28, (1-day SOFR + 0.865%)<sup>(c)</sup> | &nbsp;&nbsp; 485 | 495710 |
| 5.88%, 10/30/26 | &nbsp;&nbsp; 340 | 346687 |
| Morgan Stanley Private Bank N.A. |  |  |
| 4.47%, 07/06/28, (1-day SOFR + 0.770%)<sup>(c)</sup> | &nbsp;&nbsp; 360 | 361519 |
| 4.73%, 07/18/31, (1-day SOFR + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 460 | 466531 |
| National Australia Bank Ltd./New York |  |  |
| 3.91%, 06/09/27 | &nbsp;&nbsp; 160 | 159863 |
| 4.31%, 06/13/28 | &nbsp;&nbsp; 250 | 252410 |
| 4.50%, 10/26/27 | &nbsp;&nbsp; 250 | 252575 |
| 4.53%, 06/13/30 | &nbsp;&nbsp; 250 | 254455 |
| 4.79%, 01/10/29 | &nbsp;&nbsp; 255 | 261315 |
| 4.90%, 01/14/30 | &nbsp;&nbsp; 250 | 257992 |
| 4.94%, 01/12/28 | &nbsp;&nbsp; 250 | 255596 |
| 5.09%, 06/11/27 | &nbsp;&nbsp; 250 | 254846 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29 | &nbsp;&nbsp; 30 | 30184 |
| 4.95%, 02/01/28, (1-day SOFR + 0.795%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 252400 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 270 | 281367 |
| NatWest Group PLC |  |  |
| 3.03%, 11/28/35, (5-year CMT + 2.350%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 181931 |
| 3.07%, 05/22/28, (1-year CMT + 2.550%)<sup>(c)</sup> | &nbsp;&nbsp; 215 | 210902 |
| 4.45%, 05/08/30<sup>(c)</sup> | &nbsp;&nbsp; 255 | 255603 |
| 4.89%, 05/18/29<sup>(c)</sup> | &nbsp;&nbsp; 320 | 325021 |
| 4.96%, 08/15/30, (1-year CMT + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 265465 |
| 5.08%, 01/27/30<sup>(c)</sup> | &nbsp;&nbsp; 370 | 378092 |
| 5.12%, 05/23/31, (1-year CMT + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 204933 |
| 5.52%, 09/30/28, (1-year CMT + 2.270%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 225426 |
| 5.58%, 03/01/28, (1-year CMT + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 213902 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.78%, 03/01/35, (1-year CMT + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; $295 | $308227 |
| 5.81%, 09/13/29, (1-year CMT + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 261126 |
| 6.02%, 03/02/34, (1-year CMT + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 212909 |
| 6.48%, 06/01/34, (5-year CMT + 2.200%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 220478 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 235 | 213629 |
| 3.15%, 05/03/29 | &nbsp;&nbsp; 147 | 142649 |
| 3.38%, 05/08/32<sup>(c)</sup> | &nbsp;&nbsp; 132 | 129029 |
| 3.65%, 08/03/28 | &nbsp;&nbsp; 121 | 120132 |
| 4.00%, 05/10/27 | &nbsp;&nbsp; 260 | 260099 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 150 | 163293 |
| Oesterreichische Kontrollbank AG |  |  |
| 3.63%, 09/09/27 | &nbsp;&nbsp; 60 | 59898 |
| 3.75%, 09/05/29 | &nbsp;&nbsp; 135 | 135120 |
| 4.00%, 05/28/28 | &nbsp;&nbsp; 30 | 30271 |
| 4.13%, 01/18/29 | &nbsp;&nbsp; 390 | 395229 |
| 4.25%, 03/01/28 | &nbsp;&nbsp; 115 | 116573 |
| 4.50%, 01/24/30 | &nbsp;&nbsp; 235 | 242016 |
| 4.75%, 05/21/27 | &nbsp;&nbsp; 415 | 421683 |
| 5.00%, 10/23/26 | &nbsp;&nbsp; 155 | 156901 |
| PNC Bank N.A., 4.43%, 07/21/28, (1-day SOFR + <br> 0.727%)<sup>(c)</sup><br>| &nbsp;&nbsp; 250 | 250895 |
| PNC Bank NA |  |  |
| 2.70%, 10/22/29 | &nbsp;&nbsp; 250 | 235151 |
| 3.25%, 01/22/28 | &nbsp;&nbsp; 250 | 246115 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 305 | 303978 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + 0.979%)<sup>(c)</sup> | &nbsp;&nbsp; 244 | 217003 |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 505 | 471689 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 178 | 175282 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 424 | 414979 |
| 4.63%, 06/06/33, (1-day SOFR Index + <br> 1.850%)<sup>(c)</sup><br>| &nbsp;&nbsp; 210 | 206655 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(c)</sup> | &nbsp;&nbsp; 280 | 283027 |
| 4.90%, 05/13/31, (1-day SOFR + 1.333%)<sup>(c)</sup> | &nbsp;&nbsp; 245 | 249868 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(c)</sup> | &nbsp;&nbsp; 380 | 384073 |
| 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 227314 |
| 5.30%, 01/21/28, (1-day SOFR + 1.342%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 228373 |
| 5.35%, 12/02/28, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 235 | 240875 |
| 5.37%, 07/21/36, (1-day SOFR + 1.417%)<sup>(c)</sup> | &nbsp;&nbsp; 75 | 76182 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(c)</sup> | &nbsp;&nbsp; 315 | 322017 |
| 5.49%, 05/14/30, (1-day SOFR + 1.198%)<sup>(c)</sup> | &nbsp;&nbsp; 395 | 411097 |
| 5.58%, 06/12/29, (1-day SOFR + 1.841%)<sup>(c)</sup> | &nbsp;&nbsp; 427 | 442855 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(c)</sup> | &nbsp;&nbsp; 300 | 309361 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(c)</sup> | &nbsp;&nbsp; 310 | 323223 |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(c)</sup> | &nbsp;&nbsp; 190 | 201977 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(c)</sup><br>| &nbsp;&nbsp; 340 | 364360 |
| 6.62%, 10/20/27, (1-day SOFR Index + <br> 1.730%)<sup>(c)</sup><br>| &nbsp;&nbsp; 550 | 563860 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(c)</sup> | &nbsp;&nbsp; 495 | 555667 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28 | &nbsp;&nbsp; 185 | 173041 |
| 5.50%, 09/06/35, (1-day SOFR +2.060%)<sup>(c)</sup> | &nbsp;&nbsp; 170 | 172476 |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 190 | 197740 |
| Royal Bank of Canada |  |  |
| 1.40%, 11/02/26 | &nbsp;&nbsp; 244 | 236740 |
| 2.05%, 01/21/27 | &nbsp;&nbsp; 175 | 170293 |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 400 | 355681 |
| 3.63%, 05/04/27 | &nbsp;&nbsp; 295 | 293221 |
| 3.88%, 05/04/32 | &nbsp;&nbsp; 235 | 226076 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.24%, 08/03/27 | &nbsp;&nbsp; $310 | $311417 |
| 4.50%, 08/06/29, (1-day SOFR + 0.890%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 262365 |
| 4.51%, 10/18/27, (1-day SOFR Index + <br> 0.720%)<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 200577 |
| 4.52%, 10/18/28, (1-day SOFR Index + <br> 0.860%)<sup>(c)</sup><br>| &nbsp;&nbsp; 195 | 196312 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(c)</sup><br>| &nbsp;&nbsp; 400 | 403672 |
| 4.70%, 08/06/31, (1-day SOFR + 1.060%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 201974 |
| 4.72%, 03/27/28, (1-day SOFR Index + <br> 0.810%)<sup>(c)</sup><br>| &nbsp;&nbsp; 250 | 252101 |
| 4.88%, 01/19/27 | &nbsp;&nbsp; 285 | 288214 |
| 4.90%, 01/12/28 | &nbsp;&nbsp; 180 | 183659 |
| 4.95%, 02/01/29 | &nbsp;&nbsp; 275 | 282993 |
| 4.97%, 01/24/29, (1-day SOFR + 0.830%)<sup>(c)</sup> | &nbsp;&nbsp; 380 | 386810 |
| 4.97%, 08/02/30, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 265603 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(c)</sup><br>| &nbsp;&nbsp; 340 | 348061 |
| 5.00%, 02/01/33 | &nbsp;&nbsp; 375 | 384135 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 210 | 214744 |
| 5.15%, 02/04/31, (1-day SOFR + 1.030%)<sup>(c)</sup> | &nbsp;&nbsp; 350 | 360399 |
| 5.15%, 02/01/34 | &nbsp;&nbsp; 460 | 475189 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 240 | 247837 |
| 6.00%, 11/01/27 | &nbsp;&nbsp; 320 | 332712 |
| Santander Holdings USA Inc. |  |  |
| 2.49%, 01/06/28, (1-day SOFR + 1.249%)<sup>(c)</sup> | &nbsp;&nbsp; 215 | 209500 |
| 3.24%, 10/05/26 | &nbsp;&nbsp; 223 | 220360 |
| 4.40%, 07/13/27 | &nbsp;&nbsp; 239 | 239414 |
| 5.35%, 09/06/30, (1-day SOFR + 1.940%)<sup>(c)</sup> | &nbsp;&nbsp; 115 | 118149 |
| 5.47%, 03/20/29, (1-day SOFR + 1.610%)<sup>(c)</sup> | &nbsp;&nbsp; 125 | 127923 |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(c)</sup> | &nbsp;&nbsp; 135 | 140306 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(c)</sup> | &nbsp;&nbsp; 120 | 125854 |
| 6.34%, 05/31/35, (1-day SOFR + 2.138%)<sup>(c)</sup> | &nbsp;&nbsp; 145 | 154154 |
| 6.50%, 03/09/29, (1-day SOFR + 2.356%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 219884 |
| 6.57%, 06/12/29, (1-day SOFR + 2.700%)<sup>(c)</sup> | &nbsp;&nbsp; 180 | 189251 |
| 7.66%, 11/09/31, (1-day SOFR + 3.280%)<sup>(c)</sup> | &nbsp;&nbsp; 190 | 214098 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.47%, 01/11/28, (1-day SOFR + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 204634 |
| 3.82%, 11/03/28<sup>(c)</sup> | &nbsp;&nbsp; 205 | 202517 |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(c)</sup><br>| &nbsp;&nbsp; 210 | 212553 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 208824 |
| 6.53%, 01/10/29, (1-day SOFR + 2.600%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 272338 |
| State Street Bank & Trust Co. |  |  |
| 4.59%, 11/25/26 | &nbsp;&nbsp; 275 | 277111 |
| 4.78%, 11/23/29 | &nbsp;&nbsp; 250 | 256729 |
| State Street Corp. |  |  |
| 1.68%, 11/18/27, (1-day SOFR + 0.560%)<sup>(c)</sup> | &nbsp;&nbsp; 160 | 155164 |
| 2.20%, 02/07/28, (1-day SOFR + 0.730%)<sup>(c)</sup> | &nbsp;&nbsp; 180 | 175110 |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 160 | 142630 |
| 2.40%, 01/24/30 | &nbsp;&nbsp; 191 | 179131 |
| 2.62%, 02/07/33, (1-day SOFR + 1.002%)<sup>(c)</sup> | &nbsp;&nbsp; 135 | 120412 |
| 3.03%, 11/01/34, (1-day SOFR + 1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 145 | 135984 |
| 3.15%, 03/30/31, (1-day SOFR + 2.650%)<sup>(c)</sup> | &nbsp;&nbsp; 165 | 158178 |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR + <br> 1.292%)<sup>(c)</sup><br>| &nbsp;&nbsp; 130 | 130387 |
| 4.16%, 08/04/33, (1-day SOFR + 1.726%)<sup>(c)</sup> | &nbsp;&nbsp; 194 | 188047 |
| 4.33%, 10/22/27 | &nbsp;&nbsp; 290 | 292402 |
| 4.42%, 05/13/33, (1-day SOFR + 1.605%)<sup>(c)</sup> | &nbsp;&nbsp; 205 | 202900 |
| 4.53%, 02/20/29, (1-day SOFR + 1.018%)<sup>(c)</sup> | &nbsp;&nbsp; 240 | 242516 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.54%, 02/28/28 | &nbsp;&nbsp; $180 | $182484 |
| 4.54%, 04/24/28, (1-day SOFR + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 70 | 70493 |
| 4.68%, 10/22/32, (1-day SOFR + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 185 | 187155 |
| 4.73%, 02/28/30 | &nbsp;&nbsp; 205 | 209580 |
| 4.82%, 01/26/34, (1-day SOFR + 1.567%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 200514 |
| 4.83%, 04/24/30 | &nbsp;&nbsp; 150 | 153925 |
| 4.99%, 03/18/27 | &nbsp;&nbsp; 270 | 274201 |
| 5.15%, 02/28/36, (1-day SOFR + 1.217%)<sup>(c)</sup> | &nbsp;&nbsp; 125 | 126508 |
| 5.16%, 05/18/34, (1-day SOFR + 1.890%)<sup>(c)</sup> | &nbsp;&nbsp; 205 | 210439 |
| 5.68%, 11/21/29, (1-day SOFR + 1.484%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 298996 |
| 5.82%, 11/04/28, (1-day SOFR + 1.715%)<sup>(c)</sup> | &nbsp;&nbsp; 90 | 93237 |
| 6.12%, 11/21/34, (1-day SOFR + 1.958%)<sup>(c)</sup> | &nbsp;&nbsp; 170 | 182578 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.40%, 09/17/26 | &nbsp;&nbsp; 365 | 354729 |
| 1.71%, 01/12/31 | &nbsp;&nbsp; 200 | 174139 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 435 | 407241 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 165 | 148944 |
| 2.14%, 09/23/30 | &nbsp;&nbsp; 195 | 174764 |
| 2.17%, 01/14/27 | &nbsp;&nbsp; 155 | 151023 |
| 2.22%, 09/17/31 | &nbsp;&nbsp; 280 | 246773 |
| 2.47%, 01/14/29 | &nbsp;&nbsp; 200 | 189348 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 295 | 276487 |
| 3.01%, 10/19/26 | &nbsp;&nbsp; 345 | 340578 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 550 | 525389 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 190 | 187375 |
| 3.36%, 07/12/27 | &nbsp;&nbsp; 320 | 316216 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 287 | 284448 |
| 3.54%, 01/17/28 | &nbsp;&nbsp; 30 | 29638 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 90 | 89765 |
| 4.31%, 10/16/28 | &nbsp;&nbsp; 175 | 176017 |
| 4.95%, 07/08/33, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 20 | 20266 |
| 5.32%, 07/09/29 | &nbsp;&nbsp; 200 | 207292 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 225 | 235577 |
| 5.52%, 01/13/28 | &nbsp;&nbsp; 405 | 418123 |
| 5.56%, 07/09/34 | &nbsp;&nbsp; 295 | 307861 |
| 5.63%, 01/15/35 | &nbsp;&nbsp; 200 | 209853 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 235 | 247821 |
| 5.72%, 09/14/28 | &nbsp;&nbsp; 245 | 255763 |
| 5.77%, 01/13/33 | &nbsp;&nbsp; 425 | 450925 |
| 5.78%, 07/13/33 | &nbsp;&nbsp; 200 | 212913 |
| 5.80%, 07/13/28 | &nbsp;&nbsp; 220 | 230096 |
| 5.81%, 09/14/33 | &nbsp;&nbsp; 220 | 234813 |
| 5.85%, 07/13/30 | &nbsp;&nbsp; 215 | 228693 |
| Synchrony Bank, 5.63%, 08/23/27 | &nbsp;&nbsp; 250 | 255543 |
| Synovus Bank, 5.63%, 02/15/28 | &nbsp;&nbsp; 35 | 35705 |
| Synovus Financial Corp., 6.17%, 11/01/30, (1-day <br> SOFR +2.347%)<sup>(c)</sup><br>| &nbsp;&nbsp; 65 | 67547 |
| Toronto-Dominion Bank (The) |  |  |
| 1.25%, 09/10/26 | &nbsp;&nbsp; 250 | 242862 |
| 1.95%, 01/12/27 | &nbsp;&nbsp; 175 | 170168 |
| 2.00%, 09/10/31 | &nbsp;&nbsp; 225 | 198538 |
| 2.45%, 01/12/32 | &nbsp;&nbsp; 150 | 132766 |
| 2.80%, 03/10/27 | &nbsp;&nbsp; 300 | 294402 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 315 | 289612 |
| 3.63%, 09/15/31, (5-year USD Swap + <br> 2.205%)<sup>(c)</sup><br>| &nbsp;&nbsp; 305 | 301933 |
| 4.11%, 06/08/27 | &nbsp;&nbsp; 402 | 402264 |
| 4.46%, 06/08/32 | &nbsp;&nbsp; 495 | 490246 |
| 4.57%, 12/17/26 | &nbsp;&nbsp; 275 | 276371 |
| 4.57%, 06/02/28 | &nbsp;&nbsp; 150 | 151773 |
| 4.69%, 09/15/27 | &nbsp;&nbsp; 320 | 323704 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.78%, 12/17/29 | &nbsp;&nbsp; $220 | $224595 |
| 4.81%, 06/03/30 | &nbsp;&nbsp; 195 | 198972 |
| 4.86%, 01/31/28 | &nbsp;&nbsp; 200 | 203394 |
| 4.98%, 04/05/27 | &nbsp;&nbsp; 310 | 314060 |
| 4.99%, 04/05/29 | &nbsp;&nbsp; 225 | 230753 |
| 5.15%, 09/10/34, (5-year CMT + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 75 | 76046 |
| 5.16%, 01/10/28 | &nbsp;&nbsp; 215 | 219976 |
| 5.26%, 12/11/26 | &nbsp;&nbsp; 140 | 141939 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 185 | 192203 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 305 | 316478 |
| Truist Bank |  |  |
| 2.25%, 03/11/30 | &nbsp;&nbsp; 255 | 232255 |
| 3.80%, 10/30/26 | &nbsp;&nbsp; 90 | 89443 |
| 4.42%, 07/24/28, (1-day SOFR + 0.770%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 250733 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | &nbsp;&nbsp; 184 | 174143 |
| 1.89%, 06/07/29, (1-day SOFR + 0.862%)<sup>(c)</sup> | &nbsp;&nbsp; 215 | 202098 |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 185 | 166301 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 155 | 152552 |
| 4.12%, 06/06/28, (1-day SOFR + 1.368%)<sup>(c)</sup> | &nbsp;&nbsp; 240 | 239991 |
| 4.87%, 01/26/29, (1-day SOFR + 1.435%)<sup>(c)</sup> | &nbsp;&nbsp; 295 | 299408 |
| 4.92%, 07/28/33, (1-day SOFR + 2.240%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 207080 |
| 5.07%, 05/20/31, (1-day SOFR + 1.309%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 255903 |
| 5.12%, 01/26/34, (1-day SOFR + 1.852%)<sup>(c)</sup> | &nbsp;&nbsp; 320 | 322290 |
| 5.15%, 08/05/32, (1-day SOFR + 1.571%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 226332 |
| 5.44%, 01/24/30, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 317 | 328330 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(c)</sup> | &nbsp;&nbsp; 475 | 494670 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(c)</sup> | &nbsp;&nbsp; 374 | 392935 |
| 6.12%, 10/28/33, (1-day SOFR + 2.300%)<sup>(c)</sup> | &nbsp;&nbsp; 165 | 176187 |
| 7.16%, 10/30/29, (1-day SOFR + 2.446%)<sup>(c)</sup> | &nbsp;&nbsp; 370 | 401605 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 330 | 288409 |
| 2.22%, 01/27/28, (1-day SOFR + 0.730%)<sup>(c)</sup> | &nbsp;&nbsp; 275 | 267398 |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 225 | 193517 |
| 2.68%, 01/27/33, (1-day SOFR + 1.020%)<sup>(c)</sup> | &nbsp;&nbsp; 210 | 185727 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 220 | 210162 |
| 3.90%, 04/26/28 | &nbsp;&nbsp; 212 | 211661 |
| 4.55%, 07/22/28, (1-day SOFR + 1.660%)<sup>(c)</sup> | &nbsp;&nbsp; 420 | 422864 |
| 4.65%, 02/01/29, (1-day SOFR + 1.230%)<sup>(c)</sup> | &nbsp;&nbsp; 340 | 343888 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp; 445 | 442431 |
| 4.97%, 07/22/33, (1-day SOFR + 2.110%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 283127 |
| 5.05%, 02/12/31, (1-day SOFR + 1.061%)<sup>(c)</sup> | &nbsp;&nbsp; 185 | 189659 |
| 5.08%, 05/15/31, (1-day SOFR + 1.296%)<sup>(c)</sup> | &nbsp;&nbsp; 6 | 6167 |
| 5.10%, 07/23/30, (1-day SOFR + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 275 | 282767 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 330 | 341438 |
| 5.42%, 02/12/36, (1-day SOFR + 1.411%)<sup>(c)</sup> | &nbsp;&nbsp; 180 | 184224 |
| 5.68%, 01/23/35, (1-day SOFR + 1.860%)<sup>(c)</sup> | &nbsp;&nbsp; 450 | 469111 |
| 5.78%, 06/12/29, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 375 | 390622 |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; 386 | 407479 |
| 5.85%, 10/21/33, (1-day SOFR + 2.090%)<sup>(c)</sup> | &nbsp;&nbsp; 355 | 375374 |
| 6.79%, 10/26/27, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 205578 |
| Series X, 3.15%, 04/27/27 | &nbsp;&nbsp; 243 | 239721 |
| U.S. Bank NA/Cincinnati OH, 4.51%, 10/22/27, <br> (1-day SOFR + 0.690%)<sup>(c)</sup><br>| &nbsp;&nbsp; 25 | 25066 |
| UBS AG/London, 5.65%, 09/11/28 | &nbsp;&nbsp; 305 | 318712 |
| UBS AG/Stamford CT |  |  |
| 4.86%, 01/10/28, (1-day SOFR + 0.720%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 252227 |
| 5.00%, 07/09/27 | &nbsp;&nbsp; 270 | 274431 |
| 7.50%, 02/15/28 | &nbsp;&nbsp; 520 | 561044 |
| Webster Financial Corp., 4.10%, 03/25/29 | &nbsp;&nbsp; 50 | 49148 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. |  |  |
| 2.39%, 06/02/28, (1-day SOFR + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; $697 | $675744 |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(c)</sup><br>| &nbsp;&nbsp; 760 | 703651 |
| 2.88%, 10/30/30, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(c)</sup><br>| &nbsp;&nbsp; 760 | 717748 |
| 3.00%, 10/23/26 | &nbsp;&nbsp; 746 | 736085 |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 885 | 816115 |
| 3.53%, 03/24/28, (1-day SOFR + 1.510%)<sup>(c)</sup> | &nbsp;&nbsp; 875 | 865765 |
| 3.58%, 05/22/28, (3-mo. CME Term SOFR + <br> 1.572%)<sup>(c)</sup><br>| &nbsp;&nbsp; 662 | 654800 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 67 | 66967 |
| 4.30%, 07/22/27 | &nbsp;&nbsp; 518 | 519485 |
| 4.48%, 04/04/31, (3-mo. CME Term SOFR + <br> 4.032%)<sup>(c)</sup><br>| &nbsp;&nbsp; 535 | 536857 |
| 4.81%, 07/25/28, (1-day SOFR + 1.980%)<sup>(c)</sup> | &nbsp;&nbsp; 645 | 651972 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; 965 | 970551 |
| 4.97%, 04/23/29, (1-day SOFR + 1.370%)<sup>(c)</sup> | &nbsp;&nbsp; 640 | 652068 |
| 5.15%, 04/23/31, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 925 | 952854 |
| 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 600 | 617251 |
| 5.21%, 12/03/35, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 525 | 529609 |
| 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(c)</sup> | &nbsp;&nbsp; 325 | 335602 |
| 5.38%, 02/07/35 | &nbsp;&nbsp; 625 | 658344 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 875 | 900275 |
| 5.50%, 01/23/35, (1-day SOFR + 1.780%)<sup>(c)</sup> | &nbsp;&nbsp; 670 | 690945 |
| 5.56%, 07/25/34, (1-day SOFR + 1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 990 | 1027929 |
| 5.57%, 07/25/29, (1-day SOFR + 1.740%)<sup>(c)</sup> | &nbsp;&nbsp; 920 | 953609 |
| 5.61%, 04/23/36, (1-day SOFR + 1.740%)<sup>(c)</sup> | &nbsp;&nbsp; 345 | 357967 |
| 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 690 | 705609 |
| 6.30%, 10/23/29, (1-day SOFR + 1.790%)<sup>(c)</sup> | &nbsp;&nbsp; 635 | 673081 |
| 6.49%, 10/23/34, (1-day SOFR + 2.060%)<sup>(c)</sup> | &nbsp;&nbsp; 735 | 807762 |
| Series B, 7.95%, 11/15/29 | &nbsp;&nbsp; 100 | 112055 |
| Series W, 4.90%, 01/24/28, (1-day SOFR + <br> 0.780%)<sup>(c)</sup><br>| &nbsp;&nbsp; 485 | 489164 |
| Wells Fargo Bank NA, 5.25%, 12/11/26 | &nbsp;&nbsp; 480 | 486736 |
| Westpac Banking Corp. |  |  |
| 1.95%, 11/20/28 | &nbsp;&nbsp; 256 | 240792 |
| 2.15%, 06/03/31 | &nbsp;&nbsp; 375 | 337082 |
| 2.65%, 01/16/30 | &nbsp;&nbsp; 120 | 113294 |
| 2.67%, 11/15/35, (5-year CMT + 1.750%)<sup>(c)</sup> | &nbsp;&nbsp; 255 | 228516 |
| 3.02%, 11/18/36, (5-year CMT + 1.530%)<sup>(c)</sup> | &nbsp;&nbsp; 230 | 204922 |
| 3.35%, 03/08/27 | &nbsp;&nbsp; 243 | 240985 |
| 3.40%, 01/25/28 | &nbsp;&nbsp; 197 | 194794 |
| 4.04%, 08/26/27 | &nbsp;&nbsp; 210 | 210481 |
| 4.11%, 07/24/34, (5-year CMT + 2.000%)<sup>(c)</sup> | &nbsp;&nbsp; 235 | 229844 |
| 4.32%, 11/23/31, (5-year USD ICE Swap + <br> 2.236%)<sup>(c)</sup><br>| &nbsp;&nbsp; 335 | 333694 |
| 4.35%, 07/01/30 | &nbsp;&nbsp; 220 | 222384 |
| 4.60%, 10/20/26 | &nbsp;&nbsp; 145 | 145972 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 220 | 227721 |
| 5.41%, 08/10/33, (1-year CMT + 2.680%)<sup>(c)</sup> | &nbsp;&nbsp; 235 | 240107 |
| 5.46%, 11/18/27 | &nbsp;&nbsp; 320 | 330200 |
| 5.54%, 11/17/28 | &nbsp;&nbsp; 270 | 282927 |
| 5.62%, 11/20/35, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 254727 |
| 6.82%, 11/17/33 | &nbsp;&nbsp; 185 | 205323 |
| Wintrust Financial Corp., 4.85%, 06/06/29 | &nbsp;&nbsp; 20 | 19794 |
| Zions Bancorp NA |  |  |
| 3.25%, 10/29/29 | &nbsp;&nbsp; 80 | 74361 |
| 6.82%, 11/19/35, (1-day SOFR + 2.830%)<sup>(c)</sup> | &nbsp;&nbsp; 30 | 31417 |
|  |  | 302787843 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; $315 | $306534 |
| 4.75%, 01/23/29 | &nbsp;&nbsp; 494 | 504885 |
| 4.90%, 01/23/31 | &nbsp;&nbsp; 225 | 232837 |
| 5.00%, 06/15/34 | &nbsp;&nbsp; 195 | 199359 |
| Brown-Forman Corp., 4.75%, 04/15/33 | &nbsp;&nbsp; 125 | 125722 |
| Coca-Cola Co. (The) |  |  |
| 1.00%, 03/15/28 | &nbsp;&nbsp; 295 | 275660 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 298 | 258427 |
| 1.45%, 06/01/27 | &nbsp;&nbsp; 340 | 326704 |
| 1.50%, 03/05/28 | &nbsp;&nbsp; 185 | 175129 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 315 | 282658 |
| 2.00%, 03/05/31 | &nbsp;&nbsp; 180 | 161480 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 255 | 238222 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 445 | 396311 |
| 2.90%, 05/25/27 | &nbsp;&nbsp; 90 | 88605 |
| 3.38%, 03/25/27 | &nbsp;&nbsp; 278 | 276065 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 298 | 290502 |
| 4.65%, 08/14/34 | &nbsp;&nbsp; 160 | 161704 |
| 5.00%, 05/13/34 | &nbsp;&nbsp; 200 | 206636 |
| Coca-Cola Consolidated Inc. |  |  |
| 5.25%, 06/01/29 | &nbsp;&nbsp; 125 | 129039 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 140 | 145053 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.85%, 09/01/32 | &nbsp;&nbsp; 95 | 78610 |
| 2.75%, 01/22/30 | &nbsp;&nbsp; 100 | 94059 |
| Constellation Brands Inc. |  |  |
| 2.25%, 08/01/31 | &nbsp;&nbsp; 235 | 206346 |
| 2.88%, 05/01/30 | &nbsp;&nbsp; 135 | 126290 |
| 3.15%, 08/01/29 | &nbsp;&nbsp; 240 | 230061 |
| 3.50%, 05/09/27 | &nbsp;&nbsp; 65 | 64232 |
| 3.60%, 02/15/28 | &nbsp;&nbsp; 70 | 69075 |
| 3.70%, 12/06/26 | &nbsp;&nbsp; 164 | 162858 |
| 4.35%, 05/09/27 | &nbsp;&nbsp; 185 | 185431 |
| 4.65%, 11/15/28 | &nbsp;&nbsp; 135 | 136555 |
| 4.75%, 05/09/32 | &nbsp;&nbsp; 115 | 114853 |
| 4.80%, 01/15/29 | &nbsp;&nbsp; 90 | 91326 |
| 4.80%, 05/01/30 | &nbsp;&nbsp; 70 | 70989 |
| 4.90%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 170 | 169763 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 290 | 263523 |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 70 | 60192 |
| 2.38%, 10/24/29 | &nbsp;&nbsp; 225 | 210565 |
| 3.88%, 05/18/28 | &nbsp;&nbsp; 60 | 59900 |
| 5.30%, 10/24/27 | &nbsp;&nbsp; 200 | 205125 |
| 5.38%, 10/05/26 | &nbsp;&nbsp; 220 | 222691 |
| 5.50%, 01/24/33 | &nbsp;&nbsp; 40 | 41935 |
| 5.63%, 10/05/33 | &nbsp;&nbsp; 240 | 253902 |
| Diageo Investment Corp. |  |  |
| 5.63%, 04/15/35 | &nbsp;&nbsp; 200 | 210599 |
| 7.45%, 04/15/35 | &nbsp;&nbsp; 30 | 35784 |
| Keurig Dr Pepper Inc. |  |  |
| 2.25%, 03/15/31 | &nbsp;&nbsp; 115 | 101325 |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 120 | 117988 |
| 3.20%, 05/01/30 | &nbsp;&nbsp; 165 | 155440 |
| 3.43%, 06/15/27 | &nbsp;&nbsp; 115 | 113147 |
| 3.95%, 04/15/29 | &nbsp;&nbsp; 245 | 241025 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 185 | 176452 |
| 4.35%, 05/15/28 | &nbsp;&nbsp; 125 | 124830 |
| 4.60%, 05/25/28 | &nbsp;&nbsp; 240 | 241073 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 80 | 80034 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 5.05%, 03/15/29 | &nbsp;&nbsp; $160 | $162988 |
| 5.10%, 03/15/27 | &nbsp;&nbsp; 85 | 85809 |
| 5.15%, 05/15/35 | &nbsp;&nbsp; 80 | 78959 |
| 5.30%, 03/15/34 | &nbsp;&nbsp; 145 | 146289 |
| Series 10, 5.20%, 03/15/31 | &nbsp;&nbsp; 125 | 127911 |
| PepsiCo Inc. |  |  |
| 1.40%, 02/25/31 | &nbsp;&nbsp; 200 | 173234 |
| 1.63%, 05/01/30 | &nbsp;&nbsp; 259 | 232096 |
| 1.95%, 10/21/31 | &nbsp;&nbsp; 230 | 201994 |
| 2.38%, 10/06/26 | &nbsp;&nbsp; 229 | 225130 |
| 2.63%, 03/19/27 | &nbsp;&nbsp; 135 | 132384 |
| 2.63%, 07/29/29 | &nbsp;&nbsp; 238 | 226257 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 300 | 283155 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 348 | 342152 |
| 3.60%, 02/18/28 | &nbsp;&nbsp; 150 | 149188 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 335 | 325248 |
| 4.10%, 01/15/29 | &nbsp;&nbsp; 125 | 125302 |
| 4.30%, 07/23/30 | &nbsp;&nbsp; 80 | 80463 |
| 4.40%, 02/07/27 | &nbsp;&nbsp; 140 | 141006 |
| 4.45%, 02/07/28 | &nbsp;&nbsp; 150 | 152014 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 165 | 167531 |
| 4.45%, 02/15/33 | &nbsp;&nbsp; 185 | 185339 |
| 4.50%, 07/17/29 | &nbsp;&nbsp; 175 | 178288 |
| 4.60%, 02/07/30 | &nbsp;&nbsp; 135 | 138011 |
| 4.65%, 07/23/32 | &nbsp;&nbsp; 125 | 126493 |
| 4.80%, 07/17/34 | &nbsp;&nbsp; 150 | 151250 |
| 5.00%, 02/07/35 | &nbsp;&nbsp; 410 | 416308 |
| 5.00%, 07/23/35 | &nbsp;&nbsp; 125 | 126088 |
| 5.13%, 11/10/26 | &nbsp;&nbsp; 205 | 207561 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 120 | 131727 |
| Pepsico Singapore Financing I Pte Ltd. |  |  |
| 4.55%, 02/16/29 | &nbsp;&nbsp; 120 | 121933 |
| 4.65%, 02/16/27 | &nbsp;&nbsp; 130 | 131250 |
| 4.70%, 02/16/34 | &nbsp;&nbsp; 130 | 129417 |
|  |  | 15100285 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; 260 | 242722 |
| 2.00%, 01/15/32 | &nbsp;&nbsp; 220 | 188914 |
| 2.20%, 02/21/27 | &nbsp;&nbsp; 332 | 323128 |
| 2.30%, 02/25/31 | &nbsp;&nbsp; 275 | 246811 |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 260 | 240605 |
| 3.00%, 02/22/29 | &nbsp;&nbsp; 165 | 158745 |
| 3.20%, 11/02/27 | &nbsp;&nbsp; 182 | 178597 |
| 3.35%, 02/22/32 | &nbsp;&nbsp; 235 | 218967 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 250 | 248821 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 140 | 135224 |
| 5.15%, 03/02/28 | &nbsp;&nbsp; 805 | 823525 |
| 5.25%, 03/02/30 | &nbsp;&nbsp; 635 | 657594 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 930 | 954232 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | &nbsp;&nbsp; 350 | 318418 |
| 5.05%, 01/15/31 | &nbsp;&nbsp; 60 | 61617 |
| 5.75%, 05/15/35 | &nbsp;&nbsp; 155 | 159967 |
| Bio-Rad Laboratories Inc. |  |  |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 105 | 103452 |
| 3.70%, 03/15/32 | &nbsp;&nbsp; 210 | 195583 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 175 | 165433 |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 270 | 238528 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 302 | 297408 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 4.80%, 11/15/29 | &nbsp;&nbsp; $150 | $153856 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; 65 | 65882 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 200 | 207672 |
| Illumina Inc. |  |  |
| 2.55%, 03/23/31 | &nbsp;&nbsp; 165 | 146974 |
| 4.65%, 09/09/26 | &nbsp;&nbsp; 75 | 75167 |
| 5.75%, 12/13/27 | &nbsp;&nbsp; 95 | 97700 |
| Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 | &nbsp;&nbsp; 313 | 275278 |
| Royalty Pharma PLC |  |  |
| 1.75%, 09/02/27 | &nbsp;&nbsp; 205 | 195065 |
| 2.15%, 09/02/31 | &nbsp;&nbsp; 134 | 116474 |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 235 | 210285 |
| 5.15%, 09/02/29 | &nbsp;&nbsp; 130 | 133411 |
| 5.40%, 09/02/34 | &nbsp;&nbsp; 95 | 96268 |
|  |  | 7932323 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Amrize Finance US LLC |  |  |
| 4.60%, 04/07/27<sup>(b)</sup> | &nbsp;&nbsp; 70 | 70367 |
| 4.70%, 04/07/28<sup>(b)</sup> | &nbsp;&nbsp; 65 | 65787 |
| 4.95%, 04/07/30<sup>(b)</sup> | &nbsp;&nbsp; 15 | 15307 |
| 5.40%, 04/07/35<sup>(b)</sup> | &nbsp;&nbsp; 230 | 233354 |
| Carrier Global Corp. |  |  |
| 2.49%, 02/15/27 | &nbsp;&nbsp; 176 | 172171 |
| 2.70%, 02/15/31 | &nbsp;&nbsp; 165 | 151726 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 455 | 427246 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 170 | 181347 |
| CRH America Finance Inc. |  |  |
| 5.40%, 05/21/34 | &nbsp;&nbsp; 210 | 215655 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 200 | 206384 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 200 | 205711 |
| 5.20%, 05/21/29 | &nbsp;&nbsp; 200 | 206370 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp; 200 | 178699 |
| Fortune Brands Innovations Inc. |  |  |
| 3.25%, 09/15/29 | &nbsp;&nbsp; 130 | 124344 |
| 4.00%, 03/25/32 | &nbsp;&nbsp; 85 | 80738 |
| 5.88%, 06/01/33 | &nbsp;&nbsp; 145 | 153084 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA<br>|  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 125 | 110754 |
| 2.00%, 09/16/31 | &nbsp;&nbsp; 155 | 134152 |
| 4.90%, 12/01/32 | &nbsp;&nbsp; 150 | 151466 |
| 5.50%, 04/19/29 | &nbsp;&nbsp; 135 | 140710 |
| Lennox International Inc. |  |  |
| 1.70%, 08/01/27 | &nbsp;&nbsp; 95 | 90600 |
| 5.50%, 09/15/28 | &nbsp;&nbsp; 125 | 129428 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 265 | 236302 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 50 | 49382 |
| 3.50%, 12/15/27 | &nbsp;&nbsp; 119 | 117403 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 70 | 70423 |
| Series CB, 2.50%, 03/15/30 | &nbsp;&nbsp; 140 | 129807 |
| Masco Corp. |  |  |
| 1.50%, 02/15/28 | &nbsp;&nbsp; 130 | 121694 |
| 2.00%, 10/01/30 | &nbsp;&nbsp; 90 | 80250 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 155 | 135437 |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 80 | 78802 |
| Mohawk Industries Inc., 5.85%, 09/18/28 | &nbsp;&nbsp; 100 | 104448 |
| Owens Corning |  |  |
| 3.50%, 02/15/30 | &nbsp;&nbsp; 60 | 57971 |
| 3.88%, 06/01/30 | &nbsp;&nbsp; 115 | 112222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 3.95%, 08/15/29 | &nbsp;&nbsp; $95 | $93826 |
| 5.50%, 06/15/27 | &nbsp;&nbsp; 80 | 81754 |
| 5.70%, 06/15/34 | &nbsp;&nbsp; 140 | 146460 |
| Trane Technologies Financing Ltd. |  |  |
| 3.80%, 03/21/29 | &nbsp;&nbsp; 178 | 176216 |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 95 | 96975 |
| 5.25%, 03/03/33 | &nbsp;&nbsp; 125 | 129127 |
| Trane Technologies Global Holding Co. Ltd., 3.75%, <br> 08/21/28<br>| &nbsp;&nbsp; 150 | 149445 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 180 | 173737 |
| 3.90%, 04/01/27 | &nbsp;&nbsp; 135 | 134519 |
| 4.95%, 12/01/29 | &nbsp;&nbsp; 125 | 128084 |
| 5.35%, 12/01/34 | &nbsp;&nbsp; 155 | 158476 |
|  |  | 6208160 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Products and Chemicals Inc. |  |  |
| 1.85%, 05/15/27 | &nbsp;&nbsp; 200 | 193196 |
| 2.05%, 05/15/30 | &nbsp;&nbsp; 247 | 225271 |
| 4.30%, 06/11/28 | &nbsp;&nbsp; 145 | 146177 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 105 | 106812 |
| 4.75%, 02/08/31 | &nbsp;&nbsp; 150 | 153450 |
| 4.80%, 03/03/33 | &nbsp;&nbsp; 140 | 141373 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 250 | 251489 |
| 4.90%, 10/11/32 | &nbsp;&nbsp; 95 | 96908 |
| Albemarle Corp. |  |  |
| 4.65%, 06/01/27 | &nbsp;&nbsp; 180 | 180119 |
| 5.05%, 06/01/32 | &nbsp;&nbsp; 140 | 136960 |
| Cabot Corp. |  |  |
| 4.00%, 07/01/29 | &nbsp;&nbsp; 88 | 87025 |
| 5.00%, 06/30/32 | &nbsp;&nbsp; 90 | 90740 |
| CF Industries Inc., 5.15%, 03/15/34 | &nbsp;&nbsp; 140 | 139511 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30 | &nbsp;&nbsp; 205 | 181151 |
| 4.25%, 10/01/34 | &nbsp;&nbsp; 10 | 9114 |
| 4.80%, 11/30/28 | &nbsp;&nbsp; 168 | 170180 |
| 5.15%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 130 | 129197 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 110 | 108992 |
| 6.30%, 03/15/33 | &nbsp;&nbsp; 125 | 133858 |
| 7.38%, 11/01/29 | &nbsp;&nbsp; 132 | 146298 |
| DuPont de Nemours Inc., 4.73%, 11/15/28 | &nbsp;&nbsp; 555 | 565500 |
| Eastman Chemical Co. |  |  |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 155 | 155725 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 155 | 157846 |
| 5.63%, 02/20/34 | &nbsp;&nbsp; 145 | 147448 |
| 5.75%, 03/08/33 | &nbsp;&nbsp; 135 | 140485 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | &nbsp;&nbsp; 133 | 114132 |
| 1.65%, 02/01/27 | &nbsp;&nbsp; 120 | 116191 |
| 2.13%, 02/01/32 | &nbsp;&nbsp; 132 | 114910 |
| 2.70%, 11/01/26 | &nbsp;&nbsp; 210 | 206760 |
| 3.25%, 12/01/27 | &nbsp;&nbsp; 149 | 146841 |
| 4.30%, 06/15/28 | &nbsp;&nbsp; 30 | 30268 |
| 4.80%, 03/24/30 | &nbsp;&nbsp; 172 | 176920 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 110 | 110884 |
| 5.25%, 01/15/28 | &nbsp;&nbsp; 125 | 128728 |
| EIDP Inc. |  |  |
| 2.30%, 07/15/30 | &nbsp;&nbsp; 116 | 106517 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 90 | 90148 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 115 | 118138 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| FMC Corp. |  |  |
| 3.20%, 10/01/26 | &nbsp;&nbsp; $120 | $118391 |
| 3.45%, 10/01/29 | &nbsp;&nbsp; 103 | 97421 |
| 5.65%, 05/18/33 | &nbsp;&nbsp; 120 | 119424 |
| International Flavors & Fragrances Inc., 4.45%, <br> 09/26/28<br>| &nbsp;&nbsp; 46 | 46210 |
| Linde Inc./CT, 1.10%, 08/10/30 | &nbsp;&nbsp; 186 | 161391 |
| Lubrizol Corp. (The), 6.50%, 10/01/34 | &nbsp;&nbsp; 45 | 50594 |
| LYB International Finance II BV, 3.50%, 03/02/27 | &nbsp;&nbsp; 150 | 148127 |
| LYB International Finance III LLC |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 130 | 116059 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 165 | 164115 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 90 | 92100 |
| 6.15%, 05/15/35 | &nbsp;&nbsp; 115 | 118734 |
| Mosaic Co. (The) |  |  |
| 4.05%, 11/15/27 | &nbsp;&nbsp; 115 | 114422 |
| 5.38%, 11/15/28 | &nbsp;&nbsp; 135 | 139125 |
| 5.45%, 11/15/33 | &nbsp;&nbsp; 40 | 41020 |
| NewMarket Corp., 2.70%, 03/18/31 | &nbsp;&nbsp; 115 | 104031 |
| Nutrien Ltd. |  |  |
| 2.95%, 05/13/30 | &nbsp;&nbsp; 139 | 130772 |
| 4.00%, 12/15/26 | &nbsp;&nbsp; 125 | 124644 |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 80 | 73215 |
| 4.20%, 04/01/29 | &nbsp;&nbsp; 140 | 139595 |
| 4.50%, 03/12/27 | &nbsp;&nbsp; 95 | 95455 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 185 | 188158 |
| 5.20%, 06/21/27 | &nbsp;&nbsp; 120 | 121884 |
| 5.25%, 03/12/32 | &nbsp;&nbsp; 125 | 128426 |
| 5.40%, 06/21/34 | &nbsp;&nbsp; 105 | 106929 |
| PPG Industries Inc. |  |  |
| 2.55%, 06/15/30 | &nbsp;&nbsp; 90 | 83049 |
| 2.80%, 08/15/29 | &nbsp;&nbsp; 80 | 75929 |
| 3.75%, 03/15/28 | &nbsp;&nbsp; 190 | 188281 |
| RPM International Inc. |  |  |
| 2.95%, 01/15/32 | &nbsp;&nbsp; 80 | 71612 |
| 3.75%, 03/15/27 | &nbsp;&nbsp; 119 | 118036 |
| 4.55%, 03/01/29 | &nbsp;&nbsp; 102 | 102611 |
| Sherwin-Williams Co. (The) |  |  |
| 2.20%, 03/15/32 | &nbsp;&nbsp; 125 | 108209 |
| 2.30%, 05/15/30 | &nbsp;&nbsp; 107 | 98049 |
| 2.95%, 08/15/29 | &nbsp;&nbsp; 165 | 157055 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 395 | 390443 |
| 4.30%, 08/15/28 | &nbsp;&nbsp; 100 | 100398 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 100 | 100546 |
| 4.55%, 03/01/28 | &nbsp;&nbsp; 75 | 75724 |
| 4.80%, 09/01/31 | &nbsp;&nbsp; 45 | 45930 |
| 5.15%, 08/15/35 | &nbsp;&nbsp; 100 | 100712 |
| Westlake Corp., 3.38%, 06/15/30 | &nbsp;&nbsp; 75 | 71608 |
|  |  | 10083696 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; 300 | 262078 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 185 | 175026 |
| 4.45%, 09/09/34 | &nbsp;&nbsp; 170 | 167122 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 150 | 153264 |
| Block Financial LLC |  |  |
| 2.50%, 07/15/28 | &nbsp;&nbsp; 165 | 156345 |
| 3.88%, 08/15/30 | &nbsp;&nbsp; 160 | 153653 |
| 5.38%, 09/15/32 | &nbsp;&nbsp; 25 | 25151 |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/27 | &nbsp;&nbsp; 303 | 301502 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 4.00%, 05/01/32 | &nbsp;&nbsp; $191 | $185664 |
| 4.20%, 05/01/28 | &nbsp;&nbsp; 75 | 75362 |
| Cornell University, 4.84%, 06/15/34 | &nbsp;&nbsp; 120 | 120860 |
| Emory University, Series 2020, 2.14%, 09/01/30 | &nbsp;&nbsp; 100 | 91145 |
| Equifax Inc. |  |  |
| 2.35%, 09/15/31 | &nbsp;&nbsp; 245 | 216027 |
| 3.10%, 05/15/30 | &nbsp;&nbsp; 145 | 136837 |
| 4.80%, 09/15/29 | &nbsp;&nbsp; 125 | 126986 |
| 5.10%, 12/15/27 | &nbsp;&nbsp; 150 | 152819 |
| 5.10%, 06/01/28 | &nbsp;&nbsp; 210 | 214658 |
| Global Payments Inc. |  |  |
| 2.15%, 01/15/27 | &nbsp;&nbsp; 165 | 160375 |
| 2.90%, 05/15/30 | &nbsp;&nbsp; 205 | 189484 |
| 2.90%, 11/15/31 | &nbsp;&nbsp; 130 | 116300 |
| 3.20%, 08/15/29 | &nbsp;&nbsp; 272 | 258140 |
| 4.45%, 06/01/28 | &nbsp;&nbsp; 135 | 135343 |
| 4.95%, 08/15/27 | &nbsp;&nbsp; 115 | 116316 |
| 5.30%, 08/15/29 | &nbsp;&nbsp; 90 | 92139 |
| 5.40%, 08/15/32 | &nbsp;&nbsp; 185 | 188277 |
| GXO Logistics Inc. |  |  |
| 2.65%, 07/15/31 | &nbsp;&nbsp; 100 | 88635 |
| 6.25%, 05/06/29 | &nbsp;&nbsp; 130 | 136316 |
| 6.50%, 05/06/34 | &nbsp;&nbsp; 115 | 121680 |
| J Paul Getty Trust (The), 4.91%, 04/01/35 | &nbsp;&nbsp; 100 | 101752 |
| Johns Hopkins University, 4.71%, 07/01/32 | &nbsp;&nbsp; 65 | 65665 |
| Leland Stanford Junior University (The) |  |  |
| 1.29%, 06/01/27 | &nbsp;&nbsp; 45 | 43043 |
| Series 2025, 4.15%, 08/01/30 | &nbsp;&nbsp; 200 | 200849 |
| Moody's Corp. |  |  |
| 2.00%, 08/19/31 | &nbsp;&nbsp; 80 | 70288 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 125 | 122975 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 165 | 165738 |
| 4.25%, 08/08/32 | &nbsp;&nbsp; 145 | 142688 |
| 5.00%, 08/05/34 | &nbsp;&nbsp; 110 | 111484 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 275 | 252448 |
| 2.65%, 10/01/26 | &nbsp;&nbsp; 280 | 275636 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 366 | 348920 |
| 3.90%, 06/01/27 | &nbsp;&nbsp; 135 | 134857 |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 190 | 188631 |
| 4.45%, 03/06/28 | &nbsp;&nbsp; 135 | 136537 |
| 5.10%, 04/01/35 | &nbsp;&nbsp; 100 | 101205 |
| 5.15%, 06/01/34 | &nbsp;&nbsp; 195 | 199193 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 125 | 108619 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 225 | 209496 |
| 4.30%, 08/09/28 | &nbsp;&nbsp; 75 | 75206 |
| 4.50%, 01/15/31 | &nbsp;&nbsp; 75 | 74874 |
| 4.75%, 08/09/27 | &nbsp;&nbsp; 100 | 101053 |
| 5.10%, 08/09/35 | &nbsp;&nbsp; 75 | 74271 |
| 5.25%, 08/09/34 | &nbsp;&nbsp; 165 | 167180 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 185 | 175459 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 158 | 157366 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 80 | 81695 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 105 | 106216 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 60 | 61357 |
| Rollins Inc., 5.25%, 02/24/35 | &nbsp;&nbsp; 60 | 60341 |
| S&P Global Inc. |  |  |
| 1.25%, 08/15/30 | &nbsp;&nbsp; 165 | 143498 |
| 2.45%, 03/01/27 | &nbsp;&nbsp; 240 | 234473 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 2.50%, 12/01/29 | &nbsp;&nbsp; $119 | $111501 |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 275 | 262982 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 300 | 274182 |
| 2.95%, 01/22/27 | &nbsp;&nbsp; 129 | 127045 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 225 | 226474 |
| 4.75%, 08/01/28 | &nbsp;&nbsp; 160 | 163152 |
| 5.25%, 09/15/33 | &nbsp;&nbsp; 150 | 156418 |
| Triton Container International Ltd./TAL International <br> Container Corp., 3.25%, 03/15/32<br>| &nbsp;&nbsp; 123 | 108558 |
| Trustees of Dartmouth College, 4.27%, 06/01/30 | &nbsp;&nbsp; 50 | 50415 |
| Trustees of Princeton University (The), 4.65%, <br> 07/01/30<br>| &nbsp;&nbsp; 30 | 30727 |
| UL Solutions Inc., 6.50%, 10/20/28<sup>(b)</sup> | &nbsp;&nbsp; 90 | 95319 |
| Verisk Analytics Inc. |  |  |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 160 | 159920 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 45 | 45170 |
| 5.25%, 06/05/34 | &nbsp;&nbsp; 125 | 127610 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 150 | 151202 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 145 | 153045 |
| Yale University |  |  |
| Series 2020, 1.48%, 04/15/30 | &nbsp;&nbsp; 110 | 98143 |
| Series 2025, 4.70%, 04/15/32 | &nbsp;&nbsp; 30 | 30620 |
|  |  | 11183000 |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | &nbsp;&nbsp; 140 | 140007 |
| 4.05%, 10/04/29 | &nbsp;&nbsp; 270 | 269754 |
| 4.25%, 10/04/31 | &nbsp;&nbsp; 310 | 308779 |
| 4.50%, 10/04/34 | &nbsp;&nbsp; 245 | 239154 |
| Amdocs Ltd., 2.54%, 06/15/30 | &nbsp;&nbsp; 160 | 146309 |
| Apple Inc. |  |  |
| 1.20%, 02/08/28 | &nbsp;&nbsp; 515 | 484436 |
| 1.25%, 08/20/30 | &nbsp;&nbsp; 255 | 223847 |
| 1.40%, 08/05/28 | &nbsp;&nbsp; 510 | 477400 |
| 1.65%, 05/11/30 | &nbsp;&nbsp; 313 | 282212 |
| 1.65%, 02/08/31 | &nbsp;&nbsp; 595 | 526057 |
| 1.70%, 08/05/31 | &nbsp;&nbsp; 255 | 224132 |
| 2.05%, 09/11/26 | &nbsp;&nbsp; 440 | 431763 |
| 2.20%, 09/11/29 | &nbsp;&nbsp; 409 | 382978 |
| 2.90%, 09/12/27 | &nbsp;&nbsp; 421 | 414121 |
| 3.00%, 06/20/27 | &nbsp;&nbsp; 227 | 224141 |
| 3.00%, 11/13/27 | &nbsp;&nbsp; 335 | 330054 |
| 3.20%, 05/11/27 | &nbsp;&nbsp; 450 | 445318 |
| 3.25%, 08/08/29 | &nbsp;&nbsp; 235 | 229912 |
| 3.35%, 02/09/27 | &nbsp;&nbsp; 512 | 508390 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 315 | 298663 |
| 4.00%, 05/10/28 | &nbsp;&nbsp; 315 | 317028 |
| 4.00%, 05/12/28 | &nbsp;&nbsp; 200 | 201277 |
| 4.15%, 05/10/30 | &nbsp;&nbsp; 10 | 10129 |
| 4.20%, 05/12/30 | &nbsp;&nbsp; 205 | 207451 |
| 4.30%, 05/10/33 | &nbsp;&nbsp; 215 | 216303 |
| 4.50%, 05/12/32 | &nbsp;&nbsp; 210 | 213591 |
| 4.75%, 05/12/35 | &nbsp;&nbsp; 200 | 203082 |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33<sup>(a)</sup> | &nbsp;&nbsp; 155 | 161813 |
| 5.95%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 85 | 87652 |
| CGI Inc. |  |  |
| 1.45%, 09/14/26 | &nbsp;&nbsp; 130 | 126403 |
| 2.30%, 09/14/31 | &nbsp;&nbsp; 130 | 114230 |
| 4.95%, 03/14/30<sup>(b)</sup> | &nbsp;&nbsp; 75 | 76520 |
| Dell Inc., 7.10%, 04/15/28 | &nbsp;&nbsp; 85 | 91014 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Dell International LLC/EMC Corp. |  |  |
| 4.35%, 02/01/30 | &nbsp;&nbsp; $105 | $104822 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 115 | 116560 |
| 4.85%, 02/01/35 | &nbsp;&nbsp; 180 | 174993 |
| 4.90%, 10/01/26 | &nbsp;&nbsp; 387 | 388809 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 90 | 92171 |
| 5.25%, 02/01/28 | &nbsp;&nbsp; 220 | 225455 |
| 5.30%, 10/01/29 | &nbsp;&nbsp; 407 | 421154 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; 165 | 169979 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 210 | 214576 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 225 | 229275 |
| 5.75%, 02/01/33 | &nbsp;&nbsp; 245 | 258112 |
| 6.10%, 07/15/27 | &nbsp;&nbsp; 120 | 123872 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 207 | 222518 |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/26 | &nbsp;&nbsp; 130 | 126361 |
| 2.38%, 09/15/28 | &nbsp;&nbsp; 175 | 164186 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp; 135 | 120278 |
| Genpact Luxembourg SARL/Genpact USA Inc., <br> 6.00%, 06/04/29<br>| &nbsp;&nbsp; 90 | 93778 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27 | &nbsp;&nbsp; 280 | 281266 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 240 | 240329 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 350 | 352251 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 145 | 146099 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 410 | 402796 |
| 5.25%, 07/01/28 | &nbsp;&nbsp; 160 | 164578 |
| HP Inc. |  |  |
| 2.65%, 06/17/31 | &nbsp;&nbsp; 220 | 197459 |
| 3.00%, 06/17/27 | &nbsp;&nbsp; 225 | 220478 |
| 3.40%, 06/17/30 | &nbsp;&nbsp; 10 | 9515 |
| 4.00%, 04/15/29 | &nbsp;&nbsp; 245 | 241825 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 145 | 139891 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 150 | 151989 |
| 5.40%, 04/25/30 | &nbsp;&nbsp; 50 | 51931 |
| 5.50%, 01/15/33 | &nbsp;&nbsp; 215 | 220751 |
| 6.10%, 04/25/35 | &nbsp;&nbsp; 125 | 130639 |
| IBM International Capital Pte Ltd. |  |  |
| 4.60%, 02/05/27 | &nbsp;&nbsp; 140 | 140933 |
| 4.60%, 02/05/29 | &nbsp;&nbsp; 170 | 172400 |
| 4.75%, 02/05/31 | &nbsp;&nbsp; 140 | 142747 |
| 4.90%, 02/05/34 | &nbsp;&nbsp; 195 | 195166 |
| International Business Machines Corp. |  |  |
| 1.70%, 05/15/27 | &nbsp;&nbsp; 185 | 177994 |
| 1.95%, 05/15/30 | &nbsp;&nbsp; 225 | 203229 |
| 2.20%, 02/09/27 | &nbsp;&nbsp; 135 | 131492 |
| 2.72%, 02/09/32 | &nbsp;&nbsp; 60 | 53998 |
| 3.30%, 01/27/27 | &nbsp;&nbsp; 105 | 103942 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 565 | 553680 |
| 4.15%, 07/27/27 | &nbsp;&nbsp; 215 | 215821 |
| 4.40%, 07/27/32 | &nbsp;&nbsp; 200 | 198472 |
| 4.50%, 02/06/28 | &nbsp;&nbsp; 180 | 181915 |
| 4.65%, 02/10/28 | &nbsp;&nbsp; 104 | 105468 |
| 4.75%, 02/06/33 | &nbsp;&nbsp; 205 | 206525 |
| 5.88%, 11/29/32 | &nbsp;&nbsp; 105 | 112997 |
| 6.22%, 08/01/27 | &nbsp;&nbsp; 80 | 83239 |
| 6.50%, 01/15/28 | &nbsp;&nbsp; 45 | 47494 |
| Series .., 4.80%, 02/10/30 | &nbsp;&nbsp; 125 | 127994 |
| Series .., 5.00%, 02/10/32 | &nbsp;&nbsp; 140 | 143492 |
| Series .., 5.20%, 02/10/35 | &nbsp;&nbsp; 120 | 121874 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Kyndryl Holdings Inc. |  |  |
| 2.05%, 10/15/26 | &nbsp;&nbsp; $158 | $153765 |
| 2.70%, 10/15/28 | &nbsp;&nbsp; 134 | 127385 |
| 3.15%, 10/15/31 | &nbsp;&nbsp; 143 | 129388 |
| 6.35%, 02/20/34 | &nbsp;&nbsp; 95 | 100519 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 205 | 182294 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 140 | 139275 |
| 5.50%, 03/15/35 | &nbsp;&nbsp; 90 | 92027 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 200 | 209531 |
| NetApp Inc. |  |  |
| 2.38%, 06/22/27 | &nbsp;&nbsp; 145 | 140312 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 180 | 165903 |
| 5.50%, 03/17/32 | &nbsp;&nbsp; 135 | 139762 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 150 | 154487 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | &nbsp;&nbsp; 85 | 77715 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | &nbsp;&nbsp; 90 | 84700 |
| 3.10%, 02/01/32 | &nbsp;&nbsp; 100 | 89169 |
|  |  | 20219720 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27 | &nbsp;&nbsp; 160 | 158210 |
| 3.25%, 08/15/32 | &nbsp;&nbsp; 120 | 111960 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 95 | 95908 |
| 4.60%, 03/01/28 | &nbsp;&nbsp; 166 | 169059 |
| 4.60%, 03/01/33 | &nbsp;&nbsp; 116 | 117578 |
| Conopco Inc., Series E, 7.25%, 12/15/26 | &nbsp;&nbsp; 75 | 77948 |
| Estee Lauder Companies Inc. (The) |  |  |
| 1.95%, 03/15/31 | &nbsp;&nbsp; 185 | 163055 |
| 2.38%, 12/01/29 | &nbsp;&nbsp; 195 | 181011 |
| 2.60%, 04/15/30 | &nbsp;&nbsp; 100 | 92944 |
| 3.15%, 03/15/27 | &nbsp;&nbsp; 120 | 118326 |
| 4.38%, 05/15/28 | &nbsp;&nbsp; 120 | 120816 |
| 4.65%, 05/15/33 | &nbsp;&nbsp; 195 | 193656 |
| 5.00%, 02/14/34 | &nbsp;&nbsp; 90 | 90736 |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/27 | &nbsp;&nbsp; 380 | 375608 |
| 3.38%, 03/24/29 | &nbsp;&nbsp; 250 | 243965 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 430 | 405442 |
| Kenvue Inc. |  |  |
| 4.85%, 05/22/32 | &nbsp;&nbsp; 135 | 137409 |
| 4.90%, 03/22/33 | &nbsp;&nbsp; 280 | 284450 |
| 5.00%, 03/22/30 | &nbsp;&nbsp; 260 | 268727 |
| Procter & Gamble Co. (The) |  |  |
| 1.20%, 10/29/30 | &nbsp;&nbsp; 205 | 178884 |
| 1.90%, 02/01/27 | &nbsp;&nbsp; 235 | 228831 |
| 1.95%, 04/23/31 | &nbsp;&nbsp; 255 | 229058 |
| 2.30%, 02/01/32 | &nbsp;&nbsp; 109 | 98389 |
| 2.45%, 11/03/26 | &nbsp;&nbsp; 200 | 196709 |
| 2.80%, 03/25/27 | &nbsp;&nbsp; 153 | 150555 |
| 2.85%, 08/11/27 | &nbsp;&nbsp; 203 | 199541 |
| 3.00%, 03/25/30 | &nbsp;&nbsp; 366 | 351345 |
| 3.95%, 01/26/28 | &nbsp;&nbsp; 170 | 170989 |
| 4.05%, 05/01/30 | &nbsp;&nbsp; 150 | 150739 |
| 4.05%, 01/26/33 | &nbsp;&nbsp; 195 | 193137 |
| 4.15%, 10/24/29 | &nbsp;&nbsp; 125 | 126337 |
| 4.35%, 01/29/29 | &nbsp;&nbsp; 140 | 142074 |
| 4.55%, 01/29/34 | &nbsp;&nbsp; 175 | 176475 |
| 4.55%, 10/24/34 | &nbsp;&nbsp; 135 | 135341 |
| 4.60%, 05/01/35 | &nbsp;&nbsp; 150 | 150833 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| 5.80%, 08/15/34 | &nbsp;&nbsp; $80 | $86892 |
| Unilever Capital Corp. |  |  |
| 1.38%, 09/14/30 | &nbsp;&nbsp; 130 | 114546 |
| 1.75%, 08/12/31 | &nbsp;&nbsp; 185 | 161700 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 205 | 190639 |
| 2.90%, 05/05/27 | &nbsp;&nbsp; 255 | 251186 |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 105 | 104050 |
| 4.25%, 08/12/27 | &nbsp;&nbsp; 120 | 120795 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 230 | 229606 |
| 4.88%, 09/08/28 | &nbsp;&nbsp; 105 | 107843 |
| 5.00%, 12/08/33 | &nbsp;&nbsp; 125 | 129127 |
| 5.90%, 11/15/32 | &nbsp;&nbsp; 183 | 199570 |
|  |  | 7981999 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| LKQ Corp. |  |  |
| 5.75%, 06/15/28 | &nbsp;&nbsp; 105 | 108442 |
| 6.25%, 06/15/33 | &nbsp;&nbsp; 135 | 142694 |
| WW Grainger Inc., 4.45%, 09/15/34 | &nbsp;&nbsp; 95 | 93130 |
|  |  | 344266 |
| **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26 | &nbsp;&nbsp; 795 | 778545 |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 842 | 809888 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 865 | 791723 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 325 | 289032 |
| 3.65%, 07/21/27 | &nbsp;&nbsp; 225 | 222802 |
| 3.88%, 01/23/28 | &nbsp;&nbsp; 150 | 148801 |
| 4.63%, 10/15/27 | &nbsp;&nbsp; 165 | 166115 |
| 4.63%, 09/10/29 | &nbsp;&nbsp; 155 | 156311 |
| 4.88%, 04/01/28 | &nbsp;&nbsp; 150 | 152271 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 240 | 236622 |
| 5.10%, 01/19/29 | &nbsp;&nbsp; 205 | 209817 |
| 5.30%, 01/19/34 | &nbsp;&nbsp; 165 | 167190 |
| 5.75%, 06/06/28 | &nbsp;&nbsp; 240 | 248868 |
| 6.10%, 01/15/27 | &nbsp;&nbsp; 235 | 240126 |
| 6.15%, 09/30/30 | &nbsp;&nbsp; 205 | 219750 |
| 6.45%, 04/15/27 | &nbsp;&nbsp; 310 | 320021 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(c)</sup> | &nbsp;&nbsp; 150 | 156987 |
| Affiliated Managers Group Inc. |  |  |
| 3.30%, 06/15/30 | &nbsp;&nbsp; 150 | 142559 |
| 5.50%, 08/20/34 | &nbsp;&nbsp; 105 | 106614 |
| Air Lease Corp. |  |  |
| 2.10%, 09/01/28 | &nbsp;&nbsp; 100 | 94005 |
| 2.20%, 01/15/27 | &nbsp;&nbsp; 210 | 204381 |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 190 | 170312 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 150 | 141593 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 180 | 168209 |
| 3.25%, 10/01/29 | &nbsp;&nbsp; 115 | 110133 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 175 | 173582 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 105 | 103699 |
| 4.63%, 10/01/28 | &nbsp;&nbsp; 125 | 126288 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 130 | 133525 |
| 5.20%, 07/15/31 | &nbsp;&nbsp; 130 | 133700 |
| 5.30%, 02/01/28 | &nbsp;&nbsp; 150 | 153558 |
| 5.85%, 12/15/27 | &nbsp;&nbsp; 155 | 160494 |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28 | &nbsp;&nbsp; 210 | 195914 |
| 4.75%, 06/09/27 | &nbsp;&nbsp; 176 | 176792 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.54%, 01/17/31, (1-day SOFR Index + <br> 1.730%)<sup>(c)</sup><br>| &nbsp;&nbsp; $110 | $112536 |
| 5.55%, 07/31/33, (1-day SOFR + 1.780%)<sup>(c)</sup> | &nbsp;&nbsp; 125 | 125740 |
| 5.74%, 05/15/29, (1-day SOFR Index + <br> 1.960%)<sup>(c)</sup><br>| &nbsp;&nbsp; 30 | 30778 |
| 6.18%, 07/26/35, (1-day SOFR + 2.290%)<sup>(c)</sup> | &nbsp;&nbsp; 190 | 195451 |
| 6.85%, 01/03/30, (1-day SOFR + 2.282%)<sup>(c)</sup> | &nbsp;&nbsp; 170 | 180463 |
| 6.99%, 06/13/29, (1-day SOFR + 3.260%)<sup>(c)</sup> | &nbsp;&nbsp; 195 | 206336 |
| 7.10%, 11/15/27 | &nbsp;&nbsp; 150 | 158176 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 580 | 663157 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 285 | 277054 |
| 2.55%, 03/04/27 | &nbsp;&nbsp; 418 | 408727 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 475 | 469437 |
| 4.05%, 05/03/29 | &nbsp;&nbsp; 210 | 210535 |
| 4.35%, 07/20/29, (1-day SOFR + 0.810%)<sup>(c)</sup> | &nbsp;&nbsp; 325 | 326599 |
| 4.42%, 08/03/33, (1-day SOFR + 1.760%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 280102 |
| 4.73%, 04/25/29, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 325 | 329991 |
| 4.92%, 07/20/33, (1-day SOFR + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 175 | 177145 |
| 4.99%, 05/26/33, (1-day SOFR + 2.255%)<sup>(c)</sup> | &nbsp;&nbsp; 160 | 161274 |
| 5.02%, 04/25/31, (1-day SOFR + 1.440%)<sup>(c)</sup> | &nbsp;&nbsp; 325 | 333801 |
| 5.04%, 07/26/28, (1-day SOFR + 0.930%)<sup>(c)</sup> | &nbsp;&nbsp; 205 | 208289 |
| 5.04%, 05/01/34, (1-day SOFR + 1.835%)<sup>(c)</sup> | &nbsp;&nbsp; 270 | 274038 |
| 5.09%, 01/30/31, (1-day SOFR Index + <br> 1.020%)<sup>(c)</sup><br>| &nbsp;&nbsp; 195 | 200848 |
| 5.10%, 02/16/28, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 360 | 364279 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.280%)<sup>(c)</sup><br>| &nbsp;&nbsp; 385 | 397010 |
| 5.28%, 07/26/35, (1-day SOFR + 1.420%)<sup>(c)</sup> | &nbsp;&nbsp; 380 | 387217 |
| 5.44%, 01/30/36, (1-day SOFR Index + <br> 1.320%)<sup>(c)</sup><br>| &nbsp;&nbsp; 250 | 256901 |
| 5.53%, 04/25/30, (1-day SOFR Index + <br> 1.090%)<sup>(c)</sup><br>| &nbsp;&nbsp; 310 | 323549 |
| 5.63%, 07/28/34, (1-day SOFR + 1.930%)<sup>(c)</sup> | &nbsp;&nbsp; 85 | 87905 |
| 5.67%, 04/25/36, (1-day SOFR + 1.790%)<sup>(c)</sup> | &nbsp;&nbsp; 295 | 308018 |
| 5.85%, 11/05/27 | &nbsp;&nbsp; 350 | 363128 |
| 5.92%, 04/25/35, (1-day SOFR + 1.630%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 105407 |
| 6.49%, 10/30/31, (1-day SOFR + 1.940%)<sup>(c)</sup> | &nbsp;&nbsp; 250 | 273463 |
| American Express Credit Corp., 3.30%, 05/03/27 | &nbsp;&nbsp; 65 | 64300 |
| Ameriprise Financial Inc. |  |  |
| 2.88%, 09/15/26 | &nbsp;&nbsp; 127 | 125367 |
| 4.50%, 05/13/32 | &nbsp;&nbsp; 120 | 119724 |
| 5.15%, 05/15/33 | &nbsp;&nbsp; 185 | 190142 |
| 5.20%, 04/15/35 | &nbsp;&nbsp; 100 | 101232 |
| 5.70%, 12/15/28 | &nbsp;&nbsp; 165 | 172852 |
| Andrew W Mellon Foundation (The), Series 2020, <br> 0.95%, 08/01/27<br>| &nbsp;&nbsp; 12 | 11354 |
| Apollo Global Management Inc. |  |  |
| 5.15%, 08/12/35 | &nbsp;&nbsp; 75 | 74671 |
| 6.00%, 12/15/54, (5-year CMT + 2.168%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 99464 |
| 6.38%, 11/15/33 | &nbsp;&nbsp; 115 | 126182 |
| Ares Management Corp., 6.38%, 11/10/28 | &nbsp;&nbsp; 50 | 53031 |
| BGC Group Inc. |  |  |
| 6.15%, 04/02/30<sup>(b)</sup> | &nbsp;&nbsp; 105 | 107397 |
| 6.60%, 06/10/29 | &nbsp;&nbsp; 130 | 135578 |
| 8.00%, 05/25/28 | &nbsp;&nbsp; 80 | 85542 |
| Blue Owl Finance LLC |  |  |
| 3.13%, 06/10/31 | &nbsp;&nbsp; 175 | 158712 |
| 4.38%, 02/15/32 | &nbsp;&nbsp; 65 | 61839 |
| 6.25%, 04/18/34 | &nbsp;&nbsp; 230 | 239932 |
| Brookfield Asset Management Ltd., 5.80%, 04/24/35 | &nbsp;&nbsp; 160 | 165658 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 | &nbsp;&nbsp; $140 | $149237 |
| Brookfield Finance I U.K. PLC/Brookfield <br> Finance Inc., 2.34%, 01/30/32<br>| &nbsp;&nbsp; 146 | 126319 |
| Brookfield Finance Inc. |  |  |
| 2.72%, 04/15/31 | &nbsp;&nbsp; 135 | 123265 |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 212 | 210442 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 219 | 218467 |
| 4.85%, 03/29/29 | &nbsp;&nbsp; 255 | 259373 |
| 5.33%, 01/15/36 | &nbsp;&nbsp; 55 | 54649 |
| 5.68%, 01/15/35 | &nbsp;&nbsp; 120 | 123992 |
| 6.35%, 01/05/34 | &nbsp;&nbsp; 155 | 167607 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + 0.855%)<sup>(c)</sup> | &nbsp;&nbsp; 285 | 276944 |
| 2.36%, 07/29/32, (1-day SOFR + 1.337%)<sup>(c)</sup> | &nbsp;&nbsp; 217 | 186816 |
| 2.62%, 11/02/32, (1-day SOFR + 1.265%)<sup>(c)</sup> | &nbsp;&nbsp; 115 | 102062 |
| 3.27%, 03/01/30, (1-day SOFR + 1.790%)<sup>(c)</sup> | &nbsp;&nbsp; 280 | 269897 |
| 3.65%, 05/11/27 | &nbsp;&nbsp; 276 | 273618 |
| 3.75%, 03/09/27 | &nbsp;&nbsp; 323 | 320885 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 365 | 361689 |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 269 | 268420 |
| 4.93%, 05/10/28, (1-day SOFR + 2.057%)<sup>(c)</sup> | &nbsp;&nbsp; 360 | 363676 |
| 5.25%, 07/26/30, (1-day SOFR + 2.600%)<sup>(c)</sup> | &nbsp;&nbsp; 205 | 210664 |
| 5.27%, 05/10/33, (1-day SOFR + 2.370%)<sup>(c)</sup> | &nbsp;&nbsp; 185 | 188234 |
| 5.46%, 07/26/30, (1-day SOFR +1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 227708 |
| 5.47%, 02/01/29, (1-day SOFR + 2.080%)<sup>(c)</sup> | &nbsp;&nbsp; 260 | 266878 |
| 5.70%, 02/01/30, (1-day SOFR + 1.905%)<sup>(c)</sup> | &nbsp;&nbsp; 220 | 228384 |
| 5.82%, 02/01/34, (1-day SOFR + 2.600%)<sup>(c)</sup> | &nbsp;&nbsp; 270 | 280725 |
| 5.88%, 07/26/35, (1-day SOFR +1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 215 | 223500 |
| 6.05%, 02/01/35, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; 223 | 234866 |
| 6.18%, 01/30/36, (1-day SOFR + 2.036%)<sup>(c)</sup> | &nbsp;&nbsp; 300 | 309590 |
| 6.31%, 06/08/29, (1-day SOFR + 2.640%)<sup>(c)</sup> | &nbsp;&nbsp; 330 | 346389 |
| 6.38%, 06/08/34, (1-day SOFR + 2.860%)<sup>(c)</sup> | &nbsp;&nbsp; 405 | 434807 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 150 | 165017 |
| 7.15%, 10/29/27, (1-day SOFR + 2.440%)<sup>(c)</sup> | &nbsp;&nbsp; 185 | 190609 |
| 7.62%, 10/30/31, (1-day SOFR + 3.070%)<sup>(c)</sup> | &nbsp;&nbsp; 415 | 470716 |
| 7.96%, 11/02/34, (1-day SOFR Index + <br> 3.370%)<sup>(c)</sup><br>| &nbsp;&nbsp; 225 | 263059 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30 | &nbsp;&nbsp; 190 | 166935 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 135 | 123135 |
| 3.65%, 01/12/27 | &nbsp;&nbsp; 220 | 218675 |
| Charles Schwab Corp. (The) |  |  |
| 1.65%, 03/11/31 | &nbsp;&nbsp; 205 | 177835 |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 220 | 190431 |
| 2.00%, 03/20/28 | &nbsp;&nbsp; 305 | 290783 |
| 2.30%, 05/13/31 | &nbsp;&nbsp; 175 | 157394 |
| 2.45%, 03/03/27 | &nbsp;&nbsp; 355 | 346833 |
| 2.75%, 10/01/29 | &nbsp;&nbsp; 130 | 123554 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 250 | 226488 |
| 3.20%, 03/02/27 | &nbsp;&nbsp; 189 | 186593 |
| 3.20%, 01/25/28 | &nbsp;&nbsp; 195 | 191365 |
| 3.25%, 05/22/29 | &nbsp;&nbsp; 150 | 145945 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 186 | 183977 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 171 | 170908 |
| 4.63%, 03/22/30 | &nbsp;&nbsp; 185 | 188983 |
| 5.64%, 05/19/29, (1-day SOFR + 2.210%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 208024 |
| 5.85%, 05/19/34, (1-day SOFR + 2.500%)<sup>(c)</sup> | &nbsp;&nbsp; 255 | 271695 |
| 6.14%, 08/24/34, (1-day SOFR + 2.010%)<sup>(c)</sup> | &nbsp;&nbsp; 330 | 358161 |
| 6.20%, 11/17/29, (1-day SOFR + 1.878%)<sup>(c)</sup> | &nbsp;&nbsp; 240 | 255328 |
| CI Financial Corp., 3.20%, 12/17/30 | &nbsp;&nbsp; 250 | 224851 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; $188 | $169458 |
| 3.75%, 06/15/28 | &nbsp;&nbsp; 253 | 252094 |
| 4.40%, 03/15/30 | &nbsp;&nbsp; 105 | 106107 |
| Credit Suisse USA LLC, 7.13%, 07/15/32 | &nbsp;&nbsp; 130 | 148499 |
| Eaton Vance Corp., 3.50%, 04/06/27 | &nbsp;&nbsp; 190 | 188248 |
| Enact Holdings Inc., 6.25%, 05/28/29 | &nbsp;&nbsp; 165 | 172247 |
| Franklin Resources Inc., 1.60%, 10/30/30 | &nbsp;&nbsp; 180 | 157824 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 355 | 297512 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 376 | 341247 |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 95 | 93219 |
| 3.63%, 09/01/28 | &nbsp;&nbsp; 65 | 64138 |
| 3.75%, 09/21/28 | &nbsp;&nbsp; 155 | 153606 |
| 4.00%, 09/15/27 | &nbsp;&nbsp; 320 | 319706 |
| 4.35%, 06/15/29 | &nbsp;&nbsp; 250 | 252011 |
| 4.60%, 03/15/33 | &nbsp;&nbsp; 340 | 339824 |
| 5.25%, 06/15/31 | &nbsp;&nbsp; 200 | 209264 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 95 | 94750 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31 | &nbsp;&nbsp; 220 | 194505 |
| 2.75%, 10/15/32 | &nbsp;&nbsp; 105 | 90146 |
| 4.15%, 01/23/30 | &nbsp;&nbsp; 235 | 232017 |
| 4.85%, 01/15/27 | &nbsp;&nbsp; 200 | 201419 |
| 5.88%, 07/21/28 | &nbsp;&nbsp; 225 | 234568 |
| 6.20%, 04/14/34 | &nbsp;&nbsp; 340 | 358512 |
| 6.45%, 06/08/27 | &nbsp;&nbsp; 100 | 103381 |
| Lazard Group LLC |  |  |
| 3.63%, 03/01/27 | &nbsp;&nbsp; 95 | 94974 |
| 4.38%, 03/11/29 | &nbsp;&nbsp; 114 | 113913 |
| 4.50%, 09/19/28 | &nbsp;&nbsp; 125 | 125644 |
| 5.63%, 08/01/35 | &nbsp;&nbsp; 75 | 75512 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 100 | 105904 |
| LPL Holdings Inc. |  |  |
| 4.90%, 04/03/28 | &nbsp;&nbsp; 45 | 45541 |
| 5.15%, 06/15/30 | &nbsp;&nbsp; 35 | 35693 |
| 5.20%, 03/15/30 | &nbsp;&nbsp; 65 | 66415 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 115 | 116229 |
| 5.70%, 05/20/27 | &nbsp;&nbsp; 130 | 132499 |
| 5.75%, 06/15/35 | &nbsp;&nbsp; 125 | 127018 |
| 6.00%, 05/20/34 | &nbsp;&nbsp; 115 | 118973 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 150 | 160587 |
| Marex Group PLC, 6.40%, 11/04/29 | &nbsp;&nbsp; 15 | 15453 |
| Mastercard Inc. |  |  |
| 1.90%, 03/15/31 | &nbsp;&nbsp; 160 | 142440 |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 165 | 144961 |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 178 | 175913 |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 240 | 231994 |
| 3.30%, 03/26/27 | &nbsp;&nbsp; 265 | 262586 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 342 | 332688 |
| 3.50%, 02/26/28 | &nbsp;&nbsp; 155 | 153753 |
| 4.10%, 01/15/28 | &nbsp;&nbsp; 95 | 95676 |
| 4.35%, 01/15/32 | &nbsp;&nbsp; 135 | 135094 |
| 4.55%, 03/15/28 | &nbsp;&nbsp; 95 | 96509 |
| 4.55%, 01/15/35 | &nbsp;&nbsp; 70 | 69063 |
| 4.85%, 03/09/33 | &nbsp;&nbsp; 190 | 194057 |
| 4.88%, 03/09/28 | &nbsp;&nbsp; 225 | 230491 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 235 | 238611 |
| 4.95%, 03/15/32 | &nbsp;&nbsp; 130 | 134572 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; $240 | $209874 |
| 5.35%, 06/28/28 | &nbsp;&nbsp; 295 | 304340 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 268 | 279352 |
| Nomura Holdings Inc. |  |  |
| 2.17%, 07/14/28 | &nbsp;&nbsp; 215 | 202791 |
| 2.33%, 01/22/27 | &nbsp;&nbsp; 200 | 194547 |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 200 | 179209 |
| 2.68%, 07/16/30 | &nbsp;&nbsp; 220 | 201722 |
| 2.71%, 01/22/29 | &nbsp;&nbsp; 105 | 99309 |
| 3.00%, 01/22/32 | &nbsp;&nbsp; 200 | 179574 |
| 3.10%, 01/16/30 | &nbsp;&nbsp; 260 | 245298 |
| 4.90%, 07/01/30 | &nbsp;&nbsp; 200 | 202783 |
| 5.39%, 07/06/27 | &nbsp;&nbsp; 200 | 203786 |
| 5.49%, 06/29/35 | &nbsp;&nbsp; 200 | 204208 |
| 5.59%, 07/02/27 | &nbsp;&nbsp; 200 | 204603 |
| 5.61%, 07/06/29 | &nbsp;&nbsp; 200 | 208414 |
| 5.78%, 07/03/34 | &nbsp;&nbsp; 205 | 214744 |
| 6.07%, 07/12/28 | &nbsp;&nbsp; 395 | 413762 |
| 6.09%, 07/12/33 | &nbsp;&nbsp; 200 | 214516 |
| 6.18%, 01/18/33 | &nbsp;&nbsp; 30 | 32230 |
| ORIX Corp. |  |  |
| 2.25%, 03/09/31 | &nbsp;&nbsp; 60 | 53589 |
| 3.70%, 07/18/27 | &nbsp;&nbsp; 75 | 74311 |
| 4.00%, 04/13/32 | &nbsp;&nbsp; 112 | 107605 |
| 4.65%, 09/10/29 | &nbsp;&nbsp; 75 | 75938 |
| 5.00%, 09/13/27 | &nbsp;&nbsp; 197 | 200037 |
| 5.20%, 09/13/32 | &nbsp;&nbsp; 122 | 125292 |
| 5.40%, 02/25/35 | &nbsp;&nbsp; 100 | 102241 |
| Private Export Funding Corp., Series PP, 1.40%, <br> 07/15/28<br>| &nbsp;&nbsp; 133 | 123865 |
| Radian Group Inc. |  |  |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 130 | 130277 |
| 6.20%, 05/15/29 | &nbsp;&nbsp; 150 | 157212 |
| Raymond James Financial Inc., 4.65%, 04/01/30 | &nbsp;&nbsp; 199 | 202648 |
| Stifel Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 150 | 146761 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; 250 | 221656 |
| 3.95%, 12/01/27 | &nbsp;&nbsp; 135 | 133137 |
| 5.02%, 07/29/29, (1-day SOFR + 1.395%)<sup>(c)</sup> | &nbsp;&nbsp; 20 | 20131 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 145 | 146799 |
| 5.45%, 03/06/31, (1-day SOFR + 1.680%)<sup>(c)</sup> | &nbsp;&nbsp; 55 | 56046 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(c)</sup><br>| &nbsp;&nbsp; 130 | 134672 |
| TPG Operating Group II LP |  |  |
| 5.38%, 01/15/36 | &nbsp;&nbsp; 75 | 74611 |
| 5.88%, 03/05/34 | &nbsp;&nbsp; 160 | 167737 |
| Visa Inc. |  |  |
| 0.75%, 08/15/27 | &nbsp;&nbsp; 115 | 108604 |
| 1.10%, 02/15/31 | &nbsp;&nbsp; 260 | 223718 |
| 1.90%, 04/15/27 | &nbsp;&nbsp; 336 | 325696 |
| 2.05%, 04/15/30 | &nbsp;&nbsp; 339 | 311261 |
| 2.75%, 09/15/27 | &nbsp;&nbsp; 181 | 177147 |
| Voya Financial Inc. |  |  |
| 4.70%, 01/23/48<sup>(c)</sup> | &nbsp;&nbsp; 75 | 72762 |
| 5.00%, 09/20/34 | &nbsp;&nbsp; 95 | 93348 |
| Western Union Co. (The), 2.75%, 03/15/31 | &nbsp;&nbsp; 80 | 70517 |
|  |  | 46986700 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| AEP Texas Inc. |  |  |
| 3.95%, 06/01/28 | &nbsp;&nbsp; 130 | 128980 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.70%, 05/15/32 | &nbsp;&nbsp; $105 | $104296 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 100 | 101989 |
| 5.45%, 05/15/29 | &nbsp;&nbsp; 125 | 129770 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; 105 | 108014 |
| Series I, 2.10%, 07/01/30 | &nbsp;&nbsp; 187 | 168419 |
| AEP Transmission Co. LLC |  |  |
| 3.10%, 12/01/26 | &nbsp;&nbsp; 90 | 88963 |
| 5.15%, 04/01/34 | &nbsp;&nbsp; 125 | 126732 |
| AES Corp. (The) |  |  |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 260 | 232970 |
| 5.45%, 06/01/28 | &nbsp;&nbsp; 275 | 281520 |
| 5.80%, 03/15/32 | &nbsp;&nbsp; 105 | 108123 |
| Alabama Power Co. |  |  |
| 3.05%, 03/15/32 | &nbsp;&nbsp; 60 | 54905 |
| 3.75%, 09/01/27 | &nbsp;&nbsp; 95 | 94661 |
| 3.94%, 09/01/32 | &nbsp;&nbsp; 125 | 120380 |
| 5.10%, 04/02/35 | &nbsp;&nbsp; 65 | 65761 |
| 5.85%, 11/15/33 | &nbsp;&nbsp; 85 | 90736 |
| Series 20-A, 1.45%, 09/15/30 | &nbsp;&nbsp; 145 | 126964 |
| Ameren Corp. |  |  |
| 1.75%, 03/15/28 | &nbsp;&nbsp; 95 | 89584 |
| 1.95%, 03/15/27 | &nbsp;&nbsp; 120 | 115977 |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 174 | 166277 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 145 | 148324 |
| 5.38%, 03/15/35 | &nbsp;&nbsp; 75 | 76285 |
| 5.70%, 12/01/26 | &nbsp;&nbsp; 145 | 147401 |
| Ameren Illinois Co. |  |  |
| 1.55%, 11/15/30 | &nbsp;&nbsp; 90 | 78606 |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 98 | 97642 |
| 3.85%, 09/01/32 | &nbsp;&nbsp; 195 | 185854 |
| 4.95%, 06/01/33 | &nbsp;&nbsp; 25 | 25412 |
| American Electric Power Co. Inc. |  |  |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 103 | 94227 |
| 3.20%, 11/13/27 | &nbsp;&nbsp; 65 | 63679 |
| 3.88%, 02/15/62, (5-year CMT + 2.675%)<sup>(c)</sup> | &nbsp;&nbsp; 150 | 145316 |
| 5.20%, 01/15/29 | &nbsp;&nbsp; 220 | 226895 |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 186 | 194688 |
| 5.75%, 11/01/27 | &nbsp;&nbsp; 180 | 185638 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 97 | 103407 |
| 6.95%, 12/15/54, (5-year CMT + 2.675%)<sup>(c)</sup> | &nbsp;&nbsp; 125 | 133043 |
| Series J, 4.30%, 12/01/28 | &nbsp;&nbsp; 124 | 124556 |
| Appalachian Power Co. |  |  |
| 4.50%, 08/01/32 | &nbsp;&nbsp; 135 | 133053 |
| 5.65%, 04/01/34 | &nbsp;&nbsp; 75 | 77681 |
| Series AA, 2.70%, 04/01/31 | &nbsp;&nbsp; 140 | 127400 |
| Series X, 3.30%, 06/01/27 | &nbsp;&nbsp; 10 | 9845 |
| Arizona Public Service Co. |  |  |
| 2.20%, 12/15/31 | &nbsp;&nbsp; 105 | 91438 |
| 2.60%, 08/15/29 | &nbsp;&nbsp; 129 | 121153 |
| 2.95%, 09/15/27 | &nbsp;&nbsp; 65 | 63402 |
| 5.55%, 08/01/33 | &nbsp;&nbsp; 60 | 62161 |
| 5.70%, 08/15/34 | &nbsp;&nbsp; 165 | 170993 |
| 6.35%, 12/15/32 | &nbsp;&nbsp; 100 | 108712 |
| Atlantic City Electric Co. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 85 | 76391 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 105 | 104727 |
| Avangrid Inc., 3.80%, 06/01/29 | &nbsp;&nbsp; 192 | 188678 |
| Baltimore Gas & Electric Co. |  |  |
| 2.25%, 06/15/31 | &nbsp;&nbsp; 142 | 127363 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 100 | 103088 |
| 5.45%, 06/01/35 | &nbsp;&nbsp; 200 | 206163 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Berkshire Hathaway Energy Co. |  |  |
| 1.65%, 05/15/31 | &nbsp;&nbsp; $135 | $116609 |
| 3.25%, 04/15/28 | &nbsp;&nbsp; 140 | 137504 |
| 3.70%, 07/15/30 | &nbsp;&nbsp; 270 | 264191 |
| Black Hills Corp. |  |  |
| 2.50%, 06/15/30 | &nbsp;&nbsp; 120 | 110158 |
| 3.05%, 10/15/29 | &nbsp;&nbsp; 87 | 82232 |
| 3.15%, 01/15/27 | &nbsp;&nbsp; 85 | 83645 |
| 4.35%, 05/01/33 | &nbsp;&nbsp; 55 | 52447 |
| 5.95%, 03/15/28 | &nbsp;&nbsp; 100 | 103917 |
| 6.00%, 01/15/35 | &nbsp;&nbsp; 90 | 94612 |
| 6.15%, 05/15/34 | &nbsp;&nbsp; 125 | 132387 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 115 | 117709 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 145 | 146753 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 30 | 30134 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 120 | 122063 |
| 5.20%, 10/01/28 | &nbsp;&nbsp; 105 | 108402 |
| Series AA, 3.00%, 02/01/27 | &nbsp;&nbsp; 75 | 73851 |
| Series AE, 2.35%, 04/01/31 | &nbsp;&nbsp; 35 | 31517 |
| Series AG, 3.00%, 03/01/32 | &nbsp;&nbsp; 60 | 54635 |
| Series ai., 4.45%, 10/01/32 | &nbsp;&nbsp; 174 | 171814 |
| Series AQ, 4.95%, 08/15/35 | &nbsp;&nbsp; 40 | 39689 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 60 | 67898 |
| Series Z, 2.40%, 09/01/26 | &nbsp;&nbsp; 75 | 73704 |
| CenterPoint Energy Inc. |  |  |
| 2.65%, 06/01/31 | &nbsp;&nbsp; 100 | 90390 |
| 2.95%, 03/01/30 | &nbsp;&nbsp; 95 | 89246 |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 195 | 202091 |
| 6.70%, 05/15/55, (5-year CMT + 2.586%)<sup>(c)</sup> | &nbsp;&nbsp; 75 | 76736 |
| Series A, 7.00%, 02/15/55, (5-year CMT + <br> 3.254%)<sup>(c)</sup><br>| &nbsp;&nbsp; 50 | 52429 |
| Series B, 6.85%, 02/15/55, (5-year CMT + <br> 2.946%)<sup>(c)</sup><br>| &nbsp;&nbsp; 100 | 104996 |
| CMS Energy Corp. |  |  |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 70 | 69034 |
| 3.75%, 12/01/50, (5-year CMT + 2.900%)<sup>(c)</sup> | &nbsp;&nbsp; 50 | 45384 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 96668 |
| 6.50%, 06/01/55, (5-year CMT + 1.961%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 203947 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | &nbsp;&nbsp; 95 | 87196 |
| 3.15%, 03/15/32 | &nbsp;&nbsp; 65 | 59626 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 110 | 109171 |
| 4.90%, 02/01/33 | &nbsp;&nbsp; 95 | 96239 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 50 | 51692 |
| Series 122, 2.95%, 08/15/27 | &nbsp;&nbsp; 150 | 147149 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.65%, 01/01/29 | &nbsp;&nbsp; 75 | 76202 |
| 4.90%, 07/01/33 | &nbsp;&nbsp; 55 | 55429 |
| 4.95%, 01/15/30 | &nbsp;&nbsp; 85 | 87237 |
| 4.95%, 08/15/34 | &nbsp;&nbsp; 85 | 85460 |
| Series A, 2.05%, 07/01/31 | &nbsp;&nbsp; 110 | 97107 |
| Series A, 3.20%, 03/15/27 | &nbsp;&nbsp; 70 | 69138 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 220 | 199300 |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 80 | 79602 |
| 5.20%, 03/01/33 | &nbsp;&nbsp; 135 | 139580 |
| 5.38%, 05/15/34 | &nbsp;&nbsp; 85 | 88015 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 125 | 130728 |
| Series 20A, 3.35%, 04/01/30 | &nbsp;&nbsp; 170 | 164716 |
| Series B, 3.13%, 11/15/27 | &nbsp;&nbsp; 95 | 93219 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series D, 4.00%, 12/01/28 | &nbsp;&nbsp; $116 | $116148 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 03/01/28 | &nbsp;&nbsp; 125 | 129475 |
| 5.80%, 03/01/33 | &nbsp;&nbsp; 150 | 159428 |
| 6.13%, 01/15/34 | &nbsp;&nbsp; 100 | 108463 |
| Consumers Energy Co. |  |  |
| 3.60%, 08/15/32 | &nbsp;&nbsp; 90 | 84545 |
| 3.80%, 11/15/28 | &nbsp;&nbsp; 143 | 142069 |
| 4.50%, 01/15/31 | &nbsp;&nbsp; 115 | 116001 |
| 4.60%, 05/30/29 | &nbsp;&nbsp; 135 | 137281 |
| 4.63%, 05/15/33 | &nbsp;&nbsp; 185 | 183463 |
| 4.65%, 03/01/28 | &nbsp;&nbsp; 200 | 202853 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 110 | 112284 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 95 | 97415 |
| 5.05%, 05/15/35 | &nbsp;&nbsp; 50 | 50462 |
| Dayton Power & Light Co. (The), 4.55%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 75 | 75275 |
| Dominion Energy Inc. |  |  |
| 4.25%, 06/01/28 | &nbsp;&nbsp; 179 | 179322 |
| 4.35%, 08/15/32 | &nbsp;&nbsp; 130 | 125980 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 120 | 121307 |
| 5.00%, 06/15/30 | &nbsp;&nbsp; 140 | 143757 |
| 5.38%, 11/15/32 | &nbsp;&nbsp; 205 | 211727 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 160 | 162061 |
| 6.63%, 05/15/55, (5-year CMT + 2.207%)<sup>(c)</sup> | &nbsp;&nbsp; 350 | 358897 |
| Series A, 6.88%, 02/01/55, (5-year CMT + <br> 2.386%)<sup>(c)</sup><br>| &nbsp;&nbsp; 150 | 156977 |
| Series B, 3.60%, 03/15/27 | &nbsp;&nbsp; 60 | 59476 |
| Series B, 5.95%, 06/15/35 | &nbsp;&nbsp; 120 | 126363 |
| Series B, 7.00%, 06/01/54, (5-year CMT + <br> 2.511%)<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 214597 |
| Series C, 2.25%, 08/15/31 | &nbsp;&nbsp; 200 | 176323 |
| Series C, 3.38%, 04/01/30 | &nbsp;&nbsp; 335 | 321551 |
| Series E, 6.30%, 03/15/33 | &nbsp;&nbsp; 25 | 26825 |
| Series F, 5.25%, 08/01/33 | &nbsp;&nbsp; 130 | 131590 |
| Dominion Energy South Carolina Inc. |  |  |
| 5.30%, 05/15/33 | &nbsp;&nbsp; 50 | 51675 |
| 6.63%, 02/01/32 | &nbsp;&nbsp; 65 | 72215 |
| Series 2025, 5.30%, 01/15/35 | &nbsp;&nbsp; 60 | 61539 |
| Series A, 2.30%, 12/01/31 | &nbsp;&nbsp; 100 | 88570 |
| DTE Electric Co. |  |  |
| 2.25%, 03/01/30 | &nbsp;&nbsp; 140 | 129089 |
| 4.25%, 05/14/27 | &nbsp;&nbsp; 5 | 5021 |
| 4.85%, 12/01/26 | &nbsp;&nbsp; 50 | 50530 |
| 5.20%, 04/01/33 | &nbsp;&nbsp; 115 | 119046 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 115 | 118288 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 100 | 102137 |
| Series A, 1.90%, 04/01/28 | &nbsp;&nbsp; 145 | 137571 |
| Series A, 3.00%, 03/01/32 | &nbsp;&nbsp; 128 | 117691 |
| Series C, 2.63%, 03/01/31 | &nbsp;&nbsp; 135 | 124030 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | &nbsp;&nbsp; 155 | 152723 |
| 2.95%, 03/01/30 | &nbsp;&nbsp; 89 | 83756 |
| 4.88%, 06/01/28 | &nbsp;&nbsp; 195 | 198401 |
| 4.95%, 07/01/27 | &nbsp;&nbsp; 235 | 238055 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 230 | 235859 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 225 | 231962 |
| 5.85%, 06/01/34 | &nbsp;&nbsp; 170 | 178818 |
| Series C, 3.40%, 06/15/29 | &nbsp;&nbsp; 124 | 119926 |
| Duke Energy Carolinas LLC |  |  |
| 2.45%, 08/15/29 | &nbsp;&nbsp; 142 | 133462 |
| 2.45%, 02/01/30 | &nbsp;&nbsp; 130 | 121295 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 2.55%, 04/15/31 | &nbsp;&nbsp; $77 | $70246 |
| 2.85%, 03/15/32 | &nbsp;&nbsp; 110 | 99612 |
| 2.95%, 12/01/26 | &nbsp;&nbsp; 140 | 138300 |
| 3.95%, 11/15/28 | &nbsp;&nbsp; 170 | 169977 |
| 4.85%, 03/15/30 | &nbsp;&nbsp; 100 | 102780 |
| 4.85%, 01/15/34 | &nbsp;&nbsp; 110 | 110468 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 275 | 281064 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 100 | 102888 |
| 6.45%, 10/15/32 | &nbsp;&nbsp; 85 | 93792 |
| Series A, 6.00%, 12/01/28 | &nbsp;&nbsp; 40 | 42167 |
| Duke Energy Corp. |  |  |
| 2.45%, 06/01/30 | &nbsp;&nbsp; 180 | 165483 |
| 2.55%, 06/15/31 | &nbsp;&nbsp; 235 | 211556 |
| 2.65%, 09/01/26 | &nbsp;&nbsp; 345 | 339956 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 165 | 162026 |
| 3.25%, 01/15/82, (5-year CMT + 2.321%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 96503 |
| 3.40%, 06/15/29 | &nbsp;&nbsp; 145 | 140772 |
| 4.30%, 03/15/28 | &nbsp;&nbsp; 200 | 200976 |
| 4.50%, 08/15/32 | &nbsp;&nbsp; 250 | 246687 |
| 4.85%, 01/05/27 | &nbsp;&nbsp; 165 | 166520 |
| 4.85%, 01/05/29 | &nbsp;&nbsp; 105 | 107100 |
| 5.00%, 12/08/27 | &nbsp;&nbsp; 125 | 127328 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 180 | 185886 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 135 | 142439 |
| 6.45%, 09/01/54, (5-year CMT + 2.588%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 207123 |
| Duke Energy Florida LLC |  |  |
| 1.75%, 06/15/30 | &nbsp;&nbsp; 100 | 89334 |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 145 | 129849 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 185 | 173603 |
| 3.20%, 01/15/27 | &nbsp;&nbsp; 65 | 64327 |
| 3.80%, 07/15/28 | &nbsp;&nbsp; 138 | 137485 |
| 5.88%, 11/15/33 | &nbsp;&nbsp; 115 | 123258 |
| Duke Energy Indiana LLC, 5.25%, 03/01/34 | &nbsp;&nbsp; 115 | 118413 |
| Duke Energy Ohio Inc. |  |  |
| 2.13%, 06/01/30 | &nbsp;&nbsp; 120 | 109118 |
| 3.65%, 02/01/29 | &nbsp;&nbsp; 100 | 98412 |
| 5.25%, 04/01/33 | &nbsp;&nbsp; 83 | 85512 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 75 | 76695 |
| Duke Energy Progress LLC |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 160 | 140463 |
| 3.40%, 04/01/32 | &nbsp;&nbsp; 85 | 79971 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 126 | 123384 |
| 3.70%, 09/01/28 | &nbsp;&nbsp; 120 | 118941 |
| 4.35%, 03/06/27 | &nbsp;&nbsp; 50 | 50309 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; 140 | 141364 |
| 5.10%, 03/15/34 | &nbsp;&nbsp; 125 | 127601 |
| 5.25%, 03/15/33 | &nbsp;&nbsp; 110 | 113715 |
| Edison International |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 132 | 129918 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 130 | 131333 |
| 5.25%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 135 | 132855 |
| 5.45%, 06/15/29 | &nbsp;&nbsp; 110 | 111200 |
| 5.75%, 06/15/27 | &nbsp;&nbsp; 137 | 139491 |
| 6.25%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 100 | 104016 |
| 6.95%, 11/15/29 | &nbsp;&nbsp; 125 | 132614 |
| El Paso Electric Co., 6.00%, 05/15/35 | &nbsp;&nbsp; 10 | 10355 |
| Emera U.S. Finance LP, 2.64%, 06/15/31 | &nbsp;&nbsp; 100 | 88903 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 140 | 139136 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 230 | 232705 |
| Entergy Arkansas LLC |  |  |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 89 | 89008 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.15%, 01/15/33 | &nbsp;&nbsp; $123 | $126603 |
| 5.30%, 09/15/33 | &nbsp;&nbsp; 85 | 87692 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 135 | 140063 |
| Entergy Corp. |  |  |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 85 | 80023 |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 95 | 84700 |
| 2.80%, 06/15/30 | &nbsp;&nbsp; 120 | 111659 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 162 | 159733 |
| 7.13%, 12/01/54, (5-year CMT + 2.670%)<sup>(c)</sup> | &nbsp;&nbsp; 230 | 239493 |
| Entergy Louisiana LLC |  |  |
| 1.60%, 12/15/30 | &nbsp;&nbsp; 90 | 78672 |
| 2.35%, 06/15/32 | &nbsp;&nbsp; 100 | 87088 |
| 2.40%, 10/01/26 | &nbsp;&nbsp; 105 | 103019 |
| 3.05%, 06/01/31 | &nbsp;&nbsp; 97 | 90572 |
| 3.12%, 09/01/27 | &nbsp;&nbsp; 110 | 108054 |
| 3.25%, 04/01/28 | &nbsp;&nbsp; 100 | 98173 |
| 4.00%, 03/15/33 | &nbsp;&nbsp; 160 | 151747 |
| 5.15%, 09/15/34 | &nbsp;&nbsp; 155 | 156853 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 110 | 113215 |
| Entergy Mississippi LLC |  |  |
| 2.85%, 06/01/28 | &nbsp;&nbsp; 110 | 106774 |
| 5.00%, 09/01/33 | &nbsp;&nbsp; 50 | 50547 |
| Entergy Texas Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 150 | 130792 |
| 4.00%, 03/30/29 | &nbsp;&nbsp; 88 | 87472 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 100 | 101668 |
| Evergy Inc. |  |  |
| 2.90%, 09/15/29 | &nbsp;&nbsp; 185 | 175111 |
| 6.65%, 06/01/55, (5-year CMT + 2.558%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 101454 |
| Evergy Kansas Central Inc. |  |  |
| 3.10%, 04/01/27 | &nbsp;&nbsp; 100 | 98647 |
| 4.70%, 03/13/28 | &nbsp;&nbsp; 30 | 30362 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 74 | 74816 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 100 | 106520 |
| Evergy Metro Inc. |  |  |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 10 | 10095 |
| 5.13%, 08/15/35 | &nbsp;&nbsp; 50 | 49992 |
| 5.40%, 04/01/34 | &nbsp;&nbsp; 80 | 82531 |
| Series 2020, 2.25%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 90 | 82311 |
| Eversource Energy |  |  |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 85 | 76597 |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 185 | 181662 |
| 3.38%, 03/01/32 | &nbsp;&nbsp; 135 | 123913 |
| 4.60%, 07/01/27 | &nbsp;&nbsp; 130 | 130760 |
| 5.00%, 01/01/27 | &nbsp;&nbsp; 75 | 75714 |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 165 | 165663 |
| 5.45%, 03/01/28 | &nbsp;&nbsp; 265 | 272417 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 140 | 143158 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 140 | 148263 |
| 5.95%, 02/01/29 | &nbsp;&nbsp; 175 | 183597 |
| 5.95%, 07/15/34 | &nbsp;&nbsp; 145 | 152192 |
| Series M, 3.30%, 01/15/28 | &nbsp;&nbsp; 100 | 97944 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; 125 | 124579 |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; 139 | 121970 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | &nbsp;&nbsp; 120 | 117482 |
| 3.35%, 03/15/32 | &nbsp;&nbsp; 110 | 102175 |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 279 | 275951 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 54 | 52706 |
| 5.13%, 03/15/31 | &nbsp;&nbsp; 135 | 139093 |
| 5.15%, 03/15/28 | &nbsp;&nbsp; 170 | 173893 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.15%, 03/15/29 | &nbsp;&nbsp; $55 | $56583 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 200 | 206205 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 145 | 149569 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 20 | 20681 |
| 6.50%, 03/15/55, (5-year CMT + 1.975%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 206740 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | &nbsp;&nbsp; 110 | 102056 |
| Series B, 2.25%, 09/01/30 | &nbsp;&nbsp; 65 | 58372 |
| Series B, 3.90%, 07/15/27 | &nbsp;&nbsp; 325 | 322723 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/30 | &nbsp;&nbsp; 55 | 55422 |
| 4.75%, 01/15/33<sup>(b)</sup> | &nbsp;&nbsp; 75 | 74819 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32 | &nbsp;&nbsp; 300 | 267325 |
| 4.40%, 05/15/28 | &nbsp;&nbsp; 195 | 197143 |
| 4.63%, 05/15/30 | &nbsp;&nbsp; 135 | 137482 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 155 | 156298 |
| 5.00%, 08/01/34 | &nbsp;&nbsp; 110 | 111139 |
| 5.05%, 04/01/28 | &nbsp;&nbsp; 225 | 231044 |
| 5.10%, 04/01/33 | &nbsp;&nbsp; 160 | 164046 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 185 | 192024 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 265 | 274094 |
| 5.63%, 04/01/34 | &nbsp;&nbsp; 100 | 105940 |
| Series A, 3.30%, 05/30/27 | &nbsp;&nbsp; 95 | 93961 |
| Fortis Inc./Canada, 3.06%, 10/04/26 | &nbsp;&nbsp; 250 | 246238 |
| Georgia Power Co. |  |  |
| 3.25%, 03/30/27 | &nbsp;&nbsp; 102 | 100767 |
| 4.55%, 03/15/30 | &nbsp;&nbsp; 145 | 147306 |
| 4.65%, 05/16/28 | &nbsp;&nbsp; 190 | 192868 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 160 | 160918 |
| 4.85%, 03/15/31 | &nbsp;&nbsp; 145 | 148524 |
| 4.95%, 05/17/33 | &nbsp;&nbsp; 225 | 227819 |
| 5.00%, 02/23/27 | &nbsp;&nbsp; 175 | 177420 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 125 | 126819 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 185 | 189764 |
| Series B, 2.65%, 09/15/29 | &nbsp;&nbsp; 144 | 136187 |
| Idaho Power Co., 5.20%, 08/15/34 | &nbsp;&nbsp; 65 | 66722 |
| Indiana Michigan Power Co., 3.85%, 05/15/28 | &nbsp;&nbsp; 30 | 29844 |
| Interstate Power & Light Co. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 55 | 50116 |
| 3.60%, 04/01/29 | &nbsp;&nbsp; 20 | 19621 |
| 4.10%, 09/26/28 | &nbsp;&nbsp; 140 | 139897 |
| 4.95%, 09/30/34 | &nbsp;&nbsp; 55 | 54179 |
| 5.60%, 06/29/35 | &nbsp;&nbsp; 150 | 154759 |
| 5.70%, 10/15/33 | &nbsp;&nbsp; 85 | 88293 |
| IPALCO Enterprises Inc. |  |  |
| 4.25%, 05/01/30 | &nbsp;&nbsp; 122 | 119193 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 90 | 90728 |
| ITC Holdings Corp., 3.35%, 11/15/27 | &nbsp;&nbsp; 105 | 103027 |
| Jersey Central Power & Light Co., 5.10%, 01/15/35 | &nbsp;&nbsp; 175 | 175305 |
| Kentucky Utilities Co., 5.45%, 04/15/33 | &nbsp;&nbsp; 70 | 72714 |
| Louisville Gas & Electric Co., 5.45%, 04/15/33 | &nbsp;&nbsp; 90 | 93628 |
| MidAmerican Energy Co. |  |  |
| 3.10%, 05/01/27 | &nbsp;&nbsp; 128 | 126343 |
| 3.65%, 04/15/29 | &nbsp;&nbsp; 197 | 194296 |
| 5.35%, 01/15/34 | &nbsp;&nbsp; 125 | 129539 |
| 6.75%, 12/30/31 | &nbsp;&nbsp; 35 | 39589 |
| Mississippi Power Co., 3.95%, 03/30/28 | &nbsp;&nbsp; 82 | 81944 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 165 | 169687 |
| 5.60%, 06/12/28 | &nbsp;&nbsp; 15 | 15530 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.81%, 06/12/33 | &nbsp;&nbsp; $160 | $169411 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 1.35%, 03/15/31 | &nbsp;&nbsp; 120 | 102498 |
| 1.65%, 06/15/31 | &nbsp;&nbsp; 45 | 38707 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 95 | 88167 |
| 2.75%, 04/15/32 | &nbsp;&nbsp; 70 | 62921 |
| 3.05%, 04/25/27 | &nbsp;&nbsp; 103 | 101330 |
| 3.40%, 02/07/28 | &nbsp;&nbsp; 90 | 88644 |
| 3.70%, 03/15/29 | &nbsp;&nbsp; 115 | 113385 |
| 3.90%, 11/01/28 | &nbsp;&nbsp; 90 | 89412 |
| 4.02%, 11/01/32 | &nbsp;&nbsp; 150 | 144071 |
| 4.12%, 09/16/27 | &nbsp;&nbsp; 65 | 65122 |
| 4.15%, 12/15/32 | &nbsp;&nbsp; 80 | 77654 |
| 4.75%, 02/07/28 | &nbsp;&nbsp; 25 | 25394 |
| 4.80%, 02/05/27 | &nbsp;&nbsp; 110 | 111033 |
| 4.80%, 03/15/28 | &nbsp;&nbsp; 145 | 147714 |
| 4.85%, 02/07/29 | &nbsp;&nbsp; 110 | 112579 |
| 4.95%, 02/07/30 | &nbsp;&nbsp; 260 | 267798 |
| 5.00%, 02/07/31 | &nbsp;&nbsp; 205 | 211335 |
| 5.00%, 08/15/34 | &nbsp;&nbsp; 95 | 95877 |
| 5.05%, 09/15/28 | &nbsp;&nbsp; 105 | 107828 |
| 5.10%, 05/06/27 | &nbsp;&nbsp; 90 | 91507 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 120 | 124451 |
| 5.60%, 11/13/26 | &nbsp;&nbsp; 110 | 111712 |
| 5.80%, 01/15/33 | &nbsp;&nbsp; 155 | 165322 |
| Series C, 8.00%, 03/01/32 | &nbsp;&nbsp; 65 | 77015 |
| Series D, 4.15%, 08/25/28 | &nbsp;&nbsp; 100 | 100372 |
| Nevada Power Co. |  |  |
| 6.25%, 05/15/55, (5-year CMT + 1.936%)<sup>(c)</sup> | &nbsp;&nbsp; 65 | 65156 |
| Series CC, 3.70%, 05/01/29 | &nbsp;&nbsp; 132 | 129982 |
| Series DD, 2.40%, 05/01/30 | &nbsp;&nbsp; 87 | 80334 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 1.88%, 01/15/27 | &nbsp;&nbsp; 265 | 256876 |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 370 | 349008 |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 441 | 401759 |
| 2.44%, 01/15/32 | &nbsp;&nbsp; 215 | 188478 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 224 | 211523 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 133 | 130033 |
| 3.55%, 05/01/27 | &nbsp;&nbsp; 346 | 342530 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(c)</sup> | &nbsp;&nbsp; 50 | 48344 |
| 4.63%, 07/15/27 | &nbsp;&nbsp; 340 | 342990 |
| 4.69%, 09/01/27 | &nbsp;&nbsp; 115 | 116086 |
| 4.80%, 12/01/77<sup>(c)</sup> | &nbsp;&nbsp; 105 | 101190 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; 120 | 122060 |
| 4.90%, 02/28/28 | &nbsp;&nbsp; 280 | 284900 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 205 | 209475 |
| 5.00%, 02/28/30<sup>(a)</sup> | &nbsp;&nbsp; 120 | 123622 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 240 | 243996 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 160 | 164692 |
| 5.05%, 02/28/33 | &nbsp;&nbsp; 235 | 238342 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 250 | 254455 |
| 5.30%, 03/15/32 | &nbsp;&nbsp; 155 | 160426 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 190 | 194788 |
| 5.65%, 05/01/79<sup>(c)</sup> | &nbsp;&nbsp; 90 | 89830 |
| 6.38%, 08/15/55, (5-year CMT + 2.053%)<sup>(c)</sup> | &nbsp;&nbsp; 300 | 309945 |
| 6.70%, 09/01/54, (5-year CMT + 2.364%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 206151 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(c)</sup> | &nbsp;&nbsp; 255 | 269094 |
| Series ., 6.50%, 08/15/55, (5-year CMT + <br> 1.979%)<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 209694 |
| Northern States Power Co., 5.05%, 05/15/35 | &nbsp;&nbsp; 150 | 151601 |
| Northern States Power Co./MN, 2.25%, 04/01/31 | &nbsp;&nbsp; 147 | 133535 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| NSTAR Electric Co. |  |  |
| 1.95%, 08/15/31 | &nbsp;&nbsp; $45 | $39474 |
| 3.20%, 05/15/27 | &nbsp;&nbsp; 180 | 177486 |
| 3.25%, 05/15/29 | &nbsp;&nbsp; 100 | 97065 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 55 | 54482 |
| 4.85%, 03/01/30 | &nbsp;&nbsp; 95 | 97340 |
| 5.20%, 03/01/35 | &nbsp;&nbsp; 75 | 76160 |
| 5.40%, 06/01/34 | &nbsp;&nbsp; 110 | 113721 |
| OGE Energy Corp., 5.45%, 05/15/29 | &nbsp;&nbsp; 95 | 98686 |
| Ohio Power Co. |  |  |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 45 | 45281 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 100 | 103763 |
| Series P, 2.60%, 04/01/30 | &nbsp;&nbsp; 92 | 85529 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 55 | 47500 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.25%, 04/01/30 | &nbsp;&nbsp; 70 | 67204 |
| 3.30%, 03/15/30 | &nbsp;&nbsp; 55 | 52665 |
| 3.80%, 08/15/28 | &nbsp;&nbsp; 95 | 94434 |
| 5.40%, 01/15/33 | &nbsp;&nbsp; 125 | 129625 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.75%, 05/15/30 | &nbsp;&nbsp; 185 | 173433 |
| 3.70%, 11/15/28 | &nbsp;&nbsp; 120 | 118724 |
| 4.15%, 06/01/32 | &nbsp;&nbsp; 130 | 126027 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 40 | 40276 |
| 4.50%, 03/20/27<sup>(b)</sup> | &nbsp;&nbsp; 120 | 120836 |
| 4.55%, 09/15/32 | &nbsp;&nbsp; 185 | 183870 |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 140 | 142445 |
| 5.35%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 80 | 82280 |
| 5.65%, 11/15/33 | &nbsp;&nbsp; 200 | 211690 |
| 5.75%, 03/15/29 | &nbsp;&nbsp; 103 | 107813 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 65 | 73336 |
| 7.25%, 01/15/33 | &nbsp;&nbsp; 15 | 17165 |
| Pacific Gas and Electric Co. |  |  |
| 2.10%, 08/01/27 | &nbsp;&nbsp; 202 | 193561 |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 463 | 410557 |
| 3.00%, 06/15/28 | &nbsp;&nbsp; 180 | 173335 |
| 3.25%, 06/01/31 | &nbsp;&nbsp; 187 | 171485 |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 96 | 94352 |
| 3.30%, 12/01/27 | &nbsp;&nbsp; 240 | 234292 |
| 3.75%, 07/01/28 | &nbsp;&nbsp; 210 | 205821 |
| 4.20%, 03/01/29 | &nbsp;&nbsp; 75 | 74115 |
| 4.40%, 03/01/32 | &nbsp;&nbsp; 100 | 96280 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 659 | 652696 |
| 4.65%, 08/01/28 | &nbsp;&nbsp; 100 | 100201 |
| 5.00%, 06/04/28 | &nbsp;&nbsp; 120 | 121805 |
| 5.45%, 06/15/27 | &nbsp;&nbsp; 100 | 101522 |
| 5.55%, 05/15/29 | &nbsp;&nbsp; 195 | 200559 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 190 | 192515 |
| 5.80%, 05/15/34 | &nbsp;&nbsp; 235 | 240109 |
| 5.90%, 06/15/32 | &nbsp;&nbsp; 128 | 133246 |
| 6.00%, 08/15/35 | &nbsp;&nbsp; 140 | 144804 |
| 6.10%, 01/15/29 | &nbsp;&nbsp; 170 | 177550 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 150 | 157526 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; 260 | 276044 |
| 6.95%, 03/15/34 | &nbsp;&nbsp; 145 | 158750 |
| PacifiCorp |  |  |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 115 | 106145 |
| 3.50%, 06/15/29 | &nbsp;&nbsp; 133 | 129244 |
| 5.10%, 02/15/29 | &nbsp;&nbsp; 120 | 122934 |
| 5.30%, 02/15/31 | &nbsp;&nbsp; 160 | 166011 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 280 | 284565 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 7.70%, 11/15/31 | &nbsp;&nbsp; $75 | $87308 |
| PECO Energy Co., 4.90%, 06/15/33 | &nbsp;&nbsp; 136 | 138074 |
| Pinnacle West Capital Corp. |  |  |
| 4.90%, 05/15/28 | &nbsp;&nbsp; 145 | 147158 |
| 5.15%, 05/15/30 | &nbsp;&nbsp; 35 | 35997 |
| Potomac Electric Power Co., 5.20%, 03/15/34 | &nbsp;&nbsp; 85 | 87089 |
| PPL Capital Funding Inc. |  |  |
| 4.13%, 04/15/30 | &nbsp;&nbsp; 35 | 34713 |
| 5.25%, 09/01/34 | &nbsp;&nbsp; 165 | 167318 |
| PPL Electric Utilities Corp. |  |  |
| 4.85%, 02/15/34 | &nbsp;&nbsp; 115 | 115677 |
| 5.00%, 05/15/33 | &nbsp;&nbsp; 160 | 163453 |
| Progress Energy Inc. |  |  |
| 7.00%, 10/30/31 | &nbsp;&nbsp; 65 | 73364 |
| 7.75%, 03/01/31 | &nbsp;&nbsp; 145 | 167731 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31 | &nbsp;&nbsp; 160 | 139470 |
| 3.70%, 06/15/28 | &nbsp;&nbsp; 117 | 116274 |
| 4.10%, 06/01/32 | &nbsp;&nbsp; 70 | 67870 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 100 | 99391 |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 180 | 183229 |
| Series 35, 1.90%, 01/15/31 | &nbsp;&nbsp; 95 | 83577 |
| Public Service Co. of New Hampshire |  |  |
| 4.40%, 07/01/28 | &nbsp;&nbsp; 50 | 50504 |
| 5.35%, 10/01/33 | &nbsp;&nbsp; 170 | 177396 |
| Series V, 2.20%, 06/15/31 | &nbsp;&nbsp; 65 | 58031 |
| Public Service Co. of Oklahoma |  |  |
| 5.20%, 01/15/35 | &nbsp;&nbsp; 155 | 155434 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 130 | 132715 |
| Series J, 2.20%, 08/15/31 | &nbsp;&nbsp; 100 | 87912 |
| Public Service Electric & Gas Co. |  |  |
| 1.90%, 08/15/31 | &nbsp;&nbsp; 140 | 122327 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 81 | 79482 |
| 2.45%, 01/15/30 | &nbsp;&nbsp; 75 | 69867 |
| 3.00%, 05/15/27 | &nbsp;&nbsp; 140 | 137849 |
| 3.10%, 03/15/32 | &nbsp;&nbsp; 80 | 73379 |
| 3.20%, 05/15/29 | &nbsp;&nbsp; 90 | 87342 |
| 3.65%, 09/01/28 | &nbsp;&nbsp; 110 | 108836 |
| 3.70%, 05/01/28 | &nbsp;&nbsp; 137 | 136182 |
| 4.65%, 03/15/33 | &nbsp;&nbsp; 155 | 155029 |
| 4.85%, 08/01/34 | &nbsp;&nbsp; 90 | 90242 |
| 4.90%, 12/15/32 | &nbsp;&nbsp; 130 | 132456 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 105 | 106411 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 10 | 10326 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 130 | 133472 |
| Public Service Electric and Gas Co., 4.90%, <br> 08/15/35<br>| &nbsp;&nbsp; 75 | 74833 |
| Public Service Enterprise Group Inc. |  |  |
| 1.60%, 08/15/30 | &nbsp;&nbsp; 170 | 148372 |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 105 | 93090 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 90 | 91966 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 115 | 118646 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 75 | 76494 |
| 5.45%, 04/01/34 | &nbsp;&nbsp; 100 | 102783 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 85 | 88016 |
| 5.88%, 10/15/28 | &nbsp;&nbsp; 100 | 104778 |
| 6.13%, 10/15/33 | &nbsp;&nbsp; 110 | 117871 |
| Puget Energy Inc. |  |  |
| 2.38%, 06/15/28 | &nbsp;&nbsp; 142 | 134669 |
| 4.10%, 06/15/30 | &nbsp;&nbsp; 125 | 121782 |
| 4.22%, 03/15/32 | &nbsp;&nbsp; 90 | 85513 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.73%, 03/15/35 | &nbsp;&nbsp; $125 | $126872 |
| Puget Sound Energy Inc., 5.33%, 06/15/34 | &nbsp;&nbsp; 72 | 73819 |
| San Diego Gas & Electric Co. |  |  |
| 4.95%, 08/15/28 | &nbsp;&nbsp; 135 | 138592 |
| 5.40%, 04/15/35 | &nbsp;&nbsp; 205 | 210321 |
| Series VVV, 1.70%, 10/01/30 | &nbsp;&nbsp; 175 | 154254 |
| Series XXX, 3.00%, 03/15/32 | &nbsp;&nbsp; 105 | 95476 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 253 | 248550 |
| 3.40%, 02/01/28 | &nbsp;&nbsp; 259 | 253784 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 180 | 176405 |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 194754 |
| 5.50%, 08/01/33 | &nbsp;&nbsp; 155 | 159246 |
| 6.40%, 10/01/54, (5-year CMT + 2.632%)<sup>(c)</sup> | &nbsp;&nbsp; 405 | 400445 |
| 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 203559 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 125 | 112441 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 35 | 30725 |
| 2.85%, 08/01/29 | &nbsp;&nbsp; 124 | 116771 |
| 4.40%, 09/06/26 | &nbsp;&nbsp; 35 | 35034 |
| 4.88%, 02/01/27 | &nbsp;&nbsp; 115 | 115838 |
| 5.15%, 06/01/29 | &nbsp;&nbsp; 150 | 153225 |
| 5.20%, 06/01/34 | &nbsp;&nbsp; 230 | 228465 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 140 | 143336 |
| 5.30%, 03/01/28 | &nbsp;&nbsp; 85 | 86855 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 150 | 155174 |
| 5.45%, 03/01/35 | &nbsp;&nbsp; 120 | 120756 |
| 5.65%, 10/01/28 | &nbsp;&nbsp; 95 | 98331 |
| 5.85%, 11/01/27 | &nbsp;&nbsp; 160 | 164756 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 210 | 220816 |
| 6.00%, 01/15/34 | &nbsp;&nbsp; 110 | 114350 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 93 | 97670 |
| Series 05-E, 5.35%, 07/15/35 | &nbsp;&nbsp; 100 | 99902 |
| Series A, 4.20%, 03/01/29 | &nbsp;&nbsp; 124 | 122879 |
| Series B, 3.65%, 03/01/28 | &nbsp;&nbsp; 93 | 91518 |
| Series D, 4.70%, 06/01/27 | &nbsp;&nbsp; 155 | 155748 |
| Series G, 2.50%, 06/01/31 | &nbsp;&nbsp; 140 | 123973 |
| Southern Co. (The) |  |  |
| 4.85%, 06/15/28 | &nbsp;&nbsp; 150 | 152900 |
| 4.85%, 03/15/35 | &nbsp;&nbsp; 20 | 19610 |
| 5.11%, 08/01/27 | &nbsp;&nbsp; 185 | 188600 |
| 5.20%, 06/15/33 | &nbsp;&nbsp; 170 | 173566 |
| 5.50%, 03/15/29 | &nbsp;&nbsp; 215 | 224151 |
| 5.70%, 10/15/32 | &nbsp;&nbsp; 90 | 94881 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 240 | 251556 |
| Series 2025, 6.38%, 03/15/55, (5-year CMT + <br> 2.069%)<sup>(c)</sup><br>| &nbsp;&nbsp; 425 | 445026 |
| Series 21-A, 3.75%, 09/15/51, (5-year CMT + <br> 2.915%)<sup>(c)</sup><br>| &nbsp;&nbsp; 100 | 98610 |
| Series 21-B, 1.75%, 03/15/28 | &nbsp;&nbsp; 75 | 70740 |
| Series A, 3.70%, 04/30/30 | &nbsp;&nbsp; 234 | 228004 |
| Southwestern Electric Power Co. |  |  |
| 5.30%, 04/01/33 | &nbsp;&nbsp; 75 | 76094 |
| Series K, 2.75%, 10/01/26 | &nbsp;&nbsp; 125 | 122864 |
| Series M, 4.10%, 09/15/28 | &nbsp;&nbsp; 115 | 114811 |
| Southwestern Public Service Co., 5.30%, 05/15/35 | &nbsp;&nbsp; 100 | 100891 |
| System Energy Resources Inc. |  |  |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 75 | 74703 |
| 6.00%, 04/15/28 | &nbsp;&nbsp; 75 | 78078 |
| Tampa Electric Co. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 105 | 95126 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.90%, 03/01/29 | &nbsp;&nbsp; $130 | $132969 |
| 5.15%, 03/01/35 | &nbsp;&nbsp; 90 | 90713 |
| Tucson Electric Power Co. |  |  |
| 1.50%, 08/01/30 | &nbsp;&nbsp; 90 | 78274 |
| 3.25%, 05/15/32 | &nbsp;&nbsp; 75 | 68900 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 95 | 95857 |
| Union Electric Co. |  |  |
| 2.15%, 03/15/32 | &nbsp;&nbsp; 130 | 112611 |
| 2.95%, 06/15/27 | &nbsp;&nbsp; 90 | 88534 |
| 2.95%, 03/15/30 | &nbsp;&nbsp; 141 | 134135 |
| 3.50%, 03/15/29 | &nbsp;&nbsp; 133 | 130488 |
| 5.20%, 04/01/34 | &nbsp;&nbsp; 145 | 148548 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 135 | 138016 |
| Virginia Electric & Power Co. |  |  |
| 2.30%, 11/15/31 | &nbsp;&nbsp; 125 | 110421 |
| 2.40%, 03/30/32 | &nbsp;&nbsp; 65 | 56967 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 195 | 197702 |
| 5.00%, 01/15/34 | &nbsp;&nbsp; 125 | 125474 |
| 5.05%, 08/15/34 | &nbsp;&nbsp; 135 | 136094 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 125 | 126073 |
| 5.30%, 08/15/33 | &nbsp;&nbsp; 75 | 77097 |
| Series A, 2.88%, 07/15/29 | &nbsp;&nbsp; 135 | 129126 |
| Series A, 3.50%, 03/15/27 | &nbsp;&nbsp; 210 | 208355 |
| Series A, 3.80%, 04/01/28 | &nbsp;&nbsp; 105 | 104634 |
| Series B, 2.95%, 11/15/26 | &nbsp;&nbsp; 110 | 108422 |
| Series B, 3.75%, 05/15/27 | &nbsp;&nbsp; 150 | 149230 |
| WEC Energy Group Inc. |  |  |
| 1.38%, 10/15/27 | &nbsp;&nbsp; 85 | 80483 |
| 1.80%, 10/15/30 | &nbsp;&nbsp; 36 | 31863 |
| 2.20%, 12/15/28 | &nbsp;&nbsp; 135 | 126892 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 140 | 142147 |
| 5.15%, 10/01/27 | &nbsp;&nbsp; 95 | 96782 |
| 5.60%, 09/12/26 | &nbsp;&nbsp; 53 | 53674 |
| Wisconsin Electric Power Co. |  |  |
| 1.70%, 06/15/28 | &nbsp;&nbsp; 130 | 122426 |
| 4.60%, 10/01/34 | &nbsp;&nbsp; 85 | 83887 |
| 4.75%, 09/30/32 | &nbsp;&nbsp; 120 | 122337 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 55 | 56666 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 20 | 21369 |
| Wisconsin Power and Light Co. |  |  |
| 1.95%, 09/16/31 | &nbsp;&nbsp; 100 | 86906 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 85 | 81345 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 75 | 73311 |
| 3.95%, 09/01/32 | &nbsp;&nbsp; 120 | 114719 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 50 | 50491 |
| 5.38%, 03/30/34 | &nbsp;&nbsp; 55 | 56790 |
| Wisconsin Public Service Corp., 4.55%, 12/01/29 | &nbsp;&nbsp; 60 | 61059 |
| Xcel Energy Inc. |  |  |
| 1.75%, 03/15/27 | &nbsp;&nbsp; 110 | 106045 |
| 2.35%, 11/15/31 | &nbsp;&nbsp; 60 | 52657 |
| 2.60%, 12/01/29 | &nbsp;&nbsp; 130 | 121262 |
| 3.35%, 12/01/26 | &nbsp;&nbsp; 127 | 125543 |
| 3.40%, 06/01/30 | &nbsp;&nbsp; 145 | 138830 |
| 4.00%, 06/15/28 | &nbsp;&nbsp; 235 | 234460 |
| 4.60%, 06/01/32 | &nbsp;&nbsp; 145 | 142863 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 50 | 50606 |
| 5.45%, 08/15/33 | &nbsp;&nbsp; 175 | 179145 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 185 | 189200 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 115 | 117642 |
|  |  | 74646858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| ABB Finance USA Inc., 3.80%, 04/03/28 | &nbsp;&nbsp; $40 | $40137 |
| Acuity Brands Lighting Inc., 2.15%, 12/15/30 | &nbsp;&nbsp; 100 | 89284 |
| Emerson Electric Co. |  |  |
| 0.88%, 10/15/26 | &nbsp;&nbsp; 165 | 159470 |
| 1.80%, 10/15/27 | &nbsp;&nbsp; 130 | 124558 |
| 1.95%, 10/15/30 | &nbsp;&nbsp; 145 | 130695 |
| 2.00%, 12/21/28 | &nbsp;&nbsp; 250 | 235013 |
| 2.20%, 12/21/31 | &nbsp;&nbsp; 245 | 217238 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 70 | 71177 |
|  |  | 1067572 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 95 | 91860 |
| Allegion U.S. Holding Co. Inc. |  |  |
| 3.55%, 10/01/27 | &nbsp;&nbsp; 80 | 78797 |
| 5.41%, 07/01/32 | &nbsp;&nbsp; 90 | 93393 |
| 5.60%, 05/29/34 | &nbsp;&nbsp; 115 | 118404 |
| Amphenol Corp. |  |  |
| 2.20%, 09/15/31 | &nbsp;&nbsp; 150 | 132726 |
| 2.80%, 02/15/30 | &nbsp;&nbsp; 210 | 198514 |
| 4.35%, 06/01/29 | &nbsp;&nbsp; 110 | 111053 |
| 4.38%, 06/12/28 | &nbsp;&nbsp; 80 | 80776 |
| 5.05%, 04/05/27 | &nbsp;&nbsp; 145 | 147211 |
| 5.05%, 04/05/29 | &nbsp;&nbsp; 110 | 113430 |
| 5.25%, 04/05/34 | &nbsp;&nbsp; 120 | 123967 |
| Arrow Electronics Inc. |  |  |
| 2.95%, 02/15/32 | &nbsp;&nbsp; 127 | 112205 |
| 3.88%, 01/12/28 | &nbsp;&nbsp; 120 | 118451 |
| 5.15%, 08/21/29 | &nbsp;&nbsp; 135 | 138114 |
| 5.88%, 04/10/34 | &nbsp;&nbsp; 115 | 119325 |
| Avnet Inc. |  |  |
| 3.00%, 05/15/31 | &nbsp;&nbsp; 84 | 76032 |
| 5.50%, 06/01/32 | &nbsp;&nbsp; 65 | 65731 |
| 6.25%, 03/15/28 | &nbsp;&nbsp; 105 | 109315 |
| Flex Ltd. |  |  |
| 4.88%, 06/15/29 | &nbsp;&nbsp; 170 | 171862 |
| 4.88%, 05/12/30 | &nbsp;&nbsp; 140 | 141456 |
| 5.25%, 01/15/32 | &nbsp;&nbsp; 105 | 107244 |
| 6.00%, 01/15/28 | &nbsp;&nbsp; 70 | 72457 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 | &nbsp;&nbsp; 285 | 272780 |
| 1.75%, 09/01/31 | &nbsp;&nbsp; 304 | 261796 |
| 1.95%, 06/01/30 | &nbsp;&nbsp; 240 | 217215 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 315 | 309253 |
| 2.70%, 08/15/29 | &nbsp;&nbsp; 205 | 195038 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 165 | 165851 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 230 | 225590 |
| 4.65%, 07/30/27 | &nbsp;&nbsp; 200 | 202428 |
| 4.70%, 02/01/30 | &nbsp;&nbsp; 200 | 203943 |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 155 | 157365 |
| 4.88%, 09/01/29 | &nbsp;&nbsp; 120 | 123534 |
| 4.95%, 02/15/28 | &nbsp;&nbsp; 100 | 102352 |
| 4.95%, 09/01/31 | &nbsp;&nbsp; 120 | 123700 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 325 | 331189 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 55 | 55366 |
| Hubbell Inc. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 70 | 62702 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 60 | 58775 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 120 | 118063 |
| Jabil Inc. |  |  |
| 3.00%, 01/15/31 | &nbsp;&nbsp; 160 | 146781 |
| 3.60%, 01/15/30 | &nbsp;&nbsp; 121 | 116252 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| 3.95%, 01/12/28 | &nbsp;&nbsp; $115 | $114007 |
| 4.25%, 05/15/27 | &nbsp;&nbsp; 95 | 94944 |
| 5.45%, 02/01/29 | &nbsp;&nbsp; 85 | 87339 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 132 | 125259 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 199 | 199900 |
| 4.95%, 10/15/34 | &nbsp;&nbsp; 135 | 134071 |
| 5.35%, 07/30/30 | &nbsp;&nbsp; 50 | 51955 |
| TD SYNNEX Corp. |  |  |
| 2.38%, 08/09/28 | &nbsp;&nbsp; 155 | 146865 |
| 2.65%, 08/09/31 | &nbsp;&nbsp; 115 | 102339 |
| 6.10%, 04/12/34 | &nbsp;&nbsp; 120 | 125797 |
| Trimble Inc. |  |  |
| 4.90%, 06/15/28 | &nbsp;&nbsp; 125 | 126791 |
| 6.10%, 03/15/33 | &nbsp;&nbsp; 185 | 197200 |
| Tyco Electronics Group SA |  |  |
| 2.50%, 02/04/32 | &nbsp;&nbsp; 140 | 124624 |
| 3.13%, 08/15/27 | &nbsp;&nbsp; 150 | 147354 |
| 4.50%, 02/09/31 | &nbsp;&nbsp; 100 | 100784 |
| 4.63%, 02/01/30 | &nbsp;&nbsp; 105 | 106898 |
| 5.00%, 05/09/35 | &nbsp;&nbsp; 60 | 59746 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28 | &nbsp;&nbsp; 120 | 113944 |
| 2.95%, 04/01/31 | &nbsp;&nbsp; 170 | 154749 |
|  |  | 8286862 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | &nbsp;&nbsp; 120 | 125565 |
| 6.35%, 08/18/28 | &nbsp;&nbsp; 135 | 142260 |
| MasTec Inc., 5.90%, 06/15/29 | &nbsp;&nbsp; 75 | 78477 |
|  |  | 346302 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Republic Services Inc. |  |  |
| 1.45%, 02/15/31 | &nbsp;&nbsp; 140 | 120568 |
| 1.75%, 02/15/32 | &nbsp;&nbsp; 50 | 42593 |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 154 | 142382 |
| 2.38%, 03/15/33 | &nbsp;&nbsp; 140 | 120695 |
| 3.38%, 11/15/27 | &nbsp;&nbsp; 165 | 163087 |
| 3.95%, 05/15/28 | &nbsp;&nbsp; 176 | 176022 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 95 | 97487 |
| 4.88%, 04/01/29 | &nbsp;&nbsp; 155 | 158977 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 105 | 108506 |
| 5.00%, 12/15/33 | &nbsp;&nbsp; 120 | 122792 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 100 | 101766 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 90 | 91919 |
| 5.20%, 11/15/34 | &nbsp;&nbsp; 115 | 118063 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; 150 | 154918 |
| 5.45%, 09/18/33 | &nbsp;&nbsp; 175 | 180747 |
| 5.50%, 09/18/26 | &nbsp;&nbsp; 170 | 171724 |
| Waste Connections Inc. |  |  |
| 2.20%, 01/15/32 | &nbsp;&nbsp; 80 | 69829 |
| 2.60%, 02/01/30 | &nbsp;&nbsp; 159 | 149283 |
| 3.20%, 06/01/32 | &nbsp;&nbsp; 95 | 87605 |
| 3.50%, 05/01/29 | &nbsp;&nbsp; 112 | 110185 |
| 4.20%, 01/15/33 | &nbsp;&nbsp; 175 | 170053 |
| 4.25%, 12/01/28 | &nbsp;&nbsp; 120 | 120894 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 150 | 152174 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 85 | 86887 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| Waste Management Inc. |  |  |
| 1.15%, 03/15/28 | &nbsp;&nbsp; $70 | $65369 |
| 1.50%, 03/15/31 | &nbsp;&nbsp; 60 | 51909 |
| 2.00%, 06/01/29 | &nbsp;&nbsp; 155 | 144173 |
| 3.15%, 11/15/27 | &nbsp;&nbsp; 210 | 206373 |
| 3.88%, 01/15/29 | &nbsp;&nbsp; 50 | 49584 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 209 | 205200 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 260 | 263201 |
| 4.63%, 02/15/30 | &nbsp;&nbsp; 160 | 163017 |
| 4.63%, 02/15/33 | &nbsp;&nbsp; 115 | 115575 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 170 | 173374 |
| 4.80%, 03/15/32 | &nbsp;&nbsp; 190 | 193961 |
| 4.88%, 02/15/29 | &nbsp;&nbsp; 170 | 174851 |
| 4.88%, 02/15/34 | &nbsp;&nbsp; 270 | 274297 |
| 4.95%, 07/03/27 | &nbsp;&nbsp; 120 | 122112 |
| 4.95%, 07/03/31 | &nbsp;&nbsp; 125 | 129268 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 315 | 316629 |
|  |  | 5668049 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 95 | 103556 |
| Conagra Brands Inc. |  |  |
| 1.38%, 11/01/27 | &nbsp;&nbsp; 215 | 201669 |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 308 | 311284 |
| 5.00%, 08/01/30 | &nbsp;&nbsp; 105 | 105960 |
| 5.30%, 10/01/26 | &nbsp;&nbsp; 125 | 126163 |
| 5.75%, 08/01/35 | &nbsp;&nbsp; 100 | 100508 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 95 | 101488 |
| 8.25%, 09/15/30 | &nbsp;&nbsp; 85 | 98253 |
| Flowers Foods Inc. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 135 | 119085 |
| 3.50%, 10/01/26 | &nbsp;&nbsp; 60 | 59305 |
| 5.75%, 03/15/35 | &nbsp;&nbsp; 105 | 106830 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31 | &nbsp;&nbsp; 135 | 118653 |
| 2.88%, 04/15/30 | &nbsp;&nbsp; 185 | 173706 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 132 | 130225 |
| 4.20%, 04/17/28 | &nbsp;&nbsp; 315 | 315417 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 135 | 135865 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 165 | 168673 |
| 4.95%, 03/29/33 | &nbsp;&nbsp; 195 | 196181 |
| 5.25%, 01/30/35 | &nbsp;&nbsp; 115 | 115628 |
| 5.50%, 10/17/28 | &nbsp;&nbsp; 155 | 160970 |
| Hershey Co. (The) |  |  |
| 1.70%, 06/01/30 | &nbsp;&nbsp; 135 | 120855 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 100 | 93757 |
| 4.25%, 05/04/28 | &nbsp;&nbsp; 165 | 166558 |
| 4.50%, 05/04/33 | &nbsp;&nbsp; 100 | 99535 |
| 4.55%, 02/24/28 | &nbsp;&nbsp; 40 | 40621 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 140 | 143452 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 100 | 102790 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 105 | 107071 |
| Hormel Foods Corp. |  |  |
| 1.70%, 06/03/28 | &nbsp;&nbsp; 185 | 173977 |
| 1.80%, 06/11/30 | &nbsp;&nbsp; 235 | 210702 |
| 4.80%, 03/30/27 | &nbsp;&nbsp; 120 | 121244 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 155 | 144976 |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 135 | 133430 |
| J.M. Smucker Co. (The) |  |  |
| 2.13%, 03/15/32 | &nbsp;&nbsp; 115 | 97648 |
| 2.38%, 03/15/30 | &nbsp;&nbsp; 135 | 124199 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 3.38%, 12/15/27 | &nbsp;&nbsp; $140 | $137965 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 35 | 32515 |
| 5.90%, 11/15/28 | &nbsp;&nbsp; 190 | 199569 |
| 6.20%, 11/15/33 | &nbsp;&nbsp; 210 | 225647 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 3.00%, 02/02/29 | &nbsp;&nbsp; 55 | 52634 |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 230 | 203495 |
| 3.63%, 01/15/32 | &nbsp;&nbsp; 210 | 194167 |
| 3.75%, 12/01/31 | &nbsp;&nbsp; 120 | 113045 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 350 | 362173 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 393 | 431114 |
| Kellanova |  |  |
| 2.10%, 06/01/30 | &nbsp;&nbsp; 130 | 117846 |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 143 | 141005 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 165 | 166073 |
| 5.25%, 03/01/33 | &nbsp;&nbsp; 110 | 112942 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 95 | 108844 |
| Kraft Heinz Foods Co. |  |  |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 180 | 174701 |
| 3.88%, 05/15/27 | &nbsp;&nbsp; 305 | 303007 |
| 4.25%, 03/01/31 | &nbsp;&nbsp; 115 | 113070 |
| 4.63%, 01/30/29 | &nbsp;&nbsp; 100 | 100865 |
| 5.20%, 03/15/32 | &nbsp;&nbsp; 120 | 122431 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 135 | 135767 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 85 | 93655 |
| Kroger Co. (The) |  |  |
| 1.70%, 01/15/31 | &nbsp;&nbsp; 125 | 108809 |
| 2.20%, 05/01/30 | &nbsp;&nbsp; 100 | 91361 |
| 2.65%, 10/15/26 | &nbsp;&nbsp; 185 | 181909 |
| 3.70%, 08/01/27 | &nbsp;&nbsp; 160 | 158838 |
| 4.50%, 01/15/29 | &nbsp;&nbsp; 205 | 207412 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 455 | 453356 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 110 | 126258 |
| McCormick & Co. Inc./MD |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 125 | 109195 |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 130 | 120062 |
| 3.40%, 08/15/27 | &nbsp;&nbsp; 172 | 169895 |
| 4.70%, 10/15/34 | &nbsp;&nbsp; 130 | 126271 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 120 | 120987 |
| Mondelez International Inc. |  |  |
| 1.50%, 02/04/31 | &nbsp;&nbsp; 145 | 125242 |
| 1.88%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 105 | 88725 |
| 2.63%, 03/17/27 | &nbsp;&nbsp; 170 | 166161 |
| 2.75%, 04/13/30 | &nbsp;&nbsp; 152 | 142330 |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 224 | 203778 |
| 4.13%, 05/07/28 | &nbsp;&nbsp; 155 | 155264 |
| 4.25%, 05/06/28 | &nbsp;&nbsp; 50 | 50184 |
| 4.50%, 05/06/30 | &nbsp;&nbsp; 55 | 55342 |
| 4.75%, 02/20/29 | &nbsp;&nbsp; 125 | 127845 |
| 4.75%, 08/28/34 | &nbsp;&nbsp; 140 | 138717 |
| 5.13%, 05/06/35 | &nbsp;&nbsp; 50 | 50487 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 225 | 203656 |
| 4.25%, 04/15/31 | &nbsp;&nbsp; 250 | 241016 |
| 6.25%, 07/01/33 | &nbsp;&nbsp; 270 | 284772 |
| 6.88%, 05/15/34 | &nbsp;&nbsp; 50 | 54757 |
| Sysco Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 110 | 101649 |
| 2.45%, 12/14/31 | &nbsp;&nbsp; 130 | 115545 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 181 | 178503 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 5.10%, 09/23/30 | &nbsp;&nbsp; $95 | $97869 |
| 5.40%, 03/23/35 | &nbsp;&nbsp; 100 | 102151 |
| 5.75%, 01/17/29 | &nbsp;&nbsp; 120 | 125708 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 225 | 239143 |
| 6.00%, 01/17/34 | &nbsp;&nbsp; 115 | 123852 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 114 | 104174 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 236 | 235938 |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 125 | 119738 |
| 5.20%, 03/19/27 | &nbsp;&nbsp; 120 | 121789 |
| 5.20%, 03/21/29 | &nbsp;&nbsp; 125 | 128349 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 240 | 243532 |
| Tyson Foods Inc. |  |  |
| 3.55%, 06/02/27 | &nbsp;&nbsp; 318 | 314533 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 192 | 192157 |
| 4.88%, 08/15/34 | &nbsp;&nbsp; 135 | 132978 |
| 5.40%, 03/15/29 | &nbsp;&nbsp; 175 | 181338 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 160 | 166667 |
|  |  | 15561006 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Celulosa Arauco y Constitucion SA, 3.88%, <br> 11/02/27<br>| &nbsp;&nbsp; 40 | 39356 |
| Georgia-Pacific LLC |  |  |
| 7.75%, 11/15/29 | &nbsp;&nbsp; 150 | 170606 |
| 8.88%, 05/15/31 | &nbsp;&nbsp; 50 | 60871 |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | &nbsp;&nbsp; 75 | 70129 |
| 3.13%, 01/15/32 | &nbsp;&nbsp; 220 | 195241 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 300 | 281938 |
| 5.00%, 01/15/30 | &nbsp;&nbsp; 225 | 224743 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 370 | 381125 |
| Suzano International Finance BV, 5.50%, 01/17/27 | &nbsp;&nbsp; 200 | 202425 |
|  |  | 1626434 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Atmos Energy Corp. |  |  |
| 1.50%, 01/15/31 | &nbsp;&nbsp; 182 | 157658 |
| 2.63%, 09/15/29 | &nbsp;&nbsp; 192 | 181330 |
| 3.00%, 06/15/27 | &nbsp;&nbsp; 220 | 216417 |
| 5.45%, 10/15/32 | &nbsp;&nbsp; 25 | 26232 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 170 | 183069 |
| Series ., 5.20%, 08/15/35 | &nbsp;&nbsp; 80 | 81042 |
| CenterPoint Energy Resources Corp. |  |  |
| 1.75%, 10/01/30 | &nbsp;&nbsp; 207 | 182426 |
| 4.00%, 04/01/28 | &nbsp;&nbsp; 85 | 84638 |
| 4.40%, 07/01/32 | &nbsp;&nbsp; 70 | 68735 |
| 5.25%, 03/01/28 | &nbsp;&nbsp; 280 | 287544 |
| 5.40%, 07/01/34 | &nbsp;&nbsp; 95 | 97141 |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31 | &nbsp;&nbsp; 120 | 109092 |
| 3.95%, 09/15/27 | &nbsp;&nbsp; 65 | 64351 |
| 4.75%, 09/01/28 | &nbsp;&nbsp; 90 | 90181 |
| 5.50%, 10/01/26 | &nbsp;&nbsp; 80 | 80834 |
| 5.50%, 03/15/30 | &nbsp;&nbsp; 80 | 82670 |
| 5.95%, 03/15/35 | &nbsp;&nbsp; 105 | 107953 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 269 | 233021 |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 199 | 189797 |
| 3.49%, 05/15/27 | &nbsp;&nbsp; 280 | 277015 |
| 3.60%, 05/01/30 | &nbsp;&nbsp; 240 | 232630 |
| 5.20%, 07/01/29 | &nbsp;&nbsp; 140 | 144427 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 5.25%, 03/30/28 | &nbsp;&nbsp; $280 | $287473 |
| 5.35%, 04/01/34 | &nbsp;&nbsp; 140 | 143040 |
| 5.35%, 07/15/35 | &nbsp;&nbsp; 200 | 202038 |
| 5.40%, 06/30/33 | &nbsp;&nbsp; 85 | 87507 |
| 6.38%, 03/31/55, (5-year CMT + 2.527%)<sup>(c)</sup> | &nbsp;&nbsp; 110 | 112958 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 70 | 63572 |
| 4.25%, 09/01/32 | &nbsp;&nbsp; 75 | 73128 |
| 5.10%, 04/01/29 | &nbsp;&nbsp; 90 | 92892 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 2.50%, 03/15/31 | &nbsp;&nbsp; 110 | 99115 |
| 3.50%, 06/01/29 | &nbsp;&nbsp; 167 | 162950 |
| 5.40%, 06/15/33 | &nbsp;&nbsp; 95 | 98013 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27 | &nbsp;&nbsp; 255 | 250529 |
| 5.05%, 09/01/34 | &nbsp;&nbsp; 120 | 121252 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 125 | 127845 |
| 5.45%, 06/15/35 | &nbsp;&nbsp; 180 | 184698 |
| Series XX, 2.55%, 02/01/30 | &nbsp;&nbsp; 165 | 153559 |
| Southern Co. Gas Capital Corp. |  |  |
| 4.95%, 09/15/34 | &nbsp;&nbsp; 105 | 104470 |
| 5.15%, 09/15/32 | &nbsp;&nbsp; 105 | 107056 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 110 | 115848 |
| Series 2020-A, 1.75%, 01/15/31 | &nbsp;&nbsp; 198 | 172230 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30 | &nbsp;&nbsp; 117 | 105842 |
| 3.70%, 04/01/28 | &nbsp;&nbsp; 85 | 83871 |
| 4.05%, 03/15/32 | &nbsp;&nbsp; 145 | 138345 |
| 5.45%, 03/23/28 | &nbsp;&nbsp; 105 | 108065 |
| 5.80%, 12/01/27 | &nbsp;&nbsp; 70 | 72000 |
| Spire Missouri Inc. |  |  |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 50 | 50144 |
| Series 2034, 5.15%, 08/15/34 | &nbsp;&nbsp; 55 | 56330 |
|  |  | 6552973 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Kennametal Inc. |  |  |
| 2.80%, 03/01/31 | &nbsp;&nbsp; 65 | 59216 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; 90 | 90633 |
| Snap-on Inc., 3.25%, 03/01/27 | &nbsp;&nbsp; 25 | 24694 |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30 | &nbsp;&nbsp; 175 | 159175 |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 155 | 138619 |
| 4.25%, 11/15/28 | &nbsp;&nbsp; 145 | 145199 |
| 6.00%, 03/06/28 | &nbsp;&nbsp; 95 | 98907 |
|  |  | 716443 |
| **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** |
| Abbott Laboratories |  |  |
| 1.15%, 01/30/28 | &nbsp;&nbsp; 133 | 125008 |
| 1.40%, 06/30/30 | &nbsp;&nbsp; 86 | 76449 |
| 3.75%, 11/30/26 | &nbsp;&nbsp; 430 | 429266 |
| Agilent Technologies Inc. |  |  |
| 2.10%, 06/04/30 | &nbsp;&nbsp; 130 | 117743 |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 215 | 192907 |
| 2.75%, 09/15/29 | &nbsp;&nbsp; 145 | 137374 |
| 3.05%, 09/22/26 | &nbsp;&nbsp; 80 | 78939 |
| 4.20%, 09/09/27 | &nbsp;&nbsp; 85 | 85076 |
| 4.75%, 09/09/34 | &nbsp;&nbsp; 120 | 118282 |
| Baxter International Inc. |  |  |
| 1.73%, 04/01/31 | &nbsp;&nbsp; 170 | 145584 |
| 1.92%, 02/01/27 | &nbsp;&nbsp; 330 | 319134 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 2.27%, 12/01/28 | &nbsp;&nbsp; $255 | $239054 |
| 2.54%, 02/01/32 | &nbsp;&nbsp; 345 | 299978 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 155 | 152138 |
| Boston Scientific Corp. |  |  |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 295 | 275364 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 100 | 100240 |
| Dentsply Sirona Inc., 3.25%, 06/01/30 | &nbsp;&nbsp; 173 | 158938 |
| DH Europe Finance II SARL, 2.60%, 11/15/29 | &nbsp;&nbsp; 200 | 188230 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | &nbsp;&nbsp; 164 | 164811 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | &nbsp;&nbsp; 120 | 122451 |
| 4.80%, 01/15/31 | &nbsp;&nbsp; 70 | 71182 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 50 | 51410 |
| 5.65%, 11/15/27 | &nbsp;&nbsp; 370 | 381377 |
| 5.86%, 03/15/30 | &nbsp;&nbsp; 295 | 313212 |
| 5.91%, 11/22/32 | &nbsp;&nbsp; 395 | 422096 |
| Medtronic Global Holdings SCA |  |  |
| 4.25%, 03/30/28 | &nbsp;&nbsp; 238 | 239679 |
| 4.50%, 03/30/33 | &nbsp;&nbsp; 245 | 243509 |
| Medtronic Inc., 4.38%, 03/15/35 | &nbsp;&nbsp; 400 | 388653 |
| Revvity Inc. |  |  |
| 1.90%, 09/15/28 | &nbsp;&nbsp; 145 | 135023 |
| 2.25%, 09/15/31 | &nbsp;&nbsp; 140 | 121055 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 100 | 89245 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 151 | 144261 |
| Smith & Nephew PLC |  |  |
| 2.03%, 10/14/30 | &nbsp;&nbsp; 245 | 218022 |
| 5.15%, 03/20/27 | &nbsp;&nbsp; 30 | 30417 |
| 5.40%, 03/20/34 | &nbsp;&nbsp; 140 | 143173 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; 285 | 297153 |
| 5.45%, 02/25/27 | &nbsp;&nbsp; 230 | 234403 |
| 5.45%, 03/13/31 | &nbsp;&nbsp; 220 | 230289 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 380 | 394036 |
| STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/31 | &nbsp;&nbsp; 175 | 159049 |
| Stryker Corp. |  |  |
| 1.95%, 06/15/30 | &nbsp;&nbsp; 270 | 243403 |
| 3.65%, 03/07/28 | &nbsp;&nbsp; 135 | 133884 |
| 4.25%, 09/11/29 | &nbsp;&nbsp; 255 | 255946 |
| 4.55%, 02/10/27 | &nbsp;&nbsp; 135 | 136052 |
| 4.63%, 09/11/34 | &nbsp;&nbsp; 95 | 93578 |
| 4.70%, 02/10/28 | &nbsp;&nbsp; 145 | 147228 |
| 4.85%, 12/08/28 | &nbsp;&nbsp; 155 | 158765 |
| 4.85%, 02/10/30 | &nbsp;&nbsp; 150 | 153800 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 125 | 127674 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.75%, 10/15/28 | &nbsp;&nbsp; 160 | 149522 |
| 2.00%, 10/15/31 | &nbsp;&nbsp; 280 | 247039 |
| 2.60%, 10/01/29 | &nbsp;&nbsp; 160 | 151591 |
| 4.80%, 11/21/27 | &nbsp;&nbsp; 150 | 152615 |
| 4.95%, 11/21/32 | &nbsp;&nbsp; 130 | 133444 |
| 4.98%, 08/10/30 | &nbsp;&nbsp; 180 | 186439 |
| 5.00%, 12/05/26 | &nbsp;&nbsp; 240 | 242656 |
| 5.00%, 01/31/29 | &nbsp;&nbsp; 155 | 159589 |
| 5.09%, 08/10/33 | &nbsp;&nbsp; 220 | 226428 |
| 5.20%, 01/31/34 | &nbsp;&nbsp; 110 | 113445 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 215 | 192200 |
| 4.70%, 02/19/27 | &nbsp;&nbsp; 115 | 115857 |
| 5.05%, 02/19/30 | &nbsp;&nbsp; 110 | 113131 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 85 | 86120 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 5.35%, 12/01/28 | &nbsp;&nbsp; $125 | $129424 |
| 5.50%, 02/19/35 | &nbsp;&nbsp; 75 | 77331 |
|  |  | 11761371 |
| **Health Care - Services — 0.8%** | **Health Care - Services — 0.8%** | **Health Care - Services — 0.8%** |
| Adventist Health System/West |  |  |
| 5.43%, 03/01/32 | &nbsp;&nbsp; 85 | 86733 |
| 5.76%, 12/01/34 | &nbsp;&nbsp; 85 | 85713 |
| Advocate Health & Hospitals Corp., 3.83%, <br> 08/15/28<br>| &nbsp;&nbsp; 110 | 109390 |
| Ascension Health, Series B, 2.53%, 11/15/29 | &nbsp;&nbsp; 211 | 198388 |
| Banner Health |  |  |
| 1.90%, 01/01/31 | &nbsp;&nbsp; 95 | 84206 |
| 2.34%, 01/01/30 | &nbsp;&nbsp; 80 | 74047 |
| Baylor Scott & White Holdings, Series 2021, 1.78%, <br> 11/15/30<br>| &nbsp;&nbsp; 115 | 101835 |
| Bon Secours Mercy Health Inc. |  |  |
| 3.46%, 06/01/30 | &nbsp;&nbsp; 200 | 193777 |
| Series 2018, 4.30%, 07/01/28 | &nbsp;&nbsp; 20 | 20093 |
| Cedars-Sinai Health System, Series 2021, 2.29%, <br> 08/15/31<br>| &nbsp;&nbsp; 115 | 102877 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 505 | 466874 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 490 | 417810 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 255 | 216258 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 495 | 437668 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 410 | 374155 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 465 | 454352 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 720 | 693740 |
| CHRISTUS Health, Series C, 4.34%, 07/01/28 | &nbsp;&nbsp; 30 | 30040 |
| Cigna Group (The) |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 370 | 331875 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 318 | 292931 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 135 | 132208 |
| 3.40%, 03/01/27 | &nbsp;&nbsp; 325 | 321534 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 815 | 819289 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 185 | 189945 |
| 5.13%, 05/15/31 | &nbsp;&nbsp; 160 | 165531 |
| 5.25%, 02/15/34 | &nbsp;&nbsp; 260 | 265093 |
| 5.40%, 03/15/33 | &nbsp;&nbsp; 185 | 191576 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | &nbsp;&nbsp; 87 | 80434 |
| 3.35%, 10/01/29 | &nbsp;&nbsp; 172 | 165822 |
| 5.21%, 12/01/31 | &nbsp;&nbsp; 130 | 134407 |
| 5.32%, 12/01/34 | &nbsp;&nbsp; 150 | 151513 |
| 6.07%, 11/01/27 | &nbsp;&nbsp; 110 | 113992 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 259 | 236212 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 245 | 221971 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 199 | 188537 |
| 3.65%, 12/01/27 | &nbsp;&nbsp; 400 | 396524 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 210 | 209833 |
| 4.10%, 05/15/32 | &nbsp;&nbsp; 130 | 125189 |
| 4.50%, 10/30/26 | &nbsp;&nbsp; 145 | 145570 |
| 4.75%, 02/15/30 | &nbsp;&nbsp; 160 | 162596 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 275 | 273717 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 195 | 198362 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 140 | 144198 |
| 5.20%, 02/15/35 | &nbsp;&nbsp; 200 | 201432 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 225 | 229899 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 110 | 114611 |
| 5.95%, 12/15/34 | &nbsp;&nbsp; 30 | 31623 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; $245 | $216006 |
| 3.13%, 03/15/27 | &nbsp;&nbsp; 235 | 231246 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 115 | 111329 |
| 3.50%, 09/01/30 | &nbsp;&nbsp; 625 | 595949 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 412 | 382859 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 447 | 442686 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 227 | 227216 |
| 5.00%, 03/01/28 | &nbsp;&nbsp; 40 | 40700 |
| 5.20%, 06/01/28 | &nbsp;&nbsp; 210 | 215115 |
| 5.25%, 03/01/30 | &nbsp;&nbsp; 90 | 92946 |
| 5.38%, 09/01/26 | &nbsp;&nbsp; 225 | 225828 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 235 | 243940 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 260 | 263114 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; 200 | 207208 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 275 | 282857 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 260 | 267034 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; 330 | 340382 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; 345 | 355112 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 235 | 244820 |
| Humana Inc. |  |  |
| 1.35%, 02/03/27 | &nbsp;&nbsp; 210 | 201683 |
| 2.15%, 02/03/32 | &nbsp;&nbsp; 135 | 114524 |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 110 | 104698 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 155 | 151817 |
| 3.95%, 03/15/27 | &nbsp;&nbsp; 125 | 124604 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 130 | 131691 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 265 | 272969 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 130 | 134494 |
| 5.75%, 12/01/28 | &nbsp;&nbsp; 105 | 109491 |
| 5.88%, 03/01/33 | &nbsp;&nbsp; 175 | 182710 |
| 5.95%, 03/15/34 | &nbsp;&nbsp; 170 | 177944 |
| ICON Investments Six DAC |  |  |
| 5.85%, 05/08/29 | &nbsp;&nbsp; 200 | 209024 |
| 6.00%, 05/08/34 | &nbsp;&nbsp; 70 | 72785 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | &nbsp;&nbsp; 100 | 103189 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 280 | 295065 |
| Kaiser Foundation Hospitals, 3.15%, 05/01/27 | &nbsp;&nbsp; 166 | 163812 |
| Laboratory Corp. of America Holdings |  |  |
| 2.70%, 06/01/31 | &nbsp;&nbsp; 110 | 99857 |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 81 | 76683 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 158 | 156639 |
| 4.35%, 04/01/30 | &nbsp;&nbsp; 185 | 184948 |
| 4.55%, 04/01/32 | &nbsp;&nbsp; 110 | 109093 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 150 | 147130 |
| OhioHealth Corp., 2.30%, 11/15/31 | &nbsp;&nbsp; 95 | 84993 |
| Piedmont Healthcare Inc., 2.04%, 01/01/32 | &nbsp;&nbsp; 100 | 85121 |
| Providence St Joseph Health Obligated Group, <br> 5.37%, 10/01/32<br>| &nbsp;&nbsp; 210 | 215596 |
| Providence St. Joseph Health Obligated Group |  |  |
| 5.40%, 10/01/33 | &nbsp;&nbsp; 90 | 91643 |
| Series 19A, 2.53%, 10/01/29 | &nbsp;&nbsp; 65 | 60654 |
| Series H, 2.75%, 10/01/26 | &nbsp;&nbsp; 70 | 68900 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31 | &nbsp;&nbsp; 115 | 105211 |
| 2.95%, 06/30/30 | &nbsp;&nbsp; 235 | 221169 |
| 4.20%, 06/30/29 | &nbsp;&nbsp; 120 | 120101 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 110 | 111157 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 125 | 126893 |
| 5.00%, 12/15/34 | &nbsp;&nbsp; 165 | 165162 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 6.40%, 11/30/33 | &nbsp;&nbsp; $165 | $181715 |
| Rush Obligated Group, Series 2020, 3.92%, <br> 11/15/29<br>| &nbsp;&nbsp; 101 | 99423 |
| SSM Health Care Corp. |  |  |
| 4.89%, 06/01/28 | &nbsp;&nbsp; 65 | 66175 |
| Series A, 3.82%, 06/01/27 | &nbsp;&nbsp; 325 | 323434 |
| Stanford Health Care, Series 2020, 3.31%, <br> 08/15/30<br>| &nbsp;&nbsp; 110 | 105818 |
| Sutter Health |  |  |
| Series 2025, 5.21%, 08/15/32 | &nbsp;&nbsp; 40 | 41387 |
| Series 2025, 5.54%, 08/15/35 | &nbsp;&nbsp; 115 | 119951 |
| Series 20A, 2.29%, 08/15/30 | &nbsp;&nbsp; 10 | 9131 |
| UnitedHealth Group Inc. |  |  |
| 3.70%, 05/15/27 | &nbsp;&nbsp; 145 | 144196 |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 245 | 221477 |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 350 | 312501 |
| 2.88%, 08/15/29 | &nbsp;&nbsp; 234 | 222912 |
| 2.95%, 10/15/27 | &nbsp;&nbsp; 253 | 247382 |
| 3.38%, 04/15/27 | &nbsp;&nbsp; 180 | 178022 |
| 3.45%, 01/15/27 | &nbsp;&nbsp; 175 | 173515 |
| 3.85%, 06/15/28 | &nbsp;&nbsp; 260 | 258768 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 168 | 166632 |
| 4.00%, 05/15/29 | &nbsp;&nbsp; 193 | 192061 |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 325 | 316818 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 275 | 275773 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 175 | 176544 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 395 | 386799 |
| 4.60%, 04/15/27 | &nbsp;&nbsp; 120 | 120964 |
| 4.65%, 01/15/31 | &nbsp;&nbsp; 150 | 151954 |
| 4.70%, 04/15/29 | &nbsp;&nbsp; 95 | 96714 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; 275 | 280973 |
| 4.90%, 04/15/31 | &nbsp;&nbsp; 255 | 260929 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 320 | 326474 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 285 | 286149 |
| 5.15%, 07/15/34 | &nbsp;&nbsp; 455 | 461892 |
| 5.25%, 02/15/28 | &nbsp;&nbsp; 245 | 251838 |
| 5.30%, 02/15/30 | &nbsp;&nbsp; 270 | 280797 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 45 | 45969 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 280 | 289495 |
| Universal Health Services Inc. |  |  |
| 1.65%, 09/01/26 | &nbsp;&nbsp; 157 | 152637 |
| 2.65%, 10/15/30 | &nbsp;&nbsp; 195 | 174935 |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 115 | 98996 |
| 4.63%, 10/15/29 | &nbsp;&nbsp; 115 | 114636 |
| 5.05%, 10/15/34 | &nbsp;&nbsp; 75 | 72139 |
| UPMC, 5.04%, 05/15/33 | &nbsp;&nbsp; 25 | 25340 |
|  |  | 27865442 |
| **Holding Companies - Diversified — 0.3%** | **Holding Companies - Diversified — 0.3%** | **Holding Companies - Diversified — 0.3%** |
| Apollo Debt Solutions BDC |  |  |
| 5.88%, 08/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 50 | 50743 |
| 6.55%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 115 | 119642 |
| 6.70%, 07/29/31 | &nbsp;&nbsp; 220 | 232607 |
| 6.90%, 04/13/29 | &nbsp;&nbsp; 205 | 215553 |
| Ares Capital Corp. |  |  |
| 2.88%, 06/15/27 | &nbsp;&nbsp; 145 | 141306 |
| 2.88%, 06/15/28 | &nbsp;&nbsp; 295 | 281531 |
| 3.20%, 11/15/31 | &nbsp;&nbsp; 165 | 147010 |
| 5.50%, 09/01/30 | &nbsp;&nbsp; 115 | 116485 |
| 5.88%, 03/01/29 | &nbsp;&nbsp; 230 | 236739 |
| 5.95%, 07/15/29 | &nbsp;&nbsp; 190 | 196381 |
| 7.00%, 01/15/27 | &nbsp;&nbsp; 210 | 216354 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; $175 | $177558 |
| Ares Strategic Income Fund |  |  |
| 5.45%, 09/09/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50337 |
| 5.60%, 02/15/30 | &nbsp;&nbsp; 110 | 111321 |
| 5.70%, 03/15/28 | &nbsp;&nbsp; 85 | 86184 |
| 5.80%, 09/09/30<sup>(b)</sup> | &nbsp;&nbsp; 200 | 203099 |
| 6.20%, 03/21/32 | &nbsp;&nbsp; 165 | 169613 |
| 6.35%, 08/15/29 | &nbsp;&nbsp; 175 | 181038 |
| Bain Capital Specialty Finance Inc. |  |  |
| 2.55%, 10/13/26 | &nbsp;&nbsp; 95 | 92598 |
| 5.95%, 03/15/30 | &nbsp;&nbsp; 25 | 25098 |
| Barings BDC Inc. |  |  |
| 3.30%, 11/23/26 | &nbsp;&nbsp; 35 | 34360 |
| 7.00%, 02/15/29 | &nbsp;&nbsp; 80 | 82983 |
| Barings Private Credit Corp., 6.15%, 06/11/30<sup>(b)</sup> | &nbsp;&nbsp; 5 | 4985 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | &nbsp;&nbsp; 289 | 281524 |
| 3.25%, 03/15/27 | &nbsp;&nbsp; 160 | 156644 |
| 4.00%, 01/15/29 | &nbsp;&nbsp; 170 | 166035 |
| 5.25%, 04/01/30 | &nbsp;&nbsp; 10 | 10037 |
| 5.60%, 11/22/29 | &nbsp;&nbsp; 110 | 112017 |
| 5.95%, 07/16/29 | &nbsp;&nbsp; 140 | 144327 |
| 6.00%, 01/29/32 | &nbsp;&nbsp; 230 | 236228 |
| 6.00%, 11/22/34 | &nbsp;&nbsp; 200 | 201621 |
| 6.25%, 01/25/31 | &nbsp;&nbsp; 105 | 109627 |
| 7.30%, 11/27/28 | &nbsp;&nbsp; 115 | 122946 |
| Blackstone Secured Lending Fund |  |  |
| 2.13%, 02/15/27 | &nbsp;&nbsp; 170 | 163941 |
| 2.75%, 09/16/26 | &nbsp;&nbsp; 165 | 161944 |
| 2.85%, 09/30/28 | &nbsp;&nbsp; 173 | 163456 |
| 5.30%, 06/30/30 | &nbsp;&nbsp; 100 | 100789 |
| 5.35%, 04/13/28 | &nbsp;&nbsp; 65 | 65909 |
| 5.88%, 11/15/27 | &nbsp;&nbsp; 95 | 97233 |
| Blue Owl Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 115 | 111474 |
| 2.88%, 06/11/28 | &nbsp;&nbsp; 210 | 198354 |
| 5.95%, 03/15/29 | &nbsp;&nbsp; 120 | 121793 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 60 | 61556 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | &nbsp;&nbsp; 45 | 46640 |
| Blue Owl Capital Corp. III, 3.13%, 04/13/27 | &nbsp;&nbsp; 90 | 87350 |
| Blue Owl Credit Income Corp. |  |  |
| 3.13%, 09/23/26 | &nbsp;&nbsp; 90 | 88131 |
| 4.70%, 02/08/27 | &nbsp;&nbsp; 175 | 174429 |
| 5.80%, 03/15/30 | &nbsp;&nbsp; 230 | 232847 |
| 6.60%, 09/15/29 | &nbsp;&nbsp; 150 | 155896 |
| 6.65%, 03/15/31 | &nbsp;&nbsp; 175 | 182860 |
| 7.75%, 09/16/27 | &nbsp;&nbsp; 115 | 120740 |
| 7.75%, 01/15/29 | &nbsp;&nbsp; 105 | 112422 |
| 7.95%, 06/13/28 | &nbsp;&nbsp; 150 | 160558 |
| Blue Owl Technology Finance Corp. |  |  |
| 2.50%, 01/15/27 | &nbsp;&nbsp; 85 | 82084 |
| 6.10%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 95 | 96235 |
| Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<br>| &nbsp;&nbsp; 160 | 165632 |
| Carlyle Secured Lending Inc., 6.75%, 02/18/30 | &nbsp;&nbsp; 15 | 15571 |
| Franklin BSP Capital Corp., 7.20%, 06/15/29 | &nbsp;&nbsp; 70 | 72635 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 90 | 87178 |
| 3.13%, 10/12/28 | &nbsp;&nbsp; 170 | 156089 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 15 | 14455 |
| 6.13%, 01/15/30 | &nbsp;&nbsp; 75 | 74495 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| 6.88%, 08/15/29 | &nbsp;&nbsp; $125 | $127639 |
| 7.88%, 01/15/29 | &nbsp;&nbsp; 105 | 110076 |
| Goldman Sachs BDC Inc., 6.38%, 03/11/27 | &nbsp;&nbsp; 50 | 51163 |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.88%, 05/06/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 50773 |
| 6.25%, 05/06/30<sup>(b)</sup> | &nbsp;&nbsp; 125 | 128007 |
| Golub Capital BDC Inc. |  |  |
| 2.05%, 02/15/27 | &nbsp;&nbsp; 60 | 57619 |
| 6.00%, 07/15/29 | &nbsp;&nbsp; 170 | 174021 |
| 7.05%, 12/05/28 | &nbsp;&nbsp; 105 | 110971 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 | &nbsp;&nbsp; 30 | 30114 |
| 5.80%, 09/12/29 | &nbsp;&nbsp; 100 | 101098 |
| 5.88%, 05/01/30 | &nbsp;&nbsp; 45 | 45626 |
| HA Sustainable Infrastructure Capital Inc. |  |  |
| 6.15%, 01/15/31 | &nbsp;&nbsp; 50 | 50941 |
| 6.38%, 07/01/34 | &nbsp;&nbsp; 175 | 173422 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; 150 | 151615 |
| Main Street Capital Corp. |  |  |
| 6.50%, 06/04/27 | &nbsp;&nbsp; 120 | 122681 |
| 6.95%, 03/01/29 | &nbsp;&nbsp; 70 | 73318 |
| Morgan Stanley Direct Lending Fund |  |  |
| 4.50%, 02/11/27 | &nbsp;&nbsp; 55 | 54832 |
| 6.00%, 05/19/30<sup>(a)</sup> | &nbsp;&nbsp; 65 | 66440 |
| 6.15%, 05/17/29 | &nbsp;&nbsp; 100 | 103294 |
| MSD Investment Corp., 6.25%, 05/31/30<sup>(b)</sup> | &nbsp;&nbsp; 105 | 106505 |
| New Mountain Finance Corp. |  |  |
| 6.20%, 10/15/27 | &nbsp;&nbsp; 10 | 10170 |
| 6.88%, 02/01/29 | &nbsp;&nbsp; 70 | 71855 |
| North Haven Private Income Fund LLC, 5.75%, <br> 02/01/30<br>| &nbsp;&nbsp; 10 | 10014 |
| Oaktree Specialty Lending Corp. |  |  |
| 2.70%, 01/15/27 | &nbsp;&nbsp; 120 | 116154 |
| 6.34%, 02/27/30 | &nbsp;&nbsp; 50 | 50450 |
| 7.10%, 02/15/29 | &nbsp;&nbsp; 75 | 77714 |
| Oaktree Strategic Credit Fund |  |  |
| 6.19%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 55 | 55879 |
| 6.50%, 07/23/29 | &nbsp;&nbsp; 95 | 98651 |
| 8.40%, 11/14/28 | &nbsp;&nbsp; 80 | 86861 |
| Sixth Street Lending Partners |  |  |
| 5.75%, 01/15/30 | &nbsp;&nbsp; 105 | 106521 |
| 6.13%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 150 | 154702 |
| 6.50%, 03/11/29 | &nbsp;&nbsp; 155 | 161039 |
| Sixth Street Specialty Lending Inc. |  |  |
| 5.63%, 08/15/30 | &nbsp;&nbsp; 50 | 50592 |
| 6.13%, 03/01/29 | &nbsp;&nbsp; 85 | 87731 |
| 6.95%, 08/14/28 | &nbsp;&nbsp; 25 | 26431 |
|  |  | 11142146 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| DR Horton Inc. |  |  |
| 1.30%, 10/15/26 | &nbsp;&nbsp; 145 | 140554 |
| 1.40%, 10/15/27 | &nbsp;&nbsp; 130 | 123133 |
| 4.85%, 10/15/30 | &nbsp;&nbsp; 25 | 25537 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 165 | 164926 |
| Lennar Corp. |  |  |
| 4.75%, 11/29/27 | &nbsp;&nbsp; 178 | 179390 |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 100 | 100774 |
| 5.20%, 07/30/30 | &nbsp;&nbsp; 115 | 118741 |
| MDC Holdings Inc. |  |  |
| 2.50%, 01/15/31 | &nbsp;&nbsp; 97 | 85960 |
| 3.85%, 01/15/30 | &nbsp;&nbsp; 80 | 76884 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| Meritage Homes Corp. |  |  |
| 5.13%, 06/06/27 | &nbsp;&nbsp; $30 | $30199 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 70 | 70702 |
| NVR Inc., 3.00%, 05/15/30 | &nbsp;&nbsp; 225 | 212446 |
| PulteGroup Inc. |  |  |
| 5.00%, 01/15/27 | &nbsp;&nbsp; 121 | 121903 |
| 6.00%, 02/15/35 | &nbsp;&nbsp; 15 | 15808 |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 80 | 87080 |
| 7.88%, 06/15/32 | &nbsp;&nbsp; 70 | 82471 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/29 | &nbsp;&nbsp; 112 | 109488 |
| 4.35%, 02/15/28 | &nbsp;&nbsp; 100 | 100252 |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 105 | 105708 |
| 5.60%, 06/15/35 | &nbsp;&nbsp; 95 | 96434 |
|  |  | 2048390 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 115 | 112289 |
| 4.40%, 03/15/29 | &nbsp;&nbsp; 123 | 120969 |
|  |  | 233258 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | &nbsp;&nbsp; 90 | 77254 |
| 2.65%, 04/30/30 | &nbsp;&nbsp; 90 | 83600 |
| 4.88%, 12/06/28 | &nbsp;&nbsp; 160 | 162861 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 115 | 120938 |
| Church & Dwight Co. Inc. |  |  |
| 2.30%, 12/15/31 | &nbsp;&nbsp; 125 | 110054 |
| 3.15%, 08/01/27 | &nbsp;&nbsp; 125 | 123000 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 115 | 121376 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 110 | 98424 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 150 | 147125 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 125 | 124445 |
| 4.40%, 05/01/29 | &nbsp;&nbsp; 125 | 125896 |
| 4.60%, 05/01/32 | &nbsp;&nbsp; 160 | 160301 |
| Kimberly-Clark Corp. |  |  |
| 1.05%, 09/15/27 | &nbsp;&nbsp; 170 | 160792 |
| 2.00%, 11/02/31 | &nbsp;&nbsp; 175 | 155532 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 175 | 167796 |
| 3.20%, 04/25/29 | &nbsp;&nbsp; 171 | 166731 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 180 | 180308 |
| 4.50%, 02/16/33 | &nbsp;&nbsp; 110 | 110674 |
|  |  | 2397107 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| ACE Capital Trust II, Series N, 9.70%, 04/01/30 | &nbsp;&nbsp; 95 | 114417 |
| Aegon Ltd., 5.50%, 04/11/48<sup>(c)</sup> | &nbsp;&nbsp; 200 | 201659 |
| Aflac Inc. |  |  |
| 2.88%, 10/15/26 | &nbsp;&nbsp; 129 | 127243 |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 195 | 190661 |
| Alleghany Corp., 3.63%, 05/15/30 | &nbsp;&nbsp; 150 | 146308 |
| Allstate Corp. (The) |  |  |
| 1.45%, 12/15/30 | &nbsp;&nbsp; 145 | 124775 |
| 3.28%, 12/15/26 | &nbsp;&nbsp; 172 | 170032 |
| 5.05%, 06/24/29 | &nbsp;&nbsp; 100 | 102966 |
| 5.25%, 03/30/33 | &nbsp;&nbsp; 165 | 169801 |
| 5.35%, 06/01/33 | &nbsp;&nbsp; 50 | 51791 |
| 5.55%, 05/09/35 | &nbsp;&nbsp; 50 | 52029 |
| American Financial Group Inc./OH, 5.25%, 04/02/30 | &nbsp;&nbsp; 5 | 5195 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| American International Group Inc. |  |  |
| 3.40%, 06/30/30 | &nbsp;&nbsp; $114 | $109667 |
| 4.20%, 04/01/28 | &nbsp;&nbsp; 129 | 129110 |
| 4.85%, 05/07/30 | &nbsp;&nbsp; 30 | 30692 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 180 | 183722 |
| 5.45%, 05/07/35 | &nbsp;&nbsp; 200 | 206331 |
| American National Group Inc. |  |  |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 195 | 196457 |
| 5.75%, 10/01/29 | &nbsp;&nbsp; 20 | 20669 |
| 6.00%, 07/15/35 | &nbsp;&nbsp; 150 | 151704 |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 229 | 214754 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 176 | 173351 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 107 | 108027 |
| 8.21%, 01/01/27 | &nbsp;&nbsp; 45 | 47054 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.05%, 08/23/31 | &nbsp;&nbsp; 115 | 100524 |
| 2.60%, 12/02/31 | &nbsp;&nbsp; 115 | 102985 |
| 2.85%, 05/28/27 | &nbsp;&nbsp; 195 | 191028 |
| 5.00%, 09/12/32 | &nbsp;&nbsp; 107 | 109237 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 160 | 165452 |
| Aon North America Inc. |  |  |
| 5.13%, 03/01/27 | &nbsp;&nbsp; 130 | 131809 |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 225 | 231573 |
| 5.30%, 03/01/31 | &nbsp;&nbsp; 85 | 88582 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 410 | 423134 |
| Arch Capital Finance LLC, 4.01%, 12/15/26 | &nbsp;&nbsp; 176 | 175584 |
| Arch Capital Group Ltd., 7.35%, 05/01/34 | &nbsp;&nbsp; 25 | 28898 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31 | &nbsp;&nbsp; 110 | 97338 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 170 | 171572 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 75 | 76427 |
| 5.00%, 02/15/32 | &nbsp;&nbsp; 85 | 86533 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 210 | 210611 |
| 5.45%, 07/15/34 | &nbsp;&nbsp; 95 | 97673 |
| 5.50%, 03/02/33 | &nbsp;&nbsp; 15 | 15508 |
| 6.50%, 02/15/34 | &nbsp;&nbsp; 120 | 131635 |
| Assurant Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 80 | 69694 |
| 3.70%, 02/22/30 | &nbsp;&nbsp; 90 | 87163 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 110 | 111527 |
| Assured Guaranty U.S. Holdings Inc. |  |  |
| 3.15%, 06/15/31 | &nbsp;&nbsp; 120 | 112218 |
| 6.13%, 09/15/28 | &nbsp;&nbsp; 35 | 36834 |
| Athene Holding Ltd. |  |  |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 175 | 165685 |
| 4.13%, 01/12/28 | &nbsp;&nbsp; 240 | 239392 |
| 5.88%, 01/15/34 | &nbsp;&nbsp; 138 | 143028 |
| 6.15%, 04/03/30 | &nbsp;&nbsp; 134 | 142933 |
| 6.63%, 10/15/54, (5-year CMT + 2.607%)<sup>(c)</sup> | &nbsp;&nbsp; 125 | 125473 |
| 6.65%, 02/01/33 | &nbsp;&nbsp; 150 | 162266 |
| 6.88%, 06/28/55, (5-year CMT + 2.582%)<sup>(c)</sup> | &nbsp;&nbsp; 120 | 121437 |
| AXA SA, 8.60%, 12/15/30 | &nbsp;&nbsp; 200 | 237534 |
| Axis Specialty Finance LLC, 3.90%, 07/15/29 | &nbsp;&nbsp; 109 | 107178 |
| Axis Specialty Finance PLC, 4.00%, 12/06/27 | &nbsp;&nbsp; 140 | 139022 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30 | &nbsp;&nbsp; 141 | 124469 |
| 1.85%, 03/12/30 | &nbsp;&nbsp; 95 | 86648 |
| 2.30%, 03/15/27 | &nbsp;&nbsp; 255 | 249102 |
| 2.88%, 03/15/32 | &nbsp;&nbsp; 205 | 190269 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Brighthouse Financial Inc. |  |  |
| 3.70%, 06/22/27 | &nbsp;&nbsp; $70 | $69043 |
| 5.63%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 170 | 174243 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 175 | 155494 |
| 4.20%, 03/17/32 | &nbsp;&nbsp; 120 | 114617 |
| 4.50%, 03/15/29 | &nbsp;&nbsp; 90 | 90283 |
| 4.60%, 12/23/26 | &nbsp;&nbsp; 100 | 100486 |
| 4.70%, 06/23/28 | &nbsp;&nbsp; 100 | 100999 |
| 4.90%, 06/23/30 | &nbsp;&nbsp; 100 | 101292 |
| 5.25%, 06/23/32 | &nbsp;&nbsp; 100 | 102256 |
| 5.55%, 06/23/35 | &nbsp;&nbsp; 190 | 193662 |
| 5.65%, 06/11/34 | &nbsp;&nbsp; 125 | 128289 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30 | &nbsp;&nbsp; 280 | 245181 |
| 4.65%, 08/15/29 | &nbsp;&nbsp; 365 | 372120 |
| 4.90%, 08/15/35 | &nbsp;&nbsp; 150 | 149218 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 360 | 365654 |
| Cincinnati Financial Corp. |  |  |
| 6.13%, 11/01/34 | &nbsp;&nbsp; 30 | 32134 |
| 6.92%, 05/15/28 | &nbsp;&nbsp; 114 | 122037 |
| CNA Financial Corp. |  |  |
| 2.05%, 08/15/30 | &nbsp;&nbsp; 145 | 128940 |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 155 | 152961 |
| 3.90%, 05/01/29 | &nbsp;&nbsp; 161 | 158759 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 125 | 125117 |
| 5.20%, 08/15/35 | &nbsp;&nbsp; 75 | 74200 |
| 5.50%, 06/15/33 | &nbsp;&nbsp; 65 | 66899 |
| CNO Financial Group Inc. |  |  |
| 5.25%, 05/30/29 | &nbsp;&nbsp; 140 | 142729 |
| 6.45%, 06/15/34 | &nbsp;&nbsp; 150 | 157597 |
| Corebridge Financial Inc. |  |  |
| 3.65%, 04/05/27 | &nbsp;&nbsp; 365 | 361704 |
| 3.85%, 04/05/29 | &nbsp;&nbsp; 280 | 276017 |
| 3.90%, 04/05/32 | &nbsp;&nbsp; 355 | 335989 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 175 | 182862 |
| 6.05%, 09/15/33 | &nbsp;&nbsp; 95 | 100651 |
| 6.38%, 09/15/54, (5-year CMT + 2.646%)<sup>(c)</sup> | &nbsp;&nbsp; 140 | 141829 |
| Enstar Finance LLC, 5.50%, 01/15/42, (5-year CMT <br> + 4.006%)<sup>(c)</sup><br>| &nbsp;&nbsp; 50 | 49510 |
| Enstar Group Ltd. |  |  |
| 3.10%, 09/01/31 | &nbsp;&nbsp; 155 | 138512 |
| 4.95%, 06/01/29 | &nbsp;&nbsp; 163 | 164244 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28 | &nbsp;&nbsp; 395 | 396057 |
| 5.59%, 01/11/33 | &nbsp;&nbsp; 120 | 124774 |
| 6.70%, 03/28/55, (5-year CMT + 2.390%)<sup>(c)</sup> | &nbsp;&nbsp; 100 | 102406 |
| Essent Group Ltd., 6.25%, 07/01/29 | &nbsp;&nbsp; 85 | 89151 |
| F&G Annuities & Life Inc. |  |  |
| 6.25%, 10/04/34 | &nbsp;&nbsp; 135 | 135668 |
| 6.50%, 06/04/29 | &nbsp;&nbsp; 150 | 156247 |
| 7.40%, 01/13/28 | &nbsp;&nbsp; 125 | 131455 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | &nbsp;&nbsp; 80 | 75237 |
| 4.63%, 04/29/30 | &nbsp;&nbsp; 140 | 140417 |
| 4.85%, 04/17/28 | &nbsp;&nbsp; 194 | 196612 |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 220 | 226967 |
| 6.00%, 12/07/33 | &nbsp;&nbsp; 95 | 99981 |
| Fidelity National Financial Inc. |  |  |
| 2.45%, 03/15/31 | &nbsp;&nbsp; 145 | 127777 |
| 3.40%, 06/15/30 | &nbsp;&nbsp; 140 | 132759 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.50%, 08/15/28 | &nbsp;&nbsp; $145 | $145463 |
| First American Financial Corp. |  |  |
| 2.40%, 08/15/31 | &nbsp;&nbsp; 155 | 134269 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 95 | 90921 |
| 5.45%, 09/30/34 | &nbsp;&nbsp; 110 | 109459 |
| Globe Life Inc. |  |  |
| 2.15%, 08/15/30 | &nbsp;&nbsp; 125 | 111786 |
| 4.55%, 09/15/28 | &nbsp;&nbsp; 170 | 171400 |
| 4.80%, 06/15/32 | &nbsp;&nbsp; 80 | 79740 |
| 5.85%, 09/15/34 | &nbsp;&nbsp; 90 | 93724 |
| Hanover Insurance Group Inc. (The) |  |  |
| 2.50%, 09/01/30 | &nbsp;&nbsp; 104 | 93772 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 50 | 50047 |
| Hartford Financial Services Group Inc. (The), 2.80%, <br> 08/19/29<br>| &nbsp;&nbsp; 150 | 142225 |
| Horace Mann Educators Corp., 7.25%, 09/15/28 | &nbsp;&nbsp; 75 | 80624 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 105 | 94816 |
| 5.17%, 06/08/27 | &nbsp;&nbsp; 95 | 96240 |
| 5.67%, 06/08/32 | &nbsp;&nbsp; 90 | 93143 |
| Kemper Corp. |  |  |
| 2.40%, 09/30/30 | &nbsp;&nbsp; 130 | 115149 |
| 3.80%, 02/23/32 | &nbsp;&nbsp; 110 | 100619 |
| Lincoln National Corp. |  |  |
| 3.05%, 01/15/30 | &nbsp;&nbsp; 115 | 109305 |
| 3.40%, 01/15/31 | &nbsp;&nbsp; 115 | 108011 |
| 3.40%, 03/01/32 | &nbsp;&nbsp; 60 | 54865 |
| 3.63%, 12/12/26 | &nbsp;&nbsp; 15 | 14877 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 140 | 138302 |
| 5.85%, 03/15/34 | &nbsp;&nbsp; 70 | 72632 |
| Loews Corp. |  |  |
| 3.20%, 05/15/30 | &nbsp;&nbsp; 180 | 171931 |
| 6.00%, 02/01/35 | &nbsp;&nbsp; 5 | 5394 |
| Manulife Financial Corp. |  |  |
| 2.48%, 05/19/27 | &nbsp;&nbsp; 110 | 106980 |
| 3.70%, 03/16/32 | &nbsp;&nbsp; 165 | 157432 |
| 4.06%, 02/24/32, (5-year USD ICE Swap + <br> 1.647%)<sup>(c)</sup><br>| &nbsp;&nbsp; 170 | 168276 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 73 | 70585 |
| 3.50%, 11/01/27 | &nbsp;&nbsp; 120 | 118118 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 155 | 140272 |
| 2.38%, 12/15/31 | &nbsp;&nbsp; 100 | 88612 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 365 | 368562 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 310 | 313488 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 225 | 228935 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 280 | 286567 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 620 | 621619 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 110 | 112716 |
| 5.40%, 09/15/33 | &nbsp;&nbsp; 150 | 156089 |
| 5.75%, 11/01/32 | &nbsp;&nbsp; 107 | 114174 |
| 5.88%, 08/01/33 | &nbsp;&nbsp; 40 | 42818 |
| Mercury General Corp., 4.40%, 03/15/27 | &nbsp;&nbsp; 105 | 104310 |
| MetLife Inc. |  |  |
| 4.55%, 03/23/30 | &nbsp;&nbsp; 289 | 293999 |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 65 | 66910 |
| 5.38%, 07/15/33 | &nbsp;&nbsp; 188 | 196574 |
| 5.70%, 06/15/35 | &nbsp;&nbsp; 315 | 333477 |
| 6.38%, 06/15/34 | &nbsp;&nbsp; 140 | 155140 |
| 6.50%, 12/15/32 | &nbsp;&nbsp; 120 | 134655 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Series G, 6.35%, 03/15/55, (5-year CMT + <br> 2.078%)<sup>(c)</sup><br>| &nbsp;&nbsp; $200 | $208574 |
| MGIC Investment Corp., 5.25%, 08/15/28 | &nbsp;&nbsp; 55 | 55023 |
| Munich Re America Corp., Series B, 7.45%, <br> 12/15/26<br>| &nbsp;&nbsp; 5 | 5217 |
| NMI Holdings Inc., 6.00%, 08/15/29 | &nbsp;&nbsp; 65 | 66946 |
| Old Republic International Corp., 5.75%, 03/28/34 | &nbsp;&nbsp; 100 | 102838 |
| PartnerRe Finance B LLC, 3.70%, 07/02/29 | &nbsp;&nbsp; 185 | 180951 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 155 | 139690 |
| Principal Financial Group Inc. |  |  |
| 2.13%, 06/15/30 | &nbsp;&nbsp; 150 | 135695 |
| 3.10%, 11/15/26 | &nbsp;&nbsp; 70 | 69084 |
| 3.70%, 05/15/29 | &nbsp;&nbsp; 141 | 138264 |
| 5.38%, 03/15/33 | &nbsp;&nbsp; 120 | 123817 |
| Progressive Corp. (The) |  |  |
| 2.45%, 01/15/27 | &nbsp;&nbsp; 155 | 151856 |
| 2.50%, 03/15/27 | &nbsp;&nbsp; 160 | 156311 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 70 | 64276 |
| 3.20%, 03/26/30 | &nbsp;&nbsp; 110 | 105848 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 143 | 142935 |
| 4.95%, 06/15/33 | &nbsp;&nbsp; 110 | 111999 |
| 6.25%, 12/01/32 | &nbsp;&nbsp; 100 | 110587 |
| 6.63%, 03/01/29 | &nbsp;&nbsp; 90 | 97301 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30 | &nbsp;&nbsp; 125 | 115100 |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(c)</sup> | &nbsp;&nbsp; 125 | 115491 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 192 | 191965 |
| 4.50%, 09/15/47<sup>(c)</sup> | &nbsp;&nbsp; 110 | 108328 |
| 5.13%, 03/01/52, (5-year CMT + 3.162%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 196129 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 145 | 147563 |
| 5.70%, 09/15/48<sup>(c)</sup> | &nbsp;&nbsp; 210 | 213485 |
| 5.75%, 07/15/33 | &nbsp;&nbsp; 135 | 145096 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(c)</sup> | &nbsp;&nbsp; 215 | 222382 |
| 6.50%, 03/15/54, (5-year CMT + 2.404%)<sup>(c)</sup> | &nbsp;&nbsp; 200 | 210071 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(c)</sup> | &nbsp;&nbsp; 120 | 126909 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30 | &nbsp;&nbsp; 251 | 239725 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 95 | 89509 |
| Reinsurance Group of America Inc. |  |  |
| 3.15%, 06/15/30 | &nbsp;&nbsp; 170 | 160555 |
| 3.90%, 05/15/29 | &nbsp;&nbsp; 175 | 172598 |
| 3.95%, 09/15/26 | &nbsp;&nbsp; 100 | 99623 |
| 5.75%, 09/15/34 | &nbsp;&nbsp; 145 | 149645 |
| 6.00%, 09/15/33 | &nbsp;&nbsp; 20 | 21126 |
| RenaissanceRe Finance Inc., 3.45%, 07/01/27 | &nbsp;&nbsp; 100 | 98563 |
| RenaissanceRe Holdings Ltd. |  |  |
| 3.60%, 04/15/29 | &nbsp;&nbsp; 125 | 121739 |
| 5.75%, 06/05/33 | &nbsp;&nbsp; 165 | 171348 |
| 5.80%, 04/01/35 | &nbsp;&nbsp; 50 | 51715 |
| SiriusPoint Ltd., 7.00%, 04/05/29 | &nbsp;&nbsp; 75 | 79373 |
| Stewart Information Services Corp., 3.60%, <br> 11/15/31<br>| &nbsp;&nbsp; 130 | 116966 |
| Travelers Companies Inc. (The), 5.05%, 07/24/35 | &nbsp;&nbsp; 45 | 45291 |
| Travelers Property Casualty Corp., 6.38%, 03/15/33 | &nbsp;&nbsp; 60 | 67023 |
| Unum Group, 4.00%, 06/15/29 | &nbsp;&nbsp; 95 | 93522 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 193 | 182757 |
| 4.50%, 09/15/28 | &nbsp;&nbsp; 130 | 131102 |
| 4.65%, 06/15/27 | &nbsp;&nbsp; 235 | 236540 |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 120 | 123440 |
|  |  | 29098339 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.13%, 02/09/31 | &nbsp;&nbsp; $345 | $310087 |
| 3.40%, 12/06/27 | &nbsp;&nbsp; 545 | 537693 |
| 4.50%, 11/28/34 | &nbsp;&nbsp; 40 | 39244 |
| 5.25%, 05/26/35<sup>(b)</sup> | &nbsp;&nbsp; 250 | 258613 |
| Alphabet Inc. |  |  |
| 0.80%, 08/15/27 | &nbsp;&nbsp; 295 | 279149 |
| 1.10%, 08/15/30 | &nbsp;&nbsp; 470 | 410860 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 205 | 206191 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 325 | 322284 |
| Amazon.com Inc. |  |  |
| 1.20%, 06/03/27 | &nbsp;&nbsp; 280 | 267852 |
| 1.50%, 06/03/30 | &nbsp;&nbsp; 434 | 387511 |
| 1.65%, 05/12/28 | &nbsp;&nbsp; 517 | 488578 |
| 2.10%, 05/12/31 | &nbsp;&nbsp; 655 | 587180 |
| 3.15%, 08/22/27 | &nbsp;&nbsp; 752 | 742608 |
| 3.30%, 04/13/27 | &nbsp;&nbsp; 475 | 471001 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; 333 | 328096 |
| 3.60%, 04/13/32 | &nbsp;&nbsp; 525 | 504895 |
| 4.55%, 12/01/27 | &nbsp;&nbsp; 430 | 436225 |
| 4.65%, 12/01/29 | &nbsp;&nbsp; 340 | 348854 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; 515 | 526488 |
| 4.80%, 12/05/34 | &nbsp;&nbsp; 130 | 133173 |
| Baidu Inc. |  |  |
| 3.43%, 04/07/30 | &nbsp;&nbsp; 50 | 48390 |
| 3.63%, 07/06/27 | &nbsp;&nbsp; 200 | 198289 |
| 4.38%, 03/29/28 | &nbsp;&nbsp; 55 | 55319 |
| 4.88%, 11/14/28 | &nbsp;&nbsp; 50 | 50988 |
| Booking Holdings Inc., 3.55%, 03/15/28 | &nbsp;&nbsp; 145 | 143294 |
| eBay Inc. |  |  |
| 2.60%, 05/10/31 | &nbsp;&nbsp; 190 | 172544 |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 180 | 168341 |
| 3.60%, 06/05/27 | &nbsp;&nbsp; 226 | 224194 |
| 5.95%, 11/22/27 | &nbsp;&nbsp; 45 | 46698 |
| 6.30%, 11/22/32 | &nbsp;&nbsp; 100 | 109671 |
| Expedia Group Inc. |  |  |
| 2.95%, 03/15/31 | &nbsp;&nbsp; 133 | 122824 |
| 3.25%, 02/15/30 | &nbsp;&nbsp; 275 | 262099 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 200 | 198051 |
| 4.63%, 08/01/27 | &nbsp;&nbsp; 155 | 155954 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 210 | 213256 |
| JD.com Inc., 3.38%, 01/14/30 | &nbsp;&nbsp; 200 | 193551 |
| Meta Platforms Inc. |  |  |
| 3.50%, 08/15/27 | &nbsp;&nbsp; 570 | 566624 |
| 3.85%, 08/15/32 | &nbsp;&nbsp; 665 | 642481 |
| 4.30%, 08/15/29 | &nbsp;&nbsp; 65 | 65835 |
| 4.55%, 08/15/31 | &nbsp;&nbsp; 245 | 249805 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 345 | 351660 |
| 4.75%, 08/15/34 | &nbsp;&nbsp; 565 | 567549 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 245 | 252876 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 380 | 390096 |
| Netflix Inc. |  |  |
| 4.38%, 11/15/26 | &nbsp;&nbsp; 165 | 165922 |
| 4.88%, 04/15/28 | &nbsp;&nbsp; 285 | 291414 |
| 4.90%, 08/15/34 | &nbsp;&nbsp; 230 | 234898 |
| 5.88%, 11/15/28 | &nbsp;&nbsp; 435 | 459297 |
| 6.38%, 05/15/29 | &nbsp;&nbsp; 198 | 213662 |
| Tencent Music Entertainment Group, 2.00%, <br> 09/03/30<br>| &nbsp;&nbsp; 200 | 178972 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Uber Technologies Inc. |  |  |
| 4.30%, 01/15/30 | &nbsp;&nbsp; $265 | $265791 |
| 4.80%, 09/15/34 | &nbsp;&nbsp; 310 | 306344 |
| VeriSign Inc. |  |  |
| 2.70%, 06/15/31 | &nbsp;&nbsp; 175 | 157540 |
| 4.75%, 07/15/27 | &nbsp;&nbsp; 190 | 190049 |
| Weibo Corp., 3.38%, 07/08/30 | &nbsp;&nbsp; 200 | 189160 |
|  |  | 15690020 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| ArcelorMittal SA |  |  |
| 4.25%, 07/16/29 | &nbsp;&nbsp; 95 | 94753 |
| 6.00%, 06/17/34<sup>(a)</sup> | &nbsp;&nbsp; 105 | 110557 |
| 6.55%, 11/29/27 | &nbsp;&nbsp; 265 | 276320 |
| 6.80%, 11/29/32<sup>(a)</sup> | &nbsp;&nbsp; 220 | 243414 |
| Gerdau Trade Inc., 5.75%, 06/09/35 | &nbsp;&nbsp; 15 | 15264 |
| Nucor Corp. |  |  |
| 2.70%, 06/01/30 | &nbsp;&nbsp; 140 | 130676 |
| 3.13%, 04/01/32 | &nbsp;&nbsp; 90 | 82410 |
| 3.95%, 05/01/28 | &nbsp;&nbsp; 157 | 156640 |
| 4.30%, 05/23/27 | &nbsp;&nbsp; 155 | 155438 |
| 4.65%, 06/01/30 | &nbsp;&nbsp; 125 | 126880 |
| 5.10%, 06/01/35 | &nbsp;&nbsp; 100 | 100581 |
| Reliance Inc., 2.15%, 08/15/30 | &nbsp;&nbsp; 70 | 62768 |
| Steel Dynamics Inc. |  |  |
| 1.65%, 10/15/27 | &nbsp;&nbsp; 45 | 42633 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 105 | 98772 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 147 | 140950 |
| 5.00%, 12/15/26 | &nbsp;&nbsp; 120 | 120126 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 120 | 121298 |
| 5.38%, 08/15/34 | &nbsp;&nbsp; 105 | 107358 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | &nbsp;&nbsp; 320 | 304887 |
| 6.13%, 06/12/33 | &nbsp;&nbsp; 315 | 331883 |
|  |  | 2823608 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31 | &nbsp;&nbsp; 125 | 108014 |
| 4.40%, 09/15/32 | &nbsp;&nbsp; 100 | 94021 |
| Brunswick Corp./DE, 5.85%, 03/18/29 | &nbsp;&nbsp; 65 | 67341 |
| Polaris Inc., 6.95%, 03/15/29 | &nbsp;&nbsp; 105 | 111202 |
| Royal Caribbean Cruises Ltd., 3.70%, 03/15/28 | &nbsp;&nbsp; 5 | 4911 |
|  |  | 385489 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Choice Hotels International Inc. |  |  |
| 3.70%, 12/01/29 | &nbsp;&nbsp; 105 | 100285 |
| 3.70%, 01/15/31 | &nbsp;&nbsp; 105 | 98265 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 125 | 126473 |
| Hyatt Hotels Corp. |  |  |
| 4.38%, 09/15/28 | &nbsp;&nbsp; 130 | 130078 |
| 5.05%, 03/30/28 | &nbsp;&nbsp; 130 | 132108 |
| 5.25%, 06/30/29 | &nbsp;&nbsp; 90 | 92370 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 100 | 102417 |
| 5.50%, 06/30/34 | &nbsp;&nbsp; 85 | 85764 |
| 5.75%, 01/30/27 | &nbsp;&nbsp; 130 | 132352 |
| 5.75%, 04/23/30 | &nbsp;&nbsp; 120 | 124668 |
| 5.75%, 03/30/32 | &nbsp;&nbsp; 95 | 98492 |
| Las Vegas Sands Corp. |  |  |
| 3.90%, 08/08/29 | &nbsp;&nbsp; 175 | 168833 |
| 5.63%, 06/15/28 | &nbsp;&nbsp; 50 | 51151 |
| 5.90%, 06/01/27 | &nbsp;&nbsp; 115 | 117310 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| 6.00%, 08/15/29 | &nbsp;&nbsp; $170 | $176569 |
| 6.00%, 06/14/30 | &nbsp;&nbsp; 45 | 46834 |
| 6.20%, 08/15/34 | &nbsp;&nbsp; 115 | 119042 |
| Marriott International Inc./MD |  |  |
| 4.20%, 07/15/27 | &nbsp;&nbsp; 50 | 50077 |
| 4.50%, 10/15/31 | &nbsp;&nbsp; 75 | 74385 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 110 | 111821 |
| 4.88%, 05/15/29 | &nbsp;&nbsp; 95 | 96744 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 175 | 178375 |
| 5.00%, 10/15/27 | &nbsp;&nbsp; 220 | 223595 |
| 5.10%, 04/15/32 | &nbsp;&nbsp; 105 | 107123 |
| 5.25%, 10/15/35 | &nbsp;&nbsp; 75 | 74503 |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 215 | 218183 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 205 | 206829 |
| 5.45%, 09/15/26 | &nbsp;&nbsp; 65 | 65769 |
| 5.55%, 10/15/28 | &nbsp;&nbsp; 175 | 181710 |
| Series AA, 4.65%, 12/01/28 | &nbsp;&nbsp; 35 | 35406 |
| Series FF, 4.63%, 06/15/30 | &nbsp;&nbsp; 220 | 221591 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 225 | 206328 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 250 | 229374 |
| Series II, 2.75%, 10/15/33 | &nbsp;&nbsp; 160 | 137077 |
| Series X, 4.00%, 04/15/28 | &nbsp;&nbsp; 145 | 144433 |
| Sands China Ltd. |  |  |
| 2.30%, 03/08/27 | &nbsp;&nbsp; 50 | 48341 |
| 2.85%, 03/08/29 | &nbsp;&nbsp; 207 | 193541 |
| 3.25%, 08/08/31 | &nbsp;&nbsp; 169 | 153236 |
| 4.38%, 06/18/30 | &nbsp;&nbsp; 50 | 48765 |
| 5.40%, 08/08/28 | &nbsp;&nbsp; 315 | 321068 |
|  |  | 5231285 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| AGCO Corp. |  |  |
| 5.45%, 03/21/27 | &nbsp;&nbsp; 105 | 106434 |
| 5.80%, 03/21/34 | &nbsp;&nbsp; 140 | 144050 |
| Caterpillar Financial Services Corp. |  |  |
| 1.10%, 09/14/27 | &nbsp;&nbsp; 130 | 123046 |
| 1.15%, 09/14/26 | &nbsp;&nbsp; 155 | 150456 |
| 1.70%, 01/08/27 | &nbsp;&nbsp; 175 | 169938 |
| 3.60%, 08/12/27 | &nbsp;&nbsp; 160 | 159082 |
| 4.38%, 08/16/29<sup>(a)</sup> | &nbsp;&nbsp; 115 | 116653 |
| 4.40%, 10/15/27 | &nbsp;&nbsp; 150 | 151518 |
| 4.40%, 03/03/28 | &nbsp;&nbsp; 95 | 96060 |
| 4.45%, 10/16/26 | &nbsp;&nbsp; 130 | 130684 |
| 4.50%, 01/07/27 | &nbsp;&nbsp; 70 | 70522 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 125 | 125913 |
| 4.60%, 11/15/27 | &nbsp;&nbsp; 185 | 187562 |
| 4.70%, 11/15/29 | &nbsp;&nbsp; 280 | 286815 |
| 4.80%, 01/08/30 | &nbsp;&nbsp; 60 | 61877 |
| 4.85%, 02/27/29 | &nbsp;&nbsp; 145 | 148898 |
| 5.00%, 05/14/27 | &nbsp;&nbsp; 130 | 132211 |
| Series K, 4.10%, 08/15/28 | &nbsp;&nbsp; 100 | 100350 |
| Caterpillar Inc. |  |  |
| 1.90%, 03/12/31 | &nbsp;&nbsp; 65 | 57893 |
| 2.60%, 09/19/29 | &nbsp;&nbsp; 154 | 145793 |
| 2.60%, 04/09/30 | &nbsp;&nbsp; 165 | 155019 |
| 5.20%, 05/15/35 | &nbsp;&nbsp; 190 | 194735 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | &nbsp;&nbsp; 60 | 60345 |
| 4.55%, 04/10/28 | &nbsp;&nbsp; 150 | 151257 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 65 | 65731 |
| 5.10%, 04/20/29 | &nbsp;&nbsp; 105 | 107673 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 155 | 160555 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; $117 | $116409 |
| Deere & Co. |  |  |
| 3.10%, 04/15/30 | &nbsp;&nbsp; 120 | 114887 |
| 5.38%, 10/16/29 | &nbsp;&nbsp; 125 | 131251 |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 150 | 156274 |
| 7.13%, 03/03/31 | &nbsp;&nbsp; 100 | 114238 |
| Dover Corp., 2.95%, 11/04/29 | &nbsp;&nbsp; 95 | 90418 |
| Eaton Capital ULC, 4.45%, 05/09/30 | &nbsp;&nbsp; 200 | 201963 |
| Flowserve Corp. |  |  |
| 2.80%, 01/15/32 | &nbsp;&nbsp; 126 | 110512 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 135 | 128431 |
| IDEX Corp. |  |  |
| 2.63%, 06/15/31 | &nbsp;&nbsp; 155 | 140223 |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 90 | 84693 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 5 | 5108 |
| Ingersoll Rand Inc. |  |  |
| 5.18%, 06/15/29 | &nbsp;&nbsp; 150 | 154953 |
| 5.20%, 06/15/27 | &nbsp;&nbsp; 130 | 132251 |
| 5.31%, 06/15/31 | &nbsp;&nbsp; 100 | 104434 |
| 5.40%, 08/14/28 | &nbsp;&nbsp; 115 | 118946 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 170 | 175738 |
| 5.70%, 08/14/33 | &nbsp;&nbsp; 225 | 237067 |
| John Deere Capital Corp. |  |  |
| 1.30%, 10/13/26 | &nbsp;&nbsp; 120 | 116577 |
| 1.45%, 01/15/31 | &nbsp;&nbsp; 140 | 122129 |
| 1.50%, 03/06/28 | &nbsp;&nbsp; 105 | 98992 |
| 1.70%, 01/11/27 | &nbsp;&nbsp; 115 | 111678 |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 115 | 111236 |
| 2.00%, 06/17/31 | &nbsp;&nbsp; 175 | 154850 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 130 | 127668 |
| 2.35%, 03/08/27 | &nbsp;&nbsp; 125 | 122082 |
| 2.45%, 01/09/30 | &nbsp;&nbsp; 120 | 112227 |
| 2.80%, 09/08/27 | &nbsp;&nbsp; 125 | 122349 |
| 2.80%, 07/18/29 | &nbsp;&nbsp; 150 | 143328 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 130 | 127404 |
| 3.35%, 04/18/29 | &nbsp;&nbsp; 150 | 146629 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 148 | 145301 |
| 3.90%, 06/07/32 | &nbsp;&nbsp; 145 | 140625 |
| 4.15%, 09/15/27 | &nbsp;&nbsp; 170 | 170716 |
| 4.20%, 07/15/27 | &nbsp;&nbsp; 105 | 105631 |
| 4.35%, 09/15/32 | &nbsp;&nbsp; 165 | 163580 |
| 4.38%, 10/15/30 | &nbsp;&nbsp; 100 | 100730 |
| 4.40%, 09/08/31 | &nbsp;&nbsp; 190 | 190959 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 265 | 266992 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 220 | 223430 |
| 4.65%, 01/07/28 | &nbsp;&nbsp; 95 | 96637 |
| 4.70%, 06/10/30 | &nbsp;&nbsp; 245 | 251068 |
| 4.75%, 01/20/28 | &nbsp;&nbsp; 285 | 290208 |
| 4.85%, 03/05/27 | &nbsp;&nbsp; 95 | 96293 |
| 4.85%, 06/11/29 | &nbsp;&nbsp; 185 | 190267 |
| 4.85%, 10/11/29 | &nbsp;&nbsp; 95 | 98111 |
| 4.90%, 06/11/27 | &nbsp;&nbsp; 160 | 162873 |
| 4.90%, 03/03/28 | &nbsp;&nbsp; 60 | 61346 |
| 4.90%, 03/07/31 | &nbsp;&nbsp; 225 | 231942 |
| 4.95%, 07/14/28 | &nbsp;&nbsp; 260 | 267174 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 195 | 199686 |
| 5.15%, 09/08/26 | &nbsp;&nbsp; 95 | 96087 |
| 5.15%, 09/08/33 | &nbsp;&nbsp; 140 | 145063 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 175 | 178636 |
| Series I, 4.25%, 06/05/28 | &nbsp;&nbsp; 165 | 166376 |
| Series I, 4.55%, 06/05/30 | &nbsp;&nbsp; 150 | 152396 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Nordson Corp. |  |  |
| 4.50%, 12/15/29 | &nbsp;&nbsp; $125 | $126043 |
| 5.60%, 09/15/28 | &nbsp;&nbsp; 65 | 67432 |
| 5.80%, 09/15/33 | &nbsp;&nbsp; 105 | 111590 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/31 | &nbsp;&nbsp; 75 | 66637 |
| 4.55%, 04/15/28 | &nbsp;&nbsp; 128 | 128306 |
| 5.65%, 05/15/33 | &nbsp;&nbsp; 115 | 118385 |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/30 | &nbsp;&nbsp; 75 | 70518 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 70 | 70447 |
| Otis Worldwide Corp. |  |  |
| 2.29%, 04/05/27 | &nbsp;&nbsp; 140 | 136299 |
| 2.57%, 02/15/30 | &nbsp;&nbsp; 324 | 301944 |
| 5.13%, 11/19/31 | &nbsp;&nbsp; 45 | 46585 |
| 5.25%, 08/16/28 | &nbsp;&nbsp; 190 | 195922 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28 | &nbsp;&nbsp; 240 | 248382 |
| 6.30%, 02/15/30 | &nbsp;&nbsp; 220 | 232824 |
| 6.40%, 04/15/33 | &nbsp;&nbsp; 270 | 287186 |
| Rockwell Automation Inc. |  |  |
| 1.75%, 08/15/31 | &nbsp;&nbsp; 85 | 73910 |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 125 | 122598 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 210 | 207977 |
| 4.70%, 09/15/28 | &nbsp;&nbsp; 283 | 286635 |
| 4.90%, 05/29/30 | &nbsp;&nbsp; 100 | 102183 |
| 5.50%, 05/29/35 | &nbsp;&nbsp; 120 | 123126 |
| 5.61%, 03/11/34 | &nbsp;&nbsp; 35 | 36308 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 171 | 163266 |
| 2.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 180 | 161716 |
| 3.25%, 11/01/26 | &nbsp;&nbsp; 105 | 103800 |
|  |  | 15278161 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26 | &nbsp;&nbsp; 233 | 228467 |
| 2.38%, 08/26/29 | &nbsp;&nbsp; 218 | 203996 |
| 2.88%, 10/15/27 | &nbsp;&nbsp; 216 | 210972 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 152 | 144471 |
| 3.38%, 03/01/29 | &nbsp;&nbsp; 191 | 186285 |
| 3.63%, 09/14/28 | &nbsp;&nbsp; 168 | 166045 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 75 | 76663 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 105 | 106631 |
| Carlisle Companies Inc. |  |  |
| 2.20%, 03/01/32 | &nbsp;&nbsp; 152 | 130161 |
| 2.75%, 03/01/30 | &nbsp;&nbsp; 165 | 154280 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 170 | 168391 |
| 5.25%, 09/15/35 | &nbsp;&nbsp; 40 | 40055 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 195 | 191863 |
| 4.00%, 11/02/32 | &nbsp;&nbsp; 155 | 150332 |
| 4.15%, 03/15/33 | &nbsp;&nbsp; 290 | 283091 |
| 4.35%, 05/18/28 | &nbsp;&nbsp; 95 | 95865 |
| Illinois Tool Works Inc., 2.65%, 11/15/26 | &nbsp;&nbsp; 290 | 285878 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 162 | 160104 |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 224 | 217146 |
| 4.20%, 11/21/34 | &nbsp;&nbsp; 25 | 23984 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 270 | 270991 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 245 | 248257 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| Pentair Finance SARL |  |  |
| 4.50%, 07/01/29 | &nbsp;&nbsp; $85 | $85407 |
| 5.90%, 07/15/32 | &nbsp;&nbsp; 92 | 96971 |
| Teledyne Technologies Inc. |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 170 | 161925 |
| 2.75%, 04/01/31 | &nbsp;&nbsp; 263 | 240747 |
| Textron Inc. |  |  |
| 2.45%, 03/15/31 | &nbsp;&nbsp; 150 | 134845 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 145 | 136104 |
| 3.38%, 03/01/28 | &nbsp;&nbsp; 85 | 83218 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 70 | 69283 |
| 3.90%, 09/17/29 | &nbsp;&nbsp; 93 | 91725 |
| 5.50%, 05/15/35 | &nbsp;&nbsp; 120 | 122284 |
| 6.10%, 11/15/33 | &nbsp;&nbsp; 95 | 101702 |
|  |  | 5068139 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications Operating LLC / Charter <br> Communications Operating Capital, 5.85%, <br> 12/01/35<br>| &nbsp;&nbsp; 120 | 120240 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 300 | 278995 |
| 2.30%, 02/01/32 | &nbsp;&nbsp; 220 | 186252 |
| 2.80%, 04/01/31 | &nbsp;&nbsp; 385 | 346542 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 226 | 222599 |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 295 | 293206 |
| 4.40%, 04/01/33 | &nbsp;&nbsp; 240 | 225741 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 298 | 302572 |
| 6.10%, 06/01/29 | &nbsp;&nbsp; 315 | 330967 |
| 6.15%, 11/10/26 | &nbsp;&nbsp; 235 | 240212 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 330 | 349926 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; 180 | 191967 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 430 | 370726 |
| 1.95%, 01/15/31 | &nbsp;&nbsp; 385 | 341027 |
| 2.35%, 01/15/27 | &nbsp;&nbsp; 274 | 267932 |
| 2.65%, 02/01/30 | &nbsp;&nbsp; 355 | 332658 |
| 3.15%, 02/15/28 | &nbsp;&nbsp; 347 | 339947 |
| 3.30%, 02/01/27 | &nbsp;&nbsp; 265 | 262016 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 205 | 202636 |
| 3.40%, 04/01/30 | &nbsp;&nbsp; 343 | 331488 |
| 3.55%, 05/01/28 | &nbsp;&nbsp; 213 | 210390 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 871 | 873461 |
| 4.20%, 08/15/34 | &nbsp;&nbsp; 260 | 246594 |
| 4.25%, 10/15/30 | &nbsp;&nbsp; 323 | 323239 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 282 | 273918 |
| 4.55%, 01/15/29 | &nbsp;&nbsp; 255 | 258656 |
| 4.65%, 02/15/33 | &nbsp;&nbsp; 300 | 299268 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 237 | 237286 |
| 4.95%, 05/15/32 | &nbsp;&nbsp; 150 | 153253 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 170 | 175779 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 225 | 231558 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 190 | 193969 |
| 5.35%, 11/15/27 | &nbsp;&nbsp; 190 | 195218 |
| 5.50%, 11/15/32 | &nbsp;&nbsp; 260 | 273795 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 140 | 160035 |
| FactSet Research Systems Inc. |  |  |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 100 | 98153 |
| 3.45%, 03/01/32 | &nbsp;&nbsp; 120 | 110597 |
| Fox Corp. |  |  |
| 3.50%, 04/08/30 | &nbsp;&nbsp; 180 | 174022 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 4.71%, 01/25/29 | &nbsp;&nbsp; $410 | $414666 |
| 6.50%, 10/13/33 | &nbsp;&nbsp; 285 | 310069 |
| Grupo Televisa SAB, 8.50%, 03/11/32 | &nbsp;&nbsp; 70 | 78071 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | &nbsp;&nbsp; 110 | 107580 |
| 3.38%, 02/15/28 | &nbsp;&nbsp; 95 | 92661 |
| 3.70%, 06/01/28 | &nbsp;&nbsp; 50 | 49060 |
| 4.20%, 06/01/29 | &nbsp;&nbsp; 110 | 108433 |
| 4.20%, 05/19/32 | &nbsp;&nbsp; 210 | 195807 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 266 | 264396 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 95 | 93792 |
| 7.88%, 07/30/30 | &nbsp;&nbsp; 170 | 191894 |
| TCI Communications Inc., 7.13%, 02/15/28 | &nbsp;&nbsp; 85 | 90967 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 165 | 192656 |
| TWDC Enterprises 18 Corp. |  |  |
| 2.95%, 06/15/27 | &nbsp;&nbsp; 270 | 265913 |
| Series B, 7.00%, 03/01/32 | &nbsp;&nbsp; 105 | 119766 |
| Walt Disney Co. (The) |  |  |
| 2.00%, 09/01/29 | &nbsp;&nbsp; 176 | 163011 |
| 2.20%, 01/13/28 | &nbsp;&nbsp; 161 | 154987 |
| 2.65%, 01/13/31 | &nbsp;&nbsp; 585 | 543559 |
| 3.38%, 11/15/26 | &nbsp;&nbsp; 65 | 64574 |
| 3.70%, 03/23/27 | &nbsp;&nbsp; 170 | 169419 |
| 3.80%, 03/22/30 | &nbsp;&nbsp; 322 | 318406 |
| 6.20%, 12/15/34 | &nbsp;&nbsp; 235 | 263228 |
| 6.55%, 03/15/33 | &nbsp;&nbsp; 90 | 101832 |
|  |  | 14381587 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Timken Co. (The) |  |  |
| 4.13%, 04/01/32 | &nbsp;&nbsp; 105 | 99371 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 145 | 146065 |
|  |  | 245436 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | &nbsp;&nbsp; 45 | 43324 |
| 3.75%, 10/01/30 | &nbsp;&nbsp; 200 | 188816 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.75%, 02/28/28 | &nbsp;&nbsp; 310 | 315338 |
| 4.90%, 02/28/33 | &nbsp;&nbsp; 155 | 156807 |
| 5.00%, 02/21/30 | &nbsp;&nbsp; 250 | 258127 |
| 5.10%, 09/08/28 | &nbsp;&nbsp; 160 | 164739 |
| 5.13%, 02/21/32 | &nbsp;&nbsp; 190 | 196167 |
| 5.25%, 09/08/26 | &nbsp;&nbsp; 210 | 212283 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 210 | 219139 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 340 | 350854 |
| 5.30%, 02/21/35 | &nbsp;&nbsp; 265 | 272246 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | &nbsp;&nbsp; 150 | 149261 |
| 4.25%, 03/01/30 | &nbsp;&nbsp; 120 | 118536 |
| 4.38%, 08/01/28 | &nbsp;&nbsp; 100 | 100020 |
| 4.63%, 08/01/30 | &nbsp;&nbsp; 163 | 163268 |
| 5.00%, 09/01/27 | &nbsp;&nbsp; 153 | 153032 |
| 5.25%, 09/01/29 | &nbsp;&nbsp; 165 | 167380 |
| 5.40%, 11/14/34 | &nbsp;&nbsp; 20 | 20393 |
| Kinross Gold Corp. |  |  |
| 4.50%, 07/15/27 | &nbsp;&nbsp; 131 | 131264 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 120 | 129723 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Newmont Corp. |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; $124 | $112796 |
| 2.60%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 240 | 214537 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 3.25%, 05/13/30 | &nbsp;&nbsp; 75 | 71818 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 205 | 211586 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | &nbsp;&nbsp; 2 | 2125 |
| 6.13%, 12/15/33 | &nbsp;&nbsp; 80 | 86954 |
| 7.25%, 03/15/31 | &nbsp;&nbsp; 135 | 155819 |
| Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | &nbsp;&nbsp; 170 | 184086 |
| Rio Tinto Finance USA PLC |  |  |
| 4.38%, 03/12/27 | &nbsp;&nbsp; 115 | 115674 |
| 4.50%, 03/14/28 | &nbsp;&nbsp; 115 | 116198 |
| 4.88%, 03/14/30 | &nbsp;&nbsp; 225 | 230665 |
| 5.00%, 03/14/32 | &nbsp;&nbsp; 165 | 169096 |
| 5.00%, 03/09/33 | &nbsp;&nbsp; 265 | 270515 |
| 5.25%, 03/14/35 | &nbsp;&nbsp; 505 | 514243 |
| Yamana Gold Inc., 2.63%, 08/15/31 | &nbsp;&nbsp; 149 | 132313 |
|  |  | 6099142 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | &nbsp;&nbsp; 172 | 168344 |
| 3.25%, 02/15/29 | &nbsp;&nbsp; 95 | 90911 |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 145 | 139738 |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 225 | 209582 |
| 4.25%, 04/01/28 | &nbsp;&nbsp; 165 | 164150 |
| 5.10%, 03/01/30 | &nbsp;&nbsp; 65 | 66141 |
| 5.55%, 08/22/34 | &nbsp;&nbsp; 165 | 167335 |
|  |  | 1006201 |
| **Oil & Gas — 0.9%** | **Oil & Gas — 0.9%** | **Oil & Gas — 0.9%** |
| APA Corp. |  |  |
| 4.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 100 | 96736 |
| 6.10%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 60 | 60081 |
| BP Capital Markets America Inc. |  |  |
| 1.75%, 08/10/30 | &nbsp;&nbsp; 235 | 208894 |
| 2.72%, 01/12/32 | &nbsp;&nbsp; 415 | 373879 |
| 3.02%, 01/16/27 | &nbsp;&nbsp; 240 | 236995 |
| 3.54%, 04/06/27 | &nbsp;&nbsp; 140 | 139002 |
| 3.59%, 04/14/27 | &nbsp;&nbsp; 188 | 186803 |
| 3.63%, 04/06/30 | &nbsp;&nbsp; 274 | 268023 |
| 3.94%, 09/21/28 | &nbsp;&nbsp; 285 | 284181 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 361 | 362698 |
| 4.70%, 04/10/29 | &nbsp;&nbsp; 215 | 219139 |
| 4.81%, 02/13/33 | &nbsp;&nbsp; 475 | 476850 |
| 4.87%, 11/25/29 | &nbsp;&nbsp; 150 | 154160 |
| 4.89%, 09/11/33 | &nbsp;&nbsp; 345 | 347217 |
| 4.97%, 10/17/29 | &nbsp;&nbsp; 190 | 195780 |
| 4.99%, 04/10/34 | &nbsp;&nbsp; 205 | 207198 |
| 5.02%, 11/17/27 | &nbsp;&nbsp; 225 | 229622 |
| 5.23%, 11/17/34 | &nbsp;&nbsp; 410 | 418456 |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | &nbsp;&nbsp; 330 | 325220 |
| 3.72%, 11/28/28 | &nbsp;&nbsp; 218 | 215659 |
| Burlington Resources LLC, 7.20%, 08/15/31 | &nbsp;&nbsp; 60 | 68474 |
| Canadian Natural Resources Ltd. |  |  |
| 2.95%, 07/15/30 | &nbsp;&nbsp; 130 | 121157 |
| 3.85%, 06/01/27 | &nbsp;&nbsp; 308 | 305710 |
| 5.00%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 80 | 81488 |
| 5.40%, 12/15/34<sup>(b)</sup> | &nbsp;&nbsp; 175 | 175352 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.85%, 02/01/35 | &nbsp;&nbsp; $40 | $41066 |
| 6.45%, 06/30/33 | &nbsp;&nbsp; 40 | 42728 |
| 7.20%, 01/15/32 | &nbsp;&nbsp; 100 | 111335 |
| Cenovus Energy Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 135 | 118529 |
| 4.25%, 04/15/27 | &nbsp;&nbsp; 145 | 144903 |
| Chevron Corp. |  |  |
| 2.00%, 05/11/27 | &nbsp;&nbsp; 230 | 223158 |
| 2.24%, 05/11/30 | &nbsp;&nbsp; 358 | 330067 |
| Chevron USA Inc. |  |  |
| 1.02%, 08/12/27 | &nbsp;&nbsp; 195 | 184917 |
| 3.25%, 10/15/29 | &nbsp;&nbsp; 160 | 155389 |
| 3.85%, 01/15/28 | &nbsp;&nbsp; 162 | 162195 |
| 3.95%, 08/13/27 | &nbsp;&nbsp; 100 | 100305 |
| 4.05%, 08/13/28 | &nbsp;&nbsp; 100 | 100578 |
| 4.30%, 10/15/30 | &nbsp;&nbsp; 225 | 226237 |
| 4.41%, 02/26/27 | &nbsp;&nbsp; 85 | 85667 |
| 4.48%, 02/26/28 | &nbsp;&nbsp; 165 | 167395 |
| 4.50%, 10/15/32 | &nbsp;&nbsp; 225 | 225554 |
| 4.69%, 04/15/30 | &nbsp;&nbsp; 185 | 189123 |
| 4.82%, 04/15/32 | &nbsp;&nbsp; 165 | 168984 |
| 4.85%, 10/15/35 | &nbsp;&nbsp; 175 | 174300 |
| 4.98%, 04/15/35 | &nbsp;&nbsp; 170 | 172716 |
| CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 | &nbsp;&nbsp; 250 | 240423 |
| CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28 | &nbsp;&nbsp; 200 | 201543 |
| CNOOC Petroleum North America ULC, 5.88%, <br> 03/10/35<br>| &nbsp;&nbsp; 100 | 111035 |
| ConocoPhillips Co. |  |  |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 365 | 372044 |
| 4.85%, 01/15/32 | &nbsp;&nbsp; 165 | 167819 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 295 | 294940 |
| 5.05%, 09/15/33 | &nbsp;&nbsp; 250 | 255358 |
| 5.90%, 10/15/32 | &nbsp;&nbsp; 105 | 113623 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 139 | 152137 |
| Continental Resources Inc./OK, 4.38%, 01/15/28 | &nbsp;&nbsp; 215 | 213679 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | &nbsp;&nbsp; 175 | 173864 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 103 | 102767 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 155 | 154303 |
| 5.60%, 03/15/34 | &nbsp;&nbsp; 110 | 111586 |
| Devon Energy Corp. |  |  |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 142 | 142022 |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 285 | 279342 |
| 5.25%, 10/15/27 | &nbsp;&nbsp; 160 | 160265 |
| 5.88%, 06/15/28 | &nbsp;&nbsp; 70 | 70018 |
| 7.88%, 09/30/31 | &nbsp;&nbsp; 156 | 180202 |
| 7.95%, 04/15/32 | &nbsp;&nbsp; 85 | 98286 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 162 | 150115 |
| 3.25%, 12/01/26 | &nbsp;&nbsp; 186 | 183819 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 227 | 218766 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; 180 | 184956 |
| 5.20%, 04/18/27 | &nbsp;&nbsp; 220 | 223277 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 310 | 313192 |
| 5.55%, 04/01/35 | &nbsp;&nbsp; 190 | 192290 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 195 | 208395 |
| Eni USA Inc., 7.30%, 11/15/27 | &nbsp;&nbsp; 109 | 115917 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 15 | 13748 |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 222 | 223305 |
| 4.40%, 07/15/28 | &nbsp;&nbsp; 205 | 206995 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.00%, 07/15/32 | &nbsp;&nbsp; $200 | $203474 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | &nbsp;&nbsp; 240 | 237699 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 82 | 82957 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 115 | 118889 |
| 5.75%, 02/01/34 | &nbsp;&nbsp; 175 | 181234 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; 170 | 184911 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 213 | 197161 |
| 3.00%, 04/06/27 | &nbsp;&nbsp; 43 | 42401 |
| 3.13%, 04/06/30 | &nbsp;&nbsp; 340 | 325970 |
| 3.63%, 09/10/28 | &nbsp;&nbsp; 245 | 242775 |
| 4.25%, 06/02/28 | &nbsp;&nbsp; 60 | 60483 |
| 5.13%, 06/03/35 | &nbsp;&nbsp; 225 | 229262 |
| 7.25%, 09/23/27 | &nbsp;&nbsp; 150 | 159560 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 5 | 4870 |
| 5.38%, 02/01/29 | &nbsp;&nbsp; 10 | 10028 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; 55 | 55601 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; 195 | 197899 |
| Exxon Mobil Corp. |  |  |
| 2.44%, 08/16/29 | &nbsp;&nbsp; 324 | 307865 |
| 2.61%, 10/15/30 | &nbsp;&nbsp; 470 | 438214 |
| 3.29%, 03/19/27 | &nbsp;&nbsp; 212 | 210580 |
| 3.48%, 03/19/30 | &nbsp;&nbsp; 397 | 388334 |
| Helmerich & Payne Inc. |  |  |
| 2.90%, 09/29/31 | &nbsp;&nbsp; 150 | 130904 |
| 4.85%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24907 |
| 5.50%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 115 | 110701 |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | &nbsp;&nbsp; 252 | 252628 |
| 7.13%, 03/15/33 | &nbsp;&nbsp; 105 | 120971 |
| 7.30%, 08/15/31 | &nbsp;&nbsp; 135 | 155720 |
| 7.88%, 10/01/29 | &nbsp;&nbsp; 115 | 130645 |
| HF Sinclair Corp. |  |  |
| 4.50%, 10/01/30 | &nbsp;&nbsp; 110 | 107538 |
| 5.00%, 02/01/28 | &nbsp;&nbsp; 130 | 130176 |
| 5.50%, 09/01/32 | &nbsp;&nbsp; 60 | 60205 |
| 5.75%, 01/15/31 | &nbsp;&nbsp; 140 | 144465 |
| 6.25%, 01/15/35 | &nbsp;&nbsp; 185 | 190513 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 160 | 158384 |
| 5.13%, 12/15/26 | &nbsp;&nbsp; 167 | 168377 |
| 5.15%, 03/01/30 | &nbsp;&nbsp; 115 | 118303 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 220 | 224752 |
| Occidental Petroleum Corp. |  |  |
| 5.00%, 08/01/27 | &nbsp;&nbsp; 155 | 156624 |
| 5.20%, 08/01/29 | &nbsp;&nbsp; 300 | 304183 |
| 5.38%, 01/01/32 | &nbsp;&nbsp; 215 | 216277 |
| 5.55%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 235 | 233824 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 255 | 266601 |
| 6.38%, 09/01/28 | &nbsp;&nbsp; 90 | 93959 |
| 6.63%, 09/01/30 | &nbsp;&nbsp; 330 | 351065 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 205 | 229163 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; 85 | 96064 |
| 8.50%, 07/15/27 | &nbsp;&nbsp; 45 | 47391 |
| 8.88%, 07/15/30 | &nbsp;&nbsp; 100 | 115062 |
| Ovintiv Inc. |  |  |
| 5.65%, 05/15/28 | &nbsp;&nbsp; 150 | 154378 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 145 | 150871 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 125 | 131615 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 7.20%, 11/01/31 | &nbsp;&nbsp; $45 | $49353 |
| 7.38%, 11/01/31 | &nbsp;&nbsp; 110 | 121800 |
| 8.13%, 09/15/30 | &nbsp;&nbsp; 105 | 120279 |
| Patterson-UTI Energy Inc. |  |  |
| 3.95%, 02/01/28 | &nbsp;&nbsp; 70 | 68297 |
| 5.15%, 11/15/29 | &nbsp;&nbsp; 75 | 74776 |
| 7.15%, 10/01/33 | &nbsp;&nbsp; 105 | 109618 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | &nbsp;&nbsp; 215 | 191432 |
| 3.90%, 03/15/28 | &nbsp;&nbsp; 215 | 213772 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 230 | 221875 |
| Phillips 66 Co. |  |  |
| 3.15%, 12/15/29 | &nbsp;&nbsp; 130 | 124507 |
| 3.55%, 10/01/26 | &nbsp;&nbsp; 125 | 124008 |
| 3.75%, 03/01/28 | &nbsp;&nbsp; 125 | 123977 |
| 4.95%, 12/01/27 | &nbsp;&nbsp; 195 | 198064 |
| 4.95%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 25 | 24481 |
| 5.25%, 06/15/31 | &nbsp;&nbsp; 250 | 259198 |
| 5.30%, 06/30/33 | &nbsp;&nbsp; 215 | 219461 |
| Pioneer Natural Resources Co. |  |  |
| 1.90%, 08/15/30 | &nbsp;&nbsp; 240 | 214859 |
| 2.15%, 01/15/31 | &nbsp;&nbsp; 230 | 206367 |
| Shell Finance U.S. Inc. |  |  |
| 2.38%, 11/07/29 | &nbsp;&nbsp; 253 | 236701 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 295 | 278636 |
| 4.13%, 05/11/35 | &nbsp;&nbsp; 5 | 4748 |
| Shell International Finance BV |  |  |
| 2.38%, 11/07/29<sup>(a)</sup> | &nbsp;&nbsp; 15 | 14233 |
| 2.50%, 09/12/26 | &nbsp;&nbsp; 242 | 238325 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 15 | 14183 |
| 3.88%, 11/13/28 | &nbsp;&nbsp; 362 | 361488 |
| Suncor Energy Inc. |  |  |
| 5.95%, 12/01/34 | &nbsp;&nbsp; 110 | 114432 |
| 7.15%, 02/01/32 | &nbsp;&nbsp; 130 | 145169 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30 | &nbsp;&nbsp; 260 | 248488 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 320 | 315060 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | &nbsp;&nbsp; 232 | 231750 |
| 4.72%, 09/10/34 | &nbsp;&nbsp; 190 | 189869 |
| 5.15%, 04/05/34 | &nbsp;&nbsp; 250 | 257638 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | &nbsp;&nbsp; 94 | 90208 |
| 2.80%, 12/01/31 | &nbsp;&nbsp; 125 | 112756 |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 25 | 24775 |
| 4.00%, 04/01/29 | &nbsp;&nbsp; 75 | 74152 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 86 | 86304 |
| 5.15%, 02/15/30 | &nbsp;&nbsp; 70 | 72095 |
| 7.50%, 04/15/32 | &nbsp;&nbsp; 140 | 161215 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | &nbsp;&nbsp; 40 | 40301 |
| 5.70%, 08/01/35 | &nbsp;&nbsp; 215 | 215772 |
| Woodside Finance Ltd. |  |  |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 445 | 435795 |
| 5.70%, 05/19/32 | &nbsp;&nbsp; 5 | 5166 |
| 6.00%, 05/19/35 | &nbsp;&nbsp; 265 | 273687 |
|  |  | 30279454 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 2.06%, 12/15/26 | &nbsp;&nbsp; 171 | 166420 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| 3.14%, 11/07/29 | &nbsp;&nbsp; $120 | $115463 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 339 | 333639 |
| 4.49%, 05/01/30 | &nbsp;&nbsp; 135 | 136235 |
| Halliburton Co., 2.92%, 03/01/30 | &nbsp;&nbsp; 250 | 235092 |
| NOV Inc., 3.60%, 12/01/29 | &nbsp;&nbsp; 132 | 127517 |
| Schlumberger Investment SA, 2.65%, 06/26/30 | &nbsp;&nbsp; 280 | 260355 |
|  |  | 1374721 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Finance USA Inc. |  |  |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 100 | 100461 |
| 5.63%, 05/26/33 | &nbsp;&nbsp; 120 | 124639 |
| Amcor Flexibles North America Inc. |  |  |
| 2.63%, 06/19/30 | &nbsp;&nbsp; 127 | 116823 |
| 2.69%, 05/25/31 | &nbsp;&nbsp; 180 | 162925 |
| 4.80%, 03/17/28 | &nbsp;&nbsp; 125 | 126358 |
| 5.10%, 03/17/30 | &nbsp;&nbsp; 50 | 51118 |
| 5.50%, 03/17/35 | &nbsp;&nbsp; 155 | 158580 |
| Amcor Group Finance PLC, 5.45%, 05/23/29 | &nbsp;&nbsp; 60 | 62095 |
| AptarGroup Inc., 3.60%, 03/15/32 | &nbsp;&nbsp; 68 | 62547 |
| Berry Global Inc. |  |  |
| 1.65%, 01/15/27 | &nbsp;&nbsp; 90 | 86878 |
| 5.50%, 04/15/28 | &nbsp;&nbsp; 25 | 25765 |
| 5.65%, 01/15/34 | &nbsp;&nbsp; 200 | 207892 |
| 5.80%, 06/15/31 | &nbsp;&nbsp; 160 | 169324 |
| Packaging Corp. of America |  |  |
| 3.00%, 12/15/29 | &nbsp;&nbsp; 127 | 121158 |
| 3.40%, 12/15/27 | &nbsp;&nbsp; 130 | 127657 |
| 5.20%, 08/15/35 | &nbsp;&nbsp; 50 | 50310 |
| 5.70%, 12/01/33 | &nbsp;&nbsp; 85 | 89287 |
| Smurfit Kappa Treasury ULC, 5.44%, 04/03/34 | &nbsp;&nbsp; 250 | 256767 |
| Smurfit Westrock Financing DAC, 5.42%, 01/15/35 | &nbsp;&nbsp; 200 | 204012 |
| Sonoco Products Co. |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 70 | 67966 |
| 2.85%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 120 | 106942 |
| 3.13%, 05/01/30 | &nbsp;&nbsp; 145 | 136477 |
| 4.45%, 09/01/26 | &nbsp;&nbsp; 50 | 49973 |
| 4.60%, 09/01/29 | &nbsp;&nbsp; 50 | 50185 |
| 5.00%, 09/01/34 | &nbsp;&nbsp; 160 | 156673 |
| WestRock MWV LLC |  |  |
| 7.95%, 02/15/31 | &nbsp;&nbsp; 15 | 17412 |
| 8.20%, 01/15/30 | &nbsp;&nbsp; 109 | 125534 |
| WRKCo Inc. |  |  |
| 3.00%, 06/15/33 | &nbsp;&nbsp; 185 | 162879 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 130 | 128241 |
| 3.90%, 06/01/28 | &nbsp;&nbsp; 117 | 116162 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 130 | 129369 |
| 4.20%, 06/01/32 | &nbsp;&nbsp; 25 | 24180 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 197 | 201019 |
|  |  | 3777608 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| AbbVie Inc. |  |  |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 870 | 858804 |
| 3.20%, 11/21/29 | &nbsp;&nbsp; 1146 | 1104511 |
| 4.25%, 11/14/28 | &nbsp;&nbsp; 423 | 426363 |
| 4.50%, 05/14/35 | &nbsp;&nbsp; 500 | 484311 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 320 | 312216 |
| 4.65%, 03/15/28 | &nbsp;&nbsp; 285 | 289598 |
| 4.80%, 03/15/27 | &nbsp;&nbsp; 515 | 520466 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; 550 | 562804 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 250 | 257406 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.95%, 03/15/31 | &nbsp;&nbsp; $340 | $351029 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 670 | 682488 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 255 | 260907 |
| Astrazeneca Finance LLC |  |  |
| 1.75%, 05/28/28 | &nbsp;&nbsp; 275 | 260091 |
| 2.25%, 05/28/31 | &nbsp;&nbsp; 144 | 130162 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 300 | 303614 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 265 | 272024 |
| 4.88%, 03/03/28 | &nbsp;&nbsp; 240 | 245401 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 120 | 122634 |
| 4.90%, 03/03/30 | &nbsp;&nbsp; 155 | 160000 |
| 4.90%, 02/26/31 | &nbsp;&nbsp; 235 | 242871 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 380 | 388344 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | &nbsp;&nbsp; 307 | 269565 |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 179 | 176803 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 253 | 253098 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 265 | 232939 |
| 2.82%, 05/20/30 | &nbsp;&nbsp; 120 | 112307 |
| 3.70%, 06/06/27 | &nbsp;&nbsp; 369 | 366217 |
| 4.30%, 08/22/32 | &nbsp;&nbsp; 115 | 112242 |
| 4.69%, 02/13/28 | &nbsp;&nbsp; 170 | 172171 |
| 4.87%, 02/08/29 | &nbsp;&nbsp; 25 | 25494 |
| 5.08%, 06/07/29 | &nbsp;&nbsp; 190 | 195423 |
| 5.11%, 02/08/34 | &nbsp;&nbsp; 120 | 121444 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13%, 11/13/27 | &nbsp;&nbsp; 250 | 235803 |
| 1.45%, 11/13/30 | &nbsp;&nbsp; 270 | 236025 |
| 2.95%, 03/15/32 | &nbsp;&nbsp; 350 | 319127 |
| 3.25%, 02/27/27 | &nbsp;&nbsp; 215 | 212887 |
| 3.40%, 07/26/29 | &nbsp;&nbsp; 530 | 516550 |
| 3.45%, 11/15/27 | &nbsp;&nbsp; 130 | 128925 |
| 3.90%, 02/20/28 | &nbsp;&nbsp; 320 | 319824 |
| 4.90%, 02/22/27 | &nbsp;&nbsp; 165 | 167094 |
| 4.90%, 02/22/29 | &nbsp;&nbsp; 400 | 410748 |
| 5.10%, 02/22/31 | &nbsp;&nbsp; 275 | 286196 |
| 5.20%, 02/22/34 | &nbsp;&nbsp; 545 | 559535 |
| 5.75%, 02/01/31 | &nbsp;&nbsp; 235 | 251348 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 205 | 220671 |
| Cardinal Health Inc. |  |  |
| 3.41%, 06/15/27 | &nbsp;&nbsp; 270 | 266518 |
| 4.50%, 09/15/30 | &nbsp;&nbsp; 75 | 75125 |
| 4.70%, 11/15/26 | &nbsp;&nbsp; 60 | 60382 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 65 | 66567 |
| 5.13%, 02/15/29 | &nbsp;&nbsp; 90 | 92515 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 75 | 74469 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 225 | 228312 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 115 | 118102 |
| Cencora Inc. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 255 | 233172 |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 80 | 74941 |
| 3.45%, 12/15/27 | &nbsp;&nbsp; 175 | 172376 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; 50 | 50491 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 115 | 117361 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 80 | 80892 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 35 | 35279 |
| CVS Health Corp. |  |  |
| 1.30%, 08/21/27 | &nbsp;&nbsp; 502 | 473830 |
| 1.75%, 08/21/30 | &nbsp;&nbsp; 295 | 257748 |
| 1.88%, 02/28/31 | &nbsp;&nbsp; 235 | 203462 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 2.13%, 09/15/31 | &nbsp;&nbsp; $195 | $168324 |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 377 | 360615 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 175 | 173301 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 318 | 307258 |
| 4.30%, 03/25/28 | &nbsp;&nbsp; 1035 | 1034494 |
| 5.00%, 01/30/29 | &nbsp;&nbsp; 205 | 209067 |
| 5.00%, 09/15/32 | &nbsp;&nbsp; 125 | 125552 |
| 5.13%, 02/21/30 | &nbsp;&nbsp; 320 | 327516 |
| 5.25%, 01/30/31 | &nbsp;&nbsp; 170 | 174847 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 410 | 414732 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 260 | 263180 |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 230 | 237636 |
| 5.45%, 09/15/35 | &nbsp;&nbsp; 175 | 175412 |
| 5.55%, 06/01/31 | &nbsp;&nbsp; 215 | 224502 |
| 5.70%, 06/01/34 | &nbsp;&nbsp; 265 | 273268 |
| 6.25%, 06/01/27 | &nbsp;&nbsp; 85 | 87747 |
| Eli Lilly & Co. |  |  |
| 3.10%, 05/15/27 | &nbsp;&nbsp; 134 | 132265 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 225 | 220745 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 240 | 240580 |
| 4.15%, 08/14/27 | &nbsp;&nbsp; 140 | 140857 |
| 4.20%, 08/14/29 | &nbsp;&nbsp; 220 | 221768 |
| 4.25%, 03/15/31 | &nbsp;&nbsp; 250 | 250607 |
| 4.50%, 02/09/27 | &nbsp;&nbsp; 285 | 287257 |
| 4.50%, 02/09/29 | &nbsp;&nbsp; 225 | 228687 |
| 4.55%, 02/12/28 | &nbsp;&nbsp; 200 | 203018 |
| 4.55%, 10/15/32 | &nbsp;&nbsp; 205 | 206100 |
| 4.60%, 08/14/34 | &nbsp;&nbsp; 245 | 243333 |
| 4.70%, 02/27/33 | &nbsp;&nbsp; 225 | 227811 |
| 4.70%, 02/09/34 | &nbsp;&nbsp; 340 | 341028 |
| 4.75%, 02/12/30 | &nbsp;&nbsp; 180 | 185117 |
| 4.90%, 02/12/32 | &nbsp;&nbsp; 180 | 185744 |
| 4.90%, 10/15/35 | &nbsp;&nbsp; 250 | 251126 |
| 5.10%, 02/12/35 | &nbsp;&nbsp; 180 | 184257 |
| 5.50%, 03/15/27 | &nbsp;&nbsp; 120 | 122927 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | &nbsp;&nbsp; 405 | 404812 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 120 | 121421 |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 115 | 114936 |
| 5.38%, 04/15/34 | &nbsp;&nbsp; 80 | 83770 |
| GlaxoSmithKline Capital PLC |  |  |
| 3.38%, 06/01/29 | &nbsp;&nbsp; 225 | 219659 |
| 4.32%, 03/12/27 | &nbsp;&nbsp; 75 | 75466 |
| Johnson & Johnson |  |  |
| 0.95%, 09/01/27 | &nbsp;&nbsp; 30 | 28442 |
| 1.30%, 09/01/30 | &nbsp;&nbsp; 315 | 277523 |
| 2.90%, 01/15/28 | &nbsp;&nbsp; 297 | 291523 |
| 2.95%, 03/03/27 | &nbsp;&nbsp; 265 | 261814 |
| 4.38%, 12/05/33 | &nbsp;&nbsp; 25 | 25069 |
| 4.50%, 03/01/27 | &nbsp;&nbsp; 175 | 176737 |
| 4.55%, 03/01/28 | &nbsp;&nbsp; 210 | 213948 |
| 4.70%, 03/01/30 | &nbsp;&nbsp; 240 | 247213 |
| 4.80%, 06/01/29 | &nbsp;&nbsp; 340 | 350814 |
| 4.85%, 03/01/32 | &nbsp;&nbsp; 245 | 253722 |
| 4.90%, 06/01/31 | &nbsp;&nbsp; 335 | 349821 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 155 | 161370 |
| 4.95%, 06/01/34 | &nbsp;&nbsp; 240 | 250754 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 214 | 219991 |
| 6.95%, 09/01/29 | &nbsp;&nbsp; 90 | 100369 |
| McKesson Corp. |  |  |
| 3.95%, 02/16/28 | &nbsp;&nbsp; 124 | 123752 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 4.25%, 09/15/29 | &nbsp;&nbsp; $150 | $150526 |
| 4.65%, 05/30/30 | &nbsp;&nbsp; 125 | 127033 |
| 4.90%, 07/15/28 | &nbsp;&nbsp; 65 | 66416 |
| 4.95%, 05/30/32 | &nbsp;&nbsp; 145 | 147856 |
| 5.10%, 07/15/33 | &nbsp;&nbsp; 150 | 153750 |
| 5.25%, 05/30/35 | &nbsp;&nbsp; 160 | 162906 |
| Merck & Co. Inc. |  |  |
| 1.45%, 06/24/30 | &nbsp;&nbsp; 285 | 251799 |
| 1.70%, 06/10/27 | &nbsp;&nbsp; 380 | 366180 |
| 1.90%, 12/10/28 | &nbsp;&nbsp; 230 | 215885 |
| 2.15%, 12/10/31 | &nbsp;&nbsp; 450 | 395777 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 365 | 357971 |
| 4.05%, 05/17/28 | &nbsp;&nbsp; 120 | 120600 |
| 4.30%, 05/17/30 | &nbsp;&nbsp; 160 | 161406 |
| 4.50%, 05/17/33 | &nbsp;&nbsp; 420 | 419965 |
| 6.50%, 12/01/33 | &nbsp;&nbsp; 40 | 45242 |
| Merck Sharp & Dohme Corp., 5.95%, 12/01/28 | &nbsp;&nbsp; 110 | 116634 |
| Mylan Inc., 4.55%, 04/15/28 | &nbsp;&nbsp; 155 | 154020 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | &nbsp;&nbsp; 306 | 298251 |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 320 | 293722 |
| 3.10%, 05/17/27 | &nbsp;&nbsp; 253 | 249911 |
| 3.80%, 09/18/29 | &nbsp;&nbsp; 220 | 219278 |
| 4.00%, 09/18/31 | &nbsp;&nbsp; 195 | 193610 |
| 4.20%, 09/18/34 | &nbsp;&nbsp; 195 | 188765 |
| Pfizer Inc. |  |  |
| 1.70%, 05/28/30 | &nbsp;&nbsp; 252 | 225632 |
| 1.75%, 08/18/31 | &nbsp;&nbsp; 240 | 209461 |
| 2.63%, 04/01/30 | &nbsp;&nbsp; 306 | 287236 |
| 3.00%, 12/15/26 | &nbsp;&nbsp; 383 | 378695 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 422 | 415545 |
| 3.60%, 09/15/28 | &nbsp;&nbsp; 210 | 208803 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.45%, 05/19/28 | &nbsp;&nbsp; 900 | 910345 |
| 4.65%, 05/19/30 | &nbsp;&nbsp; 275 | 280153 |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 1050 | 1052447 |
| Pharmacia LLC, 6.60%, 12/01/28 | &nbsp;&nbsp; 135 | 145228 |
| Sanofi SA, 3.63%, 06/19/28 | &nbsp;&nbsp; 280 | 278431 |
| Shire Acquisitions Investments Ireland DAC, 3.20%, <br> 09/23/26<br>| &nbsp;&nbsp; 46 | 45515 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 2.05%, 03/31/30 | &nbsp;&nbsp; 535 | 485015 |
| 5.00%, 11/26/28 | &nbsp;&nbsp; 382 | 390654 |
| 5.30%, 07/05/34 | &nbsp;&nbsp; 200 | 204392 |
| Takeda U.S. Financing Inc., 5.20%, 07/07/35 | &nbsp;&nbsp; 400 | 401680 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | &nbsp;&nbsp; 140 | 134421 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 320 | 287487 |
| Wyeth LLC, 6.50%, 02/01/34 | &nbsp;&nbsp; 225 | 251619 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 210 | 190462 |
| 3.00%, 09/12/27 | &nbsp;&nbsp; 250 | 245129 |
| 3.90%, 08/20/28 | &nbsp;&nbsp; 163 | 162759 |
| 4.15%, 08/17/28 | &nbsp;&nbsp; 100 | 100256 |
| 5.00%, 08/17/35 | &nbsp;&nbsp; 100 | 99581 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 205 | 217074 |
|  |  | 42069149 |
| **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/31 | &nbsp;&nbsp; 120 | 111750 |
| 3.60%, 09/01/32 | &nbsp;&nbsp; 129 | 118128 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.45%, 07/15/27 | &nbsp;&nbsp; $140 | $140246 |
| 4.80%, 05/03/29 | &nbsp;&nbsp; 125 | 126790 |
| 5.63%, 08/01/34 | &nbsp;&nbsp; 135 | 138207 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 240 | 233186 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 287 | 290032 |
| Cheniere Energy Inc. |  |  |
| 4.63%, 10/15/28 | &nbsp;&nbsp; 380 | 379613 |
| 5.65%, 04/15/34 | &nbsp;&nbsp; 310 | 316420 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 220 | 199106 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 380 | 366332 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; 205 | 204524 |
| 5.55%, 10/30/35<sup>(b)</sup> | &nbsp;&nbsp; 30 | 30288 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; 270 | 277238 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 307 | 321529 |
| DCP Midstream Operating LP |  |  |
| 3.25%, 02/15/32 | &nbsp;&nbsp; 115 | 103433 |
| 5.13%, 05/15/29 | &nbsp;&nbsp; 145 | 148149 |
| 5.63%, 07/15/27 | &nbsp;&nbsp; 150 | 153152 |
| 8.13%, 08/16/30 | &nbsp;&nbsp; 88 | 101056 |
| Eastern Energy Gas Holdings LLC, 5.80%, <br> 01/15/35<br>| &nbsp;&nbsp; 80 | 83378 |
| Eastern Gas Transmission & Storage Inc., 3.00%, <br> 11/15/29<br>| &nbsp;&nbsp; 109 | 103683 |
| Enbridge Inc. |  |  |
| 1.60%, 10/04/26 | &nbsp;&nbsp; 130 | 126323 |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 250 | 210034 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 220 | 209553 |
| 3.70%, 07/15/27 | &nbsp;&nbsp; 200 | 198201 |
| 4.25%, 12/01/26 | &nbsp;&nbsp; 92 | 91981 |
| 4.60%, 06/20/28 | &nbsp;&nbsp; 65 | 65680 |
| 4.90%, 06/20/30<sup>(a)</sup> | &nbsp;&nbsp; 110 | 112275 |
| 5.25%, 04/05/27 | &nbsp;&nbsp; 160 | 162581 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; 175 | 180496 |
| 5.55%, 06/20/35 | &nbsp;&nbsp; 155 | 157891 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 280 | 288865 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 505 | 526455 |
| 5.90%, 11/15/26 | &nbsp;&nbsp; 190 | 193340 |
| 6.00%, 11/15/28 | &nbsp;&nbsp; 185 | 194935 |
| 6.20%, 11/15/30 | &nbsp;&nbsp; 185 | 199129 |
| 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(c)</sup> | &nbsp;&nbsp; 110 | 114426 |
| 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(c)</sup> | &nbsp;&nbsp; 75 | 78855 |
| Energy Transfer LP |  |  |
| 3.75%, 05/15/30 | &nbsp;&nbsp; 360 | 348673 |
| 4.00%, 10/01/27 | &nbsp;&nbsp; 170 | 169152 |
| 4.15%, 09/15/29 | &nbsp;&nbsp; 120 | 118885 |
| 4.20%, 04/15/27 | &nbsp;&nbsp; 122 | 121856 |
| 4.40%, 03/15/27 | &nbsp;&nbsp; 162 | 162304 |
| 4.90%, 03/15/35 | &nbsp;&nbsp; 105 | 100960 |
| 4.95%, 05/15/28 | &nbsp;&nbsp; 187 | 190022 |
| 4.95%, 06/15/28 | &nbsp;&nbsp; 249 | 253201 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 25 | 25709 |
| 5.25%, 04/15/29 | &nbsp;&nbsp; 356 | 365961 |
| 5.25%, 07/01/29 | &nbsp;&nbsp; 225 | 231859 |
| 5.50%, 06/01/27 | &nbsp;&nbsp; 208 | 211622 |
| 5.55%, 02/15/28 | &nbsp;&nbsp; 200 | 205921 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 270 | 274321 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 270 | 274318 |
| 5.70%, 04/01/35 | &nbsp;&nbsp; 255 | 259797 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 325 | 337827 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.05%, 12/01/26 | &nbsp;&nbsp; $240 | $244654 |
| 6.10%, 12/01/28 | &nbsp;&nbsp; 115 | 121090 |
| 6.40%, 12/01/30 | &nbsp;&nbsp; 220 | 237983 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 305 | 330627 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 280 | 264224 |
| 3.13%, 07/31/29 | &nbsp;&nbsp; 278 | 267780 |
| 3.95%, 02/15/27 | &nbsp;&nbsp; 150 | 149727 |
| 4.15%, 10/16/28 | &nbsp;&nbsp; 245 | 245988 |
| 4.30%, 06/20/28 | &nbsp;&nbsp; 250 | 251712 |
| 4.60%, 01/11/27 | &nbsp;&nbsp; 230 | 231445 |
| 4.60%, 01/15/31 | &nbsp;&nbsp; 385 | 388729 |
| 4.85%, 01/31/34 | &nbsp;&nbsp; 280 | 279595 |
| 4.95%, 02/15/35 | &nbsp;&nbsp; 50 | 49909 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 260 | 269608 |
| 5.38%, 02/15/78, (3-mo. CME Term SOFR + <br> 2.832%)<sup>(c)</sup><br>| &nbsp;&nbsp; 142 | 140438 |
| Series D, 6.88%, 03/01/33 | &nbsp;&nbsp; 130 | 146310 |
| Series E, 5.25%, 08/16/77, (3-mo. CME Term <br> SOFR + 3.295%)<sup>(c)</sup><br>| &nbsp;&nbsp; 200 | 198298 |
| Series H, 6.65%, 10/15/34 | &nbsp;&nbsp; 75 | 84468 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.80%, 03/15/35 | &nbsp;&nbsp; 110 | 113475 |
| 7.30%, 08/15/33 | &nbsp;&nbsp; 60 | 67880 |
| 7.40%, 03/15/31 | &nbsp;&nbsp; 65 | 73452 |
| 7.75%, 03/15/32 | &nbsp;&nbsp; 70 | 81018 |
| Kinder Morgan Inc. |  |  |
| 1.75%, 11/15/26 | &nbsp;&nbsp; 135 | 131105 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 197 | 173562 |
| 4.30%, 03/01/28 | &nbsp;&nbsp; 285 | 286067 |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 205 | 202707 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 275 | 280933 |
| 5.10%, 08/01/29 | &nbsp;&nbsp; 140 | 143796 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 55 | 56600 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 350 | 354073 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 165 | 165979 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 220 | 223929 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 140 | 145445 |
| 7.75%, 01/15/32 | &nbsp;&nbsp; 235 | 271330 |
| 7.80%, 08/01/31 | &nbsp;&nbsp; 105 | 121495 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | &nbsp;&nbsp; 355 | 324516 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 185 | 183934 |
| 4.13%, 03/01/27 | &nbsp;&nbsp; 345 | 344138 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 120 | 120052 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 155 | 157045 |
| 4.80%, 02/15/31 | &nbsp;&nbsp; 170 | 170100 |
| 4.95%, 09/01/32 | &nbsp;&nbsp; 217 | 215667 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 150 | 148708 |
| 5.00%, 03/01/33 | &nbsp;&nbsp; 210 | 208064 |
| 5.40%, 04/01/35 | &nbsp;&nbsp; 210 | 208698 |
| 5.40%, 09/15/35 | &nbsp;&nbsp; 200 | 197478 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 390 | 393063 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 40 | 39854 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 200 | 188486 |
| 3.25%, 06/01/30 | &nbsp;&nbsp; 105 | 99275 |
| 3.40%, 09/01/29 | &nbsp;&nbsp; 141 | 135498 |
| 4.00%, 07/13/27 | &nbsp;&nbsp; 126 | 125529 |
| 4.25%, 09/24/27 | &nbsp;&nbsp; 270 | 270284 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 145 | 144710 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.40%, 10/15/29 | &nbsp;&nbsp; $150 | $149887 |
| 4.55%, 07/15/28 | &nbsp;&nbsp; 225 | 226724 |
| 4.75%, 10/15/31 | &nbsp;&nbsp; 275 | 275005 |
| 4.95%, 10/15/32 | &nbsp;&nbsp; 100 | 99391 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 340 | 331624 |
| 5.38%, 06/01/29 | &nbsp;&nbsp; 125 | 128655 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 100 | 99083 |
| 5.55%, 11/01/26 | &nbsp;&nbsp; 205 | 207463 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 155 | 161010 |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 90 | 91523 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 120 | 126207 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 320 | 336522 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 165 | 175334 |
| 6.35%, 01/15/31 | &nbsp;&nbsp; 145 | 155600 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | &nbsp;&nbsp; 130 | 133870 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 3.55%, 12/15/29 | &nbsp;&nbsp; 200 | 192811 |
| 3.80%, 09/15/30 | &nbsp;&nbsp; 200 | 192914 |
| 4.50%, 12/15/26 | &nbsp;&nbsp; 181 | 181135 |
| 5.70%, 09/15/34 | &nbsp;&nbsp; 105 | 107161 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 319 | 318894 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; 422 | 423311 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 339 | 340944 |
| 5.88%, 06/30/26 | &nbsp;&nbsp; 92 | 92409 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | &nbsp;&nbsp; 95 | 95847 |
| 5.03%, 10/01/29 | &nbsp;&nbsp; 95 | 96233 |
| 5.58%, 10/01/34 | &nbsp;&nbsp; 275 | 272857 |
| Spectra Energy Partners LP, 3.38%, 10/15/26 | &nbsp;&nbsp; 141 | 139518 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 160 | 150830 |
| 4.90%, 09/15/30 | &nbsp;&nbsp; 150 | 152278 |
| 5.20%, 07/01/27 | &nbsp;&nbsp; 168 | 170716 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 60 | 60521 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 300 | 301876 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 195 | 206327 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 180 | 190033 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 230 | 248636 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 235 | 221061 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 230 | 229073 |
| 5.00%, 01/15/28 | &nbsp;&nbsp; 205 | 205257 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 215 | 219220 |
| 6.88%, 01/15/29 | &nbsp;&nbsp; 150 | 152928 |
| TC PipeLines LP, 3.90%, 05/25/27 | &nbsp;&nbsp; 135 | 134146 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 7.00%, 03/15/27 | &nbsp;&nbsp; 65 | 67507 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 90 | 96864 |
| Texas Eastern Transmission LP, 7.00%, 07/15/32 | &nbsp;&nbsp; 120 | 133640 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30 | &nbsp;&nbsp; 285 | 280689 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 323 | 323264 |
| 4.63%, 03/01/34 | &nbsp;&nbsp; 295 | 284371 |
| 5.60%, 03/31/34 | &nbsp;&nbsp; 80 | 81965 |
| 7.00%, 06/01/65, (5-year CMT + 2.614%)<sup>(c)</sup> | &nbsp;&nbsp; 150 | 152460 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 190 | 180833 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 120 | 119660 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | &nbsp;&nbsp; 85 | 85526 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; $225 | $218613 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 50 | 49941 |
| 4.75%, 08/15/28 | &nbsp;&nbsp; 110 | 110581 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 150 | 148016 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 210 | 219923 |
| 6.35%, 01/15/29 | &nbsp;&nbsp; 125 | 131472 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31 | &nbsp;&nbsp; 324 | 292899 |
| 3.50%, 11/15/30 | &nbsp;&nbsp; 217 | 206698 |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 344 | 341179 |
| 4.63%, 06/30/30 | &nbsp;&nbsp; 130 | 130698 |
| 4.65%, 08/15/32 | &nbsp;&nbsp; 270 | 266473 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 90 | 91510 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 245 | 249640 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 285 | 285639 |
| 5.30%, 08/15/28 | &nbsp;&nbsp; 125 | 128986 |
| 5.30%, 09/30/35 | &nbsp;&nbsp; 150 | 149955 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 210 | 215571 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 170 | 177109 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 70 | 84538 |
| Series A, 7.50%, 01/15/31 | &nbsp;&nbsp; 75 | 84921 |
|  |  | 34366153 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| KKR & Co. Inc., 5.10%, 08/07/35 | &nbsp;&nbsp; 125 | 124056 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services Inc. |  |  |
| 2.50%, 04/01/31 | &nbsp;&nbsp; 154 | 138682 |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 90 | 91298 |
| 5.50%, 04/01/29 | &nbsp;&nbsp; 60 | 62226 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 90 | 91837 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 220 | 233226 |
| Jones Lang LaSalle Inc., 6.88%, 12/01/28 | &nbsp;&nbsp; 60 | 64498 |
|  |  | 681767 |
| **Real Estate Investment Trusts — 1.4%** | **Real Estate Investment Trusts — 1.4%** | **Real Estate Investment Trusts — 1.4%** |
| Agree LP |  |  |
| 2.00%, 06/15/28 | &nbsp;&nbsp; 120 | 113121 |
| 2.60%, 06/15/33 | &nbsp;&nbsp; 60 | 50750 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 101 | 94318 |
| 4.80%, 10/01/32 | &nbsp;&nbsp; 65 | 64829 |
| 5.60%, 06/15/35 | &nbsp;&nbsp; 65 | 66928 |
| 5.63%, 06/15/34 | &nbsp;&nbsp; 65 | 67002 |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 195 | 158146 |
| 2.00%, 05/18/32 | &nbsp;&nbsp; 185 | 155053 |
| 2.75%, 12/15/29 | &nbsp;&nbsp; 120 | 112489 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 155 | 132286 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 170 | 158654 |
| 3.95%, 01/15/27 | &nbsp;&nbsp; 95 | 94565 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 115 | 114262 |
| 4.50%, 07/30/29 | &nbsp;&nbsp; 70 | 70277 |
| 4.70%, 07/01/30 | &nbsp;&nbsp; 125 | 125898 |
| 4.75%, 04/15/35 | &nbsp;&nbsp; 65 | 62720 |
| 4.90%, 12/15/30 | &nbsp;&nbsp; 144 | 146216 |
| American Assets Trust LP |  |  |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 120 | 108306 |
| 6.15%, 10/01/34 | &nbsp;&nbsp; 70 | 70409 |
| American Homes 4 Rent LP |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 135 | 119290 |
| 3.63%, 04/15/32 | &nbsp;&nbsp; 74 | 68790 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.25%, 02/15/28 | &nbsp;&nbsp; $130 | $129797 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 150 | 152705 |
| 4.95%, 06/15/30 | &nbsp;&nbsp; 40 | 40722 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 80 | 80034 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 150 | 153730 |
| 5.50%, 07/15/34 | &nbsp;&nbsp; 100 | 102188 |
| American Tower Corp. |  |  |
| 1.45%, 09/15/26 | &nbsp;&nbsp; 130 | 126240 |
| 1.50%, 01/31/28 | &nbsp;&nbsp; 150 | 140724 |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 172 | 151522 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 165 | 148357 |
| 2.30%, 09/15/31 | &nbsp;&nbsp; 187 | 164600 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 180 | 163281 |
| 2.75%, 01/15/27 | &nbsp;&nbsp; 205 | 201018 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 153 | 143747 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 83 | 81750 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 221 | 218853 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; 165 | 163199 |
| 3.60%, 01/15/28 | &nbsp;&nbsp; 140 | 138133 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 170 | 168685 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 359 | 351616 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 144 | 142407 |
| 4.05%, 03/15/32 | &nbsp;&nbsp; 150 | 144461 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 180 | 183621 |
| 5.00%, 01/31/30 | &nbsp;&nbsp; 20 | 20470 |
| 5.20%, 02/15/29 | &nbsp;&nbsp; 135 | 138849 |
| 5.25%, 07/15/28 | &nbsp;&nbsp; 185 | 190264 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 125 | 128203 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 160 | 164072 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 150 | 154673 |
| 5.50%, 03/15/28 | &nbsp;&nbsp; 180 | 185499 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 205 | 212880 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 185 | 193254 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 190 | 198659 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 155 | 164619 |
| Americold Realty Operating Partnership LP |  |  |
| 5.41%, 09/12/34 | &nbsp;&nbsp; 90 | 88348 |
| 5.60%, 05/15/32 | &nbsp;&nbsp; 85 | 86039 |
| AvalonBay Communities Inc. |  |  |
| 1.90%, 12/01/28 | &nbsp;&nbsp; 220 | 205812 |
| 2.05%, 01/15/32 | &nbsp;&nbsp; 120 | 104307 |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 180 | 165580 |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 155 | 140874 |
| 2.90%, 10/15/26 | &nbsp;&nbsp; 30 | 29623 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 45 | 44182 |
| 3.30%, 06/01/29 | &nbsp;&nbsp; 110 | 106761 |
| 3.35%, 05/15/27 | &nbsp;&nbsp; 142 | 140354 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 70 | 71268 |
| 5.00%, 08/01/35 | &nbsp;&nbsp; 40 | 39854 |
| 5.30%, 12/07/33 | &nbsp;&nbsp; 85 | 87745 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 40 | 41254 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 180 | 146129 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 200 | 171505 |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 222 | 218151 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 187 | 173422 |
| 3.25%, 01/30/31 | &nbsp;&nbsp; 255 | 236996 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 180 | 172534 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 245 | 245072 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 140 | 141975 |
| 6.50%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 160 | 171862 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 6.75%, 12/01/27 | &nbsp;&nbsp; $225 | $236705 |
| Brixmor Operating Partnership LP |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 80 | 76170 |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 155 | 137416 |
| 3.90%, 03/15/27 | &nbsp;&nbsp; 120 | 119314 |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 155 | 151879 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 210 | 208081 |
| 5.20%, 04/01/32 | &nbsp;&nbsp; 25 | 25488 |
| 5.50%, 02/15/34 | &nbsp;&nbsp; 65 | 66219 |
| 5.75%, 02/15/35 | &nbsp;&nbsp; 100 | 103733 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31 | &nbsp;&nbsp; 95 | 82046 |
| Camden Property Trust |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 180 | 168896 |
| 3.15%, 07/01/29 | &nbsp;&nbsp; 80 | 76879 |
| 4.10%, 10/15/28 | &nbsp;&nbsp; 163 | 163192 |
| 4.90%, 01/15/34 | &nbsp;&nbsp; 75 | 75224 |
| 5.85%, 11/03/26 | &nbsp;&nbsp; 115 | 117077 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29 | &nbsp;&nbsp; 120 | 110835 |
| 2.75%, 04/15/31 | &nbsp;&nbsp; 95 | 85601 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 75 | 62941 |
| Cousins Properties LP |  |  |
| 5.25%, 07/15/30 | &nbsp;&nbsp; 90 | 92359 |
| 5.38%, 02/15/32 | &nbsp;&nbsp; 30 | 30608 |
| 5.88%, 10/01/34 | &nbsp;&nbsp; 140 | 144786 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 205 | 178711 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 260 | 230248 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 166 | 146928 |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 155 | 151809 |
| 3.10%, 11/15/29 | &nbsp;&nbsp; 115 | 109061 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 185 | 174730 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 243 | 239936 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 239 | 236031 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 129 | 128393 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 140 | 139252 |
| 4.80%, 09/01/28 | &nbsp;&nbsp; 120 | 121376 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; 150 | 151946 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 230 | 233103 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 200 | 200590 |
| 5.20%, 09/01/34 | &nbsp;&nbsp; 130 | 129801 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 165 | 171429 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 175 | 182614 |
| CubeSmart LP |  |  |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 75 | 65361 |
| 2.25%, 12/15/28 | &nbsp;&nbsp; 140 | 131772 |
| 2.50%, 02/15/32 | &nbsp;&nbsp; 105 | 91414 |
| 3.00%, 02/15/30 | &nbsp;&nbsp; 70 | 66019 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 95 | 93686 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 140 | 139891 |
| 5.13%, 11/01/35 | &nbsp;&nbsp; 35 | 34428 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29 | &nbsp;&nbsp; 236 | 230233 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 281 | 278807 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 146 | 147035 |
| 5.55%, 01/15/28 | &nbsp;&nbsp; 182 | 187485 |
| DOC DR LLC |  |  |
| 2.63%, 11/01/31 | &nbsp;&nbsp; 145 | 129246 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 95 | 94488 |
| 4.30%, 03/15/27 | &nbsp;&nbsp; 130 | 130032 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| EPR Properties |  |  |
| 3.60%, 11/15/31 | &nbsp;&nbsp; $100 | $91724 |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 100 | 96015 |
| 4.50%, 06/01/27 | &nbsp;&nbsp; 100 | 99737 |
| 4.75%, 12/15/26 | &nbsp;&nbsp; 100 | 100142 |
| 4.95%, 04/15/28 | &nbsp;&nbsp; 100 | 100405 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 135 | 138480 |
| Equinix Inc. |  |  |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 135 | 126550 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 155 | 148473 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 80 | 75608 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 240 | 216314 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 230 | 206415 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 141 | 138680 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 258 | 246460 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 319 | 303643 |
| ERP Operating LP |  |  |
| 1.85%, 08/01/31 | &nbsp;&nbsp; 115 | 100399 |
| 2.50%, 02/15/30 | &nbsp;&nbsp; 150 | 139875 |
| 2.85%, 11/01/26 | &nbsp;&nbsp; 98 | 96632 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 163 | 156407 |
| 3.25%, 08/01/27 | &nbsp;&nbsp; 160 | 157735 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 100 | 98685 |
| 4.15%, 12/01/28 | &nbsp;&nbsp; 119 | 119297 |
| 4.65%, 09/15/34 | &nbsp;&nbsp; 70 | 68454 |
| 4.95%, 06/15/32 | &nbsp;&nbsp; 115 | 117438 |
| Essential Properties LP |  |  |
| 2.95%, 07/15/31 | &nbsp;&nbsp; 115 | 103468 |
| 5.40%, 12/01/35 | &nbsp;&nbsp; 75 | 74057 |
| Essex Portfolio LP |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 99 | 84856 |
| 1.70%, 03/01/28 | &nbsp;&nbsp; 70 | 65878 |
| 2.55%, 06/15/31 | &nbsp;&nbsp; 20 | 17862 |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 50 | 44143 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 135 | 127574 |
| 3.63%, 05/01/27 | &nbsp;&nbsp; 125 | 123859 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 140 | 138637 |
| 5.38%, 04/01/35 | &nbsp;&nbsp; 40 | 40853 |
| 5.50%, 04/01/34 | &nbsp;&nbsp; 85 | 87575 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | &nbsp;&nbsp; 95 | 85276 |
| 2.35%, 03/15/32 | &nbsp;&nbsp; 135 | 116072 |
| 2.40%, 10/15/31 | &nbsp;&nbsp; 125 | 109648 |
| 2.55%, 06/01/31 | &nbsp;&nbsp; 100 | 89625 |
| 3.88%, 12/15/27 | &nbsp;&nbsp; 80 | 79301 |
| 3.90%, 04/01/29 | &nbsp;&nbsp; 90 | 88671 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 105 | 103922 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 40 | 40119 |
| 5.35%, 01/15/35 | &nbsp;&nbsp; 125 | 126116 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 100 | 101805 |
| 5.40%, 06/15/35 | &nbsp;&nbsp; 120 | 121142 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; 185 | 193266 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 145 | 149797 |
| 5.90%, 01/15/31 | &nbsp;&nbsp; 125 | 132678 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 130 | 124813 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 155 | 152249 |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 115 | 110735 |
| 5.38%, 05/01/28 | &nbsp;&nbsp; 80 | 82249 |
| First Industrial LP, 5.25%, 01/15/31 | &nbsp;&nbsp; 60 | 61201 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| GLP Capital LP / GLP Financing II Inc., 5.25%, <br> 02/15/33<br>| &nbsp;&nbsp; $50 | $49912 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; 195 | 173983 |
| 4.00%, 01/15/30 | &nbsp;&nbsp; 147 | 142064 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; 120 | 114485 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 157 | 159980 |
| 5.63%, 09/15/34 | &nbsp;&nbsp; 205 | 205815 |
| 5.75%, 06/01/28 | &nbsp;&nbsp; 121 | 124501 |
| 6.75%, 12/01/33 | &nbsp;&nbsp; 60 | 64502 |
| Healthcare Realty Holdings LP |  |  |
| 2.00%, 03/15/31 | &nbsp;&nbsp; 182 | 157942 |
| 3.10%, 02/15/30 | &nbsp;&nbsp; 150 | 141036 |
| 3.75%, 07/01/27 | &nbsp;&nbsp; 159 | 157537 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | &nbsp;&nbsp; 40 | 38463 |
| 2.13%, 12/01/28 | &nbsp;&nbsp; 140 | 130967 |
| 2.88%, 01/15/31 | &nbsp;&nbsp; 70 | 64381 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 175 | 165691 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 145 | 140930 |
| 4.75%, 01/15/33 | &nbsp;&nbsp; 50 | 49678 |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 30 | 30660 |
| 5.38%, 02/15/35 | &nbsp;&nbsp; 75 | 75894 |
| Highwoods Realty LP |  |  |
| 2.60%, 02/01/31 | &nbsp;&nbsp; 75 | 65852 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 105 | 96947 |
| 3.88%, 03/01/27 | &nbsp;&nbsp; 30 | 29655 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 20 | 19704 |
| 4.20%, 04/15/29 | &nbsp;&nbsp; 60 | 58739 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 50 | 56568 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 145 | 144350 |
| 5.70%, 06/15/32 | &nbsp;&nbsp; 100 | 102758 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 115 | 116972 |
| Series H, 3.38%, 12/15/29 | &nbsp;&nbsp; 155 | 147001 |
| Series I, 3.50%, 09/15/30 | &nbsp;&nbsp; 165 | 155127 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 90 | 79847 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 155 | 133348 |
| 2.30%, 11/15/28 | &nbsp;&nbsp; 160 | 151082 |
| 2.70%, 01/15/34 | &nbsp;&nbsp; 50 | 41921 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 95 | 90987 |
| 4.88%, 02/01/35 | &nbsp;&nbsp; 125 | 122239 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 75 | 74888 |
| 5.45%, 08/15/30 | &nbsp;&nbsp; 120 | 124801 |
| 5.50%, 08/15/33 | &nbsp;&nbsp; 90 | 92407 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32 | &nbsp;&nbsp; 95 | 77876 |
| 2.65%, 11/15/33 | &nbsp;&nbsp; 75 | 60619 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 125 | 114986 |
| 4.25%, 08/15/29 | &nbsp;&nbsp; 95 | 92844 |
| 4.75%, 12/15/28 | &nbsp;&nbsp; 85 | 85150 |
| Kimco Realty OP LLC |  |  |
| 1.90%, 03/01/28 | &nbsp;&nbsp; 145 | 137649 |
| 2.25%, 12/01/31 | &nbsp;&nbsp; 150 | 131604 |
| 2.70%, 10/01/30 | &nbsp;&nbsp; 110 | 101494 |
| 2.80%, 10/01/26 | &nbsp;&nbsp; 116 | 114208 |
| 3.20%, 04/01/32 | &nbsp;&nbsp; 55 | 50318 |
| 3.80%, 04/01/27 | &nbsp;&nbsp; 140 | 139122 |
| 4.60%, 02/01/33 | &nbsp;&nbsp; 155 | 152690 |
| 4.85%, 03/01/35 | &nbsp;&nbsp; 20 | 19713 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 6.40%, 03/01/34 | &nbsp;&nbsp; $90 | $98613 |
| Kite Realty Group LP |  |  |
| 4.00%, 10/01/26 | &nbsp;&nbsp; 25 | 24888 |
| 4.95%, 12/15/31 | &nbsp;&nbsp; 35 | 35414 |
| 5.20%, 08/15/32 | &nbsp;&nbsp; 25 | 25381 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 65 | 66450 |
| Kite Realty Group Trust, 4.75%, 09/15/30 | &nbsp;&nbsp; 95 | 95296 |
| Ladder Capital Finance Holdings LLLP / Ladder <br> Capital Finance Corp., 5.50%, 08/01/30<br>| &nbsp;&nbsp; 10 | 10194 |
| Lineage OP LP, 5.25%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 25 | 25214 |
| LXP Industrial Trust |  |  |
| 2.38%, 10/01/31 | &nbsp;&nbsp; 100 | 86373 |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 86 | 78290 |
| 6.75%, 11/15/28 | &nbsp;&nbsp; 55 | 58437 |
| Mid-America Apartments LP |  |  |
| 1.10%, 09/15/26 | &nbsp;&nbsp; 110 | 106572 |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 110 | 95811 |
| 2.75%, 03/15/30 | &nbsp;&nbsp; 80 | 75115 |
| 3.60%, 06/01/27 | &nbsp;&nbsp; 198 | 196580 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 135 | 134096 |
| 4.20%, 06/15/28 | &nbsp;&nbsp; 85 | 85207 |
| 4.95%, 03/01/35 | &nbsp;&nbsp; 25 | 25003 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 75 | 75524 |
| 5.30%, 02/15/32 | &nbsp;&nbsp; 80 | 83208 |
| National Health Investors Inc., 3.00%, 02/01/31 | &nbsp;&nbsp; 120 | 107065 |
| NNN REIT Inc. |  |  |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 45 | 41514 |
| 3.50%, 10/15/27 | &nbsp;&nbsp; 120 | 118396 |
| 3.60%, 12/15/26 | &nbsp;&nbsp; 30 | 29810 |
| 4.30%, 10/15/28 | &nbsp;&nbsp; 137 | 137391 |
| 4.60%, 02/15/31 | &nbsp;&nbsp; 95 | 95266 |
| 5.50%, 06/15/34 | &nbsp;&nbsp; 85 | 87454 |
| 5.60%, 10/15/33 | &nbsp;&nbsp; 145 | 150562 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; 115 | 100041 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 165 | 152471 |
| 3.63%, 10/01/29 | &nbsp;&nbsp; 130 | 124381 |
| 4.50%, 04/01/27 | &nbsp;&nbsp; 185 | 185242 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 124 | 125040 |
| 5.20%, 07/01/30 | &nbsp;&nbsp; 50 | 50718 |
| Phillips Edison Grocery Center Operating <br> Partnership I LP<br>|  |  |
| 2.63%, 11/15/31 | &nbsp;&nbsp; 115 | 101750 |
| 4.95%, 01/15/35 | &nbsp;&nbsp; 50 | 48831 |
| 5.25%, 08/15/32 | &nbsp;&nbsp; 50 | 50969 |
| 5.75%, 07/15/34 | &nbsp;&nbsp; 75 | 77435 |
| Piedmont Operating Partnership LP |  |  |
| 2.75%, 04/01/32 | &nbsp;&nbsp; 55 | 46582 |
| 3.15%, 08/15/30 | &nbsp;&nbsp; 74 | 66939 |
| 6.88%, 07/15/29 | &nbsp;&nbsp; 70 | 74039 |
| 9.25%, 07/20/28 | &nbsp;&nbsp; 85 | 94456 |
| Prologis LP |  |  |
| 1.25%, 10/15/30 | &nbsp;&nbsp; 210 | 181674 |
| 1.63%, 03/15/31 | &nbsp;&nbsp; 95 | 82512 |
| 1.75%, 07/01/30 | &nbsp;&nbsp; 80 | 71196 |
| 1.75%, 02/01/31 | &nbsp;&nbsp; 95 | 83371 |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 131 | 127127 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 225 | 206931 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 140 | 122501 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 75 | 71245 |
| 3.25%, 10/01/26 | &nbsp;&nbsp; 82 | 81287 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.38%, 12/15/27 | &nbsp;&nbsp; $155 | $152920 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 109 | 108375 |
| 4.00%, 09/15/28 | &nbsp;&nbsp; 105 | 104943 |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 74 | 74642 |
| 4.63%, 01/15/33 | &nbsp;&nbsp; 55 | 54830 |
| 4.75%, 01/15/31 | &nbsp;&nbsp; 150 | 152950 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 160 | 160113 |
| 4.88%, 06/15/28 | &nbsp;&nbsp; 125 | 127862 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 205 | 206678 |
| 5.00%, 01/31/35 | &nbsp;&nbsp; 130 | 130584 |
| 5.13%, 01/15/34 | &nbsp;&nbsp; 145 | 148160 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 115 | 117284 |
| Public Storage Operating Co. |  |  |
| 1.50%, 11/09/26 | &nbsp;&nbsp; 202 | 196124 |
| 1.85%, 05/01/28 | &nbsp;&nbsp; 172 | 162753 |
| 1.95%, 11/09/28 | &nbsp;&nbsp; 145 | 136102 |
| 2.25%, 11/09/31 | &nbsp;&nbsp; 135 | 119304 |
| 2.30%, 05/01/31 | &nbsp;&nbsp; 160 | 143288 |
| 3.09%, 09/15/27 | &nbsp;&nbsp; 120 | 117895 |
| 3.39%, 05/01/29 | &nbsp;&nbsp; 116 | 113141 |
| 4.38%, 07/01/30 | &nbsp;&nbsp; 100 | 100520 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 80 | 79896 |
| 5.10%, 08/01/33 | &nbsp;&nbsp; 110 | 113383 |
| 5.13%, 01/15/29 | &nbsp;&nbsp; 120 | 124227 |
| Rayonier LP, 2.75%, 05/17/31 | &nbsp;&nbsp; 131 | 117543 |
| Realty Income Corp. |  |  |
| 1.80%, 03/15/33 | &nbsp;&nbsp; 70 | 57357 |
| 2.10%, 03/15/28 | &nbsp;&nbsp; 120 | 114417 |
| 2.20%, 06/15/28 | &nbsp;&nbsp; 130 | 123804 |
| 2.70%, 02/15/32 | &nbsp;&nbsp; 60 | 53414 |
| 2.85%, 12/15/32 | &nbsp;&nbsp; 140 | 124228 |
| 3.00%, 01/15/27 | &nbsp;&nbsp; 165 | 162492 |
| 3.10%, 12/15/29 | &nbsp;&nbsp; 150 | 143545 |
| 3.20%, 02/15/31 | &nbsp;&nbsp; 110 | 103294 |
| 3.25%, 06/15/29 | &nbsp;&nbsp; 50 | 48399 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 239 | 225790 |
| 3.40%, 01/15/28 | &nbsp;&nbsp; 105 | 103666 |
| 3.40%, 01/15/30 | &nbsp;&nbsp; 125 | 120730 |
| 3.65%, 01/15/28 | &nbsp;&nbsp; 130 | 128918 |
| 3.95%, 08/15/27 | &nbsp;&nbsp; 165 | 164650 |
| 4.00%, 07/15/29 | &nbsp;&nbsp; 125 | 124128 |
| 4.13%, 10/15/26 | &nbsp;&nbsp; 80 | 79923 |
| 4.70%, 12/15/28 | &nbsp;&nbsp; 115 | 116957 |
| 4.75%, 02/15/29 | &nbsp;&nbsp; 105 | 107008 |
| 4.85%, 03/15/30 | &nbsp;&nbsp; 90 | 92287 |
| 4.90%, 07/15/33 | &nbsp;&nbsp; 185 | 185686 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 185 | 188307 |
| 5.13%, 04/15/35 | &nbsp;&nbsp; 15 | 15095 |
| 5.63%, 10/13/32 | &nbsp;&nbsp; 149 | 156761 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 150 | 143013 |
| 3.60%, 02/01/27 | &nbsp;&nbsp; 191 | 189469 |
| 3.70%, 06/15/30 | &nbsp;&nbsp; 115 | 112002 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 60 | 59887 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 50 | 50988 |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 55 | 55254 |
| 5.25%, 01/15/34 | &nbsp;&nbsp; 70 | 71482 |
| Rexford Industrial Realty LP |  |  |
| 2.13%, 12/01/30 | &nbsp;&nbsp; 35 | 30966 |
| 2.15%, 09/01/31 | &nbsp;&nbsp; 110 | 95488 |
| 5.00%, 06/15/28 | &nbsp;&nbsp; 85 | 86672 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Sabra Health Care LP |  |  |
| 3.20%, 12/01/31 | &nbsp;&nbsp; $125 | $112843 |
| 3.90%, 10/15/29 | &nbsp;&nbsp; 105 | 101652 |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 100 | 91408 |
| 2.85%, 01/15/32 | &nbsp;&nbsp; 80 | 70269 |
| 5.65%, 01/15/35 | &nbsp;&nbsp; 80 | 80839 |
| 6.10%, 04/01/34 | &nbsp;&nbsp; 50 | 52451 |
| Simon Property Group LP |  |  |
| 1.38%, 01/15/27 | &nbsp;&nbsp; 150 | 144569 |
| 1.75%, 02/01/28 | &nbsp;&nbsp; 215 | 203984 |
| 2.20%, 02/01/31 | &nbsp;&nbsp; 160 | 143363 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 185 | 161151 |
| 2.45%, 09/13/29 | &nbsp;&nbsp; 285 | 267258 |
| 2.65%, 07/15/30 | &nbsp;&nbsp; 145 | 134744 |
| 2.65%, 02/01/32 | &nbsp;&nbsp; 135 | 120249 |
| 3.25%, 11/30/26 | &nbsp;&nbsp; 195 | 192968 |
| 3.38%, 06/15/27 | &nbsp;&nbsp; 175 | 173180 |
| 3.38%, 12/01/27 | &nbsp;&nbsp; 192 | 189536 |
| 4.38%, 10/01/30 | &nbsp;&nbsp; 70 | 70177 |
| 4.75%, 09/26/34 | &nbsp;&nbsp; 140 | 137632 |
| 5.13%, 10/01/35 | &nbsp;&nbsp; 125 | 124926 |
| 5.50%, 03/08/33 | &nbsp;&nbsp; 180 | 188577 |
| 6.25%, 01/15/34 | &nbsp;&nbsp; 105 | 114881 |
| Store Capital LLC |  |  |
| 2.70%, 12/01/31 | &nbsp;&nbsp; 75 | 65331 |
| 2.75%, 11/18/30 | &nbsp;&nbsp; 85 | 76752 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 80 | 79534 |
| 4.63%, 03/15/29 | &nbsp;&nbsp; 95 | 94337 |
| 5.40%, 04/30/30<sup>(b)</sup> | &nbsp;&nbsp; 65 | 66180 |
| Sun Communities Operating LP |  |  |
| 2.30%, 11/01/28 | &nbsp;&nbsp; 140 | 132487 |
| 2.70%, 07/15/31 | &nbsp;&nbsp; 140 | 126574 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 165 | 158590 |
| Tanger Properties LP |  |  |
| 2.75%, 09/01/31 | &nbsp;&nbsp; 110 | 98391 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 89 | 87698 |
| 3.88%, 07/15/27 | &nbsp;&nbsp; 25 | 24724 |
| UDR Inc. |  |  |
| 1.90%, 03/15/33 | &nbsp;&nbsp; 30 | 24323 |
| 2.10%, 08/01/32 | &nbsp;&nbsp; 100 | 84358 |
| 2.10%, 06/15/33 | &nbsp;&nbsp; 35 | 28681 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 94 | 92702 |
| 3.00%, 08/15/31 | &nbsp;&nbsp; 110 | 101025 |
| 3.10%, 11/01/34 | &nbsp;&nbsp; 50 | 42733 |
| 3.20%, 01/15/30 | &nbsp;&nbsp; 175 | 167379 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 120 | 118582 |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 75 | 73931 |
| 4.40%, 01/26/29 | &nbsp;&nbsp; 95 | 95231 |
| 5.13%, 09/01/34 | &nbsp;&nbsp; 65 | 65315 |
| Ventas Realty LP |  |  |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 105 | 93568 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 170 | 160724 |
| 3.25%, 10/15/26 | &nbsp;&nbsp; 100 | 98804 |
| 3.85%, 04/01/27 | &nbsp;&nbsp; 80 | 79569 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 115 | 114362 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 191 | 191599 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 130 | 131110 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 100 | 98921 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 100 | 102276 |
| 5.63%, 07/01/34 | &nbsp;&nbsp; 60 | 62047 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; $320 | $322696 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 25 | 25277 |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 225 | 227565 |
| 5.13%, 11/15/31 | &nbsp;&nbsp; 105 | 106079 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 330 | 330820 |
| 5.63%, 04/01/35 | &nbsp;&nbsp; 185 | 187082 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 120 | 123480 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29 | &nbsp;&nbsp; 90 | 84101 |
| 2.70%, 02/15/27 | &nbsp;&nbsp; 180 | 176701 |
| 2.75%, 01/15/31 | &nbsp;&nbsp; 140 | 128970 |
| 2.75%, 01/15/32 | &nbsp;&nbsp; 125 | 112503 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 135 | 123900 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 193 | 184009 |
| 3.85%, 06/15/32 | &nbsp;&nbsp; 80 | 76459 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 150 | 149972 |
| 4.25%, 04/15/28 | &nbsp;&nbsp; 200 | 201104 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 175 | 176691 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 180 | 181086 |
| Weyerhaeuser Co. |  |  |
| 3.38%, 03/09/33 | &nbsp;&nbsp; 80 | 72100 |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 165 | 163175 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 157 | 154769 |
| 6.95%, 10/01/27 | &nbsp;&nbsp; 55 | 58017 |
| 7.38%, 03/15/32 | &nbsp;&nbsp; 165 | 188104 |
| WP Carey Inc. |  |  |
| 2.25%, 04/01/33 | &nbsp;&nbsp; 35 | 28994 |
| 2.40%, 02/01/31 | &nbsp;&nbsp; 75 | 66898 |
| 2.45%, 02/01/32 | &nbsp;&nbsp; 110 | 95390 |
| 3.85%, 07/15/29 | &nbsp;&nbsp; 115 | 113123 |
| 4.25%, 10/01/26 | &nbsp;&nbsp; 120 | 119853 |
| 4.65%, 07/15/30 | &nbsp;&nbsp; 50 | 50281 |
| 5.38%, 06/30/34 | &nbsp;&nbsp; 120 | 121638 |
|  |  | 50341782 |
| **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** |
| AutoNation Inc. |  |  |
| 1.95%, 08/01/28 | &nbsp;&nbsp; 60 | 56132 |
| 2.40%, 08/01/31 | &nbsp;&nbsp; 112 | 97548 |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 70 | 69056 |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 155 | 144196 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 87 | 87326 |
| 5.89%, 03/15/35 | &nbsp;&nbsp; 95 | 97157 |
| AutoZone Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 125 | 108209 |
| 3.75%, 06/01/27 | &nbsp;&nbsp; 150 | 148933 |
| 3.75%, 04/18/29 | &nbsp;&nbsp; 89 | 87537 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 165 | 162717 |
| 4.50%, 02/01/28 | &nbsp;&nbsp; 145 | 146479 |
| 4.75%, 08/01/32 | &nbsp;&nbsp; 140 | 140063 |
| 4.75%, 02/01/33 | &nbsp;&nbsp; 135 | 134146 |
| 5.10%, 07/15/29 | &nbsp;&nbsp; 130 | 133833 |
| 5.13%, 06/15/30 | &nbsp;&nbsp; 50 | 51604 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 55 | 56068 |
| 5.40%, 07/15/34 | &nbsp;&nbsp; 130 | 133813 |
| 6.25%, 11/01/28 | &nbsp;&nbsp; 85 | 90213 |
| 6.55%, 11/01/33 | &nbsp;&nbsp; 115 | 127338 |
| Best Buy Co. Inc. |  |  |
| 1.95%, 10/01/30 | &nbsp;&nbsp; 180 | 159982 |
| 4.45%, 10/01/28 | &nbsp;&nbsp; 103 | 103739 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Costco Wholesale Corp. |  |  |
| 1.38%, 06/20/27 | &nbsp;&nbsp; $300 | $287303 |
| 1.60%, 04/20/30 | &nbsp;&nbsp; 352 | 316602 |
| 1.75%, 04/20/32 | &nbsp;&nbsp; 250 | 214783 |
| 3.00%, 05/18/27 | &nbsp;&nbsp; 285 | 281230 |
| Darden Restaurants Inc. |  |  |
| 3.85%, 05/01/27 | &nbsp;&nbsp; 104 | 103290 |
| 4.35%, 10/15/27 | &nbsp;&nbsp; 130 | 130554 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 105 | 105244 |
| 6.30%, 10/10/33 | &nbsp;&nbsp; 105 | 112806 |
| Dick's Sporting Goods Inc., 3.15%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 180 | 163590 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30 | &nbsp;&nbsp; 229 | 220052 |
| 3.88%, 04/15/27 | &nbsp;&nbsp; 128 | 127280 |
| 4.13%, 05/01/28 | &nbsp;&nbsp; 120 | 119535 |
| 4.63%, 11/01/27 | &nbsp;&nbsp; 115 | 115848 |
| 5.00%, 11/01/32 | &nbsp;&nbsp; 155 | 156250 |
| 5.20%, 07/05/28 | &nbsp;&nbsp; 105 | 107614 |
| 5.45%, 07/05/33 | &nbsp;&nbsp; 180 | 185794 |
| Dollar Tree Inc. |  |  |
| 2.65%, 12/01/31 | &nbsp;&nbsp; 200 | 178297 |
| 4.20%, 05/15/28 | &nbsp;&nbsp; 290 | 289298 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34 | &nbsp;&nbsp; 165 | 163420 |
| Genuine Parts Co. |  |  |
| 1.88%, 11/01/30 | &nbsp;&nbsp; 145 | 127349 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 95 | 83874 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 145 | 147927 |
| 6.50%, 11/01/28 | &nbsp;&nbsp; 125 | 132975 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 90 | 101020 |
| Home Depot Inc. (The) |  |  |
| 0.90%, 03/15/28 | &nbsp;&nbsp; 150 | 139416 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 285 | 244819 |
| 1.50%, 09/15/28 | &nbsp;&nbsp; 270 | 251764 |
| 1.88%, 09/15/31 | &nbsp;&nbsp; 230 | 200161 |
| 2.13%, 09/15/26 | &nbsp;&nbsp; 248 | 243343 |
| 2.50%, 04/15/27 | &nbsp;&nbsp; 190 | 185843 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 347 | 326363 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 243 | 237760 |
| 2.88%, 04/15/27 | &nbsp;&nbsp; 190 | 186897 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 443 | 427109 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 250 | 232744 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 147 | 147269 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 285 | 287505 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 205 | 209945 |
| 4.85%, 06/25/31 | &nbsp;&nbsp; 245 | 252736 |
| 4.88%, 06/25/27 | &nbsp;&nbsp; 190 | 193141 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 155 | 159666 |
| 4.95%, 09/30/26 | &nbsp;&nbsp; 175 | 176643 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 300 | 305028 |
| Lowe's Companies Inc. |  |  |
| 1.30%, 04/15/28 | &nbsp;&nbsp; 210 | 195983 |
| 1.70%, 09/15/28 | &nbsp;&nbsp; 240 | 223666 |
| 1.70%, 10/15/30 | &nbsp;&nbsp; 280 | 246146 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 330 | 300457 |
| 3.10%, 05/03/27 | &nbsp;&nbsp; 359 | 353184 |
| 3.35%, 04/01/27 | &nbsp;&nbsp; 165 | 163086 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 330 | 324151 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 330 | 313288 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 248 | 251310 |
| 5.00%, 04/15/33 | &nbsp;&nbsp; 260 | 264265 |
| 5.15%, 07/01/33 | &nbsp;&nbsp; 230 | 235727 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 6.50%, 03/15/29 | &nbsp;&nbsp; $75 | $80974 |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; 162 | 148315 |
| 2.63%, 09/01/29 | &nbsp;&nbsp; 224 | 212087 |
| 3.50%, 03/01/27 | &nbsp;&nbsp; 251 | 248851 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 270 | 267706 |
| 3.60%, 07/01/30 | &nbsp;&nbsp; 252 | 245735 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 225 | 224035 |
| 4.40%, 02/12/31 | &nbsp;&nbsp; 75 | 75263 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 85 | 86425 |
| 4.60%, 09/09/32 | &nbsp;&nbsp; 180 | 181637 |
| 4.80%, 08/14/28 | &nbsp;&nbsp; 160 | 163556 |
| 4.95%, 08/14/33 | &nbsp;&nbsp; 140 | 143403 |
| 4.95%, 03/03/35 | &nbsp;&nbsp; 135 | 135754 |
| 5.00%, 05/17/29 | &nbsp;&nbsp; 110 | 113338 |
| 5.00%, 02/13/36 | &nbsp;&nbsp; 75 | 75049 |
| 5.20%, 05/17/34 | &nbsp;&nbsp; 100 | 103209 |
| O'Reilly Automotive Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 85 | 73838 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 177 | 175273 |
| 3.90%, 06/01/29 | &nbsp;&nbsp; 114 | 112900 |
| 4.20%, 04/01/30 | &nbsp;&nbsp; 155 | 154587 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 145 | 145626 |
| 4.70%, 06/15/32 | &nbsp;&nbsp; 210 | 210280 |
| 5.00%, 08/19/34 | &nbsp;&nbsp; 115 | 115057 |
| 5.75%, 11/20/26 | &nbsp;&nbsp; 185 | 188156 |
| Ross Stores Inc., 1.88%, 04/15/31 | &nbsp;&nbsp; 135 | 117320 |
| Starbucks Corp. |  |  |
| 2.00%, 03/12/27 | &nbsp;&nbsp; 195 | 188896 |
| 2.25%, 03/12/30 | &nbsp;&nbsp; 197 | 180824 |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 285 | 261319 |
| 3.00%, 02/14/32 | &nbsp;&nbsp; 230 | 210020 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 120 | 118513 |
| 3.55%, 08/15/29 | &nbsp;&nbsp; 266 | 260977 |
| 4.00%, 11/15/28 | &nbsp;&nbsp; 80 | 79818 |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 150 | 151559 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 50 | 51021 |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 105 | 105751 |
| 4.85%, 02/08/27 | &nbsp;&nbsp; 120 | 121257 |
| 4.90%, 02/15/31 | &nbsp;&nbsp; 125 | 128597 |
| 5.00%, 02/15/34 | &nbsp;&nbsp; 115 | 116285 |
| 5.40%, 05/15/35 | &nbsp;&nbsp; 65 | 66526 |
| Target Corp. |  |  |
| 1.95%, 01/15/27 | &nbsp;&nbsp; 290 | 282454 |
| 2.35%, 02/15/30 | &nbsp;&nbsp; 171 | 159070 |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 147 | 137042 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 234 | 229109 |
| 4.35%, 06/15/28 | &nbsp;&nbsp; 110 | 111109 |
| 4.40%, 01/15/33 | &nbsp;&nbsp; 120 | 119072 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 195 | 195180 |
| 4.50%, 09/15/34 | &nbsp;&nbsp; 140 | 136831 |
| 5.00%, 04/15/35 | &nbsp;&nbsp; 140 | 140456 |
| 6.35%, 11/01/32 | &nbsp;&nbsp; 85 | 94311 |
| TJX Companies Inc. (The) |  |  |
| 1.15%, 05/15/28 | &nbsp;&nbsp; 45 | 41858 |
| 1.60%, 05/15/31 | &nbsp;&nbsp; 65 | 56732 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 260 | 255549 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 170 | 168633 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 190 | 166559 |
| 5.25%, 05/15/33 | &nbsp;&nbsp; 140 | 143569 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Walmart Inc. |  |  |
| 2.38%, 09/24/29 | &nbsp;&nbsp; $77 | $72677 |
| 3.25%, 07/08/29 | &nbsp;&nbsp; 190 | 185862 |
| 3.70%, 06/26/28 | &nbsp;&nbsp; 235 | 234702 |
| 3.90%, 04/15/28 | &nbsp;&nbsp; 195 | 195630 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 140 | 140868 |
| 4.10%, 04/28/27 | &nbsp;&nbsp; 115 | 115526 |
| 4.10%, 04/15/33 | &nbsp;&nbsp; 320 | 314230 |
| 4.15%, 09/09/32 | &nbsp;&nbsp; 270 | 267760 |
| 4.35%, 04/28/30 | &nbsp;&nbsp; 145 | 147087 |
| 4.90%, 04/28/35 | &nbsp;&nbsp; 235 | 238768 |
| 5.88%, 04/05/27 | &nbsp;&nbsp; 20 | 20650 |
| 7.55%, 02/15/30 | &nbsp;&nbsp; 130 | 148825 |
|  |  | 23947295 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| Advanced Micro Devices Inc. |  |  |
| 3.92%, 06/01/32 | &nbsp;&nbsp; 115 | 111810 |
| 4.32%, 03/24/28 | &nbsp;&nbsp; 115 | 116149 |
| Analog Devices Inc. |  |  |
| 1.70%, 10/01/28 | &nbsp;&nbsp; 155 | 144803 |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 235 | 207552 |
| 3.45%, 06/15/27 | &nbsp;&nbsp; 170 | 168665 |
| 3.50%, 12/05/26 | &nbsp;&nbsp; 240 | 238574 |
| 4.25%, 06/15/28 | &nbsp;&nbsp; 170 | 171300 |
| 4.50%, 06/15/30 | &nbsp;&nbsp; 155 | 157078 |
| 5.05%, 04/01/34 | &nbsp;&nbsp; 115 | 118306 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 134 | 120226 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 267 | 264596 |
| 4.80%, 06/15/29 | &nbsp;&nbsp; 140 | 143774 |
| Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 245 | 241755 |
| 3.88%, 01/15/27 | &nbsp;&nbsp; 631 | 628358 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 165 | 156918 |
| 2.45%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 530 | 479029 |
| 2.60%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 295 | 254736 |
| 3.42%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 510 | 464501 |
| 3.46%, 09/15/26 | &nbsp;&nbsp; 170 | 168744 |
| 3.47%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 715 | 640273 |
| 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 171 | 169743 |
| 4.11%, 09/15/28 | &nbsp;&nbsp; 255 | 254848 |
| 4.15%, 02/15/28 | &nbsp;&nbsp; 230 | 230185 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; 450 | 445569 |
| 4.15%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 155 | 150061 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 475 | 462629 |
| 4.35%, 02/15/30 | &nbsp;&nbsp; 290 | 290486 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 255 | 257499 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 361 | 367440 |
| 4.80%, 04/15/28 | &nbsp;&nbsp; 140 | 142562 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 410 | 405306 |
| 4.90%, 07/15/32 | &nbsp;&nbsp; 350 | 354134 |
| 5.00%, 04/15/30 | &nbsp;&nbsp; 166 | 170713 |
| 5.05%, 07/12/27 | &nbsp;&nbsp; 275 | 279347 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 485 | 498598 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 125 | 128766 |
| 5.15%, 11/15/31 | &nbsp;&nbsp; 265 | 273926 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; 155 | 159987 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 550 | 555280 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; 205 | 204210 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; $195 | $180831 |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 300 | 259834 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 416 | 383454 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 234 | 229454 |
| 3.75%, 03/25/27 | &nbsp;&nbsp; 231 | 228817 |
| 3.75%, 08/05/27 | &nbsp;&nbsp; 270 | 267260 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 344 | 335129 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 200 | 197024 |
| 4.00%, 12/15/32 | &nbsp;&nbsp; 115 | 107965 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 285 | 271116 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 375 | 379760 |
| 5.00%, 02/21/31 | &nbsp;&nbsp; 90 | 91715 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 265 | 271453 |
| 5.15%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; 200 | 199805 |
| 5.20%, 02/10/33<sup>(a)</sup> | &nbsp;&nbsp; 480 | 483333 |
| KLA Corp. |  |  |
| 4.10%, 03/15/29 | &nbsp;&nbsp; 254 | 254383 |
| 4.65%, 07/15/32 | &nbsp;&nbsp; 210 | 211811 |
| 4.70%, 02/01/34 | &nbsp;&nbsp; 110 | 109760 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 200 | 180689 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 225 | 224875 |
| Marvell Technology Inc. |  |  |
| 2.45%, 04/15/28 | &nbsp;&nbsp; 185 | 177133 |
| 2.95%, 04/15/31 | &nbsp;&nbsp; 170 | 156119 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 75 | 75707 |
| 4.88%, 06/22/28 | &nbsp;&nbsp; 100 | 101418 |
| 5.45%, 07/15/35 | &nbsp;&nbsp; 75 | 76262 |
| 5.75%, 02/15/29 | &nbsp;&nbsp; 125 | 130474 |
| 5.95%, 09/15/33 | &nbsp;&nbsp; 120 | 127474 |
| Microchip Technology Inc. |  |  |
| 4.90%, 03/15/28 | &nbsp;&nbsp; 125 | 126781 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 315 | 321143 |
| 5.05%, 02/15/30 | &nbsp;&nbsp; 115 | 117329 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 230 | 202295 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 200 | 201136 |
| 5.30%, 01/15/31 | &nbsp;&nbsp; 145 | 149536 |
| 5.33%, 02/06/29 | &nbsp;&nbsp; 205 | 210749 |
| 5.38%, 04/15/28 | &nbsp;&nbsp; 175 | 180301 |
| 5.65%, 11/01/32 | &nbsp;&nbsp; 20 | 20889 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 220 | 227423 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 230 | 241702 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 215 | 226112 |
| 6.75%, 11/01/29 | &nbsp;&nbsp; 250 | 271248 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | &nbsp;&nbsp; 285 | 268448 |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 360 | 322352 |
| 2.85%, 04/01/30 | &nbsp;&nbsp; 314 | 300239 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 245 | 243042 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 223 | 200002 |
| 2.65%, 02/15/32 | &nbsp;&nbsp; 225 | 198193 |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 100 | 98276 |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 230 | 220076 |
| 4.30%, 08/19/28 | &nbsp;&nbsp; 65 | 65131 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 215 | 214680 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 115 | 115279 |
| 4.85%, 08/19/32 | &nbsp;&nbsp; 75 | 74953 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 215 | 215286 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 5.25%, 08/19/35 | &nbsp;&nbsp; $125 | $124241 |
| 5.55%, 12/01/28 | &nbsp;&nbsp; 123 | 127436 |
| Qorvo Inc., 4.38%, 10/15/29 | &nbsp;&nbsp; 195 | 191136 |
| Qualcomm Inc. |  |  |
| 1.30%, 05/20/28 | &nbsp;&nbsp; 223 | 208477 |
| 1.65%, 05/20/32 | &nbsp;&nbsp; 275 | 231235 |
| 2.15%, 05/20/30 | &nbsp;&nbsp; 240 | 220232 |
| 3.25%, 05/20/27 | &nbsp;&nbsp; 458 | 453455 |
| 4.25%, 05/20/32 | &nbsp;&nbsp; 85 | 84459 |
| 4.50%, 05/20/30 | &nbsp;&nbsp; 100 | 101597 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 115 | 117011 |
| 5.40%, 05/20/33 | &nbsp;&nbsp; 165 | 174318 |
| QUALCOMM Inc., 5.00%, 05/20/35 | &nbsp;&nbsp; 155 | 156476 |
| Skyworks Solutions Inc., 3.00%, 06/01/31 | &nbsp;&nbsp; 120 | 108112 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 140 | 136052 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 170 | 153277 |
| 1.90%, 09/15/31 | &nbsp;&nbsp; 150 | 131889 |
| 2.25%, 09/04/29 | &nbsp;&nbsp; 220 | 205835 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 106 | 103866 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 100 | 95149 |
| 4.50%, 05/23/30 | &nbsp;&nbsp; 100 | 101556 |
| 4.60%, 02/08/27 | &nbsp;&nbsp; 150 | 151446 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 185 | 188047 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 95 | 97091 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 135 | 137423 |
| 4.90%, 03/14/33 | &nbsp;&nbsp; 205 | 210189 |
| 5.10%, 05/23/35 | &nbsp;&nbsp; 125 | 127709 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 270 | 262878 |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 295 | 267965 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 200 | 199787 |
| 4.13%, 04/22/29 | &nbsp;&nbsp; 25 | 25075 |
| 4.25%, 04/22/32 | &nbsp;&nbsp; 205 | 204131 |
| Xilinx Inc., 2.38%, 06/01/30 | &nbsp;&nbsp; 197 | 182318 |
|  |  | 26823960 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries Inc. |  |  |
| 2.04%, 08/16/28 | &nbsp;&nbsp; 40 | 37491 |
| 3.48%, 12/01/27 | &nbsp;&nbsp; 150 | 147382 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 130 | 128290 |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 110 | 113470 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 110 | 114130 |
|  |  | 540763 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 225 | 219725 |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 312 | 289929 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 245 | 251905 |
| 4.85%, 04/04/27 | &nbsp;&nbsp; 125 | 126847 |
| 4.95%, 01/17/30 | &nbsp;&nbsp; 10 | 10377 |
| 4.95%, 04/04/34 | &nbsp;&nbsp; 130 | 132989 |
| 5.30%, 01/17/35 | &nbsp;&nbsp; 10 | 10448 |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | &nbsp;&nbsp; 225 | 229895 |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 70 | 72002 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 220 | 224230 |
| Atlassian Corp. |  |  |
| 5.25%, 05/15/29 | &nbsp;&nbsp; 85 | 87518 |
| 5.50%, 05/15/34 | &nbsp;&nbsp; 125 | 127800 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Autodesk Inc. |  |  |
| 2.40%, 12/15/31 | &nbsp;&nbsp; $210 | $184956 |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 133 | 125556 |
| 3.50%, 06/15/27 | &nbsp;&nbsp; 120 | 118657 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 100 | 101802 |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; 240 | 216208 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 182 | 172190 |
| Cadence Design Systems Inc. |  |  |
| 4.20%, 09/10/27 | &nbsp;&nbsp; 60 | 60210 |
| 4.30%, 09/10/29 | &nbsp;&nbsp; 155 | 155883 |
| 4.70%, 09/10/34 | &nbsp;&nbsp; 190 | 188005 |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/28<sup>(a)</sup> | &nbsp;&nbsp; 168 | 177719 |
| 6.85%, 08/02/33<sup>(a)</sup> | &nbsp;&nbsp; 117 | 123004 |
| Electronic Arts Inc., 1.85%, 02/15/31 | &nbsp;&nbsp; 210 | 184391 |
| Fidelity National Information Services Inc. |  |  |
| 1.65%, 03/01/28 | &nbsp;&nbsp; 140 | 131810 |
| 2.25%, 03/01/31 | &nbsp;&nbsp; 35 | 31073 |
| 3.75%, 05/21/29 | &nbsp;&nbsp; 120 | 117697 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 153 | 156267 |
| Fiserv Inc. |  |  |
| 2.25%, 06/01/27 | &nbsp;&nbsp; 241 | 233447 |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 227 | 209636 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 624 | 605438 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 260 | 259719 |
| 4.55%, 02/15/31 | &nbsp;&nbsp; 80 | 79973 |
| 4.75%, 03/15/30 | &nbsp;&nbsp; 185 | 187594 |
| 5.15%, 03/15/27 | &nbsp;&nbsp; 185 | 187377 |
| 5.15%, 08/12/34 | &nbsp;&nbsp; 195 | 195415 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 150 | 149472 |
| 5.35%, 03/15/31 | &nbsp;&nbsp; 160 | 166465 |
| 5.38%, 08/21/28 | &nbsp;&nbsp; 170 | 175274 |
| 5.45%, 03/02/28 | &nbsp;&nbsp; 175 | 179936 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 160 | 163912 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 200 | 207403 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 290 | 301036 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 148 | 141282 |
| 1.65%, 07/15/30 | &nbsp;&nbsp; 125 | 111263 |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 125 | 129183 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 265 | 274544 |
| 5.25%, 09/15/26 | &nbsp;&nbsp; 165 | 166718 |
| Microsoft Corp. |  |  |
| 1.35%, 09/15/30 | &nbsp;&nbsp; 125 | 110706 |
| 3.30%, 02/06/27 | &nbsp;&nbsp; 903 | 896320 |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 176 | 175218 |
| 3.40%, 06/15/27 | &nbsp;&nbsp; 100 | 99669 |
| 3.50%, 02/12/35 | &nbsp;&nbsp; 10 | 9386 |
| MSCI Inc., 5.25%, 09/01/35 | &nbsp;&nbsp; 45 | 44674 |
| Oracle Corp. |  |  |
| 2.30%, 03/25/28 | &nbsp;&nbsp; 450 | 429765 |
| 2.80%, 04/01/27 | &nbsp;&nbsp; 481 | 470812 |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 705 | 646533 |
| 2.95%, 04/01/30 | &nbsp;&nbsp; 695 | 654002 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 603 | 591229 |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 110 | 104740 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 470 | 423465 |
| 4.20%, 09/27/29 | &nbsp;&nbsp; 335 | 334153 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 435 | 411864 |
| 4.50%, 05/06/28 | &nbsp;&nbsp; 100 | 100842 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.65%, 05/06/30 | &nbsp;&nbsp; $175 | $177305 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 415 | 400763 |
| 4.80%, 08/03/28 | &nbsp;&nbsp; 370 | 376814 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 335 | 334857 |
| 5.25%, 02/03/32 | &nbsp;&nbsp; 235 | 241625 |
| 6.15%, 11/09/29 | &nbsp;&nbsp; 275 | 293871 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 520 | 561630 |
| Paychex Inc. |  |  |
| 5.10%, 04/15/30 | &nbsp;&nbsp; 140 | 144063 |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 170 | 175670 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 300 | 309917 |
| Roper Technologies Inc. |  |  |
| 1.40%, 09/15/27 | &nbsp;&nbsp; 175 | 165737 |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 230 | 199486 |
| 2.00%, 06/30/30 | &nbsp;&nbsp; 110 | 98717 |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 176 | 167873 |
| 3.80%, 12/15/26 | &nbsp;&nbsp; 165 | 164012 |
| 4.20%, 09/15/28 | &nbsp;&nbsp; 205 | 205293 |
| 4.25%, 09/15/28 | &nbsp;&nbsp; 40 | 40148 |
| 4.45%, 09/15/30 | &nbsp;&nbsp; 75 | 75156 |
| 4.50%, 10/15/29 | &nbsp;&nbsp; 85 | 85687 |
| 4.75%, 02/15/32 | &nbsp;&nbsp; 145 | 145754 |
| 4.90%, 10/15/34 | &nbsp;&nbsp; 200 | 197787 |
| 5.10%, 09/15/35 | &nbsp;&nbsp; 100 | 99751 |
| Salesforce Inc. |  |  |
| 1.50%, 07/15/28 | &nbsp;&nbsp; 300 | 281113 |
| 1.95%, 07/15/31 | &nbsp;&nbsp; 355 | 314415 |
| 3.70%, 04/11/28 | &nbsp;&nbsp; 327 | 325849 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 293 | 256627 |
| Synopsys Inc. |  |  |
| 4.55%, 04/01/27 | &nbsp;&nbsp; 345 | 346968 |
| 4.65%, 04/01/28 | &nbsp;&nbsp; 165 | 167161 |
| 4.85%, 04/01/30 | &nbsp;&nbsp; 315 | 321323 |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 330 | 336526 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 530 | 534306 |
| Take-Two Interactive Software Inc. |  |  |
| 3.70%, 04/14/27 | &nbsp;&nbsp; 150 | 148893 |
| 4.00%, 04/14/32 | &nbsp;&nbsp; 115 | 109668 |
| 4.95%, 03/28/28 | &nbsp;&nbsp; 190 | 193583 |
| 5.40%, 06/12/29 | &nbsp;&nbsp; 65 | 67449 |
| 5.60%, 06/12/34 | &nbsp;&nbsp; 70 | 72672 |
| VMware LLC |  |  |
| 1.80%, 08/15/28 | &nbsp;&nbsp; 200 | 186970 |
| 2.20%, 08/15/31 | &nbsp;&nbsp; 335 | 293837 |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 279 | 277544 |
| 4.65%, 05/15/27 | &nbsp;&nbsp; 123 | 123754 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 175 | 177071 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 215 | 212884 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 180 | 177233 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 275 | 260730 |
|  |  | 23506050 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| America Movil SAB de CV |  |  |
| 2.88%, 05/07/30 | &nbsp;&nbsp; 230 | 214486 |
| 3.63%, 04/22/29 | &nbsp;&nbsp; 110 | 107320 |
| 4.70%, 07/21/32 | &nbsp;&nbsp; 200 | 198431 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 35 | 38190 |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | &nbsp;&nbsp; 505 | 476477 |
| 2.25%, 02/01/32 | &nbsp;&nbsp; 590 | 510863 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 2.30%, 06/01/27 | &nbsp;&nbsp; $540 | $523004 |
| 2.55%, 12/01/33 | &nbsp;&nbsp; 765 | 643409 |
| 2.75%, 06/01/31 | &nbsp;&nbsp; 644 | 588852 |
| 3.80%, 02/15/27 | &nbsp;&nbsp; 212 | 210912 |
| 4.10%, 02/15/28 | &nbsp;&nbsp; 400 | 399559 |
| 4.25%, 03/01/27 | &nbsp;&nbsp; 346 | 346216 |
| 4.30%, 02/15/30 | &nbsp;&nbsp; 648 | 648196 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 46 | 46187 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 500 | 477641 |
| 4.70%, 08/15/30 | &nbsp;&nbsp; 265 | 268856 |
| 5.38%, 08/15/35 | &nbsp;&nbsp; 250 | 254674 |
| 5.40%, 02/15/34 | &nbsp;&nbsp; 620 | 638116 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 5.10%, 05/11/33<sup>(a)</sup> | &nbsp;&nbsp; 175 | 176651 |
| 5.20%, 02/15/34 | &nbsp;&nbsp; 145 | 145411 |
| Series US-5, 2.15%, 02/15/32 | &nbsp;&nbsp; 135 | 115411 |
| British Telecommunications PLC |  |  |
| 5.13%, 12/04/28 | &nbsp;&nbsp; 25 | 25619 |
| 9.63%, 12/15/30 | &nbsp;&nbsp; 615 | 757084 |
| Cisco Systems Inc. |  |  |
| 2.50%, 09/20/26 | &nbsp;&nbsp; 390 | 384126 |
| 4.55%, 02/24/28 | &nbsp;&nbsp; 250 | 253757 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 225 | 230931 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 415 | 420372 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 530 | 544306 |
| 4.95%, 02/26/31 | &nbsp;&nbsp; 490 | 507143 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 225 | 232259 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 535 | 549347 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 260 | 266115 |
| Deutsche Telekom International Finance BV |  |  |
| 8.75%, 06/15/30<sup>(d)</sup> | &nbsp;&nbsp; 797 | 942900 |
| 9.25%, 06/01/32 | &nbsp;&nbsp; 110 | 137672 |
| Juniper Networks Inc. |  |  |
| 2.00%, 12/10/30 | &nbsp;&nbsp; 100 | 87672 |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 135 | 131922 |
| Koninklijke KPN NV, 8.38%, 10/01/30 | &nbsp;&nbsp; 165 | 193558 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; 121 | 108741 |
| 2.75%, 05/24/31 | &nbsp;&nbsp; 185 | 168493 |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 180 | 181863 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 173 | 174779 |
| 4.85%, 08/15/30 | &nbsp;&nbsp; 95 | 96788 |
| 5.00%, 04/15/29 | &nbsp;&nbsp; 85 | 86933 |
| 5.20%, 08/15/32 | &nbsp;&nbsp; 75 | 76795 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 190 | 194969 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 75 | 77305 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 135 | 141072 |
| Nokia OYJ, 4.38%, 06/12/27 | &nbsp;&nbsp; 110 | 109212 |
| Orange SA, 9.00%, 03/01/31 | &nbsp;&nbsp; 555 | 676001 |
| Rogers Communications Inc. |  |  |
| 2.90%, 11/15/26 | &nbsp;&nbsp; 155 | 152271 |
| 3.20%, 03/15/27 | &nbsp;&nbsp; 220 | 216490 |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 415 | 389219 |
| 5.00%, 02/15/29 | &nbsp;&nbsp; 210 | 214255 |
| 5.30%, 02/15/34 | &nbsp;&nbsp; 285 | 286872 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | &nbsp;&nbsp; 560 | 602358 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 445 | 539762 |
| Telefonica Emisiones SA, 4.10%, 03/08/27 | &nbsp;&nbsp; 281 | 280141 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 290 | 335285 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; $155 | $151801 |
| 3.40%, 05/13/32 | &nbsp;&nbsp; 210 | 192452 |
| 3.70%, 09/15/27 | &nbsp;&nbsp; 105 | 103962 |
| T-Mobile USA Inc. |  |  |
| 2.05%, 02/15/28 | &nbsp;&nbsp; 70 | 66612 |
| 2.25%, 11/15/31 | &nbsp;&nbsp; 220 | 192539 |
| 2.40%, 03/15/29 | &nbsp;&nbsp; 105 | 98670 |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 530 | 479624 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 232 | 219878 |
| 2.70%, 03/15/32 | &nbsp;&nbsp; 205 | 181596 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 215 | 197521 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 535 | 518376 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 520 | 492233 |
| 3.75%, 04/15/27 | &nbsp;&nbsp; 862 | 856270 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 1473 | 1442492 |
| 4.20%, 10/01/29 | &nbsp;&nbsp; 170 | 169911 |
| 4.70%, 01/15/35 | &nbsp;&nbsp; 175 | 169541 |
| 4.75%, 02/01/28 | &nbsp;&nbsp; 300 | 300609 |
| 4.80%, 07/15/28 | &nbsp;&nbsp; 215 | 218990 |
| 4.85%, 01/15/29 | &nbsp;&nbsp; 235 | 239651 |
| 4.95%, 03/15/28 | &nbsp;&nbsp; 225 | 229135 |
| 5.05%, 07/15/33 | &nbsp;&nbsp; 555 | 560799 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 270 | 276489 |
| 5.15%, 04/15/34 | &nbsp;&nbsp; 265 | 267775 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 285 | 290313 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 350 | 353340 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; 55 | 55000 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 230 | 241205 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30 | &nbsp;&nbsp; 245 | 213583 |
| 1.68%, 10/30/30 | &nbsp;&nbsp; 310 | 271839 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 517 | 450837 |
| 2.10%, 03/22/28 | &nbsp;&nbsp; 517 | 492051 |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 913 | 792486 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 810 | 734568 |
| 3.00%, 03/22/27 | &nbsp;&nbsp; 177 | 173969 |
| 3.15%, 03/22/30 | &nbsp;&nbsp; 343 | 327408 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 240 | 238261 |
| 4.02%, 12/03/29 | &nbsp;&nbsp; 846 | 839046 |
| 4.13%, 03/16/27 | &nbsp;&nbsp; 50 | 50049 |
| 4.33%, 09/21/28 | &nbsp;&nbsp; 820 | 825434 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 400 | 381475 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 455 | 444348 |
| 4.78%, 02/15/35 | &nbsp;&nbsp; 160 | 155932 |
| 5.05%, 05/09/33 | &nbsp;&nbsp; 240 | 244015 |
| 5.25%, 04/02/35 | &nbsp;&nbsp; 380 | 383026 |
| 6.40%, 09/15/33 | &nbsp;&nbsp; 95 | 104391 |
| 7.75%, 12/01/30 | &nbsp;&nbsp; 155 | 178808 |
| Vodafone Group PLC |  |  |
| 6.25%, 11/30/32 | &nbsp;&nbsp; 125 | 135233 |
| 7.88%, 02/15/30 | &nbsp;&nbsp; 105 | 119996 |
|  |  | 33926788 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 100 | 98453 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 160 | 158346 |
| 3.90%, 11/19/29 | &nbsp;&nbsp; 210 | 204532 |
| 6.05%, 05/14/34 | &nbsp;&nbsp; 115 | 119535 |
|  |  | 580866 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| Burlington Northern Santa Fe LLC, 3.25%, 06/15/27 | &nbsp;&nbsp; $166 | $164085 |
| Canadian National Railway Co. |  |  |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 205 | 195992 |
| 4.38%, 09/18/34 | &nbsp;&nbsp; 145 | 140858 |
| 5.85%, 11/01/33 | &nbsp;&nbsp; 60 | 64947 |
| 6.25%, 08/01/34 | &nbsp;&nbsp; 110 | 121629 |
| 6.90%, 07/15/28 | &nbsp;&nbsp; 105 | 113076 |
| Canadian Pacific Railway Co. |  |  |
| 1.75%, 12/02/26 | &nbsp;&nbsp; 265 | 257486 |
| 2.05%, 03/05/30 | &nbsp;&nbsp; 115 | 104699 |
| 2.45%, 12/02/31 | &nbsp;&nbsp; 325 | 287987 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 95 | 90268 |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 137 | 136817 |
| 4.80%, 03/30/30 | &nbsp;&nbsp; 125 | 127987 |
| 5.20%, 03/30/35 | &nbsp;&nbsp; 145 | 147790 |
| 7.13%, 10/15/31 | &nbsp;&nbsp; 90 | 102315 |
| CH Robinson Worldwide Inc., 4.20%, 04/15/28 | &nbsp;&nbsp; 150 | 150100 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 120 | 111542 |
| 2.60%, 11/01/26 | &nbsp;&nbsp; 240 | 235946 |
| 3.25%, 06/01/27 | &nbsp;&nbsp; 215 | 212085 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 175 | 174094 |
| 4.10%, 11/15/32 | &nbsp;&nbsp; 235 | 228521 |
| 4.25%, 03/15/29 | &nbsp;&nbsp; 235 | 235944 |
| 5.05%, 06/15/35 | &nbsp;&nbsp; 125 | 126172 |
| 5.20%, 11/15/33 | &nbsp;&nbsp; 140 | 144895 |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31 | &nbsp;&nbsp; 135 | 121094 |
| 2.40%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 10 | 8887 |
| 3.10%, 08/05/29 | &nbsp;&nbsp; 180 | 172577 |
| 3.40%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 50 | 49188 |
| 3.90%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 75 | 67666 |
| 4.25%, 05/15/30 | &nbsp;&nbsp; 155 | 155591 |
| 4.90%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 30 | 29140 |
| FedEx Corp. Pass-Through Trust, Series 2020-1, <br> Class AA, 1.88%, 08/20/35<br>| &nbsp;&nbsp; 4 | 3180 |
| Kirby Corp., 4.20%, 03/01/28 | &nbsp;&nbsp; 121 | 120781 |
| Norfolk Southern Corp. |  |  |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 125 | 112422 |
| 2.55%, 11/01/29 | &nbsp;&nbsp; 84 | 79044 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 135 | 122931 |
| 3.15%, 06/01/27 | &nbsp;&nbsp; 85 | 83697 |
| 3.80%, 08/01/28 | &nbsp;&nbsp; 135 | 134384 |
| 4.45%, 03/01/33 | &nbsp;&nbsp; 115 | 113235 |
| 5.05%, 08/01/30 | &nbsp;&nbsp; 160 | 165813 |
| 5.10%, 05/01/35 | &nbsp;&nbsp; 100 | 101060 |
| 5.55%, 03/15/34 | &nbsp;&nbsp; 90 | 94351 |
| 7.80%, 05/15/27 | &nbsp;&nbsp; 80 | 84792 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 70 | 68201 |
| 2.85%, 03/01/27 | &nbsp;&nbsp; 105 | 102901 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 127 | 124786 |
| 4.30%, 06/15/27 | &nbsp;&nbsp; 80 | 80103 |
| 4.85%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 75 | 76432 |
| 4.90%, 12/01/29 | &nbsp;&nbsp; 80 | 81606 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 45 | 46001 |
| 5.00%, 03/15/30 | &nbsp;&nbsp; 75 | 76774 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 145 | 148944 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; 55 | 55808 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 105 | 108565 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; 60 | 62522 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 5.65%, 03/01/28 | &nbsp;&nbsp; $110 | $113784 |
| 6.30%, 12/01/28 | &nbsp;&nbsp; 100 | 106478 |
| 6.60%, 12/01/33 | &nbsp;&nbsp; 140 | 154986 |
| Union Pacific Corp. |  |  |
| 2.15%, 02/05/27 | &nbsp;&nbsp; 185 | 180272 |
| 2.38%, 05/20/31 | &nbsp;&nbsp; 225 | 204607 |
| 2.40%, 02/05/30 | &nbsp;&nbsp; 177 | 164873 |
| 2.80%, 02/14/32 | &nbsp;&nbsp; 317 | 287706 |
| 3.00%, 04/15/27 | &nbsp;&nbsp; 120 | 118037 |
| 3.70%, 03/01/29 | &nbsp;&nbsp; 181 | 178779 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 239 | 238765 |
| 4.50%, 01/20/33 | &nbsp;&nbsp; 200 | 198969 |
| 5.10%, 02/20/35 | &nbsp;&nbsp; 210 | 213741 |
| 6.63%, 02/01/29 | &nbsp;&nbsp; 85 | 91685 |
| United Parcel Service Inc. |  |  |
| 2.40%, 11/15/26 | &nbsp;&nbsp; 166 | 162877 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 112 | 105485 |
| 3.05%, 11/15/27 | &nbsp;&nbsp; 225 | 221093 |
| 3.40%, 03/15/29 | &nbsp;&nbsp; 174 | 170764 |
| 4.45%, 04/01/30 | &nbsp;&nbsp; 203 | 206424 |
| 4.65%, 10/15/30 | &nbsp;&nbsp; 100 | 102146 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 205 | 209191 |
| 5.15%, 05/22/34 | &nbsp;&nbsp; 205 | 211141 |
| 5.25%, 05/14/35 | &nbsp;&nbsp; 105 | 107542 |
| Walmart Inc. |  |  |
| 1.05%, 09/17/26 | &nbsp;&nbsp; 310 | 300994 |
| 1.50%, 09/22/28 | &nbsp;&nbsp; 377 | 352412 |
| 1.80%, 09/22/31 | &nbsp;&nbsp; 455 | 400063 |
| 3.95%, 09/09/27 | &nbsp;&nbsp; 259 | 259802 |
|  |  | 11590327 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| GATX Corp. |  |  |
| 1.90%, 06/01/31 | &nbsp;&nbsp; 115 | 99603 |
| 3.25%, 09/15/26 | &nbsp;&nbsp; 97 | 95708 |
| 3.50%, 03/15/28 | &nbsp;&nbsp; 47 | 46089 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 100 | 92011 |
| 3.85%, 03/30/27 | &nbsp;&nbsp; 122 | 121033 |
| 4.00%, 06/30/30 | &nbsp;&nbsp; 120 | 117812 |
| 4.55%, 11/07/28 | &nbsp;&nbsp; 100 | 100596 |
| 4.70%, 04/01/29 | &nbsp;&nbsp; 128 | 129425 |
| 4.90%, 03/15/33 | &nbsp;&nbsp; 85 | 84954 |
| 5.40%, 03/15/27 | &nbsp;&nbsp; 70 | 71044 |
| 5.45%, 09/15/33 | &nbsp;&nbsp; 120 | 123075 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 80 | 81427 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 110 | 117148 |
| 6.90%, 05/01/34 | &nbsp;&nbsp; 85 | 94835 |
|  |  | 1374760 |
| **Venture Capital — 0.0%** | **Venture Capital — 0.0%** | **Venture Capital — 0.0%** |
| Hercules Capital Inc. |  |  |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 95 | 92834 |
| 3.38%, 01/20/27<sup>(a)</sup> | &nbsp;&nbsp; 75 | 73266 |
| 6.00%, 06/16/30 | &nbsp;&nbsp; 55 | 55816 |
|  |  | 221916 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.30%, 06/01/31 | &nbsp;&nbsp; 165 | 147045 |
| 2.80%, 05/01/30 | &nbsp;&nbsp; 177 | 166187 |
| 2.95%, 09/01/27 | &nbsp;&nbsp; 124 | 121446 |
| 3.45%, 06/01/29 | &nbsp;&nbsp; 142 | 138695 |
| 3.75%, 09/01/28 | &nbsp;&nbsp; 207 | 205496 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Water (continued)** | **Water (continued)** | **Water (continued)** |
| 4.45%, 06/01/32 | &nbsp;&nbsp; $165 | $164143 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 110 | 112494 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 180 | 183293 |
| Essential Utilities Inc. |  |  |
| 2.40%, 05/01/31 | &nbsp;&nbsp; 115 | 102661 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 146 | 135566 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 162 | 157589 |
| 4.80%, 08/15/27 | &nbsp;&nbsp; 135 | 136464 |
| 5.25%, 08/15/35 | &nbsp;&nbsp; 50 | 49739 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 85 | 86545 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 55 | 58737 |
|  |  | 1966100 |
| **Total Corporate Bonds & Notes — 29.6%** <br>**(Cost: $1,045,711,615)** | **Total Corporate Bonds & Notes — 29.6%** <br>**(Cost: $1,045,711,615)** | 1047665225 |
| **Foreign Government Obligations**<sup>(e)</sup> | **Foreign Government Obligations**<sup>(e)</sup> | **Foreign Government Obligations**<sup>(e)</sup> |
| **Canada — 0.5%** | **Canada — 0.5%** | **Canada — 0.5%** |
| Canada Government International Bonds |  |  |
| 3.75%, 04/26/28 | &nbsp;&nbsp; 910 | 913147 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 445 | 450527 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 700 | 722958 |
| Export Development Canada |  |  |
| 3.00%, 05/25/27 | &nbsp;&nbsp; 240 | 236962 |
| 3.75%, 09/07/27 | &nbsp;&nbsp; 400 | 400364 |
| 3.88%, 02/14/28 | &nbsp;&nbsp; 635 | 638410 |
| 4.00%, 06/20/30 | &nbsp;&nbsp; 690 | 697883 |
| 4.13%, 02/13/29 | &nbsp;&nbsp; 715 | 725851 |
| 4.75%, 06/05/34 | &nbsp;&nbsp; 210 | 218330 |
| Hydro-Quebec, Series HH, 8.50%, 12/01/29 | &nbsp;&nbsp; 75 | 88082 |
| Province of Alberta Canada |  |  |
| 1.30%, 07/22/30 | &nbsp;&nbsp; 260 | 230763 |
| 3.30%, 03/15/28 | &nbsp;&nbsp; 640 | 633049 |
| 4.50%, 06/26/29 | &nbsp;&nbsp; 250 | 256168 |
| 4.50%, 01/24/34 | &nbsp;&nbsp; 260 | 261322 |
| Province of British Columbia Canada |  |  |
| 1.30%, 01/29/31 | &nbsp;&nbsp; 890 | 776417 |
| 4.20%, 07/06/33 | &nbsp;&nbsp; 475 | 470802 |
| 4.70%, 01/24/28 | &nbsp;&nbsp; 700 | 715581 |
| 4.75%, 06/12/34 | &nbsp;&nbsp; 415 | 423052 |
| 4.80%, 11/15/28 | &nbsp;&nbsp; 400 | 412654 |
| 4.80%, 06/11/35 | &nbsp;&nbsp; 510 | 518431 |
| 4.90%, 04/24/29 | &nbsp;&nbsp; 525 | 544993 |
| Province of Manitoba Canada |  |  |
| 1.50%, 10/25/28 | &nbsp;&nbsp; 200 | 186562 |
| 4.30%, 07/27/33 | &nbsp;&nbsp; 250 | 248701 |
| 4.90%, 05/31/34 | &nbsp;&nbsp; 190 | 195509 |
| Province of New Brunswick Canada, 3.63%, <br> 02/24/28<br>| &nbsp;&nbsp; 125 | 124425 |
| Province of Ontario Canada |  |  |
| 1.05%, 05/21/27 | &nbsp;&nbsp; 250 | 238575 |
| 1.13%, 10/07/30 | &nbsp;&nbsp; 470 | 410671 |
| 1.60%, 02/25/31 | &nbsp;&nbsp; 555 | 491872 |
| 1.80%, 10/14/31 | &nbsp;&nbsp; 165 | 144943 |
| 2.00%, 10/02/29 | &nbsp;&nbsp; 200 | 186591 |
| 2.13%, 01/21/32 | &nbsp;&nbsp; 350 | 310711 |
| 3.10%, 05/19/27 | &nbsp;&nbsp; 425 | 420011 |
| 3.70%, 09/17/29 | &nbsp;&nbsp; 500 | 498405 |
| 4.20%, 01/18/29 | &nbsp;&nbsp; 655 | 664503 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 65 | 67276 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 4.85%, 06/11/35 | &nbsp;&nbsp; $445 | $454853 |
| 5.05%, 04/24/34 | &nbsp;&nbsp; 315 | 328570 |
| Province of Quebec Canada |  |  |
| 1.35%, 05/28/30 | &nbsp;&nbsp; 145 | 129388 |
| 1.90%, 04/21/31 | &nbsp;&nbsp; 100 | 89457 |
| 2.75%, 04/12/27 | &nbsp;&nbsp; 325 | 319404 |
| 3.63%, 04/13/28 | &nbsp;&nbsp; 680 | 678264 |
| 4.25%, 09/05/34 | &nbsp;&nbsp; 445 | 436973 |
| 4.50%, 04/03/29 | &nbsp;&nbsp; 805 | 824798 |
| 4.50%, 09/08/33 | &nbsp;&nbsp; 305 | 308097 |
| 4.63%, 08/28/35 | &nbsp;&nbsp; 550 | 551071 |
| Series PD, 7.50%, 09/15/29 | &nbsp;&nbsp; 317 | 360243 |
|  |  | 19005619 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Chile Government International Bonds |  |  |
| 2.45%, 01/31/31 | &nbsp;&nbsp; 355 | 320910 |
| 2.55%, 01/27/32 | &nbsp;&nbsp; 360 | 318876 |
| 2.55%, 07/27/33 | &nbsp;&nbsp; 490 | 417912 |
| 2.75%, 01/31/27 | &nbsp;&nbsp; 400 | 392103 |
| 3.24%, 02/06/28 | &nbsp;&nbsp; 450 | 440197 |
| 3.50%, 01/31/34 | &nbsp;&nbsp; 335 | 303888 |
| 4.85%, 01/22/29 | &nbsp;&nbsp; 445 | 454235 |
|  |  | 2648121 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Indonesia Government International Bonds |  |  |
| 1.85%, 03/12/31 | &nbsp;&nbsp; 60 | 52295 |
| 2.15%, 07/28/31 | &nbsp;&nbsp; 300 | 263346 |
| 2.85%, 02/14/30 | &nbsp;&nbsp; 400 | 376666 |
| 3.40%, 09/18/29 | &nbsp;&nbsp; 40 | 38845 |
| 3.50%, 01/11/28 | &nbsp;&nbsp; 135 | 133205 |
| 3.55%, 03/31/32 | &nbsp;&nbsp; 280 | 262879 |
| 3.85%, 10/15/30 | &nbsp;&nbsp; 395 | 386797 |
| 4.10%, 04/24/28 | &nbsp;&nbsp; 350 | 350137 |
| 4.15%, 09/20/27 | &nbsp;&nbsp; 515 | 515542 |
| 4.40%, 03/10/29 | &nbsp;&nbsp; 20 | 20139 |
| 4.55%, 01/11/28 | &nbsp;&nbsp; 240 | 242165 |
| 4.65%, 09/20/32 | &nbsp;&nbsp; 325 | 324707 |
| 4.70%, 02/10/34 | &nbsp;&nbsp; 120 | 118985 |
| 4.75%, 02/11/29 | &nbsp;&nbsp; 340 | 345784 |
| 4.75%, 09/10/34 | &nbsp;&nbsp; 215 | 213221 |
| 4.85%, 01/11/33 | &nbsp;&nbsp; 295 | 296787 |
| 5.25%, 01/15/30 | &nbsp;&nbsp; 40 | 41599 |
| 5.60%, 01/15/35 | &nbsp;&nbsp; 240 | 252302 |
|  |  | 4235401 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Israel Government International Bonds |  |  |
| 2.75%, 07/03/30 | &nbsp;&nbsp; 420 | 383974 |
| 3.25%, 01/17/28 | &nbsp;&nbsp; 40 | 38896 |
| 4.50%, 01/17/33 | &nbsp;&nbsp; 445 | 429311 |
| 5.38%, 03/12/29 | &nbsp;&nbsp; 495 | 506591 |
| 5.38%, 02/19/30 | &nbsp;&nbsp; 500 | 513282 |
| 5.50%, 03/12/34 | &nbsp;&nbsp; 645 | 656448 |
| 5.63%, 02/19/35 | &nbsp;&nbsp; 500 | 511552 |
| State of Israel, 2.50%, 01/15/30 | &nbsp;&nbsp; 250 | 228369 |
|  |  | 3268423 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Republic of Italy Government International Bonds |  |  |
| 2.88%, 10/17/29 | &nbsp;&nbsp; 410 | 390211 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 5 | 5286 |
|  |  | 395497 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Japan Bank for International Cooperation |  |  |
| 1.25%, 01/21/31 | &nbsp;&nbsp; $335 | $290966 |
| 1.88%, 04/15/31 | &nbsp;&nbsp; 660 | 589920 |
| 2.00%, 10/17/29 | &nbsp;&nbsp; 210 | 195151 |
| 2.13%, 02/16/29 | &nbsp;&nbsp; 255 | 240951 |
| 2.25%, 11/04/26 | &nbsp;&nbsp; 350 | 343100 |
| 2.75%, 11/16/27 | &nbsp;&nbsp; 305 | 298099 |
| 2.88%, 06/01/27 | &nbsp;&nbsp; 305 | 299914 |
| 2.88%, 07/21/27 | &nbsp;&nbsp; 240 | 235682 |
| 3.25%, 07/20/28 | &nbsp;&nbsp; 200 | 197115 |
| 3.50%, 10/31/28 | &nbsp;&nbsp; 205 | 203158 |
| 4.38%, 10/05/27 | &nbsp;&nbsp; 205 | 207249 |
| 4.38%, 01/24/31 | &nbsp;&nbsp; 250 | 254640 |
| 4.63%, 07/22/27 | &nbsp;&nbsp; 310 | 314196 |
| 4.63%, 07/19/28 | &nbsp;&nbsp; 325 | 332463 |
| 4.63%, 04/17/34 | &nbsp;&nbsp; 215 | 218893 |
| 4.88%, 10/18/28 | &nbsp;&nbsp; 45 | 46458 |
| Japan International Cooperation Agency |  |  |
| 1.00%, 07/22/30 | &nbsp;&nbsp; 200 | 173187 |
| 2.75%, 04/27/27 | &nbsp;&nbsp; 200 | 196055 |
| 3.25%, 05/25/27 | &nbsp;&nbsp; 200 | 197618 |
| 3.38%, 06/12/28 | &nbsp;&nbsp; 210 | 207199 |
| 4.00%, 05/23/28 | &nbsp;&nbsp; 100 | 100350 |
| 4.75%, 05/21/29 | &nbsp;&nbsp; 210 | 215964 |
|  |  | 5358328 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Mexico Government International Bonds |  |  |
| 2.66%, 05/24/31 | &nbsp;&nbsp; 770 | 678112 |
| 3.25%, 04/16/30 | &nbsp;&nbsp; 495 | 462956 |
| 3.50%, 02/12/34 | &nbsp;&nbsp; 635 | 541717 |
| 3.75%, 01/11/28 | &nbsp;&nbsp; 410 | 403819 |
| 4.15%, 03/28/27 | &nbsp;&nbsp; 492 | 490089 |
| 4.50%, 04/22/29 | &nbsp;&nbsp; 670 | 667379 |
| 4.75%, 04/27/32 | &nbsp;&nbsp; 540 | 520361 |
| 4.88%, 05/19/33 | &nbsp;&nbsp; 500 | 477382 |
| 5.00%, 05/07/29 | &nbsp;&nbsp; 220 | 222630 |
| 5.40%, 02/09/28 | &nbsp;&nbsp; 275 | 280619 |
| 5.85%, 07/02/32 | &nbsp;&nbsp; 400 | 408329 |
| 6.35%, 02/09/35 | &nbsp;&nbsp; 550 | 568706 |
| 6.75%, 09/27/34 | &nbsp;&nbsp; 350 | 375386 |
| 7.50%, 04/08/33 | &nbsp;&nbsp; 305 | 341498 |
| 8.30%, 08/15/31 | &nbsp;&nbsp; 232 | 275852 |
|  |  | 6714835 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Panama Government International Bonds |  |  |
| 2.25%, 09/29/32 | &nbsp;&nbsp; 525 | 414934 |
| 3.16%, 01/23/30 | &nbsp;&nbsp; 325 | 298725 |
| 3.30%, 01/19/33 | &nbsp;&nbsp; 220 | 185464 |
| 3.88%, 03/17/28 | &nbsp;&nbsp; 205 | 200557 |
| 6.40%, 02/14/35 | &nbsp;&nbsp; 485 | 487816 |
| 7.50%, 03/01/31 | &nbsp;&nbsp; 230 | 249884 |
| 8.88%, 09/30/27 | &nbsp;&nbsp; 310 | 335659 |
| 9.38%, 04/01/29 | &nbsp;&nbsp; 280 | 316399 |
|  |  | 2489438 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru Government International Bonds |  |  |
| 1.86%, 12/01/32 | &nbsp;&nbsp; 310 | 252975 |
| 2.78%, 01/23/31 | &nbsp;&nbsp; 665 | 608791 |
| 2.84%, 06/20/30 | &nbsp;&nbsp; 210 | 196270 |
| 3.00%, 01/15/34 | &nbsp;&nbsp; 500 | 428901 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Peru (continued)** | **Peru (continued)** | **Peru (continued)** |
| 4.13%, 08/25/27<sup>(a)</sup> | &nbsp;&nbsp; $195 | $195619 |
| 5.38%, 02/08/35 | &nbsp;&nbsp; 160 | 161825 |
| 8.75%, 11/21/33 | &nbsp;&nbsp; 460 | 571797 |
|  |  | 2416178 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Bangko Sentral ng Pilipinas International Bonds, <br> 8.60%, 06/15/27<br>| &nbsp;&nbsp; 10 | 10761 |
| Philippines Government International Bonds |  |  |
| 1.65%, 06/10/31 | &nbsp;&nbsp; 370 | 319740 |
| 1.95%, 01/06/32 | &nbsp;&nbsp; 250 | 214714 |
| 2.46%, 05/05/30 | &nbsp;&nbsp; 305 | 281631 |
| 3.00%, 02/01/28 | &nbsp;&nbsp; 470 | 456712 |
| 3.23%, 03/29/27 | &nbsp;&nbsp; 115 | 113251 |
| 3.56%, 09/29/32 | &nbsp;&nbsp; 45 | 42252 |
| 3.75%, 01/14/29 | &nbsp;&nbsp; 355 | 349000 |
| 4.38%, 03/05/30 | &nbsp;&nbsp; 40 | 40377 |
| 4.63%, 07/17/28 | &nbsp;&nbsp; 200 | 202689 |
| 4.75%, 03/05/35 | &nbsp;&nbsp; 10 | 9952 |
| 5.00%, 07/17/33 | &nbsp;&nbsp; 380 | 387592 |
| 5.17%, 10/13/27 | &nbsp;&nbsp; 120 | 122336 |
| 5.25%, 05/14/34 | &nbsp;&nbsp; 120 | 123755 |
| 5.50%, 02/04/35 | &nbsp;&nbsp; 250 | 263266 |
| 5.61%, 04/13/33 | &nbsp;&nbsp; 275 | 291350 |
| 6.38%, 01/15/32 | &nbsp;&nbsp; 205 | 225562 |
| 6.38%, 10/23/34 | &nbsp;&nbsp; 400 | 445575 |
| 7.75%, 01/14/31 | &nbsp;&nbsp; 250 | 290616 |
| 9.50%, 02/02/30 | &nbsp;&nbsp; 492 | 593542 |
|  |  | 4784673 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland Government International Bonds |  |  |
| 4.63%, 03/18/29 | &nbsp;&nbsp; 340 | 345020 |
| 4.88%, 02/12/30 | &nbsp;&nbsp; 675 | 693328 |
| 4.88%, 10/04/33 | &nbsp;&nbsp; 550 | 550856 |
| 5.13%, 09/18/34 | &nbsp;&nbsp; 625 | 629856 |
| 5.38%, 02/12/35 | &nbsp;&nbsp; 645 | 659399 |
| 5.50%, 11/16/27 | &nbsp;&nbsp; 170 | 175548 |
| 5.75%, 11/16/32 | &nbsp;&nbsp; 355 | 376428 |
|  |  | 3430435 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Export-Import Bank of Korea |  |  |
| 1.25%, 09/21/30 | &nbsp;&nbsp; 215 | 188270 |
| 1.38%, 02/09/31 | &nbsp;&nbsp; 550 | 479794 |
| 1.63%, 01/18/27 | &nbsp;&nbsp; 220 | 213284 |
| 2.13%, 01/18/32 | &nbsp;&nbsp; 35 | 30548 |
| 2.38%, 04/21/27 | &nbsp;&nbsp; 175 | 170750 |
| 4.00%, 09/11/27 | &nbsp;&nbsp; 45 | 45064 |
| 4.00%, 09/11/29 | &nbsp;&nbsp; 115 | 115037 |
| 4.13%, 10/17/27 | &nbsp;&nbsp; 10 | 10041 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 235 | 236383 |
| 4.50%, 01/11/29 | &nbsp;&nbsp; 205 | 208150 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 200 | 200756 |
| 4.63%, 01/11/34 | &nbsp;&nbsp; 200 | 201689 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 185 | 189399 |
| 5.13%, 09/18/28 | &nbsp;&nbsp; 295 | 304893 |
| 5.13%, 01/11/33 | &nbsp;&nbsp; 390 | 405150 |
| 5.13%, 09/18/33 | &nbsp;&nbsp; 30 | 31266 |
| Korea Development Bank (The) |  |  |
| 1.38%, 04/25/27 | &nbsp;&nbsp; 50 | 47978 |
| 4.25%, 09/08/32 | &nbsp;&nbsp; 200 | 197611 |
| 4.38%, 02/15/33 | &nbsp;&nbsp; 320 | 317407 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| 4.50%, 02/15/29 | &nbsp;&nbsp; $200 | $203281 |
| 4.63%, 02/15/27 | &nbsp;&nbsp; 400 | 403818 |
| 5.38%, 10/23/28 | &nbsp;&nbsp; 185 | 192770 |
| 5.63%, 10/23/33 | &nbsp;&nbsp; 325 | 349618 |
| Korea International Bonds |  |  |
| 1.00%, 09/16/30 | &nbsp;&nbsp; 70 | 61029 |
| 1.75%, 10/15/31 | &nbsp;&nbsp; 25 | 22061 |
| 2.50%, 06/19/29 | &nbsp;&nbsp; 245 | 233477 |
| 2.75%, 01/19/27 | &nbsp;&nbsp; 320 | 315378 |
| 3.50%, 09/20/28 | &nbsp;&nbsp; 205 | 202898 |
| 4.50%, 07/03/29 | &nbsp;&nbsp; 240 | 245576 |
|  |  | 5823376 |
| **Supranational — 2.2%** | **Supranational — 2.2%** | **Supranational — 2.2%** |
| African Development Bank |  |  |
| 3.50%, 09/18/29 | &nbsp;&nbsp; 535 | 530944 |
| 3.88%, 06/12/28 | &nbsp;&nbsp; 30 | 30198 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 510 | 515775 |
| 4.13%, 02/25/27 | &nbsp;&nbsp; 575 | 577891 |
| 4.38%, 11/03/27 | &nbsp;&nbsp; 610 | 618893 |
| 4.38%, 03/14/28 | &nbsp;&nbsp; 535 | 544521 |
| 4.50%, 06/12/35 | &nbsp;&nbsp; 265 | 269504 |
| 4.63%, 01/04/27 | &nbsp;&nbsp; 620 | 626554 |
| Asian Development Bank |  |  |
| 0.75%, 10/08/30 | &nbsp;&nbsp; 240 | 206726 |
| 1.25%, 06/09/28 | &nbsp;&nbsp; 345 | 323568 |
| 1.50%, 01/20/27 | &nbsp;&nbsp; 925 | 896683 |
| 1.50%, 03/04/31 | &nbsp;&nbsp; 420 | 372292 |
| 1.75%, 09/19/29 | &nbsp;&nbsp; 403 | 373953 |
| 1.88%, 03/15/29 | &nbsp;&nbsp; 155 | 145893 |
| 1.88%, 01/24/30 | &nbsp;&nbsp; 507 | 469634 |
| 2.38%, 08/10/27 | &nbsp;&nbsp; 25 | 24393 |
| 2.50%, 11/02/27 | &nbsp;&nbsp; 379 | 369798 |
| 2.63%, 01/12/27 | &nbsp;&nbsp; 325 | 320003 |
| 2.75%, 01/19/28 | &nbsp;&nbsp; 450 | 441017 |
| 3.13%, 08/20/27 | &nbsp;&nbsp; 1150 | 1137984 |
| 3.13%, 09/26/28 | &nbsp;&nbsp; 275 | 270946 |
| 3.13%, 04/27/32 | &nbsp;&nbsp; 192 | 182646 |
| 3.63%, 08/28/29 | &nbsp;&nbsp; 925 | 923641 |
| 3.75%, 04/25/28 | &nbsp;&nbsp; 810 | 812487 |
| 3.75%, 08/28/30 | &nbsp;&nbsp; 315 | 315257 |
| 3.88%, 09/28/32 | &nbsp;&nbsp; 220 | 218476 |
| 3.88%, 06/14/33 | &nbsp;&nbsp; 515 | 509201 |
| 4.00%, 01/12/33 | &nbsp;&nbsp; 510 | 509348 |
| 4.13%, 01/12/27 | &nbsp;&nbsp; 340 | 341475 |
| 4.13%, 05/30/30 | &nbsp;&nbsp; 360 | 366256 |
| 4.13%, 01/12/34 | &nbsp;&nbsp; 500 | 498693 |
| 4.38%, 01/14/28 | &nbsp;&nbsp; 35 | 35588 |
| 4.38%, 03/06/29 | &nbsp;&nbsp; 855 | 875272 |
| 4.38%, 03/22/35 | &nbsp;&nbsp; 655 | 661722 |
| 4.50%, 08/25/28 | &nbsp;&nbsp; 840 | 860602 |
| 5.82%, 06/16/28 | &nbsp;&nbsp; 185 | 195229 |
| Asian Infrastructure Investment Bank (The) |  |  |
| 3.75%, 09/14/27 | &nbsp;&nbsp; 185 | 185278 |
| 4.00%, 01/18/28 | &nbsp;&nbsp; 240 | 241991 |
| 4.13%, 01/18/29 | &nbsp;&nbsp; 595 | 603532 |
| 4.25%, 03/13/34 | &nbsp;&nbsp; 445 | 447023 |
| 4.50%, 01/16/30 | &nbsp;&nbsp; 290 | 299132 |
| 4.50%, 05/21/35 | &nbsp;&nbsp; 105 | 107238 |
| 4.88%, 09/14/26 | &nbsp;&nbsp; 165 | 166652 |
| Corp. Andina de Fomento |  |  |
| 4.13%, 01/07/28 | &nbsp;&nbsp; 170 | 170630 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 5.00%, 01/24/29 | &nbsp;&nbsp; $280 | $288782 |
| 5.00%, 01/22/30 | &nbsp;&nbsp; 200 | 207459 |
| 6.00%, 04/26/27 | &nbsp;&nbsp; 330 | 340054 |
| Council of Europe Development Bank |  |  |
| 0.88%, 09/22/26 | &nbsp;&nbsp; 25 | 24234 |
| 3.63%, 01/26/28 | &nbsp;&nbsp; 30 | 29985 |
| 3.63%, 05/08/28 | &nbsp;&nbsp; 5 | 5000 |
| 4.13%, 01/24/29 | &nbsp;&nbsp; 270 | 274019 |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 155 | 159842 |
| 4.63%, 06/11/27 | &nbsp;&nbsp; 150 | 152238 |
| European Bank for Reconstruction & Development |  |  |
| 4.13%, 01/25/29 | &nbsp;&nbsp; 900 | 913845 |
| 4.25%, 03/13/34 | &nbsp;&nbsp; 430 | 431501 |
| 4.38%, 03/09/28 | &nbsp;&nbsp; 445 | 452876 |
| European Investment Bank |  |  |
| 0.63%, 10/21/27 | &nbsp;&nbsp; 200 | 187641 |
| 0.75%, 10/26/26 | &nbsp;&nbsp; 650 | 627702 |
| 0.75%, 09/23/30 | &nbsp;&nbsp; 175 | 151173 |
| 0.88%, 05/17/30 | &nbsp;&nbsp; 340 | 298768 |
| 1.25%, 02/14/31 | &nbsp;&nbsp; 965 | 846271 |
| 1.38%, 03/15/27 | &nbsp;&nbsp; 1115 | 1076200 |
| 1.63%, 10/09/29 | &nbsp;&nbsp; 170 | 156909 |
| 1.63%, 05/13/31 | &nbsp;&nbsp; 110 | 97908 |
| 1.75%, 03/15/29 | &nbsp;&nbsp; 665 | 623518 |
| 2.38%, 05/24/27 | &nbsp;&nbsp; 499 | 487927 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 560 | 555344 |
| 3.63%, 07/15/30 | &nbsp;&nbsp; 880 | 876362 |
| 3.75%, 11/15/29 | &nbsp;&nbsp; 1000 | 1002920 |
| 3.75%, 02/14/33 | &nbsp;&nbsp; 1150 | 1133036 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 1320 | 1328396 |
| 3.88%, 10/15/30 | &nbsp;&nbsp; 310 | 312035 |
| 4.00%, 02/15/29 | &nbsp;&nbsp; 1065 | 1077398 |
| 4.13%, 02/13/34 | &nbsp;&nbsp; 960 | 958845 |
| 4.25%, 08/16/32 | &nbsp;&nbsp; 335 | 340626 |
| 4.38%, 03/19/27 | &nbsp;&nbsp; 900 | 908694 |
| 4.38%, 10/10/31 | &nbsp;&nbsp; 910 | 937620 |
| 4.50%, 10/16/28 | &nbsp;&nbsp; 935 | 959163 |
| 4.50%, 03/14/30 | &nbsp;&nbsp; 1210 | 1250158 |
| 4.63%, 02/12/35 | &nbsp;&nbsp; 770 | 793531 |
| 4.75%, 06/15/29 | &nbsp;&nbsp; 1100 | 1142340 |
| Inter-American Development Bank |  |  |
| 0.63%, 09/16/27 | &nbsp;&nbsp; 360 | 338572 |
| 1.13%, 07/20/28 | &nbsp;&nbsp; 740 | 689512 |
| 1.13%, 01/13/31 | &nbsp;&nbsp; 970 | 845424 |
| 1.50%, 01/13/27 | &nbsp;&nbsp; 765 | 741809 |
| 2.25%, 06/18/29 | &nbsp;&nbsp; 668 | 634629 |
| 2.38%, 07/07/27 | &nbsp;&nbsp; 646 | 630760 |
| 3.13%, 09/18/28 | &nbsp;&nbsp; 705 | 694650 |
| 3.50%, 09/14/29 | &nbsp;&nbsp; 680 | 675426 |
| 3.50%, 04/12/33 | &nbsp;&nbsp; 575 | 554731 |
| 3.63%, 09/17/31 | &nbsp;&nbsp; 495 | 488575 |
| 3.75%, 06/14/30 | &nbsp;&nbsp; 100 | 100099 |
| 4.00%, 01/12/28 | &nbsp;&nbsp; 720 | 725715 |
| 4.13%, 02/15/29 | &nbsp;&nbsp; 920 | 933934 |
| 4.38%, 02/01/27 | &nbsp;&nbsp; 370 | 372890 |
| 4.38%, 07/17/34 | &nbsp;&nbsp; 605 | 612650 |
| 4.38%, 07/16/35 | &nbsp;&nbsp; 460 | 462975 |
| 4.50%, 02/15/30 | &nbsp;&nbsp; 250 | 258028 |
| 4.50%, 09/13/33 | &nbsp;&nbsp; 495 | 509001 |
| Inter-American Investment Corp. |  |  |
| 3.63%, 02/17/27 | &nbsp;&nbsp; 135 | 134530 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 4.13%, 02/15/28 | &nbsp;&nbsp; $45 | $45406 |
| 4.25%, 02/14/29 | &nbsp;&nbsp; 225 | 228408 |
| 4.25%, 04/01/30 | &nbsp;&nbsp; 220 | 223808 |
| 4.75%, 09/19/28 | &nbsp;&nbsp; 115 | 118301 |
| International Bank for Reconstruction & <br> Development<br>|  |  |
| 0.75%, 11/24/27 | &nbsp;&nbsp; 1150 | 1079014 |
| 0.75%, 08/26/30 | &nbsp;&nbsp; 875 | 756972 |
| 0.88%, 05/14/30 | &nbsp;&nbsp; 1180 | 1036529 |
| 1.13%, 09/13/28 | &nbsp;&nbsp; 1160 | 1076993 |
| 1.25%, 02/10/31 | &nbsp;&nbsp; 973 | 851745 |
| 1.38%, 04/20/28 | &nbsp;&nbsp; 1165 | 1099498 |
| 1.63%, 11/03/31 | &nbsp;&nbsp; 1365 | 1197282 |
| 1.75%, 10/23/29 | &nbsp;&nbsp; 719 | 665798 |
| 1.88%, 10/27/26 | &nbsp;&nbsp; 425 | 415624 |
| 2.50%, 11/22/27 | &nbsp;&nbsp; 480 | 468219 |
| 2.50%, 03/29/32 | &nbsp;&nbsp; 315 | 288634 |
| 3.13%, 06/15/27 | &nbsp;&nbsp; 965 | 955480 |
| 3.50%, 07/12/28 | &nbsp;&nbsp; 1185 | 1180894 |
| 3.63%, 05/05/28 | &nbsp;&nbsp; 30 | 30009 |
| 3.63%, 09/21/29 | &nbsp;&nbsp; 635 | 633520 |
| 3.88%, 10/16/29 | &nbsp;&nbsp; 410 | 412865 |
| 3.88%, 02/14/30 | &nbsp;&nbsp; 1240 | 1248380 |
| 3.88%, 08/28/34 | &nbsp;&nbsp; 965 | 941692 |
| 4.00%, 07/25/30 | &nbsp;&nbsp; 650 | 657559 |
| 4.00%, 01/10/31 | &nbsp;&nbsp; 1210 | 1222221 |
| 4.00%, 05/06/32 | &nbsp;&nbsp; 590 | 591081 |
| 4.13%, 03/20/30 | &nbsp;&nbsp; 720 | 732263 |
| 4.38%, 08/27/35 | &nbsp;&nbsp; 1280 | 1288570 |
| 4.50%, 04/10/31 | &nbsp;&nbsp; 600 | 620476 |
| 4.63%, 08/01/28 | &nbsp;&nbsp; 885 | 908933 |
| 4.63%, 01/15/32 | &nbsp;&nbsp; 1285 | 1334234 |
| 4.75%, 11/14/33 | &nbsp;&nbsp; 840 | 878552 |
| Series GDIF, 4.75%, 07/30/29 | &nbsp;&nbsp; 25 | 25060 |
| Series GDIF, 5.17%, 04/24/29 | &nbsp;&nbsp; 25 | 25197 |
| Series GDIF, 5.75%, 05/02/34 | &nbsp;&nbsp; 25 | 25234 |
| International Finance Corp. |  |  |
| 0.75%, 10/08/26 | &nbsp;&nbsp; 360 | 348062 |
| 0.75%, 08/27/30 | &nbsp;&nbsp; 750 | 648809 |
| 4.25%, 07/02/29 | &nbsp;&nbsp; 440 | 448951 |
| 4.38%, 01/15/27 | &nbsp;&nbsp; 170 | 171294 |
| 4.50%, 01/21/28 | &nbsp;&nbsp; 55 | 56087 |
| 4.50%, 07/13/28 | &nbsp;&nbsp; 370 | 378698 |
| Nordic Investment Bank |  |  |
| 3.38%, 09/08/27 | &nbsp;&nbsp; 97 | 96428 |
| 3.75%, 05/09/30 | &nbsp;&nbsp; 200 | 200249 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 120 | 122306 |
| 4.38%, 03/14/28 | &nbsp;&nbsp; 155 | 157727 |
|  |  | 76301831 |
| **Sweden — 0.0%** | **Sweden — 0.0%** | **Sweden — 0.0%** |
| Svensk Exportkredit AB |  |  |
| 2.25%, 03/22/27 | &nbsp;&nbsp; 225 | 219505 |
| 3.75%, 09/13/27 | &nbsp;&nbsp; 300 | 299968 |
| 4.13%, 06/14/28 | &nbsp;&nbsp; 265 | 267822 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 220 | 223515 |
| 4.88%, 09/14/26 | &nbsp;&nbsp; 55 | 55516 |
| 4.88%, 10/04/30 | &nbsp;&nbsp; 330 | 345363 |
|  |  | 1411689 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |
| Uruguay Government International Bonds |  |  |
| 4.38%, 10/27/27 | &nbsp;&nbsp; $430 | $431753 |
| 4.38%, 01/23/31 | &nbsp;&nbsp; 413 | 414713 |
| 5.75%, 10/28/34 | &nbsp;&nbsp; 495 | 524711 |
|  |  | 1371177 |
| **Total Foreign Government Obligations — 3.9%** <br>**(Cost: $140,308,305)** | **Total Foreign Government Obligations — 3.9%** <br>**(Cost: $140,308,305)** | 139655021 |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
| Regents of the University of California Medical <br> Center Pooled Revenue RB, 4.13%, 05/15/32<br>| &nbsp;&nbsp; 40 | 39228 |
| San Francisco City & County Public Utilities <br> Commission Wastewater Revenue RB, <br> Class A,4.66%, 10/01/27<br>| &nbsp;&nbsp; 120 | 121778 |
| State of California GO |  |  |
| 1.70%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 100 | 95222 |
| 2.50%, 10/01/29 | &nbsp;&nbsp; 550 | 522392 |
| 4.50%, 08/01/29 | &nbsp;&nbsp; 200 | 204901 |
| 4.88%, 09/01/30 | &nbsp;&nbsp; 500 | 523557 |
| 5.10%, 09/01/35 | &nbsp;&nbsp; 100 | 102986 |
| 5.75%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; 100 | 109112 |
| 6.00%, 03/01/33 | &nbsp;&nbsp; 20 | 22015 |
| University of California RB |  |  |
| Series BD, 3.35%, 07/01/29 | &nbsp;&nbsp; 190 | 186610 |
| Series BG, 1.32%, 05/15/27 | &nbsp;&nbsp; 195 | 187057 |
| Series BG, 1.61%, 05/15/30 | &nbsp;&nbsp; 250 | 224854 |
|  |  | 2339712 |
| **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** |
| State Board of Administration Finance Corp. RB |  |  |
| 2.15%, 07/01/30 | &nbsp;&nbsp; 300 | 273556 |
| Class A,5.53%, 07/01/34 | &nbsp;&nbsp; 200 | 206524 |
|  |  | 480080 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp; 1475 | 1490911 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| Louisiana Local Government Environmental <br> Facilities & Community Development Authority <br> RB, 5.08%, 06/01/31<br>| &nbsp;&nbsp; 142 | 143844 |
| **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |
| Commonwealth of Massachusetts GOL BAB, 4.91%, <br> 05/01/29<br>| &nbsp;&nbsp; 250 | 253570 |
| Commonwealth of Massachusetts RB, 3.77%, <br> 07/15/29<br>| &nbsp;&nbsp; 325 | 322555 |
|  |  | 576125 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |
| New Jersey Economic Development Authority RB, <br> Series A, Class A,7.43%, 02/15/29 (NPFGC)<br>| &nbsp;&nbsp; 300 | 316009 |
| **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** |
| New York State Dormitory Authority RB, 5.23%, <br> 07/01/35<br>| &nbsp;&nbsp; 200 | 205275 |
| **Oregon — 0.0%** | **Oregon — 0.0%** | **Oregon — 0.0%** |
| Oregon School Boards Association GOL |  |  |
| Series B, 5.55%, 06/30/28 (NPFGC) | &nbsp;&nbsp; 121 | 123953 |
| Series B, 5.68%, 06/30/28 (NPFGC) | &nbsp;&nbsp; 191 | 194875 |
|  |  | 318828 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
| Texas Department of Transportation State Highway <br> Fund RB, First Class,5.18%, 04/01/30<br>| &nbsp;&nbsp; $610 | $624058 |
| **Total Municipal Debt Obligations — 0.2%** <br>**(Cost: $6,516,989)** | **Total Municipal Debt Obligations — 0.2%** <br>**(Cost: $6,516,989)** | 6494842 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **U.S. Government Agency Obligations — 0.4%** | **U.S. Government Agency Obligations — 0.4%** | **U.S. Government Agency Obligations — 0.4%** |
| Federal Home Loan Banks |  |  |
| 3.00%, 03/10/28 | &nbsp;&nbsp; 75 | 73885 |
| 3.25%, 06/09/28 | &nbsp;&nbsp; 300 | 297232 |
| 3.25%, 11/16/28<sup>(a)</sup> | &nbsp;&nbsp; 2470 | 2443749 |
| 4.13%, 01/15/27 | &nbsp;&nbsp; 50 | 50231 |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.25%, 07/15/32 | &nbsp;&nbsp; 500 | 567910 |
| 6.75%, 09/15/29 | &nbsp;&nbsp; 50 | 55719 |
| 6.75%, 03/15/31 | &nbsp;&nbsp; 1075 | 1232394 |
| Federal National Mortgage Association |  |  |
| 0.75%, 10/08/27 | &nbsp;&nbsp; 1807 | 1701096 |
| 0.88%, 12/18/26 | &nbsp;&nbsp; 60 | 57629 |
| 0.88%, 08/05/30 | &nbsp;&nbsp; 2550 | 2225158 |
| 1.88%, 09/24/26 | &nbsp;&nbsp; 2591 | 2536899 |
| 6.03%, 10/08/27 | &nbsp;&nbsp; 320 | 334761 |
| 6.25%, 05/15/29 | &nbsp;&nbsp; 1285 | 1399632 |
| 6.63%, 11/15/30 | &nbsp;&nbsp; 1075 | 1218809 |
| 7.13%, 01/15/30 | &nbsp;&nbsp; 25 | 28414 |
| 7.25%, 05/15/30 | &nbsp;&nbsp; 170 | 195771 |
| Tennessee Valley Authority |  |  |
| 4.88%, 05/15/35 | &nbsp;&nbsp; 250 | 256582 |
| Series A, 2.88%, 02/01/27 | &nbsp;&nbsp; 50 | 49346 |
|  |  | 14725217 |
| **U.S. Government Obligations — 64.5%** | **U.S. Government Obligations — 64.5%** | **U.S. Government Obligations — 64.5%** |
| U.S. Treasury Note/Bond |  |  |
| 0.50%, 04/30/27 | &nbsp;&nbsp; 2000 | 1898594 |
| 0.50%, 05/31/27 | &nbsp;&nbsp; 7900 | 7482164 |
| 0.50%, 06/30/27 | &nbsp;&nbsp; 6070 | 5735202 |
| 0.50%, 10/31/27 | &nbsp;&nbsp; 10100 | 9452180 |
| 0.63%, 03/31/27 | &nbsp;&nbsp; 3850 | 3670734 |
| 0.63%, 11/30/27 | &nbsp;&nbsp; 20000 | 18729688 |
| 0.63%, 12/31/27 | &nbsp;&nbsp; 5200 | 4856719 |
| 0.63%, 05/15/30 | &nbsp;&nbsp; 11450 | 9951660 |
| 0.75%, 08/31/26 | &nbsp;&nbsp; 19000 | 18424805 |
| 0.75%, 01/31/28 | &nbsp;&nbsp; 9000 | 8412188 |
| 0.88%, 09/30/26 | &nbsp;&nbsp; 9000 | 8719805 |
| 0.88%, 11/15/30 | &nbsp;&nbsp; 10000 | 8669531 |
| 1.00%, 07/31/28 | &nbsp;&nbsp; 13000 | 12077812 |
| 1.13%, 10/31/26 | &nbsp;&nbsp; 16000 | 15511250 |
| 1.13%, 02/28/27 | &nbsp;&nbsp; 2800 | 2695547 |
| 1.13%, 02/29/28 | &nbsp;&nbsp; 10000 | 9416406 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 20005 | 18614027 |
| 1.13%, 02/15/31 | &nbsp;&nbsp; 20500 | 17907070 |
| 1.25%, 11/30/26 | &nbsp;&nbsp; 15100 | 14637562 |
| 1.25%, 12/31/26 | &nbsp;&nbsp; 20000 | 19351563 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 11500 | 10842344 |
| 1.25%, 04/30/28 | &nbsp;&nbsp; 11780 | 11087925 |
| 1.25%, 05/31/28 | &nbsp;&nbsp; 11000 | 10332266 |
| 1.25%, 06/30/28 | &nbsp;&nbsp; 10500 | 9846211 |
| 1.25%, 09/30/28 | &nbsp;&nbsp; 24500 | 22840508 |
| 1.25%, 08/15/31 | &nbsp;&nbsp; 25712 | 22218784 |
| 1.38%, 10/31/28 | &nbsp;&nbsp; 11190 | 10453034 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 1.38%, 12/31/28 | &nbsp;&nbsp; $8500 | $7912969 |
| 1.38%, 11/15/31 | &nbsp;&nbsp; 25600 | 22122000 |
| 1.50%, 01/31/27 | &nbsp;&nbsp; 20620 | 19986096 |
| 1.50%, 11/30/28 | &nbsp;&nbsp; 10050 | 9409312 |
| 1.50%, 02/15/30 | &nbsp;&nbsp; 11200 | 10218250 |
| 1.63%, 09/30/26 | &nbsp;&nbsp; 4000 | 3907188 |
| 1.63%, 11/30/26 | &nbsp;&nbsp; 8400 | 8181797 |
| 1.63%, 05/15/31 | &nbsp;&nbsp; 23000 | 20475391 |
| 1.75%, 12/31/26 | &nbsp;&nbsp; 8000 | 7793438 |
| 1.75%, 01/31/29 | &nbsp;&nbsp; 10750 | 10114238 |
| 1.88%, 02/28/27 | &nbsp;&nbsp; 13430 | 13071167 |
| 1.88%, 02/28/29 | &nbsp;&nbsp; 10000 | 9435156 |
| 1.88%, 02/15/32 | &nbsp;&nbsp; 24710 | 21893446 |
| 2.00%, 11/15/26 | &nbsp;&nbsp; 12400 | 12139406 |
| 2.25%, 02/15/27 | &nbsp;&nbsp; 8900 | 8715047 |
| 2.25%, 08/15/27 | &nbsp;&nbsp; 8000 | 7791875 |
| 2.25%, 11/15/27 | &nbsp;&nbsp; 12710 | 12345581 |
| 2.38%, 05/15/27 | &nbsp;&nbsp; 11000 | 10766680 |
| 2.38%, 03/31/29 | &nbsp;&nbsp; 9000 | 8630156 |
| 2.38%, 05/15/29 | &nbsp;&nbsp; 11000 | 10529922 |
| 2.50%, 03/31/27 | &nbsp;&nbsp; 11000 | 10798477 |
| 2.63%, 05/31/27 | &nbsp;&nbsp; 10041 | 9864204 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 12922 | 12513140 |
| 2.63%, 07/31/29 | &nbsp;&nbsp; 9500 | 9154141 |
| 2.75%, 04/30/27 | &nbsp;&nbsp; 13400 | 13200047 |
| 2.75%, 07/31/27 | &nbsp;&nbsp; 9910 | 9747027 |
| 2.75%, 02/15/28 | &nbsp;&nbsp; 8990 | 8812307 |
| 2.75%, 05/31/29 | &nbsp;&nbsp; 18000 | 17454375 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 18916 | 17562324 |
| 2.88%, 05/15/28 | &nbsp;&nbsp; 10830 | 10630322 |
| 2.88%, 08/15/28 | &nbsp;&nbsp; 13051 | 12793039 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 11000 | 10721562 |
| 2.88%, 05/15/32 | &nbsp;&nbsp; 21120 | 19839600 |
| 3.13%, 08/31/27 | &nbsp;&nbsp; 10000 | 9905078 |
| 3.13%, 11/15/28 | &nbsp;&nbsp; 14500 | 14292695 |
| 3.13%, 08/31/29 | &nbsp;&nbsp; 13000 | 12757266 |
| 3.25%, 06/30/27 | &nbsp;&nbsp; 10000 | 9930078 |
| 3.25%, 06/30/29 | &nbsp;&nbsp; 8600 | 8484437 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 19421 | 19331481 |
| 3.38%, 05/15/33 | &nbsp;&nbsp; 22450 | 21520430 |
| 3.50%, 09/30/26 | &nbsp;&nbsp; 11043 | 11002883 |
| 3.50%, 01/31/28 | &nbsp;&nbsp; 7500 | 7483008 |
| 3.50%, 04/30/28 | &nbsp;&nbsp; 5715 | 5701159 |
| 3.50%, 09/30/29 | &nbsp;&nbsp; 26346 | 26208095 |
| 3.50%, 01/31/30 | &nbsp;&nbsp; 9500 | 9436172 |
| 3.50%, 04/30/30 | &nbsp;&nbsp; 14500 | 14387852 |
| 3.50%, 02/15/33 | &nbsp;&nbsp; 24000 | 23265000 |
| 3.63%, 03/31/28 | &nbsp;&nbsp; 13350 | 13363559 |
| 3.63%, 05/31/28 | &nbsp;&nbsp; 10000 | 10008594 |
| 3.63%, 08/15/28 | &nbsp;&nbsp; 1856 | 1858465 |
| 3.63%, 08/31/29 | &nbsp;&nbsp; 12453 | 12449108 |
| 3.63%, 03/31/30 | &nbsp;&nbsp; 7900 | 7882719 |
| 3.63%, 09/30/31 | &nbsp;&nbsp; 8409 | 8315056 |
| 3.75%, 04/30/27 | &nbsp;&nbsp; 16285 | 16302812 |
| 3.75%, 06/30/27 | &nbsp;&nbsp; 23060 | 23100535 |
| 3.75%, 08/15/27 | &nbsp;&nbsp; 12773 | 12799943 |
| 3.75%, 04/15/28 | &nbsp;&nbsp; 258 | 258988 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 283 | 284194 |
| 3.75%, 12/31/28 | &nbsp;&nbsp; 9470 | 9512911 |
| 3.75%, 05/31/30 | &nbsp;&nbsp; 11000 | 11029219 |
| 3.75%, 06/30/30 | &nbsp;&nbsp; 11026 | 11055288 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.75%, 12/31/30 | &nbsp;&nbsp; $6462 | $6464524 |
| 3.75%, 08/31/31 | &nbsp;&nbsp; 7208 | 7181533 |
| 3.88%, 03/31/27 | &nbsp;&nbsp; 15728 | 15769777 |
| 3.88%, 05/31/27 | &nbsp;&nbsp; 22625 | 22702773 |
| 3.88%, 07/31/27 | &nbsp;&nbsp; 18210 | 18286823 |
| 3.88%, 10/15/27 | &nbsp;&nbsp; 12014 | 12075947 |
| 3.88%, 11/30/27 | &nbsp;&nbsp; 16016 | 16104839 |
| 3.88%, 12/31/27 | &nbsp;&nbsp; 5235 | 5266901 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 8908 | 8972026 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 6909 | 6962977 |
| 3.88%, 07/15/28 | &nbsp;&nbsp; 1859 | 1873523 |
| 3.88%, 09/30/29 | &nbsp;&nbsp; 17160 | 17312831 |
| 3.88%, 11/30/29 | &nbsp;&nbsp; 19430 | 19595459 |
| 3.88%, 12/31/29 | &nbsp;&nbsp; 17124 | 17273835 |
| 3.88%, 04/30/30 | &nbsp;&nbsp; 17300 | 17447320 |
| 3.88%, 06/30/30 | &nbsp;&nbsp; 20450 | 20620949 |
| 3.88%, 07/31/30 | &nbsp;&nbsp; 26980 | 27201320 |
| 3.88%, 08/15/33 | &nbsp;&nbsp; 25657 | 25392412 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 24888 | 24401906 |
| 4.00%, 01/15/27 | &nbsp;&nbsp; 8747 | 8774334 |
| 4.00%, 12/15/27 | &nbsp;&nbsp; 11895 | 12000011 |
| 4.00%, 02/29/28 | &nbsp;&nbsp; 12000 | 12115313 |
| 4.00%, 06/30/28 | &nbsp;&nbsp; 15192 | 15361723 |
| 4.00%, 01/31/29 | &nbsp;&nbsp; 9877 | 10001234 |
| 4.00%, 07/31/29 | &nbsp;&nbsp; 12526 | 12692361 |
| 4.00%, 10/31/29 | &nbsp;&nbsp; 8700 | 8818945 |
| 4.00%, 02/28/30 | &nbsp;&nbsp; 23913 | 24251145 |
| 4.00%, 03/31/30 | &nbsp;&nbsp; 17341 | 17579439 |
| 4.00%, 05/31/30 | &nbsp;&nbsp; 14970 | 15179346 |
| 4.00%, 07/31/30 | &nbsp;&nbsp; 13000 | 13172656 |
| 4.00%, 01/31/31 | &nbsp;&nbsp; 6636 | 6715839 |
| 4.00%, 04/30/32 | &nbsp;&nbsp; 7136 | 7178370 |
| 4.00%, 06/30/32 | &nbsp;&nbsp; 11256 | 11315797 |
| 4.00%, 07/31/32 | &nbsp;&nbsp; 8534 | 8574003 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 24780 | 24640612 |
| 4.13%, 10/31/26 | &nbsp;&nbsp; 8975 | 9003748 |
| 4.13%, 01/31/27 | &nbsp;&nbsp; 11507 | 11564535 |
| 4.13%, 02/15/27 | &nbsp;&nbsp; 11397 | 11457101 |
| 4.13%, 02/28/27 | &nbsp;&nbsp; 18109 | 18212985 |
| 4.13%, 09/30/27 | &nbsp;&nbsp; 11325 | 11439135 |
| 4.13%, 10/31/27 | &nbsp;&nbsp; 9940 | 10043283 |
| 4.13%, 11/15/27 | &nbsp;&nbsp; 11329 | 11450256 |
| 4.13%, 07/31/28 | &nbsp;&nbsp; 11000 | 11161562 |
| 4.13%, 03/31/29 | &nbsp;&nbsp; 13013 | 13234628 |
| 4.13%, 10/31/29 | &nbsp;&nbsp; 12471 | 12698011 |
| 4.13%, 11/30/29 | &nbsp;&nbsp; 18017 | 18349188 |
| 4.13%, 08/31/30 | &nbsp;&nbsp; 7612 | 7755320 |
| 4.13%, 03/31/31 | &nbsp;&nbsp; 7208 | 7336393 |
| 4.13%, 07/31/31 | &nbsp;&nbsp; 8460 | 8600119 |
| 4.13%, 10/31/31 | &nbsp;&nbsp; 8346 | 8474450 |
| 4.13%, 11/30/31 | &nbsp;&nbsp; 7366 | 7477066 |
| 4.13%, 02/29/32 | &nbsp;&nbsp; 7772 | 7879472 |
| 4.13%, 03/31/32 | &nbsp;&nbsp; 11324 | 11477936 |
| 4.13%, 05/31/32 | &nbsp;&nbsp; 13865 | 14042645 |
| 4.13%, 11/15/32 | &nbsp;&nbsp; 22000 | 22247500 |
| 4.25%, 11/30/26 | &nbsp;&nbsp; 8891 | 8938581 |
| 4.25%, 12/31/26 | &nbsp;&nbsp; 9326 | 9382102 |
| 4.25%, 03/15/27 | &nbsp;&nbsp; 11596 | 11687953 |
| 4.25%, 01/15/28 | &nbsp;&nbsp; 9718 | 9858456 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 8520 | 8649131 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 10395 | 10612645 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.25%, 06/30/29 | &nbsp;&nbsp; $12731 | $13010485 |
| 4.25%, 01/31/30 | &nbsp;&nbsp; 14328 | 14667171 |
| 4.25%, 02/28/31 | &nbsp;&nbsp; 6705 | 6867387 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 8064 | 8251110 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 24746 | 24912262 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 29040 | 29139825 |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 10644 | 10665621 |
| 4.38%, 12/15/26 | &nbsp;&nbsp; 8165 | 8224643 |
| 4.38%, 07/15/27 | &nbsp;&nbsp; 11100 | 11243520 |
| 4.38%, 08/31/28 | &nbsp;&nbsp; 11197 | 11444559 |
| 4.38%, 11/30/28 | &nbsp;&nbsp; 8972 | 9182982 |
| 4.38%, 12/31/29 | &nbsp;&nbsp; 14927 | 15351487 |
| 4.38%, 11/30/30 | &nbsp;&nbsp; 6370 | 6562593 |
| 4.38%, 01/31/32 | &nbsp;&nbsp; 7450 | 7659531 |
| 4.38%, 05/15/34 | &nbsp;&nbsp; 26888 | 27417357 |
| 4.50%, 04/15/27 | &nbsp;&nbsp; 13397 | 13563416 |
| 4.50%, 05/15/27 | &nbsp;&nbsp; 13679 | 13861743 |
| 4.50%, 05/31/29 | &nbsp;&nbsp; 17898 | 18439135 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 7545 | 7813791 |
| 4.50%, 11/15/33 | &nbsp;&nbsp; 26576 | 27410652 |
| 4.63%, 09/15/26 | &nbsp;&nbsp; 9918 | 9995872 |
| 4.63%, 10/15/26 | &nbsp;&nbsp; 12149 | 12254355 |
| 4.63%, 11/15/26 | &nbsp;&nbsp; 8197 | 8274167 |
| 4.63%, 06/15/27 | &nbsp;&nbsp; 11404 | 11591542 |
| 4.63%, 09/30/28 | &nbsp;&nbsp; 8337 | 8585807 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 17897 | 18509413 |
| 4.63%, 09/30/30 | &nbsp;&nbsp; 9072 | 9449764 |
| 4.63%, 04/30/31 | &nbsp;&nbsp; 7835 | 8169212 |
| 4.63%, 05/31/31 | &nbsp;&nbsp; 8404 | 8761827 |
| 4.63%, 02/15/35 | &nbsp;&nbsp; 29113 | 30113759 |
| 4.88%, 10/31/28 | &nbsp;&nbsp; 8906 | 9242758 |
| 4.88%, 10/31/30 | &nbsp;&nbsp; 7506 | 7907688 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 950 | 995199 |
| 5.25%, 02/15/29 | &nbsp;&nbsp; 150 | 158098 |
| 5.38%, 02/15/31 | &nbsp;&nbsp; 500 | 538711 |
| 5.50%, 08/15/28 | &nbsp;&nbsp; 8500 | 8946914 |
| 6.13%, 08/15/29 | &nbsp;&nbsp; 1000 | 1089219 |
| 6.50%, 11/15/26 | &nbsp;&nbsp; 4000 | 4131875 |
|  |  | 2281010738 |
| **Total U.S. Government & Agency Obligations — 64.9%** <br>**(Cost: $2,314,346,251)** | **Total U.S. Government & Agency Obligations — 64.9%** <br>**(Cost: $2,314,346,251)** | 2295735955 |
| **Total Long-Term Investments — 98.6%** <br>**(Cost: $3,506,883,160)** | **Total Long-Term Investments — 98.6%** <br>**(Cost: $3,506,883,160)** | 3489551043 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 25410288 | 25410288 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $25,410,288)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $25,410,288)** | 25410288 |
| **Total Investments — 99.3%** <br>**(Cost: $3,532,293,448)** | **Total Investments — 99.3%** <br>**(Cost: $3,532,293,448)** | 3514961331 |
| **Other Assets Less Liabilities — 0.7%** | **Other Assets Less Liabilities — 0.7%** | 25155171 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3540116502 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Intermediate Government/Credit Bond ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(e)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $23725200<br> $1685088 <br><sup>(a)</sup><br>| $— | $— | $— | $25410288 | 25410288<br> $317507 <br><sup>(b)</sup><br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1047665225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1047665225 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 139655021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139655021 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 6494842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6494842 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2295735955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2295735955 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 25410288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25410288 |
|  | &nbsp;&nbsp; $25410288 | &nbsp;&nbsp; $3489551043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3514961331 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** | **U.S. Government Agency Obligations** |
| **Mortgage-Backed Securities — 99.5%** | **Mortgage-Backed Securities — 99.5%** | **Mortgage-Backed Securities — 99.5%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.00%, 03/01/28 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $17254 |
| 2.00%, 05/01/28 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3629 |
| 2.00%, 08/01/28 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 62107 |
| 2.00%, 09/01/28 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 33210 |
| 2.00%, 12/01/28 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13739 |
| 2.00%, 01/01/30 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 60613 |
| 2.50%, 12/01/25 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5716 |
| 2.50%, 03/01/27 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5868 |
| 2.50%, 06/01/27 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8126 |
| 2.50%, 07/01/27 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 74171 |
| 2.50%, 08/01/27 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 136848 |
| 2.50%, 09/01/27 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 146224 |
| 2.50%, 11/01/27 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 75355 |
| 2.50%, 12/01/27 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1319 |
| 2.50%, 01/01/28 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2447 |
| 2.50%, 02/01/28 | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 1145197 |
| 2.50%, 03/01/28 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 151859 |
| 2.50%, 04/01/28 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 113814 |
| 2.50%, 05/01/28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25289 |
| 2.50%, 06/01/28 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38306 |
| 2.50%, 07/01/28 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 97467 |
| 2.50%, 09/01/28 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 30721 |
| 2.50%, 07/01/29 | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 536184 |
| 2.50%, 08/01/29 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19891 |
| 2.50%, 10/01/29 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 77613 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 410057 |
| 2.50%, 01/01/30 | &nbsp;&nbsp; 2077 | &nbsp;&nbsp; 2038776 |
| 2.50%, 02/01/30 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 258394 |
| 2.50%, 03/01/30 | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 1469785 |
| 2.50%, 04/01/30 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 1964010 |
| 2.50%, 05/01/30 | &nbsp;&nbsp; 1859 | &nbsp;&nbsp; 1806706 |
| 2.50%, 06/01/30 | &nbsp;&nbsp; 5358 | &nbsp;&nbsp; 5203919 |
| 2.50%, 07/01/30 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 369070 |
| 2.50%, 08/01/30 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 164015 |
| 2.50%, 09/01/30 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 156068 |
| 2.50%, 10/01/30 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3658 |
| 2.50%, 12/01/30 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6529 |
| 2.50%, 01/01/31 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21119 |
| 2.50%, 04/01/31 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2062 |
| 2.50%, 06/01/31 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 469341 |
| 2.50%, 08/01/31 | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 580220 |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 495724 |
| 2.50%, 10/01/31 | &nbsp;&nbsp; 2708 | &nbsp;&nbsp; 2615095 |
| 2.50%, 11/01/31 | &nbsp;&nbsp; 3115 | &nbsp;&nbsp; 3008373 |
| 2.50%, 12/01/31 | &nbsp;&nbsp; 7902 | &nbsp;&nbsp; 7625827 |
| 2.50%, 01/01/32 | &nbsp;&nbsp; 11010 | &nbsp;&nbsp; 10617301 |
| 2.50%, 02/01/32 | &nbsp;&nbsp; 6142 | &nbsp;&nbsp; 5925600 |
| 2.50%, 07/01/32 | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 754796 |
| 2.50%, 08/01/32 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 850310 |
| 2.50%, 09/01/32 | &nbsp;&nbsp; 3583 | &nbsp;&nbsp; 3454944 |
| 2.50%, 10/01/32 | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 685631 |
| 2.50%, 11/01/32 | &nbsp;&nbsp; 7039 | &nbsp;&nbsp; 6756376 |
| 2.50%, 12/01/32 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 382622 |
| 2.50%, 01/01/33 | &nbsp;&nbsp; 3736 | &nbsp;&nbsp; 3589683 |
| 2.50%, 02/01/33 | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 566011 |
| 2.50%, 04/01/33 | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 682035 |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 237783 |
| 2.50%, 06/01/34 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 259857 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 01/01/43 | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $42624 |
| 2.50%, 02/01/43 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 476318 |
| 2.50%, 03/01/43 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 64490 |
| 2.50%, 04/01/43 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 257406 |
| 2.50%, 06/01/43 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 198328 |
| 2.50%, 07/01/43 | &nbsp;&nbsp; 932 | &nbsp;&nbsp; 825430 |
| 2.50%, 08/01/43 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 90250 |
| 2.50%, 04/01/45 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 66824 |
| 2.50%, 07/01/45 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10939 |
| 2.50%, 01/01/46 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 95188 |
| 2.50%, 11/01/46 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 48086 |
| 2.50%, 12/01/46 | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 672752 |
| 2.50%, 01/01/47 | &nbsp;&nbsp; 771 | &nbsp;&nbsp; 661905 |
| 2.50%, 02/01/47 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 11243 |
| 2.50%, 03/01/47 | &nbsp;&nbsp; 1669 | &nbsp;&nbsp; 1433497 |
| 3.00%, 12/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 179 |
| 3.00%, 01/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 480 |
| 3.00%, 10/01/26 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23325 |
| 3.00%, 11/01/26 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34665 |
| 3.00%, 12/01/26 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 25552 |
| 3.00%, 01/01/27 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1806 |
| 3.00%, 02/01/27 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 90406 |
| 3.00%, 03/01/27 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1528 |
| 3.00%, 04/01/27 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 153074 |
| 3.00%, 05/01/27 | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 621321 |
| 3.00%, 06/01/27 | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 238304 |
| 3.00%, 07/01/27 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32713 |
| 3.00%, 08/01/27 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 77493 |
| 3.00%, 09/01/27 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 719805 |
| 3.00%, 11/01/27 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 132172 |
| 3.00%, 12/01/27 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 72647 |
| 3.00%, 01/01/28 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13084 |
| 3.00%, 04/01/28 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6910 |
| 3.00%, 05/01/28 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 81454 |
| 3.00%, 06/01/28 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 212113 |
| 3.00%, 07/01/28 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1348 |
| 3.00%, 09/01/28 | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 599251 |
| 3.00%, 10/01/28 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 112072 |
| 3.00%, 11/01/28 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21656 |
| 3.00%, 01/01/29 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 77393 |
| 3.00%, 04/01/29 | &nbsp;&nbsp; 979 | &nbsp;&nbsp; 963700 |
| 3.00%, 05/01/29 | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1726424 |
| 3.00%, 06/01/29 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 147479 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 177538 |
| 3.00%, 09/01/29 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11496 |
| 3.00%, 10/01/29 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 47368 |
| 3.00%, 11/01/29 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 420927 |
| 3.00%, 12/01/29 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 481336 |
| 3.00%, 01/01/30 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 81890 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 777551 |
| 3.00%, 03/01/30 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 150157 |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 1037358 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1237656 |
| 3.00%, 07/01/30 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 833064 |
| 3.00%, 08/01/30 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 188244 |
| 3.00%, 09/01/30 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1077500 |
| 3.00%, 10/01/30 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 176237 |
| 3.00%, 11/01/30 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 401083 |
| 3.00%, 12/01/30 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 267923 |
| 3.00%, 01/01/31 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 529299 |
| 3.00%, 02/01/31 | &nbsp;&nbsp; 1916 | &nbsp;&nbsp; 1875463 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 03/01/31 | &nbsp;&nbsp; $1111 | &nbsp;&nbsp; $1087703 |
| 3.00%, 05/01/31 | &nbsp;&nbsp; 2839 | &nbsp;&nbsp; 2776891 |
| 3.00%, 06/01/31 | &nbsp;&nbsp; 2432 | &nbsp;&nbsp; 2378719 |
| 3.00%, 07/01/31 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 252070 |
| 3.00%, 09/01/31 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 553192 |
| 3.00%, 10/01/31 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 73387 |
| 3.00%, 12/01/31 | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 263092 |
| 3.00%, 01/01/32 | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 965963 |
| 3.00%, 02/01/32 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 265732 |
| 3.00%, 03/01/32 | &nbsp;&nbsp; 2190 | &nbsp;&nbsp; 2140205 |
| 3.00%, 07/01/32 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 182812 |
| 3.00%, 08/01/32 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 551068 |
| 3.00%, 09/01/32 | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1474795 |
| 3.00%, 10/01/32 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 240044 |
| 3.00%, 11/01/32 | &nbsp;&nbsp; 2956 | &nbsp;&nbsp; 2880311 |
| 3.00%, 12/01/32 | &nbsp;&nbsp; 2636 | &nbsp;&nbsp; 2567113 |
| 3.00%, 01/01/33 | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 2160136 |
| 3.00%, 02/01/33 | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 1499469 |
| 3.00%, 03/01/33 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 36696 |
| 3.00%, 05/01/33 | &nbsp;&nbsp; 5012 | &nbsp;&nbsp; 4862078 |
| 3.00%, 07/01/33 | &nbsp;&nbsp; 934 | &nbsp;&nbsp; 910226 |
| 3.00%, 08/01/33 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 358148 |
| 3.00%, 11/01/33 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 216332 |
| 3.00%, 03/01/42 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14239 |
| 3.00%, 08/01/42 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4320 |
| 3.00%, 10/01/42 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 452719 |
| 3.00%, 11/01/42 | &nbsp;&nbsp; 10549 | &nbsp;&nbsp; 9656889 |
| 3.00%, 12/01/42 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 32694 |
| 3.00%, 01/01/43 | &nbsp;&nbsp; 3568 | &nbsp;&nbsp; 3266244 |
| 3.00%, 02/01/43 | &nbsp;&nbsp; 2726 | &nbsp;&nbsp; 2495763 |
| 3.00%, 03/01/43 | &nbsp;&nbsp; 839 | &nbsp;&nbsp; 766733 |
| 3.00%, 04/01/43 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 466015 |
| 3.00%, 05/01/43 | &nbsp;&nbsp; 1251 | &nbsp;&nbsp; 1142594 |
| 3.00%, 06/01/43 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 665959 |
| 3.00%, 07/01/43 | &nbsp;&nbsp; 1557 | &nbsp;&nbsp; 1422027 |
| 3.00%, 08/01/43 | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 577758 |
| 3.00%, 09/01/43 | &nbsp;&nbsp; 1846 | &nbsp;&nbsp; 1685687 |
| 3.00%, 10/01/43 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 747832 |
| 3.00%, 04/01/44 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 37669 |
| 3.00%, 01/01/45 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5213 |
| 3.00%, 02/01/45 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1029328 |
| 3.00%, 03/01/45 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 173209 |
| 3.00%, 04/01/45 | &nbsp;&nbsp; 18563 | &nbsp;&nbsp; 16704344 |
| 3.00%, 05/01/45 | &nbsp;&nbsp; 5554 | &nbsp;&nbsp; 4940300 |
| 3.00%, 06/01/45 | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 630753 |
| 3.00%, 07/01/45 | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2016894 |
| 3.00%, 08/01/45 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 413005 |
| 3.00%, 10/01/45 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 117118 |
| 3.00%, 11/01/45 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 406304 |
| 3.00%, 12/01/45 | &nbsp;&nbsp; 4484 | &nbsp;&nbsp; 4036870 |
| 3.00%, 01/01/46 | &nbsp;&nbsp; 1308 | &nbsp;&nbsp; 1177502 |
| 3.00%, 02/01/46 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 83615 |
| 3.00%, 03/01/46 | &nbsp;&nbsp; 14750 | &nbsp;&nbsp; 13187802 |
| 3.00%, 04/01/46 | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 357678 |
| 3.00%, 05/01/46 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 347286 |
| 3.00%, 06/01/46 | &nbsp;&nbsp; 841 | &nbsp;&nbsp; 757363 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 383624 |
| 3.00%, 08/01/46 | &nbsp;&nbsp; 11379 | &nbsp;&nbsp; 10191083 |
| 3.00%, 09/01/46 | &nbsp;&nbsp; 9154 | &nbsp;&nbsp; 8286135 |
| 3.00%, 10/01/46 | &nbsp;&nbsp; 20956 | &nbsp;&nbsp; 18803482 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 22503 | &nbsp;&nbsp; 20127540 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 12/01/46 | &nbsp;&nbsp; $37038 | &nbsp;&nbsp; $33155343 |
| 3.00%, 01/01/47 | &nbsp;&nbsp; 8668 | &nbsp;&nbsp; 7758227 |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 40984 | &nbsp;&nbsp; 36756418 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 664896 |
| 3.00%, 04/01/47 | &nbsp;&nbsp; 1069 | &nbsp;&nbsp; 935017 |
| 3.00%, 05/01/47 | &nbsp;&nbsp; 12121 | &nbsp;&nbsp; 10900307 |
| 3.00%, 06/01/47 | &nbsp;&nbsp; 11804 | &nbsp;&nbsp; 10554160 |
| 3.00%, 07/01/47 | &nbsp;&nbsp; 10753 | &nbsp;&nbsp; 9613434 |
| 3.00%, 08/01/47 | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1689722 |
| 3.00%, 10/01/47 | &nbsp;&nbsp; 3416 | &nbsp;&nbsp; 3054047 |
| 3.00%, 11/01/47 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 272644 |
| 3.00%, 12/01/47 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 505110 |
| 3.00%, 01/01/48 | &nbsp;&nbsp; 2148 | &nbsp;&nbsp; 1917423 |
| 3.00%, 02/01/48 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 625952 |
| 3.00%, 07/01/48 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 249658 |
| 3.00%, 10/01/48 | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 306923 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 500828 |
| 3.50%, 10/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 889 |
| 3.50%, 11/01/25 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49636 |
| 3.50%, 11/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 388 |
| 3.50%, 12/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 749 |
| 3.50%, 01/01/26 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2787 |
| 3.50%, 02/01/26 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11577 |
| 3.50%, 03/01/26 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37252 |
| 3.50%, 04/01/26 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4234 |
| 3.50%, 05/01/26 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3140 |
| 3.50%, 06/01/26 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18294 |
| 3.50%, 06/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 359 |
| 3.50%, 07/01/26 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 46512 |
| 3.50%, 07/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 161 |
| 3.50%, 08/01/26 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 51188 |
| 3.50%, 09/01/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1121 |
| 3.50%, 10/01/26 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 50794 |
| 3.50%, 01/01/27 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4634 |
| 3.50%, 02/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 413 |
| 3.50%, 03/01/27 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24885 |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3495 |
| 3.50%, 01/01/28 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 91595 |
| 3.50%, 12/01/28 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20565 |
| 3.50%, 02/01/29 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6609 |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4620 |
| 3.50%, 06/01/29 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 448079 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 46359 |
| 3.50%, 08/01/29 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 61633 |
| 3.50%, 09/01/29 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5592 |
| 3.50%, 10/01/29 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 405338 |
| 3.50%, 11/01/29 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7397 |
| 3.50%, 01/01/30 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7062 |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 65541 |
| 3.50%, 09/01/30 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8792 |
| 3.50%, 05/01/31 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 943823 |
| 3.50%, 01/01/32 | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 624675 |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 84508 |
| 3.50%, 04/01/32 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 929819 |
| 3.50%, 05/01/32 | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 1047895 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 996924 |
| 3.50%, 07/01/32 | &nbsp;&nbsp; 1171 | &nbsp;&nbsp; 1154376 |
| 3.50%, 09/01/32 | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 490230 |
| 3.50%, 10/01/32 | &nbsp;&nbsp; 2639 | &nbsp;&nbsp; 2603461 |
| 3.50%, 01/01/33 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 589896 |
| 3.50%, 02/01/33 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 182700 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 03/01/33 | &nbsp;&nbsp; $1038 | &nbsp;&nbsp; $1021169 |
| 3.50%, 06/01/33 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 901807 |
| 3.50%, 07/01/33 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 513134 |
| 3.50%, 09/01/33 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 498880 |
| 3.50%, 05/01/35 | &nbsp;&nbsp; 5009 | &nbsp;&nbsp; 4904245 |
| 3.50%, 03/01/38 | &nbsp;&nbsp; 4348 | &nbsp;&nbsp; 4200463 |
| 3.50%, 06/01/38 | &nbsp;&nbsp; 4467 | &nbsp;&nbsp; 4308786 |
| 3.50%, 02/01/41 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7245 |
| 3.50%, 10/01/41 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9771 |
| 3.50%, 11/01/41 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 30722 |
| 3.50%, 01/01/42 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 107025 |
| 3.50%, 02/01/42 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 185096 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 1458 | &nbsp;&nbsp; 1373337 |
| 3.50%, 04/01/42 | &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 1232502 |
| 3.50%, 05/01/42 | &nbsp;&nbsp; 922 | &nbsp;&nbsp; 868225 |
| 3.50%, 06/01/42 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 405839 |
| 3.50%, 08/01/42 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 39866 |
| 3.50%, 09/01/42 | &nbsp;&nbsp; 3432 | &nbsp;&nbsp; 3232909 |
| 3.50%, 10/01/42 | &nbsp;&nbsp; 1153 | &nbsp;&nbsp; 1084631 |
| 3.50%, 11/01/42 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 633809 |
| 3.50%, 01/01/43 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 745295 |
| 3.50%, 02/01/43 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 679333 |
| 3.50%, 04/01/43 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 13977 |
| 3.50%, 06/01/43 | &nbsp;&nbsp; 2237 | &nbsp;&nbsp; 2100577 |
| 3.50%, 07/01/43 | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 2132633 |
| 3.50%, 08/01/43 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11236 |
| 3.50%, 09/01/43 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11172 |
| 3.50%, 01/01/44 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 143111 |
| 3.50%, 08/01/44 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 313365 |
| 3.50%, 09/01/44 | &nbsp;&nbsp; 1178 | &nbsp;&nbsp; 1106320 |
| 3.50%, 10/01/44 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; 6437010 |
| 3.50%, 11/01/44 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 417285 |
| 3.50%, 12/01/44 | &nbsp;&nbsp; 4403 | &nbsp;&nbsp; 4063655 |
| 3.50%, 02/01/45 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 745348 |
| 3.50%, 03/01/45 | &nbsp;&nbsp; 3447 | &nbsp;&nbsp; 3224759 |
| 3.50%, 04/01/45 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2378 |
| 3.50%, 05/01/45 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 35861 |
| 3.50%, 06/01/45 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 404433 |
| 3.50%, 08/01/45 | &nbsp;&nbsp; 10757 | &nbsp;&nbsp; 10069006 |
| 3.50%, 09/01/45 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4624 |
| 3.50%, 11/01/45 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 276223 |
| 3.50%, 12/01/45 | &nbsp;&nbsp; 5269 | &nbsp;&nbsp; 4866553 |
| 3.50%, 01/01/46 | &nbsp;&nbsp; 4534 | &nbsp;&nbsp; 4207586 |
| 3.50%, 03/01/46 | &nbsp;&nbsp; 4935 | &nbsp;&nbsp; 4550607 |
| 3.50%, 04/01/46 | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; 1410316 |
| 3.50%, 05/01/46 | &nbsp;&nbsp; 17041 | &nbsp;&nbsp; 15680193 |
| 3.50%, 06/01/46 | &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 4298776 |
| 3.50%, 07/01/46 | &nbsp;&nbsp; 4716 | &nbsp;&nbsp; 4350331 |
| 3.50%, 08/01/46 | &nbsp;&nbsp; 4003 | &nbsp;&nbsp; 3712325 |
| 3.50%, 09/01/46 | &nbsp;&nbsp; 4835 | &nbsp;&nbsp; 4482925 |
| 3.50%, 10/01/46 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 417990 |
| 3.50%, 11/01/46 | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 876574 |
| 3.50%, 12/01/46 | &nbsp;&nbsp; 5388 | &nbsp;&nbsp; 4983001 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 1280157 |
| 3.50%, 02/01/47 | &nbsp;&nbsp; 4896 | &nbsp;&nbsp; 4537435 |
| 3.50%, 03/01/47 | &nbsp;&nbsp; 6042 | &nbsp;&nbsp; 5593885 |
| 3.50%, 04/01/47 | &nbsp;&nbsp; 2199 | &nbsp;&nbsp; 2026994 |
| 3.50%, 05/01/47 | &nbsp;&nbsp; 4022 | &nbsp;&nbsp; 3708823 |
| 3.50%, 06/01/47 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 114946 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 4729 | &nbsp;&nbsp; 4355874 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 2702 | &nbsp;&nbsp; 2496646 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 09/01/47 | &nbsp;&nbsp; $20543 | &nbsp;&nbsp; $18921327 |
| 3.50%, 10/01/47 | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 620851 |
| 3.50%, 11/01/47 | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 1520391 |
| 3.50%, 12/01/47 | &nbsp;&nbsp; 5060 | &nbsp;&nbsp; 4682188 |
| 3.50%, 01/01/48 | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 900519 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 1846001 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 9959 | &nbsp;&nbsp; 9159620 |
| 3.50%, 04/01/48 | &nbsp;&nbsp; 2246 | &nbsp;&nbsp; 2072653 |
| 3.50%, 05/01/48 | &nbsp;&nbsp; 6706 | &nbsp;&nbsp; 6178956 |
| 3.50%, 09/01/48 | &nbsp;&nbsp; 2224 | &nbsp;&nbsp; 2058948 |
| 3.50%, 04/01/49 | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 2029130 |
| 3.50%, 05/01/49 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 814649 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 902288 |
| 4.00%, 10/01/25 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4284 |
| 4.00%, 10/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 189 |
| 4.00%, 02/01/26 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13572 |
| 4.00%, 02/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 319 |
| 4.00%, 03/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 64 |
| 4.00%, 04/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 368 |
| 4.00%, 05/01/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1053 |
| 4.00%, 05/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 456 |
| 4.00%, 07/01/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 600 |
| 4.00%, 05/01/33 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 588573 |
| 4.00%, 09/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 404 |
| 4.00%, 11/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 91 |
| 4.00%, 01/01/34 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 111077 |
| 4.00%, 11/01/34 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 431881 |
| 4.00%, 07/01/38 | &nbsp;&nbsp; 1689 | &nbsp;&nbsp; 1663709 |
| 4.00%, 04/01/39 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10167 |
| 4.00%, 04/01/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 450 |
| 4.00%, 06/01/39 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19667 |
| 4.00%, 07/01/39 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 42979 |
| 4.00%, 08/01/39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5607 |
| 4.00%, 09/01/39 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6814 |
| 4.00%, 10/01/39 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 57154 |
| 4.00%, 11/01/39 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10329 |
| 4.00%, 12/01/39 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16301 |
| 4.00%, 01/01/40 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36426 |
| 4.00%, 02/01/40 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4517 |
| 4.00%, 03/01/40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2649 |
| 4.00%, 05/01/40 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13284 |
| 4.00%, 06/01/40 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4442 |
| 4.00%, 09/01/40 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7564 |
| 4.00%, 10/01/40 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 84187 |
| 4.00%, 12/01/40 | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 633164 |
| 4.00%, 01/01/41 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 146248 |
| 4.00%, 02/01/41 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 167007 |
| 4.00%, 04/01/41 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31232 |
| 4.00%, 06/01/41 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23765 |
| 4.00%, 07/01/41 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15133 |
| 4.00%, 08/01/41 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 25032 |
| 4.00%, 09/01/41 | &nbsp;&nbsp; 2134 | &nbsp;&nbsp; 2076392 |
| 4.00%, 10/01/41 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 78541 |
| 4.00%, 11/01/41 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 245567 |
| 4.00%, 12/01/41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 51818 |
| 4.00%, 01/01/42 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24399 |
| 4.00%, 02/01/42 | &nbsp;&nbsp; 4196 | &nbsp;&nbsp; 4081977 |
| 4.00%, 03/01/42 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36145 |
| 4.00%, 05/01/42 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 120986 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 200915 |
| 4.00%, 08/01/42 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1313366 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 04/01/43 | &nbsp;&nbsp; $1291 | &nbsp;&nbsp; $1246922 |
| 4.00%, 08/01/43 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 198800 |
| 4.00%, 10/01/43 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 104561 |
| 4.00%, 11/01/43 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2849 |
| 4.00%, 12/01/43 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 597983 |
| 4.00%, 01/01/44 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 44274 |
| 4.00%, 02/01/44 | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 682726 |
| 4.00%, 03/01/44 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13437 |
| 4.00%, 04/01/44 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 349853 |
| 4.00%, 05/01/44 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 345637 |
| 4.00%, 06/01/44 | &nbsp;&nbsp; 1266 | &nbsp;&nbsp; 1217943 |
| 4.00%, 07/01/44 | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 1678013 |
| 4.00%, 08/01/44 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19120 |
| 4.00%, 09/01/44 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 502204 |
| 4.00%, 10/01/44 | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 246418 |
| 4.00%, 11/01/44 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 186181 |
| 4.00%, 12/01/44 | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 675705 |
| 4.00%, 01/01/45 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 747363 |
| 4.00%, 02/01/45 | &nbsp;&nbsp; 5377 | &nbsp;&nbsp; 5174742 |
| 4.00%, 04/01/45 | &nbsp;&nbsp; 3539 | &nbsp;&nbsp; 3417427 |
| 4.00%, 06/01/45 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9506 |
| 4.00%, 07/01/45 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 895823 |
| 4.00%, 08/01/45 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18666 |
| 4.00%, 09/01/45 | &nbsp;&nbsp; 1797 | &nbsp;&nbsp; 1721357 |
| 4.00%, 10/01/45 | &nbsp;&nbsp; 839 | &nbsp;&nbsp; 803291 |
| 4.00%, 11/01/45 | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 577904 |
| 4.00%, 12/01/45 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 430893 |
| 4.00%, 01/01/46 | &nbsp;&nbsp; 831 | &nbsp;&nbsp; 794543 |
| 4.00%, 02/01/46 | &nbsp;&nbsp; 921 | &nbsp;&nbsp; 882575 |
| 4.00%, 03/01/46 | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 839732 |
| 4.00%, 04/01/46 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 688299 |
| 4.00%, 05/01/46 | &nbsp;&nbsp; 3095 | &nbsp;&nbsp; 2953366 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 89971 |
| 4.00%, 07/01/46 | &nbsp;&nbsp; 1767 | &nbsp;&nbsp; 1698754 |
| 4.00%, 08/01/46 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 40919 |
| 4.00%, 09/01/46 | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 743434 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 653838 |
| 4.00%, 11/01/46 | &nbsp;&nbsp; 12078 | &nbsp;&nbsp; 11522896 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23429 |
| 4.00%, 01/01/47 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 155786 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 3566 | &nbsp;&nbsp; 3402759 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 140896 |
| 4.00%, 06/01/47 | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 2181447 |
| 4.00%, 07/01/47 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 366227 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 2538 | &nbsp;&nbsp; 2403803 |
| 4.00%, 09/01/47 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 74715 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 694315 |
| 4.00%, 11/01/47 | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; 2928191 |
| 4.00%, 12/01/47 | &nbsp;&nbsp; 4073 | &nbsp;&nbsp; 3858438 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 2742 | &nbsp;&nbsp; 2620733 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 7310 | &nbsp;&nbsp; 6985794 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 831791 |
| 4.00%, 05/01/48 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 362519 |
| 4.00%, 06/01/48 | &nbsp;&nbsp; 10266 | &nbsp;&nbsp; 9809752 |
| 4.00%, 07/01/48 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 55723 |
| 4.00%, 08/01/48 | &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 961827 |
| 4.00%, 09/01/48 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 877406 |
| 4.00%, 10/01/48 | &nbsp;&nbsp; 7317 | &nbsp;&nbsp; 6973064 |
| 4.00%, 11/01/48 | &nbsp;&nbsp; 793 | &nbsp;&nbsp; 747589 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 2103 | &nbsp;&nbsp; 2006108 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 3009 | &nbsp;&nbsp; 2878583 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 02/01/49 | &nbsp;&nbsp; $15483 | &nbsp;&nbsp; $14742963 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 670670 |
| 4.00%, 04/01/49 | &nbsp;&nbsp; 2311 | &nbsp;&nbsp; 2175965 |
| 4.00%, 05/01/49 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 616377 |
| 4.50%, 09/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 86 |
| 4.50%, 08/01/30 | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 328545 |
| 4.50%, 08/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1417 |
| 4.50%, 03/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 215 |
| 4.50%, 04/01/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1135 |
| 4.50%, 05/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 263 |
| 4.50%, 06/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 135 |
| 4.50%, 06/01/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 929 |
| 4.50%, 08/01/35 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 35641 |
| 4.50%, 10/01/35 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1797 |
| 4.50%, 11/01/35 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5888 |
| 4.50%, 08/01/36 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4668 |
| 4.50%, 06/01/38 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24809 |
| 4.50%, 07/01/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1100 |
| 4.50%, 10/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 349 |
| 4.50%, 02/01/39 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26197 |
| 4.50%, 02/01/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 712 |
| 4.50%, 03/01/39 | &nbsp;&nbsp; 1552 | &nbsp;&nbsp; 1553662 |
| 4.50%, 03/01/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 520 |
| 4.50%, 04/01/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 681 |
| 4.50%, 04/01/39 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22464 |
| 4.50%, 05/01/39 | &nbsp;&nbsp; 1724 | &nbsp;&nbsp; 1726438 |
| 4.50%, 06/01/39 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 48687 |
| 4.50%, 07/01/39 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 119874 |
| 4.50%, 08/01/39 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37006 |
| 4.50%, 09/01/39 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 172385 |
| 4.50%, 10/01/39 | &nbsp;&nbsp; 1557 | &nbsp;&nbsp; 1559544 |
| 4.50%, 11/01/39 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38696 |
| 4.50%, 12/01/39 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 46704 |
| 4.50%, 01/01/40 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40071 |
| 4.50%, 02/01/40 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 215453 |
| 4.50%, 03/01/40 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6462 |
| 4.50%, 04/01/40 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 58854 |
| 4.50%, 05/01/40 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42776 |
| 4.50%, 06/01/40 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9901 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37366 |
| 4.50%, 08/01/40 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 131946 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; 1004231 |
| 4.50%, 10/01/40 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10121 |
| 4.50%, 11/01/40 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1126 |
| 4.50%, 01/01/41 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2967 |
| 4.50%, 02/01/41 | &nbsp;&nbsp; 1899 | &nbsp;&nbsp; 1895982 |
| 4.50%, 03/01/41 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 52822 |
| 4.50%, 04/01/41 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 89023 |
| 4.50%, 05/01/41 | &nbsp;&nbsp; 2407 | &nbsp;&nbsp; 2411135 |
| 4.50%, 06/01/41 | &nbsp;&nbsp; 3525 | &nbsp;&nbsp; 3514707 |
| 4.50%, 07/01/41 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55921 |
| 4.50%, 08/01/41 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 460465 |
| 4.50%, 10/01/41 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 116719 |
| 4.50%, 11/01/41 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7538 |
| 4.50%, 01/01/42 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4026 |
| 4.50%, 03/01/42 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20144 |
| 4.50%, 05/01/42 | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 1400883 |
| 4.50%, 09/01/43 | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1302496 |
| 4.50%, 10/01/43 | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 707327 |
| 4.50%, 11/01/43 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 134459 |
| 4.50%, 12/01/43 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 118034 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 01/01/44 | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $91954 |
| 4.50%, 02/01/44 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 370955 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 869 | &nbsp;&nbsp; 862103 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4792 |
| 4.50%, 05/01/44 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 117874 |
| 4.50%, 06/01/44 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 122655 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 121799 |
| 4.50%, 08/01/44 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20087 |
| 4.50%, 09/01/44 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16885 |
| 4.50%, 10/01/44 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 308260 |
| 4.50%, 11/01/44 | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 462514 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 901 | &nbsp;&nbsp; 891606 |
| 4.50%, 01/01/45 | &nbsp;&nbsp; 1276 | &nbsp;&nbsp; 1261369 |
| 4.50%, 03/01/45 | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 283783 |
| 4.50%, 06/01/45 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 182292 |
| 4.50%, 07/01/45 | &nbsp;&nbsp; 888 | &nbsp;&nbsp; 881045 |
| 4.50%, 08/01/45 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 432563 |
| 4.50%, 09/01/45 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 308463 |
| 4.50%, 10/01/45 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 307553 |
| 4.50%, 11/01/45 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 60976 |
| 4.50%, 01/01/46 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 362092 |
| 4.50%, 03/01/46 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 260769 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 230678 |
| 4.50%, 05/01/46 | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 912084 |
| 4.50%, 06/01/46 | &nbsp;&nbsp; 3649 | &nbsp;&nbsp; 3607215 |
| 4.50%, 07/01/46 | &nbsp;&nbsp; 1323 | &nbsp;&nbsp; 1306103 |
| 4.50%, 08/01/46 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 125317 |
| 4.50%, 09/01/46 | &nbsp;&nbsp; 2211 | &nbsp;&nbsp; 2185832 |
| 4.50%, 02/01/47 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 526328 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 117191 |
| 4.50%, 05/01/47 | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 884291 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 1140379 |
| 4.50%, 08/01/47 | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 538431 |
| 4.50%, 09/01/47 | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 586953 |
| 4.50%, 05/01/48 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 848941 |
| 4.50%, 06/01/48 | &nbsp;&nbsp; 1307 | &nbsp;&nbsp; 1277356 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 620670 |
| 4.50%, 08/01/48 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; 1062930 |
| 4.50%, 09/01/48 | &nbsp;&nbsp; 863 | &nbsp;&nbsp; 845840 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 4629 | &nbsp;&nbsp; 4552403 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1406612 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 2830 | &nbsp;&nbsp; 2770141 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 706108 |
| 4.50%, 02/01/49 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 610432 |
| 4.50%, 03/01/49 | &nbsp;&nbsp; 1634 | &nbsp;&nbsp; 1606211 |
| 5.00%, 02/01/30 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2707 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 795 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 121592 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 318 |
| 5.00%, 08/01/33 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26912 |
| 5.00%, 08/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 438 |
| 5.00%, 09/01/33 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40363 |
| 5.00%, 10/01/33 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 66047 |
| 5.00%, 11/01/33 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27476 |
| 5.00%, 12/01/33 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 262273 |
| 5.00%, 01/01/34 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3409 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6232 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8422 |
| 5.00%, 05/01/34 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 39917 |
| 5.00%, 06/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 849 |
| 5.00%, 06/01/34 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11433 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 11/01/34 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $3682 |
| 5.00%, 12/01/34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5483 |
| 5.00%, 01/01/35 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3554 |
| 5.00%, 02/01/35 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3312 |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2470 |
| 5.00%, 05/01/35 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8900 |
| 5.00%, 06/01/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6486 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 1599 | &nbsp;&nbsp; 1630141 |
| 5.00%, 08/01/35 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 331603 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 65488 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 190 |
| 5.00%, 10/01/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6718 |
| 5.00%, 10/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 277 |
| 5.00%, 11/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 589 |
| 5.00%, 11/01/35 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18638 |
| 5.00%, 12/01/35 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34064 |
| 5.00%, 12/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 744 |
| 5.00%, 01/01/36 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 240723 |
| 5.00%, 03/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1002 |
| 5.00%, 04/01/36 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4703 |
| 5.00%, 06/01/36 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25213 |
| 5.00%, 07/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 261 |
| 5.00%, 08/01/36 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12511 |
| 5.00%, 10/01/36 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22245 |
| 5.00%, 11/01/36 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 588425 |
| 5.00%, 01/01/37 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 302278 |
| 5.00%, 02/01/37 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 268956 |
| 5.00%, 06/01/37 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11536 |
| 5.00%, 01/01/38 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3099 |
| 5.00%, 02/01/38 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 428480 |
| 5.00%, 03/01/38 | &nbsp;&nbsp; 1773 | &nbsp;&nbsp; 1806710 |
| 5.00%, 04/01/38 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27737 |
| 5.00%, 05/01/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1852 |
| 5.00%, 06/01/38 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4961 |
| 5.00%, 09/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 883 |
| 5.00%, 09/01/38 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6735 |
| 5.00%, 11/01/38 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7309 |
| 5.00%, 12/01/38 | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 255248 |
| 5.00%, 01/01/39 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 95911 |
| 5.00%, 02/01/39 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19638 |
| 5.00%, 03/01/39 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8281 |
| 5.00%, 05/01/39 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 38276 |
| 5.00%, 06/01/39 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1436 |
| 5.00%, 07/01/39 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12542 |
| 5.00%, 08/01/39 | &nbsp;&nbsp; 2314 | &nbsp;&nbsp; 2357421 |
| 5.00%, 09/01/39 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22446 |
| 5.00%, 10/01/39 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 332648 |
| 5.00%, 12/01/39 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15114 |
| 5.00%, 01/01/40 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 185252 |
| 5.00%, 02/01/40 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 46600 |
| 5.00%, 03/01/40 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 708815 |
| 5.00%, 03/01/40 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 454 |
| 5.00%, 04/01/40 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 97005 |
| 5.00%, 06/01/40 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1653 |
| 5.00%, 07/01/40 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 104020 |
| 5.00%, 08/01/40 | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1335392 |
| 5.00%, 09/01/40 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 700042 |
| 5.00%, 11/01/40 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 52390 |
| 5.00%, 02/01/41 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 160119 |
| 5.00%, 03/01/41 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1872 |
| 5.00%, 04/01/41 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59728 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 05/01/41 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $2254 |
| 5.00%, 07/01/41 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 194452 |
| 5.00%, 08/01/41 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 979534 |
| 5.00%, 09/01/41 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 98338 |
| 5.00%, 10/01/41 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 75368 |
| 5.00%, 04/01/44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56867 |
| 5.00%, 03/01/47 | &nbsp;&nbsp; 1933 | &nbsp;&nbsp; 1955999 |
| 5.00%, 05/01/47 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18590 |
| 5.00%, 07/01/47 | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 1043146 |
| 5.00%, 03/01/48 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 643787 |
| 5.00%, 04/01/48 | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 1263896 |
| 5.00%, 05/01/48 | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 592850 |
| 5.00%, 06/01/48 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 198664 |
| 5.00%, 07/01/48 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 506825 |
| 5.00%, 08/01/48 | &nbsp;&nbsp; 2875 | &nbsp;&nbsp; 2893136 |
| 5.00%, 09/01/48 | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 351212 |
| 5.00%, 10/01/48 | &nbsp;&nbsp; 1594 | &nbsp;&nbsp; 1602918 |
| 5.00%, 11/01/48 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 360984 |
| 5.00%, 01/01/49 | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 1210039 |
| 5.00%, 02/01/49 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 393402 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 170316 |
| 5.50%, 02/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 161 |
| 5.50%, 04/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 921 |
| 5.50%, 07/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 65 |
| 5.50%, 11/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 72 |
| 5.50%, 12/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 626 |
| 5.50%, 01/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 75 |
| 5.50%, 02/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 427 |
| 5.50%, 04/01/32 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3721 |
| 5.50%, 09/01/32 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13396 |
| 5.50%, 09/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 362 |
| 5.50%, 10/01/32 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6665 |
| 5.50%, 11/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 350 |
| 5.50%, 12/01/32 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25577 |
| 5.50%, 12/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 350 |
| 5.50%, 01/01/33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3500 |
| 5.50%, 03/01/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1995 |
| 5.50%, 04/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 450 |
| 5.50%, 04/01/33 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6850 |
| 5.50%, 05/01/33 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3816 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10864 |
| 5.50%, 07/01/33 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11489 |
| 5.50%, 08/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1063 |
| 5.50%, 10/01/33 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 86194 |
| 5.50%, 10/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 116 |
| 5.50%, 11/01/33 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3736 |
| 5.50%, 12/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 350 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 370 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34586 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 355423 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 127493 |
| 5.50%, 07/01/34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5530 |
| 5.50%, 08/01/34 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4269 |
| 5.50%, 09/01/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 938 |
| 5.50%, 10/01/34 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 71182 |
| 5.50%, 10/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 436 |
| 5.50%, 11/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 201 |
| 5.50%, 11/01/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 814 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 126131 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 444 |
| 5.50%, 01/01/35 | &nbsp;&nbsp; 874 | &nbsp;&nbsp; 908437 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 01/01/35 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1355 |
| 5.50%, 02/01/35 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 259454 |
| 5.50%, 02/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 262 |
| 5.50%, 03/01/35 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6205 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 154889 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 366 |
| 5.50%, 05/01/35 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 421626 |
| 5.50%, 05/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 134 |
| 5.50%, 06/01/35 | &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 1137325 |
| 5.50%, 07/01/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6455 |
| 5.50%, 08/01/35 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 77486 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4719 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 69964 |
| 5.50%, 11/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 771 |
| 5.50%, 11/01/35 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10148 |
| 5.50%, 12/01/35 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 233758 |
| 5.50%, 01/01/36 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13466 |
| 5.50%, 02/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 291 |
| 5.50%, 02/01/36 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6474 |
| 5.50%, 03/01/36 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24115 |
| 5.50%, 04/01/36 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2759 |
| 5.50%, 05/01/36 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 353448 |
| 5.50%, 06/01/36 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10661 |
| 5.50%, 07/01/36 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 493394 |
| 5.50%, 08/01/36 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 67771 |
| 5.50%, 09/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 134 |
| 5.50%, 11/01/36 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9271 |
| 5.50%, 12/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 124 |
| 5.50%, 12/01/36 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4757 |
| 5.50%, 01/01/37 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 60131 |
| 5.50%, 02/01/37 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10544 |
| 5.50%, 02/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 177 |
| 5.50%, 03/01/37 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3153 |
| 5.50%, 04/01/37 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10567 |
| 5.50%, 05/01/37 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 34369 |
| 5.50%, 05/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 109 |
| 5.50%, 07/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 240 |
| 5.50%, 07/01/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4563 |
| 5.50%, 09/01/37 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5531 |
| 5.50%, 11/01/37 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11767 |
| 5.50%, 12/01/37 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6660 |
| 5.50%, 01/01/38 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20532 |
| 5.50%, 02/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 458 |
| 5.50%, 02/01/38 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3716 |
| 5.50%, 04/01/38 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 485431 |
| 5.50%, 04/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 257 |
| 5.50%, 05/01/38 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 226606 |
| 5.50%, 05/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 115 |
| 5.50%, 06/01/38 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21864 |
| 5.50%, 06/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 331 |
| 5.50%, 07/01/38 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 81080 |
| 5.50%, 07/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 149 |
| 5.50%, 08/01/38 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23115 |
| 5.50%, 09/01/38 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 69226 |
| 5.50%, 10/01/38 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24073 |
| 5.50%, 11/01/38 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10717 |
| 5.50%, 11/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 557 |
| 5.50%, 12/01/38 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 80331 |
| 5.50%, 12/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 282 |
| 5.50%, 01/01/39 | &nbsp;&nbsp; 991 | &nbsp;&nbsp; 1028805 |
| 5.50%, 02/01/39 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 54385 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 03/01/39 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $851 |
| 5.50%, 04/01/39 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15858 |
| 5.50%, 05/01/39 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13322 |
| 5.50%, 06/01/39 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22025 |
| 5.50%, 09/01/39 | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 360272 |
| 5.50%, 10/01/39 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3771 |
| 5.50%, 11/01/39 | &nbsp;&nbsp; 807 | &nbsp;&nbsp; 837081 |
| 5.50%, 12/01/39 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23356 |
| 5.50%, 01/01/40 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 65591 |
| 5.50%, 02/01/40 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18824 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4623 |
| 5.50%, 05/01/40 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6659 |
| 5.50%, 06/01/40 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20860 |
| 5.50%, 03/01/41 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8904 |
| 5.50%, 06/01/41 | &nbsp;&nbsp; 2427 | &nbsp;&nbsp; 2522421 |
| 6.00%, 02/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 59 |
| 6.00%, 08/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 100 |
| 6.00%, 02/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 17 |
| 6.00%, 04/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 180 |
| 6.00%, 06/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 574 |
| 6.00%, 07/01/28 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1517 |
| 6.00%, 11/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 199 |
| 6.00%, 12/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 130 |
| 6.00%, 01/01/29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2826 |
| 6.00%, 01/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 77 |
| 6.00%, 03/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1439 |
| 6.00%, 03/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 13 |
| 6.00%, 05/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1473 |
| 6.00%, 06/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 138 |
| 6.00%, 07/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 589 |
| 6.00%, 09/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 239 |
| 6.00%, 12/01/30 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1836 |
| 6.00%, 03/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 443 |
| 6.00%, 04/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 157 |
| 6.00%, 06/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 467 |
| 6.00%, 10/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 171 |
| 6.00%, 12/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 622 |
| 6.00%, 01/01/32 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11942 |
| 6.00%, 02/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 772 |
| 6.00%, 02/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1294 |
| 6.00%, 03/01/32 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7106 |
| 6.00%, 03/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 670 |
| 6.00%, 10/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1948 |
| 6.00%, 11/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 512 |
| 6.00%, 11/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 761 |
| 6.00%, 12/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 476 |
| 6.00%, 12/01/32 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 43036 |
| 6.00%, 01/01/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1591 |
| 6.00%, 01/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 162 |
| 6.00%, 02/01/33 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3961 |
| 6.00%, 03/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 649 |
| 6.00%, 03/01/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2236 |
| 6.00%, 04/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1194 |
| 6.00%, 04/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 424 |
| 6.00%, 05/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 104 |
| 6.00%, 09/01/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2054 |
| 6.00%, 10/01/33 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8448 |
| 6.00%, 10/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 370 |
| 6.00%, 11/01/33 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8999 |
| 6.00%, 05/01/34 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6256 |
| 6.00%, 06/01/34 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7484 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 07/01/34 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $9251 |
| 6.00%, 08/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 784 |
| 6.00%, 08/01/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1204 |
| 6.00%, 10/01/34 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3652 |
| 6.00%, 12/01/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1351 |
| 6.00%, 05/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 315 |
| 6.00%, 06/01/35 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2105 |
| 6.00%, 07/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 449 |
| 6.00%, 07/01/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1138 |
| 6.00%, 08/01/35 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12954 |
| 6.00%, 09/01/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1495 |
| 6.00%, 12/01/35 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2933 |
| 6.00%, 01/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 343 |
| 6.00%, 01/01/36 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2022 |
| 6.00%, 02/01/36 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5119 |
| 6.00%, 03/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1137 |
| 6.00%, 05/01/36 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7842 |
| 6.00%, 06/01/36 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9772 |
| 6.00%, 07/01/36 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6692 |
| 6.00%, 08/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1473 |
| 6.00%, 08/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 397 |
| 6.00%, 09/01/36 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 213169 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 246384 |
| 6.00%, 11/01/36 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16021 |
| 6.00%, 12/01/36 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 51941 |
| 6.00%, 12/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 286 |
| 6.00%, 01/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 274 |
| 6.00%, 01/01/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1246 |
| 6.00%, 02/01/37 | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 175485 |
| 6.00%, 05/01/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4462 |
| 6.00%, 05/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 305 |
| 6.00%, 07/01/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4552 |
| 6.00%, 08/01/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4401 |
| 6.00%, 08/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 205 |
| 6.00%, 09/01/37 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2774 |
| 6.00%, 09/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 431 |
| 6.00%, 10/01/37 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13776 |
| 6.00%, 10/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 841 |
| 6.00%, 11/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 396 |
| 6.00%, 11/01/37 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6659 |
| 6.00%, 12/01/37 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33040 |
| 6.00%, 12/01/37 | &nbsp;&nbsp; 1 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 526 |
| 6.00%, 01/01/38 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 41987 |
| 6.00%, 02/01/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1076 |
| 6.00%, 04/01/38 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22080 |
| 6.00%, 05/01/38 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24402 |
| 6.00%, 06/01/38 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11401 |
| 6.00%, 07/01/38 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12839 |
| 6.00%, 08/01/38 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9695 |
| 6.00%, 09/01/38 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 965345 |
| 6.00%, 10/01/38 | &nbsp;&nbsp; 1 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 527 |
| 6.00%, 11/01/38 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4326 |
| 6.00%, 12/01/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1271 |
| 6.00%, 01/01/39 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3294 |
| 6.00%, 11/01/39 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2908 |
| 6.00%, 12/01/39 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 629 |
| 6.00%, 04/01/40 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5692 |
| 6.00%, 07/01/40 | &nbsp;&nbsp; 2618 | &nbsp;&nbsp; 2761091 |
| 6.35%, 08/01/43<sup>(b)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11840 |
| 6.40%, 11/01/40<sup>(b)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3168 |
| 6.40%, 05/01/43<sup>(b)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55869 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.47%, 12/01/33, (1-year CMT + <br> 2.250%)<sup>(b)</sup><br>| &nbsp;&nbsp; $35 | &nbsp;&nbsp; $35263 |
| 6.50%, 03/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 18 |
| 6.50%, 04/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 82 |
| 6.50%, 03/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 100 |
| 6.50%, 04/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 49 |
| 6.50%, 05/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 194 |
| 6.50%, 06/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 150 |
| 6.50%, 07/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 241 |
| 6.50%, 09/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 179 |
| 6.50%, 10/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 204 |
| 6.50%, 12/01/28 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 614 |
| 6.50%, 01/01/29 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1705 |
| 6.50%, 02/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 205 |
| 6.50%, 02/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1122 |
| 6.50%, 03/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 615 |
| 6.50%, 04/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 616 |
| 6.50%, 05/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 487 |
| 6.50%, 06/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 310 |
| 6.50%, 07/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 215 |
| 6.50%, 08/01/29 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1826 |
| 6.50%, 09/01/29 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2088 |
| 6.50%, 08/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 357 |
| 6.50%, 01/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 54 |
| 6.50%, 05/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 425 |
| 6.50%, 06/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 99 |
| 6.50%, 06/01/31 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2244 |
| 6.50%, 07/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 842 |
| 6.50%, 07/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 27 |
| 6.50%, 08/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 599 |
| 6.50%, 08/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 714 |
| 6.50%, 09/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 378 |
| 6.50%, 10/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 16 |
| 6.50%, 11/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 259 |
| 6.50%, 12/01/31 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4782 |
| 6.50%, 01/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 33 |
| 6.50%, 02/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1523 |
| 6.50%, 02/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 342 |
| 6.50%, 03/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 212 |
| 6.50%, 03/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2103 |
| 6.50%, 04/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1744 |
| 6.50%, 04/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 36 |
| 6.50%, 05/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 98 |
| 6.50%, 07/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 383 |
| 6.50%, 08/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1778 |
| 6.50%, 08/01/32 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3706 |
| 6.50%, 09/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 321 |
| 6.50%, 10/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1158 |
| 6.50%, 11/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 460 |
| 6.50%, 12/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1818 |
| 6.50%, 12/01/33 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4403 |
| 6.50%, 04/01/34 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15991 |
| 6.50%, 07/01/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1671 |
| 6.50%, 09/01/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2086 |
| 6.50%, 01/01/35 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1973 |
| 6.50%, 04/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 479 |
| 6.50%, 08/01/35 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3503 |
| 6.50%, 02/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 401 |
| 6.50%, 06/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1148 |
| 6.50%, 08/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 905 |
| 6.50%, 09/01/36 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.50%, 09/01/36 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $435 |
| 6.50%, 10/01/36 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9768 |
| 6.50%, 11/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 557 |
| 6.50%, 08/01/37 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2749 |
| 6.50%, 10/01/37 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5990 |
| 6.50%, 11/01/37 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2278 |
| 6.50%, 12/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 70 |
| 6.50%, 12/01/37 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13372 |
| 6.50%, 01/01/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 810 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12508 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 176 |
| 6.50%, 07/01/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1153 |
| 6.50%, 08/01/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1011 |
| 6.50%, 10/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 491 |
| 6.50%, 12/01/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1937 |
| 6.50%, 01/01/39 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8048 |
| 6.50%, 09/01/39 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12499 |
| 6.57%, 11/01/41<sup>(b)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 114043 |
| 6.61%, 07/01/41<sup>(b)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8211 |
| 6.65%, 12/01/38<sup>(b)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 213307 |
| 6.65%, 08/01/41<sup>(b)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 30970 |
| 6.77%, 05/01/42<sup>(b)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 204575 |
| 6.78%, 01/01/42<sup>(b)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11092 |
| 6.89%, 11/01/40<sup>(b)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 59064 |
| 6.90%, 11/01/40<sup>(b)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42243 |
| 7.00%, 03/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 50 |
| 7.00%, 06/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 11 |
| 7.00%, 12/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 12 |
| 7.00%, 01/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 21 |
| 7.00%, 03/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 31 |
| 7.00%, 04/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 |
| 7.00%, 05/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 5 |
| 7.00%, 09/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 185 |
| 7.00%, 10/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 79 |
| 7.00%, 11/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 87 |
| 7.00%, 12/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 234 |
| 7.00%, 05/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 178 |
| 7.00%, 07/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 7 |
| 7.00%, 11/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 226 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 104 |
| 7.00%, 06/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 654 |
| 7.00%, 06/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 24 |
| 7.00%, 07/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 98 |
| 7.00%, 09/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 76 |
| 7.00%, 10/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 483 |
| 7.00%, 01/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 10 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 53 |
| 7.00%, 05/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 17 |
| 7.00%, 12/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 343 |
| 7.00%, 01/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 213 |
| 7.00%, 02/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 291 |
| 7.00%, 05/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 334 |
| 7.00%, 07/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 728 |
| 7.00%, 08/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 791 |
| 7.00%, 09/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 993 |
| 7.00%, 12/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 867 |
| 7.00%, 03/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1588 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 612 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 283 |
| 7.00%, 06/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 743 |
| 7.00%, 06/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 323 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.00%, 07/01/32 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $1766 |
| 7.00%, 08/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1521 |
| 7.00%, 09/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 372 |
| 7.00%, 11/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 222 |
| 7.00%, 10/01/33 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6608 |
| 7.00%, 11/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 493 |
| 7.00%, 11/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 574 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3677 |
| 7.38%, 09/01/41<sup>(b)</sup> | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 304218 |
| 7.50%, 01/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 34 |
| 7.50%, 03/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 16 |
| 7.50%, 04/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 9 |
| 7.50%, 05/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 19 |
| 7.50%, 10/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 28 |
| 7.50%, 12/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 |
| 7.50%, 04/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 18 |
| 7.50%, 06/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 14 |
| 7.50%, 08/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 29 |
| 7.50%, 09/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 11 |
| 7.50%, 12/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 95 |
| 7.50%, 03/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 146 |
| 7.50%, 07/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 10 |
| 7.50%, 11/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 30 |
| 7.50%, 07/01/29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2754 |
| 7.50%, 12/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 28 |
| 7.50%, 01/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 46 |
| 7.50%, 03/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 48 |
| 7.50%, 05/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 38 |
| 7.50%, 06/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 18 |
| 7.50%, 07/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 |
| 7.50%, 08/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 405 |
| 7.50%, 10/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 30 |
| 7.50%, 11/01/30 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 609 |
| 7.50%, 12/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 421 |
| 7.50%, 01/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 16 |
| 7.50%, 02/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 33 |
| 7.50%, 09/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 764 |
| 7.50%, 01/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 925 |
| 8.00%, 09/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 9 |
| 8.00%, 10/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 16 |
| 8.00%, 11/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 34 |
| 8.00%, 03/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 57 |
| 8.00%, 05/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 49 |
| 8.00%, 06/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 35 |
| 8.00%, 09/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 47 |
| 8.00%, 11/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 13 |
| 8.00%, 10/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 29 |
| 8.00%, 11/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 215 |
| 8.00%, 12/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 87 |
| 8.00%, 01/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 27 |
| 8.00%, 03/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 314 |
| 8.00%, 07/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 18 |
| 8.50%, 09/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 |
| 8.50%, 07/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 99 |
| Federal National Mortgage Association |  |  |
| 2.50%, 12/01/31 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 189854 |
| 3.00%, 07/01/30 | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 692560 |
| 3.00%, 08/01/31 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20167 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 4052 | &nbsp;&nbsp; 3568743 |
| 3.50%, 05/01/32 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 251063 |
| 3.50%, 02/01/35 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 438817 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 09/01/46 | &nbsp;&nbsp; $85 | &nbsp;&nbsp; $78525 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 416539 |
| 3.50%, 11/01/51 | &nbsp;&nbsp; 4683 | &nbsp;&nbsp; 4362096 |
| 4.00%, 09/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 5791 | &nbsp;&nbsp; 5542310 |
| 4.00%, 01/01/57 | &nbsp;&nbsp; 3716 | &nbsp;&nbsp; 3469537 |
| 4.00%, 02/01/57 | &nbsp;&nbsp; 4095 | &nbsp;&nbsp; 3823674 |
| 4.50%, 02/01/44 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 702876 |
| 6.25%, 06/01/43<sup>(b)</sup> | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 452553 |
| 6.32%, 08/01/42<sup>(b)</sup> | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 394420 |
| 6.46%, 08/01/41<sup>(b)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24811 |
| 6.70%, 12/01/38<sup>(b)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12749 |
| 6.71%, 02/01/42<sup>(b)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 183726 |
| 7.25%, 10/01/41<sup>(b)</sup> | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 390414 |
| 7.32%, 09/01/41<sup>(b)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20689 |
| Government National Mortgage Association |  |  |
| 1.50%, 02/20/51 | &nbsp;&nbsp; 4575 | &nbsp;&nbsp; 3606179 |
| 1.50%, 04/20/51 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 475832 |
| 1.50%, 10/20/51 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 76204 |
| 1.50%, 11/20/51 | &nbsp;&nbsp; 3210 | &nbsp;&nbsp; 2496648 |
| 2.00%, 07/20/50 | &nbsp;&nbsp; 9085 | &nbsp;&nbsp; 7442932 |
| 2.00%, 08/20/50 | &nbsp;&nbsp; 57975 | &nbsp;&nbsp; 47494220 |
| 2.00%, 09/20/50 | &nbsp;&nbsp; 3954 | &nbsp;&nbsp; 3239021 |
| 2.00%, 10/20/50 | &nbsp;&nbsp; 17325 | &nbsp;&nbsp; 14189948 |
| 2.00%, 11/20/50 | &nbsp;&nbsp; 28954 | &nbsp;&nbsp; 23712570 |
| 2.00%, 12/20/50 | &nbsp;&nbsp; 137820 | &nbsp;&nbsp; 112861919 |
| 2.00%, 01/20/51 | &nbsp;&nbsp; 33363 | &nbsp;&nbsp; 27318549 |
| 2.00%, 02/20/51 | &nbsp;&nbsp; 70484 | &nbsp;&nbsp; 57719114 |
| 2.00%, 03/20/51 | &nbsp;&nbsp; 9535 | &nbsp;&nbsp; 7808318 |
| 2.00%, 04/20/51 | &nbsp;&nbsp; 22136 | &nbsp;&nbsp; 18126508 |
| 2.00%, 05/20/51 | &nbsp;&nbsp; 4276 | &nbsp;&nbsp; 3501304 |
| 2.00%, 06/20/51 | &nbsp;&nbsp; 11037 | &nbsp;&nbsp; 9037343 |
| 2.00%, 07/20/51 | &nbsp;&nbsp; 12853 | &nbsp;&nbsp; 10524392 |
| 2.00%, 08/20/51 | &nbsp;&nbsp; 33101 | &nbsp;&nbsp; 27026779 |
| 2.00%, 09/20/51 | &nbsp;&nbsp; 10082 | &nbsp;&nbsp; 8254757 |
| 2.00%, 10/20/51 | &nbsp;&nbsp; 272952 | &nbsp;&nbsp; 223477192 |
| 2.00%, 11/20/51 | &nbsp;&nbsp; 44188 | &nbsp;&nbsp; 36177767 |
| 2.00%, 12/20/51 | &nbsp;&nbsp; 268066 | &nbsp;&nbsp; 219465952 |
| 2.00%, 01/20/52 | &nbsp;&nbsp; 154756 | &nbsp;&nbsp; 126695525 |
| 2.00%, 02/20/52 | &nbsp;&nbsp; 16183 | &nbsp;&nbsp; 13246904 |
| 2.00%, 03/20/52 | &nbsp;&nbsp; 182717 | &nbsp;&nbsp; 149565627 |
| 2.00%, 04/20/52 | &nbsp;&nbsp; 94555 | &nbsp;&nbsp; 77399105 |
| 2.00%, 05/20/52 | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 1242530 |
| 2.00%, 06/20/52 | &nbsp;&nbsp; 78872 | &nbsp;&nbsp; 64561930 |
| 2.00%, 07/20/52 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 469673 |
| 2.00%, 09/20/52 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 54129 |
| 2.50%, 03/20/27 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5556 |
| 2.50%, 08/20/27 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10288 |
| 2.50%, 09/20/27 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14251 |
| 2.50%, 01/20/28 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 54759 |
| 2.50%, 04/20/28 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32817 |
| 2.50%, 11/20/30 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 45045 |
| 2.50%, 04/20/32 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 148225 |
| 2.50%, 12/20/42 | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 299548 |
| 2.50%, 03/20/43 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 112197 |
| 2.50%, 01/20/45 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 18032 |
| 2.50%, 10/20/45 | &nbsp;&nbsp; 7941 | &nbsp;&nbsp; 7010204 |
| 2.50%, 11/20/46 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 141574 |
| 2.50%, 12/20/46 | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 8017966 |
| 2.50%, 01/20/47 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; 3053644 |
| 2.50%, 11/20/47 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 75686 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 10/20/49 | &nbsp;&nbsp; $1673 | &nbsp;&nbsp; $1431259 |
| 2.50%, 01/20/50 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 50913 |
| 2.50%, 04/20/50 | &nbsp;&nbsp; 11656 | &nbsp;&nbsp; 9949597 |
| 2.50%, 06/20/50 | &nbsp;&nbsp; 13811 | &nbsp;&nbsp; 11786886 |
| 2.50%, 07/20/50 | &nbsp;&nbsp; 6197 | &nbsp;&nbsp; 5288412 |
| 2.50%, 08/20/50 | &nbsp;&nbsp; 12657 | &nbsp;&nbsp; 10751304 |
| 2.50%, 09/20/50 | &nbsp;&nbsp; 24837 | &nbsp;&nbsp; 21051600 |
| 2.50%, 10/20/50 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 117914 |
| 2.50%, 12/20/50 | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 466500 |
| 2.50%, 01/20/51 | &nbsp;&nbsp; 71508 | &nbsp;&nbsp; 60988183 |
| 2.50%, 02/20/51 | &nbsp;&nbsp; 63423 | &nbsp;&nbsp; 54033085 |
| 2.50%, 03/20/51 | &nbsp;&nbsp; 19869 | &nbsp;&nbsp; 16930918 |
| 2.50%, 04/20/51 | &nbsp;&nbsp; 10569 | &nbsp;&nbsp; 9005285 |
| 2.50%, 05/20/51 | &nbsp;&nbsp; 171222 | &nbsp;&nbsp; 145887230 |
| 2.50%, 06/20/51 | &nbsp;&nbsp; 4280 | &nbsp;&nbsp; 3646238 |
| 2.50%, 07/20/51 | &nbsp;&nbsp; 220284 | &nbsp;&nbsp; 187669266 |
| 2.50%, 08/20/51 | &nbsp;&nbsp; 143536 | &nbsp;&nbsp; 122272683 |
| 2.50%, 09/20/51 | &nbsp;&nbsp; 90996 | &nbsp;&nbsp; 77514487 |
| 2.50%, 10/20/51 | &nbsp;&nbsp; 26579 | &nbsp;&nbsp; 22639668 |
| 2.50%, 11/20/51 | &nbsp;&nbsp; 53966 | &nbsp;&nbsp; 45965979 |
| 2.50%, 12/20/51 | &nbsp;&nbsp; 133003 | &nbsp;&nbsp; 113286064 |
| 2.50%, 01/20/52 | &nbsp;&nbsp; 72283 | &nbsp;&nbsp; 61564345 |
| 2.50%, 02/20/52 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 259753 |
| 2.50%, 03/20/52 | &nbsp;&nbsp; 136977 | &nbsp;&nbsp; 116680294 |
| 2.50%, 04/20/52 | &nbsp;&nbsp; 163245 | &nbsp;&nbsp; 139055522 |
| 2.50%, 05/20/52 | &nbsp;&nbsp; 88702 | &nbsp;&nbsp; 75558166 |
| 2.50%, 06/20/52 | &nbsp;&nbsp; 6060 | &nbsp;&nbsp; 5162136 |
| 2.50%, 07/20/52 | &nbsp;&nbsp; 10100 | &nbsp;&nbsp; 8603351 |
| 2.50%, 08/20/52 | &nbsp;&nbsp; 23452 | &nbsp;&nbsp; 19977343 |
| 2.50%, 09/20/52 | &nbsp;&nbsp; 19788 | &nbsp;&nbsp; 16855538 |
| 2.50%, 10/20/52 | &nbsp;&nbsp; 8309 | &nbsp;&nbsp; 7077563 |
| 2.50%, 12/20/52 | &nbsp;&nbsp; 16649 | &nbsp;&nbsp; 14182000 |
| 2.50%, 01/20/53 | &nbsp;&nbsp; 1547 | &nbsp;&nbsp; 1318130 |
| 2.50%, 02/20/53 | &nbsp;&nbsp; 5952 | &nbsp;&nbsp; 5070577 |
| 2.50%, 03/20/53 | &nbsp;&nbsp; 3859 | &nbsp;&nbsp; 3288230 |
| 2.50%, 10/20/53 | &nbsp;&nbsp; 23080 | &nbsp;&nbsp; 19657193 |
| 2.50%, 02/20/54 | &nbsp;&nbsp; 1844 | &nbsp;&nbsp; 1570188 |
| 3.00%, 01/20/27 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20053 |
| 3.00%, 04/15/27 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9982 |
| 3.00%, 04/20/27 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13913 |
| 3.00%, 05/20/27 | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 575316 |
| 3.00%, 07/15/27 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 282658 |
| 3.00%, 09/15/27 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6220 |
| 3.00%, 09/20/27 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26057 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 93197 |
| 3.00%, 11/20/27 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4696 |
| 3.00%, 01/20/28 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4252 |
| 3.00%, 09/20/28 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17998 |
| 3.00%, 10/20/28 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22174 |
| 3.00%, 11/20/28 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 54451 |
| 3.00%, 01/20/29 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18631 |
| 3.00%, 05/20/29 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 49993 |
| 3.00%, 10/20/30 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6935 |
| 3.00%, 12/20/31 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 96816 |
| 3.00%, 01/20/42 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10288 |
| 3.00%, 04/15/42 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 190398 |
| 3.00%, 06/20/42 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 84530 |
| 3.00%, 07/20/42 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 418363 |
| 3.00%, 08/15/42 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 276472 |
| 3.00%, 08/20/42 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 113097 |
| 3.00%, 09/15/42 | &nbsp;&nbsp; 4478 | &nbsp;&nbsp; 4089694 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 09/20/42 | &nbsp;&nbsp; $416 | &nbsp;&nbsp; $380183 |
| 3.00%, 10/15/42 | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 512451 |
| 3.00%, 10/20/42 | &nbsp;&nbsp; 4279 | &nbsp;&nbsp; 3911349 |
| 3.00%, 11/15/42 | &nbsp;&nbsp; 3464 | &nbsp;&nbsp; 3163201 |
| 3.00%, 11/20/42 | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 248934 |
| 3.00%, 12/15/42 | &nbsp;&nbsp; 279 | &nbsp;&nbsp; 254666 |
| 3.00%, 12/20/42 | &nbsp;&nbsp; 4578 | &nbsp;&nbsp; 4184058 |
| 3.00%, 01/20/43 | &nbsp;&nbsp; 8597 | &nbsp;&nbsp; 7857248 |
| 3.00%, 02/15/43 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 391896 |
| 3.00%, 02/20/43 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 225446 |
| 3.00%, 03/15/43 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 165265 |
| 3.00%, 03/20/43 | &nbsp;&nbsp; 1172 | &nbsp;&nbsp; 1069783 |
| 3.00%, 04/15/43 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 231300 |
| 3.00%, 04/20/43 | &nbsp;&nbsp; 3316 | &nbsp;&nbsp; 3026782 |
| 3.00%, 05/15/43 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 111649 |
| 3.00%, 05/20/43 | &nbsp;&nbsp; 3978 | &nbsp;&nbsp; 3631011 |
| 3.00%, 06/15/43 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 44528 |
| 3.00%, 06/20/43 | &nbsp;&nbsp; 762 | &nbsp;&nbsp; 695886 |
| 3.00%, 07/15/43 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 54517 |
| 3.00%, 07/20/43 | &nbsp;&nbsp; 2155 | &nbsp;&nbsp; 1966769 |
| 3.00%, 08/15/43 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 464143 |
| 3.00%, 08/20/43 | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 752311 |
| 3.00%, 09/15/43 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 605174 |
| 3.00%, 09/20/43 | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 946827 |
| 3.00%, 10/20/43 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 164801 |
| 3.00%, 11/20/43 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 319149 |
| 3.00%, 12/20/43 | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 782462 |
| 3.00%, 01/15/44 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 250531 |
| 3.00%, 01/20/44 | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 3358502 |
| 3.00%, 02/20/44 | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 964828 |
| 3.00%, 03/20/44 | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 978026 |
| 3.00%, 04/20/44 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 54272 |
| 3.00%, 06/20/44 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 131489 |
| 3.00%, 07/20/44 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 470710 |
| 3.00%, 08/20/44 | &nbsp;&nbsp; 24793 | &nbsp;&nbsp; 22627886 |
| 3.00%, 09/20/44 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 461740 |
| 3.00%, 10/15/44 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16937 |
| 3.00%, 10/20/44 | &nbsp;&nbsp; 2981 | &nbsp;&nbsp; 2720512 |
| 3.00%, 11/20/44 | &nbsp;&nbsp; 6256 | &nbsp;&nbsp; 5666816 |
| 3.00%, 12/20/44 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12243 |
| 3.00%, 01/20/45 | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3098143 |
| 3.00%, 02/20/45 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 174395 |
| 3.00%, 03/20/45 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 196737 |
| 3.00%, 04/20/45 | &nbsp;&nbsp; 3416 | &nbsp;&nbsp; 3069402 |
| 3.00%, 05/20/45 | &nbsp;&nbsp; 6838 | &nbsp;&nbsp; 6143604 |
| 3.00%, 06/20/45 | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 981287 |
| 3.00%, 07/15/45 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2508 |
| 3.00%, 07/20/45 | &nbsp;&nbsp; 11403 | &nbsp;&nbsp; 10245669 |
| 3.00%, 08/15/45 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1368235 |
| 3.00%, 08/20/45 | &nbsp;&nbsp; 24003 | &nbsp;&nbsp; 21566848 |
| 3.00%, 09/20/45 | &nbsp;&nbsp; 562 | &nbsp;&nbsp; 504596 |
| 3.00%, 10/20/45 | &nbsp;&nbsp; 7965 | &nbsp;&nbsp; 7081532 |
| 3.00%, 11/20/45 | &nbsp;&nbsp; 3722 | &nbsp;&nbsp; 3290752 |
| 3.00%, 12/20/45 | &nbsp;&nbsp; 9199 | &nbsp;&nbsp; 8204964 |
| 3.00%, 01/20/46 | &nbsp;&nbsp; 4412 | &nbsp;&nbsp; 3963514 |
| 3.00%, 02/20/46 | &nbsp;&nbsp; 8876 | &nbsp;&nbsp; 7974840 |
| 3.00%, 03/20/46 | &nbsp;&nbsp; 3911 | &nbsp;&nbsp; 3509385 |
| 3.00%, 04/20/46 | &nbsp;&nbsp; 4091 | &nbsp;&nbsp; 3670668 |
| 3.00%, 05/20/46 | &nbsp;&nbsp; 13536 | &nbsp;&nbsp; 12144327 |
| 3.00%, 06/20/46 | &nbsp;&nbsp; 8167 | &nbsp;&nbsp; 7337028 |
| 3.00%, 07/15/46 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 315938 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 07/20/46 | &nbsp;&nbsp; $13431 | &nbsp;&nbsp; $12050244 |
| 3.00%, 08/20/46 | &nbsp;&nbsp; 25732 | &nbsp;&nbsp; 23087086 |
| 3.00%, 09/20/46 | &nbsp;&nbsp; 18686 | &nbsp;&nbsp; 16810088 |
| 3.00%, 10/20/46 | &nbsp;&nbsp; 61739 | &nbsp;&nbsp; 55507154 |
| 3.00%, 11/15/46 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 99250 |
| 3.00%, 11/20/46 | &nbsp;&nbsp; 12811 | &nbsp;&nbsp; 11514915 |
| 3.00%, 12/15/46 | &nbsp;&nbsp; 4324 | &nbsp;&nbsp; 3853144 |
| 3.00%, 12/20/46 | &nbsp;&nbsp; 25460 | &nbsp;&nbsp; 22842357 |
| 3.00%, 01/20/47 | &nbsp;&nbsp; 16721 | &nbsp;&nbsp; 15002108 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 9532 | &nbsp;&nbsp; 8550071 |
| 3.00%, 02/20/47 | &nbsp;&nbsp; 39051 | &nbsp;&nbsp; 35036462 |
| 3.00%, 03/20/47 | &nbsp;&nbsp; 13399 | &nbsp;&nbsp; 12021918 |
| 3.00%, 04/20/47 | &nbsp;&nbsp; 9089 | &nbsp;&nbsp; 8150971 |
| 3.00%, 05/20/47 | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 333558 |
| 3.00%, 06/15/47 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 136305 |
| 3.00%, 06/20/47 | &nbsp;&nbsp; 5232 | &nbsp;&nbsp; 4701091 |
| 3.00%, 07/20/47 | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; 2289378 |
| 3.00%, 08/20/47 | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 827962 |
| 3.00%, 09/15/47 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 90223 |
| 3.00%, 09/20/47 | &nbsp;&nbsp; 5144 | &nbsp;&nbsp; 4613121 |
| 3.00%, 11/20/47 | &nbsp;&nbsp; 10173 | &nbsp;&nbsp; 9122954 |
| 3.00%, 12/15/47 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17891 |
| 3.00%, 12/20/47 | &nbsp;&nbsp; 2484 | &nbsp;&nbsp; 2227639 |
| 3.00%, 01/20/48 | &nbsp;&nbsp; 32865 | &nbsp;&nbsp; 29472019 |
| 3.00%, 02/20/48 | &nbsp;&nbsp; 4785 | &nbsp;&nbsp; 4285284 |
| 3.00%, 03/20/48 | &nbsp;&nbsp; 9925 | &nbsp;&nbsp; 8900553 |
| 3.00%, 04/20/48 | &nbsp;&nbsp; 8734 | &nbsp;&nbsp; 7832312 |
| 3.00%, 05/20/48 | &nbsp;&nbsp; 2193 | &nbsp;&nbsp; 1966566 |
| 3.00%, 07/20/48 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 67683 |
| 3.00%, 08/20/48 | &nbsp;&nbsp; 1998 | &nbsp;&nbsp; 1791915 |
| 3.00%, 09/20/48 | &nbsp;&nbsp; 1256 | &nbsp;&nbsp; 1125916 |
| 3.00%, 10/20/48 | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 696184 |
| 3.00%, 11/20/48 | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 1571749 |
| 3.00%, 12/20/48 | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; 1043902 |
| 3.00%, 01/20/49 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 378992 |
| 3.00%, 02/20/49 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 380871 |
| 3.00%, 03/20/49 | &nbsp;&nbsp; 3737 | &nbsp;&nbsp; 3352863 |
| 3.00%, 04/20/49 | &nbsp;&nbsp; 1823 | &nbsp;&nbsp; 1634366 |
| 3.00%, 06/20/49 | &nbsp;&nbsp; 2603 | &nbsp;&nbsp; 2334303 |
| 3.00%, 07/20/49 | &nbsp;&nbsp; 18750 | &nbsp;&nbsp; 16699636 |
| 3.00%, 09/20/49 | &nbsp;&nbsp; 19573 | &nbsp;&nbsp; 17417178 |
| 3.00%, 10/20/49 | &nbsp;&nbsp; 23348 | &nbsp;&nbsp; 20791835 |
| 3.00%, 11/15/49 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 285696 |
| 3.00%, 11/20/49 | &nbsp;&nbsp; 3668 | &nbsp;&nbsp; 3262238 |
| 3.00%, 12/20/49 | &nbsp;&nbsp; 32256 | &nbsp;&nbsp; 28711593 |
| 3.00%, 01/20/50 | &nbsp;&nbsp; 19315 | &nbsp;&nbsp; 17173278 |
| 3.00%, 02/15/50 | &nbsp;&nbsp; 2193 | &nbsp;&nbsp; 1941927 |
| 3.00%, 02/20/50 | &nbsp;&nbsp; 31409 | &nbsp;&nbsp; 27911459 |
| 3.00%, 03/20/50 | &nbsp;&nbsp; 7192 | &nbsp;&nbsp; 6388259 |
| 3.00%, 04/20/50 | &nbsp;&nbsp; 2019 | &nbsp;&nbsp; 1791937 |
| 3.00%, 05/20/50 | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 1015035 |
| 3.00%, 06/20/50 | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 1501702 |
| 3.00%, 08/20/50 | &nbsp;&nbsp; 7402 | &nbsp;&nbsp; 6583935 |
| 3.00%, 10/20/50 | &nbsp;&nbsp; 2256 | &nbsp;&nbsp; 2006989 |
| 3.00%, 01/20/51 | &nbsp;&nbsp; 4938 | &nbsp;&nbsp; 4383999 |
| 3.00%, 04/20/51 | &nbsp;&nbsp; 11630 | &nbsp;&nbsp; 10315341 |
| 3.00%, 05/20/51 | &nbsp;&nbsp; 2577 | &nbsp;&nbsp; 2285046 |
| 3.00%, 06/20/51 | &nbsp;&nbsp; 31212 | &nbsp;&nbsp; 27678000 |
| 3.00%, 07/20/51 | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2438011 |
| 3.00%, 08/20/51 | &nbsp;&nbsp; 13599 | &nbsp;&nbsp; 12057332 |
| 3.00%, 09/20/51 | &nbsp;&nbsp; 29394 | &nbsp;&nbsp; 26059038 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 10/20/51 | &nbsp;&nbsp; $10866 | &nbsp;&nbsp; $9632836 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; 22876 | &nbsp;&nbsp; 20277025 |
| 3.00%, 12/20/51 | &nbsp;&nbsp; 27182 | &nbsp;&nbsp; 24091555 |
| 3.00%, 01/20/52 | &nbsp;&nbsp; 1567 | &nbsp;&nbsp; 1388927 |
| 3.00%, 02/20/52 | &nbsp;&nbsp; 18163 | &nbsp;&nbsp; 16095789 |
| 3.00%, 03/20/52 | &nbsp;&nbsp; 48111 | &nbsp;&nbsp; 42513824 |
| 3.00%, 04/20/52 | &nbsp;&nbsp; 39277 | &nbsp;&nbsp; 34789202 |
| 3.00%, 05/20/52 | &nbsp;&nbsp; 57849 | &nbsp;&nbsp; 51239067 |
| 3.00%, 06/20/52 | &nbsp;&nbsp; 32057 | &nbsp;&nbsp; 28393847 |
| 3.00%, 07/20/52 | &nbsp;&nbsp; 11918 | &nbsp;&nbsp; 10556022 |
| 3.00%, 08/20/52 | &nbsp;&nbsp; 8153 | &nbsp;&nbsp; 7221094 |
| 3.00%, 09/20/52 | &nbsp;&nbsp; 15923 | &nbsp;&nbsp; 14103886 |
| 3.00%, 10/20/52 | &nbsp;&nbsp; 5485 | &nbsp;&nbsp; 4857996 |
| 3.00%, 11/20/52 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 41617 |
| 3.00%, 12/20/52 | &nbsp;&nbsp; 1624 | &nbsp;&nbsp; 1439605 |
| 3.00%, 01/20/53 | &nbsp;&nbsp; 14905 | &nbsp;&nbsp; 13202138 |
| 3.00%, 02/20/53 | &nbsp;&nbsp; 14843 | &nbsp;&nbsp; 13186075 |
| 3.00%, 03/20/53 | &nbsp;&nbsp; 2331 | &nbsp;&nbsp; 2071892 |
| 3.00%, 04/20/53 | &nbsp;&nbsp; 3386 | &nbsp;&nbsp; 3016679 |
| 3.00%, 06/20/53 | &nbsp;&nbsp; 2388 | &nbsp;&nbsp; 2123935 |
| 3.00%, 11/20/53 | &nbsp;&nbsp; 13350 | &nbsp;&nbsp; 11863374 |
| 3.00%, 01/20/54 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 348934 |
| 3.00%, 04/20/54 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 795819 |
| 3.00%, 07/20/54 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 242902 |
| 3.00%, 10/20/54 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1001794 |
| 3.00%, 07/20/55 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1000331 |
| 3.50%, 12/15/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 136 |
| 3.50%, 02/15/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1046 |
| 3.50%, 05/15/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1392 |
| 3.50%, 12/20/26 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10968 |
| 3.50%, 03/20/27 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2586 |
| 3.50%, 04/20/27 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7749 |
| 3.50%, 01/20/29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3370 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64502 |
| 3.50%, 01/15/41 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8540 |
| 3.50%, 01/20/41 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 52157 |
| 3.50%, 09/15/41 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 118893 |
| 3.50%, 10/15/41 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6292 |
| 3.50%, 11/15/41 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 46482 |
| 3.50%, 11/20/41 | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; 1205992 |
| 3.50%, 12/15/41 | &nbsp;&nbsp; 1213 | &nbsp;&nbsp; 1138334 |
| 3.50%, 12/20/41 | &nbsp;&nbsp; 1021 | &nbsp;&nbsp; 956796 |
| 3.50%, 01/15/42 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 129584 |
| 3.50%, 01/20/42 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 237344 |
| 3.50%, 02/15/42 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 275128 |
| 3.50%, 02/20/42 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 51867 |
| 3.50%, 03/15/42 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 126267 |
| 3.50%, 03/20/42 | &nbsp;&nbsp; 7438 | &nbsp;&nbsp; 6972319 |
| 3.50%, 04/15/42 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 318829 |
| 3.50%, 05/15/42 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 228991 |
| 3.50%, 05/20/42 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 483306 |
| 3.50%, 06/15/42 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 98750 |
| 3.50%, 06/20/42 | &nbsp;&nbsp; 10032 | &nbsp;&nbsp; 9404386 |
| 3.50%, 07/15/42 | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 267611 |
| 3.50%, 08/15/42 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 34907 |
| 3.50%, 08/20/42 | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 730185 |
| 3.50%, 09/15/42 | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 824450 |
| 3.50%, 09/20/42 | &nbsp;&nbsp; 12496 | &nbsp;&nbsp; 11714160 |
| 3.50%, 10/15/42 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 615797 |
| 3.50%, 10/20/42 | &nbsp;&nbsp; 10618 | &nbsp;&nbsp; 9953871 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 308835 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 11/20/42 | &nbsp;&nbsp; $11119 | &nbsp;&nbsp; $10423602 |
| 3.50%, 12/20/42 | &nbsp;&nbsp; 8294 | &nbsp;&nbsp; 7774970 |
| 3.50%, 01/15/43 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 236562 |
| 3.50%, 01/20/43 | &nbsp;&nbsp; 1664 | &nbsp;&nbsp; 1559578 |
| 3.50%, 02/15/43 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 57880 |
| 3.50%, 03/15/43 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 449028 |
| 3.50%, 03/20/43 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25511 |
| 3.50%, 04/15/43 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 86383 |
| 3.50%, 04/20/43 | &nbsp;&nbsp; 5369 | &nbsp;&nbsp; 5032763 |
| 3.50%, 05/15/43 | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 695790 |
| 3.50%, 05/20/43 | &nbsp;&nbsp; 10522 | &nbsp;&nbsp; 9863004 |
| 3.50%, 06/15/43 | &nbsp;&nbsp; 7382 | &nbsp;&nbsp; 6798093 |
| 3.50%, 07/20/43 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 171889 |
| 3.50%, 08/15/43 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 166407 |
| 3.50%, 08/20/43 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 504373 |
| 3.50%, 09/20/43 | &nbsp;&nbsp; 5748 | &nbsp;&nbsp; 5387703 |
| 3.50%, 10/15/43 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 48545 |
| 3.50%, 10/20/43 | &nbsp;&nbsp; 982 | &nbsp;&nbsp; 920360 |
| 3.50%, 11/20/43 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 105459 |
| 3.50%, 01/20/44 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2020 |
| 3.50%, 02/20/44 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 628166 |
| 3.50%, 03/20/44 | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1326655 |
| 3.50%, 04/20/44 | &nbsp;&nbsp; 1621 | &nbsp;&nbsp; 1511835 |
| 3.50%, 05/20/44 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 312102 |
| 3.50%, 06/15/44 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3629 |
| 3.50%, 06/20/44 | &nbsp;&nbsp; 2321 | &nbsp;&nbsp; 2165093 |
| 3.50%, 07/15/44 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33142 |
| 3.50%, 07/20/44 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 48783 |
| 3.50%, 09/15/44 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 312394 |
| 3.50%, 09/20/44 | &nbsp;&nbsp; 5379 | &nbsp;&nbsp; 5017039 |
| 3.50%, 10/20/44 | &nbsp;&nbsp; 3356 | &nbsp;&nbsp; 3129568 |
| 3.50%, 11/20/44 | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 722295 |
| 3.50%, 12/15/44 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 53917 |
| 3.50%, 12/20/44 | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1603953 |
| 3.50%, 01/15/45 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 107310 |
| 3.50%, 01/20/45 | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 693088 |
| 3.50%, 02/20/45 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21589 |
| 3.50%, 03/15/45 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21560 |
| 3.50%, 03/20/45 | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 531353 |
| 3.50%, 04/15/45 | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 283764 |
| 3.50%, 04/20/45 | &nbsp;&nbsp; 6589 | &nbsp;&nbsp; 6108181 |
| 3.50%, 05/20/45 | &nbsp;&nbsp; 1953 | &nbsp;&nbsp; 1811337 |
| 3.50%, 06/20/45 | &nbsp;&nbsp; 5601 | &nbsp;&nbsp; 5192565 |
| 3.50%, 07/20/45 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 120741 |
| 3.50%, 08/20/45 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 161917 |
| 3.50%, 09/20/45 | &nbsp;&nbsp; 3877 | &nbsp;&nbsp; 3593997 |
| 3.50%, 10/20/45 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 130074 |
| 3.50%, 11/20/45 | &nbsp;&nbsp; 11812 | &nbsp;&nbsp; 10950762 |
| 3.50%, 12/20/45 | &nbsp;&nbsp; 5278 | &nbsp;&nbsp; 4893103 |
| 3.50%, 01/20/46 | &nbsp;&nbsp; 1646 | &nbsp;&nbsp; 1525955 |
| 3.50%, 02/20/46 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 181785 |
| 3.50%, 03/20/46 | &nbsp;&nbsp; 13468 | &nbsp;&nbsp; 12485704 |
| 3.50%, 04/20/46 | &nbsp;&nbsp; 12024 | &nbsp;&nbsp; 11130984 |
| 3.50%, 05/20/46 | &nbsp;&nbsp; 4052 | &nbsp;&nbsp; 3750963 |
| 3.50%, 06/15/46 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 111345 |
| 3.50%, 06/20/46 | &nbsp;&nbsp; 38780 | &nbsp;&nbsp; 35899143 |
| 3.50%, 07/15/46 | &nbsp;&nbsp; 1492 | &nbsp;&nbsp; 1380114 |
| 3.50%, 07/20/46 | &nbsp;&nbsp; 2395 | &nbsp;&nbsp; 2216660 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 2831 | &nbsp;&nbsp; 2619160 |
| 3.50%, 08/20/46 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 58447 |
| 3.50%, 09/15/46 | &nbsp;&nbsp; 2218 | &nbsp;&nbsp; 2051555 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 09/20/46 | &nbsp;&nbsp; $5632 | &nbsp;&nbsp; $5214166 |
| 3.50%, 10/15/46 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 742991 |
| 3.50%, 10/20/46 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 268472 |
| 3.50%, 11/20/46 | &nbsp;&nbsp; 5111 | &nbsp;&nbsp; 4730919 |
| 3.50%, 12/20/46 | &nbsp;&nbsp; 7197 | &nbsp;&nbsp; 6662634 |
| 3.50%, 01/20/47 | &nbsp;&nbsp; 23352 | &nbsp;&nbsp; 21616863 |
| 3.50%, 02/20/47 | &nbsp;&nbsp; 42309 | &nbsp;&nbsp; 39165852 |
| 3.50%, 03/20/47 | &nbsp;&nbsp; 11750 | &nbsp;&nbsp; 10875387 |
| 3.50%, 04/20/47 | &nbsp;&nbsp; 8222 | &nbsp;&nbsp; 7609630 |
| 3.50%, 05/20/47 | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1328008 |
| 3.50%, 06/15/47 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 747868 |
| 3.50%, 06/20/47 | &nbsp;&nbsp; 3196 | &nbsp;&nbsp; 2958097 |
| 3.50%, 07/20/47 | &nbsp;&nbsp; 3368 | &nbsp;&nbsp; 3116984 |
| 3.50%, 08/20/47 | &nbsp;&nbsp; 15948 | &nbsp;&nbsp; 14761559 |
| 3.50%, 09/15/47 | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 317347 |
| 3.50%, 09/20/47 | &nbsp;&nbsp; 35995 | &nbsp;&nbsp; 33168861 |
| 3.50%, 10/15/47 | &nbsp;&nbsp; 1052 | &nbsp;&nbsp; 965157 |
| 3.50%, 10/20/47 | &nbsp;&nbsp; 18318 | &nbsp;&nbsp; 16829722 |
| 3.50%, 11/15/47 | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1824409 |
| 3.50%, 11/20/47 | &nbsp;&nbsp; 15401 | &nbsp;&nbsp; 14254578 |
| 3.50%, 12/15/47 | &nbsp;&nbsp; 3053 | &nbsp;&nbsp; 2820506 |
| 3.50%, 12/20/47 | &nbsp;&nbsp; 22123 | &nbsp;&nbsp; 20316836 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 3899 | &nbsp;&nbsp; 3566979 |
| 3.50%, 01/20/48 | &nbsp;&nbsp; 17240 | &nbsp;&nbsp; 15957360 |
| 3.50%, 02/15/48 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 104800 |
| 3.50%, 02/20/48 | &nbsp;&nbsp; 15665 | &nbsp;&nbsp; 14498921 |
| 3.50%, 03/20/48 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 61431 |
| 3.50%, 04/15/48 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 251684 |
| 3.50%, 04/20/48 | &nbsp;&nbsp; 13183 | &nbsp;&nbsp; 12164297 |
| 3.50%, 05/15/48 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 32266 |
| 3.50%, 05/20/48 | &nbsp;&nbsp; 15200 | &nbsp;&nbsp; 14069118 |
| 3.50%, 08/20/48 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 149240 |
| 3.50%, 09/15/48 | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 919074 |
| 3.50%, 09/20/48 | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; 3872136 |
| 3.50%, 10/20/48 | &nbsp;&nbsp; 13438 | &nbsp;&nbsp; 12383274 |
| 3.50%, 11/20/48 | &nbsp;&nbsp; 12110 | &nbsp;&nbsp; 11159647 |
| 3.50%, 12/20/48 | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 549635 |
| 3.50%, 01/20/49 | &nbsp;&nbsp; 2207 | &nbsp;&nbsp; 2043066 |
| 3.50%, 02/20/49 | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; 1550042 |
| 3.50%, 03/20/49 | &nbsp;&nbsp; 16899 | &nbsp;&nbsp; 15572559 |
| 3.50%, 04/20/49 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 243480 |
| 3.50%, 05/20/49 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 245635 |
| 3.50%, 06/20/49 | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 2056505 |
| 3.50%, 07/20/49 | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 1318305 |
| 3.50%, 09/20/49 | &nbsp;&nbsp; 13147 | &nbsp;&nbsp; 12101784 |
| 3.50%, 10/15/49 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11035 |
| 3.50%, 10/20/49 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 716313 |
| 3.50%, 11/15/49 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 246449 |
| 3.50%, 11/20/49 | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1463907 |
| 3.50%, 12/20/49 | &nbsp;&nbsp; 5297 | &nbsp;&nbsp; 4875922 |
| 3.50%, 01/20/50 | &nbsp;&nbsp; 27421 | &nbsp;&nbsp; 25240085 |
| 3.50%, 02/20/50 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 768248 |
| 3.50%, 03/20/50 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 834311 |
| 3.50%, 04/20/50 | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 1052117 |
| 3.50%, 05/20/50 | &nbsp;&nbsp; 7098 | &nbsp;&nbsp; 6533560 |
| 3.50%, 06/20/50 | &nbsp;&nbsp; 5130 | &nbsp;&nbsp; 4720067 |
| 3.50%, 07/20/50 | &nbsp;&nbsp; 1038 | &nbsp;&nbsp; 955569 |
| 3.50%, 08/20/50 | &nbsp;&nbsp; 3567 | &nbsp;&nbsp; 3281916 |
| 3.50%, 09/20/50 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 44289 |
| 3.50%, 10/20/50 | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 835676 |
| 3.50%, 11/20/50 | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 879581 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 12/20/50 | &nbsp;&nbsp; $188 | &nbsp;&nbsp; $173297 |
| 3.50%, 03/20/51 | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 1317991 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 4280 | &nbsp;&nbsp; 3937814 |
| 3.50%, 06/20/51 | &nbsp;&nbsp; 8186 | &nbsp;&nbsp; 7531868 |
| 3.50%, 07/20/51 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 514400 |
| 3.50%, 09/20/51 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 567271 |
| 3.50%, 11/20/51 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 393450 |
| 3.50%, 12/20/51 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 803330 |
| 3.50%, 01/20/52 | &nbsp;&nbsp; 3395 | &nbsp;&nbsp; 3110237 |
| 3.50%, 02/20/52 | &nbsp;&nbsp; 4266 | &nbsp;&nbsp; 3907277 |
| 3.50%, 03/20/52 | &nbsp;&nbsp; 5403 | &nbsp;&nbsp; 4923518 |
| 3.50%, 04/20/52 | &nbsp;&nbsp; 4850 | &nbsp;&nbsp; 4438049 |
| 3.50%, 05/20/52 | &nbsp;&nbsp; 9215 | &nbsp;&nbsp; 8431298 |
| 3.50%, 06/20/52 | &nbsp;&nbsp; 4029 | &nbsp;&nbsp; 3686195 |
| 3.50%, 07/20/52 | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 872500 |
| 3.50%, 08/20/52 | &nbsp;&nbsp; 2313 | &nbsp;&nbsp; 2116394 |
| 3.50%, 09/20/52 | &nbsp;&nbsp; 6286 | &nbsp;&nbsp; 5750362 |
| 3.50%, 10/20/52 | &nbsp;&nbsp; 28134 | &nbsp;&nbsp; 25731131 |
| 3.50%, 11/20/52 | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 782149 |
| 3.50%, 12/20/52 | &nbsp;&nbsp; 3509 | &nbsp;&nbsp; 3210030 |
| 3.50%, 01/20/53 | &nbsp;&nbsp; 9180 | &nbsp;&nbsp; 8396923 |
| 3.50%, 02/20/53 | &nbsp;&nbsp; 17281 | &nbsp;&nbsp; 15900752 |
| 3.50%, 03/20/53 | &nbsp;&nbsp; 1594 | &nbsp;&nbsp; 1466497 |
| 3.50%, 04/20/53 | &nbsp;&nbsp; 6810 | &nbsp;&nbsp; 6268479 |
| 3.50%, 06/20/53 | &nbsp;&nbsp; 27231 | &nbsp;&nbsp; 25055725 |
| 3.50%, 07/20/53 | &nbsp;&nbsp; 14155 | &nbsp;&nbsp; 13024561 |
| 3.50%, 08/20/53 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 184343 |
| 3.50%, 09/20/53 | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 609368 |
| 3.50%, 10/20/53 | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1795163 |
| 3.50%, 11/20/53 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 108982 |
| 3.50%, 12/20/53 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 194629 |
| 3.50%, 01/20/54 | &nbsp;&nbsp; 5819 | &nbsp;&nbsp; 5356047 |
| 3.50%, 02/20/54 | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 843815 |
| 3.50%, 04/20/54 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 802264 |
| 3.50%, 05/20/54 | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 830700 |
| 3.50%, 09/22/55<sup>(c)</sup> | &nbsp;&nbsp; 52245 | &nbsp;&nbsp; 47545243 |
| 4.00%, 11/15/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 494 |
| 4.00%, 05/15/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1392 |
| 4.00%, 07/20/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 964 |
| 4.00%, 06/15/39 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 42001 |
| 4.00%, 09/20/39 | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 218650 |
| 4.00%, 11/20/39 | &nbsp;&nbsp; 8134 | &nbsp;&nbsp; 7995897 |
| 4.00%, 12/20/39 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 467427 |
| 4.00%, 04/20/40 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 299537 |
| 4.00%, 07/20/40 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 310470 |
| 4.00%, 08/15/40 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26495 |
| 4.00%, 08/20/40 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 309646 |
| 4.00%, 09/15/40 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 117741 |
| 4.00%, 09/20/40 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 148326 |
| 4.00%, 10/15/40 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 92379 |
| 4.00%, 10/20/40 | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 926235 |
| 4.00%, 11/15/40 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 56281 |
| 4.00%, 11/20/40 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 694416 |
| 4.00%, 12/15/40 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 42881 |
| 4.00%, 12/20/40 | &nbsp;&nbsp; 5561 | &nbsp;&nbsp; 5355918 |
| 4.00%, 01/15/41 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 127215 |
| 4.00%, 01/20/41 | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 934612 |
| 4.00%, 02/15/41 | &nbsp;&nbsp; 1603 | &nbsp;&nbsp; 1542162 |
| 4.00%, 02/20/41 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 82168 |
| 4.00%, 03/15/41 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 232054 |
| 4.00%, 04/15/41 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 1030642 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 04/20/41 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $66577 |
| 4.00%, 05/15/41 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 269586 |
| 4.00%, 05/20/41 | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 407806 |
| 4.00%, 06/15/41 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 183 |
| 4.00%, 07/15/41 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 481867 |
| 4.00%, 07/20/41 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 183870 |
| 4.00%, 08/15/41 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34879 |
| 4.00%, 08/20/41 | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1177516 |
| 4.00%, 09/15/41 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 153280 |
| 4.00%, 09/20/41 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 68643 |
| 4.00%, 10/15/41 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 20886 |
| 4.00%, 10/20/41 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 51761 |
| 4.00%, 11/15/41 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10452 |
| 4.00%, 11/20/41 | &nbsp;&nbsp; 2209 | &nbsp;&nbsp; 2124482 |
| 4.00%, 12/15/41 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 360051 |
| 4.00%, 12/20/41 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 486996 |
| 4.00%, 01/15/42 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 251991 |
| 4.00%, 01/20/42 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 749741 |
| 4.00%, 02/15/42 | &nbsp;&nbsp; 1133 | &nbsp;&nbsp; 1086430 |
| 4.00%, 02/20/42 | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 1499275 |
| 4.00%, 03/15/42 | &nbsp;&nbsp; 1756 | &nbsp;&nbsp; 1684357 |
| 4.00%, 03/20/42 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 159263 |
| 4.00%, 04/15/42 | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 1073002 |
| 4.00%, 04/20/42 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 578455 |
| 4.00%, 05/15/42 | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 327604 |
| 4.00%, 05/20/42 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 989526 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 131476 |
| 4.00%, 07/20/42 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 322882 |
| 4.00%, 08/15/42 | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 315592 |
| 4.00%, 08/20/42 | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1444712 |
| 4.00%, 09/20/42 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25536 |
| 4.00%, 10/15/42 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 175609 |
| 4.00%, 10/20/42 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26574 |
| 4.00%, 11/20/42 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 372636 |
| 4.00%, 12/20/42 | &nbsp;&nbsp; 2823 | &nbsp;&nbsp; 2711110 |
| 4.00%, 01/20/43 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 277831 |
| 4.00%, 03/20/43 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 163693 |
| 4.00%, 04/20/43 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 147431 |
| 4.00%, 05/15/43 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4022 |
| 4.00%, 05/20/43 | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 755708 |
| 4.00%, 06/20/43 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20031 |
| 4.00%, 09/15/43 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 74350 |
| 4.00%, 09/20/43 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17122 |
| 4.00%, 10/20/43 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 352206 |
| 4.00%, 11/20/43 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23824 |
| 4.00%, 01/20/44 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 737645 |
| 4.00%, 02/20/44 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 345281 |
| 4.00%, 03/15/44 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 78011 |
| 4.00%, 03/20/44 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 167875 |
| 4.00%, 04/20/44 | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 799372 |
| 4.00%, 05/15/44 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42910 |
| 4.00%, 06/20/44 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 319345 |
| 4.00%, 07/15/44 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 24362 |
| 4.00%, 07/20/44 | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 1466189 |
| 4.00%, 08/15/44 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12086 |
| 4.00%, 08/20/44 | &nbsp;&nbsp; 2354 | &nbsp;&nbsp; 2249457 |
| 4.00%, 09/15/44 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 181204 |
| 4.00%, 09/20/44 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 226378 |
| 4.00%, 10/20/44 | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; 3096647 |
| 4.00%, 01/15/45 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11504 |
| 4.00%, 01/20/45 | &nbsp;&nbsp; 3462 | &nbsp;&nbsp; 3309039 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 02/15/45 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $1686 |
| 4.00%, 02/20/45 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 215234 |
| 4.00%, 03/15/45 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18943 |
| 4.00%, 03/20/45 | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 835868 |
| 4.00%, 04/15/45 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31683 |
| 4.00%, 04/20/45 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 433441 |
| 4.00%, 05/15/45 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 30267 |
| 4.00%, 05/20/45 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9403 |
| 4.00%, 06/15/45 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 131251 |
| 4.00%, 06/20/45 | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; 1429288 |
| 4.00%, 07/15/45 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 40261 |
| 4.00%, 07/20/45 | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 748510 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 19553 |
| 4.00%, 08/20/45 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 550358 |
| 4.00%, 09/15/45 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 210903 |
| 4.00%, 09/20/45 | &nbsp;&nbsp; 5156 | &nbsp;&nbsp; 4927085 |
| 4.00%, 10/20/45 | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 467863 |
| 4.00%, 11/15/45 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 25141 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 3461 | &nbsp;&nbsp; 3307140 |
| 4.00%, 12/20/45 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 190004 |
| 4.00%, 01/20/46 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 852080 |
| 4.00%, 03/20/46 | &nbsp;&nbsp; 6770 | &nbsp;&nbsp; 6471563 |
| 4.00%, 04/15/46 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 319456 |
| 4.00%, 04/20/46 | &nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3202783 |
| 4.00%, 05/15/46 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4266 |
| 4.00%, 05/20/46 | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 2136749 |
| 4.00%, 06/20/46 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 551943 |
| 4.00%, 07/20/46 | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 768623 |
| 4.00%, 08/15/46 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42134 |
| 4.00%, 08/20/46 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 70121 |
| 4.00%, 09/20/46 | &nbsp;&nbsp; 3319 | &nbsp;&nbsp; 3165077 |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 65678 |
| 4.00%, 11/15/46 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 115885 |
| 4.00%, 11/20/46 | &nbsp;&nbsp; 3106 | &nbsp;&nbsp; 2961733 |
| 4.00%, 12/15/46 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 964562 |
| 4.00%, 12/20/46 | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 1401892 |
| 4.00%, 01/20/47 | &nbsp;&nbsp; 4745 | &nbsp;&nbsp; 4524969 |
| 4.00%, 02/20/47 | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 537697 |
| 4.00%, 03/20/47 | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1225903 |
| 4.00%, 04/20/47 | &nbsp;&nbsp; 19657 | &nbsp;&nbsp; 18654938 |
| 4.00%, 05/20/47 | &nbsp;&nbsp; 2489 | &nbsp;&nbsp; 2362318 |
| 4.00%, 06/20/47 | &nbsp;&nbsp; 20454 | &nbsp;&nbsp; 19410915 |
| 4.00%, 07/20/47 | &nbsp;&nbsp; 25551 | &nbsp;&nbsp; 24247925 |
| 4.00%, 08/20/47 | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 5978554 |
| 4.00%, 09/20/47 | &nbsp;&nbsp; 5545 | &nbsp;&nbsp; 5261892 |
| 4.00%, 10/15/47 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 20798 |
| 4.00%, 10/20/47 | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 778541 |
| 4.00%, 11/20/47 | &nbsp;&nbsp; 27603 | &nbsp;&nbsp; 26194998 |
| 4.00%, 12/20/47 | &nbsp;&nbsp; 8324 | &nbsp;&nbsp; 7899109 |
| 4.00%, 01/15/48 | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; 1221112 |
| 4.00%, 01/20/48 | &nbsp;&nbsp; 5468 | &nbsp;&nbsp; 5186553 |
| 4.00%, 02/20/48 | &nbsp;&nbsp; 19541 | &nbsp;&nbsp; 18544705 |
| 4.00%, 03/20/48 | &nbsp;&nbsp; 17605 | &nbsp;&nbsp; 16704401 |
| 4.00%, 04/20/48 | &nbsp;&nbsp; 10250 | &nbsp;&nbsp; 9717447 |
| 4.00%, 05/15/48 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 77341 |
| 4.00%, 05/20/48 | &nbsp;&nbsp; 2429 | &nbsp;&nbsp; 2301281 |
| 4.00%, 06/20/48 | &nbsp;&nbsp; 10810 | &nbsp;&nbsp; 10248450 |
| 4.00%, 07/20/48 | &nbsp;&nbsp; 3862 | &nbsp;&nbsp; 3661507 |
| 4.00%, 08/20/48 | &nbsp;&nbsp; 10961 | &nbsp;&nbsp; 10392568 |
| 4.00%, 09/20/48 | &nbsp;&nbsp; 19943 | &nbsp;&nbsp; 18919389 |
| 4.00%, 10/20/48 | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 3207946 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 11/20/48 | &nbsp;&nbsp; $12031 | &nbsp;&nbsp; $11406007 |
| 4.00%, 12/20/48 | &nbsp;&nbsp; 3116 | &nbsp;&nbsp; 2954770 |
| 4.00%, 02/20/49 | &nbsp;&nbsp; 8839 | &nbsp;&nbsp; 8380684 |
| 4.00%, 03/20/49 | &nbsp;&nbsp; 7294 | &nbsp;&nbsp; 6916136 |
| 4.00%, 04/20/49 | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 227488 |
| 4.00%, 05/20/49 | &nbsp;&nbsp; 3856 | &nbsp;&nbsp; 3644753 |
| 4.00%, 06/20/49 | &nbsp;&nbsp; 3917 | &nbsp;&nbsp; 3700384 |
| 4.00%, 07/20/49 | &nbsp;&nbsp; 3416 | &nbsp;&nbsp; 3221796 |
| 4.00%, 09/15/49 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 61464 |
| 4.00%, 09/20/49 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 180000 |
| 4.00%, 10/20/49 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 336781 |
| 4.00%, 11/20/49 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 24977 |
| 4.00%, 01/20/50 | &nbsp;&nbsp; 19875 | &nbsp;&nbsp; 18785213 |
| 4.00%, 02/20/50 | &nbsp;&nbsp; 9437 | &nbsp;&nbsp; 8919180 |
| 4.00%, 03/20/50 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 269018 |
| 4.00%, 04/20/50 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6603 |
| 4.00%, 05/20/50 | &nbsp;&nbsp; 2214 | &nbsp;&nbsp; 2092425 |
| 4.00%, 06/20/50 | &nbsp;&nbsp; 1684 | &nbsp;&nbsp; 1591325 |
| 4.00%, 07/20/50 | &nbsp;&nbsp; 4793 | &nbsp;&nbsp; 4546379 |
| 4.00%, 08/20/50 | &nbsp;&nbsp; 2259 | &nbsp;&nbsp; 2135879 |
| 4.00%, 10/20/50 | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 1981487 |
| 4.00%, 11/20/50 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 387798 |
| 4.00%, 12/20/50 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 1047844 |
| 4.00%, 01/20/51 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42687 |
| 4.00%, 04/20/52 | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 722245 |
| 4.00%, 06/20/52 | &nbsp;&nbsp; 7736 | &nbsp;&nbsp; 7275285 |
| 4.00%, 07/20/52 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9405417 |
| 4.00%, 08/20/52 | &nbsp;&nbsp; 16326 | &nbsp;&nbsp; 15354409 |
| 4.00%, 09/20/52 | &nbsp;&nbsp; 51826 | &nbsp;&nbsp; 48742029 |
| 4.00%, 10/20/52 | &nbsp;&nbsp; 51409 | &nbsp;&nbsp; 48350017 |
| 4.00%, 11/20/52 | &nbsp;&nbsp; 8546 | &nbsp;&nbsp; 8037937 |
| 4.00%, 12/20/52 | &nbsp;&nbsp; 8593 | &nbsp;&nbsp; 8082041 |
| 4.00%, 02/20/53 | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 596185 |
| 4.00%, 03/20/53 | &nbsp;&nbsp; 3344 | &nbsp;&nbsp; 3145285 |
| 4.00%, 05/20/53 | &nbsp;&nbsp; 4351 | &nbsp;&nbsp; 4091731 |
| 4.00%, 06/20/53 | &nbsp;&nbsp; 2394 | &nbsp;&nbsp; 2251359 |
| 4.00%, 07/20/53 | &nbsp;&nbsp; 3424 | &nbsp;&nbsp; 3222221 |
| 4.00%, 08/20/53 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp; 1408384 |
| 4.00%, 10/20/53 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 251526 |
| 4.00%, 11/20/53 | &nbsp;&nbsp; 17579 | &nbsp;&nbsp; 16541533 |
| 4.00%, 12/20/53 | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 417062 |
| 4.00%, 01/20/54 | &nbsp;&nbsp; 2436 | &nbsp;&nbsp; 2290887 |
| 4.00%, 02/20/54 | &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 1838521 |
| 4.00%, 03/20/54 | &nbsp;&nbsp; 2697 | &nbsp;&nbsp; 2523832 |
| 4.00%, 04/20/54 | &nbsp;&nbsp; 4409 | &nbsp;&nbsp; 4125627 |
| 4.00%, 05/20/54 | &nbsp;&nbsp; 3073 | &nbsp;&nbsp; 2875549 |
| 4.00%, 08/20/54 | &nbsp;&nbsp; 9470 | &nbsp;&nbsp; 8830334 |
| 4.00%, 09/20/54 | &nbsp;&nbsp; 5301 | &nbsp;&nbsp; 4942880 |
| 4.00%, 10/20/54 | &nbsp;&nbsp; 979 | &nbsp;&nbsp; 912801 |
| 4.00%, 01/20/55 | &nbsp;&nbsp; 8073 | &nbsp;&nbsp; 7527825 |
| 4.00%, 04/20/55 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 442066 |
| 4.00%, 09/22/55<sup>(c)</sup> | &nbsp;&nbsp; 10600 | &nbsp;&nbsp; 9887110 |
| 4.50%, 04/20/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 684 |
| 4.50%, 07/15/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 755 |
| 4.50%, 08/15/33 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5897 |
| 4.50%, 11/20/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1401 |
| 4.50%, 06/15/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1313 |
| 4.50%, 01/15/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 342 |
| 4.50%, 06/20/35 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10081 |
| 4.50%, 08/15/35 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3177 |
| 4.50%, 08/15/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 284 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 03/15/39 | &nbsp;&nbsp; $63 | &nbsp;&nbsp; $62423 |
| 4.50%, 03/20/39 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23749 |
| 4.50%, 04/15/39 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 197409 |
| 4.50%, 05/15/39 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 61827 |
| 4.50%, 06/15/39 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 55912 |
| 4.50%, 07/15/39 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 221928 |
| 4.50%, 08/15/39 | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 883539 |
| 4.50%, 09/15/39 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 28472 |
| 4.50%, 10/15/39 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5286 |
| 4.50%, 11/15/39 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24223 |
| 4.50%, 11/20/39 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 335066 |
| 4.50%, 12/15/39 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 46812 |
| 4.50%, 12/20/39 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 31901 |
| 4.50%, 01/15/40 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 107790 |
| 4.50%, 01/20/40 | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 545274 |
| 4.50%, 02/15/40 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 86911 |
| 4.50%, 03/15/40 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59394 |
| 4.50%, 04/15/40 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 28169 |
| 4.50%, 04/20/40 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 780574 |
| 4.50%, 05/15/40 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18121 |
| 4.50%, 05/20/40 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 288453 |
| 4.50%, 06/15/40 | &nbsp;&nbsp; 1894 | &nbsp;&nbsp; 1881795 |
| 4.50%, 06/20/40 | &nbsp;&nbsp; 5587 | &nbsp;&nbsp; 5555718 |
| 4.50%, 07/15/40 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 690071 |
| 4.50%, 07/20/40 | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 1998676 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 2325 | &nbsp;&nbsp; 2311679 |
| 4.50%, 08/20/40 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 570671 |
| 4.50%, 09/15/40 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 124121 |
| 4.50%, 10/15/40 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 50881 |
| 4.50%, 10/20/40 | &nbsp;&nbsp; 3009 | &nbsp;&nbsp; 2992109 |
| 4.50%, 11/20/40 | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 897920 |
| 4.50%, 12/15/40 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10423 |
| 4.50%, 01/15/41 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3195 |
| 4.50%, 01/20/41 | &nbsp;&nbsp; 6798 | &nbsp;&nbsp; 6759928 |
| 4.50%, 02/15/41 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4356 |
| 4.50%, 02/20/41 | &nbsp;&nbsp; 3914 | &nbsp;&nbsp; 3892274 |
| 4.50%, 03/15/41 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 62101 |
| 4.50%, 03/20/41 | &nbsp;&nbsp; 1414 | &nbsp;&nbsp; 1405678 |
| 4.50%, 04/15/41 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15120 |
| 4.50%, 04/20/41 | &nbsp;&nbsp; 7732 | &nbsp;&nbsp; 7688337 |
| 4.50%, 05/15/41 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32245 |
| 4.50%, 05/20/41 | &nbsp;&nbsp; 4271 | &nbsp;&nbsp; 4247282 |
| 4.50%, 06/15/41 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37777 |
| 4.50%, 06/20/41 | &nbsp;&nbsp; 6194 | &nbsp;&nbsp; 6159165 |
| 4.50%, 07/15/41 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 25722 |
| 4.50%, 07/20/41 | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 4743714 |
| 4.50%, 08/15/41 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 42106 |
| 4.50%, 08/20/41 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 72455 |
| 4.50%, 09/15/41 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13364 |
| 4.50%, 09/20/41 | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 1022107 |
| 4.50%, 11/20/41 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1004299 |
| 4.50%, 12/20/41 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 426099 |
| 4.50%, 01/20/42 | &nbsp;&nbsp; 3648 | &nbsp;&nbsp; 3627931 |
| 4.50%, 02/20/42 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40683 |
| 4.50%, 03/20/42 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9590 |
| 4.50%, 04/20/42 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17418 |
| 4.50%, 05/20/42 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12560 |
| 4.50%, 08/20/43 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6916 |
| 4.50%, 09/20/43 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 202217 |
| 4.50%, 11/20/43 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 380321 |
| 4.50%, 02/20/44 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 107815 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 03/20/44 | &nbsp;&nbsp; $2208 | &nbsp;&nbsp; $2182946 |
| 4.50%, 04/20/44 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2108 |
| 4.50%, 05/20/44 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 202969 |
| 4.50%, 06/20/44 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9447 |
| 4.50%, 08/20/44 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14244 |
| 4.50%, 09/20/44 | &nbsp;&nbsp; 3070 | &nbsp;&nbsp; 3033684 |
| 4.50%, 10/20/44 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 170485 |
| 4.50%, 11/20/44 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 140302 |
| 4.50%, 02/20/45 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32358 |
| 4.50%, 03/20/45 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2106 |
| 4.50%, 06/20/45 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 104404 |
| 4.50%, 09/15/45 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14558 |
| 4.50%, 09/20/45 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5982 |
| 4.50%, 10/15/45 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40655 |
| 4.50%, 10/20/45 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49317 |
| 4.50%, 11/20/45 | &nbsp;&nbsp; 4791 | &nbsp;&nbsp; 4734480 |
| 4.50%, 12/20/45 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 118135 |
| 4.50%, 01/20/46 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38784 |
| 4.50%, 02/15/46 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 106196 |
| 4.50%, 02/20/46 | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 525779 |
| 4.50%, 03/20/46 | &nbsp;&nbsp; 7750 | &nbsp;&nbsp; 7661109 |
| 4.50%, 05/20/46 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 94616 |
| 4.50%, 07/20/46 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 182649 |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14936 |
| 4.50%, 08/20/46 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 271222 |
| 4.50%, 09/15/46 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 56029 |
| 4.50%, 09/20/46 | &nbsp;&nbsp; 1337 | &nbsp;&nbsp; 1325307 |
| 4.50%, 10/15/46 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9717 |
| 4.50%, 10/20/46 | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1416284 |
| 4.50%, 11/20/46 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 622497 |
| 4.50%, 12/20/46 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 113033 |
| 4.50%, 01/20/47 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 430677 |
| 4.50%, 02/20/47 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 221981 |
| 4.50%, 04/20/47 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 306353 |
| 4.50%, 05/20/47 | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 668825 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 56481 |
| 4.50%, 06/20/47 | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 726734 |
| 4.50%, 07/20/47 | &nbsp;&nbsp; 6773 | &nbsp;&nbsp; 6677569 |
| 4.50%, 08/15/47 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19903 |
| 4.50%, 08/20/47 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 477445 |
| 4.50%, 09/20/47 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 115685 |
| 4.50%, 10/20/47 | &nbsp;&nbsp; 1324 | &nbsp;&nbsp; 1304367 |
| 4.50%, 11/20/47 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 128379 |
| 4.50%, 12/20/47 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 215174 |
| 4.50%, 01/20/48 | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; 1684801 |
| 4.50%, 02/20/48 | &nbsp;&nbsp; 2705 | &nbsp;&nbsp; 2659530 |
| 4.50%, 03/20/48 | &nbsp;&nbsp; 3257 | &nbsp;&nbsp; 3201965 |
| 4.50%, 04/20/48 | &nbsp;&nbsp; 11419 | &nbsp;&nbsp; 11225528 |
| 4.50%, 05/20/48 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 417567 |
| 4.50%, 06/20/48 | &nbsp;&nbsp; 9930 | &nbsp;&nbsp; 9744711 |
| 4.50%, 07/20/48 | &nbsp;&nbsp; 15465 | &nbsp;&nbsp; 15177285 |
| 4.50%, 08/20/48 | &nbsp;&nbsp; 11726 | &nbsp;&nbsp; 11507433 |
| 4.50%, 09/20/48 | &nbsp;&nbsp; 5123 | &nbsp;&nbsp; 5027143 |
| 4.50%, 10/20/48 | &nbsp;&nbsp; 1391 | &nbsp;&nbsp; 1365182 |
| 4.50%, 11/20/48 | &nbsp;&nbsp; 7279 | &nbsp;&nbsp; 7143052 |
| 4.50%, 12/20/48 | &nbsp;&nbsp; 5640 | &nbsp;&nbsp; 5538987 |
| 4.50%, 01/20/49 | &nbsp;&nbsp; 15436 | &nbsp;&nbsp; 15148152 |
| 4.50%, 02/20/49 | &nbsp;&nbsp; 2107 | &nbsp;&nbsp; 2068002 |
| 4.50%, 03/20/49 | &nbsp;&nbsp; 5326 | &nbsp;&nbsp; 5226719 |
| 4.50%, 04/20/49 | &nbsp;&nbsp; 2654 | &nbsp;&nbsp; 2604712 |
| 4.50%, 05/20/49 | &nbsp;&nbsp; 9253 | &nbsp;&nbsp; 9080731 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 06/20/49 | &nbsp;&nbsp; $770 | &nbsp;&nbsp; $755807 |
| 4.50%, 08/20/49 | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 2954098 |
| 4.50%, 09/20/49 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 216962 |
| 4.50%, 10/20/49 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 431220 |
| 4.50%, 11/20/49 | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 701140 |
| 4.50%, 12/20/49 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 136941 |
| 4.50%, 02/20/50 | &nbsp;&nbsp; 7059 | &nbsp;&nbsp; 6927554 |
| 4.50%, 03/20/50 | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 2782271 |
| 4.50%, 04/20/50 | &nbsp;&nbsp; 2508 | &nbsp;&nbsp; 2461140 |
| 4.50%, 05/20/50 | &nbsp;&nbsp; 2027 | &nbsp;&nbsp; 1989223 |
| 4.50%, 07/20/50 | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 306686 |
| 4.50%, 12/20/50 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 125776 |
| 4.50%, 03/20/51 | &nbsp;&nbsp; 1657 | &nbsp;&nbsp; 1626018 |
| 4.50%, 04/20/51 | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 1712150 |
| 4.50%, 05/20/51 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 41532 |
| 4.50%, 06/20/51 | &nbsp;&nbsp; 2117 | &nbsp;&nbsp; 2080942 |
| 4.50%, 12/20/51 | &nbsp;&nbsp; 3579 | &nbsp;&nbsp; 3512512 |
| 4.50%, 02/20/52 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16054 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 5792 | &nbsp;&nbsp; 5626448 |
| 4.50%, 07/20/52 | &nbsp;&nbsp; 16223 | &nbsp;&nbsp; 15769005 |
| 4.50%, 08/20/52 | &nbsp;&nbsp; 37740 | &nbsp;&nbsp; 36689807 |
| 4.50%, 09/20/52 | &nbsp;&nbsp; 4203 | &nbsp;&nbsp; 4082336 |
| 4.50%, 10/20/52 | &nbsp;&nbsp; 4524 | &nbsp;&nbsp; 4394329 |
| 4.50%, 11/20/52 | &nbsp;&nbsp; 4828 | &nbsp;&nbsp; 4689246 |
| 4.50%, 03/20/53 | &nbsp;&nbsp; 41663 | &nbsp;&nbsp; 40468742 |
| 4.50%, 04/20/53 | &nbsp;&nbsp; 39325 | &nbsp;&nbsp; 38101905 |
| 4.50%, 05/20/53 | &nbsp;&nbsp; 22204 | &nbsp;&nbsp; 21543246 |
| 4.50%, 06/20/53 | &nbsp;&nbsp; 9584 | &nbsp;&nbsp; 9289891 |
| 4.50%, 02/20/54 | &nbsp;&nbsp; 22317 | &nbsp;&nbsp; 21575835 |
| 4.50%, 03/20/54 | &nbsp;&nbsp; 7813 | &nbsp;&nbsp; 7531801 |
| 4.50%, 04/20/54 | &nbsp;&nbsp; 23308 | &nbsp;&nbsp; 22466689 |
| 4.50%, 05/20/54 | &nbsp;&nbsp; 4809 | &nbsp;&nbsp; 4635138 |
| 4.50%, 06/20/54 | &nbsp;&nbsp; 3980 | &nbsp;&nbsp; 3835275 |
| 4.50%, 07/20/54 | &nbsp;&nbsp; 34697 | &nbsp;&nbsp; 33434180 |
| 4.50%, 08/20/54 | &nbsp;&nbsp; 24342 | &nbsp;&nbsp; 23451755 |
| 4.50%, 10/20/54 | &nbsp;&nbsp; 31406 | &nbsp;&nbsp; 30287774 |
| 4.50%, 11/20/54 | &nbsp;&nbsp; 58906 | &nbsp;&nbsp; 56809188 |
| 4.50%, 12/20/54 | &nbsp;&nbsp; 24828 | &nbsp;&nbsp; 23901248 |
| 4.50%, 01/20/55 | &nbsp;&nbsp; 9836 | &nbsp;&nbsp; 9468610 |
| 4.50%, 09/22/55<sup>(c)</sup> | &nbsp;&nbsp; 34232 | &nbsp;&nbsp; 32964641 |
| 5.00%, 03/15/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2111 |
| 5.00%, 05/20/33 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 95909 |
| 5.00%, 06/15/33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3104 |
| 5.00%, 07/15/33 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10957 |
| 5.00%, 07/20/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 655 |
| 5.00%, 08/15/33 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40551 |
| 5.00%, 09/15/33 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22049 |
| 5.00%, 09/15/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 378 |
| 5.00%, 10/15/33 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15082 |
| 5.00%, 10/15/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 381 |
| 5.00%, 01/15/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 517 |
| 5.00%, 01/20/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 852 |
| 5.00%, 02/15/34 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16914 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1383 |
| 5.00%, 05/15/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1383 |
| 5.00%, 05/20/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 484 |
| 5.00%, 06/15/34 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16227 |
| 5.00%, 07/15/34 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10036 |
| 5.00%, 12/15/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1280 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4714 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 348 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 05/15/35 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $911 |
| 5.00%, 07/20/35 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 443327 |
| 5.00%, 08/15/35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13463 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4976 |
| 5.00%, 10/15/35 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36512 |
| 5.00%, 11/15/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7182 |
| 5.00%, 12/15/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7133 |
| 5.00%, 04/20/36 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16494 |
| 5.00%, 09/15/36 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11675 |
| 5.00%, 12/15/36 | &nbsp;&nbsp; 1658 | &nbsp;&nbsp; 1696131 |
| 5.00%, 04/20/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 447 |
| 5.00%, 12/15/37 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1849 |
| 5.00%, 01/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 127 |
| 5.00%, 02/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 221 |
| 5.00%, 03/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 481 |
| 5.00%, 03/20/38 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3371 |
| 5.00%, 04/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 940 |
| 5.00%, 04/15/38 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7731 |
| 5.00%, 04/20/38 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 85913 |
| 5.00%, 05/15/38 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 55056 |
| 5.00%, 05/20/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1066 |
| 5.00%, 06/15/38 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20395 |
| 5.00%, 06/20/38 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9011 |
| 5.00%, 07/15/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1659 |
| 5.00%, 07/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 249 |
| 5.00%, 08/15/38 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22461 |
| 5.00%, 08/20/38 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7369 |
| 5.00%, 10/15/38 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9496 |
| 5.00%, 10/20/38 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9572 |
| 5.00%, 12/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 486 |
| 5.00%, 12/15/38 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4184 |
| 5.00%, 01/15/39 | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 775616 |
| 5.00%, 02/15/39 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 210784 |
| 5.00%, 03/15/39 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 47963 |
| 5.00%, 03/15/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 367 |
| 5.00%, 04/15/39 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29718 |
| 5.00%, 05/15/39 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10387 |
| 5.00%, 05/20/39 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4061 |
| 5.00%, 06/15/39 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 53647 |
| 5.00%, 06/20/39 | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2196504 |
| 5.00%, 07/15/39 | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 1740444 |
| 5.00%, 07/20/39 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 550943 |
| 5.00%, 08/15/39 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 68716 |
| 5.00%, 09/15/39 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 211810 |
| 5.00%, 10/15/39 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25302 |
| 5.00%, 10/20/39 | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 640837 |
| 5.00%, 11/15/39 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34565 |
| 5.00%, 11/20/39 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 100438 |
| 5.00%, 12/15/39 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11031 |
| 5.00%, 02/15/40 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 204633 |
| 5.00%, 03/15/40 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23156 |
| 5.00%, 03/20/40 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2404 |
| 5.00%, 04/15/40 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8474 |
| 5.00%, 05/15/40 | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 418400 |
| 5.00%, 05/20/40 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7553 |
| 5.00%, 06/15/40 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 80443 |
| 5.00%, 06/20/40 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20530 |
| 5.00%, 07/15/40 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25355 |
| 5.00%, 07/20/40 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 2027254 |
| 5.00%, 08/15/40 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8113 |
| 5.00%, 08/20/40 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 644917 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 12/15/40 | &nbsp;&nbsp; $46 | &nbsp;&nbsp; $47580 |
| 5.00%, 01/20/41 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40891 |
| 5.00%, 02/20/41 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17576 |
| 5.00%, 04/15/41 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7970 |
| 5.00%, 04/20/41 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 836 |
| 5.00%, 05/20/41 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26221 |
| 5.00%, 06/20/41 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5131 |
| 5.00%, 07/20/41 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6431 |
| 5.00%, 09/20/41 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9203 |
| 5.00%, 10/20/41 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5380 |
| 5.00%, 11/20/41 | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1844387 |
| 5.00%, 12/20/41 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12088 |
| 5.00%, 02/20/42 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 53510 |
| 5.00%, 03/20/42 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10304 |
| 5.00%, 07/20/42 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 347789 |
| 5.00%, 08/20/42 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15669 |
| 5.00%, 10/20/42 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1070 |
| 5.00%, 01/20/43 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 90037 |
| 5.00%, 04/20/43 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23451 |
| 5.00%, 05/20/43 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15437 |
| 5.00%, 11/20/43 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 53035 |
| 5.00%, 01/20/44 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 73196 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 1410251 |
| 5.00%, 05/20/44 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 160854 |
| 5.00%, 06/20/44 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22478 |
| 5.00%, 07/20/44 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 126225 |
| 5.00%, 08/20/44 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 60452 |
| 5.00%, 12/20/44 | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 372161 |
| 5.00%, 04/20/45 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 81657 |
| 5.00%, 06/20/45 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 393498 |
| 5.00%, 07/20/45 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1966 |
| 5.00%, 08/20/45 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10918 |
| 5.00%, 09/20/45 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7842 |
| 5.00%, 10/20/45 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 180220 |
| 5.00%, 11/20/45 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3710 |
| 5.00%, 02/20/46 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 434892 |
| 5.00%, 03/20/46 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6003 |
| 5.00%, 04/20/46 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 71635 |
| 5.00%, 05/20/46 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51969 |
| 5.00%, 07/20/46 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 143123 |
| 5.00%, 08/20/46 | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 966647 |
| 5.00%, 10/20/46 | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1664841 |
| 5.00%, 11/20/46 | &nbsp;&nbsp; 771 | &nbsp;&nbsp; 787646 |
| 5.00%, 01/20/47 | &nbsp;&nbsp; 1948 | &nbsp;&nbsp; 1989725 |
| 5.00%, 02/20/47 | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 1416403 |
| 5.00%, 03/20/47 | &nbsp;&nbsp; 1604 | &nbsp;&nbsp; 1639028 |
| 5.00%, 04/20/47 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 400097 |
| 5.00%, 05/20/47 | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 624701 |
| 5.00%, 06/20/47 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 120741 |
| 5.00%, 07/15/47 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 264196 |
| 5.00%, 07/20/47 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26658 |
| 5.00%, 08/15/47 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 139386 |
| 5.00%, 08/20/47 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 64388 |
| 5.00%, 09/20/47 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 234958 |
| 5.00%, 10/20/47 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1378277 |
| 5.00%, 11/20/47 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 302984 |
| 5.00%, 12/20/47 | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 358120 |
| 5.00%, 01/20/48 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 261773 |
| 5.00%, 02/20/48 | &nbsp;&nbsp; 2162 | &nbsp;&nbsp; 2173739 |
| 5.00%, 03/20/48 | &nbsp;&nbsp; 4113 | &nbsp;&nbsp; 4152345 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 2054 | &nbsp;&nbsp; 2065172 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 05/20/48 | &nbsp;&nbsp; $1436 | &nbsp;&nbsp; $1443046 |
| 5.00%, 06/20/48 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 299090 |
| 5.00%, 08/20/48 | &nbsp;&nbsp; 3077 | &nbsp;&nbsp; 3091120 |
| 5.00%, 09/20/48 | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 864410 |
| 5.00%, 10/20/48 | &nbsp;&nbsp; 3855 | &nbsp;&nbsp; 3873540 |
| 5.00%, 11/20/48 | &nbsp;&nbsp; 4903 | &nbsp;&nbsp; 4924079 |
| 5.00%, 12/20/48 | &nbsp;&nbsp; 1607 | &nbsp;&nbsp; 1613721 |
| 5.00%, 01/20/49 | &nbsp;&nbsp; 10177 | &nbsp;&nbsp; 10226316 |
| 5.00%, 02/20/49 | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 664658 |
| 5.00%, 03/20/49 | &nbsp;&nbsp; 7397 | &nbsp;&nbsp; 7432693 |
| 5.00%, 04/20/49 | &nbsp;&nbsp; 4052 | &nbsp;&nbsp; 4071287 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3486 |
| 5.00%, 06/20/49 | &nbsp;&nbsp; 1178 | &nbsp;&nbsp; 1183829 |
| 5.00%, 07/20/49 | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 920378 |
| 5.00%, 08/20/49 | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 490384 |
| 5.00%, 09/20/49 | &nbsp;&nbsp; 3629 | &nbsp;&nbsp; 3646596 |
| 5.00%, 10/20/49 | &nbsp;&nbsp; 1877 | &nbsp;&nbsp; 1885655 |
| 5.00%, 11/20/49 | &nbsp;&nbsp; 4145 | &nbsp;&nbsp; 4164859 |
| 5.00%, 12/20/49 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 557862 |
| 5.00%, 02/20/50 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 456334 |
| 5.00%, 04/20/50 | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 840973 |
| 5.00%, 05/20/50 | &nbsp;&nbsp; 1392 | &nbsp;&nbsp; 1405293 |
| 5.00%, 06/20/50 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 165620 |
| 5.00%, 07/20/51 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44633 |
| 5.00%, 08/20/51 | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 770628 |
| 5.00%, 09/20/51 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30113 |
| 5.00%, 10/20/51 | &nbsp;&nbsp; 5679 | &nbsp;&nbsp; 5668527 |
| 5.00%, 11/20/51 | &nbsp;&nbsp; 3769 | &nbsp;&nbsp; 3761686 |
| 5.00%, 01/20/52 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 130318 |
| 5.00%, 07/20/52 | &nbsp;&nbsp; 3268 | &nbsp;&nbsp; 3246991 |
| 5.00%, 09/20/52 | &nbsp;&nbsp; 18661 | &nbsp;&nbsp; 18538878 |
| 5.00%, 10/20/52 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 949132 |
| 5.00%, 12/20/52 | &nbsp;&nbsp; 14171 | &nbsp;&nbsp; 14078661 |
| 5.00%, 01/20/53 | &nbsp;&nbsp; 3663 | &nbsp;&nbsp; 3639248 |
| 5.00%, 02/20/53 | &nbsp;&nbsp; 6945 | &nbsp;&nbsp; 6899174 |
| 5.00%, 03/20/53 | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 1030002 |
| 5.00%, 04/20/53 | &nbsp;&nbsp; 26088 | &nbsp;&nbsp; 25956749 |
| 5.00%, 05/20/53 | &nbsp;&nbsp; 62604 | &nbsp;&nbsp; 62190320 |
| 5.00%, 06/20/53 | &nbsp;&nbsp; 7016 | &nbsp;&nbsp; 6969826 |
| 5.00%, 07/20/53 | &nbsp;&nbsp; 67119 | &nbsp;&nbsp; 66675076 |
| 5.00%, 08/20/53 | &nbsp;&nbsp; 4344 | &nbsp;&nbsp; 4315482 |
| 5.00%, 09/20/53 | &nbsp;&nbsp; 42031 | &nbsp;&nbsp; 41752994 |
| 5.00%, 10/20/53 | &nbsp;&nbsp; 1296 | &nbsp;&nbsp; 1287592 |
| 5.00%, 11/20/53 | &nbsp;&nbsp; 40101 | &nbsp;&nbsp; 39836322 |
| 5.00%, 12/20/53 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 211424 |
| 5.00%, 01/20/54 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 540033 |
| 5.00%, 02/20/54 | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; 2823491 |
| 5.00%, 03/20/54 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 433402 |
| 5.00%, 04/20/54 | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 280626 |
| 5.00%, 05/20/54 | &nbsp;&nbsp; 5454 | &nbsp;&nbsp; 5395661 |
| 5.00%, 09/15/54<sup>(c)</sup> | &nbsp;&nbsp; 143587 | &nbsp;&nbsp; 142128458 |
| 5.00%, 09/20/54 | &nbsp;&nbsp; 38489 | &nbsp;&nbsp; 38076415 |
| 5.00%, 10/20/54 | &nbsp;&nbsp; 73473 | &nbsp;&nbsp; 72684458 |
| 5.00%, 11/20/54 | &nbsp;&nbsp; 163216 | &nbsp;&nbsp; 161464820 |
| 5.00%, 12/20/54 | &nbsp;&nbsp; 83871 | &nbsp;&nbsp; 82971468 |
| 5.00%, 01/20/55 | &nbsp;&nbsp; 9816 | &nbsp;&nbsp; 9710546 |
| 5.00%, 04/20/55 | &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 1294832 |
| 5.00%, 05/20/55 | &nbsp;&nbsp; 21864 | &nbsp;&nbsp; 21628992 |
| 5.00%, 06/20/55 | &nbsp;&nbsp; 22407 | &nbsp;&nbsp; 22173470 |
| 5.50%, 12/15/31 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8540 |
| 5.50%, 12/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 346 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 05/20/32 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $176 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 924 |
| 5.50%, 11/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 922 |
| 5.50%, 01/15/33 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4410 |
| 5.50%, 02/15/33 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4746 |
| 5.50%, 02/15/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 349 |
| 5.50%, 03/15/33 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6746 |
| 5.50%, 03/15/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 186 |
| 5.50%, 04/15/33 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19601 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12341 |
| 5.50%, 06/15/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1270 |
| 5.50%, 07/15/33 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3762 |
| 5.50%, 08/15/33 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19169 |
| 5.50%, 08/15/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 270 |
| 5.50%, 09/15/33 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6286 |
| 5.50%, 10/15/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2434 |
| 5.50%, 11/15/33 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27174 |
| 5.50%, 12/15/33 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5353 |
| 5.50%, 12/15/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 52 |
| 5.50%, 01/15/34 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18620 |
| 5.50%, 02/15/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 96 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6590 |
| 5.50%, 04/15/34 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9621 |
| 5.50%, 05/15/34 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22018 |
| 5.50%, 05/15/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 367 |
| 5.50%, 06/15/34 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11632 |
| 5.50%, 07/15/34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5439 |
| 5.50%, 10/15/34 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3113 |
| 5.50%, 11/15/34 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6048 |
| 5.50%, 11/20/34 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 557236 |
| 5.50%, 12/15/34 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3082 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12524 |
| 5.50%, 03/15/35 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9319 |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9921 |
| 5.50%, 05/15/35 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5868 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13456 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 423 |
| 5.50%, 07/15/35 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12063 |
| 5.50%, 08/15/35 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3613 |
| 5.50%, 09/15/35 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11341 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6292 |
| 5.50%, 11/15/35 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2455 |
| 5.50%, 12/15/35 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8123 |
| 5.50%, 01/15/36 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3535 |
| 5.50%, 02/15/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1040 |
| 5.50%, 03/15/36 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 439267 |
| 5.50%, 03/20/36 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 120106 |
| 5.50%, 04/15/36 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1949 |
| 5.50%, 04/15/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 426 |
| 5.50%, 06/20/36 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 241348 |
| 5.50%, 07/15/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 422 |
| 5.50%, 07/20/36 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 174029 |
| 5.50%, 11/20/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 315 |
| 5.50%, 12/15/36 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3589 |
| 5.50%, 01/15/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 187 |
| 5.50%, 03/15/37 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32840 |
| 5.50%, 04/15/37 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10330 |
| 5.50%, 05/15/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1038 |
| 5.50%, 07/15/37 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1587 |
| 5.50%, 01/15/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 619 |
| 5.50%, 01/20/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 552 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 02/15/38 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $7914 |
| 5.50%, 03/15/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2314 |
| 5.50%, 05/15/38 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7884 |
| 5.50%, 05/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 234 |
| 5.50%, 06/15/38 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 59224 |
| 5.50%, 06/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 270 |
| 5.50%, 06/20/38 | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 660030 |
| 5.50%, 07/15/38 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17999 |
| 5.50%, 07/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 455 |
| 5.50%, 07/20/38 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7517 |
| 5.50%, 08/15/38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 25676 |
| 5.50%, 09/15/38 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8515 |
| 5.50%, 09/20/38 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5033 |
| 5.50%, 10/15/38 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 381168 |
| 5.50%, 10/20/38 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21663 |
| 5.50%, 11/15/38 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12445 |
| 5.50%, 11/20/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 410 |
| 5.50%, 12/15/38 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7372 |
| 5.50%, 12/20/38 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17994 |
| 5.50%, 01/15/39 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 17208 |
| 5.50%, 01/15/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 222 |
| 5.50%, 01/20/39 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7920 |
| 5.50%, 02/15/39 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3254 |
| 5.50%, 02/20/39 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32460 |
| 5.50%, 03/20/39 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 483539 |
| 5.50%, 04/15/39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6646 |
| 5.50%, 05/15/39 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1178 |
| 5.50%, 11/15/39 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2618 |
| 5.50%, 12/15/39 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 116362 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 1101461 |
| 5.50%, 01/20/40 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 229663 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14509 |
| 5.50%, 04/15/40 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25292 |
| 5.50%, 07/20/40 | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 1085798 |
| 5.50%, 11/15/40 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11792 |
| 5.50%, 12/20/40 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5397 |
| 5.50%, 04/20/41 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18085 |
| 5.50%, 10/20/41 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14810 |
| 5.50%, 11/20/41 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13481 |
| 5.50%, 01/20/42 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3518 |
| 5.50%, 02/20/42 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 203195 |
| 5.50%, 07/20/42 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4029 |
| 5.50%, 11/20/42 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26347 |
| 5.50%, 06/20/43 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 70512 |
| 5.50%, 07/20/43 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14440 |
| 5.50%, 04/20/44 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25441 |
| 5.50%, 08/20/44 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26205 |
| 5.50%, 01/20/47 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15601 |
| 5.50%, 02/20/47 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18178 |
| 5.50%, 10/20/47 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 215540 |
| 5.50%, 03/20/48 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 118299 |
| 5.50%, 04/20/48 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 55359 |
| 5.50%, 05/20/48 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 198743 |
| 5.50%, 06/20/48 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 153165 |
| 5.50%, 11/20/48 | &nbsp;&nbsp; 1938 | &nbsp;&nbsp; 1981655 |
| 5.50%, 12/20/48 | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 275142 |
| 5.50%, 01/20/49 | &nbsp;&nbsp; 1818 | &nbsp;&nbsp; 1857990 |
| 5.50%, 02/20/49 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 80165 |
| 5.50%, 03/20/49 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21227 |
| 5.50%, 05/20/49 | &nbsp;&nbsp; 2499 | &nbsp;&nbsp; 2554898 |
| 5.50%, 03/20/52 | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 1222608 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 05/20/52 | &nbsp;&nbsp; $294 | &nbsp;&nbsp; $298469 |
| 5.50%, 06/20/52 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 243054 |
| 5.50%, 08/20/52 | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 715285 |
| 5.50%, 10/20/52 | &nbsp;&nbsp; 1898 | &nbsp;&nbsp; 1924129 |
| 5.50%, 11/20/52 | &nbsp;&nbsp; 2378 | &nbsp;&nbsp; 2410609 |
| 5.50%, 12/20/52 | &nbsp;&nbsp; 54613 | &nbsp;&nbsp; 55346021 |
| 5.50%, 01/20/53 | &nbsp;&nbsp; 39455 | &nbsp;&nbsp; 39979587 |
| 5.50%, 02/20/53 | &nbsp;&nbsp; 1794 | &nbsp;&nbsp; 1818041 |
| 5.50%, 04/20/53 | &nbsp;&nbsp; 9432 | &nbsp;&nbsp; 9545317 |
| 5.50%, 05/20/53 | &nbsp;&nbsp; 16432 | &nbsp;&nbsp; 16627626 |
| 5.50%, 06/20/53 | &nbsp;&nbsp; 8116 | &nbsp;&nbsp; 8211160 |
| 5.50%, 07/20/53 | &nbsp;&nbsp; 18110 | &nbsp;&nbsp; 18376581 |
| 5.50%, 08/20/53 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 363362 |
| 5.50%, 09/20/53 | &nbsp;&nbsp; 143484 | &nbsp;&nbsp; 145121766 |
| 5.50%, 10/20/53 | &nbsp;&nbsp; 41783 | &nbsp;&nbsp; 42254793 |
| 5.50%, 11/20/53 | &nbsp;&nbsp; 13111 | &nbsp;&nbsp; 13259117 |
| 5.50%, 12/20/53 | &nbsp;&nbsp; 2564 | &nbsp;&nbsp; 2592162 |
| 5.50%, 01/20/54 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 418400 |
| 5.50%, 02/20/54 | &nbsp;&nbsp; 3830 | &nbsp;&nbsp; 3872298 |
| 5.50%, 03/20/54 | &nbsp;&nbsp; 2511 | &nbsp;&nbsp; 2536834 |
| 5.50%, 04/20/54 | &nbsp;&nbsp; 18526 | &nbsp;&nbsp; 18683444 |
| 5.50%, 05/20/54 | &nbsp;&nbsp; 18260 | &nbsp;&nbsp; 18423701 |
| 5.50%, 07/20/54 | &nbsp;&nbsp; 6616 | &nbsp;&nbsp; 6672722 |
| 5.50%, 08/20/54 | &nbsp;&nbsp; 29876 | &nbsp;&nbsp; 30129342 |
| 5.50%, 09/15/54<sup>(c)</sup> | &nbsp;&nbsp; 249433 | &nbsp;&nbsp; 251263953 |
| 5.50%, 09/20/54 | &nbsp;&nbsp; 9407 | &nbsp;&nbsp; 9482867 |
| 5.50%, 10/20/54 | &nbsp;&nbsp; 105002 | &nbsp;&nbsp; 105861156 |
| 5.50%, 11/20/54 | &nbsp;&nbsp; 68108 | &nbsp;&nbsp; 68654258 |
| 5.50%, 12/20/54 | &nbsp;&nbsp; 40789 | &nbsp;&nbsp; 41110516 |
| 5.50%, 01/20/55 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 231786 |
| 5.50%, 02/20/55 | &nbsp;&nbsp; 54358 | &nbsp;&nbsp; 54767972 |
| 5.50%, 04/20/55 | &nbsp;&nbsp; 9881 | &nbsp;&nbsp; 9955452 |
| 5.50%, 06/20/55 | &nbsp;&nbsp; 14922 | &nbsp;&nbsp; 15034660 |
| 5.50%, 07/20/55 | &nbsp;&nbsp; 10274 | &nbsp;&nbsp; 10355014 |
| 6.00%, 04/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 222 |
| 6.00%, 05/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 257 |
| 6.00%, 04/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 100 |
| 6.00%, 05/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 452 |
| 6.00%, 07/20/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 37 |
| 6.00%, 09/20/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 96 |
| 6.00%, 12/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 92 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2904 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 45 |
| 6.00%, 02/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 105 |
| 6.00%, 02/15/29 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12678 |
| 6.00%, 03/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 136 |
| 6.00%, 04/15/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 922 |
| 6.00%, 04/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 101 |
| 6.00%, 05/15/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1456 |
| 6.00%, 05/20/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 270 |
| 6.00%, 06/15/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 545 |
| 6.00%, 07/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 58 |
| 6.00%, 08/20/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 60 |
| 6.00%, 06/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 201 |
| 6.00%, 10/15/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 872 |
| 6.00%, 11/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 68 |
| 6.00%, 12/15/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1087 |
| 6.00%, 12/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 338 |
| 6.00%, 01/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 180 |
| 6.00%, 02/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 597 |
| 6.00%, 02/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1520 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 03/15/32 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $1133 |
| 6.00%, 03/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 273 |
| 6.00%, 04/15/32 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3061 |
| 6.00%, 05/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 579 |
| 6.00%, 05/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 524 |
| 6.00%, 06/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 847 |
| 6.00%, 07/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 917 |
| 6.00%, 08/15/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1594 |
| 6.00%, 08/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 182 |
| 6.00%, 09/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 636 |
| 6.00%, 10/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 55 |
| 6.00%, 10/15/32 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5885 |
| 6.00%, 12/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 280 |
| 6.00%, 12/15/32 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18846 |
| 6.00%, 01/15/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 600 |
| 6.00%, 02/15/33 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7633 |
| 6.00%, 06/15/33 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11613 |
| 6.00%, 08/15/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1217 |
| 6.00%, 09/15/33 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26197 |
| 6.00%, 11/15/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1546 |
| 6.00%, 12/15/33 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32696 |
| 6.00%, 07/15/34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5258 |
| 6.00%, 08/15/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2351 |
| 6.00%, 09/15/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1000 |
| 6.00%, 10/15/34 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6938 |
| 6.00%, 09/15/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1339 |
| 6.00%, 11/15/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1275 |
| 6.00%, 12/15/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6273 |
| 6.00%, 01/15/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 597 |
| 6.00%, 01/20/36 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1919 |
| 6.00%, 04/15/36 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3423 |
| 6.00%, 06/15/36 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6598 |
| 6.00%, 07/15/36 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2649 |
| 6.00%, 08/15/36 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9380 |
| 6.00%, 10/15/36 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1735 |
| 6.00%, 11/15/36 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9862 |
| 6.00%, 01/15/37 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13860 |
| 6.00%, 01/20/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 833 |
| 6.00%, 02/15/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1076 |
| 6.00%, 03/15/37 | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 914818 |
| 6.00%, 04/15/37 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20892 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 221 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14844 |
| 6.00%, 06/15/37 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2239 |
| 6.00%, 08/15/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1128 |
| 6.00%, 10/20/37 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14973 |
| 6.00%, 11/15/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 201 |
| 6.00%, 11/20/37 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14465 |
| 6.00%, 12/15/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4127 |
| 6.00%, 01/15/38 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12627 |
| 6.00%, 02/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 355 |
| 6.00%, 02/15/38 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7361 |
| 6.00%, 03/15/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 897 |
| 6.00%, 05/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 517 |
| 6.00%, 05/15/38 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10676 |
| 6.00%, 06/15/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2030 |
| 6.00%, 06/20/38 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9981 |
| 6.00%, 08/15/38 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5581 |
| 6.00%, 08/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 411 |
| 6.00%, 09/20/38 | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 1044105 |
| 6.00%, 10/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 364 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 10/15/38 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $585 |
| 6.00%, 11/15/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2604 |
| 6.00%, 11/15/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 97 |
| 6.00%, 12/15/38 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 204132 |
| 6.00%, 01/15/39 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 55305 |
| 6.00%, 06/15/39 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3372 |
| 6.00%, 09/20/39 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 71924 |
| 6.00%, 11/15/39 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 172696 |
| 6.00%, 12/15/39 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2877 |
| 6.00%, 04/20/40 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 107949 |
| 6.00%, 12/15/40 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4992 |
| 6.00%, 12/20/40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3098 |
| 6.00%, 06/20/41 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 165772 |
| 6.00%, 11/20/41 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1447 |
| 6.00%, 01/20/42 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10488 |
| 6.00%, 04/20/42 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1897 |
| 6.00%, 02/20/43 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 297052 |
| 6.00%, 07/20/45 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 86667 |
| 6.00%, 01/20/46 | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 261699 |
| 6.00%, 05/20/47 | &nbsp;&nbsp; 1776 | &nbsp;&nbsp; 1875667 |
| 6.00%, 08/20/52 | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 1376691 |
| 6.00%, 10/20/52 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 125042 |
| 6.00%, 02/20/53 | &nbsp;&nbsp; 6511 | &nbsp;&nbsp; 6678730 |
| 6.00%, 06/20/53 | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 372987 |
| 6.00%, 07/20/53 | &nbsp;&nbsp; 2622 | &nbsp;&nbsp; 2689839 |
| 6.00%, 09/20/53 | &nbsp;&nbsp; 12924 | &nbsp;&nbsp; 13256248 |
| 6.00%, 10/20/53 | &nbsp;&nbsp; 19376 | &nbsp;&nbsp; 19873537 |
| 6.00%, 12/20/53 | &nbsp;&nbsp; 7724 | &nbsp;&nbsp; 7922313 |
| 6.00%, 01/20/54 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1641579 |
| 6.00%, 05/20/54 | &nbsp;&nbsp; 8182 | &nbsp;&nbsp; 8360877 |
| 6.00%, 06/20/54 | &nbsp;&nbsp; 51191 | &nbsp;&nbsp; 52379339 |
| 6.00%, 07/20/54 | &nbsp;&nbsp; 56662 | &nbsp;&nbsp; 57920277 |
| 6.00%, 08/20/54 | &nbsp;&nbsp; 78478 | &nbsp;&nbsp; 80164487 |
| 6.00%, 09/15/54<sup>(c)</sup> | &nbsp;&nbsp; 381750 | &nbsp;&nbsp; 389319095 |
| 6.00%, 09/20/54 | &nbsp;&nbsp; 51761 | &nbsp;&nbsp; 52873254 |
| 6.00%, 10/20/54 | &nbsp;&nbsp; 3781 | &nbsp;&nbsp; 3862579 |
| 6.00%, 01/20/55 | &nbsp;&nbsp; 38244 | &nbsp;&nbsp; 39017972 |
| 6.00%, 03/20/55 | &nbsp;&nbsp; 18590 | &nbsp;&nbsp; 18974299 |
| 6.00%, 07/20/55 | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1206640 |
| 6.00%, 08/20/55 | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2806846 |
| 6.50%, 03/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 31 |
| 6.50%, 03/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 369 |
| 6.50%, 04/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 40 |
| 6.50%, 08/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 12 |
| 6.50%, 09/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 636 |
| 6.50%, 10/15/28 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1914 |
| 6.50%, 10/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 492 |
| 6.50%, 10/20/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 138 |
| 6.50%, 11/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 238 |
| 6.50%, 12/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 199 |
| 6.50%, 12/15/28 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1556 |
| 6.50%, 01/15/29 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2212 |
| 6.50%, 01/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 63 |
| 6.50%, 02/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 67 |
| 6.50%, 03/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 511 |
| 6.50%, 03/15/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 566 |
| 6.50%, 04/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 100 |
| 6.50%, 05/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 32 |
| 6.50%, 05/20/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 126 |
| 6.50%, 06/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 67 |
| 6.50%, 07/15/29 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5570 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.50%, 07/15/29 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $703 |
| 6.50%, 08/15/29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2911 |
| 6.50%, 08/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 |
| 6.50%, 09/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 282 |
| 6.50%, 12/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 41 |
| 6.50%, 05/15/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 636 |
| 6.50%, 05/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 483 |
| 6.50%, 06/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 54 |
| 6.50%, 07/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 118 |
| 6.50%, 09/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 484 |
| 6.50%, 09/15/31 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2293 |
| 6.50%, 11/15/31 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7683 |
| 6.50%, 12/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 451 |
| 6.50%, 12/15/31 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2949 |
| 6.50%, 01/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 648 |
| 6.50%, 01/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 649 |
| 6.50%, 02/20/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 92 |
| 6.50%, 03/15/32 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3033 |
| 6.50%, 04/15/32 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3286 |
| 6.50%, 05/20/32 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4828 |
| 6.50%, 06/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 139 |
| 6.50%, 06/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 880 |
| 6.50%, 07/15/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1723 |
| 6.50%, 08/15/32 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3573 |
| 6.50%, 10/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 47 |
| 6.50%, 10/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 815 |
| 6.50%, 12/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 585 |
| 6.50%, 01/15/33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2585 |
| 6.50%, 01/15/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 393 |
| 6.50%, 03/15/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1710 |
| 6.50%, 04/15/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 755 |
| 6.50%, 05/15/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 877 |
| 6.50%, 07/15/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 357 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 877 |
| 6.50%, 08/20/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 505 |
| 6.50%, 11/15/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1240 |
| 6.50%, 12/15/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1257 |
| 6.50%, 04/15/36 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12185 |
| 6.50%, 10/15/36 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13740 |
| 6.50%, 07/15/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1069 |
| 6.50%, 08/15/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 262 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3805 |
| 6.50%, 12/15/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 928 |
| 6.50%, 01/15/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1257 |
| 6.50%, 08/20/38 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5570 |
| 6.50%, 09/15/38 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3110 |
| 6.50%, 10/20/38 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 478881 |
| 6.50%, 11/15/38 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6008 |
| 6.50%, 12/15/38 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6032 |
| 6.50%, 12/20/52 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 402631 |
| 6.50%, 02/20/53 | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 533692 |
| 6.50%, 03/20/53 | &nbsp;&nbsp; 25041 | &nbsp;&nbsp; 25799235 |
| 6.50%, 04/20/53 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 302854 |
| 6.50%, 05/20/53 | &nbsp;&nbsp; 21619 | &nbsp;&nbsp; 22273306 |
| 6.50%, 10/20/53 | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 348452 |
| 6.50%, 02/20/54 | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 274465 |
| 6.50%, 06/20/54 | &nbsp;&nbsp; 39281 | &nbsp;&nbsp; 40417761 |
| 6.50%, 07/20/54 | &nbsp;&nbsp; 123260 | &nbsp;&nbsp; 126826503 |
| 6.50%, 09/15/54<sup>(c)</sup> | &nbsp;&nbsp; 171828 | &nbsp;&nbsp; 176791888 |
| 6.50%, 10/20/54 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 155379 |
| 6.50%, 02/20/55 | &nbsp;&nbsp; 103276 | &nbsp;&nbsp; 106200543 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.50%, 03/20/55 | &nbsp;&nbsp; $31350 | &nbsp;&nbsp; $32279253 |
| 6.50%, 06/20/55 | &nbsp;&nbsp; 23749 | &nbsp;&nbsp; 24473634 |
| 6.50%, 08/20/55 | &nbsp;&nbsp; 24372 | &nbsp;&nbsp; 25120315 |
| 7.00%, 10/15/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 |
| 7.00%, 12/15/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 |
| 7.00%, 01/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 |
| 7.00%, 02/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 12 |
| 7.00%, 06/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 154 |
| 7.00%, 11/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 20 |
| 7.00%, 05/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 42 |
| 7.00%, 06/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 44 |
| 7.00%, 10/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 102 |
| 7.00%, 11/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 488 |
| 7.00%, 12/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 88 |
| 7.00%, 02/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 8 |
| 7.00%, 03/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 256 |
| 7.00%, 04/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 196 |
| 7.00%, 06/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1018 |
| 7.00%, 07/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 139 |
| 7.00%, 08/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 338 |
| 7.00%, 09/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 631 |
| 7.00%, 09/15/28 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 856 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 109 |
| 7.00%, 11/15/28 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 602 |
| 7.00%, 11/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 284 |
| 7.00%, 12/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 262 |
| 7.00%, 03/15/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1019 |
| 7.00%, 04/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 45 |
| 7.00%, 05/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 75 |
| 7.00%, 06/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 233 |
| 7.00%, 07/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 201 |
| 7.00%, 08/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 388 |
| 7.00%, 11/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 32 |
| 7.00%, 12/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 244 |
| 7.00%, 12/15/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 449 |
| 7.00%, 02/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 152 |
| 7.00%, 07/15/31 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2226 |
| 7.00%, 07/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 123 |
| 7.00%, 08/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 687 |
| 7.00%, 09/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 71 |
| 7.00%, 09/15/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 710 |
| 7.00%, 10/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 84 |
| 7.00%, 02/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 391 |
| 7.00%, 04/15/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1856 |
| 7.00%, 05/15/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 707 |
| 7.50%, 12/15/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 10 |
| 7.50%, 03/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 89 |
| 7.50%, 06/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 34 |
| 7.50%, 06/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 62 |
| 7.50%, 10/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 186 |
| 7.50%, 12/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 99 |
| 7.50%, 01/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 50 |
| 7.50%, 06/15/28 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 610 |
| 7.50%, 07/15/28 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 878 |
| 7.50%, 08/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 120 |
| 7.50%, 09/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 22 |
| 7.50%, 12/15/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 17 |
| 7.50%, 01/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 12 |
| 7.50%, 03/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 301 |
| 7.50%, 08/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 291 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 55 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.50%, 10/15/29 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $29 |
| 7.50%, 11/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 55 |
| 7.50%, 12/15/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 579 |
| 7.50%, 08/15/30 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2039 |
| 7.50%, 12/15/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 50 |
| 7.50%, 03/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 442 |
| 8.00%, 10/15/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 |
| 8.00%, 05/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 58 |
| 8.00%, 06/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 9 |
| 8.00%, 08/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 8 |
| 8.00%, 09/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 |
| 8.00%, 02/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 191 |
| 8.00%, 12/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 22 |
| 8.00%, 08/20/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 64 |
| 8.00%, 09/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 353 |
| 8.00%, 10/15/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 50 |
| 8.00%, 01/15/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 30 |
| 8.00%, 02/15/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 141 |
| 8.00%, 06/20/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 26 |
| 8.00%, 12/15/30 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1583 |
| 8.00%, 07/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 81 |
| 8.00%, 03/15/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 479 |
| 8.50%, 09/15/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 34 |
| 8.50%, 01/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 14 |
| 8.50%, 08/15/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 279 |
| 8.50%, 07/15/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 88 |
| 8.50%, 04/15/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 30 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 09/01/35 | &nbsp;&nbsp; 647 | &nbsp;&nbsp; 583390 |
| 1.50%, 11/01/35 | &nbsp;&nbsp; 1632 | &nbsp;&nbsp; 1473640 |
| 1.50%, 12/01/35 | &nbsp;&nbsp; 4828 | &nbsp;&nbsp; 4355242 |
| 1.50%, 01/01/36 | &nbsp;&nbsp; 3087 | &nbsp;&nbsp; 2782439 |
| 1.50%, 02/01/36 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 98348 |
| 1.50%, 03/01/36 | &nbsp;&nbsp; 11339 | &nbsp;&nbsp; 10154057 |
| 1.50%, 06/01/36 | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 1003772 |
| 1.50%, 07/01/36 | &nbsp;&nbsp; 793 | &nbsp;&nbsp; 712582 |
| 1.50%, 08/01/36 | &nbsp;&nbsp; 1636 | &nbsp;&nbsp; 1468650 |
| 1.50%, 09/01/36 | &nbsp;&nbsp; 7063 | &nbsp;&nbsp; 6321397 |
| 1.50%, 10/01/36 | &nbsp;&nbsp; 16470 | &nbsp;&nbsp; 14739015 |
| 1.50%, 11/01/36 | &nbsp;&nbsp; 12111 | &nbsp;&nbsp; 10858899 |
| 1.50%, 12/01/36 | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; 1894334 |
| 1.50%, 01/01/37 | &nbsp;&nbsp; 20944 | &nbsp;&nbsp; 18708708 |
| 1.50%, 02/01/37 | &nbsp;&nbsp; 91245 | &nbsp;&nbsp; 81478088 |
| 1.50%, 03/01/37 | &nbsp;&nbsp; 98032 | &nbsp;&nbsp; 87509502 |
| 1.50%, 04/01/37 | &nbsp;&nbsp; 16780 | &nbsp;&nbsp; 14978716 |
| 1.50%, 05/01/37 | &nbsp;&nbsp; 1293 | &nbsp;&nbsp; 1154244 |
| 1.50%, 07/01/37 | &nbsp;&nbsp; 18334 | &nbsp;&nbsp; 16365928 |
| 1.50%, 08/01/37 | &nbsp;&nbsp; 4901 | &nbsp;&nbsp; 4376206 |
| 1.50%, 11/01/37 | &nbsp;&nbsp; 10040 | &nbsp;&nbsp; 8961922 |
| 1.50%, 09/18/40<sup>(c)</sup> | &nbsp;&nbsp; 28517 | &nbsp;&nbsp; 25488622 |
| 1.50%, 11/01/50 | &nbsp;&nbsp; 49059 | &nbsp;&nbsp; 37110195 |
| 1.50%, 12/01/50 | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 1119688 |
| 1.50%, 01/01/51 | &nbsp;&nbsp; 22558 | &nbsp;&nbsp; 17062036 |
| 1.50%, 02/01/51 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 899964 |
| 1.50%, 05/01/51 | &nbsp;&nbsp; 73411 | &nbsp;&nbsp; 55515851 |
| 1.50%, 07/01/51 | &nbsp;&nbsp; 62082 | &nbsp;&nbsp; 46947737 |
| 1.50%, 10/01/51 | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 1582576 |
| 1.50%, 11/01/51 | &nbsp;&nbsp; 88787 | &nbsp;&nbsp; 67123160 |
| 1.50%, 09/15/55<sup>(c)</sup> | &nbsp;&nbsp; 22925 | &nbsp;&nbsp; 17308788 |
| 2.00%, 05/01/26 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 35238 |
| 2.00%, 01/01/28 | &nbsp;&nbsp; 4168 | &nbsp;&nbsp; 4071307 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.00%, 08/01/28 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $66596 |
| 2.00%, 11/01/28 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14750 |
| 2.00%, 01/01/29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2969 |
| 2.00%, 05/01/29 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 74190 |
| 2.00%, 01/01/30 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19244 |
| 2.00%, 04/01/30 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29587 |
| 2.00%, 07/01/30 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 803932 |
| 2.00%, 08/01/30 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17181 |
| 2.00%, 02/01/31 | &nbsp;&nbsp; 3983 | &nbsp;&nbsp; 3857882 |
| 2.00%, 11/01/31 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 197101 |
| 2.00%, 01/01/32 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 82293 |
| 2.00%, 02/01/32 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19375 |
| 2.00%, 03/01/32 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 128460 |
| 2.00%, 04/01/32 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 67154 |
| 2.00%, 07/01/32 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11517 |
| 2.00%, 11/01/32 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5427 |
| 2.00%, 06/01/35 | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 1868360 |
| 2.00%, 07/01/35 | &nbsp;&nbsp; 23298 | &nbsp;&nbsp; 21550177 |
| 2.00%, 08/01/35 | &nbsp;&nbsp; 15859 | &nbsp;&nbsp; 14711694 |
| 2.00%, 09/01/35 | &nbsp;&nbsp; 8065 | &nbsp;&nbsp; 7459264 |
| 2.00%, 10/01/35 | &nbsp;&nbsp; 29089 | &nbsp;&nbsp; 26970758 |
| 2.00%, 11/01/35 | &nbsp;&nbsp; 40356 | &nbsp;&nbsp; 37415804 |
| 2.00%, 12/01/35 | &nbsp;&nbsp; 82428 | &nbsp;&nbsp; 76249665 |
| 2.00%, 01/01/36 | &nbsp;&nbsp; 37354 | &nbsp;&nbsp; 34531560 |
| 2.00%, 02/01/36 | &nbsp;&nbsp; 161125 | &nbsp;&nbsp; 149187167 |
| 2.00%, 03/01/36 | &nbsp;&nbsp; 103668 | &nbsp;&nbsp; 95475551 |
| 2.00%, 04/01/36 | &nbsp;&nbsp; 13581 | &nbsp;&nbsp; 12498501 |
| 2.00%, 05/01/36 | &nbsp;&nbsp; 121988 | &nbsp;&nbsp; 112540086 |
| 2.00%, 06/01/36 | &nbsp;&nbsp; 102066 | &nbsp;&nbsp; 93847908 |
| 2.00%, 07/01/36 | &nbsp;&nbsp; 63741 | &nbsp;&nbsp; 58570600 |
| 2.00%, 08/01/36 | &nbsp;&nbsp; 65769 | &nbsp;&nbsp; 60519140 |
| 2.00%, 09/01/36 | &nbsp;&nbsp; 12023 | &nbsp;&nbsp; 11034885 |
| 2.00%, 10/01/36 | &nbsp;&nbsp; 30085 | &nbsp;&nbsp; 27629210 |
| 2.00%, 11/01/36 | &nbsp;&nbsp; 65496 | &nbsp;&nbsp; 60260084 |
| 2.00%, 12/01/36 | &nbsp;&nbsp; 68764 | &nbsp;&nbsp; 63214120 |
| 2.00%, 01/01/37 | &nbsp;&nbsp; 191511 | &nbsp;&nbsp; 176147016 |
| 2.00%, 02/01/37 | &nbsp;&nbsp; 117761 | &nbsp;&nbsp; 108165597 |
| 2.00%, 03/01/37 | &nbsp;&nbsp; 51970 | &nbsp;&nbsp; 47694852 |
| 2.00%, 04/01/37 | &nbsp;&nbsp; 101951 | &nbsp;&nbsp; 93469982 |
| 2.00%, 05/01/37 | &nbsp;&nbsp; 31238 | &nbsp;&nbsp; 28642987 |
| 2.00%, 06/01/37 | &nbsp;&nbsp; 84242 | &nbsp;&nbsp; 77310020 |
| 2.00%, 08/01/37 | &nbsp;&nbsp; 14842 | &nbsp;&nbsp; 13626260 |
| 2.00%, 10/01/37 | &nbsp;&nbsp; 5192 | &nbsp;&nbsp; 4760243 |
| 2.00%, 02/01/38 | &nbsp;&nbsp; 11772 | &nbsp;&nbsp; 10807283 |
| 2.00%, 03/01/38 | &nbsp;&nbsp; 12558 | &nbsp;&nbsp; 11527363 |
| 2.00%, 09/18/40<sup>(c)</sup> | &nbsp;&nbsp; 140296 | &nbsp;&nbsp; 128700711 |
| 2.00%, 05/01/50 | &nbsp;&nbsp; 44319 | &nbsp;&nbsp; 35654600 |
| 2.00%, 06/01/50 | &nbsp;&nbsp; 72583 | &nbsp;&nbsp; 58365996 |
| 2.00%, 07/01/50 | &nbsp;&nbsp; 65527 | &nbsp;&nbsp; 52685034 |
| 2.00%, 08/01/50 | &nbsp;&nbsp; 51914 | &nbsp;&nbsp; 41711228 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 68624 | &nbsp;&nbsp; 55258737 |
| 2.00%, 10/01/50 | &nbsp;&nbsp; 159274 | &nbsp;&nbsp; 128373122 |
| 2.00%, 11/01/50 | &nbsp;&nbsp; 71582 | &nbsp;&nbsp; 57733072 |
| 2.00%, 12/01/50 | &nbsp;&nbsp; 199191 | &nbsp;&nbsp; 160455845 |
| 2.00%, 01/01/51 | &nbsp;&nbsp; 73424 | &nbsp;&nbsp; 59179798 |
| 2.00%, 02/01/51 | &nbsp;&nbsp; 618867 | &nbsp;&nbsp; 495677445 |
| 2.00%, 03/01/51 | &nbsp;&nbsp; 530094 | &nbsp;&nbsp; 424840848 |
| 2.00%, 04/01/51 | &nbsp;&nbsp; 693972 | &nbsp;&nbsp; 555941069 |
| 2.00%, 05/01/51<sup>(d)</sup> | &nbsp;&nbsp; 516484 | &nbsp;&nbsp; 413280369 |
| 2.00%, 05/01/51 | &nbsp;&nbsp; 181077 | &nbsp;&nbsp; 145296319 |
| 2.00%, 06/01/51 | &nbsp;&nbsp; 265724 | &nbsp;&nbsp; 213347516 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.00%, 07/01/51 | &nbsp;&nbsp; $532130 | &nbsp;&nbsp; $427143150 |
| 2.00%, 08/01/51 | &nbsp;&nbsp; 147611 | &nbsp;&nbsp; 118153054 |
| 2.00%, 09/01/51 | &nbsp;&nbsp; 198999 | &nbsp;&nbsp; 159317099 |
| 2.00%, 10/01/51 | &nbsp;&nbsp; 439832 | &nbsp;&nbsp; 352674969 |
| 2.00%, 11/01/51 | &nbsp;&nbsp; 561317 | &nbsp;&nbsp; 449892037 |
| 2.00%, 12/01/51 | &nbsp;&nbsp; 721804 | &nbsp;&nbsp; 577421105 |
| 2.00%, 01/01/52 | &nbsp;&nbsp; 293438 | &nbsp;&nbsp; 234319486 |
| 2.00%, 02/01/52 | &nbsp;&nbsp; 681344 | &nbsp;&nbsp; 543572758 |
| 2.00%, 03/01/52 | &nbsp;&nbsp; 259083 | &nbsp;&nbsp; 206761703 |
| 2.00%, 04/01/52 | &nbsp;&nbsp; 248448 | &nbsp;&nbsp; 198633260 |
| 2.00%, 05/01/52 | &nbsp;&nbsp; 123280 | &nbsp;&nbsp; 98770206 |
| 2.00%, 06/01/52 | &nbsp;&nbsp; 109507 | &nbsp;&nbsp; 87518939 |
| 2.00%, 07/01/52 | &nbsp;&nbsp; 10006 | &nbsp;&nbsp; 7985458 |
| 2.00%, 08/01/52 | &nbsp;&nbsp; 6081 | &nbsp;&nbsp; 4849141 |
| 2.00%, 10/01/52 | &nbsp;&nbsp; 81966 | &nbsp;&nbsp; 65398202 |
| 2.00%, 07/01/53 | &nbsp;&nbsp; 13626 | &nbsp;&nbsp; 10898775 |
| 2.00%, 09/15/55<sup>(c)</sup> | &nbsp;&nbsp; 35550 | &nbsp;&nbsp; 28234023 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1654 |
| 2.50%, 03/01/27 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 91707 |
| 2.50%, 05/01/27 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 440102 |
| 2.50%, 07/01/27 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6818 |
| 2.50%, 09/01/27 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 162801 |
| 2.50%, 10/01/27 | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 561335 |
| 2.50%, 11/01/27 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 285523 |
| 2.50%, 12/01/27 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 111596 |
| 2.50%, 01/01/28 | &nbsp;&nbsp; 968 | &nbsp;&nbsp; 949772 |
| 2.50%, 02/01/28 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 371387 |
| 2.50%, 03/01/28 | &nbsp;&nbsp; 996 | &nbsp;&nbsp; 978263 |
| 2.50%, 04/01/28 | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 690159 |
| 2.50%, 05/01/28 | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 265187 |
| 2.50%, 06/01/28 | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 613483 |
| 2.50%, 07/01/28 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 161696 |
| 2.50%, 08/01/28 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 162302 |
| 2.50%, 09/01/28 | &nbsp;&nbsp; 998 | &nbsp;&nbsp; 977021 |
| 2.50%, 10/01/28 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 103121 |
| 2.50%, 12/01/28 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37168 |
| 2.50%, 05/01/29 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6024 |
| 2.50%, 06/01/29 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 94971 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 104061 |
| 2.50%, 11/01/29 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5360 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 372546 |
| 2.50%, 01/01/30 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 938716 |
| 2.50%, 02/01/30 | &nbsp;&nbsp; 1749 | &nbsp;&nbsp; 1699660 |
| 2.50%, 03/01/30 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3740 |
| 2.50%, 04/01/30 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 683629 |
| 2.50%, 05/01/30 | &nbsp;&nbsp; 6491 | &nbsp;&nbsp; 6299912 |
| 2.50%, 06/01/30 | &nbsp;&nbsp; 14244 | &nbsp;&nbsp; 13821402 |
| 2.50%, 07/01/30 | &nbsp;&nbsp; 5140 | &nbsp;&nbsp; 4988877 |
| 2.50%, 08/01/30 | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 2102658 |
| 2.50%, 09/01/30 | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 577684 |
| 2.50%, 10/01/30 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 889464 |
| 2.50%, 11/01/30 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 211155 |
| 2.50%, 12/01/30 | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 462988 |
| 2.50%, 01/01/31 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22707 |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 606614 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 1157 | &nbsp;&nbsp; 1126156 |
| 2.50%, 04/01/31 | &nbsp;&nbsp; 1406 | &nbsp;&nbsp; 1360994 |
| 2.50%, 05/01/31 | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1712333 |
| 2.50%, 06/01/31 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 394860 |
| 2.50%, 07/01/31 | &nbsp;&nbsp; 1422 | &nbsp;&nbsp; 1373035 |
| 2.50%, 08/01/31 | &nbsp;&nbsp; 1027 | &nbsp;&nbsp; 992480 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 09/01/31 | &nbsp;&nbsp; $1362 | &nbsp;&nbsp; $1314388 |
| 2.50%, 10/01/31 | &nbsp;&nbsp; 5725 | &nbsp;&nbsp; 5551421 |
| 2.50%, 11/01/31 | &nbsp;&nbsp; 5063 | &nbsp;&nbsp; 4890049 |
| 2.50%, 12/01/31 | &nbsp;&nbsp; 2389 | &nbsp;&nbsp; 2304990 |
| 2.50%, 01/01/32 | &nbsp;&nbsp; 6915 | &nbsp;&nbsp; 6668813 |
| 2.50%, 02/01/32 | &nbsp;&nbsp; 6865 | &nbsp;&nbsp; 6622911 |
| 2.50%, 03/01/32 | &nbsp;&nbsp; 3535 | &nbsp;&nbsp; 3404429 |
| 2.50%, 04/01/32 | &nbsp;&nbsp; 6707 | &nbsp;&nbsp; 6475200 |
| 2.50%, 05/01/32 | &nbsp;&nbsp; 8519 | &nbsp;&nbsp; 8221710 |
| 2.50%, 06/01/32 | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 799326 |
| 2.50%, 07/01/32 | &nbsp;&nbsp; 5451 | &nbsp;&nbsp; 5268436 |
| 2.50%, 08/01/32 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5284 |
| 2.50%, 09/01/32 | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 546482 |
| 2.50%, 10/01/32 | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1436178 |
| 2.50%, 11/01/32 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 986669 |
| 2.50%, 12/01/32 | &nbsp;&nbsp; 1756 | &nbsp;&nbsp; 1683360 |
| 2.50%, 01/01/33 | &nbsp;&nbsp; 11408 | &nbsp;&nbsp; 11049094 |
| 2.50%, 02/01/33 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 652424 |
| 2.50%, 04/01/33 | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 315509 |
| 2.50%, 07/01/33 | &nbsp;&nbsp; 2788 | &nbsp;&nbsp; 2692968 |
| 2.50%, 06/01/34 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 227146 |
| 2.50%, 07/01/34 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 64455 |
| 2.50%, 08/01/34 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 128211 |
| 2.50%, 09/01/34 | &nbsp;&nbsp; 3859 | &nbsp;&nbsp; 3653495 |
| 2.50%, 10/01/34 | &nbsp;&nbsp; 4532 | &nbsp;&nbsp; 4296238 |
| 2.50%, 11/01/34 | &nbsp;&nbsp; 10051 | &nbsp;&nbsp; 9507159 |
| 2.50%, 12/01/34 | &nbsp;&nbsp; 3306 | &nbsp;&nbsp; 3120392 |
| 2.50%, 01/01/35 | &nbsp;&nbsp; 6496 | &nbsp;&nbsp; 6152910 |
| 2.50%, 02/01/35 | &nbsp;&nbsp; 8166 | &nbsp;&nbsp; 7822251 |
| 2.50%, 03/01/35 | &nbsp;&nbsp; 13354 | &nbsp;&nbsp; 12640352 |
| 2.50%, 04/01/35 | &nbsp;&nbsp; 24250 | &nbsp;&nbsp; 22911824 |
| 2.50%, 05/01/35 | &nbsp;&nbsp; 12304 | &nbsp;&nbsp; 11639390 |
| 2.50%, 06/01/35 | &nbsp;&nbsp; 16889 | &nbsp;&nbsp; 15964638 |
| 2.50%, 07/01/35 | &nbsp;&nbsp; 26789 | &nbsp;&nbsp; 25352071 |
| 2.50%, 08/01/35 | &nbsp;&nbsp; 19518 | &nbsp;&nbsp; 18443416 |
| 2.50%, 09/01/35 | &nbsp;&nbsp; 23060 | &nbsp;&nbsp; 21796836 |
| 2.50%, 10/01/35 | &nbsp;&nbsp; 17892 | &nbsp;&nbsp; 16902364 |
| 2.50%, 11/01/35 | &nbsp;&nbsp; 4726 | &nbsp;&nbsp; 4462282 |
| 2.50%, 12/01/35 | &nbsp;&nbsp; 43619 | &nbsp;&nbsp; 41128557 |
| 2.50%, 01/01/36 | &nbsp;&nbsp; 2595 | &nbsp;&nbsp; 2448049 |
| 2.50%, 02/01/36 | &nbsp;&nbsp; 7014 | &nbsp;&nbsp; 6619715 |
| 2.50%, 03/01/36 | &nbsp;&nbsp; 5460 | &nbsp;&nbsp; 5148179 |
| 2.50%, 04/01/36 | &nbsp;&nbsp; 2674 | &nbsp;&nbsp; 2520909 |
| 2.50%, 05/01/36 | &nbsp;&nbsp; 2751 | &nbsp;&nbsp; 2583327 |
| 2.50%, 06/01/36 | &nbsp;&nbsp; 15461 | &nbsp;&nbsp; 14574002 |
| 2.50%, 07/01/36 | &nbsp;&nbsp; 2673 | &nbsp;&nbsp; 2519347 |
| 2.50%, 08/01/36 | &nbsp;&nbsp; 21435 | &nbsp;&nbsp; 20132751 |
| 2.50%, 09/01/36 | &nbsp;&nbsp; 1126 | &nbsp;&nbsp; 1057676 |
| 2.50%, 11/01/36 | &nbsp;&nbsp; 37819 | &nbsp;&nbsp; 35521432 |
| 2.50%, 12/01/36 | &nbsp;&nbsp; 12761 | &nbsp;&nbsp; 12017371 |
| 2.50%, 01/01/37 | &nbsp;&nbsp; 4693 | &nbsp;&nbsp; 4417747 |
| 2.50%, 02/01/37 | &nbsp;&nbsp; 34882 | &nbsp;&nbsp; 32785354 |
| 2.50%, 03/01/37 | &nbsp;&nbsp; 127206 | &nbsp;&nbsp; 119510747 |
| 2.50%, 04/01/37 | &nbsp;&nbsp; 54496 | &nbsp;&nbsp; 51142527 |
| 2.50%, 05/01/37 | &nbsp;&nbsp; 50898 | &nbsp;&nbsp; 47741456 |
| 2.50%, 06/01/37 | &nbsp;&nbsp; 19685 | &nbsp;&nbsp; 18497503 |
| 2.50%, 07/01/37 | &nbsp;&nbsp; 14826 | &nbsp;&nbsp; 13902164 |
| 2.50%, 08/01/37 | &nbsp;&nbsp; 8506 | &nbsp;&nbsp; 7976336 |
| 2.50%, 09/01/37 | &nbsp;&nbsp; 3617 | &nbsp;&nbsp; 3391343 |
| 2.50%, 11/01/37 | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 668870 |
| 2.50%, 02/01/38 | &nbsp;&nbsp; 2805 | &nbsp;&nbsp; 2631829 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 09/18/40<sup>(c)</sup> | &nbsp;&nbsp; $54741 | &nbsp;&nbsp; $51356732 |
| 2.50%, 10/01/42 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 260282 |
| 2.50%, 11/01/42 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 154133 |
| 2.50%, 12/01/42 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 23472 |
| 2.50%, 01/01/43 | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 606911 |
| 2.50%, 02/01/43 | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1531134 |
| 2.50%, 03/01/43 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 679951 |
| 2.50%, 04/01/43 | &nbsp;&nbsp; 3637 | &nbsp;&nbsp; 3215120 |
| 2.50%, 05/01/43 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 330785 |
| 2.50%, 06/01/43 | &nbsp;&nbsp; 2126 | &nbsp;&nbsp; 1879014 |
| 2.50%, 07/01/43 | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 237890 |
| 2.50%, 08/01/43 | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 251003 |
| 2.50%, 04/01/45 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 170646 |
| 2.50%, 05/01/45 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 197109 |
| 2.50%, 07/01/45 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 29993 |
| 2.50%, 03/01/46 | &nbsp;&nbsp; 1503 | &nbsp;&nbsp; 1289455 |
| 2.50%, 05/01/46 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 77294 |
| 2.50%, 06/01/46 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 226906 |
| 2.50%, 07/01/46 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 115576 |
| 2.50%, 08/01/46 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 323456 |
| 2.50%, 09/01/46 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 151367 |
| 2.50%, 10/01/46 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 107756 |
| 2.50%, 11/01/46 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4491 |
| 2.50%, 12/01/46 | &nbsp;&nbsp; 3749 | &nbsp;&nbsp; 3215346 |
| 2.50%, 01/01/47 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 848255 |
| 2.50%, 02/01/47 | &nbsp;&nbsp; 40280 | &nbsp;&nbsp; 33616269 |
| 2.50%, 04/01/47 | &nbsp;&nbsp; 2852 | &nbsp;&nbsp; 2446005 |
| 2.50%, 12/01/47 | &nbsp;&nbsp; 12343 | &nbsp;&nbsp; 10610542 |
| 2.50%, 04/01/48 | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3258931 |
| 2.50%, 07/01/49 | &nbsp;&nbsp; 5503 | &nbsp;&nbsp; 4719071 |
| 2.50%, 09/01/49 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 93844 |
| 2.50%, 10/01/49 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 21763 |
| 2.50%, 11/01/49 | &nbsp;&nbsp; 4795 | &nbsp;&nbsp; 4034589 |
| 2.50%, 12/01/49 | &nbsp;&nbsp; 1807 | &nbsp;&nbsp; 1520585 |
| 2.50%, 01/01/50 | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 1315174 |
| 2.50%, 03/01/50 | &nbsp;&nbsp; 28117 | &nbsp;&nbsp; 23659453 |
| 2.50%, 04/01/50 | &nbsp;&nbsp; 2123 | &nbsp;&nbsp; 1807702 |
| 2.50%, 05/01/50 | &nbsp;&nbsp; 52788 | &nbsp;&nbsp; 44418526 |
| 2.50%, 06/01/50 | &nbsp;&nbsp; 41109 | &nbsp;&nbsp; 34531395 |
| 2.50%, 07/01/50 | &nbsp;&nbsp; 58645 | &nbsp;&nbsp; 49448097 |
| 2.50%, 08/01/50 | &nbsp;&nbsp; 115030 | &nbsp;&nbsp; 97419670 |
| 2.50%, 09/01/50 | &nbsp;&nbsp; 218422 | &nbsp;&nbsp; 184519478 |
| 2.50%, 10/01/50 | &nbsp;&nbsp; 290751 | &nbsp;&nbsp; 244578262 |
| 2.50%, 11/01/50 | &nbsp;&nbsp; 393891 | &nbsp;&nbsp; 331156701 |
| 2.50%, 12/01/50 | &nbsp;&nbsp; 100849 | &nbsp;&nbsp; 84534547 |
| 2.50%, 01/01/51 | &nbsp;&nbsp; 180211 | &nbsp;&nbsp; 150932129 |
| 2.50%, 02/01/51 | &nbsp;&nbsp; 65754 | &nbsp;&nbsp; 55267061 |
| 2.50%, 03/01/51 | &nbsp;&nbsp; 57685 | &nbsp;&nbsp; 48003129 |
| 2.50%, 04/01/51 | &nbsp;&nbsp; 37677 | &nbsp;&nbsp; 31568662 |
| 2.50%, 05/01/51 | &nbsp;&nbsp; 207728 | &nbsp;&nbsp; 174207611 |
| 2.50%, 06/01/51 | &nbsp;&nbsp; 47987 | &nbsp;&nbsp; 40434172 |
| 2.50%, 07/01/51 | &nbsp;&nbsp; 296143 | &nbsp;&nbsp; 248181094 |
| 2.50%, 08/01/51 | &nbsp;&nbsp; 218771 | &nbsp;&nbsp; 183824443 |
| 2.50%, 09/01/51 | &nbsp;&nbsp; 231928 | &nbsp;&nbsp; 194530008 |
| 2.50%, 10/01/51 | &nbsp;&nbsp; 250317 | &nbsp;&nbsp; 209661320 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 173069 | &nbsp;&nbsp; 145284183 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; 405852 | &nbsp;&nbsp; 339578469 |
| 2.50%, 01/01/52 | &nbsp;&nbsp; 416916 | &nbsp;&nbsp; 348130662 |
| 2.50%, 02/01/52 | &nbsp;&nbsp; 228592 | &nbsp;&nbsp; 191067376 |
| 2.50%, 03/01/52 | &nbsp;&nbsp; 224539 | &nbsp;&nbsp; 187668099 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 391694 | &nbsp;&nbsp; 327699135 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 05/01/52 | &nbsp;&nbsp; $126085 | &nbsp;&nbsp; $106010250 |
| 2.50%, 07/01/52 | &nbsp;&nbsp; 124387 | &nbsp;&nbsp; 103721179 |
| 2.50%, 08/01/52 | &nbsp;&nbsp; 92980 | &nbsp;&nbsp; 77529705 |
| 2.50%, 09/01/52 | &nbsp;&nbsp; 119344 | &nbsp;&nbsp; 99823136 |
| 2.50%, 07/01/53 | &nbsp;&nbsp; 84362 | &nbsp;&nbsp; 70348659 |
| 2.50%, 10/01/53 | &nbsp;&nbsp; 6014 | &nbsp;&nbsp; 5015157 |
| 2.50%, 01/01/54 | &nbsp;&nbsp; 74033 | &nbsp;&nbsp; 61771386 |
| 2.50%, 09/15/55<sup>(c)</sup> | &nbsp;&nbsp; 32100 | &nbsp;&nbsp; 26647402 |
| 3.00%, 11/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 296 |
| 3.00%, 12/01/25 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 675 |
| 3.00%, 01/01/26 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10652 |
| 3.00%, 02/01/26 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18416 |
| 3.00%, 07/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 369 |
| 3.00%, 09/01/26 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5509 |
| 3.00%, 10/01/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1102 |
| 3.00%, 11/01/26 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 145540 |
| 3.00%, 12/01/26 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 273125 |
| 3.00%, 01/01/27 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 274870 |
| 3.00%, 02/01/27 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8808 |
| 3.00%, 03/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 362 |
| 3.00%, 03/01/27 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26306 |
| 3.00%, 04/01/27 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13516 |
| 3.00%, 05/01/27 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 35151 |
| 3.00%, 06/01/27 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 150096 |
| 3.00%, 07/01/27 | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 317158 |
| 3.00%, 08/01/27 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 553476 |
| 3.00%, 09/01/27 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 602 |
| 3.00%, 10/01/27 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 99705 |
| 3.00%, 11/01/27 | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 913950 |
| 3.00%, 01/01/28 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 246244 |
| 3.00%, 03/01/28 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 51199 |
| 3.00%, 04/01/28 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 172660 |
| 3.00%, 05/01/28 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 113410 |
| 3.00%, 08/01/28 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 607840 |
| 3.00%, 09/01/28 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 84127 |
| 3.00%, 11/01/28 | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 742239 |
| 3.00%, 12/01/28 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 197013 |
| 3.00%, 01/01/29 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 290174 |
| 3.00%, 02/01/29 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 141635 |
| 3.00%, 03/01/29 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 181458 |
| 3.00%, 04/01/29 | &nbsp;&nbsp; 1506 | &nbsp;&nbsp; 1480488 |
| 3.00%, 05/01/29 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 526994 |
| 3.00%, 06/01/29 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 276955 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 281082 |
| 3.00%, 08/01/29 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 497678 |
| 3.00%, 09/01/29 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 166915 |
| 3.00%, 10/01/29 | &nbsp;&nbsp; 1262 | &nbsp;&nbsp; 1238841 |
| 3.00%, 11/01/29 | &nbsp;&nbsp; 1849 | &nbsp;&nbsp; 1813605 |
| 3.00%, 12/01/29 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 113194 |
| 3.00%, 01/01/30 | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 246953 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 961 | &nbsp;&nbsp; 943345 |
| 3.00%, 03/01/30 | &nbsp;&nbsp; 8720 | &nbsp;&nbsp; 8570594 |
| 3.00%, 04/01/30 | &nbsp;&nbsp; 3548 | &nbsp;&nbsp; 3473928 |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 2109639 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 746 | &nbsp;&nbsp; 730994 |
| 3.00%, 07/01/30 | &nbsp;&nbsp; 2263 | &nbsp;&nbsp; 2215900 |
| 3.00%, 08/01/30 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 229620 |
| 3.00%, 09/01/30 | &nbsp;&nbsp; 1121 | &nbsp;&nbsp; 1096772 |
| 3.00%, 10/01/30 | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 1158594 |
| 3.00%, 11/01/30 | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 734296 |
| 3.00%, 01/01/31 | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; 1961622 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 02/01/31 | &nbsp;&nbsp; $2501 | &nbsp;&nbsp; $2448998 |
| 3.00%, 03/01/31 | &nbsp;&nbsp; 4861 | &nbsp;&nbsp; 4754190 |
| 3.00%, 04/01/31 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 624443 |
| 3.00%, 05/01/31 | &nbsp;&nbsp; 4708 | &nbsp;&nbsp; 4603857 |
| 3.00%, 06/01/31 | &nbsp;&nbsp; 2838 | &nbsp;&nbsp; 2775987 |
| 3.00%, 07/01/31 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 388184 |
| 3.00%, 08/01/31 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 63376 |
| 3.00%, 09/01/31 | &nbsp;&nbsp; 3648 | &nbsp;&nbsp; 3563517 |
| 3.00%, 11/01/31 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 222612 |
| 3.00%, 12/01/31 | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 1503202 |
| 3.00%, 01/01/32 | &nbsp;&nbsp; 3505 | &nbsp;&nbsp; 3421177 |
| 3.00%, 02/01/32 | &nbsp;&nbsp; 5658 | &nbsp;&nbsp; 5524617 |
| 3.00%, 03/01/32 | &nbsp;&nbsp; 1859 | &nbsp;&nbsp; 1812705 |
| 3.00%, 04/01/32 | &nbsp;&nbsp; 1992 | &nbsp;&nbsp; 1939603 |
| 3.00%, 05/01/32 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 603803 |
| 3.00%, 06/01/32 | &nbsp;&nbsp; 3446 | &nbsp;&nbsp; 3365178 |
| 3.00%, 07/01/32 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 353462 |
| 3.00%, 08/01/32 | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; 1669124 |
| 3.00%, 09/01/32 | &nbsp;&nbsp; 4298 | &nbsp;&nbsp; 4202751 |
| 3.00%, 10/01/32 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 414448 |
| 3.00%, 11/01/32 | &nbsp;&nbsp; 2046 | &nbsp;&nbsp; 1991306 |
| 3.00%, 12/01/32 | &nbsp;&nbsp; 8713 | &nbsp;&nbsp; 8485420 |
| 3.00%, 01/01/33 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 1077177 |
| 3.00%, 02/01/33 | &nbsp;&nbsp; 1777 | &nbsp;&nbsp; 1728348 |
| 3.00%, 03/01/33 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 713626 |
| 3.00%, 04/01/33 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 274663 |
| 3.00%, 05/01/33 | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1360317 |
| 3.00%, 06/01/33 | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 262671 |
| 3.00%, 07/01/33 | &nbsp;&nbsp; 6361 | &nbsp;&nbsp; 6158068 |
| 3.00%, 09/01/33 | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 803994 |
| 3.00%, 10/01/33 | &nbsp;&nbsp; 3569 | &nbsp;&nbsp; 3464330 |
| 3.00%, 11/01/33 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 68211 |
| 3.00%, 02/01/34 | &nbsp;&nbsp; 2948 | &nbsp;&nbsp; 2876627 |
| 3.00%, 05/01/34 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 283220 |
| 3.00%, 06/01/34 | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; 1659330 |
| 3.00%, 07/01/34 | &nbsp;&nbsp; 6380 | &nbsp;&nbsp; 6176853 |
| 3.00%, 08/01/34 | &nbsp;&nbsp; 3012 | &nbsp;&nbsp; 2914499 |
| 3.00%, 09/01/34 | &nbsp;&nbsp; 9985 | &nbsp;&nbsp; 9655083 |
| 3.00%, 10/01/34 | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 1845961 |
| 3.00%, 11/01/34 | &nbsp;&nbsp; 5003 | &nbsp;&nbsp; 4833797 |
| 3.00%, 12/01/34 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 909605 |
| 3.00%, 01/01/35 | &nbsp;&nbsp; 3513 | &nbsp;&nbsp; 3390934 |
| 3.00%, 02/01/35 | &nbsp;&nbsp; 7746 | &nbsp;&nbsp; 7468363 |
| 3.00%, 03/01/35 | &nbsp;&nbsp; 13623 | &nbsp;&nbsp; 13132279 |
| 3.00%, 04/01/35 | &nbsp;&nbsp; 8803 | &nbsp;&nbsp; 8504117 |
| 3.00%, 05/01/35 | &nbsp;&nbsp; 18173 | &nbsp;&nbsp; 17548441 |
| 3.00%, 06/01/35 | &nbsp;&nbsp; 2561 | &nbsp;&nbsp; 2472126 |
| 3.00%, 07/01/35 | &nbsp;&nbsp; 11626 | &nbsp;&nbsp; 11209723 |
| 3.00%, 08/01/35 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 462229 |
| 3.00%, 09/01/35 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 262993 |
| 3.00%, 10/01/35 | &nbsp;&nbsp; 4120 | &nbsp;&nbsp; 3971213 |
| 3.00%, 12/01/35 | &nbsp;&nbsp; 8943 | &nbsp;&nbsp; 8671959 |
| 3.00%, 01/01/36 | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 1581579 |
| 3.00%, 04/01/36 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 668384 |
| 3.00%, 05/01/36 | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 1070763 |
| 3.00%, 06/01/36 | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1267719 |
| 3.00%, 07/01/36 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 482858 |
| 3.00%, 09/01/36 | &nbsp;&nbsp; 3763 | &nbsp;&nbsp; 3600474 |
| 3.00%, 12/01/36 | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1653400 |
| 3.00%, 01/01/37 | &nbsp;&nbsp; 5501 | &nbsp;&nbsp; 5236546 |
| 3.00%, 02/01/37 | &nbsp;&nbsp; 4465 | &nbsp;&nbsp; 4236222 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 03/01/37 | &nbsp;&nbsp; $85385 | &nbsp;&nbsp; $82039628 |
| 3.00%, 04/01/37 | &nbsp;&nbsp; 11116 | &nbsp;&nbsp; 10625442 |
| 3.00%, 05/01/37 | &nbsp;&nbsp; 115058 | &nbsp;&nbsp; 110264466 |
| 3.00%, 06/01/37 | &nbsp;&nbsp; 25976 | &nbsp;&nbsp; 24979528 |
| 3.00%, 07/01/37 | &nbsp;&nbsp; 5184 | &nbsp;&nbsp; 4983059 |
| 3.00%, 09/01/37 | &nbsp;&nbsp; 7798 | &nbsp;&nbsp; 7461661 |
| 3.00%, 10/01/37 | &nbsp;&nbsp; 1803 | &nbsp;&nbsp; 1723131 |
| 3.00%, 11/01/37 | &nbsp;&nbsp; 22460 | &nbsp;&nbsp; 21468742 |
| 3.00%, 12/01/37 | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 792729 |
| 3.00%, 07/01/38 | &nbsp;&nbsp; 5176 | &nbsp;&nbsp; 4947623 |
| 3.00%, 09/01/38 | &nbsp;&nbsp; 1976 | &nbsp;&nbsp; 1888546 |
| 3.00%, 11/01/38 | &nbsp;&nbsp; 9491 | &nbsp;&nbsp; 9072173 |
| 3.00%, 05/01/41 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 486194 |
| 3.00%, 04/01/42 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16836 |
| 3.00%, 08/01/42 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 692817 |
| 3.00%, 09/01/42 | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; 2333084 |
| 3.00%, 10/01/42 | &nbsp;&nbsp; 3004 | &nbsp;&nbsp; 2746507 |
| 3.00%, 11/01/42 | &nbsp;&nbsp; 13802 | &nbsp;&nbsp; 12618596 |
| 3.00%, 12/01/42 | &nbsp;&nbsp; 23474 | &nbsp;&nbsp; 21461445 |
| 3.00%, 01/01/43 | &nbsp;&nbsp; 11868 | &nbsp;&nbsp; 10850954 |
| 3.00%, 02/01/43 | &nbsp;&nbsp; 5165 | &nbsp;&nbsp; 4720969 |
| 3.00%, 03/01/43 | &nbsp;&nbsp; 8589 | &nbsp;&nbsp; 7799064 |
| 3.00%, 04/01/43 | &nbsp;&nbsp; 8898 | &nbsp;&nbsp; 8123614 |
| 3.00%, 05/01/43 | &nbsp;&nbsp; 8699 | &nbsp;&nbsp; 7937991 |
| 3.00%, 06/01/43 | &nbsp;&nbsp; 3561 | &nbsp;&nbsp; 3248314 |
| 3.00%, 07/01/43 | &nbsp;&nbsp; 2803 | &nbsp;&nbsp; 2557144 |
| 3.00%, 08/01/43 | &nbsp;&nbsp; 8780 | &nbsp;&nbsp; 8011851 |
| 3.00%, 09/01/43 | &nbsp;&nbsp; 14139 | &nbsp;&nbsp; 12900594 |
| 3.00%, 10/01/43 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 422696 |
| 3.00%, 11/01/43 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 37279 |
| 3.00%, 12/01/43 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 442863 |
| 3.00%, 01/01/44 | &nbsp;&nbsp; 10674 | &nbsp;&nbsp; 9737667 |
| 3.00%, 02/01/44 | &nbsp;&nbsp; 10087 | &nbsp;&nbsp; 9204570 |
| 3.00%, 07/01/44 | &nbsp;&nbsp; 35674 | &nbsp;&nbsp; 32547052 |
| 3.00%, 10/01/44 | &nbsp;&nbsp; 25151 | &nbsp;&nbsp; 22945916 |
| 3.00%, 11/01/44 | &nbsp;&nbsp; 14790 | &nbsp;&nbsp; 13493863 |
| 3.00%, 12/01/44 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 99623 |
| 3.00%, 01/01/45 | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; 2956199 |
| 3.00%, 02/01/45 | &nbsp;&nbsp; 2606 | &nbsp;&nbsp; 2347676 |
| 3.00%, 03/01/45 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 614816 |
| 3.00%, 04/01/45 | &nbsp;&nbsp; 1978 | &nbsp;&nbsp; 1777866 |
| 3.00%, 05/01/45 | &nbsp;&nbsp; 12571 | &nbsp;&nbsp; 11362761 |
| 3.00%, 06/01/45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16475 |
| 3.00%, 07/01/45 | &nbsp;&nbsp; 4361 | &nbsp;&nbsp; 3941558 |
| 3.00%, 08/01/45 | &nbsp;&nbsp; 5277 | &nbsp;&nbsp; 4797426 |
| 3.00%, 09/01/45 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 619060 |
| 3.00%, 10/01/45 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 314606 |
| 3.00%, 12/01/45 | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 544762 |
| 3.00%, 01/01/46 | &nbsp;&nbsp; 3177 | &nbsp;&nbsp; 2856904 |
| 3.00%, 02/01/46 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1107130 |
| 3.00%, 03/01/46 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 470984 |
| 3.00%, 04/01/46 | &nbsp;&nbsp; 2403 | &nbsp;&nbsp; 2156867 |
| 3.00%, 05/01/46 | &nbsp;&nbsp; 2511 | &nbsp;&nbsp; 2230737 |
| 3.00%, 06/01/46 | &nbsp;&nbsp; 17073 | &nbsp;&nbsp; 15447272 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 53656 | &nbsp;&nbsp; 48224460 |
| 3.00%, 08/01/46 | &nbsp;&nbsp; 19395 | &nbsp;&nbsp; 17448466 |
| 3.00%, 09/01/46 | &nbsp;&nbsp; 12234 | &nbsp;&nbsp; 10952912 |
| 3.00%, 10/01/46 | &nbsp;&nbsp; 34394 | &nbsp;&nbsp; 30757896 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 46978 | &nbsp;&nbsp; 42026836 |
| 3.00%, 12/01/46 | &nbsp;&nbsp; 72559 | &nbsp;&nbsp; 64842609 |
| 3.00%, 01/01/47 | &nbsp;&nbsp; 40613 | &nbsp;&nbsp; 36350756 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 02/01/47 | &nbsp;&nbsp; $74684 | &nbsp;&nbsp; $67298394 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 14757 | &nbsp;&nbsp; 13211270 |
| 3.00%, 04/01/47 | &nbsp;&nbsp; 22576 | &nbsp;&nbsp; 20039132 |
| 3.00%, 05/01/47 | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 651490 |
| 3.00%, 07/01/47 | &nbsp;&nbsp; 13084 | &nbsp;&nbsp; 11684351 |
| 3.00%, 08/01/47 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 782709 |
| 3.00%, 09/01/47 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 297568 |
| 3.00%, 10/01/47 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 249609 |
| 3.00%, 11/01/47 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 129380 |
| 3.00%, 12/01/47 | &nbsp;&nbsp; 27285 | &nbsp;&nbsp; 24423784 |
| 3.00%, 01/01/48 | &nbsp;&nbsp; 29712 | &nbsp;&nbsp; 26358471 |
| 3.00%, 03/01/48 | &nbsp;&nbsp; 29487 | &nbsp;&nbsp; 26474100 |
| 3.00%, 04/01/48 | &nbsp;&nbsp; 8370 | &nbsp;&nbsp; 7635491 |
| 3.00%, 05/01/48 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 185892 |
| 3.00%, 07/01/48 | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 1937403 |
| 3.00%, 09/01/48 | &nbsp;&nbsp; 33412 | &nbsp;&nbsp; 30023971 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 30262 | &nbsp;&nbsp; 26959077 |
| 3.00%, 01/01/49 | &nbsp;&nbsp; 43885 | &nbsp;&nbsp; 39189267 |
| 3.00%, 02/01/49 | &nbsp;&nbsp; 1873 | &nbsp;&nbsp; 1672932 |
| 3.00%, 04/01/49 | &nbsp;&nbsp; 3541 | &nbsp;&nbsp; 3140300 |
| 3.00%, 05/01/49 | &nbsp;&nbsp; 9352 | &nbsp;&nbsp; 8298224 |
| 3.00%, 06/01/49 | &nbsp;&nbsp; 1697 | &nbsp;&nbsp; 1497026 |
| 3.00%, 07/01/49 | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 1488726 |
| 3.00%, 08/01/49 | &nbsp;&nbsp; 14997 | &nbsp;&nbsp; 13246477 |
| 3.00%, 09/01/49 | &nbsp;&nbsp; 15743 | &nbsp;&nbsp; 13800966 |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 28611 | &nbsp;&nbsp; 25111457 |
| 3.00%, 11/01/49 | &nbsp;&nbsp; 22776 | &nbsp;&nbsp; 20059571 |
| 3.00%, 12/01/49 | &nbsp;&nbsp; 21903 | &nbsp;&nbsp; 19325618 |
| 3.00%, 01/01/50 | &nbsp;&nbsp; 94330 | &nbsp;&nbsp; 83007386 |
| 3.00%, 02/01/50 | &nbsp;&nbsp; 65010 | &nbsp;&nbsp; 57414084 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 99966 | &nbsp;&nbsp; 88233194 |
| 3.00%, 04/01/50 | &nbsp;&nbsp; 17353 | &nbsp;&nbsp; 15295075 |
| 3.00%, 05/01/50 | &nbsp;&nbsp; 21366 | &nbsp;&nbsp; 18783299 |
| 3.00%, 06/01/50 | &nbsp;&nbsp; 43767 | &nbsp;&nbsp; 38547696 |
| 3.00%, 07/01/50 | &nbsp;&nbsp; 142038 | &nbsp;&nbsp; 126136745 |
| 3.00%, 08/01/50 | &nbsp;&nbsp; 106609 | &nbsp;&nbsp; 93587790 |
| 3.00%, 09/01/50 | &nbsp;&nbsp; 10308 | &nbsp;&nbsp; 9022068 |
| 3.00%, 10/01/50 | &nbsp;&nbsp; 67388 | &nbsp;&nbsp; 59334771 |
| 3.00%, 11/01/50 | &nbsp;&nbsp; 45063 | &nbsp;&nbsp; 39780841 |
| 3.00%, 12/01/50 | &nbsp;&nbsp; 7186 | &nbsp;&nbsp; 6265901 |
| 3.00%, 01/01/51 | &nbsp;&nbsp; 13667 | &nbsp;&nbsp; 12093086 |
| 3.00%, 02/01/51 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 91232513 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 31587 | &nbsp;&nbsp; 27660678 |
| 3.00%, 04/01/51 | &nbsp;&nbsp; 48744 | &nbsp;&nbsp; 42449930 |
| 3.00%, 05/01/51 | &nbsp;&nbsp; 25397 | &nbsp;&nbsp; 22439795 |
| 3.00%, 06/01/51 | &nbsp;&nbsp; 38626 | &nbsp;&nbsp; 33864996 |
| 3.00%, 07/01/51 | &nbsp;&nbsp; 56949 | &nbsp;&nbsp; 49930339 |
| 3.00%, 08/01/51 | &nbsp;&nbsp; 28063 | &nbsp;&nbsp; 24664783 |
| 3.00%, 09/01/51 | &nbsp;&nbsp; 14666 | &nbsp;&nbsp; 12935179 |
| 3.00%, 10/01/51 | &nbsp;&nbsp; 184037 | &nbsp;&nbsp; 159583207 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; 49599 | &nbsp;&nbsp; 43622981 |
| 3.00%, 12/01/51 | &nbsp;&nbsp; 36395 | &nbsp;&nbsp; 31870555 |
| 3.00%, 01/01/52 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 42860319 |
| 3.00%, 02/01/52 | &nbsp;&nbsp; 23234 | &nbsp;&nbsp; 20307706 |
| 3.00%, 03/01/52 | &nbsp;&nbsp; 34133 | &nbsp;&nbsp; 29893828 |
| 3.00%, 04/01/52 | &nbsp;&nbsp; 65674 | &nbsp;&nbsp; 57500328 |
| 3.00%, 05/01/52 | &nbsp;&nbsp; 169723 | &nbsp;&nbsp; 149326247 |
| 3.00%, 06/01/52 | &nbsp;&nbsp; 112543 | &nbsp;&nbsp; 98403603 |
| 3.00%, 07/01/52 | &nbsp;&nbsp; 19626 | &nbsp;&nbsp; 17176685 |
| 3.00%, 08/01/52 | &nbsp;&nbsp; 67234 | &nbsp;&nbsp; 58570997 |
| 3.50%, 09/01/25 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 747 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 09/01/25 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $18 |
| 3.50%, 10/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 219 |
| 3.50%, 10/01/25 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2292 |
| 3.50%, 11/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 749 |
| 3.50%, 12/01/25 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17277 |
| 3.50%, 01/01/26 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4087 |
| 3.50%, 02/01/26 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3787 |
| 3.50%, 02/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 337 |
| 3.50%, 03/01/26 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3899 |
| 3.50%, 03/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 59 |
| 3.50%, 04/01/26 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13426 |
| 3.50%, 04/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 892 |
| 3.50%, 05/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 82 |
| 3.50%, 05/01/26 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3511 |
| 3.50%, 06/01/26 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2101 |
| 3.50%, 06/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 351 |
| 3.50%, 07/01/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 593 |
| 3.50%, 08/01/26 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10752 |
| 3.50%, 08/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 415 |
| 3.50%, 09/01/26 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 580454 |
| 3.50%, 10/01/26 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13468 |
| 3.50%, 12/01/26 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4348 |
| 3.50%, 12/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 312 |
| 3.50%, 01/01/27 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 53947 |
| 3.50%, 02/01/27 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2168 |
| 3.50%, 03/01/27 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 73896 |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 74810 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22359 |
| 3.50%, 01/01/28 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 78048 |
| 3.50%, 07/01/28 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36175 |
| 3.50%, 08/01/28 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 170931 |
| 3.50%, 10/01/28 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 146810 |
| 3.50%, 11/01/28 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24081 |
| 3.50%, 12/01/28 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 47005 |
| 3.50%, 01/01/29 | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 543815 |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 138252 |
| 3.50%, 05/01/29 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21081 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2203 |
| 3.50%, 08/01/29 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8023 |
| 3.50%, 09/01/29 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 88011 |
| 3.50%, 10/01/29 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8200 |
| 3.50%, 11/01/29 | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 679334 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 442162 |
| 3.50%, 04/01/30 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 96808 |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 195147 |
| 3.50%, 08/01/30 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 106613 |
| 3.50%, 11/01/30 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 150553 |
| 3.50%, 02/01/31 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16258 |
| 3.50%, 03/01/31 | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 751580 |
| 3.50%, 04/01/31 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 202122 |
| 3.50%, 05/01/31 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 108719 |
| 3.50%, 06/01/31 | &nbsp;&nbsp; 2623 | &nbsp;&nbsp; 2592229 |
| 3.50%, 07/01/31 | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 874667 |
| 3.50%, 08/01/31 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 567782 |
| 3.50%, 09/01/31 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 46215 |
| 3.50%, 11/01/31 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3831 |
| 3.50%, 12/01/31 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 447268 |
| 3.50%, 01/01/32 | &nbsp;&nbsp; 2254 | &nbsp;&nbsp; 2223892 |
| 3.50%, 02/01/32 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 479359 |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 245649 |
| 3.50%, 04/01/32 | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; 997829 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 05/01/32 | &nbsp;&nbsp; $2412 | &nbsp;&nbsp; $2376901 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 2094 | &nbsp;&nbsp; 2062764 |
| 3.50%, 07/01/32 | &nbsp;&nbsp; 1548 | &nbsp;&nbsp; 1524991 |
| 3.50%, 08/01/32 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 595804 |
| 3.50%, 09/01/32 | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 237745 |
| 3.50%, 11/01/32 | &nbsp;&nbsp; 2298 | &nbsp;&nbsp; 2265791 |
| 3.50%, 12/01/32 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1112996 |
| 3.50%, 01/01/33 | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 433282 |
| 3.50%, 02/01/33 | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 1123834 |
| 3.50%, 03/01/33 | &nbsp;&nbsp; 6130 | &nbsp;&nbsp; 6028132 |
| 3.50%, 04/01/33 | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 1265731 |
| 3.50%, 05/01/33 | &nbsp;&nbsp; 1629 | &nbsp;&nbsp; 1602493 |
| 3.50%, 09/01/33 | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 960661 |
| 3.50%, 10/01/33 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 186541 |
| 3.50%, 11/01/33 | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 258112 |
| 3.50%, 12/01/33 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 309946 |
| 3.50%, 01/01/34 | &nbsp;&nbsp; 1687 | &nbsp;&nbsp; 1656799 |
| 3.50%, 02/01/34 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 776127 |
| 3.50%, 03/01/34 | &nbsp;&nbsp; 2594 | &nbsp;&nbsp; 2540089 |
| 3.50%, 04/01/34 | &nbsp;&nbsp; 6530 | &nbsp;&nbsp; 6402563 |
| 3.50%, 05/01/34 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; 4179047 |
| 3.50%, 06/01/34 | &nbsp;&nbsp; 1492 | &nbsp;&nbsp; 1460203 |
| 3.50%, 07/01/34 | &nbsp;&nbsp; 2791 | &nbsp;&nbsp; 2739999 |
| 3.50%, 08/01/34 | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 533566 |
| 3.50%, 09/01/34 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 267600 |
| 3.50%, 10/01/34 | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 1242668 |
| 3.50%, 11/01/34 | &nbsp;&nbsp; 5421 | &nbsp;&nbsp; 5305061 |
| 3.50%, 12/01/34 | &nbsp;&nbsp; 5045 | &nbsp;&nbsp; 4936785 |
| 3.50%, 01/01/35 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 204939 |
| 3.50%, 02/01/35 | &nbsp;&nbsp; 2534 | &nbsp;&nbsp; 2478156 |
| 3.50%, 03/01/35 | &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 2573212 |
| 3.50%, 04/01/35 | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 602630 |
| 3.50%, 05/01/35 | &nbsp;&nbsp; 3925 | &nbsp;&nbsp; 3840859 |
| 3.50%, 06/01/35 | &nbsp;&nbsp; 5779 | &nbsp;&nbsp; 5640737 |
| 3.50%, 07/01/35 | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 2151815 |
| 3.50%, 10/01/35 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 559869 |
| 3.50%, 11/01/35 | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1727563 |
| 3.50%, 12/01/35 | &nbsp;&nbsp; 1283 | &nbsp;&nbsp; 1252167 |
| 3.50%, 02/01/36 | &nbsp;&nbsp; 2997 | &nbsp;&nbsp; 2925969 |
| 3.50%, 02/01/37 | &nbsp;&nbsp; 3595 | &nbsp;&nbsp; 3493009 |
| 3.50%, 05/01/37 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 294854 |
| 3.50%, 06/01/37 | &nbsp;&nbsp; 4652 | &nbsp;&nbsp; 4542930 |
| 3.50%, 07/01/37 | &nbsp;&nbsp; 15621 | &nbsp;&nbsp; 15149875 |
| 3.50%, 08/01/37 | &nbsp;&nbsp; 5252 | &nbsp;&nbsp; 5109896 |
| 3.50%, 09/01/37 | &nbsp;&nbsp; 8861 | &nbsp;&nbsp; 8605158 |
| 3.50%, 10/01/37 | &nbsp;&nbsp; 3929 | &nbsp;&nbsp; 3813249 |
| 3.50%, 12/01/37 | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1308782 |
| 3.50%, 01/01/38 | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; 3280022 |
| 3.50%, 02/01/38 | &nbsp;&nbsp; 1332 | &nbsp;&nbsp; 1286596 |
| 3.50%, 07/01/38 | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; 18524088 |
| 3.50%, 10/01/39 | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 1365964 |
| 3.50%, 11/01/39 | &nbsp;&nbsp; 959 | &nbsp;&nbsp; 929104 |
| 3.50%, 12/01/39 | &nbsp;&nbsp; 37239 | &nbsp;&nbsp; 36045023 |
| 3.50%, 10/01/40 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 11934 |
| 3.50%, 11/01/40 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 197344 |
| 3.50%, 12/01/40 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 427399 |
| 3.50%, 01/01/41 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 32650 |
| 3.50%, 02/01/41 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10337 |
| 3.50%, 03/01/41 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 25879 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16520 |
| 3.50%, 10/01/41 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7402 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 11/01/41 | &nbsp;&nbsp; $131 | &nbsp;&nbsp; $123529 |
| 3.50%, 12/01/41 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 129875 |
| 3.50%, 01/01/42 | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 692570 |
| 3.50%, 02/01/42 | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 671083 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 9667 | &nbsp;&nbsp; 9091522 |
| 3.50%, 04/01/42 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 248733 |
| 3.50%, 05/01/42 | &nbsp;&nbsp; 2005 | &nbsp;&nbsp; 1887715 |
| 3.50%, 06/01/42 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 152039 |
| 3.50%, 07/01/42 | &nbsp;&nbsp; 1569 | &nbsp;&nbsp; 1475921 |
| 3.50%, 08/01/42 | &nbsp;&nbsp; 11054 | &nbsp;&nbsp; 10398005 |
| 3.50%, 09/01/42 | &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 3209500 |
| 3.50%, 10/01/42 | &nbsp;&nbsp; 9405 | &nbsp;&nbsp; 8845808 |
| 3.50%, 11/01/42 | &nbsp;&nbsp; 1297 | &nbsp;&nbsp; 1219270 |
| 3.50%, 12/01/42 | &nbsp;&nbsp; 8354 | &nbsp;&nbsp; 7857818 |
| 3.50%, 01/01/43 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 585885 |
| 3.50%, 03/01/43 | &nbsp;&nbsp; 3949 | &nbsp;&nbsp; 3701847 |
| 3.50%, 04/01/43 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 457128 |
| 3.50%, 05/01/43 | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 1198632 |
| 3.50%, 06/01/43 | &nbsp;&nbsp; 6395 | &nbsp;&nbsp; 5995823 |
| 3.50%, 07/01/43 | &nbsp;&nbsp; 11768 | &nbsp;&nbsp; 11077103 |
| 3.50%, 08/01/43 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 180571 |
| 3.50%, 09/01/43 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 171190 |
| 3.50%, 10/01/43 | &nbsp;&nbsp; 1626 | &nbsp;&nbsp; 1528619 |
| 3.50%, 11/01/43 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 169610 |
| 3.50%, 12/01/43 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 131155 |
| 3.50%, 01/01/44 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 224262 |
| 3.50%, 02/01/44 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 273228 |
| 3.50%, 04/01/44 | &nbsp;&nbsp; 5861 | &nbsp;&nbsp; 5507021 |
| 3.50%, 05/01/44 | &nbsp;&nbsp; 1633 | &nbsp;&nbsp; 1535336 |
| 3.50%, 06/01/44 | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 550005 |
| 3.50%, 09/01/44 | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 959768 |
| 3.50%, 10/01/44 | &nbsp;&nbsp; 3854 | &nbsp;&nbsp; 3576010 |
| 3.50%, 11/01/44 | &nbsp;&nbsp; 11752 | &nbsp;&nbsp; 10963800 |
| 3.50%, 12/01/44 | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 723387 |
| 3.50%, 01/01/45 | &nbsp;&nbsp; 11654 | &nbsp;&nbsp; 10906674 |
| 3.50%, 02/01/45 | &nbsp;&nbsp; 8969 | &nbsp;&nbsp; 8397537 |
| 3.50%, 03/01/45 | &nbsp;&nbsp; 1646 | &nbsp;&nbsp; 1512861 |
| 3.50%, 04/01/45 | &nbsp;&nbsp; 1563 | &nbsp;&nbsp; 1454706 |
| 3.50%, 05/01/45 | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 681129 |
| 3.50%, 06/01/45 | &nbsp;&nbsp; 4389 | &nbsp;&nbsp; 4084868 |
| 3.50%, 07/01/45 | &nbsp;&nbsp; 7166 | &nbsp;&nbsp; 6678093 |
| 3.50%, 08/01/45 | &nbsp;&nbsp; 16763 | &nbsp;&nbsp; 15694642 |
| 3.50%, 09/01/45 | &nbsp;&nbsp; 15029 | &nbsp;&nbsp; 14081750 |
| 3.50%, 10/01/45 | &nbsp;&nbsp; 3879 | &nbsp;&nbsp; 3633186 |
| 3.50%, 11/01/45 | &nbsp;&nbsp; 6835 | &nbsp;&nbsp; 6352214 |
| 3.50%, 12/01/45 | &nbsp;&nbsp; 5602 | &nbsp;&nbsp; 5193070 |
| 3.50%, 01/01/46 | &nbsp;&nbsp; 16242 | &nbsp;&nbsp; 15154059 |
| 3.50%, 02/01/46 | &nbsp;&nbsp; 26478 | &nbsp;&nbsp; 24549938 |
| 3.50%, 03/01/46 | &nbsp;&nbsp; 7807 | &nbsp;&nbsp; 7234205 |
| 3.50%, 04/01/46 | &nbsp;&nbsp; 11399 | &nbsp;&nbsp; 10603945 |
| 3.50%, 05/01/46 | &nbsp;&nbsp; 3756 | &nbsp;&nbsp; 3462734 |
| 3.50%, 06/01/46 | &nbsp;&nbsp; 7449 | &nbsp;&nbsp; 6893785 |
| 3.50%, 07/01/46 | &nbsp;&nbsp; 85885 | &nbsp;&nbsp; 80101997 |
| 3.50%, 08/01/46 | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2545832 |
| 3.50%, 09/01/46 | &nbsp;&nbsp; 7823 | &nbsp;&nbsp; 7189299 |
| 3.50%, 10/01/46 | &nbsp;&nbsp; 13543 | &nbsp;&nbsp; 12571018 |
| 3.50%, 11/01/46 | &nbsp;&nbsp; 15340 | &nbsp;&nbsp; 14182205 |
| 3.50%, 12/01/46 | &nbsp;&nbsp; 40728 | &nbsp;&nbsp; 37853418 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 26546 | &nbsp;&nbsp; 24578265 |
| 3.50%, 02/01/47 | &nbsp;&nbsp; 16372 | &nbsp;&nbsp; 15144211 |
| 3.50%, 03/01/47 | &nbsp;&nbsp; 1847 | &nbsp;&nbsp; 1716165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 04/01/47 | &nbsp;&nbsp; $6438 | &nbsp;&nbsp; $5939295 |
| 3.50%, 05/01/47 | &nbsp;&nbsp; 16706 | &nbsp;&nbsp; 15473877 |
| 3.50%, 06/01/47 | &nbsp;&nbsp; 4167 | &nbsp;&nbsp; 3855741 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 42331 | &nbsp;&nbsp; 39712768 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 33629 | &nbsp;&nbsp; 31078284 |
| 3.50%, 09/01/47 | &nbsp;&nbsp; 27983 | &nbsp;&nbsp; 25824728 |
| 3.50%, 10/01/47 | &nbsp;&nbsp; 7998 | &nbsp;&nbsp; 7370752 |
| 3.50%, 11/01/47 | &nbsp;&nbsp; 18047 | &nbsp;&nbsp; 16629929 |
| 3.50%, 12/01/47 | &nbsp;&nbsp; 28946 | &nbsp;&nbsp; 26737528 |
| 3.50%, 01/01/48 | &nbsp;&nbsp; 39747 | &nbsp;&nbsp; 36600233 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 25306 | &nbsp;&nbsp; 23327466 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 22287 | &nbsp;&nbsp; 20601932 |
| 3.50%, 04/01/48 | &nbsp;&nbsp; 8410 | &nbsp;&nbsp; 7747388 |
| 3.50%, 05/01/48 | &nbsp;&nbsp; 38037 | &nbsp;&nbsp; 35584868 |
| 3.50%, 06/01/48 | &nbsp;&nbsp; 5662 | &nbsp;&nbsp; 5210284 |
| 3.50%, 07/01/48 | &nbsp;&nbsp; 13659 | &nbsp;&nbsp; 12622148 |
| 3.50%, 09/01/48 | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 812711 |
| 3.50%, 10/01/48 | &nbsp;&nbsp; 1123 | &nbsp;&nbsp; 1033244 |
| 3.50%, 11/01/48 | &nbsp;&nbsp; 26535 | &nbsp;&nbsp; 24561331 |
| 3.50%, 01/01/49 | &nbsp;&nbsp; 4579 | &nbsp;&nbsp; 4215158 |
| 3.50%, 02/01/49 | &nbsp;&nbsp; 3723 | &nbsp;&nbsp; 3420433 |
| 3.50%, 03/01/49 | &nbsp;&nbsp; 2667 | &nbsp;&nbsp; 2433512 |
| 3.50%, 04/01/49 | &nbsp;&nbsp; 5704 | &nbsp;&nbsp; 5193772 |
| 3.50%, 05/01/49 | &nbsp;&nbsp; 32061 | &nbsp;&nbsp; 29431803 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 78166 | &nbsp;&nbsp; 72049554 |
| 3.50%, 07/01/49 | &nbsp;&nbsp; 61085 | &nbsp;&nbsp; 56095333 |
| 3.50%, 08/01/49 | &nbsp;&nbsp; 16013 | &nbsp;&nbsp; 14529902 |
| 3.50%, 09/01/49 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1023762 |
| 3.50%, 11/01/49 | &nbsp;&nbsp; 10398 | &nbsp;&nbsp; 9577617 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 18971 | &nbsp;&nbsp; 17385594 |
| 3.50%, 01/01/50 | &nbsp;&nbsp; 6973 | &nbsp;&nbsp; 6408746 |
| 3.50%, 02/01/50 | &nbsp;&nbsp; 13746 | &nbsp;&nbsp; 12540961 |
| 3.50%, 03/01/50 | &nbsp;&nbsp; 4607 | &nbsp;&nbsp; 4245372 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 17042 | &nbsp;&nbsp; 15628827 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 3835 | &nbsp;&nbsp; 3527673 |
| 3.50%, 06/01/50 | &nbsp;&nbsp; 25864 | &nbsp;&nbsp; 23734994 |
| 3.50%, 07/01/50 | &nbsp;&nbsp; 3375 | &nbsp;&nbsp; 3097367 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 45054 | &nbsp;&nbsp; 41368665 |
| 3.50%, 09/01/50 | &nbsp;&nbsp; 36100 | &nbsp;&nbsp; 32986192 |
| 3.50%, 10/01/50 | &nbsp;&nbsp; 8873 | &nbsp;&nbsp; 8073598 |
| 3.50%, 12/01/50 | &nbsp;&nbsp; 23489 | &nbsp;&nbsp; 21600869 |
| 3.50%, 01/01/51 | &nbsp;&nbsp; 61211 | &nbsp;&nbsp; 56256070 |
| 3.50%, 02/01/51 | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 1686833 |
| 3.50%, 03/01/51 | &nbsp;&nbsp; 3963 | &nbsp;&nbsp; 3634677 |
| 3.50%, 05/01/51 | &nbsp;&nbsp; 11684 | &nbsp;&nbsp; 10652906 |
| 3.50%, 06/01/51 | &nbsp;&nbsp; 8747 | &nbsp;&nbsp; 7932485 |
| 3.50%, 07/01/51 | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 1015977 |
| 3.50%, 08/01/51 | &nbsp;&nbsp; 6343 | &nbsp;&nbsp; 5774043 |
| 3.50%, 09/01/51 | &nbsp;&nbsp; 4615 | &nbsp;&nbsp; 4199263 |
| 3.50%, 10/01/51 | &nbsp;&nbsp; 56621 | &nbsp;&nbsp; 52022033 |
| 3.50%, 12/01/51 | &nbsp;&nbsp; 14678 | &nbsp;&nbsp; 13349267 |
| 3.50%, 01/01/52 | &nbsp;&nbsp; 38439 | &nbsp;&nbsp; 35038279 |
| 3.50%, 02/01/52 | &nbsp;&nbsp; 45350 | &nbsp;&nbsp; 41196590 |
| 3.50%, 03/01/52 | &nbsp;&nbsp; 23054 | &nbsp;&nbsp; 20873192 |
| 3.50%, 04/01/52 | &nbsp;&nbsp; 69172 | &nbsp;&nbsp; 62994089 |
| 3.50%, 05/01/52 | &nbsp;&nbsp; 41346 | &nbsp;&nbsp; 37515071 |
| 3.50%, 06/01/52 | &nbsp;&nbsp; 139040 | &nbsp;&nbsp; 126517006 |
| 3.50%, 07/01/52 | &nbsp;&nbsp; 17276 | &nbsp;&nbsp; 15743249 |
| 3.50%, 08/01/52 | &nbsp;&nbsp; 93154 | &nbsp;&nbsp; 84834108 |
| 3.50%, 09/01/52 | &nbsp;&nbsp; 62627 | &nbsp;&nbsp; 57108128 |
| 3.50%, 12/01/52 | &nbsp;&nbsp; 49091 | &nbsp;&nbsp; 44438077 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 02/01/53 | &nbsp;&nbsp; $12516 | &nbsp;&nbsp; $11421906 |
| 3.50%, 04/01/53 | &nbsp;&nbsp; 8772 | &nbsp;&nbsp; 8004900 |
| 3.50%, 08/01/53 | &nbsp;&nbsp; 33468 | &nbsp;&nbsp; 30606134 |
| 3.50%, 09/15/54<sup>(c)</sup> | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; 3364727 |
| 3.50%, 11/01/54 | &nbsp;&nbsp; 61221 | &nbsp;&nbsp; 55310949 |
| 3.50%, 02/01/55 | &nbsp;&nbsp; 29151 | &nbsp;&nbsp; 26330210 |
| 4.00%, 09/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 11 |
| 4.00%, 09/01/25 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 887 |
| 4.00%, 10/01/25 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1468 |
| 4.00%, 11/01/25 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 585 |
| 4.00%, 12/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 164 |
| 4.00%, 01/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 500 |
| 4.00%, 03/01/26 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13149 |
| 4.00%, 03/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 718 |
| 4.00%, 05/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 379 |
| 4.00%, 05/01/26 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 667 |
| 4.00%, 06/01/26 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 160647 |
| 4.00%, 07/01/26 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8427 |
| 4.00%, 08/01/26 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1681 |
| 4.00%, 09/01/26 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 141922 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 67749 |
| 4.00%, 08/01/27 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1839 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4132 |
| 4.00%, 12/01/30 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 366970 |
| 4.00%, 01/01/31 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 229791 |
| 4.00%, 02/01/31 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 160554 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7454 |
| 4.00%, 10/01/31 | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 552046 |
| 4.00%, 02/01/32 | &nbsp;&nbsp; 1412 | &nbsp;&nbsp; 1405483 |
| 4.00%, 04/01/32 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3591 |
| 4.00%, 05/01/32 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 727240 |
| 4.00%, 06/01/32 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3612 |
| 4.00%, 07/01/32 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 259025 |
| 4.00%, 10/01/32 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8941 |
| 4.00%, 05/01/33 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 67190 |
| 4.00%, 07/01/33 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 457722 |
| 4.00%, 08/01/33 | &nbsp;&nbsp; 689 | &nbsp;&nbsp; 685853 |
| 4.00%, 08/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 177 |
| 4.00%, 09/01/33 | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 1144354 |
| 4.00%, 10/01/33 | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 608895 |
| 4.00%, 11/01/33 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37982 |
| 4.00%, 12/01/33 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55633 |
| 4.00%, 01/01/34 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 259710 |
| 4.00%, 03/01/34 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 435728 |
| 4.00%, 04/01/34 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 343893 |
| 4.00%, 05/01/34 | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 363824 |
| 4.00%, 06/01/34 | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 920112 |
| 4.00%, 07/01/34 | &nbsp;&nbsp; 853 | &nbsp;&nbsp; 848911 |
| 4.00%, 08/01/34 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 489363 |
| 4.00%, 09/01/34 | &nbsp;&nbsp; 3043 | &nbsp;&nbsp; 3028836 |
| 4.00%, 10/01/34 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 695226 |
| 4.00%, 08/01/35 | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 1010148 |
| 4.00%, 11/01/35 | &nbsp;&nbsp; 2436 | &nbsp;&nbsp; 2425305 |
| 4.00%, 01/01/36 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10682 |
| 4.00%, 07/01/37 | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; 2198024 |
| 4.00%, 08/01/37 | &nbsp;&nbsp; 6182 | &nbsp;&nbsp; 6095488 |
| 4.00%, 09/01/37 | &nbsp;&nbsp; 8240 | &nbsp;&nbsp; 8114422 |
| 4.00%, 10/01/37 | &nbsp;&nbsp; 13665 | &nbsp;&nbsp; 13473849 |
| 4.00%, 11/01/37 | &nbsp;&nbsp; 8854 | &nbsp;&nbsp; 8723546 |
| 4.00%, 01/01/38 | &nbsp;&nbsp; 1817 | &nbsp;&nbsp; 1789003 |
| 4.00%, 02/01/38 | &nbsp;&nbsp; 1601 | &nbsp;&nbsp; 1576270 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 03/01/38 | &nbsp;&nbsp; $3753 | &nbsp;&nbsp; $3700879 |
| 4.00%, 04/01/38 | &nbsp;&nbsp; 1096 | &nbsp;&nbsp; 1078744 |
| 4.00%, 05/01/38 | &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 2474643 |
| 4.00%, 06/01/38 | &nbsp;&nbsp; 1453 | &nbsp;&nbsp; 1430620 |
| 4.00%, 07/01/38 | &nbsp;&nbsp; 5194 | &nbsp;&nbsp; 5112135 |
| 4.00%, 10/01/38 | &nbsp;&nbsp; 1112 | &nbsp;&nbsp; 1094260 |
| 4.00%, 11/01/38 | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 808866 |
| 4.00%, 03/01/39 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10974 |
| 4.00%, 04/01/39 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23891 |
| 4.00%, 05/01/39 | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 317486 |
| 4.00%, 07/01/39 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12710 |
| 4.00%, 08/01/39 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 212168 |
| 4.00%, 09/01/39 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19058 |
| 4.00%, 09/15/39<sup>(c)</sup> | &nbsp;&nbsp; 20425 | &nbsp;&nbsp; 20051605 |
| 4.00%, 10/01/39 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 403904 |
| 4.00%, 11/01/39 | &nbsp;&nbsp; 40013 | &nbsp;&nbsp; 39317003 |
| 4.00%, 12/01/39 | &nbsp;&nbsp; 49637 | &nbsp;&nbsp; 48775441 |
| 4.00%, 02/01/40 | &nbsp;&nbsp; 13391 | &nbsp;&nbsp; 13158097 |
| 4.00%, 05/01/40 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13247 |
| 4.00%, 07/01/40 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29139 |
| 4.00%, 08/01/40 | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 723571 |
| 4.00%, 09/01/40 | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 644756 |
| 4.00%, 10/01/40 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 278030 |
| 4.00%, 11/01/40 | &nbsp;&nbsp; 4021 | &nbsp;&nbsp; 3912118 |
| 4.00%, 12/01/40 | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1474568 |
| 4.00%, 01/01/41 | &nbsp;&nbsp; 7445 | &nbsp;&nbsp; 7244465 |
| 4.00%, 02/01/41 | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 681311 |
| 4.00%, 03/01/41 | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 553620 |
| 4.00%, 04/01/41 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27001 |
| 4.00%, 05/01/41 | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 861186 |
| 4.00%, 08/01/41 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1278 |
| 4.00%, 09/01/41 | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1611569 |
| 4.00%, 10/01/41 | &nbsp;&nbsp; 2149 | &nbsp;&nbsp; 2087353 |
| 4.00%, 11/01/41 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 99038 |
| 4.00%, 12/01/41 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 616939 |
| 4.00%, 01/01/42 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 868764 |
| 4.00%, 02/01/42 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 149701 |
| 4.00%, 03/01/42 | &nbsp;&nbsp; 4172 | &nbsp;&nbsp; 4039390 |
| 4.00%, 05/01/42 | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 679274 |
| 4.00%, 06/01/42 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27215 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 294232 |
| 4.00%, 08/01/42 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1961 |
| 4.00%, 09/01/42 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3953 |
| 4.00%, 12/01/42 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 53529 |
| 4.00%, 01/01/43 | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 1398695 |
| 4.00%, 08/01/43 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14882 |
| 4.00%, 09/01/43 | &nbsp;&nbsp; 921 | &nbsp;&nbsp; 890632 |
| 4.00%, 10/01/43 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 120884 |
| 4.00%, 11/01/43 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 233872 |
| 4.00%, 12/01/43 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3871 |
| 4.00%, 01/01/44 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 670273 |
| 4.00%, 02/01/44 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7710 |
| 4.00%, 03/01/44 | &nbsp;&nbsp; 869 | &nbsp;&nbsp; 839477 |
| 4.00%, 04/01/44 | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 794607 |
| 4.00%, 05/01/44 | &nbsp;&nbsp; 7447 | &nbsp;&nbsp; 7211711 |
| 4.00%, 06/01/44 | &nbsp;&nbsp; 2149 | &nbsp;&nbsp; 2084938 |
| 4.00%, 07/01/44 | &nbsp;&nbsp; 6059 | &nbsp;&nbsp; 5845153 |
| 4.00%, 08/01/44 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 151110 |
| 4.00%, 09/01/44 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 125393 |
| 4.00%, 10/01/44 | &nbsp;&nbsp; 10313 | &nbsp;&nbsp; 9933279 |
| 4.00%, 11/01/44 | &nbsp;&nbsp; 3871 | &nbsp;&nbsp; 3725604 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 12/01/44 | &nbsp;&nbsp; $2085 | &nbsp;&nbsp; $1992680 |
| 4.00%, 01/01/45 | &nbsp;&nbsp; 7282 | &nbsp;&nbsp; 7034980 |
| 4.00%, 02/01/45 | &nbsp;&nbsp; 5891 | &nbsp;&nbsp; 5683310 |
| 4.00%, 03/01/45 | &nbsp;&nbsp; 9725 | &nbsp;&nbsp; 9407500 |
| 4.00%, 04/01/45 | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 696091 |
| 4.00%, 06/01/45 | &nbsp;&nbsp; 5343 | &nbsp;&nbsp; 5148208 |
| 4.00%, 07/01/45 | &nbsp;&nbsp; 10596 | &nbsp;&nbsp; 10200780 |
| 4.00%, 08/01/45 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 254717 |
| 4.00%, 09/01/45 | &nbsp;&nbsp; 10586 | &nbsp;&nbsp; 10131617 |
| 4.00%, 10/01/45 | &nbsp;&nbsp; 2456 | &nbsp;&nbsp; 2355987 |
| 4.00%, 11/01/45 | &nbsp;&nbsp; 5870 | &nbsp;&nbsp; 5622446 |
| 4.00%, 12/01/45 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 608657 |
| 4.00%, 01/01/46 | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; 1610481 |
| 4.00%, 02/01/46 | &nbsp;&nbsp; 3116 | &nbsp;&nbsp; 2989308 |
| 4.00%, 03/01/46 | &nbsp;&nbsp; 8151 | &nbsp;&nbsp; 7814128 |
| 4.00%, 04/01/46 | &nbsp;&nbsp; 4970 | &nbsp;&nbsp; 4745593 |
| 4.00%, 05/01/46 | &nbsp;&nbsp; 6615 | &nbsp;&nbsp; 6313206 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 11635 | &nbsp;&nbsp; 11192764 |
| 4.00%, 07/01/46 | &nbsp;&nbsp; 1163 | &nbsp;&nbsp; 1109846 |
| 4.00%, 08/01/46 | &nbsp;&nbsp; 6481 | &nbsp;&nbsp; 6195913 |
| 4.00%, 09/01/46 | &nbsp;&nbsp; 11062 | &nbsp;&nbsp; 10614772 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 2255 | &nbsp;&nbsp; 2180030 |
| 4.00%, 11/01/46 | &nbsp;&nbsp; 15999 | &nbsp;&nbsp; 15366622 |
| 4.00%, 01/01/47 | &nbsp;&nbsp; 3346 | &nbsp;&nbsp; 3198363 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 2422 | &nbsp;&nbsp; 2316167 |
| 4.00%, 03/01/47 | &nbsp;&nbsp; 6714 | &nbsp;&nbsp; 6405471 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 20834 | &nbsp;&nbsp; 19824902 |
| 4.00%, 05/01/47 | &nbsp;&nbsp; 8572 | &nbsp;&nbsp; 8177076 |
| 4.00%, 06/01/47 | &nbsp;&nbsp; 37751 | &nbsp;&nbsp; 36013555 |
| 4.00%, 07/01/47 | &nbsp;&nbsp; 10844 | &nbsp;&nbsp; 10340917 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 20065 | &nbsp;&nbsp; 19106713 |
| 4.00%, 09/01/47 | &nbsp;&nbsp; 21985 | &nbsp;&nbsp; 20938249 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 22662 | &nbsp;&nbsp; 21537042 |
| 4.00%, 11/01/47 | &nbsp;&nbsp; 18706 | &nbsp;&nbsp; 17836822 |
| 4.00%, 12/01/47 | &nbsp;&nbsp; 7473 | &nbsp;&nbsp; 7128369 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 7365 | &nbsp;&nbsp; 7002100 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 32413 | &nbsp;&nbsp; 30825607 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 2437 | &nbsp;&nbsp; 2316599 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 14205 | &nbsp;&nbsp; 13487229 |
| 4.00%, 05/01/48 | &nbsp;&nbsp; 4918 | &nbsp;&nbsp; 4648025 |
| 4.00%, 06/01/48 | &nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2218820 |
| 4.00%, 07/01/48 | &nbsp;&nbsp; 9108 | &nbsp;&nbsp; 8659198 |
| 4.00%, 08/01/48 | &nbsp;&nbsp; 3595 | &nbsp;&nbsp; 3421002 |
| 4.00%, 09/01/48 | &nbsp;&nbsp; 14705 | &nbsp;&nbsp; 13941566 |
| 4.00%, 10/01/48 | &nbsp;&nbsp; 21270 | &nbsp;&nbsp; 20082508 |
| 4.00%, 11/01/48 | &nbsp;&nbsp; 26482 | &nbsp;&nbsp; 25102210 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 9537 | &nbsp;&nbsp; 9076909 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 25821 | &nbsp;&nbsp; 24596258 |
| 4.00%, 02/01/49 | &nbsp;&nbsp; 5484 | &nbsp;&nbsp; 5203615 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 24844 | &nbsp;&nbsp; 23513366 |
| 4.00%, 04/01/49 | &nbsp;&nbsp; 27538 | &nbsp;&nbsp; 26126862 |
| 4.00%, 05/01/49 | &nbsp;&nbsp; 15102 | &nbsp;&nbsp; 14424564 |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 31851 | &nbsp;&nbsp; 30266228 |
| 4.00%, 07/01/49 | &nbsp;&nbsp; 26710 | &nbsp;&nbsp; 25559723 |
| 4.00%, 08/01/49 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 529139 |
| 4.00%, 09/01/49 | &nbsp;&nbsp; 21610 | &nbsp;&nbsp; 20563574 |
| 4.00%, 10/01/49 | &nbsp;&nbsp; 24472 | &nbsp;&nbsp; 23422578 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 41239 | &nbsp;&nbsp; 38793628 |
| 4.00%, 12/01/49 | &nbsp;&nbsp; 17169 | &nbsp;&nbsp; 16324480 |
| 4.00%, 01/01/50 | &nbsp;&nbsp; 23415 | &nbsp;&nbsp; 22192833 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 1148 | &nbsp;&nbsp; 1090583 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 03/01/50 | &nbsp;&nbsp; $3152 | &nbsp;&nbsp; $2974703 |
| 4.00%, 04/01/50 | &nbsp;&nbsp; 7828 | &nbsp;&nbsp; 7423600 |
| 4.00%, 05/01/50 | &nbsp;&nbsp; 13203 | &nbsp;&nbsp; 12481598 |
| 4.00%, 06/01/50 | &nbsp;&nbsp; 1506 | &nbsp;&nbsp; 1416203 |
| 4.00%, 07/01/50 | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 607295 |
| 4.00%, 08/01/50 | &nbsp;&nbsp; 9713 | &nbsp;&nbsp; 9192828 |
| 4.00%, 12/01/50 | &nbsp;&nbsp; 7109 | &nbsp;&nbsp; 6702896 |
| 4.00%, 01/01/51 | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 631537 |
| 4.00%, 03/01/51 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 705291 |
| 4.00%, 05/01/51 | &nbsp;&nbsp; 19107 | &nbsp;&nbsp; 18107109 |
| 4.00%, 08/01/51 | &nbsp;&nbsp; 18798 | &nbsp;&nbsp; 17791652 |
| 4.00%, 09/01/51 | &nbsp;&nbsp; 14082 | &nbsp;&nbsp; 13276431 |
| 4.00%, 10/01/51 | &nbsp;&nbsp; 7105 | &nbsp;&nbsp; 6723350 |
| 4.00%, 11/01/51 | &nbsp;&nbsp; 8012 | &nbsp;&nbsp; 7572619 |
| 4.00%, 12/01/51 | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 1597941 |
| 4.00%, 02/01/52 | &nbsp;&nbsp; 2396 | &nbsp;&nbsp; 2244268 |
| 4.00%, 05/01/52 | &nbsp;&nbsp; 38830 | &nbsp;&nbsp; 36509770 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 112185 | &nbsp;&nbsp; 105840395 |
| 4.00%, 07/01/52 | &nbsp;&nbsp; 35855 | &nbsp;&nbsp; 33736242 |
| 4.00%, 08/01/52 | &nbsp;&nbsp; 173671 | &nbsp;&nbsp; 162878112 |
| 4.00%, 09/01/52 | &nbsp;&nbsp; 13556 | &nbsp;&nbsp; 12728801 |
| 4.00%, 10/01/52 | &nbsp;&nbsp; 81941 | &nbsp;&nbsp; 76947126 |
| 4.00%, 11/01/52 | &nbsp;&nbsp; 26425 | &nbsp;&nbsp; 24770467 |
| 4.00%, 12/01/52 | &nbsp;&nbsp; 49684 | &nbsp;&nbsp; 46652465 |
| 4.00%, 01/01/53 | &nbsp;&nbsp; 2233 | &nbsp;&nbsp; 2107660 |
| 4.00%, 02/01/53 | &nbsp;&nbsp; 77817 | &nbsp;&nbsp; 73488419 |
| 4.00%, 03/01/53 | &nbsp;&nbsp; 18787 | &nbsp;&nbsp; 17568392 |
| 4.00%, 04/01/53 | &nbsp;&nbsp; 15840 | &nbsp;&nbsp; 14879909 |
| 4.00%, 05/01/53 | &nbsp;&nbsp; 51763 | &nbsp;&nbsp; 48608347 |
| 4.00%, 06/01/53 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 364932 |
| 4.00%, 09/01/53 | &nbsp;&nbsp; 10353 | &nbsp;&nbsp; 9743442 |
| 4.00%, 12/01/53 | &nbsp;&nbsp; 22858 | &nbsp;&nbsp; 21337553 |
| 4.00%, 06/01/55 | &nbsp;&nbsp; 24102 | &nbsp;&nbsp; 22491006 |
| 4.50%, 09/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 118 |
| 4.50%, 04/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 355 |
| 4.50%, 10/01/26 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11530 |
| 4.50%, 01/01/27 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8687 |
| 4.50%, 11/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 246 |
| 4.50%, 08/01/31 | &nbsp;&nbsp; 807 | &nbsp;&nbsp; 812326 |
| 4.50%, 04/01/33 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 279556 |
| 4.50%, 07/01/33 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30640 |
| 4.50%, 08/01/33 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19715 |
| 4.50%, 09/01/33 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4343 |
| 4.50%, 10/01/33 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10018 |
| 4.50%, 11/01/33 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15426 |
| 4.50%, 12/01/33 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 214129 |
| 4.50%, 01/01/34 | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 906684 |
| 4.50%, 02/01/34 | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 252955 |
| 4.50%, 04/01/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1269 |
| 4.50%, 05/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 425 |
| 4.50%, 05/01/34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4944 |
| 4.50%, 06/01/34 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 218424 |
| 4.50%, 08/01/34 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 768681 |
| 4.50%, 09/01/34 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 78953 |
| 4.50%, 12/01/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1887 |
| 4.50%, 01/01/35 | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 730149 |
| 4.50%, 02/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 290 |
| 4.50%, 03/01/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1208 |
| 4.50%, 05/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 149 |
| 4.50%, 07/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 300 |
| 4.50%, 08/01/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 737 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 09/01/35 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $5192 |
| 4.50%, 10/01/35 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1229 |
| 4.50%, 12/01/35 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23646 |
| 4.50%, 01/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 303 |
| 4.50%, 03/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1338 |
| 4.50%, 07/01/37 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2270 |
| 4.50%, 03/01/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2152 |
| 4.50%, 04/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 418 |
| 4.50%, 04/01/38 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 95683 |
| 4.50%, 05/01/38 | &nbsp;&nbsp; 4262 | &nbsp;&nbsp; 4259636 |
| 4.50%, 06/01/38 | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 976432 |
| 4.50%, 08/01/38 | &nbsp;&nbsp; 15190 | &nbsp;&nbsp; 15171424 |
| 4.50%, 09/01/38 | &nbsp;&nbsp; 8231 | &nbsp;&nbsp; 8252381 |
| 4.50%, 11/01/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2266 |
| 4.50%, 01/01/39 | &nbsp;&nbsp; 4468 | &nbsp;&nbsp; 4462290 |
| 4.50%, 02/01/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 267 |
| 4.50%, 02/01/39 | &nbsp;&nbsp; 523 | &nbsp;&nbsp; 523584 |
| 4.50%, 03/01/39 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 33986 |
| 4.50%, 04/01/39 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; 1089140 |
| 4.50%, 05/01/39 | &nbsp;&nbsp; 1603 | &nbsp;&nbsp; 1601513 |
| 4.50%, 06/01/39 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 112415 |
| 4.50%, 07/01/39 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 123542 |
| 4.50%, 08/01/39 | &nbsp;&nbsp; 1768 | &nbsp;&nbsp; 1767984 |
| 4.50%, 09/01/39 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52630 |
| 4.50%, 10/01/39 | &nbsp;&nbsp; 3784 | &nbsp;&nbsp; 3783684 |
| 4.50%, 11/01/39 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22277 |
| 4.50%, 12/01/39 | &nbsp;&nbsp; 14556 | &nbsp;&nbsp; 14527406 |
| 4.50%, 01/01/40 | &nbsp;&nbsp; 1223 | &nbsp;&nbsp; 1223293 |
| 4.50%, 02/01/40 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 223923 |
| 4.50%, 03/01/40 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 190414 |
| 4.50%, 04/01/40 | &nbsp;&nbsp; 8655 | &nbsp;&nbsp; 8635371 |
| 4.50%, 05/01/40 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 113472 |
| 4.50%, 06/01/40 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20316 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 38089 |
| 4.50%, 08/01/40 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 92776 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 1577 | &nbsp;&nbsp; 1577594 |
| 4.50%, 10/01/40 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 206741 |
| 4.50%, 12/01/40 | &nbsp;&nbsp; 1609 | &nbsp;&nbsp; 1610113 |
| 4.50%, 01/01/41 | &nbsp;&nbsp; 1569 | &nbsp;&nbsp; 1569798 |
| 4.50%, 02/01/41 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 300089 |
| 4.50%, 03/01/41 | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; 1706002 |
| 4.50%, 04/01/41 | &nbsp;&nbsp; 10803 | &nbsp;&nbsp; 10766626 |
| 4.50%, 05/01/41 | &nbsp;&nbsp; 9695 | &nbsp;&nbsp; 9664595 |
| 4.50%, 06/01/41 | &nbsp;&nbsp; 4016 | &nbsp;&nbsp; 3999040 |
| 4.50%, 07/01/41 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 242259 |
| 4.50%, 08/01/41 | &nbsp;&nbsp; 2580 | &nbsp;&nbsp; 2569780 |
| 4.50%, 09/01/41 | &nbsp;&nbsp; 3967 | &nbsp;&nbsp; 3948018 |
| 4.50%, 10/01/41 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 73447 |
| 4.50%, 11/01/41 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 214206 |
| 4.50%, 12/01/41 | &nbsp;&nbsp; 1989 | &nbsp;&nbsp; 1980613 |
| 4.50%, 01/01/42 | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 2121053 |
| 4.50%, 04/01/42 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 80427 |
| 4.50%, 07/01/42 | &nbsp;&nbsp; 2154 | &nbsp;&nbsp; 2144048 |
| 4.50%, 09/01/42 | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 1138070 |
| 4.50%, 10/01/42 | &nbsp;&nbsp; 1441 | &nbsp;&nbsp; 1439860 |
| 4.50%, 01/01/43 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 108502 |
| 4.50%, 09/01/43 | &nbsp;&nbsp; 1940 | &nbsp;&nbsp; 1923347 |
| 4.50%, 10/01/43 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 571291 |
| 4.50%, 11/01/43 | &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 1602293 |
| 4.50%, 12/01/43 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 996810 |
| 4.50%, 01/01/44 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 211537 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 02/01/44 | &nbsp;&nbsp; $389 | &nbsp;&nbsp; $384903 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 5650 | &nbsp;&nbsp; 5599928 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 7896 | &nbsp;&nbsp; 7823287 |
| 4.50%, 05/01/44 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 411025 |
| 4.50%, 06/01/44 | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1116543 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 166263 |
| 4.50%, 08/01/44 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 819825 |
| 4.50%, 09/01/44 | &nbsp;&nbsp; 5004 | &nbsp;&nbsp; 4958999 |
| 4.50%, 10/01/44 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 151804 |
| 4.50%, 11/01/44 | &nbsp;&nbsp; 7693 | &nbsp;&nbsp; 7676174 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 5636 | &nbsp;&nbsp; 5572450 |
| 4.50%, 01/01/45 | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 661029 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 6923 | &nbsp;&nbsp; 6833923 |
| 4.50%, 03/01/45 | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 842275 |
| 4.50%, 04/01/45 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4203 |
| 4.50%, 08/01/45 | &nbsp;&nbsp; 1692 | &nbsp;&nbsp; 1671117 |
| 4.50%, 09/01/45 | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 279782 |
| 4.50%, 10/01/45 | &nbsp;&nbsp; 4253 | &nbsp;&nbsp; 4205973 |
| 4.50%, 11/01/45 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 331457 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 99879 |
| 4.50%, 01/01/46 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 75946 |
| 4.50%, 02/01/46 | &nbsp;&nbsp; 5285 | &nbsp;&nbsp; 5263878 |
| 4.50%, 03/01/46 | &nbsp;&nbsp; 16087 | &nbsp;&nbsp; 16096124 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 3819 | &nbsp;&nbsp; 3771129 |
| 4.50%, 05/01/46 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 759293 |
| 4.50%, 06/01/46 | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 874086 |
| 4.50%, 07/01/46 | &nbsp;&nbsp; 762 | &nbsp;&nbsp; 751220 |
| 4.50%, 08/01/46 | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 5005574 |
| 4.50%, 08/01/46 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 465 |
| 4.50%, 09/01/46 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 145125 |
| 4.50%, 10/01/46 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 604312 |
| 4.50%, 11/01/46 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 71081 |
| 4.50%, 12/01/46 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 382852 |
| 4.50%, 01/01/47 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 528088 |
| 4.50%, 02/01/47 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 343302 |
| 4.50%, 03/01/47 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 929179 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 10774 | &nbsp;&nbsp; 10655290 |
| 4.50%, 05/01/47 | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 1336718 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 6507 | &nbsp;&nbsp; 6376883 |
| 4.50%, 07/01/47 | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1731031 |
| 4.50%, 08/01/47 | &nbsp;&nbsp; 3696 | &nbsp;&nbsp; 3642179 |
| 4.50%, 09/01/47 | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2929320 |
| 4.50%, 10/01/47 | &nbsp;&nbsp; 5180 | &nbsp;&nbsp; 5088988 |
| 4.50%, 11/01/47 | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1735236 |
| 4.50%, 12/01/47 | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 582903 |
| 4.50%, 01/01/48 | &nbsp;&nbsp; 1348 | &nbsp;&nbsp; 1321530 |
| 4.50%, 02/01/48 | &nbsp;&nbsp; 3976 | &nbsp;&nbsp; 3902002 |
| 4.50%, 03/01/48 | &nbsp;&nbsp; 454 | &nbsp;&nbsp; 446115 |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 9398 | &nbsp;&nbsp; 9202609 |
| 4.50%, 05/01/48 | &nbsp;&nbsp; 4103 | &nbsp;&nbsp; 4021186 |
| 4.50%, 06/01/48 | &nbsp;&nbsp; 3079 | &nbsp;&nbsp; 3007541 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 2984 | &nbsp;&nbsp; 2913678 |
| 4.50%, 08/01/48 | &nbsp;&nbsp; 23253 | &nbsp;&nbsp; 22791803 |
| 4.50%, 09/01/48 | &nbsp;&nbsp; 9202 | &nbsp;&nbsp; 9013421 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 11845 | &nbsp;&nbsp; 11590785 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 6848 | &nbsp;&nbsp; 6709365 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 31719 | &nbsp;&nbsp; 31081505 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 14169 | &nbsp;&nbsp; 13868873 |
| 4.50%, 02/01/49 | &nbsp;&nbsp; 12375 | &nbsp;&nbsp; 12109762 |
| 4.50%, 03/01/49 | &nbsp;&nbsp; 7496 | &nbsp;&nbsp; 7302760 |
| 4.50%, 04/01/49 | &nbsp;&nbsp; 7855 | &nbsp;&nbsp; 7711491 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 05/01/49 | &nbsp;&nbsp; $9147 | &nbsp;&nbsp; $8943564 |
| 4.50%, 06/01/49 | &nbsp;&nbsp; 1538 | &nbsp;&nbsp; 1501699 |
| 4.50%, 07/01/49 | &nbsp;&nbsp; 2837 | &nbsp;&nbsp; 2770027 |
| 4.50%, 08/01/49 | &nbsp;&nbsp; 1783 | &nbsp;&nbsp; 1736645 |
| 4.50%, 09/01/49 | &nbsp;&nbsp; 5312 | &nbsp;&nbsp; 5184146 |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 1697713 |
| 4.50%, 11/01/49 | &nbsp;&nbsp; 18218 | &nbsp;&nbsp; 17838344 |
| 4.50%, 12/01/49 | &nbsp;&nbsp; 9969 | &nbsp;&nbsp; 9782994 |
| 4.50%, 01/01/50 | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 1288301 |
| 4.50%, 02/01/50 | &nbsp;&nbsp; 16458 | &nbsp;&nbsp; 16094388 |
| 4.50%, 03/01/50 | &nbsp;&nbsp; 6511 | &nbsp;&nbsp; 6344076 |
| 4.50%, 04/01/50 | &nbsp;&nbsp; 31154 | &nbsp;&nbsp; 30555541 |
| 4.50%, 05/01/50 | &nbsp;&nbsp; 16420 | &nbsp;&nbsp; 16010297 |
| 4.50%, 06/01/50 | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 437630 |
| 4.50%, 08/01/50 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 489565 |
| 4.50%, 09/01/50 | &nbsp;&nbsp; 28719 | &nbsp;&nbsp; 28080840 |
| 4.50%, 12/01/50 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 302819 |
| 4.50%, 01/01/51 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 172971 |
| 4.50%, 02/01/51 | &nbsp;&nbsp; 9507 | &nbsp;&nbsp; 9278859 |
| 4.50%, 07/01/51 | &nbsp;&nbsp; 14249 | &nbsp;&nbsp; 13884270 |
| 4.50%, 05/01/52 | &nbsp;&nbsp; 3320 | &nbsp;&nbsp; 3243742 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 33890 | &nbsp;&nbsp; 32848912 |
| 4.50%, 07/01/52 | &nbsp;&nbsp; 81868 | &nbsp;&nbsp; 79163013 |
| 4.50%, 08/01/52 | &nbsp;&nbsp; 43790 | &nbsp;&nbsp; 42331259 |
| 4.50%, 09/01/52 | &nbsp;&nbsp; 86466 | &nbsp;&nbsp; 83559743 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; 110940 | &nbsp;&nbsp; 107403060 |
| 4.50%, 11/01/52 | &nbsp;&nbsp; 32087 | &nbsp;&nbsp; 31062020 |
| 4.50%, 12/01/52 | &nbsp;&nbsp; 45478 | &nbsp;&nbsp; 44064111 |
| 4.50%, 01/01/53 | &nbsp;&nbsp; 18436 | &nbsp;&nbsp; 17814011 |
| 4.50%, 02/01/53 | &nbsp;&nbsp; 24442 | &nbsp;&nbsp; 23621330 |
| 4.50%, 03/01/53 | &nbsp;&nbsp; 34942 | &nbsp;&nbsp; 33723308 |
| 4.50%, 04/01/53 | &nbsp;&nbsp; 29696 | &nbsp;&nbsp; 28733723 |
| 4.50%, 05/01/53 | &nbsp;&nbsp; 7911 | &nbsp;&nbsp; 7648715 |
| 4.50%, 06/01/53 | &nbsp;&nbsp; 2244 | &nbsp;&nbsp; 2174274 |
| 4.50%, 08/01/53 | &nbsp;&nbsp; 14256 | &nbsp;&nbsp; 13782137 |
| 4.50%, 09/01/53 | &nbsp;&nbsp; 30227 | &nbsp;&nbsp; 29185614 |
| 4.50%, 11/01/53 | &nbsp;&nbsp; 7937 | &nbsp;&nbsp; 7681145 |
| 4.50%, 01/01/54 | &nbsp;&nbsp; 42861 | &nbsp;&nbsp; 41334525 |
| 4.50%, 03/01/54 | &nbsp;&nbsp; 1884 | &nbsp;&nbsp; 1815177 |
| 4.50%, 04/01/54 | &nbsp;&nbsp; 10387 | &nbsp;&nbsp; 9991922 |
| 4.50%, 05/01/54 | &nbsp;&nbsp; 13671 | &nbsp;&nbsp; 13259261 |
| 4.50%, 06/01/54 | &nbsp;&nbsp; 14860 | &nbsp;&nbsp; 14345937 |
| 4.50%, 09/01/54 | &nbsp;&nbsp; 2343 | &nbsp;&nbsp; 2253323 |
| 4.50%, 11/01/54 | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 1847741 |
| 4.50%, 12/01/54 | &nbsp;&nbsp; 69008 | &nbsp;&nbsp; 66424765 |
| 4.50%, 01/01/55 | &nbsp;&nbsp; 12241 | &nbsp;&nbsp; 11831022 |
| 4.50%, 03/01/55 | &nbsp;&nbsp; 33271 | &nbsp;&nbsp; 32000544 |
| 4.50%, 09/15/55<sup>(c)</sup> | &nbsp;&nbsp; 61900 | &nbsp;&nbsp; 59538515 |
| 5.00%, 11/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1058 |
| 5.00%, 03/01/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1941 |
| 5.00%, 05/01/33 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13051 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 798 |
| 5.00%, 07/01/33 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59338 |
| 5.00%, 08/01/33 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 210857 |
| 5.00%, 08/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 263 |
| 5.00%, 09/01/33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17218 |
| 5.00%, 10/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 408 |
| 5.00%, 11/01/33 | &nbsp;&nbsp; 934 | &nbsp;&nbsp; 950313 |
| 5.00%, 02/01/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1864 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14615 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12513 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 05/01/34 | &nbsp;&nbsp; $423 | &nbsp;&nbsp; $429918 |
| 5.00%, 06/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 413 |
| 5.00%, 07/01/34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5274 |
| 5.00%, 08/01/34 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15407 |
| 5.00%, 09/01/34 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2629 |
| 5.00%, 10/01/34 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6239 |
| 5.00%, 12/01/34 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 139775 |
| 5.00%, 01/01/35 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 108854 |
| 5.00%, 02/01/35 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 472182 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28298 |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7290 |
| 5.00%, 05/01/35 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4856 |
| 5.00%, 06/01/35 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 53395 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 606649 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 466 |
| 5.00%, 08/01/35 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 46441 |
| 5.00%, 08/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 369 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 87501 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 402 |
| 5.00%, 10/01/35 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32430 |
| 5.00%, 11/01/35 | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 286196 |
| 5.00%, 11/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 337 |
| 5.00%, 12/01/35 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2880 |
| 5.00%, 01/01/36 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10810 |
| 5.00%, 02/01/36 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5596 |
| 5.00%, 03/01/36 | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 361251 |
| 5.00%, 03/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 212 |
| 5.00%, 04/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 641 |
| 5.00%, 05/01/36 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 275747 |
| 5.00%, 06/01/36 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27726 |
| 5.00%, 07/01/36 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14430 |
| 5.00%, 08/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 522 |
| 5.00%, 11/01/36 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1702 |
| 5.00%, 12/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1178 |
| 5.00%, 02/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 450 |
| 5.00%, 02/01/37 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10488 |
| 5.00%, 03/01/37 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6163 |
| 5.00%, 04/01/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1308 |
| 5.00%, 05/01/37 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6783 |
| 5.00%, 06/01/37 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4667 |
| 5.00%, 07/01/37 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 261727 |
| 5.00%, 01/01/38 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2979 |
| 5.00%, 02/01/38 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 455805 |
| 5.00%, 02/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 227 |
| 5.00%, 03/01/38 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 28743 |
| 5.00%, 03/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 939 |
| 5.00%, 04/01/38 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62226 |
| 5.00%, 04/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 946 |
| 5.00%, 05/01/38 | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 807154 |
| 5.00%, 05/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 163 |
| 5.00%, 06/01/38 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1657 |
| 5.00%, 07/01/38 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 62020 |
| 5.00%, 07/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 452 |
| 5.00%, 12/01/38 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3914 |
| 5.00%, 01/01/39 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 144765 |
| 5.00%, 02/01/39 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13583 |
| 5.00%, 03/01/39 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 290534 |
| 5.00%, 03/01/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 393 |
| 5.00%, 04/01/39 | &nbsp;&nbsp; 2476 | &nbsp;&nbsp; 2518656 |
| 5.00%, 04/01/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 733 |
| 5.00%, 05/01/39 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 536399 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 06/01/39 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; $463263 |
| 5.00%, 07/01/39 | &nbsp;&nbsp; 1687 | &nbsp;&nbsp; 1706835 |
| 5.00%, 08/01/39 | &nbsp;&nbsp; 2568 | &nbsp;&nbsp; 2611681 |
| 5.00%, 09/01/39 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 323506 |
| 5.00%, 10/01/39 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 300537 |
| 5.00%, 11/01/39 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44719 |
| 5.00%, 12/01/39 | &nbsp;&nbsp; 991 | &nbsp;&nbsp; 1008660 |
| 5.00%, 01/01/40 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 77113 |
| 5.00%, 02/01/40 | &nbsp;&nbsp; 2695 | &nbsp;&nbsp; 2723705 |
| 5.00%, 03/01/40 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 180331 |
| 5.00%, 04/01/40 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 635815 |
| 5.00%, 05/01/40 | &nbsp;&nbsp; 6855 | &nbsp;&nbsp; 6965857 |
| 5.00%, 06/01/40 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 158607 |
| 5.00%, 07/01/40 | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 748457 |
| 5.00%, 08/01/40 | &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 3826682 |
| 5.00%, 09/01/40 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 513606 |
| 5.00%, 10/01/40 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 113762 |
| 5.00%, 11/01/40 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13011 |
| 5.00%, 12/01/40 | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 877709 |
| 5.00%, 01/01/41 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 128540 |
| 5.00%, 02/01/41 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 342322 |
| 5.00%, 03/01/41 | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 1215696 |
| 5.00%, 04/01/41 | &nbsp;&nbsp; 1659 | &nbsp;&nbsp; 1685335 |
| 5.00%, 05/01/41 | &nbsp;&nbsp; 5269 | &nbsp;&nbsp; 5355657 |
| 5.00%, 06/01/41 | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 758686 |
| 5.00%, 07/01/41 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 338830 |
| 5.00%, 08/01/41 | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 899089 |
| 5.00%, 11/01/41 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 83004 |
| 5.00%, 04/01/42 | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 321786 |
| 5.00%, 08/01/43 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18285 |
| 5.00%, 09/01/43 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 299624 |
| 5.00%, 10/01/43 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 790266 |
| 5.00%, 11/01/43 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 39954 |
| 5.00%, 12/01/43 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 94432 |
| 5.00%, 01/01/44 | &nbsp;&nbsp; 1167 | &nbsp;&nbsp; 1187433 |
| 5.00%, 03/01/44 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 378615 |
| 5.00%, 06/01/44 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 140120 |
| 5.00%, 07/01/44 | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 759840 |
| 5.00%, 08/01/44 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 110710 |
| 5.00%, 09/01/44 | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 639171 |
| 5.00%, 11/01/44 | &nbsp;&nbsp; 23475 | &nbsp;&nbsp; 23903037 |
| 5.00%, 01/01/45 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5001 |
| 5.00%, 07/01/45 | &nbsp;&nbsp; 2389 | &nbsp;&nbsp; 2427858 |
| 5.00%, 04/01/47 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 46003 |
| 5.00%, 05/01/47 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 370964 |
| 5.00%, 07/01/47 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 438057 |
| 5.00%, 08/01/47 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 143932 |
| 5.00%, 09/01/47 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 653197 |
| 5.00%, 10/01/47 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 358212 |
| 5.00%, 11/01/47 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 65890 |
| 5.00%, 02/01/48 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 354837 |
| 5.00%, 03/01/48 | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 1172319 |
| 5.00%, 04/01/48 | &nbsp;&nbsp; 1393 | &nbsp;&nbsp; 1402482 |
| 5.00%, 06/01/48 | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 1378754 |
| 5.00%, 07/01/48 | &nbsp;&nbsp; 2679 | &nbsp;&nbsp; 2696116 |
| 5.00%, 08/01/48 | &nbsp;&nbsp; 4311 | &nbsp;&nbsp; 4334980 |
| 5.00%, 09/01/48 | &nbsp;&nbsp; 4133 | &nbsp;&nbsp; 4157305 |
| 5.00%, 10/01/48 | &nbsp;&nbsp; 2314 | &nbsp;&nbsp; 2333079 |
| 5.00%, 11/01/48 | &nbsp;&nbsp; 10288 | &nbsp;&nbsp; 10341209 |
| 5.00%, 12/01/48 | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 1051813 |
| 5.00%, 01/01/49 | &nbsp;&nbsp; 8642 | &nbsp;&nbsp; 8687108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 02/01/49 | &nbsp;&nbsp; $4260 | &nbsp;&nbsp; $4280409 |
| 5.00%, 03/01/49 | &nbsp;&nbsp; 10506 | &nbsp;&nbsp; 10546956 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 13406 | &nbsp;&nbsp; 13473974 |
| 5.00%, 05/01/49 | &nbsp;&nbsp; 1771 | &nbsp;&nbsp; 1779496 |
| 5.00%, 07/01/49 | &nbsp;&nbsp; 6350 | &nbsp;&nbsp; 6385154 |
| 5.00%, 08/01/49 | &nbsp;&nbsp; 13614 | &nbsp;&nbsp; 13739578 |
| 5.00%, 09/01/49 | &nbsp;&nbsp; 9668 | &nbsp;&nbsp; 9713958 |
| 5.00%, 10/01/49 | &nbsp;&nbsp; 20124 | &nbsp;&nbsp; 20226091 |
| 5.00%, 11/01/49 | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 742029 |
| 5.00%, 12/01/49 | &nbsp;&nbsp; 991 | &nbsp;&nbsp; 996107 |
| 5.00%, 03/01/50 | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1438699 |
| 5.00%, 04/01/50 | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 737151 |
| 5.00%, 05/01/50 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 468048 |
| 5.00%, 09/01/50 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23021 |
| 5.00%, 10/01/50 | &nbsp;&nbsp; 2955 | &nbsp;&nbsp; 2969775 |
| 5.00%, 01/01/51 | &nbsp;&nbsp; 1101 | &nbsp;&nbsp; 1091951 |
| 5.00%, 06/01/52 | &nbsp;&nbsp; 13247 | &nbsp;&nbsp; 13137222 |
| 5.00%, 07/01/52 | &nbsp;&nbsp; 38494 | &nbsp;&nbsp; 38192165 |
| 5.00%, 08/01/52 | &nbsp;&nbsp; 58117 | &nbsp;&nbsp; 57915655 |
| 5.00%, 09/01/52 | &nbsp;&nbsp; 73788 | &nbsp;&nbsp; 73294748 |
| 5.00%, 10/01/52 | &nbsp;&nbsp; 41037 | &nbsp;&nbsp; 40764864 |
| 5.00%, 11/01/52 | &nbsp;&nbsp; 140833 | &nbsp;&nbsp; 139909678 |
| 5.00%, 12/01/52 | &nbsp;&nbsp; 46272 | &nbsp;&nbsp; 46030073 |
| 5.00%, 02/01/53 | &nbsp;&nbsp; 97218 | &nbsp;&nbsp; 96664071 |
| 5.00%, 03/01/53 | &nbsp;&nbsp; 7603 | &nbsp;&nbsp; 7550319 |
| 5.00%, 04/01/53 | &nbsp;&nbsp; 35133 | &nbsp;&nbsp; 34798974 |
| 5.00%, 05/01/53 | &nbsp;&nbsp; 112722 | &nbsp;&nbsp; 111511805 |
| 5.00%, 06/01/53 | &nbsp;&nbsp; 131903 | &nbsp;&nbsp; 130907744 |
| 5.00%, 07/01/53 | &nbsp;&nbsp; 25576 | &nbsp;&nbsp; 25433022 |
| 5.00%, 08/01/53 | &nbsp;&nbsp; 32348 | &nbsp;&nbsp; 32059769 |
| 5.00%, 09/01/53 | &nbsp;&nbsp; 11834 | &nbsp;&nbsp; 11704214 |
| 5.00%, 10/01/53 | &nbsp;&nbsp; 77880 | &nbsp;&nbsp; 77282520 |
| 5.00%, 11/01/53 | &nbsp;&nbsp; 26531 | &nbsp;&nbsp; 26237769 |
| 5.00%, 12/01/53 | &nbsp;&nbsp; 5291 | &nbsp;&nbsp; 5228393 |
| 5.00%, 02/01/54 | &nbsp;&nbsp; 32839 | &nbsp;&nbsp; 32468531 |
| 5.00%, 03/01/54 | &nbsp;&nbsp; 12740 | &nbsp;&nbsp; 12663860 |
| 5.00%, 06/01/54 | &nbsp;&nbsp; 6550 | &nbsp;&nbsp; 6474346 |
| 5.00%, 08/01/54 | &nbsp;&nbsp; 28251 | &nbsp;&nbsp; 28055296 |
| 5.00%, 09/01/54 | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 5678418 |
| 5.00%, 10/01/54 | &nbsp;&nbsp; 94389 | &nbsp;&nbsp; 93236570 |
| 5.00%, 11/01/54 | &nbsp;&nbsp; 107255 | &nbsp;&nbsp; 106031275 |
| 5.00%, 12/01/54 | &nbsp;&nbsp; 61403 | &nbsp;&nbsp; 60666538 |
| 5.00%, 01/01/55 | &nbsp;&nbsp; 77861 | &nbsp;&nbsp; 76889458 |
| 5.00%, 05/01/55 | &nbsp;&nbsp; 40984 | &nbsp;&nbsp; 40511562 |
| 5.00%, 09/15/55<sup>(c)</sup> | &nbsp;&nbsp; 73197 | &nbsp;&nbsp; 72186442 |
| 5.50%, 03/01/28 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40471 |
| 5.50%, 10/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 121 |
| 5.50%, 12/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 69 |
| 5.50%, 07/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 882 |
| 5.50%, 12/01/31 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5772 |
| 5.50%, 01/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 316 |
| 5.50%, 01/01/32 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3859 |
| 5.50%, 02/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1008 |
| 5.50%, 11/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 202 |
| 5.50%, 12/01/32 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3242 |
| 5.50%, 01/01/33 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19050 |
| 5.50%, 02/01/33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2975 |
| 5.50%, 02/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 358 |
| 5.50%, 03/01/33 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15170 |
| 5.50%, 03/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 816 |
| 5.50%, 04/01/33 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36793 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 04/01/33 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1219 |
| 5.50%, 05/01/33 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 348049 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23323 |
| 5.50%, 07/01/33 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 72955 |
| 5.50%, 08/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1002 |
| 5.50%, 09/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 133 |
| 5.50%, 09/01/33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2675 |
| 5.50%, 10/01/33 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 301080 |
| 5.50%, 10/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 359 |
| 5.50%, 11/01/33 | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 694442 |
| 5.50%, 11/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 366 |
| 5.50%, 12/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 589 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22977 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14785 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 342 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5918 |
| 5.50%, 04/01/34 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 34221 |
| 5.50%, 05/01/34 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32286 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 14093 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 466 |
| 5.50%, 07/01/34 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6506 |
| 5.50%, 09/01/34 | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 538604 |
| 5.50%, 10/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 470 |
| 5.50%, 11/01/34 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14694 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 344 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9147 |
| 5.50%, 01/01/35 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26327 |
| 5.50%, 02/01/35 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46628 |
| 5.50%, 03/01/35 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18764 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13433 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 211 |
| 5.50%, 05/01/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7329 |
| 5.50%, 05/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 798 |
| 5.50%, 06/01/35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13266 |
| 5.50%, 07/01/35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14853 |
| 5.50%, 08/01/35 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6912 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 134257 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 761 |
| 5.50%, 10/01/35 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9358 |
| 5.50%, 11/01/35 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 27468 |
| 5.50%, 12/01/35 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22603 |
| 5.50%, 12/01/35 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 118 |
| 5.50%, 01/01/36 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14041 |
| 5.50%, 02/01/36 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51499 |
| 5.50%, 03/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 509 |
| 5.50%, 04/01/36 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 903337 |
| 5.50%, 05/01/36 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 226635 |
| 5.50%, 06/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 478 |
| 5.50%, 07/01/36 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7928 |
| 5.50%, 08/01/36 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18227 |
| 5.50%, 09/01/36 | &nbsp;&nbsp; 1234 | &nbsp;&nbsp; 1269201 |
| 5.50%, 10/01/36 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3931 |
| 5.50%, 11/01/36 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 12475 |
| 5.50%, 11/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 86 |
| 5.50%, 12/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 482 |
| 5.50%, 12/01/36 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16226 |
| 5.50%, 01/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 193 |
| 5.50%, 01/01/37 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18411 |
| 5.50%, 02/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 399 |
| 5.50%, 02/01/37 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 43222 |
| 5.50%, 03/01/37 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28316 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 04/01/37 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $5482 |
| 5.50%, 05/01/37 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 175736 |
| 5.50%, 05/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 355 |
| 5.50%, 06/01/37 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 98527 |
| 5.50%, 06/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 279 |
| 5.50%, 07/01/37 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12802 |
| 5.50%, 07/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1073 |
| 5.50%, 08/01/37 | &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 1180422 |
| 5.50%, 08/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 270 |
| 5.50%, 09/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 389 |
| 5.50%, 10/01/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1457 |
| 5.50%, 10/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 607 |
| 5.50%, 11/01/37 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7263 |
| 5.50%, 12/01/37 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 37144 |
| 5.50%, 12/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 176 |
| 5.50%, 01/01/38 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10355 |
| 5.50%, 02/01/38 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22484 |
| 5.50%, 03/01/38 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 500660 |
| 5.50%, 04/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 296 |
| 5.50%, 04/01/38 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 43073 |
| 5.50%, 05/01/38 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 156974 |
| 5.50%, 06/01/38 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 170185 |
| 5.50%, 06/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1291 |
| 5.50%, 07/01/38 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 303717 |
| 5.50%, 07/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 602 |
| 5.50%, 08/01/38 | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 507584 |
| 5.50%, 08/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 127 |
| 5.50%, 09/01/38 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4912 |
| 5.50%, 10/01/38 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2640 |
| 5.50%, 11/01/38 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 663601 |
| 5.50%, 11/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 306 |
| 5.50%, 12/01/38 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22629 |
| 5.50%, 01/01/39 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30347 |
| 5.50%, 02/01/39 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26308 |
| 5.50%, 03/01/39 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8490 |
| 5.50%, 04/01/39 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14616 |
| 5.50%, 06/01/39 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 104138 |
| 5.50%, 07/01/39 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11355 |
| 5.50%, 08/01/39 | &nbsp;&nbsp; 3239 | &nbsp;&nbsp; 3336874 |
| 5.50%, 09/01/39 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18473 |
| 5.50%, 10/01/39 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4698 |
| 5.50%, 11/01/39 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21888 |
| 5.50%, 12/01/39 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 50591 |
| 5.50%, 01/01/40 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25812 |
| 5.50%, 05/01/40 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 96753 |
| 5.50%, 06/01/40 | &nbsp;&nbsp; 9877 | &nbsp;&nbsp; 10153986 |
| 5.50%, 07/01/40 | &nbsp;&nbsp; 1096 | &nbsp;&nbsp; 1136308 |
| 5.50%, 09/01/40 | &nbsp;&nbsp; 2615 | &nbsp;&nbsp; 2712773 |
| 5.50%, 07/01/41 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 209023 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 4674 | &nbsp;&nbsp; 4823416 |
| 5.50%, 05/01/44 | &nbsp;&nbsp; 3842 | &nbsp;&nbsp; 3992625 |
| 5.50%, 01/01/47 | &nbsp;&nbsp; 1206 | &nbsp;&nbsp; 1251302 |
| 5.50%, 06/01/48 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 72883 |
| 5.50%, 11/01/48 | &nbsp;&nbsp; 1577 | &nbsp;&nbsp; 1623813 |
| 5.50%, 12/01/48 | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 1626075 |
| 5.50%, 01/01/49 | &nbsp;&nbsp; 2387 | &nbsp;&nbsp; 2455024 |
| 5.50%, 02/01/49 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 447602 |
| 5.50%, 03/01/49 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 85073 |
| 5.50%, 06/01/49 | &nbsp;&nbsp; 7593 | &nbsp;&nbsp; 7809459 |
| 5.50%, 08/01/52 | &nbsp;&nbsp; 74802 | &nbsp;&nbsp; 76119522 |
| 5.50%, 09/01/52 | &nbsp;&nbsp; 31888 | &nbsp;&nbsp; 32406908 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 10/01/52 | &nbsp;&nbsp; $1236 | &nbsp;&nbsp; $1258598 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 45836 | &nbsp;&nbsp; 46516956 |
| 5.50%, 12/01/52 | &nbsp;&nbsp; 108941 | &nbsp;&nbsp; 110363040 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 96671 | &nbsp;&nbsp; 97750972 |
| 5.50%, 02/01/53 | &nbsp;&nbsp; 127688 | &nbsp;&nbsp; 129428865 |
| 5.50%, 03/01/53 | &nbsp;&nbsp; 58736 | &nbsp;&nbsp; 59292301 |
| 5.50%, 04/01/53 | &nbsp;&nbsp; 79872 | &nbsp;&nbsp; 80986979 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 220477 | &nbsp;&nbsp; 222286221 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 121134 | &nbsp;&nbsp; 122724041 |
| 5.50%, 07/01/53 | &nbsp;&nbsp; 122341 | &nbsp;&nbsp; 124169406 |
| 5.50%, 08/01/53 | &nbsp;&nbsp; 53888 | &nbsp;&nbsp; 54405801 |
| 5.50%, 09/01/53 | &nbsp;&nbsp; 125427 | &nbsp;&nbsp; 126578086 |
| 5.50%, 10/01/53 | &nbsp;&nbsp; 79850 | &nbsp;&nbsp; 80664852 |
| 5.50%, 11/01/53 | &nbsp;&nbsp; 59839 | &nbsp;&nbsp; 60602152 |
| 5.50%, 02/01/54 | &nbsp;&nbsp; 97342 | &nbsp;&nbsp; 98053881 |
| 5.50%, 03/01/54 | &nbsp;&nbsp; 115141 | &nbsp;&nbsp; 116149523 |
| 5.50%, 04/01/54 | &nbsp;&nbsp; 87914 | &nbsp;&nbsp; 88797609 |
| 5.50%, 05/01/54 | &nbsp;&nbsp; 94403 | &nbsp;&nbsp; 95510724 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 51909 | &nbsp;&nbsp; 52307599 |
| 5.50%, 07/01/54 | &nbsp;&nbsp; 8895 | &nbsp;&nbsp; 9042932 |
| 5.50%, 08/01/54 | &nbsp;&nbsp; 82665 | &nbsp;&nbsp; 83600793 |
| 5.50%, 09/01/54 | &nbsp;&nbsp; 97778 | &nbsp;&nbsp; 99237886 |
| 5.50%, 09/15/54<sup>(c)</sup> | &nbsp;&nbsp; 105704 | &nbsp;&nbsp; 106299086 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; 82836 | &nbsp;&nbsp; 83541323 |
| 5.50%, 11/01/54 | &nbsp;&nbsp; 147330 | &nbsp;&nbsp; 149649231 |
| 5.50%, 12/01/54 | &nbsp;&nbsp; 9995 | &nbsp;&nbsp; 10122362 |
| 5.50%, 01/01/55 | &nbsp;&nbsp; 51702 | &nbsp;&nbsp; 52008448 |
| 5.50%, 02/01/55 | &nbsp;&nbsp; 56077 | &nbsp;&nbsp; 56514807 |
| 5.50%, 03/01/55 | &nbsp;&nbsp; 23196 | &nbsp;&nbsp; 23465553 |
| 5.50%, 04/01/55 | &nbsp;&nbsp; 42960 | &nbsp;&nbsp; 43453276 |
| 5.50%, 05/01/55 | &nbsp;&nbsp; 13559 | &nbsp;&nbsp; 13671556 |
| 5.50%, 07/01/55 | &nbsp;&nbsp; 21323 | &nbsp;&nbsp; 21500082 |
| 6.00%, 03/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 171 |
| 6.00%, 04/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 |
| 6.00%, 11/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 306 |
| 6.00%, 12/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 393 |
| 6.00%, 01/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 133 |
| 6.00%, 01/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 584 |
| 6.00%, 02/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1021 |
| 6.00%, 02/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 895 |
| 6.00%, 03/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 343 |
| 6.00%, 03/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 753 |
| 6.00%, 04/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 698 |
| 6.00%, 05/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 64 |
| 6.00%, 07/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 943 |
| 6.00%, 04/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 472 |
| 6.00%, 04/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 612 |
| 6.00%, 04/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 17 |
| 6.00%, 05/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 776 |
| 6.00%, 05/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 743 |
| 6.00%, 11/01/31 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3198 |
| 6.00%, 11/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 261 |
| 6.00%, 02/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1377 |
| 6.00%, 03/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 566 |
| 6.00%, 04/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 230 |
| 6.00%, 06/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 392 |
| 6.00%, 09/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1578 |
| 6.00%, 11/01/32 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20569 |
| 6.00%, 12/01/32 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 14004 |
| 6.00%, 12/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 543 |
| 6.00%, 01/01/33 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 02/01/33 | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $2880 |
| 6.00%, 02/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 337 |
| 6.00%, 03/01/33 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11345 |
| 6.00%, 03/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 46 |
| 6.00%, 05/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1298 |
| 6.00%, 10/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1547 |
| 6.00%, 11/01/33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 728 |
| 6.00%, 12/01/33 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12299 |
| 6.00%, 02/01/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2542 |
| 6.00%, 03/01/34 | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 924972 |
| 6.00%, 04/01/34 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1797 |
| 6.00%, 05/01/34 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 116885 |
| 6.00%, 08/01/34 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 207978 |
| 6.00%, 09/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 420 |
| 6.00%, 09/01/34 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9145 |
| 6.00%, 10/01/34 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9231 |
| 6.00%, 11/01/34 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 62862 |
| 6.00%, 11/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 361 |
| 6.00%, 12/01/34 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 393 |
| 6.00%, 12/01/34 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3558 |
| 6.00%, 01/01/35 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20571 |
| 6.00%, 02/01/35 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8110 |
| 6.00%, 04/01/35 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2177 |
| 6.00%, 06/01/35 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5549 |
| 6.00%, 07/01/35 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 57644 |
| 6.00%, 09/01/35 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8631 |
| 6.00%, 10/01/35 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26897 |
| 6.00%, 12/01/35 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 29108 |
| 6.00%, 01/01/36 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4381 |
| 6.00%, 01/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 101 |
| 6.00%, 02/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1520 |
| 6.00%, 03/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 630 |
| 6.00%, 05/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 496 |
| 6.00%, 05/01/36 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14652 |
| 6.00%, 06/01/36 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 345891 |
| 6.00%, 07/01/36 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6973 |
| 6.00%, 08/01/36 | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 336924 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12506 |
| 6.00%, 11/01/36 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22379 |
| 6.00%, 11/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1041 |
| 6.00%, 12/01/36 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8388 |
| 6.00%, 01/01/37 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2333 |
| 6.00%, 02/01/37 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 59422 |
| 6.00%, 02/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 784 |
| 6.00%, 03/01/37 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20354 |
| 6.00%, 04/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 235 |
| 6.00%, 04/01/37 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12926 |
| 6.00%, 06/01/37 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 19052 |
| 6.00%, 07/01/37 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17265 |
| 6.00%, 07/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 814 |
| 6.00%, 08/01/37 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10160 |
| 6.00%, 08/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 474 |
| 6.00%, 09/01/37 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9445 |
| 6.00%, 10/01/37 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2858 |
| 6.00%, 10/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 463 |
| 6.00%, 11/01/37 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26589 |
| 6.00%, 12/01/37 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21711 |
| 6.00%, 12/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 222 |
| 6.00%, 01/01/38 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 71806 |
| 6.00%, 02/01/38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 27075 |
| 6.00%, 02/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 245 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 03/01/38 | &nbsp;&nbsp; $261 | &nbsp;&nbsp; $275084 |
| 6.00%, 04/01/38 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18969 |
| 6.00%, 05/01/38 | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 643091 |
| 6.00%, 07/01/38 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13197 |
| 6.00%, 08/01/38 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 77779 |
| 6.00%, 09/01/38 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18621 |
| 6.00%, 09/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 256 |
| 6.00%, 10/01/38 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11432 |
| 6.00%, 11/01/38 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8722 |
| 6.00%, 12/01/38 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4812 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 1592 | &nbsp;&nbsp; 1662539 |
| 6.00%, 09/01/39 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1210 |
| 6.00%, 10/01/39 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 151067 |
| 6.00%, 04/01/40 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25261 |
| 6.00%, 09/01/40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3431 |
| 6.00%, 10/01/40 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 34460 |
| 6.00%, 07/01/41 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 483569 |
| 6.00%, 02/01/49 | &nbsp;&nbsp; 713 | &nbsp;&nbsp; 749287 |
| 6.00%, 12/01/52 | &nbsp;&nbsp; 20768 | &nbsp;&nbsp; 21319783 |
| 6.00%, 01/01/53 | &nbsp;&nbsp; 117009 | &nbsp;&nbsp; 120344073 |
| 6.00%, 02/01/53 | &nbsp;&nbsp; 114894 | &nbsp;&nbsp; 118071291 |
| 6.00%, 03/01/53 | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 1808901 |
| 6.00%, 04/01/53 | &nbsp;&nbsp; 2791 | &nbsp;&nbsp; 2910029 |
| 6.00%, 05/01/53 | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5727405 |
| 6.00%, 06/01/53 | &nbsp;&nbsp; 10114 | &nbsp;&nbsp; 10418120 |
| 6.00%, 07/01/53 | &nbsp;&nbsp; 147387 | &nbsp;&nbsp; 152148460 |
| 6.00%, 08/01/53 | &nbsp;&nbsp; 148538 | &nbsp;&nbsp; 153020942 |
| 6.00%, 09/01/53 | &nbsp;&nbsp; 54878 | &nbsp;&nbsp; 56463670 |
| 6.00%, 10/01/53 | &nbsp;&nbsp; 198997 | &nbsp;&nbsp; 204528172 |
| 6.00%, 11/01/53 | &nbsp;&nbsp; 109360 | &nbsp;&nbsp; 112214422 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 33762 | &nbsp;&nbsp; 34703076 |
| 6.00%, 01/01/54 | &nbsp;&nbsp; 17087 | &nbsp;&nbsp; 17523568 |
| 6.00%, 02/01/54 | &nbsp;&nbsp; 39223 | &nbsp;&nbsp; 40278287 |
| 6.00%, 03/01/54 | &nbsp;&nbsp; 47310 | &nbsp;&nbsp; 48545588 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 77461 | &nbsp;&nbsp; 79829412 |
| 6.00%, 05/01/54 | &nbsp;&nbsp; 42784 | &nbsp;&nbsp; 43935057 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 52556 | &nbsp;&nbsp; 53843891 |
| 6.00%, 07/01/54 | &nbsp;&nbsp; 116033 | &nbsp;&nbsp; 119130691 |
| 6.00%, 08/01/54 | &nbsp;&nbsp; 225703 | &nbsp;&nbsp; 231984766 |
| 6.00%, 09/01/54 | &nbsp;&nbsp; 228620 | &nbsp;&nbsp; 234795970 |
| 6.00%, 09/15/54<sup>(c)</sup> | &nbsp;&nbsp; 120575 | &nbsp;&nbsp; 123180626 |
| 6.00%, 10/01/54 | &nbsp;&nbsp; 144961 | &nbsp;&nbsp; 148630673 |
| 6.00%, 12/01/54 | &nbsp;&nbsp; 4326 | &nbsp;&nbsp; 4429782 |
| 6.00%, 01/01/55 | &nbsp;&nbsp; 70938 | &nbsp;&nbsp; 72869145 |
| 6.00%, 02/01/55 | &nbsp;&nbsp; 38681 | &nbsp;&nbsp; 39906126 |
| 6.00%, 03/01/55 | &nbsp;&nbsp; 112303 | &nbsp;&nbsp; 115960640 |
| 6.00%, 04/01/55 | &nbsp;&nbsp; 52915 | &nbsp;&nbsp; 54409413 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 39987 | &nbsp;&nbsp; 40979763 |
| 6.00%, 06/01/55 | &nbsp;&nbsp; 3673 | &nbsp;&nbsp; 3763250 |
| 6.00%, 07/01/55 | &nbsp;&nbsp; 56316 | &nbsp;&nbsp; 57535154 |
| 6.00%, 08/01/55 | &nbsp;&nbsp; 7334 | &nbsp;&nbsp; 7501184 |
| 6.50%, 12/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 |
| 6.50%, 01/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| 6.50%, 02/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 |
| 6.50%, 03/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 11 |
| 6.50%, 04/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 |
| 6.50%, 05/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 12 |
| 6.50%, 06/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 13 |
| 6.50%, 03/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 58 |
| 6.50%, 11/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 29 |
| 6.50%, 12/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 462 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.50%, 01/01/28 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $286 |
| 6.50%, 02/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 36 |
| 6.50%, 04/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 422 |
| 6.50%, 05/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 359 |
| 6.50%, 08/01/28 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2630 |
| 6.50%, 08/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 7 |
| 6.50%, 09/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 489 |
| 6.50%, 10/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 531 |
| 6.50%, 11/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 182 |
| 6.50%, 12/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 510 |
| 6.50%, 01/01/29 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 542 |
| 6.50%, 01/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 152 |
| 6.50%, 02/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 38 |
| 6.50%, 03/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 359 |
| 6.50%, 03/01/29 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1846 |
| 6.50%, 04/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 468 |
| 6.50%, 05/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 530 |
| 6.50%, 06/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 977 |
| 6.50%, 06/01/29 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4815 |
| 6.50%, 07/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 991 |
| 6.50%, 08/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 125 |
| 6.50%, 09/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 256 |
| 6.50%, 11/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 87 |
| 6.50%, 05/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 57 |
| 6.50%, 01/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 50 |
| 6.50%, 03/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 139 |
| 6.50%, 04/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 52 |
| 6.50%, 04/01/31 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1241 |
| 6.50%, 05/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 988 |
| 6.50%, 05/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1559 |
| 6.50%, 07/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 786 |
| 6.50%, 07/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 709 |
| 6.50%, 08/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 575 |
| 6.50%, 09/01/31 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2288 |
| 6.50%, 10/01/31 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2751 |
| 6.50%, 10/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 267 |
| 6.50%, 11/01/31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1184 |
| 6.50%, 12/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 352 |
| 6.50%, 12/01/31 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1968 |
| 6.50%, 02/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 542 |
| 6.50%, 02/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1799 |
| 6.50%, 03/01/32 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6250 |
| 6.50%, 04/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 393 |
| 6.50%, 05/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 878 |
| 6.50%, 05/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1565 |
| 6.50%, 06/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1248 |
| 6.50%, 06/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 201 |
| 6.50%, 07/01/32 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3673 |
| 6.50%, 07/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 354 |
| 6.50%, 08/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 825 |
| 6.50%, 08/01/32 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8720 |
| 6.50%, 09/01/32 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7613 |
| 6.50%, 11/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 168 |
| 6.50%, 01/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 259 |
| 6.50%, 03/01/33 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4040 |
| 6.50%, 05/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 607 |
| 6.50%, 06/01/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2446 |
| 6.50%, 07/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 29 |
| 6.50%, 09/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 124 |
| 6.50%, 11/01/33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3602 |
| 6.50%, 01/01/34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5133 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.50%, 03/01/34 | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $151 |
| 6.50%, 05/01/34 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8349 |
| 6.50%, 08/01/34 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5892 |
| 6.50%, 09/01/34 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9332 |
| 6.50%, 10/01/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1547 |
| 6.50%, 11/01/34 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 724 |
| 6.50%, 04/01/35 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1887 |
| 6.50%, 02/01/36 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2630 |
| 6.50%, 02/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 336 |
| 6.50%, 05/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 843 |
| 6.50%, 06/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 394 |
| 6.50%, 07/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 295 |
| 6.50%, 07/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 600 |
| 6.50%, 08/01/36 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 27445 |
| 6.50%, 08/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 213 |
| 6.50%, 09/01/36 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 111421 |
| 6.50%, 09/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 451 |
| 6.50%, 10/01/36 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23278 |
| 6.50%, 11/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 312 |
| 6.50%, 12/01/36 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 27070 |
| 6.50%, 12/01/36 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 581 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5943 |
| 6.50%, 03/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 491 |
| 6.50%, 03/01/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1313 |
| 6.50%, 06/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 417 |
| 6.50%, 07/01/37 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 29516 |
| 6.50%, 07/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 71 |
| 6.50%, 08/01/37 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 972159 |
| 6.50%, 08/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 99 |
| 6.50%, 09/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 137 |
| 6.50%, 09/01/37 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7005 |
| 6.50%, 10/01/37 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 63213 |
| 6.50%, 10/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 959 |
| 6.50%, 11/01/37 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13166 |
| 6.50%, 11/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 182 |
| 6.50%, 12/01/37 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36903 |
| 6.50%, 12/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 628 |
| 6.50%, 01/01/38 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4470 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4827 |
| 6.50%, 03/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 370 |
| 6.50%, 03/01/38 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11433 |
| 6.50%, 05/01/38 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 37884 |
| 6.50%, 06/01/38 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11769 |
| 6.50%, 09/01/38 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4132 |
| 6.50%, 12/01/38 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3854 |
| 6.50%, 01/01/39 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6744 |
| 6.50%, 03/01/39 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1810 |
| 6.50%, 05/01/39 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1855 |
| 6.50%, 10/01/39 | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 900984 |
| 6.50%, 05/01/40 | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 592796 |
| 6.50%, 01/01/53 | &nbsp;&nbsp; 5296 | &nbsp;&nbsp; 5518305 |
| 6.50%, 02/01/53 | &nbsp;&nbsp; 5603 | &nbsp;&nbsp; 5899215 |
| 6.50%, 04/01/53 | &nbsp;&nbsp; 63912 | &nbsp;&nbsp; 67233085 |
| 6.50%, 06/01/53 | &nbsp;&nbsp; 9760 | &nbsp;&nbsp; 10160038 |
| 6.50%, 07/01/53 | &nbsp;&nbsp; 9176 | &nbsp;&nbsp; 9615151 |
| 6.50%, 08/01/53 | &nbsp;&nbsp; 68578 | &nbsp;&nbsp; 71861296 |
| 6.50%, 09/01/53 | &nbsp;&nbsp; 28421 | &nbsp;&nbsp; 29640342 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 133621 | &nbsp;&nbsp; 139834761 |
| 6.50%, 11/01/53 | &nbsp;&nbsp; 109283 | &nbsp;&nbsp; 113938578 |
| 6.50%, 12/01/53 | &nbsp;&nbsp; 138582 | &nbsp;&nbsp; 144916713 |
| 6.50%, 01/01/54 | &nbsp;&nbsp; 59069 | &nbsp;&nbsp; 61796004 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.50%, 02/01/54 | &nbsp;&nbsp; $55993 | &nbsp;&nbsp; $58771177 |
| 6.50%, 03/01/54 | &nbsp;&nbsp; 90789 | &nbsp;&nbsp; 94272275 |
| 6.50%, 04/01/54 | &nbsp;&nbsp; 21231 | &nbsp;&nbsp; 22122403 |
| 6.50%, 05/01/54 | &nbsp;&nbsp; 35350 | &nbsp;&nbsp; 36719767 |
| 6.50%, 06/01/54 | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 1543068 |
| 6.50%, 07/01/54 | &nbsp;&nbsp; 31359 | &nbsp;&nbsp; 32598746 |
| 6.50%, 08/01/54 | &nbsp;&nbsp; 26542 | &nbsp;&nbsp; 27611715 |
| 6.50%, 09/01/54 | &nbsp;&nbsp; 13032 | &nbsp;&nbsp; 13551268 |
| 6.50%, 09/17/54<sup>(c)</sup> | &nbsp;&nbsp; 223925 | &nbsp;&nbsp; 232046861 |
| 6.50%, 01/01/55 | &nbsp;&nbsp; 28614 | &nbsp;&nbsp; 29806115 |
| 6.50%, 04/01/55 | &nbsp;&nbsp; 25724 | &nbsp;&nbsp; 26719211 |
| 6.50%, 07/01/55 | &nbsp;&nbsp; 35793 | &nbsp;&nbsp; 37329502 |
| 7.00%, 10/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 |
| 7.00%, 12/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 47 |
| 7.00%, 02/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 8 |
| 7.00%, 03/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 8 |
| 7.00%, 05/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 33 |
| 7.00%, 08/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 8 |
| 7.00%, 11/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 13 |
| 7.00%, 02/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 7 |
| 7.00%, 04/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 40 |
| 7.00%, 09/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 287 |
| 7.00%, 11/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 68 |
| 7.00%, 12/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 23 |
| 7.00%, 03/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 218 |
| 7.00%, 04/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 51 |
| 7.00%, 07/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 505 |
| 7.00%, 08/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 105 |
| 7.00%, 01/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 110 |
| 7.00%, 02/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 163 |
| 7.00%, 05/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 244 |
| 7.00%, 06/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 223 |
| 7.00%, 08/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 532 |
| 7.00%, 01/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 51 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 88 |
| 7.00%, 09/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 463 |
| 7.00%, 12/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 71 |
| 7.00%, 02/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 90 |
| 7.00%, 09/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 303 |
| 7.00%, 11/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 39 |
| 7.00%, 03/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2037 |
| 7.00%, 04/01/32 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14824 |
| 7.00%, 04/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 230 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1964 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 384 |
| 7.00%, 07/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 268 |
| 7.00%, 08/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 513 |
| 7.00%, 10/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 461 |
| 7.00%, 12/01/32 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2611 |
| 7.00%, 01/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1561 |
| 7.00%, 07/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 708 |
| 7.00%, 08/01/36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 641 |
| 7.00%, 01/01/37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1046 |
| 7.00%, 03/01/37 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2380 |
| 7.00%, 04/01/37 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 289756 |
| 7.00%, 05/01/37 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6122 |
| 7.00%, 06/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 672 |
| 7.00%, 06/01/37 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5846 |
| 7.00%, 09/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 424 |
| 7.00%, 12/01/37 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6550 |
| 7.00%, 05/01/38 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 375 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 7.00%, 12/01/38 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $2692 |
| 7.00%, 01/01/39 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 272 |
| 7.50%, 11/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 12 |
| 7.50%, 12/01/25 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 |
| 7.50%, 05/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 20 |
| 7.50%, 07/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| 7.50%, 08/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 10 |
| 7.50%, 01/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 7 |
| 7.50%, 04/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 42 |
| 7.50%, 07/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 196 |
| 7.50%, 09/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 21 |
| 7.50%, 11/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 27 |
| 7.50%, 01/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 58 |
| 7.50%, 07/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 183 |
| 7.50%, 08/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 29 |
| 7.50%, 09/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 671 |
| 7.50%, 06/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 333 |
| 7.50%, 12/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 393 |
| 7.50%, 12/01/30 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 670 |
| 7.50%, 01/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 123 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 478 |
| 7.50%, 06/01/31 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 406 |
| 7.50%, 07/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 85 |
| 7.50%, 10/01/32 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 33 |
| 7.50%, 03/01/33 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1838 |
| 7.50%, 06/01/33 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 37 |
| 7.50%, 12/01/37 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 323 |
| 8.00%, 01/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 |
| 8.00%, 08/01/27 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 19 |
| 8.00%, 06/01/28 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 7 |
| 8.00%, 08/01/29 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 404 |
| 8.00%, 04/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 42 |
| 8.00%, 06/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 129 |
| 8.00%, 10/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 91 |
| 8.50%, 12/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 12 |
| 8.50%, 04/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 305 |
| 8.50%, 05/01/32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 836 |
| 9.00%, 11/01/26 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 3 |
| 9.00%, 10/01/30 | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 40835429378 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $42,741,365,191)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $42,741,365,191)** | &nbsp;&nbsp; 40835429378 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 2117785614 | &nbsp;&nbsp; $2118844506 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| **Total Short-Term Securities — 5.2%** <br>**(Cost: $2,117,927,913)** | **Total Short-Term Securities — 5.2%** <br>**(Cost: $2,117,927,913)** | &nbsp;&nbsp; 2118944506 |
| **Total Investments Before TBA Sales Commitments — 104.7%** <br>**(Cost: $44,859,293,104)** | **Total Investments Before TBA Sales Commitments — 104.7%** <br>**(Cost: $44,859,293,104)** | &nbsp;&nbsp; 42954373884 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(c)</sup> | **TBA Sales Commitments**<sup>(c)</sup> | **TBA Sales Commitments**<sup>(c)</sup> |
| **Mortgage-Backed Securities — (0.3)%** | **Mortgage-Backed Securities — (0.3)%** | **Mortgage-Backed Securities — (0.3)%** |
| Government National Mortgage Association, <br> 6.50%, 09/15/54<br>| &nbsp;&nbsp; $(7960)<br>| &nbsp;&nbsp; (8189931)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 5.50%, 09/15/54 | &nbsp;&nbsp; (12825)<br>| &nbsp;&nbsp; (12897201)<br>|
| 6.00%, 09/15/54 | &nbsp;&nbsp; (35275)<br>| &nbsp;&nbsp; (36037293)<br>|
| 6.50%, 09/17/54 | &nbsp;&nbsp; (65700)<br>| &nbsp;&nbsp; (68082968)<br>|
| **Total TBA Sales Commitments — (0.3)%** <br>**(Proceeds: $(125094783))** | **Total TBA Sales Commitments — (0.3)%** <br>**(Proceeds: $(125094783))** | &nbsp;&nbsp; (125207393)<br>|
| **Total Investments, Net of TBA Sales Commitments — 104.4%** <br>**(Cost: $44,734,198,321)** | **Total Investments, Net of TBA Sales Commitments — 104.4%** <br>**(Cost: $44,734,198,321)** | &nbsp;&nbsp; 42829166491 |
| **Liabilities in Excess of Other Assets — (4.4)%** | **Liabilities in Excess of Other Assets — (4.4)%** | &nbsp;&nbsp; (1809365275)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $41019801216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rounds to less than 1,000.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(c)</sup> Represents or includes a TBA transaction.

<sup>(d)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security represents an investment of TBA cash collateral.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® MBS ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institu-<br> tional, SL Agency Shares<br>| $1790973834<br> $327707798 <br><sup>(a)</sup><br>| $— | $120549 | $42325 | $2118844506 | 2117785614 | $35130113 | $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| 100000<br> 0 <br><sup>(a)</sup><br>|  |  |  | 100000 | 100000 | 2159 |  |
|  |  |  | $120549 | $42325 | $2118944506 |  | $35132272 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| U.S. Government Agency Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40835429378 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40835429378 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2118944506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2118944506 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (125207393)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (125207393)<br>|
|  | &nbsp;&nbsp; $2118944506 | &nbsp;&nbsp; $40710221985 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42829166491 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Government/Credit <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Intermediate <br> Government/Credit <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>MBS ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $133961858 | $3489551043 | $40835429378 |
| Investments, at value—affiliated<sup>(c)</sup> | 1535848 | 25410288 | 2118944506 |
| Cash | 302 | 8651 |  |
| Receivables: |  |  |  |
| Investments sold | 983395 | 30679803 | 12209484 |
| Securities lending income—affiliated | 246 | 3044 |  |
| TBA sales commitments |  |  | 125094783 |
| Capital shares sold |  | 23874 |  |
| Dividends—affiliated | 2355 | 58799 | 7011154 |
| Interest—unaffiliated | 1303762 | 33262187 | 127120443 |
| Total assets | 137787766 | 3578997689 | 43225809748 |
| **LIABILITIES** |  |  |  |
| Bank overdraft |  |  | 1013873 |
| Cash received as collateral for TBA commitments |  |  | 3897000 |
| Collateral on securities loaned, at value | 535848 | 6450288 |  |
| TBA sales commitments, at value<sup>(d)</sup> |  |  | 125207393 |
| Payables: |  |  |  |
| Investments purchased | 1263361 | 31832829 | 2074656448 |
| Investment advisory fees | 23034 | 598070 | 1233818 |
| Total liabilities | 1822243 | 38881187 | 2206008532 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $135965523 | $3540116502 | $41019801216 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $150604737 | $3596832428 | $43474898102 |
| Accumulated loss | (14639214) | (56715926) | (2455096886) |
| NET ASSETS | $135965523 | $3540116502 | $41019801216 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 1300000 | 33000000 | 435000000 |
| Net asset value | $104.59 | $107.28 | $94.30 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $141699357 | $3506883160 | $42741365191 |
| <sup>(b)</sup> Securities loaned, at value | $522836 | $6305718 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $1535848 | $25410288 | $2117927913 |
| <sup>(d)</sup> Proceeds from TBA sales commitments | $— | $— | $125094783 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>Government/Credit <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>Intermediate <br> Government/Credit <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>MBS ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $14177 | &nbsp;&nbsp;&nbsp; $287053 | &nbsp;&nbsp;&nbsp; $35132272 |
| Interest—unaffiliated | &nbsp;&nbsp; 2912168 | &nbsp;&nbsp;&nbsp; 63399769 | &nbsp;&nbsp;&nbsp; 793457590 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1655 | &nbsp;&nbsp;&nbsp; 30454 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp; 30516 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 2928961 | &nbsp;&nbsp;&nbsp; 63747792 | &nbsp;&nbsp;&nbsp; 828589862 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 150309 | &nbsp;&nbsp;&nbsp; 3437690 | &nbsp;&nbsp;&nbsp; 7041555 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 830 |
| Total expenses | &nbsp;&nbsp; 150309 | &nbsp;&nbsp;&nbsp; 3437690 | &nbsp;&nbsp;&nbsp; 7042385 |
| Less: |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (54368)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 150309 | &nbsp;&nbsp;&nbsp; 3437690 | &nbsp;&nbsp;&nbsp; 6988017 |
| Net investment income | &nbsp;&nbsp; 2778652 | &nbsp;&nbsp;&nbsp; 60310102 | &nbsp;&nbsp;&nbsp; 821601845 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (831480)<br>| &nbsp;&nbsp;&nbsp; (4021013)<br>| &nbsp;&nbsp;&nbsp; (5265330)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120549 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (817290)<br>| &nbsp;&nbsp;&nbsp; (465074)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (1648770)<br>| &nbsp;&nbsp;&nbsp; (4486087)<br>| &nbsp;&nbsp;&nbsp; (5144781)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 1682764 | &nbsp;&nbsp;&nbsp; 50565473 | &nbsp;&nbsp;&nbsp; 103272710 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42325 |
|  | &nbsp;&nbsp; 1682764 | &nbsp;&nbsp;&nbsp; 50565473 | &nbsp;&nbsp;&nbsp; 103315035 |
| Net realized and unrealized gain | &nbsp;&nbsp; 33994 | &nbsp;&nbsp;&nbsp; 46079386 | &nbsp;&nbsp;&nbsp; 98170254 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2812646 | &nbsp;&nbsp;&nbsp; $106389488 | &nbsp;&nbsp;&nbsp; $919772099 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Government/Credit Bond ETF  | iShares <br>Government/Credit Bond ETF  | iShares <br>Intermediate Government/Credit Bond ETF  | iShares <br>Intermediate Government/Credit Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Six Months Ended <br>08/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2778652 | &nbsp;&nbsp;&nbsp; $8378772 | &nbsp;&nbsp;&nbsp; $60310102 | &nbsp;&nbsp;&nbsp; $111182422 |
| Net realized loss | &nbsp;&nbsp; (1648770)<br>| &nbsp;&nbsp;&nbsp; (3696993)<br>| &nbsp;&nbsp;&nbsp; (4486087)<br>| &nbsp;&nbsp;&nbsp; (10244091)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1682764 | &nbsp;&nbsp;&nbsp; 6417533 | &nbsp;&nbsp;&nbsp; 50565473 | &nbsp;&nbsp;&nbsp; 78809068 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2812646 | &nbsp;&nbsp;&nbsp; 11099312 | &nbsp;&nbsp;&nbsp; 106389488 | &nbsp;&nbsp;&nbsp; 179747399 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2954175 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8871780)<br>| &nbsp;&nbsp;&nbsp; (58929150 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (110685242)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (20668100)<br>| &nbsp;&nbsp;&nbsp; (175590765)<br>| &nbsp;&nbsp;&nbsp; 180169145 | &nbsp;&nbsp;&nbsp; 78648024 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (20809629)<br>| &nbsp;&nbsp;&nbsp; (173363233)<br>| &nbsp;&nbsp;&nbsp; 227629483 | &nbsp;&nbsp;&nbsp; 147710181 |
| Beginning of period | &nbsp;&nbsp; 156775152 | &nbsp;&nbsp;&nbsp; 330138385 | &nbsp;&nbsp;&nbsp; 3312487019 | &nbsp;&nbsp;&nbsp; 3164776838 |
| End of period | &nbsp;&nbsp; $135965523 | &nbsp;&nbsp;&nbsp; $156775152 | &nbsp;&nbsp;&nbsp; $3540116502 | &nbsp;&nbsp;&nbsp; $3312487019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MBS ETF  | iShares <br>MBS ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $821601845 | &nbsp;&nbsp;&nbsp; $1324044106 |
| Net realized loss | &nbsp;&nbsp; (5144781)<br>| &nbsp;&nbsp;&nbsp; (56209702)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 103315035 | &nbsp;&nbsp;&nbsp; 845843643 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 919772099 | &nbsp;&nbsp;&nbsp; 2113678047 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (803378640 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1283920660)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 3255011310 | &nbsp;&nbsp;&nbsp; 8940507291 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 3371404769 | &nbsp;&nbsp;&nbsp; 9770264678 |
| Beginning of period | &nbsp;&nbsp; 37648396447 | &nbsp;&nbsp;&nbsp; 27878131769 |
| End of period | &nbsp;&nbsp; $41019801216 | &nbsp;&nbsp;&nbsp; $37648396447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Government/Credit Bond ETF  | iShares Government/Credit Bond ETF  | iShares Government/Credit Bond ETF  | iShares Government/Credit Bond ETF  | iShares Government/Credit Bond ETF  | iShares Government/Credit Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $104.52 | &nbsp;&nbsp;&nbsp; $103.17 | &nbsp;&nbsp;&nbsp; $102.98 | &nbsp;&nbsp;&nbsp; $117.13 | &nbsp;&nbsp;&nbsp; $121.96 | &nbsp;&nbsp;&nbsp; $122.67 |
| Net investment income<sup>(a)</sup> | 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (14.00)<br>| &nbsp;&nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| Net increase (decrease) from investment operations | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp; (11.91)<br>| &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.04 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (4.01)<br>| &nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (1.96)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $104.59 | &nbsp;&nbsp;&nbsp; $104.52 | &nbsp;&nbsp;&nbsp; $103.17 | &nbsp;&nbsp;&nbsp; $102.98 | &nbsp;&nbsp;&nbsp; $117.13 | &nbsp;&nbsp;&nbsp; $121.96 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.03 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp; (10.22)%<br>| &nbsp;&nbsp;&nbsp; (2.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.20 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 3.70 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $135966 | &nbsp;&nbsp;&nbsp; $156775 | &nbsp;&nbsp;&nbsp; $330138 | &nbsp;&nbsp;&nbsp; $154475 | &nbsp;&nbsp;&nbsp; $427541 | &nbsp;&nbsp;&nbsp; $280502 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Intermediate Government/Credit Bond ETF  | iShares Intermediate Government/Credit Bond ETF  | iShares Intermediate Government/Credit Bond ETF  | iShares Intermediate Government/Credit Bond ETF  | iShares Intermediate Government/Credit Bond ETF  | iShares Intermediate Government/Credit Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $105.83 | &nbsp;&nbsp;&nbsp; $103.59 | &nbsp;&nbsp;&nbsp; $102.32 | &nbsp;&nbsp;&nbsp; $111.36 | &nbsp;&nbsp;&nbsp; $116.01 | &nbsp;&nbsp;&nbsp; $115.67 |
| Net investment income<sup>(a)</sup> | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; (9.12)<br>| &nbsp;&nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net increase (decrease) from investment operations | 3.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp; (7.04)<br>| &nbsp;&nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.84 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp; (2.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $107.28 | &nbsp;&nbsp;&nbsp; $105.83 | &nbsp;&nbsp;&nbsp; $103.59 | &nbsp;&nbsp;&nbsp; $102.32 | &nbsp;&nbsp;&nbsp; $111.36 | &nbsp;&nbsp;&nbsp; $116.01 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.12 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp;&nbsp; (6.36)%<br>| &nbsp;&nbsp;&nbsp; (2.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.20 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 3.51 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3540117 | &nbsp;&nbsp;&nbsp; $3312487 | &nbsp;&nbsp;&nbsp; $3164777 | &nbsp;&nbsp;&nbsp; $2460818 | &nbsp;&nbsp;&nbsp; $2566956 | &nbsp;&nbsp;&nbsp; $2314399 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MBS ETF  | iShares MBS ETF  | iShares MBS ETF  | iShares MBS ETF  | iShares MBS ETF  | iShares MBS ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $94.12 | &nbsp;&nbsp;&nbsp; $91.92 | &nbsp;&nbsp;&nbsp; $93.15 | &nbsp;&nbsp;&nbsp; $104.74 | &nbsp;&nbsp;&nbsp; $109.29 | &nbsp;&nbsp;&nbsp; $109.75 |
| Net investment income<sup>(a)</sup> | 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (11.80)<br>| &nbsp;&nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net increase (decrease) from investment operations | 2.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp; (9.37)<br>| &nbsp;&nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.97 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Total distributions | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (2.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $94.30 | &nbsp;&nbsp;&nbsp; $94.12 | &nbsp;&nbsp;&nbsp; $91.92 | &nbsp;&nbsp;&nbsp; $93.15 | &nbsp;&nbsp;&nbsp; $104.74 | &nbsp;&nbsp;&nbsp; $109.29 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.31 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp; (9.01)%<br>| &nbsp;&nbsp;&nbsp; (3.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Total expenses after fees waived | 0.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 4.26 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $41019801 | &nbsp;&nbsp;&nbsp; $37648396 | &nbsp;&nbsp;&nbsp; $27878132 | &nbsp;&nbsp;&nbsp; $24730574 | &nbsp;&nbsp;&nbsp; $24080624 | &nbsp;&nbsp;&nbsp; $26480590 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 219<br> %<br>| &nbsp;&nbsp;&nbsp; 249<br> %<br>| &nbsp;&nbsp;&nbsp; 349<br> %<br>| &nbsp;&nbsp;&nbsp; 405<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |
| <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Government/Credit Bond | &nbsp;&nbsp; Diversified |
| Intermediate Government/Credit Bond | &nbsp;&nbsp; Diversified |
| MBS | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the "in-the-money" party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds' investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

**Mortgage Dollar Roll Transactions:** The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Government/Credit Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $62149 | &nbsp;&nbsp;&nbsp; $(62149) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 31738 | &nbsp;&nbsp;&nbsp; (31738) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 131676 | &nbsp;&nbsp;&nbsp; (131676) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 31637 | &nbsp;&nbsp;&nbsp; (31637) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 18319 | &nbsp;&nbsp;&nbsp; (18319) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp; (1786) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 22423 | &nbsp;&nbsp;&nbsp; (21120) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1303<sup>(b)</sup> <br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 141981 | &nbsp;&nbsp;&nbsp; (141981) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 13973 | &nbsp;&nbsp;&nbsp; (13973) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 35332 | &nbsp;&nbsp;&nbsp; (35332) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 7653 | &nbsp;&nbsp;&nbsp; (4800) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2853<sup>(b)</sup> <br>|
| UBS Securities LLC | &nbsp;&nbsp; 3460 | &nbsp;&nbsp;&nbsp; (3460) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 13458 | &nbsp;&nbsp;&nbsp; (13458) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 7251 | &nbsp;&nbsp;&nbsp; (7251) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $522836 | &nbsp;&nbsp;&nbsp; $(518680) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4156 |
| Intermediate Government/Credit Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $938819 | &nbsp;&nbsp;&nbsp; $(938819) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 304503 | &nbsp;&nbsp;&nbsp; (304503) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 638050 | &nbsp;&nbsp;&nbsp; (638050) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 96570 | &nbsp;&nbsp;&nbsp; (96570) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 660177 | &nbsp;&nbsp;&nbsp; (660177) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 109818 | &nbsp;&nbsp;&nbsp; (109818) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 575724 | &nbsp;&nbsp;&nbsp; (551060) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24664<sup>(b)</sup> <br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1211087 | &nbsp;&nbsp;&nbsp; (1211087) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 48713 | &nbsp;&nbsp;&nbsp; (48713) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 167679 | &nbsp;&nbsp;&nbsp; (167679) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 355192 | &nbsp;&nbsp;&nbsp; (355192) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 107150 | &nbsp;&nbsp;&nbsp; (107150) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 77188 | &nbsp;&nbsp;&nbsp; (77188) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 76240 | &nbsp;&nbsp;&nbsp; (76240) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 267013 | &nbsp;&nbsp;&nbsp; (267013) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 494686 | &nbsp;&nbsp;&nbsp; (494686) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 177109 | &nbsp;&nbsp;&nbsp; (177109) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $6305718 | &nbsp;&nbsp;&nbsp; $(6281054) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $24664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of August 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| Government/Credit Bond | 0.20% |
| Intermediate Government/Credit Bond | 0.20 |

---

For its investment advisory services to the iShares MBS ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $121 billion | 0.0400% |
| Over $121 billion, up to and including $181 billion | 0.038000 |
| Over $181 billion, up to and including $231 billion | 0.036100 |
| Over $231 billion, up to and including $281 billion | 0.034295 |
| Over $281 billion | 0.032580 |

---

**Expense waivers:** The total of the investment advisory fee and any other fund expenses are a fund's total annual operating expenses. For the iShares MBS ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 in order to limit total annual operating expenses after fee waiver to 0.04% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MBS | &nbsp;&nbsp; $54368 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Government/Credit Bond | &nbsp;&nbsp; $480 |
| Intermediate Government/Credit Bond | &nbsp;&nbsp; 9956 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended August 31, 2025, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| Government/Credit Bond | &nbsp;&nbsp; $13289456 | &nbsp;&nbsp;&nbsp; $10885377 | &nbsp;&nbsp;&nbsp; $3112807 | &nbsp;&nbsp;&nbsp; $4861083 |
| Intermediate Government/Credit Bond | &nbsp;&nbsp; 279103999 | &nbsp;&nbsp;&nbsp; 271772282 | &nbsp;&nbsp;&nbsp; 91587217 | &nbsp;&nbsp;&nbsp; 105453478 |
| MBS | &nbsp;&nbsp; 27063401245 | &nbsp;&nbsp;&nbsp; 28055695510 | &nbsp;&nbsp;&nbsp; 2724396 | &nbsp;&nbsp;&nbsp; 2740449 |

---

For the six months ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Government/Credit Bond | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20264887 |
| Intermediate Government/Credit Bond | &nbsp;&nbsp; 278757420 | &nbsp;&nbsp;&nbsp; 99226429 |
| MBS | &nbsp;&nbsp; 4083557103 | &nbsp;&nbsp;&nbsp; — |

---

***7. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of February 28, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| Government/Credit Bond | &nbsp;&nbsp; $(5647057)<br>|
| Intermediate Government/Credit Bond | &nbsp;&nbsp; (45003502)<br>|
| MBS | &nbsp;&nbsp; (615251325)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Government/Credit Bond | &nbsp;&nbsp; $143255515 | &nbsp;&nbsp;&nbsp; $1461674 | &nbsp;&nbsp;&nbsp; $(9219483) | &nbsp;&nbsp;&nbsp; $(7757809) |
| Intermediate Government/Credit Bond | &nbsp;&nbsp; 3532757439 | &nbsp;&nbsp;&nbsp; 32799397 | &nbsp;&nbsp;&nbsp; (50595505) | &nbsp;&nbsp;&nbsp; (17796108) |
| MBS | &nbsp;&nbsp; 44937052652 | &nbsp;&nbsp;&nbsp; 306897525 | &nbsp;&nbsp;&nbsp; (2289688903) | &nbsp;&nbsp;&nbsp; (1982791378) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>08/31/25 | Six Months Ended <br>08/31/25 | Year Ended <br>02/28/25 | Year Ended <br>02/28/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Government/Credit Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; $5111737 |
| Shares redeemed | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (20668100)<br>| &nbsp;&nbsp;&nbsp; (1750000)<br>| &nbsp;&nbsp;&nbsp; (180702502)<br>|
|  | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; $(20668100)<br>| &nbsp;&nbsp;&nbsp; (1700000)<br>| &nbsp;&nbsp;&nbsp; $(175590765)<br>|
| Intermediate Government/Credit Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; $280585982 | &nbsp;&nbsp;&nbsp; 6350000 | &nbsp;&nbsp;&nbsp; $663884206 |
| Shares redeemed | &nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp;&nbsp; (100416837)<br>| &nbsp;&nbsp;&nbsp; (5600000)<br>| &nbsp;&nbsp;&nbsp; (585236182)<br>|
|  | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $180169145 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; $78648024 |
| MBS |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 44300000 | &nbsp;&nbsp;&nbsp; $4122723040 | &nbsp;&nbsp;&nbsp; 99400000 | &nbsp;&nbsp;&nbsp; $9186606386 |
| Shares redeemed | &nbsp;&nbsp; (9300000)<br>| &nbsp;&nbsp;&nbsp; (867711730)<br>| &nbsp;&nbsp;&nbsp; (2700000)<br>| &nbsp;&nbsp;&nbsp; (246099095)<br>|
|  | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp; $3255011310 | &nbsp;&nbsp;&nbsp; 96700000 | &nbsp;&nbsp;&nbsp; $8940507291 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

Additional Information

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Board Review and Approval of Investment Advisory Contract

**iShares Government/Credit Bond ETF, iShares Intermediate Government/Credit Bond ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MBS ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| BAB | Build America Bond |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| GO | General Obligation |
| GOL | General Obligation Limited |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

---

Glossary of Terms Used in this Report

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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August 31, 2025

![](g98161img9c8e63401.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares iBoxx $ High Yield Corporate Bond ETF \| HYG \| NYSE Arca |
| • iShares iBoxx $ Investment Grade Corporate Bond ETF \| LQD \| NYSE Arca |

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------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 52 |
| [Statements of Operations](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 53 |
| [Statements of Changes in Net Assets](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 54 |
| [Financial Highlights](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 55 |
| [Notes to Financial Statements](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 57 |
| [Additional Information](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 65 |
| [Board Review and Approval of Investment Advisory Contract](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 66 |
| [Glossary of Terms Used in these Financial Statements](#xx_c0c7e836-ec0f-4e64-bff0-d517b17a0835_Abbreviations-Footer-iSharesReport-156_1)  | &nbsp;&nbsp; 71 |

---

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 1.0%** | **Advertising — 1.0%** | **Advertising — 1.0%** |
| Clear Channel Outdoor Holdings Inc. |  |  |
| 7.13%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $9653 | $9799195 |
| 7.50%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 18010 | 16747499 |
| 7.50%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8701 | 8851919 |
| 7.75%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 16650 | 16205653 |
| 7.88%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 14646 | 15267932 |
| Lamar Media Corp. |  |  |
| 3.63%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8740 | 8070953 |
| 3.75%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 9020 | 8768353 |
| 4.00%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 8959 | 8531244 |
| 4.88%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 5392 | 5332880 |
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 42316 | 42076546 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8407 | 8077481 |
| 4.63%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7926 | 7569324 |
| 5.00%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9261 | 9193648 |
| 7.38%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6287 | 6641840 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 17575 | 16925076 |
|  |  | 188059543 |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| ATI Inc., 7.25%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5776 | 6085400 |
| Bombardier Inc. |  |  |
| 6.00%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 14304 | 14350352 |
| 6.75%, 06/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7840 | 8159928 |
| 7.00%, 06/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11686 | 12194341 |
| 7.25%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11777 | 12419200 |
| 7.50%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10737 | 11206744 |
| 8.75%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13498 | 14560967 |
| Incora Top Holdco LLC, 6.00%, 01/31/33<sup>(c)</sup> | &nbsp;&nbsp; 4043 | 4074446 |
| Spirit AeroSystems Inc. |  |  |
| 4.60%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 10229 | 10179369 |
| 9.38%, 11/30/29<sup>(a)</sup> | &nbsp;&nbsp; 16299 | 17261727 |
| 9.75%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 19003 | 20922493 |
| TransDigm Inc. |  |  |
| 4.63%, 01/15/29 | &nbsp;&nbsp; 21367 | 20930703 |
| 4.88%, 05/01/29 | &nbsp;&nbsp; 13545 | 13307289 |
| 6.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 24649 | 24926301 |
| 6.25%, 01/31/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 8145 | 8357747 |
| 6.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 48030 | 49188911 |
| 6.38%, 05/31/33<sup>(a)</sup> | &nbsp;&nbsp; 43219 | 43832710 |
| 6.63%, 03/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 37342 | 38472880 |
| 6.75%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 35469 | 36222716 |
| 6.75%, 01/31/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 5077 | 5240753 |
| 6.88%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 24461 | 25387722 |
| 7.13%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 16997 | 17717673 |
|  |  | 415000372 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Darling Ingredients Inc. |  |  |
| 5.25%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4673 | 4655507 |
| 6.00%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 15595 | 15770444 |
|  |  | 20425951 |
| **Airlines — 0.8%** | **Airlines — 0.8%** | **Airlines — 0.8%** |
| American Airlines Inc. |  |  |
| 7.25%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13183 | 13521803 |
| 8.50%, 05/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16207 | 16991581 |
| American Airlines Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 48641 | 48944806 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| JetBlue Airways Corp./JetBlue Loyalty LP, <br> 9.88%, 09/20/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $32594 | $32390288 |
| VistaJet Malta Finance PLC/Vista Management <br> Holding Inc.<br>|  |  |
| 6.38%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16272 | 15671814 |
| 7.88%, 05/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9590 | 9701537 |
| 9.50%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7961 | 8278832 |
|  |  | 145500661 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| Beach Acquisition Bidco LLC, 10.00%, <br> 07/15/33, (10.00% Cash)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 35503 | 37677559 |
| VF Corp. |  |  |
| 2.80%, 04/23/27<sup>(b)</sup> | &nbsp;&nbsp; 7160 | 6900037 |
| 2.95%, 04/23/30<sup>(b)</sup> | &nbsp;&nbsp; 11578 | 10092890 |
|  |  | 54670486 |
| **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** |
| Allison Transmission Inc. |  |  |
| 3.75%, 01/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 15831 | 14606314 |
| 4.75%, 10/01/27<sup>(a)</sup> | &nbsp;&nbsp; 4698 | 4660768 |
| 5.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7834 | 7889662 |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 16611 | 16136405 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 10/01/27<sup>(a)</sup> | &nbsp;&nbsp; 7200 | 7107842 |
| 5.50%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6052 | 6039049 |
| 5.88%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8636 | 8649591 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 1.85%, 09/16/26<sup>(a)</sup> | &nbsp;&nbsp; 15712 | 15121985 |
| 2.75%, 03/09/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10322 | 9630085 |
| 5.30%, 09/13/27<sup>(a)</sup> | &nbsp;&nbsp; 6314 | 6289965 |
| 7.05%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 11482 | 11875358 |
| Nissan Motor Co. Ltd. |  |  |
| 4.35%, 09/17/27<sup>(a)</sup> | &nbsp;&nbsp; 41985 | 41119017 |
| 4.81%, 09/17/30<sup>(a)</sup> | &nbsp;&nbsp; 40609 | 37915823 |
| 7.50%, 07/17/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16011 | 16733063 |
| 7.75%, 07/17/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12900 | 13512750 |
| 8.13%, 07/17/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 20645 | 21833754 |
|  |  | 239121431 |
| **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6889 | 7085777 |
| 7.50%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 13367 | 13940165 |
| 8.25%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8058 | 8479824 |
| American Axle & Manufacturing Inc. |  |  |
| 5.00%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 9803 | 9262946 |
| 6.50%, 04/01/27<sup>(b)</sup> | &nbsp;&nbsp; 7233 | 7261841 |
| 6.88%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; 5304 | 5302770 |
| Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54, <br> (5-year CMT + 3.385%)<sup>(e)</sup><br>| &nbsp;&nbsp; 8226 | 8324383 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 11264 | 11526044 |
| 6.75%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16236 | 16824068 |
| 8.50%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 27957 | 28078689 |
| Dana Inc. |  |  |
| 4.25%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 3745 | 3698412 |
| 5.38%, 11/15/27 | &nbsp;&nbsp; 2855 | 2856062 |
| 5.63%, 06/15/28 | &nbsp;&nbsp; 4442 | 4440134 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 4.88%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 10987 | 10911671 |
| 5.00%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 13796 | 13373842 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| 5.25%, 04/30/31<sup>(b)</sup> | &nbsp;&nbsp; $8563 | $8130997 |
| 5.25%, 07/15/31<sup>(b)</sup> | &nbsp;&nbsp; 9906 | 9394603 |
| 5.63%, 04/30/33<sup>(b)</sup> | &nbsp;&nbsp; 6614 | 6225632 |
| 6.63%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 9090 | 9256303 |
| IHO Verwaltungs GmbH |  |  |
| 6.38%, 05/15/29, (6.38% Cash)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 6527 | 6561381 |
| 7.75%, 11/15/30, (7.75% Cash)<sup>(a)(d)</sup> | &nbsp;&nbsp; 8590 | 8932134 |
| 8.00%, 11/15/32, (8.00% Cash)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 6955 | 7263410 |
| Qnity Electronics Inc. |  |  |
| 5.75%, 08/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11973 | 12171512 |
| 6.25%, 08/15/33<sup>(a)</sup> | &nbsp;&nbsp; 10285 | 10632427 |
| Tenneco Inc., 8.00%, 11/17/28<sup>(a)</sup> | &nbsp;&nbsp; 31027 | 31027000 |
| ZF North America Capital Inc. |  |  |
| 6.75%, 04/23/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13374 | 13027346 |
| 6.88%, 04/14/28<sup>(a)</sup> | &nbsp;&nbsp; 10131 | 10260338 |
| 6.88%, 04/23/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11591 | 11118843 |
| 7.13%, 04/14/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10265 | 10208719 |
|  |  | 305577273 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| Freedom Mortgage Corp. |  |  |
| 6.63%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9082 | 9110636 |
| 12.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 14507 | 15497477 |
| 12.25%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 9634 | 10685396 |
|  |  | 35293509 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Water Holdings Inc./Triton Water <br> Holdings Inc.<br>|  |  |
| 4.38%, 04/30/29<sup>(a)</sup> | &nbsp;&nbsp; 11349 | 10979931 |
| 6.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 13241 | 13295987 |
|  |  | 24275918 |
| **Building Materials — 2.2%** | **Building Materials — 2.2%** | **Building Materials — 2.2%** |
| Builders FirstSource Inc. |  |  |
| 4.25%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 23728 | 22274660 |
| 5.00%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9120 | 9029621 |
| 6.38%, 06/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11525 | 11924341 |
| 6.38%, 03/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 16648 | 17160986 |
| 6.75%, 05/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 12579 | 13133105 |
| Camelot Return Merger Sub Inc., 8.75%, <br> 08/01/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11384 | 10957100 |
| Cornerstone Building Brands Inc., 9.50%, <br> 08/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8138 | 7822653 |
| EMRLD Borrower LP/Emerald Co-Issuer Inc. |  |  |
| 6.63%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 46711 | 47937771 |
| 6.75%, 07/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8404 | 8697552 |
| Miter Brands Acquisition Holdco Inc./MIWD <br> Borrower LLC, 6.75%, 04/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 10854 | 11178656 |
| MIWD Holdco II LLC/MIWD Finance Corp., <br> 5.50%, 02/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8062 | 7928821 |
| Quikrete Holdings Inc. |  |  |
| 6.38%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 64645 | 66584137 |
| 6.75%, 03/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 25596 | 26498702 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/28<sup>(a)</sup> | &nbsp;&nbsp; 20842 | 20914834 |
| 8.88%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 17315 | 18484675 |
| Standard Building Solutions Inc., 6.25%, <br> 08/01/33<sup>(a)</sup><br>| &nbsp;&nbsp; 16676 | 17014690 |
| Standard Industries Inc./New York |  |  |
| 3.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 17579 | 15956986 |
| 4.38%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 26676 | 25563195 |
| 4.75%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 15650 | 15506802 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 6.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; $16397 | $16936640 |
|  |  | 391505927 |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| ASP Unifrax Holdings Inc. |  |  |
| 5.25%, 09/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 896 | 286720 |
| 7.10%, 09/30/29, (5.85% Cash and 1.25% <br> PIK)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 6765 | 3348854 |
| Avient Corp. |  |  |
| 6.25%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10038 | 10227392 |
| 7.13%, 08/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11036 | 11402754 |
| Axalta Coating Systems Dutch Holding B BV, <br> 7.25%, 02/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7731 | 8136820 |
| Axalta Coating Systems LLC, 3.38%, <br> 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10983 | 10390120 |
| Axalta Coating Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV, 4.75%, <br> 06/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; 5242 | 5221708 |
| Celanese U.S. Holdings LLC |  |  |
| 6.50%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 11319 | 11431443 |
| 6.67%, 07/15/27 | &nbsp;&nbsp; 22551 | 23206107 |
| 6.75%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 17471 | 17603491 |
| 6.83%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 13225 | 13734427 |
| 6.85%, 11/15/28 | &nbsp;&nbsp; 17327 | 18060625 |
| 6.88%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; 15968 | 16456621 |
| 7.05%, 11/15/30<sup>(b)</sup> | &nbsp;&nbsp; 15678 | 16293362 |
| 7.20%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 15715 | 16322385 |
| Chemours Co. (The) |  |  |
| 4.63%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9773 | 8722403 |
| 5.38%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 7267 | 7231170 |
| 5.75%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13351 | 12841125 |
| 8.00%, 01/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 6335 | 6198481 |
| FMC Corp., 8.45%, 11/01/55, (5-year CMT + <br> 4.366%)<sup>(e)</sup><br>| &nbsp;&nbsp; 11468 | 11952188 |
| Huntsman International LLC |  |  |
| 2.95%, 06/15/31 | &nbsp;&nbsp; 6097 | 5212601 |
| 4.50%, 05/01/29 | &nbsp;&nbsp; 11479 | 11052377 |
| INEOS Finance PLC |  |  |
| 6.75%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6437 | 6346663 |
| 7.50%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11455 | 11493435 |
| Inversion Escrow Issuer LLC, 6.75%, <br> 08/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 2861 | 2843290 |
| Methanex Corp. |  |  |
| 5.13%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 11677 | 11628488 |
| 5.25%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 10824 | 10729290 |
| Methanex U.S. Operations Inc., 6.25%, <br> 03/15/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9687 | 9776120 |
| NOVA Chemicals Corp. |  |  |
| 4.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8797 | 8465865 |
| 5.25%, 06/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 15404 | 15424963 |
| 7.00%, 12/01/31<sup>(a)</sup> | &nbsp;&nbsp; 5994 | 6301519 |
| 8.50%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7011 | 7356502 |
| 9.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 13755 | 14765993 |
| Olin Corp. |  |  |
| 5.00%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 8561 | 8306456 |
| 5.63%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 10793 | 10765309 |
| 6.63%, 04/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 9588 | 9574577 |
| Olympus Water U.S. Holding Corp. |  |  |
| 4.25%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 14452 | 13862019 |
| 6.25%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6734 | 6570313 |
| 7.25%, 06/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 15626 | 15938520 |
| 9.75%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 30299 | 31793244 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| SCIH Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; $17721 | $17356504 |
| 6.63%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10560 | 10574256 |
| Tronox Inc., 4.63%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16479 | 12149143 |
| WR Grace Holdings LLC |  |  |
| 4.88%, 06/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6694 | 6639912 |
| 5.63%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 19206 | 17936675 |
| 6.63%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 12040 | 12009900 |
|  |  | 523942130 |
| **Commercial Services — 5.2%** | **Commercial Services — 5.2%** | **Commercial Services — 5.2%** |
| ADT Security Corp. (The), 4.13%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15620 | 15112350 |
| Albion Financing 1 SARL / Aggreko <br> Holdings Inc., 7.00%, 05/21/30<sup>(a)</sup><br>| &nbsp;&nbsp; 23507 | 24270977 |
| Allied Universal Holdco LLC, 7.88%, <br> 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 38783 | 40770047 |
| Allied Universal Holdco LLC / Allied Universal <br> Finance Corp., 6.88%, 06/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 16922 | 17429660 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 6.00%, 06/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 17274 | 17063758 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL<br>|  |  |
| 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 20501 | 20013029 |
| 4.63%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13564 | 13261543 |
| Avis Budget Car Rental LLC / Avis Budget <br> Finance Inc., 8.38%, 06/15/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9285 | 9665685 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance Inc.<br>|  |  |
| 4.75%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8299 | 8030112 |
| 5.38%, 03/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10366 | 10057093 |
| 8.00%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8891 | 9175047 |
| 8.25%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11836 | 12283765 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 17452 | 17649021 |
| Block Inc. |  |  |
| 3.50%, 06/01/31<sup>(b)</sup> | &nbsp;&nbsp; 16988 | 15665144 |
| 5.63%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7533 | 7657445 |
| 6.00%, 08/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11845 | 12164223 |
| 6.50%, 05/15/32 | &nbsp;&nbsp; 27856 | 28872744 |
| Boost Newco Borrower LLC, 7.50%, <br> 01/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 34354 | 36443424 |
| Brink's Co. (The) |  |  |
| 4.63%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8771 | 8695705 |
| 6.50%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5957 | 6134304 |
| 6.75%, 06/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 5726 | 5944355 |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; 13898 | 13362927 |
| 4.88%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14433 | 13644133 |
| EquipmentShare.com Inc. |  |  |
| 8.00%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8021 | 8526323 |
| 8.63%, 05/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9836 | 10597769 |
| 9.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 18485 | 19594100 |
| Garda World Security Corp. |  |  |
| 4.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8359 | 8305354 |
| 6.00%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9087 | 9010215 |
| 7.75%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6795 | 7000218 |
| 8.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; 9179 | 9555502 |
| 8.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 16700 | 17427201 |
| GEO Group Inc. (The) |  |  |
| 8.63%, 04/15/29 | &nbsp;&nbsp; 10919 | 11546843 |
| 10.25%, 04/15/31 | &nbsp;&nbsp; 9959 | 10976812 |
| Herc Holdings Inc. |  |  |
| 5.50%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 17983 | 17960521 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 6.63%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $12915 | $13302450 |
| 7.00%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 27945 | 29062800 |
| 7.25%, 06/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 18810 | 19729245 |
| Hertz Corp. (The) |  |  |
| 4.63%, 12/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 9166 | 8490374 |
| 5.00%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15605 | 11137234 |
| 12.63%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 21177 | 21912901 |
| Prime Security Services Borrower LLC/Prime <br> Finance Inc.<br>|  |  |
| 3.38%, 08/31/27<sup>(a)</sup> | &nbsp;&nbsp; 15327 | 14867005 |
| 6.25%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 22983 | 22982373 |
| Raven Acquisition Holdings LLC, 6.88%, <br> 11/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 21333 | 21768961 |
| RR Donnelley & Sons Co. |  |  |
| 9.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 17349 | 17635692 |
| 10.88%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7097 | 6869858 |
| Service Corp. International/U.S. |  |  |
| 3.38%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 14402 | 13298921 |
| 4.00%, 05/15/31 | &nbsp;&nbsp; 13637 | 12815563 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; 6815 | 6772025 |
| 5.13%, 06/01/29<sup>(b)</sup> | &nbsp;&nbsp; 13335 | 13298331 |
| 5.75%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 13085 | 13215850 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc., 6.75%, 08/15/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 26122 | 27090387 |
| Sotheby's, 7.38%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 11164 | 11129950 |
| United Rentals North America Inc. |  |  |
| 3.75%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 11877 | 10947387 |
| 3.88%, 11/15/27 | &nbsp;&nbsp; 11205 | 11000509 |
| 3.88%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 17489 | 16495039 |
| 4.00%, 07/15/30 | &nbsp;&nbsp; 11246 | 10747965 |
| 4.88%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 24137 | 24015658 |
| 5.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 11105 | 11131970 |
| 5.50%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3121 | 3119003 |
| 6.13%, 03/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 17220 | 17840294 |
| Wand NewCo 3 Inc., 7.63%, 01/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 20381 | 21561062 |
| Williams Scotsman Inc. |  |  |
| 4.63%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8954 | 8820843 |
| 6.63%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8750 | 8993724 |
| 6.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7795 | 8050598 |
| 7.38%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8179 | 8558062 |
|  |  | 940529383 |
| **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
| Amentum Holdings Inc., 7.25%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; 15075 | 15728140 |
| CACI International Inc., 6.38%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 13595 | 14021108 |
| McAfee Corp., 7.38%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 32755 | 30278558 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 25356 | 27447870 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10121 | 9980926 |
| 5.13%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5347 | 5286955 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| 4.09%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6272 | 5961450 |
| 5.88%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5874 | 5962110 |
| 8.25%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8983 | 9539584 |
| 8.50%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6613 | 7017914 |
| 9.63%, 12/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10527 | 11913932 |
|  |  | 143138547 |
| **Cosmetics & Personal Care — 0.4%** | **Cosmetics & Personal Care — 0.4%** | **Cosmetics & Personal Care — 0.4%** |
| Edgewell Personal Care Co. |  |  |
| 4.13%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8043 | 7653719 |
| 5.50%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11345 | 11280187 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| Opal Bidco SAS, 6.50%, 03/31/32<sup>(a)(b)</sup> | &nbsp;&nbsp; $18226 | $18544955 |
| Perrigo Finance Unlimited Co. |  |  |
| 4.90%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 13320 | 13025628 |
| 6.13%, 09/30/32<sup>(b)</sup> | &nbsp;&nbsp; 12674 | 12760817 |
| Prestige Brands Inc. |  |  |
| 3.75%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9972 | 9195065 |
| 5.13%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5648 | 5614586 |
|  |  | 78074957 |
| **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** | **Distribution & Wholesale — 0.2%** |
| American Builders & Contractors Supply <br> Co. Inc.<br>|  |  |
| 3.88%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5842 | 5553438 |
| 4.00%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11167 | 10930505 |
| RB Global Holdings Inc. |  |  |
| 6.75%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7304 | 7478693 |
| 7.75%, 03/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11802 | 12409685 |
|  |  | 36372321 |
| **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** |
| AG Issuer LLC, 6.25%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 8755 | 8769683 |
| AG TTMT Escrow Issuer LLC, 8.63%, <br> 09/30/27<sup>(a)</sup><br>| &nbsp;&nbsp; 7728 | 7927324 |
| Ally Financial Inc. |  |  |
| 6.65%, 01/17/40, (5-year CMT + 2.450%)<sup>(e)</sup> | &nbsp;&nbsp; 7758 | 7699505 |
| 6.70%, 02/14/33<sup>(b)</sup> | &nbsp;&nbsp; 7879 | 8182951 |
| Aretec Group Inc. |  |  |
| 7.50%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7295 | 7324618 |
| 10.00%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12396 | 13511392 |
| Azorra Finance Ltd. |  |  |
| 7.25%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9261 | 9584209 |
| 7.75%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5023 | 5273145 |
| Bread Financial Holdings Inc. |  |  |
| 8.38%, 06/15/35, (5-year CMT + <br> 4.300%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 6566 | 6772792 |
| 9.75%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13646 | 14586619 |
| Burford Capital Global Finance LLC |  |  |
| 6.25%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6429 | 6437281 |
| 7.50%, 07/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8684 | 8866885 |
| 9.25%, 07/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10506 | 11184583 |
| Coinbase Global Inc. |  |  |
| 3.38%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 15135 | 14317681 |
| 3.63%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11393 | 10198672 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7612 | 7741971 |
| 9.25%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 10677 | 11275944 |
| Encore Capital Group Inc. |  |  |
| 8.50%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7756 | 8189349 |
| 9.25%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7681 | 8139726 |
| Focus Financial Partners LLC, 6.75%, <br> 09/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 15729 | 16252584 |
| Freedom Mortgage Holdings LLC |  |  |
| 7.88%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; 4847 | 4928042 |
| 8.38%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11625 | 12031539 |
| 9.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 11455 | 12057342 |
| 9.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 18934 | 19855925 |
| GGAM Finance Ltd. |  |  |
| 5.88%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 5740 | 5814360 |
| 6.88%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5334 | 5530358 |
| 8.00%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 13243 | 13590129 |
| 8.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8951 | 9513578 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/27<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $17317 | $17861166 |
| goeasy Ltd. |  |  |
| 6.88%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4536 | 4536284 |
| 7.38%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6579 | 6776159 |
| 7.63%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9965 | 10318758 |
| 9.25%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 8947 | 9415824 |
| Series 144\*, 6.88%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7328 | 7427810 |
| Jane Street Group/JSG Finance Inc. |  |  |
| 4.50%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9452 | 9129923 |
| 6.13%, 11/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 26443 | 26568604 |
| 6.75%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 21875 | 22617989 |
| 7.13%, 04/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 22611 | 23653840 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| 5.00%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 16090 | 15641412 |
| 6.63%, 10/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8451 | 8487595 |
| Jefferson Capital Holdings LLC, 8.25%, <br> 05/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 7623 | 7991806 |
| Midcap Financial Issuer Trust |  |  |
| 5.63%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5823 | 5534994 |
| 6.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16041 | 15972835 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.13%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8070 | 8155234 |
| 5.50%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8996 | 8980693 |
| 5.75%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9239 | 9337984 |
| 6.00%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8352 | 8358707 |
| 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 11297 | 11579154 |
| 7.13%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 15167 | 15820158 |
| Navient Corp. |  |  |
| 4.88%, 03/15/28 | &nbsp;&nbsp; 7581 | 7452682 |
| 5.00%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 10415 | 10340499 |
| 5.50%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 11410 | 11253112 |
| 7.88%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 8789 | 9269154 |
| 9.38%, 07/25/30 | &nbsp;&nbsp; 7687 | 8522000 |
| 11.50%, 03/15/31 | &nbsp;&nbsp; 7675 | 8665305 |
| OneMain Finance Corp. |  |  |
| 3.50%, 01/15/27 | &nbsp;&nbsp; 11315 | 11060413 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 10689 | 10247461 |
| 4.00%, 09/15/30<sup>(b)</sup> | &nbsp;&nbsp; 14381 | 13300268 |
| 5.38%, 11/15/29 | &nbsp;&nbsp; 12511 | 12370877 |
| 6.13%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 11955 | 12134325 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 12303 | 12625954 |
| 6.63%, 05/15/29 | &nbsp;&nbsp; 15286 | 15711715 |
| 6.75%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 10191 | 10439927 |
| 7.13%, 11/15/31<sup>(b)</sup> | &nbsp;&nbsp; 12301 | 12732396 |
| 7.13%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 12877 | 13405969 |
| 7.50%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 13076 | 13673835 |
| 7.88%, 03/15/30 | &nbsp;&nbsp; 12065 | 12769561 |
| Osaic Holdings Inc. |  |  |
| 6.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; 1070 | 1089378 |
| 8.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 900 | 911952 |
| PennyMac Financial Services Inc. |  |  |
| 4.25%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10907 | 10521369 |
| 5.75%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9293 | 9110388 |
| 6.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 10050 | 10119345 |
| 6.88%, 05/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 13731 | 14053251 |
| 6.88%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 14528 | 14808701 |
| 7.13%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10995 | 11344091 |
| 7.88%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11444 | 12170808 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| PRA Group Inc. |  |  |
| 8.38%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; $5372 | $5529509 |
| 8.88%, 01/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8247 | 8669659 |
| Rocket Companies Inc. |  |  |
| 6.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7440 | 7655388 |
| 6.38%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 8465 | 8782691 |
| Rocket Mortgage LLC/Rocket Mortgage <br> Co-Issuer Inc.<br>|  |  |
| 2.88%, 10/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 16724 | 16314262 |
| 3.63%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 12410 | 11847414 |
| 3.88%, 03/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 21598 | 20183763 |
| 4.00%, 10/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 14054 | 12682803 |
| SLM Corp. |  |  |
| 3.13%, 11/02/26 | &nbsp;&nbsp; 6418 | 6284313 |
| 6.50%, 01/31/30 | &nbsp;&nbsp; 7706 | 8058473 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 11732 | 12064614 |
| Synchrony Financial, 7.25%, 02/02/33<sup>(b)</sup> | &nbsp;&nbsp; 12028 | 12676030 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10754 | 10588527 |
| 5.75%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8392 | 8382146 |
|  |  | 969549444 |
| **Electric — 3.4%** | **Electric — 3.4%** | **Electric — 3.4%** |
| AES Corp. (The) |  |  |
| 6.95%, 07/15/55, (5-year CMT + 2.890%)<sup>(e)</sup> | &nbsp;&nbsp; 8325 | 8082376 |
| 7.60%, 01/15/55, (5-year CMT + 3.201%)<sup>(e)</sup> | &nbsp;&nbsp; 15179 | 15590525 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 14923 | 15396607 |
| Atlantica Sustainable Infrastructure Ltd., 4.13%, <br> 06/15/28<sup>(a)</sup><br>| &nbsp;&nbsp; 5730 | 5549286 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 6.38%, 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 11800 | 11964463 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 13004 | 12338628 |
| 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 18984 | 18802000 |
| 4.63%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9059 | 8939602 |
| 5.00%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 12645 | 12546369 |
| 5.13%, 03/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 20481 | 20462452 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 14651 | 13479506 |
| 4.75%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 14075 | 13916656 |
| DPL Inc., 4.35%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; 6358 | 6285996 |
| Edison International |  |  |
| 7.88%, 06/15/54, (5-year CMT + <br> 3.658%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 6978 | 6908220 |
| 8.13%, 06/15/53, (5-year CMT + <br> 3.864%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 8558 | 8571819 |
| Electricite de France SA, 9.13%, (5-year CMT + <br> 5.411%)<sup>(a)(e)(f)</sup><br>| &nbsp;&nbsp; 23081 | 26584830 |
| EUSHI Finance Inc., 7.63%, 12/15/54, (5-year <br> CMT + 3.136%)<sup>(e)</sup><br>| &nbsp;&nbsp; 7462 | 7794689 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 23779 | 25158182 |
| NRG Energy Inc. |  |  |
| 3.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7673 | 7262993 |
| 3.63%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 16956 | 15634280 |
| 3.88%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8081 | 7435922 |
| 5.25%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 12369 | 12330699 |
| 5.75%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 10689 | 10697562 |
| 5.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 12861 | 12901251 |
| 6.00%, 02/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 14897 | 15096098 |
| 6.25%, 11/01/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 15666 | 16057650 |
| PacifiCorp, 7.38%, 09/15/55, (5-year CMT + <br> 3.319%)<sup>(e)</sup><br>| &nbsp;&nbsp; 2517 | 2611664 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| PG&E Corp. |  |  |
| 5.00%, 07/01/28<sup>(b)</sup> | &nbsp;&nbsp; $15384 | $15206161 |
| 5.25%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 16200 | 15786626 |
| 7.38%, 03/15/55, (5-year CMT + <br> 3.883%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 24083 | 23899247 |
| Pike Corp. |  |  |
| 5.50%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 9294 | 9287136 |
| 8.63%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; 6319 | 6771641 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 21553 | 22999385 |
| Vistra Operations Co. LLC |  |  |
| 4.38%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 19708 | 19282997 |
| 5.00%, 07/31/27<sup>(a)</sup> | &nbsp;&nbsp; 16641 | 16573937 |
| 5.50%, 09/01/26<sup>(a)</sup> | &nbsp;&nbsp; 12513 | 12506744 |
| 5.63%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 15784 | 15775122 |
| 6.88%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 15897 | 16674351 |
| 7.75%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 25709 | 27310928 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 3.88%, 10/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 8438 | 8288310 |
| 4.50%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8828 | 8653156 |
| 7.25%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13431 | 13717838 |
| 8.38%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14048 | 14678014 |
| 8.63%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 15603 | 16455871 |
|  |  | 602267789 |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
| Energizer Holdings Inc. |  |  |
| 4.38%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12919 | 12381934 |
| 4.75%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 9065 | 8901966 |
| WESCO Distribution Inc. |  |  |
| 6.38%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13501 | 13922073 |
| 6.38%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 12888 | 13361956 |
| 6.63%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 13791 | 14330277 |
| 7.25%, 06/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 23190 | 23518941 |
|  |  | 86417147 |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 32387 | 31568720 |
| Sensata Technologies BV |  |  |
| 4.00%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15771 | 15113072 |
| 5.88%, 09/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7167 | 7232302 |
| Sensata Technologies Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11416 | 10494443 |
| 4.38%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6802 | 6555427 |
| 6.63%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8445 | 8722351 |
|  |  | 79686315 |
| **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** | **Energy - Alternate Sources — 0.1%** |
| TerraForm Power Operating LLC |  |  |
| 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 11074 | 10682755 |
| 5.00%, 01/31/28<sup>(a)</sup> | &nbsp;&nbsp; 10486 | 10393883 |
|  |  | 21076638 |
| **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
| AECOM, 6.00%, 08/01/33<sup>(a)</sup> | &nbsp;&nbsp; 18552 | 18868683 |
| Arcosa Inc. |  |  |
| 4.38%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 5791 | 5624509 |
| 6.88%, 08/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9426 | 9825264 |
| Brand Industrial Services Inc., 10.38%, <br> 08/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 22602 | 22199684 |
|  |  | 56518140 |
| **Entertainment — 3.0%** | **Entertainment — 3.0%** | **Entertainment — 3.0%** |
| Brightstar Lottery PLC |  |  |
| 5.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11191 | 11135552 |
| 6.25%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 14915 | 15075204 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Caesars Entertainment Inc. |  |  |
| 4.63%, 10/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $19630 | $18729872 |
| 6.00%, 10/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 16905 | 16566900 |
| 6.50%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 24618 | 25240589 |
| 7.00%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 34015 | 35147699 |
| Churchill Downs Inc. |  |  |
| 4.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 11703 | 11586638 |
| 5.50%, 04/01/27<sup>(a)</sup> | &nbsp;&nbsp; 8463 | 8464209 |
| 5.75%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 18596 | 18596000 |
| 6.75%, 05/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9851 | 10124602 |
| Cinemark USA Inc. |  |  |
| 5.25%, 07/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 12320 | 12228239 |
| 7.00%, 08/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7804 | 8084082 |
| Light & Wonder International Inc. |  |  |
| 7.00%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 10534 | 10556007 |
| 7.25%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6207 | 6369110 |
| 7.50%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 8643 | 9010328 |
| Live Nation Entertainment Inc. |  |  |
| 3.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8372 | 8161304 |
| 4.75%, 10/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 15391 | 15236128 |
| 6.50%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 19054 | 19248541 |
| Merlin Entertainments Group U.S. Holdings Inc., <br> 7.38%, 02/15/31<sup>(a)</sup><br>| &nbsp;&nbsp; 7930 | 6770170 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC<br>|  |  |
| 8.25%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 13107 | 13556510 |
| 11.88%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 11834 | 12435723 |
| Motion Bondco DAC, 6.63%, 11/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6212 | 5878804 |
| Motion Finco SARL, 8.38%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6578 | 5676950 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6925 | 7184660 |
| Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.<br>|  |  |
| 5.63%, 09/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10223 | 5975344 |
| 5.88%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10338 | 6211014 |
| Resorts World Las Vegas LLC/RWLV <br> Capital Inc.<br>|  |  |
| 4.63%, 04/16/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15859 | 14259620 |
| 8.45%, 07/27/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6344 | 6370962 |
| Six Flags Entertainment Corp. |  |  |
| 5.50%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 5073 | 5066466 |
| 7.25%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 13611 | 13679055 |
| Six Flags Entertainment Corp. /Six Flags <br> Theme Parks Inc./ Canada's Wonderland <br> Co., 6.63%, 05/01/32<sup>(a)</sup><br>| &nbsp;&nbsp; 15400 | 15663209 |
| Six Flags Entertainment Corp./Canada's <br> Wonderland Co./Magnum <br> Management Corp.<br>|  |  |
| 5.25%, 07/15/29<sup>(b)</sup> | &nbsp;&nbsp; 8245 | 7977977 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; 6162 | 6145894 |
| Vail Resorts Inc. |  |  |
| 5.63%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8664 | 8780184 |
| 6.50%, 05/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6503 | 6727354 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(a)</sup> | &nbsp;&nbsp; 30130 | 31824813 |
| Warnermedia Holdings Inc. |  |  |
| 3.76%, 03/15/27<sup>(b)</sup> | &nbsp;&nbsp; 7235 | 7118155 |
| 4.05%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 9700 | 9215000 |
| 4.28%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 44160 | 38087625 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13271 | 13247595 |
| 6.25%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 13440 | 13618085 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| 7.13%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; $16687 | $17927411 |
|  |  | 538959584 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| Clean Harbors Inc. |  |  |
| 4.88%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9280 | 9243859 |
| 6.38%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8684 | 8901912 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 12148 | 11844227 |
| 4.38%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9539 | 9274409 |
| 4.75%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 12881 | 12691473 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28<sup>(a)</sup> | &nbsp;&nbsp; 10524 | 10263092 |
| 5.88%, 06/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15651 | 15468666 |
| Reworld Holding Corp. |  |  |
| 4.88%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 11912 | 11501235 |
| 5.00%, 09/01/30<sup>(b)</sup> | &nbsp;&nbsp; 7040 | 6849920 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8668 | 9053726 |
|  |  | 105092519 |
| **Food — 2.4%** | **Food — 2.4%** | **Food — 2.4%** |
| Albertsons Companies Inc./Safeway Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 21873 | 20810847 |
| 4.63%, 01/15/27<sup>(a)</sup> | &nbsp;&nbsp; 22171 | 22032431 |
| 4.88%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 16524 | 16252005 |
| 5.88%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10017 | 10017884 |
| 6.25%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 9762 | 9987624 |
| 6.50%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 12547 | 12776166 |
| B&G Foods Inc. |  |  |
| 5.25%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 8215 | 7868362 |
| 8.00%, 09/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 12679 | 12472966 |
| Chobani Holdco II LLC, 8.75%, 10/01/29, <br> (8.75% Cash)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 8024 | 8655078 |
| Chobani LLC/Chobani Finance Corp. Inc. |  |  |
| 4.63%, 11/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5410 | 5347206 |
| 7.63%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7146 | 7459421 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution Inc., 9.00%, <br> 02/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 14633 | 15394933 |
| Lamb Weston Holdings Inc. |  |  |
| 4.13%, 01/31/30<sup>(a)</sup> | &nbsp;&nbsp; 15131 | 14531434 |
| 4.38%, 01/31/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11033 | 10365503 |
| 4.88%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7765 | 7715740 |
| Performance Food Group Inc. |  |  |
| 4.25%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 15612 | 15123056 |
| 5.50%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 16302 | 16279177 |
| 6.13%, 09/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 15480 | 15865545 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 14591 | 13166043 |
| 4.25%, 04/15/31 | &nbsp;&nbsp; 15078 | 14508400 |
| 6.25%, 07/01/33 | &nbsp;&nbsp; 16149 | 17022688 |
| 6.88%, 05/15/34 | &nbsp;&nbsp; 8397 | 9198232 |
| Post Holdings Inc. |  |  |
| 4.50%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 16448 | 15344833 |
| 4.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 22987 | 22177333 |
| 5.50%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 21283 | 21226494 |
| 6.25%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 17655 | 18138041 |
| 6.25%, 10/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 9537 | 9605571 |
| 6.38%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 20413 | 20659269 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8187 | 7987568 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 4.75%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; $15115 | $14885913 |
| 5.75%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8163 | 8214694 |
| 6.88%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7878 | 8123344 |
| 7.25%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8439 | 8863177 |
|  |  | 438076978 |
| **Food Service — 0.2%** | **Food Service — 0.2%** | **Food Service — 0.2%** |
| Aramark Services Inc., 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16822 | 16702443 |
| TKC Holdings Inc. |  |  |
| 6.88%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6909 | 6936454 |
| 10.50%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 12371 | 12681017 |
|  |  | 36319914 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Magnera Corp. |  |  |
| 4.75%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8810 | 7789958 |
| 7.25%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 13054 | 12354436 |
| Mercer International Inc. |  |  |
| 5.13%, 02/01/29<sup>(b)</sup> | &nbsp;&nbsp; 14006 | 11056619 |
| 12.88%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6306 | 6167839 |
|  |  | 37368852 |
| **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** |
| AmeriGas Partners LP / AmeriGas Finance <br> Corp., 9.50%, 06/01/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8796 | 9214839 |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 5.75%, 05/20/27 | &nbsp;&nbsp; 8184 | 8166814 |
| 9.38%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8249 | 8513903 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 20620 | 22598441 |
| 7.75%, 05/01/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 20443 | 22767739 |
|  |  | 71261736 |
| **Health Care - Products — 1.4%** | **Health Care - Products — 1.4%** | **Health Care - Products — 1.4%** |
| Avantor Funding Inc. |  |  |
| 3.88%, 11/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12415 | 11790948 |
| 4.63%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 26385 | 25962497 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 23471 | 24477906 |
| DENTSPLY SIRONA Inc., 8.38%, 09/12/55, <br> (5-year CMT + 4.379%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 8855 | 9012132 |
| Hologic Inc. |  |  |
| 3.25%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13389 | 12788060 |
| 4.63%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 5597 | 5545818 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 76759 | 73707292 |
| 5.25%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 40480 | 40088153 |
| Medline Borrower LP/Medline Co-Issuer Inc., <br> 6.25%, 04/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 24199 | 24857188 |
| Teleflex Inc. |  |  |
| 4.25%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7656 | 7510394 |
| 4.63%, 11/15/27 | &nbsp;&nbsp; 7047 | 6972326 |
|  |  | 242712714 |
| **Health Care - Services — 4.5%** | **Health Care - Services — 4.5%** | **Health Care - Services — 4.5%** |
| Acadia Healthcare Co. Inc. |  |  |
| 5.00%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7097 | 6928806 |
| 5.50%, 07/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6416 | 6384548 |
| 7.38%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8471 | 8827849 |
| Charles River Laboratories International Inc. |  |  |
| 3.75%, 03/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7559 | 7172332 |
| 4.00%, 03/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8508 | 7875949 |
| 4.25%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7907 | 7737917 |
| CHS/Community Health Systems Inc. |  |  |
| 4.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 16917 | 14489411 |
| 5.25%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 25968 | 23300307 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 6.00%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $10531 | $10121123 |
| 6.13%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 19783 | 14211961 |
| 6.88%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 20686 | 16910888 |
| 9.75%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 19418 | 19642763 |
| 10.88%, 01/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 36797 | 38938711 |
| DaVita Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 25027 | 22840391 |
| 4.63%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 45674 | 43975302 |
| 6.75%, 07/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 15852 | 16407543 |
| 6.88%, 09/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 16167 | 16739803 |
| Encompass Health Corp. |  |  |
| 4.50%, 02/01/28 | &nbsp;&nbsp; 12127 | 12013574 |
| 4.63%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 5935 | 5754813 |
| 4.75%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 11755 | 11586423 |
| IQVIA Inc. |  |  |
| 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; 15700 | 15660750 |
| 5.00%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 14070 | 14026197 |
| 6.25%, 06/01/32<sup>(a)</sup> | &nbsp;&nbsp; 31692 | 32662092 |
| 6.50%, 05/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7991 | 8275879 |
| LifePoint Health Inc. |  |  |
| 5.38%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7912 | 7523679 |
| 8.38%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 10930 | 11585800 |
| 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 14601 | 15787331 |
| 10.00%, 06/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12369 | 12746626 |
| 11.00%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 17935 | 19779948 |
| Molina Healthcare Inc. |  |  |
| 3.88%, 11/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10630 | 9767979 |
| 3.88%, 05/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12801 | 11456412 |
| 4.38%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 13137 | 12800255 |
| 6.25%, 01/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11928 | 12033248 |
| MPH Acquisition Holdings LLC |  |  |
| 5.75%, 12/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12264 | 10718276 |
| 6.75%, 03/31/31, (6.00% Cash and 0.75% <br> PIK)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 11739 | 9364772 |
| 11.50%, 12/31/30, (6.50% Cash and 5.00% <br> PIK)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 9732 | 9941749 |
| Prime Healthcare Services Inc., 9.38%, <br> 09/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 23984 | 24733500 |
| Radiology Partners Inc. |  |  |
| 8.50%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 14452 | 14771534 |
| 9.78%, 02/15/30, (9.78% PIK)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 10502 | 10296194 |
| Star Parent Inc., 9.00%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 14854 | 15726673 |
| Team Health Holdings Inc., 8.38%, 06/30/28<sup>(a)</sup> | &nbsp;&nbsp; 796 | 804955 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/29 | &nbsp;&nbsp; 21943 | 21373118 |
| 4.38%, 01/15/30 | &nbsp;&nbsp; 22827 | 22158854 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; 10728 | 10607310 |
| 5.13%, 11/01/27 | &nbsp;&nbsp; 21751 | 21684877 |
| 6.13%, 10/01/28 | &nbsp;&nbsp; 41209 | 41238209 |
| 6.13%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 31727 | 32257263 |
| 6.25%, 02/01/27 | &nbsp;&nbsp; 21450 | 21474644 |
| 6.75%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 22099 | 22930475 |
| U.S. Acute Care Solutions LLC, 9.75%, <br> 05/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 15644 | 16007039 |
|  |  | 802056052 |
| **Holding Companies - Diversified — 0.6%** | **Holding Companies - Diversified — 0.6%** | **Holding Companies - Diversified — 0.6%** |
| Compass Group Diversified Holdings LLC, <br> 5.25%, 04/15/29<sup>(a)</sup><br>| &nbsp;&nbsp; 15494 | 14271226 |
| Icahn Enterprises LP/Icahn Enterprises <br> Finance Corp.<br>|  |  |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 12358 | 10431397 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| 5.25%, 05/15/27 | &nbsp;&nbsp; $23101 | $22480045 |
| 9.00%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 13883 | 13222863 |
| 9.75%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 13141 | 13047042 |
| 10.00%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11629 | 11509221 |
| Stena International SA |  |  |
| 7.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 13616 | 13857684 |
| 7.63%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5780 | 5972213 |
|  |  | 104791691 |
| **Home Builders — 0.6%** | **Home Builders — 0.6%** | **Home Builders — 0.6%** |
| Ashton Woods USA LLC / Ashton Woods <br> Finance Co., 6.88%, 08/01/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7372 | 7386228 |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co., 4.63%, 04/01/30<sup>(a)</sup><br>| &nbsp;&nbsp; 6123 | 5784365 |
| Brookfield Residential Properties Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| 4.88%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8056 | 7408208 |
| 6.25%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9923 | 9905500 |
| Century Communities Inc. |  |  |
| 3.88%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7721 | 7211973 |
| 6.75%, 06/01/27 | &nbsp;&nbsp; 8573 | 8587613 |
| LGI Homes Inc. |  |  |
| 7.00%, 11/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6481 | 6328113 |
| 8.75%, 12/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6244 | 6543998 |
| Mattamy Group Corp. |  |  |
| 4.63%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 9371 | 9039416 |
| 5.25%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 8304 | 8278149 |
| Taylor Morrison Communities Inc. |  |  |
| 5.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7742 | 7711806 |
| 5.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7596 | 7692654 |
| 5.88%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9174 | 9248941 |
|  |  | 101126964 |
| **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** |
| FXI Holdings Inc. |  |  |
| 12.25%, 11/15/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 7666 | 6856551 |
| 12.25%, 11/15/26<sup>(a)</sup> | &nbsp;&nbsp; 14130 | 12469082 |
| Somnigroup International Inc. |  |  |
| 3.88%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 13268 | 12158722 |
| 4.00%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12461 | 11978283 |
| Whirlpool Corp. |  |  |
| 4.75%, 02/26/29<sup>(b)</sup> | &nbsp;&nbsp; 12112 | 11964445 |
| 6.13%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 10023 | 10137327 |
| 6.50%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 10589 | 10656146 |
|  |  | 76220556 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Central Garden & Pet Co. |  |  |
| 4.13%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 7937 | 7511180 |
| 4.13%, 04/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5924 | 5530149 |
| Kronos Acquisition Holdings Inc. |  |  |
| 8.25%, 06/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8353 | 6275191 |
| 10.75%, 06/30/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6966 | 3546636 |
|  |  | 22863156 |
| **Housewares — 0.4%** | **Housewares — 0.4%** | **Housewares — 0.4%** |
| Newell Brands Inc. |  |  |
| 6.38%, 09/15/27<sup>(b)</sup> | &nbsp;&nbsp; 9525 | 9657092 |
| 6.38%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 12375 | 12220313 |
| 6.63%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 8671 | 8719599 |
| 6.63%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 8305 | 8128016 |
| 8.50%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 21030 | 22233881 |
| Scotts Miracle-Gro Co. (The) |  |  |
| 4.00%, 04/01/31<sup>(b)</sup> | &nbsp;&nbsp; 7347 | 6754452 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Housewares (continued)** | **Housewares (continued)** | **Housewares (continued)** |
| 4.38%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; $6193 | $5698179 |
| 4.50%, 10/15/29<sup>(b)</sup> | &nbsp;&nbsp; 5985 | 5775899 |
|  |  | 79187431 |
| **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |
| Acrisure LLC / Acrisure Finance Inc., 6.75%, <br> 07/01/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6586 | 6742418 |
| Acrisure LLC/Acrisure Finance Inc. |  |  |
| 4.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11594 | 11175716 |
| 6.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8428 | 8289098 |
| 7.50%, 11/06/30<sup>(a)</sup> | &nbsp;&nbsp; 18786 | 19499990 |
| 8.25%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 15879 | 16522063 |
| 8.50%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9142 | 9607188 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer<br>|  |  |
| 4.25%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 11322 | 11153783 |
| 5.88%, 11/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6605 | 6528448 |
| 6.50%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 17733 | 18167056 |
| 6.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 18774 | 18796153 |
| 6.75%, 04/15/28<sup>(a)</sup> | &nbsp;&nbsp; 22280 | 22738558 |
| 7.00%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 24278 | 25132115 |
| 7.38%, 10/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12379 | 12765664 |
| American National Group Inc., 7.00%, 12/01/55, <br> (5-year CMT + 3.183%)<sup>(e)</sup><br>| &nbsp;&nbsp; 8000 | 8185436 |
| AmWINS Group Inc. |  |  |
| 4.88%, 06/30/29<sup>(a)</sup> | &nbsp;&nbsp; 12426 | 12118167 |
| 6.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11404 | 11689100 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 21016 | 21984588 |
| Ardonagh Group Finance Ltd., 8.88%, <br> 02/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 25170 | 26615012 |
| Global Atlantic Fin Co., 7.95%, 10/15/54, <br> (5-year CMT + 3.608%)<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 9743 | 10279065 |
| Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden U.S. Refinance <br> LLC<br>|  |  |
| 7.25%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 15987 | 16529279 |
| 8.13%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8363 | 8715399 |
| HUB International Ltd. |  |  |
| 5.63%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8639 | 8648773 |
| 7.25%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 55549 | 58113720 |
| 7.38%, 01/31/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 30355 | 31859461 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| 8.50%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 12870 | 13616846 |
| 10.50%, 12/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8746 | 9330822 |
| Liberty Mutual Group Inc., 4.13%, 12/15/51, <br> (5-year CMT + 3.315%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 6944 | 6808111 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 51887 | 53760598 |
| Ryan Specialty LLC |  |  |
| 4.38%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6617 | 6399078 |
| 5.88%, 08/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 19075 | 19272791 |
|  |  | 511044496 |
| **Internet — 1.8%** | **Internet — 1.8%** | **Internet — 1.8%** |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 14600 | 14198836 |
| 6.13%, 12/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7896 | 7662525 |
| Cogent Communications Group LLC / Cogent <br> Finance Inc.<br>|  |  |
| 6.50%, 07/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9719 | 9236144 |
| 7.00%, 06/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 6706 | 6681516 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 14519 | 14913191 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 6.75%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; $16521 | $16811466 |
| 7.13%, 09/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7951 | 8236722 |
| Go Daddy Operating Co. LLC/GD Finance <br> Co. Inc.<br>|  |  |
| 3.50%, 03/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12428 | 11761706 |
| 5.25%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 7310 | 7288070 |
| ION Trading Technologies SARL |  |  |
| 5.75%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6871 | 6660658 |
| 9.50%, 05/30/29<sup>(a)</sup> | &nbsp;&nbsp; 12006 | 12559239 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8112 | 7313309 |
| 4.13%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7756 | 7308922 |
| 4.63%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 8428 | 8301279 |
| 5.00%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 6561 | 6516246 |
| 6.13%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 11250 | 11362500 |
| Newfold Digital Holdings Group Inc. |  |  |
| 6.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9529 | 5903216 |
| 11.75%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8253 | 5385083 |
| Rakuten Group Inc. |  |  |
| 6.25%, (5-year CMT + 4.956%)<sup>(a)(b)(e)(f)</sup> | &nbsp;&nbsp; 15554 | 14815963 |
| 8.13%, (5-year CMT + 4.250%)<sup>(a)(b)(e)(f)</sup> | &nbsp;&nbsp; 10030 | 10282369 |
| 9.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 33909 | 37644415 |
| 11.25%, 02/15/27<sup>(a)</sup> | &nbsp;&nbsp; 29957 | 32402090 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 25528 | 25817202 |
| 6.88%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7154 | 7172386 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp; 13011 | 13272976 |
| 7.75%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11263 | 11656522 |
|  |  | 321164551 |
| **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** | **Iron & Steel — 0.8%** |
| Cleveland-Cliffs Inc. |  |  |
| 5.88%, 06/01/27<sup>(b)</sup> | &nbsp;&nbsp; 5783 | 5777442 |
| 6.75%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13029 | 13179094 |
| 6.88%, 11/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14895 | 15116109 |
| 7.00%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 22924 | 22829321 |
| 7.38%, 05/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 14676 | 14604940 |
| 7.50%, 09/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14541 | 14742099 |
| Mineral Resources Ltd. |  |  |
| 8.00%, 11/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 11673 | 11890230 |
| 8.13%, 05/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 12117 | 12138882 |
| 8.50%, 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10774 | 11183412 |
| 9.25%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 17475 | 18292072 |
|  |  | 139753601 |
| **Leisure Time — 0.9%** | **Leisure Time — 0.9%** | **Leisure Time — 0.9%** |
| NCL Corp. Ltd. |  |  |
| 5.88%, 02/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 17675 | 17714062 |
| 6.75%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 30190 | 31137426 |
| 7.75%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10252 | 10942460 |
| 8.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 14064 | 14793500 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8288 | 8434765 |
| Sabre GLBL Inc. |  |  |
| 8.63%, 06/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4114 | 4177488 |
| 10.75%, 11/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13359 | 13031704 |
| 11.13%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 21327 | 20902593 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 13199 | 13210523 |
| 7.00%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8834 | 8903172 |
| 9.13%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 13335 | 14360737 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| VOC Escrow Ltd., 5.00%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; $10424 | $10367186 |
|  |  | 167975616 |
| **Lodging — 2.5%** | **Lodging — 2.5%** | **Lodging — 2.5%** |
| Boyd Gaming Corp. |  |  |
| 4.75%, 12/01/27 | &nbsp;&nbsp; 13719 | 13637849 |
| 4.75%, 06/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14711 | 14163015 |
| Hilton Domestic Operating Co. Inc. |  |  |
| 3.63%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 24368 | 22231631 |
| 3.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 13202 | 12640915 |
| 4.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; 17306 | 16276639 |
| 4.88%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 17024 | 16993187 |
| 5.75%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7092 | 7107191 |
| 5.75%, 09/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 16249 | 16385209 |
| 5.88%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9324 | 9496015 |
| 5.88%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 15959 | 16273359 |
| 6.13%, 04/01/32<sup>(a)</sup> | &nbsp;&nbsp; 7828 | 8030354 |
| Hilton Grand Vacations Borrower <br> Escrow LLC/Hilton Grand Vacations <br> Borrower Esc<br>|  |  |
| 4.88%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8082 | 7504218 |
| 5.00%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 14051 | 13595143 |
| 6.63%, 01/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 15267 | 15579265 |
| Hilton Worldwide Finance LLC/Hilton Worldwide <br> Finance Corp., 4.88%, 04/01/27<sup>(b)</sup><br>| &nbsp;&nbsp; 4287 | 4277049 |
| Melco Resorts Finance Ltd. |  |  |
| 5.38%, 12/04/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 18402 | 17819172 |
| 5.63%, 07/17/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8485 | 8486256 |
| 5.75%, 07/21/28<sup>(a)</sup> | &nbsp;&nbsp; 12566 | 12466260 |
| 7.63%, 04/17/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12059 | 12520257 |
| MGM China Holdings Ltd. |  |  |
| 4.75%, 02/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 11000 | 10934238 |
| 7.13%, 06/26/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7563 | 7895494 |
| MGM Resorts International |  |  |
| 4.63%, 09/01/26<sup>(b)</sup> | &nbsp;&nbsp; 4662 | 4642000 |
| 4.75%, 10/15/28<sup>(b)</sup> | &nbsp;&nbsp; 12337 | 12260659 |
| 5.50%, 04/15/27<sup>(b)</sup> | &nbsp;&nbsp; 9962 | 10019768 |
| 6.13%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 14866 | 15197861 |
| 6.50%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 12602 | 12925750 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 10368 | 10208592 |
| 4.63%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8232 | 7785826 |
| 6.63%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7965 | 8187560 |
| Studio City Finance Ltd. |  |  |
| 5.00%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 17322 | 16421428 |
| 6.50%, 01/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 6758 | 6738533 |
| Travel + Leisure Co. |  |  |
| 4.50%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10333 | 10010822 |
| 6.00%, 04/01/27 | &nbsp;&nbsp; 5112 | 5176104 |
| 6.13%, 09/01/33<sup>(a)</sup> | &nbsp;&nbsp; 8185 | 8214875 |
| Wynn Macau Ltd. |  |  |
| 5.13%, 12/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 17217 | 16689514 |
| 5.50%, 10/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 12040 | 12027991 |
| 5.63%, 08/26/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 22053 | 21938986 |
| 6.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 12035 | 12092166 |
|  |  | 454851151 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Chart Industries Inc. |  |  |
| 7.50%, 01/01/30<sup>(a)</sup> | &nbsp;&nbsp; 18653 | 19549739 |
| 9.50%, 01/01/31<sup>(a)</sup> | &nbsp;&nbsp; 8879 | 9510626 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $15017 | $15726553 |
| Terex Corp. |  |  |
| 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10394 | 10225633 |
| 6.25%, 10/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12292 | 12444464 |
| TK Elevator U.S. Newco Inc., 5.25%, <br> 07/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; 22986 | 22911257 |
|  |  | 90368272 |
| **Manufacturing — 0.2%** | **Manufacturing — 0.2%** | **Manufacturing — 0.2%** |
| Axon Enterprise Inc. |  |  |
| 6.13%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 14887 | 15319653 |
| 6.25%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 11620 | 12012175 |
|  |  | 27331828 |
| **Media — 9.0%** | **Media — 9.0%** | **Media — 9.0%** |
| AMC Networks Inc. |  |  |
| 4.25%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 824 | 678448 |
| 10.25%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 14990 | 15588850 |
| 10.50%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6360 | 6545267 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 48387 | 44637007 |
| 4.25%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 31813 | 27627364 |
| 4.50%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 44971 | 42531323 |
| 4.50%, 05/01/32<sup>(b)</sup> | &nbsp;&nbsp; 45539 | 41615815 |
| 4.50%, 06/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 27646 | 24674055 |
| 4.75%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 48636 | 46765440 |
| 4.75%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 18956 | 17589932 |
| 5.00%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 40008 | 39650461 |
| 5.13%, 05/01/27<sup>(a)</sup> | &nbsp;&nbsp; 52437 | 52196985 |
| 5.38%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 23610 | 23382163 |
| 6.38%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 24106 | 24465179 |
| 7.38%, 03/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 17792 | 18454218 |
| CSC Holdings LLC |  |  |
| 3.38%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 16137 | 10339457 |
| 4.13%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 17635 | 11595639 |
| 4.50%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 24374 | 15751697 |
| 4.63%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 37357 | 16421708 |
| 5.00%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7673 | 3358706 |
| 5.38%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16154 | 14904832 |
| 5.50%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 21175 | 20354818 |
| 5.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 36137 | 16984679 |
| 6.50%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 28131 | 22160235 |
| 7.50%, 04/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16614 | 13434569 |
| 11.25%, 05/15/28<sup>(a)</sup> | &nbsp;&nbsp; 15949 | 15930836 |
| 11.75%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 32979 | 30289474 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11766 | 11702897 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor Inc.<br>|  |  |
| 5.88%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 59465 | 59167675 |
| 10.00%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 32718 | 32485375 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 15131 | 13649221 |
| 3.95%, 03/20/28 | &nbsp;&nbsp; 8722 | 8439785 |
| 4.13%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2556 | 2418615 |
| 5.00%, 09/20/37 | &nbsp;&nbsp; 6178 | 4555657 |
| 6.35%, 06/01/40<sup>(b)</sup> | &nbsp;&nbsp; 6977 | 5418804 |
| DISH DBS Corp. |  |  |
| 5.25%, 12/01/26<sup>(a)</sup> | &nbsp;&nbsp; 44987 | 43637390 |
| 5.75%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 40635 | 38232610 |
| 7.38%, 07/01/28 | &nbsp;&nbsp; 15647 | 14161630 |
| 5.13%, 06/01/29 | &nbsp;&nbsp; 24313 | 20058225 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| DISH Network Corp., 11.75%, 11/15/27<sup>(a)</sup> | &nbsp;&nbsp; $59716 | $63149670 |
| EW Scripps Co. (The), 9.88%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5038 | 4736828 |
| Gray Media Inc. |  |  |
| 7.25%, 08/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 13713 | 13520195 |
| 9.63%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 14287 | 14359864 |
| Gray Television Inc. |  |  |
| 4.75%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12258 | 9208026 |
| 5.38%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 18975 | 13971292 |
| 10.50%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 23354 | 25423631 |
| iHeartCommunications Inc. |  |  |
| 7.75%, 08/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10658 | 8440463 |
| 9.13%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12019 | 10365434 |
| 10.88%, 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11179 | 6541136 |
| LCPR Senior Secured Financing DAC |  |  |
| 5.13%, 07/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13259 | 7628814 |
| 6.75%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 18906 | 11858789 |
| McGraw-Hill Education Inc. |  |  |
| 5.75%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16088 | 16142860 |
| 7.38%, 09/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10373 | 10902103 |
| 8.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 13938 | 14212969 |
| Nexstar Media Inc. |  |  |
| 4.75%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 15398 | 15118988 |
| 5.63%, 07/15/27<sup>(a)</sup> | &nbsp;&nbsp; 25233 | 25191366 |
| Paramount Global |  |  |
| 6.25%, 02/28/57<sup>(e)</sup> | &nbsp;&nbsp; 10170 | 9917740 |
| 6.38%, 03/30/62, (5-year CMT + <br> 3.999%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 15568 | 15593689 |
| Radiate Holdco LLC / Radiate Finance Inc., <br> 9.25%, 03/25/30, (9.25% PIK)<sup>(a)(b)(d)</sup><br>| &nbsp;&nbsp; 13282 | 8290133 |
| Scripps Escrow II Inc., 3.88%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9331 | 8252136 |
| Sinclair Television Group Inc. |  |  |
| 5.50%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8193 | 6776977 |
| 8.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 25343 | 25893077 |
| Sirius XM Radio LLC |  |  |
| 3.13%, 09/01/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 14850 | 14761515 |
| 3.88%, 09/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 23845 | 21431886 |
| 4.00%, 07/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 32515 | 31397216 |
| 4.13%, 07/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 23783 | 22118190 |
| 5.00%, 08/01/27<sup>(a)</sup> | &nbsp;&nbsp; 23378 | 23284371 |
| 5.50%, 07/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 19526 | 19472889 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 20101 | 19213340 |
| TEGNA Inc. |  |  |
| 4.63%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 14686 | 14575855 |
| 5.00%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 16502 | 16522627 |
| Telenet Finance Luxembourg Notes SARL, <br> 5.50%, 03/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 12600 | 12545400 |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 17621 | 16521825 |
| 7.38%, 06/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 14637 | 14758549 |
| 8.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 23681 | 24532180 |
| 8.50%, 07/31/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 20850 | 21505059 |
| 9.38%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; 23314 | 24521682 |
| Virgin Media Finance PLC, 5.00%, <br> 07/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 13957 | 12771600 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 14808 | 13899085 |
| 5.50%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 22822 | 22477678 |
| Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/28<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7845 | 7673848 |
| VZ Secured Financing BV, 5.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 24980 | 22163005 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8349 | 7368932 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Ziggo BV, 4.88%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $15769 | $14808423 |
|  |  | 1615678376 |
| **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
| Alcoa Nederland Holding BV |  |  |
| 4.13%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8277 | 7971165 |
| 7.13%, 03/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 12282 | 12932172 |
| Alumina Pty. Ltd. |  |  |
| 6.13%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8437 | 8606257 |
| 6.38%, 09/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8112 | 8281640 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11210 | 11890753 |
| 11.50%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; 8920 | 9952490 |
| Constellium SE, 3.75%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7142 | 6754475 |
| Fortescue Treasury Pty Ltd. |  |  |
| 4.38%, 04/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 26331 | 25036041 |
| 4.50%, 09/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 9466 | 9378504 |
| 5.88%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11086 | 11310892 |
| 6.13%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 14514 | 14883962 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9296 | 8723069 |
| 4.63%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8238 | 8115943 |
| Novelis Corp. |  |  |
| 3.88%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12447 | 11304469 |
| 4.75%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 27117 | 26119132 |
| 6.38%, 08/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11782 | 11890984 |
| 6.88%, 01/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13321 | 13820537 |
|  |  | 206972485 |
| **Office & Business Equipment — 0.2%** | **Office & Business Equipment — 0.2%** | **Office & Business Equipment — 0.2%** |
| Xerox Corp. |  |  |
| 10.25%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6276 | 6520246 |
| 13.50%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8307 | 8332585 |
| Xerox Holdings Corp. |  |  |
| 5.50%, 08/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11691 | 7585121 |
| 8.88%, 11/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7703 | 4708795 |
|  |  | 27146747 |
| **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** |
| Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 14698 | 15340920 |
| Ascent Resources Utica Holdings LLC / ARU <br> Finance Corp., 6.63%, 07/15/33<sup>(a)</sup><br>| &nbsp;&nbsp; 7437 | 7562319 |
| Ascent Resources Utica Holdings LLC/ARU <br> Finance Corp.<br>|  |  |
| 5.88%, 06/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6646 | 6641879 |
| 6.63%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9976 | 10162965 |
| Baytex Energy Corp. |  |  |
| 7.38%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9014 | 8808661 |
| 8.50%, 04/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12912 | 13174501 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13718 | 14339231 |
| Civitas Resources Inc. |  |  |
| 5.00%, 10/15/26<sup>(a)</sup> | &nbsp;&nbsp; 6876 | 6862523 |
| 8.38%, 07/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 23185 | 24075304 |
| 8.63%, 11/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16450 | 17120565 |
| 8.75%, 07/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 21867 | 22490575 |
| 9.63%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 12117 | 12788896 |
| CNX Resources Corp. |  |  |
| 6.00%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7649 | 7665430 |
| 7.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 9433 | 9799410 |
| 7.38%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8683 | 9012334 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Comstock Resources Inc. |  |  |
| 5.88%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $15331 | $14380305 |
| 6.75%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 26782 | 26285490 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 16003 | 15612735 |
| 7.63%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 17394 | 17322685 |
| 8.38%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 10177 | 10316013 |
| CVR Energy Inc. |  |  |
| 5.75%, 02/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6385 | 6233041 |
| 8.50%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9905 | 10018410 |
| Energian Israel Finance Ltd. |  |  |
| 4.88%, 03/30/26<sup>(a)(g)</sup> | &nbsp;&nbsp; 2063 | 2038772 |
| 5.38%, 03/30/28<sup>(a)(g)</sup> | &nbsp;&nbsp; 9480 | 9213274 |
| 5.88%, 03/30/31<sup>(a)(g)</sup> | &nbsp;&nbsp; 9736 | 9178706 |
| 8.50%, 09/30/33<sup>(a)(g)</sup> | &nbsp;&nbsp; 11587 | 12076551 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 5.75%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9776 | 9655495 |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8547 | 8459339 |
| 6.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 9699 | 9342967 |
| 6.25%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10908 | 10967508 |
| 6.25%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8290 | 7939186 |
| 6.88%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8075 | 7753696 |
| 7.25%, 02/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 15630 | 15278239 |
| 8.38%, 11/01/33<sup>(a)</sup> | &nbsp;&nbsp; 9281 | 9659405 |
| Leviathan Bond Ltd. |  |  |
| 6.50%, 06/30/27<sup>(a)(g)</sup> | &nbsp;&nbsp; 8808 | 8794881 |
| 6.75%, 06/30/30<sup>(a)(g)</sup> | &nbsp;&nbsp; 8215 | 8165131 |
| Matador Resources Co. |  |  |
| 6.25%, 04/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 11643 | 11728576 |
| 6.50%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 14083 | 14298729 |
| 6.88%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 7337 | 7499457 |
| Nabors Industries Inc. |  |  |
| 7.38%, 05/15/27<sup>(a)</sup> | &nbsp;&nbsp; 11978 | 12179233 |
| 8.88%, 08/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9169 | 8264971 |
| 9.13%, 01/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 10122 | 10372317 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 24522 | 25371123 |
| Northern Oil & Gas Inc. |  |  |
| 8.13%, 03/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13373 | 13495669 |
| 8.75%, 06/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7841 | 8032321 |
| Parkland Corp. |  |  |
| 4.50%, 10/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14133 | 13757635 |
| 4.63%, 05/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13277 | 12892830 |
| 5.88%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 4833 | 4836858 |
| 6.63%, 08/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8838 | 9098858 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 6.00%, 02/15/28 | &nbsp;&nbsp; 13168 | 12998495 |
| 7.88%, 09/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9607 | 9345209 |
| 9.88%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12736 | 13149920 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 12563 | 12564131 |
| 6.25%, 02/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 16552 | 16878409 |
| 7.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 16663 | 17280406 |
| 8.00%, 04/15/27<sup>(a)</sup> | &nbsp;&nbsp; 9240 | 9408630 |
| Range Resources Corp. |  |  |
| 4.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7756 | 7569536 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; 10334 | 10592350 |
| SM Energy Co. |  |  |
| 6.50%, 07/15/28<sup>(b)</sup> | &nbsp;&nbsp; 6863 | 6924593 |
| 6.63%, 01/15/27 | &nbsp;&nbsp; 3999 | 4007218 |
| 6.75%, 09/15/26<sup>(b)</sup> | &nbsp;&nbsp; 6134 | 6139030 |
| 6.75%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12149 | 12283246 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 7.00%, 08/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; $11553 | $11630844 |
| Sunoco LP |  |  |
| 6.25%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 16322 | 16689245 |
| 7.00%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 11820 | 12294322 |
| 7.25%, 05/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12553 | 13248687 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| 4.50%, 05/15/29 | &nbsp;&nbsp; 14356 | 14006673 |
| 4.50%, 04/30/30<sup>(b)</sup> | &nbsp;&nbsp; 12983 | 12516001 |
| 5.88%, 03/15/28<sup>(b)</sup> | &nbsp;&nbsp; 7103 | 7129871 |
| 6.00%, 04/15/27 | &nbsp;&nbsp; 5070 | 5067516 |
| 7.00%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7781 | 8039329 |
| Talos Production Inc. |  |  |
| 9.00%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9763 | 10072056 |
| 9.38%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9855 | 10213722 |
| Transocean Inc. |  |  |
| 8.00%, 02/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8326 | 8311314 |
| 8.25%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 14840 | 14356216 |
| 8.50%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 15464 | 14495006 |
| 8.75%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 14128 | 14965366 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/28<sup>(a)</sup><br>| &nbsp;&nbsp; 7490 | 7677985 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 18738 | 19483414 |
| Vital Energy Inc., 7.88%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 15539 | 15330117 |
|  |  | 921034776 |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.25%, 04/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 13159 | 13206912 |
| 6.63%, 09/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12579 | 12908667 |
| USA Compression Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| 6.88%, 09/01/27 | &nbsp;&nbsp; 14631 | 14635974 |
| 7.13%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 16997 | 17425987 |
| Weatherford International Ltd., 8.63%, <br> 04/30/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 27027 | 27700243 |
|  |  | 85877783 |
| **Packaging & Containers — 2.3%** | **Packaging & Containers — 2.3%** | **Packaging & Containers — 2.3%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC<br>|  |  |
| 3.25%, 09/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10749 | 10159095 |
| 4.00%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16576 | 15186931 |
| 6.00%, 06/15/27<sup>(a)</sup> | &nbsp;&nbsp; 11740 | 11746246 |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA Inc.<br>|  |  |
| 4.13%, 08/15/26<sup>(a)</sup> | &nbsp;&nbsp; 17613 | 16780187 |
| 5.25%, 08/15/27<sup>(a)</sup> | &nbsp;&nbsp; 27047 | 11860250 |
| Ball Corp. |  |  |
| 2.88%, 08/15/30<sup>(b)</sup> | &nbsp;&nbsp; 21099 | 19094595 |
| 3.13%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 13612 | 12269176 |
| 5.50%, 09/15/33<sup>(b)</sup> | &nbsp;&nbsp; 12175 | 12317934 |
| 6.00%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 15821 | 16200484 |
| 6.88%, 03/15/28 | &nbsp;&nbsp; 7891 | 8048820 |
| Clydesdale Acquisition Holdings Inc. |  |  |
| 6.63%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7427 | 7519540 |
| 6.75%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 23561 | 24218571 |
| 6.88%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8010 | 8225069 |
| 8.75%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 17281 | 17806140 |
| Crown Americas LLC |  |  |
| 5.25%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 8332 | 8432909 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| 5.88%, 06/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; $11255 | $11370473 |
| Crown Americas LLC/Crown Americas Capital <br> Corp. V, 4.25%, 09/30/26<br>| &nbsp;&nbsp; 3331 | 3309482 |
| Graphic Packaging International LLC |  |  |
| 3.50%, 03/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8144 | 7862732 |
| 3.75%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7067 | 6639660 |
| 6.38%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 8812 | 8960110 |
| LABL Inc. |  |  |
| 5.88%, 11/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 8546 | 6816290 |
| 8.25%, 11/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7355 | 4774581 |
| 8.63%, 10/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14275 | 10516966 |
| 10.50%, 07/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 11315 | 10070350 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 47222 | 47805192 |
| 9.25%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 21332 | 21238353 |
| OI European Group BV, 4.75%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 6010 | 5686362 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27<sup>(a)</sup> | &nbsp;&nbsp; 8990 | 8996529 |
| 7.25%, 05/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10843 | 11033916 |
| Sealed Air Corp. |  |  |
| 4.00%, 12/01/27<sup>(a)</sup> | &nbsp;&nbsp; 6899 | 6761060 |
| 5.00%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 6232 | 6183082 |
| 6.50%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 5826 | 6037188 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 6.13%, 02/01/28<sup>(a)</sup> | &nbsp;&nbsp; 10452 | 10594010 |
| 7.25%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6289 | 6618935 |
| Trivium Packaging Finance BV |  |  |
| 8.25%, 07/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9763 | 10369380 |
| 12.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9466 | 10139721 |
|  |  | 421650319 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| 1261229 BC Ltd., 10.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 71875 | 74555937 |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 7912 | 7516117 |
| 5.13%, 03/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 9376 | 8939744 |
| Bausch Health Americas Inc., 8.50%, <br> 01/31/27<sup>(a)</sup><br>| &nbsp;&nbsp; 8901 | 8876925 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 20090 | 18147389 |
| 5.00%, 01/30/28<sup>(a)</sup> | &nbsp;&nbsp; 5510 | 4777166 |
| 5.00%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6120 | 4688733 |
| 5.25%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; 10258 | 7453069 |
| 5.25%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6070 | 4110907 |
| 6.25%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10183 | 8019697 |
| 11.00%, 09/30/28<sup>(a)</sup> | &nbsp;&nbsp; 27823 | 29166050 |
| CVS Health Corp. |  |  |
| 6.75%, 12/10/54, (5-year CMT + 2.516%)<sup>(e)</sup> | &nbsp;&nbsp; 11955 | 12158405 |
| 7.00%, 03/10/55, (5-year CMT + 2.886%)<sup>(e)</sup> | &nbsp;&nbsp; 36453 | 37938387 |
| Endo Finance Holdings Inc., 8.50%, <br> 04/15/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 15367 | 16365855 |
| HLF Financing SARL LLC/Herbalife <br> International Inc.<br>|  |  |
| 4.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9666 | 8462583 |
| 12.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 14938 | 16287937 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 23592 | 23103362 |
| Organon & Co./Organon Foreign Debt <br> Co-Issuer BV<br>|  |  |
| 4.13%, 04/30/28<sup>(a)</sup> | &nbsp;&nbsp; 33658 | 32240325 |
| 5.13%, 04/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 32423 | 27762194 |
| 6.75%, 05/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 9076 | 8599917 |
| 7.88%, 05/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 9022 | 8136824 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Owens & Minor Inc. |  |  |
| 4.50%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $7180 | $6098189 |
| 6.63%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8976 | 7797900 |
| Teva Pharmaceutical Finance Netherlands <br> III BV<br>|  |  |
| 3.15%, 10/01/26<sup>(b)</sup> | &nbsp;&nbsp; 19177 | 18794611 |
| 4.75%, 05/09/27 | &nbsp;&nbsp; 11432 | 11370083 |
| 5.13%, 05/09/29<sup>(b)</sup> | &nbsp;&nbsp; 15310 | 15393493 |
| 6.00%, 12/01/32 | &nbsp;&nbsp; 9431 | 9684411 |
| 6.75%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp; 19883 | 20651054 |
| 7.88%, 09/15/29 | &nbsp;&nbsp; 251 | 274251 |
| 8.13%, 09/15/31 | &nbsp;&nbsp; 8245 | 9347769 |
| Teva Pharmaceutical Finance Netherlands IV <br> BV, 5.75%, 12/01/30<br>| &nbsp;&nbsp; 11312 | 11552380 |
|  |  | 478271664 |
| **Pipelines — 4.9%** | **Pipelines — 4.9%** | **Pipelines — 4.9%** |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| 5.38%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11749 | 11668960 |
| 5.75%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 6360 | 6358028 |
| 5.75%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 8570 | 8590958 |
| 6.63%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9734 | 10074398 |
| Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.<br>|  |  |
| 7.00%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7306 | 7574495 |
| 7.25%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7620 | 8071561 |
| Buckeye Partners LP |  |  |
| 3.95%, 12/01/26 | &nbsp;&nbsp; 8799 | 8687605 |
| 4.13%, 12/01/27 | &nbsp;&nbsp; 5531 | 5440695 |
| 4.50%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 8115 | 7989188 |
| 6.75%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7693 | 7994731 |
| 6.88%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10604 | 10991709 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| 5.50%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 22821 | 22510224 |
| 7.50%, 12/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8685 | 9315706 |
| Delek Logistics Partners LP / Delek Logistics <br> Finance Corp., 7.38%, 06/30/33<sup>(a)</sup><br>| &nbsp;&nbsp; 11350 | 11364097 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.13%, 06/01/28<sup>(a)</sup> | &nbsp;&nbsp; 6761 | 6786969 |
| 8.63%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 16451 | 17215646 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54, (5-year CMT + <br> 2.829%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 7247 | 7468903 |
| 8.00%, 05/15/54, (5-year CMT + <br> 4.020%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 13562 | 14413467 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp.<br>|  |  |
| 7.75%, 02/01/28 | &nbsp;&nbsp; 12527 | 12654666 |
| 7.88%, 05/15/32<sup>(b)</sup> | &nbsp;&nbsp; 11895 | 12347456 |
| 8.00%, 05/15/33 | &nbsp;&nbsp; 10752 | 11219712 |
| 8.25%, 01/15/29 | &nbsp;&nbsp; 9695 | 10113893 |
| 8.88%, 04/15/30<sup>(b)</sup> | &nbsp;&nbsp; 7826 | 8283293 |
| Global Partners LP / GLP Finance Corp., <br> 7.13%, 07/01/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 7000 | 7157006 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6816 | 7181809 |
| Harvest Midstream I LP |  |  |
| 7.50%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16261 | 16427615 |
| 7.50%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8212 | 8482996 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $11002 | $10699509 |
| 5.13%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7559 | 7531032 |
| 5.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6102 | 6145646 |
| 5.88%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 12742 | 12949057 |
| 6.50%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8950 | 9252241 |
| Howard Midstream Energy Partners LLC |  |  |
| 6.63%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9946 | 10102500 |
| 7.38%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 10582 | 11034605 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 19647 | 19229501 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 15910 | 16048926 |
| 6.63%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 16312 | 16761792 |
| New Fortress Energy Inc., 6.50%, 09/30/26<sup>(a)(b)</sup> | &nbsp;&nbsp; 6334 | 2162130 |
| NFE Financing LLC, 12.00%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 38862 | 14281820 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 14366 | 14657957 |
| 8.38%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 20997 | 21332690 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/27<sup>(b)</sup> | &nbsp;&nbsp; 8385 | 8430064 |
| 6.38%, 10/01/30 | &nbsp;&nbsp; 8884 | 9205582 |
| Rockies Express Pipeline LLC |  |  |
| 4.95%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8938 | 8807098 |
| 6.75%, 03/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8048 | 8404530 |
| South Bow Canadian Infrastructure <br> Holdings Ltd.<br>|  |  |
| 7.50%, 03/01/55, (5-year CMT + <br> 3.667%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 9919 | 10297782 |
| 7.63%, 03/01/55, (5-year CMT + <br> 3.949%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 6683 | 6975381 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<br>|  |  |
| 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 14089 | 14041038 |
| 6.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 4828 | 4826214 |
| 6.00%, 12/31/30<sup>(a)</sup> | &nbsp;&nbsp; 11579 | 11425772 |
| 6.00%, 09/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7119 | 6995006 |
| 7.38%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13690 | 14109256 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.88%, 11/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 20114 | 17916099 |
| 6.25%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 16568 | 17251430 |
| 3.88%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 21095 | 20219925 |
| 4.13%, 08/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 20804 | 19529755 |
| Venture Global LNG Inc. |  |  |
| 7.00%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 23474 | 24195497 |
| 8.13%, 06/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 36899 | 38204118 |
| 8.38%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 38389 | 40254606 |
| 9.50%, 02/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 47752 | 52486611 |
| 9.88%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 31324 | 34088334 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.50%, 01/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 31672 | 33022637 |
| 6.75%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 32461 | 34059704 |
|  |  | 883321631 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| Anywhere Real Estate Group LLC / Realogy <br> Co-Issuer Corp., 9.75%, 04/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 8720 | 9261013 |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., 7.00%, 04/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11164 | 11010692 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |  |
| 5.25%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; $6960 | $6128280 |
| 5.75%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9427 | 8775245 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 10957 | 11068056 |
| 8.88%, 09/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 6850 | 7350153 |
| Howard Hughes Corp. (The) |  |  |
| 4.13%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10383 | 9943067 |
| 4.38%, 02/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11055 | 10300496 |
| 5.38%, 08/01/28<sup>(a)</sup> | &nbsp;&nbsp; 11474 | 11470672 |
| Kennedy-Wilson Inc. |  |  |
| 4.75%, 03/01/29 | &nbsp;&nbsp; 10557 | 10063088 |
| 4.75%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 10142 | 9515174 |
| 5.00%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 9801 | 9174596 |
|  |  | 114060532 |
| **Real Estate Investment Trusts — 3.8%** | **Real Estate Investment Trusts — 3.8%** | **Real Estate Investment Trusts — 3.8%** |
| Brandywine Operating Partnership LP |  |  |
| 3.95%, 11/15/27 | &nbsp;&nbsp; 6359 | 6176942 |
| 8.88%, 04/12/29 | &nbsp;&nbsp; 8574 | 9323494 |
| Diversified Healthcare Trust |  |  |
| 4.38%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 7865 | 6712777 |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 7431 | 7002231 |
| Hudson Pacific Properties LP |  |  |
| 3.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 6099 | 5189232 |
| 3.95%, 11/01/27 | &nbsp;&nbsp; 5898 | 5645666 |
| 4.65%, 04/01/29<sup>(b)</sup> | &nbsp;&nbsp; 8528 | 7843884 |
| Iron Mountain Inc. |  |  |
| 4.50%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 19212 | 18293676 |
| 4.88%, 09/15/27<sup>(a)</sup> | &nbsp;&nbsp; 14316 | 14237282 |
| 4.88%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 16660 | 16390356 |
| 5.00%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 7324 | 7270958 |
| 5.25%, 03/15/28<sup>(a)</sup> | &nbsp;&nbsp; 10911 | 10888087 |
| 5.25%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 19998 | 19776714 |
| 5.63%, 07/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11241 | 11156099 |
| 6.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 19579 | 20015044 |
| 7.00%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 15018 | 15496699 |
| Iron Mountain Information Management <br> Services Inc., 5.00%, 07/15/32<sup>(a)</sup><br>| &nbsp;&nbsp; 13488 | 12965340 |
| Ladder Capital Finance Holdings LLLP / Ladder <br> Capital Finance Corp., 5.50%, 08/01/30<sup>(b)</sup><br>| &nbsp;&nbsp; 9207 | 9361690 |
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.25%, 02/01/27<sup>(a)</sup> | &nbsp;&nbsp; 9972 | 9812049 |
| 4.75%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10128 | 9910126 |
| 7.00%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8056 | 8470352 |
| Millrose Properties Inc., 6.38%, 08/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8020 | 8092180 |
| MPT Operating Partnership LP/MPT <br> Finance Corp.<br>|  |  |
| 3.50%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 20192 | 14220089 |
| 4.63%, 08/01/29<sup>(b)</sup> | &nbsp;&nbsp; 13992 | 11034791 |
| 5.00%, 10/15/27<sup>(b)</sup> | &nbsp;&nbsp; 21835 | 20626913 |
| 8.50%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 23608 | 24715510 |
| Office Properties Income Trust |  |  |
| 3.25%, 03/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 7942 | 6602964 |
| 9.00%, 09/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8471 | 5874139 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| 4.88%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11746 | 11421578 |
| 5.88%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 10627 | 10621950 |
| 7.00%, 02/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8931 | 9215054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| RHP Hotel Properties LP / RHP Finance Corp., <br> 6.50%, 06/15/33<sup>(a)(b)</sup><br>| &nbsp;&nbsp; $10190 | $10520136 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10204 | 9974410 |
| 4.75%, 10/15/27 | &nbsp;&nbsp; 8299 | 8276454 |
| 6.50%, 04/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 16485 | 16942505 |
| 7.25%, 07/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5567 | 5739113 |
| Rithm Capital Corp. |  |  |
| 8.00%, 04/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12892 | 13169307 |
| 8.00%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7896 | 8057860 |
| SBA Communications Corp. |  |  |
| 3.13%, 02/01/29 | &nbsp;&nbsp; 23939 | 22490212 |
| 3.88%, 02/15/27 | &nbsp;&nbsp; 23601 | 23203323 |
| Service Properties Trust |  |  |
| 3.95%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 5943 | 5529252 |
| 4.38%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5887 | 5000418 |
| 4.75%, 10/01/26 | &nbsp;&nbsp; 7591 | 7525813 |
| 4.95%, 02/15/27<sup>(b)</sup> | &nbsp;&nbsp; 5771 | 5629310 |
| 4.95%, 10/01/29<sup>(b)</sup> | &nbsp;&nbsp; 6935 | 6135672 |
| 5.50%, 12/15/27 | &nbsp;&nbsp; 7393 | 7298043 |
| 8.38%, 06/15/29 | &nbsp;&nbsp; 10817 | 11170646 |
| 8.63%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 15549 | 16568570 |
| 8.88%, 06/15/32<sup>(b)</sup> | &nbsp;&nbsp; 8210 | 8463320 |
| Starwood Property Trust Inc. |  |  |
| 4.38%, 01/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8074 | 7979327 |
| 6.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6097 | 6212843 |
| 6.50%, 07/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8869 | 9214918 |
| 6.50%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8774 | 9079508 |
| 7.25%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10300 | 10811555 |
| Uniti Group LP / Uniti Group Finance 2019 Inc. / <br> CSL Capital LLC, 8.63%, 06/15/32<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10139 | 9974241 |
| Uniti Group LP/Uniti Fiber Holdings Inc./CSL <br> Capital LLC, 6.00%, 01/15/30<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11375 | 10457265 |
| Uniti Group LP/Uniti Group Finance 2019 <br> Inc./CSL Capital LLC<br>|  |  |
| 4.75%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 9044 | 8824412 |
| 6.50%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 17321 | 16498252 |
| 10.50%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 41595 | 43778632 |
|  |  | 678889183 |
| **Retail — 4.6%** | **Retail — 4.6%** | **Retail — 4.6%** |
| Advance Auto Parts Inc. |  |  |
| 3.90%, 04/15/30 | &nbsp;&nbsp; 8379 | 7717101 |
| 7.00%, 08/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6900 | 7078538 |
| 7.38%, 08/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 6565 | 6729125 |
| Asbury Automotive Group Inc. |  |  |
| 4.50%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp; 5408 | 5336452 |
| 4.63%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 12973 | 12609118 |
| 4.75%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 6836 | 6677972 |
| 5.00%, 02/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 10140 | 9753501 |
| Bath & Body Works Inc. |  |  |
| 5.25%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 5924 | 5964627 |
| 6.63%, 10/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12752 | 13099468 |
| 7.50%, 06/15/29<sup>(b)</sup> | &nbsp;&nbsp; 8223 | 8446476 |
| Burger King (Restaurant Brands <br> International Inc.)/New Red Finance Inc.<br>|  |  |
| 3.50%, 02/15/29<sup>(a)</sup> | &nbsp;&nbsp; 11708 | 11158117 |
| 3.88%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 24718 | 24042047 |
| 4.00%, 10/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 45646 | 42621496 |
| 4.38%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 12748 | 12545875 |
| 5.63%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8103 | 8204300 |
| 6.13%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 20275 | 20768708 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Carvana Co. |  |  |
| 9.00%, 12/01/28, (9.00% PIK)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; $9863 | $10103132 |
| 9.00%, 06/01/30, (9.00% Cash)<sup>(a)(d)</sup> | &nbsp;&nbsp; 25538 | 26735978 |
| 9.00%, 06/01/31, (9.00% Cash)<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 29850 | 33868046 |
| EG Global Finance PLC, 12.00%, 11/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 19887 | 21991496 |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co. Inc.<br>|  |  |
| 4.63%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 17942 | 17134610 |
| 6.75%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 21565 | 20272937 |
| FirstCash Inc. |  |  |
| 4.63%, 09/01/28<sup>(a)</sup> | &nbsp;&nbsp; 7402 | 7285638 |
| 5.63%, 01/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 8281 | 8275482 |
| 6.88%, 03/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 7767 | 8064573 |
| Gap Inc. (The) |  |  |
| 3.63%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 11796 | 11048419 |
| 3.88%, 10/01/31<sup>(a)</sup> | &nbsp;&nbsp; 11444 | 10328210 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 8.38%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8586 | 7968066 |
| 8.75%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8859 | 7783986 |
| 11.50%, 08/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9007 | 8939372 |
| Group 1 Automotive Inc. |  |  |
| 4.00%, 08/15/28<sup>(a)</sup> | &nbsp;&nbsp; 11430 | 11086318 |
| 6.38%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 7516 | 7728121 |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco <br> Bell of America LLC, 4.75%, 06/01/27<sup>(a)</sup><br>| &nbsp;&nbsp; 6133 | 6115349 |
| Kohl's Corp., 5.13%, 05/01/31<sup>(b)</sup> | &nbsp;&nbsp; 7881 | 6250973 |
| LBM Acquisition LLC |  |  |
| 6.25%, 01/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13954 | 12825759 |
| 9.50%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10091 | 10575570 |
| LCM Investments Holdings II LLC |  |  |
| 4.88%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 15722 | 15434779 |
| 8.25%, 08/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 14981 | 15892049 |
| Lithia Motors Inc. |  |  |
| 3.88%, 06/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13119 | 12573663 |
| 4.38%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 9260 | 8818992 |
| 4.63%, 12/15/27<sup>(a)</sup> | &nbsp;&nbsp; 5159 | 5103025 |
| Macy's Retail Holdings LLC |  |  |
| 5.88%, 03/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2241 | 2220293 |
| 6.13%, 03/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 6734 | 6570633 |
| 7.38%, 08/01/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8585 | 8807734 |
| Michaels Companies Inc. (The) |  |  |
| 5.25%, 05/01/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 11669 | 9262765 |
| 7.88%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 16202 | 11110935 |
| Murphy Oil USA Inc. |  |  |
| 3.75%, 02/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8604 | 7956119 |
| 4.75%, 09/15/29 | &nbsp;&nbsp; 7393 | 7279693 |
| Nordstrom Inc. |  |  |
| 4.25%, 08/01/31 | &nbsp;&nbsp; 6387 | 5676974 |
| 4.38%, 04/01/30<sup>(b)</sup> | &nbsp;&nbsp; 8487 | 7856076 |
| PetSmart LLC / PetSmart Finance Corp. |  |  |
| 7.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 27560 | 27276132 |
| 10.00%, 09/15/33<sup>(a)</sup> | &nbsp;&nbsp; 11905 | 11666900 |
| QVC Inc., 6.88%, 04/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 8461 | 4077102 |
| QXO Building Products Inc., 6.75%, 04/30/32<sup>(a)</sup> | &nbsp;&nbsp; 37631 | 38995139 |
| Saks Global Enterprises LLC, 11.00%, <br> 12/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 27854 | 10932485 |
| SGUS LLC, 11.00%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 17074 | 14982322 |
| Sonic Automotive Inc. |  |  |
| 4.63%, 11/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10081 | 9801434 |
| 4.88%, 11/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 8317 | 7949855 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Staples Inc. |  |  |
| 10.75%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; $37570 | $36020688 |
| 12.75%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12920 | 9205454 |
| Suburban Propane Partners LP/Suburban <br> Energy Finance Corp., 5.00%, 06/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 10351 | 9789185 |
| Yum! Brands Inc. |  |  |
| 3.63%, 03/15/31 | &nbsp;&nbsp; 16854 | 15679596 |
| 4.63%, 01/31/32<sup>(b)</sup> | &nbsp;&nbsp; 18044 | 17454730 |
| 4.75%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 13150 | 13059436 |
| 5.38%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 16339 | 16428342 |
|  |  | 825017486 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| Entegris Inc. |  |  |
| 3.63%, 05/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 5837 | 5509017 |
| 4.38%, 04/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5506 | 5370229 |
| 4.75%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 25264 | 24920402 |
| 5.95%, 06/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 13591 | 13772961 |
| Kioxia Holdings Corp. |  |  |
| 6.25%, 07/24/30 | &nbsp;&nbsp; 18025 | 18035352 |
| 6.63%, 07/24/33<sup>(a)</sup> | &nbsp;&nbsp; 18795 | 18677531 |
|  |  | 86285492 |
| **Software — 2.9%** | **Software — 2.9%** | **Software — 2.9%** |
| AthenaHealth Group Inc., 6.50%, 02/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 37810 | 37080067 |
| Central Parent Inc./CDK Global Inc., 7.25%, <br> 06/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11560 | 9755819 |
| Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co. Inc., 8.00%, 06/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 11927 | 10361581 |
| Cloud Software Group Inc. |  |  |
| 6.50%, 03/31/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 66684 | 67461777 |
| 6.63%, 08/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 16285 | 16511362 |
| 8.25%, 06/30/32<sup>(a)</sup> | &nbsp;&nbsp; 30796 | 32926104 |
| 9.00%, 09/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 61865 | 64405177 |
| CoreWeave Inc. |  |  |
| 9.00%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 28941 | 28653037 |
| 9.25%, 06/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 31984 | 32084743 |
| Fair Isaac Corp. |  |  |
| 4.00%, 06/15/28<sup>(a)</sup> | &nbsp;&nbsp; 13301 | 12956942 |
| 6.00%, 05/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 23411 | 23798452 |
| Helios Software Holdings Inc./ION Corporate <br> Solutions Finance SARL, 8.75%, 05/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 10713 | 11020767 |
| Open Text Corp. |  |  |
| 3.88%, 02/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 14384 | 13982069 |
| 3.88%, 12/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13828 | 13044548 |
| Open Text Holdings Inc. |  |  |
| 4.13%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 14855 | 14012479 |
| 4.13%, 12/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 10710 | 9846346 |
| ROBLOX Corp., 3.88%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 14843 | 14119404 |
| Rocket Software Inc. |  |  |
| 6.50%, 02/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 9112 | 8786428 |
| 9.00%, 11/28/28<sup>(a)</sup> | &nbsp;&nbsp; 10753 | 11077741 |
| SS&C Technologies Inc. |  |  |
| 5.50%, 09/30/27<sup>(a)</sup> | &nbsp;&nbsp; 21864 | 21851489 |
| 6.50%, 06/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11491 | 11923751 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | &nbsp;&nbsp; 7252 | 6922034 |
| 3.88%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 8222 | 7685089 |
| UKG Inc., 6.88%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 40943 | 42326964 |
|  |  | 522594170 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications — 5.0%** | **Telecommunications — 5.0%** | **Telecommunications — 5.0%** |
| Altice Financing SA |  |  |
| 5.00%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; $18375 | $14838502 |
| 5.75%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 31451 | 24924917 |
| Altice France SA |  |  |
| 5.13%, 01/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6151 | 5261332 |
| 5.13%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 21542 | 18440721 |
| 5.50%, 01/15/28<sup>(a)</sup> | &nbsp;&nbsp; 14870 | 13044707 |
| 5.50%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9252 | 7933590 |
| 6.00%, 02/15/28<sup>(a)(h)(i)</sup> | &nbsp;&nbsp; 3974 | 1448886 |
| 8.13%, 02/01/27<sup>(a)(h)(i)</sup> | &nbsp;&nbsp; 23943 | 22221149 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 6.88%, 09/15/55, (5-year CMT + <br> 2.390%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 15968 | 16359970 |
| 7.00%, 09/15/55, (5-year CMT + <br> 2.363%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 21708 | 22220893 |
| British Telecommunications PLC |  |  |
| 4.25%, 11/23/81, (5-year CMT + <br> 2.985%)<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 6634 | 6558682 |
| 4.88%, 11/23/81, (5-year CMT + <br> 3.493%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 7878 | 7430722 |
| CommScope LLC |  |  |
| 4.75%, 09/01/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 13205 | 13092471 |
| 7.13%, 07/01/28<sup>(a)</sup> | &nbsp;&nbsp; 9482 | 9517557 |
| 8.25%, 03/01/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 13359 | 13522180 |
| 9.50%, 12/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 15050 | 15562452 |
| CommScope Technologies LLC, 5.00%, <br> 03/15/27<sup>(a)</sup><br>| &nbsp;&nbsp; 10287 | 10184130 |
| Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 32145 | 33490246 |
| EchoStar Corp. |  |  |
| 6.75%, 11/30/30, (6.75% PIK)<sup>(b)(d)</sup> | &nbsp;&nbsp; 35720 | 35228866 |
| Series ., 10.75%, 11/30/29 | &nbsp;&nbsp; 11672 | 12561698 |
| Fibercop SpA |  |  |
| Series 2033, 6.38%, 11/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 7728 | 7629963 |
| Series 2034, 6.00%, 09/30/34<sup>(a)</sup> | &nbsp;&nbsp; 7878 | 7519349 |
| Series 2036, 7.20%, 07/18/36<sup>(a)</sup> | &nbsp;&nbsp; 8899 | 8954441 |
| Series 2038, 7.72%, 06/04/38<sup>(a)</sup> | &nbsp;&nbsp; 7983 | 8128955 |
| Frontier Communications Holdings LLC |  |  |
| 5.00%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 19197 | 19145072 |
| 5.88%, 10/15/27<sup>(a)</sup> | &nbsp;&nbsp; 18013 | 17983999 |
| 5.88%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 8766 | 8831869 |
| 6.00%, 01/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 11373 | 11497285 |
| 6.75%, 05/01/29<sup>(a)</sup> | &nbsp;&nbsp; 17779 | 17921054 |
| 8.63%, 03/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 13559 | 14375252 |
| 8.75%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 17154 | 17962202 |
| Hughes Satellite Systems Corp. |  |  |
| 5.25%, 08/01/26<sup>(b)</sup> | &nbsp;&nbsp; 9520 | 9225166 |
| 6.63%, 08/01/26 | &nbsp;&nbsp; 9744 | 9015441 |
| Level 3 Financing Inc. |  |  |
| 3.75%, 07/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7753 | 6502829 |
| 3.88%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7550 | 6438317 |
| 4.00%, 04/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 7328 | 6136590 |
| 4.50%, 04/01/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 12147 | 10902851 |
| 4.88%, 06/15/29<sup>(a)(b)</sup> | &nbsp;&nbsp; 10685 | 10001160 |
| 6.88%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; 33591 | 33884921 |
| 7.00%, 03/31/34<sup>(a)</sup> | &nbsp;&nbsp; 15538 | 15643089 |
| 10.75%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8090 | 9151967 |
| Lumen Technologies Inc. |  |  |
| 4.13%, 04/15/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 2433 | 2390512 |
| 10.00%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6126 | 6207787 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Maya SAS/Paris France |  |  |
| 7.00%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; $16629 | $16919472 |
| 7.00%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 13761 | 14156353 |
| 8.50%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 15445 | 16620519 |
| Rogers Communications Inc. |  |  |
| 5.25%, 03/15/82, (5-year CMT + <br> 3.590%)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 11418 | 11305304 |
| 7.00%, 04/15/55, (5-year CMT + 2.653%)<sup>(e)</sup> | &nbsp;&nbsp; 17921 | 18437116 |
| 7.13%, 04/15/55, (5-year CMT + <br> 2.620%)<sup>(b)(e)</sup><br>| &nbsp;&nbsp; 16317 | 16917873 |
| TELUS Corp. |  |  |
| 6.63%, 10/15/55, (5-year CMT + 2.769%)<sup>(e)</sup> | &nbsp;&nbsp; 11066 | 11252500 |
| 7.00%, 10/15/55, (5-year CMT + 2.709%)<sup>(e)</sup> | &nbsp;&nbsp; 12733 | 13068672 |
| Viasat Inc. |  |  |
| 5.63%, 04/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp; 8611 | 8590756 |
| 6.50%, 07/15/28<sup>(a)(b)</sup> | &nbsp;&nbsp; 5839 | 5682397 |
| 7.50%, 05/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 11875 | 11147656 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.25%, 01/31/31<sup>(a)</sup> | &nbsp;&nbsp; 21774 | 20095144 |
| 4.75%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 22889 | 21422960 |
| 7.75%, 04/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 11378 | 11914928 |
| Vodafone Group PLC |  |  |
| 3.25%, 06/04/81, (5-year CMT + 2.447%)<sup>(e)</sup> | &nbsp;&nbsp; 8806 | 8617995 |
| 4.13%, 06/04/81, (5-year CMT + 2.767%)<sup>(e)</sup> | &nbsp;&nbsp; 16136 | 14976097 |
| 7.00%, 04/04/79, (5-year USD Swap + <br> 4.873%)<sup>(e)</sup><br>| &nbsp;&nbsp; 31286 | 32995802 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 35194 | 36546097 |
| Zayo Group Holdings Inc. |  |  |
| 4.00%, 03/01/27<sup>(a)</sup> | &nbsp;&nbsp; 23546 | 22785375 |
| 6.13%, 03/01/28<sup>(a)</sup> | &nbsp;&nbsp; 16915 | 15741060 |
|  |  | 898487818 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| Brightline East LLC, 11.00%, 01/31/30<sup>(a)(b)</sup> | &nbsp;&nbsp; 21134 | 12229542 |
| XPO Inc. |  |  |
| 7.13%, 06/01/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 5939 | 6200554 |
| 7.13%, 02/01/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 9000 | 9461750 |
|  |  | 27891846 |
| **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** |
| FTAI Aviation Investors LLC |  |  |
| 5.50%, 05/01/28<sup>(a)</sup> | &nbsp;&nbsp; 14964 | 14958912 |
| 5.88%, 04/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 8368 | 8399694 |
| 7.00%, 05/01/31<sup>(a)</sup> | &nbsp;&nbsp; 11208 | 11707129 |
| 7.00%, 06/15/32<sup>(a)(b)</sup> | &nbsp;&nbsp; 12630 | 13148462 |
| 7.88%, 12/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7720 | 8209583 |
|  |  | 56423780 |
| **Total Corporate Bonds & Notes — 97.7%** <br>**(Cost: $17,993,289,815)** | **Total Corporate Bonds & Notes — 97.7%** <br>**(Cost: $17,993,289,815)** | 17575135632 |
| **Floating Rate Loan Interests** | **Floating Rate Loan Interests** | **Floating Rate Loan Interests** |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Radiate Holdco LLC, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.50%, 1.50% PIK), 9.47%, <br> 09/25/29<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 14852 | 12079728 |
| **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $13,087,699)** | **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $13,087,699)** | 12079728 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Incora Top Holdco LLC, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 203107 | $5112203 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Office Properties Income Trust | &nbsp;&nbsp; 18325 | 3911 |
| **Total Common Stocks — 0.0%** <br>**(Cost $20,944,592)** | **Total Common Stocks — 0.0%** <br>**(Cost $20,944,592)** | 5116114 |
| **Total Long-Term Investments — 97.8%** <br>**(Cost: $18,027,322,106)** | **Total Long-Term Investments — 97.8%** <br>**(Cost: $18,027,322,106)** | 17592331474 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 17.5%** | **Money Market Funds — 17.5%** | **Money Market Funds — 17.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp; 2933116476 | 2934583034 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(j)(k)</sup><br>| &nbsp;&nbsp; 218560000 | 218560000 |
| **Total Short-Term Securities — 17.5%** <br>**(Cost: $3,151,581,045)** | **Total Short-Term Securities — 17.5%** <br>**(Cost: $3,151,581,045)** | 3153143034 |
| **Total Investments — 115.3%** <br>**(Cost: $21,178,903,151)** | **Total Investments — 115.3%** <br>**(Cost: $21,178,903,151)** | 20745474508 |
| **Liabilities in Excess of Other Assets — (15.3)%** | **Liabilities in Excess of Other Assets — (15.3)%** | (2755319711)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $17990154797 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(e)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(f)</sup> Perpetual security with no stated maturity date.

<sup>(g)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(h)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(i)</sup> Non-income producing security.

<sup>(j)</sup> Affiliate of the Fund.

<sup>(k)</sup> Annualized 7-day yield as of period end.

<sup>(l)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institu-<br> tional, SL Agency Shares<br>| $2699971297<br> $234606654 <br><sup>(a)</sup><br>| $— | $(70323)<br>| $75406 | $2934583034 | 2933116476 | $6736074 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| 160690000<br> 57870000 <br><sup>(a)</sup><br>|  |  |  | 218560000 | 218560000 | 1460970 |  |
|  |  |  | $(70323) | $75406 | $3153143034 |  | $8197044 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ High Yield Corporate Bond ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17571061186 | &nbsp;&nbsp; $4074446 | &nbsp;&nbsp; $17575135632 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp; 12079728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12079728 |
| Common Stocks | &nbsp;&nbsp; 3911 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5112203 | &nbsp;&nbsp; 5116114 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3153143034 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3153143034 |
|  | &nbsp;&nbsp; $3153146945 | &nbsp;&nbsp; $17583140914 | &nbsp;&nbsp; $9186649 | &nbsp;&nbsp; $20745474508 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Omnicom Group Inc., 2.60%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; $12636 | $11356103 |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Boeing Co. (The) |  |  |
| 2.95%, 02/01/30 | &nbsp;&nbsp; 11019 | 10341633 |
| 3.20%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8716 | 8381894 |
| 3.25%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 7030 | 5998991 |
| 3.60%, 05/01/34<sup>(a)</sup> | &nbsp;&nbsp; 8831 | 7860186 |
| 3.63%, 02/01/31 | &nbsp;&nbsp; 13721 | 13097780 |
| 3.75%, 02/01/50 | &nbsp;&nbsp; 18117 | 12905444 |
| 3.90%, 05/01/49 | &nbsp;&nbsp; 8853 | 6437230 |
| 3.95%, 08/01/59 | &nbsp;&nbsp; 10920 | 7510361 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 24271 | 24882272 |
| 5.71%, 05/01/40 | &nbsp;&nbsp; 20410 | 20478455 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 41581 | 40002461 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 26573 | 25479946 |
| 6.30%, 05/01/29 | &nbsp;&nbsp; 10198 | 10828863 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 5162 | 5601893 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 19035 | 20831769 |
| 6.86%, 05/01/54 | &nbsp;&nbsp; 18104 | 19870203 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; 12087 | 13377037 |
| GE Capital International Funding Co. Unlimited <br> Co., 4.42%, 11/15/35<br>| &nbsp;&nbsp; 9082 | 8791679 |
| General Dynamics Corp. |  |  |
| 3.63%, 04/01/30 | &nbsp;&nbsp; 9434 | 9261558 |
| 4.25%, 04/01/40 | &nbsp;&nbsp; 5940 | 5350853 |
| 4.25%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 6637 | 5513465 |
| 4.95%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8080 | 8156563 |
| General Electric Co. |  |  |
| 4.30%, 07/29/30<sup>(a)</sup> | &nbsp;&nbsp; 7904 | 7935438 |
| 4.90%, 01/29/36<sup>(a)</sup> | &nbsp;&nbsp; 8297 | 8316114 |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 7645 | 8195873 |
| 6.75%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 12968 | 14685106 |
| L3Harris Technologies Inc. |  |  |
| 5.05%, 06/01/29 | &nbsp;&nbsp; 8401 | 8624341 |
| 5.25%, 06/01/31 | &nbsp;&nbsp; 6906 | 7163416 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 6702 | 6868254 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 11133 | 11487852 |
| Lockheed Martin Corp. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 9434 | 5877854 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 8265 | 6554724 |
| 3.90%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6276 | 6082658 |
| 4.07%, 12/15/42 | &nbsp;&nbsp; 10787 | 9058689 |
| 4.09%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 11336 | 8844075 |
| 4.15%, 06/15/53 | &nbsp;&nbsp; 10942 | 8599693 |
| 4.40%, 08/15/30 | &nbsp;&nbsp; 6720 | 6771754 |
| 4.70%, 05/15/46 | &nbsp;&nbsp; 7583 | 6760605 |
| 4.75%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6825 | 6809578 |
| 5.00%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 10557669 |
| 5.20%, 02/15/55<sup>(a)</sup> | &nbsp;&nbsp; 6140 | 5704340 |
| 5.20%, 02/15/64 | &nbsp;&nbsp; 7117 | 6467306 |
| 5.25%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 7952 | 8288177 |
| 5.70%, 11/15/54<sup>(a)</sup> | &nbsp;&nbsp; 6417 | 6424392 |
| 5.90%, 11/15/63 | &nbsp;&nbsp; 5936 | 6064558 |
| Northrop Grumman Corp. |  |  |
| 4.03%, 10/15/47<sup>(a)</sup> | &nbsp;&nbsp; 18195 | 14411517 |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 4213 | 4247752 |
| 4.70%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8158 | 8160443 |
| 4.75%, 06/01/43 | &nbsp;&nbsp; 7348 | 6639914 |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 10779 | 10795803 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 4.95%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; $8727 | $7762587 |
| 5.20%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 8458 | 7759371 |
| 5.25%, 05/01/50<sup>(a)</sup> | &nbsp;&nbsp; 8807 | 8224459 |
| RTX Corp. |  |  |
| 1.90%, 09/01/31 | &nbsp;&nbsp; 9843 | 8521900 |
| 2.25%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 11404 | 10425559 |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 9107 | 7974606 |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 8231 | 5014643 |
| 3.03%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 10522 | 6669663 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 9724 | 6382537 |
| 3.75%, 11/01/46<sup>(a)</sup> | &nbsp;&nbsp; 10456 | 7958034 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 8426 | 8433268 |
| 4.15%, 05/15/45 | &nbsp;&nbsp; 7750 | 6347899 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 8998 | 7481788 |
| 4.45%, 11/16/38<sup>(a)</sup> | &nbsp;&nbsp; 12953 | 11988441 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 24092 | 21242172 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 12994 | 11157299 |
| 5.15%, 02/27/33 | &nbsp;&nbsp; 8745 | 8982254 |
| 5.38%, 02/27/53<sup>(a)</sup> | &nbsp;&nbsp; 9082 | 8590992 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 6428 | 6938203 |
| 6.10%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8872 | 9626489 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 13550 | 14655950 |
|  |  | 709496545 |
| **Agriculture — 1.7%** | **Agriculture — 1.7%** | **Agriculture — 1.7%** |
| Altria Group Inc. |  |  |
| 2.45%, 02/04/32 | &nbsp;&nbsp; 16133 | 14045733 |
| 3.40%, 05/06/30 | &nbsp;&nbsp; 10425 | 9988160 |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 12081 | 9063215 |
| 3.70%, 02/04/51<sup>(a)</sup> | &nbsp;&nbsp; 11517 | 7975715 |
| 3.88%, 09/16/46<sup>(a)</sup> | &nbsp;&nbsp; 17055 | 12667951 |
| 4.00%, 02/04/61<sup>(a)</sup> | &nbsp;&nbsp; 7427 | 5231796 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; 8710 | 7133441 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; 8345 | 8473561 |
| 5.38%, 01/31/44<sup>(a)</sup> | &nbsp;&nbsp; 12306 | 11753949 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 16415 | 16736453 |
| 5.95%, 02/14/49<sup>(a)</sup> | &nbsp;&nbsp; 16347 | 16219258 |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 5607 | 3375794 |
| 2.90%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6624 | 6026472 |
| 3.25%, 03/27/30<sup>(a)</sup> | &nbsp;&nbsp; 10256 | 9862354 |
| BAT Capital Corp. |  |  |
| 2.73%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 20689 | 18812524 |
| 4.39%, 08/15/37 | &nbsp;&nbsp; 17252 | 15562795 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 15528 | 12550431 |
| 4.74%, 03/16/32<sup>(a)</sup> | &nbsp;&nbsp; 5609 | 5598136 |
| 4.76%, 09/06/49 | &nbsp;&nbsp; 13207 | 10859337 |
| 4.91%, 04/02/30 | &nbsp;&nbsp; 6282 | 6395394 |
| 5.35%, 08/15/32 | &nbsp;&nbsp; 8341 | 8578311 |
| 5.63%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6900 | 7066675 |
| 5.83%, 02/20/31 | &nbsp;&nbsp; 8712 | 9209891 |
| 6.00%, 02/20/34 | &nbsp;&nbsp; 6441 | 6827655 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; 8140 | 8788310 |
| 6.42%, 08/02/33<sup>(a)</sup> | &nbsp;&nbsp; 9738 | 10610693 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 6527 | 7212268 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; 6789 | 7523234 |
| BAT International Finance PLC, 5.93%, <br> 02/02/29<br>| &nbsp;&nbsp; 7043 | 7401488 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31<sup>(a)</sup> | &nbsp;&nbsp; 10417 | 9518370 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 7058 | 7022839 |
| 4.65%, 09/17/34 | &nbsp;&nbsp; 6451 | 6275475 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.95%, 04/20/35<sup>(b)</sup><br>| &nbsp;&nbsp; $8641 | $8987065 |
| Philip Morris International Inc. |  |  |
| 1.75%, 11/01/30<sup>(a)</sup> | &nbsp;&nbsp; 14586 | 12863687 |
| 2.10%, 05/01/30 | &nbsp;&nbsp; 9318 | 8478145 |
| 3.38%, 08/15/29 | &nbsp;&nbsp; 11327 | 10995647 |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 4846 | 3922713 |
| 4.13%, 03/04/43<sup>(a)</sup> | &nbsp;&nbsp; 8616 | 7217285 |
| 4.25%, 11/10/44 | &nbsp;&nbsp; 9798 | 8246815 |
| 4.38%, 04/30/30 | &nbsp;&nbsp; 4133 | 4153156 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 4729 | 4128428 |
| 4.63%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8880 | 9014579 |
| 4.75%, 11/01/31 | &nbsp;&nbsp; 10034 | 10167626 |
| 4.88%, 02/13/29 | &nbsp;&nbsp; 9995 | 10204394 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 5510 | 5033740 |
| 4.90%, 11/01/34 | &nbsp;&nbsp; 10400 | 10361918 |
| 5.13%, 02/15/30 | &nbsp;&nbsp; 7938 | 8205370 |
| 5.13%, 02/13/31 | &nbsp;&nbsp; 11289 | 11660873 |
| 5.25%, 02/13/34 | &nbsp;&nbsp; 9694 | 9907328 |
| 5.38%, 02/15/33 | &nbsp;&nbsp; 15753 | 16308111 |
| 5.63%, 11/17/29 | &nbsp;&nbsp; 10352 | 10892066 |
| 5.63%, 09/07/33 | &nbsp;&nbsp; 6694 | 7022096 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 9081 | 9620802 |
| 6.38%, 05/16/38<sup>(a)</sup> | &nbsp;&nbsp; 7611 | 8423789 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7461 | 7674613 |
| 5.85%, 08/15/45<sup>(a)</sup> | &nbsp;&nbsp; 16867 | 16257600 |
|  |  | 524115524 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| Delta Air Lines Inc., 5.25%, 07/10/30 | &nbsp;&nbsp; 1175 | 1198086 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| NIKE Inc. |  |  |
| 2.85%, 03/27/30 | &nbsp;&nbsp; 14294 | 13564184 |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 8407 | 6686356 |
| 3.38%, 03/27/50<sup>(a)</sup> | &nbsp;&nbsp; 8088 | 5687360 |
| 3.88%, 11/01/45 | &nbsp;&nbsp; 10634 | 8435796 |
| Tapestry Inc. |  |  |
| 5.10%, 03/11/30<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204396 |
| 5.50%, 03/11/35 | &nbsp;&nbsp; 452 | 456121 |
|  |  | 35034213 |
| **Auto Manufacturers — 2.2%** | **Auto Manufacturers — 2.2%** | **Auto Manufacturers — 2.2%** |
| American Honda Finance Corp. |  |  |
| 4.40%, 09/05/29<sup>(a)</sup> | &nbsp;&nbsp; 5649 | 5680529 |
| 4.90%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; 6157 | 6294334 |
| 4.90%, 01/10/34<sup>(a)</sup> | &nbsp;&nbsp; 9641 | 9612508 |
| 5.05%, 07/10/31 | &nbsp;&nbsp; 7902 | 8095920 |
| 5.15%, 07/09/32<sup>(a)</sup> | &nbsp;&nbsp; 5495 | 5597082 |
| 5.65%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5215 | 5442175 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; 11336 | 9990894 |
| 5.15%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 5734 | 5874140 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 9439 | 9622045 |
| 5.45%, 02/20/54<sup>(a)</sup> | &nbsp;&nbsp; 6660 | 6434369 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 21673 | 18582389 |
| 4.75%, 01/15/43<sup>(a)</sup> | &nbsp;&nbsp; 15538 | 12014668 |
| 5.29%, 12/08/46<sup>(a)</sup> | &nbsp;&nbsp; 11273 | 9154666 |
| 6.10%, 08/19/32<sup>(a)</sup> | &nbsp;&nbsp; 11157 | 11271768 |
| 7.45%, 07/16/31<sup>(a)</sup> | &nbsp;&nbsp; 6184 | 6810178 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Ford Motor Credit Co. LLC |  |  |
| 2.90%, 02/10/29 | &nbsp;&nbsp; $7740 | $7130141 |
| 3.63%, 06/17/31<sup>(a)</sup> | &nbsp;&nbsp; 11505 | 10352498 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 13679 | 12710240 |
| 5.11%, 05/03/29<sup>(a)</sup> | &nbsp;&nbsp; 9164 | 9026848 |
| 5.30%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 9264 | 9193071 |
| 5.80%, 03/08/29 | &nbsp;&nbsp; 8149 | 8237139 |
| 5.88%, 11/07/29 | &nbsp;&nbsp; 8248 | 8339019 |
| 6.05%, 03/05/31<sup>(a)</sup> | &nbsp;&nbsp; 6900 | 7009125 |
| 6.05%, 11/05/31<sup>(a)</sup> | &nbsp;&nbsp; 9772 | 9884816 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 12382 | 12169483 |
| 6.50%, 02/07/35<sup>(a)</sup> | &nbsp;&nbsp; 12839 | 12935524 |
| 6.53%, 03/19/32<sup>(a)</sup> | &nbsp;&nbsp; 8180 | 8406975 |
| 6.80%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 5817 | 6052106 |
| 7.12%, 11/07/33 | &nbsp;&nbsp; 9810 | 10266354 |
| 7.20%, 06/10/30<sup>(a)</sup> | &nbsp;&nbsp; 7418 | 7871241 |
| 7.35%, 03/06/30 | &nbsp;&nbsp; 9020 | 9594873 |
| General Motors Co. |  |  |
| 5.00%, 10/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4663 | 4740208 |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 6278 | 5993676 |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 8142 | 7597979 |
| 5.20%, 04/01/45<sup>(a)</sup> | &nbsp;&nbsp; 8227 | 7145195 |
| 5.40%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10128 | 10447279 |
| 5.40%, 04/01/48<sup>(a)</sup> | &nbsp;&nbsp; 7034 | 6190884 |
| 5.60%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9594 | 9851490 |
| 5.63%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6425 | 6629519 |
| 5.95%, 04/01/49<sup>(a)</sup> | &nbsp;&nbsp; 7194 | 6737683 |
| 6.25%, 10/02/43<sup>(a)</sup> | &nbsp;&nbsp; 12474 | 12297090 |
| 6.60%, 04/01/36<sup>(a)</sup> | &nbsp;&nbsp; 9264 | 9806194 |
| 6.75%, 04/01/46<sup>(a)</sup> | &nbsp;&nbsp; 5582 | 5782085 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 01/08/31<sup>(a)</sup> | &nbsp;&nbsp; 11235 | 9888189 |
| 2.40%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 3809 | 3590254 |
| 2.70%, 06/10/31<sup>(a)</sup> | &nbsp;&nbsp; 9573 | 8491172 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 14339 | 12743218 |
| 3.60%, 06/21/30<sup>(a)</sup> | &nbsp;&nbsp; 10689 | 10149201 |
| 4.30%, 04/06/29<sup>(a)</sup> | &nbsp;&nbsp; 6729 | 6656252 |
| 4.90%, 10/06/29<sup>(a)</sup> | &nbsp;&nbsp; 8165 | 8220093 |
| 5.35%, 01/07/30 | &nbsp;&nbsp; 6703 | 6856812 |
| 5.45%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6718 | 6900214 |
| 5.45%, 09/06/34 | &nbsp;&nbsp; 5990 | 5931335 |
| 5.55%, 07/15/29 | &nbsp;&nbsp; 13027 | 13430187 |
| 5.60%, 06/18/31 | &nbsp;&nbsp; 9727 | 10025614 |
| 5.63%, 04/04/32<sup>(a)</sup> | &nbsp;&nbsp; 5389 | 5513594 |
| 5.75%, 02/08/31 | &nbsp;&nbsp; 6010 | 6230396 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; 9148 | 9486764 |
| 5.85%, 04/06/30 | &nbsp;&nbsp; 10388 | 10846696 |
| 5.90%, 01/07/35<sup>(a)</sup> | &nbsp;&nbsp; 6943 | 7050432 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 8405 | 8602388 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 13692 | 14195715 |
| 6.15%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6938 | 7124913 |
| 6.40%, 01/09/33<sup>(a)</sup> | &nbsp;&nbsp; 7805 | 8271884 |
| Honda Motor Co. Ltd. |  |  |
| 2.97%, 03/10/32<sup>(a)</sup> | &nbsp;&nbsp; 6988 | 6308144 |
| 4.69%, 07/08/30 | &nbsp;&nbsp; 10393 | 10496307 |
| 5.34%, 07/08/35<sup>(a)</sup> | &nbsp;&nbsp; 8530 | 8571841 |
| Mercedes-Benz Finance North America LLC, <br> 8.50%, 01/18/31<br>| &nbsp;&nbsp; 9605 | 11469952 |
| Toyota Motor Credit Corp. |  |  |
| 2.15%, 02/13/30<sup>(a)</sup> | &nbsp;&nbsp; 5706 | 5242528 |
| 3.38%, 04/01/30 | &nbsp;&nbsp; 7852 | 7588254 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 4.45%, 06/29/29 | &nbsp;&nbsp; $7776 | $7867509 |
| 4.55%, 08/09/29<sup>(a)</sup> | &nbsp;&nbsp; 6770 | 6874517 |
| 4.60%, 10/10/31 | &nbsp;&nbsp; 6702 | 6778921 |
| 4.65%, 01/05/29 | &nbsp;&nbsp; 5362 | 5459726 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 7645 | 7825747 |
| 4.80%, 01/05/34 | &nbsp;&nbsp; 7721 | 7774039 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 5810 | 6000106 |
| 5.10%, 03/21/31<sup>(a)</sup> | &nbsp;&nbsp; 8382 | 8688046 |
| 5.35%, 01/09/35<sup>(a)</sup> | &nbsp;&nbsp; 7686 | 7933289 |
| 5.55%, 11/20/30<sup>(a)</sup> | &nbsp;&nbsp; 5789 | 6129121 |
|  |  | 674089770 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 13659 | 8217507 |
| 3.25%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 10458 | 9482981 |
| 4.15%, 05/01/52 | &nbsp;&nbsp; 6990 | 5047865 |
|  |  | 22748353 |
| **Banks — 22.4%** | **Banks — 22.4%** | **Banks — 22.4%** |
| Australia & New Zealand Banking Group <br> Ltd./New York, 4.62%, 12/16/29<sup>(a)</sup><br>| &nbsp;&nbsp; 5184 | 5301605 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29<sup>(a)</sup> | &nbsp;&nbsp; 9111 | 9428491 |
| 6.03%, 03/13/35, (1-year CMT + <br> 1.950%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9613 | 10083611 |
| Banco Santander SA |  |  |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 15022 | 13539359 |
| 2.96%, 03/25/31<sup>(a)</sup> | &nbsp;&nbsp; 9071 | 8370338 |
| 3.31%, 06/27/29<sup>(a)</sup> | &nbsp;&nbsp; 9105 | 8790379 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 16120 | 15484801 |
| 5.44%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12271 | 12852940 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 10467 | 10861976 |
| 5.57%, 01/17/30 | &nbsp;&nbsp; 8663 | 9044720 |
| 6.03%, 01/17/35<sup>(a)</sup> | &nbsp;&nbsp; 12430 | 13180390 |
| 6.35%, 03/14/34<sup>(a)</sup> | &nbsp;&nbsp; 7053 | 7476585 |
| 6.61%, 11/07/28 | &nbsp;&nbsp; 5485 | 5868736 |
| 6.92%, 08/08/33<sup>(a)</sup> | &nbsp;&nbsp; 12139 | 13349722 |
| 6.94%, 11/07/33<sup>(a)</sup> | &nbsp;&nbsp; 12170 | 13813472 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + 1.530%)<sup>(c)</sup> | &nbsp;&nbsp; 29769 | 26466650 |
| 1.92%, 10/24/31, (1-day SOFR + 1.370%)<sup>(c)</sup> | &nbsp;&nbsp; 26968 | 23790922 |
| 2.30%, 07/21/32, (1-day SOFR + 1.220%)<sup>(c)</sup> | &nbsp;&nbsp; 29045 | 25627284 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR + <br> 1.252%)<sup>(c)</sup><br>| &nbsp;&nbsp; 23627 | 21814885 |
| 2.57%, 10/20/32, (1-day SOFR + 1.210%)<sup>(c)</sup> | &nbsp;&nbsp; 29875 | 26633796 |
| 2.59%, 04/29/31, (1-day SOFR + 2.150%)<sup>(c)</sup> | &nbsp;&nbsp; 17510 | 16191949 |
| 2.68%, 06/19/41, (1-day SOFR + 1.930%)<sup>(c)</sup> | &nbsp;&nbsp; 41386 | 29826385 |
| 2.69%, 04/22/32, (1-day SOFR + 1.320%)<sup>(c)</sup> | &nbsp;&nbsp; 39741 | 36027760 |
| 2.83%, 10/24/51, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 13055 | 8116186 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(c)</sup><br>| &nbsp;&nbsp; 18939 | 17915574 |
| 2.97%, 02/04/33, (1-day SOFR + <br> 1.330%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 28628 | 25851347 |
| 2.97%, 07/21/52, (1-day SOFR + <br> 1.560%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 18483 | 11852361 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR + <br> 1.442%)<sup>(c)</sup><br>| &nbsp;&nbsp; 21571 | 20718514 |
| 3.31%, 04/22/42, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 26465 | 20356645 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.452%)<sup>(c)</sup><br>| &nbsp;&nbsp; 12965 | 10152737 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR + <br> 1.472%)<sup>(c)</sup><br>| &nbsp;&nbsp; $24804 | $24584653 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR + <br> 1.582%)<sup>(c)</sup><br>| &nbsp;&nbsp; 14107 | 12341572 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR + <br> 3.412%)<sup>(c)</sup><br>| &nbsp;&nbsp; 44617 | 35112156 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR + <br> 2.076%)<sup>(c)</sup><br>| &nbsp;&nbsp; 19572 | 17899281 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR + <br> 1.782%)<sup>(c)</sup><br>| &nbsp;&nbsp; 19367 | 15924669 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR + <br> 2.252%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13501 | 11493823 |
| 4.57%, 04/27/33, (1-day SOFR + <br> 1.830%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 25224 | 24940084 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 12371 | 11700959 |
| 5.02%, 07/22/33, (1-day SOFR + <br> 2.160%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 40411 | 41035079 |
| 5.16%, 01/24/31, (1-day SOFR + <br> 1.000%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 18759 | 19352887 |
| 5.29%, 04/25/34, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 32342 | 33161055 |
| 5.46%, 05/09/36, (1-day SOFR + <br> 1.640%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16982 | 17451505 |
| 5.47%, 01/23/35, (1-day SOFR + <br> 1.650%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 37778 | 39004844 |
| 5.51%, 01/24/36, (1-day SOFR + 1.310%)<sup>(c)</sup> | &nbsp;&nbsp; 28579 | 29411715 |
| 5.82%, 09/15/29, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 7055 | 7373013 |
| 5.87%, 09/15/34, (1-day SOFR + 1.840%)<sup>(c)</sup> | &nbsp;&nbsp; 29869 | 31684139 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 15254 | 15934486 |
| 6.00%, 10/15/36 | &nbsp;&nbsp; 10084 | 10771639 |
| 6.11%, 01/29/37<sup>(a)</sup> | &nbsp;&nbsp; 14897 | 15795630 |
| 7.75%, 05/14/38<sup>(a)</sup> | &nbsp;&nbsp; 14979 | 17991620 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(c)</sup><br>| &nbsp;&nbsp; 19287 | 17520131 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9083 | 6436772 |
| Bank of Montreal |  |  |
| 4.64%, 09/10/30, (1-day SOFR + <br> 1.250%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6056 | 6145355 |
| 5.51%, 06/04/31<sup>(a)</sup> | &nbsp;&nbsp; 8593 | 9037379 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 372 | 388952 |
| Bank of New York Mellon Corp. (The), 3.30%, <br> 08/23/29<br>| &nbsp;&nbsp; 5081 | 4919846 |
| Bank of Nova Scotia (The) |  |  |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 10687 | 9387289 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 8321 | 8512054 |
| 5.13%, 02/14/31, (1-day SOFR + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 8936 | 9192777 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 7844 | 8269216 |
| Barclays PLC |  |  |
| 2.65%, 06/24/31, (1-year CMT + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; 16225 | 14882172 |
| 2.67%, 03/10/32, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 11885 | 10700005 |
| 2.89%, 11/24/32, (1-year CMT + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 13005 | 11652748 |
| 3.33%, 11/24/42, (1-year CMT + <br> 1.300%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8356 | 6209946 |
| 4.94%, 09/10/30, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 6915 | 7019859 |
| 4.95%, 01/10/47<sup>(a)</sup> | &nbsp;&nbsp; 11580 | 10370769 |
| 5.25%, 08/17/45<sup>(a)</sup> | &nbsp;&nbsp; 13241 | 12425775 |
| 5.34%, 09/10/35, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; 16308 | 16309934 |
| 5.37%, 02/25/31, (1-day SOFR + 1.230%)<sup>(c)</sup> | &nbsp;&nbsp; 13814 | 14244653 |
| 5.69%, 03/12/30, (1-day SOFR + 1.740%)<sup>(c)</sup> | &nbsp;&nbsp; 9834 | 10227814 |
| 5.75%, 08/09/33, (1-year CMT + <br> 3.000%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5844 | 6106081 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.79%, 02/25/36, (1-day SOFR + <br> 1.590%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; $13518 | $13928194 |
| 5.86%, 08/11/46, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 10440 | 10365802 |
| 6.04%, 03/12/55, (1-day SOFR + <br> 2.420%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7574 | 7733353 |
| 6.22%, 05/09/34, (1-day SOFR + 2.980%)<sup>(c)</sup> | &nbsp;&nbsp; 14841 | 15842120 |
| 6.49%, 09/13/29, (1-day SOFR + 2.220%)<sup>(c)</sup> | &nbsp;&nbsp; 11350 | 12031488 |
| 6.69%, 09/13/34, (1-day SOFR + 2.620%)<sup>(c)</sup> | &nbsp;&nbsp; 10062 | 11017022 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(c)</sup> | &nbsp;&nbsp; 14839 | 16944856 |
| Blackstone Reg Finance Co. LLC, 5.00%, <br> 12/06/34<br>| &nbsp;&nbsp; 10498 | 10473271 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.60%, 04/07/32<sup>(a)</sup> | &nbsp;&nbsp; 9810 | 9227468 |
| 4.63%, 09/11/30, (1-day SOFR + <br> 1.335%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6634 | 6705333 |
| 5.25%, 01/13/31, (1-day SOFR + 1.105%)<sup>(c)</sup> | &nbsp;&nbsp; 8185 | 8445689 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 9729 | 10064772 |
| 6.09%, 10/03/33<sup>(a)</sup> | &nbsp;&nbsp; 7898 | 8519892 |
| Citibank NA |  |  |
| 4.84%, 08/06/29 | &nbsp;&nbsp; 14470 | 14834577 |
| 4.91%, 05/29/30 | &nbsp;&nbsp; 26396 | 27073044 |
| 5.57%, 04/30/34<sup>(a)</sup> | &nbsp;&nbsp; 14503 | 15176524 |
| 5.80%, 09/29/28<sup>(a)</sup> | &nbsp;&nbsp; 3808 | 3990780 |
| Citigroup Inc. |  |  |
| 2.52%, 11/03/32, (1-day SOFR + 1.177%)<sup>(c)</sup> | &nbsp;&nbsp; 19975 | 17668123 |
| 2.56%, 05/01/32, (1-day SOFR + 1.167%)<sup>(c)</sup> | &nbsp;&nbsp; 30010 | 26947275 |
| 2.57%, 06/03/31, (1-day SOFR + 2.107%)<sup>(c)</sup> | &nbsp;&nbsp; 30588 | 28062101 |
| 2.67%, 01/29/31, (1-day SOFR + 1.146%)<sup>(c)</sup> | &nbsp;&nbsp; 21629 | 20059591 |
| 2.90%, 11/03/42, (1-day SOFR + 1.379%)<sup>(c)</sup> | &nbsp;&nbsp; 8963 | 6372321 |
| 2.98%, 11/05/30, (1-day SOFR + 1.422%)<sup>(c)</sup> | &nbsp;&nbsp; 20470 | 19326509 |
| 3.06%, 01/25/33, (1-day SOFR + 1.351%)<sup>(c)</sup> | &nbsp;&nbsp; 28985 | 26183913 |
| 3.79%, 03/17/33, (1-day SOFR + 1.939%)<sup>(c)</sup> | &nbsp;&nbsp; 23599 | 22205085 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR + <br> 1.430%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10270 | 8889373 |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR + <br> 1.600%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10247 | 10118152 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR + <br> 2.101%)<sup>(c)</sup><br>| &nbsp;&nbsp; 15835 | 13011277 |
| 4.41%, 03/31/31, (1-day SOFR + <br> 3.914%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 33692 | 33578529 |
| 4.54%, 09/19/30, (1-day SOFR + 1.338%)<sup>(c)</sup> | &nbsp;&nbsp; 20729 | 20815678 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 12186 | 10663099 |
| 4.65%, 07/23/48<sup>(a)</sup> | &nbsp;&nbsp; 20084 | 17385636 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 12488 | 10820471 |
| 4.91%, 05/24/33, (1-day SOFR + 2.086%)<sup>(c)</sup> | &nbsp;&nbsp; 18879 | 18950961 |
| 4.95%, 05/07/31, (1-day SOFR + 1.463%)<sup>(c)</sup> | &nbsp;&nbsp; 16885 | 17197644 |
| 5.17%, 02/13/30, (1-day SOFR + 1.364%)<sup>(c)</sup> | &nbsp;&nbsp; 10993 | 11268895 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 6174 | 5850139 |
| 5.32%, 03/26/41, (1-day SOFR + 4.548%)<sup>(c)</sup> | &nbsp;&nbsp; 15091 | 14724025 |
| 5.45%, 06/11/35, (1-day SOFR + 1.447%)<sup>(c)</sup> | &nbsp;&nbsp; 18979 | 19491372 |
| 5.61%, 03/04/56, (1-day SOFR + 1.746%)<sup>(c)</sup> | &nbsp;&nbsp; 17598 | 17110696 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 8372 | 8661823 |
| 6.27%, 11/17/33, (1-day SOFR + 2.338%)<sup>(c)</sup> | &nbsp;&nbsp; 19591 | 21223163 |
| 6.63%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6158 | 6787283 |
| 6.68%, 09/13/43<sup>(a)</sup> | &nbsp;&nbsp; 8294 | 9170672 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 13431 | 16929100 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 16219 | 16389110 |
| Citizens Financial Group Inc. |  |  |
| 3.25%, 04/30/30 | &nbsp;&nbsp; 9321 | 8807828 |
| 5.25%, 03/05/31, (1-day SOFR + 1.259%)<sup>(c)</sup> | &nbsp;&nbsp; 6607 | 6753815 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.72%, 07/23/32, (1-day SOFR + 1.910%)<sup>(c)</sup> | &nbsp;&nbsp; $9434 | $9830748 |
| 5.84%, 01/23/30, (1-day SOFR + 2.010%)<sup>(c)</sup> | &nbsp;&nbsp; 9971 | 10372061 |
| 6.65%, 04/25/35, (1-day SOFR + 2.325%)<sup>(c)</sup> | &nbsp;&nbsp; 7403 | 8050076 |
| Cooperatieve Rabobank UA |  |  |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 14090 | 13904440 |
| 5.25%, 08/04/45<sup>(a)</sup> | &nbsp;&nbsp; 10677 | 9956047 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 9309 | 9308653 |
| Cooperatieve Rabobank UA/NY, 4.49%, <br> 10/17/29<sup>(a)</sup><br>| &nbsp;&nbsp; 6913 | 7024892 |
| Deutsche Bank AG/New York NY |  |  |
| 3.04%, 05/28/32, (1-day SOFR + 1.718%)<sup>(c)</sup> | &nbsp;&nbsp; 11397 | 10389241 |
| 3.55%, 09/18/31, (1-day SOFR + 3.043%)<sup>(c)</sup> | &nbsp;&nbsp; 12344 | 11691621 |
| 4.95%, 08/04/31, (1-day SOFR + 1.300%)<sup>(c)</sup> | &nbsp;&nbsp; 6130 | 6175976 |
| 5.00%, 09/11/30, (1-day SOFR + 1.700%)<sup>(c)</sup> | &nbsp;&nbsp; 13137 | 13353256 |
| 5.30%, 05/09/31, (1-day SOFR + 1.720%)<sup>(c)</sup> | &nbsp;&nbsp; 11409 | 11683280 |
| 5.40%, 09/11/35, (1-day SOFR + <br> 2.050%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6747 | 6787659 |
| 5.41%, 05/10/29 | &nbsp;&nbsp; 8055 | 8385990 |
| 6.82%, 11/20/29, (1-day SOFR + <br> 2.510%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7328 | 7854136 |
| Fifth Third Bancorp |  |  |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11999 | 12149627 |
| 4.90%, 09/06/30, (1-day SOFR + <br> 1.486%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8507 | 8657410 |
| 5.63%, 01/29/32, (1-day SOFR + <br> 1.840%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11569 | 12111570 |
| 8.25%, 03/01/38<sup>(a)</sup> | &nbsp;&nbsp; 2961 | 3624009 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 6718 | 7117219 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.99%, 01/27/32, (1-day SOFR + 1.090%)<sup>(c)</sup> | &nbsp;&nbsp; 30678 | 26941377 |
| 2.38%, 07/21/32, (1-day SOFR + <br> 1.248%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 41830 | 37025456 |
| 2.60%, 02/07/30<sup>(a)</sup> | &nbsp;&nbsp; 14115 | 13186479 |
| 2.62%, 04/22/32, (1-day SOFR + 1.281%)<sup>(c)</sup> | &nbsp;&nbsp; 27369 | 24699800 |
| 2.65%, 10/21/32, (1-day SOFR + 1.264%)<sup>(c)</sup> | &nbsp;&nbsp; 21075 | 18826129 |
| 2.91%, 07/21/42, (1-day SOFR + 1.472%)<sup>(c)</sup> | &nbsp;&nbsp; 15651 | 11221513 |
| 3.10%, 02/24/33, (1-day SOFR + 1.410%)<sup>(c)</sup> | &nbsp;&nbsp; 34478 | 31357696 |
| 3.21%, 04/22/42, (1-day SOFR + 1.513%)<sup>(c)</sup> | &nbsp;&nbsp; 16677 | 12518623 |
| 3.44%, 02/24/43, (1-day SOFR + 1.632%)<sup>(c)</sup> | &nbsp;&nbsp; 17673 | 13511972 |
| 3.80%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 17667 | 17358370 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR + <br> 1.635%)<sup>(c)</sup><br>| &nbsp;&nbsp; 20125 | 17684876 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR + <br> 1.692%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16482 | 15000936 |
| 4.69%, 10/23/30, (1-day SOFR + 1.135%)<sup>(c)</sup> | &nbsp;&nbsp; 18762 | 18943151 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 18308 | 16242281 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 12157 | 10932863 |
| 5.02%, 10/23/35, (1-day SOFR + <br> 1.420%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 29721 | 29521513 |
| 5.05%, 07/23/30, (1-day SOFR + <br> 1.210%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 19874 | 20345690 |
| 5.15%, 05/22/45 | &nbsp;&nbsp; 18595 | 16925937 |
| 5.21%, 01/28/31, (1-day SOFR + 1.078%)<sup>(c)</sup> | &nbsp;&nbsp; 7676 | 7909912 |
| 5.22%, 04/23/31, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 15767 | 16268439 |
| 5.33%, 07/23/35, (1-day SOFR + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 25574 | 26016425 |
| 5.54%, 01/28/36, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 26756 | 27579483 |
| 5.56%, 11/19/45, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 20045 | 19778550 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(c)</sup> | &nbsp;&nbsp; 5904 | 6178548 |
| 5.73%, 01/28/56, (1-day SOFR + 1.696%)<sup>(c)</sup> | &nbsp;&nbsp; 28834 | 28719094 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.85%, 04/25/35, (1-day SOFR + <br> 1.552%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; $19083 | $20107916 |
| 6.13%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 11927 | 13058312 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 16439 | 17650581 |
| 6.48%, 10/24/29, (1-day SOFR + 1.770%)<sup>(c)</sup> | &nbsp;&nbsp; 23971 | 25501158 |
| 6.56%, 10/24/34, (1-day SOFR + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 12404 | 13757935 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 39142 | 43390273 |
| HSBC Holdings PLC |  |  |
| 2.36%, 08/18/31, (1-day SOFR + 1.947%)<sup>(c)</sup> | &nbsp;&nbsp; 20834 | 18802450 |
| 2.80%, 05/24/32, (1-day SOFR + 1.187%)<sup>(c)</sup> | &nbsp;&nbsp; 28420 | 25667705 |
| 2.85%, 06/04/31, (1-day SOFR + 2.387%)<sup>(c)</sup> | &nbsp;&nbsp; 21663 | 20099492 |
| 2.87%, 11/22/32, (1-day SOFR + 1.410%)<sup>(c)</sup> | &nbsp;&nbsp; 12457 | 11196058 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR + <br> 1.872%)<sup>(c)</sup><br>| &nbsp;&nbsp; 21839 | 21487305 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 16311 | 16713903 |
| 5.13%, 03/03/31, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 9813 | 10043321 |
| 5.24%, 05/13/31, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 17762 | 18252389 |
| 5.25%, 03/14/44<sup>(a)</sup> | &nbsp;&nbsp; 8617 | 8124002 |
| 5.29%, 11/19/30, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 13880 | 14304475 |
| 5.40%, 08/11/33, (1-day SOFR + <br> 2.870%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 19973 | 20614345 |
| 5.45%, 03/03/36, (1-day SOFR + <br> 1.560%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 21391 | 21741975 |
| 5.55%, 03/04/30, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 15350 | 15926802 |
| 5.72%, 03/04/35, (1-day SOFR + 1.780%)<sup>(c)</sup> | &nbsp;&nbsp; 14104 | 14777843 |
| 5.73%, 05/17/32, (1-day SOFR + 1.520%)<sup>(c)</sup> | &nbsp;&nbsp; 11334 | 11884914 |
| 5.79%, 05/13/36, (1-day SOFR + 1.880%)<sup>(c)</sup> | &nbsp;&nbsp; 19906 | 20686072 |
| 6.10%, 01/14/42<sup>(a)</sup> | &nbsp;&nbsp; 10634 | 11332208 |
| 6.25%, 03/09/34, (1-day SOFR + <br> 2.390%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 13300 | 14356243 |
| 6.33%, 03/09/44, (1-day SOFR + <br> 2.650%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 22366 | 23979653 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 9959 | 10801016 |
| 6.50%, 09/15/37<sup>(a)</sup> | &nbsp;&nbsp; 12534 | 13493596 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 7286 | 7706508 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 6533 | 7244262 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 9486 | 8774257 |
| 5.27%, 01/15/31, (1-day SOFR + <br> 1.276%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9857 | 10149909 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(c)</sup><br>| &nbsp;&nbsp; 9046 | 9350309 |
| Huntington National Bank (The), 5.65%, <br> 01/10/30<br>| &nbsp;&nbsp; 7317 | 7654614 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + 1.316%)<sup>(c)</sup> | &nbsp;&nbsp; 10611 | 9685319 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 11463 | 11378459 |
| 4.25%, 03/28/33, (1-day SOFR + 2.070%)<sup>(c)</sup> | &nbsp;&nbsp; 9197 | 8924624 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 3797 | 3837268 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11199 | 11454436 |
| 5.34%, 03/19/30, (1-day SOFR + <br> 1.440%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 14075 | 14525724 |
| 5.53%, 03/25/36, (1-day SOFR + 1.610%)<sup>(c)</sup> | &nbsp;&nbsp; 7879 | 8067846 |
| 5.55%, 03/19/35, (1-day SOFR + <br> 1.770%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12391 | 12766219 |
| 6.11%, 09/11/34, (1-day SOFR + 2.090%)<sup>(c)</sup> | &nbsp;&nbsp; 8233 | 8806283 |
| JPMorgan Chase & Co. |  |  |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(c)</sup><br>| &nbsp;&nbsp; 30407 | 26699617 |
| 1.95%, 02/04/32, (1-day SOFR + 1.065%)<sup>(c)</sup> | &nbsp;&nbsp; 26178 | 23004043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.52%, 04/22/31, (1-day SOFR + 2.040%)<sup>(c)</sup> | &nbsp;&nbsp; $21177 | $19562593 |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16966 | 11988440 |
| 2.55%, 11/08/32, (1-day SOFR + 1.180%)<sup>(c)</sup> | &nbsp;&nbsp; 26688 | 23767319 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR + <br> 1.250%)<sup>(c)</sup><br>| &nbsp;&nbsp; 30132 | 27258142 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 29758 | 28012768 |
| 2.96%, 01/25/33, (1-day SOFR + 1.260%)<sup>(c)</sup> | &nbsp;&nbsp; 36675 | 33259622 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16803 | 12935354 |
| 3.11%, 04/22/51, (1-day SOFR + 2.440%)<sup>(c)</sup> | &nbsp;&nbsp; 20779 | 13881897 |
| 3.16%, 04/22/42, (3-mo. CME Term SOFR + <br> 1.460%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13459 | 10201666 |
| 3.33%, 04/22/52, (1-day SOFR + <br> 1.580%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 27563 | 19077119 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR + <br> 1.422%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12993 | 12739061 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR + <br> 1.622%)<sup>(c)</sup><br>| &nbsp;&nbsp; 23230 | 20525313 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR + <br> 1.482%)<sup>(c)</sup><br>| &nbsp;&nbsp; 18621 | 14645001 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 27291 | 21680361 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR + <br> 1.722%)<sup>(c)</sup><br>| &nbsp;&nbsp; 11387 | 9138260 |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR + <br> 1.842%)<sup>(c)</sup><br>| &nbsp;&nbsp; 16598 | 13847112 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR + <br> 1.592%)<sup>(c)</sup><br>| &nbsp;&nbsp; 13255 | 13348163 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR + <br> 3.790%)<sup>(c)</sup><br>| &nbsp;&nbsp; 24124 | 24288622 |
| 4.57%, 06/14/30, (1-day SOFR + 1.750%)<sup>(c)</sup> | &nbsp;&nbsp; 12993 | 13127858 |
| 4.59%, 04/26/33, (1-day SOFR + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 16840 | 16756381 |
| 4.60%, 10/22/30, (1-day SOFR + 1.040%)<sup>(c)</sup> | &nbsp;&nbsp; 9541 | 9642543 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 8510 | 7871897 |
| 4.91%, 07/25/33, (1-day SOFR + 2.080%)<sup>(c)</sup> | &nbsp;&nbsp; 32215 | 32628711 |
| 4.95%, 10/22/35, (1-day SOFR + 1.340%)<sup>(c)</sup> | &nbsp;&nbsp; 27164 | 26974050 |
| 4.95%, 06/01/45<sup>(a)</sup> | &nbsp;&nbsp; 16396 | 14926776 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(c)</sup> | &nbsp;&nbsp; 14327 | 14681744 |
| 5.01%, 01/23/30, (1-day SOFR + 1.310%)<sup>(c)</sup> | &nbsp;&nbsp; 10852 | 11111466 |
| 5.10%, 04/22/31, (1-day SOFR + 1.435%)<sup>(c)</sup> | &nbsp;&nbsp; 15962 | 16467638 |
| 5.14%, 01/24/31, (1-day SOFR + <br> 1.010%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11165 | 11495867 |
| 5.29%, 07/22/35, (1-day SOFR + 1.460%)<sup>(c)</sup> | &nbsp;&nbsp; 28268 | 28823726 |
| 5.34%, 01/23/35, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 24416 | 25079556 |
| 5.35%, 06/01/34, (1-day SOFR + <br> 1.845%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 34991 | 36122444 |
| 5.40%, 01/06/42<sup>(a)</sup> | &nbsp;&nbsp; 12214 | 12189521 |
| 5.50%, 01/24/36, (1-day SOFR + 1.315%)<sup>(c)</sup> | &nbsp;&nbsp; 20083 | 20721453 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 13468 | 13723664 |
| 5.53%, 11/29/45, (1-day SOFR + 1.550%)<sup>(c)</sup> | &nbsp;&nbsp; 16173 | 16224990 |
| 5.57%, 04/22/36, (1-day SOFR + <br> 1.680%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 26308 | 27361641 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(c)</sup> | &nbsp;&nbsp; 13979 | 14590327 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 12395 | 12693346 |
| 5.63%, 08/16/43<sup>(a)</sup> | &nbsp;&nbsp; 10153 | 10230645 |
| 5.77%, 04/22/35, (1-day SOFR + 1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 22065 | 23283621 |
| 6.09%, 10/23/29, (1-day SOFR + 1.570%)<sup>(c)</sup> | &nbsp;&nbsp; 11472 | 12095546 |
| 6.25%, 10/23/34, (1-day SOFR + <br> 1.810%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 19734 | 21534564 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.40%, 05/15/38 | &nbsp;&nbsp; $19480 | $21727267 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; 8008 | 7987481 |
| KeyBank NA/Cleveland OH, 4.90%, 08/08/32<sup>(a)</sup> | &nbsp;&nbsp; 5823 | 5708481 |
| KeyCorp |  |  |
| 2.55%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5082 | 4751637 |
| 4.79%, 06/01/33, (1-day SOFR Index + <br> 2.060%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5040 | 4978334 |
| 6.40%, 03/06/35, (1-day SOFR Index + <br> 2.420%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5310 | 5703918 |
| Lloyds Banking Group PLC |  |  |
| 4.34%, 01/09/48<sup>(a)</sup> | &nbsp;&nbsp; 11924 | 9571364 |
| 4.98%, 08/11/33, (1-year CMT + 2.300%)<sup>(c)</sup> | &nbsp;&nbsp; 8973 | 8996434 |
| 5.30%, 12/01/45<sup>(a)</sup> | &nbsp;&nbsp; 6940 | 6486945 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 13662 | 14013583 |
| 5.68%, 01/05/35, (1-year CMT + 1.750%)<sup>(c)</sup> | &nbsp;&nbsp; 16169 | 16752445 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 10299 | 10775567 |
| M&T Bank Corp. |  |  |
| 5.05%, 01/27/34, (1-day SOFR + 1.850%)<sup>(c)</sup> | &nbsp;&nbsp; 11543 | 11454096 |
| 5.18%, 07/08/31, (1-day SOFR + <br> 1.400%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4957 | 5069110 |
| 5.39%, 01/16/36, (1-day SOFR + <br> 1.610%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6534 | 6546717 |
| 6.08%, 03/13/32, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; 8571 | 9104420 |
| 7.41%, 10/30/29, (1-day SOFR + <br> 2.800%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9137 | 9946735 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 2.05%, 07/17/30 | &nbsp;&nbsp; 19150 | 17226986 |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 15082 | 13339094 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(c)</sup> | &nbsp;&nbsp; 6613 | 5852705 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 9360 | 8702137 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 9745 | 8749649 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 9476 | 9116360 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 9789 | 9676986 |
| 3.75%, 07/18/39<sup>(a)</sup> | &nbsp;&nbsp; 14074 | 12182568 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(c)</sup> | &nbsp;&nbsp; 8594 | 8765347 |
| 5.16%, 04/24/31, (1-year CMT + 1.170%)<sup>(c)</sup> | &nbsp;&nbsp; 10474 | 10802064 |
| 5.20%, 01/16/31, (1-year CMT + 0.780%)<sup>(c)</sup> | &nbsp;&nbsp; 10685 | 11032167 |
| 5.26%, 04/17/30, (1-year CMT + <br> 0.820%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6737 | 6945930 |
| 5.41%, 04/19/34, (1-year CMT + <br> 1.970%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6906 | 7196134 |
| 5.43%, 04/17/35, (1-year CMT + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 12698 | 13079282 |
| 5.44%, 02/22/34, (1-year CMT + <br> 1.630%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8509 | 8845752 |
| 5.47%, 09/13/33, (1-year CMT + <br> 2.125%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5348 | 5565853 |
| 5.57%, 01/16/36, (1-year CMT + 0.950%)<sup>(c)</sup> | &nbsp;&nbsp; 10253 | 10662780 |
| 5.62%, 04/24/36, (1-year CMT + 1.270%)<sup>(c)</sup> | &nbsp;&nbsp; 10496 | 10939350 |
| Mizuho Financial Group Inc. |  |  |
| 1.98%, 09/08/31, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(c)</sup><br>| &nbsp;&nbsp; 8240 | 7311285 |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR + <br> 1.772%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9916 | 8935161 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 12025 | 10643817 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR + <br> 1.392%)<sup>(c)</sup><br>| &nbsp;&nbsp; 6670 | 6385359 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8557 | 8565010 |
| 4.71%, 07/08/31, (1-year CMT + <br> 0.920%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 10805 | 10920468 |
| 5.32%, 07/08/36, (1-year CMT + 1.070%)<sup>(c)</sup> | &nbsp;&nbsp; 12000 | 12187524 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(c)</sup> | &nbsp;&nbsp; $7469 | $7725629 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(c)</sup> | &nbsp;&nbsp; 5503 | 5701666 |
| 5.42%, 05/13/36, (1-year CMT + <br> 0.980%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7025 | 7217047 |
| 5.58%, 05/26/35, (1-year CMT + <br> 1.300%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6304 | 6544302 |
| 5.67%, 09/13/33, (1-year CMT + <br> 2.400%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 5082 | 5334691 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(c)</sup> | &nbsp;&nbsp; 4697 | 4943985 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(c)</sup> | &nbsp;&nbsp; 6629 | 6982455 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + 1.034%)<sup>(c)</sup> | &nbsp;&nbsp; 26152 | 22685291 |
| 1.93%, 04/28/32, (1-day SOFR + 1.020%)<sup>(c)</sup> | &nbsp;&nbsp; 23188 | 20144160 |
| 2.24%, 07/21/32, (1-day SOFR + <br> 1.178%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 22990 | 20186043 |
| 2.51%, 10/20/32, (1-day SOFR + 1.200%)<sup>(c)</sup> | &nbsp;&nbsp; 18949 | 16788115 |
| 2.70%, 01/22/31, (1-day SOFR + 1.143%)<sup>(c)</sup> | &nbsp;&nbsp; 34283 | 31941533 |
| 2.80%, 01/25/52, (1-day SOFR + <br> 1.430%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 22719 | 13994086 |
| 2.94%, 01/21/33, (1-day SOFR + 1.290%)<sup>(c)</sup> | &nbsp;&nbsp; 24455 | 22027900 |
| 3.22%, 04/22/42, (1-day SOFR + 1.485%)<sup>(c)</sup> | &nbsp;&nbsp; 15016 | 11431682 |
| 3.62%, 04/01/31, (1-day SOFR + 3.120%)<sup>(c)</sup> | &nbsp;&nbsp; 16220 | 15677159 |
| 3.97%, 07/22/38<sup>(c)</sup> | &nbsp;&nbsp; 16185 | 14268759 |
| 4.30%, 01/27/45<sup>(a)</sup> | &nbsp;&nbsp; 17450 | 14891341 |
| 4.38%, 01/22/47<sup>(a)</sup> | &nbsp;&nbsp; 23305 | 19833879 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR + <br> 1.890%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7160 | 7189957 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR + <br> 1.693%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10397 | 9677688 |
| 4.65%, 10/18/30, (1-day SOFR + 1.100%)<sup>(c)</sup> | &nbsp;&nbsp; 25512 | 25749966 |
| 4.89%, 07/20/33, (1-day SOFR + 2.076%)<sup>(c)</sup> | &nbsp;&nbsp; 18536 | 18689656 |
| 5.04%, 07/19/30, (1-day SOFR + 1.215%)<sup>(c)</sup> | &nbsp;&nbsp; 12489 | 12791969 |
| 5.17%, 01/16/30, (1-day SOFR + 1.450%)<sup>(c)</sup> | &nbsp;&nbsp; 7091 | 7285725 |
| 5.19%, 04/17/31, (1-day SOFR + 1.510%)<sup>(c)</sup> | &nbsp;&nbsp; 19995 | 20606275 |
| 5.23%, 01/15/31, (1-day SOFR + 1.108%)<sup>(c)</sup> | &nbsp;&nbsp; 25363 | 26161770 |
| 5.25%, 04/21/34, (1-day SOFR + 1.870%)<sup>(c)</sup> | &nbsp;&nbsp; 30147 | 30794850 |
| 5.32%, 07/19/35, (1-day SOFR + 1.555%)<sup>(c)</sup> | &nbsp;&nbsp; 24636 | 25087127 |
| 5.42%, 07/21/34, (1-day SOFR + <br> 1.880%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 17122 | 17666596 |
| 5.47%, 01/18/35, (1-day SOFR + 1.730%)<sup>(c)</sup> | &nbsp;&nbsp; 25135 | 25890812 |
| 5.52%, 11/19/55, (1-day SOFR + 1.710%)<sup>(c)</sup> | &nbsp;&nbsp; 26425 | 25743045 |
| 5.59%, 01/18/36, (1-day SOFR + 1.418%)<sup>(c)</sup> | &nbsp;&nbsp; 28432 | 29385794 |
| 5.60%, 03/24/51, (1-day SOFR + 4.840%)<sup>(c)</sup> | &nbsp;&nbsp; 16081 | 15847780 |
| 5.66%, 04/18/30, (1-day SOFR + <br> 1.260%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8064 | 8417831 |
| 5.66%, 04/17/36, (1-day SOFR + <br> 1.757%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 27011 | 28115534 |
| 5.83%, 04/19/35, (1-day SOFR + 1.580%)<sup>(c)</sup> | &nbsp;&nbsp; 26141 | 27558294 |
| 6.34%, 10/18/33, (1-day SOFR + 2.560%)<sup>(c)</sup> | &nbsp;&nbsp; 16629 | 18160350 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 14911 | 16383639 |
| 6.41%, 11/01/29, (1-day SOFR + 1.830%)<sup>(c)</sup> | &nbsp;&nbsp; 6435 | 6835663 |
| 6.63%, 11/01/34, (1-day SOFR + 2.050%)<sup>(c)</sup> | &nbsp;&nbsp; 14598 | 16182089 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; 12418 | 14309578 |
| Morgan Stanley Private Bank N.A., 4.73%, <br> 07/18/31, (1-day SOFR + 1.080%)<sup>(c)</sup><br>| &nbsp;&nbsp; 24799 | 25146317 |
| National Australia Bank Ltd./New York |  |  |
| 4.53%, 06/13/30<sup>(a)</sup> | &nbsp;&nbsp; 10694 | 10874457 |
| 4.79%, 01/10/29<sup>(a)</sup> | &nbsp;&nbsp; 4579 | 4692634 |
| 4.90%, 01/14/30<sup>(a)</sup> | &nbsp;&nbsp; 4686 | 4839780 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29<sup>(a)</sup> | &nbsp;&nbsp; $5960 | $5997706 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 5411 | 5636914 |
| NatWest Group PLC |  |  |
| 4.45%, 05/08/30<sup>(c)</sup> | &nbsp;&nbsp; 9836 | 9865196 |
| 4.96%, 08/15/30, (1-year CMT + <br> 1.220%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9383 | 9576412 |
| 5.08%, 01/27/30<sup>(c)</sup> | &nbsp;&nbsp; 13609 | 13903070 |
| 5.12%, 05/23/31, (1-year CMT + 1.050%)<sup>(c)</sup> | &nbsp;&nbsp; 13623 | 13938848 |
| 5.78%, 03/01/35, (1-year CMT + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 11230 | 11732543 |
| 5.81%, 09/13/29, (1-year CMT + 1.950%)<sup>(c)</sup> | &nbsp;&nbsp; 9926 | 10366443 |
| 6.02%, 03/02/34, (1-year CMT + <br> 2.100%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7059 | 7519778 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 14308 | 13013378 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 7703 | 8385970 |
| PNC Bank NA, 2.70%, 10/22/29 | &nbsp;&nbsp; 10338 | 9723238 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + <br> 0.979%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 11038 | 9819587 |
| 2.55%, 01/22/30<sup>(a)</sup> | &nbsp;&nbsp; 21309 | 19908197 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 15185 | 14861821 |
| 4.81%, 10/21/32, (1-day SOFR + 1.259%)<sup>(c)</sup> | &nbsp;&nbsp; 12654 | 12781899 |
| 4.90%, 05/13/31, (1-day SOFR + <br> 1.333%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9313 | 9498633 |
| 5.07%, 01/24/34, (1-day SOFR + 1.933%)<sup>(c)</sup> | &nbsp;&nbsp; 13939 | 14099857 |
| 5.22%, 01/29/31, (1-day SOFR + 1.072%)<sup>(c)</sup> | &nbsp;&nbsp; 8180 | 8451079 |
| 5.37%, 07/21/36, (1-day SOFR + 1.417%)<sup>(c)</sup> | &nbsp;&nbsp; 10184 | 10340952 |
| 5.40%, 07/23/35, (1-day SOFR + 1.599%)<sup>(c)</sup> | &nbsp;&nbsp; 11151 | 11395056 |
| 5.49%, 05/14/30, (1-day SOFR + 1.198%)<sup>(c)</sup> | &nbsp;&nbsp; 9296 | 9678750 |
| 5.58%, 01/29/36, (1-day SOFR + 1.394%)<sup>(c)</sup> | &nbsp;&nbsp; 17281 | 17829385 |
| 5.68%, 01/22/35, (1-day SOFR + 1.902%)<sup>(c)</sup> | &nbsp;&nbsp; 9253 | 9650229 |
| 5.94%, 08/18/34, (1-day SOFR + 1.946%)<sup>(c)</sup> | &nbsp;&nbsp; 5344 | 5685545 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(c)</sup><br>| &nbsp;&nbsp; 8216 | 8802581 |
| 6.88%, 10/20/34, (1-day SOFR + 2.284%)<sup>(c)</sup> | &nbsp;&nbsp; 17076 | 19161050 |
| Regions Financial Corp. |  |  |
| 5.50%, 09/06/35, (1-day SOFR <br> +2.060%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7331 | 7446713 |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(c)</sup> | &nbsp;&nbsp; 6835 | 7114056 |
| Royal Bank of Canada |  |  |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 8463 | 7535006 |
| 3.88%, 05/04/32<sup>(a)</sup> | &nbsp;&nbsp; 11485 | 11049707 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(c)</sup><br>| &nbsp;&nbsp; 15945 | 16071136 |
| 4.70%, 08/06/31, (1-day SOFR + 1.060%)<sup>(c)</sup> | &nbsp;&nbsp; 7200 | 7274760 |
| 4.95%, 02/01/29 | &nbsp;&nbsp; 6685 | 6881411 |
| 4.97%, 08/02/30, (1-day SOFR + 1.000%)<sup>(c)</sup> | &nbsp;&nbsp; 11056 | 11290865 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 8163 | 8357460 |
| 5.00%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 12366 | 12664232 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 6215 | 6357000 |
| 5.15%, 02/04/31, (1-day SOFR + <br> 1.030%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 13286 | 13674606 |
| 5.15%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 10132 | 10469217 |
| Santander Holdings USA Inc. |  |  |
| 5.35%, 09/06/30, (1-day SOFR + 1.940%)<sup>(c)</sup> | &nbsp;&nbsp; 7512 | 7708564 |
| 5.74%, 03/20/31, (1-day SOFR + 1.878%)<sup>(c)</sup> | &nbsp;&nbsp; 8985 | 9332840 |
| 6.17%, 01/09/30, (1-day SOFR + 2.500%)<sup>(c)</sup> | &nbsp;&nbsp; 7080 | 7428919 |
| 6.34%, 05/31/35, (1-day SOFR + <br> 2.138%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 6976 | 7412702 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Santander U.K. Group Holdings PLC |  |  |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(c)</sup><br>| &nbsp;&nbsp; $7581 | $7678776 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(c)</sup><br>| &nbsp;&nbsp; 10074 | 10502728 |
| State Street Bank & Trust Co., 4.78%, 11/23/29 | &nbsp;&nbsp; 8713 | 8949272 |
| State Street Corp. |  |  |
| 2.20%, 03/03/31 | &nbsp;&nbsp; 7254 | 6465299 |
| 2.40%, 01/24/30<sup>(a)</sup> | &nbsp;&nbsp; 9091 | 8526066 |
| 4.83%, 04/24/30<sup>(a)</sup> | &nbsp;&nbsp; 7499 | 7697262 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 5958 | 5577525 |
| 2.13%, 07/08/30<sup>(a)</sup> | &nbsp;&nbsp; 19631 | 17713116 |
| 2.22%, 09/17/31<sup>(a)</sup> | &nbsp;&nbsp; 13775 | 12140253 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 10279 | 9633114 |
| 2.93%, 09/17/41<sup>(a)</sup> | &nbsp;&nbsp; 6640 | 4802181 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 19355 | 18472126 |
| 5.24%, 04/15/30 | &nbsp;&nbsp; 7116 | 7376340 |
| 5.32%, 07/09/29 | &nbsp;&nbsp; 9800 | 10147494 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 13767 | 14389109 |
| 5.56%, 07/09/34<sup>(a)</sup> | &nbsp;&nbsp; 9600 | 10024969 |
| 5.63%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 11294 | 11854537 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 7159 | 7551668 |
| 5.72%, 09/14/28<sup>(a)</sup> | &nbsp;&nbsp; 4713 | 4921600 |
| 5.77%, 01/13/33<sup>(a)</sup> | &nbsp;&nbsp; 13049 | 13840837 |
| 5.81%, 09/14/33<sup>(a)</sup> | &nbsp;&nbsp; 8482 | 9052448 |
| 5.84%, 07/09/44 | &nbsp;&nbsp; 7855 | 7990441 |
| 6.18%, 07/13/43<sup>(a)</sup> | &nbsp;&nbsp; 6832 | 7326665 |
| Toronto-Dominion Bank (The) |  |  |
| 2.00%, 09/10/31<sup>(a)</sup> | &nbsp;&nbsp; 9641 | 8515793 |
| 3.20%, 03/10/32<sup>(a)</sup> | &nbsp;&nbsp; 10577 | 9721048 |
| 4.46%, 06/08/32<sup>(a)</sup> | &nbsp;&nbsp; 16488 | 16307155 |
| 4.78%, 12/17/29<sup>(a)</sup> | &nbsp;&nbsp; 8045 | 8217535 |
| 4.99%, 04/05/29 | &nbsp;&nbsp; 8736 | 8958465 |
| 5.30%, 01/30/32<sup>(a)</sup> | &nbsp;&nbsp; 7959 | 8276574 |
| Truist Bank, 2.25%, 03/11/30<sup>(a)</sup> | &nbsp;&nbsp; 10960 | 9978660 |
| Truist Financial Corp. |  |  |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 12938 | 11632917 |
| 5.07%, 05/20/31, (1-day SOFR + <br> 1.309%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9440 | 9660730 |
| 5.12%, 01/26/34, (1-day SOFR + <br> 1.852%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 15691 | 15796996 |
| 5.15%, 08/05/32, (1-day SOFR + 1.571%)<sup>(c)</sup> | &nbsp;&nbsp; 7669 | 7889604 |
| 5.44%, 01/24/30, (1-day SOFR + 1.620%)<sup>(c)</sup> | &nbsp;&nbsp; 14671 | 15203259 |
| 5.71%, 01/24/35, (1-day SOFR + 1.922%)<sup>(c)</sup> | &nbsp;&nbsp; 11951 | 12451611 |
| 5.87%, 06/08/34, (1-day SOFR + 2.361%)<sup>(c)</sup> | &nbsp;&nbsp; 13431 | 14114893 |
| 6.12%, 10/28/33, (1-day SOFR + 2.300%)<sup>(c)</sup> | &nbsp;&nbsp; 7710 | 8241379 |
| 7.16%, 10/30/29, (1-day SOFR + 2.446%)<sup>(c)</sup> | &nbsp;&nbsp; 7300 | 7922737 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 17729 | 15496664 |
| 2.68%, 01/27/33, (1-day SOFR + 1.020%)<sup>(c)</sup> | &nbsp;&nbsp; 9267 | 8196131 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 13942 | 13318409 |
| 4.84%, 02/01/34, (1-day SOFR + 1.600%)<sup>(c)</sup> | &nbsp;&nbsp; 19669 | 19547328 |
| 5.05%, 02/12/31, (1-day SOFR + 1.061%)<sup>(c)</sup> | &nbsp;&nbsp; 9462 | 9700567 |
| 5.08%, 05/15/31, (1-day SOFR + 1.296%)<sup>(c)</sup> | &nbsp;&nbsp; 8960 | 9204294 |
| 5.10%, 07/23/30, (1-day SOFR + 1.250%)<sup>(c)</sup> | &nbsp;&nbsp; 6095 | 6268128 |
| 5.38%, 01/23/30, (1-day SOFR + 1.560%)<sup>(c)</sup> | &nbsp;&nbsp; 10392 | 10751582 |
| 5.42%, 02/12/36, (1-day SOFR + <br> 1.411%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 10375 | 10606910 |
| 5.68%, 01/23/35, (1-day SOFR + <br> 1.860%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 14909 | 15546342 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.84%, 06/12/34, (1-day SOFR + 2.260%)<sup>(c)</sup> | &nbsp;&nbsp; $12058 | $12717827 |
| 5.85%, 10/21/33, (1-day SOFR + <br> 2.090%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9424 | 9963874 |
| UBS AG/London |  |  |
| 4.50%, 06/26/48<sup>(a)</sup> | &nbsp;&nbsp; 7156 | 6203343 |
| 5.65%, 09/11/28 | &nbsp;&nbsp; 4341 | 4535519 |
| UBS Group AG, 4.88%, 05/15/45 | &nbsp;&nbsp; 15850 | 14384087 |
| Wachovia Corp., 5.50%, 08/01/35 | &nbsp;&nbsp; 10964 | 11182278 |
| Wells Fargo & Co. |  |  |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(c)</sup><br>| &nbsp;&nbsp; 27010 | 25022558 |
| 2.88%, 10/30/30, (3-mo. CME Term SOFR + <br> 1.432%)<sup>(c)</sup><br>| &nbsp;&nbsp; 27519 | 25982347 |
| 3.07%, 04/30/41, (1-day SOFR + 2.530%)<sup>(c)</sup> | &nbsp;&nbsp; 31394 | 23848851 |
| 3.35%, 03/02/33, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 32948 | 30359414 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 17690 | 14081806 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 4900 | 4892757 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 17407 | 14261170 |
| 4.48%, 04/04/31, (3-mo. CME Term SOFR + <br> 4.032%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 20835 | 20896436 |
| 4.61%, 04/25/53, (1-day SOFR + <br> 2.130%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 24945 | 21139009 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 18156 | 15722982 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 18097 | 15591127 |
| 4.90%, 07/25/33, (1-day SOFR + 2.100%)<sup>(c)</sup> | &nbsp;&nbsp; 36630 | 36853568 |
| 4.90%, 11/17/45<sup>(a)</sup> | &nbsp;&nbsp; 17614 | 15591492 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR + <br> 4.502%)<sup>(c)</sup><br>| &nbsp;&nbsp; 42727 | 38553474 |
| 5.15%, 04/23/31, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 40208 | 41389528 |
| 5.20%, 01/23/30, (1-day SOFR + 1.500%)<sup>(c)</sup> | &nbsp;&nbsp; 11498 | 11830192 |
| 5.21%, 12/03/35, (1-day SOFR + 1.380%)<sup>(c)</sup> | &nbsp;&nbsp; 22260 | 22431057 |
| 5.24%, 01/24/31, (1-day SOFR + 1.110%)<sup>(c)</sup> | &nbsp;&nbsp; 15828 | 16341098 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 13650 | 12999210 |
| 5.39%, 04/24/34, (1-day SOFR + 2.020%)<sup>(c)</sup> | &nbsp;&nbsp; 26733 | 27500873 |
| 5.50%, 01/23/35, (1-day SOFR + <br> 1.780%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 23506 | 24222726 |
| 5.56%, 07/25/34, (1-day SOFR + 1.990%)<sup>(c)</sup> | &nbsp;&nbsp; 36609 | 37992681 |
| 5.61%, 04/23/36, (1-day SOFR + <br> 1.740%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 25416 | 26211818 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 17418 | 17001494 |
| 6.30%, 10/23/29, (1-day SOFR + 1.790%)<sup>(c)</sup> | &nbsp;&nbsp; 7646 | 8100188 |
| 6.49%, 10/23/34, (1-day SOFR + <br> 2.060%)<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 22089 | 24291675 |
| Wells Fargo Bank NA |  |  |
| 5.85%, 02/01/37<sup>(a)</sup> | &nbsp;&nbsp; 8745 | 9165308 |
| 6.60%, 01/15/38 | &nbsp;&nbsp; 10142 | 11354638 |
| Westpac Banking Corp. |  |  |
| 1.95%, 11/20/28 | &nbsp;&nbsp; 5410 | 5087110 |
| 2.15%, 06/03/31 | &nbsp;&nbsp; 13890 | 12468086 |
| 2.65%, 01/16/30<sup>(a)</sup> | &nbsp;&nbsp; 8259 | 7803448 |
| 2.96%, 11/16/40<sup>(a)</sup> | &nbsp;&nbsp; 8799 | 6635171 |
| 3.13%, 11/18/41<sup>(a)</sup> | &nbsp;&nbsp; 5165 | 3812395 |
| 4.35%, 07/01/30 | &nbsp;&nbsp; 11447 | 11565077 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 7237 | 6598085 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 7127 | 7379200 |
| 5.54%, 11/17/28 | &nbsp;&nbsp; 5371 | 5631374 |
| 6.82%, 11/17/33 | &nbsp;&nbsp; 6154 | 6829572 |
|  |  | 6778821723 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages — 2.3%** | **Beverages — 2.3%** | **Beverages — 2.3%** |
| Anheuser-Busch <br> Companies LLC/Anheuser-Busch InBev <br> Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; $37476 | $36507587 |
| 4.90%, 02/01/46<sup>(a)</sup> | &nbsp;&nbsp; 66394 | 60565344 |
| Anheuser-Busch InBev Finance Inc., 4.90%, <br> 02/01/46<br>| &nbsp;&nbsp; 11872 | 10827854 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 10479 | 10195702 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 17629 | 14860577 |
| 4.50%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 7032 | 6177748 |
| 4.75%, 01/23/29<sup>(a)</sup> | &nbsp;&nbsp; 9725 | 9939882 |
| 4.90%, 01/23/31<sup>(a)</sup> | &nbsp;&nbsp; 13200 | 13656905 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 10769 | 10127150 |
| 5.00%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 10471 | 10702793 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 17871 | 18195443 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 30699 | 30117168 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 16235 | 16357556 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 8884 | 11333652 |
| Coca-Cola Co. (The) |  |  |
| 1.38%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 16141 | 13982853 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 12812 | 11496698 |
| 2.00%, 03/05/31 | &nbsp;&nbsp; 9844 | 8832796 |
| 2.13%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 10515 | 9813293 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 4940 | 4401262 |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 10808 | 7894182 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 9892 | 5834898 |
| 2.60%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 11787 | 7208796 |
| 2.75%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 10156 | 5939255 |
| 2.88%, 05/05/41 | &nbsp;&nbsp; 7369 | 5552572 |
| 3.00%, 03/05/51<sup>(a)</sup> | &nbsp;&nbsp; 11028 | 7304799 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 9964 | 9712579 |
| 4.65%, 08/14/34<sup>(a)</sup> | &nbsp;&nbsp; 8404 | 8499067 |
| 5.00%, 05/13/34<sup>(a)</sup> | &nbsp;&nbsp; 9459 | 9769030 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 8606 | 8142114 |
| 5.30%, 05/13/54 | &nbsp;&nbsp; 9394 | 9045119 |
| 5.40%, 05/13/64<sup>(a)</sup> | &nbsp;&nbsp; 12818 | 12360733 |
| Constellation Brands Inc. |  |  |
| 2.25%, 08/01/31 | &nbsp;&nbsp; 10372 | 9105554 |
| 3.15%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9541 | 9150373 |
| 4.90%, 05/01/33<sup>(a)</sup> | &nbsp;&nbsp; 5175 | 5153775 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 8498 | 7723136 |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 6966 | 5993812 |
| 2.38%, 10/24/29<sup>(a)</sup> | &nbsp;&nbsp; 6931 | 6484140 |
| 5.50%, 01/24/33 | &nbsp;&nbsp; 6709 | 7034688 |
| 5.63%, 10/05/33 | &nbsp;&nbsp; 5589 | 5913083 |
| Diageo Investment Corp. |  |  |
| 5.13%, 08/15/30 | &nbsp;&nbsp; 5155 | 5342790 |
| 5.63%, 04/15/35 | &nbsp;&nbsp; 5473 | 5762521 |
| Keurig Dr Pepper Inc. |  |  |
| 3.20%, 05/01/30 | &nbsp;&nbsp; 7615 | 7176701 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 8917 | 6302589 |
| 3.95%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7225 | 7103005 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 6829 | 6492472 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 7126 | 5601173 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 5915 | 6021709 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46<sup>(a)</sup> | &nbsp;&nbsp; 14374 | 11356831 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 10457 | 9518029 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| PepsiCo Inc. |  |  |
| 1.40%, 02/25/31<sup>(a)</sup> | &nbsp;&nbsp; $8613 | $7460409 |
| 1.63%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 10098 | 9051498 |
| 1.95%, 10/21/31 | &nbsp;&nbsp; 13111 | 11502889 |
| 2.63%, 07/29/29<sup>(a)</sup> | &nbsp;&nbsp; 10688 | 10166794 |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 6017 | 4255123 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 6587 | 6221884 |
| 2.75%, 10/21/51<sup>(a)</sup> | &nbsp;&nbsp; 7517 | 4640597 |
| 2.88%, 10/15/49<sup>(a)</sup> | &nbsp;&nbsp; 7210 | 4663686 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 6928 | 5158790 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 8448 | 6280732 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 8711 | 8459637 |
| 4.45%, 02/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6721 | 6738342 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 7504 | 6578442 |
| 4.50%, 07/17/29 | &nbsp;&nbsp; 10300 | 10497383 |
| 4.60%, 02/07/30 | &nbsp;&nbsp; 9881 | 10102872 |
| 4.65%, 07/23/32 | &nbsp;&nbsp; 9333 | 9428843 |
| 5.00%, 02/07/35 | &nbsp;&nbsp; 11451 | 11643807 |
| 5.00%, 07/23/35 | &nbsp;&nbsp; 10409 | 10501513 |
| 5.25%, 07/17/54<sup>(a)</sup> | &nbsp;&nbsp; 5253 | 5020587 |
|  |  | 680965616 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| Amgen Inc. |  |  |
| 2.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 16280 | 13985640 |
| 2.30%, 02/25/31<sup>(a)</sup> | &nbsp;&nbsp; 8327 | 7478690 |
| 2.45%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; 14287 | 13214552 |
| 2.77%, 09/01/53<sup>(a)</sup> | &nbsp;&nbsp; 10649 | 6211253 |
| 2.80%, 08/15/41 | &nbsp;&nbsp; 6929 | 4996376 |
| 3.00%, 02/22/29 | &nbsp;&nbsp; 7126 | 6856212 |
| 3.00%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 8213 | 5266051 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 20096 | 15562306 |
| 3.35%, 02/22/32 | &nbsp;&nbsp; 12777 | 11914521 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 15157 | 10592903 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 6789 | 6754490 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 9902 | 9568334 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 8631 | 6719095 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 17891 | 15137795 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 10680 | 8261934 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 14924 | 12564196 |
| 4.66%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 28380 | 24016254 |
| 4.88%, 03/01/53<sup>(a)</sup> | &nbsp;&nbsp; 7845 | 6779283 |
| 5.25%, 03/02/30<sup>(a)</sup> | &nbsp;&nbsp; 9637 | 9983539 |
| 5.25%, 03/02/33<sup>(a)</sup> | &nbsp;&nbsp; 31693 | 32537742 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 19871 | 19627556 |
| 5.65%, 03/02/53<sup>(a)</sup> | &nbsp;&nbsp; 31453 | 30415554 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 20867 | 20018400 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 12386 | 11268691 |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 13258 | 8247122 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 11617 | 10382392 |
| Gilead Sciences Inc. |  |  |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 9980 | 8818393 |
| 2.60%, 10/01/40<sup>(a)</sup> | &nbsp;&nbsp; 13617 | 9809472 |
| 2.80%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 17458 | 10859780 |
| 4.00%, 09/01/36<sup>(a)</sup> | &nbsp;&nbsp; 9626 | 8822665 |
| 4.15%, 03/01/47<sup>(a)</sup> | &nbsp;&nbsp; 11642 | 9511760 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 11922 | 10412253 |
| 4.60%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 7815 | 7616561 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 15109 | 13514946 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 5106 | 5237965 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 11007 | 10033654 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 5.10%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; $10678 | $10820840 |
| 5.25%, 10/15/33 | &nbsp;&nbsp; 8608 | 8942843 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 7949 | 7725190 |
| 5.55%, 10/15/53<sup>(a)</sup> | &nbsp;&nbsp; 9370 | 9167509 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 6707 | 6517283 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 7556 | 7714758 |
| Regeneron Pharmaceuticals Inc. |  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 14807 | 13013969 |
| 2.80%, 09/15/50 | &nbsp;&nbsp; 5990 | 3564409 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 14979 | 13409476 |
| 3.30%, 09/02/40 | &nbsp;&nbsp; 8978 | 6787399 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 9916 | 6677155 |
|  |  | 517339161 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Amrize Finance US LLC |  |  |
| 4.95%, 04/07/30<sup>(b)</sup> | &nbsp;&nbsp; 9449 | 9633509 |
| 5.40%, 04/07/35<sup>(b)</sup> | &nbsp;&nbsp; 7913 | 8028133 |
| Carrier Global Corp. |  |  |
| 2.70%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 16412 | 15081999 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 7662 | 7189894 |
| 3.38%, 04/05/40<sup>(a)</sup> | &nbsp;&nbsp; 12828 | 10248356 |
| 3.58%, 04/05/50<sup>(a)</sup> | &nbsp;&nbsp; 10996 | 8033318 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 6145 | 6554847 |
| CRH America Finance Inc. |  |  |
| 5.40%, 05/21/34 | &nbsp;&nbsp; 6146 | 6321972 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 10377 | 10718205 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 10062 | 10338707 |
| 5.20%, 05/21/29 | &nbsp;&nbsp; 6120 | 6307817 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 11645 | 10380413 |
| 3.20%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 10526 | 6986546 |
| 5.15%, 12/01/34<sup>(a)</sup> | &nbsp;&nbsp; 7628 | 7676225 |
| 5.50%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5190 | 4984333 |
| Owens Corning, 5.70%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7241 | 7570170 |
| Trane Technologies Financing Ltd., 3.80%, <br> 03/21/29<br>| &nbsp;&nbsp; 6338 | 6275370 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 8999 | 8683218 |
| 5.35%, 12/01/34 | &nbsp;&nbsp; 6275 | 6422711 |
| 5.70%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5447 | 5381244 |
|  |  | 162816987 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Air Products and Chemicals Inc. |  |  |
| 2.05%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9454 | 8619981 |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 6347 | 4647629 |
| 2.80%, 05/15/50 | &nbsp;&nbsp; 8563 | 5327748 |
| 4.60%, 02/08/29<sup>(a)</sup> | &nbsp;&nbsp; 5263 | 5355958 |
| 4.85%, 02/08/34<sup>(a)</sup> | &nbsp;&nbsp; 6787 | 6829168 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 5149 | 4586476 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 6667 | 6637368 |
| 5.38%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 6966 | 6497791 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6577 | 5810058 |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 7432 | 4913445 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 12792 | 10271792 |
| 5.25%, 11/15/41 | &nbsp;&nbsp; 7685 | 6937252 |
| 5.55%, 11/30/48 | &nbsp;&nbsp; 8735 | 7814713 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 6.90%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; $6903 | $7248637 |
| DuPont de Nemours Inc. |  |  |
| 4.73%, 11/15/28 | &nbsp;&nbsp; 5429 | 5532450 |
| 5.32%, 11/15/38 | &nbsp;&nbsp; 9228 | 9615819 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 16577 | 16682451 |
| Eastman Chemical Co. |  |  |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 6814 | 5657169 |
| 5.00%, 08/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8496 | 8653523 |
| 5.63%, 02/20/34<sup>(a)</sup> | &nbsp;&nbsp; 9158 | 9311115 |
| Ecolab Inc., 2.70%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 8150 | 4953827 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 8630 | 7272901 |
| 5.25%, 07/15/43<sup>(a)</sup> | &nbsp;&nbsp; 8127 | 7174571 |
| LYB International Finance III LLC |  |  |
| 3.38%, 10/01/40 | &nbsp;&nbsp; 6072 | 4454770 |
| 3.63%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; 9898 | 6431651 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 10250 | 7391673 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 10210 | 7341137 |
| 5.50%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 7218 | 7182481 |
| LyondellBasell Industries NV, 4.63%, <br> 02/26/55<sup>(a)</sup><br>| &nbsp;&nbsp; 6274 | 4804487 |
| Nutrien Ltd. |  |  |
| 4.20%, 04/01/29 | &nbsp;&nbsp; 10581 | 10551480 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 6382 | 5655868 |
| 5.80%, 03/27/53<sup>(a)</sup> | &nbsp;&nbsp; 5540 | 5443442 |
| Sherwin-Williams Co. (The) |  |  |
| 2.95%, 08/15/29 | &nbsp;&nbsp; 9406 | 8955436 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 10270 | 8630600 |
|  |  | 243194867 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; 11083 | 9687979 |
| 4.45%, 09/09/34<sup>(a)</sup> | &nbsp;&nbsp; 6783 | 6659195 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 6486 | 6614536 |
| Equifax Inc., 2.35%, 09/15/31 | &nbsp;&nbsp; 9216 | 8126329 |
| Global Payments Inc. |  |  |
| 2.90%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 13097 | 12085007 |
| 2.90%, 11/15/31 | &nbsp;&nbsp; 7967 | 7128080 |
| 3.20%, 08/15/29 | &nbsp;&nbsp; 8356 | 7928473 |
| 4.15%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 5294 | 3911960 |
| 5.40%, 08/15/32 | &nbsp;&nbsp; 5953 | 6061739 |
| 5.95%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 5364 | 5095151 |
| Massachusetts Institute of Technology |  |  |
| 5.60%, 07/01/2111 | &nbsp;&nbsp; 3860 | 3766592 |
| 5.62%, 06/01/55 | &nbsp;&nbsp; 2125 | 2168914 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 9817 | 9005065 |
| 2.85%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 12778 | 12172474 |
| 3.25%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 6121 | 4156734 |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 6868 | 6816831 |
| 5.05%, 06/01/52<sup>(a)</sup> | &nbsp;&nbsp; 9824 | 8980813 |
| 5.15%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 5530 | 5649918 |
| President and Fellows of Harvard College, <br> Series ., 4.61%, 02/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 6143 | 6135007 |
| Quanta Services Inc., 2.90%, 10/01/30<sup>(a)</sup> | &nbsp;&nbsp; 11463 | 10663510 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 5427 | 5147798 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 7849 | 7818670 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 5472 | 5586705 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 6888 | 7040120 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| S&P Global Inc. |  |  |
| 2.70%, 03/01/29 | &nbsp;&nbsp; $5835 | $5579950 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 11191 | 10229314 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 6071 | 4528763 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 9724 | 9784524 |
| 5.25%, 09/15/33 | &nbsp;&nbsp; 7195 | 7502644 |
| Verisk Analytics Inc. |  |  |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 110 | 110353 |
| 5.13%, 02/15/36 | &nbsp;&nbsp; 552 | 547625 |
|  |  | 206690773 |
| **Computers — 2.5%** | **Computers — 2.5%** | **Computers — 2.5%** |
| Accenture Capital Inc. |  |  |
| 4.05%, 10/04/29<sup>(a)</sup> | &nbsp;&nbsp; 6310 | 6304428 |
| 4.25%, 10/04/31<sup>(a)</sup> | &nbsp;&nbsp; 12326 | 12324366 |
| 4.50%, 10/04/34 | &nbsp;&nbsp; 8931 | 8707494 |
| Apple Inc. |  |  |
| 1.25%, 08/20/30 | &nbsp;&nbsp; 21635 | 18966643 |
| 1.65%, 05/11/30 | &nbsp;&nbsp; 17398 | 15681872 |
| 1.65%, 02/08/31 | &nbsp;&nbsp; 27349 | 24154415 |
| 1.70%, 08/05/31 | &nbsp;&nbsp; 7060 | 6196569 |
| 2.20%, 09/11/29<sup>(a)</sup> | &nbsp;&nbsp; 8109 | 7594271 |
| 2.38%, 02/08/41 | &nbsp;&nbsp; 12404 | 8688125 |
| 2.40%, 08/20/50<sup>(a)</sup> | &nbsp;&nbsp; 12600 | 7378794 |
| 2.55%, 08/20/60 | &nbsp;&nbsp; 16434 | 9308863 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 20871 | 12935746 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 23436 | 14354311 |
| 2.70%, 08/05/51<sup>(a)</sup> | &nbsp;&nbsp; 16481 | 10140375 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 13811 | 8091372 |
| 2.85%, 08/05/61 | &nbsp;&nbsp; 14094 | 8300767 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 10867 | 7220450 |
| 3.25%, 08/08/29 | &nbsp;&nbsp; 7253 | 7098731 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 13148 | 12477056 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 13453 | 10398319 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 11050 | 8666287 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 10363 | 8181484 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 17495 | 14609459 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 19682 | 15881215 |
| 3.95%, 08/08/52<sup>(a)</sup> | &nbsp;&nbsp; 10871 | 8564667 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 8531 | 6672448 |
| 4.20%, 05/12/30<sup>(a)</sup> | &nbsp;&nbsp; 7605 | 7699218 |
| 4.25%, 02/09/47<sup>(a)</sup> | &nbsp;&nbsp; 10741 | 9199484 |
| 4.30%, 05/10/33<sup>(a)</sup> | &nbsp;&nbsp; 9189 | 9243689 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 19146 | 16909389 |
| 4.45%, 05/06/44<sup>(a)</sup> | &nbsp;&nbsp; 9245 | 8486252 |
| 4.50%, 05/12/32<sup>(a)</sup> | &nbsp;&nbsp; 10236 | 10411334 |
| 4.50%, 02/23/36<sup>(a)</sup> | &nbsp;&nbsp; 6367 | 6382284 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 24552 | 22428601 |
| 4.75%, 05/12/35 | &nbsp;&nbsp; 10646 | 10795375 |
| 4.85%, 05/10/53<sup>(a)</sup> | &nbsp;&nbsp; 10086 | 9470487 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/41<sup>(a)</sup> | &nbsp;&nbsp; 6113 | 4569334 |
| 4.85%, 02/01/35<sup>(a)</sup> | &nbsp;&nbsp; 11323 | 11003225 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 10302 | 10550937 |
| 5.30%, 10/01/29 | &nbsp;&nbsp; 17403 | 18010749 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; 5661 | 5835032 |
| 5.40%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9524 | 9722936 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 7798 | 7934552 |
| 5.75%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 8608 | 9071307 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 6049 | 6496476 |
| 8.10%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 6507 | 7884577 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Hewlett Packard Enterprise Co. |  |  |
| 4.55%, 10/15/29 | &nbsp;&nbsp; $14268 | $14350002 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 9829 | 9908958 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 16203 | 15918070 |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 10499 | 9682182 |
| 6.20%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6607 | 7052348 |
| 6.35%, 10/15/45<sup>(a)</sup> | &nbsp;&nbsp; 12291 | 12655826 |
| HP Inc. |  |  |
| 2.65%, 06/17/31 | &nbsp;&nbsp; 11560 | 10382472 |
| 4.00%, 04/15/29 | &nbsp;&nbsp; 9469 | 9346060 |
| 5.50%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 9050 | 9288345 |
| 6.00%, 09/15/41<sup>(a)</sup> | &nbsp;&nbsp; 8922 | 9051613 |
| IBM International Capital Pte Ltd. |  |  |
| 4.90%, 02/05/34<sup>(a)</sup> | &nbsp;&nbsp; 9577 | 9590249 |
| 5.25%, 02/05/44 | &nbsp;&nbsp; 7960 | 7618924 |
| 5.30%, 02/05/54<sup>(a)</sup> | &nbsp;&nbsp; 8862 | 8207588 |
| International Business Machines Corp. |  |  |
| 1.95%, 05/15/30<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 8015562 |
| 2.95%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 11250 | 7108864 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 21315 | 20881513 |
| 4.00%, 06/20/42<sup>(a)</sup> | &nbsp;&nbsp; 6877 | 5697826 |
| 4.15%, 05/15/39<sup>(a)</sup> | &nbsp;&nbsp; 16461 | 14494941 |
| 4.25%, 05/15/49<sup>(a)</sup> | &nbsp;&nbsp; 22063 | 17643115 |
| 4.40%, 07/27/32<sup>(a)</sup> | &nbsp;&nbsp; 7010 | 6957705 |
| 4.75%, 02/06/33<sup>(a)</sup> | &nbsp;&nbsp; 9271 | 9340729 |
| 4.90%, 07/27/52<sup>(a)</sup> | &nbsp;&nbsp; 7878 | 6925683 |
| Series .., 4.80%, 02/10/30<sup>(a)</sup> | &nbsp;&nbsp; 6368 | 6523238 |
| Series .., 5.00%, 02/10/32<sup>(a)</sup> | &nbsp;&nbsp; 5977 | 6127394 |
| Series .., 5.20%, 02/10/35<sup>(a)</sup> | &nbsp;&nbsp; 9296 | 9420696 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 7464 | 7309838 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 6247 | 5552605 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 4823 | 4796266 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 2409 | 2523347 |
|  |  | 753375724 |
| **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** | **Cosmetics & Personal Care — 0.6%** |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/29 | &nbsp;&nbsp; 8357 | 8140987 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 16095 | 15122358 |
| 4.00%, 03/24/52<sup>(a)</sup> | &nbsp;&nbsp; 6348 | 4843374 |
| Kenvue Inc. |  |  |
| 4.85%, 05/22/32 | &nbsp;&nbsp; 10370 | 10551443 |
| 4.90%, 03/22/33<sup>(a)</sup> | &nbsp;&nbsp; 9584 | 9734454 |
| 5.00%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 7168 | 7407505 |
| 5.05%, 03/22/53<sup>(a)</sup> | &nbsp;&nbsp; 11581 | 10572802 |
| 5.10%, 03/22/43<sup>(a)</sup> | &nbsp;&nbsp; 5473 | 5255262 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 5152 | 4673125 |
| Procter & Gamble Co. (The) |  |  |
| 1.20%, 10/29/30<sup>(a)</sup> | &nbsp;&nbsp; 12229 | 10651195 |
| 1.95%, 04/23/31<sup>(a)</sup> | &nbsp;&nbsp; 8469 | 7606980 |
| 2.30%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 8126 | 7335326 |
| 3.00%, 03/25/30<sup>(a)</sup> | &nbsp;&nbsp; 14328 | 13761584 |
| 4.05%, 01/26/33<sup>(a)</sup> | &nbsp;&nbsp; 6074 | 6020069 |
| 4.55%, 01/29/34 | &nbsp;&nbsp; 5337 | 5380216 |
| Unilever Capital Corp. |  |  |
| 1.75%, 08/12/31 | &nbsp;&nbsp; 10989 | 9607890 |
| 2.13%, 09/06/29<sup>(a)</sup> | &nbsp;&nbsp; 6696 | 6229858 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 5796 | 5781492 |
| 5.00%, 12/08/33<sup>(a)</sup> | &nbsp;&nbsp; 6927 | 7159713 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| 5.90%, 11/15/32 | &nbsp;&nbsp; $8899 | $9704512 |
|  |  | 165540145 |
| **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 18389 | 17687564 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 29187 | 26720637 |
| 3.40%, 10/29/33<sup>(a)</sup> | &nbsp;&nbsp; 13336 | 11860058 |
| 3.85%, 10/29/41<sup>(a)</sup> | &nbsp;&nbsp; 11963 | 9632159 |
| 4.63%, 09/10/29<sup>(a)</sup> | &nbsp;&nbsp; 8361 | 8416785 |
| 4.95%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; 11246 | 11085447 |
| 5.10%, 01/19/29<sup>(a)</sup> | &nbsp;&nbsp; 8537 | 8738454 |
| 5.38%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8586 | 8867029 |
| 6.15%, 09/30/30<sup>(a)</sup> | &nbsp;&nbsp; 8742 | 9358186 |
| Air Lease Corp. |  |  |
| 2.88%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7028 | 6303885 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 7787 | 7273774 |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28<sup>(a)</sup> | &nbsp;&nbsp; 5216 | 4863677 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 16146 | 18434337 |
| American Express Co. |  |  |
| 4.05%, 05/03/29 | &nbsp;&nbsp; 8182 | 8208173 |
| 4.05%, 12/03/42<sup>(a)</sup> | &nbsp;&nbsp; 7535 | 6372582 |
| Ameriprise Financial Inc. |  |  |
| 5.15%, 05/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6092 | 6266372 |
| 5.20%, 04/15/35 | &nbsp;&nbsp; 10314 | 10430201 |
| Apollo Global Management Inc., 5.80%, <br> 05/21/54<sup>(a)</sup><br>| &nbsp;&nbsp; 8956 | 8825163 |
| Brookfield Finance Inc. |  |  |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 7211 | 4955595 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 6521 | 6511442 |
| 4.70%, 09/20/47<sup>(a)</sup> | &nbsp;&nbsp; 9998 | 8595895 |
| 4.85%, 03/29/29 | &nbsp;&nbsp; 9987 | 10155690 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 7943 | 7955251 |
| Capital One Financial Corp., 6.70%, 11/29/32 | &nbsp;&nbsp; 8685 | 9559167 |
| Charles Schwab Corp. (The) |  |  |
| 1.65%, 03/11/31<sup>(a)</sup> | &nbsp;&nbsp; 8626 | 7485010 |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 12781 | 11051740 |
| 2.30%, 05/13/31<sup>(a)</sup> | &nbsp;&nbsp; 12158 | 10930745 |
| 2.90%, 03/03/32<sup>(a)</sup> | &nbsp;&nbsp; 6559 | 5942486 |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 11708 | 10556572 |
| 4.40%, 03/15/30 | &nbsp;&nbsp; 7203 | 7268555 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 5659 | 5663547 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 12418 | 10389763 |
| 2.10%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9427 | 8553720 |
| 2.65%, 09/15/40<sup>(a)</sup> | &nbsp;&nbsp; 12012 | 8749880 |
| 3.00%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 12828 | 8335274 |
| 3.00%, 09/15/60<sup>(a)</sup> | &nbsp;&nbsp; 10743 | 6445176 |
| 4.25%, 09/21/48<sup>(a)</sup> | &nbsp;&nbsp; 14977 | 12354574 |
| 4.35%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9274 | 9347343 |
| 4.60%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 9020 | 9016341 |
| 4.95%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 10851 | 9743201 |
| 5.20%, 06/15/62 | &nbsp;&nbsp; 8855 | 8135329 |
| 5.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 7244 | 7572602 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31 | &nbsp;&nbsp; 6752 | 5978690 |
| 4.15%, 01/23/30 | &nbsp;&nbsp; 12782 | 12621505 |
| 6.20%, 04/14/34<sup>(a)</sup> | &nbsp;&nbsp; 12005 | 12674345 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| LPL Holdings Inc. |  |  |
| 5.20%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; $8576 | $8764033 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 5215 | 5577463 |
| Mastercard Inc. |  |  |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 6991 | 6147776 |
| 2.95%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9330 | 9019876 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 11336 | 11020786 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 9190 | 6911998 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 7541 | 5849402 |
| 4.35%, 01/15/32 | &nbsp;&nbsp; 9336 | 9347042 |
| 4.55%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5726 | 5650333 |
| 4.85%, 03/09/33<sup>(a)</sup> | &nbsp;&nbsp; 8108 | 8279548 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 10514 | 10682127 |
| Nasdaq Inc. |  |  |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 8831 | 9201303 |
| 5.95%, 08/15/53 | &nbsp;&nbsp; 7181 | 7313901 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 6534 | 6719104 |
| Nomura Holdings Inc. |  |  |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 7945 | 7108125 |
| 2.68%, 07/16/30 | &nbsp;&nbsp; 12234 | 11213142 |
| 3.00%, 01/22/32<sup>(a)</sup> | &nbsp;&nbsp; 11591 | 10421268 |
| 3.10%, 01/16/30 | &nbsp;&nbsp; 14644 | 13796761 |
| 4.90%, 07/01/30 | &nbsp;&nbsp; 5450 | 5522124 |
| 5.78%, 07/03/34<sup>(a)</sup> | &nbsp;&nbsp; 8935 | 9365425 |
| 6.18%, 01/18/33<sup>(a)</sup> | &nbsp;&nbsp; 1160 | 1246539 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 6621 | 4842043 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 7992 | 7238014 |
| Synchrony Financial, 2.88%, 10/28/31<sup>(a)</sup> | &nbsp;&nbsp; 9108 | 8069652 |
| Visa Inc. |  |  |
| 1.10%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12369 | 10639351 |
| 2.00%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; 16704 | 8959556 |
| 2.05%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7735 | 7097653 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 8265 | 6250421 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 11724 | 9056347 |
| 4.15%, 12/14/35<sup>(a)</sup> | &nbsp;&nbsp; 11028 | 10544649 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 26329 | 22747403 |
|  |  | 690497086 |
| **Electric — 4.1%** | **Electric — 4.1%** | **Electric — 4.1%** |
| AES Corp. (The) |  |  |
| 2.45%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6579 | 5892345 |
| 5.80%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7676 | 7894686 |
| Ameren Corp. |  |  |
| 3.50%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6898 | 6582081 |
| 5.38%, 03/15/35 | &nbsp;&nbsp; 6578 | 6677438 |
| American Electric Power Co. Inc. |  |  |
| 5.20%, 01/15/29 | &nbsp;&nbsp; 7437 | 7665746 |
| 5.63%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 6255 | 6538772 |
| Berkshire Hathaway Energy Co. |  |  |
| 2.85%, 05/15/51<sup>(a)</sup> | &nbsp;&nbsp; 10473 | 6381165 |
| 3.70%, 07/15/30 | &nbsp;&nbsp; 7492 | 7329879 |
| 3.80%, 07/15/48<sup>(a)</sup> | &nbsp;&nbsp; 8188 | 6150302 |
| 4.25%, 10/15/50 | &nbsp;&nbsp; 6828 | 5414249 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 6944 | 5738261 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 6873 | 5943933 |
| 4.60%, 05/01/53<sup>(a)</sup> | &nbsp;&nbsp; 9531 | 7918265 |
| 5.15%, 11/15/43 | &nbsp;&nbsp; 5288 | 5028772 |
| 6.13%, 04/01/36 | &nbsp;&nbsp; 12204 | 13158389 |
| Commonwealth Edison Co., 4.00%, 03/01/48 | &nbsp;&nbsp; 6676 | 5275964 |
| Connecticut Light and Power Co. (The), 4.00%, <br> 04/01/48<br>| &nbsp;&nbsp; 6781 | 5339649 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Consolidated Edison Co. of New York Inc. |  |  |
| 2.40%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; $6465 | $5851519 |
| 3.60%, 06/15/61<sup>(a)</sup> | &nbsp;&nbsp; 6859 | 4634402 |
| 4.45%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 7279 | 6277890 |
| 4.63%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 6853 | 5727819 |
| 5.70%, 05/15/54<sup>(a)</sup> | &nbsp;&nbsp; 6581 | 6513572 |
| 5.90%, 11/15/53 | &nbsp;&nbsp; 5720 | 5809937 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 10059 | 7752546 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 06/15/42 | &nbsp;&nbsp; 7043 | 6931930 |
| 5.75%, 03/15/54 | &nbsp;&nbsp; 7028 | 6882540 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 7364 | 7898377 |
| 6.50%, 10/01/53<sup>(a)</sup> | &nbsp;&nbsp; 6667 | 7177962 |
| Dominion Energy Inc. |  |  |
| 5.00%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5143 | 5278508 |
| 5.38%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8004 | 8268451 |
| Series C, 2.25%, 08/15/31 | &nbsp;&nbsp; 9233 | 8133229 |
| Series C, 3.38%, 04/01/30 | &nbsp;&nbsp; 11748 | 11262160 |
| DTE Energy Co. |  |  |
| 5.10%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8077 | 8281750 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 11621 | 11965473 |
| 5.85%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6967 | 7309897 |
| Duke Energy Carolinas LLC |  |  |
| 3.20%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 7404 | 4989625 |
| 4.95%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 10009 | 10230460 |
| 5.30%, 02/15/40 | &nbsp;&nbsp; 5470 | 5481576 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; 8633 | 8193185 |
| 5.40%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 5882 | 5660332 |
| Duke Energy Corp. |  |  |
| 2.45%, 06/01/30 | &nbsp;&nbsp; 12619 | 11594118 |
| 2.55%, 06/15/31 | &nbsp;&nbsp; 12679 | 11416330 |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 7118 | 5359942 |
| 3.50%, 06/15/51<sup>(a)</sup> | &nbsp;&nbsp; 8160 | 5557478 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 12207 | 9090013 |
| 4.50%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7115 | 7019391 |
| 5.00%, 08/15/52 | &nbsp;&nbsp; 7908 | 6896411 |
| 5.45%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9689 | 9991129 |
| 5.80%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 5257 | 5123556 |
| 6.10%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 4461 | 4530882 |
| Duke Energy Florida LLC, 6.40%, 06/15/38 | &nbsp;&nbsp; 8214 | 9103180 |
| Duke Energy Progress LLC |  |  |
| 5.05%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6247 | 6302463 |
| 5.55%, 03/15/55 | &nbsp;&nbsp; 6072 | 5906770 |
| Entergy Louisiana LLC |  |  |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 7685 | 6163896 |
| 5.80%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 5051 | 5014067 |
| Eversource Energy |  |  |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 7748 | 7774867 |
| 5.95%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5401 | 5665030 |
| Exelon Corp. |  |  |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 9118 | 9016118 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 8619 | 7160236 |
| 4.70%, 04/15/50<sup>(a)</sup> | &nbsp;&nbsp; 7045 | 5872618 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 7212 | 7434360 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 6871 | 6498648 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 7364 | 4944909 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32 | &nbsp;&nbsp; 11253 | 10030203 |
| 2.88%, 12/04/51<sup>(a)</sup> | &nbsp;&nbsp; 12278 | 7666802 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 6061 | 4064003 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 8445 | 6680617 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.80%, 05/15/33 | &nbsp;&nbsp; $6093 | $6146316 |
| 5.10%, 04/01/33 | &nbsp;&nbsp; 7039 | 7210899 |
| 5.15%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6508 | 6752300 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 7433 | 7684888 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 6598 | 6280233 |
| 5.60%, 06/15/54 | &nbsp;&nbsp; 6496 | 6431086 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 7082 | 7108572 |
| Georgia Power Co. |  |  |
| 4.30%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 6842 | 5895903 |
| 4.95%, 05/17/33<sup>(a)</sup> | &nbsp;&nbsp; 8024 | 8112126 |
| 5.13%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 6517 | 6044996 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 8181 | 8376789 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 7332 | 4954436 |
| MidAmerican Energy Co. |  |  |
| 3.65%, 04/15/29 | &nbsp;&nbsp; 8911 | 8786394 |
| 4.25%, 07/15/49 | &nbsp;&nbsp; 8953 | 7229036 |
| 5.85%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 6150 | 6288175 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 5886 | 6049048 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 4646 | 4919472 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 19049 | 17373715 |
| 2.44%, 01/15/32 | &nbsp;&nbsp; 9594 | 8403553 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 14637 | 13822635 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 5265 | 5374137 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 6554 | 6662865 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 7070 | 7267407 |
| 5.05%, 02/28/33<sup>(a)</sup> | &nbsp;&nbsp; 6095 | 6183546 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 7639 | 7782832 |
| 5.25%, 02/28/53<sup>(a)</sup> | &nbsp;&nbsp; 8792 | 8040683 |
| 5.30%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5733 | 5931167 |
| 5.45%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6962 | 7138716 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 7263 | 6901953 |
| 5.90%, 03/15/55 | &nbsp;&nbsp; 7015 | 6990971 |
| Northern States Power Co./MN, 5.10%, <br> 05/15/53<br>| &nbsp;&nbsp; 5376 | 4941810 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 7925 | 7040030 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 6775 | 6532261 |
| 5.65%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6121 | 6482327 |
| Pacific Gas and Electric Co. |  |  |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 15716 | 13932418 |
| 3.25%, 06/01/31 | &nbsp;&nbsp; 8530 | 7808958 |
| 3.30%, 08/01/40 | &nbsp;&nbsp; 11058 | 8173281 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 18630 | 12208084 |
| 3.95%, 12/01/47<sup>(a)</sup> | &nbsp;&nbsp; 9733 | 7051571 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 12921 | 11028216 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 22769 | 22540973 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 23634 | 19509820 |
| 5.55%, 05/15/29 | &nbsp;&nbsp; 5904 | 6069801 |
| 5.70%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 5889 | 5963017 |
| 5.80%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7879 | 8059530 |
| 5.90%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5965 | 5576803 |
| 6.00%, 08/15/35 | &nbsp;&nbsp; 8977 | 9285123 |
| 6.10%, 01/15/29 | &nbsp;&nbsp; 5206 | 5435444 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 6825 | 7165535 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 5982 | 5783495 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; 7725 | 8205507 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 5770 | 5941355 |
| 6.75%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 11485 | 11848201 |
| 6.95%, 03/15/34 | &nbsp;&nbsp; 5566 | 6098445 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| PacifiCorp |  |  |
| 2.90%, 06/15/52 | &nbsp;&nbsp; $12181 | $7121289 |
| 5.35%, 12/01/53 | &nbsp;&nbsp; 8369 | 7470642 |
| 5.45%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8823 | 8958183 |
| 5.50%, 05/15/54 | &nbsp;&nbsp; 8526 | 7784807 |
| 5.80%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 11632 | 11019372 |
| PPL Capital Funding Inc., 5.25%, 09/01/34 | &nbsp;&nbsp; 5821 | 5897348 |
| PPL Electric Utilities Corp., 5.25%, 05/15/53 | &nbsp;&nbsp; 6507 | 6141892 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31 | &nbsp;&nbsp; 6996 | 6099321 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 3457 | 3432532 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 7584 | 6919951 |
| 5.35%, 05/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6249 | 6361708 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 6936 | 6817553 |
| 5.85%, 05/15/55 | &nbsp;&nbsp; 3766 | 3712623 |
| Public Service Co. of Oklahoma, 5.45%, <br> 01/15/36<sup>(a)</sup><br>| &nbsp;&nbsp; 7266 | 7347626 |
| Public Service Enterprise Group Inc. |  |  |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 8537 | 7564188 |
| 5.20%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4095 | 4222949 |
| San Diego Gas & Electric Co. |  |  |
| 5.35%, 04/01/53 | &nbsp;&nbsp; 5455 | 5081824 |
| 5.40%, 04/15/35 | &nbsp;&nbsp; 7635 | 7819837 |
| Series VVV, 1.70%, 10/01/30 | &nbsp;&nbsp; 9941 | 8756053 |
| Series WWW, 2.95%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 6726 | 4233191 |
| Sempra |  |  |
| 3.80%, 02/01/38<sup>(a)</sup> | &nbsp;&nbsp; 7630 | 6411904 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 6674 | 4990373 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 5373 | 5502886 |
| Southern California Edison Co. |  |  |
| 3.65%, 02/01/50<sup>(a)</sup> | &nbsp;&nbsp; 8805 | 6064970 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 11642 | 8656970 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 8471 | 7131045 |
| 5.20%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 8475 | 8417339 |
| 5.25%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5597 | 5726794 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 6374 | 6587214 |
| 5.45%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 8302 | 8355718 |
| 5.95%, 11/01/32<sup>(a)</sup> | &nbsp;&nbsp; 5307 | 5587581 |
| Series 20A, 2.95%, 02/01/51 | &nbsp;&nbsp; 6872 | 4173781 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 10007 | 7565856 |
| Southern Co. (The) |  |  |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 15798 | 13113416 |
| 4.85%, 03/15/35 | &nbsp;&nbsp; 7340 | 7198168 |
| 5.20%, 06/15/33 | &nbsp;&nbsp; 9648 | 9851944 |
| 5.50%, 03/15/29 | &nbsp;&nbsp; 9367 | 9766327 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 6096 | 6385986 |
| Series A, 3.70%, 04/30/30<sup>(a)</sup> | &nbsp;&nbsp; 7447 | 7261627 |
| Series B, 4.00%, 01/15/51, (5-year CMT + <br> 3.733%)<sup>(c)</sup><br>| &nbsp;&nbsp; 5493 | 5472785 |
| Virginia Electric & Power Co. |  |  |
| 2.45%, 12/15/50<sup>(a)</sup> | &nbsp;&nbsp; 7550 | 4231802 |
| 2.95%, 11/15/51<sup>(a)</sup> | &nbsp;&nbsp; 10497 | 6521961 |
| 5.00%, 04/01/33<sup>(a)</sup> | &nbsp;&nbsp; 6287 | 6373080 |
| 5.45%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 5760 | 5451218 |
| Xcel Energy Inc. |  |  |
| 5.45%, 08/15/33 | &nbsp;&nbsp; 7058 | 7204798 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 7255 | 7417709 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 6208 | 6338830 |
|  |  | 1228672898 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Emerson Electric Co. |  |  |
| 2.00%, 12/21/28<sup>(a)</sup> | &nbsp;&nbsp; $7856 | $7387516 |
| 2.20%, 12/21/31<sup>(a)</sup> | &nbsp;&nbsp; 11125 | 9864255 |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 8140 | 5085604 |
|  |  | 22337375 |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| Amphenol Corp. |  |  |
| 2.20%, 09/15/31 | &nbsp;&nbsp; 10433 | 9225071 |
| 2.80%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9043 | 8548936 |
| 5.00%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5326 | 5364558 |
| Honeywell International Inc. |  |  |
| 1.75%, 09/01/31 | &nbsp;&nbsp; 14139 | 12179179 |
| 1.95%, 06/01/30<sup>(a)</sup> | &nbsp;&nbsp; 9297 | 8415620 |
| 2.70%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 10482 | 9973239 |
| 2.80%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 5249 | 3297092 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 6530 | 6566659 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 13294 | 13010164 |
| 4.70%, 02/01/30 | &nbsp;&nbsp; 7966 | 8116818 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 6508 | 6638109 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 10726 | 10800401 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 13636 | 12670117 |
| Keysight Technologies Inc., 5.35%, 07/30/30 | &nbsp;&nbsp; 5503 | 5711595 |
|  |  | 120517558 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| Republic Services Inc. |  |  |
| 1.75%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6733 | 5734796 |
| 4.88%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8419 | 8638046 |
| 5.00%, 04/01/34<sup>(a)</sup> | &nbsp;&nbsp; 5683 | 5785940 |
| Waste Connections Inc. |  |  |
| 2.95%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 7278 | 4584287 |
| 4.20%, 01/15/33 | &nbsp;&nbsp; 8737 | 8490364 |
| 5.00%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6961 | 7051535 |
| Waste Management Inc. |  |  |
| 1.50%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 11356 | 9820572 |
| 4.15%, 04/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9257 | 9092746 |
| 4.63%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7532 | 7675480 |
| 4.80%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6961 | 7106826 |
| 4.88%, 02/15/29 | &nbsp;&nbsp; 9704 | 9975272 |
| 4.88%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9374 | 9513081 |
| 4.95%, 07/03/31 | &nbsp;&nbsp; 8083 | 8355995 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 7778 | 7816521 |
| 5.35%, 10/15/54<sup>(a)</sup> | &nbsp;&nbsp; 9600 | 9200109 |
|  |  | 118841570 |
| **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** |
| Conagra Brands Inc. |  |  |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 4988 | 5039273 |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 10178 | 9604725 |
| 5.40%, 11/01/48<sup>(a)</sup> | &nbsp;&nbsp; 9290 | 8164718 |
| General Mills Inc. |  |  |
| 2.88%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5866 | 5506449 |
| 4.88%, 01/30/30<sup>(a)</sup> | &nbsp;&nbsp; 6568 | 6711843 |
| 4.95%, 03/29/33<sup>(a)</sup> | &nbsp;&nbsp; 6451 | 6486749 |
| 5.25%, 01/30/35<sup>(a)</sup> | &nbsp;&nbsp; 8084 | 8131713 |
| Hormel Foods Corp., 1.80%, 06/11/30<sup>(a)</sup> | &nbsp;&nbsp; 9633 | 8635690 |
| J.M. Smucker Co. (The) |  |  |
| 5.90%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4826 | 5071439 |
| 6.20%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 9359 | 10047135 |
| 6.50%, 11/15/43<sup>(a)</sup> | &nbsp;&nbsp; 7776 | 8247891 |
| 6.50%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 6990 | 7433376 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| JBS USA Holding Lux Sarl / JBS USA Foods <br> Group Holdings Inc. / JBS USA Food Co.<br>|  |  |
| 5.50%, 01/15/36<sup>(b)</sup> | &nbsp;&nbsp; $10290 | $10317457 |
| 6.25%, 03/01/56<sup>(b)</sup> | &nbsp;&nbsp; 10964 | 10801249 |
| 6.38%, 04/15/66<sup>(a)(b)</sup> | &nbsp;&nbsp; 9900 | 9747541 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 5916 | 5242124 |
| 3.63%, 01/15/32 | &nbsp;&nbsp; 6760 | 6248722 |
| 4.38%, 02/02/52<sup>(a)</sup> | &nbsp;&nbsp; 8567 | 6517936 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 12209 | 12630368 |
| 6.50%, 12/01/52<sup>(a)</sup> | &nbsp;&nbsp; 12482 | 12703635 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 7665 | 8403783 |
| 7.25%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7552 | 8365662 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 6.38%, 02/25/55<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6540 | 6570503 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 25384 | 20211413 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 11440 | 9545639 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 12392 | 11068617 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 13585 | 12083409 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 8326 | 7541639 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 6647 | 7234697 |
| Kroger Co. (The) |  |  |
| 3.95%, 01/15/50<sup>(a)</sup> | &nbsp;&nbsp; 8153 | 6111702 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 8651 | 7140604 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 17753 | 17684992 |
| 5.50%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 15674 | 14647398 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 11917 | 11162747 |
| Mondelez International Inc. |  |  |
| 2.63%, 09/04/50<sup>(a)</sup> | &nbsp;&nbsp; 11204 | 6566355 |
| 2.75%, 04/13/30 | &nbsp;&nbsp; 7304 | 6835640 |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 7845 | 7138549 |
| Sysco Corp. |  |  |
| 3.15%, 12/14/51<sup>(a)</sup> | &nbsp;&nbsp; 6666 | 4266837 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 10208 | 10852266 |
| 6.60%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 8928 | 9628566 |
| The Campbell's Co. |  |  |
| 4.75%, 03/23/35<sup>(a)</sup> | &nbsp;&nbsp; 7970 | 7631422 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 7947 | 8060905 |
| Tyson Foods Inc. |  |  |
| 4.35%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 9919 | 9922860 |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 7806 | 6475106 |
| 5.10%, 09/28/48<sup>(a)</sup> | &nbsp;&nbsp; 11393 | 10192251 |
| 5.70%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5557 | 5785419 |
|  |  | 404419014 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Atmos Energy Corp., 4.13%, 10/15/44<sup>(a)</sup> | &nbsp;&nbsp; 5913 | 4911639 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 9949 | 8612545 |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 10832 | 10335197 |
| 3.60%, 05/01/30 | &nbsp;&nbsp; 10549 | 10224250 |
| 3.95%, 03/30/48 | &nbsp;&nbsp; 7010 | 5406870 |
| 4.38%, 05/15/47 | &nbsp;&nbsp; 4953 | 4087825 |
| 4.80%, 02/15/44 | &nbsp;&nbsp; 6683 | 5927033 |
| 5.35%, 07/15/35 | &nbsp;&nbsp; 7750 | 7819513 |
| 5.85%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 13448 | 13208621 |
|  |  | 70533493 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; $7890 | $7172077 |
| 2.75%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; 6937 | 3944687 |
|  |  | 11116764 |
| **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** |
| Abbott Laboratories |  |  |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 9321 | 9251913 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 25007 | 23367511 |
| Agilent Technologies Inc., 2.30%, 03/12/31 | &nbsp;&nbsp; 8699 | 7798204 |
| Baxter International Inc. |  |  |
| 2.27%, 12/01/28<sup>(a)</sup> | &nbsp;&nbsp; 4646 | 4354510 |
| 2.54%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 15353 | 13345643 |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 10852 | 6659291 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50<sup>(a)</sup> | &nbsp;&nbsp; 7039 | 4237933 |
| 2.80%, 12/10/51<sup>(a)</sup> | &nbsp;&nbsp; 9850 | 6114043 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29 | &nbsp;&nbsp; 8599 | 8089525 |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 9118 | 7348644 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 6682 | 4742818 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | &nbsp;&nbsp; 8979 | 9163235 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 7682 | 7885918 |
| 5.86%, 03/15/30 | &nbsp;&nbsp; 10311 | 10943976 |
| 5.91%, 11/22/32<sup>(a)</sup> | &nbsp;&nbsp; 11179 | 11949307 |
| 6.38%, 11/22/52<sup>(a)</sup> | &nbsp;&nbsp; 8381 | 8961195 |
| Medtronic Global Holdings SCA, 4.50%, <br> 03/30/33<sup>(a)</sup><br>| &nbsp;&nbsp; 8170 | 8118307 |
| Medtronic Inc. |  |  |
| 4.38%, 03/15/35 | &nbsp;&nbsp; 16727 | 16248845 |
| 4.63%, 03/15/45 | &nbsp;&nbsp; 13422 | 12027143 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; 11088 | 11556447 |
| 5.45%, 03/13/31 | &nbsp;&nbsp; 7245 | 7580525 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 14062 | 14580493 |
| 5.90%, 04/30/54<sup>(a)</sup> | &nbsp;&nbsp; 11609 | 11616087 |
| Stryker Corp. |  |  |
| 1.95%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9648 | 8700464 |
| 4.25%, 09/11/29 | &nbsp;&nbsp; 10275 | 10306450 |
| 4.63%, 09/11/34<sup>(a)</sup> | &nbsp;&nbsp; 8906 | 8772253 |
| 4.63%, 03/15/46<sup>(a)</sup> | &nbsp;&nbsp; 6065 | 5387231 |
| 4.85%, 02/10/30 | &nbsp;&nbsp; 5995 | 6145085 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 7733 | 7906586 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.00%, 10/15/31<sup>(a)</sup> | &nbsp;&nbsp; 9955 | 8777425 |
| 2.60%, 10/01/29 | &nbsp;&nbsp; 11099 | 10505917 |
| 2.80%, 10/15/41<sup>(a)</sup> | &nbsp;&nbsp; 8068 | 5817311 |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 7148 | 5901180 |
| 4.98%, 08/10/30<sup>(a)</sup> | &nbsp;&nbsp; 5128 | 5307049 |
| 5.00%, 01/31/29<sup>(a)</sup> | &nbsp;&nbsp; 10892 | 11213984 |
| 5.09%, 08/10/33<sup>(a)</sup> | &nbsp;&nbsp; 7664 | 7882540 |
| Zimmer Biomet Holdings Inc., 2.60%, <br> 11/24/31<sup>(a)</sup><br>| &nbsp;&nbsp; 6778 | 6060190 |
|  |  | 334625178 |
| **Health Care - Services — 4.0%** | **Health Care - Services — 4.0%** | **Health Care - Services — 4.0%** |
| Aetna Inc., 6.63%, 06/15/36 | &nbsp;&nbsp; 8381 | 9090531 |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | &nbsp;&nbsp; 8202 | 6515556 |
| Series B, 2.53%, 11/15/29 | &nbsp;&nbsp; 7249 | 6823814 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Centene Corp. |  |  |
| 2.50%, 03/01/31 | &nbsp;&nbsp; $14392 | $12264326 |
| 2.63%, 08/01/31<sup>(a)</sup> | &nbsp;&nbsp; 7329 | 6213474 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 11910 | 10524310 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 9270 | 8454874 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 25235 | 24404703 |
| Cigna Group (The) |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 10460 | 9379135 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 5785 | 5328086 |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 9298 | 7070503 |
| 3.40%, 03/15/50<sup>(a)</sup> | &nbsp;&nbsp; 11929 | 8009014 |
| 3.40%, 03/15/51 | &nbsp;&nbsp; 14768 | 9871218 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 10145 | 7604383 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 7817 | 7853715 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 19771 | 18554399 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 13163 | 11409083 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 24949 | 21658723 |
| 5.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7069 | 7256420 |
| 5.13%, 05/15/31<sup>(a)</sup> | &nbsp;&nbsp; 6869 | 7103144 |
| 5.25%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 10825 | 11038675 |
| 5.40%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 7775 | 8052896 |
| 5.60%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 10259 | 9703340 |
| CommonSpirit Health |  |  |
| 3.35%, 10/01/29<sup>(a)</sup> | &nbsp;&nbsp; 2660 | 2563568 |
| 4.19%, 10/01/49<sup>(a)</sup> | &nbsp;&nbsp; 1859 | 1427523 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 7032 | 6401326 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 6689 | 6051859 |
| 2.88%, 09/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7101 | 6727735 |
| 3.13%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 6876 | 4397495 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 11065 | 7669599 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 5689 | 4030245 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 11751 | 9489095 |
| 4.55%, 03/01/48<sup>(a)</sup> | &nbsp;&nbsp; 7711 | 6378644 |
| 4.63%, 05/15/42<sup>(a)</sup> | &nbsp;&nbsp; 7860 | 6873403 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 7425 | 6465963 |
| 4.65%, 08/15/44<sup>(a)</sup> | &nbsp;&nbsp; 8501 | 7336494 |
| 4.75%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5647 | 5738279 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 9630 | 9573194 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 7950 | 8080428 |
| 5.13%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7090 | 6258490 |
| 5.20%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8547 | 8608291 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 7218 | 7367719 |
| 5.65%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 8882 | 8403782 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 9386 | 8923776 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 6311 | 6029223 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 6262 | 6291698 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 6304 | 5552037 |
| 3.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 10784 | 10274541 |
| 3.50%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 15310 | 10036222 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 18537 | 17232197 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 17612 | 17432995 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 17358 | 13763873 |
| 5.13%, 06/15/39 | &nbsp;&nbsp; 11942 | 11255755 |
| 5.25%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; 4740 | 4893524 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 16011 | 14126232 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 6172 | 6403633 |
| 5.45%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8832 | 8942040 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; 5382 | 5580679 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 8363 | 8601095 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.50%, 06/15/47 | &nbsp;&nbsp; $14102 | $13046695 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 10258 | 10535441 |
| 5.75%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 12535 | 12898239 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 8425 | 8776922 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 8390 | 7996506 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 7480 | 7165148 |
| 6.00%, 04/01/54<sup>(a)</sup> | &nbsp;&nbsp; 12227 | 11804780 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; 10327 | 10247101 |
| Humana Inc. |  |  |
| 2.15%, 02/03/32<sup>(a)</sup> | &nbsp;&nbsp; 6371 | 5397604 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 2180 | 2134314 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 3561 | 3102224 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 6704 | 6903464 |
| 5.50%, 03/15/53<sup>(a)</sup> | &nbsp;&nbsp; 5627 | 5047857 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 3600 | 3638124 |
| 5.75%, 04/15/54<sup>(a)</sup> | &nbsp;&nbsp; 6885 | 6395577 |
| 5.88%, 03/01/33<sup>(a)</sup> | &nbsp;&nbsp; 4270 | 4460223 |
| 5.95%, 03/15/34<sup>(a)</sup> | &nbsp;&nbsp; 3356 | 3508920 |
| ICON Investments Six DAC, 5.85%, 05/08/29 | &nbsp;&nbsp; 7911 | 8266499 |
| IQVIA Inc., 6.25%, 02/01/29 | &nbsp;&nbsp; 8546 | 9009058 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | &nbsp;&nbsp; 7208 | 5884556 |
| Series 2019, 3.27%, 11/01/49 | &nbsp;&nbsp; 4125 | 2825371 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 7048 | 5079236 |
| Series 2021, 3.00%, 06/01/51<sup>(a)</sup> | &nbsp;&nbsp; 4636 | 2967160 |
| Laboratory Corp. of America Holdings |  |  |
| 4.70%, 02/01/45 | &nbsp;&nbsp; 5828 | 5094121 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 10540 | 10338167 |
| Providence St. Joseph Health Obligated Group, <br> Series 21A, 2.70%, 10/01/51<sup>(a)</sup><br>| &nbsp;&nbsp; 5257 | 3026145 |
| Quest Diagnostics Inc. |  |  |
| 2.95%, 06/30/30<sup>(a)</sup> | &nbsp;&nbsp; 5861 | 5516663 |
| 5.00%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9161 | 9160071 |
| 6.40%, 11/30/33 | &nbsp;&nbsp; 7147 | 7871970 |
| UnitedHealth Group Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 21136 | 19107472 |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 12828 | 11451924 |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 11449 | 8293373 |
| 2.88%, 08/15/29 | &nbsp;&nbsp; 13327 | 12680688 |
| 2.90%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 16360 | 10043644 |
| 3.05%, 05/15/41 | &nbsp;&nbsp; 13926 | 10252211 |
| 3.13%, 05/15/60<sup>(a)</sup> | &nbsp;&nbsp; 7401 | 4366050 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 19281 | 12587073 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 10013 | 8123756 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 12776 | 9205256 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 9565 | 7102408 |
| 3.88%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5142 | 5100409 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 7576 | 5288649 |
| 4.00%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7710 | 7671915 |
| 4.20%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9614 | 9375614 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 7828 | 6285463 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 7641 | 7667398 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 6023 | 5047756 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 10024 | 8007875 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 9721 | 7983809 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 12871 | 12617198 |
| 4.63%, 07/15/35<sup>(a)</sup> | &nbsp;&nbsp; 9460 | 9183645 |
| 4.65%, 01/15/31 | &nbsp;&nbsp; 11109 | 11254392 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 15401 | 13552339 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 13684 | 11517934 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; 10238 | 10457949 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.90%, 04/15/31 | &nbsp;&nbsp; $5800 | $5932123 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 7978 | 8139378 |
| 4.95%, 05/15/62 | &nbsp;&nbsp; 9773 | 8257972 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 10216 | 10258445 |
| 5.05%, 04/15/53 | &nbsp;&nbsp; 16872 | 14818441 |
| 5.15%, 07/15/34<sup>(a)</sup> | &nbsp;&nbsp; 13830 | 14037142 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 15073 | 13237769 |
| 5.30%, 02/15/30 | &nbsp;&nbsp; 11187 | 11628952 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 9555 | 9756479 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 14245 | 14732433 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 16270 | 14988505 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 9995 | 9706572 |
| 5.50%, 04/15/64 | &nbsp;&nbsp; 8424 | 7747553 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 19898 | 18968956 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 15012 | 14336443 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 7483 | 7876241 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 14722 | 14558612 |
| 5.95%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp; 6359 | 6354407 |
| 6.05%, 02/15/63<sup>(a)</sup> | &nbsp;&nbsp; 11077 | 11114000 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 6133 | 6961683 |
| Universal Health Services Inc., 2.65%, <br> 10/15/30<br>| &nbsp;&nbsp; 12411 | 11126752 |
|  |  | 1196230188 |
| **Holding Companies - Diversified — 0.4%** | **Holding Companies - Diversified — 0.4%** | **Holding Companies - Diversified — 0.4%** |
| Apollo Debt Solutions BDC |  |  |
| 6.70%, 07/29/31<sup>(a)</sup> | &nbsp;&nbsp; 7218 | 7630109 |
| 6.90%, 04/13/29 | &nbsp;&nbsp; 7622 | 8013082 |
| Ares Capital Corp. |  |  |
| 5.50%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6540 | 6620462 |
| 5.88%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 10635 | 10937598 |
| 5.95%, 07/15/29 | &nbsp;&nbsp; 9228 | 9539268 |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; 6619 | 6710453 |
| Ares Strategic Income Fund |  |  |
| 5.60%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7024 | 7108688 |
| 6.20%, 03/21/32 | &nbsp;&nbsp; 4753 | 4879807 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32<sup>(a)</sup> | &nbsp;&nbsp; 6249 | 6415230 |
| 6.00%, 11/22/34<sup>(a)</sup> | &nbsp;&nbsp; 7657 | 7712216 |
| Blue Owl Capital Corp., 5.95%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 102 | 103451 |
| Blue Owl Credit Income Corp. |  |  |
| 5.80%, 03/15/30 | &nbsp;&nbsp; 7304 | 7396760 |
| 6.60%, 09/15/29 | &nbsp;&nbsp; 7742 | 8041905 |
| 6.65%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 5723 | 5981762 |
| FS KKR Capital Corp., 3.13%, 10/12/28<sup>(a)</sup> | &nbsp;&nbsp; 1949 | 1789005 |
| HA Sustainable Infrastructure Capital Inc., <br> 6.38%, 07/01/34<br>| &nbsp;&nbsp; 9300 | 9215928 |
| Sixth Street Lending Partners |  |  |
| 6.13%, 07/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5758 | 5926391 |
| 6.50%, 03/11/29 | &nbsp;&nbsp; 6675 | 6957183 |
|  |  | 120979298 |
| **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** | **Household Products & Wares — 0.0%** |
| Kimberly-Clark Corp., 3.10%, 03/26/30 | &nbsp;&nbsp; 7666 | 7349270 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| Allstate Corp. (The), 5.25%, 03/30/33 | &nbsp;&nbsp; 7321 | 7534192 |
| American International Group Inc. |  |  |
| 4.38%, 06/30/50<sup>(a)</sup> | &nbsp;&nbsp; 7497 | 6148298 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 7830 | 6879835 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 8105 | 8268270 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; $9717 | $9112812 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 5934 | 5847981 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 11220 | 8209321 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 6916 | 7156031 |
| Aon North America Inc. |  |  |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 7938 | 8163171 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 13156 | 13572973 |
| 5.75%, 03/01/54 | &nbsp;&nbsp; 16850 | 16456236 |
| Arch Capital Group Ltd., 3.64%, 06/30/50<sup>(a)</sup> | &nbsp;&nbsp; 7237 | 5232664 |
| Arthur J Gallagher & Co. |  |  |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 9732 | 6683122 |
| 4.85%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7177 | 7315089 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 11019 | 11046593 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 13573 | 12746874 |
| Athene Holding Ltd. |  |  |
| 6.25%, 04/01/54 | &nbsp;&nbsp; 6953 | 6853981 |
| 6.63%, 05/19/55<sup>(a)</sup> | &nbsp;&nbsp; 7956 | 8140107 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7703 | 6798132 |
| 2.50%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 9792 | 5780430 |
| 2.85%, 10/15/50 | &nbsp;&nbsp; 16221 | 10285498 |
| 2.88%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6145 | 5704405 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 21237 | 16124362 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 16676 | 13778964 |
| 4.25%, 01/15/49 | &nbsp;&nbsp; 15780 | 13102704 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 8783 | 9460340 |
| Berkshire Hathaway Inc., 4.50%, 02/11/43<sup>(a)</sup> | &nbsp;&nbsp; 9132 | 8464105 |
| Brighthouse Financial Inc., 4.70%, 06/22/47<sup>(a)</sup> | &nbsp;&nbsp; 1973 | 1475488 |
| Brown & Brown Inc. |  |  |
| 4.90%, 06/23/30<sup>(a)</sup> | &nbsp;&nbsp; 9799 | 9915013 |
| 5.55%, 06/23/35<sup>(a)</sup> | &nbsp;&nbsp; 7816 | 7944527 |
| 6.25%, 06/23/55<sup>(a)</sup> | &nbsp;&nbsp; 8054 | 8221067 |
| Chubb Corp. (The), 6.00%, 05/11/37 | &nbsp;&nbsp; 5935 | 6418292 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5807 | 5084116 |
| 3.05%, 12/15/61<sup>(a)</sup> | &nbsp;&nbsp; 8199 | 4944715 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 12460 | 10690957 |
| 4.90%, 08/15/35 | &nbsp;&nbsp; 6822 | 6779178 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 15788 | 16019990 |
| Corebridge Financial Inc. |  |  |
| 3.85%, 04/05/29 | &nbsp;&nbsp; 16064 | 15834044 |
| 3.90%, 04/05/32<sup>(a)</sup> | &nbsp;&nbsp; 6961 | 6587487 |
| 4.40%, 04/05/52<sup>(a)</sup> | &nbsp;&nbsp; 12174 | 9711094 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 5755 | 6015680 |
| Equitable Holdings Inc., 5.00%, 04/20/48 | &nbsp;&nbsp; 9655 | 8612569 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52<sup>(a)</sup> | &nbsp;&nbsp; 8547 | 5293474 |
| 3.50%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 7084 | 4841510 |
| Fairfax Financial Holdings Ltd. |  |  |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 2143 | 2210916 |
| 6.00%, 12/07/33 | &nbsp;&nbsp; 4033 | 4243650 |
| 6.35%, 03/22/54 | &nbsp;&nbsp; 5576 | 5677839 |
| Hartford Financial Services Group Inc. (The), <br> 3.60%, 08/19/49<br>| &nbsp;&nbsp; 6994 | 5082152 |
| Manulife Financial Corp. |  |  |
| 3.70%, 03/16/32<sup>(a)</sup> | &nbsp;&nbsp; 5708 | 5449634 |
| 5.38%, 03/04/46 | &nbsp;&nbsp; 5072 | 4966635 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10360 | 9370663 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 4.38%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; $8176 | $8251358 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 15605 | 15862979 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 8904 | 9105637 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 11869 | 10557009 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 11714 | 11751375 |
| 5.40%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 12362 | 11725861 |
| 5.70%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7947 | 7865768 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 9735 | 7917438 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 8085 | 6774160 |
| 4.55%, 03/23/30<sup>(a)</sup> | &nbsp;&nbsp; 9078 | 9240219 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 5782 | 5100158 |
| 4.88%, 11/13/43<sup>(a)</sup> | &nbsp;&nbsp; 5905 | 5409507 |
| 5.00%, 07/15/52<sup>(a)</sup> | &nbsp;&nbsp; 8468 | 7627513 |
| 5.25%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 6081 | 5687239 |
| 5.30%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6319 | 6495751 |
| 5.38%, 07/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6811 | 7119367 |
| 5.70%, 06/15/35 | &nbsp;&nbsp; 7082 | 7503549 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 6875 | 7132160 |
| 6.38%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7798 | 8642775 |
| Progressive Corp. (The), 4.13%, 04/15/47<sup>(a)</sup> | &nbsp;&nbsp; 5902 | 4819447 |
| Prudential Financial Inc. |  |  |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 11213 | 8187180 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 8380 | 6532457 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 7517 | 5722276 |
| 4.35%, 02/25/50<sup>(a)</sup> | &nbsp;&nbsp; 8050 | 6605364 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 5938 | 5221542 |
| 5.20%, 03/14/35<sup>(a)</sup> | &nbsp;&nbsp; 6085 | 6181666 |
| 5.70%, 12/14/36<sup>(a)</sup> | &nbsp;&nbsp; 5575 | 5878476 |
| Travelers Companies Inc. (The) |  |  |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 7441 | 4838431 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 5856 | 5903506 |
| 5.45%, 05/25/53<sup>(a)</sup> | &nbsp;&nbsp; 7017 | 6812780 |
| 5.70%, 07/24/55 | &nbsp;&nbsp; 4879 | 4887681 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 8895 | 9820993 |
| Willis North America Inc. |  |  |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 7068 | 7279413 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 6198 | 6096772 |
|  |  | 670814987 |
| **Internet — 2.1%** | **Internet — 2.1%** | **Internet — 2.1%** |
| Alphabet Inc. |  |  |
| 1.10%, 08/15/30 | &nbsp;&nbsp; 12023 | 10498832 |
| 1.90%, 08/15/40<sup>(a)</sup> | &nbsp;&nbsp; 17488 | 11689133 |
| 2.05%, 08/15/50<sup>(a)</sup> | &nbsp;&nbsp; 19649 | 10695615 |
| 2.25%, 08/15/60<sup>(a)</sup> | &nbsp;&nbsp; 19027 | 9857025 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 7964 | 8005756 |
| 4.50%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 9788 | 9694526 |
| 5.25%, 05/15/55 | &nbsp;&nbsp; 13120 | 12736439 |
| 5.30%, 05/15/65<sup>(a)</sup> | &nbsp;&nbsp; 12413 | 11931579 |
| Amazon.com Inc. |  |  |
| 1.50%, 06/03/30 | &nbsp;&nbsp; 18275 | 16321746 |
| 2.10%, 05/12/31 | &nbsp;&nbsp; 18814 | 16863361 |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 22869 | 13614810 |
| 2.70%, 06/03/60 | &nbsp;&nbsp; 15552 | 8864530 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 16637 | 12464625 |
| 3.10%, 05/12/51 | &nbsp;&nbsp; 27218 | 18236700 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 15220 | 9818774 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; 8343 | 8222519 |
| 3.60%, 04/13/32<sup>(a)</sup> | &nbsp;&nbsp; 9219 | 8870603 |
| 3.88%, 08/22/37 | &nbsp;&nbsp; 16839 | 15304467 |
| 3.95%, 04/13/52<sup>(a)</sup> | &nbsp;&nbsp; 18934 | 14825990 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 4.05%, 08/22/47 | &nbsp;&nbsp; $30865 | $25445831 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 8967 | 6970275 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 16393 | 13306100 |
| 4.65%, 12/01/29<sup>(a)</sup> | &nbsp;&nbsp; 11115 | 11395144 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; 19591 | 20030528 |
| 4.80%, 12/05/34<sup>(a)</sup> | &nbsp;&nbsp; 9746 | 9981239 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 12861 | 12406784 |
| eBay Inc. |  |  |
| 2.60%, 05/10/31<sup>(a)</sup> | &nbsp;&nbsp; 10424 | 9456951 |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 8249 | 7711658 |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 6170 | 4461275 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 7549 | 6187200 |
| Expedia Group Inc. |  |  |
| 3.25%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10643 | 10143868 |
| 5.40%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 9293 | 9437860 |
| Meta Platforms Inc. |  |  |
| 3.85%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; 21246 | 20523260 |
| 4.30%, 08/15/29 | &nbsp;&nbsp; 9804 | 9927042 |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 20651 | 17200108 |
| 4.55%, 08/15/31<sup>(a)</sup> | &nbsp;&nbsp; 11951 | 12171233 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 12281 | 10238796 |
| 4.75%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 14728 | 14772423 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 12281 | 12671365 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 19697 | 20230665 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 24247 | 23252829 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 22190 | 21400553 |
| 5.60%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 18157 | 17933153 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 16754 | 16695792 |
| Netflix Inc. |  |  |
| 4.90%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9031 | 9221653 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 6559 | 6392073 |
| 5.88%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5102 | 5388704 |
| 6.38%, 05/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13364 | 14416253 |
| Uber Technologies Inc. |  |  |
| 4.30%, 01/15/30 | &nbsp;&nbsp; 8049 | 8065774 |
| 4.80%, 09/15/34 | &nbsp;&nbsp; 8039 | 7942486 |
| 5.35%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 10322 | 9665094 |
|  |  | 633560999 |
| **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** |
| ArcelorMittal SA, 6.80%, 11/29/32<sup>(a)</sup> | &nbsp;&nbsp; 8104 | 8959018 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Las Vegas Sands Corp., 3.90%, 08/08/29 | &nbsp;&nbsp; 6349 | 6124193 |
| Marriott International Inc., 5.50%, 04/15/37 | &nbsp;&nbsp; 8364 | 8385116 |
| Marriott International Inc./MD |  |  |
| 4.90%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 14674 | 14957311 |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 7358 | 7462285 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 8096 | 8163808 |
| Series FF, 4.63%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9949 | 10023309 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 12265 | 11249658 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 10782 | 9894373 |
|  |  | 76260053 |
| **Machinery — 0.8%** | **Machinery — 0.8%** | **Machinery — 0.8%** |
| Caterpillar Financial Services Corp., 4.70%, <br> 11/15/29<br>| &nbsp;&nbsp; 7839 | 8029035 |
| Caterpillar Inc. |  |  |
| 2.60%, 04/09/30<sup>(a)</sup> | &nbsp;&nbsp; 12046 | 11310733 |
| 3.25%, 09/19/49 | &nbsp;&nbsp; 7533 | 5270861 |
| 3.25%, 04/09/50<sup>(a)</sup> | &nbsp;&nbsp; 7341 | 5119337 |
| 3.80%, 08/15/42 | &nbsp;&nbsp; 13833 | 11390302 |
| 5.20%, 05/15/35 | &nbsp;&nbsp; 15261 | 15644137 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 5.20%, 05/27/41 | &nbsp;&nbsp; $6020 | $5936869 |
| Deere & Co. |  |  |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 6212 | 4759798 |
| 3.90%, 06/09/42<sup>(a)</sup> | &nbsp;&nbsp; 10725 | 9092234 |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 11186 | 11654574 |
| 5.70%, 01/19/55<sup>(a)</sup> | &nbsp;&nbsp; 5326 | 5430459 |
| Ingersoll Rand Inc. |  |  |
| 5.18%, 06/15/29 | &nbsp;&nbsp; 6172 | 6375938 |
| 5.45%, 06/15/34<sup>(a)</sup> | &nbsp;&nbsp; 6586 | 6801329 |
| 5.70%, 08/14/33 | &nbsp;&nbsp; 6965 | 7336276 |
| John Deere Capital Corp. |  |  |
| 4.40%, 09/08/31<sup>(a)</sup> | &nbsp;&nbsp; 7975 | 8014550 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 4519 | 4590120 |
| 4.70%, 06/10/30<sup>(a)</sup> | &nbsp;&nbsp; 7951 | 8154548 |
| 4.85%, 06/11/29 | &nbsp;&nbsp; 9731 | 10009290 |
| 4.90%, 03/07/31 | &nbsp;&nbsp; 6159 | 6345081 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 8039 | 8239189 |
| 5.15%, 09/08/33<sup>(a)</sup> | &nbsp;&nbsp; 5844 | 6053333 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 9118 | 9311023 |
| Series I, 4.55%, 06/05/30 | &nbsp;&nbsp; 8979 | 9113445 |
| Otis Worldwide Corp. |  |  |
| 2.57%, 02/15/30 | &nbsp;&nbsp; 12340 | 11498099 |
| 3.11%, 02/15/40 | &nbsp;&nbsp; 7790 | 6010239 |
| 3.36%, 02/15/50<sup>(a)</sup> | &nbsp;&nbsp; 5162 | 3568177 |
| Regal Rexnord Corp. |  |  |
| 6.30%, 02/15/30 | &nbsp;&nbsp; 8937 | 9460093 |
| 6.40%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 10190 | 10843792 |
| Westinghouse Air Brake Technologies Corp., <br> 5.50%, 05/29/35<br>| &nbsp;&nbsp; 7751 | 7944702 |
|  |  | 233307563 |
| **Manufacturing — 0.3%** | **Manufacturing — 0.3%** | **Manufacturing — 0.3%** |
| 3M Co. |  |  |
| 2.38%, 08/26/29<sup>(a)</sup> | &nbsp;&nbsp; 9057 | 8479547 |
| 3.25%, 08/26/49 | &nbsp;&nbsp; 5577 | 3781059 |
| 3.38%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 8217 | 8017372 |
| 4.00%, 09/14/48<sup>(a)</sup> | &nbsp;&nbsp; 9754 | 7695877 |
| Carlisle Companies Inc., 2.75%, 03/01/30 | &nbsp;&nbsp; 640 | 598226 |
| Eaton Corp. |  |  |
| 4.15%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 9709 | 9478713 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 6862 | 5885055 |
| Illinois Tool Works Inc., 3.90%, 09/01/42 | &nbsp;&nbsp; 6583 | 5469340 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 11508 | 11155892 |
| 4.00%, 06/14/49<sup>(a)</sup> | &nbsp;&nbsp; 4847 | 3829003 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 7963 | 8072362 |
| Teledyne Technologies Inc., 2.75%, 04/01/31 | &nbsp;&nbsp; 9875 | 9045628 |
|  |  | 81508074 |
| **Media — 3.3%** | **Media — 3.3%** | **Media — 3.3%** |
| Charter Communications Operating LLC / <br> Charter Communications Operating Capital<br>|  |  |
| 5.85%, 12/01/35 | &nbsp;&nbsp; 4465 | 4477082 |
| 6.70%, 12/01/55 | &nbsp;&nbsp; 3800 | 3759510 |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 4636 | 4309727 |
| 2.30%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 9050 | 7664460 |
| 2.80%, 04/01/31 | &nbsp;&nbsp; 12187 | 10961650 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 11937 | 8574407 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 9768 | 6928675 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 3.70%, 04/01/51<sup>(a)</sup> | &nbsp;&nbsp; $19570 | $12595422 |
| 3.85%, 04/01/61<sup>(a)</sup> | &nbsp;&nbsp; 20612 | 12535340 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 18375 | 12167848 |
| 3.95%, 06/30/62<sup>(a)</sup> | &nbsp;&nbsp; 13903 | 8613342 |
| 4.40%, 04/01/33 | &nbsp;&nbsp; 7921 | 7443542 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 10533 | 7131050 |
| 4.80%, 03/01/50<sup>(a)</sup> | &nbsp;&nbsp; 21292 | 16483566 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 6541 | 6642107 |
| 5.13%, 07/01/49<sup>(a)</sup> | &nbsp;&nbsp; 10808 | 8785683 |
| 5.25%, 04/01/53<sup>(a)</sup> | &nbsp;&nbsp; 10835 | 8852337 |
| 5.38%, 04/01/38 | &nbsp;&nbsp; 6437 | 6038489 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 19902 | 16910926 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 7829 | 6422302 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 17762 | 15773869 |
| 6.10%, 06/01/29 | &nbsp;&nbsp; 7659 | 8051257 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 13603 | 14173835 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 26413 | 25694569 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 11589 | 12279839 |
| 6.65%, 02/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6085 | 6486499 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8912 | 7679401 |
| 1.95%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 14737 | 13045783 |
| 2.45%, 08/15/52<sup>(a)</sup> | &nbsp;&nbsp; 13638 | 7289917 |
| 2.65%, 02/01/30 | &nbsp;&nbsp; 13896 | 13021616 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 14571 | 7442870 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 15667 | 9262078 |
| 2.89%, 11/01/51<sup>(a)</sup> | &nbsp;&nbsp; 39087 | 23363508 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 51302 | 29495690 |
| 2.99%, 11/01/63<sup>(a)</sup> | &nbsp;&nbsp; 32789 | 18180556 |
| 3.20%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 9351 | 7869992 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 14805 | 11625351 |
| 3.40%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 12541 | 12112355 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 9397 | 6672766 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 12837 | 8723426 |
| 3.75%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 14898 | 12368051 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 11463 | 9967247 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 16317 | 12462967 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 9158 | 7038414 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 7983 | 6114181 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 15339 | 11533684 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 5382 | 4022349 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 9184 | 9215048 |
| 4.20%, 08/15/34<sup>(a)</sup> | &nbsp;&nbsp; 12957 | 12304379 |
| 4.25%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 11126 | 11134376 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 13968 | 13570752 |
| 4.40%, 08/15/35 | &nbsp;&nbsp; 9724 | 9257096 |
| 4.55%, 01/15/29 | &nbsp;&nbsp; 4983 | 5055473 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 7901 | 7345583 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 5492 | 4695723 |
| 4.65%, 02/15/33 | &nbsp;&nbsp; 6735 | 6713520 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 16159 | 13788686 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 12052 | 12078596 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 6361 | 5426682 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 7504 | 7762024 |
| 5.30%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 11549 | 11891024 |
| 5.30%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 9579 | 9770053 |
| 5.35%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 11990 | 10991160 |
| 5.50%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6329 | 6668187 |
| 5.50%, 05/15/64<sup>(a)</sup> | &nbsp;&nbsp; 10687 | 9817748 |
| 5.65%, 06/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6790 | 7118732 |
| 5.65%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 9242 | 8872839 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 6.05%, 05/15/55<sup>(a)</sup> | &nbsp;&nbsp; $10705 | $10816227 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 7219 | 8253098 |
| Fox Corp. |  |  |
| 4.71%, 01/25/29 | &nbsp;&nbsp; 11194 | 11314349 |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 10841 | 10698919 |
| 5.58%, 01/25/49<sup>(a)</sup> | &nbsp;&nbsp; 13659 | 12854933 |
| 6.50%, 10/13/33 | &nbsp;&nbsp; 8762 | 9530598 |
| Paramount Global |  |  |
| 4.20%, 05/19/32<sup>(a)</sup> | &nbsp;&nbsp; 4758 | 4435610 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 6792 | 5154489 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 2543 | 2527123 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 3639 | 2840719 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 7308 | 6577926 |
| 6.88%, 04/30/36<sup>(a)</sup> | &nbsp;&nbsp; 7243 | 7677935 |
| 7.88%, 07/30/30 | &nbsp;&nbsp; 1924 | 2170073 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 8632 | 10079417 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42 | &nbsp;&nbsp; 10325 | 8170865 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 9122 | 8225176 |
| 5.88%, 11/15/40 | &nbsp;&nbsp; 10956 | 10455145 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 10871 | 11230468 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 13545 | 14074283 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 13096 | 14270757 |
| TWDC Enterprises 18 Corp., 4.13%, 06/01/44 | &nbsp;&nbsp; 8748 | 7288651 |
| Walt Disney Co. (The) |  |  |
| 2.00%, 09/01/29 | &nbsp;&nbsp; 10719 | 9926283 |
| 2.65%, 01/13/31<sup>(a)</sup> | &nbsp;&nbsp; 21688 | 20149262 |
| 2.75%, 09/01/49<sup>(a)</sup> | &nbsp;&nbsp; 19137 | 11941865 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 14844 | 12236139 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 23972 | 17605718 |
| 3.80%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 6857 | 6780851 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 10964 | 7962778 |
| 4.63%, 03/23/40 | &nbsp;&nbsp; 9616 | 9146969 |
| 4.70%, 03/23/50<sup>(a)</sup> | &nbsp;&nbsp; 11874 | 10519165 |
| 6.20%, 12/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9213 | 10319282 |
| 6.40%, 12/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5747 | 6483046 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 10769 | 12334501 |
|  |  | 996579836 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41<sup>(a)</sup> | &nbsp;&nbsp; 5233 | 5274561 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 6418 | 6495159 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 7456 | 7764708 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 7716 | 6618849 |
| 4.90%, 02/28/33<sup>(a)</sup> | &nbsp;&nbsp; 7408 | 7495883 |
| 5.00%, 02/21/30 | &nbsp;&nbsp; 10483 | 10818580 |
| 5.00%, 09/30/43 | &nbsp;&nbsp; 20229 | 19158916 |
| 5.13%, 02/21/32 | &nbsp;&nbsp; 6117 | 6318030 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 6004 | 6261777 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 9926 | 10238639 |
| 5.30%, 02/21/35 | &nbsp;&nbsp; 9497 | 9745108 |
| 5.50%, 09/08/53<sup>(a)</sup> | &nbsp;&nbsp; 7199 | 7079032 |
| Freeport-McMoRan Inc., 5.45%, 03/15/43<sup>(a)</sup> | &nbsp;&nbsp; 13599 | 12784308 |
| Newmont Corp., 2.60%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6569 | 5871255 |
| Newmont Corp./Newcrest Finance Pty. Ltd., <br> 5.35%, 03/15/34<br>| &nbsp;&nbsp; 10199 | 10523550 |
| Rio Tinto Alcan Inc., 6.13%, 12/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6440 | 6995901 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; $8835 | $5345237 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 6972 | 6869151 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; 7118 | 6021008 |
| 4.88%, 03/14/30 | &nbsp;&nbsp; 8102 | 8300817 |
| 5.00%, 03/14/32 | &nbsp;&nbsp; 12167 | 12470999 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 7010 | 6436400 |
| 5.25%, 03/14/35 | &nbsp;&nbsp; 11038 | 11231813 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 14762 | 14705729 |
| 5.88%, 03/14/65 | &nbsp;&nbsp; 7036 | 7046038 |
|  |  | 217871448 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp., 3.57%, <br> 12/01/31<br>| &nbsp;&nbsp; 8854 | 8244229 |
| **Oil & Gas — 4.3%** | **Oil & Gas — 4.3%** | **Oil & Gas — 4.3%** |
| BP Capital Markets America Inc. |  |  |
| 1.75%, 08/10/30<sup>(a)</sup> | &nbsp;&nbsp; 20403 | 18114865 |
| 2.72%, 01/12/32 | &nbsp;&nbsp; 10175 | 9166496 |
| 2.77%, 11/10/50<sup>(a)</sup> | &nbsp;&nbsp; 11444 | 6910020 |
| 2.94%, 06/04/51<sup>(a)</sup> | &nbsp;&nbsp; 16736 | 10364129 |
| 3.00%, 02/24/50<sup>(a)</sup> | &nbsp;&nbsp; 22976 | 14603490 |
| 3.00%, 03/17/52<sup>(a)</sup> | &nbsp;&nbsp; 14240 | 8900964 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 8429 | 6226517 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 13228 | 8459428 |
| 3.63%, 04/06/30 | &nbsp;&nbsp; 12930 | 12644579 |
| 3.94%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; 3760 | 3747319 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 6398 | 6427814 |
| 4.70%, 04/10/29 | &nbsp;&nbsp; 11729 | 11948324 |
| 4.81%, 02/13/33 | &nbsp;&nbsp; 13515 | 13541283 |
| 4.89%, 09/11/33<sup>(a)</sup> | &nbsp;&nbsp; 15092 | 15134172 |
| 4.97%, 10/17/29 | &nbsp;&nbsp; 8280 | 8529957 |
| 4.99%, 04/10/34 | &nbsp;&nbsp; 10308 | 10410698 |
| 5.23%, 11/17/34 | &nbsp;&nbsp; 14606 | 14920952 |
| BP Capital Markets PLC, 3.72%, 11/28/28 | &nbsp;&nbsp; 4686 | 4634085 |
| Canadian Natural Resources Ltd. |  |  |
| 4.95%, 06/01/47 | &nbsp;&nbsp; 5695 | 4943829 |
| 5.00%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 5916 | 6026369 |
| 5.40%, 12/15/34<sup>(a)(b)</sup> | &nbsp;&nbsp; 7014 | 7028175 |
| 6.25%, 03/15/38 | &nbsp;&nbsp; 7699 | 8061838 |
| Cenovus Energy Inc., 3.75%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 6273 | 4262140 |
| Chevron Corp. |  |  |
| 2.24%, 05/11/30<sup>(a)</sup> | &nbsp;&nbsp; 14283 | 13132617 |
| 3.08%, 05/11/50<sup>(a)</sup> | &nbsp;&nbsp; 7910 | 5264472 |
| Chevron USA Inc. |  |  |
| 2.34%, 08/12/50<sup>(a)</sup> | &nbsp;&nbsp; 8081 | 4610124 |
| 4.30%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9573 | 9620984 |
| 4.50%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8025 | 8037544 |
| 4.69%, 04/15/30 | &nbsp;&nbsp; 9416 | 9605973 |
| 4.85%, 10/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6200 | 6170910 |
| 4.98%, 04/15/35 | &nbsp;&nbsp; 5946 | 6036521 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42<sup>(a)</sup> | &nbsp;&nbsp; 7748 | 6190526 |
| 3.80%, 03/15/52 | &nbsp;&nbsp; 11049 | 7988000 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 12350 | 8830997 |
| 4.30%, 11/15/44<sup>(a)</sup> | &nbsp;&nbsp; 6253 | 5256704 |
| 4.70%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9859 | 10041035 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 9183 | 9182216 |
| 5.05%, 09/15/33 | &nbsp;&nbsp; 10785 | 11017114 |
| 5.30%, 05/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7038 | 6455389 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; $11264 | $10604092 |
| 5.55%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 7891 | 7465674 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 11051 | 12321237 |
| Coterra Energy Inc. |  |  |
| 5.40%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 8196 | 8166919 |
| 5.90%, 02/15/55 | &nbsp;&nbsp; 6388 | 5958058 |
| Devon Energy Corp. |  |  |
| 4.75%, 05/15/42 | &nbsp;&nbsp; 7166 | 6038425 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 7169 | 6013865 |
| 5.20%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 9963 | 9756181 |
| 5.60%, 07/15/41<sup>(a)</sup> | &nbsp;&nbsp; 10105 | 9462436 |
| 5.75%, 09/15/54<sup>(a)</sup> | &nbsp;&nbsp; 8827 | 7897662 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 12272 | 11362620 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 14518 | 13990419 |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 7184 | 5393657 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; 7115 | 7310378 |
| 5.40%, 04/18/34 | &nbsp;&nbsp; 11242 | 11349828 |
| 5.55%, 04/01/35<sup>(a)</sup> | &nbsp;&nbsp; 9005 | 9099728 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 10593 | 9810084 |
| 5.90%, 04/18/64<sup>(a)</sup> | &nbsp;&nbsp; 8887 | 8224605 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 6923 | 7398953 |
| EOG Resources Inc. |  |  |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 8030 | 8074883 |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 6531 | 5746806 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 10826 | 11011904 |
| 5.35%, 01/15/36 | &nbsp;&nbsp; 10222 | 10365637 |
| 5.65%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 7538 | 7294373 |
| EQT Corp. |  |  |
| 4.75%, 01/15/31<sup>(a)(b)</sup> | &nbsp;&nbsp; 3545 | 3518853 |
| 5.75%, 02/01/34 | &nbsp;&nbsp; 11085 | 11476298 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 1449 | 1341452 |
| 3.13%, 04/06/30 | &nbsp;&nbsp; 3707 | 3552516 |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 2012 | 1401432 |
| 3.63%, 09/10/28<sup>(a)</sup> | &nbsp;&nbsp; 1678 | 1662971 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 1709 | 1292679 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 1649 | 1384043 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 1854 | 1716357 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 1661 | 1649797 |
| 5.13%, 06/03/35<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 5592072 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 9635 | 9382536 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; 6478 | 6546888 |
| 5.70%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 7424 | 7529419 |
| Exxon Mobil Corp. |  |  |
| 2.44%, 08/16/29<sup>(a)</sup> | &nbsp;&nbsp; 12943 | 12295785 |
| 2.61%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 18400 | 17161042 |
| 3.00%, 08/16/39 | &nbsp;&nbsp; 5542 | 4350309 |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 14707 | 9831118 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 18049 | 12715600 |
| 3.48%, 03/19/30 | &nbsp;&nbsp; 15652 | 15306762 |
| 3.57%, 03/06/45 | &nbsp;&nbsp; 11040 | 8467425 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 18156 | 14917516 |
| 4.23%, 03/19/40 | &nbsp;&nbsp; 13958 | 12556692 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 22373 | 18483666 |
| Hess Corp. |  |  |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 9030 | 9142094 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 7258 | 7765585 |
| Marathon Petroleum Corp. |  |  |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 8495 | 7135237 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.15%, 03/01/30<sup>(a)</sup> | &nbsp;&nbsp; $11097 | $11408388 |
| 5.70%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 7792 | 7953221 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 7865 | 8262320 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/29 | &nbsp;&nbsp; 11547 | 11702279 |
| 5.38%, 01/01/32<sup>(a)</sup> | &nbsp;&nbsp; 9223 | 9255816 |
| 5.55%, 10/01/34<sup>(a)</sup> | &nbsp;&nbsp; 11209 | 11125364 |
| 6.05%, 10/01/54<sup>(a)</sup> | &nbsp;&nbsp; 7829 | 7260127 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 8905 | 9303200 |
| 6.45%, 09/15/36<sup>(a)</sup> | &nbsp;&nbsp; 11399 | 11785733 |
| 6.60%, 03/15/46<sup>(a)</sup> | &nbsp;&nbsp; 10755 | 10791707 |
| 6.63%, 09/01/30<sup>(a)</sup> | &nbsp;&nbsp; 10604 | 11267996 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 7625 | 8513362 |
| 8.88%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6936 | 7977396 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | &nbsp;&nbsp; 11523 | 10255881 |
| 3.30%, 03/15/52<sup>(a)</sup> | &nbsp;&nbsp; 6670 | 4286175 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 11563 | 11151684 |
| 4.88%, 11/15/44 | &nbsp;&nbsp; 13710 | 11976831 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 12974 | 12989119 |
| Phillips 66 Co. |  |  |
| 5.25%, 06/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10579 | 10957743 |
| 5.30%, 06/30/33<sup>(a)</sup> | &nbsp;&nbsp; 8424 | 8597135 |
| Pioneer Natural Resources Co. |  |  |
| 1.90%, 08/15/30 | &nbsp;&nbsp; 7171 | 6407602 |
| 2.15%, 01/15/31 | &nbsp;&nbsp; 4545 | 4076190 |
| Shell Finance U.S. Inc. |  |  |
| 2.38%, 11/07/29 | &nbsp;&nbsp; 14312 | 13391982 |
| 2.75%, 04/06/30<sup>(a)</sup> | &nbsp;&nbsp; 12151 | 11468083 |
| 3.25%, 04/06/50<sup>(a)</sup> | &nbsp;&nbsp; 11603 | 7934482 |
| 3.75%, 09/12/46<sup>(a)</sup> | &nbsp;&nbsp; 8463 | 6508993 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 13890 | 11061024 |
| 4.13%, 05/11/35<sup>(a)</sup> | &nbsp;&nbsp; 10568 | 10027768 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 15904 | 13517018 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 8631 | 7622786 |
| Shell International Finance BV |  |  |
| 3.00%, 11/26/51<sup>(a)</sup> | &nbsp;&nbsp; 14781 | 9477993 |
| 3.13%, 11/07/49<sup>(a)</sup> | &nbsp;&nbsp; 9533 | 6354446 |
| 3.88%, 11/13/28<sup>(a)</sup> | &nbsp;&nbsp; 7446 | 7436222 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 8461 | 8610508 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 18469 | 20551365 |
| Suncor Energy Inc. |  |  |
| 3.75%, 03/04/51<sup>(a)</sup> | &nbsp;&nbsp; 6116 | 4255317 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 6670 | 4924006 |
| 6.85%, 06/01/39 | &nbsp;&nbsp; 6592 | 7236283 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30<sup>(a)</sup> | &nbsp;&nbsp; 14176 | 13544859 |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 6213 | 4607735 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 17541 | 11539722 |
| 3.39%, 06/29/60 | &nbsp;&nbsp; 10730 | 6906263 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 10311 | 10153806 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 6852 | 4828891 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28<sup>(a)</sup> | &nbsp;&nbsp; 4033 | 4028694 |
| 4.72%, 09/10/34<sup>(a)</sup> | &nbsp;&nbsp; 7540 | 7532698 |
| 5.15%, 04/05/34<sup>(a)</sup> | &nbsp;&nbsp; 10289 | 10600479 |
| 5.28%, 09/10/54<sup>(a)</sup> | &nbsp;&nbsp; 8234 | 7605896 |
| 5.43%, 09/10/64 | &nbsp;&nbsp; 11578 | 10709964 |
| 5.49%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 10739 | 10217841 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 9371 | 8994161 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Valero Energy Corp. |  |  |
| 3.65%, 12/01/51<sup>(a)</sup> | &nbsp;&nbsp; $7884 | $5308295 |
| 6.63%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp; 9958 | 10845700 |
| Viper Energy Partners LLC, 5.70%, 08/01/35 | &nbsp;&nbsp; 5946 | 5966177 |
| Woodside Finance Ltd. |  |  |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 9098 | 8892463 |
| 5.40%, 05/19/30 | &nbsp;&nbsp; 5717 | 5871999 |
| 5.70%, 09/12/54<sup>(a)</sup> | &nbsp;&nbsp; 5964 | 5479851 |
| 6.00%, 05/19/35 | &nbsp;&nbsp; 12811 | 13239862 |
|  |  | 1285302038 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 10294 | 9899699 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc., 4.08%, 12/15/47<br>| &nbsp;&nbsp; 8113 | 6306318 |
| Halliburton Co. |  |  |
| 2.92%, 03/01/30 | &nbsp;&nbsp; 6598 | 6200954 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 8363 | 7245199 |
| 4.85%, 11/15/35<sup>(a)</sup> | &nbsp;&nbsp; 10445 | 10132359 |
| 5.00%, 11/15/45<sup>(a)</sup> | &nbsp;&nbsp; 15026 | 13224133 |
| 6.70%, 09/15/38 | &nbsp;&nbsp; 5628 | 6179141 |
| 7.45%, 09/15/39<sup>(a)</sup> | &nbsp;&nbsp; 7373 | 8647010 |
|  |  | 67834813 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Amcor Flexibles North America Inc. |  |  |
| 2.69%, 05/25/31 | &nbsp;&nbsp; 8026 | 7255863 |
| 5.50%, 03/17/35<sup>(a)</sup> | &nbsp;&nbsp; 6684 | 6822488 |
| Berry Global Inc. |  |  |
| 5.65%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 8219 | 8536685 |
| 5.80%, 06/15/31 | &nbsp;&nbsp; 6013 | 6361225 |
| Smurfit Kappa Treasury ULC |  |  |
| 5.20%, 01/15/30<sup>(a)</sup> | &nbsp;&nbsp; 7442 | 7674645 |
| 5.44%, 04/03/34 | &nbsp;&nbsp; 7802 | 8000303 |
| 5.78%, 04/03/54<sup>(a)</sup> | &nbsp;&nbsp; 9345 | 9191754 |
| Smurfit Westrock Financing DAC, 5.42%, <br> 01/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 7599 | 7752713 |
| WRKCo Inc., 4.90%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7455 | 7608975 |
|  |  | 69204651 |
| **Pharmaceuticals — 7.4%** | **Pharmaceuticals — 7.4%** | **Pharmaceuticals — 7.4%** |
| AbbVie Inc. |  |  |
| 3.20%, 11/21/29<sup>(a)</sup> | &nbsp;&nbsp; 41181 | 39643306 |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 28729 | 25230647 |
| 4.25%, 11/14/28 | &nbsp;&nbsp; 6194 | 6242693 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 41309 | 33641632 |
| 4.30%, 05/14/36 | &nbsp;&nbsp; 9876 | 9358166 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 19117 | 16794460 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 21372 | 18361611 |
| 4.50%, 05/14/35 | &nbsp;&nbsp; 25053 | 24265434 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 20756 | 20250106 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 22655 | 20301755 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 9073 | 8170475 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; 8432 | 8628175 |
| 4.85%, 06/15/44<sup>(a)</sup> | &nbsp;&nbsp; 12194 | 11205121 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 11419 | 11751013 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 14411 | 13001215 |
| 4.95%, 03/15/31 | &nbsp;&nbsp; 7217 | 7446557 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 25191 | 25656840 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 12526 | 12811385 |
| 5.35%, 03/15/44 | &nbsp;&nbsp; 7786 | 7614875 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 23449 | 22531903 |
| 5.50%, 03/15/64<sup>(a)</sup> | &nbsp;&nbsp; 10481 | 10067519 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.60%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; $7312 | $7233408 |
| Astrazeneca Finance LLC |  |  |
| 2.25%, 05/28/31 | &nbsp;&nbsp; 11417 | 10315613 |
| 4.85%, 02/26/29<sup>(a)</sup> | &nbsp;&nbsp; 7700 | 7899284 |
| 4.90%, 02/26/31 | &nbsp;&nbsp; 11695 | 12084160 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 9354 | 9559827 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30<sup>(a)</sup> | &nbsp;&nbsp; 9872 | 8661541 |
| 3.00%, 05/28/51<sup>(a)</sup> | &nbsp;&nbsp; 6670 | 4429500 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 5423 | 5422201 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 7758 | 6599143 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 9286 | 8087321 |
| 4.38%, 08/17/48<sup>(a)</sup> | &nbsp;&nbsp; 10211 | 8777169 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 17718 | 19984999 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 11776 | 10347763 |
| 2.82%, 05/20/30<sup>(a)</sup> | &nbsp;&nbsp; 7083 | 6624300 |
| 4.67%, 06/06/47 | &nbsp;&nbsp; 13325 | 11520847 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 9292 | 8120091 |
| Bristol-Myers Squibb Co. |  |  |
| 1.45%, 11/13/30 | &nbsp;&nbsp; 13896 | 12143079 |
| 2.35%, 11/13/40 | &nbsp;&nbsp; 8472 | 5812679 |
| 2.55%, 11/13/50<sup>(a)</sup> | &nbsp;&nbsp; 13643 | 7903826 |
| 2.95%, 03/15/32 | &nbsp;&nbsp; 16204 | 14779583 |
| 3.40%, 07/26/29 | &nbsp;&nbsp; 24563 | 23944206 |
| 3.55%, 03/15/42 | &nbsp;&nbsp; 8151 | 6438443 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 16463 | 11892540 |
| 3.90%, 03/15/62<sup>(a)</sup> | &nbsp;&nbsp; 9211 | 6513309 |
| 4.13%, 06/15/39 | &nbsp;&nbsp; 10926 | 9708161 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 35128 | 28058356 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 9439 | 7815054 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 12806 | 10907696 |
| 4.90%, 02/22/29<sup>(a)</sup> | &nbsp;&nbsp; 6732 | 6912929 |
| 5.10%, 02/22/31 | &nbsp;&nbsp; 11597 | 12062694 |
| 5.20%, 02/22/34 | &nbsp;&nbsp; 18914 | 19394092 |
| 5.55%, 02/22/54<sup>(a)</sup> | &nbsp;&nbsp; 21328 | 20564940 |
| 5.65%, 02/22/64 | &nbsp;&nbsp; 13950 | 13366544 |
| 5.75%, 02/01/31<sup>(a)</sup> | &nbsp;&nbsp; 10136 | 10842841 |
| 5.90%, 11/15/33<sup>(a)</sup> | &nbsp;&nbsp; 6766 | 7284654 |
| 6.25%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 9963 | 10532169 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 8057 | 8615493 |
| Cardinal Health Inc. |  |  |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 7212 | 7384140 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 9276 | 9415812 |
| Cencora Inc., 2.70%, 03/15/31 | &nbsp;&nbsp; 10771 | 9850787 |
| CVS Health Corp. |  |  |
| 1.75%, 08/21/30<sup>(a)</sup> | &nbsp;&nbsp; 8555 | 7477494 |
| 1.88%, 02/28/31 | &nbsp;&nbsp; 11048 | 9560494 |
| 2.13%, 09/15/31 | &nbsp;&nbsp; 12104 | 10439301 |
| 3.25%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 16158 | 15453760 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 10461 | 10112237 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 38453 | 35364667 |
| 5.00%, 01/30/29 | &nbsp;&nbsp; 5643 | 5754690 |
| 5.00%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7490 | 7519894 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 62353 | 53514026 |
| 5.13%, 02/21/30<sup>(a)</sup> | &nbsp;&nbsp; 9302 | 9521245 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 25270 | 22211302 |
| 5.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 7339 | 7541471 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 14177 | 14331743 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 8651 | 8770628 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 7838 | 7142185 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.40%, 06/01/29<sup>(a)</sup> | &nbsp;&nbsp; $7863 | $8128680 |
| 5.45%, 09/15/35 | &nbsp;&nbsp; 10667 | 10693583 |
| 5.55%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 8389 | 8760240 |
| 5.63%, 02/21/53<sup>(a)</sup> | &nbsp;&nbsp; 10541 | 9636255 |
| 5.70%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 11900 | 12267510 |
| 5.88%, 06/01/53<sup>(a)</sup> | &nbsp;&nbsp; 10345 | 9790782 |
| 6.00%, 06/01/44 | &nbsp;&nbsp; 7497 | 7405156 |
| 6.00%, 06/01/63<sup>(a)</sup> | &nbsp;&nbsp; 6961 | 6592773 |
| 6.05%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 7549 | 7322732 |
| 6.20%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 11101 | 10927279 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 16309 | 9137794 |
| 2.50%, 09/15/60<sup>(a)</sup> | &nbsp;&nbsp; 8613 | 4694180 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 11050 | 10852562 |
| 3.95%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 10387 | 8217517 |
| 4.20%, 08/14/29 | &nbsp;&nbsp; 7484 | 7546724 |
| 4.25%, 03/15/31 | &nbsp;&nbsp; 14296 | 14316876 |
| 4.50%, 02/09/29 | &nbsp;&nbsp; 8345 | 8481502 |
| 4.55%, 10/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9345 | 9395768 |
| 4.60%, 08/14/34 | &nbsp;&nbsp; 7706 | 7658304 |
| 4.70%, 02/27/33<sup>(a)</sup> | &nbsp;&nbsp; 8982 | 9097553 |
| 4.70%, 02/09/34 | &nbsp;&nbsp; 11916 | 11953516 |
| 4.75%, 02/12/30 | &nbsp;&nbsp; 11336 | 11650674 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 13959 | 12598711 |
| 4.90%, 02/12/32 | &nbsp;&nbsp; 8479 | 8755173 |
| 4.90%, 10/15/35 | &nbsp;&nbsp; 10442 | 10478527 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 6758 | 6000336 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 10547 | 9668845 |
| 5.05%, 08/14/54<sup>(a)</sup> | &nbsp;&nbsp; 10013 | 9245322 |
| 5.10%, 02/12/35<sup>(a)</sup> | &nbsp;&nbsp; 10408 | 10662285 |
| 5.10%, 02/09/64<sup>(a)</sup> | &nbsp;&nbsp; 12960 | 11805050 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 6419 | 5928248 |
| 5.50%, 02/12/55<sup>(a)</sup> | &nbsp;&nbsp; 10772 | 10658968 |
| 5.55%, 10/15/55 | &nbsp;&nbsp; 3394 | 3370476 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 6679 | 6597672 |
| 5.65%, 10/15/65<sup>(a)</sup> | &nbsp;&nbsp; 4990 | 4951968 |
| GlaxoSmithKline Capital Inc. |  |  |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 7208 | 7295471 |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 9289 | 9286496 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 18727 | 20832870 |
| GlaxoSmithKline Capital PLC, 3.38%, <br> 06/01/29<sup>(a)</sup><br>| &nbsp;&nbsp; 11136 | 10870671 |
| Johnson & Johnson |  |  |
| 1.30%, 09/01/30 | &nbsp;&nbsp; 11548 | 10171414 |
| 2.10%, 09/01/40 | &nbsp;&nbsp; 12924 | 8951749 |
| 2.25%, 09/01/50 | &nbsp;&nbsp; 10737 | 6218181 |
| 2.45%, 09/01/60 | &nbsp;&nbsp; 9924 | 5439742 |
| 3.40%, 01/15/38 | &nbsp;&nbsp; 8646 | 7474204 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 8489 | 6454441 |
| 3.55%, 03/01/36 | &nbsp;&nbsp; 9300 | 8411033 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 11462 | 10283262 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 11793 | 9412129 |
| 3.75%, 03/03/47 | &nbsp;&nbsp; 7481 | 5978949 |
| 4.38%, 12/05/33<sup>(a)</sup> | &nbsp;&nbsp; 8343 | 8372589 |
| 4.70%, 03/01/30 | &nbsp;&nbsp; 7733 | 7954107 |
| 4.80%, 06/01/29 | &nbsp;&nbsp; 7977 | 8232016 |
| 4.85%, 03/01/32<sup>(a)</sup> | &nbsp;&nbsp; 6360 | 6584558 |
| 4.90%, 06/01/31<sup>(a)</sup> | &nbsp;&nbsp; 7765 | 8101889 |
| 4.95%, 06/01/34<sup>(a)</sup> | &nbsp;&nbsp; 6012 | 6269340 |
| 5.00%, 03/01/35<sup>(a)</sup> | &nbsp;&nbsp; 13727 | 14091936 |
| 5.25%, 06/01/54<sup>(a)</sup> | &nbsp;&nbsp; 6711 | 6607153 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.95%, 08/15/37 | &nbsp;&nbsp; $7485 | $8274170 |
| Merck & Co. Inc. |  |  |
| 1.45%, 06/24/30 | &nbsp;&nbsp; 9376 | 8269592 |
| 1.90%, 12/10/28 | &nbsp;&nbsp; 11150 | 10462599 |
| 2.15%, 12/10/31<sup>(a)</sup> | &nbsp;&nbsp; 11063 | 9736071 |
| 2.35%, 06/24/40<sup>(a)</sup> | &nbsp;&nbsp; 12858 | 9052383 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 11426 | 6593948 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 17714 | 10753766 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 17969 | 10307791 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 17161 | 16825669 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 11991 | 9387218 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 11094 | 9783578 |
| 4.00%, 03/07/49<sup>(a)</sup> | &nbsp;&nbsp; 10337 | 8139440 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 9333 | 7936613 |
| 4.30%, 05/17/30<sup>(a)</sup> | &nbsp;&nbsp; 7324 | 7389449 |
| 4.50%, 05/17/33<sup>(a)</sup> | &nbsp;&nbsp; 12695 | 12692075 |
| 4.90%, 05/17/44<sup>(a)</sup> | &nbsp;&nbsp; 7337 | 6834738 |
| 5.00%, 05/17/53<sup>(a)</sup> | &nbsp;&nbsp; 9838 | 8903772 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 9242 | 8382473 |
| Mylan Inc., 5.20%, 04/15/48 | &nbsp;&nbsp; 4845 | 3874764 |
| Novartis Capital Corp. |  |  |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 10723 | 9836910 |
| 2.75%, 08/14/50<sup>(a)</sup> | &nbsp;&nbsp; 12757 | 8044891 |
| 3.80%, 09/18/29 | &nbsp;&nbsp; 6056 | 6033977 |
| 4.00%, 09/18/31<sup>(a)</sup> | &nbsp;&nbsp; 11446 | 11360162 |
| 4.00%, 11/20/45<sup>(a)</sup> | &nbsp;&nbsp; 11596 | 9568218 |
| 4.20%, 09/18/34<sup>(a)</sup> | &nbsp;&nbsp; 10020 | 9697465 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 12587 | 11152935 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 6397 | 5652222 |
| Pfizer Inc. |  |  |
| 1.70%, 05/28/30 | &nbsp;&nbsp; 6602 | 5908839 |
| 1.75%, 08/18/31<sup>(a)</sup> | &nbsp;&nbsp; 12735 | 11118487 |
| 2.55%, 05/28/40<sup>(a)</sup> | &nbsp;&nbsp; 9570 | 6893721 |
| 2.63%, 04/01/30 | &nbsp;&nbsp; 23015 | 21600342 |
| 2.70%, 05/28/50<sup>(a)</sup> | &nbsp;&nbsp; 12441 | 7601248 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 12773 | 12571028 |
| 3.60%, 09/15/28 | &nbsp;&nbsp; 15 | 14919 |
| 3.90%, 03/15/39 | &nbsp;&nbsp; 8768 | 7649428 |
| 4.00%, 12/15/36<sup>(a)</sup> | &nbsp;&nbsp; 8847 | 8134774 |
| 4.00%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 11030 | 8622428 |
| 4.13%, 12/15/46 | &nbsp;&nbsp; 10511 | 8533658 |
| 4.20%, 09/15/48 | &nbsp;&nbsp; 8117 | 6626919 |
| 4.30%, 06/15/43<sup>(a)</sup> | &nbsp;&nbsp; 6830 | 5861061 |
| 4.40%, 05/15/44<sup>(a)</sup> | &nbsp;&nbsp; 9171 | 7988966 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 17368 | 20578866 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.65%, 05/19/30<sup>(a)</sup> | &nbsp;&nbsp; 17783 | 18112997 |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 40197 | 40293694 |
| 5.11%, 05/19/43 | &nbsp;&nbsp; 23903 | 22584800 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 42682 | 39765223 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 34735 | 31703569 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 2.05%, 03/31/30 | &nbsp;&nbsp; 20081 | 18207145 |
| 3.03%, 07/09/40 | &nbsp;&nbsp; 16541 | 12413253 |
| 3.18%, 07/09/50<sup>(a)</sup> | &nbsp;&nbsp; 14831 | 9664959 |
| 3.38%, 07/09/60<sup>(a)</sup> | &nbsp;&nbsp; 6022 | 3809391 |
| 5.00%, 11/26/28 | &nbsp;&nbsp; 9784 | 10011334 |
| 5.30%, 07/05/34 | &nbsp;&nbsp; 9851 | 10064531 |
| 5.65%, 07/05/44 | &nbsp;&nbsp; 6730 | 6732559 |
| Takeda U.S. Financing Inc. |  |  |
| 5.20%, 07/07/35 | &nbsp;&nbsp; 9900 | 9941870 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.90%, 07/07/55 | &nbsp;&nbsp; $11900 | $11828316 |
| Utah Acquisition Sub Inc., 5.25%, 06/15/46<sup>(a)</sup> | &nbsp;&nbsp; 6545 | 5335512 |
| Viatris Inc. |  |  |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 8467 | 7605881 |
| 3.85%, 06/22/40 | &nbsp;&nbsp; 7843 | 5861008 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 10275 | 6768275 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | &nbsp;&nbsp; 12832 | 13730218 |
| 6.50%, 02/01/34 | &nbsp;&nbsp; 12314 | 13786448 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 7154 | 6488214 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 8364 | 7573643 |
| 5.00%, 08/17/35 | &nbsp;&nbsp; 4369 | 4345992 |
| 5.60%, 11/16/32<sup>(a)</sup> | &nbsp;&nbsp; 5089 | 5383524 |
|  |  | 2220708889 |
| **Pipelines — 4.3%** | **Pipelines — 4.3%** | **Pipelines — 4.3%** |
| Cheniere Corpus Christi Holdings LLC, 3.70%, <br> 11/15/29<br>| &nbsp;&nbsp; 10998 | 10670681 |
| Cheniere Energy Inc. |  |  |
| 4.63%, 10/15/28 | &nbsp;&nbsp; 8504 | 8489864 |
| 5.65%, 04/15/34 | &nbsp;&nbsp; 12559 | 12806773 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32<sup>(a)</sup> | &nbsp;&nbsp; 10752 | 9723982 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 12508 | 12043220 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; 4796 | 4797856 |
| 5.55%, 10/30/35<sup>(a)(b)</sup> | &nbsp;&nbsp; 8106 | 8170071 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; 9661 | 9929344 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 12462 | 13051916 |
| Eastern Energy Gas Holdings LLC, 5.65%, <br> 10/15/54<br>| &nbsp;&nbsp; 6486 | 6173228 |
| Enbridge Inc. |  |  |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 10120 | 8514895 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 6553 | 6244004 |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 6521 | 4306759 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; 6624 | 6832276 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 5736 | 5516853 |
| 5.55%, 06/20/35<sup>(a)</sup> | &nbsp;&nbsp; 8779 | 8936165 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 5627 | 5804495 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 16695 | 17392525 |
| 5.95%, 04/05/54<sup>(a)</sup> | &nbsp;&nbsp; 9309 | 9165862 |
| 6.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5683 | 5980762 |
| 6.20%, 11/15/30 | &nbsp;&nbsp; 6056 | 6515496 |
| 6.70%, 11/15/53<sup>(a)</sup> | &nbsp;&nbsp; 8873 | 9543261 |
| Energy Transfer LP |  |  |
| 3.75%, 05/15/30 | &nbsp;&nbsp; 12727 | 12324502 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 16189 | 13432852 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 8464 | 7416349 |
| 5.25%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6571 | 6757435 |
| 5.25%, 07/01/29 | &nbsp;&nbsp; 9691 | 9982023 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 8366 | 7357267 |
| 5.35%, 05/15/45 | &nbsp;&nbsp; 6265 | 5606491 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 12267 | 10895298 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 9290 | 9427015 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 9508 | 9660369 |
| 5.70%, 04/01/35 | &nbsp;&nbsp; 10543 | 10722768 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 9906 | 10292254 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; 17231 | 16140472 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 8286 | 7920030 |
| 6.05%, 09/01/54<sup>(a)</sup> | &nbsp;&nbsp; 9909 | 9420503 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 6714 | 6580468 |
| 6.20%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 9818 | 9503685 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.25%, 04/15/49<sup>(a)</sup> | &nbsp;&nbsp; $12979 | $12720563 |
| 6.40%, 12/01/30 | &nbsp;&nbsp; 7546 | 8154917 |
| 6.50%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp; 7679 | 7971949 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 11738 | 12725189 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 11470 | 10822274 |
| 3.13%, 07/31/29<sup>(a)</sup> | &nbsp;&nbsp; 9575 | 9223271 |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 7270 | 4720769 |
| 3.30%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 9397 | 6165452 |
| 3.70%, 01/31/51 | &nbsp;&nbsp; 10732 | 7681307 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 9580 | 6882327 |
| 4.15%, 10/16/28<sup>(a)</sup> | &nbsp;&nbsp; 4837 | 4853153 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 7453 | 5863391 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 9980 | 8054678 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 7744 | 6684640 |
| 4.60%, 01/15/31 | &nbsp;&nbsp; 12689 | 12804243 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 9209 | 7986510 |
| 4.85%, 01/31/34<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 5743505 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 8070 | 7353482 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 10681 | 9630150 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 12579 | 11254635 |
| 4.95%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5511 | 5499109 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 9588 | 8862639 |
| 5.20%, 01/15/36<sup>(a)</sup> | &nbsp;&nbsp; 12850 | 12948317 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 7705 | 7989024 |
| 5.55%, 02/16/55<sup>(a)</sup> | &nbsp;&nbsp; 8355 | 7959441 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 5403 | 5592130 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.50%, 03/01/44 | &nbsp;&nbsp; 5908 | 5575539 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 8481 | 9430094 |
| Kinder Morgan Inc. |  |  |
| 2.00%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 12961 | 11426687 |
| 3.60%, 02/15/51<sup>(a)</sup> | &nbsp;&nbsp; 7866 | 5344964 |
| 4.80%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 8043 | 7953370 |
| 5.00%, 02/01/29<sup>(a)</sup> | &nbsp;&nbsp; 4720 | 4819002 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 6469 | 5684945 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 8173 | 8398129 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 12589 | 12725563 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 6884 | 6137580 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 8193 | 8241705 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 6432 | 6547908 |
| 5.45%, 08/01/52 | &nbsp;&nbsp; 5170 | 4703433 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 14431 | 13560099 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 4579 | 4753505 |
| 5.95%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5956 | 5790218 |
| 7.75%, 01/15/32 | &nbsp;&nbsp; 9876 | 11407275 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | &nbsp;&nbsp; 11560 | 10561429 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 14591 | 12977272 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 11820 | 9600101 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 7186 | 7280236 |
| 4.80%, 02/15/31 | &nbsp;&nbsp; 7293 | 7297952 |
| 4.95%, 09/01/32 | &nbsp;&nbsp; 7796 | 7740139 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 10644 | 8744620 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 5262 | 5214226 |
| 5.00%, 03/01/33 | &nbsp;&nbsp; 9951 | 9856980 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 8294 | 7217630 |
| 5.40%, 04/01/35 | &nbsp;&nbsp; 9575 | 9464630 |
| 5.40%, 09/15/35 | &nbsp;&nbsp; 8787 | 8662284 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 11180 | 11265794 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 11564 | 10394012 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.95%, 04/01/55 | &nbsp;&nbsp; $8324 | $7847227 |
| 6.20%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 8800 | 8557523 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30<sup>(a)</sup> | &nbsp;&nbsp; 6583 | 6204359 |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 6740 | 4765182 |
| 4.75%, 10/15/31 | &nbsp;&nbsp; 14141 | 14120108 |
| 4.95%, 10/15/32 | &nbsp;&nbsp; 4048 | 4020438 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 13846 | 13493514 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 7953 | 6928897 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 4658 | 4608985 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 4373 | 4539755 |
| 5.70%, 11/01/54<sup>(a)</sup> | &nbsp;&nbsp; 12867 | 11693124 |
| 5.85%, 11/01/64<sup>(a)</sup> | &nbsp;&nbsp; 6903 | 6291975 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 8395 | 8826302 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 8991 | 9543020 |
| 6.25%, 10/15/55 | &nbsp;&nbsp; 12957 | 12662730 |
| 6.63%, 09/01/53<sup>(a)</sup> | &nbsp;&nbsp; 10163 | 10418429 |
| Plains All American Pipeline LP, 5.95%, <br> 06/15/35<sup>(a)</sup><br>| &nbsp;&nbsp; 7214 | 7418038 |
| Plains All American Pipeline LP/PAA <br> Finance Corp.<br>|  |  |
| 3.55%, 12/15/29 | &nbsp;&nbsp; 9061 | 8731950 |
| 3.80%, 09/15/30 | &nbsp;&nbsp; 5829 | 5618921 |
| Sabine Pass Liquefaction LLC, 4.50%, <br> 05/15/30<br>| &nbsp;&nbsp; 8400 | 8407490 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.03%, 10/01/29 | &nbsp;&nbsp; 7290 | 7374026 |
| 5.58%, 10/01/34 | &nbsp;&nbsp; 9131 | 9046932 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 8067 | 7600610 |
| 4.90%, 09/15/30 | &nbsp;&nbsp; 10872 | 11028160 |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 6145 | 5072354 |
| 5.50%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5261 | 5299493 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 6341 | 6373081 |
| 5.65%, 02/15/36<sup>(a)</sup> | &nbsp;&nbsp; 6883 | 6945949 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 6560 | 6937485 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 8167 | 7917061 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 5804 | 6127643 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 6984 | 7537196 |
| 6.50%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7800 | 7948223 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32<sup>(a)</sup> | &nbsp;&nbsp; 10748 | 10108379 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 6186 | 6164377 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 5277 | 5380058 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10436 | 10271457 |
| 4.63%, 03/01/34<sup>(a)</sup> | &nbsp;&nbsp; 12193 | 11744310 |
| 5.10%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 5486 | 4946785 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 5506 | 5675820 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 7278 | 7654842 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 9775 | 11476616 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 12383 | 12033142 |
| 5.25%, 02/01/50<sup>(a)</sup> | &nbsp;&nbsp; 7682 | 6430136 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 6274 | 6193396 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 6549 | 6856140 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10232 | 9247592 |
| 3.50%, 11/15/30 | &nbsp;&nbsp; 15197 | 14470290 |
| 4.63%, 06/30/30 | &nbsp;&nbsp; 8005 | 8041512 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.65%, 08/15/32<sup>(a)</sup> | &nbsp;&nbsp; $7589 | $7492372 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 6189 | 5327827 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 12942 | 13187542 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 7993 | 7202578 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 10552 | 10572412 |
| 5.30%, 09/30/35 | &nbsp;&nbsp; 7406 | 7405566 |
| 5.30%, 08/15/52 | &nbsp;&nbsp; 6391 | 5783667 |
| 5.60%, 03/15/35<sup>(a)</sup> | &nbsp;&nbsp; 6435 | 6596450 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 8300 | 8647913 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 6482 | 6276482 |
| 6.30%, 04/15/40<sup>(a)</sup> | &nbsp;&nbsp; 6776 | 7188150 |
|  |  | 1311256446 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| KKR & Co. Inc., 5.10%, 08/07/35<sup>(a)</sup> | &nbsp;&nbsp; 921 | 913978 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services Inc., 5.95%, 08/15/34 | &nbsp;&nbsp; 9040 | 9574427 |
| **Real Estate Investment Trusts — 1.9%** | **Real Estate Investment Trusts — 1.9%** | **Real Estate Investment Trusts — 1.9%** |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33<sup>(a)</sup> | &nbsp;&nbsp; 13410 | 10879835 |
| 2.00%, 05/18/32 | &nbsp;&nbsp; 9640 | 8076659 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 6858 | 5850991 |
| 3.00%, 05/18/51 | &nbsp;&nbsp; 8415 | 5118131 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 9072 | 8474003 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 7398 | 4996906 |
| American Tower Corp. |  |  |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 5808 | 5118460 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 6002 | 5397003 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 8055 | 7572045 |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 6808 | 4259421 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 8294 | 5390822 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 13071 | 12800983 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 7346 | 7626229 |
| 5.65%, 03/15/33<sup>(a)</sup> | &nbsp;&nbsp; 5281 | 5514021 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 5368 | 5607067 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 7236 | 7682342 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33<sup>(a)</sup> | &nbsp;&nbsp; 12335 | 10001100 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 8827 | 7567403 |
| 3.25%, 01/30/31<sup>(a)</sup> | &nbsp;&nbsp; 11092 | 10300232 |
| 3.40%, 06/21/29<sup>(a)</sup> | &nbsp;&nbsp; 9218 | 8832665 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 5797 | 5797730 |
| 5.75%, 01/15/35<sup>(a)</sup> | &nbsp;&nbsp; 5606 | 5677161 |
| 6.50%, 01/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7512 | 8057300 |
| Brixmor Operating Partnership LP |  |  |
| 4.05%, 07/01/30<sup>(a)</sup> | &nbsp;&nbsp; 9965 | 9759566 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 8464 | 8382763 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 11694 | 10189863 |
| 2.25%, 01/15/31<sup>(a)</sup> | &nbsp;&nbsp; 8202 | 7262372 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 8190 | 7245887 |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 6296 | 4502277 |
| 3.25%, 01/15/51<sup>(a)</sup> | &nbsp;&nbsp; 10006 | 6542906 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 9262 | 8737757 |
| 5.10%, 05/01/33 | &nbsp;&nbsp; 6637 | 6650956 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 9023 | 9370385 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 5724 | 5961124 |
| Digital Realty Trust LP, 3.60%, 07/01/29<sup>(a)</sup> | &nbsp;&nbsp; 6656 | 6493369 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 5589 | 5728692 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Equinix Inc. |  |  |
| 2.15%, 07/15/30 | &nbsp;&nbsp; $10031 | $9032836 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 9691 | 8693029 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 6475 | 6182276 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 10652 | 10139212 |
| ERP Operating LP, 4.50%, 07/01/44 | &nbsp;&nbsp; 6332 | 5495448 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 1765 | 1770131 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; 9573 | 9997110 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; 8352 | 7451316 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 4134 | 4213910 |
| 5.63%, 09/15/34 | &nbsp;&nbsp; 5069 | 5085396 |
| Healthpeak OP LLC |  |  |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 12810 | 12139914 |
| 5.25%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8872 | 9071310 |
| Host Hotels & Resorts LP, Series I, 3.50%, <br> 09/15/30<br>| &nbsp;&nbsp; 8945 | 8408798 |
| Prologis LP |  |  |
| 1.25%, 10/15/30 | &nbsp;&nbsp; 6436 | 5566861 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 9308 | 8553897 |
| 4.75%, 06/15/33<sup>(a)</sup> | &nbsp;&nbsp; 8256 | 8266348 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 9009 | 9081785 |
| 5.13%, 01/15/34 | &nbsp;&nbsp; 8064 | 8221272 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 8102 | 8251365 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 7021 | 6561961 |
| 5.25%, 03/15/54<sup>(a)</sup> | &nbsp;&nbsp; 6954 | 6499851 |
| Public Storage Operating Co., 5.35%, 08/01/53 | &nbsp;&nbsp; 6714 | 6376581 |
| Realty Income Corp. |  |  |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 10187 | 9624843 |
| 5.13%, 02/15/34<sup>(a)</sup> | &nbsp;&nbsp; 7778 | 7904152 |
| 5.63%, 10/13/32<sup>(a)</sup> | &nbsp;&nbsp; 7479 | 7864813 |
| Simon Property Group LP |  |  |
| 2.45%, 09/13/29<sup>(a)</sup> | &nbsp;&nbsp; 14137 | 13254940 |
| 2.65%, 07/15/30<sup>(a)</sup> | &nbsp;&nbsp; 10562 | 9819330 |
| 3.25%, 09/13/49<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 6405316 |
| 3.80%, 07/15/50 | &nbsp;&nbsp; 6135 | 4544115 |
| 4.75%, 09/26/34 | &nbsp;&nbsp; 7732 | 7598666 |
| 5.13%, 10/01/35<sup>(a)</sup> | &nbsp;&nbsp; 5025 | 5018429 |
| Ventas Realty LP, 4.40%, 01/15/29 | &nbsp;&nbsp; 7011 | 7034369 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 5959 | 6025641 |
| 5.13%, 11/15/31 | &nbsp;&nbsp; 6388 | 6457829 |
| 5.13%, 05/15/32<sup>(a)</sup> | &nbsp;&nbsp; 10992 | 11020391 |
| 5.63%, 04/01/35 | &nbsp;&nbsp; 8880 | 8968993 |
| 5.63%, 05/15/52<sup>(a)</sup> | &nbsp;&nbsp; 5473 | 4992448 |
| Welltower OP LLC |  |  |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 10688 | 9813829 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 8343 | 7960474 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 3393 | 3421122 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 2750 | 2764860 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 6813 | 6734408 |
| 4.00%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5777 | 5692987 |
|  |  | 581408988 |
| **Retail — 2.8%** | **Retail — 2.8%** | **Retail — 2.8%** |
| AutoZone Inc. |  |  |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 7492 | 7386235 |
| 4.75%, 08/01/32<sup>(a)</sup> | &nbsp;&nbsp; 5959 | 5965392 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Costco Wholesale Corp. |  |  |
| 1.60%, 04/20/30 | &nbsp;&nbsp; $15210 | $13687652 |
| 1.75%, 04/20/32 | &nbsp;&nbsp; 8965 | 7693672 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30 | &nbsp;&nbsp; 5176 | 4970575 |
| 5.45%, 07/05/33<sup>(a)</sup> | &nbsp;&nbsp; 5378 | 5551116 |
| Dollar Tree Inc., 2.65%, 12/01/31 | &nbsp;&nbsp; 8617 | 7686392 |
| Home Depot Inc. (The) |  |  |
| 1.38%, 03/15/31<sup>(a)</sup> | &nbsp;&nbsp; 16883 | 14498877 |
| 1.50%, 09/15/28 | &nbsp;&nbsp; 6974 | 6503865 |
| 1.88%, 09/15/31<sup>(a)</sup> | &nbsp;&nbsp; 18033 | 15704494 |
| 2.38%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 12678 | 7122313 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 17681 | 16628963 |
| 2.75%, 09/15/51<sup>(a)</sup> | &nbsp;&nbsp; 10196 | 6193404 |
| 2.95%, 06/15/29<sup>(a)</sup> | &nbsp;&nbsp; 14306 | 13786413 |
| 3.13%, 12/15/49<sup>(a)</sup> | &nbsp;&nbsp; 11999 | 8055807 |
| 3.25%, 04/15/32 | &nbsp;&nbsp; 9720 | 9047611 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 11621 | 9320694 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 10927 | 7613848 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 7539 | 5203388 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 11543 | 8340097 |
| 3.90%, 12/06/28<sup>(a)</sup> | &nbsp;&nbsp; 8854 | 8865909 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 10388 | 8161913 |
| 4.20%, 04/01/43<sup>(a)</sup> | &nbsp;&nbsp; 8115 | 6917999 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 15529 | 13006676 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 7283 | 6256126 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8722 | 8783838 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 8462 | 7234086 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 14033 | 14371778 |
| 4.85%, 06/25/31<sup>(a)</sup> | &nbsp;&nbsp; 10325 | 10649754 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 6086 | 5626974 |
| 4.90%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp; 13188 | 13588208 |
| 4.95%, 06/25/34<sup>(a)</sup> | &nbsp;&nbsp; 14113 | 14344888 |
| 4.95%, 09/15/52<sup>(a)</sup> | &nbsp;&nbsp; 5457 | 4929917 |
| 5.30%, 06/25/54<sup>(a)</sup> | &nbsp;&nbsp; 10038 | 9544307 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 17097 | 18401947 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 6785 | 7170167 |
| Lowe's Companies Inc. |  |  |
| 1.70%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 4828 | 4499153 |
| 1.70%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp; 17706 | 15562296 |
| 2.63%, 04/01/31<sup>(a)</sup> | &nbsp;&nbsp; 12770 | 11627209 |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 9182 | 6427138 |
| 3.00%, 10/15/50<sup>(a)</sup> | &nbsp;&nbsp; 15266 | 9455417 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 14430 | 14169944 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 12943 | 9622912 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 14831 | 14069293 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 12543 | 9701023 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 9713 | 7508790 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 9446 | 7232787 |
| 4.50%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; 9793 | 9909993 |
| 5.00%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 4009 | 4075213 |
| 5.15%, 07/01/33<sup>(a)</sup> | &nbsp;&nbsp; 8443 | 8630756 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 10280 | 9810182 |
| 5.80%, 09/15/62<sup>(a)</sup> | &nbsp;&nbsp; 8056 | 7746286 |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; 9775 | 8946704 |
| 2.63%, 09/01/29 | &nbsp;&nbsp; 7374 | 6979209 |
| 3.60%, 07/01/30 | &nbsp;&nbsp; 6016 | 5866777 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 16820 | 12191952 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 6524 | 5184449 |
| 4.45%, 03/01/47<sup>(a)</sup> | &nbsp;&nbsp; 6851 | 5786747 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.45%, 09/01/48 | &nbsp;&nbsp; $6204 | $5191427 |
| 4.60%, 09/09/32<sup>(a)</sup> | &nbsp;&nbsp; 7582 | 7649755 |
| 4.70%, 12/09/35<sup>(a)</sup> | &nbsp;&nbsp; 5399 | 5295583 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 10651 | 9638807 |
| 4.95%, 03/03/35<sup>(a)</sup> | &nbsp;&nbsp; 8709 | 8757613 |
| 5.00%, 02/13/36 | &nbsp;&nbsp; 2929 | 2929760 |
| 5.15%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 6786 | 6225793 |
| 5.45%, 08/14/53<sup>(a)</sup> | &nbsp;&nbsp; 7613 | 7295290 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 8065 | 8882393 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 6380 | 6990900 |
| O'Reilly Automotive Inc., 4.70%, 06/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6213 | 6221569 |
| Starbucks Corp. |  |  |
| 2.25%, 03/12/30<sup>(a)</sup> | &nbsp;&nbsp; 8100 | 7433457 |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 14147 | 12972339 |
| 3.00%, 02/14/32<sup>(a)</sup> | &nbsp;&nbsp; 5683 | 5187429 |
| 3.50%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; 8884 | 6095964 |
| 3.55%, 08/15/29<sup>(a)</sup> | &nbsp;&nbsp; 9291 | 9116010 |
| 4.00%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 5774 | 5763323 |
| 4.45%, 08/15/49<sup>(a)</sup> | &nbsp;&nbsp; 9021 | 7354643 |
| 4.50%, 11/15/48<sup>(a)</sup> | &nbsp;&nbsp; 10806 | 8946767 |
| Target Corp. |  |  |
| 2.35%, 02/15/30<sup>(a)</sup> | &nbsp;&nbsp; 5910 | 5496728 |
| 2.95%, 01/15/52<sup>(a)</sup> | &nbsp;&nbsp; 9247 | 5784785 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 6460 | 6321443 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 10159 | 8510192 |
| 4.50%, 09/15/32<sup>(a)</sup> | &nbsp;&nbsp; 8497 | 8500214 |
| 4.50%, 09/15/34<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 4884725 |
| 4.80%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 7935 | 6955875 |
| 5.00%, 04/15/35 | &nbsp;&nbsp; 9400 | 9424964 |
| Walmart Inc. |  |  |
| 2.50%, 09/22/41 | &nbsp;&nbsp; 11085 | 7797418 |
| 2.65%, 09/22/51<sup>(a)</sup> | &nbsp;&nbsp; 14914 | 9162249 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 13988 | 11452935 |
| 4.10%, 04/15/33<sup>(a)</sup> | &nbsp;&nbsp; 7614 | 7474956 |
| 4.15%, 09/09/32<sup>(a)</sup> | &nbsp;&nbsp; 11497 | 11407184 |
| 4.35%, 04/28/30 | &nbsp;&nbsp; 12875 | 13064458 |
| 4.50%, 09/09/52<sup>(a)</sup> | &nbsp;&nbsp; 6597 | 5710545 |
| 4.50%, 04/15/53<sup>(a)</sup> | &nbsp;&nbsp; 13177 | 11377281 |
| 4.90%, 04/28/35 | &nbsp;&nbsp; 7950 | 8076715 |
| 5.25%, 09/01/35<sup>(a)</sup> | &nbsp;&nbsp; 12900 | 13484115 |
| 6.20%, 04/15/38<sup>(a)</sup> | &nbsp;&nbsp; 8031 | 8995725 |
| 6.50%, 08/15/37 | &nbsp;&nbsp; 8290 | 9496447 |
|  |  | 845147301 |
| **Semiconductors — 3.4%** | **Semiconductors — 3.4%** | **Semiconductors — 3.4%** |
| Analog Devices Inc. |  |  |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 12953 | 11432897 |
| 2.80%, 10/01/41 | &nbsp;&nbsp; 6095 | 4414552 |
| 2.95%, 10/01/51 | &nbsp;&nbsp; 9392 | 6023430 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 12427 | 11148131 |
| 2.75%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 8401 | 5249582 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 7567 | 6439800 |
| Broadcom Inc. |  |  |
| 2.45%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 18632 | 16829576 |
| 2.60%, 02/15/33<sup>(a)(b)</sup> | &nbsp;&nbsp; 21340 | 18429162 |
| 3.14%, 11/15/35<sup>(b)</sup> | &nbsp;&nbsp; 27791 | 23511792 |
| 3.19%, 11/15/36<sup>(b)</sup> | &nbsp;&nbsp; 22867 | 19046320 |
| 3.42%, 04/15/33<sup>(b)</sup> | &nbsp;&nbsp; 17090 | 15531737 |
| 3.47%, 04/15/34<sup>(b)</sup> | &nbsp;&nbsp; 32319 | 28949166 |
| 3.50%, 02/15/41<sup>(b)</sup> | &nbsp;&nbsp; 19164 | 15192041 |
| 3.75%, 02/15/51<sup>(a)(b)</sup> | &nbsp;&nbsp; 20379 | 15212247 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.00%, 04/15/29<sup>(b)</sup> | &nbsp;&nbsp; $13110 | $13013302 |
| 4.11%, 09/15/28 | &nbsp;&nbsp; 2668 | 2666148 |
| 4.15%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp; 15868 | 15701321 |
| 4.15%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 16814 | 16277154 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 13129 | 12792061 |
| 4.35%, 02/15/30 | &nbsp;&nbsp; 7213 | 7227094 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 16074 | 16227491 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 12985 | 13214814 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 10610 | 10498273 |
| 4.90%, 07/15/32 | &nbsp;&nbsp; 18861 | 19068903 |
| 4.93%, 05/15/37<sup>(b)</sup> | &nbsp;&nbsp; 19247 | 18751161 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 9922 | 10186431 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 4719 | 4859632 |
| 5.15%, 11/15/31 | &nbsp;&nbsp; 11815 | 12207374 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; 6051 | 6249271 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 16505 | 16638159 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; 8509 | 8479116 |
| Intel Corp. |  |  |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 8917 | 7725143 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 15545 | 14335293 |
| 2.80%, 08/12/41 | &nbsp;&nbsp; 5951 | 3993820 |
| 3.05%, 08/12/51<sup>(a)</sup> | &nbsp;&nbsp; 10769 | 6363529 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 9912 | 5486094 |
| 3.20%, 08/12/61<sup>(a)</sup> | &nbsp;&nbsp; 10576 | 5973865 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 18823 | 11772143 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 14806 | 10294803 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 10812 | 10541146 |
| 4.00%, 08/05/29<sup>(a)</sup> | &nbsp;&nbsp; 8239 | 8115443 |
| 4.00%, 12/15/32<sup>(a)</sup> | &nbsp;&nbsp; 6661 | 6255782 |
| 4.10%, 05/19/46<sup>(a)</sup> | &nbsp;&nbsp; 8765 | 6567641 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 8729 | 6427733 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 8297 | 7885330 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 6357 | 5597990 |
| 4.75%, 03/25/50<sup>(a)</sup> | &nbsp;&nbsp; 17251 | 13827247 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 7657 | 6649157 |
| 4.90%, 07/29/45<sup>(a)</sup> | &nbsp;&nbsp; 6075 | 5148740 |
| 4.90%, 08/05/52<sup>(a)</sup> | &nbsp;&nbsp; 12849 | 10447396 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 7210 | 5801127 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 7538 | 6046249 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 8956 | 9175040 |
| 5.15%, 02/21/34<sup>(a)</sup> | &nbsp;&nbsp; 7787 | 7772238 |
| 5.20%, 02/10/33<sup>(a)</sup> | &nbsp;&nbsp; 15319 | 15409839 |
| 5.60%, 02/21/54<sup>(a)</sup> | &nbsp;&nbsp; 9344 | 8481857 |
| 5.63%, 02/10/43 | &nbsp;&nbsp; 6683 | 6338697 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 13964 | 12845014 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 12808 | 11841234 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 7863 | 5432831 |
| 4.10%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 7650 | 7664188 |
| 4.65%, 07/15/32 | &nbsp;&nbsp; 7545 | 7610657 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 9445 | 8549207 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 6509 | 6037452 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 7926 | 7152602 |
| 2.88%, 06/15/50<sup>(a)</sup> | &nbsp;&nbsp; 9399 | 5989144 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 7676 | 7667420 |
| 4.88%, 03/15/49<sup>(a)</sup> | &nbsp;&nbsp; 5800 | 5233419 |
| Marvell Technology Inc., 2.95%, 04/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10158 | 9330505 |
| Microchip Technology Inc. |  |  |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 7198 | 7342678 |
| 5.05%, 02/15/30 | &nbsp;&nbsp; 6848 | 6982893 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; $8328 | $7326768 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 9752 | 9807009 |
| 5.30%, 01/15/31 | &nbsp;&nbsp; 6786 | 6998002 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 10177 | 10520947 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 6314 | 6630526 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 6205 | 6526016 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 13645 | 14323038 |
| 6.75%, 11/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 6240859 |
| NVIDIA Corp. |  |  |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 11190 | 10016269 |
| 2.85%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 7649 | 7310087 |
| 3.50%, 04/01/40<sup>(a)</sup> | &nbsp;&nbsp; 10324 | 8729363 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 14479 | 10764468 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 12671 | 11352457 |
| 2.65%, 02/15/32<sup>(a)</sup> | &nbsp;&nbsp; 9222 | 8123133 |
| 3.25%, 05/11/41<sup>(a)</sup> | &nbsp;&nbsp; 6368 | 4705800 |
| 3.40%, 05/01/30<sup>(a)</sup> | &nbsp;&nbsp; 5692 | 5448149 |
| 4.30%, 06/18/29<sup>(a)</sup> | &nbsp;&nbsp; 10163 | 10148585 |
| 5.00%, 01/15/33<sup>(a)</sup> | &nbsp;&nbsp; 7146 | 7154284 |
| Qualcomm Inc. |  |  |
| 1.65%, 05/20/32 | &nbsp;&nbsp; 9449 | 7943718 |
| 2.15%, 05/20/30<sup>(a)</sup> | &nbsp;&nbsp; 13205 | 12116860 |
| 3.25%, 05/20/50<sup>(a)</sup> | &nbsp;&nbsp; 14138 | 9666438 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 8504 | 7112741 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 10927 | 9181829 |
| 4.65%, 05/20/35<sup>(a)</sup> | &nbsp;&nbsp; 8636 | 8588617 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 10567 | 9652820 |
| 6.00%, 05/20/53<sup>(a)</sup> | &nbsp;&nbsp; 6152 | 6430022 |
| Texas Instruments Inc. |  |  |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 9298 | 8372612 |
| 2.25%, 09/04/29<sup>(a)</sup> | &nbsp;&nbsp; 6169 | 5770672 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 8440 | 7435141 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 12318 | 10056914 |
| 4.90%, 03/14/33<sup>(a)</sup> | &nbsp;&nbsp; 6229 | 6387657 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 15148 | 13582772 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 5691 | 5330627 |
| Xilinx Inc., 2.38%, 06/01/30 | &nbsp;&nbsp; 8307 | 7682682 |
|  |  | 1011018606 |
| **Software — 3.4%** | **Software — 3.4%** | **Software — 3.4%** |
| Adobe Inc. |  |  |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 6356 | 5904311 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 7447 | 7656134 |
| 4.95%, 04/04/34<sup>(a)</sup> | &nbsp;&nbsp; 6269 | 6414815 |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | &nbsp;&nbsp; 2992 | 3060910 |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 2617 | 2690141 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 3281 | 3345180 |
| Autodesk Inc., 2.40%, 12/15/31<sup>(a)</sup> | &nbsp;&nbsp; 10969 | 9660045 |
| Cadence Design Systems Inc. |  |  |
| 4.30%, 09/10/29 | &nbsp;&nbsp; 8977 | 9032314 |
| 4.70%, 09/10/34 | &nbsp;&nbsp; 7754 | 7670531 |
| Fidelity National Information Services Inc. |  |  |
| 2.25%, 03/01/31<sup>(a)</sup> | &nbsp;&nbsp; 7454 | 6608453 |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 8277 | 6060962 |
| 5.10%, 07/15/32<sup>(a)</sup> | &nbsp;&nbsp; 5903 | 6023377 |
| Fiserv Inc. |  |  |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 16154 | 14921259 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 21263 | 20617859 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 5702 | 5693032 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 4.40%, 07/01/49 | &nbsp;&nbsp; $16419 | $13109632 |
| 4.55%, 02/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4410 | 4409498 |
| 4.75%, 03/15/30 | &nbsp;&nbsp; 6817 | 6910005 |
| 5.15%, 08/12/34<sup>(a)</sup> | &nbsp;&nbsp; 9134 | 9147101 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 5403 | 5378312 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 6799 | 6960100 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 9681 | 10039446 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 7495 | 7773106 |
| Intuit Inc. |  |  |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 5412 | 5591584 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 9681 | 10034311 |
| 5.50%, 09/15/53<sup>(a)</sup> | &nbsp;&nbsp; 12059 | 11816063 |
| Microsoft Corp. |  |  |
| 2.50%, 09/15/50 | &nbsp;&nbsp; 14167 | 8604771 |
| 2.53%, 06/01/50<sup>(a)</sup> | &nbsp;&nbsp; 53446 | 32639216 |
| 2.68%, 06/01/60<sup>(a)</sup> | &nbsp;&nbsp; 29119 | 16844779 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 44268 | 29038325 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 15168 | 9539466 |
| 3.45%, 08/08/36<sup>(a)</sup> | &nbsp;&nbsp; 16766 | 15091890 |
| 3.50%, 02/12/35<sup>(a)</sup> | &nbsp;&nbsp; 14568 | 13648541 |
| 3.70%, 08/08/46 | &nbsp;&nbsp; 8260 | 6661599 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 7321 | 7051513 |
| 4.25%, 02/06/47 | &nbsp;&nbsp; 11585 | 10260865 |
| 4.45%, 11/03/45<sup>(a)</sup> | &nbsp;&nbsp; 11259 | 10331827 |
| 4.50%, 02/06/57<sup>(a)</sup> | &nbsp;&nbsp; 9145 | 8163238 |
| MSCI Inc., 5.25%, 09/01/35 | &nbsp;&nbsp; 5207 | 5167172 |
| Oracle Corp. |  |  |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 22710 | 20826667 |
| 2.95%, 04/01/30 | &nbsp;&nbsp; 26475 | 24903068 |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 25946 | 20545127 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 37618 | 25719265 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 18097 | 14174776 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 12518 | 10668409 |
| 3.85%, 07/15/36<sup>(a)</sup> | &nbsp;&nbsp; 13898 | 12214057 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 30364 | 20287567 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 9457 | 8532267 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 27026 | 19455104 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 25468 | 19414827 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 17793 | 13430788 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 13745 | 9631076 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 14881 | 11655345 |
| 4.20%, 09/27/29<sup>(a)</sup> | &nbsp;&nbsp; 14349 | 14293677 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 15489 | 14667134 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 9508 | 7234954 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 6721 | 5624642 |
| 4.65%, 05/06/30<sup>(a)</sup> | &nbsp;&nbsp; 5808 | 5886178 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 15705 | 15159000 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 9532 | 9517061 |
| 5.25%, 02/03/32 | &nbsp;&nbsp; 7940 | 8168576 |
| 5.38%, 07/15/40<sup>(a)</sup> | &nbsp;&nbsp; 15265 | 14775650 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 13904 | 12391526 |
| 5.50%, 08/03/35<sup>(a)</sup> | &nbsp;&nbsp; 15252 | 15522117 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 7786 | 6887628 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 17695 | 16224432 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; 14538 | 14197423 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 12707 | 13234784 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; 10113 | 9822344 |
| 6.15%, 11/09/29 | &nbsp;&nbsp; 13125 | 14023664 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 17006 | 18362878 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 8548 | 9267342 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 18972 | 20545855 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Paychex Inc. |  |  |
| 5.10%, 04/15/30<sup>(a)</sup> | &nbsp;&nbsp; $7119 | $7320405 |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 10532 | 10885744 |
| 5.60%, 04/15/35<sup>(a)</sup> | &nbsp;&nbsp; 11281 | 11658592 |
| Roper Technologies Inc. |  |  |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 9569 | 8294878 |
| 4.20%, 09/15/28<sup>(a)</sup> | &nbsp;&nbsp; 2208 | 2211968 |
| 4.90%, 10/15/34 | &nbsp;&nbsp; 8804 | 8710352 |
| 5.10%, 09/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4314 | 4299083 |
| Salesforce Inc. |  |  |
| 1.95%, 07/15/31<sup>(a)</sup> | &nbsp;&nbsp; 11273 | 9975012 |
| 2.70%, 07/15/41 | &nbsp;&nbsp; 10653 | 7652471 |
| 2.90%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 17755 | 11242059 |
| 3.05%, 07/15/61<sup>(a)</sup> | &nbsp;&nbsp; 8773 | 5316045 |
| Synopsys Inc. |  |  |
| 4.85%, 04/01/30 | &nbsp;&nbsp; 19351 | 19729192 |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 8707 | 8873932 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 17692 | 17836533 |
| 5.70%, 04/01/55<sup>(a)</sup> | &nbsp;&nbsp; 16208 | 15871120 |
| VMware LLC |  |  |
| 2.20%, 08/15/31 | &nbsp;&nbsp; 11597 | 10171835 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 7158 | 7244073 |
| Workday Inc. |  |  |
| 3.70%, 04/01/29<sup>(a)</sup> | &nbsp;&nbsp; 5894 | 5799524 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 9815 | 9300774 |
|  |  | 1039230483 |
| **Telecommunications — 5.8%** | **Telecommunications — 5.8%** | **Telecommunications — 5.8%** |
| AT&T Inc. |  |  |
| 2.25%, 02/01/32<sup>(a)</sup> | &nbsp;&nbsp; 21854 | 18931915 |
| 2.55%, 12/01/33 | &nbsp;&nbsp; 28162 | 23692119 |
| 2.75%, 06/01/31 | &nbsp;&nbsp; 24408 | 22320789 |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 9324 | 6021469 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 17640 | 13800952 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 63853 | 42602983 |
| 3.55%, 09/15/55 | &nbsp;&nbsp; 59199 | 39454109 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 25941 | 18128961 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 50575 | 33466904 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 48075 | 33132218 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 11051 | 7599859 |
| 4.30%, 02/15/30 | &nbsp;&nbsp; 22511 | 22521463 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 12137 | 10257373 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 19999 | 20061417 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 10672 | 8823764 |
| 4.50%, 05/15/35<sup>(a)</sup> | &nbsp;&nbsp; 19362 | 18517071 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 11392 | 9399555 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 6697 | 5514566 |
| 4.70%, 08/15/30<sup>(a)</sup> | &nbsp;&nbsp; 13850 | 14062284 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 13266 | 11520461 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 6808 | 6443223 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 6467 | 6483768 |
| 5.38%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 13430 | 13661544 |
| 5.40%, 02/15/34 | &nbsp;&nbsp; 19801 | 20386908 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 6604 | 6590528 |
| 6.05%, 08/15/56<sup>(a)</sup> | &nbsp;&nbsp; 15435 | 15523635 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 11602 | 9404335 |
| 5.10%, 05/11/33<sup>(a)</sup> | &nbsp;&nbsp; 5843 | 5903789 |
| 5.55%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 5404 | 5065395 |
| British Telecommunications PLC, 9.63%, <br> 12/15/30<br>| &nbsp;&nbsp; 15465 | 19039350 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Cisco Systems Inc. |  |  |
| 4.75%, 02/24/30 | &nbsp;&nbsp; $14142 | $14517331 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 11851 | 12170165 |
| 4.95%, 02/26/31 | &nbsp;&nbsp; 12970 | 13420632 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 10269 | 10599732 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 20488 | 21009125 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 13367 | 13681214 |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 13683 | 13116464 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 7096 | 6770490 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 15493 | 16030612 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 6862 | 6772955 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 16374 | 17629359 |
| Corning Inc. |  |  |
| 4.38%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 6999 | 5606167 |
| 5.45%, 11/15/79 | &nbsp;&nbsp; 8166 | 7402721 |
| Deutsche Telekom International Finance BV, <br> 8.75%, 06/15/30<sup>(a)</sup><br>| &nbsp;&nbsp; 19027 | 22501471 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; 7946 | 7148041 |
| 2.75%, 05/24/31<sup>(a)</sup> | &nbsp;&nbsp; 11461 | 10440320 |
| 4.60%, 05/23/29<sup>(a)</sup> | &nbsp;&nbsp; 4693 | 4744426 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 8143 | 8349478 |
| 5.55%, 08/15/35<sup>(a)</sup> | &nbsp;&nbsp; 4794 | 4946501 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; 6562 | 6437291 |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 7048 | 6982193 |
| 9.00%, 03/01/31 | &nbsp;&nbsp; 10385 | 12652117 |
| Rogers Communications Inc. |  |  |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 15175 | 14226352 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 10282 | 8795487 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 14175 | 11412125 |
| 5.00%, 02/15/29 | &nbsp;&nbsp; 8012 | 8176861 |
| 5.00%, 03/15/44<sup>(a)</sup> | &nbsp;&nbsp; 5071 | 4548361 |
| 5.30%, 02/15/34 | &nbsp;&nbsp; 10330 | 10392096 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp; 6762 | 7274419 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 11303 | 13705835 |
| Telefonica Emisiones SA |  |  |
| 4.90%, 03/06/48 | &nbsp;&nbsp; 11029 | 9282385 |
| 5.21%, 03/08/47<sup>(a)</sup> | &nbsp;&nbsp; 19363 | 17001978 |
| 5.52%, 03/01/49<sup>(a)</sup> | &nbsp;&nbsp; 10228 | 9273779 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 18031 | 20032394 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 7935 | 9172330 |
| TELUS Corp., 3.40%, 05/13/32 | &nbsp;&nbsp; 8626 | 7881352 |
| T-Mobile USA Inc. |  |  |
| 2.25%, 11/15/31 | &nbsp;&nbsp; 13157 | 11511826 |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 24792 | 22435176 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 5921 | 5611676 |
| 2.70%, 03/15/32<sup>(a)</sup> | &nbsp;&nbsp; 11270 | 9987650 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 9904 | 9093712 |
| 3.00%, 02/15/41<sup>(a)</sup> | &nbsp;&nbsp; 19921 | 14519253 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 26544 | 17439976 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 15089 | 14619601 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 23760 | 15672757 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 9432 | 8918643 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 13516 | 8824656 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 42920 | 42013148 |
| 4.38%, 04/15/40<sup>(a)</sup> | &nbsp;&nbsp; 16418 | 14585145 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 20039 | 16366703 |
| 4.70%, 01/15/35 | &nbsp;&nbsp; 8764 | 8487254 |
| 4.85%, 01/15/29 | &nbsp;&nbsp; 5456 | 5562501 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.05%, 07/15/33 | &nbsp;&nbsp; $19647 | $19830228 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 9010 | 9219865 |
| 5.15%, 04/15/34<sup>(a)</sup> | &nbsp;&nbsp; 10797 | 10910866 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 15538 | 15796434 |
| 5.25%, 06/15/55 | &nbsp;&nbsp; 7427 | 6668932 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 9184 | 9270948 |
| 5.50%, 01/15/55<sup>(a)</sup> | &nbsp;&nbsp; 8261 | 7735574 |
| 5.65%, 01/15/53<sup>(a)</sup> | &nbsp;&nbsp; 12775 | 12198141 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 9276 | 9739008 |
| 5.75%, 01/15/54<sup>(a)</sup> | &nbsp;&nbsp; 10383 | 10051367 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 5438 | 5267818 |
| 5.88%, 11/15/55<sup>(a)</sup> | &nbsp;&nbsp; 9054 | 8915152 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 10518 | 10563539 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30<sup>(a)</sup> | &nbsp;&nbsp; 14438 | 12584318 |
| 1.68%, 10/30/30<sup>(a)</sup> | &nbsp;&nbsp; 15638 | 13722193 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 12617 | 11001281 |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 31329 | 27193262 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 31878 | 28879160 |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 28973 | 20472985 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 9485 | 6743815 |
| 2.88%, 11/20/50<sup>(a)</sup> | &nbsp;&nbsp; 21628 | 13335870 |
| 2.99%, 10/30/56<sup>(a)</sup> | &nbsp;&nbsp; 28010 | 16694181 |
| 3.00%, 11/20/60<sup>(a)</sup> | &nbsp;&nbsp; 14504 | 8467748 |
| 3.15%, 03/22/30<sup>(a)</sup> | &nbsp;&nbsp; 14085 | 13459422 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 27246 | 21092780 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 32785 | 23247680 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 24931 | 17031800 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 9170 | 9103353 |
| 3.88%, 03/01/52<sup>(a)</sup> | &nbsp;&nbsp; 9660 | 7159329 |
| 4.00%, 03/22/50<sup>(a)</sup> | &nbsp;&nbsp; 10540 | 8083847 |
| 4.02%, 12/03/29 | &nbsp;&nbsp; 26290 | 26106540 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 11101 | 8855917 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 16656 | 15490783 |
| 4.33%, 09/21/28<sup>(a)</sup> | &nbsp;&nbsp; 4332 | 4360608 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 13943 | 13289740 |
| 4.50%, 08/10/33<sup>(a)</sup> | &nbsp;&nbsp; 18794 | 18372037 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 10530 | 8822363 |
| 4.78%, 02/15/35<sup>(a)</sup> | &nbsp;&nbsp; 13358 | 13016161 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 12962 | 12128380 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 19790 | 17620286 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 8219 | 7295307 |
| 5.05%, 05/09/33<sup>(a)</sup> | &nbsp;&nbsp; 9424 | 9585018 |
| 5.25%, 04/02/35<sup>(a)</sup> | &nbsp;&nbsp; 15981 | 16111828 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 11037 | 11050291 |
| 5.50%, 02/23/54<sup>(a)</sup> | &nbsp;&nbsp; 7055 | 6757652 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 10741 | 11737348 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 7398 | 5755777 |
| 4.88%, 06/19/49 | &nbsp;&nbsp; 8877 | 7700453 |
| 5.25%, 05/30/48<sup>(a)</sup> | &nbsp;&nbsp; 8008 | 7362084 |
| 5.75%, 06/28/54<sup>(a)</sup> | &nbsp;&nbsp; 15191 | 14494087 |
| 5.88%, 06/28/64 | &nbsp;&nbsp; 8814 | 8467338 |
| 6.15%, 02/27/37<sup>(a)</sup> | &nbsp;&nbsp; 8185 | 8814340 |
|  |  | 1755722177 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc., 3.90%, 11/19/29 | &nbsp;&nbsp; 7128 | 6947152 |
| **Transportation — 1.5%** | **Transportation — 1.5%** | **Transportation — 1.5%** |
| Burlington Northern Santa Fe LLC |  |  |
| 3.30%, 09/15/51 | &nbsp;&nbsp; 10191 | 6964540 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.55%, 02/15/50 | &nbsp;&nbsp; $6916 | $5006812 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 9678 | 7656022 |
| 4.05%, 06/15/48 | &nbsp;&nbsp; 6788 | 5440099 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 8616 | 7058697 |
| 4.15%, 04/01/45 | &nbsp;&nbsp; 7709 | 6416034 |
| 4.15%, 12/15/48 | &nbsp;&nbsp; 6019 | 4894231 |
| 4.45%, 03/15/43 | &nbsp;&nbsp; 7184 | 6298423 |
| 4.45%, 01/15/53 | &nbsp;&nbsp; 7040 | 5842476 |
| 4.55%, 09/01/44 | &nbsp;&nbsp; 7278 | 6415633 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 6679 | 6229040 |
| 5.20%, 04/15/54<sup>(a)</sup> | &nbsp;&nbsp; 10910 | 10156302 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 8601 | 8351096 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 6073 | 6344896 |
| 5.80%, 03/15/56 | &nbsp;&nbsp; 7286 | 7367684 |
| Canadian National Railway Co. |  |  |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 6032 | 5767575 |
| 4.38%, 09/18/34 | &nbsp;&nbsp; 7202 | 6995638 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/31 | &nbsp;&nbsp; 10470 | 9273768 |
| 3.00%, 12/02/41 | &nbsp;&nbsp; 8264 | 6012981 |
| 3.10%, 12/02/51<sup>(a)</sup> | &nbsp;&nbsp; 14470 | 9416053 |
| 6.13%, 09/15/2115 | &nbsp;&nbsp; 6044 | 6049936 |
| CSX Corp. |  |  |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 8301 | 6403540 |
| 4.10%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp; 7499 | 7292768 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 6558 | 5412825 |
| 4.25%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 6030 | 6053193 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 6859 | 5656816 |
| 4.50%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 7302 | 6077252 |
| FedEx Corp. |  |  |
| 4.55%, 04/01/46<sup>(b)</sup> | &nbsp;&nbsp; 3700 | 3016825 |
| 4.75%, 11/15/45<sup>(b)</sup> | &nbsp;&nbsp; 5706 | 4792645 |
| 5.25%, 05/15/50<sup>(a)(b)</sup> | &nbsp;&nbsp; 2273 | 2003104 |
| Norfolk Southern Corp. |  |  |
| 3.05%, 05/15/50<sup>(a)</sup> | &nbsp;&nbsp; 8415 | 5488762 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 8868 | 5643698 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 5176 | 4326286 |
| 5.35%, 08/01/54<sup>(a)</sup> | &nbsp;&nbsp; 5286 | 5014015 |
| Union Pacific Corp. |  |  |
| 2.38%, 05/20/31 | &nbsp;&nbsp; 12101 | 11001785 |
| 2.40%, 02/05/30 | &nbsp;&nbsp; 6764 | 6299135 |
| 2.80%, 02/14/32<sup>(a)</sup> | &nbsp;&nbsp; 9270 | 8412133 |
| 2.95%, 03/10/52 | &nbsp;&nbsp; 10238 | 6430663 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 10655 | 6163430 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 8586 | 6565499 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 13538 | 9203140 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 8351 | 5817419 |
| 3.70%, 03/01/29<sup>(a)</sup> | &nbsp;&nbsp; 7850 | 7760037 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 8158 | 5467208 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 9252 | 6891858 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 6656 | 4502999 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 10462 | 7465178 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 46 | 45963 |
| 4.50%, 01/20/33<sup>(a)</sup> | &nbsp;&nbsp; 7805 | 7769889 |
| 5.10%, 02/20/35<sup>(a)</sup> | &nbsp;&nbsp; 10719 | 10903578 |
| 5.60%, 12/01/54<sup>(a)</sup> | &nbsp;&nbsp; 7479 | 7364992 |
| United Parcel Service Inc. |  |  |
| 3.40%, 03/15/29<sup>(a)</sup> | &nbsp;&nbsp; 8181 | 8030730 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 3.75%, 11/15/47 | &nbsp;&nbsp; $10847 | $8193967 |
| 4.25%, 03/15/49 | &nbsp;&nbsp; 5955 | 4817881 |
| 4.45%, 04/01/30<sup>(a)</sup> | &nbsp;&nbsp; 6869 | 6985820 |
| 4.88%, 03/03/33<sup>(a)</sup> | &nbsp;&nbsp; 8216 | 8387076 |
| 5.05%, 03/03/53<sup>(a)</sup> | &nbsp;&nbsp; 11158 | 10024433 |
| 5.15%, 05/22/34<sup>(a)</sup> | &nbsp;&nbsp; 6937 | 7139444 |
| 5.25%, 05/14/35<sup>(a)</sup> | &nbsp;&nbsp; 9321 | 9553692 |
| 5.30%, 04/01/50<sup>(a)</sup> | &nbsp;&nbsp; 7943 | 7464910 |
| 5.50%, 05/22/54<sup>(a)</sup> | &nbsp;&nbsp; 7773 | 7434368 |
| 5.95%, 05/14/55 | &nbsp;&nbsp; 10966 | 11094820 |
| 6.05%, 05/14/65 | &nbsp;&nbsp; 9493 | 9584878 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; 11257 | 12259275 |
| Walmart Inc. |  |  |
| 1.50%, 09/22/28<sup>(a)</sup> | &nbsp;&nbsp; 6504 | 6072544 |
| 1.80%, 09/22/31<sup>(a)</sup> | &nbsp;&nbsp; 10855 | 9546648 |
|  |  | 455795057 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 3.75%, 09/01/47<sup>(a)</sup> | &nbsp;&nbsp; 6895 | 5214642 |
| 4.45%, 06/01/32 | &nbsp;&nbsp; 7400 | 7355477 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 5448 | 5534777 |
| 5.70%, 09/01/55<sup>(a)</sup> | &nbsp;&nbsp; 7725 | 7603087 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 5824 | 6548681 |
|  |  | 32256664 |
| **Total Long-Term Investments — 97.3%** <br>**(Cost: $31,996,204,138)** | **Total Long-Term Investments — 97.3%** <br>**(Cost: $31,996,204,138)** | 29432331159 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 8.4%** | **Money Market Funds — 8.4%** | **Money Market Funds — 8.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 2115579760 | 2116637550 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 429350000 | 429350000 |
| **Total Short-Term Securities — 8.4%** <br>**(Cost: $2,544,668,739)** | **Total Short-Term Securities — 8.4%** <br>**(Cost: $2,544,668,739)** | 2545987550 |
| **Total Investments — 105.7%** <br>**(Cost: $34,540,872,877)** | **Total Investments — 105.7%** <br>**(Cost: $34,540,872,877)** | 31978318709 |
| **Liabilities in Excess of Other Assets — (5.7)%** | **Liabilities in Excess of Other Assets — (5.7)%** | (1732962884)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $30245355825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® iBoxx $ Investment Grade Corporate Bond ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Insti-<br> tutional, SL Agency <br> Shares<br>| $2386575277 | $— | &nbsp;&nbsp; $(269932428 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(29931)<br>| $24632 | $2116637550 | 2115579760 | $2223009 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Trea-<br> sury, SL Agency Shares<br>| 304490000 | 124860000 <br><sup>(a)</sup><br>|  |  |  | 429350000 | 429350000 | 6618851 |  |
|  |  |  |  | $(29931) | $24632 | $2545987550 |  | $8841860 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29432331159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29432331159 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2545987550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2545987550 |
|  | &nbsp;&nbsp; $2545987550 | &nbsp;&nbsp; $29432331159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31978318709 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>iBoxx $ High Yield <br> Corporate Bond <br> ETF <br>| &nbsp;&nbsp; iShares <br>iBoxx $ Investment <br> Grade Corporate <br> Bond ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $17592331474 | $29432331159 |
| Investments, at value—affiliated<sup>(c)</sup> | 3153143034 | 2545987550 |
| Cash | 3457334 | 49208 |
| Foreign currency, at value<sup>(d)</sup> | 55324 |  |
| Receivables: |  |  |
| Investments sold | 53552689 | 51228747 |
| Securities lending income—affiliated | 1064760 | 333006 |
| Loans | 328282 |  |
| Capital shares sold | 2923477 | 11846391 |
| Dividends—affiliated | 383412 | 1343236 |
| Interest—unaffiliated | 294370865 | 379125005 |
| Total assets | 21101610651 | 32422244302 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 2932761346 | 2115223845 |
| Payables: |  |  |
| Investments purchased | 171189498 | 58328930 |
| Capital shares redeemed | 59100 | 57722 |
| Investment advisory fees | 7445910 | 3277980 |
| Total liabilities | 3111455854 | 2176888477 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $17990154797 | $30245355825 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $20408232341 | $35452338343 |
| Accumulated loss | (2418077544) | (5206982518) |
| NET ASSETS | $17990154797 | $30245355825 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 222400000 | 275500000 |
| Net asset value | $80.89 | $109.78 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $18027322106 | $31996204138 |
| <sup>(b)</sup> Securities loaned, at value | $2817504953 | $2030593691 |
| <sup>(c)</sup> Investments, at cost—affiliated | $3151581045 | $2544668739 |
| <sup>(d)</sup> Foreign currency, at cost | $50341 | $— |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>iBoxx $ High <br> Yield <br> Corporate <br> Bond ETF <br>| &nbsp;&nbsp; iShares <br>iBoxx $ Investment <br> Grade <br> Corporate <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $1460970 | &nbsp;&nbsp;&nbsp; $6618851 |
| Interest—unaffiliated | &nbsp;&nbsp; 497945688 | &nbsp;&nbsp;&nbsp; 671152726 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 6736074 | &nbsp;&nbsp;&nbsp; 2223009 |
| Payment-in-kind interest—unaffiliated | &nbsp;&nbsp; 4891505 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; 347494 | &nbsp;&nbsp;&nbsp; 1018737 |
| Total investment income | &nbsp;&nbsp; 511381731 | &nbsp;&nbsp;&nbsp; 681013323 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 40265726 | &nbsp;&nbsp;&nbsp; 20104307 |
| Total expenses | &nbsp;&nbsp; 40265726 | &nbsp;&nbsp;&nbsp; 20104307 |
| Net investment income | &nbsp;&nbsp; 471116005 | &nbsp;&nbsp;&nbsp; 660909016 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (54601164)<br>| &nbsp;&nbsp;&nbsp; (188888906)<br>|
| Investments—affiliated | &nbsp;&nbsp; (70323)<br>| &nbsp;&nbsp;&nbsp; (29931)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; — |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 15160841 | &nbsp;&nbsp;&nbsp; (206580085)<br>|
| Litigation proceeds<sup>(b)</sup> | &nbsp;&nbsp; 4166684 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (35343945)<br>| &nbsp;&nbsp;&nbsp; (395498922)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 217620400 | &nbsp;&nbsp;&nbsp; 407871659 |
| Investments—affiliated | &nbsp;&nbsp; 75406 | &nbsp;&nbsp;&nbsp; 24632 |
| Foreign currency translations | &nbsp;&nbsp; 5917 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 217701723 | &nbsp;&nbsp;&nbsp; 407896291 |
| Net realized and unrealized gain | &nbsp;&nbsp; 182357778 | &nbsp;&nbsp;&nbsp; 12397369 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $653473783 | &nbsp;&nbsp;&nbsp; $673306385 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(b)</sup> Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>iBoxx $ High Yield Corporate Bond ETF  | iShares <br>iBoxx $ High Yield Corporate Bond ETF  | iShares <br>iBoxx $ Investment Grade Corporate Bond ETF  | iShares <br>iBoxx $ Investment Grade Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Six Months Ended <br>08/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $471116005 | &nbsp;&nbsp;&nbsp; $920650074 | &nbsp;&nbsp;&nbsp; $660909016 | &nbsp;&nbsp;&nbsp; $1343328056 |
| Net realized gain (loss) | &nbsp;&nbsp; (35343945)<br>| &nbsp;&nbsp;&nbsp; 110124227 | &nbsp;&nbsp;&nbsp; (395498922)<br>| &nbsp;&nbsp;&nbsp; (727966582)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 217701723 | &nbsp;&nbsp;&nbsp; 443344668 | &nbsp;&nbsp;&nbsp; 407896291 | &nbsp;&nbsp;&nbsp; 1306780020 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 653473783 | &nbsp;&nbsp;&nbsp; 1474118969 | &nbsp;&nbsp;&nbsp; 673306385 | &nbsp;&nbsp;&nbsp; 1922141494 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (466876896 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (957253452)<br>| &nbsp;&nbsp;&nbsp; (672102989)<br>| &nbsp;&nbsp;&nbsp; (1352653165)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 2546903678 | &nbsp;&nbsp;&nbsp; (1260511405)<br>| &nbsp;&nbsp;&nbsp; (297761137)<br>| &nbsp;&nbsp;&nbsp; (2944873715)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 2733500565 | &nbsp;&nbsp;&nbsp; (743645888)<br>| &nbsp;&nbsp;&nbsp; (296557741)<br>| &nbsp;&nbsp;&nbsp; (2375385386)<br>|
| Beginning of period | &nbsp;&nbsp; 15256654232 | &nbsp;&nbsp;&nbsp; 16000300120 | &nbsp;&nbsp;&nbsp; 30541913566 | &nbsp;&nbsp;&nbsp; 32917298952 |
| End of period | &nbsp;&nbsp; $17990154797 | &nbsp;&nbsp;&nbsp; $15256654232 | &nbsp;&nbsp;&nbsp; $30245355825 | &nbsp;&nbsp;&nbsp; $30541913566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares iBoxx $ High Yield Corporate Bond ETF  | iShares iBoxx $ High Yield Corporate Bond ETF  | iShares iBoxx $ High Yield Corporate Bond ETF  | iShares iBoxx $ High Yield Corporate Bond ETF  | iShares iBoxx $ High Yield Corporate Bond ETF  | iShares iBoxx $ High Yield Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $79.92 | &nbsp;&nbsp;&nbsp; $77.18 | &nbsp;&nbsp;&nbsp; $74.51 | &nbsp;&nbsp;&nbsp; $83.47 | &nbsp;&nbsp;&nbsp; $86.84 | &nbsp;&nbsp;&nbsp; $85.71 |
| Net investment income<sup>(a)</sup> | 2.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net increase (decrease) from investment operations | 3.29 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.34 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.32 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp;&nbsp; (4.21)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $80.89 | &nbsp;&nbsp;&nbsp; $79.92 | &nbsp;&nbsp;&nbsp; $77.18 | &nbsp;&nbsp;&nbsp; $74.51 | &nbsp;&nbsp;&nbsp; $83.47 | &nbsp;&nbsp;&nbsp; $86.84 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.17 %<sup>(f)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.96<br> %<br>| &nbsp;&nbsp;&nbsp; (5.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.56<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 5.75 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $17990155 | &nbsp;&nbsp;&nbsp; $15256654 | &nbsp;&nbsp;&nbsp; $16000300 | &nbsp;&nbsp;&nbsp; $12703212 | &nbsp;&nbsp;&nbsp; $16669774 | &nbsp;&nbsp;&nbsp; $22473704 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 4.20% | <sup>(f)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 4.20% | <sup>(f)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 4.20% | <sup>(f)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 4.20% | <sup>(f)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 4.20% | <sup>(f)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 4.20% | <sup>(f)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 4.20% |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares iBoxx $ Investment Grade Corporate Bond ETF  | iShares iBoxx $ Investment Grade Corporate Bond ETF  | iShares iBoxx $ Investment Grade Corporate Bond ETF  | iShares iBoxx $ Investment Grade Corporate Bond ETF  | iShares iBoxx $ Investment Grade Corporate Bond ETF  | iShares iBoxx $ Investment Grade Corporate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $109.47 | &nbsp;&nbsp;&nbsp; $107.64 | &nbsp;&nbsp;&nbsp; $105.81 | &nbsp;&nbsp;&nbsp; $124.51 | &nbsp;&nbsp;&nbsp; $132.40 | &nbsp;&nbsp;&nbsp; $132.27 |
| Net investment income<sup>(a)</sup> | 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp; (18.85)<br>| &nbsp;&nbsp;&nbsp; (7.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net increase (decrease) from investment operations | 2.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp; (15.12)<br>| &nbsp;&nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.73 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.51 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (4.75)<br>| &nbsp;&nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp; (3.60)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $109.78 | &nbsp;&nbsp;&nbsp; $109.47 | &nbsp;&nbsp;&nbsp; $107.64 | &nbsp;&nbsp;&nbsp; $105.81 | &nbsp;&nbsp;&nbsp; $124.51 | &nbsp;&nbsp;&nbsp; $132.40 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.61 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.09<br> %<br>| &nbsp;&nbsp;&nbsp; (12.23)%<br>| &nbsp;&nbsp;&nbsp; (3.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.14 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>|
| Net investment income | 4.51 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $30245356 | &nbsp;&nbsp;&nbsp; $30541914 | &nbsp;&nbsp;&nbsp; $32917299 | &nbsp;&nbsp;&nbsp; $33351880 | &nbsp;&nbsp;&nbsp; $35822432 | &nbsp;&nbsp;&nbsp; $46207378 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| iBoxx $ High Yield Corporate Bond | &nbsp;&nbsp; Diversified |
| iBoxx $ Investment Grade Corporate Bond | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The portion of distributions that exceeds each Fund's current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to the Fund's shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder's cost basis and will result in higher capital gains or lower capital losses when each Fund's shares on which distributions were received are sold. Once a shareholder's cost basis is reduced to zero, further distributions will be treated as capital gains.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service.Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***4. SECURITIES AND OTHER INVESTMENTS***

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| iBoxx $ High Yield Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $482104723 | &nbsp;&nbsp;&nbsp; $(482104723) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 27504483 | &nbsp;&nbsp;&nbsp; (27504483) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 24227861 | &nbsp;&nbsp;&nbsp; (24227861) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 333803921 | &nbsp;&nbsp;&nbsp; (333803921) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 20596396 | &nbsp;&nbsp;&nbsp; (20596396) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 2251926 | &nbsp;&nbsp;&nbsp; (2251926) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 113487246 | &nbsp;&nbsp;&nbsp; (113487246) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 415466832 | &nbsp;&nbsp;&nbsp; (415466832) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 133169196 | &nbsp;&nbsp;&nbsp; (133169196) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 2568120 | &nbsp;&nbsp;&nbsp; (2568120) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 258275156 | &nbsp;&nbsp;&nbsp; (258275156) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 27601253 | &nbsp;&nbsp;&nbsp; (27601253) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 7472903 | &nbsp;&nbsp;&nbsp; (7472903) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 144810239 | &nbsp;&nbsp;&nbsp; (144810239) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 1529800 | &nbsp;&nbsp;&nbsp; (1529800) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 27168405 | &nbsp;&nbsp;&nbsp; (27168405) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 31968773 | &nbsp;&nbsp;&nbsp; (31968773) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 314245245 | &nbsp;&nbsp;&nbsp; (314245245) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 151963646 | &nbsp;&nbsp;&nbsp; (151963646) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 82281282 | &nbsp;&nbsp;&nbsp; (82281282) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 56430443 | &nbsp;&nbsp;&nbsp; (56430443) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 17006986 | &nbsp;&nbsp;&nbsp; (17006986) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 29799441 | &nbsp;&nbsp;&nbsp; (29799441) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 3766866 | &nbsp;&nbsp;&nbsp; (3766866) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 30619892 | &nbsp;&nbsp;&nbsp; (30619892) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 7523052 | &nbsp;&nbsp;&nbsp; (7523052) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 69860867 | &nbsp;&nbsp;&nbsp; (69860867) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2817504953 | &nbsp;&nbsp;&nbsp; $(2817504953) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| iBoxx $ Investment Grade Corporate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $349492444 | &nbsp;&nbsp;&nbsp; $(349492444) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 21675108 | &nbsp;&nbsp;&nbsp; (21675108) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 17627424 | &nbsp;&nbsp;&nbsp; (17627424) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 294352764 | &nbsp;&nbsp;&nbsp; (294352764) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 68712259 | &nbsp;&nbsp;&nbsp; (68712259) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 3896843 | &nbsp;&nbsp;&nbsp; (3896843) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 46909456 | &nbsp;&nbsp;&nbsp; (46909456) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 138287528 | &nbsp;&nbsp;&nbsp; (138287528) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 154707504 | &nbsp;&nbsp;&nbsp; (154707504) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 7004176 | &nbsp;&nbsp;&nbsp; (7004176) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 270800046 | &nbsp;&nbsp;&nbsp; (270800046) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 7378198 | &nbsp;&nbsp;&nbsp; (7378198) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 46912557 | &nbsp;&nbsp;&nbsp; (46912557) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 123954894 | &nbsp;&nbsp;&nbsp; (123954894) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 37808425 | &nbsp;&nbsp;&nbsp; (37808425) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 7641967 | &nbsp;&nbsp;&nbsp; (7641967) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 34234245 | &nbsp;&nbsp;&nbsp; (34234245) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 225055245 | &nbsp;&nbsp;&nbsp; (225055245) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 22726054 | &nbsp;&nbsp;&nbsp; (22726054) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 11866658 | &nbsp;&nbsp;&nbsp; (11866658) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 13484090 | &nbsp;&nbsp;&nbsp; (13484090) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 2926995 | &nbsp;&nbsp;&nbsp; (2926995) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 26310433 | &nbsp;&nbsp;&nbsp; (26310433) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 1133395 | &nbsp;&nbsp;&nbsp; (1133395) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 42526327 | &nbsp;&nbsp;&nbsp; (42526327) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 7401178 | &nbsp;&nbsp;&nbsp; (7401178) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 45767478 | &nbsp;&nbsp;&nbsp; (45767478) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2030593691 | &nbsp;&nbsp;&nbsp; $(2030593691) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares iBoxx $ High Yield Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $19 billion | 0.5000% |
| Over $19 billion, up to and including $33 billion | 0.475000 |
| Over $33 billion, up to and including $47 billion | 0.451250 |
| Over $47 billion | 0.428687 |

---

For its investment advisory services to the iShares iBoxx $ Investment Grade Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $121 billion | 0.1500% |
| Over $121 billion, up to and including $181 billion | 0.142500 |
| Over $181 billion, up to and including $231 billion | 0.135375 |
| Over $231 billion, up to and including $281 billion | 0.128606 |
| Over $281 billion | 0.122175 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| iBoxx $ High Yield Corporate Bond | &nbsp;&nbsp; $2089409 |
| iBoxx $ Investment Grade Corporate Bond | &nbsp;&nbsp; 892561 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| iBoxx $ High Yield Corporate Bond | &nbsp;&nbsp; $1761409347 | &nbsp;&nbsp;&nbsp; $1674695989 |
| iBoxx $ Investment Grade Corporate Bond | &nbsp;&nbsp; 2126070991 | &nbsp;&nbsp;&nbsp; 2047973151 |

---

For the six months ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| iBoxx $ High Yield Corporate Bond | &nbsp;&nbsp; $19888071842 | &nbsp;&nbsp;&nbsp; $17486965465 |
| iBoxx $ Investment Grade Corporate Bond | &nbsp;&nbsp; 28456299864 | &nbsp;&nbsp;&nbsp; 28810050805 |

---

***7. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of February 28, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| iBoxx $ High Yield Corporate Bond | &nbsp;&nbsp; $(1957986497)<br>|
| iBoxx $ Investment Grade Corporate Bond | &nbsp;&nbsp; (2340834130)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| iBoxx $ High Yield Corporate Bond | &nbsp;&nbsp; $21240828873 | &nbsp;&nbsp;&nbsp; $157874142 | &nbsp;&nbsp;&nbsp; $(653228507) | &nbsp;&nbsp;&nbsp; $(495354365) |
| iBoxx $ Investment Grade Corporate Bond | &nbsp;&nbsp; 34553083181 | &nbsp;&nbsp;&nbsp; 99059369 | &nbsp;&nbsp;&nbsp; (2673823841) | &nbsp;&nbsp;&nbsp; (2574764472) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>08/31/25 | Six Months Ended <br>08/31/25 | Year Ended <br>02/28/25 | Year Ended <br>02/28/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| iBoxx $ High Yield Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 258100000 | &nbsp;&nbsp;&nbsp; $20400122774 | &nbsp;&nbsp;&nbsp; 500800000 | &nbsp;&nbsp;&nbsp; $39166236388 |
| Shares redeemed | &nbsp;&nbsp; (226600000)<br>| &nbsp;&nbsp;&nbsp; (17853219096)<br>| &nbsp;&nbsp;&nbsp; (517200000)<br>| &nbsp;&nbsp;&nbsp; (40426747793)<br>|
|  | &nbsp;&nbsp; 31500000 | &nbsp;&nbsp;&nbsp; $2546903678 | &nbsp;&nbsp;&nbsp; (16400000)<br>| &nbsp;&nbsp;&nbsp; $(1260511405)<br>|
| iBoxx $ Investment Grade Corporate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 268900000 | &nbsp;&nbsp;&nbsp; $29088857844 | &nbsp;&nbsp;&nbsp; 598900000 | &nbsp;&nbsp;&nbsp; $65121509242 |
| Shares redeemed | &nbsp;&nbsp; (272400000)<br>| &nbsp;&nbsp;&nbsp; (29386618981)<br>| &nbsp;&nbsp;&nbsp; (625700000)<br>| &nbsp;&nbsp;&nbsp; (68066382957)<br>|
|  | &nbsp;&nbsp; (3500000)<br>| &nbsp;&nbsp;&nbsp; $(297761137)<br>| &nbsp;&nbsp;&nbsp; (26800000)<br>| &nbsp;&nbsp;&nbsp; $(2944873715)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares iBoxx $ High Yield Corporate Bond ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares iBoxx $ Investment Grade Corporate Bond ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| NVS | Non-Voting Shares |
| PIK | Payment-in-kind |
| RB | Revenue Bonds |
| SOFR | Secured Overnight Financing Rate |

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2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Markit Indices Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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August 31, 2025

![](g98161img8608f68c1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **iShares Trust** |
| • iShares Core U.S. Aggregate Bond ETF \| AGG \| NYSE Arca |

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------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 117 |
| [Statement of Operations](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 118 |
| [Statements of Changes in Net Assets](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 119 |
| [Financial Highlights](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 120 |
| [Notes to Financial Statements](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 121 |
| [Additional Information](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 129 |
| [Board Review and Approval of Investment Advisory Contract](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 130 |
| [Glossary of Terms Used in these Financial Statements](#xx_f4067d0b-1c67-42bc-8b02-a8d6ce04ad65_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 133 |

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Schedule of Investments (unaudited)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| Ally Auto Receivables Trust, 4.14%, 07/16/29 | &nbsp;&nbsp; $4600 | $4600932 |
| American Express Credit Account Master Trust |  |  |
| 5.15%, 09/15/30 | &nbsp;&nbsp; 9000 | 9329933 |
| 4.65%, 07/15/29 | &nbsp;&nbsp; 5560 | 5633995 |
| 4.56%, 12/15/29 | &nbsp;&nbsp; 5000 | 5073360 |
| 4.51%, 04/15/32 | &nbsp;&nbsp; 5000 | 5100310 |
| AmeriCredit Automobile Receivables Trust, <br> 5.62%, 11/18/27<br>| &nbsp;&nbsp; 4811 | 4829080 |
| BA Credit Card Trust, 4.98%, 11/15/28 | &nbsp;&nbsp; 59311 | 59969212 |
| BMW Vehicle Lease Trust |  |  |
| 4.43%, 06/26/28 | &nbsp;&nbsp; 5000 | 5033935 |
| 4.49%, 10/25/28 | &nbsp;&nbsp; 2000 | 2020685 |
| BMW Vehicle Owner Trust |  |  |
| 4.56%, 09/25/29 | &nbsp;&nbsp; 3800 | 3834858 |
| 4.66%, 12/27/32 | &nbsp;&nbsp; 1250 | 1272618 |
| Capital One Multi-Asset Execution Trust |  |  |
| 3.92%, 09/15/29 | &nbsp;&nbsp; 15000 | 14990737 |
| Class A2, 1.39%, 07/15/30 | &nbsp;&nbsp; 11000 | 10259340 |
| Capital One Prime Auto Receivables Trust, <br> 4.62%, 07/16/29<br>| &nbsp;&nbsp; 4200 | 4235726 |
| Carmax Auto Owner Trust, 4.47%, 01/15/31 | &nbsp;&nbsp; 1500 | 1520881 |
| CarMax Auto Owner Trust |  |  |
| 4.65%, 01/16/29 | &nbsp;&nbsp; 8300 | 8343742 |
| 6.00%, 07/17/28 | &nbsp;&nbsp; 5920 | 5996273 |
| 4.64%, 04/15/30 | &nbsp;&nbsp; 2560 | 2595712 |
| 4.84%, 01/15/30 | &nbsp;&nbsp; 2260 | 2294649 |
| 4.48%, 03/15/30 | &nbsp;&nbsp; 2400 | 2422710 |
| 4.96%, 11/15/30 | &nbsp;&nbsp; 1000 | 1020824 |
| 4.94%, 08/15/29 | &nbsp;&nbsp; 1000 | 1016770 |
| Carvana Auto Receivables Trust |  |  |
| 4.26%, 10/10/29 | &nbsp;&nbsp; 2330 | 2331174 |
| 4.55%, 08/12/30 | &nbsp;&nbsp; 1000 | 1009222 |
| Chase Issuance Trust |  |  |
| 5.08%, 09/15/30 | &nbsp;&nbsp; 2885 | 2983159 |
| 4.60%, 01/15/29 | &nbsp;&nbsp; 44830 | 45185583 |
| 4.63%, 01/15/31 | &nbsp;&nbsp; 10035 | 10264831 |
| Citibank Credit Card Issuance Trust |  |  |
| 3.96%, 10/13/30 | &nbsp;&nbsp; 2000 | 2001038 |
| 6.15%, 06/15/39 | &nbsp;&nbsp; 3000 | 3300682 |
| 4.30%, 06/21/30 | &nbsp;&nbsp; 4000 | 4039853 |
| 4.49%, 06/21/32 | &nbsp;&nbsp; 4250 | 4325849 |
| CNH Equipment Trust |  |  |
| 5.19%, 09/17/29 | &nbsp;&nbsp; 5360 | 5441479 |
| 4.03%, 01/15/30 | &nbsp;&nbsp; 10000 | 10006065 |
| 5.23%, 11/17/31 | &nbsp;&nbsp; 2000 | 2061601 |
| 4.30%, 10/15/30 | &nbsp;&nbsp; 2500 | 2521680 |
| Drive Auto Receivables Trust |  |  |
| 4.52%, 07/16/29 | &nbsp;&nbsp; 500 | 500938 |
| 4.67%, 05/17/32 | &nbsp;&nbsp; 890 | 893732 |
| 4.94%, 05/17/32 | &nbsp;&nbsp; 2000 | 2007395 |
| 5.41%, 09/15/32 | &nbsp;&nbsp; 2800 | 2851006 |
| Exeter Automobile Receivables Trust |  |  |
| 5.82%, 02/15/28 | &nbsp;&nbsp; 3730 | 3737019 |
| 5.61%, 04/17/28 | &nbsp;&nbsp; 2461 | 2465791 |
| 5.92%, 02/15/30 | &nbsp;&nbsp; 5000 | 5092530 |
| 5.06%, 02/18/31 | &nbsp;&nbsp; 1900 | 1913653 |
| 5.57%, 10/15/31 | &nbsp;&nbsp; 1500 | 1529597 |
| 4.39%, 09/17/29 | &nbsp;&nbsp; 780 | 781668 |
| 4.57%, 06/16/31 | &nbsp;&nbsp; 2800 | 2807596 |

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---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| First National Master Note Trust, 4.85%, <br> 02/15/30<br>| &nbsp;&nbsp; $5000 | $5099063 |
| Ford Credit Auto Lease Trust |  |  |
| 5.29%, 06/15/27 | &nbsp;&nbsp; 4640 | 4671495 |
| 4.23%, 12/15/28 | &nbsp;&nbsp; 5000 | 5024682 |
| 4.30%, 08/15/29 | &nbsp;&nbsp; 1250 | 1258353 |
| Ford Credit Auto Owner Trust |  |  |
| 4.07%, 07/15/29 | &nbsp;&nbsp; 6000 | 6007308 |
| 4.88%, 09/15/30 | &nbsp;&nbsp; 2000 | 2037722 |
| 4.45%, 10/15/29 | &nbsp;&nbsp; 4250 | 4287419 |
| Ford Credit Floorplan Master Owner Trust A, <br> 4.63%, 04/15/30<br>| &nbsp;&nbsp; 5100 | 5176247 |
| GM Financial Automobile Leasing Trust |  |  |
| 4.66%, 02/21/28 | &nbsp;&nbsp; 3200 | 3222723 |
| 4.17%, 08/21/28 | &nbsp;&nbsp; 1000 | 1002749 |
| 4.41%, 08/20/29 | &nbsp;&nbsp; 1000 | 1001728 |
| Gm Financial Consumer Automobile <br> Receivables Trust<br>|  |  |
| 4.18%, 08/16/30 | &nbsp;&nbsp; 5000 | 5022006 |
| 4.30%, 09/16/31 | &nbsp;&nbsp; 1500 | 1515167 |
| GM Financial Consumer Automobile <br> Receivables Trust<br>|  |  |
| 4.59%, 07/17/28 | &nbsp;&nbsp; 3500 | 3518885 |
| 4.47%, 02/16/28 | &nbsp;&nbsp; 3965 | 3969185 |
| 5.71%, 02/16/29 | &nbsp;&nbsp; 9710 | 9989981 |
| 4.40%, 08/16/29 | &nbsp;&nbsp; 2500 | 2511745 |
| 4.44%, 04/16/30 | &nbsp;&nbsp; 1000 | 1009944 |
| 4.62%, 12/17/29 | &nbsp;&nbsp; 2500 | 2529679 |
| 4.73%, 08/16/30 | &nbsp;&nbsp; 1780 | 1817340 |
| 4.28%, 04/16/30 | &nbsp;&nbsp; 3034 | 3056196 |
| Harley-Davidson Motorcycle Trust, 4.67%, <br> 04/15/30<br>| &nbsp;&nbsp; 2000 | 2027173 |
| Honda Auto Receivables Owner Trust |  |  |
| 4.57%, 03/21/29 | &nbsp;&nbsp; 7300 | 7351348 |
| 4.15%, 10/15/29 | &nbsp;&nbsp; 2600 | 2607879 |
| 4.04%, 02/21/30 | &nbsp;&nbsp; 1750 | 1752435 |
| Hyundai Auto Receivables Trust |  |  |
| 4.58%, 04/15/27 | &nbsp;&nbsp; 2600 | 2601911 |
| 4.84%, 03/15/29 | &nbsp;&nbsp; 4625 | 4665699 |
| 4.32%, 10/15/29 | &nbsp;&nbsp; 5300 | 5334214 |
| 4.40%, 04/15/31 | &nbsp;&nbsp; 1100 | 1109929 |
| Hyundai Auto Receivables Trust 2025-B |  |  |
| 4.36%, 12/17/29 | &nbsp;&nbsp; 3300 | 3331422 |
| 4.44%, 06/17/30 | &nbsp;&nbsp; 1300 | 1317293 |
| John Deere Owner Trust |  |  |
| 4.96%, 11/15/28 | &nbsp;&nbsp; 3290 | 3320399 |
| 4.91%, 02/18/31 | &nbsp;&nbsp; 1850 | 1885176 |
| 4.06%, 06/15/29 | &nbsp;&nbsp; 2140 | 2141484 |
| 4.23%, 09/17/29 | &nbsp;&nbsp; 3900 | 3920554 |
| Mercedes-Benz Auto Lease Trust, 4.69%, <br> 02/18/31<br>| &nbsp;&nbsp; 3100 | 3148665 |
| Mercedes-Benz Auto Receivables Trust, <br> 4.78%, 12/17/29<br>| &nbsp;&nbsp; 8000 | 8116714 |
| Nissan Auto Lease Trust, 5.21%, 12/15/28 | &nbsp;&nbsp; 2000 | 2026109 |
| Nissan Auto Receivables 2025-A Owner Trust, <br> 4.57%, 11/15/30<br>| &nbsp;&nbsp; 500 | 509394 |
| Nissan Auto Receivables Owner Trust |  |  |
| 4.49%, 12/17/29 | &nbsp;&nbsp; 4000 | 4047907 |
| 4.35%, 09/15/31 | &nbsp;&nbsp; 1000 | 1008521 |
| Santander Drive Auto Receivables Trust |  |  |
| 5.09%, 05/15/30 | &nbsp;&nbsp; 17060 | 17169759 |
| 5.23%, 12/15/28 | &nbsp;&nbsp; 6440 | 6476981 |

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2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| 5.25%, 04/17/28 | &nbsp;&nbsp; $3529 | $3534818 |
| 5.45%, 03/15/30 | &nbsp;&nbsp; 1670 | 1692190 |
| 5.64%, 08/15/30 | &nbsp;&nbsp; 3500 | 3567570 |
| 5.14%, 02/17/32 | &nbsp;&nbsp; 4100 | 4149539 |
| 4.87%, 05/15/31 | &nbsp;&nbsp; 1000 | 1013908 |
| 5.43%, 03/17/31 | &nbsp;&nbsp; 500 | 509886 |
| 4.67%, 08/15/29 | &nbsp;&nbsp; 3150 | 3171701 |
| 4.49%, 09/15/31 | &nbsp;&nbsp; 2000 | 2014598 |
| 4.68%, 09/15/31 | &nbsp;&nbsp; 1500 | 1508688 |
| Synchrony Card Funding LLC |  |  |
| 5.04%, 03/15/30 | &nbsp;&nbsp; 9330 | 9457513 |
| 4.49%, 05/15/31 | &nbsp;&nbsp; 7000 | 7087788 |
| Toyota Auto Receivables Owner Trust |  |  |
| 4.40%, 06/15/29 | &nbsp;&nbsp; 4620 | 4645315 |
| 4.34%, 11/15/29 | &nbsp;&nbsp; 600 | 604416 |
| 4.49%, 06/17/30 | &nbsp;&nbsp; 600 | 608736 |
| 4.76%, 05/15/30 | &nbsp;&nbsp; 1000 | 1021553 |
| 4.42%, 08/15/28 | &nbsp;&nbsp; 1365 | 1370921 |
| 4.11%, 03/15/30 | &nbsp;&nbsp; 3270 | 3286718 |
| 4.19%, 01/15/31 | &nbsp;&nbsp; 2500 | 2512507 |
| Verizon Master Trust |  |  |
| 4.17%, 08/20/30 | &nbsp;&nbsp; 6300 | 6326713 |
| 4.62%, 11/20/30 | &nbsp;&nbsp; 7700 | 7812240 |
| Verizon Master Trust Series, 5.21%, 06/20/29 | &nbsp;&nbsp; 14250 | 14364389 |
| Volkswagen Auto Lease Trust |  |  |
| 4.50%, 06/20/28 | &nbsp;&nbsp; 2750 | 2775648 |
| 4.56%, 03/20/30 | &nbsp;&nbsp; 1250 | 1264008 |
| Volkswagen Auto Loan Enhanced Trust, <br> 5.01%, 01/22/30<br>| &nbsp;&nbsp; 6000 | 6079904 |
| World Omni Auto Receivables Trust |  |  |
| 5.09%, 12/17/29 | &nbsp;&nbsp; 2000 | 2031714 |
| 4.86%, 11/15/30 | &nbsp;&nbsp; 2000 | 2050396 |
| 4.34%, 09/16/30 | &nbsp;&nbsp; 2300 | 2319880 |
| 4.08%, 11/15/30 | &nbsp;&nbsp; 3200 | 3208376 |
| **Total Asset-Backed Securities — 0.4%** <br>**(Cost: $537,370,574)** | **Total Asset-Backed Securities — 0.4%** <br>**(Cost: $537,370,574)** | 541041639 |
| **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** | **Collateralized Mortgage Obligations** |
| **Mortgage-Backed Securities — 1.0%** | **Mortgage-Backed Securities — 1.0%** | **Mortgage-Backed Securities — 1.0%** |
| 3650R 2021-PF1 Commercial Mortgage Trust, <br> 5.47%, 11/15/55<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 1028665 |
| Bank |  |  |
| 2.29%, 06/15/64 | &nbsp;&nbsp; 7260 | 6417226 |
| 3.30%, 09/15/64<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 838544 |
| 3.46%, 01/15/63<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1229328 |
| 3.50%, 03/15/64<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 885161 |
| 4.47%, 05/15/61<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 978628 |
| 4.79%, 02/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 910108 |
| 5.72%, 06/15/57 | &nbsp;&nbsp; 4450 | 4725088 |
| Series 2017-BNK8, Class A3, 3.23%, <br> 11/15/50<br>| &nbsp;&nbsp; 3416 | 3344241 |
| Series 2018-BN15, Class A4, 4.41%, <br> 11/15/61<sup>(a)</sup><br>| &nbsp;&nbsp; 4500 | 4519831 |
| Series 2019-BN16, Class AS, 4.27%, <br> 02/15/52<br>| &nbsp;&nbsp; 1000 | 972827 |
| Series 2019-BN21, Class A5, 2.85%, <br> 10/17/52<br>| &nbsp;&nbsp; 15310 | 14377322 |
| Series 2020, Class A5, 2.65%, 01/15/63 | &nbsp;&nbsp; 6500 | 6012995 |
| Series 2020-BN27, Class A5, 2.14%, <br> 04/15/63<br>| &nbsp;&nbsp; 23610 | 20971863 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Series 2020-BN29, Class A4, 2.00%, <br> 11/15/53<br>| &nbsp;&nbsp; $5760 | $5040459 |
| Series 2021-BN34, Class A5, 2.44%, <br> 06/15/63<br>| &nbsp;&nbsp; 1000 | 884438 |
| Series 21-BN36, Class A5, 2.47%, <br> 09/15/64<br>| &nbsp;&nbsp; 8930 | 7961280 |
| BANK 2018-BNK11, 4.48%, 03/15/61<sup>(a)</sup> | &nbsp;&nbsp; 500 | 485717 |
| Bank of America Merrill Lynch Commercial <br> Mortgage Trust, Series 2017-BNK33.88%, <br> 02/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; 1250 | 1212599 |
| Bank5 |  |  |
| 5.64%, 10/15/57 | &nbsp;&nbsp; 2000 | 2055712 |
| 5.77%, 06/15/57 | &nbsp;&nbsp; 9520 | 9935046 |
| 5.78%, 04/15/56 | &nbsp;&nbsp; 1000 | 1027979 |
| 5.79%, 06/15/57 | &nbsp;&nbsp; 2000 | 2084437 |
| 5.88%, 08/15/57 | &nbsp;&nbsp; 4000 | 4207349 |
| 5.89%, 11/15/57 | &nbsp;&nbsp; 5000 | 5272813 |
| 6.42%, 08/15/57<sup>(a)</sup> | &nbsp;&nbsp; 650 | 670797 |
| 6.49%, 06/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2950 | 3108919 |
| 7.38%, 07/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1949 | 2066088 |
| BANK5 2023-5YR4, 6.50%, 12/15/56 | &nbsp;&nbsp; 2597 | 2746858 |
| BANK5 2024-5YR9, 5.61%, 08/15/57 | &nbsp;&nbsp; 7675 | 8008414 |
| BANK5 2025-5YR16, 5.28%, 08/15/63 | &nbsp;&nbsp; 2250 | 2330281 |
| Bank5 Trust |  |  |
| 6.23%, 05/15/57 | &nbsp;&nbsp; 3000 | 3174096 |
| 7.20%, 05/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2580 | 2733445 |
| 7.20%, 05/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1046708 |
| Barclays Commercial Mortgage Trust |  |  |
| Series 2019-C3, Class A4, 3.58%, 05/15/52 | &nbsp;&nbsp; 2200 | 2141638 |
| Series 2019-C4, Class A5, 2.92%, 08/15/52 | &nbsp;&nbsp; 8750 | 8291258 |
| Series 2019-C5, Class A4, 3.06%, 11/15/52 | &nbsp;&nbsp; 1000 | 952389 |
| BBCMS Mortgage Trust |  |  |
| 2.69%, 11/15/54 | &nbsp;&nbsp; 3000 | 2674198 |
| 3.19%, 02/15/54<sup>(a)</sup> | &nbsp;&nbsp; 500 | 424350 |
| 4.05%, 12/15/51 | &nbsp;&nbsp; 4000 | 3979947 |
| 4.44%, 09/15/55 | &nbsp;&nbsp; 2000 | 1968888 |
| 4.60%, 06/15/55<sup>(a)</sup> | &nbsp;&nbsp; 5390 | 5317845 |
| 5.14%, 12/15/57 | &nbsp;&nbsp; 5400 | 5530604 |
| 5.40%, 09/15/57 | &nbsp;&nbsp; 2500 | 2597830 |
| 5.45%, 09/15/55<sup>(a)</sup> | &nbsp;&nbsp; 500 | 466028 |
| 5.45%, 04/15/56 | &nbsp;&nbsp; 1000 | 1042237 |
| 5.52%, 08/15/58 | &nbsp;&nbsp; 1000 | 1045780 |
| 5.53%, 11/15/57 | &nbsp;&nbsp; 1500 | 1571608 |
| 5.55%, 07/15/57 | &nbsp;&nbsp; 997 | 1031972 |
| 5.59%, 07/15/58<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 3677995 |
| 5.63%, 09/15/57 | &nbsp;&nbsp; 5100 | 5234703 |
| 5.71%, 12/15/55<sup>(a)</sup> | &nbsp;&nbsp; 3160 | 3315336 |
| 5.72%, 02/15/57 | &nbsp;&nbsp; 1386 | 1406802 |
| 5.72%, 02/15/62 | &nbsp;&nbsp; 5000 | 5306176 |
| 5.83%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1029216 |
| 5.84%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 3127220 |
| 5.84%, 03/15/58 | &nbsp;&nbsp; 500 | 528427 |
| 5.84%, 08/15/58<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1040430 |
| 5.87%, 02/15/57 | &nbsp;&nbsp; 1000 | 1044256 |
| 5.89%, 09/15/57 | &nbsp;&nbsp; 1250 | 1292323 |
| 5.94%, 05/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2210 | 2271008 |
| 5.95%, 03/15/57 | &nbsp;&nbsp; 3000 | 3146127 |
| 5.97%, 07/15/56<sup>(a)</sup> | &nbsp;&nbsp; 500 | 526041 |
| 5.98%, 03/15/58<sup>(a)</sup> | &nbsp;&nbsp; 750 | 762522 |
| 6.00%, 09/15/56<sup>(a)</sup> | &nbsp;&nbsp; 10000 | 10770607 |
| 6.13%, 11/15/57 | &nbsp;&nbsp; 900 | 946794 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.15%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; $2800 | $2887969 |
| 6.35%, 12/15/55<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1533515 |
| 6.36%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1048193 |
| 6.51%, 09/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1066517 |
| 6.64%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1660 | 1715118 |
| 6.80%, 11/15/56<sup>(a)</sup> | &nbsp;&nbsp; 3970 | 4476828 |
| 7.03%, 05/15/58<sup>(a)</sup> | &nbsp;&nbsp; 500 | 527867 |
| 7.70%, 12/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1075030 |
| Series 2017-C1, Class A4, 3.67%, 02/15/50 | &nbsp;&nbsp; 18450 | 18257037 |
| Series 2020-C6, Class A4, 2.64%, 02/15/53 | &nbsp;&nbsp; 10000 | 9257802 |
| Series 2020-C7, Class A5, 2.04%, 04/15/53 | &nbsp;&nbsp; 13900 | 12420564 |
| Series 2021-C11, Class A5, 2.32%, <br> 09/15/54<br>| &nbsp;&nbsp; 5765 | 5060371 |
| Series 2022-C15, Class A5, 3.66%, <br> 04/15/55<sup>(a)</sup><br>| &nbsp;&nbsp; 3745 | 3510638 |
| BBCMS Trust |  |  |
| 2.27%, 07/15/54 | &nbsp;&nbsp; 2500 | 2354914 |
| Series 2021-C10, Class A5, 2.49%, <br> 07/15/54<br>| &nbsp;&nbsp; 18559 | 16848522 |
| Benchmark 2021-B29 Mortgage Trust, 2.14%, <br> 09/15/54<br>| &nbsp;&nbsp; 5000 | 4360108 |
| Benchmark Mortgage Trust |  |  |
| 1.93%, 07/15/53 | &nbsp;&nbsp; 5000 | 4418020 |
| 2.64%, 11/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 811984 |
| 3.18%, 02/15/53<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 880435 |
| 3.46%, 03/15/55 | &nbsp;&nbsp; 1500 | 1384197 |
| 3.73%, 03/15/55<sup>(a)</sup> | &nbsp;&nbsp; 350 | 305595 |
| 5.18%, 04/15/57 | &nbsp;&nbsp; 500 | 515009 |
| 5.33%, 02/15/58 | &nbsp;&nbsp; 6000 | 6121069 |
| 5.36%, 05/15/55 | &nbsp;&nbsp; 2000 | 2038805 |
| 5.44%, 08/15/58<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1041664 |
| 5.60%, 08/15/57 | &nbsp;&nbsp; 3700 | 3849788 |
| 5.66%, 04/15/57 | &nbsp;&nbsp; 2000 | 2098365 |
| 5.77%, 05/15/56 | &nbsp;&nbsp; 1000 | 1041053 |
| 5.80%, 06/15/58 | &nbsp;&nbsp; 2000 | 2110993 |
| 5.86%, 08/15/58<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1038733 |
| 5.91%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2109566 |
| 6.03%, 12/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1545 | 1608566 |
| 6.06%, 01/10/57<sup>(a)</sup> | &nbsp;&nbsp; 1610 | 1647561 |
| 6.06%, 08/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1562790 |
| 6.09%, 04/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1047007 |
| 6.38%, 03/15/57 | &nbsp;&nbsp; 4460 | 4666796 |
| 6.79%, 03/15/57 | &nbsp;&nbsp; 1500 | 1576425 |
| 6.86%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1062167 |
| 7.08%, 05/15/56<sup>(a)</sup> | &nbsp;&nbsp; 500 | 528696 |
| 7.18%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2127732 |
| 7.18%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1574137 |
| Series 2018-B1, Class A5, 3.67%, <br> 01/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 3250 | 3199354 |
| Series 2018-B2, Class A5, 3.88%, <br> 02/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 10616 | 10498614 |
| Series 2018-B3, Class A5, 4.03%, 04/10/51 | &nbsp;&nbsp; 5000 | 4960379 |
| Series 2018-B5, Class A4, 4.21%, 07/15/51 | &nbsp;&nbsp; 6150 | 6110998 |
| Series 2018-B7, Class A4, 4.51%, <br> 05/15/53<sup>(a)</sup><br>| &nbsp;&nbsp; 10093 | 10117484 |
| Series 2018-B7, Class B, 5.00%, <br> 05/15/53<sup>(a)</sup><br>| &nbsp;&nbsp; 1100 | 1069336 |
| Series 2018-B8, Class A5, 4.23%, 01/15/52 | &nbsp;&nbsp; 17000 | 16809870 |
| Series 2019-B11, Class A4, 3.28%, <br> 05/15/52<br>| &nbsp;&nbsp; 20650 | 19948694 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Series 2019-B11, Class A5, 3.54%, <br> 05/15/52<br>| &nbsp;&nbsp; $20000 | $19294370 |
| Series 2020-B19, Class B, 2.35%, 09/15/53 | &nbsp;&nbsp; 2700 | 2104697 |
| Series 2020-B21, Class A4, 1.70%, <br> 12/17/53<br>| &nbsp;&nbsp; 7000 | 6198304 |
| Series 2020-B21, Class A5, 1.98%, <br> 12/17/53<br>| &nbsp;&nbsp; 8616 | 7592222 |
| Series 2020-B23, Class A5, 2.07%, <br> 02/15/54<br>| &nbsp;&nbsp; 25000 | 21860941 |
| Series 2021-B24, Class A4, 2.26%, <br> 03/15/54<br>| &nbsp;&nbsp; 456 | 409800 |
| Series 2023-B38, Class A2, 5.63%, <br> 04/15/56<br>| &nbsp;&nbsp; 10000 | 10269680 |
| BMARK, 7.71%, 11/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1097 | 1173095 |
| BMO Mortgage Trust |  |  |
| 4.97%, 07/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1964 | 1977062 |
| 5.31%, 09/15/54 | &nbsp;&nbsp; 1200 | 1231571 |
| 5.32%, 09/15/57 | &nbsp;&nbsp; 500 | 514982 |
| 5.57%, 06/15/58 | &nbsp;&nbsp; 1000 | 1045677 |
| 5.63%, 12/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1100 | 1147690 |
| 5.69%, 02/15/58 | &nbsp;&nbsp; 5000 | 5270093 |
| 5.74%, 02/15/57 | &nbsp;&nbsp; 1000 | 1039535 |
| 5.74%, 12/15/57<sup>(a)</sup> | &nbsp;&nbsp; 900 | 900471 |
| 5.75%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 2043858 |
| 5.78%, 04/15/58<sup>(a)</sup> | &nbsp;&nbsp; 950 | 998030 |
| 5.86%, 02/15/57 | &nbsp;&nbsp; 3730 | 3910040 |
| 5.88%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 500 | 503741 |
| 5.89%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 3626137 |
| 5.91%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 4193715 |
| 5.96%, 09/15/56<sup>(a)</sup> | &nbsp;&nbsp; 30000 | 32218040 |
| 6.01%, 07/15/58 | &nbsp;&nbsp; 568 | 576816 |
| 6.09%, 09/15/57<sup>(a)</sup> | &nbsp;&nbsp; 750 | 772043 |
| 6.14%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 2330 | 2418376 |
| 6.23%, 03/15/57<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1520495 |
| 6.26%, 04/15/58<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 1031604 |
| 6.29%, 02/15/57<sup>(a)</sup> | &nbsp;&nbsp; 4810 | 5016517 |
| 6.36%, 02/15/57<sup>(a)</sup> | &nbsp;&nbsp; 260 | 273707 |
| 6.41%, 11/15/57<sup>(a)</sup> | &nbsp;&nbsp; 4700 | 4881678 |
| 6.49%, 05/15/58<sup>(a)</sup> | &nbsp;&nbsp; 500 | 517002 |
| 6.60%, 07/15/57<sup>(a)</sup> | &nbsp;&nbsp; 500 | 506536 |
| 6.67%, 12/15/56<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1621840 |
| 7.09%, 02/15/57<sup>(a)</sup> | &nbsp;&nbsp; 687 | 707715 |
| 7.49%, 11/15/56<sup>(a)</sup> | &nbsp;&nbsp; 11200 | 11979099 |
| CD Mortgage Trust |  |  |
| 3.19%, 11/13/50 | &nbsp;&nbsp; 1000 | 980193 |
| 3.71%, 11/13/50<sup>(a)</sup> | &nbsp;&nbsp; 500 | 489048 |
| 3.91%, 11/13/50<sup>(a)</sup> | &nbsp;&nbsp; 995 | 940673 |
| 4.66%, 08/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1188 | 1150605 |
| CGMS Commercial Mortgage Trust, 4.24%, <br> 08/15/50<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 945910 |
| Citigroup Commercial Mortgage Trust |  |  |
| 3.42%, 12/15/72 | &nbsp;&nbsp; 2000 | 1852514 |
| 3.74%, 03/10/51 | &nbsp;&nbsp; 1932 | 1908742 |
| 4.05%, 12/15/72<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 1366670 |
| Series 2016-P5, Class A4, 2.94%, 10/10/49 | &nbsp;&nbsp; 10000 | 9774424 |
| Series 2017-P7, Class A4, 3.71%, 04/14/50 | &nbsp;&nbsp; 13900 | 13700328 |
| Series 2017-P8, Class A3, 3.20%, 09/15/50 | &nbsp;&nbsp; 2000 | 1958641 |
| Series 2018-B2, Class A4, 4.01%, 03/10/51 | &nbsp;&nbsp; 20020 | 19851695 |
| Series 2019-C7, Class A4, 3.10%, 12/15/72 | &nbsp;&nbsp; 5800 | 5499602 |
| Commission Mortgage Trust, Series <br> 2016-DC2, Class A5, 3.77%, 02/10/49<br>| &nbsp;&nbsp; 4000 | 3988138 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| CSAIL Commercial Mortgage Trust |  |  |
| 2.72%, 12/15/52 | &nbsp;&nbsp; $500 | $471417 |
| 4.04%, 12/15/52<sup>(a)</sup> | &nbsp;&nbsp; 220 | 200520 |
| 4.45%, 04/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1800 | 1754921 |
| Series 2015-C4, Class A4, 3.81%, 11/15/48 | &nbsp;&nbsp; 3367 | 3357545 |
| Series 2016-C7, Class A5, 3.50%, 11/15/49 | &nbsp;&nbsp; 5200 | 5136477 |
| Series 2016-C7, Class AS, 3.96%, <br> 11/15/49<sup>(a)</sup><br>| &nbsp;&nbsp; 1000 | 977487 |
| Series 2018-CX11, Class A5, 4.03%, <br> 04/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 27000 | 26835988 |
| Series 2019-C18, Class A4, 2.97%, <br> 12/15/52<br>| &nbsp;&nbsp; 10000 | 9465796 |
| Series 2020-C19, Class A3, 2.56%, <br> 03/15/53<br>| &nbsp;&nbsp; 5500 | 5001420 |
| DBJPM Mortgage Trust |  |  |
| 3.56%, 06/10/50<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 5299029 |
| Series 2016-C3, Class A5, 2.89%, 08/10/49 | &nbsp;&nbsp; 1000 | 983852 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.26%, 01/25/29<sup>(a)</sup> | &nbsp;&nbsp; 10000 | 9477844 |
| 2.36%, 10/25/36 | &nbsp;&nbsp; 2500 | 1994156 |
| 3.00%, 09/25/29 | &nbsp;&nbsp; 20868 | 20160923 |
| 3.53%, 09/25/32 | &nbsp;&nbsp; 1000 | 948780 |
| 3.78%, 01/25/32 | &nbsp;&nbsp; 10760 | 10645084 |
| 3.78%, 11/25/32<sup>(a)</sup> | &nbsp;&nbsp; 17795 | 17194556 |
| 3.80%, 03/25/32 | &nbsp;&nbsp; 1928 | 1908950 |
| 3.82%, 12/25/32<sup>(a)</sup> | &nbsp;&nbsp; 21500 | 20803471 |
| 4.05%, 07/25/33 | &nbsp;&nbsp; 35000 | 34214810 |
| 4.20%, 05/25/33 | &nbsp;&nbsp; 28000 | 27671026 |
| 4.25%, 04/25/33 | &nbsp;&nbsp; 40000 | 39679741 |
| 4.27%, 07/25/30<sup>(a)</sup> | &nbsp;&nbsp; 13200 | 13301037 |
| 4.28%, 07/25/30 | &nbsp;&nbsp; 10500 | 10595181 |
| 4.29%, 07/25/30<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 6556452 |
| 4.35%, 02/25/30<sup>(a)</sup> | &nbsp;&nbsp; 14300 | 14457685 |
| 4.35%, 01/25/33<sup>(a)</sup> | &nbsp;&nbsp; 33140 | 33119466 |
| 4.46%, 08/25/31 | &nbsp;&nbsp; 5000 | 5067863 |
| 4.51%, 07/25/29 | &nbsp;&nbsp; 5700 | 5794197 |
| 4.51%, 02/25/30<sup>(a)</sup> | &nbsp;&nbsp; 2460 | 2502033 |
| 4.57%, 12/25/28 | &nbsp;&nbsp; 3253 | 3304313 |
| 4.74%, 08/25/28<sup>(a)</sup> | &nbsp;&nbsp; 15000 | 15287006 |
| 4.76%, 10/25/34 | &nbsp;&nbsp; 5000 | 5089811 |
| 4.80%, 09/25/28<sup>(a)</sup> | &nbsp;&nbsp; 3920 | 4002687 |
| 4.85%, 09/25/28 | &nbsp;&nbsp; 5000 | 5113376 |
| 5.20%, 02/25/31 | &nbsp;&nbsp; 5560 | 5830564 |
| 5.36%, 01/25/29<sup>(a)</sup> | &nbsp;&nbsp; 14300 | 14857606 |
| 5.40%, 01/25/29 | &nbsp;&nbsp; 15000 | 15626010 |
| 5.40%, 01/25/29 | &nbsp;&nbsp; 8000 | 8313267 |
| Federal National Mortgage Association, <br> 2.68%, 06/25/32<sup>(a)</sup><br>| &nbsp;&nbsp; 1048 | 944677 |
| Federal National Mortgage Association-ACES |  |  |
| 1.27%, 07/25/30 | &nbsp;&nbsp; 10000 | 8803944 |
| 1.87%, 10/25/31<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 2626552 |
| 2.40%, 11/25/31 | &nbsp;&nbsp; 5000 | 4505813 |
| 4.19%, 07/25/28<sup>(a)</sup> | &nbsp;&nbsp; 19099 | 19186550 |
| Series 2017, Class A2, 3.06%, 09/25/27<sup>(a)</sup> | &nbsp;&nbsp; 1521 | 1493106 |
| Series 2020-M20, Class A2, 1.44%, <br> 10/25/29<br>| &nbsp;&nbsp; 2000 | 1805549 |
| FIVE Mortgage Trust, 5.67%, 02/10/56<sup>(a)</sup> | &nbsp;&nbsp; 475 | 487507 |
| Freddie Mac Multifamily Structured Pass <br> Through Certificates, 5.07%, 10/25/28<sup>(a)</sup><br>| &nbsp;&nbsp; 1525 | 1569109 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| GS Mortgage Securities Trust |  |  |
| 2.12%, 05/12/53 | &nbsp;&nbsp; $2745 | $2529400 |
| 2.91%, 02/13/53 | &nbsp;&nbsp; 1000 | 937346 |
| 3.57%, 05/12/53<sup>(a)</sup> | &nbsp;&nbsp; 1840 | 1665336 |
| 3.57%, 05/12/53<sup>(a)</sup> | &nbsp;&nbsp; 526 | 444228 |
| 3.70%, 02/10/52 | &nbsp;&nbsp; 1000 | 978081 |
| 4.38%, 07/10/51<sup>(a)</sup> | &nbsp;&nbsp; 2433 | 2334211 |
| Series 2017-GS7, Class A3, 3.17%, <br> 08/10/50<br>| &nbsp;&nbsp; 13000 | 12746677 |
| Series 2018-GS10, Class A5, 4.16%, <br> 07/10/51<sup>(a)</sup><br>| &nbsp;&nbsp; 3000 | 2956524 |
| Series 2018-GS9, Class A4, 3.99%, <br> 03/10/51<sup>(a)</sup><br>| &nbsp;&nbsp; 3000 | 2979632 |
| Series 2019-GC38, Class A4, 3.97%, <br> 02/10/52<br>| &nbsp;&nbsp; 2500 | 2462536 |
| JPMCC Commercial Mortgage Securities Trust |  |  |
| 3.12%, 06/13/52 | &nbsp;&nbsp; 2000 | 1930453 |
| 4.03%, 03/10/52 | &nbsp;&nbsp; 3500 | 3374522 |
| Morgan Stanley BAML Trust, 5.64%, 03/15/58 | &nbsp;&nbsp; 400 | 419283 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust, Series 2016-C32, Class A3, 3.46%, <br> 12/15/49<br>| &nbsp;&nbsp; 9522 | 9419966 |
| Morgan Stanley Capital I, 4.46%, 12/15/50<sup>(a)</sup> | &nbsp;&nbsp; 796 | 763771 |
| Morgan Stanley Capital I Trust |  |  |
| 2.32%, 10/15/54 | &nbsp;&nbsp; 1750 | 1551656 |
| 2.70%, 07/15/53 | &nbsp;&nbsp; 200 | 168609 |
| 2.73%, 05/15/54 | &nbsp;&nbsp; 1275 | 1153985 |
| 2.75%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1754233 |
| 2.88%, 02/15/53 | &nbsp;&nbsp; 1264 | 1142920 |
| 3.57%, 06/15/54<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 831523 |
| 3.76%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 500 | 461599 |
| 3.76%, 11/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 868344 |
| 5.00%, 07/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 948912 |
| Series 2017-H1, Class A5, 3.53%, 06/15/50 | &nbsp;&nbsp; 12000 | 11849824 |
| Series 2018, Class A3, 4.14%, 10/15/51 | &nbsp;&nbsp; 21700 | 21534922 |
| Series 2018-H3, Class A4, 3.91%, 07/15/51 | &nbsp;&nbsp; 615 | 607401 |
| Series 2018-H3, Class A5, 4.18%, 07/15/51 | &nbsp;&nbsp; 2538 | 2521583 |
| Series 2019-H6, Class A4, 3.42%, 06/15/52 | &nbsp;&nbsp; 6570 | 6332381 |
| Series 2020-L4, Class A3, 2.70%, 02/15/53 | &nbsp;&nbsp; 20000 | 18549719 |
| Series 2021-L7, Class A5, 2.57%, 10/15/54 | &nbsp;&nbsp; 10430 | 9347822 |
| MSWF Commercial Mortgage Trust, 6.01%, <br> 12/15/56<sup>(a)</sup><br>| &nbsp;&nbsp; 1486 | 1604774 |
| UBS Commercial Mortgage Trust |  |  |
| 3.17%, 08/15/50 | &nbsp;&nbsp; 4626 | 4553836 |
| 4.03%, 08/15/51 | &nbsp;&nbsp; 5496 | 5447012 |
| 4.67%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 982296 |
| 4.73%, 12/15/50<sup>(a)</sup> | &nbsp;&nbsp; 528 | 496733 |
| 5.10%, 12/15/51<sup>(a)</sup> | &nbsp;&nbsp; 750 | 729776 |
| Series 2017-C2, Class A4, 3.49%, 08/15/50 | &nbsp;&nbsp; 465 | 458438 |
| Series 2018-C08, Class A4, 3.98%, <br> 02/15/51<br>| &nbsp;&nbsp; 18150 | 18082780 |
| UBS Commercial Mortgage Trust 2018-C14, <br> 4.75%, 12/15/51<sup>(a)</sup><br>| &nbsp;&nbsp; 1500 | 1482841 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 1.85%, 07/15/53 | &nbsp;&nbsp; 2000 | 1898326 |
| 2.70%, 07/15/53 | &nbsp;&nbsp; 375 | 313275 |
| 3.31%, 11/15/54 | &nbsp;&nbsp; 500 | 432203 |
| 4.15%, 03/15/51<sup>(a)</sup> | &nbsp;&nbsp; 1749 | 1715250 |
| 4.19%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; 619 | 591958 |
| 4.29%, 06/15/52<sup>(a)</sup> | &nbsp;&nbsp; 1294 | 1086378 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 1000 | 967062 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.64%, 11/15/50<sup>(a)</sup> | &nbsp;&nbsp; $500 | $462868 |
| 4.67%, 09/15/61<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 2969777 |
| 5.59%, 07/15/58 | &nbsp;&nbsp; 2950 | 3091433 |
| 5.92%, 07/15/58 | &nbsp;&nbsp; 1000 | 1042031 |
| 5.93%, 07/15/57 | &nbsp;&nbsp; 3000 | 3150386 |
| 6.10%, 01/15/58 | &nbsp;&nbsp; 1500 | 1594311 |
| Class A4, 2.34%, 08/15/54 | &nbsp;&nbsp; 4600 | 4071812 |
| Class ASB, 4.17%, 05/15/51 | &nbsp;&nbsp; 435 | 433181 |
| Series 2019-C54, Class A4, 3.15%, <br> 12/15/52<br>| &nbsp;&nbsp; 5000 | 4752310 |
| Series 2020-C56, Class A5, 2.45%, <br> 06/15/53<br>| &nbsp;&nbsp; 6480 | 5966765 |
| Series 2020-C58, Class A4, 2.09%, <br> 07/15/53<br>| &nbsp;&nbsp; 17680 | 15732724 |
| Series 2021-C59, Class A5, 2.63%, <br> 04/15/54<br>| &nbsp;&nbsp; 5200 | 4684774 |
|  |  | 1318552917 |
| **Total Collateralized Mortgage Obligations — 1.0%** <br>**(Cost: $1,343,377,886)** | **Total Collateralized Mortgage Obligations — 1.0%** <br>**(Cost: $1,343,377,886)** | 1318552917 |
| **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Interpublic Group of Companies Inc. (The) |  |  |
| 2.40%, 03/01/31 | &nbsp;&nbsp; 2978 | 2663447 |
| 3.38%, 03/01/41 | &nbsp;&nbsp; 2222 | 1638604 |
| 4.65%, 10/01/28 | &nbsp;&nbsp; 3111 | 3135489 |
| 4.75%, 03/30/30 | &nbsp;&nbsp; 3898 | 3927459 |
| 5.38%, 06/15/33 | &nbsp;&nbsp; 2738 | 2777429 |
| 5.40%, 10/01/48 | &nbsp;&nbsp; 2060 | 1875677 |
| Omnicom Group Inc. |  |  |
| 2.45%, 04/30/30 | &nbsp;&nbsp; 3767 | 3460414 |
| 2.60%, 08/01/31 | &nbsp;&nbsp; 4944 | 4448054 |
| 4.20%, 06/01/30 | &nbsp;&nbsp; 3972 | 3939198 |
| 5.30%, 11/01/34<sup>(b)</sup> | &nbsp;&nbsp; 3705 | 3761181 |
|  |  | 31626952 |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Boeing Co. (The) |  |  |
| 2.70%, 02/01/27 | &nbsp;&nbsp; 4732 | 4625237 |
| 2.80%, 03/01/27 | &nbsp;&nbsp; 1854 | 1814106 |
| 2.95%, 02/01/30<sup>(b)</sup> | &nbsp;&nbsp; 5159 | 4841826 |
| 3.20%, 03/01/29 | &nbsp;&nbsp; 4601 | 4428473 |
| 3.25%, 02/01/28 | &nbsp;&nbsp; 4510 | 4402774 |
| 3.25%, 03/01/28 | &nbsp;&nbsp; 2734 | 2663753 |
| 3.25%, 02/01/35 | &nbsp;&nbsp; 3389 | 2891186 |
| 3.38%, 06/15/46 | &nbsp;&nbsp; 3138 | 2156087 |
| 3.45%, 11/01/28 | &nbsp;&nbsp; 2603 | 2540290 |
| 3.50%, 03/01/39 | &nbsp;&nbsp; 2054 | 1631463 |
| 3.55%, 03/01/38 | &nbsp;&nbsp; 1888 | 1548465 |
| 3.60%, 05/01/34 | &nbsp;&nbsp; 3801 | 3385538 |
| 3.63%, 02/01/31 | &nbsp;&nbsp; 4597 | 4388910 |
| 3.63%, 03/01/48 | &nbsp;&nbsp; 3123 | 2186903 |
| 3.65%, 03/01/47 | &nbsp;&nbsp; 2256 | 1590120 |
| 3.75%, 02/01/50 | &nbsp;&nbsp; 6716 | 4763327 |
| 3.83%, 03/01/59 | &nbsp;&nbsp; 2577 | 1739192 |
| 3.85%, 11/01/48 | &nbsp;&nbsp; 2454 | 1759175 |
| 3.90%, 05/01/49 | &nbsp;&nbsp; 4821 | 3501584 |
| 3.95%, 08/01/59 | &nbsp;&nbsp; 5623 | 3877006 |
| 5.04%, 05/01/27 | &nbsp;&nbsp; 8594 | 8675352 |
| 5.15%, 05/01/30 | &nbsp;&nbsp; 15823 | 16215795 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 5.71%, 05/01/40 | &nbsp;&nbsp; $10887 | $10893977 |
| 5.81%, 05/01/50 | &nbsp;&nbsp; 22426 | 21564275 |
| 5.88%, 02/15/40 | &nbsp;&nbsp; 2138 | 2158418 |
| 5.93%, 05/01/60 | &nbsp;&nbsp; 14692 | 14100786 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 1738 | 1852094 |
| 6.26%, 05/01/27 | &nbsp;&nbsp; 4940 | 5081555 |
| 6.30%, 05/01/29 | &nbsp;&nbsp; 5625 | 5970684 |
| 6.39%, 05/01/31 | &nbsp;&nbsp; 2945 | 3197185 |
| 6.53%, 05/01/34 | &nbsp;&nbsp; 10815 | 11837929 |
| 6.63%, 02/15/38 | &nbsp;&nbsp; 2009 | 2197961 |
| 6.86%, 05/01/54 | &nbsp;&nbsp; 7675 | 8422109 |
| 6.88%, 03/15/39 | &nbsp;&nbsp; 2421 | 2688669 |
| 7.01%, 05/01/64 | &nbsp;&nbsp; 3655 | 4050809 |
| Embraer Netherlands Finance BV, 5.98%, <br> 02/11/35<br>| &nbsp;&nbsp; 225 | 233529 |
| GE Capital Funding LLC, 4.55%, 05/15/32 | &nbsp;&nbsp; 3032 | 3047734 |
| GE Capital International Funding Co. Unlimited <br> Co., 4.42%, 11/15/35<br>| &nbsp;&nbsp; 4769 | 4613213 |
| General Dynamics Corp. |  |  |
| 2.25%, 06/01/31 | &nbsp;&nbsp; 2505 | 2257915 |
| 2.63%, 11/15/27 | &nbsp;&nbsp; 3379 | 3288509 |
| 2.85%, 06/01/41 | &nbsp;&nbsp; 3299 | 2420104 |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 3297 | 3279876 |
| 3.60%, 11/15/42 | &nbsp;&nbsp; 1283 | 1025184 |
| 3.63%, 04/01/30 | &nbsp;&nbsp; 5217 | 5119307 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 5493 | 5479345 |
| 4.25%, 04/01/40 | &nbsp;&nbsp; 4024 | 3631466 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 4335 | 3603641 |
| 4.95%, 08/15/35 | &nbsp;&nbsp; 1670 | 1685406 |
| General Electric Co. |  |  |
| 4.30%, 07/29/30 | &nbsp;&nbsp; 1760 | 1768337 |
| 4.35%, 05/01/50 | &nbsp;&nbsp; 1525 | 1293736 |
| 4.50%, 03/11/44 | &nbsp;&nbsp; 1600 | 1425795 |
| 4.90%, 01/29/36 | &nbsp;&nbsp; 4625 | 4643419 |
| 5.88%, 01/14/38 | &nbsp;&nbsp; 2427 | 2603002 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 3115 | 3526846 |
| 6.88%, 01/10/39 | &nbsp;&nbsp; 2430 | 2850293 |
| HEICO Corp. |  |  |
| 5.25%, 08/01/28 | &nbsp;&nbsp; 1700 | 1746814 |
| 5.35%, 08/01/33 | &nbsp;&nbsp; 1880 | 1932921 |
| Hexcel Corp. |  |  |
| 4.20%, 02/15/27 | &nbsp;&nbsp; 2865 | 2844627 |
| 5.88%, 02/26/35 | &nbsp;&nbsp; 1055 | 1076912 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 | &nbsp;&nbsp; 1610 | 1550290 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 1270 | 1298939 |
| 5.90%, 02/01/27 | &nbsp;&nbsp; 620 | 633952 |
| 5.95%, 02/01/37 | &nbsp;&nbsp; 1885 | 2012022 |
| 6.75%, 01/15/28 | &nbsp;&nbsp; 1560 | 1647489 |
| L3Harris Technologies Inc. |  |  |
| 1.80%, 01/15/31 | &nbsp;&nbsp; 4300 | 3766509 |
| 2.90%, 12/15/29 | &nbsp;&nbsp; 2786 | 2630045 |
| 3.85%, 12/15/26 | &nbsp;&nbsp; 3947 | 3927134 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 9414 | 9466366 |
| 4.85%, 04/27/35 | &nbsp;&nbsp; 1876 | 1847071 |
| 5.05%, 06/01/29 | &nbsp;&nbsp; 2470 | 2535609 |
| 5.05%, 04/27/45 | &nbsp;&nbsp; 2573 | 2406567 |
| 5.25%, 06/01/31 | &nbsp;&nbsp; 2290 | 2377909 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 3065 | 3140028 |
| 5.40%, 01/15/27 | &nbsp;&nbsp; 6445 | 6545263 |
| 5.40%, 07/31/33 | &nbsp;&nbsp; 6700 | 6910753 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 5.50%, 08/15/54 | &nbsp;&nbsp; $2770 | $2660572 |
| 5.60%, 07/31/53 | &nbsp;&nbsp; 2390 | 2326781 |
| 6.15%, 12/15/40 | &nbsp;&nbsp; 1785 | 1905408 |
| Lockheed Martin Corp. |  |  |
| 1.85%, 06/15/30 | &nbsp;&nbsp; 3130 | 2820621 |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 4868 | 3028140 |
| 3.60%, 03/01/35 | &nbsp;&nbsp; 2308 | 2101700 |
| 3.80%, 03/01/45 | &nbsp;&nbsp; 5280 | 4174981 |
| 3.90%, 06/15/32 | &nbsp;&nbsp; 3575 | 3463098 |
| 4.07%, 12/15/42 | &nbsp;&nbsp; 4273 | 3586715 |
| 4.09%, 09/15/52 | &nbsp;&nbsp; 8201 | 6390697 |
| 4.15%, 08/15/28 | &nbsp;&nbsp; 2150 | 2161134 |
| 4.15%, 06/15/53 | &nbsp;&nbsp; 2980 | 2339356 |
| 4.30%, 06/15/62 | &nbsp;&nbsp; 4360 | 3385437 |
| 4.40%, 08/15/30 | &nbsp;&nbsp; 2800 | 2822483 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 1885 | 1907137 |
| 4.50%, 02/15/29 | &nbsp;&nbsp; 2665 | 2703066 |
| 4.50%, 05/15/36 | &nbsp;&nbsp; 2240 | 2158214 |
| 4.70%, 12/15/31 | &nbsp;&nbsp; 1980 | 2017808 |
| 4.70%, 05/15/46 | &nbsp;&nbsp; 5684 | 5068638 |
| 4.75%, 02/15/34 | &nbsp;&nbsp; 4185 | 4182603 |
| 4.80%, 08/15/34 | &nbsp;&nbsp; 2740 | 2743976 |
| 5.00%, 08/15/35 | &nbsp;&nbsp; 3525 | 3544804 |
| 5.10%, 11/15/27 | &nbsp;&nbsp; 4880 | 4996923 |
| 5.20%, 02/15/55 | &nbsp;&nbsp; 3800 | 3523808 |
| 5.20%, 02/15/64 | &nbsp;&nbsp; 2800 | 2543537 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 4335 | 4514240 |
| 5.70%, 11/15/54 | &nbsp;&nbsp; 3715 | 3708387 |
| 5.72%, 06/01/40 | &nbsp;&nbsp; 2442 | 2555806 |
| 5.90%, 11/15/63 | &nbsp;&nbsp; 2925 | 2988634 |
| Series B, 6.15%, 09/01/36 | &nbsp;&nbsp; 2915 | 3206548 |
| Northrop Grumman Corp. |  |  |
| 3.20%, 02/01/27 | &nbsp;&nbsp; 4021 | 3971111 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 10058 | 9875022 |
| 3.85%, 04/15/45 | &nbsp;&nbsp; 3249 | 2567762 |
| 4.03%, 10/15/47 | &nbsp;&nbsp; 9526 | 7540061 |
| 4.40%, 05/01/30 | &nbsp;&nbsp; 2787 | 2808828 |
| 4.60%, 02/01/29 | &nbsp;&nbsp; 2360 | 2396014 |
| 4.65%, 07/15/30 | &nbsp;&nbsp; 3505 | 3561364 |
| 4.70%, 03/15/33 | &nbsp;&nbsp; 3740 | 3740610 |
| 4.75%, 06/01/43 | &nbsp;&nbsp; 4374 | 3952645 |
| 4.90%, 06/01/34 | &nbsp;&nbsp; 3290 | 3295000 |
| 4.95%, 03/15/53 | &nbsp;&nbsp; 4195 | 3727242 |
| 5.05%, 11/15/40 | &nbsp;&nbsp; 1773 | 1713058 |
| 5.15%, 05/01/40 | &nbsp;&nbsp; 2675 | 2621606 |
| 5.20%, 06/01/54 | &nbsp;&nbsp; 4955 | 4561259 |
| 5.25%, 07/15/35 | &nbsp;&nbsp; 2795 | 2855719 |
| 5.25%, 05/01/50 | &nbsp;&nbsp; 4958 | 4626169 |
| RTX Corp. |  |  |
| 1.90%, 09/01/31 | &nbsp;&nbsp; 4361 | 3774169 |
| 2.25%, 07/01/30 | &nbsp;&nbsp; 4710 | 4303101 |
| 2.38%, 03/15/32 | &nbsp;&nbsp; 4367 | 3822765 |
| 2.65%, 11/01/26 | &nbsp;&nbsp; 2608 | 2563264 |
| 2.82%, 09/01/51 | &nbsp;&nbsp; 4304 | 2620536 |
| 3.03%, 03/15/52 | &nbsp;&nbsp; 5517 | 3490241 |
| 3.13%, 05/04/27 | &nbsp;&nbsp; 5821 | 5730913 |
| 3.13%, 07/01/50 | &nbsp;&nbsp; 5310 | 3486918 |
| 3.50%, 03/15/27 | &nbsp;&nbsp; 5970 | 5917089 |
| 3.75%, 11/01/46 | &nbsp;&nbsp; 5099 | 3880434 |
| 4.05%, 05/04/47 | &nbsp;&nbsp; 3333 | 2652333 |
| 4.13%, 11/16/28 | &nbsp;&nbsp; 11614 | 11621480 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| 4.15%, 05/15/45 | &nbsp;&nbsp; $4430 | $3632448 |
| 4.35%, 04/15/47 | &nbsp;&nbsp; 4861 | 4041560 |
| 4.45%, 11/16/38<sup>(b)</sup> | &nbsp;&nbsp; 3625 | 3353766 |
| 4.50%, 06/01/42 | &nbsp;&nbsp; 15897 | 14017812 |
| 4.63%, 11/16/48 | &nbsp;&nbsp; 7373 | 6336928 |
| 4.70%, 12/15/41 | &nbsp;&nbsp; 2460 | 2237198 |
| 4.80%, 12/15/43 | &nbsp;&nbsp; 2479 | 2238971 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 2089 | 1974098 |
| 5.15%, 02/27/33 | &nbsp;&nbsp; 5200 | 5338030 |
| 5.38%, 02/27/53 | &nbsp;&nbsp; 4555 | 4302497 |
| 5.40%, 05/01/35 | &nbsp;&nbsp; 2132 | 2206221 |
| 5.70%, 04/15/40 | &nbsp;&nbsp; 2310 | 2404633 |
| 5.75%, 11/08/26 | &nbsp;&nbsp; 7050 | 7166860 |
| 5.75%, 01/15/29 | &nbsp;&nbsp; 3225 | 3382624 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 4425 | 4780209 |
| 6.05%, 06/01/36 | &nbsp;&nbsp; 780 | 844008 |
| 6.10%, 03/15/34 | &nbsp;&nbsp; 6695 | 7266718 |
| 6.13%, 07/15/38 | &nbsp;&nbsp; 1920 | 2079266 |
| 6.40%, 03/15/54 | &nbsp;&nbsp; 5395 | 5837304 |
| 7.20%, 08/15/27 | &nbsp;&nbsp; 2383 | 2526129 |
| 7.50%, 09/15/29 | &nbsp;&nbsp; 2868 | 3211248 |
|  |  | 600123383 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Altria Group Inc. |  |  |
| 2.45%, 02/04/32 | &nbsp;&nbsp; 8225 | 7162099 |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 3050 | 2998555 |
| 3.40%, 05/06/30 | &nbsp;&nbsp; 4564 | 4373092 |
| 3.40%, 02/04/41 | &nbsp;&nbsp; 6627 | 4970508 |
| 3.70%, 02/04/51 | &nbsp;&nbsp; 5852 | 4050319 |
| 3.88%, 09/16/46 | &nbsp;&nbsp; 6282 | 4662127 |
| 4.00%, 02/04/61<sup>(b)</sup> | &nbsp;&nbsp; 4275 | 3006978 |
| 4.25%, 08/09/42 | &nbsp;&nbsp; 4269 | 3495409 |
| 4.45%, 05/06/50 | &nbsp;&nbsp; 2513 | 1984860 |
| 4.50%, 08/06/30 | &nbsp;&nbsp; 1755 | 1754346 |
| 4.50%, 05/02/43 | &nbsp;&nbsp; 2993 | 2500352 |
| 4.80%, 02/14/29 | &nbsp;&nbsp; 7904 | 8024116 |
| 4.88%, 02/04/28 | &nbsp;&nbsp; 1620 | 1644392 |
| 5.25%, 08/06/35 | &nbsp;&nbsp; 1200 | 1198569 |
| 5.38%, 01/31/44 | &nbsp;&nbsp; 7922 | 7555007 |
| 5.63%, 02/06/35 | &nbsp;&nbsp; 1650 | 1694747 |
| 5.80%, 02/14/39 | &nbsp;&nbsp; 9382 | 9564100 |
| 5.95%, 02/14/49<sup>(b)</sup> | &nbsp;&nbsp; 10312 | 10268563 |
| 6.20%, 11/01/28 | &nbsp;&nbsp; 3170 | 3349268 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 1980 | 2214855 |
| Archer-Daniels-Midland Co. |  |  |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 3850 | 2316259 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 3485 | 3169041 |
| 3.25%, 03/27/30 | &nbsp;&nbsp; 5796 | 5573676 |
| 3.75%, 09/15/47 | &nbsp;&nbsp; 2049 | 1552608 |
| 4.02%, 04/16/43 | &nbsp;&nbsp; 1557 | 1290576 |
| 4.50%, 08/15/33 | &nbsp;&nbsp; 1670 | 1649689 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 2924 | 2469470 |
| 4.54%, 03/26/42 | &nbsp;&nbsp; 2227 | 1972895 |
| 5.38%, 09/15/35 | &nbsp;&nbsp; 2086 | 2186377 |
| 5.94%, 10/01/32 | &nbsp;&nbsp; 1882 | 2037948 |
| BAT Capital Corp. |  |  |
| 2.26%, 03/25/28 | &nbsp;&nbsp; 4265 | 4061749 |
| 2.73%, 03/25/31 | &nbsp;&nbsp; 5278 | 4803870 |
| 3.22%, 09/06/26 | &nbsp;&nbsp; 5151 | 5091734 |
| 3.46%, 09/06/29 | &nbsp;&nbsp; 2687 | 2601450 |
| 3.56%, 08/15/27 | &nbsp;&nbsp; 5088 | 5020658 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 3.73%, 09/25/40 | &nbsp;&nbsp; $1950 | $1550665 |
| 3.98%, 09/25/50 | &nbsp;&nbsp; 830 | 598642 |
| 4.39%, 08/15/37 | &nbsp;&nbsp; 11594 | 10450796 |
| 4.54%, 08/15/47 | &nbsp;&nbsp; 8120 | 6572675 |
| 4.70%, 04/02/27 | &nbsp;&nbsp; 5089 | 5119254 |
| 4.74%, 03/16/32 | &nbsp;&nbsp; 4230 | 4215697 |
| 4.76%, 09/06/49 | &nbsp;&nbsp; 4713 | 3875711 |
| 4.91%, 04/02/30 | &nbsp;&nbsp; 4783 | 4868921 |
| 5.28%, 04/02/50 | &nbsp;&nbsp; 2337 | 2063493 |
| 5.35%, 08/15/32 | &nbsp;&nbsp; 3250 | 3344998 |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 3810 | 3909617 |
| 5.65%, 03/16/52 | &nbsp;&nbsp; 3545 | 3288629 |
| 5.83%, 02/20/31 | &nbsp;&nbsp; 4115 | 4352578 |
| 6.00%, 02/20/34 | &nbsp;&nbsp; 3615 | 3837547 |
| 6.25%, 08/15/55 | &nbsp;&nbsp; 190 | 192182 |
| 6.34%, 08/02/30 | &nbsp;&nbsp; 4755 | 5131640 |
| 6.42%, 08/02/33 | &nbsp;&nbsp; 5810 | 6327273 |
| 7.08%, 08/02/43 | &nbsp;&nbsp; 3720 | 4112978 |
| 7.08%, 08/02/53 | &nbsp;&nbsp; 4520 | 5017334 |
| 7.75%, 10/19/32 | &nbsp;&nbsp; 2836 | 3284976 |
| BAT International Finance PLC |  |  |
| 4.45%, 03/16/28 | &nbsp;&nbsp; 5990 | 6012762 |
| 5.93%, 02/02/29 | &nbsp;&nbsp; 4970 | 5220355 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75%, 05/14/31 | &nbsp;&nbsp; 5405 | 4939181 |
| 3.20%, 04/21/31 | &nbsp;&nbsp; 510 | 475479 |
| 3.75%, 09/25/27 | &nbsp;&nbsp; 3191 | 3168258 |
| 4.10%, 01/07/28 | &nbsp;&nbsp; 3190 | 3188865 |
| 4.20%, 09/17/29 | &nbsp;&nbsp; 3370 | 3354470 |
| 4.55%, 08/04/30 | &nbsp;&nbsp; 1600 | 1608606 |
| 4.65%, 09/17/34 | &nbsp;&nbsp; 2895 | 2819754 |
| 5.15%, 08/04/35 | &nbsp;&nbsp; 1600 | 1604580 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 5.95%, 04/20/35<sup>(c)</sup><br>| &nbsp;&nbsp; 3740 | 3889330 |
| Philip Morris International Inc. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 4678 | 4126056 |
| 2.10%, 05/01/30 | &nbsp;&nbsp; 3288 | 2990247 |
| 3.13%, 08/17/27 | &nbsp;&nbsp; 2920 | 2867814 |
| 3.13%, 03/02/28 | &nbsp;&nbsp; 2836 | 2775042 |
| 3.38%, 08/15/29 | &nbsp;&nbsp; 7411 | 7192918 |
| 3.88%, 08/21/42 | &nbsp;&nbsp; 3461 | 2799204 |
| 4.13%, 04/28/28 | &nbsp;&nbsp; 3015 | 3019582 |
| 4.13%, 03/04/43 | &nbsp;&nbsp; 4329 | 3624333 |
| 4.25%, 11/10/44 | &nbsp;&nbsp; 3868 | 3254500 |
| 4.38%, 11/01/27 | &nbsp;&nbsp; 3860 | 3884799 |
| 4.38%, 04/30/30 | &nbsp;&nbsp; 2620 | 2632796 |
| 4.38%, 11/15/41 | &nbsp;&nbsp; 3732 | 3252473 |
| 4.50%, 03/20/42 | &nbsp;&nbsp; 3850 | 3399492 |
| 4.63%, 11/01/29 | &nbsp;&nbsp; 3010 | 3057506 |
| 4.75%, 02/12/27 | &nbsp;&nbsp; 4645 | 4686367 |
| 4.75%, 11/01/31 | &nbsp;&nbsp; 3390 | 3437121 |
| 4.88%, 02/15/28 | &nbsp;&nbsp; 7430 | 7563441 |
| 4.88%, 02/13/29 | &nbsp;&nbsp; 3295 | 3364157 |
| 4.88%, 04/30/35 | &nbsp;&nbsp; 2255 | 2233439 |
| 4.88%, 11/15/43 | &nbsp;&nbsp; 3305 | 3016322 |
| 4.90%, 11/01/34 | &nbsp;&nbsp; 2810 | 2798828 |
| 5.13%, 11/17/27 | &nbsp;&nbsp; 7252 | 7403822 |
| 5.13%, 02/15/30 | &nbsp;&nbsp; 6360 | 6577803 |
| 5.13%, 02/13/31 | &nbsp;&nbsp; 5475 | 5652257 |
| 5.25%, 09/07/28 | &nbsp;&nbsp; 2315 | 2390798 |
| 5.25%, 02/13/34 | &nbsp;&nbsp; 7605 | 7769581 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| 5.38%, 02/15/33 | &nbsp;&nbsp; $8930 | $9244405 |
| 5.50%, 09/07/30 | &nbsp;&nbsp; 2585 | 2722449 |
| 5.63%, 11/17/29 | &nbsp;&nbsp; 8410 | 8847717 |
| 5.63%, 09/07/33 | &nbsp;&nbsp; 3455 | 3623113 |
| 5.75%, 11/17/32 | &nbsp;&nbsp; 5471 | 5789169 |
| 6.38%, 05/16/38 | &nbsp;&nbsp; 7043 | 7810129 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | &nbsp;&nbsp; 3504 | 3604956 |
| 5.85%, 08/15/45 | &nbsp;&nbsp; 9903 | 9558148 |
| 6.15%, 09/15/43 | &nbsp;&nbsp; 2581 | 2596764 |
| 7.25%, 06/15/37 | &nbsp;&nbsp; 2505 | 2842259 |
|  |  | 413077315 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| American Airlines Pass-Through Trust |  |  |
| Series 2014-1, Class A, 3.70%, 04/01/28 | &nbsp;&nbsp; 1361 | 1344140 |
| Series 2015-1, Class A, 3.38%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 2118 | 2068183 |
| Series 2015-2, Class AA, 3.60%, <br> 03/22/29<sup>(b)</sup><br>| &nbsp;&nbsp; 2186 | 2136901 |
| Series 2016-1, Class AA, 3.58%, 07/15/29 | &nbsp;&nbsp; 1787 | 1742532 |
| Series 2016-2, Class AA, 3.20%, <br> 12/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 2037 | 1960610 |
| Series 2016-3, Class AA, 3.00%, <br> 04/15/30<sup>(b)</sup><br>| &nbsp;&nbsp; 1293 | 1236783 |
| Series 2017-1, Class AA, 3.65%, <br> 02/15/29<sup>(b)</sup><br>| &nbsp;&nbsp; 2153 | 2085073 |
| Series 2017-2, Class AA, 3.35%, <br> 04/15/31<sup>(b)</sup><br>| &nbsp;&nbsp; 2145 | 2050669 |
| Series 2019-1, Class AA, 3.15%, 08/15/33 | &nbsp;&nbsp; 2514 | 2322748 |
| Series A, Class A, 2.88%, 01/11/36 | &nbsp;&nbsp; 3378 | 3023421 |
| Delta Air Lines Inc. |  |  |
| 3.75%, 10/28/29 | &nbsp;&nbsp; 2340 | 2269755 |
| 4.38%, 04/19/28 | &nbsp;&nbsp; 1770 | 1770409 |
| 4.95%, 07/10/28 | &nbsp;&nbsp; 2410 | 2438849 |
| 5.25%, 07/10/30 | &nbsp;&nbsp; 1855 | 1892501 |
| Delta Air Lines Pass-Through Trust, Series <br> 2020, Class AA, 2.00%, 12/10/29<sup>(b)</sup><br>| &nbsp;&nbsp; 3898 | 3725440 |
| JetBlue Pass-Through Trust |  |  |
| Series 1A, 4.00%, 05/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2614 | 2450832 |
| Series 2019-1, Class AA, 2.75%, 11/15/33 | &nbsp;&nbsp; 2428 | 2132623 |
| Southwest Airlines Co. |  |  |
| 2.63%, 02/10/30 | &nbsp;&nbsp; 2918 | 2683407 |
| 3.00%, 11/15/26 | &nbsp;&nbsp; 2225 | 2187740 |
| 3.45%, 11/16/27 | &nbsp;&nbsp; 2273 | 2232547 |
| 5.13%, 06/15/27 | &nbsp;&nbsp; 8617 | 8715461 |
| United Airlines Pass-Through Trust |  |  |
| 5.80%, 07/15/37 | &nbsp;&nbsp; 5799 | 5940739 |
| Series 2014-2, Class A, 3.75%, 03/03/28 | &nbsp;&nbsp; 3291 | 3256438 |
| Series 2016-1, Class AA, 3.10%, <br> 01/07/30<sup>(b)</sup><br>| &nbsp;&nbsp; 2609 | 2509780 |
| Series 2016-2, Class AA, 2.88%, 04/07/30 | &nbsp;&nbsp; 2432 | 2310541 |
| Series 2018-1, Class AA, 3.50%, 09/01/31 | &nbsp;&nbsp; 2969 | 2833817 |
| Series 2019, Class AA, 4.15%, 02/25/33 | &nbsp;&nbsp; 2021 | 1949730 |
| Series 2019-2, Class AA, 2.70%, 11/01/33 | &nbsp;&nbsp; 3429 | 3110083 |
| Series 2020-1, 5.88%, 04/15/29 | &nbsp;&nbsp; 3939 | 4022698 |
| Series 24-A, 5.88%, 08/15/38 | &nbsp;&nbsp; 1820 | 1843005 |
| Series AA, 5.45%, 08/15/38 | &nbsp;&nbsp; 4543 | 4621613 |
|  |  | 84869068 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| NIKE Inc. |  |  |
| 2.38%, 11/01/26 | &nbsp;&nbsp; 5048 | 4956415 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Apparel (continued)** | **Apparel (continued)** | **Apparel (continued)** |
| 2.75%, 03/27/27 | &nbsp;&nbsp; $5748 | $5643997 |
| 2.85%, 03/27/30 | &nbsp;&nbsp; 7410 | 7032211 |
| 3.25%, 03/27/40 | &nbsp;&nbsp; 5160 | 4104430 |
| 3.38%, 11/01/46 | &nbsp;&nbsp; 2975 | 2159087 |
| 3.38%, 03/27/50 | &nbsp;&nbsp; 6367 | 4477538 |
| 3.63%, 05/01/43 | &nbsp;&nbsp; 2999 | 2369821 |
| 3.88%, 11/01/45 | &nbsp;&nbsp; 4983 | 3956564 |
| PVH Corp., 5.50%, 06/13/30 | &nbsp;&nbsp; 1115 | 1136725 |
| Ralph Lauren Corp. |  |  |
| 2.95%, 06/15/30 | &nbsp;&nbsp; 2939 | 2773260 |
| 5.00%, 06/15/32 | &nbsp;&nbsp; 10 | 10208 |
| Tapestry Inc. |  |  |
| 3.05%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 2503 | 2243009 |
| 4.13%, 07/15/27 | &nbsp;&nbsp; 2031 | 2022148 |
| 5.10%, 03/11/30 | &nbsp;&nbsp; 1475 | 1507102 |
| 5.50%, 03/11/35 | &nbsp;&nbsp; 685 | 691523 |
|  |  | 45084038 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| American Honda Finance Corp. |  |  |
| 1.30%, 09/09/26<sup>(b)</sup> | &nbsp;&nbsp; 4370 | 4242347 |
| 1.80%, 01/13/31 | &nbsp;&nbsp; 2722 | 2373485 |
| 2.00%, 03/24/28 | &nbsp;&nbsp; 3840 | 3640800 |
| 2.25%, 01/12/29 | &nbsp;&nbsp; 3165 | 2969069 |
| 2.30%, 09/09/26<sup>(b)</sup> | &nbsp;&nbsp; 3461 | 3394250 |
| 2.35%, 01/08/27 | &nbsp;&nbsp; 2766 | 2701268 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 2746 | 2708194 |
| 4.40%, 10/05/26 | &nbsp;&nbsp; 2220 | 2224967 |
| 4.40%, 09/05/29 | &nbsp;&nbsp; 3550 | 3568052 |
| 4.45%, 10/22/27 | &nbsp;&nbsp; 3385 | 3408319 |
| 4.55%, 07/09/27 | &nbsp;&nbsp; 1300 | 1309970 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 2240 | 2261338 |
| 4.60%, 04/17/30 | &nbsp;&nbsp; 3600 | 3634719 |
| 4.70%, 01/12/28 | &nbsp;&nbsp; 2720 | 2755563 |
| 4.80%, 03/05/30 | &nbsp;&nbsp; 2040 | 2079434 |
| 4.85%, 10/23/31 | &nbsp;&nbsp; 3075 | 3115172 |
| 4.90%, 03/12/27 | &nbsp;&nbsp; 3725 | 3763749 |
| 4.90%, 07/09/27 | &nbsp;&nbsp; 2055 | 2082581 |
| 4.90%, 03/13/29 | &nbsp;&nbsp; 3525 | 3601407 |
| 4.90%, 01/10/34<sup>(b)</sup> | &nbsp;&nbsp; 2375 | 2370457 |
| 5.05%, 07/10/31 | &nbsp;&nbsp; 3835 | 3935673 |
| 5.13%, 07/07/28 | &nbsp;&nbsp; 3375 | 3463391 |
| 5.15%, 07/09/32 | &nbsp;&nbsp; 1600 | 1630599 |
| 5.20%, 03/05/35<sup>(b)</sup> | &nbsp;&nbsp; 1855 | 1863776 |
| 5.65%, 11/15/28 | &nbsp;&nbsp; 3485 | 3635233 |
| 5.85%, 10/04/30 | &nbsp;&nbsp; 2520 | 2681167 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | &nbsp;&nbsp; 4319 | 3813599 |
| 2.60%, 09/01/50 | &nbsp;&nbsp; 5145 | 3034943 |
| 4.25%, 05/09/28 | &nbsp;&nbsp; 1050 | 1058471 |
| 4.70%, 02/15/31 | &nbsp;&nbsp; 3760 | 3817692 |
| 4.88%, 10/01/43 | &nbsp;&nbsp; 2621 | 2465457 |
| 4.90%, 02/20/29 | &nbsp;&nbsp; 1455 | 1495013 |
| 5.15%, 02/20/34 | &nbsp;&nbsp; 1510 | 1546945 |
| 5.30%, 05/09/35 | &nbsp;&nbsp; 3150 | 3217481 |
| 5.45%, 02/20/54 | &nbsp;&nbsp; 1560 | 1509159 |
| Ford Motor Co. |  |  |
| 3.25%, 02/12/32 | &nbsp;&nbsp; 11395 | 9763894 |
| 4.35%, 12/08/26 | &nbsp;&nbsp; 2100 | 2089013 |
| 4.75%, 01/15/43 | &nbsp;&nbsp; 9680 | 7484242 |
| 5.29%, 12/08/46 | &nbsp;&nbsp; 5850 | 4760110 |
| 6.10%, 08/19/32 | &nbsp;&nbsp; 7355 | 7428770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 6.63%, 10/01/28 | &nbsp;&nbsp; $672 | $707989 |
| 7.40%, 11/01/46 | &nbsp;&nbsp; 3535 | 3713952 |
| 7.45%, 07/16/31 | &nbsp;&nbsp; 5020 | 5521859 |
| 9.63%, 04/22/30 | &nbsp;&nbsp; 1930 | 2246903 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90%, 02/16/28 | &nbsp;&nbsp; 2660 | 2521534 |
| 2.90%, 02/10/29 | &nbsp;&nbsp; 3180 | 2929886 |
| 3.63%, 06/17/31 | &nbsp;&nbsp; 4710 | 4238469 |
| 3.82%, 11/02/27 | &nbsp;&nbsp; 2451 | 2385813 |
| 4.00%, 11/13/30 | &nbsp;&nbsp; 8050 | 7480403 |
| 4.13%, 08/17/27 | &nbsp;&nbsp; 4740 | 4650920 |
| 4.27%, 01/09/27 | &nbsp;&nbsp; 2515 | 2490961 |
| 4.95%, 05/28/27 | &nbsp;&nbsp; 4725 | 4712553 |
| 5.11%, 05/03/29 | &nbsp;&nbsp; 10035 | 9895492 |
| 5.13%, 11/05/26 | &nbsp;&nbsp; 3150 | 3155497 |
| 5.30%, 09/06/29 | &nbsp;&nbsp; 3080 | 3057258 |
| 5.80%, 03/05/27 | &nbsp;&nbsp; 8620 | 8690215 |
| 5.80%, 03/08/29 | &nbsp;&nbsp; 5400 | 5460401 |
| 5.85%, 05/17/27 | &nbsp;&nbsp; 5300 | 5355751 |
| 5.88%, 11/07/29 | &nbsp;&nbsp; 3330 | 3367683 |
| 5.92%, 03/20/28 | &nbsp;&nbsp; 2420 | 2456427 |
| 6.05%, 03/05/31 | &nbsp;&nbsp; 4690 | 4767357 |
| 6.05%, 11/05/31 | &nbsp;&nbsp; 3230 | 3266943 |
| 6.13%, 03/08/34 | &nbsp;&nbsp; 7525 | 7402361 |
| 6.50%, 02/07/35<sup>(b)</sup> | &nbsp;&nbsp; 4470 | 4501436 |
| 6.53%, 03/19/32<sup>(b)</sup> | &nbsp;&nbsp; 2790 | 2868612 |
| 6.80%, 05/12/28 | &nbsp;&nbsp; 6445 | 6690334 |
| 6.80%, 11/07/28 | &nbsp;&nbsp; 5720 | 5954807 |
| 7.12%, 11/07/33 | &nbsp;&nbsp; 5605 | 5860177 |
| 7.20%, 06/10/30<sup>(b)</sup> | &nbsp;&nbsp; 3750 | 3983519 |
| 7.35%, 11/04/27 | &nbsp;&nbsp; 9250 | 9630661 |
| 7.35%, 03/06/30 | &nbsp;&nbsp; 5350 | 5696979 |
| General Motors Co. |  |  |
| 4.20%, 10/01/27 | &nbsp;&nbsp; 4064 | 4051943 |
| 5.00%, 10/01/28 | &nbsp;&nbsp; 5425 | 5512629 |
| 5.00%, 04/01/35 | &nbsp;&nbsp; 3573 | 3413469 |
| 5.15%, 04/01/38 | &nbsp;&nbsp; 4710 | 4403727 |
| 5.20%, 04/01/45 | &nbsp;&nbsp; 5782 | 5039350 |
| 5.35%, 04/15/28<sup>(b)</sup> | &nbsp;&nbsp; 920 | 940648 |
| 5.40%, 10/15/29 | &nbsp;&nbsp; 2740 | 2824856 |
| 5.40%, 04/01/48<sup>(b)</sup> | &nbsp;&nbsp; 3536 | 3109034 |
| 5.60%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 5785 | 5942484 |
| 5.63%, 04/15/30 | &nbsp;&nbsp; 2075 | 2143879 |
| 5.95%, 04/01/49 | &nbsp;&nbsp; 4332 | 4066746 |
| 6.25%, 04/15/35<sup>(b)</sup> | &nbsp;&nbsp; 1840 | 1908281 |
| 6.25%, 10/02/43 | &nbsp;&nbsp; 6765 | 6676998 |
| 6.60%, 04/01/36 | &nbsp;&nbsp; 5555 | 5890398 |
| 6.75%, 04/01/46 | &nbsp;&nbsp; 3517 | 3642584 |
| 6.80%, 10/01/27 | &nbsp;&nbsp; 5451 | 5688307 |
| General Motors Financial Co. Inc. |  |  |
| 2.35%, 02/26/27 | &nbsp;&nbsp; 4970 | 4828562 |
| 2.35%, 01/08/31 | &nbsp;&nbsp; 2930 | 2580532 |
| 2.40%, 04/10/28 | &nbsp;&nbsp; 4920 | 4685947 |
| 2.40%, 10/15/28 | &nbsp;&nbsp; 5372 | 5066742 |
| 2.70%, 08/20/27 | &nbsp;&nbsp; 3494 | 3392415 |
| 2.70%, 06/10/31 | &nbsp;&nbsp; 5360 | 4755412 |
| 3.10%, 01/12/32 | &nbsp;&nbsp; 4472 | 3976691 |
| 3.60%, 06/21/30 | &nbsp;&nbsp; 3701 | 3514347 |
| 3.85%, 01/05/28 | &nbsp;&nbsp; 2549 | 2518852 |
| 4.00%, 10/06/26 | &nbsp;&nbsp; 3530 | 3513149 |
| 4.30%, 04/06/29 | &nbsp;&nbsp; 3810 | 3769723 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 4.35%, 01/17/27 | &nbsp;&nbsp; $5659 | $5654215 |
| 4.90%, 10/06/29 | &nbsp;&nbsp; 3495 | 3522561 |
| 5.00%, 04/09/27 | &nbsp;&nbsp; 5555 | 5603471 |
| 5.00%, 07/15/27 | &nbsp;&nbsp; 2675 | 2704531 |
| 5.05%, 04/04/28 | &nbsp;&nbsp; 3210 | 3261566 |
| 5.35%, 07/15/27 | &nbsp;&nbsp; 1050 | 1069100 |
| 5.35%, 01/07/30 | &nbsp;&nbsp; 3095 | 3166707 |
| 5.40%, 05/08/27 | &nbsp;&nbsp; 3685 | 3746481 |
| 5.45%, 07/15/30 | &nbsp;&nbsp; 6465 | 6640829 |
| 5.45%, 09/06/34 | &nbsp;&nbsp; 2895 | 2865128 |
| 5.55%, 07/15/29 | &nbsp;&nbsp; 3960 | 4081847 |
| 5.60%, 06/18/31 | &nbsp;&nbsp; 1815 | 1872451 |
| 5.63%, 04/04/32 | &nbsp;&nbsp; 2145 | 2194657 |
| 5.65%, 01/17/29<sup>(b)</sup> | &nbsp;&nbsp; 2789 | 2875567 |
| 5.75%, 02/08/31 | &nbsp;&nbsp; 3105 | 3222698 |
| 5.80%, 06/23/28 | &nbsp;&nbsp; 3415 | 3535012 |
| 5.80%, 01/07/29 | &nbsp;&nbsp; 4700 | 4878455 |
| 5.85%, 04/06/30 | &nbsp;&nbsp; 3800 | 3970674 |
| 5.90%, 01/07/35<sup>(b)</sup> | &nbsp;&nbsp; 4105 | 4167480 |
| 5.95%, 04/04/34 | &nbsp;&nbsp; 5600 | 5740452 |
| 6.00%, 01/09/28 | &nbsp;&nbsp; 4670 | 4840110 |
| 6.10%, 01/07/34 | &nbsp;&nbsp; 6872 | 7126314 |
| 6.15%, 07/15/35 | &nbsp;&nbsp; 2715 | 2789922 |
| 6.40%, 01/09/33 | &nbsp;&nbsp; 4148 | 4394129 |
| Honda Motor Co. Ltd. |  |  |
| 2.53%, 03/10/27 | &nbsp;&nbsp; 2950 | 2879746 |
| 2.97%, 03/10/32 | &nbsp;&nbsp; 3780 | 3412324 |
| 4.44%, 07/08/28 | &nbsp;&nbsp; 4335 | 4359638 |
| 4.69%, 07/08/30 | &nbsp;&nbsp; 4325 | 4365678 |
| 5.34%, 07/08/35 | &nbsp;&nbsp; 4040 | 4061429 |
| Mercedes-Benz Finance North America LLC, <br> 8.50%, 01/18/31<br>| &nbsp;&nbsp; 6889 | 8232738 |
| PACCAR Financial Corp. |  |  |
| 2.00%, 02/04/27 | &nbsp;&nbsp; 2145 | 2087353 |
| 4.00%, 08/08/28 | &nbsp;&nbsp; 995 | 997507 |
| 4.00%, 09/26/29 | &nbsp;&nbsp; 1640 | 1641013 |
| 4.25%, 06/23/27 | &nbsp;&nbsp; 1945 | 1956487 |
| 4.45%, 08/06/27 | &nbsp;&nbsp; 2910 | 2944895 |
| 4.55%, 03/03/28 | &nbsp;&nbsp; 2345 | 2382662 |
| 4.55%, 05/08/30 | &nbsp;&nbsp; 1655 | 1687184 |
| 4.60%, 01/10/28 | &nbsp;&nbsp; 1825 | 1854859 |
| 4.60%, 01/31/29 | &nbsp;&nbsp; 1825 | 1861913 |
| 4.95%, 08/10/28 | &nbsp;&nbsp; 1050 | 1080466 |
| 5.00%, 05/13/27 | &nbsp;&nbsp; 3120 | 3174163 |
| 5.00%, 03/22/34 | &nbsp;&nbsp; 1560 | 1595071 |
| 5.20%, 11/09/26 | &nbsp;&nbsp; 1595 | 1618218 |
| Series R, 4.50%, 11/25/26 | &nbsp;&nbsp; 2700 | 2719697 |
| Toyota Motor Corp. |  |  |
| 2.36%, 03/25/31 | &nbsp;&nbsp; 2505 | 2268138 |
| 2.76%, 07/02/29 | &nbsp;&nbsp; 2168 | 2068681 |
| 3.67%, 07/20/28 | &nbsp;&nbsp; 3240 | 3234285 |
| 4.19%, 06/30/27 | &nbsp;&nbsp; 2430 | 2438254 |
| 4.45%, 06/30/30 | &nbsp;&nbsp; 1075 | 1085639 |
| 5.05%, 06/30/35 | &nbsp;&nbsp; 1405 | 1420928 |
| 5.12%, 07/13/28 | &nbsp;&nbsp; 2648 | 2730344 |
| 5.12%, 07/13/33 | &nbsp;&nbsp; 1590 | 1644689 |
| Toyota Motor Credit Corp. |  |  |
| 1.15%, 08/13/27 | &nbsp;&nbsp; 3402 | 3225286 |
| 1.65%, 01/10/31 | &nbsp;&nbsp; 3000 | 2619564 |
| 1.90%, 01/13/27 | &nbsp;&nbsp; 4190 | 4074295 |
| 1.90%, 04/06/28 | &nbsp;&nbsp; 3869 | 3678405 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| 1.90%, 09/12/31 | &nbsp;&nbsp; $2615 | $2273587 |
| 2.15%, 02/13/30 | &nbsp;&nbsp; 4979 | 4571484 |
| 2.40%, 01/13/32 | &nbsp;&nbsp; 1515 | 1340186 |
| 3.05%, 03/22/27 | &nbsp;&nbsp; 6750 | 6653402 |
| 3.05%, 01/11/28 | &nbsp;&nbsp; 2675 | 2620193 |
| 3.20%, 01/11/27 | &nbsp;&nbsp; 4592 | 4545285 |
| 3.38%, 04/01/30 | &nbsp;&nbsp; 4739 | 4581159 |
| 3.65%, 01/08/29 | &nbsp;&nbsp; 4195 | 4145322 |
| 4.35%, 10/08/27 | &nbsp;&nbsp; 5030 | 5066613 |
| 4.45%, 06/29/29 | &nbsp;&nbsp; 3710 | 3755114 |
| 4.50%, 05/14/27 | &nbsp;&nbsp; 4145 | 4179954 |
| 4.55%, 09/20/27 | &nbsp;&nbsp; 3955 | 3998323 |
| 4.55%, 08/09/29 | &nbsp;&nbsp; 4240 | 4304151 |
| 4.55%, 05/17/30 | &nbsp;&nbsp; 3415 | 3461925 |
| 4.60%, 01/08/27 | &nbsp;&nbsp; 2115 | 2132357 |
| 4.60%, 10/10/31 | &nbsp;&nbsp; 3625 | 3660308 |
| 4.63%, 01/12/28<sup>(b)</sup> | &nbsp;&nbsp; 4880 | 4951399 |
| 4.65%, 01/05/29 | &nbsp;&nbsp; 2450 | 2493904 |
| 4.70%, 01/12/33 | &nbsp;&nbsp; 3145 | 3164016 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 3380 | 3458355 |
| 4.80%, 01/05/34 | &nbsp;&nbsp; 2040 | 2056355 |
| 4.95%, 01/09/30 | &nbsp;&nbsp; 2705 | 2787232 |
| 5.05%, 05/16/29 | &nbsp;&nbsp; 3215 | 3318261 |
| 5.10%, 03/21/31 | &nbsp;&nbsp; 3050 | 3162311 |
| 5.25%, 09/11/28 | &nbsp;&nbsp; 2065 | 2138210 |
| 5.35%, 01/09/35 | &nbsp;&nbsp; 2890 | 2987905 |
| 5.40%, 11/20/26 | &nbsp;&nbsp; 4300 | 4369734 |
| 5.45%, 11/10/27 | &nbsp;&nbsp; 3710 | 3821771 |
| 5.55%, 11/20/30 | &nbsp;&nbsp; 4540 | 4807338 |
| Series B, 5.00%, 03/19/27 | &nbsp;&nbsp; 3700 | 3753446 |
|  |  | 670306132 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.10%, 12/01/51 | &nbsp;&nbsp; 6595 | 3972175 |
| 3.25%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 3805 | 3448668 |
| 4.15%, 05/01/52 | &nbsp;&nbsp; 4575 | 3305267 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 2060 | 2051726 |
| 4.40%, 10/01/46 | &nbsp;&nbsp; 1772 | 1365381 |
| 4.65%, 09/13/29 | &nbsp;&nbsp; 1720 | 1727050 |
| 5.15%, 09/13/34 | &nbsp;&nbsp; 2455 | 2398277 |
| 5.40%, 03/15/49 | &nbsp;&nbsp; 1802 | 1574206 |
| 5.75%, 09/13/54 | &nbsp;&nbsp; 2740 | 2493861 |
| BorgWarner Inc. |  |  |
| 2.65%, 07/01/27 | &nbsp;&nbsp; 5483 | 5337718 |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 3190 | 2651199 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 2395 | 2444527 |
| 5.40%, 08/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1355 | 1378849 |
| Lear Corp. |  |  |
| 2.60%, 01/15/32 | &nbsp;&nbsp; 2000 | 1744106 |
| 3.50%, 05/30/30 | &nbsp;&nbsp; 1980 | 1889349 |
| 3.55%, 01/15/52 | &nbsp;&nbsp; 2180 | 1422002 |
| 3.80%, 09/15/27 | &nbsp;&nbsp; 2389 | 2365883 |
| 4.25%, 05/15/29 | &nbsp;&nbsp; 2265 | 2248611 |
| 5.25%, 05/15/49<sup>(b)</sup> | &nbsp;&nbsp; 3160 | 2773214 |
| Magna International Inc. |  |  |
| 2.45%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2193 | 2018281 |
| 5.05%, 03/14/29 | &nbsp;&nbsp; 2700 | 2764491 |
| 5.50%, 03/21/33 | &nbsp;&nbsp; 2100 | 2165030 |
| 5.88%, 06/01/35<sup>(b)</sup> | &nbsp;&nbsp; 585 | 608029 |
|  |  | 54147900 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks — 5.3%** | **Banks — 5.3%** | **Banks — 5.3%** |
| Associated Banc-Corp, 6.46%, 08/29/30, <br> (1-day SOFR +3.030%)<sup>(a)</sup><br>| &nbsp;&nbsp; $465 | $483136 |
| Australia & New Zealand Banking Group <br> Ltd./New York<br>|  |  |
| 3.92%, 09/30/27 | &nbsp;&nbsp; 3835 | 3830694 |
| 4.42%, 12/16/26 | &nbsp;&nbsp; 3600 | 3619228 |
| 4.62%, 12/16/29 | &nbsp;&nbsp; 3620 | 3699837 |
| 4.75%, 01/18/27 | &nbsp;&nbsp; 5935 | 5995495 |
| 4.90%, 07/16/27 | &nbsp;&nbsp; 3655 | 3718919 |
| Australia & New Zealand Banking Group <br> Ltd/New York NY, Series A, 4.36%, <br> 06/18/28<br>| &nbsp;&nbsp; 2570 | 2599859 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 03/13/29 | &nbsp;&nbsp; 3420 | 3539987 |
| 6.03%, 03/13/35, (1-year CMT + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 4040 | 4238659 |
| 6.14%, 09/14/28, (1-year CMT + 2.700%)<sup>(a)</sup> | &nbsp;&nbsp; 3590 | 3714372 |
| 7.88%, 11/15/34, (1-year CMT + <br> 3.300%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3180 | 3658374 |
| Banco Santander SA |  |  |
| 1.72%, 09/14/27, (1-year CMT + 0.900%)<sup>(a)</sup> | &nbsp;&nbsp; 5603 | 5449013 |
| 2.75%, 12/03/30 | &nbsp;&nbsp; 5670 | 5111630 |
| 2.96%, 03/25/31 | &nbsp;&nbsp; 4390 | 4055432 |
| 3.23%, 11/22/32, (1-year CMT + 1.600%)<sup>(a)</sup> | &nbsp;&nbsp; 4860 | 4407960 |
| 3.31%, 06/27/29 | &nbsp;&nbsp; 4882 | 4715376 |
| 3.49%, 05/28/30 | &nbsp;&nbsp; 4773 | 4589522 |
| 3.80%, 02/23/28 | &nbsp;&nbsp; 4464 | 4417279 |
| 4.18%, 03/24/28, (1-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 5603 | 5592650 |
| 4.25%, 04/11/27 | &nbsp;&nbsp; 6763 | 6766076 |
| 4.38%, 04/12/28 | &nbsp;&nbsp; 5054 | 5074535 |
| 5.29%, 08/18/27 | &nbsp;&nbsp; 6263 | 6377071 |
| 5.37%, 07/15/28, (1-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 6990 | 7131148 |
| 5.44%, 07/15/31 | &nbsp;&nbsp; 5760 | 6033428 |
| 5.54%, 03/14/30, (1-year CMT + 1.450%)<sup>(a)</sup> | &nbsp;&nbsp; 3450 | 3578815 |
| 5.55%, 03/14/28, (1-year CMT + 1.250%)<sup>(a)</sup> | &nbsp;&nbsp; 2200 | 2239208 |
| 5.57%, 01/17/30 | &nbsp;&nbsp; 2610 | 2724480 |
| 5.59%, 08/08/28 | &nbsp;&nbsp; 7210 | 7498319 |
| 6.03%, 01/17/35 | &nbsp;&nbsp; 3590 | 3811435 |
| 6.35%, 03/14/34 | &nbsp;&nbsp; 5460 | 5787906 |
| 6.53%, 11/07/27, (1-year CMT + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 4630 | 4743302 |
| 6.61%, 11/07/28 | &nbsp;&nbsp; 3630 | 3885032 |
| 6.92%, 08/08/33 | &nbsp;&nbsp; 8805 | 9690544 |
| 6.94%, 11/07/33 | &nbsp;&nbsp; 6730 | 7636872 |
| Bank of America Corp. |  |  |
| 1.90%, 07/23/31, (1-day SOFR + <br> 1.530%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9555 | 8494512 |
| 1.92%, 10/24/31, (1-day SOFR + <br> 1.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13456 | 11880862 |
| 2.09%, 06/14/29, (1-day SOFR + <br> 1.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12965 | 12247986 |
| 2.30%, 07/21/32, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16895 | 14905842 |
| 2.48%, 09/21/36, (5-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 10565 | 9132766 |
| 2.50%, 02/13/31, (3-mo. CME Term SOFR <br> + 1.252%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17755 | 16390815 |
| 2.55%, 02/04/28, (1-day SOFR + <br> 1.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10830 | 10574443 |
| 2.57%, 10/20/32, (1-day SOFR + <br> 1.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12755 | 11381783 |
| 2.59%, 04/29/31, (1-day SOFR + <br> 2.150%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15934 | 14736275 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.68%, 06/19/41, (1-day SOFR + <br> 1.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; $22767 | $16380739 |
| 2.69%, 04/22/32, (1-day SOFR + <br> 1.320%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17694 | 16049034 |
| 2.83%, 10/24/51, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5819 | 3612036 |
| 2.88%, 10/22/30, (3-mo. CME Term SOFR <br> + 1.452%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6348 | 6002613 |
| 2.97%, 02/04/33, (1-day SOFR + <br> 1.330%)<sup>(a)</sup><br>| &nbsp;&nbsp; 19020 | 17172712 |
| 2.97%, 07/21/52, (1-day SOFR + <br> 1.560%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 9865 | 6329327 |
| 3.19%, 07/23/30, (3-mo. CME Term SOFR <br> + 1.442%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8554 | 8211761 |
| 3.25%, 10/21/27 | &nbsp;&nbsp; 11600 | 11425938 |
| 3.31%, 04/22/42, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16010 | 12310183 |
| 3.42%, 12/20/28, (3-mo. CME Term SOFR <br> + 1.302%)<sup>(a)</sup><br>| &nbsp;&nbsp; 25372 | 24923104 |
| 3.59%, 07/21/28, (3-mo. CME Term SOFR <br> + 1.632%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10016 | 9906006 |
| 3.71%, 04/24/28, (3-mo. CME Term SOFR <br> + 1.774%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9869 | 9787603 |
| 3.82%, 01/20/28, (3-mo. CME Term SOFR <br> + 1.837%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12223 | 12150136 |
| 3.85%, 03/08/37, (5-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 6945 | 6411387 |
| 3.95%, 01/23/49, (3-mo. CME Term SOFR <br> + 1.452%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6270 | 4912330 |
| 3.97%, 03/05/29, (3-mo. CME Term SOFR <br> + 1.332%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11475 | 11404647 |
| 3.97%, 02/07/30, (3-mo. CME Term SOFR <br> + 1.472%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9818 | 9735413 |
| 4.08%, 04/23/40, (3-mo. CME Term SOFR <br> + 1.582%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6669 | 5834343 |
| 4.08%, 03/20/51, (3-mo. CME Term SOFR <br> + 3.412%)<sup>(a)</sup><br>| &nbsp;&nbsp; 23738 | 18683197 |
| 4.24%, 04/24/38, (3-mo. CME Term SOFR <br> + 2.076%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9603 | 8783303 |
| 4.25%, 10/22/26 | &nbsp;&nbsp; 10583 | 10582226 |
| 4.27%, 07/23/29, (3-mo. CME Term SOFR <br> + 1.572%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10654 | 10680508 |
| 4.33%, 03/15/50, (3-mo. CME Term SOFR <br> + 1.782%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12271 | 10078053 |
| 4.38%, 04/27/28, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9796 | 9817782 |
| 4.44%, 01/20/48, (3-mo. CME Term SOFR <br> + 2.252%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9396 | 8004380 |
| 4.57%, 04/27/33, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20125 | 19918302 |
| 4.62%, 05/09/29, (1-day SOFR + <br> 1.110%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13225 | 13373733 |
| 4.88%, 04/01/44 | &nbsp;&nbsp; 2873 | 2659836 |
| 4.95%, 07/22/28, (1-day SOFR + <br> 2.040%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12025 | 12185846 |
| 4.98%, 01/24/29, (1-day SOFR + <br> 0.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12465 | 12683031 |
| 5.00%, 01/21/44 | &nbsp;&nbsp; 10085 | 9546009 |
| 5.02%, 07/22/33, (1-day SOFR + <br> 2.160%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20120 | 20430051 |
| 5.16%, 01/24/31, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15470 | 15967898 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.20%, 04/25/29, (1-day SOFR + <br> 1.630%)<sup>(a)</sup><br>| &nbsp;&nbsp; $8760 | $8980139 |
| 5.29%, 04/25/34, (1-day SOFR + <br> 1.910%)<sup>(a)</sup><br>| &nbsp;&nbsp; 27955 | 28652399 |
| 5.43%, 08/15/35, (1-day SOFR +1.913%)<sup>(a)</sup> | &nbsp;&nbsp; 11040 | 11117955 |
| 5.46%, 05/09/36, (1-day SOFR + <br> 1.640%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12875 | 13226227 |
| 5.47%, 01/23/35, (1-day SOFR + <br> 1.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 22430 | 23161517 |
| 5.51%, 01/24/36, (1-day SOFR + <br> 1.310%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13450 | 13856465 |
| 5.52%, 10/25/35, (1-day SOFR + <br> 1.738%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16600 | 16740108 |
| 5.74%, 02/12/36, (1-day SOFR + <br> 1.697%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13270 | 13597789 |
| 5.82%, 09/15/29, (1-day SOFR + <br> 1.570%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16185 | 16916573 |
| 5.87%, 09/15/34, (1-day SOFR + <br> 1.840%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15610 | 16555248 |
| 5.88%, 02/07/42 | &nbsp;&nbsp; 7477 | 7808710 |
| 5.93%, 09/15/27, (1-day SOFR + <br> 1.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7940 | 8067792 |
| 6.00%, 10/15/36 | &nbsp;&nbsp; 6418 | 6858336 |
| 6.11%, 01/29/37 | &nbsp;&nbsp; 6122 | 6503339 |
| 6.20%, 11/10/28, (1-day SOFR + <br> 1.990%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8939 | 9312605 |
| 6.22%, 09/15/26 | &nbsp;&nbsp; 3879 | 3951870 |
| 7.75%, 05/14/38 | &nbsp;&nbsp; 7924 | 9526095 |
| Series L, 4.18%, 11/25/27 | &nbsp;&nbsp; 8753 | 8747122 |
| Series L, 4.75%, 04/21/45 | &nbsp;&nbsp; 3397 | 2997181 |
| Series N, 2.65%, 03/11/32, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11021 | 10012606 |
| Series N, 3.48%, 03/13/52, (1-day SOFR + <br> 1.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5555 | 3935433 |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26<sup>(b)</sup> | &nbsp;&nbsp; 7406 | 7190894 |
| 2.65%, 03/08/27 | &nbsp;&nbsp; 6230 | 6108116 |
| 3.09%, 01/10/37, (5-year CMT + 1.400%)<sup>(a)</sup> | &nbsp;&nbsp; 4240 | 3738517 |
| 3.80%, 12/15/32, (5-year USD Swap + <br> 1.432%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5496 | 5384965 |
| 4.64%, 09/10/30, (1-day SOFR + <br> 1.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2890 | 2928127 |
| 5.00%, 01/27/29, (1-day SOFR Index + <br> 0.670%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3360 | 3426860 |
| 5.20%, 02/01/28 | &nbsp;&nbsp; 5700 | 5847292 |
| 5.27%, 12/11/26 | &nbsp;&nbsp; 5755 | 5833494 |
| 5.37%, 06/04/27<sup>(b)</sup> | &nbsp;&nbsp; 3630 | 3710143 |
| 5.51%, 06/04/31 | &nbsp;&nbsp; 4830 | 5079212 |
| 5.72%, 09/25/28 | &nbsp;&nbsp; 5130 | 5363790 |
| Series f2f, 4.57%, 09/10/27, (1-day SOFR + <br> 0.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3660 | 3670361 |
| Series H, 4.70%, 09/14/27 | &nbsp;&nbsp; 4510 | 4562918 |
| Bank of New York Mellon Corp. (The) |  |  |
| 1.05%, 10/15/26 | &nbsp;&nbsp; 3401 | 3291404 |
| 1.65%, 07/14/28 | &nbsp;&nbsp; 2360 | 2224123 |
| 1.65%, 01/28/31<sup>(b)</sup> | &nbsp;&nbsp; 2767 | 2433620 |
| 1.80%, 07/28/31 | &nbsp;&nbsp; 2555 | 2244949 |
| 2.05%, 01/26/27 | &nbsp;&nbsp; 4500 | 4385866 |
| 2.50%, 01/26/32<sup>(b)</sup> | &nbsp;&nbsp; 2285 | 2040122 |
| 3.00%, 10/30/28 | &nbsp;&nbsp; 2699 | 2611905 |
| 3.25%, 05/16/27 | &nbsp;&nbsp; 5022 | 4967813 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.30%, 08/23/29 | &nbsp;&nbsp; $4234 | $4100071 |
| 3.40%, 01/29/28 | &nbsp;&nbsp; 4574 | 4520790 |
| 3.44%, 02/07/28, (3-mo. CME Term SOFR <br> + 1.331%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4811 | 4770367 |
| 3.85%, 04/28/28 | &nbsp;&nbsp; 5200 | 5208089 |
| 3.85%, 04/26/29 | &nbsp;&nbsp; 2375 | 2367944 |
| 3.99%, 06/13/28, (1-day SOFR + <br> 1.151%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3237 | 3233528 |
| 4.29%, 06/13/33, (1-day SOFR + <br> 1.418%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3592 | 3509058 |
| 4.44%, 06/09/28, (1-day SOFR + <br> 0.680%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1780 | 1790522 |
| 4.54%, 02/01/29, (1-day SOFR + <br> 1.169%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4145 | 4195028 |
| 4.60%, 07/26/30, (1-day SOFR + <br> 1.755%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1935 | 1967365 |
| 4.71%, 02/01/34, (1-day SOFR + <br> 1.512%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4145 | 4130156 |
| 4.73%, 04/20/29, (1-day SOFR + <br> 1.135%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2310 | 2347428 |
| 4.89%, 07/21/28, (1-day SOFR + <br> 0.840%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3365 | 3416401 |
| 4.94%, 02/11/31, (1-day SOFR + <br> 0.887%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3395 | 3487163 |
| 4.97%, 04/26/34, (1-day SOFR + <br> 1.606%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4845 | 4895190 |
| 4.98%, 03/14/30, (1-day SOFR + <br> 1.085%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5070 | 5209682 |
| 5.06%, 07/22/32, (1-day SOFR + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5070 | 5220294 |
| 5.19%, 03/14/35, (1-day SOFR + <br> 1.418%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5235 | 5332493 |
| 5.23%, 11/20/35, (1-day SOFR + <br> 1.253%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4105 | 4188731 |
| 5.32%, 06/06/36, (1-day SOFR + <br> 1.350%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3100 | 3173105 |
| 5.61%, 07/21/39, (1-day SOFR + <br> 1.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2480 | 2563632 |
| 5.80%, 10/25/28, (1-day SOFR Index + <br> 1.802%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5294 | 5484547 |
| 5.83%, 10/25/33, (1-day SOFR Index + <br> 2.074%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7470 | 7984422 |
| 6.32%, 10/25/29, (1-day SOFR + <br> 1.598%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4555 | 4851530 |
| 6.47%, 10/25/34, (1-day SOFR + <br> 1.845%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5080 | 5615490 |
| Series J, 1.90%, 01/25/29 | &nbsp;&nbsp; 2728 | 2549201 |
| Bank of Nova Scotia (The) |  |  |
| 1.30%, 09/15/26 | &nbsp;&nbsp; 4675 | 4542138 |
| 1.95%, 02/02/27 | &nbsp;&nbsp; 3990 | 3882028 |
| 2.15%, 08/01/31 | &nbsp;&nbsp; 3996 | 3531341 |
| 2.45%, 02/02/32 | &nbsp;&nbsp; 4565 | 4008400 |
| 2.95%, 03/11/27 | &nbsp;&nbsp; 3720 | 3660813 |
| 4.40%, 09/08/28, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2890 | 2903294 |
| 4.59%, 05/04/37, (5-year CMT + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 5697 | 5464962 |
| 4.74%, 11/10/32, (1-day SOFR + <br> 1.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2600 | 2626181 |
| 4.85%, 02/01/30 | &nbsp;&nbsp; 6255 | 6394279 |
| 4.93%, 02/14/29, (1-day SOFR + <br> 0.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4420 | 4494746 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.13%, 02/14/31, (1-day SOFR + <br> 1.070%)<sup>(a)</sup><br>| &nbsp;&nbsp; $3750 | $3855986 |
| 5.25%, 06/12/28 | &nbsp;&nbsp; 3550 | 3667708 |
| 5.35%, 12/07/26 | &nbsp;&nbsp; 5525 | 5604451 |
| 5.40%, 06/04/27 | &nbsp;&nbsp; 4380 | 4482904 |
| 5.45%, 08/01/29 | &nbsp;&nbsp; 3480 | 3630762 |
| 5.65%, 02/01/34 | &nbsp;&nbsp; 3370 | 3550637 |
| Bank OZK, 2.75%, 10/01/31, (3-mo. CME <br> Term SOFR + 2.090%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 995 | 907606 |
| BankUnited Inc., 5.13%, 06/11/30 | &nbsp;&nbsp; 1359 | 1359500 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27, (1-year CMT + 1.050%)<sup>(a)</sup> | &nbsp;&nbsp; 8611 | 8397316 |
| 2.65%, 06/24/31, (1-year CMT + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 3949 | 3615663 |
| 2.67%, 03/10/32, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 4245 | 3823890 |
| 2.89%, 11/24/32, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 6113 | 5471980 |
| 3.33%, 11/24/42, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 6025 | 4499216 |
| 3.56%, 09/23/35, (5-year CMT + 2.900%)<sup>(a)</sup> | &nbsp;&nbsp; 5005 | 4668797 |
| 3.81%, 03/10/42, (1-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 4048 | 3158618 |
| 4.34%, 01/10/28 | &nbsp;&nbsp; 7025 | 7028610 |
| 4.48%, 11/11/29, (1-day SOFR + <br> 1.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4760 | 4768829 |
| 4.84%, 05/09/28 | &nbsp;&nbsp; 9648 | 9689938 |
| 4.84%, 09/10/28, (1-day SOFR + <br> 1.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1790 | 1807959 |
| 4.94%, 09/10/30, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5840 | 5928717 |
| 4.95%, 01/10/47 | &nbsp;&nbsp; 7735 | 6929711 |
| 4.97%, 05/16/29<sup>(a)</sup> | &nbsp;&nbsp; 8340 | 8463740 |
| 5.09%, 02/25/29, (1-day SOFR + <br> 0.960%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7320 | 7445956 |
| 5.09%, 06/20/30<sup>(a)</sup> | &nbsp;&nbsp; 6793 | 6884893 |
| 5.25%, 08/17/45 | &nbsp;&nbsp; 7518 | 7024885 |
| 5.34%, 09/10/35, (1-day SOFR + <br> 1.910%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9160 | 9169987 |
| 5.37%, 02/25/31, (1-day SOFR + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7610 | 7848624 |
| 5.50%, 08/09/28, (1-year CMT + 2.650%)<sup>(a)</sup> | &nbsp;&nbsp; 8960 | 9148924 |
| 5.67%, 03/12/28, (1-day SOFR +1.490%)<sup>(a)</sup> | &nbsp;&nbsp; 4720 | 4809829 |
| 5.69%, 03/12/30, (1-day SOFR + <br> 1.740%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6965 | 7245013 |
| 5.75%, 08/09/33, (1-year CMT + 3.000%)<sup>(a)</sup> | &nbsp;&nbsp; 4395 | 4589371 |
| 5.79%, 02/25/36, (1-day SOFR + <br> 1.590%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8070 | 8317622 |
| 5.86%, 08/11/46, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4570 | 4535974 |
| 6.04%, 03/12/55, (1-day SOFR + <br> 2.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1150 | 1171923 |
| 6.22%, 05/09/34, (1-day SOFR + <br> 2.980%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8165 | 8708648 |
| 6.49%, 09/13/29, (1-day SOFR + <br> 2.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3335 | 3533540 |
| 6.50%, 09/13/27, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2655 | 2710277 |
| 6.69%, 09/13/34, (1-day SOFR + <br> 2.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6260 | 6862509 |
| 7.12%, 06/27/34, (1-day SOFR + <br> 3.570%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6885 | 7609275 |
| 7.39%, 11/02/28, (1-year CMT + 3.300%)<sup>(a)</sup> | &nbsp;&nbsp; 5646 | 5992976 |
| 7.44%, 11/02/33, (1-year CMT + 3.500%)<sup>(a)</sup> | &nbsp;&nbsp; 8305 | 9474721 |
| Blackstone Reg Finance Co. LLC, 5.00%, <br> 12/06/34<br>| &nbsp;&nbsp; 2035 | 2032717 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| BPCE SA, 3.38%, 12/02/26 | &nbsp;&nbsp; $2463 | $2440603 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.45%, 04/07/27 | &nbsp;&nbsp; 4585 | 4545096 |
| 3.60%, 04/07/32 | &nbsp;&nbsp; 4125 | 3878664 |
| 4.51%, 09/11/27, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4075 | 4084614 |
| 4.63%, 09/11/30, (1-day SOFR + <br> 1.335%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3315 | 3349548 |
| 4.86%, 01/13/28, (1-day SOFR + <br> 0.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3085 | 3110749 |
| 4.86%, 03/30/29, (1-day SOFR + <br> 1.030%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4245 | 4307365 |
| 5.00%, 04/28/28 | &nbsp;&nbsp; 5575 | 5701363 |
| 5.24%, 06/28/27 | &nbsp;&nbsp; 3685 | 3756474 |
| 5.25%, 01/13/31, (1-day SOFR + <br> 1.105%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3145 | 3245507 |
| 5.26%, 04/08/29 | &nbsp;&nbsp; 4935 | 5105962 |
| 5.93%, 10/02/26 | &nbsp;&nbsp; 3835 | 3905887 |
| 5.99%, 10/03/28 | &nbsp;&nbsp; 3755 | 3952352 |
| 6.09%, 10/03/33 | &nbsp;&nbsp; 4405 | 4751474 |
| Capital One NA |  |  |
| 2.70%, 02/06/30 | &nbsp;&nbsp; 2468 | 2311749 |
| 4.65%, 09/13/28 | &nbsp;&nbsp; 4422 | 4472926 |
| Citibank NA |  |  |
| 4.58%, 05/29/27 | &nbsp;&nbsp; 11570 | 11663523 |
| 4.84%, 08/06/29 | &nbsp;&nbsp; 8790 | 9012976 |
| 4.88%, 11/19/27, (1-day SOFR + <br> 0.712%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6770 | 6820519 |
| 4.91%, 05/29/30 | &nbsp;&nbsp; 8325 | 8546345 |
| 5.49%, 12/04/26 | &nbsp;&nbsp; 9080 | 9223675 |
| 5.57%, 04/30/34 | &nbsp;&nbsp; 6330 | 6623046 |
| 5.80%, 09/29/28 | &nbsp;&nbsp; 7080 | 7421053 |
| Citigroup Inc. |  |  |
| 2.52%, 11/03/32, (1-day SOFR + <br> 1.177%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5980 | 5293979 |
| 2.56%, 05/01/32, (1-day SOFR + <br> 1.167%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12810 | 11503477 |
| 2.57%, 06/03/31, (1-day SOFR + <br> 2.107%)<sup>(a)</sup><br>| &nbsp;&nbsp; 18990 | 17433813 |
| 2.67%, 01/29/31, (1-day SOFR + <br> 1.146%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11532 | 10695279 |
| 2.90%, 11/03/42, (1-day SOFR + <br> 1.379%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6955 | 4940097 |
| 2.98%, 11/05/30, (1-day SOFR + <br> 1.422%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9577 | 9051840 |
| 3.06%, 01/25/33, (1-day SOFR + <br> 1.351%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15350 | 13860770 |
| 3.07%, 02/24/28, (1-day SOFR + <br> 1.280%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11170 | 10971004 |
| 3.20%, 10/21/26 | &nbsp;&nbsp; 13238 | 13089445 |
| 3.52%, 10/27/28, (3-mo. CME Term SOFR <br> + 1.413%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11383 | 11207774 |
| 3.67%, 07/24/28, (3-mo. CME Term SOFR <br> + 1.652%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9760 | 9649632 |
| 3.79%, 03/17/33, (1-day SOFR + <br> 1.939%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12830 | 12068908 |
| 3.88%, 01/24/39, (3-mo. CME Term SOFR <br> + 1.430%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5906 | 5111259 |
| 3.89%, 01/10/28, (3-mo. CME Term SOFR <br> + 1.825%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12222 | 12151429 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.98%, 03/20/30, (3-mo. CME Term SOFR <br> + 1.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; $9059 | $8945702 |
| 4.08%, 04/23/29, (3-mo. CME Term SOFR <br> + 1.454%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9516 | 9475513 |
| 4.13%, 07/25/28 | &nbsp;&nbsp; 9279 | 9265007 |
| 4.28%, 04/24/48, (3-mo. CME Term SOFR <br> + 2.101%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6399 | 5268402 |
| 4.30%, 11/20/26 | &nbsp;&nbsp; 5528 | 5531651 |
| 4.41%, 03/31/31, (1-day SOFR + <br> 3.914%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15779 | 15737828 |
| 4.45%, 09/29/27 | &nbsp;&nbsp; 15752 | 15795280 |
| 4.54%, 09/19/30, (1-day SOFR + <br> 1.338%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15970 | 16041814 |
| 4.64%, 05/07/28, (1-day SOFR + <br> 1.143%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9755 | 9806520 |
| 4.65%, 07/30/45 | &nbsp;&nbsp; 6320 | 5529543 |
| 4.65%, 07/23/48 | &nbsp;&nbsp; 10328 | 8925443 |
| 4.66%, 05/24/28, (1-day SOFR + <br> 1.887%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5180 | 5210581 |
| 4.75%, 05/18/46 | &nbsp;&nbsp; 9728 | 8439274 |
| 4.79%, 03/04/29, (1-day SOFR + <br> 0.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10875 | 11015347 |
| 4.91%, 05/24/33, (1-day SOFR + <br> 2.086%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5560 | 5579320 |
| 4.95%, 05/07/31, (1-day SOFR + <br> 1.463%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9155 | 9328931 |
| 5.17%, 02/13/30, (1-day SOFR + <br> 1.364%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8705 | 8933253 |
| 5.30%, 05/06/44 | &nbsp;&nbsp; 5295 | 5024206 |
| 5.32%, 03/26/41, (1-day SOFR + <br> 4.548%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7162 | 7002903 |
| 5.41%, 09/19/39, (5-year CMT + 1.730%)<sup>(a)</sup> | &nbsp;&nbsp; 2960 | 2929296 |
| 5.45%, 06/11/35, (1-day SOFR + <br> 1.447%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11750 | 12058757 |
| 5.59%, 11/19/34, (5-year CMT + 1.280%)<sup>(a)</sup> | &nbsp;&nbsp; 1720 | 1756742 |
| 5.61%, 03/04/56, (1-day SOFR + <br> 1.746%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6340 | 6165605 |
| 5.83%, 02/13/35, (1-day SOFR + <br> 2.056%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9245 | 9482928 |
| 5.88%, 02/22/33 | &nbsp;&nbsp; 2912 | 3064627 |
| 5.88%, 01/30/42 | &nbsp;&nbsp; 6019 | 6233967 |
| 6.00%, 10/31/33 | &nbsp;&nbsp; 8080 | 8607616 |
| 6.02%, 01/24/36, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7140 | 7367878 |
| 6.13%, 08/25/36 | &nbsp;&nbsp; 3968 | 4164708 |
| 6.17%, 05/25/34, (1-day SOFR + <br> 2.661%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9040 | 9516999 |
| 6.27%, 11/17/33, (1-day SOFR + <br> 2.338%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12890 | 13971504 |
| 6.63%, 01/15/28 | &nbsp;&nbsp; 5167 | 5478319 |
| 6.63%, 06/15/32 | &nbsp;&nbsp; 6105 | 6728391 |
| 6.68%, 09/13/43 | &nbsp;&nbsp; 5644 | 6241056 |
| 8.13%, 07/15/39 | &nbsp;&nbsp; 9748 | 12281994 |
| Series ., 5.33%, 03/27/36, (1-day SOFR + <br> 1.465%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13620 | 13762850 |
| Citizens Bank NA, 4.58%, 08/09/28, (1-day <br> SOFR + 2.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3358 | 3373407 |
| Citizens Financial Group Inc. |  |  |
| 2.50%, 02/06/30 | &nbsp;&nbsp; 1531 | 1405330 |
| 2.64%, 09/30/32 | &nbsp;&nbsp; 2692 | 2278255 |
| 3.25%, 04/30/30<sup>(b)</sup> | &nbsp;&nbsp; 4143 | 3917135 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.25%, 03/05/31, (1-day SOFR + <br> 1.259%)<sup>(a)</sup><br>| &nbsp;&nbsp; $3000 | $3068365 |
| 5.64%, 05/21/37, (5-year CMT + 2.750%)<sup>(a)</sup> | &nbsp;&nbsp; 1760 | 1768709 |
| 5.72%, 07/23/32, (1-day SOFR + <br> 1.910%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5795 | 6050276 |
| 5.84%, 01/23/30, (1-day SOFR + <br> 2.010%)<sup>(a)</sup><br>| &nbsp;&nbsp; 810 | 842608 |
| 6.65%, 04/25/35, (1-day SOFR + <br> 2.325%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3115 | 3386682 |
| Comerica Bank, 5.33%, 08/25/33, (1-day <br> SOFR + 2.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1895 | 1868253 |
| Comerica Inc. |  |  |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 3911 | 3859403 |
| 5.98%, 01/30/30, (1-day SOFR + <br> 2.155%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3350 | 3474069 |
| Commonwealth Bank of Australia/New York |  |  |
| 4.42%, 03/14/28 | &nbsp;&nbsp; 3610 | 3653186 |
| 4.58%, 11/27/26 | &nbsp;&nbsp; 4760 | 4793819 |
| Cooperatieve Rabobank UA |  |  |
| 5.25%, 05/24/41 | &nbsp;&nbsp; 7551 | 7448672 |
| 5.25%, 08/04/45 | &nbsp;&nbsp; 5525 | 5149251 |
| 5.75%, 12/01/43 | &nbsp;&nbsp; 5740 | 5739414 |
| Cooperatieve Rabobank UA/NY |  |  |
| 4.37%, 05/27/27 | &nbsp;&nbsp; 2990 | 3011263 |
| 4.49%, 10/17/29 | &nbsp;&nbsp; 4050 | 4114937 |
| 4.80%, 01/09/29 | &nbsp;&nbsp; 1540 | 1574171 |
| 4.88%, 01/21/28 | &nbsp;&nbsp; 2620 | 2676364 |
| 5.04%, 03/05/27 | &nbsp;&nbsp; 3490 | 3542545 |
| 5.50%, 10/05/26 | &nbsp;&nbsp; 3080 | 3127064 |
| Deutsche Bank AG/New York NY |  |  |
| 2.31%, 11/16/27, (1-day SOFR + <br> 1.219%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7523 | 7337897 |
| 2.55%, 01/07/28, (1-day SOFR + <br> 1.318%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5755 | 5621664 |
| 3.04%, 05/28/32, (1-day SOFR + <br> 1.718%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3124 | 2848522 |
| 3.55%, 09/18/31, (1-day SOFR + <br> 3.043%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7827 | 7425445 |
| 3.73%, 01/14/32, (1-day SOFR + <br> 2.757%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6225 | 5826431 |
| 3.74%, 01/07/33, (1-day SOFR + <br> 2.257%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5855 | 5359888 |
| 4.88%, 12/01/32, (5-year USD ICE Swap + <br> 2.553%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4025 | 4008279 |
| 4.95%, 08/04/31, (1-day SOFR + <br> 1.300%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4510 | 4546433 |
| 5.00%, 09/11/30, (1-day SOFR + <br> 1.700%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4900 | 4982217 |
| 5.30%, 05/09/31, (1-day SOFR + <br> 1.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3940 | 4036163 |
| 5.37%, 09/09/27 | &nbsp;&nbsp; 3864 | 3957065 |
| 5.40%, 09/11/35, (1-day SOFR + <br> 2.050%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5420 | 5450697 |
| 5.41%, 05/10/29 | &nbsp;&nbsp; 3505 | 3648770 |
| 5.71%, 02/08/28, (1-day SOFR + <br> 1.594%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2635 | 2683573 |
| 5.88%, 07/08/31, (1-day SOFR + <br> 5.438%)<sup>(a)</sup><br>| &nbsp;&nbsp; 910 | 941826 |
| 6.72%, 01/18/29, (1-day SOFR + <br> 3.180%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5105 | 5369139 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.82%, 11/20/29, (1-day SOFR + <br> 2.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; $6640 | $7116616 |
| 7.08%, 02/10/34, (1-day SOFR + <br> 3.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6350 | 6897151 |
| Series ., 5.37%, 01/10/29, (1-day SOFR + <br> 1.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3210 | 3279801 |
| Fifth Third Bancorp |  |  |
| 1.71%, 11/01/27, (1-day SOFR + <br> 0.685%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2989 | 2898948 |
| 2.55%, 05/05/27 | &nbsp;&nbsp; 3934 | 3835235 |
| 3.95%, 03/14/28 | &nbsp;&nbsp; 3995 | 3972709 |
| 4.06%, 04/25/28, (1-day SOFR + <br> 1.355%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1938 | 1931644 |
| 4.34%, 04/25/33, (1-day SOFR + <br> 1.660%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2481 | 2399244 |
| 4.77%, 07/28/30, (1-day SOFR Index + <br> 2.127%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5800 | 5869786 |
| 4.90%, 09/06/30, (1-day SOFR + <br> 1.486%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3710 | 3773998 |
| 5.63%, 01/29/32, (1-day SOFR + <br> 1.840%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5700 | 5966936 |
| 6.34%, 07/27/29, (1-day SOFR + <br> 2.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2600 | 2744106 |
| 6.36%, 10/27/28, (1-day SOFR Index + <br> 2.192%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5220 | 5449545 |
| 8.25%, 03/01/38 | &nbsp;&nbsp; 5257 | 6439275 |
| Fifth Third Bank NA |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 3411 | 3321462 |
| 4.97%, 01/28/28, (1-day SOFR + <br> 0.810%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2675 | 2701935 |
| First Citizens BancShares Inc./NC |  |  |
| 5.23%, 03/12/31, (1-day SOFR + <br> 1.410%)<sup>(a)</sup><br>| &nbsp;&nbsp; 100 | 101475 |
| 6.25%, 03/12/40, (5-year CMT + 1.970%)<sup>(a)</sup> | &nbsp;&nbsp; 205 | 206188 |
| First Horizon Bank, 5.75%, 05/01/30 | &nbsp;&nbsp; 1636 | 1681622 |
| First-Citizens Bank & Trust Co., 6.13%, <br> 03/09/28<br>| &nbsp;&nbsp; 1940 | 2014188 |
| FNB Corp./PA, 5.72%, 12/11/30, (1-day SOFR <br> Index + 1.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 625 | 636177 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 | &nbsp;&nbsp; 6353 | 6744711 |
| Goldman Sachs Group Inc. (The) |  |  |
| 1.54%, 09/10/27, (1-day SOFR + <br> 0.818%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14412 | 14006523 |
| 1.95%, 10/21/27, (1-day SOFR + <br> 0.913%)<sup>(a)</sup><br>| &nbsp;&nbsp; 19470 | 18952859 |
| 1.99%, 01/27/32, (1-day SOFR + <br> 1.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15875 | 13937032 |
| 2.38%, 07/21/32, (1-day SOFR + <br> 1.248%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13237 | 11721962 |
| 2.60%, 02/07/30 | &nbsp;&nbsp; 11791 | 11023211 |
| 2.62%, 04/22/32, (1-day SOFR + <br> 1.281%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15860 | 14314410 |
| 2.64%, 02/24/28, (1-day SOFR + <br> 1.114%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14100 | 13761026 |
| 2.65%, 10/21/32, (1-day SOFR + <br> 1.264%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13965 | 12469959 |
| 2.91%, 07/21/42, (1-day SOFR + <br> 1.472%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6895 | 4949784 |
| 3.10%, 02/24/33, (1-day SOFR + <br> 1.410%)<sup>(a)</sup><br>| &nbsp;&nbsp; 21525 | 19580728 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.21%, 04/22/42, (1-day SOFR + <br> 1.513%)<sup>(a)</sup><br>| &nbsp;&nbsp; $10303 | $7741473 |
| 3.44%, 02/24/43, (1-day SOFR + <br> 1.632%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9480 | 7253935 |
| 3.50%, 11/16/26 | &nbsp;&nbsp; 6756 | 6700164 |
| 3.62%, 03/15/28, (1-day SOFR + <br> 1.846%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15918 | 15749466 |
| 3.69%, 06/05/28, (3-mo. CME Term SOFR <br> + 1.772%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11412 | 11303227 |
| 3.80%, 03/15/30 | &nbsp;&nbsp; 9467 | 9305066 |
| 3.81%, 04/23/29, (3-mo. CME Term SOFR <br> + 1.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11329 | 11211842 |
| 3.85%, 01/26/27 | &nbsp;&nbsp; 10484 | 10436907 |
| 4.02%, 10/31/38, (3-mo. CME Term SOFR <br> + 1.635%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13336 | 11727004 |
| 4.22%, 05/01/29, (3-mo. CME Term SOFR <br> + 1.563%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15056 | 15058232 |
| 4.41%, 04/23/39, (3-mo. CME Term SOFR <br> + 1.692%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8153 | 7404118 |
| 4.48%, 08/23/28, (1-day SOFR + <br> 1.725%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11485 | 11534900 |
| 4.69%, 10/23/30, (1-day SOFR + <br> 1.135%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7545 | 7629143 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; 9364 | 8309073 |
| 4.80%, 07/08/44 | &nbsp;&nbsp; 8134 | 7311802 |
| 4.94%, 04/23/28, (1-day SOFR + <br> 1.319%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3555 | 3591259 |
| 5.02%, 10/23/35, (1-day SOFR + <br> 1.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15525 | 15426509 |
| 5.05%, 07/23/30, (1-day SOFR + <br> 1.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 19370 | 19827011 |
| 5.15%, 05/22/45<sup>(b)</sup> | &nbsp;&nbsp; 9742 | 8878985 |
| 5.21%, 01/28/31, (1-day SOFR + <br> 1.078%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7365 | 7586032 |
| 5.22%, 04/23/31, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11060 | 11419285 |
| 5.33%, 07/23/35, (1-day SOFR + <br> 1.550%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13410 | 13644801 |
| 5.54%, 01/28/36, (1-day SOFR + <br> 1.380%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15670 | 16161265 |
| 5.56%, 11/19/45, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3710 | 3658642 |
| 5.73%, 04/25/30, (1-day SOFR +1.265%)<sup>(a)</sup> | &nbsp;&nbsp; 14116 | 14767043 |
| 5.73%, 01/28/56, (1-day SOFR + <br> 1.696%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15330 | 15289848 |
| 5.85%, 04/25/35, (1-day SOFR + <br> 1.552%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13530 | 14281864 |
| 5.95%, 01/15/27 | &nbsp;&nbsp; 4563 | 4673487 |
| 6.13%, 02/15/33 | &nbsp;&nbsp; 8543 | 9360608 |
| 6.25%, 02/01/41 | &nbsp;&nbsp; 11891 | 12764508 |
| 6.45%, 05/01/36 | &nbsp;&nbsp; 4389 | 4776713 |
| 6.48%, 10/24/29, (1-day SOFR + <br> 1.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11970 | 12733410 |
| 6.56%, 10/24/34, (1-day SOFR + <br> 1.950%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3635 | 4034722 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; 23651 | 26250651 |
| HSBC Bank USA NA/New York |  |  |
| 5.63%, 08/15/35 | &nbsp;&nbsp; 1915 | 1993905 |
| 5.88%, 11/01/34 | &nbsp;&nbsp; 2545 | 2705076 |
| 7.00%, 01/15/39 | &nbsp;&nbsp; 4605 | 5380849 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HSBC Holdings PLC |  |  |
| 2.01%, 09/22/28, (1-day SOFR + <br> 1.732%)<sup>(a)</sup><br>| &nbsp;&nbsp; $5140 | $4905124 |
| 2.21%, 08/17/29, (1-day SOFR + <br> 1.285%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6380 | 6009765 |
| 2.25%, 11/22/27, (1-day SOFR + <br> 1.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1310 | 1277701 |
| 2.36%, 08/18/31, (1-day SOFR + <br> 1.947%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6838 | 6171154 |
| 2.80%, 05/24/32, (1-day SOFR + <br> 1.187%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13615 | 12289936 |
| 2.85%, 06/04/31, (1-day SOFR + <br> 2.387%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7308 | 6773438 |
| 2.87%, 11/22/32, (1-day SOFR + <br> 1.410%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8120 | 7301622 |
| 3.97%, 05/22/30, (3-mo. CME Term SOFR <br> + 1.872%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13630 | 13409825 |
| 4.04%, 03/13/28, (3-mo. CME Term SOFR <br> + 1.808%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12841 | 12791940 |
| 4.58%, 06/19/29, (3-mo. CME Term SOFR <br> + 1.796%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14177 | 14267795 |
| 4.76%, 06/09/28, (1-day SOFR + <br> 2.110%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11735 | 11821266 |
| 4.76%, 03/29/33, (1-day SOFR + <br> 2.530%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7800 | 7695914 |
| 4.90%, 03/03/29, (1-day SOFR + <br> 1.030%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7680 | 7782612 |
| 4.95%, 03/31/30 | &nbsp;&nbsp; 11540 | 11816000 |
| 5.13%, 11/19/28, (1-day SOFR + <br> 1.040%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6180 | 6279845 |
| 5.13%, 03/03/31, (1-day SOFR + <br> 1.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6475 | 6629917 |
| 5.21%, 08/11/28, (1-day SOFR + <br> 2.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4740 | 4815780 |
| 5.24%, 05/13/31, (1-day SOFR + <br> 1.570%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9805 | 10076905 |
| 5.25%, 03/14/44 | &nbsp;&nbsp; 7009 | 6603386 |
| 5.29%, 11/19/30, (1-day SOFR + <br> 1.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8440 | 8694556 |
| 5.40%, 08/11/33, (1-day SOFR + <br> 2.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10935 | 11276016 |
| 5.45%, 03/03/36, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7840 | 7968363 |
| 5.55%, 03/04/30, (1-day SOFR + <br> 1.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6900 | 7154316 |
| 5.60%, 05/17/28, (1-day SOFR + <br> 1.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7300 | 7451251 |
| 5.72%, 03/04/35, (1-day SOFR + <br> 1.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6640 | 6949500 |
| 5.73%, 05/17/32, (1-day SOFR + <br> 1.520%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6665 | 6994385 |
| 5.79%, 05/13/36, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9040 | 9402048 |
| 5.87%, 11/18/35, (1-day SOFR + <br> 1.900%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7640 | 7833295 |
| 6.10%, 01/14/42 | &nbsp;&nbsp; 4242 | 4519693 |
| 6.16%, 03/09/29, (1-day SOFR + <br> 1.970%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9240 | 9637252 |
| 6.25%, 03/09/34, (1-day SOFR + <br> 2.390%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10200 | 11011373 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.33%, 03/09/44, (1-day SOFR + <br> 2.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; $11945 | $12823575 |
| 6.50%, 05/02/36 | &nbsp;&nbsp; 8957 | 9634270 |
| 6.50%, 09/15/37 | &nbsp;&nbsp; 11402 | 12144784 |
| 6.55%, 06/20/34, (1-day SOFR + <br> 2.980%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5820 | 6230646 |
| 6.80%, 06/01/38 | &nbsp;&nbsp; 6655 | 7323764 |
| 7.39%, 11/03/28, (1-day SOFR + <br> 3.350%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9700 | 10308186 |
| 7.40%, 11/13/34, (1-day SOFR + <br> 3.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7520 | 8473477 |
| 8.11%, 11/03/33, (1-day SOFR + <br> 4.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9480 | 11028599 |
| HSBC USA Inc. |  |  |
| 4.65%, 06/03/28 | &nbsp;&nbsp; 3525 | 3574779 |
| 5.29%, 03/04/27 | &nbsp;&nbsp; 3065 | 3119324 |
| Huntington Bancshares Inc./Ohio |  |  |
| 2.49%, 08/15/36, (5-year CMT + 1.170%)<sup>(a)</sup> | &nbsp;&nbsp; 3280 | 2791860 |
| 2.55%, 02/04/30 | &nbsp;&nbsp; 3752 | 3471499 |
| 4.44%, 08/04/28, (1-day SOFR + <br> 1.970%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3450 | 3460106 |
| 5.02%, 05/17/33, (1-day SOFR + <br> 2.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2064 | 2065527 |
| 5.27%, 01/15/31, (1-day SOFR + <br> 1.276%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2610 | 2690565 |
| 5.71%, 02/02/35, (1-day SOFR Index + <br> 1.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5390 | 5569651 |
| 6.14%, 11/18/39, (5-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 2960 | 3050367 |
| 6.21%, 08/21/29, (1-day SOFR + <br> 2.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4390 | 4626185 |
| Huntington National Bank (The) |  |  |
| 4.55%, 05/17/28, (1-day SOFR Index + <br> 1.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3600 | 3619137 |
| 4.87%, 04/12/28, (1-day SOFR + <br> 0.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3290 | 3319941 |
| 5.65%, 01/10/30 | &nbsp;&nbsp; 4830 | 5052881 |
| Industrial & Commercial Bank of China <br> Ltd./New York, 3.54%, 11/08/27<br>| &nbsp;&nbsp; 2475 | 2448295 |
| ING Groep NV |  |  |
| 2.73%, 04/01/32, (1-day SOFR + <br> 1.316%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4593 | 4190378 |
| 3.95%, 03/29/27 | &nbsp;&nbsp; 7850 | 7817864 |
| 4.02%, 03/28/28, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5998 | 5974621 |
| 4.05%, 04/09/29 | &nbsp;&nbsp; 6445 | 6400176 |
| 4.25%, 03/28/33, (1-day SOFR + <br> 2.070%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3705 | 3595550 |
| 4.55%, 10/02/28 | &nbsp;&nbsp; 5966 | 6025376 |
| 4.86%, 03/25/29, (1-day SOFR + <br> 1.010%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3320 | 3364697 |
| 5.07%, 03/25/31, (1-day SOFR Index + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3440 | 3522166 |
| 5.34%, 03/19/30, (1-day SOFR + <br> 1.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5725 | 5906332 |
| 5.53%, 03/25/36, (1-day SOFR + <br> 1.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2655 | 2717979 |
| 5.55%, 03/19/35, (1-day SOFR + <br> 1.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6665 | 6857272 |
| 6.08%, 09/11/27, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3460 | 3519071 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 6.11%, 09/11/34, (1-day SOFR + <br> 2.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; $5500 | $5879587 |
| JPMorgan Chase & Co. |  |  |
| 1.47%, 09/22/27, (1-day SOFR + <br> 0.765%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9973 | 9687726 |
| 1.76%, 11/19/31, (3-mo. CME Term SOFR + <br> 1.105%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6995 | 6142300 |
| 1.95%, 02/04/32, (1-day SOFR + <br> 1.065%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13825 | 12162622 |
| 2.07%, 06/01/29, (1-day SOFR + <br> 1.015%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10246 | 9689794 |
| 2.18%, 06/01/28, (1-day SOFR + <br> 1.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9355 | 9048269 |
| 2.52%, 04/22/31, (1-day SOFR + <br> 2.040%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13916 | 12856917 |
| 2.53%, 11/19/41, (3-mo. CME Term SOFR + <br> 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11235 | 7939186 |
| 2.55%, 11/08/32, (1-day SOFR + <br> 1.180%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15280 | 13622695 |
| 2.58%, 04/22/32, (3-mo. CME Term SOFR <br> + 1.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13054 | 11807209 |
| 2.74%, 10/15/30, (3-mo. CME Term SOFR <br> + 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20501 | 19316001 |
| 2.95%, 10/01/26 | &nbsp;&nbsp; 14266 | 14106480 |
| 2.95%, 02/24/28, (1-day SOFR + <br> 1.170%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7329 | 7195925 |
| 2.96%, 05/13/31, (3-mo. CME Term SOFR <br> + 2.515%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9811 | 9149546 |
| 2.96%, 01/25/33, (1-day SOFR + <br> 1.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15380 | 13946802 |
| 3.11%, 04/22/41, (3-mo. CME Term SOFR + <br> 2.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8823 | 6794353 |
| 3.11%, 04/22/51, (1-day SOFR + <br> 2.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11870 | 7928381 |
| 3.16%, 04/22/42, (3-mo. CME Term SOFR <br> + 1.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9039 | 6841069 |
| 3.33%, 04/22/52, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14950 | 10338321 |
| 3.51%, 01/23/29, (3-mo. CME Term SOFR <br> + 1.207%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8303 | 8178265 |
| 3.54%, 05/01/28, (3-mo. CME Term SOFR <br> + 1.642%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11070 | 10947561 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 7511 | 7440173 |
| 3.70%, 05/06/30, (3-mo. CME Term SOFR <br> + 1.422%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16051 | 15740255 |
| 3.78%, 02/01/28, (3-mo. CME Term SOFR <br> + 1.599%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9081 | 9025999 |
| 3.88%, 07/24/38, (3-mo. CME Term SOFR <br> + 1.622%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12391 | 10950114 |
| 3.90%, 01/23/49, (3-mo. CME Term SOFR <br> + 1.482%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9728 | 7649025 |
| 3.96%, 11/15/48, (3-mo. CME Term SOFR + <br> 1.642%)<sup>(a)</sup><br>| &nbsp;&nbsp; 18975 | 15092195 |
| 4.01%, 04/23/29, (3-mo. CME Term SOFR <br> + 1.382%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9614 | 9570075 |
| 4.03%, 07/24/48, (3-mo. CME Term SOFR <br> + 1.722%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8361 | 6712779 |
| 4.13%, 12/15/26 | &nbsp;&nbsp; 7071 | 7073117 |
| 4.20%, 07/23/29, (3-mo. CME Term SOFR <br> + 1.522%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12147 | 12159889 |
| 4.25%, 10/01/27 | &nbsp;&nbsp; 7273 | 7319407 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.26%, 02/22/48, (3-mo. CME Term SOFR <br> + 1.842%)<sup>(a)</sup><br>| &nbsp;&nbsp; $12369 | $10342469 |
| 4.32%, 04/26/28, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15588 | 15606981 |
| 4.45%, 12/05/29, (3-mo. CME Term SOFR <br> + 1.592%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11016 | 11098571 |
| 4.49%, 03/24/31, (3-mo. CME Term SOFR <br> + 3.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13600 | 13699063 |
| 4.51%, 10/22/28, (1-day SOFR + <br> 0.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6545 | 6587708 |
| 4.57%, 06/14/30, (1-day SOFR + <br> 1.750%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7426 | 7500152 |
| 4.59%, 04/26/33, (1-day SOFR + <br> 1.800%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5840 | 5809447 |
| 4.60%, 10/22/30, (1-day SOFR + <br> 1.040%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11465 | 11587159 |
| 4.85%, 07/25/28, (1-day SOFR + <br> 1.990%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12020 | 12165994 |
| 4.85%, 02/01/44 | &nbsp;&nbsp; 6601 | 6103469 |
| 4.91%, 07/25/33, (1-day SOFR + <br> 2.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14070 | 14260246 |
| 4.92%, 01/24/29, (1-day SOFR + <br> 0.800%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10475 | 10658151 |
| 4.95%, 10/22/35, (1-day SOFR + <br> 1.340%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9580 | 9527125 |
| 4.95%, 06/01/45 | &nbsp;&nbsp; 8491 | 7764659 |
| 4.98%, 07/22/28, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9115 | 9246805 |
| 5.00%, 07/22/30, (1-day SOFR +1.125%)<sup>(a)</sup> | &nbsp;&nbsp; 10165 | 10423782 |
| 5.01%, 01/23/30, (1-day SOFR + <br> 1.310%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11315 | 11582861 |
| 5.04%, 01/23/28, (1-day SOFR + <br> 1.190%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9695 | 9797498 |
| 5.10%, 04/22/31, (1-day SOFR + <br> 1.435%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9745 | 10052673 |
| 5.14%, 01/24/31, (1-day SOFR + <br> 1.010%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15200 | 15672634 |
| 5.29%, 07/22/35, (1-day SOFR + <br> 1.460%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10140 | 10342691 |
| 5.30%, 07/24/29, (1-day SOFR + <br> 1.450%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15040 | 15490859 |
| 5.34%, 01/23/35, (1-day SOFR + <br> 1.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8535 | 8764017 |
| 5.35%, 06/01/34, (1-day SOFR + <br> 1.845%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17410 | 17981153 |
| 5.40%, 01/06/42 | &nbsp;&nbsp; 7779 | 7766231 |
| 5.50%, 01/24/36, (1-day SOFR + <br> 1.315%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8680 | 8964901 |
| 5.50%, 10/15/40 | &nbsp;&nbsp; 7319 | 7458987 |
| 5.53%, 11/29/45, (1-day SOFR + <br> 1.550%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6820 | 6833387 |
| 5.57%, 04/22/28, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10940 | 11173397 |
| 5.57%, 04/22/36, (1-day SOFR + <br> 1.680%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12769 | 13279800 |
| 5.58%, 04/22/30, (1-day SOFR +1.160%)<sup>(a)</sup> | &nbsp;&nbsp; 11710 | 12228267 |
| 5.58%, 07/23/36 | &nbsp;&nbsp; 3990 | 4072919 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 6995 | 7164056 |
| 5.63%, 08/16/43 | &nbsp;&nbsp; 6658 | 6710712 |
| 5.72%, 09/14/33, (1-day SOFR + <br> 2.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16755 | 17543634 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.77%, 04/22/35, (1-day SOFR + <br> 1.490%)<sup>(a)</sup><br>| &nbsp;&nbsp; $15305 | $16169957 |
| 6.07%, 10/22/27, (1-day SOFR + <br> 1.330%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10270 | 10471699 |
| 6.09%, 10/23/29, (1-day SOFR + <br> 1.570%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8140 | 8583151 |
| 6.25%, 10/23/34, (1-day SOFR + <br> 1.810%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13395 | 14628824 |
| 6.40%, 05/15/38 | &nbsp;&nbsp; 12661 | 14138195 |
| 7.63%, 10/15/26 | &nbsp;&nbsp; 6751 | 7014053 |
| 8.00%, 04/29/27 | &nbsp;&nbsp; 10881 | 11560310 |
| 8.75%, 09/01/30 | &nbsp;&nbsp; 4004 | 4774756 |
| JPMorgan Chase Bank NA, 5.11%, 12/08/26 | &nbsp;&nbsp; 10195 | 10325933 |
| KeyBank NA, 5.00%, 01/26/33 | &nbsp;&nbsp; 4343 | 4333116 |
| KeyBank NA/Cleveland OH |  |  |
| 3.90%, 04/13/29 | &nbsp;&nbsp; 1958 | 1909611 |
| 4.39%, 12/14/27 | &nbsp;&nbsp; 1640 | 1645120 |
| 4.90%, 08/08/32 | &nbsp;&nbsp; 3320 | 3258600 |
| 5.85%, 11/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4418 | 4556215 |
| 6.95%, 02/01/28 | &nbsp;&nbsp; 810 | 855140 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | &nbsp;&nbsp; 4004 | 3878735 |
| 2.55%, 10/01/29 | &nbsp;&nbsp; 3651 | 3414189 |
| 4.10%, 04/30/28 | &nbsp;&nbsp; 3231 | 3223369 |
| 4.79%, 06/01/33, (1-day SOFR Index + <br> 2.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3048 | 3014728 |
| 5.12%, 04/04/31, (1-day SOFR Index + <br> 1.227%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 370 | 378406 |
| 6.40%, 03/06/35, (1-day SOFR Index + <br> 2.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4570 | 4907704 |
| Korea Development Bank (The) |  |  |
| 1.00%, 09/09/26 | &nbsp;&nbsp; 1390 | 1347189 |
| 1.63%, 01/19/31 | &nbsp;&nbsp; 3620 | 3204160 |
| 2.00%, 09/12/26 | &nbsp;&nbsp; 1125 | 1101870 |
| 2.00%, 10/25/31 | &nbsp;&nbsp; 4344 | 3870863 |
| 2.25%, 02/24/27 | &nbsp;&nbsp; 1555 | 1517088 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 0.00%, 04/18/36<sup>(b)(d)</sup> | &nbsp;&nbsp; 10782 | 6826518 |
| 0.00%, 06/29/37<sup>(b)(d)</sup> | &nbsp;&nbsp; 14383 | 8584213 |
| 0.75%, 09/30/30 | &nbsp;&nbsp; 5599 | 4832876 |
| 1.00%, 10/01/26 | &nbsp;&nbsp; 7384 | 7162531 |
| 1.75%, 09/14/29 | &nbsp;&nbsp; 10451 | 9710855 |
| 2.88%, 04/03/28 | &nbsp;&nbsp; 11992 | 11776653 |
| 3.00%, 05/20/27 | &nbsp;&nbsp; 4196 | 4146775 |
| 3.50%, 08/27/27 | &nbsp;&nbsp; 3140 | 3129642 |
| 3.75%, 02/15/28<sup>(b)</sup> | &nbsp;&nbsp; 6320 | 6340649 |
| 3.75%, 07/15/30 | &nbsp;&nbsp; 24610 | 24641784 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 8788 | 8849100 |
| 4.00%, 06/28/27 | &nbsp;&nbsp; 289 | 290630 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 8816 | 8920577 |
| 4.13%, 07/15/33<sup>(b)</sup> | &nbsp;&nbsp; 17115 | 17180506 |
| 4.38%, 03/01/27 | &nbsp;&nbsp; 7582 | 7652148 |
| 4.38%, 02/28/34 | &nbsp;&nbsp; 8321 | 8446640 |
| 4.63%, 03/18/30 | &nbsp;&nbsp; 9413 | 9776195 |
| 4.75%, 10/29/30 | &nbsp;&nbsp; 5994 | 6273575 |
| Series GLOB, 3.88%, 05/15/28 | &nbsp;&nbsp; 605 | 609075 |
| Landwirtschaftliche Rentenbank |  |  |
| 0.88%, 09/03/30<sup>(b)</sup> | &nbsp;&nbsp; 7668 | 6667475 |
| 3.88%, 09/28/27<sup>(b)</sup> | &nbsp;&nbsp; 2890 | 2900680 |
| 3.88%, 06/14/28 | &nbsp;&nbsp; 1203 | 1210462 |
| 4.13%, 05/28/30 | &nbsp;&nbsp; 3295 | 3353883 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.63%, 04/17/29 | &nbsp;&nbsp; $2640 | $2724150 |
| 5.00%, 10/24/33 | &nbsp;&nbsp; 1980 | 2101064 |
| Series 37, 2.50%, 11/15/27 | &nbsp;&nbsp; 1097 | 1069626 |
| Lloyds Banking Group PLC |  |  |
| 3.37%, 12/14/46, (5-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 6567 | 4784266 |
| 3.57%, 11/07/28<sup>(a)</sup> | &nbsp;&nbsp; 7467 | 7350392 |
| 3.75%, 01/11/27 | &nbsp;&nbsp; 6089 | 6055426 |
| 3.75%, 03/18/28, (1-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 4965 | 4922877 |
| 4.34%, 01/09/48 | &nbsp;&nbsp; 7159 | 5753901 |
| 4.38%, 03/22/28 | &nbsp;&nbsp; 4973 | 4992514 |
| 4.55%, 08/16/28 | &nbsp;&nbsp; 7403 | 7480195 |
| 4.82%, 06/13/29, (1-year CMT + 0.830%)<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 4055786 |
| 4.98%, 08/11/33, (1-year CMT + 2.300%)<sup>(a)</sup> | &nbsp;&nbsp; 2795 | 2801338 |
| 5.09%, 11/26/28, (1-year CMT + 0.850%)<sup>(a)</sup> | &nbsp;&nbsp; 5450 | 5542053 |
| 5.30%, 12/01/45 | &nbsp;&nbsp; 4039 | 3781021 |
| 5.46%, 01/05/28, (1-year CMT + 1.375%)<sup>(a)</sup> | &nbsp;&nbsp; 7200 | 7303900 |
| 5.59%, 11/26/35, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 4980 | 5109662 |
| 5.68%, 01/05/35, (1-year CMT + 1.750%)<sup>(a)</sup> | &nbsp;&nbsp; 8880 | 9208742 |
| 5.72%, 06/05/30, (1-year CMT + 1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 4700 | 4916474 |
| 5.87%, 03/06/29, (1-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 2645 | 2745119 |
| 6.07%, 06/13/36, (1-year CMT + 1.600%)<sup>(a)</sup> | &nbsp;&nbsp; 480 | 496654 |
| 7.95%, 11/15/33, (1-year CMT + 3.750%)<sup>(a)</sup> | &nbsp;&nbsp; 4675 | 5393549 |
| M&T Bank Corp. |  |  |
| 4.55%, 08/16/28, (1-day SOFR Index + <br> 1.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2885 | 2895965 |
| 4.83%, 01/16/29, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1860 | 1881033 |
| 5.05%, 01/27/34, (1-day SOFR + <br> 1.850%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4225 | 4190195 |
| 5.18%, 07/08/31, (1-day SOFR + <br> 1.400%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2490 | 2544893 |
| 5.39%, 01/16/36, (1-day SOFR + <br> 1.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2655 | 2660091 |
| 5.40%, 07/30/35, (5-year CMT + 1.430%)<sup>(a)</sup> | &nbsp;&nbsp; 1075 | 1082077 |
| 6.08%, 03/13/32, (1-day SOFR + <br> 2.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4680 | 4974839 |
| 7.41%, 10/30/29, (1-day SOFR + <br> 2.800%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3595 | 3911229 |
| Manufacturers & Traders Trust Co. |  |  |
| 3.40%, 08/17/27 | &nbsp;&nbsp; 3305 | 3246569 |
| 4.70%, 01/27/28 | &nbsp;&nbsp; 5955 | 6025681 |
| 4.76%, 07/06/28, (1-day SOFR + <br> 0.950%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3130 | 3154680 |
| Mitsubishi UFJ Financial Group Inc. |  |  |
| 1.64%, 10/13/27, (1-year CMT + 0.670%)<sup>(a)</sup> | &nbsp;&nbsp; 6360 | 6176213 |
| 2.05%, 07/17/30 | &nbsp;&nbsp; 5685 | 5113584 |
| 2.31%, 07/20/32, (1-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 8404 | 7429503 |
| 2.34%, 01/19/28, (1-year CMT + 0.830%)<sup>(a)</sup> | &nbsp;&nbsp; 6395 | 6227760 |
| 2.49%, 10/13/32, (1-year CMT + 0.970%)<sup>(a)</sup> | &nbsp;&nbsp; 3834 | 3408922 |
| 2.56%, 02/25/30 | &nbsp;&nbsp; 5260 | 4886754 |
| 2.76%, 09/13/26 | &nbsp;&nbsp; 4015 | 3957502 |
| 2.85%, 01/19/33, (1-year CMT + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp; 4660 | 4176760 |
| 3.20%, 07/18/29 | &nbsp;&nbsp; 7659 | 7366232 |
| 3.29%, 07/25/27 | &nbsp;&nbsp; 3867 | 3814798 |
| 3.68%, 02/22/27 | &nbsp;&nbsp; 4359 | 4335310 |
| 3.74%, 03/07/29 | &nbsp;&nbsp; 6309 | 6236777 |
| 3.75%, 07/18/39 | &nbsp;&nbsp; 7465 | 6472702 |
| 3.96%, 03/02/28 | &nbsp;&nbsp; 5568 | 5556376 |
| 4.05%, 09/11/28 | &nbsp;&nbsp; 4486 | 4491494 |
| 4.08%, 04/19/28, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 4215 | 4205717 |
| 4.15%, 03/07/39<sup>(b)</sup> | &nbsp;&nbsp; 2731 | 2538876 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.29%, 07/26/38<sup>(b)</sup> | &nbsp;&nbsp; $2897 | $2729695 |
| 4.32%, 04/19/33, (1-year CMT + 1.550%)<sup>(a)</sup> | &nbsp;&nbsp; 3335 | 3248832 |
| 5.02%, 07/20/28, (1-year CMT + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 5840 | 5927718 |
| 5.13%, 07/20/33, (1-year CMT + 2.125%)<sup>(a)</sup> | &nbsp;&nbsp; 6535 | 6664585 |
| 5.16%, 04/24/31, (1-year CMT + 1.170%)<sup>(a)</sup> | &nbsp;&nbsp; 2280 | 2353122 |
| 5.20%, 01/16/31, (1-year CMT + 0.780%)<sup>(a)</sup> | &nbsp;&nbsp; 4560 | 4704884 |
| 5.24%, 04/19/29, (1-year CMT + 1.700%)<sup>(a)</sup> | &nbsp;&nbsp; 2985 | 3060719 |
| 5.26%, 04/17/30, (1-year CMT + 0.820%)<sup>(a)</sup> | &nbsp;&nbsp; 4240 | 4375543 |
| 5.35%, 09/13/28, (1-year CMT + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 5050 | 5162179 |
| 5.41%, 04/19/34, (1-year CMT + <br> 1.970%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3245 | 3375922 |
| 5.42%, 02/22/29, (1-year CMT + 1.380%)<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 4755682 |
| 5.43%, 04/17/35, (1-year CMT + 1.000%)<sup>(a)</sup> | &nbsp;&nbsp; 7300 | 7528851 |
| 5.44%, 02/22/34, (1-year CMT + 1.630%)<sup>(a)</sup> | &nbsp;&nbsp; 3920 | 4084751 |
| 5.47%, 09/13/33, (1-year CMT + 2.125%)<sup>(a)</sup> | &nbsp;&nbsp; 3270 | 3404518 |
| 5.48%, 02/22/31, (1-year CMT + 1.530%)<sup>(a)</sup> | &nbsp;&nbsp; 2635 | 2749989 |
| 5.57%, 01/16/36, (1-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; 4970 | 5163949 |
| 5.62%, 04/24/36, (1-year CMT + 1.270%)<sup>(a)</sup> | &nbsp;&nbsp; 5040 | 5255121 |
| Mizuho Financial Group Inc. |  |  |
| 1.98%, 09/08/31, (3-mo. CME Term SOFR <br> + 1.532%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4590 | 4071284 |
| 2.17%, 05/22/32, (1-year CMT + 0.870%)<sup>(a)</sup> | &nbsp;&nbsp; 2408 | 2114907 |
| 2.20%, 07/10/31, (3-mo. CME Term SOFR <br> + 1.772%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4705 | 4235993 |
| 2.26%, 07/09/32, (1-year CMT + 0.900%)<sup>(a)</sup> | &nbsp;&nbsp; 3030 | 2663889 |
| 2.56%, 09/13/31 | &nbsp;&nbsp; 4275 | 3781939 |
| 2.59%, 05/25/31, (3-mo. CME Term SOFR <br> + 1.332%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2468 | 2271434 |
| 2.84%, 09/13/26 | &nbsp;&nbsp; 3607 | 3557653 |
| 2.87%, 09/13/30, (3-mo. CME Term SOFR <br> + 1.572%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2470 | 2331560 |
| 3.15%, 07/16/30, (3-mo. CME Term SOFR <br> + 1.392%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3642 | 3483592 |
| 3.17%, 09/11/27 | &nbsp;&nbsp; 4893 | 4804778 |
| 3.26%, 05/22/30, (1-year CMT + 1.250%)<sup>(a)</sup> | &nbsp;&nbsp; 2550 | 2455415 |
| 3.66%, 02/28/27 | &nbsp;&nbsp; 2882 | 2862239 |
| 4.02%, 03/05/28 | &nbsp;&nbsp; 6155 | 6150017 |
| 4.25%, 09/11/29, (3-mo. CME Term SOFR + <br> 1.532%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4720 | 4721589 |
| 4.71%, 07/08/31, (1-year CMT + 0.920%)<sup>(a)</sup> | &nbsp;&nbsp; 5095 | 5147842 |
| 5.10%, 05/13/31, (1-year CMT + 0.820%)<sup>(a)</sup> | &nbsp;&nbsp; 1960 | 2013013 |
| 5.32%, 07/08/36, (1-year CMT + 1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 6730 | 6845963 |
| 5.38%, 05/26/30, (1-year CMT + 1.120%)<sup>(a)</sup> | &nbsp;&nbsp; 3630 | 3753999 |
| 5.38%, 07/10/30, (1-year CMT + 1.080%)<sup>(a)</sup> | &nbsp;&nbsp; 2610 | 2701796 |
| 5.41%, 09/13/28, (1-year CMT + 2.050%)<sup>(a)</sup> | &nbsp;&nbsp; 4610 | 4717075 |
| 5.42%, 05/13/36, (1-year CMT + 0.980%)<sup>(a)</sup> | &nbsp;&nbsp; 2610 | 2678045 |
| 5.58%, 05/26/35, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 3255 | 3384735 |
| 5.59%, 07/10/35, (1-year CMT + 1.300%)<sup>(a)</sup> | &nbsp;&nbsp; 3130 | 3253090 |
| 5.67%, 05/27/29, (1-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 3200 | 3318724 |
| 5.67%, 09/13/33, (1-year CMT + 2.400%)<sup>(a)</sup> | &nbsp;&nbsp; 3115 | 3268677 |
| 5.74%, 05/27/31, (1-year CMT + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 3520 | 3706759 |
| 5.75%, 05/27/34, (1-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 3785 | 3983681 |
| 5.75%, 07/06/34, (1-year CMT + 1.900%)<sup>(a)</sup> | &nbsp;&nbsp; 4630 | 4874189 |
| 5.78%, 07/06/29, (1-year CMT + 1.650%)<sup>(a)</sup> | &nbsp;&nbsp; 7060 | 7350823 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/32, (1-day SOFR + <br> 1.034%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9800 | 8500124 |
| 1.93%, 04/28/32, (1-day SOFR + <br> 1.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14030 | 12174548 |
| 2.24%, 07/21/32, (1-day SOFR + <br> 1.178%)<sup>(a)</sup><br>| &nbsp;&nbsp; 25772 | 22635743 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.48%, 01/21/28, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; $10645 | $10389180 |
| 2.48%, 09/16/36, (1-day SOFR + <br> 1.360%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14993 | 12987357 |
| 2.51%, 10/20/32, (1-day SOFR + <br> 1.200%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12108 | 10740628 |
| 2.70%, 01/22/31, (1-day SOFR + <br> 1.143%)<sup>(a)</sup><br>| &nbsp;&nbsp; 20252 | 18865981 |
| 2.80%, 01/25/52, (1-day SOFR + <br> 1.430%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9999 | 6153753 |
| 2.94%, 01/21/33, (1-day SOFR + <br> 1.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14123 | 12727581 |
| 3.22%, 04/22/42, (1-day SOFR + <br> 1.485%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8591 | 6532991 |
| 3.59%, 07/22/28<sup>(a)</sup> | &nbsp;&nbsp; 17622 | 17406710 |
| 3.62%, 04/01/31, (1-day SOFR + <br> 3.120%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8454 | 8176312 |
| 3.63%, 01/20/27 | &nbsp;&nbsp; 14065 | 13991397 |
| 3.77%, 01/24/29, (3-mo. CME Term SOFR <br> + 1.402%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10564 | 10455588 |
| 3.95%, 04/23/27 | &nbsp;&nbsp; 10360 | 10323129 |
| 3.97%, 07/22/38<sup>(a)</sup> | &nbsp;&nbsp; 11305 | 9985650 |
| 4.21%, 04/20/28, (1-day SOFR + <br> 1.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10125 | 10121895 |
| 4.30%, 01/27/45 | &nbsp;&nbsp; 11474 | 9789567 |
| 4.35%, 09/08/26 | &nbsp;&nbsp; 11054 | 11067073 |
| 4.38%, 01/22/47 | &nbsp;&nbsp; 11345 | 9653716 |
| 4.43%, 01/23/30, (3-mo. CME Term SOFR <br> + 1.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9363 | 9404011 |
| 4.46%, 04/22/39, (3-mo. CME Term SOFR <br> + 1.693%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5657 | 5269568 |
| 4.65%, 10/18/30, (1-day SOFR + <br> 1.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16145 | 16300323 |
| 4.89%, 07/20/33, (1-day SOFR + <br> 2.076%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7595 | 7664324 |
| 5.04%, 07/19/30, (1-day SOFR + <br> 1.215%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7415 | 7596993 |
| 5.12%, 02/01/29, (1-day SOFR + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13045 | 13320133 |
| 5.16%, 04/20/29, (1-day SOFR + <br> 1.590%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8840 | 9039010 |
| 5.17%, 01/16/30, (1-day SOFR + <br> 1.450%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7985 | 8204920 |
| 5.19%, 04/17/31, (1-day SOFR + <br> 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9855 | 10161173 |
| 5.23%, 01/15/31, (1-day SOFR + <br> 1.108%)<sup>(a)</sup><br>| &nbsp;&nbsp; 12595 | 12995541 |
| 5.25%, 04/21/34, (1-day SOFR + <br> 1.870%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16935 | 17296060 |
| 5.30%, 04/20/37, (1-day SOFR + <br> 2.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8710 | 8762274 |
| 5.32%, 07/19/35, (1-day SOFR + <br> 1.555%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15495 | 15786754 |
| 5.42%, 07/21/34, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9765 | 10079212 |
| 5.45%, 07/20/29, (1-day SOFR + <br> 1.630%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9080 | 9372415 |
| 5.47%, 01/18/35, (1-day SOFR + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15055 | 15529228 |
| 5.52%, 11/19/55, (1-day SOFR + <br> 1.710%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10560 | 10278986 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.59%, 01/18/36, (1-day SOFR + <br> 1.418%)<sup>(a)</sup><br>| &nbsp;&nbsp; $9225 | $9537000 |
| 5.60%, 03/24/51, (1-day SOFR + <br> 4.840%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10140 | 9989562 |
| 5.65%, 04/13/28, (1-day SOFR +1.010%)<sup>(a)</sup> | &nbsp;&nbsp; 9170 | 9367131 |
| 5.66%, 04/18/30, (1-day SOFR + <br> 1.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13480 | 14066468 |
| 5.66%, 04/17/36, (1-day SOFR + <br> 1.757%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10555 | 10985099 |
| 5.83%, 04/19/35, (1-day SOFR + <br> 1.580%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14865 | 15671130 |
| 5.94%, 02/07/39, (5-year CMT + 1.800%)<sup>(a)</sup> | &nbsp;&nbsp; 6810 | 7074538 |
| 5.95%, 01/19/38, (5-year CMT + 2.430%)<sup>(a)</sup> | &nbsp;&nbsp; 9140 | 9496320 |
| 6.30%, 10/18/28, (1-day SOFR + <br> 2.240%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6883 | 7174316 |
| 6.34%, 10/18/33, (1-day SOFR + <br> 2.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10450 | 11418009 |
| 6.38%, 07/24/42 | &nbsp;&nbsp; 9503 | 10440007 |
| 6.41%, 11/01/29, (1-day SOFR + <br> 1.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4885 | 5190245 |
| 6.63%, 11/01/34, (1-day SOFR + <br> 2.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8500 | 9428127 |
| 7.25%, 04/01/32 | &nbsp;&nbsp; 6524 | 7517478 |
| Series ., 4.99%, 04/12/29, (1-day SOFR + <br> 1.380%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4085 | 4160770 |
| Morgan Stanley Bank NA |  |  |
| 4.45%, 10/15/27, (1-day SOFR + <br> 0.680%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13025 | 13038368 |
| 4.95%, 01/14/28, (1-day SOFR + <br> 1.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7220 | 7285118 |
| 4.97%, 07/14/28, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4115 | 4171085 |
| 5.02%, 01/12/29, (1-day SOFR + <br> 0.906%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11960 | 12172307 |
| 5.50%, 05/26/28, (1-day SOFR + <br> 0.865%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9680 | 9893752 |
| 5.88%, 10/30/26 | &nbsp;&nbsp; 8625 | 8794621 |
| Morgan Stanley Private Bank N.A. |  |  |
| 4.47%, 07/06/28, (1-day SOFR + <br> 0.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9265 | 9304092 |
| 4.73%, 07/18/31, (1-day SOFR + <br> 1.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11985 | 12155165 |
| National Australia Bank Ltd./New York |  |  |
| 3.91%, 06/09/27 | &nbsp;&nbsp; 1395 | 1393804 |
| 4.31%, 06/13/28 | &nbsp;&nbsp; 3875 | 3912350 |
| 4.50%, 10/26/27 | &nbsp;&nbsp; 3715 | 3753257 |
| 4.53%, 06/13/30 | &nbsp;&nbsp; 4050 | 4122166 |
| 4.79%, 01/10/29 | &nbsp;&nbsp; 4490 | 4601189 |
| 4.90%, 06/13/28 | &nbsp;&nbsp; 3620 | 3711298 |
| 4.90%, 01/14/30 | &nbsp;&nbsp; 3020 | 3116542 |
| 4.94%, 01/12/28 | &nbsp;&nbsp; 5605 | 5730456 |
| 5.09%, 06/11/27 | &nbsp;&nbsp; 4050 | 4128500 |
| National Bank of Canada |  |  |
| 4.50%, 10/10/29 | &nbsp;&nbsp; 4100 | 4125114 |
| 4.95%, 02/01/28, (1-day SOFR + <br> 0.795%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3715 | 3750661 |
| 5.60%, 12/18/28 | &nbsp;&nbsp; 4290 | 4470612 |
| NatWest Group PLC |  |  |
| 3.03%, 11/28/35, (5-year CMT + 2.350%)<sup>(a)</sup> | &nbsp;&nbsp; 4523 | 4114365 |
| 3.07%, 05/22/28, (1-year CMT + 2.550%)<sup>(a)</sup> | &nbsp;&nbsp; 5517 | 5411853 |
| 4.45%, 05/08/30<sup>(a)</sup> | &nbsp;&nbsp; 4694 | 4705108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.89%, 05/18/29<sup>(a)</sup> | &nbsp;&nbsp; $7790 | $7912224 |
| 4.96%, 08/15/30, (1-year CMT + 1.220%)<sup>(a)</sup> | &nbsp;&nbsp; 6380 | 6514108 |
| 5.08%, 01/27/30<sup>(a)</sup> | &nbsp;&nbsp; 5210 | 5323950 |
| 5.12%, 05/23/31, (1-year CMT + 1.050%)<sup>(a)</sup> | &nbsp;&nbsp; 9125 | 9350081 |
| 5.52%, 09/30/28, (1-year CMT + 2.270%)<sup>(a)</sup> | &nbsp;&nbsp; 4350 | 4457280 |
| 5.58%, 03/01/28, (1-year CMT + 1.100%)<sup>(a)</sup> | &nbsp;&nbsp; 3140 | 3198345 |
| 5.78%, 03/01/35, (1-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 6400 | 6686951 |
| 5.81%, 09/13/29, (1-year CMT + 1.950%)<sup>(a)</sup> | &nbsp;&nbsp; 3270 | 3415522 |
| 6.02%, 03/02/34, (1-year CMT + 2.100%)<sup>(a)</sup> | &nbsp;&nbsp; 4415 | 4699968 |
| 6.48%, 06/01/34, (5-year CMT + 2.200%)<sup>(a)</sup> | &nbsp;&nbsp; 3740 | 3926605 |
| Northern Trust Corp. |  |  |
| 1.95%, 05/01/30 | &nbsp;&nbsp; 5591 | 5082554 |
| 3.15%, 05/03/29 | &nbsp;&nbsp; 3567 | 3461410 |
| 3.38%, 05/08/32<sup>(a)</sup> | &nbsp;&nbsp; 3756 | 3671470 |
| 3.65%, 08/03/28<sup>(b)</sup> | &nbsp;&nbsp; 2240 | 2223922 |
| 4.00%, 05/10/27 | &nbsp;&nbsp; 12350 | 12354705 |
| 6.13%, 11/02/32 | &nbsp;&nbsp; 3801 | 4137850 |
| Oesterreichische Kontrollbank AG |  |  |
| 3.63%, 09/09/27 | &nbsp;&nbsp; 1830 | 1826895 |
| 3.75%, 09/05/29 | &nbsp;&nbsp; 2980 | 2982638 |
| 4.00%, 05/28/28 | &nbsp;&nbsp; 1306 | 1317803 |
| 4.13%, 01/18/29 | &nbsp;&nbsp; 4725 | 4788350 |
| 4.25%, 03/01/28 | &nbsp;&nbsp; 3001 | 3042052 |
| 4.50%, 01/24/30 | &nbsp;&nbsp; 5255 | 5411892 |
| 4.75%, 05/21/27 | &nbsp;&nbsp; 4285 | 4354008 |
| 5.00%, 10/23/26<sup>(b)</sup> | &nbsp;&nbsp; 2990 | 3026677 |
| PNC Bank N.A., 4.43%, 07/21/28, (1-day <br> SOFR + 0.727%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4750 | 4767005 |
| PNC Bank NA |  |  |
| 2.70%, 10/22/29 | &nbsp;&nbsp; 4567 | 4295742 |
| 3.10%, 10/25/27 | &nbsp;&nbsp; 5658 | 5553049 |
| 3.25%, 01/22/28 | &nbsp;&nbsp; 4269 | 4202652 |
| 4.05%, 07/26/28 | &nbsp;&nbsp; 7073 | 7049290 |
| PNC Financial Services Group Inc. (The) |  |  |
| 2.31%, 04/23/32, (1-day SOFR + <br> 0.979%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5328 | 4738498 |
| 2.55%, 01/22/30 | &nbsp;&nbsp; 10955 | 10232380 |
| 3.15%, 05/19/27 | &nbsp;&nbsp; 4357 | 4290478 |
| 3.45%, 04/23/29 | &nbsp;&nbsp; 8710 | 8524680 |
| 4.63%, 06/06/33, (1-day SOFR Index + <br> 1.850%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4982 | 4902633 |
| 4.81%, 10/21/32, (1-day SOFR + <br> 1.259%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6140 | 6206385 |
| 4.90%, 05/13/31, (1-day SOFR + <br> 1.333%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5830 | 5945829 |
| 5.07%, 01/24/34, (1-day SOFR + <br> 1.933%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7370 | 7448990 |
| 5.22%, 01/29/31, (1-day SOFR + <br> 1.072%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4535 | 4685767 |
| 5.30%, 01/21/28, (1-day SOFR + <br> 1.342%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4580 | 4648668 |
| 5.35%, 12/02/28, (1-day SOFR + <br> 1.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5030 | 5155756 |
| 5.37%, 07/21/36, (1-day SOFR + <br> 1.417%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3315 | 3367238 |
| 5.40%, 07/23/35, (1-day SOFR + <br> 1.599%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4000 | 4089108 |
| 5.49%, 05/14/30, (1-day SOFR + <br> 1.198%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7925 | 8247964 |
| 5.58%, 06/12/29, (1-day SOFR + <br> 1.841%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6150 | 6378357 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.58%, 01/29/36, (1-day SOFR + <br> 1.394%)<sup>(a)</sup><br>| &nbsp;&nbsp; $4405 | $4542453 |
| 5.68%, 01/22/35, (1-day SOFR + <br> 1.902%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4170 | 4347869 |
| 5.94%, 08/18/34, (1-day SOFR + <br> 1.946%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4355 | 4629537 |
| 6.04%, 10/28/33, (1-day SOFR Index + <br> 2.140%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6200 | 6644212 |
| 6.62%, 10/20/27, (1-day SOFR Index + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6200 | 6356235 |
| 6.88%, 10/20/34, (1-day SOFR + <br> 2.284%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10045 | 11276106 |
| Regions Bank/Birmingham AL, 6.45%, <br> 06/26/37<br>| &nbsp;&nbsp; 2865 | 3095551 |
| Regions Financial Corp. |  |  |
| 1.80%, 08/12/28<sup>(b)</sup> | &nbsp;&nbsp; 2440 | 2282276 |
| 5.50%, 09/06/35, (1-day SOFR +2.060%)<sup>(a)</sup> | &nbsp;&nbsp; 1450 | 1471115 |
| 5.72%, 06/06/30, (1-day SOFR +1.490%)<sup>(a)</sup> | &nbsp;&nbsp; 3355 | 3491674 |
| 7.38%, 12/10/37 | &nbsp;&nbsp; 2623 | 2983669 |
| Royal Bank of Canada |  |  |
| 1.40%, 11/02/26 | &nbsp;&nbsp; 4913 | 4766813 |
| 2.05%, 01/21/27 | &nbsp;&nbsp; 3515 | 3420459 |
| 2.30%, 11/03/31 | &nbsp;&nbsp; 8655 | 7696057 |
| 3.63%, 05/04/27 | &nbsp;&nbsp; 5644 | 5609970 |
| 3.88%, 05/04/32 | &nbsp;&nbsp; 4390 | 4223290 |
| 4.24%, 08/03/27 | &nbsp;&nbsp; 6264 | 6292638 |
| 4.50%, 08/06/29, (1-day SOFR + <br> 0.890%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5925 | 5978899 |
| 4.51%, 10/18/27, (1-day SOFR Index + <br> 0.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4960 | 4974318 |
| 4.52%, 10/18/28, (1-day SOFR Index + <br> 0.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3050 | 3070514 |
| 4.65%, 10/18/30, (1-day SOFR Index + <br> 1.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9320 | 9405563 |
| 4.70%, 08/06/31, (1-day SOFR + <br> 1.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4620 | 4665588 |
| 4.72%, 03/27/28, (1-day SOFR Index + <br> 0.810%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5025 | 5067240 |
| 4.88%, 01/19/27 | &nbsp;&nbsp; 6890 | 6967710 |
| 4.90%, 01/12/28 | &nbsp;&nbsp; 4130 | 4213946 |
| 4.95%, 02/01/29 | &nbsp;&nbsp; 4590 | 4723413 |
| 4.97%, 01/24/29, (1-day SOFR + <br> 0.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6670 | 6789532 |
| 4.97%, 08/02/30, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6515 | 6655410 |
| 4.97%, 05/02/31, (1-day SOFR Index + <br> 1.130%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5015 | 5133900 |
| 5.00%, 02/01/33 | &nbsp;&nbsp; 7695 | 7882453 |
| 5.00%, 05/02/33 | &nbsp;&nbsp; 4350 | 4448263 |
| 5.15%, 02/04/31, (1-day SOFR + <br> 1.030%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8055 | 8294332 |
| 5.15%, 02/01/34 | &nbsp;&nbsp; 5830 | 6022508 |
| 5.20%, 08/01/28 | &nbsp;&nbsp; 4760 | 4915440 |
| 6.00%, 11/01/27 | &nbsp;&nbsp; 6705 | 6971361 |
| Santander Holdings USA Inc. |  |  |
| 2.49%, 01/06/28, (1-day SOFR + <br> 1.249%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4545 | 4428730 |
| 3.24%, 10/05/26 | &nbsp;&nbsp; 4164 | 4114708 |
| 4.40%, 07/13/27 | &nbsp;&nbsp; 5013 | 5021683 |
| 5.35%, 09/06/30, (1-day SOFR + <br> 1.940%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1290 | 1325322 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.47%, 03/20/29, (1-day SOFR + <br> 1.610%)<sup>(a)</sup><br>| &nbsp;&nbsp; $2785 | $2850114 |
| 5.74%, 03/20/31, (1-day SOFR + <br> 1.878%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3615 | 3757089 |
| 6.17%, 01/09/30, (1-day SOFR + <br> 2.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2995 | 3141098 |
| 6.34%, 05/31/35, (1-day SOFR + <br> 2.138%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2925 | 3109663 |
| 6.50%, 03/09/29, (1-day SOFR + <br> 2.356%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4625 | 4842679 |
| 6.57%, 06/12/29, (1-day SOFR + <br> 2.700%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2655 | 2791451 |
| 7.66%, 11/09/31, (1-day SOFR + <br> 3.280%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3485 | 3927009 |
| Santander U.K. Group Holdings PLC |  |  |
| 2.47%, 01/11/28, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4808 | 4685152 |
| 2.90%, 03/15/32, (1-day SOFR + <br> 1.475%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2725 | 2482132 |
| 3.82%, 11/03/28<sup>(a)</sup> | &nbsp;&nbsp; 5266 | 5202214 |
| 4.86%, 09/11/30, (1-day SOFR Index + <br> 1.554%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4180 | 4230812 |
| 5.69%, 04/15/31, (1-day SOFR Index + <br> 1.524%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3300 | 3445602 |
| 6.53%, 01/10/29, (1-day SOFR + <br> 2.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3465 | 3629421 |
| Standard Chartered Bank/New York, 4.85%, <br> 12/03/27<br>| &nbsp;&nbsp; 345 | 351257 |
| State Street Bank & Trust Co. |  |  |
| 4.59%, 11/25/26 | &nbsp;&nbsp; 2570 | 2589731 |
| 4.78%, 11/23/29 | &nbsp;&nbsp; 3905 | 4010102 |
| State Street Corp. |  |  |
| 1.68%, 11/18/27, (1-day SOFR + <br> 0.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2045 | 1983186 |
| 2.20%, 02/07/28, (1-day SOFR + <br> 0.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3685 | 3584895 |
| 2.20%, 03/03/31<sup>(b)</sup> | &nbsp;&nbsp; 4550 | 4056054 |
| 2.40%, 01/24/30<sup>(b)</sup> | &nbsp;&nbsp; 5008 | 4696799 |
| 2.62%, 02/07/33, (1-day SOFR + <br> 1.002%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3175 | 2831918 |
| 3.03%, 11/01/34, (1-day SOFR + <br> 1.490%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2555 | 2396132 |
| 3.15%, 03/30/31, (1-day SOFR + <br> 2.650%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2881 | 2761877 |
| 4.14%, 12/03/29, (3-mo. CME Term SOFR <br> + 1.292%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3258 | 3267705 |
| 4.16%, 08/04/33, (1-day SOFR + <br> 1.726%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3490 | 3382912 |
| 4.33%, 10/22/27 | &nbsp;&nbsp; 6315 | 6367307 |
| 4.42%, 05/13/33, (1-day SOFR + <br> 1.605%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2745 | 2716881 |
| 4.53%, 02/20/29, (1-day SOFR + <br> 1.018%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4650 | 4698744 |
| 4.54%, 02/28/28 | &nbsp;&nbsp; 3270 | 3315125 |
| 4.54%, 04/24/28, (1-day SOFR + <br> 0.950%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2870 | 2890220 |
| 4.68%, 10/22/32, (1-day SOFR + <br> 1.050%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3880 | 3925207 |
| 4.73%, 02/28/30 | &nbsp;&nbsp; 2790 | 2852331 |
| 4.82%, 01/26/34, (1-day SOFR + <br> 1.567%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3175 | 3183158 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 4.83%, 04/24/30 | &nbsp;&nbsp; $4170 | $4279119 |
| 4.99%, 03/18/27 | &nbsp;&nbsp; 5940 | 6032424 |
| 5.15%, 02/28/36, (1-day SOFR + <br> 1.217%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3410 | 3451128 |
| 5.16%, 05/18/34, (1-day SOFR + <br> 1.890%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4335 | 4450025 |
| 5.68%, 11/21/29, (1-day SOFR + <br> 1.484%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4415 | 4631819 |
| 5.82%, 11/04/28, (1-day SOFR + <br> 1.715%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2175 | 2253233 |
| 6.12%, 11/21/34, (1-day SOFR + <br> 1.958%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2300 | 2470169 |
| Sumitomo Mitsui Financial Group Inc. |  |  |
| 1.40%, 09/17/26 | &nbsp;&nbsp; 9110 | 8853651 |
| 1.71%, 01/12/31 | &nbsp;&nbsp; 2635 | 2294285 |
| 1.90%, 09/17/28 | &nbsp;&nbsp; 9280 | 8687799 |
| 2.13%, 07/08/30 | &nbsp;&nbsp; 6435 | 5808814 |
| 2.14%, 09/23/30 | &nbsp;&nbsp; 4166 | 3733676 |
| 2.17%, 01/14/27 | &nbsp;&nbsp; 2559 | 2493348 |
| 2.22%, 09/17/31 | &nbsp;&nbsp; 3495 | 3080252 |
| 2.30%, 01/12/41 | &nbsp;&nbsp; 2620 | 1789071 |
| 2.47%, 01/14/29 | &nbsp;&nbsp; 2225 | 2106496 |
| 2.72%, 09/27/29 | &nbsp;&nbsp; 2491 | 2350575 |
| 2.75%, 01/15/30 | &nbsp;&nbsp; 5800 | 5436007 |
| 2.93%, 09/17/41 | &nbsp;&nbsp; 4120 | 2981273 |
| 3.01%, 10/19/26 | &nbsp;&nbsp; 6818 | 6730614 |
| 3.04%, 07/16/29 | &nbsp;&nbsp; 11245 | 10741822 |
| 3.05%, 01/14/42 | &nbsp;&nbsp; 2415 | 1813818 |
| 3.35%, 10/18/27 | &nbsp;&nbsp; 3769 | 3716931 |
| 3.36%, 07/12/27 | &nbsp;&nbsp; 3566 | 3523836 |
| 3.45%, 01/11/27 | &nbsp;&nbsp; 4502 | 4461975 |
| 3.54%, 01/17/28 | &nbsp;&nbsp; 3966 | 3918169 |
| 3.94%, 07/19/28 | &nbsp;&nbsp; 3814 | 3804029 |
| 4.31%, 10/16/28 | &nbsp;&nbsp; 3232 | 3250791 |
| 4.66%, 07/08/31, (1-day SOFR + <br> 1.190%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1890 | 1912292 |
| 4.95%, 07/08/33, (1-day SOFR + <br> 1.380%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1610 | 1631384 |
| 5.24%, 04/15/30 | &nbsp;&nbsp; 2510 | 2602738 |
| 5.25%, 07/08/36, (1-day SOFR + <br> 1.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2550 | 2587922 |
| 5.32%, 07/09/29 | &nbsp;&nbsp; 3575 | 3705340 |
| 5.42%, 07/09/31 | &nbsp;&nbsp; 4990 | 5224577 |
| 5.45%, 01/15/32 | &nbsp;&nbsp; 2430 | 2543050 |
| 5.52%, 01/13/28 | &nbsp;&nbsp; 8570 | 8847694 |
| 5.56%, 07/09/34 | &nbsp;&nbsp; 5230 | 5458010 |
| 5.63%, 01/15/35 | &nbsp;&nbsp; 3780 | 3966218 |
| 5.71%, 01/13/30 | &nbsp;&nbsp; 6190 | 6527706 |
| 5.72%, 09/14/28 | &nbsp;&nbsp; 5165 | 5391898 |
| 5.77%, 01/13/33 | &nbsp;&nbsp; 8160 | 8657765 |
| 5.78%, 07/13/33 | &nbsp;&nbsp; 3345 | 3560970 |
| 5.80%, 07/13/28 | &nbsp;&nbsp; 3140 | 3284091 |
| 5.81%, 09/14/33<sup>(b)</sup> | &nbsp;&nbsp; 4120 | 4397403 |
| 5.84%, 07/09/44 | &nbsp;&nbsp; 3035 | 3087618 |
| 5.85%, 07/13/30 | &nbsp;&nbsp; 3010 | 3201707 |
| 6.18%, 07/13/43 | &nbsp;&nbsp; 2180 | 2335447 |
| Synchrony Bank, 5.63%, 08/23/27 | &nbsp;&nbsp; 3357 | 3431426 |
| Synovus Bank, 5.63%, 02/15/28 | &nbsp;&nbsp; 1545 | 1576112 |
| Synovus Financial Corp., 6.17%, 11/01/30, <br> (1-day SOFR +2.347%)<sup>(a)</sup><br>| &nbsp;&nbsp; 435 | 452043 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Toronto-Dominion Bank (The) |  |  |
| 1.25%, 09/10/26 | &nbsp;&nbsp; $7258 | $7050757 |
| 1.95%, 01/12/27 | &nbsp;&nbsp; 4680 | 4550776 |
| 2.00%, 09/10/31 | &nbsp;&nbsp; 5173 | 4564610 |
| 2.45%, 01/12/32 | &nbsp;&nbsp; 3270 | 2894304 |
| 2.80%, 03/10/27 | &nbsp;&nbsp; 5775 | 5667240 |
| 3.20%, 03/10/32 | &nbsp;&nbsp; 7200 | 6619695 |
| 3.63%, 09/15/31, (5-year USD Swap + <br> 2.205%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6986 | 6915755 |
| 4.11%, 06/08/27 | &nbsp;&nbsp; 7475 | 7479905 |
| 4.46%, 06/08/32 | &nbsp;&nbsp; 7870 | 7794414 |
| 4.57%, 12/17/26 | &nbsp;&nbsp; 5430 | 5457072 |
| 4.57%, 06/02/28 | &nbsp;&nbsp; 4720 | 4775795 |
| 4.69%, 09/15/27 | &nbsp;&nbsp; 7955 | 8047088 |
| 4.78%, 12/17/29 | &nbsp;&nbsp; 4050 | 4134590 |
| 4.81%, 06/03/30 | &nbsp;&nbsp; 4500 | 4591651 |
| 4.86%, 01/31/28 | &nbsp;&nbsp; 3925 | 3991602 |
| 4.98%, 04/05/27 | &nbsp;&nbsp; 4540 | 4599462 |
| 4.99%, 04/05/29 | &nbsp;&nbsp; 5545 | 5686784 |
| 5.15%, 09/10/34, (5-year CMT + 1.500%)<sup>(a)</sup> | &nbsp;&nbsp; 2990 | 3031682 |
| 5.16%, 01/10/28 | &nbsp;&nbsp; 6525 | 6676009 |
| 5.26%, 12/11/26 | &nbsp;&nbsp; 2930 | 2970591 |
| 5.30%, 01/30/32 | &nbsp;&nbsp; 3890 | 4041456 |
| 5.52%, 07/17/28 | &nbsp;&nbsp; 6270 | 6505966 |
| Truist Bank |  |  |
| 2.25%, 03/11/30 | &nbsp;&nbsp; 7160 | 6521366 |
| 3.80%, 10/30/26 | &nbsp;&nbsp; 6516 | 6475660 |
| 4.42%, 07/24/28, (1-day SOFR + <br> 0.770%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4470 | 4483100 |
| Truist Financial Corp. |  |  |
| 1.13%, 08/03/27 | &nbsp;&nbsp; 3972 | 3759228 |
| 1.89%, 06/07/29, (1-day SOFR + <br> 0.862%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5710 | 5367347 |
| 1.95%, 06/05/30 | &nbsp;&nbsp; 4410 | 3964256 |
| 3.88%, 03/19/29 | &nbsp;&nbsp; 4416 | 4346248 |
| 4.12%, 06/06/28, (1-day SOFR + <br> 1.368%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2495 | 2494907 |
| 4.87%, 01/26/29, (1-day SOFR + <br> 1.435%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4940 | 5013809 |
| 4.92%, 07/28/33, (1-day SOFR + <br> 2.240%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4560 | 4496599 |
| 5.07%, 05/20/31, (1-day SOFR + <br> 1.309%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 6420 | 6571588 |
| 5.12%, 01/26/34, (1-day SOFR + <br> 1.852%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8350 | 8409746 |
| 5.15%, 08/05/32, (1-day SOFR + <br> 1.571%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3215 | 3307536 |
| 5.44%, 01/24/30, (1-day SOFR + <br> 1.620%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6355 | 6582146 |
| 5.71%, 01/24/35, (1-day SOFR + <br> 1.922%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9295 | 9679906 |
| 5.87%, 06/08/34, (1-day SOFR + <br> 2.361%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7885 | 8284214 |
| 6.12%, 10/28/33, (1-day SOFR + <br> 2.300%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3908 | 4172957 |
| 7.16%, 10/30/29, (1-day SOFR + <br> 2.446%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5545 | 6018645 |
| U.S. Bancorp |  |  |
| 1.38%, 07/22/30 | &nbsp;&nbsp; 7468 | 6526778 |
| 2.22%, 01/27/28, (1-day SOFR + <br> 0.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5670 | 5513254 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 2.49%, 11/03/36, (5-year CMT + 0.950%)<sup>(a)</sup> | &nbsp;&nbsp; $6905 | $5938834 |
| 2.68%, 01/27/33, (1-day SOFR + <br> 1.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5183 | 4583921 |
| 3.00%, 07/30/29 | &nbsp;&nbsp; 6029 | 5759387 |
| 3.90%, 04/26/28 | &nbsp;&nbsp; 6564 | 6553492 |
| 4.55%, 07/22/28, (1-day SOFR + <br> 1.660%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7650 | 7702162 |
| 4.65%, 02/01/29, (1-day SOFR + <br> 1.230%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6135 | 6205163 |
| 4.84%, 02/01/34, (1-day SOFR + <br> 1.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6795 | 6755774 |
| 4.97%, 07/22/33, (1-day SOFR + <br> 2.110%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7265 | 7217246 |
| 5.05%, 02/12/31, (1-day SOFR + <br> 1.061%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3990 | 4090476 |
| 5.08%, 05/15/31, (1-day SOFR + <br> 1.296%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1305 | 1341357 |
| 5.10%, 07/23/30, (1-day SOFR + <br> 1.250%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7165 | 7367362 |
| 5.38%, 01/23/30, (1-day SOFR + <br> 1.560%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4110 | 4252458 |
| 5.42%, 02/12/36, (1-day SOFR + <br> 1.411%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3280 | 3356964 |
| 5.68%, 01/23/35, (1-day SOFR + <br> 1.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10070 | 10497655 |
| 5.78%, 06/12/29, (1-day SOFR + <br> 2.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5855 | 6098913 |
| 5.84%, 06/12/34, (1-day SOFR + <br> 2.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5450 | 5753269 |
| 5.85%, 10/21/33, (1-day SOFR + <br> 2.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8305 | 8781635 |
| 6.79%, 10/26/27, (1-day SOFR + <br> 1.880%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4705 | 4836233 |
| Series X, 3.15%, 04/27/27 | &nbsp;&nbsp; 3437 | 3390616 |
| U.S. Bank NA/Cincinnati OH |  |  |
| 4.51%, 10/22/27, (1-day SOFR + <br> 0.690%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2540 | 2546748 |
| 4.73%, 05/15/28, (1-day SOFR + <br> 0.910%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1880 | 1896561 |
| UBS AG/London |  |  |
| 4.50%, 06/26/48 | &nbsp;&nbsp; 4685 | 4054411 |
| 5.65%, 09/11/28 | &nbsp;&nbsp; 5860 | 6123455 |
| UBS AG/Stamford CT |  |  |
| 4.86%, 01/10/28, (1-day SOFR + <br> 0.720%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2140 | 2159067 |
| 5.00%, 07/09/27 | &nbsp;&nbsp; 6310 | 6413558 |
| 7.50%, 02/15/28 | &nbsp;&nbsp; 11610 | 12526388 |
| UBS Group AG, 4.88%, 05/15/45 | &nbsp;&nbsp; 9992 | 9103362 |
| Wachovia Corp., 5.50%, 08/01/35 | &nbsp;&nbsp; 5675 | 5789169 |
| Webster Financial Corp., 4.10%, 03/25/29 | &nbsp;&nbsp; 1435 | 1410542 |
| Wells Fargo & Co. |  |  |
| 2.39%, 06/02/28, (1-day SOFR + <br> 2.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14521 | 14078153 |
| 2.57%, 02/11/31, (3-mo. CME Term SOFR + <br> 1.262%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15033 | 13918392 |
| 2.88%, 10/30/30, (3-mo. CME Term SOFR <br> + 1.432%)<sup>(a)</sup><br>| &nbsp;&nbsp; 16022 | 15131272 |
| 3.00%, 10/23/26 | &nbsp;&nbsp; 15483 | 15277224 |
| 3.07%, 04/30/41, (1-day SOFR + <br> 2.530%)<sup>(a)</sup><br>| &nbsp;&nbsp; 17660 | 13442116 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 3.35%, 03/02/33, (1-day SOFR + <br> 1.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; $16290 | $15022045 |
| 3.53%, 03/24/28, (1-day SOFR + <br> 1.510%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14855 | 14698213 |
| 3.58%, 05/22/28, (3-mo. CME Term SOFR <br> + 1.572%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14579 | 14420426 |
| 3.90%, 05/01/45 | &nbsp;&nbsp; 10141 | 8073325 |
| 4.15%, 01/24/29 | &nbsp;&nbsp; 14207 | 14199907 |
| 4.30%, 07/22/27 | &nbsp;&nbsp; 12701 | 12737410 |
| 4.40%, 06/14/46 | &nbsp;&nbsp; 9532 | 7831549 |
| 4.48%, 04/04/31, (3-mo. CME Term SOFR <br> + 4.032%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9682 | 9715613 |
| 4.61%, 04/25/53, (1-day SOFR + <br> 2.130%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14965 | 12696411 |
| 4.65%, 11/04/44 | &nbsp;&nbsp; 9453 | 8189613 |
| 4.75%, 12/07/46 | &nbsp;&nbsp; 9190 | 7935651 |
| 4.81%, 07/25/28, (1-day SOFR + <br> 1.980%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8805 | 8900177 |
| 4.90%, 07/25/33, (1-day SOFR + <br> 2.100%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13635 | 13713434 |
| 4.90%, 11/17/45 | &nbsp;&nbsp; 9363 | 8291435 |
| 4.97%, 04/23/29, (1-day SOFR + <br> 1.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13415 | 13667949 |
| 5.01%, 04/04/51, (3-mo. CME Term SOFR <br> + 4.502%)<sup>(a)</sup><br>| &nbsp;&nbsp; 24811 | 22432704 |
| 5.15%, 04/23/31, (1-day SOFR + <br> 1.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 19130 | 19706059 |
| 5.20%, 01/23/30, (1-day SOFR + <br> 1.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 11835 | 12175285 |
| 5.21%, 12/03/35, (1-day SOFR + <br> 1.380%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14690 | 14818954 |
| 5.24%, 01/24/31, (1-day SOFR + <br> 1.110%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7780 | 8033793 |
| 5.38%, 02/07/35 | &nbsp;&nbsp; 4110 | 4329271 |
| 5.38%, 11/02/43 | &nbsp;&nbsp; 9088 | 8662877 |
| 5.39%, 04/24/34, (1-day SOFR + <br> 2.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14380 | 14795371 |
| 5.50%, 01/23/35, (1-day SOFR + <br> 1.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 15485 | 15969083 |
| 5.56%, 07/25/34, (1-day SOFR + <br> 1.990%)<sup>(a)</sup><br>| &nbsp;&nbsp; 22089 | 22935283 |
| 5.57%, 07/25/29, (1-day SOFR + <br> 1.740%)<sup>(a)</sup><br>| &nbsp;&nbsp; 13890 | 14397416 |
| 5.61%, 04/23/36, (1-day SOFR + <br> 1.740%)<sup>(a)</sup><br>| &nbsp;&nbsp; 9865 | 10235795 |
| 5.61%, 01/15/44 | &nbsp;&nbsp; 11050 | 10780444 |
| 5.71%, 04/22/28, (1-day SOFR +1.070%)<sup>(a)</sup> | &nbsp;&nbsp; 15335 | 15681913 |
| 5.95%, 12/01/86 | &nbsp;&nbsp; 2721 | 2803783 |
| 6.30%, 10/23/29, (1-day SOFR + <br> 1.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 8650 | 9168740 |
| 6.49%, 10/23/34, (1-day SOFR + <br> 2.060%)<sup>(a)</sup><br>| &nbsp;&nbsp; 14670 | 16122271 |
| Series B, 7.95%, 11/15/29 | &nbsp;&nbsp; 2589 | 2901092 |
| Series W, 4.90%, 01/24/28, (1-day SOFR + <br> 0.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 10530 | 10620407 |
| Wells Fargo Bank NA |  |  |
| 5.25%, 12/11/26 | &nbsp;&nbsp; 9985 | 10125120 |
| 5.45%, 08/07/26 | &nbsp;&nbsp; — |  |
| 5.85%, 02/01/37 | &nbsp;&nbsp; 5369 | 5626217 |
| 5.95%, 08/26/36 | &nbsp;&nbsp; 2872 | 3038774 |
| 6.60%, 01/15/38 | &nbsp;&nbsp; 6461 | 7233495 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Westpac Banking Corp. |  |  |
| 1.95%, 11/20/28 | &nbsp;&nbsp; $5660 | $5323764 |
| 2.15%, 06/03/31 | &nbsp;&nbsp; 5440 | 4889932 |
| 2.65%, 01/16/30 | &nbsp;&nbsp; 3364 | 3176020 |
| 2.67%, 11/15/35, (5-year CMT + 1.750%)<sup>(a)</sup> | &nbsp;&nbsp; 7309 | 6549907 |
| 2.96%, 11/16/40 | &nbsp;&nbsp; 4413 | 3321356 |
| 3.02%, 11/18/36, (5-year CMT + 1.530%)<sup>(a)</sup> | &nbsp;&nbsp; 6120 | 5452697 |
| 3.13%, 11/18/41 | &nbsp;&nbsp; 5354 | 3953245 |
| 3.35%, 03/08/27 | &nbsp;&nbsp; 5145 | 5102342 |
| 3.40%, 01/25/28 | &nbsp;&nbsp; 4655 | 4602879 |
| 4.04%, 08/26/27 | &nbsp;&nbsp; 2196 | 2201035 |
| 4.11%, 07/24/34, (5-year CMT + 2.000%)<sup>(a)</sup> | &nbsp;&nbsp; 5418 | 5299131 |
| 4.32%, 11/23/31, (5-year USD ICE Swap + <br> 2.236%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7898 | 7867208 |
| 4.35%, 07/01/30 | &nbsp;&nbsp; 4650 | 4700388 |
| 4.42%, 07/24/39 | &nbsp;&nbsp; 4431 | 4038289 |
| 4.60%, 10/20/26 | &nbsp;&nbsp; 2135 | 2149315 |
| 5.05%, 04/16/29 | &nbsp;&nbsp; 3440 | 3560725 |
| 5.41%, 08/10/33, (1-year CMT + <br> 2.680%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3150 | 3218449 |
| 5.46%, 11/18/27 | &nbsp;&nbsp; 6492 | 6698927 |
| 5.54%, 11/17/28 | &nbsp;&nbsp; 4905 | 5139834 |
| 5.62%, 11/20/35, (1-year CMT + 1.200%)<sup>(a)</sup> | &nbsp;&nbsp; 6545 | 6668750 |
| 6.82%, 11/17/33 | &nbsp;&nbsp; 3555 | 3945524 |
| Wintrust Financial Corp., 4.85%, 06/06/29 | &nbsp;&nbsp; 1032 | 1021350 |
| Zions Bancorp N.A., 4.70%, 08/18/28, (1-day <br> SOFR + 1.155%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1250 | 1254720 |
| Zions Bancorp NA |  |  |
| 3.25%, 10/29/29 | &nbsp;&nbsp; 2181 | 2027258 |
| 6.82%, 11/19/35, (1-day SOFR + <br> 2.830%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1240 | 1298559 |
|  |  | 6969528528 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Anheuser-Busch <br> Companies LLC/Anheuser-Busch InBev <br> Worldwide Inc.<br>|  |  |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 23558 | 22991523 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 38531 | 35172055 |
| Anheuser-Busch InBev Finance Inc. |  |  |
| 4.00%, 01/17/43 | &nbsp;&nbsp; 160 | 131773 |
| 4.63%, 02/01/44 | &nbsp;&nbsp; 2963 | 2633944 |
| 4.70%, 02/01/36 | &nbsp;&nbsp; 3336 | 3261540 |
| 4.90%, 02/01/46 | &nbsp;&nbsp; 6104 | 5562692 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 8641 | 8408749 |
| 4.38%, 04/15/38 | &nbsp;&nbsp; 3798 | 3571170 |
| 4.44%, 10/06/48 | &nbsp;&nbsp; 8010 | 6757796 |
| 4.50%, 06/01/50 | &nbsp;&nbsp; 990 | 867346 |
| 4.60%, 04/15/48 | &nbsp;&nbsp; 860 | 758308 |
| 4.75%, 01/23/29 | &nbsp;&nbsp; 9384 | 9590771 |
| 4.75%, 04/15/58 | &nbsp;&nbsp; 2385 | 2052816 |
| 4.90%, 01/23/31 | &nbsp;&nbsp; 4494 | 4650521 |
| 4.95%, 01/15/42 | &nbsp;&nbsp; 6765 | 6358972 |
| 5.00%, 06/15/34 | &nbsp;&nbsp; 4518 | 4619001 |
| 5.45%, 01/23/39 | &nbsp;&nbsp; 9315 | 9516057 |
| 5.55%, 01/23/49 | &nbsp;&nbsp; 16970 | 16675457 |
| 5.80%, 01/23/59 | &nbsp;&nbsp; 8736 | 8793740 |
| 5.88%, 06/15/35 | &nbsp;&nbsp; 2045 | 2210242 |
| 8.00%, 11/15/39 | &nbsp;&nbsp; 2805 | 3559180 |
| 8.20%, 01/15/39 | &nbsp;&nbsp; 6171 | 7872859 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Brown-Forman Corp. |  |  |
| 4.00%, 04/15/38 | &nbsp;&nbsp; $1674 | $1479237 |
| 4.50%, 07/15/45 | &nbsp;&nbsp; 3070 | 2646334 |
| 4.75%, 04/15/33 | &nbsp;&nbsp; 3010 | 3027396 |
| Coca-Cola Co. (The) |  |  |
| 1.00%, 03/15/28 | &nbsp;&nbsp; 6834 | 6385972 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 5020 | 4353367 |
| 1.45%, 06/01/27 | &nbsp;&nbsp; 5102 | 4902478 |
| 1.50%, 03/05/28 | &nbsp;&nbsp; 4542 | 4299643 |
| 1.65%, 06/01/30 | &nbsp;&nbsp; 6679 | 5993236 |
| 2.00%, 03/05/31 | &nbsp;&nbsp; 4496 | 4033405 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 6343 | 5925666 |
| 2.25%, 01/05/32 | &nbsp;&nbsp; 9475 | 8438301 |
| 2.50%, 06/01/40 | &nbsp;&nbsp; 5348 | 3917359 |
| 2.50%, 03/15/51 | &nbsp;&nbsp; 6995 | 4139659 |
| 2.60%, 06/01/50 | &nbsp;&nbsp; 7294 | 4461168 |
| 2.75%, 06/01/60 | &nbsp;&nbsp; 5501 | 3225088 |
| 2.88%, 05/05/41 | &nbsp;&nbsp; 3800 | 2862506 |
| 2.90%, 05/25/27 | &nbsp;&nbsp; 4452 | 4382975 |
| 3.00%, 03/05/51 | &nbsp;&nbsp; 6345 | 4198556 |
| 3.38%, 03/25/27 | &nbsp;&nbsp; 6627 | 6580883 |
| 3.45%, 03/25/30 | &nbsp;&nbsp; 6563 | 6397869 |
| 4.20%, 03/25/50 | &nbsp;&nbsp; 3556 | 2938919 |
| 4.65%, 08/14/34<sup>(b)</sup> | &nbsp;&nbsp; 3105 | 3138064 |
| 5.00%, 05/13/34 | &nbsp;&nbsp; 4265 | 4406520 |
| 5.20%, 01/14/55 | &nbsp;&nbsp; 4535 | 4289138 |
| 5.30%, 05/13/54 | &nbsp;&nbsp; 4405 | 4245680 |
| 5.40%, 05/13/64 | &nbsp;&nbsp; 6715 | 6475886 |
| Coca-Cola Consolidated Inc. |  |  |
| 5.25%, 06/01/29 | &nbsp;&nbsp; 3940 | 4067297 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 2375 | 2460722 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.85%, 09/01/32 | &nbsp;&nbsp; 3898 | 3225492 |
| 2.75%, 01/22/30 | &nbsp;&nbsp; 5948 | 5594609 |
| 5.10%, 05/06/35 | &nbsp;&nbsp; 1160 | 1163458 |
| 5.25%, 11/26/43 | &nbsp;&nbsp; 2252 | 2155236 |
| Constellation Brands Inc. |  |  |
| 2.25%, 08/01/31 | &nbsp;&nbsp; 1560 | 1369787 |
| 2.88%, 05/01/30 | &nbsp;&nbsp; 3475 | 3250789 |
| 3.15%, 08/01/29 | &nbsp;&nbsp; 4522 | 4334735 |
| 3.50%, 05/09/27 | &nbsp;&nbsp; 2970 | 2934911 |
| 3.60%, 02/15/28 | &nbsp;&nbsp; 3005 | 2965292 |
| 3.70%, 12/06/26 | &nbsp;&nbsp; 3625 | 3599764 |
| 3.75%, 05/01/50 | &nbsp;&nbsp; 2895 | 2070344 |
| 4.10%, 02/15/48 | &nbsp;&nbsp; 3031 | 2334680 |
| 4.35%, 05/09/27 | &nbsp;&nbsp; 3285 | 3292650 |
| 4.50%, 05/09/47 | &nbsp;&nbsp; 2355 | 1945388 |
| 4.65%, 11/15/28 | &nbsp;&nbsp; 2917 | 2950609 |
| 4.75%, 05/09/32<sup>(b)</sup> | &nbsp;&nbsp; 1105 | 1103591 |
| 4.80%, 01/15/29 | &nbsp;&nbsp; 1995 | 2024401 |
| 4.80%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 1535 | 1556692 |
| 4.90%, 05/01/33<sup>(b)</sup> | &nbsp;&nbsp; 3915 | 3909536 |
| 5.25%, 11/15/48<sup>(b)</sup> | &nbsp;&nbsp; 2480 | 2250736 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | &nbsp;&nbsp; 6106 | 5548516 |
| 2.13%, 04/29/32 | &nbsp;&nbsp; 4128 | 3549581 |
| 2.38%, 10/24/29 | &nbsp;&nbsp; 3865 | 3617044 |
| 3.88%, 05/18/28 | &nbsp;&nbsp; 3429 | 3423268 |
| 3.88%, 04/29/43 | &nbsp;&nbsp; 2532 | 2054262 |
| 5.30%, 10/24/27 | &nbsp;&nbsp; 5085 | 5215315 |
| 5.38%, 10/05/26 | &nbsp;&nbsp; 4060 | 4109666 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 5.50%, 01/24/33 | &nbsp;&nbsp; $3797 | $3980663 |
| 5.63%, 10/05/33 | &nbsp;&nbsp; 3710 | 3924904 |
| 5.88%, 09/30/36 | &nbsp;&nbsp; 3090 | 3327597 |
| Diageo Investment Corp. |  |  |
| 4.25%, 05/11/42 | &nbsp;&nbsp; 1222 | 1052325 |
| 5.13%, 08/15/30 | &nbsp;&nbsp; 1000 | 1036092 |
| 5.63%, 04/15/35 | &nbsp;&nbsp; 600 | 631796 |
| 7.45%, 04/15/35 | &nbsp;&nbsp; 3390 | 4043537 |
| Fomento Economico Mexicano SAB de CV |  |  |
| 3.50%, 01/16/50 | &nbsp;&nbsp; 675 | 480981 |
| 4.38%, 05/10/43 | &nbsp;&nbsp; 700 | 602831 |
| Keurig Dr Pepper Inc. |  |  |
| 2.25%, 03/15/31 | &nbsp;&nbsp; 2783 | 2452071 |
| 2.55%, 09/15/26 | &nbsp;&nbsp; 2678 | 2633091 |
| 3.20%, 05/01/30 | &nbsp;&nbsp; 3114 | 2933579 |
| 3.35%, 03/15/51 | &nbsp;&nbsp; 2805 | 1806171 |
| 3.43%, 06/15/27 | &nbsp;&nbsp; 3668 | 3608904 |
| 3.80%, 05/01/50 | &nbsp;&nbsp; 3250 | 2297353 |
| 3.95%, 04/15/29 | &nbsp;&nbsp; 5745 | 5651780 |
| 4.05%, 04/15/32 | &nbsp;&nbsp; 3865 | 3686411 |
| 4.35%, 05/15/28 | &nbsp;&nbsp; 3655 | 3650027 |
| 4.42%, 12/15/46 | &nbsp;&nbsp; 2007 | 1609439 |
| 4.50%, 11/15/45 | &nbsp;&nbsp; 2810 | 2292538 |
| 4.50%, 04/15/52 | &nbsp;&nbsp; 4630 | 3638465 |
| 4.60%, 05/25/28 | &nbsp;&nbsp; 3400 | 3415207 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 1705 | 1705726 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 2455 | 2500852 |
| 5.09%, 05/25/48 | &nbsp;&nbsp; 1870 | 1630940 |
| 5.10%, 03/15/27 | &nbsp;&nbsp; 2185 | 2205806 |
| 5.15%, 05/15/35 | &nbsp;&nbsp; 2445 | 2413169 |
| 5.30%, 03/15/34 | &nbsp;&nbsp; 1880 | 1896709 |
| Series 10, 5.20%, 03/15/31 | &nbsp;&nbsp; 2885 | 2952188 |
| Molson Coors Beverage Co. |  |  |
| 4.20%, 07/15/46 | &nbsp;&nbsp; 8582 | 6776866 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 5102 | 4641693 |
| PepsiCo Inc. |  |  |
| 1.40%, 02/25/31<sup>(b)</sup> | &nbsp;&nbsp; 4220 | 3655228 |
| 1.63%, 05/01/30 | &nbsp;&nbsp; 5028 | 4505702 |
| 1.95%, 10/21/31 | &nbsp;&nbsp; 5685 | 4992774 |
| 2.38%, 10/06/26 | &nbsp;&nbsp; 4847 | 4765091 |
| 2.63%, 03/19/27 | &nbsp;&nbsp; 3498 | 3430204 |
| 2.63%, 07/29/29<sup>(b)</sup> | &nbsp;&nbsp; 5398 | 5131671 |
| 2.63%, 10/21/41 | &nbsp;&nbsp; 3450 | 2438476 |
| 2.75%, 03/19/30 | &nbsp;&nbsp; 7228 | 6822156 |
| 2.75%, 10/21/51 | &nbsp;&nbsp; 4440 | 2737954 |
| 2.88%, 10/15/49 | &nbsp;&nbsp; 4277 | 2763852 |
| 3.00%, 10/15/27 | &nbsp;&nbsp; 6956 | 6839115 |
| 3.38%, 07/29/49 | &nbsp;&nbsp; 2250 | 1600282 |
| 3.45%, 10/06/46 | &nbsp;&nbsp; 3949 | 2939097 |
| 3.50%, 03/19/40 | &nbsp;&nbsp; 1965 | 1643875 |
| 3.60%, 02/18/28 | &nbsp;&nbsp; 4925 | 4898333 |
| 3.60%, 08/13/42 | &nbsp;&nbsp; 1960 | 1565455 |
| 3.63%, 03/19/50 | &nbsp;&nbsp; 4144 | 3077463 |
| 3.88%, 03/19/60 | &nbsp;&nbsp; 1095 | 814727 |
| 3.90%, 07/18/32 | &nbsp;&nbsp; 6120 | 5941842 |
| 4.00%, 03/05/42 | &nbsp;&nbsp; 2330 | 1983839 |
| 4.00%, 05/02/47 | &nbsp;&nbsp; 2535 | 2049526 |
| 4.10%, 01/15/29 | &nbsp;&nbsp; 3320 | 3328020 |
| 4.20%, 07/18/52 | &nbsp;&nbsp; 2355 | 1917217 |
| 4.25%, 10/22/44 | &nbsp;&nbsp; 1480 | 1268827 |
| 4.30%, 07/23/30 | &nbsp;&nbsp; 2020 | 2031686 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| 4.40%, 02/07/27 | &nbsp;&nbsp; $1740 | $1752500 |
| 4.45%, 02/07/28 | &nbsp;&nbsp; 1940 | 1966049 |
| 4.45%, 05/15/28 | &nbsp;&nbsp; 3620 | 3675529 |
| 4.45%, 02/15/33<sup>(b)</sup> | &nbsp;&nbsp; 4020 | 4027356 |
| 4.45%, 04/14/46 | &nbsp;&nbsp; 4275 | 3745926 |
| 4.50%, 07/17/29 | &nbsp;&nbsp; 4255 | 4334956 |
| 4.60%, 02/07/30 | &nbsp;&nbsp; 2030 | 2075283 |
| 4.65%, 07/23/32 | &nbsp;&nbsp; 2700 | 2732248 |
| 4.65%, 02/15/53 | &nbsp;&nbsp; 2095 | 1822907 |
| 4.80%, 07/17/34 | &nbsp;&nbsp; 3690 | 3720760 |
| 4.88%, 11/01/40 | &nbsp;&nbsp; 1605 | 1547083 |
| 5.00%, 02/07/35 | &nbsp;&nbsp; 1850 | 1878465 |
| 5.00%, 07/23/35 | &nbsp;&nbsp; 3290 | 3318634 |
| 5.13%, 11/10/26 | &nbsp;&nbsp; 3735 | 3781658 |
| 5.25%, 07/17/54 | &nbsp;&nbsp; 3405 | 3250837 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 1850 | 1927802 |
| 7.00%, 03/01/29 | &nbsp;&nbsp; 3645 | 4001221 |
| Pepsico Singapore Financing I Pte Ltd. |  |  |
| 4.55%, 02/16/29 | &nbsp;&nbsp; 2010 | 2042370 |
| 4.65%, 02/16/27 | &nbsp;&nbsp; 2310 | 2332219 |
| 4.70%, 02/16/34 | &nbsp;&nbsp; 2530 | 2518661 |
|  |  | 596314775 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Amgen Inc. |  |  |
| 1.65%, 08/15/28 | &nbsp;&nbsp; 6238 | 5823461 |
| 2.00%, 01/15/32 | &nbsp;&nbsp; 5520 | 4740036 |
| 2.20%, 02/21/27 | &nbsp;&nbsp; 5067 | 4931597 |
| 2.30%, 02/25/31<sup>(b)</sup> | &nbsp;&nbsp; 6006 | 5390360 |
| 2.45%, 02/21/30 | &nbsp;&nbsp; 5092 | 4712162 |
| 2.77%, 09/01/53 | &nbsp;&nbsp; 4045 | 2365168 |
| 2.80%, 08/15/41<sup>(b)</sup> | &nbsp;&nbsp; 3325 | 2397991 |
| 3.00%, 02/22/29 | &nbsp;&nbsp; 2985 | 2871836 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 4317 | 2764547 |
| 3.15%, 02/21/40 | &nbsp;&nbsp; 4942 | 3825140 |
| 3.20%, 11/02/27<sup>(b)</sup> | &nbsp;&nbsp; 5777 | 5668980 |
| 3.35%, 02/22/32 | &nbsp;&nbsp; 3691 | 3439176 |
| 3.38%, 02/21/50 | &nbsp;&nbsp; 7445 | 5194690 |
| 4.05%, 08/18/29 | &nbsp;&nbsp; 5980 | 5951788 |
| 4.20%, 03/01/33 | &nbsp;&nbsp; 4080 | 3940802 |
| 4.20%, 02/22/52 | &nbsp;&nbsp; 3559 | 2767567 |
| 4.40%, 05/01/45 | &nbsp;&nbsp; 10209 | 8633494 |
| 4.40%, 02/22/62 | &nbsp;&nbsp; 4421 | 3410142 |
| 4.56%, 06/15/48 | &nbsp;&nbsp; 6429 | 5415357 |
| 4.66%, 06/15/51 | &nbsp;&nbsp; 13750 | 11634654 |
| 4.88%, 03/01/53 | &nbsp;&nbsp; 4965 | 4288689 |
| 4.95%, 10/01/41 | &nbsp;&nbsp; 3607 | 3338604 |
| 5.15%, 03/02/28 | &nbsp;&nbsp; 17205 | 17600930 |
| 5.15%, 11/15/41 | &nbsp;&nbsp; 3765 | 3560531 |
| 5.25%, 03/02/30 | &nbsp;&nbsp; 12745 | 13198487 |
| 5.25%, 03/02/33 | &nbsp;&nbsp; 16860 | 17299296 |
| 5.60%, 03/02/43 | &nbsp;&nbsp; 12460 | 12302080 |
| 5.65%, 06/15/42 | &nbsp;&nbsp; 2270 | 2267908 |
| 5.65%, 03/02/53 | &nbsp;&nbsp; 16595 | 16026092 |
| 5.75%, 03/15/40 | &nbsp;&nbsp; 1250 | 1284745 |
| 5.75%, 03/02/63 | &nbsp;&nbsp; 11080 | 10616714 |
| 6.38%, 06/01/37 | &nbsp;&nbsp; 2365 | 2598812 |
| 6.40%, 02/01/39 | &nbsp;&nbsp; 3065 | 3320477 |
| Baxalta Inc., 5.25%, 06/23/45 | &nbsp;&nbsp; 2328 | 2179058 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | &nbsp;&nbsp; 8040 | 7314516 |
| 3.15%, 05/01/50 | &nbsp;&nbsp; 6956 | 4330076 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| 3.25%, 02/15/51 | &nbsp;&nbsp; $3686 | $2321322 |
| 5.05%, 01/15/31 | &nbsp;&nbsp; 1175 | 1206672 |
| 5.20%, 09/15/45 | &nbsp;&nbsp; 4902 | 4394190 |
| 5.75%, 05/15/35 | &nbsp;&nbsp; 1265 | 1305538 |
| 6.45%, 05/15/55 | &nbsp;&nbsp; 2715 | 2768864 |
| Bio-Rad Laboratories Inc. |  |  |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 2931 | 2887789 |
| 3.70%, 03/15/32 | &nbsp;&nbsp; 4200 | 3911656 |
| Gilead Sciences Inc. |  |  |
| 1.20%, 10/01/27 | &nbsp;&nbsp; 4717 | 4459117 |
| 1.65%, 10/01/30 | &nbsp;&nbsp; 5248 | 4636288 |
| 2.60%, 10/01/40 | &nbsp;&nbsp; 4396 | 3163216 |
| 2.80%, 10/01/50 | &nbsp;&nbsp; 7425 | 4617090 |
| 2.95%, 03/01/27 | &nbsp;&nbsp; 7829 | 7709948 |
| 4.00%, 09/01/36 | &nbsp;&nbsp; 4383 | 4018750 |
| 4.15%, 03/01/47 | &nbsp;&nbsp; 8290 | 6771906 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 6800 | 5926010 |
| 4.60%, 09/01/35 | &nbsp;&nbsp; 5293 | 5166813 |
| 4.75%, 03/01/46 | &nbsp;&nbsp; 10583 | 9458631 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 3160 | 3241243 |
| 4.80%, 04/01/44 | &nbsp;&nbsp; 5931 | 5403632 |
| 5.10%, 06/15/35 | &nbsp;&nbsp; 4230 | 4287380 |
| 5.25%, 10/15/33<sup>(b)</sup> | &nbsp;&nbsp; 2965 | 3078744 |
| 5.50%, 11/15/54 | &nbsp;&nbsp; 4110 | 3989438 |
| 5.55%, 10/15/53 | &nbsp;&nbsp; 4830 | 4722738 |
| 5.60%, 11/15/64 | &nbsp;&nbsp; 3255 | 3170384 |
| 5.65%, 12/01/41 | &nbsp;&nbsp; 4447 | 4539673 |
| Illumina Inc. |  |  |
| 2.55%, 03/23/31 | &nbsp;&nbsp; 1015 | 904111 |
| 4.65%, 09/09/26 | &nbsp;&nbsp; 2180 | 2184860 |
| 5.75%, 12/13/27 | &nbsp;&nbsp; 3730 | 3836031 |
| Regeneron Pharmaceuticals Inc. |  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 7002 | 6158130 |
| 2.80%, 09/15/50 | &nbsp;&nbsp; 4363 | 2589751 |
| Royalty Pharma PLC |  |  |
| 1.75%, 09/02/27 | &nbsp;&nbsp; 4776 | 4544533 |
| 2.15%, 09/02/31 | &nbsp;&nbsp; 2989 | 2598068 |
| 2.20%, 09/02/30 | &nbsp;&nbsp; 4349 | 3891611 |
| 3.30%, 09/02/40 | &nbsp;&nbsp; 4552 | 3440955 |
| 3.35%, 09/02/51 | &nbsp;&nbsp; 3250 | 2086799 |
| 3.55%, 09/02/50 | &nbsp;&nbsp; 4697 | 3167804 |
| 5.15%, 09/02/29 | &nbsp;&nbsp; 3210 | 3294219 |
| 5.40%, 09/02/34 | &nbsp;&nbsp; 2535 | 2568846 |
| 5.90%, 09/02/54 | &nbsp;&nbsp; 2610 | 2503826 |
|  |  | 368332539 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Amrize Finance U.S. LLC, 7.13%, 07/15/36<sup>(c)</sup> | &nbsp;&nbsp; 1070 | 1219486 |
| Amrize Finance US LLC |  |  |
| 4.60%, 04/07/27<sup>(c)</sup> | &nbsp;&nbsp; 930 | 934880 |
| 4.70%, 04/07/28<sup>(c)</sup> | &nbsp;&nbsp; 1370 | 1386586 |
| 4.95%, 04/07/30<sup>(c)</sup> | &nbsp;&nbsp; 1140 | 1163344 |
| 5.40%, 04/07/35<sup>(c)</sup> | &nbsp;&nbsp; 1250 | 1268229 |
| Carrier Global Corp. |  |  |
| 2.49%, 02/15/27 | &nbsp;&nbsp; 3528 | 3451253 |
| 2.70%, 02/15/31 | &nbsp;&nbsp; 3770 | 3466716 |
| 2.72%, 02/15/30 | &nbsp;&nbsp; 9238 | 8674506 |
| 3.38%, 04/05/40 | &nbsp;&nbsp; 7465 | 5962030 |
| 3.58%, 04/05/50 | &nbsp;&nbsp; 6378 | 4661272 |
| 5.90%, 03/15/34 | &nbsp;&nbsp; 2902 | 3095695 |
| 6.20%, 03/15/54 | &nbsp;&nbsp; 2079 | 2213200 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| CRH America Finance Inc. |  |  |
| 5.40%, 05/21/34 | &nbsp;&nbsp; $1650 | $1694430 |
| 5.50%, 01/09/35 | &nbsp;&nbsp; 3060 | 3157672 |
| 5.88%, 01/09/55 | &nbsp;&nbsp; 940 | 951371 |
| CRH SMW Finance DAC |  |  |
| 5.13%, 01/09/30 | &nbsp;&nbsp; 2740 | 2818241 |
| 5.20%, 05/21/29 | &nbsp;&nbsp; 2300 | 2373253 |
| Eagle Materials Inc., 2.50%, 07/01/31 | &nbsp;&nbsp; 2700 | 2412441 |
| Fortune Brands Innovations Inc. |  |  |
| 3.25%, 09/15/29 | &nbsp;&nbsp; 3977 | 3803957 |
| 4.00%, 03/25/32 | &nbsp;&nbsp; 2255 | 2141941 |
| 4.50%, 03/25/52 | &nbsp;&nbsp; 2942 | 2338836 |
| 5.88%, 06/01/33 | &nbsp;&nbsp; 2584 | 2728061 |
| Johnson Controls International PLC |  |  |
| 4.50%, 02/15/47 | &nbsp;&nbsp; 2962 | 2507175 |
| 4.63%, 07/02/44 | &nbsp;&nbsp; 2515 | 2187162 |
| 4.95%, 07/02/64<sup>(e)</sup> | &nbsp;&nbsp; 2167 | 1844668 |
| 6.00%, 01/15/36 | &nbsp;&nbsp; 1249 | 1352074 |
| Johnson Controls International PLC/Tyco Fire <br> & Security Finance SCA<br>|  |  |
| 1.75%, 09/15/30 | &nbsp;&nbsp; 3115 | 2759977 |
| 2.00%, 09/16/31 | &nbsp;&nbsp; 2655 | 2297888 |
| 4.90%, 12/01/32 | &nbsp;&nbsp; 2990 | 3019221 |
| 5.50%, 04/19/29 | &nbsp;&nbsp; 3235 | 3371839 |
| Lennox International Inc. |  |  |
| 1.70%, 08/01/27 | &nbsp;&nbsp; 1923 | 1833925 |
| 5.50%, 09/15/28 | &nbsp;&nbsp; 2460 | 2547143 |
| Martin Marietta Materials Inc. |  |  |
| 2.40%, 07/15/31 | &nbsp;&nbsp; 2280 | 2033086 |
| 3.20%, 07/15/51 | &nbsp;&nbsp; 4900 | 3249879 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 2343 | 2314061 |
| 3.50%, 12/15/27 | &nbsp;&nbsp; 3614 | 3565497 |
| 4.25%, 12/15/47 | &nbsp;&nbsp; 3735 | 3038479 |
| 5.15%, 12/01/34 | &nbsp;&nbsp; 1880 | 1891353 |
| 5.50%, 12/01/54 | &nbsp;&nbsp; 2240 | 2156121 |
| Series CB, 2.50%, 03/15/30 | &nbsp;&nbsp; 3516 | 3260003 |
| Masco Corp. |  |  |
| 1.50%, 02/15/28 | &nbsp;&nbsp; 3477 | 3254851 |
| 2.00%, 10/01/30 | &nbsp;&nbsp; 2094 | 1867158 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 2610 | 2280582 |
| 3.13%, 02/15/51 | &nbsp;&nbsp; 2021 | 1249528 |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 2338 | 2302990 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 2265 | 1832628 |
| Mohawk Industries Inc. |  |  |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 1700 | 1636484 |
| 5.85%, 09/18/28 | &nbsp;&nbsp; 1825 | 1906170 |
| Owens Corning |  |  |
| 3.50%, 02/15/30 | &nbsp;&nbsp; 1040 | 1004822 |
| 3.88%, 06/01/30 | &nbsp;&nbsp; 2115 | 2063906 |
| 3.95%, 08/15/29 | &nbsp;&nbsp; 3413 | 3370839 |
| 4.30%, 07/15/47 | &nbsp;&nbsp; 3886 | 3150318 |
| 4.40%, 01/30/48 | &nbsp;&nbsp; 2884 | 2355792 |
| 5.50%, 06/15/27 | &nbsp;&nbsp; 1920 | 1962104 |
| 5.70%, 06/15/34 | &nbsp;&nbsp; 3580 | 3745203 |
| 5.95%, 06/15/54<sup>(b)</sup> | &nbsp;&nbsp; 1095 | 1096520 |
| 7.00%, 12/01/36 | &nbsp;&nbsp; 1605 | 1827095 |
| Trane Technologies Financing Ltd. |  |  |
| 3.80%, 03/21/29 | &nbsp;&nbsp; 4590 | 4543984 |
| 4.50%, 03/21/49 | &nbsp;&nbsp; 1925 | 1622452 |
| 4.65%, 11/01/44 | &nbsp;&nbsp; 1493 | 1327007 |
| 5.10%, 06/13/34 | &nbsp;&nbsp; 2735 | 2791864 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| 5.25%, 03/03/33 | &nbsp;&nbsp; $1665 | $1719978 |
| Trane Technologies Global Holding Co. Ltd. |  |  |
| 3.75%, 08/21/28 | &nbsp;&nbsp; 3983 | 3968259 |
| 4.30%, 02/21/48 | &nbsp;&nbsp; 1838 | 1526345 |
| 5.75%, 06/15/43 | &nbsp;&nbsp; 2697 | 2774226 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 4265 | 4116605 |
| 3.90%, 04/01/27 | &nbsp;&nbsp; 2660 | 2650531 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 3634 | 3072161 |
| 4.70%, 03/01/48 | &nbsp;&nbsp; 2538 | 2197722 |
| 4.95%, 12/01/29 | &nbsp;&nbsp; 2175 | 2228655 |
| 5.35%, 12/01/34 | &nbsp;&nbsp; 3490 | 3568261 |
| 5.70%, 12/01/54 | &nbsp;&nbsp; 3535 | 3496895 |
|  |  | 185658886 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Products and Chemicals Inc. |  |  |
| 1.85%, 05/15/27 | &nbsp;&nbsp; 6907 | 6672013 |
| 2.05%, 05/15/30 | &nbsp;&nbsp; 4397 | 4010192 |
| 2.70%, 05/15/40 | &nbsp;&nbsp; 4161 | 3043638 |
| 2.80%, 05/15/50 | &nbsp;&nbsp; 5432 | 3386825 |
| 4.30%, 06/11/28 | &nbsp;&nbsp; 1690 | 1703722 |
| 4.60%, 02/08/29 | &nbsp;&nbsp; 5555 | 5650872 |
| 4.75%, 02/08/31 | &nbsp;&nbsp; 3525 | 3606079 |
| 4.80%, 03/03/33 | &nbsp;&nbsp; 3625 | 3660540 |
| 4.85%, 02/08/34<sup>(b)</sup> | &nbsp;&nbsp; 4640 | 4667638 |
| 4.90%, 10/11/32 | &nbsp;&nbsp; 1600 | 1632128 |
| Albemarle Corp. |  |  |
| 4.65%, 06/01/27 | &nbsp;&nbsp; 3525 | 3527326 |
| 5.05%, 06/01/32<sup>(b)</sup> | &nbsp;&nbsp; 2720 | 2660939 |
| 5.45%, 12/01/44 | &nbsp;&nbsp; 1900 | 1635021 |
| 5.65%, 06/01/52<sup>(b)</sup> | &nbsp;&nbsp; 2230 | 1906424 |
| Cabot Corp. |  |  |
| 4.00%, 07/01/29 | &nbsp;&nbsp; 1870 | 1849291 |
| 5.00%, 06/30/32 | &nbsp;&nbsp; 2390 | 2409644 |
| CF Industries Inc. |  |  |
| 4.95%, 06/01/43 | &nbsp;&nbsp; 4120 | 3684157 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 3956 | 3942174 |
| 5.38%, 03/15/44 | &nbsp;&nbsp; 3162 | 2959773 |
| Dow Chemical Co. (The) |  |  |
| 2.10%, 11/15/30 | &nbsp;&nbsp; 2331 | 2059815 |
| 3.60%, 11/15/50 | &nbsp;&nbsp; 3521 | 2321827 |
| 4.25%, 10/01/34 | &nbsp;&nbsp; 2374 | 2163582 |
| 4.38%, 11/15/42 | &nbsp;&nbsp; 6366 | 5106353 |
| 4.63%, 10/01/44 | &nbsp;&nbsp; 3635 | 2952504 |
| 4.80%, 11/30/28 | &nbsp;&nbsp; 4317 | 4373023 |
| 4.80%, 05/15/49 | &nbsp;&nbsp; 3565 | 2844706 |
| 5.15%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1785 | 1773970 |
| 5.25%, 11/15/41<sup>(b)</sup> | &nbsp;&nbsp; 4041 | 3650471 |
| 5.35%, 03/15/35<sup>(b)</sup> | &nbsp;&nbsp; 2125 | 2105522 |
| 5.55%, 11/30/48 | &nbsp;&nbsp; 4238 | 3794514 |
| 5.60%, 02/15/54 | &nbsp;&nbsp; 2045 | 1817459 |
| 5.95%, 03/15/55 | &nbsp;&nbsp; 2135 | 1987346 |
| 6.30%, 03/15/33 | &nbsp;&nbsp; 1255 | 1343936 |
| 6.90%, 05/15/53<sup>(b)</sup> | &nbsp;&nbsp; 2650 | 2780921 |
| 7.38%, 11/01/29 | &nbsp;&nbsp; 3891 | 4312464 |
| 9.40%, 05/15/39 | &nbsp;&nbsp; 2577 | 3327293 |
| DuPont de Nemours Inc. |  |  |
| 4.73%, 11/15/28 | &nbsp;&nbsp; 10857 | 11062411 |
| 5.32%, 11/15/38 | &nbsp;&nbsp; 4789 | 4991896 |
| 5.42%, 11/15/48 | &nbsp;&nbsp; 8874 | 8929472 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Eastman Chemical Co. |  |  |
| 4.50%, 12/01/28 | &nbsp;&nbsp; $2056 | $2065620 |
| 4.65%, 10/15/44 | &nbsp;&nbsp; 4503 | 3756491 |
| 4.80%, 09/01/42 | &nbsp;&nbsp; 2747 | 2374780 |
| 5.00%, 08/01/29 | &nbsp;&nbsp; 3005 | 3060182 |
| 5.63%, 02/20/34<sup>(b)</sup> | &nbsp;&nbsp; 2580 | 2623563 |
| 5.75%, 03/08/33 | &nbsp;&nbsp; 2225 | 2315401 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | &nbsp;&nbsp; 3320 | 2849018 |
| 1.65%, 02/01/27 | &nbsp;&nbsp; 3607 | 3492518 |
| 2.13%, 02/01/32 | &nbsp;&nbsp; 3390 | 2951087 |
| 2.13%, 08/15/50 | &nbsp;&nbsp; 2708 | 1456707 |
| 2.70%, 11/01/26 | &nbsp;&nbsp; 6112 | 6017704 |
| 2.70%, 12/15/51 | &nbsp;&nbsp; 5125 | 3117774 |
| 2.75%, 08/18/55 | &nbsp;&nbsp; 5679 | 3374497 |
| 3.25%, 12/01/27 | &nbsp;&nbsp; 2975 | 2931901 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 1000 | 799217 |
| 4.30%, 06/15/28 | &nbsp;&nbsp; 1975 | 1992629 |
| 4.80%, 03/24/30 | &nbsp;&nbsp; 3438 | 3536335 |
| 5.00%, 09/01/35 | &nbsp;&nbsp; 2235 | 2252960 |
| 5.25%, 01/15/28 | &nbsp;&nbsp; 3540 | 3645587 |
| 5.50%, 12/08/41 | &nbsp;&nbsp; 805 | 815646 |
| EIDP Inc. |  |  |
| 2.30%, 07/15/30 | &nbsp;&nbsp; 3992 | 3665647 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 1370 | 1372254 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 2160 | 2218942 |
| FMC Corp. |  |  |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 3188 | 3145249 |
| 3.45%, 10/01/29 | &nbsp;&nbsp; 3196 | 3022898 |
| 4.50%, 10/01/49 | &nbsp;&nbsp; 2525 | 1880211 |
| 5.65%, 05/18/33 | &nbsp;&nbsp; 2745 | 2731820 |
| 6.38%, 05/18/53<sup>(b)</sup> | &nbsp;&nbsp; 2480 | 2382647 |
| International Flavors & Fragrances Inc. |  |  |
| 4.38%, 06/01/47 | &nbsp;&nbsp; 2719 | 2108327 |
| 4.45%, 09/26/28 | &nbsp;&nbsp; 1725 | 1732883 |
| 5.00%, 09/26/48 | &nbsp;&nbsp; 3027 | 2607877 |
| Linde Inc./CT |  |  |
| 1.10%, 08/10/30 | &nbsp;&nbsp; 5792 | 5025671 |
| 2.00%, 08/10/50<sup>(b)</sup> | &nbsp;&nbsp; 3075 | 1598759 |
| 3.55%, 11/07/42 | &nbsp;&nbsp; 2642 | 2095699 |
| Lubrizol Corp. (The), 6.50%, 10/01/34 | &nbsp;&nbsp; 2097 | 2357665 |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/44 | &nbsp;&nbsp; 4420 | 3725465 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 2934 | 2587634 |
| LYB International Finance II BV, 3.50%, <br> 03/02/27<br>| &nbsp;&nbsp; 2460 | 2429285 |
| LYB International Finance III LLC |  |  |
| 2.25%, 10/01/30<sup>(b)</sup> | &nbsp;&nbsp; 3092 | 2760417 |
| 3.38%, 10/01/40 | &nbsp;&nbsp; 4458 | 3276053 |
| 3.63%, 04/01/51 | &nbsp;&nbsp; 4826 | 3132192 |
| 3.80%, 10/01/60 | &nbsp;&nbsp; 3331 | 2092374 |
| 4.20%, 10/15/49 | &nbsp;&nbsp; 4298 | 3100959 |
| 4.20%, 05/01/50 | &nbsp;&nbsp; 4742 | 3424084 |
| 5.50%, 03/01/34<sup>(b)</sup> | &nbsp;&nbsp; 3185 | 3167924 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 3110 | 3182555 |
| 6.15%, 05/15/35 | &nbsp;&nbsp; 955 | 986005 |
| LyondellBasell Industries NV, 4.63%, <br> 02/26/55<sup>(b)</sup><br>| &nbsp;&nbsp; 3827 | 2937336 |
| Mosaic Co. (The) |  |  |
| 4.05%, 11/15/27 | &nbsp;&nbsp; 1300 | 1293463 |
| 4.88%, 11/15/41 | &nbsp;&nbsp; 1090 | 968108 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| 5.38%, 11/15/28 | &nbsp;&nbsp; $1500 | $1545832 |
| 5.45%, 11/15/33 | &nbsp;&nbsp; 1817 | 1863317 |
| 5.63%, 11/15/43 | &nbsp;&nbsp; 1173 | 1126297 |
| NewMarket Corp., 2.70%, 03/18/31 | &nbsp;&nbsp; 2181 | 1972966 |
| Nutrien Ltd. |  |  |
| 2.95%, 05/13/30 | &nbsp;&nbsp; 2439 | 2294629 |
| 3.95%, 05/13/50 | &nbsp;&nbsp; 2525 | 1882894 |
| 4.00%, 12/15/26 | &nbsp;&nbsp; 3114 | 3105143 |
| 4.13%, 03/15/35 | &nbsp;&nbsp; 2280 | 2086621 |
| 4.20%, 04/01/29 | &nbsp;&nbsp; 4685 | 4671439 |
| 4.50%, 03/12/27 | &nbsp;&nbsp; 1725 | 1733271 |
| 4.90%, 03/27/28 | &nbsp;&nbsp; 3347 | 3404135 |
| 4.90%, 06/01/43 | &nbsp;&nbsp; 2989 | 2673825 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 3044 | 2695694 |
| 5.20%, 06/21/27 | &nbsp;&nbsp; 2440 | 2478302 |
| 5.25%, 03/12/32 | &nbsp;&nbsp; 2575 | 2645577 |
| 5.25%, 01/15/45 | &nbsp;&nbsp; 2647 | 2454575 |
| 5.40%, 06/21/34 | &nbsp;&nbsp; 2150 | 2189492 |
| 5.63%, 12/01/40 | &nbsp;&nbsp; 1921 | 1906867 |
| 5.80%, 03/27/53 | &nbsp;&nbsp; 2380 | 2343469 |
| 5.88%, 12/01/36 | &nbsp;&nbsp; 2859 | 2979275 |
| 6.13%, 01/15/41 | &nbsp;&nbsp; 655 | 674684 |
| PPG Industries Inc. |  |  |
| 2.55%, 06/15/30 | &nbsp;&nbsp; 2277 | 2101154 |
| 2.80%, 08/15/29 | &nbsp;&nbsp; 2075 | 1969402 |
| 3.75%, 03/15/28 | &nbsp;&nbsp; 4811 | 4767483 |
| Rohm & Haas Co., 7.85%, 07/15/29 | &nbsp;&nbsp; 170 | 189585 |
| RPM International Inc. |  |  |
| 2.95%, 01/15/32 | &nbsp;&nbsp; 2000 | 1790302 |
| 3.75%, 03/15/27 | &nbsp;&nbsp; 3260 | 3233599 |
| 4.25%, 01/15/48 | &nbsp;&nbsp; 1426 | 1172360 |
| 4.55%, 03/01/29 | &nbsp;&nbsp; 2599 | 2614561 |
| 5.25%, 06/01/45 | &nbsp;&nbsp; 2320 | 2153508 |
| Sherwin-Williams Co. (The) |  |  |
| 2.20%, 03/15/32 | &nbsp;&nbsp; 2947 | 2551132 |
| 2.30%, 05/15/30 | &nbsp;&nbsp; 2703 | 2476896 |
| 2.90%, 03/15/52 | &nbsp;&nbsp; 2730 | 1654374 |
| 2.95%, 08/15/29 | &nbsp;&nbsp; 4677 | 4451794 |
| 3.30%, 05/15/50 | &nbsp;&nbsp; 2275 | 1531788 |
| 3.45%, 06/01/27 | &nbsp;&nbsp; 8565 | 8466185 |
| 3.80%, 08/15/49 | &nbsp;&nbsp; 2725 | 2013332 |
| 4.00%, 12/15/42 | &nbsp;&nbsp; 1420 | 1155149 |
| 4.30%, 08/15/28 | &nbsp;&nbsp; 2330 | 2339265 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 2150 | 2161751 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 5878 | 4943118 |
| 4.55%, 03/01/28 | &nbsp;&nbsp; 500 | 504825 |
| 4.55%, 08/01/45 | &nbsp;&nbsp; 1892 | 1614508 |
| 4.80%, 09/01/31 | &nbsp;&nbsp; 1630 | 1663703 |
| 5.15%, 08/15/35 | &nbsp;&nbsp; 2150 | 2165304 |
| Westlake Corp. |  |  |
| 2.88%, 08/15/41 | &nbsp;&nbsp; 2103 | 1430408 |
| 3.13%, 08/15/51 | &nbsp;&nbsp; 2800 | 1709395 |
| 3.38%, 06/15/30 | &nbsp;&nbsp; 2245 | 2143473 |
| 3.38%, 08/15/61 | &nbsp;&nbsp; 2504 | 1482181 |
| 4.38%, 11/15/47<sup>(b)</sup> | &nbsp;&nbsp; 2705 | 2114667 |
| 5.00%, 08/15/46 | &nbsp;&nbsp; 3190 | 2783745 |
|  |  | 388825152 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| American University (The), Series 2019, <br> 3.67%, 04/01/49<br>| &nbsp;&nbsp; 2830 | 2112346 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Automatic Data Processing Inc. |  |  |
| 1.25%, 09/01/30 | &nbsp;&nbsp; $7202 | $6291615 |
| 1.70%, 05/15/28 | &nbsp;&nbsp; 5680 | 5373771 |
| 4.45%, 09/09/34 | &nbsp;&nbsp; 3445 | 3386677 |
| 4.75%, 05/08/32 | &nbsp;&nbsp; 4025 | 4112598 |
| Block Financial LLC |  |  |
| 2.50%, 07/15/28 | &nbsp;&nbsp; 2778 | 2632281 |
| 3.88%, 08/15/30 | &nbsp;&nbsp; 3213 | 3085540 |
| 5.38%, 09/15/32 | &nbsp;&nbsp; 750 | 754535 |
| Brown University, Series A, 2.92%, 09/01/50 | &nbsp;&nbsp; 2835 | 1845028 |
| California Endowment (The), Series 2021, <br> 2.50%, 04/01/51<sup>(b)</sup><br>| &nbsp;&nbsp; 3488 | 2002570 |
| California Institute of Technology |  |  |
| 3.65%, 09/01/2119 | &nbsp;&nbsp; 1094 | 688463 |
| 4.32%, 08/01/45 | &nbsp;&nbsp; 1602 | 1360791 |
| 4.70%, 11/01/2111 | &nbsp;&nbsp; 1769 | 1419521 |
| Case Western Reserve University, 5.41%, <br> 06/01/2122<br>| &nbsp;&nbsp; 1453 | 1345177 |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/27 | &nbsp;&nbsp; 6097 | 6066865 |
| 4.00%, 05/01/32 | &nbsp;&nbsp; 2515 | 2444732 |
| 4.20%, 05/01/28 | &nbsp;&nbsp; 1675 | 1683089 |
| Claremont Mckenna College, 3.78%, <br> 01/01/2122<br>| &nbsp;&nbsp; 830 | 525992 |
| Cornell University, 4.84%, 06/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2070 | 2084844 |
| Duke University |  |  |
| Series 2020, 2.68%, 10/01/44 | &nbsp;&nbsp; 2001 | 1432008 |
| Series 2020, 2.76%, 10/01/50 | &nbsp;&nbsp; 1628 | 1030242 |
| Series 2020, 2.83%, 10/01/55 | &nbsp;&nbsp; 2710 | 1667365 |
| Emory University |  |  |
| Series 2020, 2.14%, 09/01/30 | &nbsp;&nbsp; 358 | 326300 |
| Series 2020, 2.97%, 09/01/50 | &nbsp;&nbsp; 2073 | 1347865 |
| Equifax Inc. |  |  |
| 2.35%, 09/15/31 | &nbsp;&nbsp; 5415 | 4774646 |
| 3.10%, 05/15/30 | &nbsp;&nbsp; 3296 | 3110458 |
| 4.80%, 09/15/29 | &nbsp;&nbsp; 3550 | 3606412 |
| 5.10%, 12/15/27 | &nbsp;&nbsp; 4310 | 4390994 |
| 5.10%, 06/01/28 | &nbsp;&nbsp; 3540 | 3618521 |
| Ford Foundation (The) |  |  |
| Series 2020, 2.42%, 06/01/50<sup>(b)</sup> | &nbsp;&nbsp; 2760 | 1615155 |
| Series 2020, 2.82%, 06/01/70 | &nbsp;&nbsp; 3167 | 1765209 |
| George Washington University (The) |  |  |
| 4.87%, 09/15/45 | &nbsp;&nbsp; 1735 | 1571024 |
| Series 2014, 4.30%, 09/15/44 | &nbsp;&nbsp; 1595 | 1343978 |
| Series 2018, 4.13%, 09/15/48 | &nbsp;&nbsp; 3791 | 3030379 |
| Georgetown University (The) |  |  |
| 5.12%, 04/01/53<sup>(b)</sup> | &nbsp;&nbsp; 280 | 261321 |
| Series 20A, 2.94%, 04/01/50 | &nbsp;&nbsp; 1744 | 1107440 |
| Series A, 5.22%, 10/01/2118 | &nbsp;&nbsp; 1286 | 1105080 |
| Series B, 4.32%, 04/01/49 | &nbsp;&nbsp; 1993 | 1623902 |
| Global Payments Inc. |  |  |
| 2.15%, 01/15/27 | &nbsp;&nbsp; 4647 | 4516744 |
| 2.90%, 05/15/30 | &nbsp;&nbsp; 3909 | 3613135 |
| 2.90%, 11/15/31 | &nbsp;&nbsp; 3609 | 3228669 |
| 3.20%, 08/15/29 | &nbsp;&nbsp; 6032 | 5724625 |
| 4.15%, 08/15/49 | &nbsp;&nbsp; 3839 | 2830195 |
| 4.45%, 06/01/28 | &nbsp;&nbsp; 2810 | 2817137 |
| 4.95%, 08/15/27 | &nbsp;&nbsp; 2669 | 2699546 |
| 5.30%, 08/15/29 | &nbsp;&nbsp; 2620 | 2682260 |
| 5.40%, 08/15/32 | &nbsp;&nbsp; 3420 | 3480573 |
| 5.95%, 08/15/52<sup>(b)</sup> | &nbsp;&nbsp; 3665 | 3487284 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| GXO Logistics Inc. |  |  |
| 2.65%, 07/15/31 | &nbsp;&nbsp; $2852 | $2527883 |
| 6.25%, 05/06/29 | &nbsp;&nbsp; 2920 | 3061866 |
| 6.50%, 05/06/34 | &nbsp;&nbsp; 2670 | 2825086 |
| Howard University, 5.21%, 10/01/52 | &nbsp;&nbsp; 978 | 849013 |
| J Paul Getty Trust (The), 4.91%, 04/01/35 | &nbsp;&nbsp; 2100 | 2136788 |
| Johns Hopkins University |  |  |
| 4.71%, 07/01/32<sup>(b)</sup> | &nbsp;&nbsp; 1450 | 1464825 |
| Series 2013, 4.08%, 07/01/53 | &nbsp;&nbsp; 2283 | 1809621 |
| Series A, 2.81%, 01/01/60 | &nbsp;&nbsp; 1785 | 1049490 |
| Leland Stanford Junior University (The) |  |  |
| 1.29%, 06/01/27 | &nbsp;&nbsp; 1380 | 1319974 |
| 2.41%, 06/01/50 | &nbsp;&nbsp; 2355 | 1385786 |
| 3.65%, 05/01/48 | &nbsp;&nbsp; 3541 | 2748608 |
| 4.68%, 03/01/35 | &nbsp;&nbsp; 2100 | 2104042 |
| Series 2025, 4.15%, 08/01/30 | &nbsp;&nbsp; 2100 | 2108911 |
| Massachusetts Institute of Technology |  |  |
| 3.07%, 04/01/52 | &nbsp;&nbsp; 2428 | 1614719 |
| 3.89%, 07/01/2116 | &nbsp;&nbsp; 708 | 484219 |
| 3.96%, 07/01/38 | &nbsp;&nbsp; 819 | 747347 |
| 4.68%, 07/01/2114 | &nbsp;&nbsp; 2478 | 2047222 |
| 5.60%, 07/01/2111 | &nbsp;&nbsp; 3070 | 2998470 |
| 5.62%, 06/01/55 | &nbsp;&nbsp; 2410 | 2462454 |
| Series F, 2.99%, 07/01/50 | &nbsp;&nbsp; 2636 | 1755762 |
| Series G, 2.29%, 07/01/51<sup>(b)</sup> | &nbsp;&nbsp; 1844 | 1038874 |
| Moody's Corp. |  |  |
| 2.00%, 08/19/31 | &nbsp;&nbsp; 3652 | 3208635 |
| 2.75%, 08/19/41 | &nbsp;&nbsp; 3095 | 2183770 |
| 3.10%, 11/29/61 | &nbsp;&nbsp; 2345 | 1443269 |
| 3.25%, 01/15/28 | &nbsp;&nbsp; 3634 | 3575134 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 1593 | 1059442 |
| 3.75%, 02/25/52 | &nbsp;&nbsp; 2100 | 1540936 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 3246 | 3260527 |
| 4.25%, 08/08/32 | &nbsp;&nbsp; 3110 | 3060402 |
| 4.88%, 12/17/48 | &nbsp;&nbsp; 2055 | 1828299 |
| 5.00%, 08/05/34 | &nbsp;&nbsp; 2555 | 2589460 |
| 5.25%, 07/15/44 | &nbsp;&nbsp; 2981 | 2855155 |
| Northeastern University, Series 2020, 2.89%, <br> 10/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 1541 | 1018612 |
| Northwestern University |  |  |
| 4.64%, 12/01/44 | &nbsp;&nbsp; 2040 | 1930308 |
| 4.94%, 12/01/35 | &nbsp;&nbsp; 2175 | 2214447 |
| Series 2017, 3.66%, 12/01/57<sup>(b)</sup> | &nbsp;&nbsp; 1729 | 1240005 |
| Series 2020, 2.64%, 12/01/50 | &nbsp;&nbsp; 2694 | 1662624 |
| PayPal Holdings Inc. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; 5804 | 5328021 |
| 2.65%, 10/01/26 | &nbsp;&nbsp; 4726 | 4652341 |
| 2.85%, 10/01/29 | &nbsp;&nbsp; 6319 | 6024117 |
| 3.25%, 06/01/50 | &nbsp;&nbsp; 5257 | 3575127 |
| 3.90%, 06/01/27 | &nbsp;&nbsp; 2040 | 2037845 |
| 4.40%, 06/01/32 | &nbsp;&nbsp; 4985 | 4949089 |
| 4.45%, 03/06/28 | &nbsp;&nbsp; 910 | 920364 |
| 5.05%, 06/01/52 | &nbsp;&nbsp; 4810 | 4394933 |
| 5.10%, 04/01/35 | &nbsp;&nbsp; 1775 | 1796390 |
| 5.15%, 06/01/34 | &nbsp;&nbsp; 4410 | 4504836 |
| 5.25%, 06/01/62 | &nbsp;&nbsp; 3150 | 2895097 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 1330 | 1291950 |
| President and Fellows of Harvard College |  |  |
| 2.52%, 10/15/50<sup>(b)</sup> | &nbsp;&nbsp; 3184 | 1912523 |
| 3.15%, 07/15/46 | &nbsp;&nbsp; 2150 | 1548770 |
| 3.30%, 07/15/56 | &nbsp;&nbsp; 2006 | 1360245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| 3.75%, 11/15/52 | &nbsp;&nbsp; $1420 | $1070413 |
| 4.88%, 10/15/40 | &nbsp;&nbsp; 895 | 877302 |
| 4.89%, 03/15/30 | &nbsp;&nbsp; 225 | 232285 |
| Series ., 4.61%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 200 | 199865 |
| Quanta Services Inc. |  |  |
| 2.35%, 01/15/32 | &nbsp;&nbsp; 2286 | 1986423 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 3635 | 3384523 |
| 3.05%, 10/01/41 | &nbsp;&nbsp; 2740 | 1970269 |
| 4.30%, 08/09/28 | &nbsp;&nbsp; 1625 | 1629470 |
| 4.50%, 01/15/31 | &nbsp;&nbsp; 1625 | 1622263 |
| 4.75%, 08/09/27 | &nbsp;&nbsp; 2050 | 2071577 |
| 5.10%, 08/09/35 | &nbsp;&nbsp; 1625 | 1609195 |
| 5.25%, 08/09/34 | &nbsp;&nbsp; 2050 | 2077080 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | &nbsp;&nbsp; 4619 | 4380782 |
| 4.00%, 03/18/29 | &nbsp;&nbsp; 6212 | 6187090 |
| 4.75%, 03/27/30 | &nbsp;&nbsp; 1860 | 1899413 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 2240 | 2265936 |
| 5.25%, 03/27/35 | &nbsp;&nbsp; 650 | 664696 |
| Rockefeller Foundation (The), Series 2020, <br> 2.49%, 10/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 5399 | 3202193 |
| Rollins Inc., 5.25%, 02/24/35 | &nbsp;&nbsp; 740 | 744204 |
| S&P Global Inc. |  |  |
| 1.25%, 08/15/30 | &nbsp;&nbsp; 4398 | 3824871 |
| 2.30%, 08/15/60 | &nbsp;&nbsp; 3105 | 1559015 |
| 2.45%, 03/01/27 | &nbsp;&nbsp; 5275 | 5153531 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 2847 | 2667592 |
| 2.70%, 03/01/29 | &nbsp;&nbsp; 5765 | 5513065 |
| 2.90%, 03/01/32 | &nbsp;&nbsp; 3921 | 3583553 |
| 2.95%, 01/22/27 | &nbsp;&nbsp; 4526 | 4457401 |
| 3.25%, 12/01/49 | &nbsp;&nbsp; 4103 | 2854603 |
| 3.70%, 03/01/52 | &nbsp;&nbsp; 5770 | 4307926 |
| 3.90%, 03/01/62 | &nbsp;&nbsp; 1189 | 883487 |
| 4.25%, 05/01/29 | &nbsp;&nbsp; 4490 | 4519412 |
| 4.75%, 08/01/28 | &nbsp;&nbsp; 3850 | 3925856 |
| 5.25%, 09/15/33 | &nbsp;&nbsp; 2787 | 2906249 |
| Thomas Jefferson University, 3.85%, 11/01/57 | &nbsp;&nbsp; 1469 | 1019466 |
| TR Finance LLC |  |  |
| 5.50%, 08/15/35 | &nbsp;&nbsp; 2772 | 2838465 |
| 5.65%, 11/23/43 | &nbsp;&nbsp; 1836 | 1808017 |
| 5.85%, 04/15/40 | &nbsp;&nbsp; 2759 | 2836854 |
| Triton Container International Ltd./TAL <br> International Container Corp., 3.25%, <br> 03/15/32<br>| &nbsp;&nbsp; 2794 | 2465946 |
| Trustees of Boston College, 3.13%, 07/01/52 | &nbsp;&nbsp; 1803 | 1221092 |
| Trustees of Columbia University in the City of <br> New York (The), Series 2024, 4.36%, <br> 10/01/35<br>| &nbsp;&nbsp; 650 | 631858 |
| Trustees of Dartmouth College, 4.27%, <br> 06/01/30<br>| &nbsp;&nbsp; 875 | 882256 |
| Trustees of Princeton University (The) |  |  |
| 4.20%, 03/01/52 | &nbsp;&nbsp; 1580 | 1305663 |
| 4.65%, 07/01/30 | &nbsp;&nbsp; 290 | 297029 |
| 5.70%, 03/01/39 | &nbsp;&nbsp; 2490 | 2662920 |
| Series 2020, 2.52%, 07/01/50 | &nbsp;&nbsp; 2922 | 1766414 |
| Trustees of the University of Pennsylvania <br> (The)<br>|  |  |
| 3.61%, 02/15/2119 | &nbsp;&nbsp; 2318 | 1468946 |
| 4.67%, 09/01/2112 | &nbsp;&nbsp; 390 | 316614 |
| Series 2020, 2.40%, 10/01/50 | &nbsp;&nbsp; 1863 | 1078481 |
| UL Solutions Inc., 6.50%, 10/20/28<sup>(c)</sup> | &nbsp;&nbsp; 1150 | 1217968 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| University of Chicago (The) |  |  |
| 3.00%, 10/01/52<sup>(b)</sup> | &nbsp;&nbsp; $320 | $211915 |
| 4.00%, 10/01/53 | &nbsp;&nbsp; 2064 | 1604321 |
| Series 20B, 2.76%, 04/01/45 | &nbsp;&nbsp; 1477 | 1153693 |
| Series C, 2.55%, 04/01/50 | &nbsp;&nbsp; 1696 | 1087844 |
| University of Miami, 4.06%, 04/01/52<sup>(b)</sup> | &nbsp;&nbsp; 2047 | 1607928 |
| University of Notre Dame du Lac |  |  |
| Series 2015, 3.44%, 02/15/45 | &nbsp;&nbsp; 2250 | 1720907 |
| Series 2017, 3.39%, 02/15/48 | &nbsp;&nbsp; 2154 | 1583908 |
| University of Southern California |  |  |
| 2.81%, 10/01/50 | &nbsp;&nbsp; 1370 | 854289 |
| 3.03%, 10/01/39 | &nbsp;&nbsp; 3714 | 3057443 |
| 4.98%, 10/01/53<sup>(b)</sup> | &nbsp;&nbsp; 1645 | 1501302 |
| 5.25%, 10/01/2111 | &nbsp;&nbsp; 1128 | 1027510 |
| Series 2017, 3.84%, 10/01/47 | &nbsp;&nbsp; 2173 | 1706770 |
| Series 21A, 2.95%, 10/01/51 | &nbsp;&nbsp; 2735 | 1752817 |
| Series A, 3.23%, 10/01/2120 | &nbsp;&nbsp; 979 | 552815 |
| Verisk Analytics Inc. |  |  |
| 3.63%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 2591 | 1853919 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 4453 | 4450765 |
| 4.50%, 08/15/30 | &nbsp;&nbsp; 1330 | 1335020 |
| 5.13%, 02/15/36 | &nbsp;&nbsp; 2150 | 2135989 |
| 5.25%, 06/05/34 | &nbsp;&nbsp; 2690 | 2746176 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 2000 | 2016029 |
| 5.50%, 06/15/45 | &nbsp;&nbsp; 1950 | 1879782 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 2870 | 3029241 |
| Washington University (The) |  |  |
| 3.52%, 04/15/54 | &nbsp;&nbsp; 2816 | 2003864 |
| 4.35%, 04/15/2122<sup>(b)</sup> | &nbsp;&nbsp; 1599 | 1198882 |
| William Marsh Rice University |  |  |
| 3.57%, 05/15/45 | &nbsp;&nbsp; 1545 | 1212485 |
| 3.77%, 05/15/55<sup>(b)</sup> | &nbsp;&nbsp; 1695 | 1266982 |
| Yale University |  |  |
| Series 2020, 1.48%, 04/15/30 | &nbsp;&nbsp; 1479 | 1319578 |
| Series 2020, 2.40%, 04/15/50<sup>(b)</sup> | &nbsp;&nbsp; 1988 | 1168419 |
| Series 2025, 4.70%, 04/15/32 | &nbsp;&nbsp; 425 | 433783 |
|  |  | 398952440 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | &nbsp;&nbsp; 3950 | 3950189 |
| 4.05%, 10/04/29 | &nbsp;&nbsp; 4815 | 4810608 |
| 4.25%, 10/04/31 | &nbsp;&nbsp; 5365 | 5343862 |
| 4.50%, 10/04/34 | &nbsp;&nbsp; 5275 | 5149133 |
| Amdocs Ltd., 2.54%, 06/15/30 | &nbsp;&nbsp; 3621 | 3311154 |
| Apple Inc. |  |  |
| 1.20%, 02/08/28 | &nbsp;&nbsp; 8577 | 8067984 |
| 1.25%, 08/20/30 | &nbsp;&nbsp; 8822 | 7744222 |
| 1.40%, 08/05/28 | &nbsp;&nbsp; 10605 | 9927108 |
| 1.65%, 05/11/30 | &nbsp;&nbsp; 8863 | 7991196 |
| 1.65%, 02/08/31 | &nbsp;&nbsp; 8750 | 7736138 |
| 1.70%, 08/05/31 | &nbsp;&nbsp; 5748 | 5052205 |
| 2.05%, 09/11/26 | &nbsp;&nbsp; 4667 | 4579627 |
| 2.20%, 09/11/29 | &nbsp;&nbsp; 7035 | 6587417 |
| 2.38%, 02/08/41 | &nbsp;&nbsp; 4990 | 3494524 |
| 2.40%, 08/20/50 | &nbsp;&nbsp; 4471 | 2622745 |
| 2.45%, 08/04/26 | &nbsp;&nbsp; — |  |
| 2.55%, 08/20/60<sup>(b)</sup> | &nbsp;&nbsp; 11962 | 6786196 |
| 2.65%, 05/11/50 | &nbsp;&nbsp; 10006 | 6191950 |
| 2.65%, 02/08/51 | &nbsp;&nbsp; 10500 | 6442091 |
| 2.70%, 08/05/51 | &nbsp;&nbsp; 8904 | 5483297 |
| 2.80%, 02/08/61 | &nbsp;&nbsp; 6293 | 3678636 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| 2.85%, 08/05/61 | &nbsp;&nbsp; $5585 | $3291630 |
| 2.90%, 09/12/27 | &nbsp;&nbsp; 9746 | 9586763 |
| 2.95%, 09/11/49 | &nbsp;&nbsp; 7283 | 4831740 |
| 3.00%, 06/20/27 | &nbsp;&nbsp; 2570 | 2537635 |
| 3.00%, 11/13/27 | &nbsp;&nbsp; 7647 | 7534109 |
| 3.20%, 05/11/27 | &nbsp;&nbsp; 9422 | 9323964 |
| 3.25%, 08/08/29<sup>(b)</sup> | &nbsp;&nbsp; 4500 | 4402565 |
| 3.35%, 02/09/27 | &nbsp;&nbsp; 5770 | 5729318 |
| 3.35%, 08/08/32 | &nbsp;&nbsp; 7655 | 7257981 |
| 3.45%, 02/09/45 | &nbsp;&nbsp; 8616 | 6677356 |
| 3.75%, 09/12/47 | &nbsp;&nbsp; 6049 | 4747156 |
| 3.75%, 11/13/47 | &nbsp;&nbsp; 6552 | 5169915 |
| 3.85%, 05/04/43 | &nbsp;&nbsp; 12998 | 10855814 |
| 3.85%, 08/04/46 | &nbsp;&nbsp; 10389 | 8380626 |
| 3.95%, 08/08/52 | &nbsp;&nbsp; 8150 | 6415704 |
| 4.00%, 05/10/28 | &nbsp;&nbsp; 4270 | 4297491 |
| 4.00%, 05/12/28 | &nbsp;&nbsp; 4820 | 4850766 |
| 4.10%, 08/08/62 | &nbsp;&nbsp; 5305 | 4144178 |
| 4.15%, 05/10/30 | &nbsp;&nbsp; 2960 | 2998247 |
| 4.20%, 05/12/30 | &nbsp;&nbsp; 4690 | 4746081 |
| 4.25%, 02/09/47<sup>(b)</sup> | &nbsp;&nbsp; 4486 | 3843309 |
| 4.30%, 05/10/33 | &nbsp;&nbsp; 4855 | 4884432 |
| 4.38%, 05/13/45 | &nbsp;&nbsp; 8464 | 7464936 |
| 4.45%, 05/06/44 | &nbsp;&nbsp; 3672 | 3369042 |
| 4.50%, 05/12/32 | &nbsp;&nbsp; 4250 | 4322669 |
| 4.50%, 02/23/36<sup>(b)</sup> | &nbsp;&nbsp; 7643 | 7657063 |
| 4.65%, 02/23/46 | &nbsp;&nbsp; 15159 | 13841562 |
| 4.75%, 05/12/35 | &nbsp;&nbsp; 4270 | 4335792 |
| 4.85%, 05/10/53<sup>(b)</sup> | &nbsp;&nbsp; 4365 | 4121073 |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33<sup>(b)</sup> | &nbsp;&nbsp; 1437 | 1500161 |
| 5.95%, 04/15/35<sup>(b)</sup> | &nbsp;&nbsp; 1500 | 1546794 |
| CGI Inc. |  |  |
| 1.45%, 09/14/26 | &nbsp;&nbsp; 2991 | 2908233 |
| 2.30%, 09/14/31 | &nbsp;&nbsp; 3073 | 2700214 |
| 4.95%, 03/14/30<sup>(c)</sup> | &nbsp;&nbsp; 2020 | 2060937 |
| Dell Inc. |  |  |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 2165 | 2309983 |
| 7.10%, 04/15/28 | &nbsp;&nbsp; 3505 | 3752982 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/41 | &nbsp;&nbsp; 5560 | 4144877 |
| 3.45%, 12/15/51 | &nbsp;&nbsp; 4859 | 3313919 |
| 4.35%, 02/01/30 | &nbsp;&nbsp; 2680 | 2675448 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 1385 | 1403790 |
| 4.85%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 3835 | 3728318 |
| 4.90%, 10/01/26 | &nbsp;&nbsp; 8994 | 9036030 |
| 5.00%, 04/01/30 | &nbsp;&nbsp; 2350 | 2406676 |
| 5.25%, 02/01/28 | &nbsp;&nbsp; 2420 | 2480004 |
| 5.30%, 10/01/29 | &nbsp;&nbsp; 7595 | 7859136 |
| 5.30%, 04/01/32 | &nbsp;&nbsp; 3990 | 4110394 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 3900 | 3984980 |
| 5.50%, 04/01/35 | &nbsp;&nbsp; 4390 | 4473410 |
| 5.75%, 02/01/33 | &nbsp;&nbsp; 3420 | 3603037 |
| 6.10%, 07/15/27 | &nbsp;&nbsp; 3250 | 3354875 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 3313 | 3561358 |
| 8.10%, 07/15/36 | &nbsp;&nbsp; 4592 | 5562343 |
| 8.35%, 07/15/46 | &nbsp;&nbsp; 2285 | 2915417 |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/26 | &nbsp;&nbsp; 3505 | 3406879 |
| 2.38%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 3727 | 3496691 |
| Fortinet Inc., 2.20%, 03/15/31 | &nbsp;&nbsp; 3699 | 3295622 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Genpact Luxembourg SARL/Genpact <br> USA Inc., 6.00%, 06/04/29<br>| &nbsp;&nbsp; $1780 | $1854716 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 09/25/27 | &nbsp;&nbsp; 6240 | 6268219 |
| 4.45%, 09/25/26 | &nbsp;&nbsp; 6770 | 6779281 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 7210 | 7256361 |
| 4.85%, 10/15/31 | &nbsp;&nbsp; 4680 | 4715485 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 5660 | 5560556 |
| 5.25%, 07/01/28 | &nbsp;&nbsp; 3235 | 3327566 |
| 5.60%, 10/15/54 | &nbsp;&nbsp; 5480 | 5051864 |
| 6.20%, 10/15/35 | &nbsp;&nbsp; 4945 | 5276970 |
| 6.35%, 10/15/45 | &nbsp;&nbsp; 8022 | 8261127 |
| HP Inc. |  |  |
| 2.65%, 06/17/31 | &nbsp;&nbsp; 5385 | 4833268 |
| 3.00%, 06/17/27 | &nbsp;&nbsp; 4974 | 4874024 |
| 3.40%, 06/17/30 | &nbsp;&nbsp; 565 | 537586 |
| 4.00%, 04/15/29 | &nbsp;&nbsp; 5240 | 5172104 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 3165 | 3053476 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 4535 | 4595140 |
| 5.40%, 04/25/30 | &nbsp;&nbsp; 1640 | 1703346 |
| 5.50%, 01/15/33 | &nbsp;&nbsp; 5705 | 5857599 |
| 6.00%, 09/15/41<sup>(b)</sup> | &nbsp;&nbsp; 6207 | 6302432 |
| 6.10%, 04/25/35 | &nbsp;&nbsp; 2150 | 2246994 |
| IBM International Capital Pte Ltd. |  |  |
| 4.60%, 02/05/27 | &nbsp;&nbsp; 3165 | 3186091 |
| 4.60%, 02/05/29 | &nbsp;&nbsp; 4500 | 4563538 |
| 4.75%, 02/05/31 | &nbsp;&nbsp; 3905 | 3981633 |
| 4.90%, 02/05/34 | &nbsp;&nbsp; 4580 | 4583907 |
| 5.25%, 02/05/44 | &nbsp;&nbsp; 3150 | 3015975 |
| 5.30%, 02/05/54 | &nbsp;&nbsp; 6580 | 6088566 |
| International Business Machines Corp. |  |  |
| 1.70%, 05/15/27 | &nbsp;&nbsp; 6174 | 5940203 |
| 1.95%, 05/15/30 | &nbsp;&nbsp; 6710 | 6060727 |
| 2.20%, 02/09/27 | &nbsp;&nbsp; 3725 | 3628194 |
| 2.72%, 02/09/32 | &nbsp;&nbsp; 2285 | 2056433 |
| 2.85%, 05/15/40 | &nbsp;&nbsp; 2818 | 2085905 |
| 2.95%, 05/15/50 | &nbsp;&nbsp; 3289 | 2078072 |
| 3.30%, 01/27/27 | &nbsp;&nbsp; 3198 | 3165765 |
| 3.43%, 02/09/52 | &nbsp;&nbsp; 4480 | 3051500 |
| 3.50%, 05/15/29 | &nbsp;&nbsp; 12875 | 12617054 |
| 4.00%, 06/20/42 | &nbsp;&nbsp; 3901 | 3227171 |
| 4.15%, 07/27/27 | &nbsp;&nbsp; 4448 | 4464987 |
| 4.15%, 05/15/39 | &nbsp;&nbsp; 9274 | 8171920 |
| 4.25%, 05/15/49 | &nbsp;&nbsp; 12415 | 9920715 |
| 4.40%, 07/27/32 | &nbsp;&nbsp; 3745 | 3716392 |
| 4.50%, 02/06/28 | &nbsp;&nbsp; 4820 | 4871289 |
| 4.65%, 02/10/28 | &nbsp;&nbsp; 3140 | 3184324 |
| 4.70%, 02/19/46 | &nbsp;&nbsp; 3474 | 3057493 |
| 4.75%, 02/06/33 | &nbsp;&nbsp; 3667 | 3694279 |
| 4.90%, 07/27/52 | &nbsp;&nbsp; 3660 | 3217724 |
| 5.10%, 02/06/53 | &nbsp;&nbsp; 3285 | 2977918 |
| 5.60%, 11/30/39 | &nbsp;&nbsp; 4200 | 4340926 |
| 5.88%, 11/29/32 | &nbsp;&nbsp; 3924 | 4222851 |
| 6.22%, 08/01/27 | &nbsp;&nbsp; 2772 | 2884241 |
| 6.50%, 01/15/28<sup>(b)</sup> | &nbsp;&nbsp; 1980 | 2089722 |
| 7.13%, 12/01/96 | &nbsp;&nbsp; 1849 | 2182339 |
| Series .., 4.80%, 02/10/30 | &nbsp;&nbsp; 3000 | 3071850 |
| Series .., 5.00%, 02/10/32 | &nbsp;&nbsp; 3160 | 3238821 |
| Series .., 5.20%, 02/10/35 | &nbsp;&nbsp; 3390 | 3442940 |
| Series .., 5.70%, 02/10/55 | &nbsp;&nbsp; 3590 | 3524627 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Kyndryl Holdings Inc. |  |  |
| 2.05%, 10/15/26 | &nbsp;&nbsp; $3710 | $3610552 |
| 2.70%, 10/15/28 | &nbsp;&nbsp; 2962 | 2815776 |
| 3.15%, 10/15/31 | &nbsp;&nbsp; 3740 | 3383999 |
| 4.10%, 10/15/41 | &nbsp;&nbsp; 3235 | 2553787 |
| 6.35%, 02/20/34<sup>(b)</sup> | &nbsp;&nbsp; 1185 | 1253838 |
| Leidos Inc. |  |  |
| 2.30%, 02/15/31 | &nbsp;&nbsp; 4138 | 3679667 |
| 4.38%, 05/15/30 | &nbsp;&nbsp; 1553 | 1544960 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 180 | 188578 |
| NetApp Inc. |  |  |
| 2.38%, 06/22/27 | &nbsp;&nbsp; 2421 | 2342731 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 2939 | 2708831 |
| 5.50%, 03/17/32 | &nbsp;&nbsp; 2280 | 2360423 |
| 5.70%, 03/17/35 | &nbsp;&nbsp; 2130 | 2193708 |
| Teledyne FLIR LLC, 2.50%, 08/01/30 | &nbsp;&nbsp; 2691 | 2460374 |
| Western Digital Corp. |  |  |
| 2.85%, 02/01/29 | &nbsp;&nbsp; 2009 | 1890702 |
| 3.10%, 02/01/32 | &nbsp;&nbsp; 2713 | 2419158 |
|  |  | 656702997 |
| **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** | **Cosmetics & Personal Care — 0.2%** |
| Colgate-Palmolive Co. |  |  |
| 3.10%, 08/15/27 | &nbsp;&nbsp; 2550 | 2521476 |
| 3.25%, 08/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3100 | 2892299 |
| 3.70%, 08/01/47 | &nbsp;&nbsp; 2365 | 1838527 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 3518 | 2883213 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 2700 | 2725806 |
| 4.60%, 03/01/28 | &nbsp;&nbsp; 1644 | 1674298 |
| 4.60%, 03/01/33 | &nbsp;&nbsp; 1974 | 2000852 |
| Conopco Inc., Series E, 7.25%, 12/15/26 | &nbsp;&nbsp; 1727 | 1794891 |
| Estee Lauder Companies Inc. (The) |  |  |
| 1.95%, 03/15/31 | &nbsp;&nbsp; 3735 | 3291952 |
| 2.38%, 12/01/29 | &nbsp;&nbsp; 4078 | 3785452 |
| 2.60%, 04/15/30 | &nbsp;&nbsp; 4024 | 3740071 |
| 3.13%, 12/01/49 | &nbsp;&nbsp; 1417 | 909835 |
| 3.15%, 03/15/27 | &nbsp;&nbsp; 3682 | 3630625 |
| 4.15%, 03/15/47 | &nbsp;&nbsp; 2405 | 1897274 |
| 4.38%, 05/15/28 | &nbsp;&nbsp; 4665 | 4696707 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 1288 | 1058294 |
| 4.65%, 05/15/33 | &nbsp;&nbsp; 3100 | 3078634 |
| 5.00%, 02/14/34 | &nbsp;&nbsp; 2705 | 2727128 |
| 5.15%, 05/15/53<sup>(b)</sup> | &nbsp;&nbsp; 2935 | 2781746 |
| 6.00%, 05/15/37 | &nbsp;&nbsp; 1892 | 2026751 |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/27 | &nbsp;&nbsp; 9995 | 9879470 |
| 3.38%, 03/24/29 | &nbsp;&nbsp; 6390 | 6235755 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 6850 | 6458781 |
| 4.00%, 03/24/52 | &nbsp;&nbsp; 5200 | 3992411 |
| Kenvue Inc. |  |  |
| 4.85%, 05/22/32 | &nbsp;&nbsp; 2910 | 2961917 |
| 4.90%, 03/22/33 | &nbsp;&nbsp; 6070 | 6166476 |
| 5.00%, 03/22/30 | &nbsp;&nbsp; 4970 | 5136813 |
| 5.05%, 03/22/28 | &nbsp;&nbsp; 4275 | 4383345 |
| 5.05%, 03/22/53 | &nbsp;&nbsp; 6930 | 6319320 |
| 5.10%, 03/22/43 | &nbsp;&nbsp; 3490 | 3347506 |
| 5.20%, 03/22/63 | &nbsp;&nbsp; 3300 | 2990793 |
| Procter & Gamble Co. (The) |  |  |
| 1.20%, 10/29/30 | &nbsp;&nbsp; 6875 | 5999168 |
| 1.90%, 02/01/27 | &nbsp;&nbsp; 3050 | 2969930 |
| 1.95%, 04/23/31 | &nbsp;&nbsp; 3292 | 2957091 |
| 2.30%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 4980 | 4495220 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| 2.45%, 11/03/26 | &nbsp;&nbsp; $1811 | $1781200 |
| 2.80%, 03/25/27 | &nbsp;&nbsp; 4552 | 4479247 |
| 2.85%, 08/11/27 | &nbsp;&nbsp; 5616 | 5520292 |
| 3.00%, 03/25/30 | &nbsp;&nbsp; 8150 | 7823670 |
| 3.50%, 10/25/47 | &nbsp;&nbsp; 2415 | 1825355 |
| 3.55%, 03/25/40 | &nbsp;&nbsp; 2815 | 2411849 |
| 3.60%, 03/25/50 | &nbsp;&nbsp; 2832 | 2130356 |
| 3.95%, 01/26/28 | &nbsp;&nbsp; 3955 | 3978014 |
| 4.05%, 05/01/30 | &nbsp;&nbsp; 3270 | 3286101 |
| 4.05%, 01/26/33 | &nbsp;&nbsp; 3890 | 3852845 |
| 4.15%, 10/24/29 | &nbsp;&nbsp; 2845 | 2875430 |
| 4.35%, 01/29/29 | &nbsp;&nbsp; 4175 | 4236859 |
| 4.55%, 01/29/34 | &nbsp;&nbsp; 3380 | 3408494 |
| 4.55%, 10/24/34 | &nbsp;&nbsp; 2780 | 2787026 |
| 4.60%, 05/01/35 | &nbsp;&nbsp; 2930 | 2946265 |
| 5.55%, 03/05/37 | &nbsp;&nbsp; 2670 | 2874832 |
| 5.80%, 08/15/34 | &nbsp;&nbsp; 2030 | 2204892 |
| Unilever Capital Corp. |  |  |
| 1.38%, 09/14/30 | &nbsp;&nbsp; 3021 | 2661874 |
| 1.75%, 08/12/31 | &nbsp;&nbsp; 4505 | 3937604 |
| 2.13%, 09/06/29 | &nbsp;&nbsp; 5670 | 5272792 |
| 2.90%, 05/05/27 | &nbsp;&nbsp; 8290 | 8165998 |
| 3.50%, 03/22/28 | &nbsp;&nbsp; 6934 | 6871280 |
| 4.25%, 08/12/27 | &nbsp;&nbsp; 2710 | 2727954 |
| 4.63%, 08/12/34 | &nbsp;&nbsp; 3180 | 3174548 |
| 4.88%, 09/08/28 | &nbsp;&nbsp; 2650 | 2721759 |
| 5.00%, 12/08/33 | &nbsp;&nbsp; 3011 | 3110421 |
| 5.90%, 11/15/32 | &nbsp;&nbsp; 5375 | 5861687 |
| Series 30Y, 2.63%, 08/12/51 | &nbsp;&nbsp; 3030 | 1831368 |
|  |  | 231009839 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
| LKQ Corp. |  |  |
| 5.75%, 06/15/28 | &nbsp;&nbsp; 250 | 258195 |
| 6.25%, 06/15/33 | &nbsp;&nbsp; 315 | 332954 |
| WW Grainger Inc. |  |  |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 2411 | 1873268 |
| 4.20%, 05/15/47 | &nbsp;&nbsp; 2270 | 1864566 |
| 4.45%, 09/15/34 | &nbsp;&nbsp; 2165 | 2122371 |
| 4.60%, 06/15/45 | &nbsp;&nbsp; 4845 | 4294444 |
|  |  | 10745798 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust<br>|  |  |
| 2.45%, 10/29/26 | &nbsp;&nbsp; 13748 | 13463440 |
| 3.00%, 10/29/28 | &nbsp;&nbsp; 16198 | 15580251 |
| 3.30%, 01/30/32 | &nbsp;&nbsp; 17684 | 16185922 |
| 3.40%, 10/29/33 | &nbsp;&nbsp; 7297 | 6489436 |
| 3.65%, 07/21/27 | &nbsp;&nbsp; 5785 | 5728492 |
| 3.85%, 10/29/41<sup>(b)</sup> | &nbsp;&nbsp; 4938 | 3978779 |
| 3.88%, 01/23/28 | &nbsp;&nbsp; 3557 | 3528557 |
| 4.63%, 10/15/27 | &nbsp;&nbsp; 3766 | 3791459 |
| 4.63%, 09/10/29 | &nbsp;&nbsp; 4530 | 4568315 |
| 4.88%, 04/01/28 | &nbsp;&nbsp; 2790 | 2832237 |
| 4.95%, 09/10/34 | &nbsp;&nbsp; 5415 | 5338793 |
| 5.10%, 01/19/29 | &nbsp;&nbsp; 3585 | 3669231 |
| 5.30%, 01/19/34 | &nbsp;&nbsp; 3745 | 3794713 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 3210 | 3316062 |
| 5.75%, 06/06/28 | &nbsp;&nbsp; 5010 | 5195113 |
| 6.10%, 01/15/27 | &nbsp;&nbsp; 4040 | 4128122 |
| 6.15%, 09/30/30 | &nbsp;&nbsp; 3775 | 4046622 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 6.45%, 04/15/27 | &nbsp;&nbsp; $3060 | $3158918 |
| 6.50%, 01/31/56, (5-year CMT + 2.441%)<sup>(a)</sup> | &nbsp;&nbsp; 150 | 154150 |
| 6.95%, 03/10/55, (5-year CMT + 2.720%)<sup>(a)</sup> | &nbsp;&nbsp; 3180 | 3328124 |
| Affiliated Managers Group Inc. |  |  |
| 3.30%, 06/15/30 | &nbsp;&nbsp; 2711 | 2576517 |
| 5.50%, 08/20/34 | &nbsp;&nbsp; 1730 | 1756589 |
| Air Lease Corp. |  |  |
| 2.10%, 09/01/28 | &nbsp;&nbsp; 2240 | 2105715 |
| 2.20%, 01/15/27 | &nbsp;&nbsp; 2975 | 2895399 |
| 2.88%, 01/15/32 | &nbsp;&nbsp; 4523 | 4054331 |
| 3.00%, 02/01/30 | &nbsp;&nbsp; 2876 | 2714812 |
| 3.13%, 12/01/30 | &nbsp;&nbsp; 2948 | 2754897 |
| 3.25%, 10/01/29 | &nbsp;&nbsp; 2221 | 2127012 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 5378 | 5334412 |
| 3.63%, 12/01/27 | &nbsp;&nbsp; 2504 | 2472983 |
| 4.63%, 10/01/28 | &nbsp;&nbsp; 2354 | 2378258 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 2000 | 2054225 |
| 5.20%, 07/15/31 | &nbsp;&nbsp; 1590 | 1635249 |
| 5.30%, 02/01/28 | &nbsp;&nbsp; 4010 | 4105114 |
| 5.85%, 12/15/27 | &nbsp;&nbsp; 1770 | 1832740 |
| Ally Financial Inc. |  |  |
| 2.20%, 11/02/28<sup>(b)</sup> | &nbsp;&nbsp; 4255 | 3969588 |
| 4.75%, 06/09/27 | &nbsp;&nbsp; 3735 | 3751813 |
| 5.54%, 01/17/31, (1-day SOFR Index + <br> 1.730%)<sup>(a)</sup><br>| &nbsp;&nbsp; 950 | 971906 |
| 5.55%, 07/31/33, (1-day SOFR + <br> 1.780%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2785 | 2801482 |
| 5.74%, 05/15/29, (1-day SOFR Index + <br> 1.960%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1880 | 1928769 |
| 6.18%, 07/26/35, (1-day SOFR + <br> 2.290%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3070 | 3158079 |
| 6.85%, 01/03/30, (1-day SOFR + <br> 2.282%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3160 | 3354488 |
| 6.99%, 06/13/29, (1-day SOFR + <br> 3.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2665 | 2819923 |
| 7.10%, 11/15/27 | &nbsp;&nbsp; 3425 | 3611684 |
| 8.00%, 11/01/31 | &nbsp;&nbsp; 11375 | 13009418 |
| American Express Co. |  |  |
| 1.65%, 11/04/26 | &nbsp;&nbsp; 5314 | 5165839 |
| 2.55%, 03/04/27 | &nbsp;&nbsp; 9205 | 9000792 |
| 3.30%, 05/03/27 | &nbsp;&nbsp; 8625 | 8523979 |
| 4.05%, 05/03/29 | &nbsp;&nbsp; 5305 | 5318510 |
| 4.05%, 12/03/42 | &nbsp;&nbsp; 6375 | 5394283 |
| 4.35%, 07/20/29, (1-day SOFR + <br> 0.810%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7000 | 7034445 |
| 4.42%, 08/03/33, (1-day SOFR + <br> 1.760%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5446 | 5352404 |
| 4.73%, 04/25/29, (1-day SOFR + <br> 1.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7075 | 7183655 |
| 4.92%, 07/20/33, (1-day SOFR + <br> 1.220%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4225 | 4276783 |
| 4.99%, 05/26/33, (1-day SOFR + <br> 2.255%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3145 | 3170047 |
| 5.02%, 04/25/31, (1-day SOFR + <br> 1.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6645 | 6824955 |
| 5.04%, 07/26/28, (1-day SOFR + <br> 0.930%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4235 | 4302951 |
| 5.04%, 05/01/34, (1-day SOFR + <br> 1.835%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7265 | 7373660 |
| 5.09%, 01/30/31, (1-day SOFR Index + <br> 1.020%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3775 | 3888213 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.10%, 02/16/28, (1-day SOFR + <br> 1.000%)<sup>(a)</sup><br>| &nbsp;&nbsp; $5405 | $5469243 |
| 5.28%, 07/27/29, (1-day SOFR Index + <br> 1.280%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6820 | 7032753 |
| 5.28%, 07/26/35, (1-day SOFR + <br> 1.420%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7580 | 7723966 |
| 5.44%, 01/30/36, (1-day SOFR Index + <br> 1.320%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5345 | 5492533 |
| 5.53%, 04/25/30, (1-day SOFR Index + <br> 1.090%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6250 | 6523172 |
| 5.63%, 07/28/34, (1-day SOFR + <br> 1.930%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1260 | 1303056 |
| 5.67%, 04/25/36, (1-day SOFR + <br> 1.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6440 | 6724201 |
| 5.85%, 11/05/27 | &nbsp;&nbsp; 8135 | 8440141 |
| 5.92%, 04/25/35, (1-day SOFR + <br> 1.630%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2170 | 2287330 |
| 6.49%, 10/30/31, (1-day SOFR + <br> 1.940%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5090 | 5567700 |
| American Express Credit Corp., 3.30%, <br> 05/03/27<br>| &nbsp;&nbsp; 3122 | 3088385 |
| Ameriprise Financial Inc. |  |  |
| 2.88%, 09/15/26 | &nbsp;&nbsp; 3343 | 3300026 |
| 4.50%, 05/13/32 | &nbsp;&nbsp; 2925 | 2918268 |
| 5.15%, 05/15/33 | &nbsp;&nbsp; 2815 | 2893248 |
| 5.20%, 04/15/35 | &nbsp;&nbsp; 2415 | 2444743 |
| 5.70%, 12/15/28 | &nbsp;&nbsp; 3330 | 3488473 |
| Andrew W Mellon Foundation (The), Series <br> 2020, 0.95%, 08/01/27<br>| &nbsp;&nbsp; 3490 | 3302160 |
| Apollo Global Management Inc. |  |  |
| 5.15%, 08/12/35 | &nbsp;&nbsp; 1500 | 1493429 |
| 5.80%, 05/21/54 | &nbsp;&nbsp; 1990 | 1954464 |
| 6.00%, 12/15/54, (5-year CMT + <br> 2.168%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2265 | 2252859 |
| 6.38%, 11/15/33 | &nbsp;&nbsp; 2104 | 2308591 |
| Ares Management Corp. |  |  |
| 5.60%, 10/11/54 | &nbsp;&nbsp; 2045 | 1917759 |
| 6.38%, 11/10/28 | &nbsp;&nbsp; 1710 | 1813656 |
| BGC Group Inc. |  |  |
| 6.15%, 04/02/30<sup>(c)</sup> | &nbsp;&nbsp; 1365 | 1396160 |
| 6.60%, 06/10/29 | &nbsp;&nbsp; 1780 | 1856372 |
| 8.00%, 05/25/28 | &nbsp;&nbsp; 1835 | 1962116 |
| Blue Owl Finance LLC |  |  |
| 3.13%, 06/10/31 | &nbsp;&nbsp; 2860 | 2593803 |
| 4.13%, 10/07/51 | &nbsp;&nbsp; 1160 | 817768 |
| 4.38%, 02/15/32 | &nbsp;&nbsp; 1780 | 1693449 |
| 6.25%, 04/18/34 | &nbsp;&nbsp; 4090 | 4266626 |
| Brookfield Asset Management Ltd., 5.80%, <br> 04/24/35<br>| &nbsp;&nbsp; 1905 | 1972366 |
| Brookfield Capital Finance LLC, 6.09%, <br> 06/14/33<br>| &nbsp;&nbsp; 1970 | 2099972 |
| Brookfield Finance I U.K. PLC/Brookfield <br> Finance Inc., 2.34%, 01/30/32<br>| &nbsp;&nbsp; 3790 | 3279107 |
| Brookfield Finance Inc. |  |  |
| 2.72%, 04/15/31 | &nbsp;&nbsp; 2915 | 2661605 |
| 3.50%, 03/30/51 | &nbsp;&nbsp; 2996 | 2058290 |
| 3.63%, 02/15/52 | &nbsp;&nbsp; 2197 | 1519063 |
| 3.90%, 01/25/28 | &nbsp;&nbsp; 6641 | 6592181 |
| 4.35%, 04/15/30 | &nbsp;&nbsp; 4884 | 4872113 |
| 4.70%, 09/20/47 | &nbsp;&nbsp; 4466 | 3829261 |
| 4.85%, 03/29/29 | &nbsp;&nbsp; 5102 | 5189496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.33%, 01/15/36 | &nbsp;&nbsp; $1170 | $1162525 |
| 5.68%, 01/15/35 | &nbsp;&nbsp; 2890 | 2986131 |
| 5.97%, 03/04/54 | &nbsp;&nbsp; 2505 | 2507859 |
| 6.35%, 01/05/34 | &nbsp;&nbsp; 2965 | 3206164 |
| Brookfield Finance LLC/Brookfield <br> Finance Inc., 3.45%, 04/15/50<br>| &nbsp;&nbsp; 3250 | 2202762 |
| Capital One Financial Corp. |  |  |
| 1.88%, 11/02/27, (1-day SOFR + <br> 0.855%)<sup>(a)</sup><br>| &nbsp;&nbsp; 6120 | 5947006 |
| 2.36%, 07/29/32, (1-day SOFR + <br> 1.337%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4643 | 3997171 |
| 2.62%, 11/02/32, (1-day SOFR + <br> 1.265%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3110 | 2760104 |
| 3.27%, 03/01/30, (1-day SOFR + <br> 1.790%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4125 | 3976164 |
| 3.65%, 05/11/27 | &nbsp;&nbsp; 4557 | 4517676 |
| 3.75%, 03/09/27 | &nbsp;&nbsp; 5999 | 5959724 |
| 3.80%, 01/31/28 | &nbsp;&nbsp; 6495 | 6436084 |
| 4.10%, 02/09/27 | &nbsp;&nbsp; 5025 | 5014162 |
| 4.93%, 05/10/28, (1-day SOFR + <br> 2.057%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7216 | 7289677 |
| 5.25%, 07/26/30, (1-day SOFR + <br> 2.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4125 | 4238969 |
| 5.27%, 05/10/33, (1-day SOFR + <br> 2.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5040 | 5128099 |
| 5.46%, 07/26/30, (1-day SOFR +1.560%)<sup>(a)</sup> | &nbsp;&nbsp; 2535 | 2623822 |
| 5.47%, 02/01/29, (1-day SOFR + <br> 2.080%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4262 | 4374754 |
| 5.70%, 02/01/30, (1-day SOFR + <br> 1.905%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4055 | 4209541 |
| 5.82%, 02/01/34, (1-day SOFR + <br> 2.600%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5630 | 5853646 |
| 5.88%, 07/26/35, (1-day SOFR +1.990%)<sup>(a)</sup> | &nbsp;&nbsp; 4535 | 4714285 |
| 6.05%, 02/01/35, (1-day SOFR + <br> 2.260%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4590 | 4834229 |
| 6.18%, 01/30/36, (1-day SOFR + <br> 2.036%)<sup>(a)</sup><br>| &nbsp;&nbsp; 700 | 722376 |
| 6.31%, 06/08/29, (1-day SOFR + <br> 2.640%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7270 | 7631048 |
| 6.38%, 06/08/34, (1-day SOFR + <br> 2.860%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7725 | 8293538 |
| 6.70%, 11/29/32 | &nbsp;&nbsp; 3735 | 4108934 |
| 7.15%, 10/29/27, (1-day SOFR + <br> 2.440%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3490 | 3595819 |
| 7.62%, 10/30/31, (1-day SOFR + <br> 3.070%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5650 | 6408538 |
| 7.96%, 11/02/34, (1-day SOFR Index + <br> 3.370%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4355 | 5091644 |
| Cboe Global Markets Inc. |  |  |
| 1.63%, 12/15/30 | &nbsp;&nbsp; 3710 | 3259627 |
| 3.00%, 03/16/32 | &nbsp;&nbsp; 1670 | 1523225 |
| 3.65%, 01/12/27 | &nbsp;&nbsp; 4489 | 4461974 |
| Charles Schwab Corp. (The) |  |  |
| 1.65%, 03/11/31 | &nbsp;&nbsp; 3654 | 3169796 |
| 1.95%, 12/01/31 | &nbsp;&nbsp; 3886 | 3363699 |
| 2.00%, 03/20/28 | &nbsp;&nbsp; 4852 | 4625839 |
| 2.30%, 05/13/31<sup>(b)</sup> | &nbsp;&nbsp; 3538 | 3182054 |
| 2.45%, 03/03/27 | &nbsp;&nbsp; 6110 | 5969434 |
| 2.75%, 10/01/29 | &nbsp;&nbsp; 3169 | 3011872 |
| 2.90%, 03/03/32 | &nbsp;&nbsp; 4518 | 4093092 |
| 3.20%, 03/02/27 | &nbsp;&nbsp; 4327 | 4271905 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 3.20%, 01/25/28 | &nbsp;&nbsp; $4593 | $4507381 |
| 3.25%, 05/22/29 | &nbsp;&nbsp; 3295 | 3205928 |
| 3.30%, 04/01/27<sup>(b)</sup> | &nbsp;&nbsp; 4735 | 4683495 |
| 4.00%, 02/01/29 | &nbsp;&nbsp; 3668 | 3666032 |
| 4.63%, 03/22/30 | &nbsp;&nbsp; 3158 | 3225997 |
| 5.64%, 05/19/29, (1-day SOFR + <br> 2.210%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3140 | 3265980 |
| 5.85%, 05/19/34, (1-day SOFR + <br> 2.500%)<sup>(a)</sup><br>| &nbsp;&nbsp; 5220 | 5561758 |
| 6.14%, 08/24/34, (1-day SOFR + <br> 2.010%)<sup>(a)</sup><br>| &nbsp;&nbsp; 7885 | 8557888 |
| 6.20%, 11/17/29, (1-day SOFR + <br> 1.878%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4560 | 4851234 |
| CI Financial Corp. |  |  |
| 3.20%, 12/17/30 | &nbsp;&nbsp; 5083 | 4571681 |
| 4.10%, 06/15/51 | &nbsp;&nbsp; 900 | 643302 |
| CME Group Inc. |  |  |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 4181 | 3768636 |
| 3.75%, 06/15/28 | &nbsp;&nbsp; 6713 | 6688958 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 3538 | 2946140 |
| 4.40%, 03/15/30 | &nbsp;&nbsp; 2275 | 2298984 |
| 5.30%, 09/15/43 | &nbsp;&nbsp; 3509 | 3506629 |
| Credit Suisse USA LLC, 7.13%, 07/15/32 | &nbsp;&nbsp; 3561 | 4067730 |
| Eaton Vance Corp., 3.50%, 04/06/27 | &nbsp;&nbsp; 3629 | 3595531 |
| Enact Holdings Inc., 6.25%, 05/28/29 | &nbsp;&nbsp; 2810 | 2933425 |
| Franklin Resources Inc. |  |  |
| 1.60%, 10/30/30 | &nbsp;&nbsp; 4247 | 3723775 |
| 2.95%, 08/12/51 | &nbsp;&nbsp; 1840 | 1129275 |
| Intercontinental Exchange Inc. |  |  |
| 1.85%, 09/15/32 | &nbsp;&nbsp; 6608 | 5537915 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 6407 | 5814808 |
| 2.65%, 09/15/40 | &nbsp;&nbsp; 4988 | 3646107 |
| 3.00%, 06/15/50 | &nbsp;&nbsp; 6652 | 4322322 |
| 3.00%, 09/15/60 | &nbsp;&nbsp; 4830 | 2893375 |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 4925 | 4832649 |
| 3.63%, 09/01/28 | &nbsp;&nbsp; 1590 | 1568912 |
| 3.75%, 09/21/28 | &nbsp;&nbsp; 3867 | 3832210 |
| 4.00%, 09/15/27 | &nbsp;&nbsp; 6435 | 6429089 |
| 4.25%, 09/21/48 | &nbsp;&nbsp; 6210 | 5120947 |
| 4.35%, 06/15/29 | &nbsp;&nbsp; 7580 | 7640961 |
| 4.60%, 03/15/33 | &nbsp;&nbsp; 6440 | 6436660 |
| 4.95%, 06/15/52 | &nbsp;&nbsp; 5712 | 5128262 |
| 5.20%, 06/15/62 | &nbsp;&nbsp; 4515 | 4141686 |
| 5.25%, 06/15/31 | &nbsp;&nbsp; 3080 | 3222661 |
| Invesco Finance PLC, 5.38%, 11/30/43 | &nbsp;&nbsp; 1899 | 1813562 |
| Janus Henderson U.S. Holdings Inc., 5.45%, <br> 09/10/34<br>| &nbsp;&nbsp; 1355 | 1351436 |
| Jefferies Financial Group Inc. |  |  |
| 2.63%, 10/15/31 | &nbsp;&nbsp; 4805 | 4248167 |
| 2.75%, 10/15/32 | &nbsp;&nbsp; 4425 | 3799015 |
| 4.15%, 01/23/30 | &nbsp;&nbsp; 4820 | 4758824 |
| 4.85%, 01/15/27 | &nbsp;&nbsp; 4838 | 4872336 |
| 5.88%, 07/21/28 | &nbsp;&nbsp; 5025 | 5238691 |
| 6.20%, 04/14/34 | &nbsp;&nbsp; 4930 | 5198422 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 3003 | 3157033 |
| 6.45%, 06/08/27 | &nbsp;&nbsp; 2476 | 2559716 |
| 6.50%, 01/20/43 | &nbsp;&nbsp; 2139 | 2231239 |
| Lazard Group LLC |  |  |
| 3.63%, 03/01/27 | &nbsp;&nbsp; 2736 | 2735248 |
| 4.38%, 03/11/29 | &nbsp;&nbsp; 3747 | 3744136 |
| 4.50%, 09/19/28 | &nbsp;&nbsp; 3008 | 3023489 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 5.63%, 08/01/35 | &nbsp;&nbsp; $1360 | $1369292 |
| 6.00%, 03/15/31 | &nbsp;&nbsp; 1965 | 2081004 |
| Legg Mason Inc., 5.63%, 01/15/44 | &nbsp;&nbsp; 2828 | 2780185 |
| LPL Holdings Inc. |  |  |
| 4.90%, 04/03/28 | &nbsp;&nbsp; 745 | 753951 |
| 5.15%, 06/15/30 | &nbsp;&nbsp; 2085 | 2126313 |
| 5.20%, 03/15/30 | &nbsp;&nbsp; 3630 | 3709012 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 2340 | 2364997 |
| 5.70%, 05/20/27 | &nbsp;&nbsp; 2480 | 2527666 |
| 5.75%, 06/15/35 | &nbsp;&nbsp; 1115 | 1132998 |
| 6.00%, 05/20/34 | &nbsp;&nbsp; 2170 | 2244960 |
| 6.75%, 11/17/28 | &nbsp;&nbsp; 2005 | 2146512 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | &nbsp;&nbsp; 219 | 222018 |
| 6.40%, 11/04/29 | &nbsp;&nbsp; 2350 | 2420943 |
| Mastercard Inc. |  |  |
| 1.90%, 03/15/31 | &nbsp;&nbsp; 4380 | 3899300 |
| 2.00%, 11/18/31 | &nbsp;&nbsp; 4330 | 3804140 |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 3901 | 3855254 |
| 2.95%, 06/01/29 | &nbsp;&nbsp; 5459 | 5276887 |
| 2.95%, 03/15/51 | &nbsp;&nbsp; 3440 | 2227059 |
| 3.30%, 03/26/27 | &nbsp;&nbsp; 6310 | 6252526 |
| 3.35%, 03/26/30 | &nbsp;&nbsp; 7700 | 7490354 |
| 3.50%, 02/26/28 | &nbsp;&nbsp; 3285 | 3258565 |
| 3.65%, 06/01/49 | &nbsp;&nbsp; 5046 | 3794226 |
| 3.80%, 11/21/46 | &nbsp;&nbsp; 2742 | 2164640 |
| 3.85%, 03/26/50 | &nbsp;&nbsp; 6639 | 5144410 |
| 3.95%, 02/26/48 | &nbsp;&nbsp; 2556 | 2039252 |
| 4.10%, 01/15/28 | &nbsp;&nbsp; 1960 | 1973949 |
| 4.35%, 01/15/32 | &nbsp;&nbsp; 3315 | 3317302 |
| 4.55%, 03/15/28 | &nbsp;&nbsp; 1765 | 1793034 |
| 4.55%, 01/15/35 | &nbsp;&nbsp; 3190 | 3147308 |
| 4.85%, 03/09/33 | &nbsp;&nbsp; 4261 | 4351975 |
| 4.88%, 03/09/28 | &nbsp;&nbsp; 4955 | 5075927 |
| 4.88%, 05/09/34 | &nbsp;&nbsp; 4540 | 4609756 |
| 4.95%, 03/15/32 | &nbsp;&nbsp; 2965 | 3069269 |
| Nasdaq Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 4206 | 3678047 |
| 2.50%, 12/21/40 | &nbsp;&nbsp; 3860 | 2682363 |
| 3.25%, 04/28/50 | &nbsp;&nbsp; 4208 | 2834386 |
| 3.95%, 03/07/52 | &nbsp;&nbsp; 1707 | 1275370 |
| 5.35%, 06/28/28 | &nbsp;&nbsp; 6126 | 6319952 |
| 5.55%, 02/15/34 | &nbsp;&nbsp; 5173 | 5392111 |
| 5.95%, 08/15/53 | &nbsp;&nbsp; 1989 | 2020560 |
| 6.10%, 06/28/63 | &nbsp;&nbsp; 2069 | 2121283 |
| Nomura Holdings Inc. |  |  |
| 2.17%, 07/14/28 | &nbsp;&nbsp; 5532 | 5217849 |
| 2.33%, 01/22/27 | &nbsp;&nbsp; 6478 | 6301369 |
| 2.61%, 07/14/31 | &nbsp;&nbsp; 4505 | 4036689 |
| 2.68%, 07/16/30 | &nbsp;&nbsp; 4760 | 4364521 |
| 2.71%, 01/22/29 | &nbsp;&nbsp; 3310 | 3130610 |
| 3.00%, 01/22/32 | &nbsp;&nbsp; 3885 | 3488217 |
| 3.10%, 01/16/30 | &nbsp;&nbsp; 5325 | 5023896 |
| 4.90%, 07/01/30 | &nbsp;&nbsp; 3290 | 3335776 |
| 5.39%, 07/06/27 | &nbsp;&nbsp; 2395 | 2440340 |
| 5.49%, 06/29/35 | &nbsp;&nbsp; 2800 | 2858908 |
| 5.59%, 07/02/27 | &nbsp;&nbsp; 3065 | 3135546 |
| 5.61%, 07/06/29 | &nbsp;&nbsp; 2680 | 2792742 |
| 5.78%, 07/03/34 | &nbsp;&nbsp; 4135 | 4331538 |
| 5.84%, 01/18/28 | &nbsp;&nbsp; 3765 | 3892813 |
| 6.07%, 07/12/28 | &nbsp;&nbsp; 3210 | 3362474 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| 6.09%, 07/12/33<sup>(b)</sup> | &nbsp;&nbsp; $2727 | $2924931 |
| 6.18%, 01/18/33 | &nbsp;&nbsp; 2220 | 2385047 |
| ORIX Corp. |  |  |
| 2.25%, 03/09/31 | &nbsp;&nbsp; 3225 | 2880386 |
| 3.70%, 07/18/27 | &nbsp;&nbsp; 3253 | 3223123 |
| 4.00%, 04/13/32 | &nbsp;&nbsp; 2613 | 2510457 |
| 4.65%, 09/10/29 | &nbsp;&nbsp; 1450 | 1468141 |
| 5.00%, 09/13/27<sup>(b)</sup> | &nbsp;&nbsp; 1913 | 1942489 |
| 5.20%, 09/13/32 | &nbsp;&nbsp; 2320 | 2382608 |
| 5.40%, 02/25/35 | &nbsp;&nbsp; 2125 | 2172619 |
| Radian Group Inc. |  |  |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 3110 | 3116616 |
| 6.20%, 05/15/29 | &nbsp;&nbsp; 2900 | 3039441 |
| Raymond James Financial Inc. |  |  |
| 3.75%, 04/01/51 | &nbsp;&nbsp; 3515 | 2574141 |
| 4.65%, 04/01/30 | &nbsp;&nbsp; 3942 | 4014265 |
| 4.95%, 07/15/46 | &nbsp;&nbsp; 3719 | 3366932 |
| Stifel Financial Corp., 4.00%, 05/15/30 | &nbsp;&nbsp; 2507 | 2452872 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/31 | &nbsp;&nbsp; 4791 | 4247824 |
| 3.95%, 12/01/27 | &nbsp;&nbsp; 4882 | 4814631 |
| 5.02%, 07/29/29, (1-day SOFR + <br> 1.395%)<sup>(a)</sup><br>| &nbsp;&nbsp; 265 | 266730 |
| 5.15%, 03/19/29 | &nbsp;&nbsp; 2842 | 2877256 |
| 5.45%, 03/06/31, (1-day SOFR + <br> 1.680%)<sup>(a)</sup><br>| &nbsp;&nbsp; 730 | 743878 |
| 5.94%, 08/02/30, (1-day SOFR Index + <br> 2.130%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3290 | 3408245 |
| 6.00%, 07/29/36, (1-day SOFR + <br> 2.070%)<sup>(a)</sup><br>| &nbsp;&nbsp; 765 | 773357 |
| TPG Operating Group II LP |  |  |
| 5.38%, 01/15/36 | &nbsp;&nbsp; 1500 | 1492216 |
| 5.88%, 03/05/34 | &nbsp;&nbsp; 2705 | 2835806 |
| Visa Inc. |  |  |
| 0.75%, 08/15/27 | &nbsp;&nbsp; 3089 | 2917200 |
| 1.10%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 6552 | 5637684 |
| 1.90%, 04/15/27 | &nbsp;&nbsp; 8166 | 7915570 |
| 2.00%, 08/15/50 | &nbsp;&nbsp; 5013 | 2685564 |
| 2.05%, 04/15/30 | &nbsp;&nbsp; 7706 | 7075448 |
| 2.70%, 04/15/40 | &nbsp;&nbsp; 4759 | 3609665 |
| 2.75%, 09/15/27 | &nbsp;&nbsp; 4344 | 4251533 |
| 3.65%, 09/15/47 | &nbsp;&nbsp; 4124 | 3189807 |
| 4.15%, 12/14/35 | &nbsp;&nbsp; 8554 | 8176579 |
| 4.30%, 12/14/45 | &nbsp;&nbsp; 15919 | 13747134 |
| Voya Financial Inc. |  |  |
| 4.70%, 01/23/48<sup>(a)</sup> | &nbsp;&nbsp; 1479 | 1434869 |
| 4.80%, 06/15/46 | &nbsp;&nbsp; 2039 | 1768613 |
| 5.00%, 09/20/34 | &nbsp;&nbsp; 1950 | 1916087 |
| 5.70%, 07/15/43 | &nbsp;&nbsp; 2563 | 2516394 |
| Western Union Co. (The) |  |  |
| 2.75%, 03/15/31 | &nbsp;&nbsp; 2340 | 2062609 |
| 6.20%, 11/17/36<sup>(b)</sup> | &nbsp;&nbsp; 2717 | 2766013 |
|  |  | 1105134288 |
| **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
| AEP Texas Inc. |  |  |
| 3.45%, 05/15/51 | &nbsp;&nbsp; 2075 | 1373026 |
| 3.80%, 10/01/47 | &nbsp;&nbsp; 1621 | 1185619 |
| 3.95%, 06/01/28 | &nbsp;&nbsp; 2262 | 2244251 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 2410 | 2393843 |
| 5.25%, 05/15/52 | &nbsp;&nbsp; 2290 | 2041808 |
| 5.40%, 06/01/33 | &nbsp;&nbsp; 2190 | 2233563 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.45%, 05/15/29 | &nbsp;&nbsp; $2030 | $2107473 |
| 5.70%, 05/15/34 | &nbsp;&nbsp; 1990 | 2047125 |
| Series G, 4.15%, 05/01/49 | &nbsp;&nbsp; 1556 | 1173665 |
| Series H, 3.45%, 01/15/50 | &nbsp;&nbsp; 2257 | 1524431 |
| Series I, 2.10%, 07/01/30 | &nbsp;&nbsp; 3135 | 2823495 |
| AEP Transmission Co. LLC |  |  |
| 3.10%, 12/01/26 | &nbsp;&nbsp; 2718 | 2686677 |
| 3.15%, 09/15/49 | &nbsp;&nbsp; 739 | 493011 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 2525 | 1903911 |
| 3.80%, 06/15/49 | &nbsp;&nbsp; 1876 | 1391686 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 1740 | 1378592 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 1772 | 1437126 |
| 4.50%, 06/15/52 | &nbsp;&nbsp; 2250 | 1883854 |
| 5.15%, 04/01/34 | &nbsp;&nbsp; 1635 | 1657650 |
| 5.38%, 06/15/35 | &nbsp;&nbsp; 900 | 921494 |
| 5.40%, 03/15/53 | &nbsp;&nbsp; 2610 | 2501099 |
| Series M, 3.65%, 04/01/50 | &nbsp;&nbsp; 2660 | 1949722 |
| Series N, 2.75%, 08/15/51 | &nbsp;&nbsp; 1884 | 1151327 |
| AES Corp. (The) |  |  |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 6040 | 5412063 |
| 5.45%, 06/01/28 | &nbsp;&nbsp; 4370 | 4473612 |
| 5.80%, 03/15/32 | &nbsp;&nbsp; 580 | 597250 |
| Alabama Power Co. |  |  |
| 3.00%, 03/15/52 | &nbsp;&nbsp; 3340 | 2141931 |
| 3.05%, 03/15/32 | &nbsp;&nbsp; 1020 | 933381 |
| 3.13%, 07/15/51 | &nbsp;&nbsp; 2845 | 1875269 |
| 3.45%, 10/01/49 | &nbsp;&nbsp; 2858 | 2019840 |
| 3.75%, 09/01/27 | &nbsp;&nbsp; 2500 | 2491081 |
| 3.75%, 03/01/45 | &nbsp;&nbsp; 3328 | 2585752 |
| 3.85%, 12/01/42 | &nbsp;&nbsp; 1877 | 1510730 |
| 3.94%, 09/01/32 | &nbsp;&nbsp; 2740 | 2638740 |
| 4.15%, 08/15/44 | &nbsp;&nbsp; 2000 | 1648631 |
| 4.30%, 01/02/46 | &nbsp;&nbsp; 1852 | 1546719 |
| 5.10%, 04/02/35 | &nbsp;&nbsp; 1805 | 1826128 |
| 5.85%, 11/15/33 | &nbsp;&nbsp; 1815 | 1937479 |
| 6.00%, 03/01/39 | &nbsp;&nbsp; 1114 | 1194276 |
| 6.13%, 05/15/38 | &nbsp;&nbsp; 1315 | 1436261 |
| Series 20-A, 1.45%, 09/15/30 | &nbsp;&nbsp; 3214 | 2814227 |
| Series A, 4.30%, 07/15/48 | &nbsp;&nbsp; 2396 | 1989878 |
| Series B, 3.70%, 12/01/47 | &nbsp;&nbsp; 2626 | 1984564 |
| Ameren Corp. |  |  |
| 1.75%, 03/15/28 | &nbsp;&nbsp; 2511 | 2367836 |
| 1.95%, 03/15/27 | &nbsp;&nbsp; 3075 | 2971921 |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 3555 | 3397204 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 3529 | 3609887 |
| 5.38%, 03/15/35 | &nbsp;&nbsp; 2070 | 2105456 |
| 5.70%, 12/01/26 | &nbsp;&nbsp; 3540 | 3598613 |
| Ameren Illinois Co. |  |  |
| 1.55%, 11/15/30 | &nbsp;&nbsp; 1777 | 1552027 |
| 2.90%, 06/15/51 | &nbsp;&nbsp; 1989 | 1235537 |
| 3.25%, 03/15/50 | &nbsp;&nbsp; 1812 | 1216306 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 2581 | 1946982 |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 2382 | 2373299 |
| 3.85%, 09/01/32 | &nbsp;&nbsp; 2215 | 2111116 |
| 4.15%, 03/15/46 | &nbsp;&nbsp; 2446 | 2004030 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 2549 | 2149877 |
| 4.95%, 06/01/33 | &nbsp;&nbsp; 2180 | 2215886 |
| 5.55%, 07/01/54 | &nbsp;&nbsp; 2835 | 2782164 |
| 5.63%, 03/01/55 | &nbsp;&nbsp; 1710 | 1703628 |
| 5.90%, 12/01/52 | &nbsp;&nbsp; 1805 | 1840736 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| American Electric Power Co. Inc. |  |  |
| 2.30%, 03/01/30 | &nbsp;&nbsp; $2341 | $2141605 |
| 3.20%, 11/13/27 | &nbsp;&nbsp; 2993 | 2932186 |
| 3.25%, 03/01/50 | &nbsp;&nbsp; 1637 | 1064321 |
| 3.88%, 02/15/62, (5-year CMT + 2.675%)<sup>(a)</sup> | &nbsp;&nbsp; 3400 | 3293834 |
| 5.20%, 01/15/29 | &nbsp;&nbsp; 5325 | 5491887 |
| 5.63%, 03/01/33 | &nbsp;&nbsp; 3101 | 3245851 |
| 5.75%, 11/01/27 | &nbsp;&nbsp; 3000 | 3093971 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 2214 | 2360239 |
| 6.95%, 12/15/54, (5-year CMT + 2.675%)<sup>(a)</sup> | &nbsp;&nbsp; 2600 | 2767297 |
| 7.05%, 12/15/54, (5-year CMT + 2.750%)<sup>(a)</sup> | &nbsp;&nbsp; 1940 | 2023731 |
| Series J, 4.30%, 12/01/28 | &nbsp;&nbsp; 3335 | 3349959 |
| Appalachian Power Co. |  |  |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 1544 | 1271361 |
| 4.45%, 06/01/45 | &nbsp;&nbsp; 1948 | 1596611 |
| 4.50%, 08/01/32 | &nbsp;&nbsp; 2625 | 2587144 |
| 5.65%, 04/01/34 | &nbsp;&nbsp; 1790 | 1853980 |
| 7.00%, 04/01/38 | &nbsp;&nbsp; 2085 | 2339496 |
| Series AA, 2.70%, 04/01/31 | &nbsp;&nbsp; 1452 | 1321323 |
| Series X, 3.30%, 06/01/27 | &nbsp;&nbsp; 2289 | 2253496 |
| Series Y, 4.50%, 03/01/49 | &nbsp;&nbsp; 2130 | 1726472 |
| Series Z, 3.70%, 05/01/50 | &nbsp;&nbsp; 2540 | 1784480 |
| Arizona Public Service Co. |  |  |
| 2.20%, 12/15/31 | &nbsp;&nbsp; 1980 | 1724267 |
| 2.60%, 08/15/29 | &nbsp;&nbsp; 2505 | 2352624 |
| 2.65%, 09/15/50 | &nbsp;&nbsp; 2051 | 1212323 |
| 2.95%, 09/15/27 | &nbsp;&nbsp; 2124 | 2071773 |
| 3.35%, 05/15/50 | &nbsp;&nbsp; 2672 | 1817454 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 1673 | 1145816 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 1786 | 1341471 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 1573 | 1239307 |
| 4.25%, 03/01/49 | &nbsp;&nbsp; 1845 | 1457705 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 2502 | 2045922 |
| 4.50%, 04/01/42 | &nbsp;&nbsp; 2215 | 1899057 |
| 5.05%, 09/01/41 | &nbsp;&nbsp; 1665 | 1544582 |
| 5.55%, 08/01/33 | &nbsp;&nbsp; 2065 | 2139389 |
| 5.70%, 08/15/34 | &nbsp;&nbsp; 2880 | 2984604 |
| 5.90%, 08/15/55 | &nbsp;&nbsp; 2390 | 2380820 |
| 6.35%, 12/15/32 | &nbsp;&nbsp; 1765 | 1918759 |
| Atlantic City Electric Co. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 2169 | 1949312 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 2447 | 2440635 |
| Avangrid Inc., 3.80%, 06/01/29 | &nbsp;&nbsp; 4428 | 4351382 |
| Avista Corp. |  |  |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 2985 | 2243306 |
| 4.35%, 06/01/48 | &nbsp;&nbsp; 2370 | 1927186 |
| Baltimore Gas & Electric Co. |  |  |
| 2.25%, 06/15/31 | &nbsp;&nbsp; 3465 | 3107847 |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 1725 | 1081904 |
| 3.20%, 09/15/49 | &nbsp;&nbsp; 1950 | 1299615 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 2480 | 1813759 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 2169 | 1643477 |
| 4.25%, 09/15/48 | &nbsp;&nbsp; 1694 | 1358212 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 2402 | 2018757 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 1495 | 1541169 |
| 5.40%, 06/01/53 | &nbsp;&nbsp; 2825 | 2671791 |
| 5.45%, 06/01/35 | &nbsp;&nbsp; 3890 | 4009878 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 1680 | 1660387 |
| 6.35%, 10/01/36 | &nbsp;&nbsp; 1280 | 1409880 |
| Berkshire Hathaway Energy Co. |  |  |
| 1.65%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2711 | 2341687 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 2.85%, 05/15/51 | &nbsp;&nbsp; $6845 | $4176285 |
| 3.25%, 04/15/28 | &nbsp;&nbsp; 3477 | 3415019 |
| 3.70%, 07/15/30 | &nbsp;&nbsp; 5280 | 5166398 |
| 3.80%, 07/15/48 | &nbsp;&nbsp; 3591 | 2698678 |
| 4.25%, 10/15/50 | &nbsp;&nbsp; 4427 | 3511072 |
| 4.45%, 01/15/49 | &nbsp;&nbsp; 4586 | 3786219 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 3004 | 2594303 |
| 4.60%, 05/01/53 | &nbsp;&nbsp; 4475 | 3718415 |
| 5.15%, 11/15/43 | &nbsp;&nbsp; 3358 | 3191218 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 2448 | 2601295 |
| 6.13%, 04/01/36 | &nbsp;&nbsp; 6888 | 7427853 |
| Black Hills Corp. |  |  |
| 2.50%, 06/15/30 | &nbsp;&nbsp; 2017 | 1851564 |
| 3.05%, 10/15/29 | &nbsp;&nbsp; 2922 | 2761857 |
| 3.15%, 01/15/27 | &nbsp;&nbsp; 2964 | 2916767 |
| 3.88%, 10/15/49 | &nbsp;&nbsp; 2514 | 1822459 |
| 4.20%, 09/15/46 | &nbsp;&nbsp; 1190 | 926755 |
| 4.35%, 05/01/33 | &nbsp;&nbsp; 1655 | 1578193 |
| 5.95%, 03/15/28 | &nbsp;&nbsp; 3040 | 3159062 |
| 6.00%, 01/15/35 | &nbsp;&nbsp; 2150 | 2260172 |
| 6.15%, 05/15/34 | &nbsp;&nbsp; 1375 | 1456260 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 3.55%, 08/01/42 | &nbsp;&nbsp; 2215 | 1707894 |
| 3.60%, 03/01/52 | &nbsp;&nbsp; 1710 | 1231896 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 2638 | 2059241 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 2773 | 2407233 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 2285 | 2338831 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 2165 | 2191169 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 1895 | 1903479 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 1140 | 1159600 |
| 5.20%, 10/01/28 | &nbsp;&nbsp; 2375 | 2451940 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 870 | 827536 |
| Series AA, 3.00%, 02/01/27 | &nbsp;&nbsp; 1980 | 1949675 |
| Series AC, 4.25%, 02/01/49 | &nbsp;&nbsp; 2667 | 2160610 |
| Series AD, 2.90%, 07/01/50 | &nbsp;&nbsp; 2570 | 1626489 |
| Series AE, 2.35%, 04/01/31 | &nbsp;&nbsp; 1775 | 1598347 |
| Series AF, 3.35%, 04/01/51 | &nbsp;&nbsp; 2730 | 1863626 |
| Series AG, 3.00%, 03/01/32 | &nbsp;&nbsp; 1265 | 1151888 |
| Series ai., 4.45%, 10/01/32 | &nbsp;&nbsp; 2825 | 2789505 |
| Series AJ, 4.85%, 10/01/52 | &nbsp;&nbsp; 2210 | 1957054 |
| Series AQ, 4.95%, 08/15/35 | &nbsp;&nbsp; 790 | 783855 |
| Series K2, 6.95%, 03/15/33 | &nbsp;&nbsp; 735 | 831751 |
| Series Z, 2.40%, 09/01/26 | &nbsp;&nbsp; 2278 | 2238647 |
| CenterPoint Energy Inc. |  |  |
| 2.65%, 06/01/31 | &nbsp;&nbsp; 1630 | 1473360 |
| 2.95%, 03/01/30 | &nbsp;&nbsp; 3278 | 3079446 |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 2815 | 2917371 |
| 6.70%, 05/15/55, (5-year CMT + 2.586%)<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1432406 |
| Series A, 7.00%, 02/15/55, (5-year CMT + <br> 3.254%)<sup>(a)</sup><br>| &nbsp;&nbsp; 2390 | 2506130 |
| Series B, 6.85%, 02/15/55, (5-year CMT + <br> 2.946%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1500 | 1574935 |
| Cleco Corporate Holdings LLC, 4.97%, <br> 05/01/46<br>| &nbsp;&nbsp; 1919 | 1640587 |
| Cleveland Electric Illuminating Co. (The), <br> 5.95%, 12/15/36<br>| &nbsp;&nbsp; 1299 | 1355513 |
| CMS Energy Corp. |  |  |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 2498 | 2463536 |
| 3.75%, 12/01/50, (5-year CMT + 2.900%)<sup>(a)</sup> | &nbsp;&nbsp; 1720 | 1561205 |
| 4.75%, 06/01/50, (5-year CMT + 4.116%)<sup>(a)</sup> | &nbsp;&nbsp; 2830 | 2735715 |
| 4.88%, 03/01/44 | &nbsp;&nbsp; 1495 | 1319960 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 6.50%, 06/01/55, (5-year CMT + 1.961%)<sup>(a)</sup> | &nbsp;&nbsp; $210 | $214144 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | &nbsp;&nbsp; 2055 | 1886191 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 2650 | 1708650 |
| 3.15%, 03/15/32 | &nbsp;&nbsp; 1155 | 1059515 |
| 3.65%, 06/15/46 | &nbsp;&nbsp; 3334 | 2522609 |
| 3.70%, 08/15/28 | &nbsp;&nbsp; 3875 | 3845811 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 1780 | 1373805 |
| 3.80%, 10/01/42 | &nbsp;&nbsp; 1074 | 858490 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 3680 | 2909543 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 1981 | 1532960 |
| 4.35%, 11/15/45 | &nbsp;&nbsp; 2371 | 1990916 |
| 4.60%, 08/15/43 | &nbsp;&nbsp; 1335 | 1181754 |
| 4.70%, 01/15/44 | &nbsp;&nbsp; 1915 | 1707460 |
| 4.90%, 02/01/33 | &nbsp;&nbsp; 1165 | 1180197 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 1135 | 1173402 |
| 5.30%, 02/01/53 | &nbsp;&nbsp; 2050 | 1919725 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 1275 | 1253373 |
| 5.90%, 03/15/36 | &nbsp;&nbsp; 2204 | 2353482 |
| 5.95%, 06/01/55 | &nbsp;&nbsp; 2680 | 2759808 |
| 6.45%, 01/15/38 | &nbsp;&nbsp; 2082 | 2306660 |
| Series 122, 2.95%, 08/15/27 | &nbsp;&nbsp; 3087 | 3028321 |
| Series 123, 3.75%, 08/15/47 | &nbsp;&nbsp; 3090 | 2339113 |
| Series 127, 3.20%, 11/15/49 | &nbsp;&nbsp; 1648 | 1105736 |
| Series 130, 3.13%, 03/15/51 | &nbsp;&nbsp; 3150 | 2045715 |
| Series 131, 2.75%, 09/01/51 | &nbsp;&nbsp; 2130 | 1282264 |
| Series 133, 3.85%, 03/15/52 | &nbsp;&nbsp; 1870 | 1388571 |
| Connecticut Light and Power Co. (The) |  |  |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 3621 | 2844406 |
| 4.30%, 04/15/44 | &nbsp;&nbsp; 2460 | 2092114 |
| 4.65%, 01/01/29 | &nbsp;&nbsp; 1575 | 1600234 |
| 4.90%, 07/01/33 | &nbsp;&nbsp; 1315 | 1325254 |
| 4.95%, 01/15/30 | &nbsp;&nbsp; 2020 | 2073155 |
| 4.95%, 08/15/34 | &nbsp;&nbsp; 1465 | 1472925 |
| 5.25%, 01/15/53 | &nbsp;&nbsp; 2450 | 2292656 |
| Series A, 2.05%, 07/01/31 | &nbsp;&nbsp; 2030 | 1792062 |
| Series A, 3.20%, 03/15/27 | &nbsp;&nbsp; 2988 | 2951197 |
| Series A, 4.15%, 06/01/45 | &nbsp;&nbsp; 1205 | 985368 |
| Consolidated Edison Co. of New York Inc. |  |  |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 3725 | 3374510 |
| 3.20%, 12/01/51 | &nbsp;&nbsp; 1920 | 1259872 |
| 3.60%, 06/15/61 | &nbsp;&nbsp; 3698 | 2495641 |
| 3.70%, 11/15/59 | &nbsp;&nbsp; 3043 | 2104652 |
| 3.80%, 05/15/28 | &nbsp;&nbsp; 3211 | 3195017 |
| 3.85%, 06/15/46 | &nbsp;&nbsp; 3189 | 2478907 |
| 3.95%, 03/01/43 | &nbsp;&nbsp; 3511 | 2848566 |
| 4.45%, 03/15/44 | &nbsp;&nbsp; 3958 | 3411786 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 3487 | 2987886 |
| 4.50%, 05/15/58 | &nbsp;&nbsp; 3214 | 2590177 |
| 4.63%, 12/01/54 | &nbsp;&nbsp; 3247 | 2712411 |
| 5.20%, 03/01/33 | &nbsp;&nbsp; 2140 | 2212595 |
| 5.38%, 05/15/34 | &nbsp;&nbsp; 1900 | 1967392 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 2921 | 3054853 |
| 5.70%, 06/15/40 | &nbsp;&nbsp; 1997 | 2046198 |
| 5.70%, 05/15/54 | &nbsp;&nbsp; 3310 | 3280959 |
| 5.90%, 11/15/53 | &nbsp;&nbsp; 3770 | 3833884 |
| 6.15%, 11/15/52 | &nbsp;&nbsp; 3630 | 3793481 |
| Series 05-A, 5.30%, 03/01/35 | &nbsp;&nbsp; 1170 | 1198337 |
| Series 06-A, 5.85%, 03/15/36 | &nbsp;&nbsp; 2737 | 2900160 |
| Series 06-B, 6.20%, 06/15/36 | &nbsp;&nbsp; 1012 | 1099713 |
| Series 07-A, 6.30%, 08/15/37 | &nbsp;&nbsp; 1503 | 1646917 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series 08-B, 6.75%, 04/01/38 | &nbsp;&nbsp; $2063 | $2352478 |
| Series 09-C, 5.50%, 12/01/39 | &nbsp;&nbsp; 2851 | 2876973 |
| Series 12-A, 4.20%, 03/15/42 | &nbsp;&nbsp; 2023 | 1725034 |
| Series 2017, 3.88%, 06/15/47 | &nbsp;&nbsp; 3027 | 2318263 |
| Series 20A, 3.35%, 04/01/30 | &nbsp;&nbsp; 3604 | 3491980 |
| Series 20B, 3.95%, 04/01/50 | &nbsp;&nbsp; 4874 | 3769646 |
| Series A, 4.13%, 05/15/49 | &nbsp;&nbsp; 3457 | 2713553 |
| Series B, 3.13%, 11/15/27 | &nbsp;&nbsp; 1313 | 1288385 |
| Series C, 3.00%, 12/01/60 | &nbsp;&nbsp; 2428 | 1428515 |
| Series C, 4.00%, 11/15/57 | &nbsp;&nbsp; 1505 | 1108947 |
| Series C, 4.30%, 12/01/56 | &nbsp;&nbsp; 2359 | 1846846 |
| Series D, 4.00%, 12/01/28 | &nbsp;&nbsp; 3057 | 3060902 |
| Series E, 4.65%, 12/01/48 | &nbsp;&nbsp; 3364 | 2893948 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 03/01/28 | &nbsp;&nbsp; 4125 | 4272686 |
| 5.60%, 06/15/42 | &nbsp;&nbsp; 3893 | 3849338 |
| 5.75%, 10/01/41 | &nbsp;&nbsp; 2581 | 2593687 |
| 5.75%, 03/15/54 | &nbsp;&nbsp; 4375 | 4271841 |
| 5.80%, 03/01/33 | &nbsp;&nbsp; 2700 | 2869705 |
| 6.13%, 01/15/34 | &nbsp;&nbsp; 2200 | 2386179 |
| 6.25%, 10/01/39 | &nbsp;&nbsp; 3392 | 3639900 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 4315 | 4650101 |
| Consumers Energy Co. |  |  |
| 2.65%, 08/15/52 | &nbsp;&nbsp; 1357 | 819158 |
| 3.10%, 08/15/50 | &nbsp;&nbsp; 2785 | 1855207 |
| 3.25%, 08/15/46 | &nbsp;&nbsp; 2798 | 2017846 |
| 3.50%, 08/01/51 | &nbsp;&nbsp; 2786 | 2021730 |
| 3.60%, 08/15/32 | &nbsp;&nbsp; 1490 | 1399693 |
| 3.75%, 02/15/50 | &nbsp;&nbsp; 1811 | 1352136 |
| 3.80%, 11/15/28 | &nbsp;&nbsp; 996 | 989513 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 1591 | 1299311 |
| 3.95%, 07/15/47 | &nbsp;&nbsp; 1753 | 1381680 |
| 4.05%, 05/15/48 | &nbsp;&nbsp; 2842 | 2277526 |
| 4.20%, 09/01/52 | &nbsp;&nbsp; 2440 | 1962920 |
| 4.35%, 04/15/49 | &nbsp;&nbsp; 2551 | 2117109 |
| 4.50%, 01/15/31 | &nbsp;&nbsp; 2495 | 2516726 |
| 4.60%, 05/30/29 | &nbsp;&nbsp; 3450 | 3508303 |
| 4.63%, 05/15/33 | &nbsp;&nbsp; 4965 | 4923743 |
| 4.65%, 03/01/28 | &nbsp;&nbsp; 2815 | 2855153 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 1525 | 1556670 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 2960 | 3035243 |
| 5.05%, 05/15/35 | &nbsp;&nbsp; 1240 | 1251452 |
| Dayton Power & Light Co. (The) |  |  |
| 3.95%, 06/15/49 | &nbsp;&nbsp; 2950 | 2159559 |
| 4.55%, 08/15/30<sup>(c)</sup> | &nbsp;&nbsp; 1835 | 1841716 |
| Delmarva Power & Light Co., 4.15%, 05/15/45 | &nbsp;&nbsp; 1799 | 1474480 |
| Dominion Energy Inc. |  |  |
| 4.25%, 06/01/28 | &nbsp;&nbsp; 3262 | 3267874 |
| 4.35%, 08/15/32 | &nbsp;&nbsp; 1700 | 1647425 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 3085 | 3118591 |
| 4.70%, 12/01/44 | &nbsp;&nbsp; 2160 | 1849024 |
| 4.85%, 08/15/52 | &nbsp;&nbsp; 2755 | 2321234 |
| 5.00%, 06/15/30 | &nbsp;&nbsp; 2580 | 2649237 |
| 5.38%, 11/15/32 | &nbsp;&nbsp; 3870 | 3996996 |
| 5.45%, 03/15/35 | &nbsp;&nbsp; 3310 | 3352634 |
| 6.20%, 02/15/56, (5-year CMT + 2.006%)<sup>(a)</sup> | &nbsp;&nbsp; 290 | 288983 |
| 6.63%, 05/15/55, (5-year CMT + 2.207%)<sup>(a)</sup> | &nbsp;&nbsp; 930 | 953641 |
| 7.00%, 06/15/38 | &nbsp;&nbsp; 1405 | 1596650 |
| Series A, 4.60%, 03/15/49 | &nbsp;&nbsp; 2005 | 1641756 |
| Series A, 6.88%, 02/01/55, (5-year CMT + <br> 2.386%)<sup>(a)</sup><br>| &nbsp;&nbsp; 360 | 376746 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series B, 3.30%, 04/15/41 | &nbsp;&nbsp; $2300 | $1712580 |
| Series B, 3.60%, 03/15/27 | &nbsp;&nbsp; 1925 | 1908185 |
| Series B, 5.95%, 06/15/35 | &nbsp;&nbsp; 2407 | 2534641 |
| Series B, 7.00%, 06/01/54, (5-year CMT + <br> 2.511%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4050 | 4345586 |
| Series C, 2.25%, 08/15/31 | &nbsp;&nbsp; 3113 | 2744471 |
| Series C, 3.38%, 04/01/30 | &nbsp;&nbsp; 6529 | 6266892 |
| Series C, 4.05%, 09/15/42 | &nbsp;&nbsp; 1875 | 1505992 |
| Series C, 4.90%, 08/01/41 | &nbsp;&nbsp; 2360 | 2123611 |
| Series E, 6.30%, 03/15/33 | &nbsp;&nbsp; 2075 | 2226464 |
| Series F, 5.25%, 08/01/33 | &nbsp;&nbsp; 2425 | 2454663 |
| Dominion Energy South Carolina Inc. |  |  |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 1915 | 1686291 |
| 5.10%, 06/01/65 | &nbsp;&nbsp; 2170 | 1909458 |
| 5.30%, 05/15/33 | &nbsp;&nbsp; 1505 | 1555427 |
| 5.45%, 02/01/41 | &nbsp;&nbsp; 1275 | 1265567 |
| 6.05%, 01/15/38 | &nbsp;&nbsp; 2265 | 2419435 |
| 6.25%, 10/15/53 | &nbsp;&nbsp; 2210 | 2371661 |
| 6.63%, 02/01/32 | &nbsp;&nbsp; 625 | 694371 |
| Series 2025, 5.30%, 01/15/35 | &nbsp;&nbsp; 1485 | 1523102 |
| Series A, 2.30%, 12/01/31 | &nbsp;&nbsp; 2330 | 2063684 |
| DTE Electric Co. |  |  |
| 2.25%, 03/01/30 | &nbsp;&nbsp; 2767 | 2551356 |
| 2.95%, 03/01/50 | &nbsp;&nbsp; 3122 | 2035274 |
| 3.70%, 03/15/45 | &nbsp;&nbsp; 2600 | 2010487 |
| 3.70%, 06/01/46 | &nbsp;&nbsp; 2220 | 1698784 |
| 3.75%, 08/15/47 | &nbsp;&nbsp; 2307 | 1752426 |
| 3.95%, 03/01/49 | &nbsp;&nbsp; 3004 | 2348470 |
| 4.25%, 05/14/27 | &nbsp;&nbsp; 1720 | 1727280 |
| 4.30%, 07/01/44 | &nbsp;&nbsp; 1706 | 1436420 |
| 4.85%, 12/01/26 | &nbsp;&nbsp; 2880 | 2910524 |
| 5.20%, 04/01/33 | &nbsp;&nbsp; 2775 | 2872625 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 2215 | 2278334 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 2125 | 2170407 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 2665 | 2581406 |
| 5.85%, 05/15/55 | &nbsp;&nbsp; 1615 | 1649974 |
| Series A, 1.90%, 04/01/28 | &nbsp;&nbsp; 3545 | 3363377 |
| Series A, 3.00%, 03/01/32 | &nbsp;&nbsp; 2385 | 2192918 |
| Series A, 4.00%, 04/01/43 | &nbsp;&nbsp; 1927 | 1582850 |
| Series A, 4.05%, 05/15/48 | &nbsp;&nbsp; 2456 | 1976532 |
| Series B, 3.25%, 04/01/51 | &nbsp;&nbsp; 2626 | 1786649 |
| Series B, 3.65%, 03/01/52 | &nbsp;&nbsp; 1835 | 1328941 |
| Series C, 2.63%, 03/01/31 | &nbsp;&nbsp; 2500 | 2296858 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | &nbsp;&nbsp; 4125 | 4064409 |
| 2.95%, 03/01/30 | &nbsp;&nbsp; 1653 | 1555606 |
| 4.88%, 06/01/28 | &nbsp;&nbsp; 4195 | 4268173 |
| 4.95%, 07/01/27 | &nbsp;&nbsp; 5215 | 5282800 |
| 5.10%, 03/01/29 | &nbsp;&nbsp; 5730 | 5875970 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 4780 | 4927911 |
| 5.85%, 06/01/34 | &nbsp;&nbsp; 3665 | 3855111 |
| Series C, 3.40%, 06/15/29 | &nbsp;&nbsp; 2435 | 2355002 |
| Duke Energy Carolinas LLC |  |  |
| 2.45%, 08/15/29 | &nbsp;&nbsp; 2484 | 2334649 |
| 2.45%, 02/01/30 | &nbsp;&nbsp; 2415 | 2253282 |
| 2.55%, 04/15/31 | &nbsp;&nbsp; 2708 | 2470460 |
| 2.85%, 03/15/32 | &nbsp;&nbsp; 2480 | 2245794 |
| 2.95%, 12/01/26 | &nbsp;&nbsp; 2847 | 2812422 |
| 3.20%, 08/15/49 | &nbsp;&nbsp; 3515 | 2366111 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 2585 | 1809814 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 2520 | 1794783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.70%, 12/01/47 | &nbsp;&nbsp; $2372 | $1777763 |
| 3.75%, 06/01/45 | &nbsp;&nbsp; 2384 | 1842906 |
| 3.88%, 03/15/46 | &nbsp;&nbsp; 2840 | 2215496 |
| 3.95%, 11/15/28 | &nbsp;&nbsp; 3651 | 3650504 |
| 3.95%, 03/15/48 | &nbsp;&nbsp; 2225 | 1736355 |
| 4.00%, 09/30/42 | &nbsp;&nbsp; 2124 | 1759394 |
| 4.25%, 12/15/41 | &nbsp;&nbsp; 2109 | 1818673 |
| 4.85%, 03/15/30 | &nbsp;&nbsp; 1245 | 1279606 |
| 4.85%, 01/15/34 | &nbsp;&nbsp; 2595 | 2606031 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 4250 | 4343721 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 2205 | 2268675 |
| 5.30%, 02/15/40 | &nbsp;&nbsp; 3535 | 3540694 |
| 5.35%, 01/15/53 | &nbsp;&nbsp; 2355 | 2237365 |
| 5.40%, 01/15/54 | &nbsp;&nbsp; 4119 | 3972170 |
| 6.00%, 01/15/38 | &nbsp;&nbsp; 1462 | 1565478 |
| 6.05%, 04/15/38 | &nbsp;&nbsp; 2075 | 2225086 |
| 6.10%, 06/01/37 | &nbsp;&nbsp; 2320 | 2479803 |
| 6.45%, 10/15/32 | &nbsp;&nbsp; 1740 | 1919984 |
| Series A, 6.00%, 12/01/28 | &nbsp;&nbsp; 1804 | 1901725 |
| Duke Energy Corp. |  |  |
| 2.45%, 06/01/30 | &nbsp;&nbsp; 3680 | 3383205 |
| 2.55%, 06/15/31 | &nbsp;&nbsp; 3285 | 2957285 |
| 2.65%, 09/01/26 | &nbsp;&nbsp; 4784 | 4714055 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 3983 | 3911202 |
| 3.25%, 01/15/82, (5-year CMT + 2.321%)<sup>(a)</sup> | &nbsp;&nbsp; 2487 | 2400040 |
| 3.30%, 06/15/41 | &nbsp;&nbsp; 3758 | 2830116 |
| 3.40%, 06/15/29 | &nbsp;&nbsp; 2687 | 2608654 |
| 3.50%, 06/15/51 | &nbsp;&nbsp; 3670 | 2502587 |
| 3.75%, 09/01/46 | &nbsp;&nbsp; 6557 | 4879396 |
| 3.95%, 08/15/47 | &nbsp;&nbsp; 2420 | 1832206 |
| 4.20%, 06/15/49 | &nbsp;&nbsp; 2840 | 2195115 |
| 4.30%, 03/15/28 | &nbsp;&nbsp; 4460 | 4481768 |
| 4.50%, 08/15/32 | &nbsp;&nbsp; 5160 | 5091620 |
| 4.80%, 12/15/45 | &nbsp;&nbsp; 3044 | 2641230 |
| 4.85%, 01/05/27 | &nbsp;&nbsp; 2295 | 2316144 |
| 4.85%, 01/05/29 | &nbsp;&nbsp; 2265 | 2310292 |
| 5.00%, 12/08/27 | &nbsp;&nbsp; 2810 | 2862343 |
| 5.00%, 08/15/52 | &nbsp;&nbsp; 5095 | 4443792 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 2980 | 3077438 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 2970 | 3133657 |
| 5.80%, 06/15/54 | &nbsp;&nbsp; 2900 | 2825487 |
| 6.10%, 09/15/53 | &nbsp;&nbsp; 3265 | 3315975 |
| 6.45%, 09/01/54, (5-year CMT + 2.588%)<sup>(a)</sup> | &nbsp;&nbsp; 600 | 621370 |
| Duke Energy Florida LLC |  |  |
| 1.75%, 06/15/30 | &nbsp;&nbsp; 2920 | 2608546 |
| 2.40%, 12/15/31 | &nbsp;&nbsp; 3275 | 2932804 |
| 2.50%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 3323 | 3118287 |
| 3.00%, 12/15/51 | &nbsp;&nbsp; 2672 | 1686562 |
| 3.20%, 01/15/27 | &nbsp;&nbsp; 4772 | 4722618 |
| 3.40%, 10/01/46 | &nbsp;&nbsp; 3213 | 2309385 |
| 3.80%, 07/15/28 | &nbsp;&nbsp; 3220 | 3207980 |
| 3.85%, 11/15/42 | &nbsp;&nbsp; 2121 | 1697373 |
| 4.20%, 07/15/48 | &nbsp;&nbsp; 2115 | 1690289 |
| 5.65%, 04/01/40 | &nbsp;&nbsp; 1936 | 2003572 |
| 5.88%, 11/15/33 | &nbsp;&nbsp; 2325 | 2491963 |
| 5.95%, 11/15/52 | &nbsp;&nbsp; 2195 | 2250258 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 2580 | 2743781 |
| 6.35%, 09/15/37 | &nbsp;&nbsp; 1821 | 1993572 |
| 6.40%, 06/15/38 | &nbsp;&nbsp; 4615 | 5109973 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Duke Energy Florida Project Finance LLC |  |  |
| Series 2032, 2.86%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; $705 | $644253 |
| Series 2035, 3.11%, 09/01/38<sup>(b)</sup> | &nbsp;&nbsp; 1165 | 983101 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/50 | &nbsp;&nbsp; 3120 | 1907073 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 1734 | 1328832 |
| 5.25%, 03/01/34 | &nbsp;&nbsp; 1590 | 1637189 |
| 5.40%, 04/01/53 | &nbsp;&nbsp; 2220 | 2107371 |
| 5.90%, 05/15/55 | &nbsp;&nbsp; 1375 | 1399687 |
| 6.12%, 10/15/35 | &nbsp;&nbsp; 1409 | 1523948 |
| 6.35%, 08/15/38 | &nbsp;&nbsp; 1583 | 1742741 |
| 6.45%, 04/01/39 | &nbsp;&nbsp; 2143 | 2368477 |
| Series WWW, 4.90%, 07/15/43 | &nbsp;&nbsp; 1519 | 1382149 |
| Series YYY, 3.25%, 10/01/49 | &nbsp;&nbsp; 2740 | 1858224 |
| Duke Energy Ohio Inc. |  |  |
| 2.13%, 06/01/30 | &nbsp;&nbsp; 2248 | 2044151 |
| 3.65%, 02/01/29 | &nbsp;&nbsp; 2311 | 2274312 |
| 3.70%, 06/15/46 | &nbsp;&nbsp; 1942 | 1459804 |
| 4.30%, 02/01/49 | &nbsp;&nbsp; 2057 | 1658553 |
| 5.25%, 04/01/33 | &nbsp;&nbsp; 2100 | 2163553 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 1500 | 1533909 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 1750 | 1694911 |
| 5.65%, 04/01/53 | &nbsp;&nbsp; 1565 | 1536430 |
| Duke Energy Progress LLC |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 3265 | 2866319 |
| 2.50%, 08/15/50 | &nbsp;&nbsp; 3855 | 2243701 |
| 2.90%, 08/15/51 | &nbsp;&nbsp; 2229 | 1378045 |
| 3.40%, 04/01/32 | &nbsp;&nbsp; 2480 | 2333276 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 3132 | 3066979 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 2756 | 2024735 |
| 3.70%, 09/01/28 | &nbsp;&nbsp; 3041 | 3014170 |
| 3.70%, 10/15/46 | &nbsp;&nbsp; 2624 | 1978413 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 1570 | 1199122 |
| 4.10%, 05/15/42 | &nbsp;&nbsp; 1330 | 1116086 |
| 4.10%, 03/15/43 | &nbsp;&nbsp; 1819 | 1510467 |
| 4.15%, 12/01/44 | &nbsp;&nbsp; 2699 | 2227519 |
| 4.20%, 08/15/45 | &nbsp;&nbsp; 1884 | 1557433 |
| 4.35%, 03/06/27 | &nbsp;&nbsp; 630 | 633895 |
| 4.38%, 03/30/44 | &nbsp;&nbsp; 2217 | 1875525 |
| 5.05%, 03/15/35 | &nbsp;&nbsp; 2605 | 2630372 |
| 5.10%, 03/15/34 | &nbsp;&nbsp; 2700 | 2756176 |
| 5.25%, 03/15/33 | &nbsp;&nbsp; 2385 | 2465553 |
| 5.35%, 03/15/53 | &nbsp;&nbsp; 2435 | 2300623 |
| 5.55%, 03/15/55 | &nbsp;&nbsp; 2185 | 2123021 |
| 6.30%, 04/01/38 | &nbsp;&nbsp; 1620 | 1772348 |
| Edison International |  |  |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 3145 | 3095397 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 2845 | 2874175 |
| 5.25%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1640 | 1613936 |
| 5.45%, 06/15/29 | &nbsp;&nbsp; 2690 | 2719349 |
| 5.75%, 06/15/27 | &nbsp;&nbsp; 3458 | 3520885 |
| 6.25%, 03/15/30<sup>(b)</sup> | &nbsp;&nbsp; 570 | 592889 |
| 6.95%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2795 | 2965257 |
| El Paso Electric Co. |  |  |
| 5.00%, 12/01/44 | &nbsp;&nbsp; 1291 | 1115483 |
| 6.00%, 05/15/35 | &nbsp;&nbsp; 809 | 837728 |
| Emera U.S. Finance LP |  |  |
| 2.64%, 06/15/31 | &nbsp;&nbsp; 2810 | 2498187 |
| 4.75%, 06/15/46 | &nbsp;&nbsp; 6161 | 5132287 |
| Enel Americas SA, 4.00%, 10/25/26 | &nbsp;&nbsp; 3468 | 3446600 |
| Enel Chile SA, 4.88%, 06/12/28 | &nbsp;&nbsp; 4342 | 4393064 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Entergy Arkansas LLC |  |  |
| 2.65%, 06/15/51 | &nbsp;&nbsp; $3043 | $1779978 |
| 3.35%, 06/15/52 | &nbsp;&nbsp; 2040 | 1371239 |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 1940 | 1940165 |
| 4.20%, 04/01/49 | &nbsp;&nbsp; 2694 | 2133280 |
| 5.15%, 01/15/33 | &nbsp;&nbsp; 2015 | 2074030 |
| 5.30%, 09/15/33 | &nbsp;&nbsp; 1465 | 1511393 |
| 5.45%, 06/01/34 | &nbsp;&nbsp; 2600 | 2697505 |
| 5.75%, 06/01/54 | &nbsp;&nbsp; 1475 | 1467365 |
| Entergy Corp. |  |  |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 2970 | 2796110 |
| 2.40%, 06/15/31 | &nbsp;&nbsp; 2990 | 2665822 |
| 2.80%, 06/15/30 | &nbsp;&nbsp; 2992 | 2784034 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 3962 | 3906558 |
| 3.75%, 06/15/50 | &nbsp;&nbsp; 2844 | 2028882 |
| 7.13%, 12/01/54, (5-year CMT + 2.670%)<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 1457783 |
| Entergy Louisiana LLC |  |  |
| 1.60%, 12/15/30 | &nbsp;&nbsp; 1553 | 1357529 |
| 2.35%, 06/15/32 | &nbsp;&nbsp; 1980 | 1724337 |
| 2.40%, 10/01/26 | &nbsp;&nbsp; 2661 | 2610784 |
| 2.90%, 03/15/51 | &nbsp;&nbsp; 3290 | 2034743 |
| 3.05%, 06/01/31 | &nbsp;&nbsp; 1735 | 1620021 |
| 3.10%, 06/15/41 | &nbsp;&nbsp; 851 | 631247 |
| 3.12%, 09/01/27 | &nbsp;&nbsp; 2325 | 2283871 |
| 3.25%, 04/01/28 | &nbsp;&nbsp; 2789 | 2738039 |
| 4.00%, 03/15/33 | &nbsp;&nbsp; 3542 | 3359294 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 4101 | 3292439 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 2631 | 2082067 |
| 4.75%, 09/15/52 | &nbsp;&nbsp; 2230 | 1907313 |
| 4.95%, 01/15/45 | &nbsp;&nbsp; 2700 | 2407736 |
| 5.15%, 09/15/34 | &nbsp;&nbsp; 3460 | 3501364 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 2070 | 2130498 |
| 5.70%, 03/15/54 | &nbsp;&nbsp; 3285 | 3209337 |
| 5.80%, 03/15/55 | &nbsp;&nbsp; 2145 | 2135409 |
| Entergy Mississippi LLC |  |  |
| 2.85%, 06/01/28 | &nbsp;&nbsp; 2563 | 2487835 |
| 3.50%, 06/01/51 | &nbsp;&nbsp; 2315 | 1589635 |
| 3.85%, 06/01/49 | &nbsp;&nbsp; 2244 | 1678406 |
| 5.00%, 09/01/33 | &nbsp;&nbsp; 1280 | 1294009 |
| 5.80%, 04/15/55 | &nbsp;&nbsp; 1670 | 1662158 |
| 5.85%, 06/01/54 | &nbsp;&nbsp; 1760 | 1744181 |
| Entergy Texas Inc. |  |  |
| 1.75%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2975 | 2594035 |
| 3.55%, 09/30/49 | &nbsp;&nbsp; 2615 | 1837104 |
| 4.00%, 03/30/29 | &nbsp;&nbsp; 1652 | 1642083 |
| 4.50%, 03/30/39 | &nbsp;&nbsp; 895 | 814395 |
| 5.00%, 09/15/52 | &nbsp;&nbsp; 2110 | 1869626 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 2125 | 2160438 |
| 5.55%, 09/15/54 | &nbsp;&nbsp; 1805 | 1725156 |
| 5.80%, 09/01/53 | &nbsp;&nbsp; 1780 | 1755153 |
| Evergy Inc. |  |  |
| 2.90%, 09/15/29 | &nbsp;&nbsp; 5002 | 4734623 |
| 6.65%, 06/01/55, (5-year CMT + 2.558%)<sup>(a)</sup> | &nbsp;&nbsp; 870 | 882654 |
| Evergy Kansas Central Inc. |  |  |
| 3.10%, 04/01/27 | &nbsp;&nbsp; 2505 | 2471116 |
| 3.25%, 09/01/49 | &nbsp;&nbsp; 2178 | 1437248 |
| 3.45%, 04/15/50 | &nbsp;&nbsp; 2075 | 1435758 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 2330 | 1906689 |
| 4.13%, 03/01/42<sup>(b)</sup> | &nbsp;&nbsp; 2692 | 2234733 |
| 4.25%, 12/01/45 | &nbsp;&nbsp; 1899 | 1560268 |
| 4.70%, 03/13/28 | &nbsp;&nbsp; 390 | 394705 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.25%, 03/15/35 | &nbsp;&nbsp; $1050 | $1061582 |
| 5.70%, 03/15/53 | &nbsp;&nbsp; 1665 | 1632370 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 1368 | 1457196 |
| Evergy Metro Inc. |  |  |
| 4.20%, 06/15/47 | &nbsp;&nbsp; 2265 | 1823635 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 1504 | 1197917 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 1310 | 1322391 |
| 5.13%, 08/15/35 | &nbsp;&nbsp; 1200 | 1199804 |
| 5.30%, 10/01/41 | &nbsp;&nbsp; 2011 | 1939803 |
| 5.40%, 04/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1545 | 1593874 |
| Series 2019, 4.13%, 04/01/49 | &nbsp;&nbsp; 1843 | 1437748 |
| Series 2020, 2.25%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 2563 | 2344022 |
| Eversource Energy |  |  |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 1680 | 1513907 |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 1300 | 1276544 |
| 3.38%, 03/01/32 | &nbsp;&nbsp; 2926 | 2685708 |
| 3.45%, 01/15/50 | &nbsp;&nbsp; 3125 | 2170252 |
| 4.60%, 07/01/27 | &nbsp;&nbsp; 4033 | 4056568 |
| 5.00%, 01/01/27 | &nbsp;&nbsp; 2245 | 2266384 |
| 5.13%, 05/15/33 | &nbsp;&nbsp; 3470 | 3483953 |
| 5.45%, 03/01/28 | &nbsp;&nbsp; 5850 | 6013743 |
| 5.50%, 01/01/34 | &nbsp;&nbsp; 2880 | 2944956 |
| 5.85%, 04/15/31 | &nbsp;&nbsp; 3395 | 3595390 |
| 5.95%, 02/01/29 | &nbsp;&nbsp; 4240 | 4448297 |
| 5.95%, 07/15/34 | &nbsp;&nbsp; 3085 | 3238007 |
| Series M, 3.30%, 01/15/28 | &nbsp;&nbsp; 1926 | 1886409 |
| Series O, 4.25%, 04/01/29 | &nbsp;&nbsp; 2946 | 2936083 |
| Series R, 1.65%, 08/15/30 | &nbsp;&nbsp; 2871 | 2519256 |
| Exelon Corp. |  |  |
| 2.75%, 03/15/27 | &nbsp;&nbsp; 3316 | 3246421 |
| 3.35%, 03/15/32 | &nbsp;&nbsp; 1275 | 1184299 |
| 4.05%, 04/15/30 | &nbsp;&nbsp; 6255 | 6186653 |
| 4.10%, 03/15/52 | &nbsp;&nbsp; 3055 | 2321518 |
| 4.45%, 04/15/46 | &nbsp;&nbsp; 3023 | 2510146 |
| 4.70%, 04/15/50 | &nbsp;&nbsp; 3047 | 2540875 |
| 4.95%, 06/15/35 | &nbsp;&nbsp; 2144 | 2092640 |
| 5.10%, 06/15/45 | &nbsp;&nbsp; 2955 | 2700390 |
| 5.13%, 03/15/31 | &nbsp;&nbsp; 2125 | 2189420 |
| 5.15%, 03/15/28 | &nbsp;&nbsp; 4180 | 4275729 |
| 5.15%, 03/15/29 | &nbsp;&nbsp; 2815 | 2896040 |
| 5.30%, 03/15/33 | &nbsp;&nbsp; 3765 | 3881799 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 3070 | 3166747 |
| 5.60%, 03/15/53 | &nbsp;&nbsp; 4745 | 4500209 |
| 5.63%, 06/15/35 | &nbsp;&nbsp; 2729 | 2821889 |
| 5.88%, 03/15/55 | &nbsp;&nbsp; 2285 | 2255196 |
| 6.50%, 03/15/55, (5-year CMT + 1.975%)<sup>(a)</sup> | &nbsp;&nbsp; 630 | 651231 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | &nbsp;&nbsp; 4355 | 4040495 |
| Series B, 2.25%, 09/01/30 | &nbsp;&nbsp; 1810 | 1625437 |
| Series B, 3.90%, 07/15/27 | &nbsp;&nbsp; 4375 | 4344350 |
| Series C, 3.40%, 03/01/50 | &nbsp;&nbsp; 2620 | 1758455 |
| Series C, 4.85%, 07/15/47 | &nbsp;&nbsp; 2920 | 2506355 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/30 | &nbsp;&nbsp; 1735 | 1748318 |
| 4.75%, 01/15/33<sup>(c)</sup> | &nbsp;&nbsp; 1730 | 1725824 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 1535 | 1522064 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32 | &nbsp;&nbsp; 6193 | 5518487 |
| 2.88%, 12/04/51 | &nbsp;&nbsp; 5202 | 3244078 |
| 3.15%, 10/01/49 | &nbsp;&nbsp; 3819 | 2561785 |
| 3.70%, 12/01/47 | &nbsp;&nbsp; 3707 | 2803108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 3.80%, 12/15/42 | &nbsp;&nbsp; $2026 | $1646742 |
| 3.95%, 03/01/48 | &nbsp;&nbsp; 4752 | 3763959 |
| 3.99%, 03/01/49 | &nbsp;&nbsp; 2705 | 2115923 |
| 4.05%, 06/01/42 | &nbsp;&nbsp; 3170 | 2662441 |
| 4.05%, 10/01/44 | &nbsp;&nbsp; 2468 | 2031979 |
| 4.13%, 02/01/42 | &nbsp;&nbsp; 2933 | 2497256 |
| 4.13%, 06/01/48 | &nbsp;&nbsp; 2421 | 1953228 |
| 4.40%, 05/15/28 | &nbsp;&nbsp; 3035 | 3068360 |
| 4.63%, 05/15/30 | &nbsp;&nbsp; 3530 | 3594907 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 3145 | 3171338 |
| 4.95%, 06/01/35 | &nbsp;&nbsp; 1494 | 1500806 |
| 5.00%, 08/01/34 | &nbsp;&nbsp; 920 | 929523 |
| 5.05%, 04/01/28 | &nbsp;&nbsp; 5520 | 5668284 |
| 5.10%, 04/01/33 | &nbsp;&nbsp; 3720 | 3814063 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 4101 | 4256696 |
| 5.25%, 02/01/41 | &nbsp;&nbsp; 1929 | 1897853 |
| 5.30%, 06/15/34 | &nbsp;&nbsp; 4690 | 4850941 |
| 5.30%, 04/01/53 | &nbsp;&nbsp; 3415 | 3244387 |
| 5.60%, 06/15/54 | &nbsp;&nbsp; 3830 | 3791906 |
| 5.63%, 04/01/34 | &nbsp;&nbsp; 2065 | 2187659 |
| 5.65%, 02/01/37 | &nbsp;&nbsp; 1645 | 1722102 |
| 5.69%, 03/01/40 | &nbsp;&nbsp; 2418 | 2505985 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 2870 | 2881663 |
| 5.80%, 03/15/65 | &nbsp;&nbsp; 1433 | 1450757 |
| 5.95%, 02/01/38 | &nbsp;&nbsp; 2533 | 2720397 |
| 5.96%, 04/01/39 | &nbsp;&nbsp; 1820 | 1933901 |
| Series A, 3.30%, 05/30/27 | &nbsp;&nbsp; 3846 | 3803942 |
| Fortis Inc./Canada, 3.06%, 10/04/26 | &nbsp;&nbsp; 6075 | 5983580 |
| Georgia Power Co. |  |  |
| 3.25%, 03/30/27 | &nbsp;&nbsp; 3140 | 3102043 |
| 4.30%, 03/15/42 | &nbsp;&nbsp; 4978 | 4300611 |
| 4.30%, 03/15/43 | &nbsp;&nbsp; 1857 | 1579835 |
| 4.55%, 03/15/30 | &nbsp;&nbsp; 3165 | 3215328 |
| 4.65%, 05/16/28 | &nbsp;&nbsp; 4400 | 4466410 |
| 4.70%, 05/15/32 | &nbsp;&nbsp; 2615 | 2629996 |
| 4.85%, 03/15/31 | &nbsp;&nbsp; 2550 | 2611967 |
| 4.95%, 05/17/33 | &nbsp;&nbsp; 4800 | 4860142 |
| 5.00%, 02/23/27 | &nbsp;&nbsp; 1725 | 1748854 |
| 5.13%, 05/15/52 | &nbsp;&nbsp; 3670 | 3403062 |
| 5.20%, 03/15/35 | &nbsp;&nbsp; 3350 | 3398738 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 4080 | 4185064 |
| Series 10-C, 4.75%, 09/01/40 | &nbsp;&nbsp; 2454 | 2303491 |
| Series A, 3.25%, 03/15/51 | &nbsp;&nbsp; 3490 | 2358121 |
| Series B, 2.65%, 09/15/29 | &nbsp;&nbsp; 3597 | 3401827 |
| Series B, 3.70%, 01/30/50 | &nbsp;&nbsp; 2483 | 1837890 |
| Iberdrola International BV, 6.75%, 07/15/36 | &nbsp;&nbsp; 1732 | 1978562 |
| Idaho Power Co. |  |  |
| 5.20%, 08/15/34 | &nbsp;&nbsp; 1480 | 1519217 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 1810 | 1733743 |
| 5.70%, 03/15/55 | &nbsp;&nbsp; 2075 | 2046276 |
| 5.80%, 04/01/54 | &nbsp;&nbsp; 960 | 956859 |
| Series K, 4.20%, 03/01/48 | &nbsp;&nbsp; 2291 | 1848284 |
| Indiana Michigan Power Co. |  |  |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 2280 | 1485351 |
| 3.85%, 05/15/28 | &nbsp;&nbsp; 2109 | 2098011 |
| 4.25%, 08/15/48 | &nbsp;&nbsp; 1835 | 1452381 |
| 5.63%, 04/01/53 | &nbsp;&nbsp; 1930 | 1878848 |
| 6.05%, 03/15/37 | &nbsp;&nbsp; 655 | 705254 |
| Series K, 4.55%, 03/15/46 | &nbsp;&nbsp; 1893 | 1613571 |
| Series L, 3.75%, 07/01/47 | &nbsp;&nbsp; 1648 | 1227334 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Interstate Power & Light Co. |  |  |
| 2.30%, 06/01/30 | &nbsp;&nbsp; $1342 | $1222827 |
| 3.10%, 11/30/51<sup>(b)</sup> | &nbsp;&nbsp; 1745 | 1109093 |
| 3.50%, 09/30/49<sup>(b)</sup> | &nbsp;&nbsp; 1669 | 1169797 |
| 3.60%, 04/01/29 | &nbsp;&nbsp; 2517 | 2469295 |
| 3.70%, 09/15/46 | &nbsp;&nbsp; 2683 | 1972065 |
| 4.10%, 09/26/28 | &nbsp;&nbsp; 3546 | 3543380 |
| 4.95%, 09/30/34 | &nbsp;&nbsp; 955 | 940752 |
| 5.45%, 09/30/54 | &nbsp;&nbsp; 1345 | 1270549 |
| 5.60%, 06/29/35 | &nbsp;&nbsp; 2575 | 2656693 |
| 5.70%, 10/15/33 | &nbsp;&nbsp; 1560 | 1620431 |
| 6.25%, 07/15/39 | &nbsp;&nbsp; 1040 | 1107330 |
| IPALCO Enterprises Inc. |  |  |
| 4.25%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 2775 | 2711146 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 2195 | 2212743 |
| ITC Holdings Corp. |  |  |
| 3.35%, 11/15/27 | &nbsp;&nbsp; 2005 | 1967330 |
| 5.30%, 07/01/43 | &nbsp;&nbsp; 1906 | 1776687 |
| Jersey Central Power & Light Co., 5.10%, <br> 01/15/35<br>| &nbsp;&nbsp; 1250 | 1252181 |
| John Sevier Combined Cycle Generation LLC, <br> 4.63%, 01/15/42<br>| &nbsp;&nbsp; 572 | 552423 |
| Johnsonville Aeroderivative Combustion <br> Turbine Generation LLC, 5.08%, 10/01/54<br>| &nbsp;&nbsp; 765 | 722859 |
| Kentucky Utilities Co. |  |  |
| 3.30%, 06/01/50 | &nbsp;&nbsp; 2590 | 1747975 |
| 4.38%, 10/01/45 | &nbsp;&nbsp; 2596 | 2184558 |
| 5.13%, 11/01/40 | &nbsp;&nbsp; 3534 | 3437428 |
| 5.45%, 04/15/33 | &nbsp;&nbsp; 1790 | 1859412 |
| 5.85%, 08/15/55 | &nbsp;&nbsp; 1790 | 1776876 |
| Louisville Gas & Electric Co. |  |  |
| 4.25%, 04/01/49 | &nbsp;&nbsp; 1715 | 1364492 |
| 5.45%, 04/15/33 | &nbsp;&nbsp; 1900 | 1976591 |
| Louisville Gas and Electric Co., Series ., <br> 5.85%, 08/15/55<br>| &nbsp;&nbsp; 2370 | 2353121 |
| MidAmerican Energy Co. |  |  |
| 2.70%, 08/01/52 | &nbsp;&nbsp; 3030 | 1844714 |
| 3.10%, 05/01/27 | &nbsp;&nbsp; 3790 | 3740950 |
| 3.15%, 04/15/50 | &nbsp;&nbsp; 3382 | 2261074 |
| 3.65%, 04/15/29 | &nbsp;&nbsp; 5530 | 5454105 |
| 3.65%, 08/01/48 | &nbsp;&nbsp; 3603 | 2675488 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 2578 | 2019888 |
| 4.25%, 05/01/46 | &nbsp;&nbsp; 1715 | 1421688 |
| 4.25%, 07/15/49 | &nbsp;&nbsp; 4549 | 3679938 |
| 4.40%, 10/15/44 | &nbsp;&nbsp; 2202 | 1883970 |
| 4.80%, 09/15/43 | &nbsp;&nbsp; 2092 | 1896995 |
| 5.30%, 02/01/55 | &nbsp;&nbsp; 1730 | 1630933 |
| 5.35%, 01/15/34 | &nbsp;&nbsp; 2025 | 2098534 |
| 5.75%, 11/01/35 | &nbsp;&nbsp; 980 | 1038705 |
| 5.80%, 10/15/36 | &nbsp;&nbsp; 1744 | 1861217 |
| 5.85%, 09/15/54 | &nbsp;&nbsp; 2735 | 2796072 |
| 6.75%, 12/30/31 | &nbsp;&nbsp; 1715 | 1939856 |
| Mississippi Power Co. |  |  |
| 3.95%, 03/30/28 | &nbsp;&nbsp; 2265 | 2263446 |
| Series 12-A, 4.25%, 03/15/42 | &nbsp;&nbsp; 2011 | 1723603 |
| Series B, 3.10%, 07/30/51 | &nbsp;&nbsp; 1428 | 931449 |
| National Grid PLC |  |  |
| 5.42%, 01/11/34 | &nbsp;&nbsp; 2890 | 2972085 |
| 5.60%, 06/12/28 | &nbsp;&nbsp; 1130 | 1169929 |
| 5.81%, 06/12/33 | &nbsp;&nbsp; 2197 | 2326223 |
| National Grid USA, 5.80%, 04/01/35 | &nbsp;&nbsp; 1397 | 1434078 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |
| 1.35%, 03/15/31 | &nbsp;&nbsp; $1999 | $1707449 |
| 1.65%, 06/15/31 | &nbsp;&nbsp; 1855 | 1595569 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 2595 | 2408346 |
| 2.75%, 04/15/32 | &nbsp;&nbsp; 2270 | 2040435 |
| 3.05%, 04/25/27 | &nbsp;&nbsp; 2761 | 2716238 |
| 3.40%, 02/07/28<sup>(b)</sup> | &nbsp;&nbsp; 3440 | 3388170 |
| 3.70%, 03/15/29 | &nbsp;&nbsp; 1700 | 1676123 |
| 3.90%, 11/01/28 | &nbsp;&nbsp; 2143 | 2128996 |
| 4.02%, 11/01/32 | &nbsp;&nbsp; 2019 | 1939195 |
| 4.12%, 09/16/27 | &nbsp;&nbsp; 2090 | 2093916 |
| 4.15%, 12/15/32 | &nbsp;&nbsp; 2015 | 1955906 |
| 4.30%, 03/15/49 | &nbsp;&nbsp; 2509 | 2074067 |
| 4.40%, 11/01/48 | &nbsp;&nbsp; 2280 | 1910047 |
| 4.75%, 02/07/28 | &nbsp;&nbsp; 885 | 898960 |
| 4.80%, 02/05/27 | &nbsp;&nbsp; 2430 | 2452819 |
| 4.80%, 03/15/28 | &nbsp;&nbsp; 3730 | 3799828 |
| 4.85%, 02/07/29 | &nbsp;&nbsp; 2140 | 2190182 |
| 4.95%, 02/07/30 | &nbsp;&nbsp; 865 | 890943 |
| 5.00%, 02/07/31 | &nbsp;&nbsp; 2305 | 2376235 |
| 5.00%, 08/15/34 | &nbsp;&nbsp; 1715 | 1730834 |
| 5.05%, 09/15/28 | &nbsp;&nbsp; 2164 | 2222283 |
| 5.10%, 05/06/27 | &nbsp;&nbsp; 2295 | 2333441 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 2490 | 2582367 |
| 5.60%, 11/13/26 | &nbsp;&nbsp; 2325 | 2361180 |
| 5.80%, 01/15/33 | &nbsp;&nbsp; 2890 | 3082457 |
| 7.13%, 09/15/53, (5-year CMT + 3.533%)<sup>(a)</sup> | &nbsp;&nbsp; 2160 | 2271534 |
| Series C, 8.00%, 03/01/32 | &nbsp;&nbsp; 2028 | 2402853 |
| Series D, 4.15%, 08/25/28 | &nbsp;&nbsp; 2150 | 2157989 |
| Nevada Power Co. |  |  |
| 5.90%, 05/01/53 | &nbsp;&nbsp; 1375 | 1359253 |
| 6.00%, 03/15/54 | &nbsp;&nbsp; 2375 | 2393203 |
| Series CC, 3.70%, 05/01/29 | &nbsp;&nbsp; 2829 | 2785761 |
| Series DD, 2.40%, 05/01/30 | &nbsp;&nbsp; 1900 | 1754427 |
| Series EE, 3.13%, 08/01/50 | &nbsp;&nbsp; 1825 | 1158235 |
| Series N, 6.65%, 04/01/36 | &nbsp;&nbsp; 1765 | 1954330 |
| Series R, 6.75%, 07/01/37 | &nbsp;&nbsp; 1655 | 1853137 |
| NextEra Energy Capital Holdings Inc. |  |  |
| 1.88%, 01/15/27 | &nbsp;&nbsp; 5915 | 5733658 |
| 1.90%, 06/15/28 | &nbsp;&nbsp; 5650 | 5329445 |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 8073 | 7354649 |
| 2.44%, 01/15/32 | &nbsp;&nbsp; 4868 | 4267497 |
| 2.75%, 11/01/29 | &nbsp;&nbsp; 5085 | 4801754 |
| 3.00%, 01/15/52 | &nbsp;&nbsp; 2395 | 1481768 |
| 3.50%, 04/01/29 | &nbsp;&nbsp; 2832 | 2768830 |
| 3.55%, 05/01/27 | &nbsp;&nbsp; 8022 | 7941542 |
| 3.80%, 03/15/82, (5-year CMT + 2.547%)<sup>(a)</sup> | &nbsp;&nbsp; 2480 | 2397838 |
| 4.63%, 07/15/27 | &nbsp;&nbsp; 6880 | 6940506 |
| 4.69%, 09/01/27 | &nbsp;&nbsp; 2325 | 2346951 |
| 4.80%, 12/01/77<sup>(a)(b)</sup> | &nbsp;&nbsp; 2633 | 2537466 |
| 4.85%, 02/04/28 | &nbsp;&nbsp; 2930 | 2980289 |
| 4.90%, 02/28/28 | &nbsp;&nbsp; 6315 | 6425513 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 4545 | 4644220 |
| 5.00%, 02/28/30<sup>(b)</sup> | &nbsp;&nbsp; 4865 | 5011835 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 4637 | 4714206 |
| 5.05%, 03/15/30 | &nbsp;&nbsp; 5385 | 5542924 |
| 5.05%, 02/28/33 | &nbsp;&nbsp; 4750 | 4817548 |
| 5.25%, 03/15/34 | &nbsp;&nbsp; 5160 | 5251943 |
| 5.25%, 02/28/53 | &nbsp;&nbsp; 5050 | 4617865 |
| 5.30%, 03/15/32 | &nbsp;&nbsp; 2925 | 3027386 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.45%, 03/15/35 | &nbsp;&nbsp; $4110 | $4213577 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 3550 | 3371543 |
| 5.65%, 05/01/79<sup>(a)(b)</sup> | &nbsp;&nbsp; 1116 | 1113895 |
| 5.90%, 03/15/55 | &nbsp;&nbsp; 2855 | 2844774 |
| 6.38%, 08/15/55, (5-year CMT + 2.053%)<sup>(a)</sup> | &nbsp;&nbsp; 50 | 51658 |
| 6.70%, 09/01/54, (5-year CMT + 2.364%)<sup>(a)</sup> | &nbsp;&nbsp; 1320 | 1360595 |
| 6.75%, 06/15/54, (5-year CMT + 2.457%)<sup>(a)</sup> | &nbsp;&nbsp; 2130 | 2247730 |
| Series ., 6.50%, 08/15/55, (5-year CMT + <br> 1.979%)<sup>(a)</sup><br>| &nbsp;&nbsp; 270 | 283087 |
| Northern States Power Co. |  |  |
| 5.05%, 05/15/35 | &nbsp;&nbsp; 3240 | 3274585 |
| 5.65%, 05/15/55 | &nbsp;&nbsp; 1640 | 1625349 |
| Northern States Power Co./MN |  |  |
| 2.25%, 04/01/31 | &nbsp;&nbsp; 2530 | 2298258 |
| 2.60%, 06/01/51 | &nbsp;&nbsp; 2789 | 1677800 |
| 2.90%, 03/01/50 | &nbsp;&nbsp; 3214 | 2075940 |
| 3.20%, 04/01/52 | &nbsp;&nbsp; 2270 | 1542421 |
| 3.40%, 08/15/42 | &nbsp;&nbsp; 1638 | 1253692 |
| 3.60%, 05/15/46 | &nbsp;&nbsp; 1341 | 1009124 |
| 3.60%, 09/15/47 | &nbsp;&nbsp; 2433 | 1812915 |
| 4.00%, 08/15/45 | &nbsp;&nbsp; 1657 | 1340859 |
| 4.13%, 05/15/44 | &nbsp;&nbsp; 1840 | 1530066 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 1900 | 1597155 |
| 5.10%, 05/15/53 | &nbsp;&nbsp; 2860 | 2629117 |
| 5.35%, 11/01/39 | &nbsp;&nbsp; 840 | 858515 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 2885 | 2792800 |
| 6.20%, 07/01/37 | &nbsp;&nbsp; 1453 | 1590801 |
| 6.25%, 06/01/36 | &nbsp;&nbsp; 1270 | 1397740 |
| Northern States Power Co./WI, 5.65%, <br> 06/15/54<br>| &nbsp;&nbsp; 1365 | 1362440 |
| NorthWestern Corp., 4.18%, 11/15/44 | &nbsp;&nbsp; 505 | 412494 |
| NSTAR Electric Co. |  |  |
| 1.95%, 08/15/31 | &nbsp;&nbsp; 936 | 821049 |
| 3.10%, 06/01/51<sup>(b)</sup> | &nbsp;&nbsp; 1875 | 1236922 |
| 3.20%, 05/15/27 | &nbsp;&nbsp; 2771 | 2732302 |
| 3.25%, 05/15/29 | &nbsp;&nbsp; 2582 | 2506217 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 2457 | 2433871 |
| 4.40%, 03/01/44 | &nbsp;&nbsp; 1665 | 1418831 |
| 4.55%, 06/01/52 | &nbsp;&nbsp; 2165 | 1796826 |
| 4.85%, 03/01/30 | &nbsp;&nbsp; 2370 | 2428366 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 1330 | 1181921 |
| 5.20%, 03/01/35 | &nbsp;&nbsp; 1700 | 1726299 |
| 5.40%, 06/01/34 | &nbsp;&nbsp; 2550 | 2636257 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 985 | 997833 |
| NYSEG Storm Funding LLC, Series A-2, <br> 4.87%, 05/01/32<br>| &nbsp;&nbsp; 2000 | 2035574 |
| OGE Energy Corp., 5.45%, 05/15/29 | &nbsp;&nbsp; 2240 | 2326915 |
| Oglethorpe Power Corp. |  |  |
| 3.75%, 08/01/50 | &nbsp;&nbsp; 2260 | 1583898 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 3140 | 2583860 |
| 5.05%, 10/01/48<sup>(b)</sup> | &nbsp;&nbsp; 2680 | 2385867 |
| 5.25%, 09/01/50 | &nbsp;&nbsp; 1627 | 1457437 |
| 5.38%, 11/01/40 | &nbsp;&nbsp; 2330 | 2270972 |
| 5.80%, 06/01/54 | &nbsp;&nbsp; 1270 | 1223741 |
| 5.90%, 02/01/55 | &nbsp;&nbsp; 1485 | 1456218 |
| 5.95%, 11/01/39 | &nbsp;&nbsp; 1501 | 1549173 |
| 6.20%, 12/01/53 | &nbsp;&nbsp; 2005 | 2050371 |
| Ohio Edison Co., 6.88%, 07/15/36 | &nbsp;&nbsp; 1540 | 1747402 |
| Ohio Power Co. |  |  |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 2207 | 1651486 |
| 4.15%, 04/01/48 | &nbsp;&nbsp; 1782 | 1376848 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.00%, 06/01/33 | &nbsp;&nbsp; $1335 | $1343342 |
| 5.65%, 06/01/34 | &nbsp;&nbsp; 1990 | 2064878 |
| Series P, 2.60%, 04/01/30 | &nbsp;&nbsp; 1988 | 1848163 |
| Series Q, 1.63%, 01/15/31 | &nbsp;&nbsp; 2701 | 2332671 |
| Series R, 2.90%, 10/01/51 | &nbsp;&nbsp; 2510 | 1506944 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.25%, 04/01/30 | &nbsp;&nbsp; 2141 | 2055470 |
| 3.30%, 03/15/30 | &nbsp;&nbsp; 2336 | 2236807 |
| 3.80%, 08/15/28 | &nbsp;&nbsp; 2987 | 2969218 |
| 3.85%, 08/15/47 | &nbsp;&nbsp; 1769 | 1361386 |
| 4.15%, 04/01/47 | &nbsp;&nbsp; 2855 | 2315180 |
| 5.40%, 01/15/33 | &nbsp;&nbsp; 2025 | 2099932 |
| 5.60%, 04/01/53 | &nbsp;&nbsp; 3680 | 3567031 |
| 5.80%, 04/01/55 | &nbsp;&nbsp; 1305 | 1299645 |
| Oncor Electric Delivery Co. LLC |  |  |
| 2.70%, 11/15/51 | &nbsp;&nbsp; 2520 | 1485288 |
| 2.75%, 05/15/30 | &nbsp;&nbsp; 3687 | 3456475 |
| 3.10%, 09/15/49 | &nbsp;&nbsp; 3360 | 2207921 |
| 3.70%, 11/15/28 | &nbsp;&nbsp; 4258 | 4212711 |
| 3.70%, 05/15/50 | &nbsp;&nbsp; 1956 | 1411979 |
| 3.75%, 04/01/45 | &nbsp;&nbsp; 2616 | 2017680 |
| 3.80%, 09/30/47 | &nbsp;&nbsp; 1837 | 1400226 |
| 3.80%, 06/01/49 | &nbsp;&nbsp; 2598 | 1925348 |
| 4.10%, 11/15/48 | &nbsp;&nbsp; 2245 | 1777232 |
| 4.15%, 06/01/32 | &nbsp;&nbsp; 2010 | 1948573 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 750 | 755167 |
| 4.50%, 03/20/27<sup>(c)</sup> | &nbsp;&nbsp; 2210 | 2225405 |
| 4.55%, 09/15/32 | &nbsp;&nbsp; 3010 | 2991608 |
| 4.55%, 12/01/41 | &nbsp;&nbsp; 2061 | 1830227 |
| 4.60%, 06/01/52 | &nbsp;&nbsp; 1570 | 1295647 |
| 4.65%, 11/01/29 | &nbsp;&nbsp; 2585 | 2630141 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 3920 | 3480181 |
| 5.25%, 09/30/40 | &nbsp;&nbsp; 2477 | 2439046 |
| 5.30%, 06/01/42 | &nbsp;&nbsp; 1608 | 1553033 |
| 5.35%, 04/01/35<sup>(c)</sup> | &nbsp;&nbsp; 1700 | 1748455 |
| 5.35%, 10/01/52 | &nbsp;&nbsp; 1400 | 1309742 |
| 5.55%, 06/15/54 | &nbsp;&nbsp; 3385 | 3268889 |
| 5.65%, 11/15/33 | &nbsp;&nbsp; 3220 | 3408214 |
| 5.75%, 03/15/29 | &nbsp;&nbsp; 1679 | 1757460 |
| 5.80%, 04/01/55<sup>(c)</sup> | &nbsp;&nbsp; 2260 | 2259314 |
| 7.00%, 05/01/32 | &nbsp;&nbsp; 1559 | 1758940 |
| 7.25%, 01/15/33 | &nbsp;&nbsp; 2227 | 2548378 |
| 7.50%, 09/01/38 | &nbsp;&nbsp; 1264 | 1521654 |
| Pacific Gas and Electric Co. |  |  |
| 2.10%, 08/01/27 | &nbsp;&nbsp; 4895 | 4690491 |
| 2.50%, 02/01/31 | &nbsp;&nbsp; 9138 | 8102959 |
| 3.00%, 06/15/28 | &nbsp;&nbsp; 3785 | 3644844 |
| 3.25%, 06/01/31 | &nbsp;&nbsp; 3995 | 3663542 |
| 3.30%, 03/15/27 | &nbsp;&nbsp; 2668 | 2622200 |
| 3.30%, 12/01/27 | &nbsp;&nbsp; 5307 | 5180786 |
| 3.30%, 08/01/40 | &nbsp;&nbsp; 4257 | 3152045 |
| 3.50%, 08/01/50 | &nbsp;&nbsp; 8670 | 5681787 |
| 3.75%, 07/01/28 | &nbsp;&nbsp; 4324 | 4237945 |
| 3.75%, 08/15/42 | &nbsp;&nbsp; 1863 | 1358287 |
| 3.95%, 12/01/47 | &nbsp;&nbsp; 4343 | 3143111 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 3049 | 2210309 |
| 4.20%, 03/01/29 | &nbsp;&nbsp; 3605 | 3562481 |
| 4.20%, 06/01/41 | &nbsp;&nbsp; 2217 | 1749767 |
| 4.25%, 03/15/46 | &nbsp;&nbsp; 2317 | 1749365 |
| 4.30%, 03/15/45 | &nbsp;&nbsp; 2909 | 2235655 |
| 4.40%, 03/01/32 | &nbsp;&nbsp; 2185 | 2103710 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 4.45%, 04/15/42 | &nbsp;&nbsp; $2016 | $1609685 |
| 4.50%, 07/01/40 | &nbsp;&nbsp; 8268 | 7047957 |
| 4.55%, 07/01/30 | &nbsp;&nbsp; 13214 | 13087587 |
| 4.60%, 06/15/43 | &nbsp;&nbsp; 1517 | 1223751 |
| 4.65%, 08/01/28 | &nbsp;&nbsp; 2308 | 2312646 |
| 4.75%, 02/15/44 | &nbsp;&nbsp; 2990 | 2473008 |
| 4.95%, 07/01/50 | &nbsp;&nbsp; 13682 | 11322506 |
| 5.00%, 06/04/28 | &nbsp;&nbsp; 2355 | 2390432 |
| 5.25%, 03/01/52 | &nbsp;&nbsp; 2840 | 2423650 |
| 5.45%, 06/15/27 | &nbsp;&nbsp; 2374 | 2410124 |
| 5.55%, 05/15/29 | &nbsp;&nbsp; 4085 | 4201455 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 2635 | 2669873 |
| 5.80%, 05/15/34 | &nbsp;&nbsp; 4595 | 4694894 |
| 5.90%, 06/15/32 | &nbsp;&nbsp; 2905 | 3024051 |
| 5.90%, 10/01/54 | &nbsp;&nbsp; 3075 | 2875004 |
| 6.00%, 08/15/35 | &nbsp;&nbsp; 3145 | 3252915 |
| 6.10%, 01/15/29 | &nbsp;&nbsp; 3320 | 3467442 |
| 6.15%, 01/15/33 | &nbsp;&nbsp; 3625 | 3806873 |
| 6.15%, 03/01/55 | &nbsp;&nbsp; 2645 | 2558902 |
| 6.40%, 06/15/33 | &nbsp;&nbsp; 4585 | 4867932 |
| 6.70%, 04/01/53 | &nbsp;&nbsp; 3135 | 3226925 |
| 6.75%, 01/15/53 | &nbsp;&nbsp; 6790 | 7010369 |
| 6.95%, 03/15/34 | &nbsp;&nbsp; 3720 | 4072763 |
| PacifiCorp |  |  |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 2245 | 2072132 |
| 2.90%, 06/15/52 | &nbsp;&nbsp; 5240 | 3062678 |
| 3.30%, 03/15/51 | &nbsp;&nbsp; 2904 | 1851588 |
| 3.50%, 06/15/29 | &nbsp;&nbsp; 2105 | 2045547 |
| 4.10%, 02/01/42 | &nbsp;&nbsp; 1683 | 1344234 |
| 4.13%, 01/15/49 | &nbsp;&nbsp; 2965 | 2247779 |
| 4.15%, 02/15/50 | &nbsp;&nbsp; 2677 | 2027332 |
| 5.10%, 02/15/29 | &nbsp;&nbsp; 3165 | 3242376 |
| 5.25%, 06/15/35 | &nbsp;&nbsp; 1114 | 1116371 |
| 5.30%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 3240 | 3361713 |
| 5.35%, 12/01/53 | &nbsp;&nbsp; 5040 | 4512959 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 4390 | 4461574 |
| 5.50%, 05/15/54 | &nbsp;&nbsp; 4220 | 3847956 |
| 5.75%, 04/01/37 | &nbsp;&nbsp; 1752 | 1789741 |
| 5.80%, 01/15/55 | &nbsp;&nbsp; 6120 | 5777148 |
| 6.00%, 01/15/39 | &nbsp;&nbsp; 2988 | 3081580 |
| 6.10%, 08/01/36 | &nbsp;&nbsp; 1565 | 1649592 |
| 6.25%, 10/15/37 | &nbsp;&nbsp; 2691 | 2846872 |
| 6.35%, 07/15/38 | &nbsp;&nbsp; 1420 | 1504474 |
| 7.70%, 11/15/31 | &nbsp;&nbsp; 1155 | 1344545 |
| PECO Energy Co. |  |  |
| 2.80%, 06/15/50 | &nbsp;&nbsp; 800 | 496781 |
| 2.85%, 09/15/51 | &nbsp;&nbsp; 1700 | 1056230 |
| 3.00%, 09/15/49 | &nbsp;&nbsp; 1845 | 1198254 |
| 3.05%, 03/15/51 | &nbsp;&nbsp; 1270 | 817124 |
| 3.70%, 09/15/47 | &nbsp;&nbsp; 1751 | 1323492 |
| 3.90%, 03/01/48 | &nbsp;&nbsp; 2957 | 2308615 |
| 4.15%, 10/01/44 | &nbsp;&nbsp; 1385 | 1148504 |
| 4.38%, 08/15/52 | &nbsp;&nbsp; 1850 | 1514226 |
| 4.60%, 05/15/52 | &nbsp;&nbsp; 1800 | 1544467 |
| 4.90%, 06/15/33 | &nbsp;&nbsp; 2557 | 2596000 |
| 5.25%, 09/15/54 | &nbsp;&nbsp; 1920 | 1805059 |
| 5.95%, 10/01/36 | &nbsp;&nbsp; 1095 | 1173534 |
| PG&E Recovery Funding LLC |  |  |
| 5.05%, 07/15/34 | &nbsp;&nbsp; 77 | 78528 |
| Series A-1, 4.84%, 06/01/35 | &nbsp;&nbsp; 3399 | 3436369 |
| Series A-2, 5.23%, 06/01/42 | &nbsp;&nbsp; 4000 | 3987365 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series A-2, 5.26%, 01/15/40 | &nbsp;&nbsp; $825 | $841475 |
| Series A-3, 5.53%, 06/01/51 | &nbsp;&nbsp; 3980 | 3926497 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| Series A-1, 4.02%, 06/01/33 | &nbsp;&nbsp; 1950 | 1939212 |
| Series A-2, 4.26%, 06/01/38 | &nbsp;&nbsp; 8350 | 7991784 |
| Series A-2, 4.72%, 06/01/37 | &nbsp;&nbsp; 2575 | 2533725 |
| Series A-3, 4.38%, 06/03/41 | &nbsp;&nbsp; 2000 | 1877675 |
| Series A-3, 5.08%, 06/01/43 | &nbsp;&nbsp; 2300 | 2261813 |
| Series A-4, 4.45%, 12/01/49 | &nbsp;&nbsp; 20000 | 17436011 |
| Series A-4, 5.21%, 12/01/49 | &nbsp;&nbsp; 2540 | 2411264 |
| Series A-5, 4.67%, 12/01/53 | &nbsp;&nbsp; 2000 | 1725173 |
| Pinnacle West Capital Corp. |  |  |
| 4.90%, 05/15/28 | &nbsp;&nbsp; 2810 | 2851830 |
| 5.15%, 05/15/30 | &nbsp;&nbsp; 1380 | 1419327 |
| Potomac Electric Power Co. |  |  |
| 4.15%, 03/15/43 | &nbsp;&nbsp; 3009 | 2510517 |
| 5.20%, 03/15/34 | &nbsp;&nbsp; 1800 | 1844247 |
| 5.50%, 03/15/54 | &nbsp;&nbsp; 1490 | 1433155 |
| 6.50%, 11/15/37 | &nbsp;&nbsp; 1360 | 1517362 |
| PPL Capital Funding Inc. |  |  |
| 4.13%, 04/15/30 | &nbsp;&nbsp; 2030 | 2013332 |
| 5.25%, 09/01/34 | &nbsp;&nbsp; 1435 | 1455161 |
| PPL Electric Utilities Corp. |  |  |
| 3.00%, 10/01/49 | &nbsp;&nbsp; 2192 | 1424412 |
| 3.95%, 06/01/47 | &nbsp;&nbsp; 2173 | 1721096 |
| 4.13%, 06/15/44 | &nbsp;&nbsp; 1563 | 1305475 |
| 4.15%, 10/01/45 | &nbsp;&nbsp; 1925 | 1595506 |
| 4.15%, 06/15/48 | &nbsp;&nbsp; 2160 | 1747809 |
| 4.75%, 07/15/43 | &nbsp;&nbsp; 1875 | 1692699 |
| 4.85%, 02/15/34 | &nbsp;&nbsp; 2575 | 2590160 |
| 5.00%, 05/15/33 | &nbsp;&nbsp; 2810 | 2870645 |
| 5.25%, 05/15/53 | &nbsp;&nbsp; 3510 | 3317711 |
| 5.55%, 08/15/55 | &nbsp;&nbsp; 4300 | 4202968 |
| 6.25%, 05/15/39 | &nbsp;&nbsp; 1070 | 1177046 |
| Progress Energy Inc. |  |  |
| 6.00%, 12/01/39 | &nbsp;&nbsp; 2852 | 2996845 |
| 7.00%, 10/30/31 | &nbsp;&nbsp; 2005 | 2263005 |
| 7.75%, 03/01/31 | &nbsp;&nbsp; 2914 | 3370818 |
| Public Service Co. of Colorado |  |  |
| 1.88%, 06/15/31 | &nbsp;&nbsp; 1300 | 1133193 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 1933 | 1487160 |
| 3.70%, 06/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2525 | 2509323 |
| 3.80%, 06/15/47 | &nbsp;&nbsp; 2189 | 1639023 |
| 4.05%, 09/15/49 | &nbsp;&nbsp; 2021 | 1551568 |
| 4.10%, 06/01/32 | &nbsp;&nbsp; 1645 | 1594954 |
| 4.10%, 06/15/48 | &nbsp;&nbsp; 1750 | 1357970 |
| 4.30%, 03/15/44 | &nbsp;&nbsp; 1576 | 1299557 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 2055 | 1664243 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 2295 | 2281034 |
| 5.25%, 04/01/53 | &nbsp;&nbsp; 4035 | 3679310 |
| 5.35%, 05/15/34 | &nbsp;&nbsp; 3900 | 3969959 |
| 5.75%, 05/15/54 | &nbsp;&nbsp; 2220 | 2180464 |
| 5.85%, 05/15/55 | &nbsp;&nbsp; 4990 | 4917506 |
| 6.50%, 08/01/38 | &nbsp;&nbsp; 600 | 655705 |
| Series 17, 6.25%, 09/01/37 | &nbsp;&nbsp; 1684 | 1819494 |
| Series 34, 3.20%, 03/01/50 | &nbsp;&nbsp; 2629 | 1726098 |
| Series 35, 1.90%, 01/15/31 | &nbsp;&nbsp; 2229 | 1960977 |
| Series 36, 2.70%, 01/15/51 | &nbsp;&nbsp; 2250 | 1320772 |
| Public Service Co. of New Hampshire |  |  |
| 3.60%, 07/01/49 | &nbsp;&nbsp; 1695 | 1245545 |
| 4.40%, 07/01/28 | &nbsp;&nbsp; 1320 | 1333298 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.15%, 01/15/53 | &nbsp;&nbsp; $1725 | $1588622 |
| 5.35%, 10/01/33 | &nbsp;&nbsp; 2675 | 2791385 |
| Series V, 2.20%, 06/15/31 | &nbsp;&nbsp; 280 | 249979 |
| Public Service Co. of Oklahoma |  |  |
| 5.20%, 01/15/35 | &nbsp;&nbsp; 2385 | 2391677 |
| 5.25%, 01/15/33 | &nbsp;&nbsp; 2325 | 2373553 |
| 5.45%, 01/15/36 | &nbsp;&nbsp; 3525 | 3567060 |
| Series J, 2.20%, 08/15/31 | &nbsp;&nbsp; 1815 | 1595599 |
| Series K, 3.15%, 08/15/51 | &nbsp;&nbsp; 640 | 400515 |
| Public Service Electric & Gas Co. |  |  |
| 1.90%, 08/15/31 | &nbsp;&nbsp; 2455 | 2145088 |
| 2.05%, 08/01/50 | &nbsp;&nbsp; 3050 | 1614888 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 1499 | 1470913 |
| 2.45%, 01/15/30 | &nbsp;&nbsp; 2084 | 1941364 |
| 2.70%, 05/01/50 | &nbsp;&nbsp; 1895 | 1157736 |
| 3.00%, 05/15/27 | &nbsp;&nbsp; 2874 | 2829840 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 870 | 565687 |
| 3.10%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1204 | 1104359 |
| 3.15%, 01/01/50 | &nbsp;&nbsp; 1795 | 1210549 |
| 3.20%, 05/15/29 | &nbsp;&nbsp; 1919 | 1862316 |
| 3.20%, 08/01/49 | &nbsp;&nbsp; 2545 | 1740100 |
| 3.60%, 12/01/47 | &nbsp;&nbsp; 2204 | 1639223 |
| 3.65%, 09/01/28 | &nbsp;&nbsp; 2663 | 2634826 |
| 3.65%, 09/01/42 | &nbsp;&nbsp; 1685 | 1326755 |
| 3.70%, 05/01/28 | &nbsp;&nbsp; 2254 | 2240543 |
| 3.80%, 01/01/43 | &nbsp;&nbsp; 1154 | 925303 |
| 3.80%, 03/01/46 | &nbsp;&nbsp; 2653 | 2065076 |
| 3.85%, 05/01/49 | &nbsp;&nbsp; 2402 | 1836645 |
| 3.95%, 05/01/42 | &nbsp;&nbsp; 1390 | 1146091 |
| 4.05%, 05/01/48 | &nbsp;&nbsp; 2021 | 1614154 |
| 4.65%, 03/15/33 | &nbsp;&nbsp; 1725 | 1725323 |
| 4.85%, 08/01/34 | &nbsp;&nbsp; 2325 | 2331255 |
| 4.90%, 12/15/32 | &nbsp;&nbsp; 2278 | 2321043 |
| 5.05%, 03/01/35 | &nbsp;&nbsp; 1060 | 1074246 |
| 5.13%, 03/15/53 | &nbsp;&nbsp; 985 | 911335 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 1030 | 1063581 |
| 5.20%, 03/01/34 | &nbsp;&nbsp; 1990 | 2043150 |
| 5.30%, 08/01/54 | &nbsp;&nbsp; 1905 | 1806949 |
| 5.45%, 08/01/53 | &nbsp;&nbsp; 1010 | 980083 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 2190 | 2128512 |
| 5.50%, 03/01/40 | &nbsp;&nbsp; 1047 | 1066406 |
| 5.80%, 05/01/37 | &nbsp;&nbsp; 743 | 789212 |
| Public Service Electric and Gas Co. |  |  |
| 4.90%, 08/15/35 | &nbsp;&nbsp; 1350 | 1347000 |
| Series Q, 5.50%, 03/01/55 | &nbsp;&nbsp; 260 | 254519 |
| Public Service Enterprise Group Inc. |  |  |
| 1.60%, 08/15/30 | &nbsp;&nbsp; 2783 | 2428930 |
| 2.45%, 11/15/31 | &nbsp;&nbsp; 3140 | 2783831 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 1730 | 1767785 |
| 5.20%, 04/01/29 | &nbsp;&nbsp; 3565 | 3678030 |
| 5.40%, 03/15/35 | &nbsp;&nbsp; 1600 | 1631869 |
| 5.45%, 04/01/34 | &nbsp;&nbsp; 2415 | 2482202 |
| 5.85%, 11/15/27 | &nbsp;&nbsp; 2080 | 2153795 |
| 5.88%, 10/15/28 | &nbsp;&nbsp; 3285 | 3441942 |
| 6.13%, 10/15/33 | &nbsp;&nbsp; 2525 | 2705674 |
| Puget Energy Inc. |  |  |
| 2.38%, 06/15/28 | &nbsp;&nbsp; 3905 | 3703384 |
| 4.10%, 06/15/30 | &nbsp;&nbsp; 2604 | 2536972 |
| 4.22%, 03/15/32 | &nbsp;&nbsp; 2304 | 2189144 |
| 5.73%, 03/15/35 | &nbsp;&nbsp; 955 | 969300 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Puget Sound Energy Inc. |  |  |
| 2.89%, 09/15/51 | &nbsp;&nbsp; $2055 | $1258532 |
| 3.25%, 09/15/49 | &nbsp;&nbsp; 3353 | 2236776 |
| 4.22%, 06/15/48 | &nbsp;&nbsp; 3870 | 3119367 |
| 4.30%, 05/20/45 | &nbsp;&nbsp; 2352 | 1915277 |
| 5.33%, 06/15/34 | &nbsp;&nbsp; 1845 | 1891611 |
| 5.45%, 06/01/53 | &nbsp;&nbsp; 650 | 616838 |
| 5.64%, 04/15/41 | &nbsp;&nbsp; 840 | 830692 |
| 5.69%, 06/15/54 | &nbsp;&nbsp; 1785 | 1757345 |
| 5.76%, 10/01/39 | &nbsp;&nbsp; 1540 | 1592360 |
| 5.80%, 03/15/40 | &nbsp;&nbsp; 1375 | 1415175 |
| 6.27%, 03/15/37 | &nbsp;&nbsp; 1125 | 1217687 |
| San Diego Gas & Electric Co. |  |  |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 2260 | 1609124 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 2200 | 1741775 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 1633 | 1480251 |
| 4.95%, 08/15/28 | &nbsp;&nbsp; 3607 | 3702968 |
| 5.35%, 04/01/53 | &nbsp;&nbsp; 3725 | 3468580 |
| 5.40%, 04/15/35 | &nbsp;&nbsp; 2100 | 2154506 |
| 5.55%, 04/15/54 | &nbsp;&nbsp; 2895 | 2771181 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 1050 | 1120291 |
| Series RRR, 3.75%, 06/01/47 | &nbsp;&nbsp; 2295 | 1713803 |
| Series TTT, 4.10%, 06/15/49 | &nbsp;&nbsp; 2124 | 1660630 |
| Series UUU, 3.32%, 04/15/50 | &nbsp;&nbsp; 2291 | 1537176 |
| Series VVV, 1.70%, 10/01/30 | &nbsp;&nbsp; 4409 | 3886331 |
| Series WWW, 2.95%, 08/15/51 | &nbsp;&nbsp; 3970 | 2493910 |
| Series XXX, 3.00%, 03/15/32 | &nbsp;&nbsp; 2355 | 2141380 |
| Sempra |  |  |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 4103 | 4030825 |
| 3.40%, 02/01/28 | &nbsp;&nbsp; 5127 | 5023749 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 2928 | 2869523 |
| 3.80%, 02/01/38 | &nbsp;&nbsp; 4602 | 3878393 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 3507 | 2621017 |
| 4.13%, 04/01/52, (5-year CMT + 2.868%)<sup>(a)</sup> | &nbsp;&nbsp; 4290 | 4177477 |
| 5.50%, 08/01/33 | &nbsp;&nbsp; 3040 | 3123275 |
| 6.00%, 10/15/39 | &nbsp;&nbsp; 3350 | 3425362 |
| 6.40%, 10/01/54, (5-year CMT + 2.632%)<sup>(a)</sup> | &nbsp;&nbsp; 1385 | 1369423 |
| 6.55%, 04/01/55, (5-year CMT + 2.138%)<sup>(a)</sup> | &nbsp;&nbsp; 145 | 143051 |
| 6.63%, 04/01/55, (5-year CMT + 2.354%)<sup>(a)</sup> | &nbsp;&nbsp; 15 | 15042 |
| 6.88%, 10/01/54, (5-year CMT + 2.789%)<sup>(a)</sup> | &nbsp;&nbsp; 1860 | 1893100 |
| Sierra Pacific Power Co., 5.90%, 03/15/54 | &nbsp;&nbsp; 2380 | 2358248 |
| Southern California Edison Co. |  |  |
| 2.25%, 06/01/30 | &nbsp;&nbsp; 3092 | 2781334 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 3305 | 2901316 |
| 2.85%, 08/01/29 | &nbsp;&nbsp; 2558 | 2408866 |
| 3.45%, 02/01/52 | &nbsp;&nbsp; 2800 | 1822931 |
| 3.65%, 02/01/50 | &nbsp;&nbsp; 5779 | 3974631 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 7689 | 5726814 |
| 4.05%, 03/15/42 | &nbsp;&nbsp; 2412 | 1905881 |
| 4.40%, 09/06/26 | &nbsp;&nbsp; 2250 | 2252169 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 2680 | 2349137 |
| 4.65%, 10/01/43 | &nbsp;&nbsp; 3738 | 3146374 |
| 4.88%, 02/01/27<sup>(b)</sup> | &nbsp;&nbsp; 3290 | 3313970 |
| 5.15%, 06/01/29 | &nbsp;&nbsp; 2690 | 2747832 |
| 5.20%, 06/01/34 | &nbsp;&nbsp; 3570 | 3546173 |
| 5.25%, 03/15/30 | &nbsp;&nbsp; 2675 | 2738747 |
| 5.30%, 03/01/28 | &nbsp;&nbsp; 1535 | 1568505 |
| 5.45%, 06/01/31 | &nbsp;&nbsp; 2285 | 2363822 |
| 5.45%, 03/01/35<sup>(b)</sup> | &nbsp;&nbsp; 3200 | 3220173 |
| 5.50%, 03/15/40 | &nbsp;&nbsp; 2138 | 2078555 |
| 5.63%, 02/01/36 | &nbsp;&nbsp; 1589 | 1594001 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.65%, 10/01/28 | &nbsp;&nbsp; $1715 | $1775137 |
| 5.70%, 03/01/53 | &nbsp;&nbsp; 1465 | 1352045 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 2005 | 1866566 |
| 5.85%, 11/01/27 | &nbsp;&nbsp; 2940 | 3027396 |
| 5.88%, 12/01/53 | &nbsp;&nbsp; 2860 | 2719223 |
| 5.90%, 03/01/55 | &nbsp;&nbsp; 2550 | 2433098 |
| 5.95%, 11/01/32 | &nbsp;&nbsp; 2539 | 2669775 |
| 6.00%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 3199 | 3325498 |
| 6.05%, 03/15/39 | &nbsp;&nbsp; 2200 | 2260073 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 2675 | 2654773 |
| 6.65%, 04/01/29 | &nbsp;&nbsp; 2025 | 2126680 |
| Series 04-G, 5.75%, 04/01/35 | &nbsp;&nbsp; 1359 | 1400119 |
| Series 05-E, 5.35%, 07/15/35 | &nbsp;&nbsp; 1511 | 1509517 |
| Series 06-E, 5.55%, 01/15/37 | &nbsp;&nbsp; 1730 | 1716554 |
| Series 08-A, 5.95%, 02/01/38 | &nbsp;&nbsp; 2357 | 2409598 |
| Series 13-A, 3.90%, 03/15/43 | &nbsp;&nbsp; 2374 | 1824472 |
| Series 20A, 2.95%, 02/01/51<sup>(b)</sup> | &nbsp;&nbsp; 2420 | 1468073 |
| Series A, 4.20%, 03/01/29 | &nbsp;&nbsp; 2878 | 2851989 |
| Series B, 3.65%, 03/01/28 | &nbsp;&nbsp; 2192 | 2157080 |
| Series B, 4.88%, 03/01/49 | &nbsp;&nbsp; 3081 | 2571273 |
| Series C, 3.60%, 02/01/45 | &nbsp;&nbsp; 2010 | 1440043 |
| Series C, 4.13%, 03/01/48 | &nbsp;&nbsp; 6072 | 4590966 |
| Series D, 4.70%, 06/01/27 | &nbsp;&nbsp; 3367 | 3383257 |
| Series E, 5.45%, 06/01/52 | &nbsp;&nbsp; 1889 | 1683990 |
| Series G, 2.50%, 06/01/31 | &nbsp;&nbsp; 3347 | 2963836 |
| Series H, 3.65%, 06/01/51 | &nbsp;&nbsp; 2307 | 1568480 |
| Southern Co. (The) |  |  |
| 4.25%, 07/01/36 | &nbsp;&nbsp; 2025 | 1863505 |
| 4.40%, 07/01/46 | &nbsp;&nbsp; 8891 | 7395296 |
| 4.85%, 06/15/28 | &nbsp;&nbsp; 3110 | 3170121 |
| 4.85%, 03/15/35 | &nbsp;&nbsp; 3430 | 3363097 |
| 5.11%, 08/01/27 | &nbsp;&nbsp; 3300 | 3364220 |
| 5.20%, 06/15/33 | &nbsp;&nbsp; 3805 | 3884809 |
| 5.50%, 03/15/29 | &nbsp;&nbsp; 4710 | 4910480 |
| 5.70%, 10/15/32 | &nbsp;&nbsp; 2595 | 2735746 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 3860 | 4045862 |
| Series 2025, 6.38%, 03/15/55, (5-year CMT <br> + 2.069%)<sup>(a)</sup><br>| &nbsp;&nbsp; 180 | 188482 |
| Series 21-A, 3.75%, 09/15/51, (5-year CMT <br> + 2.915%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4485 | 4422653 |
| Series 21-B, 1.75%, 03/15/28 | &nbsp;&nbsp; 1970 | 1858106 |
| Series A, 3.70%, 04/30/30 | &nbsp;&nbsp; 4910 | 4784183 |
| Southern Power Co. |  |  |
| 5.15%, 09/15/41 | &nbsp;&nbsp; 2698 | 2549449 |
| 5.25%, 07/15/43 | &nbsp;&nbsp; 1415 | 1331163 |
| Series F, 4.95%, 12/15/46 | &nbsp;&nbsp; 1905 | 1677243 |
| Southwestern Electric Power Co. |  |  |
| 3.25%, 11/01/51 | &nbsp;&nbsp; 3295 | 2122282 |
| 5.30%, 04/01/33 | &nbsp;&nbsp; 1520 | 1542179 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 1469 | 1532127 |
| Series J, 3.90%, 04/01/45 | &nbsp;&nbsp; 1720 | 1301771 |
| Series K, 2.75%, 10/01/26 | &nbsp;&nbsp; 2270 | 2231208 |
| Series L, 3.85%, 02/01/48 | &nbsp;&nbsp; 2333 | 1697525 |
| Series M, 4.10%, 09/15/28 | &nbsp;&nbsp; 2615 | 2610701 |
| Southwestern Public Service Co. |  |  |
| 3.40%, 08/15/46 | &nbsp;&nbsp; 1778 | 1224164 |
| 3.70%, 08/15/47 | &nbsp;&nbsp; 2230 | 1626417 |
| 3.75%, 06/15/49 | &nbsp;&nbsp; 2028 | 1456360 |
| 4.50%, 08/15/41 | &nbsp;&nbsp; 2141 | 1879650 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 2250 | 2270040 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 2860 | 2864740 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Series 6, 4.40%, 11/15/48 | &nbsp;&nbsp; $1368 | $1093585 |
| Series 8, 3.15%, 05/01/50 | &nbsp;&nbsp; 2333 | 1501152 |
| System Energy Resources Inc. |  |  |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 2160 | 2151437 |
| 6.00%, 04/15/28 | &nbsp;&nbsp; 1675 | 1743748 |
| Tampa Electric Co. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 2114 | 1915207 |
| 3.45%, 03/15/51 | &nbsp;&nbsp; 1365 | 942246 |
| 3.63%, 06/15/50 | &nbsp;&nbsp; 2251 | 1600098 |
| 4.10%, 06/15/42 | &nbsp;&nbsp; 1993 | 1667274 |
| 4.30%, 06/15/48 | &nbsp;&nbsp; 1854 | 1512157 |
| 4.35%, 05/15/44 | &nbsp;&nbsp; 1685 | 1426312 |
| 4.45%, 06/15/49 | &nbsp;&nbsp; 2379 | 1949395 |
| 4.90%, 03/01/29 | &nbsp;&nbsp; 2490 | 2546868 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 1465 | 1292039 |
| 5.15%, 03/01/35 | &nbsp;&nbsp; 2095 | 2111591 |
| Toledo Edison Co. (The), 6.15%, 05/15/37 | &nbsp;&nbsp; 1179 | 1277247 |
| Tucson Electric Power Co. |  |  |
| 1.50%, 08/01/30 | &nbsp;&nbsp; 4256 | 3701467 |
| 3.25%, 05/15/32 | &nbsp;&nbsp; 1423 | 1307266 |
| 3.25%, 05/01/51 | &nbsp;&nbsp; 1560 | 1009076 |
| 4.00%, 06/15/50 | &nbsp;&nbsp; 2272 | 1699657 |
| 4.85%, 12/01/48 | &nbsp;&nbsp; 1552 | 1348998 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 1920 | 1937313 |
| 5.50%, 04/15/53 | &nbsp;&nbsp; 2425 | 2273810 |
| 5.90%, 04/15/55 | &nbsp;&nbsp; 1615 | 1594043 |
| Union Electric Co. |  |  |
| 2.15%, 03/15/32 | &nbsp;&nbsp; 2660 | 2304188 |
| 2.63%, 03/15/51 | &nbsp;&nbsp; 2406 | 1423695 |
| 2.95%, 06/15/27 | &nbsp;&nbsp; 2833 | 2786868 |
| 2.95%, 03/15/30 | &nbsp;&nbsp; 2969 | 2824455 |
| 3.25%, 10/01/49 | &nbsp;&nbsp; 1846 | 1239777 |
| 3.50%, 03/15/29 | &nbsp;&nbsp; 2971 | 2914894 |
| 3.65%, 04/15/45 | &nbsp;&nbsp; 2105 | 1608527 |
| 3.90%, 09/15/42 | &nbsp;&nbsp; 2180 | 1768670 |
| 3.90%, 04/01/52 | &nbsp;&nbsp; 1680 | 1266901 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 2060 | 1619554 |
| 5.13%, 03/15/55 | &nbsp;&nbsp; 1640 | 1498033 |
| 5.20%, 04/01/34 | &nbsp;&nbsp; 2240 | 2294814 |
| 5.25%, 04/15/35 | &nbsp;&nbsp; 2355 | 2407606 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 1770 | 1633906 |
| 5.30%, 08/01/37 | &nbsp;&nbsp; 975 | 986364 |
| 5.45%, 03/15/53 | &nbsp;&nbsp; 2315 | 2211497 |
| 8.45%, 03/15/39 | &nbsp;&nbsp; 1373 | 1770917 |
| Virginia Electric & Power Co. |  |  |
| 2.30%, 11/15/31 | &nbsp;&nbsp; 2509 | 2216362 |
| 2.40%, 03/30/32 | &nbsp;&nbsp; 1475 | 1292702 |
| 2.45%, 12/15/50 | &nbsp;&nbsp; 4542 | 2550007 |
| 2.95%, 11/15/51 | &nbsp;&nbsp; 4195 | 2607812 |
| 3.30%, 12/01/49 | &nbsp;&nbsp; 2955 | 1983333 |
| 4.00%, 01/15/43 | &nbsp;&nbsp; 2520 | 2041857 |
| 4.45%, 02/15/44 | &nbsp;&nbsp; 2690 | 2299283 |
| 4.60%, 12/01/48 | &nbsp;&nbsp; 2765 | 2355937 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 3470 | 3518080 |
| 5.00%, 01/15/34 | &nbsp;&nbsp; 2505 | 2514496 |
| 5.05%, 08/15/34 | &nbsp;&nbsp; 2530 | 2550505 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 2390 | 2410518 |
| 5.30%, 08/15/33 | &nbsp;&nbsp; 1925 | 1978815 |
| 5.35%, 01/15/54 | &nbsp;&nbsp; 2255 | 2100876 |
| 5.45%, 04/01/53 | &nbsp;&nbsp; 3396 | 3218856 |
| 5.55%, 08/15/54 | &nbsp;&nbsp; 1835 | 1765388 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.65%, 03/15/55 | &nbsp;&nbsp; $1810 | $1775941 |
| 5.70%, 08/15/53 | &nbsp;&nbsp; 2770 | 2721820 |
| 6.35%, 11/30/37 | &nbsp;&nbsp; 2037 | 2220964 |
| 8.88%, 11/15/38 | &nbsp;&nbsp; 2823 | 3753521 |
| Series A, 2.88%, 07/15/29 | &nbsp;&nbsp; 2952 | 2823563 |
| Series A, 3.50%, 03/15/27 | &nbsp;&nbsp; 4202 | 4169091 |
| Series A, 3.80%, 04/01/28 | &nbsp;&nbsp; 3855 | 3841560 |
| Series A, 6.00%, 05/15/37 | &nbsp;&nbsp; 2532 | 2692076 |
| Series B, 2.95%, 11/15/26 | &nbsp;&nbsp; 2610 | 2572547 |
| Series B, 3.75%, 05/15/27 | &nbsp;&nbsp; 2189 | 2177770 |
| Series B, 3.80%, 09/15/47 | &nbsp;&nbsp; 2592 | 1950173 |
| Series B, 4.20%, 05/15/45 | &nbsp;&nbsp; 1682 | 1377717 |
| Series B, 6.00%, 01/15/36 | &nbsp;&nbsp; 2014 | 2141249 |
| Series C, 4.00%, 11/15/46 | &nbsp;&nbsp; 2410 | 1890950 |
| Series C, 4.63%, 05/15/52 | &nbsp;&nbsp; 2920 | 2440577 |
| Series D, 4.65%, 08/15/43 | &nbsp;&nbsp; 2690 | 2369701 |
| Virginia Power Fuel Securitization LLC, <br> Series A-2, 4.88%, 05/01/33<br>| &nbsp;&nbsp; 6000 | 6116080 |
| WEC Energy Group Inc. |  |  |
| 1.38%, 10/15/27 | &nbsp;&nbsp; 2934 | 2778084 |
| 1.80%, 10/15/30 | &nbsp;&nbsp; 860 | 761166 |
| 2.20%, 12/15/28 | &nbsp;&nbsp; 1357 | 1275497 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 2480 | 2518026 |
| 5.15%, 10/01/27 | &nbsp;&nbsp; 2375 | 2419542 |
| 5.60%, 09/12/26 | &nbsp;&nbsp; 1161 | 1175754 |
| Wisconsin Electric Power Co. |  |  |
| 1.70%, 06/15/28 | &nbsp;&nbsp; 2105 | 1982361 |
| 4.30%, 10/15/48 | &nbsp;&nbsp; 1915 | 1578934 |
| 4.60%, 10/01/34 | &nbsp;&nbsp; 1740 | 1717226 |
| 4.75%, 09/30/32 | &nbsp;&nbsp; 2400 | 2446730 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 1390 | 1432106 |
| 5.05%, 10/01/54 | &nbsp;&nbsp; 1260 | 1138884 |
| 5.63%, 05/15/33 | &nbsp;&nbsp; 1140 | 1218060 |
| 5.70%, 12/01/36 | &nbsp;&nbsp; 680 | 729895 |
| Wisconsin Power and Light Co. |  |  |
| 1.95%, 09/16/31 | &nbsp;&nbsp; 2640 | 2294306 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 3023 | 2893021 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 1810 | 1769236 |
| 3.65%, 04/01/50 | &nbsp;&nbsp; 2105 | 1488602 |
| 3.95%, 09/01/32 | &nbsp;&nbsp; 2535 | 2423439 |
| 4.95%, 04/01/33 | &nbsp;&nbsp; 1580 | 1595507 |
| 5.38%, 03/30/34 | &nbsp;&nbsp; 1470 | 1517840 |
| 6.38%, 08/15/37 | &nbsp;&nbsp; 620 | 681335 |
| Wisconsin Public Service Corp. |  |  |
| 2.85%, 12/01/51 | &nbsp;&nbsp; 2635 | 1614819 |
| 3.30%, 09/01/49 | &nbsp;&nbsp; 1935 | 1312848 |
| 3.67%, 12/01/42 | &nbsp;&nbsp; 1930 | 1510817 |
| 4.55%, 12/01/29 | &nbsp;&nbsp; 805 | 819204 |
| 4.75%, 11/01/44 | &nbsp;&nbsp; 2403 | 2141006 |
| Xcel Energy Inc. |  |  |
| 1.75%, 03/15/27 | &nbsp;&nbsp; 370 | 356698 |
| 2.35%, 11/15/31 | &nbsp;&nbsp; 1590 | 1395416 |
| 2.60%, 12/01/29 | &nbsp;&nbsp; 3001 | 2799283 |
| 3.35%, 12/01/26 | &nbsp;&nbsp; 3307 | 3269069 |
| 3.40%, 06/01/30 | &nbsp;&nbsp; 2915 | 2790968 |
| 3.50%, 12/01/49 | &nbsp;&nbsp; 2435 | 1670402 |
| 4.00%, 06/15/28 | &nbsp;&nbsp; 3669 | 3660575 |
| 4.60%, 06/01/32 | &nbsp;&nbsp; 3135 | 3088792 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 1440 | 1457440 |
| 5.45%, 08/15/33 | &nbsp;&nbsp; 3505 | 3588021 |
| 5.50%, 03/15/34 | &nbsp;&nbsp; 3935 | 4024326 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.60%, 04/15/35 | &nbsp;&nbsp; $2130 | $2178940 |
| 6.50%, 07/01/36 | &nbsp;&nbsp; 1319 | 1431337 |
|  |  | 2859033277 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| ABB Finance USA Inc. |  |  |
| 3.80%, 04/03/28 | &nbsp;&nbsp; 1090 | 1093738 |
| 4.38%, 05/08/42 | &nbsp;&nbsp; 520 | 459434 |
| Acuity Brands Lighting Inc., 2.15%, 12/15/30 | &nbsp;&nbsp; 2211 | 1974079 |
| Emerson Electric Co. |  |  |
| 0.88%, 10/15/26 | &nbsp;&nbsp; 2954 | 2854997 |
| 1.80%, 10/15/27 | &nbsp;&nbsp; 3486 | 3340079 |
| 1.95%, 10/15/30 | &nbsp;&nbsp; 2406 | 2168636 |
| 2.00%, 12/21/28 | &nbsp;&nbsp; 4862 | 4570524 |
| 2.20%, 12/21/31 | &nbsp;&nbsp; 3681 | 3263882 |
| 2.75%, 10/15/50 | &nbsp;&nbsp; 3808 | 2383128 |
| 2.80%, 12/21/51 | &nbsp;&nbsp; 4495 | 2801438 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 1155 | 1174413 |
| 5.25%, 11/15/39 | &nbsp;&nbsp; 2215 | 2230644 |
|  |  | 28314992 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Allegion PLC, 3.50%, 10/01/29 | &nbsp;&nbsp; 3191 | 3085539 |
| Allegion U.S. Holding Co. Inc. |  |  |
| 3.55%, 10/01/27 | &nbsp;&nbsp; 2787 | 2745080 |
| 5.41%, 07/01/32 | &nbsp;&nbsp; 2300 | 2386710 |
| 5.60%, 05/29/34 | &nbsp;&nbsp; 1780 | 1832684 |
| Amphenol Corp. |  |  |
| 2.20%, 09/15/31 | &nbsp;&nbsp; 3365 | 2977476 |
| 2.80%, 02/15/30 | &nbsp;&nbsp; 5267 | 4978918 |
| 4.35%, 06/01/29 | &nbsp;&nbsp; 3291 | 3322490 |
| 4.38%, 06/12/28 | &nbsp;&nbsp; 1720 | 1736676 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 2660 | 2682372 |
| 5.05%, 04/05/27 | &nbsp;&nbsp; 2535 | 2573653 |
| 5.05%, 04/05/29 | &nbsp;&nbsp; 2005 | 2067519 |
| 5.25%, 04/05/34 | &nbsp;&nbsp; 1665 | 1720048 |
| 5.38%, 11/15/54 | &nbsp;&nbsp; 1420 | 1378016 |
| Arrow Electronics Inc. |  |  |
| 2.95%, 02/15/32 | &nbsp;&nbsp; 3043 | 2688504 |
| 3.88%, 01/12/28 | &nbsp;&nbsp; 3310 | 3267286 |
| 5.15%, 08/21/29 | &nbsp;&nbsp; 2165 | 2214938 |
| 5.88%, 04/10/34 | &nbsp;&nbsp; 2335 | 2422821 |
| Avnet Inc. |  |  |
| 3.00%, 05/15/31 | &nbsp;&nbsp; 2061 | 1865497 |
| 5.50%, 06/01/32 | &nbsp;&nbsp; 1825 | 1845536 |
| 6.25%, 03/15/28 | &nbsp;&nbsp; 2350 | 2446581 |
| Flex Ltd. |  |  |
| 4.88%, 06/15/29 | &nbsp;&nbsp; 3456 | 3493858 |
| 4.88%, 05/12/30 | &nbsp;&nbsp; 3169 | 3201954 |
| 5.25%, 01/15/32 | &nbsp;&nbsp; 2720 | 2778136 |
| 6.00%, 01/15/28 | &nbsp;&nbsp; 2640 | 2732648 |
| Fortive Corp., 4.30%, 06/15/46 | &nbsp;&nbsp; 2340 | 1913526 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 | &nbsp;&nbsp; 4744 | 4540591 |
| 1.75%, 09/01/31<sup>(b)</sup> | &nbsp;&nbsp; 6620 | 5700960 |
| 1.95%, 06/01/30 | &nbsp;&nbsp; 4451 | 4028432 |
| 2.50%, 11/01/26 | &nbsp;&nbsp; 7972 | 7826556 |
| 2.70%, 08/15/29 | &nbsp;&nbsp; 4275 | 4067246 |
| 2.80%, 06/01/50 | &nbsp;&nbsp; 5605 | 3518425 |
| 3.81%, 11/21/47 | &nbsp;&nbsp; 1855 | 1425899 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 4310 | 4332231 |
| 4.50%, 01/15/34 | &nbsp;&nbsp; 4175 | 4094956 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| 4.65%, 07/30/27 | &nbsp;&nbsp; $3705 | $3749985 |
| 4.70%, 02/01/30 | &nbsp;&nbsp; 3565 | 3635279 |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 2980 | 3025460 |
| 4.88%, 09/01/29 | &nbsp;&nbsp; 3080 | 3170707 |
| 4.95%, 02/15/28 | &nbsp;&nbsp; 3990 | 4083839 |
| 4.95%, 09/01/31 | &nbsp;&nbsp; 2595 | 2675009 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 5085 | 5181828 |
| 5.00%, 03/01/35<sup>(b)</sup> | &nbsp;&nbsp; 6220 | 6261348 |
| 5.25%, 03/01/54 | &nbsp;&nbsp; 5115 | 4759927 |
| 5.35%, 03/01/64 | &nbsp;&nbsp; 2930 | 2715401 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 2595 | 2634312 |
| 5.70%, 03/15/36 | &nbsp;&nbsp; 2419 | 2552186 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 2285 | 2403111 |
| Hubbell Inc. |  |  |
| 2.30%, 03/15/31 | &nbsp;&nbsp; 1165 | 1043542 |
| 3.15%, 08/15/27 | &nbsp;&nbsp; 2497 | 2446033 |
| 3.50%, 02/15/28 | &nbsp;&nbsp; 3194 | 3142447 |
| Jabil Inc. |  |  |
| 3.00%, 01/15/31 | &nbsp;&nbsp; 3331 | 3055802 |
| 3.60%, 01/15/30 | &nbsp;&nbsp; 3021 | 2902445 |
| 3.95%, 01/12/28 | &nbsp;&nbsp; 3830 | 3796927 |
| 4.25%, 05/15/27 | &nbsp;&nbsp; 2065 | 2063782 |
| 5.45%, 02/01/29 | &nbsp;&nbsp; 1435 | 1474484 |
| Keysight Technologies Inc. |  |  |
| 3.00%, 10/30/29 | &nbsp;&nbsp; 4309 | 4088938 |
| 4.60%, 04/06/27 | &nbsp;&nbsp; 5298 | 5321972 |
| 4.95%, 10/15/34 | &nbsp;&nbsp; 1155 | 1147048 |
| 5.35%, 07/30/30 | &nbsp;&nbsp; 785 | 815698 |
| TD SYNNEX Corp. |  |  |
| 2.38%, 08/09/28 | &nbsp;&nbsp; 2790 | 2643579 |
| 2.65%, 08/09/31 | &nbsp;&nbsp; 3171 | 2821886 |
| 6.10%, 04/12/34 | &nbsp;&nbsp; 1540 | 1614393 |
| Trimble Inc. |  |  |
| 4.90%, 06/15/28 | &nbsp;&nbsp; 3499 | 3549138 |
| 6.10%, 03/15/33 | &nbsp;&nbsp; 1205 | 1284467 |
| Tyco Electronics Group SA |  |  |
| 2.50%, 02/04/32 | &nbsp;&nbsp; 1955 | 1740282 |
| 3.13%, 08/15/27 | &nbsp;&nbsp; 3930 | 3860667 |
| 4.50%, 02/09/31 | &nbsp;&nbsp; 2125 | 2141653 |
| 4.63%, 02/01/30 | &nbsp;&nbsp; 2295 | 2336491 |
| 5.00%, 05/09/35 | &nbsp;&nbsp; 1120 | 1115263 |
| 7.13%, 10/01/37 | &nbsp;&nbsp; 2126 | 2492771 |
| Vontier Corp. |  |  |
| 2.40%, 04/01/28 | &nbsp;&nbsp; 3366 | 3196136 |
| 2.95%, 04/01/31 | &nbsp;&nbsp; 3114 | 2834639 |
|  |  | 213672637 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | &nbsp;&nbsp; 4005 | 4190748 |
| 6.35%, 08/18/28 | &nbsp;&nbsp; 4342 | 4575509 |
| MasTec Inc., 5.90%, 06/15/29 | &nbsp;&nbsp; 970 | 1014966 |
|  |  | 9781223 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Nature Conservancy (The), Series A, 3.96%, <br> 03/01/52<sup>(b)</sup><br>| &nbsp;&nbsp; 2083 | 1606412 |
| Republic Services Inc. |  |  |
| 1.45%, 02/15/31 | &nbsp;&nbsp; 3833 | 3300976 |
| 1.75%, 02/15/32 | &nbsp;&nbsp; 3195 | 2721695 |
| 2.30%, 03/01/30 | &nbsp;&nbsp; 3275 | 3027926 |
| 2.38%, 03/15/33<sup>(b)</sup> | &nbsp;&nbsp; 3185 | 2745810 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| 3.05%, 03/01/50 | &nbsp;&nbsp; $3325 | $2228447 |
| 3.38%, 11/15/27 | &nbsp;&nbsp; 3270 | 3232082 |
| 3.95%, 05/15/28 | &nbsp;&nbsp; 4441 | 4441555 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 1680 | 1723983 |
| 4.88%, 04/01/29 | &nbsp;&nbsp; 3045 | 3123124 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 2210 | 2283793 |
| 5.00%, 12/15/33 | &nbsp;&nbsp; 2745 | 2808878 |
| 5.00%, 04/01/34 | &nbsp;&nbsp; 3245 | 3302323 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 1675 | 1710707 |
| 5.20%, 11/15/34 | &nbsp;&nbsp; 2235 | 2294526 |
| 5.70%, 05/15/41 | &nbsp;&nbsp; 2006 | 2066344 |
| 6.20%, 03/01/40 | &nbsp;&nbsp; 1075 | 1171573 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/28 | &nbsp;&nbsp; 3580 | 3697380 |
| 5.45%, 09/18/33 | &nbsp;&nbsp; 1900 | 1962398 |
| 5.50%, 09/18/26 | &nbsp;&nbsp; 3795 | 3833483 |
| Waste Connections Inc. |  |  |
| 2.20%, 01/15/32 | &nbsp;&nbsp; 3123 | 2725935 |
| 2.60%, 02/01/30 | &nbsp;&nbsp; 3297 | 3095500 |
| 2.95%, 01/15/52 | &nbsp;&nbsp; 4095 | 2577317 |
| 3.05%, 04/01/50 | &nbsp;&nbsp; 3431 | 2246878 |
| 3.20%, 06/01/32 | &nbsp;&nbsp; 2230 | 2056403 |
| 3.50%, 05/01/29 | &nbsp;&nbsp; 2976 | 2927784 |
| 4.20%, 01/15/33 | &nbsp;&nbsp; 3055 | 2968644 |
| 4.25%, 12/01/28 | &nbsp;&nbsp; 2997 | 3019323 |
| 5.00%, 03/01/34 | &nbsp;&nbsp; 3010 | 3053634 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 2555 | 2611729 |
| Waste Management Inc. |  |  |
| 1.15%, 03/15/28 | &nbsp;&nbsp; 2520 | 2353269 |
| 1.50%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2768 | 2394719 |
| 2.00%, 06/01/29 | &nbsp;&nbsp; 2755 | 2562561 |
| 2.50%, 11/15/50 | &nbsp;&nbsp; 2437 | 1430759 |
| 2.95%, 06/01/41 | &nbsp;&nbsp; 2895 | 2145721 |
| 3.15%, 11/15/27 | &nbsp;&nbsp; 4273 | 4199200 |
| 3.88%, 01/15/29 | &nbsp;&nbsp; 740 | 733847 |
| 4.10%, 03/01/45 | &nbsp;&nbsp; 1030 | 855072 |
| 4.15%, 04/15/32 | &nbsp;&nbsp; 2500 | 2454541 |
| 4.15%, 07/15/49 | &nbsp;&nbsp; 4152 | 3369086 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 4770 | 4828726 |
| 4.63%, 02/15/30 | &nbsp;&nbsp; 3770 | 3841088 |
| 4.63%, 02/15/33 | &nbsp;&nbsp; 2395 | 2406968 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 3625 | 3696936 |
| 4.80%, 03/15/32 | &nbsp;&nbsp; 4400 | 4491740 |
| 4.88%, 02/15/29 | &nbsp;&nbsp; 3725 | 3831299 |
| 4.88%, 02/15/34 | &nbsp;&nbsp; 5250 | 5333556 |
| 4.95%, 07/03/27 | &nbsp;&nbsp; 2220 | 2259079 |
| 4.95%, 07/03/31 | &nbsp;&nbsp; 2210 | 2285460 |
| 4.95%, 03/15/35 | &nbsp;&nbsp; 6685 | 6719577 |
| 5.35%, 10/15/54 | &nbsp;&nbsp; 5730 | 5489402 |
|  |  | 148249168 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| Ahold Finance USA LLC, 6.88%, 05/01/29 | &nbsp;&nbsp; 4356 | 4748319 |
| Conagra Brands Inc. |  |  |
| 1.38%, 11/01/27 | &nbsp;&nbsp; 4683 | 4392628 |
| 4.85%, 11/01/28 | &nbsp;&nbsp; 4970 | 5022989 |
| 5.00%, 08/01/30 | &nbsp;&nbsp; 2365 | 2386617 |
| 5.30%, 10/01/26 | &nbsp;&nbsp; 2465 | 2487928 |
| 5.30%, 11/01/38 | &nbsp;&nbsp; 4441 | 4189763 |
| 5.40%, 11/01/48 | &nbsp;&nbsp; 4853 | 4267457 |
| 5.75%, 08/01/35 | &nbsp;&nbsp; 2195 | 2206155 |
| 7.00%, 10/01/28 | &nbsp;&nbsp; 3589 | 3834124 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 8.25%, 09/15/30 | &nbsp;&nbsp; $1732 | $2002043 |
| Flowers Foods Inc. |  |  |
| 2.40%, 03/15/31 | &nbsp;&nbsp; 2810 | 2478727 |
| 3.50%, 10/01/26 | &nbsp;&nbsp; 2507 | 2477980 |
| 5.75%, 03/15/35 | &nbsp;&nbsp; 10 | 10174 |
| 6.20%, 03/15/55 | &nbsp;&nbsp; 410 | 396760 |
| General Mills Inc. |  |  |
| 2.25%, 10/14/31 | &nbsp;&nbsp; 3112 | 2735179 |
| 2.88%, 04/15/30 | &nbsp;&nbsp; 3684 | 3459088 |
| 3.00%, 02/01/51 | &nbsp;&nbsp; 2734 | 1723102 |
| 3.20%, 02/10/27 | &nbsp;&nbsp; 4217 | 4160308 |
| 4.15%, 02/15/43 | &nbsp;&nbsp; 1340 | 1091483 |
| 4.20%, 04/17/28 | &nbsp;&nbsp; 7743 | 7753241 |
| 4.70%, 01/30/27 | &nbsp;&nbsp; 3025 | 3044389 |
| 4.70%, 04/17/48 | &nbsp;&nbsp; 1710 | 1473638 |
| 4.88%, 01/30/30 | &nbsp;&nbsp; 3580 | 3659695 |
| 4.95%, 03/29/33 | &nbsp;&nbsp; 4626 | 4654012 |
| 5.25%, 01/30/35<sup>(b)</sup> | &nbsp;&nbsp; 2510 | 2523703 |
| 5.40%, 06/15/40 | &nbsp;&nbsp; 2397 | 2347372 |
| 5.50%, 10/17/28 | &nbsp;&nbsp; 2135 | 2217237 |
| Hershey Co. (The) |  |  |
| 1.70%, 06/01/30 | &nbsp;&nbsp; 2532 | 2266698 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 2578 | 2417044 |
| 2.65%, 06/01/50 | &nbsp;&nbsp; 925 | 554416 |
| 3.13%, 11/15/49 | &nbsp;&nbsp; 2254 | 1502427 |
| 3.38%, 08/15/46 | &nbsp;&nbsp; 1715 | 1242614 |
| 4.25%, 05/04/28 | &nbsp;&nbsp; 2295 | 2316668 |
| 4.50%, 05/04/33 | &nbsp;&nbsp; 2075 | 2065356 |
| 4.55%, 02/24/28 | &nbsp;&nbsp; 1335 | 1355742 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 2740 | 2807564 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 2375 | 2441271 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 2525 | 2574807 |
| Hormel Foods Corp. |  |  |
| 1.70%, 06/03/28 | &nbsp;&nbsp; 6275 | 5901118 |
| 1.80%, 06/11/30<sup>(b)</sup> | &nbsp;&nbsp; 3197 | 2866443 |
| 3.05%, 06/03/51 | &nbsp;&nbsp; 2690 | 1727551 |
| 4.80%, 03/30/27 | &nbsp;&nbsp; 4190 | 4233443 |
| Ingredion Inc. |  |  |
| 2.90%, 06/01/30 | &nbsp;&nbsp; 3434 | 3211917 |
| 3.20%, 10/01/26 | &nbsp;&nbsp; 3770 | 3726146 |
| 3.90%, 06/01/50 | &nbsp;&nbsp; 2490 | 1795517 |
| J.M. Smucker Co. (The) |  |  |
| 2.13%, 03/15/32 | &nbsp;&nbsp; 2270 | 1927480 |
| 2.38%, 03/15/30 | &nbsp;&nbsp; 3110 | 2861176 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 3935 | 3877791 |
| 4.25%, 03/15/35 | &nbsp;&nbsp; 3222 | 2993230 |
| 4.38%, 03/15/45 | &nbsp;&nbsp; 3416 | 2799876 |
| 5.90%, 11/15/28 | &nbsp;&nbsp; 4295 | 4511318 |
| 6.20%, 11/15/33 | &nbsp;&nbsp; 4565 | 4905145 |
| 6.50%, 11/15/43 | &nbsp;&nbsp; 3760 | 3997646 |
| 6.50%, 11/15/53<sup>(b)</sup> | &nbsp;&nbsp; 2770 | 2949448 |
| JBS USA Holding Lux Sarl / JBS USA Foods <br> Group Holdings Inc. / JBS USA Food Co.<br>|  |  |
| 5.50%, 01/15/36<sup>(c)</sup> | &nbsp;&nbsp; 4110 | 4132188 |
| 6.25%, 03/01/56<sup>(c)</sup> | &nbsp;&nbsp; 5540 | 5477843 |
| 6.38%, 04/15/66<sup>(c)</sup> | &nbsp;&nbsp; 5410 | 5341859 |
| JBS USA Holding Lux SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 3.00%, 02/02/29 | &nbsp;&nbsp; 840 | 803867 |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 4736 | 4190237 |
| 3.63%, 01/15/32 | &nbsp;&nbsp; 2045 | 1890813 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| 3.75%, 12/01/31 | &nbsp;&nbsp; $1665 | $1568499 |
| 4.38%, 02/02/52 | &nbsp;&nbsp; 4130 | 3135515 |
| 5.75%, 04/01/33 | &nbsp;&nbsp; 7004 | 7247602 |
| 6.50%, 12/01/52 | &nbsp;&nbsp; 7244 | 7390187 |
| 6.75%, 03/15/34 | &nbsp;&nbsp; 7421 | 8140708 |
| 7.25%, 11/15/53 | &nbsp;&nbsp; 4285 | 4750243 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br> USA Foods Group, 6.38%, 02/25/55<sup>(c)</sup><br>| &nbsp;&nbsp; 2660 | 2672982 |
| Kellanova |  |  |
| 2.10%, 06/01/30<sup>(b)</sup> | &nbsp;&nbsp; 2360 | 2139363 |
| 3.40%, 11/15/27 | &nbsp;&nbsp; 3337 | 3290458 |
| 4.30%, 05/15/28 | &nbsp;&nbsp; 3549 | 3572078 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 2859 | 2442891 |
| 5.25%, 03/01/33 | &nbsp;&nbsp; 1405 | 1442572 |
| 5.75%, 05/16/54 | &nbsp;&nbsp; 1680 | 1636768 |
| Series B, 7.45%, 04/01/31 | &nbsp;&nbsp; 3552 | 4069604 |
| Koninklijke Ahold Delhaize NV, 5.70%, <br> 10/01/40<br>| &nbsp;&nbsp; 1785 | 1843084 |
| Kraft Heinz Foods Co. |  |  |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 3905 | 3790039 |
| 3.88%, 05/15/27 | &nbsp;&nbsp; 7105 | 7058585 |
| 4.25%, 03/01/31 | &nbsp;&nbsp; 2217 | 2179786 |
| 4.38%, 06/01/46 | &nbsp;&nbsp; 11790 | 9380472 |
| 4.63%, 01/30/29 | &nbsp;&nbsp; 1700 | 1714697 |
| 4.63%, 10/01/39 | &nbsp;&nbsp; 2405 | 2134703 |
| 4.88%, 10/01/49 | &nbsp;&nbsp; 5685 | 4745503 |
| 5.00%, 07/15/35 | &nbsp;&nbsp; 3350 | 3278485 |
| 5.00%, 06/04/42 | &nbsp;&nbsp; 6366 | 5689406 |
| 5.20%, 03/15/32 | &nbsp;&nbsp; 2245 | 2290486 |
| 5.20%, 07/15/45 | &nbsp;&nbsp; 6870 | 6106354 |
| 5.40%, 03/15/35<sup>(b)</sup> | &nbsp;&nbsp; 2265 | 2277866 |
| 5.50%, 06/01/50 | &nbsp;&nbsp; 3070 | 2780990 |
| 6.50%, 02/09/40 | &nbsp;&nbsp; 2730 | 2876897 |
| 6.75%, 03/15/32 | &nbsp;&nbsp; 1635 | 1801479 |
| 6.88%, 01/26/39 | &nbsp;&nbsp; 3880 | 4220697 |
| Kroger Co. (The) |  |  |
| 1.70%, 01/15/31 | &nbsp;&nbsp; 2605 | 2267572 |
| 2.20%, 05/01/30 | &nbsp;&nbsp; 2403 | 2195410 |
| 2.65%, 10/15/26 | &nbsp;&nbsp; 4587 | 4510351 |
| 3.70%, 08/01/27 | &nbsp;&nbsp; 4800 | 4765133 |
| 3.88%, 10/15/46 | &nbsp;&nbsp; 2226 | 1691514 |
| 3.95%, 01/15/50 | &nbsp;&nbsp; 3546 | 2657397 |
| 4.45%, 02/01/47 | &nbsp;&nbsp; 4206 | 3483141 |
| 4.50%, 01/15/29 | &nbsp;&nbsp; 4646 | 4700667 |
| 4.65%, 01/15/48 | &nbsp;&nbsp; 2534 | 2135945 |
| 5.00%, 09/15/34 | &nbsp;&nbsp; 8580 | 8548994 |
| 5.00%, 04/15/42 | &nbsp;&nbsp; 2201 | 2024406 |
| 5.15%, 08/01/43 | &nbsp;&nbsp; 2500 | 2309698 |
| 5.40%, 07/15/40 | &nbsp;&nbsp; 1533 | 1509758 |
| 5.40%, 01/15/49 | &nbsp;&nbsp; 3057 | 2857351 |
| 5.50%, 09/15/54 | &nbsp;&nbsp; 6375 | 5962611 |
| 5.65%, 09/15/64 | &nbsp;&nbsp; 6275 | 5884776 |
| 6.90%, 04/15/38 | &nbsp;&nbsp; 3105 | 3482647 |
| 7.50%, 04/01/31 | &nbsp;&nbsp; 2278 | 2614683 |
| McCormick & Co. Inc./MD |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; 2823 | 2466051 |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 2910 | 2687538 |
| 3.40%, 08/15/27 | &nbsp;&nbsp; 5240 | 5175865 |
| 4.20%, 08/15/47 | &nbsp;&nbsp; 1930 | 1533518 |
| 4.70%, 10/15/34 | &nbsp;&nbsp; 2110 | 2049477 |
| 4.95%, 04/15/33 | &nbsp;&nbsp; 2590 | 2611313 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Mondelez International Inc. |  |  |
| 1.50%, 02/04/31 | &nbsp;&nbsp; $3046 | $2630940 |
| 1.88%, 10/15/32<sup>(b)</sup> | &nbsp;&nbsp; 2989 | 2525716 |
| 2.63%, 03/17/27 | &nbsp;&nbsp; 3310 | 3235250 |
| 2.63%, 09/04/50 | &nbsp;&nbsp; 6170 | 3616175 |
| 2.75%, 04/13/30 | &nbsp;&nbsp; 4073 | 3813873 |
| 3.00%, 03/17/32 | &nbsp;&nbsp; 1165 | 1059828 |
| 4.13%, 05/07/28 | &nbsp;&nbsp; 1215 | 1217067 |
| 4.25%, 05/06/28 | &nbsp;&nbsp; 1830 | 1836729 |
| 4.50%, 05/06/30 | &nbsp;&nbsp; 1950 | 1962137 |
| 4.75%, 02/20/29 | &nbsp;&nbsp; 2870 | 2935311 |
| 4.75%, 08/28/34<sup>(b)</sup> | &nbsp;&nbsp; 2400 | 2378014 |
| 5.13%, 05/06/35 | &nbsp;&nbsp; 1610 | 1625692 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 5755 | 5209072 |
| 4.25%, 04/15/31 | &nbsp;&nbsp; 6300 | 6073592 |
| 6.25%, 07/01/33 | &nbsp;&nbsp; 6135 | 6470652 |
| 6.88%, 05/15/34 | &nbsp;&nbsp; 3635 | 3980868 |
| Sysco Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 2504 | 2313899 |
| 2.45%, 12/14/31 | &nbsp;&nbsp; 2590 | 2302004 |
| 3.15%, 12/14/51 | &nbsp;&nbsp; 1805 | 1151572 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 4905 | 4837328 |
| 3.30%, 02/15/50 | &nbsp;&nbsp; 2319 | 1555926 |
| 4.45%, 03/15/48 | &nbsp;&nbsp; 2333 | 1930168 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 2295 | 1930278 |
| 4.85%, 10/01/45 | &nbsp;&nbsp; 2625 | 2335573 |
| 5.10%, 09/23/30 | &nbsp;&nbsp; 2245 | 2312795 |
| 5.38%, 09/21/35 | &nbsp;&nbsp; 2004 | 2038874 |
| 5.40%, 03/23/35 | &nbsp;&nbsp; 2210 | 2257540 |
| 5.75%, 01/17/29 | &nbsp;&nbsp; 2960 | 3100804 |
| 5.95%, 04/01/30 | &nbsp;&nbsp; 4523 | 4807313 |
| 6.00%, 01/17/34 | &nbsp;&nbsp; 2366 | 2548122 |
| 6.60%, 04/01/40 | &nbsp;&nbsp; 1445 | 1592258 |
| 6.60%, 04/01/50 | &nbsp;&nbsp; 5257 | 5661322 |
| The Campbell's Co. |  |  |
| 2.38%, 04/24/30 | &nbsp;&nbsp; 3718 | 3397528 |
| 3.13%, 04/24/50 | &nbsp;&nbsp; 2245 | 1432970 |
| 4.15%, 03/15/28 | &nbsp;&nbsp; 5542 | 5540553 |
| 4.75%, 03/23/35 | &nbsp;&nbsp; 2625 | 2514503 |
| 4.80%, 03/15/48 | &nbsp;&nbsp; 3640 | 3145708 |
| 5.20%, 03/19/27 | &nbsp;&nbsp; 2665 | 2704731 |
| 5.20%, 03/21/29 | &nbsp;&nbsp; 2555 | 2623453 |
| 5.25%, 10/13/54 | &nbsp;&nbsp; 2045 | 1840782 |
| 5.40%, 03/21/34 | &nbsp;&nbsp; 3070 | 3115182 |
| Tyson Foods Inc. |  |  |
| 3.55%, 06/02/27 | &nbsp;&nbsp; 7159 | 7080959 |
| 4.35%, 03/01/29 | &nbsp;&nbsp; 3489 | 3491852 |
| 4.55%, 06/02/47 | &nbsp;&nbsp; 2851 | 2378305 |
| 4.88%, 08/15/34 | &nbsp;&nbsp; 3056 | 3010234 |
| 5.10%, 09/28/48 | &nbsp;&nbsp; 6855 | 6148203 |
| 5.15%, 08/15/44 | &nbsp;&nbsp; 2446 | 2233739 |
| 5.40%, 03/15/29 | &nbsp;&nbsp; 3200 | 3315886 |
| 5.70%, 03/15/34 | &nbsp;&nbsp; 3420 | 3562518 |
|  |  | 527989383 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 3.88%, 11/02/27 | &nbsp;&nbsp; 2848 | 2802151 |
| 5.50%, 11/02/47 | &nbsp;&nbsp; 1850 | 1642900 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** |
| Georgia-Pacific LLC |  |  |
| 7.75%, 11/15/29 | &nbsp;&nbsp; $3723 | $4234442 |
| 8.88%, 05/15/31 | &nbsp;&nbsp; 2415 | 2940090 |
| International Paper Co. |  |  |
| 4.35%, 08/15/48 | &nbsp;&nbsp; 3576 | 2873916 |
| 4.40%, 08/15/47 | &nbsp;&nbsp; 3203 | 2609860 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 3140 | 2760143 |
| 5.00%, 09/15/35 | &nbsp;&nbsp; 2215 | 2200178 |
| 5.15%, 05/15/46<sup>(b)</sup> | &nbsp;&nbsp; 2180 | 1974531 |
| 6.00%, 11/15/41 | &nbsp;&nbsp; 2791 | 2840315 |
| 7.30%, 11/15/39 | &nbsp;&nbsp; 1380 | 1589605 |
| Suzano Austria GmbH |  |  |
| 2.50%, 09/15/28 | &nbsp;&nbsp; 2644 | 2472285 |
| 3.13%, 01/15/32 | &nbsp;&nbsp; 4867 | 4319257 |
| 3.75%, 01/15/31 | &nbsp;&nbsp; 4476 | 4206514 |
| 5.00%, 01/15/30 | &nbsp;&nbsp; 4756 | 4750576 |
| 6.00%, 01/15/29 | &nbsp;&nbsp; 7902 | 8139594 |
| Suzano International Finance BV, 5.50%, <br> 01/17/27<br>| &nbsp;&nbsp; 5229 | 5292392 |
|  |  | 57648749 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Atmos Energy Corp. |  |  |
| 1.50%, 01/15/31 | &nbsp;&nbsp; 2840 | 2460159 |
| 2.63%, 09/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2991 | 2824785 |
| 2.85%, 02/15/52 | &nbsp;&nbsp; 2268 | 1385022 |
| 3.00%, 06/15/27 | &nbsp;&nbsp; 3415 | 3359389 |
| 3.38%, 09/15/49 | &nbsp;&nbsp; 3172 | 2199521 |
| 4.13%, 10/15/44 | &nbsp;&nbsp; 3201 | 2663943 |
| 4.13%, 03/15/49 | &nbsp;&nbsp; 2559 | 2028301 |
| 4.15%, 01/15/43 | &nbsp;&nbsp; 3164 | 2659704 |
| 4.30%, 10/01/48 | &nbsp;&nbsp; 2308 | 1903404 |
| 5.00%, 12/15/54 | &nbsp;&nbsp; 725 | 652186 |
| 5.45%, 10/15/32 | &nbsp;&nbsp; 635 | 666304 |
| 5.50%, 06/15/41 | &nbsp;&nbsp; 2336 | 2354844 |
| 5.75%, 10/15/52 | &nbsp;&nbsp; 2395 | 2384532 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 3815 | 4108293 |
| 6.20%, 11/15/53 | &nbsp;&nbsp; 1685 | 1796067 |
| Series ., 5.20%, 08/15/35 | &nbsp;&nbsp; 1795 | 1818374 |
| CenterPoint Energy Resources Corp. |  |  |
| 1.75%, 10/01/30 | &nbsp;&nbsp; 3305 | 2912650 |
| 4.00%, 04/01/28 | &nbsp;&nbsp; 2133 | 2123919 |
| 4.40%, 07/01/32 | &nbsp;&nbsp; 2205 | 2165164 |
| 5.25%, 03/01/28 | &nbsp;&nbsp; 5327 | 5470526 |
| 5.40%, 07/01/34 | &nbsp;&nbsp; 1645 | 1682075 |
| 5.85%, 01/15/41 | &nbsp;&nbsp; 1478 | 1498727 |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/31<sup>(b)</sup> | &nbsp;&nbsp; 1975 | 1795469 |
| 3.95%, 09/15/27 | &nbsp;&nbsp; 1079 | 1068234 |
| 4.75%, 09/01/28 | &nbsp;&nbsp; 2253 | 2257521 |
| 5.50%, 10/01/26 | &nbsp;&nbsp; 2310 | 2334082 |
| 5.50%, 03/15/30 | &nbsp;&nbsp; 1275 | 1317549 |
| 5.95%, 03/15/35 | &nbsp;&nbsp; 1035 | 1064113 |
| NiSource Inc. |  |  |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 5250 | 4547812 |
| 2.95%, 09/01/29 | &nbsp;&nbsp; 4234 | 4038189 |
| 3.49%, 05/15/27 | &nbsp;&nbsp; 5264 | 5207881 |
| 3.60%, 05/01/30 | &nbsp;&nbsp; 5138 | 4980226 |
| 3.95%, 03/30/48 | &nbsp;&nbsp; 3546 | 2733844 |
| 4.38%, 05/15/47 | &nbsp;&nbsp; 4671 | 3853525 |
| 4.80%, 02/15/44 | &nbsp;&nbsp; 3474 | 3080372 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 2260 | 1977790 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 5.20%, 07/01/29 | &nbsp;&nbsp; $2620 | $2702848 |
| 5.25%, 03/30/28 | &nbsp;&nbsp; 3841 | 3943507 |
| 5.25%, 02/15/43 | &nbsp;&nbsp; 2399 | 2252098 |
| 5.35%, 04/01/34 | &nbsp;&nbsp; 3130 | 3197966 |
| 5.35%, 07/15/35 | &nbsp;&nbsp; 4360 | 4404428 |
| 5.40%, 06/30/33 | &nbsp;&nbsp; 1623 | 1670863 |
| 5.65%, 02/01/45 | &nbsp;&nbsp; 2542 | 2479802 |
| 5.85%, 04/01/55 | &nbsp;&nbsp; 5895 | 5789055 |
| 5.95%, 06/15/41 | &nbsp;&nbsp; 1895 | 1927921 |
| 6.95%, 11/30/54, (5-year CMT + 2.451%)<sup>(a)</sup> | &nbsp;&nbsp; 1040 | 1081759 |
| ONE Gas Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 1167 | 1059834 |
| 4.25%, 09/01/32 | &nbsp;&nbsp; 1055 | 1028662 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 2070 | 1719795 |
| 4.66%, 02/01/44 | &nbsp;&nbsp; 1908 | 1671329 |
| 5.10%, 04/01/29 | &nbsp;&nbsp; 2975 | 3070602 |
| Piedmont Natural Gas Co. Inc. |  |  |
| 2.50%, 03/15/31 | &nbsp;&nbsp; 2310 | 2081409 |
| 3.35%, 06/01/50 | &nbsp;&nbsp; 2275 | 1523410 |
| 3.50%, 06/01/29 | &nbsp;&nbsp; 3274 | 3194593 |
| 3.64%, 11/01/46 | &nbsp;&nbsp; 2032 | 1472392 |
| 4.65%, 08/01/43 | &nbsp;&nbsp; 1525 | 1342483 |
| 5.05%, 05/15/52 | &nbsp;&nbsp; 2038 | 1791290 |
| 5.10%, 02/15/35 | &nbsp;&nbsp; 1465 | 1479169 |
| 5.40%, 06/15/33 | &nbsp;&nbsp; 1739 | 1794152 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27 | &nbsp;&nbsp; 4415 | 4337592 |
| 3.75%, 09/15/42 | &nbsp;&nbsp; 1645 | 1286364 |
| 5.05%, 09/01/34 | &nbsp;&nbsp; 2670 | 2697852 |
| 5.13%, 11/15/40 | &nbsp;&nbsp; 1515 | 1454951 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 2190 | 2239844 |
| 5.45%, 06/15/35 | &nbsp;&nbsp; 3955 | 4058235 |
| 5.60%, 04/01/54 | &nbsp;&nbsp; 2345 | 2265689 |
| 5.75%, 06/01/53 | &nbsp;&nbsp; 2330 | 2279079 |
| 6.00%, 06/15/55 | &nbsp;&nbsp; 4254 | 4318631 |
| 6.35%, 11/15/52 | &nbsp;&nbsp; 2750 | 2926066 |
| Series UU, 4.13%, 06/01/48 | &nbsp;&nbsp; 2044 | 1607345 |
| Series VV, 4.30%, 01/15/49 | &nbsp;&nbsp; 2700 | 2161370 |
| Series WW, 3.95%, 02/15/50 | &nbsp;&nbsp; 1607 | 1202668 |
| Series XX, 2.55%, 02/01/30 | &nbsp;&nbsp; 3558 | 3311293 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.95%, 10/01/46 | &nbsp;&nbsp; 2827 | 2176760 |
| 4.40%, 06/01/43 | &nbsp;&nbsp; 2430 | 2046147 |
| 4.40%, 05/30/47 | &nbsp;&nbsp; 2403 | 1962948 |
| 4.95%, 09/15/34 | &nbsp;&nbsp; 1995 | 1984935 |
| 5.15%, 09/15/32 | &nbsp;&nbsp; 2885 | 2941479 |
| 5.75%, 09/15/33 | &nbsp;&nbsp; 2568 | 2704530 |
| 5.88%, 03/15/41 | &nbsp;&nbsp; 3100 | 3160652 |
| Series 2020-A, 1.75%, 01/15/31 | &nbsp;&nbsp; 3109 | 2704360 |
| Series 21A, 3.15%, 09/30/51 | &nbsp;&nbsp; 2145 | 1357705 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30 | &nbsp;&nbsp; 1667 | 1508019 |
| 3.18%, 08/15/51 | &nbsp;&nbsp; 1815 | 1196582 |
| 3.70%, 04/01/28 | &nbsp;&nbsp; 1783 | 1759309 |
| 3.80%, 09/29/46 | &nbsp;&nbsp; 1451 | 1067290 |
| 4.05%, 03/15/32 | &nbsp;&nbsp; 2712 | 2587525 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 1439 | 1107806 |
| 5.45%, 03/23/28 | &nbsp;&nbsp; 2010 | 2068671 |
| 5.80%, 12/01/27 | &nbsp;&nbsp; 1970 | 2026281 |
| Spire Missouri Inc. |  |  |
| 3.30%, 06/01/51 | &nbsp;&nbsp; 540 | 358798 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 4.80%, 02/15/33 | &nbsp;&nbsp; $1520 | $1524378 |
| Series 2034, 5.15%, 08/15/34 | &nbsp;&nbsp; 1320 | 1351915 |
| Washington Gas Light Co. |  |  |
| 3.65%, 09/15/49 | &nbsp;&nbsp; 2635 | 1877447 |
| Series K, 3.80%, 09/15/46 | &nbsp;&nbsp; 2436 | 1820284 |
|  |  | 221494663 |
| **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** | **Hand & Machine Tools — 0.0%** |
| Kennametal Inc. |  |  |
| 2.80%, 03/01/31 | &nbsp;&nbsp; 1645 | 1498631 |
| 4.63%, 06/15/28 | &nbsp;&nbsp; 1280 | 1288999 |
| Snap-on Inc. |  |  |
| 3.10%, 05/01/50 | &nbsp;&nbsp; 3344 | 2235440 |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 2375 | 2345880 |
| 4.10%, 03/01/48 | &nbsp;&nbsp; 1735 | 1403624 |
| Stanley Black & Decker Inc. |  |  |
| 2.30%, 03/15/30 | &nbsp;&nbsp; 4380 | 3983926 |
| 2.75%, 11/15/50 | &nbsp;&nbsp; 3830 | 2179289 |
| 3.00%, 05/15/32 | &nbsp;&nbsp; 2187 | 1955874 |
| 4.25%, 11/15/28 | &nbsp;&nbsp; 2346 | 2349223 |
| 4.85%, 11/15/48 | &nbsp;&nbsp; 2557 | 2165760 |
| 5.20%, 09/01/40 | &nbsp;&nbsp; 1338 | 1275737 |
| 6.00%, 03/06/28 | &nbsp;&nbsp; 3595 | 3742830 |
|  |  | 26425213 |
| **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** | **Health Care - Products — 0.3%** |
| Abbott Laboratories |  |  |
| 1.15%, 01/30/28 | &nbsp;&nbsp; 5579 | 5243746 |
| 1.40%, 06/30/30 | &nbsp;&nbsp; 4588 | 4078466 |
| 3.75%, 11/30/26 | &nbsp;&nbsp; 10197 | 10179592 |
| 4.75%, 11/30/36 | &nbsp;&nbsp; 4823 | 4793632 |
| 4.75%, 04/15/43 | &nbsp;&nbsp; 2830 | 2652060 |
| 4.90%, 11/30/46 | &nbsp;&nbsp; 13117 | 12249646 |
| 5.30%, 05/27/40 | &nbsp;&nbsp; 4245 | 4338337 |
| 6.00%, 04/01/39 | &nbsp;&nbsp; 2570 | 2823339 |
| 6.15%, 11/30/37 | &nbsp;&nbsp; 3460 | 3851629 |
| Agilent Technologies Inc. |  |  |
| 2.10%, 06/04/30 | &nbsp;&nbsp; 3146 | 2849370 |
| 2.30%, 03/12/31 | &nbsp;&nbsp; 4709 | 4225104 |
| 2.75%, 09/15/29 | &nbsp;&nbsp; 3254 | 3082870 |
| 3.05%, 09/22/26 | &nbsp;&nbsp; 2756 | 2719438 |
| 4.20%, 09/09/27 | &nbsp;&nbsp; 1350 | 1351202 |
| 4.75%, 09/09/34 | &nbsp;&nbsp; 2390 | 2355778 |
| Baxter International Inc. |  |  |
| 1.73%, 04/01/31 | &nbsp;&nbsp; 3505 | 3001602 |
| 1.92%, 02/01/27 | &nbsp;&nbsp; 6755 | 6532574 |
| 2.27%, 12/01/28 | &nbsp;&nbsp; 6235 | 5845096 |
| 2.54%, 02/01/32 | &nbsp;&nbsp; 4645 | 4038831 |
| 3.13%, 12/01/51 | &nbsp;&nbsp; 4222 | 2589069 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 2818 | 1953666 |
| 3.95%, 04/01/30 | &nbsp;&nbsp; 3050 | 2993689 |
| Boston Scientific Corp. |  |  |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 4761 | 4444096 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 3420 | 3428203 |
| 4.55%, 03/01/39 | &nbsp;&nbsp; 2468 | 2332760 |
| 4.70%, 03/01/49 | &nbsp;&nbsp; 3494 | 3090730 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 1858 | 2062485 |
| 7.38%, 01/15/40 | &nbsp;&nbsp; 1616 | 1951558 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/50 | &nbsp;&nbsp; 4573 | 2751712 |
| 2.80%, 12/10/51 | &nbsp;&nbsp; 4185 | 2594922 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 2198 | 1887891 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| Dentsply Sirona Inc., 3.25%, 06/01/30 | &nbsp;&nbsp; $4198 | $3856762 |
| DH Europe Finance II SARL |  |  |
| 2.60%, 11/15/29 | &nbsp;&nbsp; 5966 | 5614908 |
| 3.25%, 11/15/39 | &nbsp;&nbsp; 3797 | 3061207 |
| 3.40%, 11/15/49 | &nbsp;&nbsp; 3759 | 2669290 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | &nbsp;&nbsp; 4176 | 4196655 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | &nbsp;&nbsp; 4525 | 4617415 |
| 4.80%, 01/15/31 | &nbsp;&nbsp; 1255 | 1276196 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 1325 | 1362363 |
| 5.65%, 11/15/27 | &nbsp;&nbsp; 9255 | 9539580 |
| 5.86%, 03/15/30 | &nbsp;&nbsp; 5315 | 5643132 |
| 5.91%, 11/22/32 | &nbsp;&nbsp; 3745 | 4001899 |
| 6.38%, 11/22/52 | &nbsp;&nbsp; 4958 | 5301429 |
| Koninklijke Philips NV |  |  |
| 5.00%, 03/15/42 | &nbsp;&nbsp; 2677 | 2438996 |
| 6.88%, 03/11/38 | &nbsp;&nbsp; 3085 | 3425943 |
| Medtronic Global Holdings SCA |  |  |
| 4.25%, 03/30/28 | &nbsp;&nbsp; 5940 | 5981897 |
| 4.50%, 03/30/33 | &nbsp;&nbsp; 4115 | 4089950 |
| Medtronic Inc. |  |  |
| 4.00%, 04/01/43 | &nbsp;&nbsp; 100 | 83942 |
| 4.38%, 03/15/35 | &nbsp;&nbsp; 9165 | 8905009 |
| 4.63%, 03/15/45 | &nbsp;&nbsp; 8587 | 7693994 |
| Revvity Inc. |  |  |
| 1.90%, 09/15/28 | &nbsp;&nbsp; 3318 | 3089703 |
| 2.25%, 09/15/31 | &nbsp;&nbsp; 2695 | 2330317 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 2070 | 1847365 |
| 3.30%, 09/15/29 | &nbsp;&nbsp; 3826 | 3655253 |
| 3.63%, 03/15/51 | &nbsp;&nbsp; 1940 | 1323711 |
| Smith & Nephew PLC |  |  |
| 2.03%, 10/14/30 | &nbsp;&nbsp; 5785 | 5147982 |
| 5.15%, 03/20/27 | &nbsp;&nbsp; 1865 | 1890914 |
| 5.40%, 03/20/34 | &nbsp;&nbsp; 2535 | 2592446 |
| Solventum Corp. |  |  |
| 5.40%, 03/01/29 | &nbsp;&nbsp; 5820 | 6068185 |
| 5.45%, 02/25/27 | &nbsp;&nbsp; 4310 | 4392503 |
| 5.45%, 03/13/31 | &nbsp;&nbsp; 5080 | 5317576 |
| 5.60%, 03/23/34 | &nbsp;&nbsp; 6580 | 6823038 |
| 5.90%, 04/30/54<sup>(b)</sup> | &nbsp;&nbsp; 6280 | 6284159 |
| 6.00%, 05/15/64 | &nbsp;&nbsp; 2412 | 2429469 |
| STERIS Irish FinCo Unlimited Co. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 3076 | 2795629 |
| 3.75%, 03/15/51 | &nbsp;&nbsp; 3900 | 2756073 |
| Stryker Corp. |  |  |
| 1.95%, 06/15/30 | &nbsp;&nbsp; 6088 | 5488292 |
| 2.90%, 06/15/50 | &nbsp;&nbsp; 3101 | 2014574 |
| 3.65%, 03/07/28 | &nbsp;&nbsp; 4422 | 4385440 |
| 4.10%, 04/01/43 | &nbsp;&nbsp; 1783 | 1487598 |
| 4.25%, 09/11/29 | &nbsp;&nbsp; 3070 | 3081388 |
| 4.38%, 05/15/44 | &nbsp;&nbsp; 2143 | 1834891 |
| 4.55%, 02/10/27 | &nbsp;&nbsp; 3495 | 3522233 |
| 4.63%, 09/11/34 | &nbsp;&nbsp; 2550 | 2511833 |
| 4.63%, 03/15/46 | &nbsp;&nbsp; 4805 | 4264235 |
| 4.70%, 02/10/28 | &nbsp;&nbsp; 3395 | 3447178 |
| 4.85%, 12/08/28 | &nbsp;&nbsp; 3910 | 4004987 |
| 4.85%, 02/10/30 | &nbsp;&nbsp; 3315 | 3398979 |
| 5.20%, 02/10/35 | &nbsp;&nbsp; 3355 | 3426771 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.75%, 10/15/28 | &nbsp;&nbsp; 3780 | 3532466 |
| 2.00%, 10/15/31 | &nbsp;&nbsp; 5555 | 4901078 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| 2.60%, 10/01/29 | &nbsp;&nbsp; $4599 | $4357293 |
| 2.80%, 10/15/41 | &nbsp;&nbsp; 4965 | 3578618 |
| 4.10%, 08/15/47 | &nbsp;&nbsp; 3329 | 2748221 |
| 4.80%, 11/21/27 | &nbsp;&nbsp; 4803 | 4886747 |
| 4.95%, 11/21/32 | &nbsp;&nbsp; 2585 | 2653486 |
| 4.98%, 08/10/30 | &nbsp;&nbsp; 4038 | 4182446 |
| 5.00%, 12/05/26 | &nbsp;&nbsp; 4700 | 4752015 |
| 5.00%, 01/31/29 | &nbsp;&nbsp; 4995 | 5142881 |
| 5.09%, 08/10/33 | &nbsp;&nbsp; 4145 | 4266116 |
| 5.20%, 01/31/34 | &nbsp;&nbsp; 2760 | 2846445 |
| 5.30%, 02/01/44 | &nbsp;&nbsp; 1764 | 1723511 |
| 5.40%, 08/10/43 | &nbsp;&nbsp; 3170 | 3137412 |
| Zimmer Biomet Holdings Inc. |  |  |
| 2.60%, 11/24/31 | &nbsp;&nbsp; 3995 | 3571337 |
| 4.45%, 08/15/45 | &nbsp;&nbsp; 2829 | 2415360 |
| 4.70%, 02/19/27 | &nbsp;&nbsp; 1455 | 1465842 |
| 5.05%, 02/19/30 | &nbsp;&nbsp; 1875 | 1928371 |
| 5.20%, 09/15/34 | &nbsp;&nbsp; 3280 | 3323228 |
| 5.35%, 12/01/28 | &nbsp;&nbsp; 3900 | 4038041 |
| 5.50%, 02/19/35 | &nbsp;&nbsp; 1955 | 2015772 |
| 5.75%, 11/30/39 | &nbsp;&nbsp; 1113 | 1126738 |
|  |  | 376259806 |
| **Health Care - Services — 0.9%** | **Health Care - Services — 0.9%** | **Health Care - Services — 0.9%** |
| AdventHealth Obligated Group, Series E, <br> 2.80%, 11/15/51<br>| &nbsp;&nbsp; 1529 | 927132 |
| Adventist Health System/West |  |  |
| 3.63%, 03/01/49 | &nbsp;&nbsp; 2286 | 1525556 |
| 5.43%, 03/01/32 | &nbsp;&nbsp; 2145 | 2188741 |
| 5.76%, 12/01/34 | &nbsp;&nbsp; 1350 | 1361319 |
| Advocate Health & Hospitals Corp. |  |  |
| 3.39%, 10/15/49 | &nbsp;&nbsp; 1787 | 1253834 |
| 3.83%, 08/15/28 | &nbsp;&nbsp; 1186 | 1179425 |
| 4.27%, 08/15/48 | &nbsp;&nbsp; 1586 | 1303319 |
| Series 2020, 2.21%, 06/15/30 | &nbsp;&nbsp; 455 | 417086 |
| Series 2020, 3.01%, 06/15/50 | &nbsp;&nbsp; 1622 | 1051956 |
| Aetna Inc. |  |  |
| 3.88%, 08/15/47 | &nbsp;&nbsp; 60 | 43567 |
| 4.50%, 05/15/42 | &nbsp;&nbsp; 2921 | 2427387 |
| 4.75%, 03/15/44 | &nbsp;&nbsp; 2284 | 1922999 |
| 6.63%, 06/15/36 | &nbsp;&nbsp; 3841 | 4166914 |
| 6.75%, 12/15/37 | &nbsp;&nbsp; 2928 | 3191089 |
| AHS Hospital Corp. |  |  |
| 5.02%, 07/01/45 | &nbsp;&nbsp; 1740 | 1618550 |
| Series 2021, 2.78%, 07/01/51 | &nbsp;&nbsp; 2716 | 1652656 |
| Allina Health System |  |  |
| 2.90%, 11/15/51<sup>(b)</sup> | &nbsp;&nbsp; 1970 | 1208938 |
| Series 2019, 3.89%, 04/15/49 | &nbsp;&nbsp; 2088 | 1584589 |
| Ascension Health |  |  |
| 3.95%, 11/15/46 | &nbsp;&nbsp; 5450 | 4332417 |
| 4.85%, 11/15/53<sup>(b)</sup> | &nbsp;&nbsp; 2320 | 2057406 |
| Series B, 2.53%, 11/15/29 | &nbsp;&nbsp; 4184 | 3933913 |
| Series B, 3.11%, 11/15/39 | &nbsp;&nbsp; 3261 | 2556345 |
| Banner Health |  |  |
| 1.90%, 01/01/31 | &nbsp;&nbsp; 2263 | 2005881 |
| 2.34%, 01/01/30 | &nbsp;&nbsp; 2532 | 2343591 |
| 2.91%, 01/01/42 | &nbsp;&nbsp; 1100 | 799778 |
| 2.91%, 01/01/51 | &nbsp;&nbsp; 1637 | 1024679 |
| Series 2020, 3.18%, 01/01/50 | &nbsp;&nbsp; 2053 | 1364672 |
| Baptist Health South Florida Obligated Group, <br> Series 2021, 3.12%, 11/15/71<sup>(b)</sup><br>| &nbsp;&nbsp; 510 | 291842 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Baptist Healthcare System Obligated Group, <br> Series 20B, 3.54%, 08/15/50<br>| &nbsp;&nbsp; $708 | $495175 |
| BayCare Health System Inc., Series 2020, <br> 3.83%, 11/15/50<br>| &nbsp;&nbsp; 3514 | 2659873 |
| Baylor Scott & White Holdings |  |  |
| 3.97%, 11/15/46 | &nbsp;&nbsp; 1960 | 1557480 |
| 4.19%, 11/15/45 | &nbsp;&nbsp; 2433 | 2006115 |
| Series 2021, 1.78%, 11/15/30 | &nbsp;&nbsp; 1761 | 1559407 |
| Series 2021, 2.84%, 11/15/50 | &nbsp;&nbsp; 4510 | 2815277 |
| Beth Israel Lahey Health Inc., Series L, 3.08%, <br> 07/01/51<sup>(b)</sup><br>| &nbsp;&nbsp; 730 | 462945 |
| Bon Secours Mercy Health Inc. |  |  |
| 3.46%, 06/01/30 | &nbsp;&nbsp; 3726 | 3610073 |
| Series 2018, 4.30%, 07/01/28 | &nbsp;&nbsp; 1851 | 1859603 |
| Catholic Health Services of Long Island <br> Obligated Group, Series 2020, 3.37%, <br> 07/01/50<br>| &nbsp;&nbsp; 1655 | 1108577 |
| Cedars-Sinai Health System, Series 2021, <br> 2.29%, 08/15/31<br>| &nbsp;&nbsp; 2120 | 1896511 |
| Centene Corp. |  |  |
| 2.45%, 07/15/28 | &nbsp;&nbsp; 10125 | 9360589 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 10160 | 8663157 |
| 2.63%, 08/01/31 | &nbsp;&nbsp; 6245 | 5296198 |
| 3.00%, 10/15/30 | &nbsp;&nbsp; 10215 | 9031868 |
| 3.38%, 02/15/30 | &nbsp;&nbsp; 9640 | 8797199 |
| 4.25%, 12/15/27 | &nbsp;&nbsp; 12035 | 11759406 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 16355 | 15758485 |
| Children's Health System of Texas, 2.51%, <br> 08/15/50<br>| &nbsp;&nbsp; 2311 | 1334859 |
| Children's Hospital Corp. (The) |  |  |
| Series 2017, 4.12%, 01/01/47 | &nbsp;&nbsp; 2278 | 1861295 |
| Series 2020, 2.59%, 02/01/50 | &nbsp;&nbsp; 1965 | 1169607 |
| Children's Hospital Medical Center/Cincinnati <br> OH, 4.27%, 05/15/44<br>| &nbsp;&nbsp; 2053 | 1718440 |
| Children's Hospital of Philadelphia (The), <br> Series 2020, 2.70%, 07/01/50<br>| &nbsp;&nbsp; 2648 | 1614799 |
| Children's Hospital/DC, Series 2020, 2.93%, <br> 07/15/50<sup>(b)</sup><br>| &nbsp;&nbsp; 1136 | 713669 |
| CHRISTUS Health, Series C, 4.34%, 07/01/28 | &nbsp;&nbsp; 2834 | 2837804 |
| Cigna Group (The) |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 7126 | 6391728 |
| 2.40%, 03/15/30 | &nbsp;&nbsp; 6177 | 5690044 |
| 3.05%, 10/15/27 | &nbsp;&nbsp; 3029 | 2966349 |
| 3.20%, 03/15/40 | &nbsp;&nbsp; 4075 | 3105151 |
| 3.40%, 03/01/27 | &nbsp;&nbsp; 7338 | 7259754 |
| 3.40%, 03/15/50 | &nbsp;&nbsp; 6992 | 4692141 |
| 3.40%, 03/15/51 | &nbsp;&nbsp; 5910 | 3939060 |
| 3.88%, 10/15/47 | &nbsp;&nbsp; 5161 | 3860950 |
| 4.38%, 10/15/28 | &nbsp;&nbsp; 15528 | 15609708 |
| 4.80%, 08/15/38 | &nbsp;&nbsp; 10769 | 10106386 |
| 4.80%, 07/15/46 | &nbsp;&nbsp; 4564 | 3968866 |
| 4.90%, 12/15/48 | &nbsp;&nbsp; 12073 | 10488411 |
| 5.00%, 05/15/29 | &nbsp;&nbsp; 2510 | 2577092 |
| 5.13%, 05/15/31 | &nbsp;&nbsp; 3460 | 3579601 |
| 5.25%, 02/15/34 | &nbsp;&nbsp; 4450 | 4537167 |
| 5.40%, 03/15/33 | &nbsp;&nbsp; 4265 | 4416613 |
| 5.60%, 02/15/54 | &nbsp;&nbsp; 5245 | 4952994 |
| 6.13%, 11/15/41 | &nbsp;&nbsp; 3123 | 3223063 |
| City of Hope |  |  |
| Series 2013, 5.62%, 11/15/43 | &nbsp;&nbsp; 2035 | 1984383 |
| Series 2018, 4.38%, 08/15/48 | &nbsp;&nbsp; 1767 | 1420626 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Cleveland Clinic Foundation (The), 4.86%, <br> 01/01/2114<br>| &nbsp;&nbsp; $1745 | $1449676 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | &nbsp;&nbsp; 1872 | 1730710 |
| 3.35%, 10/01/29 | &nbsp;&nbsp; 3045 | 2935621 |
| 3.82%, 10/01/49 | &nbsp;&nbsp; 3052 | 2230695 |
| 3.91%, 10/01/50 | &nbsp;&nbsp; 1304 | 950689 |
| 4.19%, 10/01/49 | &nbsp;&nbsp; 2966 | 2284039 |
| 4.35%, 11/01/42 | &nbsp;&nbsp; 2968 | 2513072 |
| 5.21%, 12/01/31 | &nbsp;&nbsp; 2205 | 2279756 |
| 5.32%, 12/01/34 | &nbsp;&nbsp; 2130 | 2151490 |
| 5.55%, 12/01/54 | &nbsp;&nbsp; 600 | 564759 |
| 6.07%, 11/01/27 | &nbsp;&nbsp; 1756 | 1819732 |
| 6.46%, 11/01/52 | &nbsp;&nbsp; 915 | 967944 |
| Community Health Network Inc., Series 20-A, <br> 3.10%, 05/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 1631 | 1021477 |
| Corewell Health Obligated Group, Series 19A, <br> 3.49%, 07/15/49<br>| &nbsp;&nbsp; 2948 | 2119438 |
| Cottage Health Obligated Group, Series 2020, <br> 3.30%, 11/01/49<br>| &nbsp;&nbsp; 3635 | 2490065 |
| Dartmouth-Hitchcock Health, Series B, 4.18%, <br> 08/01/48<br>| &nbsp;&nbsp; 2402 | 1867010 |
| Dignity Health |  |  |
| 4.50%, 11/01/42 | &nbsp;&nbsp; 1030 | 870045 |
| 5.27%, 11/01/64 | &nbsp;&nbsp; 1100 | 962021 |
| Duke University Health System Inc., Series <br> 2017, 3.92%, 06/01/47<br>| &nbsp;&nbsp; 3086 | 2428715 |
| Elevance Health Inc. |  |  |
| 2.25%, 05/15/30 | &nbsp;&nbsp; 4853 | 4426011 |
| 2.55%, 03/15/31 | &nbsp;&nbsp; 5550 | 5028324 |
| 2.88%, 09/15/29 | &nbsp;&nbsp; 4567 | 4326869 |
| 3.13%, 05/15/50 | &nbsp;&nbsp; 2661 | 1699674 |
| 3.60%, 03/15/51 | &nbsp;&nbsp; 6463 | 4475789 |
| 3.65%, 12/01/27 | &nbsp;&nbsp; 8098 | 8027622 |
| 3.70%, 09/15/49 | &nbsp;&nbsp; 5497 | 3912998 |
| 4.10%, 03/01/28 | &nbsp;&nbsp; 6163 | 6158086 |
| 4.10%, 05/15/32 | &nbsp;&nbsp; 2813 | 2708906 |
| 4.38%, 12/01/47 | &nbsp;&nbsp; 7286 | 5886720 |
| 4.50%, 10/30/26 | &nbsp;&nbsp; 2940 | 2951551 |
| 4.55%, 03/01/48 | &nbsp;&nbsp; 4535 | 3738031 |
| 4.55%, 05/15/52 | &nbsp;&nbsp; 2725 | 2198995 |
| 4.63%, 05/15/42 | &nbsp;&nbsp; 2699 | 2358034 |
| 4.65%, 01/15/43 | &nbsp;&nbsp; 5765 | 5023081 |
| 4.65%, 08/15/44<sup>(b)</sup> | &nbsp;&nbsp; 2942 | 2537156 |
| 4.75%, 02/15/30 | &nbsp;&nbsp; 3190 | 3241760 |
| 4.75%, 02/15/33 | &nbsp;&nbsp; 3620 | 3603107 |
| 4.95%, 11/01/31 | &nbsp;&nbsp; 4260 | 4333451 |
| 5.10%, 01/15/44 | &nbsp;&nbsp; 4558 | 4175138 |
| 5.13%, 02/15/53 | &nbsp;&nbsp; 4040 | 3563363 |
| 5.15%, 06/15/29 | &nbsp;&nbsp; 2535 | 2611022 |
| 5.20%, 02/15/35 | &nbsp;&nbsp; 4595 | 4627901 |
| 5.38%, 06/15/34 | &nbsp;&nbsp; 3535 | 3611972 |
| 5.50%, 10/15/32 | &nbsp;&nbsp; 3825 | 3985347 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 3860 | 3656696 |
| 5.70%, 02/15/55 | &nbsp;&nbsp; 5560 | 5293296 |
| 5.85%, 01/15/36 | &nbsp;&nbsp; 1339 | 1404083 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 3847 | 3686776 |
| 5.95%, 12/15/34 | &nbsp;&nbsp; 2455 | 2587835 |
| 6.10%, 10/15/52 | &nbsp;&nbsp; 2725 | 2744295 |
| 6.38%, 06/15/37 | &nbsp;&nbsp; 2470 | 2665503 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Franciscan Missionaries of Our Lady Health <br> System Inc., Series B, 3.91%, 07/01/49<br>| &nbsp;&nbsp; $205 | $151735 |
| Fred Hutchinson Cancer Center, 4.97%, <br> 01/01/52<br>| &nbsp;&nbsp; 667 | 593072 |
| Hackensack Meridian Health Inc. |  |  |
| 4.21%, 07/01/48 | &nbsp;&nbsp; 1936 | 1568777 |
| 4.50%, 07/01/57 | &nbsp;&nbsp; 1355 | 1118187 |
| Series 2020, 2.68%, 09/01/41 | &nbsp;&nbsp; 2756 | 1916680 |
| Series 2020, 2.88%, 09/01/50 | &nbsp;&nbsp; 2437 | 1519106 |
| Hartford HealthCare Corp., 3.45%, 07/01/54<sup>(b)</sup> | &nbsp;&nbsp; 2080 | 1472197 |
| HCA Inc. |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 5625 | 4959327 |
| 3.13%, 03/15/27 | &nbsp;&nbsp; 4840 | 4762689 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 1807 | 1749315 |
| 3.50%, 09/01/30 | &nbsp;&nbsp; 11530 | 10994063 |
| 3.50%, 07/15/51 | &nbsp;&nbsp; 7120 | 4673541 |
| 3.63%, 03/15/32 | &nbsp;&nbsp; 9047 | 8407111 |
| 4.13%, 06/15/29 | &nbsp;&nbsp; 8360 | 8279322 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 3001 | 2509767 |
| 4.50%, 02/15/27 | &nbsp;&nbsp; 6088 | 6093783 |
| 4.63%, 03/15/52 | &nbsp;&nbsp; 8080 | 6423637 |
| 5.00%, 03/01/28 | &nbsp;&nbsp; 1170 | 1190480 |
| 5.13%, 06/15/39<sup>(b)</sup> | &nbsp;&nbsp; 4385 | 4133227 |
| 5.20%, 06/01/28 | &nbsp;&nbsp; 3305 | 3385500 |
| 5.25%, 03/01/30 | &nbsp;&nbsp; 2555 | 2638620 |
| 5.25%, 06/15/49 | &nbsp;&nbsp; 8241 | 7263597 |
| 5.38%, 09/01/26 | &nbsp;&nbsp; 4838 | 4855809 |
| 5.45%, 04/01/31 | &nbsp;&nbsp; 4165 | 4323444 |
| 5.45%, 09/15/34 | &nbsp;&nbsp; 5370 | 5434323 |
| 5.50%, 03/01/32 | &nbsp;&nbsp; 4005 | 4149348 |
| 5.50%, 06/01/33 | &nbsp;&nbsp; 5211 | 5359874 |
| 5.50%, 06/15/47 | &nbsp;&nbsp; 7552 | 6973173 |
| 5.60%, 04/01/34 | &nbsp;&nbsp; 6255 | 6424229 |
| 5.63%, 09/01/28 | &nbsp;&nbsp; 6887 | 7103670 |
| 5.75%, 03/01/35 | &nbsp;&nbsp; 6360 | 6546409 |
| 5.88%, 02/01/29 | &nbsp;&nbsp; 5090 | 5302703 |
| 5.90%, 06/01/53 | &nbsp;&nbsp; 5140 | 4895125 |
| 5.95%, 09/15/54 | &nbsp;&nbsp; 3635 | 3482307 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 5730 | 5527847 |
| 6.10%, 04/01/64 | &nbsp;&nbsp; 3225 | 3107855 |
| 6.20%, 03/01/55 | &nbsp;&nbsp; 2400 | 2382262 |
| Hoag Memorial Hospital Presbyterian, 3.80%, <br> 07/15/52<sup>(b)</sup><br>| &nbsp;&nbsp; 2757 | 2060707 |
| Humana Inc. |  |  |
| 1.35%, 02/03/27 | &nbsp;&nbsp; 3770 | 3620698 |
| 2.15%, 02/03/32 | &nbsp;&nbsp; 3510 | 2977612 |
| 3.13%, 08/15/29 | &nbsp;&nbsp; 2771 | 2637439 |
| 3.70%, 03/23/29 | &nbsp;&nbsp; 4825 | 4725922 |
| 3.95%, 03/15/27 | &nbsp;&nbsp; 3539 | 3527795 |
| 3.95%, 08/15/49 | &nbsp;&nbsp; 2582 | 1856864 |
| 4.63%, 12/01/42 | &nbsp;&nbsp; 2910 | 2469658 |
| 4.80%, 03/15/47 | &nbsp;&nbsp; 2465 | 2050160 |
| 4.88%, 04/01/30 | &nbsp;&nbsp; 2795 | 2831367 |
| 4.95%, 10/01/44 | &nbsp;&nbsp; 4034 | 3511398 |
| 5.38%, 04/15/31 | &nbsp;&nbsp; 4010 | 4130591 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 1880 | 1685987 |
| 5.55%, 05/01/35 | &nbsp;&nbsp; 500 | 504777 |
| 5.75%, 03/01/28 | &nbsp;&nbsp; 1396 | 1444256 |
| 5.75%, 12/01/28 | &nbsp;&nbsp; 1345 | 1402534 |
| 5.75%, 04/15/54 | &nbsp;&nbsp; 2154 | 2000263 |
| 5.88%, 03/01/33<sup>(b)</sup> | &nbsp;&nbsp; 3465 | 3617658 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 5.95%, 03/15/34 | &nbsp;&nbsp; $3855 | $4035149 |
| ICON Investments Six DAC |  |  |
| 5.81%, 05/08/27 | &nbsp;&nbsp; 2560 | 2613897 |
| 5.85%, 05/08/29 | &nbsp;&nbsp; 2790 | 2915890 |
| 6.00%, 05/08/34 | &nbsp;&nbsp; 1960 | 2037990 |
| Indiana University Health Inc. Obligated Group |  |  |
| 3.97%, 11/01/48 | &nbsp;&nbsp; 3010 | 2373287 |
| Series 2021, 2.85%, 11/01/51 | &nbsp;&nbsp; 1245 | 769621 |
| Inova Health System Foundation, 4.07%, <br> 05/15/52<br>| &nbsp;&nbsp; 2599 | 2029878 |
| Integris Baptist Medical Center Inc., Series A, <br> 3.88%, 08/15/50<br>| &nbsp;&nbsp; 2304 | 1625160 |
| Iowa Health System, Series 2020, 3.67%, <br> 02/15/50<br>| &nbsp;&nbsp; 275 | 198887 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | &nbsp;&nbsp; 4905 | 5061425 |
| 6.25%, 02/01/29 | &nbsp;&nbsp; 2120 | 2234064 |
| Johns Hopkins Health System Corp. (The), <br> 3.84%, 05/15/46<br>| &nbsp;&nbsp; 4091 | 3225717 |
| Kaiser Foundation Hospitals |  |  |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 4428 | 4369635 |
| 4.15%, 05/01/47 | &nbsp;&nbsp; 7172 | 5868787 |
| 4.88%, 04/01/42 | &nbsp;&nbsp; 2712 | 2519177 |
| Series 2019, 3.27%, 11/01/49 | &nbsp;&nbsp; 5178 | 3551069 |
| Series 2021, 2.81%, 06/01/41 | &nbsp;&nbsp; 5342 | 3850227 |
| Series 2021, 3.00%, 06/01/51 | &nbsp;&nbsp; 5827 | 3732951 |
| Laboratory Corp. of America Holdings |  |  |
| 2.70%, 06/01/31 | &nbsp;&nbsp; 2900 | 2632584 |
| 2.95%, 12/01/29 | &nbsp;&nbsp; 2812 | 2662118 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 3900 | 3866406 |
| 4.35%, 04/01/30 | &nbsp;&nbsp; 3510 | 3509017 |
| 4.55%, 04/01/32 | &nbsp;&nbsp; 2700 | 2677727 |
| 4.70%, 02/01/45 | &nbsp;&nbsp; 4303 | 3761047 |
| 4.80%, 10/01/34 | &nbsp;&nbsp; 3500 | 3433029 |
| Mass General Brigham Inc. |  |  |
| Series 2015, 4.12%, 07/01/55<sup>(b)</sup> | &nbsp;&nbsp; 199 | 157881 |
| Series 2017, 3.77%, 07/01/48 | &nbsp;&nbsp; 1264 | 958495 |
| Series 2020, 3.19%, 07/01/49 | &nbsp;&nbsp; 1835 | 1243854 |
| Series 2020, 3.34%, 07/01/60 | &nbsp;&nbsp; 2326 | 1500806 |
| Mayo Clinic |  |  |
| 3.77%, 11/15/43 | &nbsp;&nbsp; 1485 | 1197457 |
| Series 2013, 4.00%, 11/15/47 | &nbsp;&nbsp; 290 | 226469 |
| Series 2016, 4.13%, 11/15/52 | &nbsp;&nbsp; 2611 | 2058959 |
| Series 2021, 3.20%, 11/15/61 | &nbsp;&nbsp; 2261 | 1403427 |
| McLaren Health Care Corp., Series A, 4.39%, <br> 05/15/48<br>| &nbsp;&nbsp; 2762 | 2272002 |
| MedStar Health Inc., Series 20A, 3.63%, <br> 08/15/49<br>| &nbsp;&nbsp; 1777 | 1269482 |
| Memorial Health Services, 3.45%, 11/01/49 | &nbsp;&nbsp; 2088 | 1450908 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | &nbsp;&nbsp; 1730 | 1364334 |
| 5.00%, 07/01/42 | &nbsp;&nbsp; 690 | 652393 |
| Series 2015, 4.20%, 07/01/55 | &nbsp;&nbsp; 2009 | 1600253 |
| Series 2020, 2.96%, 01/01/50 | &nbsp;&nbsp; 781 | 502941 |
| Methodist Hospital (The), Series 20A, 2.71%, <br> 12/01/50<br>| &nbsp;&nbsp; 3856 | 2326658 |
| Montefiore Obligated Group |  |  |
| 4.29%, 09/01/50 | &nbsp;&nbsp; 1216 | 810168 |
| Series 18-C, 5.25%, 11/01/48<sup>(b)</sup> | &nbsp;&nbsp; 1802 | 1430068 |
| Mount Nittany Medical Center Obligated <br> Group, 3.80%, 11/15/52<br>| &nbsp;&nbsp; 850 | 625455 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| MyMichigan Health, Series 2020, 3.41%, <br> 06/01/50<br>| &nbsp;&nbsp; $2733 | $1875064 |
| Nationwide Children's Hospital Inc., 4.56%, <br> 11/01/52<br>| &nbsp;&nbsp; 1806 | 1533647 |
| New York and Presbyterian Hospital (The) |  |  |
| 2.26%, 08/01/40 | &nbsp;&nbsp; 1079 | 747386 |
| 2.61%, 08/01/60<sup>(b)</sup> | &nbsp;&nbsp; 1308 | 704379 |
| 4.02%, 08/01/45 | &nbsp;&nbsp; 3024 | 2469664 |
| 4.06%, 08/01/56 | &nbsp;&nbsp; 553 | 425257 |
| Series 2019, 3.95%, 08/01/2119 | &nbsp;&nbsp; 1835 | 1240673 |
| Northwell Healthcare Inc. |  |  |
| 3.81%, 11/01/49 | &nbsp;&nbsp; 2460 | 1782800 |
| 3.98%, 11/01/46 | &nbsp;&nbsp; 2780 | 2151595 |
| 4.26%, 11/01/47 | &nbsp;&nbsp; 3880 | 3105156 |
| Northwestern Memorial Healthcare Obligated <br> Group, Series 2021, 2.63%, 07/15/51<sup>(b)</sup><br>| &nbsp;&nbsp; 2910 | 1755919 |
| Novant Health Inc. |  |  |
| 2.64%, 11/01/36 | &nbsp;&nbsp; 2586 | 2038976 |
| 3.17%, 11/01/51 | &nbsp;&nbsp; 3269 | 2135684 |
| 3.32%, 11/01/61<sup>(b)</sup> | &nbsp;&nbsp; 1751 | 1112120 |
| NY Society for Relief of Ruptured & Crippled <br> Maintaining Hosp Special Surgery, Series <br> 2020, 2.67%, 10/01/50<br>| &nbsp;&nbsp; 1260 | 748715 |
| OhioHealth Corp. |  |  |
| 2.30%, 11/15/31 | &nbsp;&nbsp; 2224 | 1989724 |
| 2.83%, 11/15/41 | &nbsp;&nbsp; 2270 | 1617276 |
| Series 2020, 3.04%, 11/15/50 | &nbsp;&nbsp; 1876 | 1258762 |
| Orlando Health Obligated Group |  |  |
| 3.33%, 10/01/50 | &nbsp;&nbsp; 2087 | 1454609 |
| 4.09%, 10/01/48 | &nbsp;&nbsp; 2117 | 1689077 |
| 5.48%, 10/01/35 | &nbsp;&nbsp; 2535 | 2637128 |
| PeaceHealth Obligated Group |  |  |
| Series 2018, 4.79%, 11/15/48 | &nbsp;&nbsp; 2132 | 1783347 |
| Series 2020, 3.22%, 11/15/50 | &nbsp;&nbsp; 2417 | 1516846 |
| Piedmont Healthcare Inc. |  |  |
| 2.04%, 01/01/32 | &nbsp;&nbsp; 2247 | 1912674 |
| 2.86%, 01/01/52 | &nbsp;&nbsp; 1696 | 1047250 |
| Series 2042, 2.72%, 01/01/42 | &nbsp;&nbsp; 2321 | 1612919 |
| Presbyterian Healthcare Services, 4.88%, <br> 08/01/52<br>| &nbsp;&nbsp; 2415 | 2117506 |
| Providence St Joseph Health Obligated Group, <br> 5.37%, 10/01/32<br>| &nbsp;&nbsp; 2260 | 2320224 |
| Providence St. Joseph Health Obligated Group |  |  |
| 5.40%, 10/01/33 | &nbsp;&nbsp; 3075 | 3131146 |
| Series 19A, 2.53%, 10/01/29 | &nbsp;&nbsp; 2877 | 2684637 |
| Series 21A, 2.70%, 10/01/51<sup>(b)</sup> | &nbsp;&nbsp; 3600 | 2078402 |
| Series A, 3.93%, 10/01/48 | &nbsp;&nbsp; 2330 | 1760434 |
| Series H, 2.75%, 10/01/26 | &nbsp;&nbsp; 1187 | 1168347 |
| Series I, 3.74%, 10/01/47 | &nbsp;&nbsp; 2098 | 1563408 |
| Queen's Health Systems (The), 4.81%, <br> 07/01/52<br>| &nbsp;&nbsp; 1981 | 1735297 |
| Quest Diagnostics Inc. |  |  |
| 2.80%, 06/30/31<sup>(b)</sup> | &nbsp;&nbsp; 2801 | 2562569 |
| 2.95%, 06/30/30 | &nbsp;&nbsp; 4217 | 3968806 |
| 4.20%, 06/30/29 | &nbsp;&nbsp; 3033 | 3035562 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 2700 | 2728393 |
| 4.63%, 12/15/29 | &nbsp;&nbsp; 3395 | 3446401 |
| 4.70%, 03/30/45 | &nbsp;&nbsp; 2276 | 2020468 |
| 5.00%, 12/15/34 | &nbsp;&nbsp; 2850 | 2852794 |
| 6.40%, 11/30/33 | &nbsp;&nbsp; 1670 | 1839179 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| Rady Children's Hospital-San Diego, Series <br> 21A, 3.15%, 08/15/51<br>| &nbsp;&nbsp; $2330 | $1531188 |
| Rush Obligated Group, Series 2020, 3.92%, <br> 11/15/29<br>| &nbsp;&nbsp; 1313 | 1292501 |
| Seattle Children's Hospital, Series 2021, <br> 2.72%, 10/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 2365 | 1445379 |
| Sentara Health, 2.93%, 11/01/51 | &nbsp;&nbsp; 1849 | 1130179 |
| Sharp HealthCare, Series 20B, 2.68%, <br> 08/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 2791 | 1691527 |
| SSM Health Care Corp. |  |  |
| 4.89%, 06/01/28 | &nbsp;&nbsp; 2705 | 2753889 |
| Series A, 3.82%, 06/01/27 | &nbsp;&nbsp; 1985 | 1975437 |
| Stanford Health Care |  |  |
| 3.03%, 08/15/51 | &nbsp;&nbsp; 2410 | 1532052 |
| Series 2018, 3.80%, 11/15/48 | &nbsp;&nbsp; 2921 | 2240359 |
| Series 2020, 3.31%, 08/15/30 | &nbsp;&nbsp; 1470 | 1414108 |
| Summa Health, 3.51%, 11/15/51 | &nbsp;&nbsp; 1825 | 1420082 |
| Sutter Health |  |  |
| 5.55%, 08/15/53<sup>(b)</sup> | &nbsp;&nbsp; 248 | 241562 |
| Series 2018, 3.70%, 08/15/28 | &nbsp;&nbsp; 2054 | 2031088 |
| Series 2018, 4.09%, 08/15/48 | &nbsp;&nbsp; 2161 | 1718755 |
| Series 2025, 5.21%, 08/15/32 | &nbsp;&nbsp; 965 | 998455 |
| Series 2025, 5.54%, 08/15/35 | &nbsp;&nbsp; 2940 | 3066583 |
| Series 20A, 2.29%, 08/15/30 | &nbsp;&nbsp; 1489 | 1359607 |
| Series 20A, 3.16%, 08/15/40 | &nbsp;&nbsp; 857 | 666990 |
| Series 20A, 3.36%, 08/15/50 | &nbsp;&nbsp; 2014 | 1378098 |
| Texas Health Resources |  |  |
| 2.33%, 11/15/50 | &nbsp;&nbsp; 2862 | 1585472 |
| 4.33%, 11/15/55 | &nbsp;&nbsp; 1429 | 1169528 |
| Toledo Hospital (The), 5.75%, 11/15/38 | &nbsp;&nbsp; 1960 | 1970914 |
| Trinity Health Corp. |  |  |
| 4.13%, 12/01/45 | &nbsp;&nbsp; 1881 | 1547658 |
| Series 2019, 3.43%, 12/01/48 | &nbsp;&nbsp; 1315 | 961964 |
| Series 2021, 2.63%, 12/01/40 | &nbsp;&nbsp; 3346 | 2413760 |
| UMass Memorial Health Care Obligated <br> Group, 5.36%, 07/01/52<br>| &nbsp;&nbsp; 490 | 447205 |
| UnitedHealth Group Inc. |  |  |
| 3.70%, 05/15/27 | &nbsp;&nbsp; 3634 | 3613844 |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 6215 | 5618287 |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 6190 | 5526805 |
| 2.75%, 05/15/40 | &nbsp;&nbsp; 5066 | 3680016 |
| 2.88%, 08/15/29 | &nbsp;&nbsp; 4349 | 4142925 |
| 2.90%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 6248 | 3845596 |
| 2.95%, 10/15/27 | &nbsp;&nbsp; 4474 | 4374653 |
| 3.05%, 05/15/41 | &nbsp;&nbsp; 4732 | 3488525 |
| 3.13%, 05/15/60 | &nbsp;&nbsp; 4079 | 2411888 |
| 3.25%, 05/15/51 | &nbsp;&nbsp; 9115 | 5954281 |
| 3.38%, 04/15/27 | &nbsp;&nbsp; 3333 | 3296372 |
| 3.45%, 01/15/27 | &nbsp;&nbsp; 4333 | 4296231 |
| 3.50%, 08/15/39 | &nbsp;&nbsp; 5869 | 4760567 |
| 3.70%, 08/15/49 | &nbsp;&nbsp; 5527 | 3974945 |
| 3.75%, 10/15/47 | &nbsp;&nbsp; 5071 | 3768193 |
| 3.85%, 06/15/28 | &nbsp;&nbsp; 5576 | 5549569 |
| 3.88%, 12/15/28 | &nbsp;&nbsp; 4142 | 4108271 |
| 3.88%, 08/15/59 | &nbsp;&nbsp; 5322 | 3713941 |
| 3.95%, 10/15/42 | &nbsp;&nbsp; 3630 | 2949619 |
| 4.00%, 05/15/29 | &nbsp;&nbsp; 4519 | 4497023 |
| 4.20%, 05/15/32 | &nbsp;&nbsp; 6360 | 6199887 |
| 4.20%, 01/15/47 | &nbsp;&nbsp; 3884 | 3111892 |
| 4.25%, 01/15/29 | &nbsp;&nbsp; 6180 | 6197381 |
| 4.25%, 03/15/43 | &nbsp;&nbsp; 2816 | 2360599 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Health Care - Services (continued)** | **Health Care - Services (continued)** | **Health Care - Services (continued)** |
| 4.25%, 04/15/47 | &nbsp;&nbsp; $3924 | $3171886 |
| 4.25%, 06/15/48 | &nbsp;&nbsp; 6188 | 4940797 |
| 4.38%, 03/15/42 | &nbsp;&nbsp; 3049 | 2625583 |
| 4.40%, 06/15/28 | &nbsp;&nbsp; 2505 | 2527103 |
| 4.45%, 12/15/48 | &nbsp;&nbsp; 5271 | 4331409 |
| 4.50%, 04/15/33 | &nbsp;&nbsp; 6585 | 6448287 |
| 4.60%, 04/15/27 | &nbsp;&nbsp; 3200 | 3225709 |
| 4.63%, 07/15/35 | &nbsp;&nbsp; 4576 | 4442951 |
| 4.63%, 11/15/41<sup>(b)</sup> | &nbsp;&nbsp; 3211 | 2855010 |
| 4.65%, 01/15/31 | &nbsp;&nbsp; 3505 | 3550647 |
| 4.70%, 04/15/29 | &nbsp;&nbsp; 2280 | 2321136 |
| 4.75%, 07/15/45 | &nbsp;&nbsp; 8685 | 7648107 |
| 4.75%, 05/15/52 | &nbsp;&nbsp; 8120 | 6826080 |
| 4.80%, 01/15/30 | &nbsp;&nbsp; 5980 | 6109875 |
| 4.90%, 04/15/31 | &nbsp;&nbsp; 3876 | 3966121 |
| 4.95%, 01/15/32 | &nbsp;&nbsp; 8180 | 8345491 |
| 4.95%, 05/15/62 | &nbsp;&nbsp; 4840 | 4083979 |
| 5.00%, 04/15/34 | &nbsp;&nbsp; 5688 | 5710939 |
| 5.05%, 04/15/53 | &nbsp;&nbsp; 7835 | 6877386 |
| 5.15%, 07/15/34 | &nbsp;&nbsp; 9055 | 9192151 |
| 5.20%, 04/15/63 | &nbsp;&nbsp; 6740 | 5913159 |
| 5.25%, 02/15/28 | &nbsp;&nbsp; 6075 | 6244557 |
| 5.30%, 02/15/30 | &nbsp;&nbsp; 5349 | 5562907 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 3270 | 3340414 |
| 5.35%, 02/15/33 | &nbsp;&nbsp; 8615 | 8907151 |
| 5.38%, 04/15/54 | &nbsp;&nbsp; 7005 | 6450563 |
| 5.50%, 07/15/44 | &nbsp;&nbsp; 6555 | 6369599 |
| 5.50%, 04/15/64<sup>(b)</sup> | &nbsp;&nbsp; 4350 | 3993969 |
| 5.63%, 07/15/54 | &nbsp;&nbsp; 11295 | 10751347 |
| 5.70%, 10/15/40 | &nbsp;&nbsp; 2549 | 2593221 |
| 5.75%, 07/15/64 | &nbsp;&nbsp; 9075 | 8652501 |
| 5.80%, 03/15/36 | &nbsp;&nbsp; 3845 | 4042654 |
| 5.88%, 02/15/53 | &nbsp;&nbsp; 7820 | 7725265 |
| 5.95%, 02/15/41 | &nbsp;&nbsp; 2350 | 2426951 |
| 5.95%, 06/15/55 | &nbsp;&nbsp; 2010 | 2009127 |
| 6.05%, 02/15/63 | &nbsp;&nbsp; 5660 | 5668765 |
| 6.50%, 06/15/37 | &nbsp;&nbsp; 2688 | 2946681 |
| 6.63%, 11/15/37 | &nbsp;&nbsp; 3193 | 3535823 |
| 6.88%, 02/15/38 | &nbsp;&nbsp; 5191 | 5892428 |
| Universal Health Services Inc. |  |  |
| 1.65%, 09/01/26 | &nbsp;&nbsp; 4230 | 4112436 |
| 2.65%, 10/15/30 | &nbsp;&nbsp; 3743 | 3357850 |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 2475 | 2130560 |
| 4.63%, 10/15/29 | &nbsp;&nbsp; 3095 | 3085212 |
| 5.05%, 10/15/34 | &nbsp;&nbsp; 2210 | 2125689 |
| UPMC |  |  |
| 5.04%, 05/15/33 | &nbsp;&nbsp; 1995 | 2022099 |
| 5.38%, 05/15/43 | &nbsp;&nbsp; 1880 | 1793399 |
| WakeMed, Series A, 3.29%, 10/01/52<sup>(b)</sup> | &nbsp;&nbsp; 1455 | 970010 |
| West Virginia United Health System Obligated <br> Group, Series 2020, 3.13%, 06/01/50<br>| &nbsp;&nbsp; 833 | 512741 |
| Willis-Knighton Medical Center |  |  |
| Series 2018, 4.81%, 09/01/48 | &nbsp;&nbsp; 2043 | 1757317 |
| Series 2021, 3.07%, 03/01/51<sup>(b)</sup> | &nbsp;&nbsp; 2542 | 1572413 |
| Yale-New Haven Health Services Corp., <br> Series 2020, 2.50%, 07/01/50<sup>(b)</sup><br>| &nbsp;&nbsp; 3391 | 1945347 |
|  |  | 1169073643 |
| **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** | **Holding Companies - Diversified — 0.1%** |
| Apollo Debt Solutions BDC |  |  |
| 5.88%, 08/30/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 1465 | 1486771 |
| 6.55%, 03/15/32<sup>(c)</sup> | &nbsp;&nbsp; 2140 | 2226388 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| 6.70%, 07/29/31<sup>(b)</sup> | &nbsp;&nbsp; $4520 | $4779022 |
| 6.90%, 04/13/29 | &nbsp;&nbsp; 1900 | 1997810 |
| Ares Capital Corp. |  |  |
| 2.88%, 06/15/27 | &nbsp;&nbsp; 2004 | 1952947 |
| 2.88%, 06/15/28 | &nbsp;&nbsp; 5880 | 5611534 |
| 3.20%, 11/15/31 | &nbsp;&nbsp; 3195 | 2846638 |
| 5.50%, 09/01/30 | &nbsp;&nbsp; 3510 | 3555337 |
| 5.88%, 03/01/29 | &nbsp;&nbsp; 5215 | 5367808 |
| 5.95%, 07/15/29 | &nbsp;&nbsp; 3044 | 3146236 |
| 7.00%, 01/15/27 | &nbsp;&nbsp; 4382 | 4514591 |
| Series ., 5.80%, 03/08/32 | &nbsp;&nbsp; 4405 | 4469397 |
| Ares Strategic Income Fund |  |  |
| 5.45%, 09/09/28<sup>(c)</sup> | &nbsp;&nbsp; 1355 | 1364122 |
| 5.60%, 02/15/30 | &nbsp;&nbsp; 3060 | 3096753 |
| 5.70%, 03/15/28 | &nbsp;&nbsp; 1260 | 1277552 |
| 5.80%, 09/09/30<sup>(c)</sup> | &nbsp;&nbsp; 1390 | 1411536 |
| 6.20%, 03/21/32 | &nbsp;&nbsp; 3190 | 3279183 |
| 6.35%, 08/15/29 | &nbsp;&nbsp; 1160 | 1200021 |
| Bain Capital Specialty Finance Inc. |  |  |
| 2.55%, 10/13/26 | &nbsp;&nbsp; 1990 | 1939684 |
| 5.95%, 03/15/30 | &nbsp;&nbsp; 230 | 230904 |
| Barings BDC Inc. |  |  |
| 3.30%, 11/23/26 | &nbsp;&nbsp; 1305 | 1281127 |
| 7.00%, 02/15/29 | &nbsp;&nbsp; 190 | 197085 |
| Barings Private Credit Corp., 6.15%, <br> 06/11/30<sup>(c)</sup><br>| &nbsp;&nbsp; 70 | 69791 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | &nbsp;&nbsp; 3615 | 3521485 |
| 3.25%, 03/15/27 | &nbsp;&nbsp; 5730 | 5609796 |
| 4.00%, 01/15/29 | &nbsp;&nbsp; 2820 | 2754220 |
| 4.95%, 09/26/27 | &nbsp;&nbsp; 1650 | 1659057 |
| 5.25%, 04/01/30 | &nbsp;&nbsp; 260 | 260963 |
| 5.60%, 11/22/29 | &nbsp;&nbsp; 2220 | 2260701 |
| 5.95%, 07/16/29 | &nbsp;&nbsp; 2725 | 2809230 |
| 6.00%, 01/29/32 | &nbsp;&nbsp; 4500 | 4621843 |
| 6.00%, 11/22/34 | &nbsp;&nbsp; 3450 | 3477958 |
| 6.25%, 01/25/31 | &nbsp;&nbsp; 1720 | 1795798 |
| 7.30%, 11/27/28 | &nbsp;&nbsp; 1145 | 1224112 |
| Blackstone Secured Lending Fund |  |  |
| 2.13%, 02/15/27 | &nbsp;&nbsp; 2909 | 2805324 |
| 2.75%, 09/16/26<sup>(b)</sup> | &nbsp;&nbsp; 3275 | 3214351 |
| 2.85%, 09/30/28 | &nbsp;&nbsp; 3260 | 3080148 |
| 5.30%, 06/30/30 | &nbsp;&nbsp; 1770 | 1783969 |
| 5.35%, 04/13/28 | &nbsp;&nbsp; 930 | 942998 |
| 5.88%, 11/15/27 | &nbsp;&nbsp; 1780 | 1821833 |
| Blue Owl Capital Corp. |  |  |
| 2.63%, 01/15/27 | &nbsp;&nbsp; 3152 | 3055367 |
| 2.88%, 06/11/28 | &nbsp;&nbsp; 3930 | 3712060 |
| 5.95%, 03/15/29 | &nbsp;&nbsp; 600 | 608966 |
| 6.20%, 07/15/30 | &nbsp;&nbsp; 1230 | 1261907 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 | &nbsp;&nbsp; 555 | 575231 |
| Blue Owl Capital Corp. III, 3.13%, 04/13/27 | &nbsp;&nbsp; 2205 | 2140071 |
| Blue Owl Credit Income Corp. |  |  |
| 3.13%, 09/23/26 | &nbsp;&nbsp; 2060 | 2017231 |
| 4.70%, 02/08/27 | &nbsp;&nbsp; 2100 | 2093144 |
| 5.80%, 03/15/30 | &nbsp;&nbsp; 2975 | 3011828 |
| 6.60%, 09/15/29 | &nbsp;&nbsp; 3850 | 4001335 |
| 6.65%, 03/15/31 | &nbsp;&nbsp; 3235 | 3380298 |
| 7.75%, 09/16/27 | &nbsp;&nbsp; 1125 | 1181155 |
| 7.75%, 01/15/29 | &nbsp;&nbsp; 2310 | 2473290 |
| 7.95%, 06/13/28 | &nbsp;&nbsp; 1133 | 1212749 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| Blue Owl Technology Finance Corp. |  |  |
| 2.50%, 01/15/27 | &nbsp;&nbsp; $2012 | $1942964 |
| 6.10%, 03/15/28<sup>(c)</sup> | &nbsp;&nbsp; 1345 | 1362480 |
| Blue Owl Technology Finance Corp. II, 6.75%, <br> 04/04/29<br>| &nbsp;&nbsp; 1710 | 1770189 |
| Carlyle Secured Lending Inc., 6.75%, <br> 02/18/30<sup>(b)</sup><br>| &nbsp;&nbsp; 150 | 155714 |
| Franklin BSP Capital Corp., 7.20%, 06/15/29 | &nbsp;&nbsp; 250 | 259411 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 2789 | 2701539 |
| 3.13%, 10/12/28 | &nbsp;&nbsp; 4064 | 3731450 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 2000 | 1927364 |
| 6.13%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1650 | 1638889 |
| 6.88%, 08/15/29 | &nbsp;&nbsp; 2710 | 2767210 |
| 7.88%, 01/15/29 | &nbsp;&nbsp; 300 | 314504 |
| Goldman Sachs BDC Inc., 6.38%, 03/11/27 | &nbsp;&nbsp; 690 | 706047 |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.88%, 05/06/28<sup>(c)</sup> | &nbsp;&nbsp; 895 | 908834 |
| 6.25%, 05/06/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 785 | 803885 |
| Golub Capital BDC Inc. |  |  |
| 2.05%, 02/15/27 | &nbsp;&nbsp; 2188 | 2101162 |
| 2.50%, 08/24/26 | &nbsp;&nbsp; — |  |
| 6.00%, 07/15/29 | &nbsp;&nbsp; 1955 | 2001246 |
| 7.05%, 12/05/28 | &nbsp;&nbsp; 560 | 591848 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 | &nbsp;&nbsp; 715 | 717713 |
| 5.80%, 09/12/29 | &nbsp;&nbsp; 410 | 414503 |
| 5.88%, 05/01/30<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 2230626 |
| HA Sustainable Infrastructure Capital Inc. |  |  |
| 6.15%, 01/15/31 | &nbsp;&nbsp; 1200 | 1222581 |
| 6.38%, 07/01/34 | &nbsp;&nbsp; 4315 | 4276080 |
| 6.75%, 07/15/35 | &nbsp;&nbsp; 1200 | 1212918 |
| Main Street Capital Corp. |  |  |
| 5.40%, 08/15/28 | &nbsp;&nbsp; 40 | 40175 |
| 6.50%, 06/04/27 | &nbsp;&nbsp; 1580 | 1615304 |
| 6.95%, 03/01/29 | &nbsp;&nbsp; 930 | 974085 |
| Morgan Stanley Direct Lending Fund |  |  |
| 4.50%, 02/11/27<sup>(b)</sup> | &nbsp;&nbsp; 1270 | 1266119 |
| 6.00%, 05/19/30<sup>(b)</sup> | &nbsp;&nbsp; 1100 | 1124363 |
| 6.15%, 05/17/29 | &nbsp;&nbsp; 1555 | 1606222 |
| MSD Investment Corp., 6.25%, 05/31/30<sup>(c)</sup> | &nbsp;&nbsp; 830 | 841899 |
| New Mountain Finance Corp. |  |  |
| 6.20%, 10/15/27 | &nbsp;&nbsp; 640 | 650885 |
| 6.88%, 02/01/29 | &nbsp;&nbsp; 330 | 338744 |
| North Haven Private Income Fund LLC, <br> 5.75%, 02/01/30<br>| &nbsp;&nbsp; 70 | 70101 |
| Nuveen Churchill Direct Lending Corp., 6.65%, <br> 03/15/30<br>| &nbsp;&nbsp; 100 | 103460 |
| Oaktree Specialty Lending Corp. |  |  |
| 2.70%, 01/15/27 | &nbsp;&nbsp; 2463 | 2384055 |
| 6.34%, 02/27/30 | &nbsp;&nbsp; 930 | 938370 |
| 7.10%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1330 | 1378125 |
| Oaktree Strategic Credit Fund |  |  |
| 6.19%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; 875 | 888982 |
| 6.50%, 07/23/29 | &nbsp;&nbsp; 310 | 321913 |
| 8.40%, 11/14/28 | &nbsp;&nbsp; 400 | 434303 |
| Sixth Street Lending Partners |  |  |
| 5.75%, 01/15/30 | &nbsp;&nbsp; 730 | 740573 |
| 6.13%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; 3270 | 3372497 |
| 6.50%, 03/11/29 | &nbsp;&nbsp; 490 | 509089 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** | **Holding Companies - Diversified (continued)** |
| Sixth Street Specialty Lending Inc. |  |  |
| 5.63%, 08/15/30 | &nbsp;&nbsp; $915 | $925825 |
| 6.13%, 03/01/29 | &nbsp;&nbsp; 430 | 443818 |
| 6.95%, 08/14/28 | &nbsp;&nbsp; 715 | 755926 |
|  |  | 189154645 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| DR Horton Inc. |  |  |
| 1.30%, 10/15/26 | &nbsp;&nbsp; 4235 | 4105156 |
| 1.40%, 10/15/27 | &nbsp;&nbsp; 1709 | 1618718 |
| 4.85%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 60 | 61290 |
| 5.00%, 10/15/34 | &nbsp;&nbsp; 1660 | 1659253 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 2090 | 2141006 |
| Lennar Corp. |  |  |
| 4.75%, 11/29/27 | &nbsp;&nbsp; 3798 | 3827667 |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 2413 | 2431680 |
| 5.20%, 07/30/30 | &nbsp;&nbsp; 2270 | 2343850 |
| MDC Holdings Inc. |  |  |
| 2.50%, 01/15/31 | &nbsp;&nbsp; 2332 | 2066580 |
| 3.85%, 01/15/30 | &nbsp;&nbsp; 1976 | 1899037 |
| 3.97%, 08/06/61<sup>(b)</sup> | &nbsp;&nbsp; 1515 | 974194 |
| 6.00%, 01/15/43 | &nbsp;&nbsp; 3372 | 3084750 |
| Meritage Homes Corp. |  |  |
| 5.13%, 06/06/27 | &nbsp;&nbsp; 710 | 714697 |
| 5.65%, 03/15/35 | &nbsp;&nbsp; 1165 | 1176685 |
| NVR Inc., 3.00%, 05/15/30 | &nbsp;&nbsp; 2518 | 2377509 |
| PulteGroup Inc. |  |  |
| 5.00%, 01/15/27 | &nbsp;&nbsp; 2895 | 2916597 |
| 6.00%, 02/15/35 | &nbsp;&nbsp; 1443 | 1520715 |
| 6.38%, 05/15/33 | &nbsp;&nbsp; 1936 | 2107344 |
| 7.88%, 06/15/32 | &nbsp;&nbsp; 1189 | 1400827 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/29<sup>(b)</sup> | &nbsp;&nbsp; 2475 | 2419492 |
| 4.35%, 02/15/28 | &nbsp;&nbsp; 2435 | 2441144 |
| 4.88%, 03/15/27 | &nbsp;&nbsp; 3005 | 3025251 |
| 5.60%, 06/15/35 | &nbsp;&nbsp; 1260 | 1279017 |
|  |  | 47592459 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Leggett & Platt Inc. |  |  |
| 3.50%, 11/15/27 | &nbsp;&nbsp; 3022 | 2950752 |
| 3.50%, 11/15/51<sup>(b)</sup> | &nbsp;&nbsp; 3020 | 1921999 |
| 4.40%, 03/15/29 | &nbsp;&nbsp; 3022 | 2972096 |
|  |  | 7844847 |
| **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** | **Household Products & Wares — 0.1%** |
| Avery Dennison Corp. |  |  |
| 2.25%, 02/15/32 | &nbsp;&nbsp; 2440 | 2094438 |
| 2.65%, 04/30/30 | &nbsp;&nbsp; 1867 | 1734237 |
| 4.88%, 12/06/28 | &nbsp;&nbsp; 3866 | 3935139 |
| 5.75%, 03/15/33 | &nbsp;&nbsp; 1880 | 1977068 |
| Church & Dwight Co. Inc. |  |  |
| 2.30%, 12/15/31 | &nbsp;&nbsp; 2734 | 2407107 |
| 3.15%, 08/01/27 | &nbsp;&nbsp; 1996 | 1964064 |
| 3.95%, 08/01/47 | &nbsp;&nbsp; 2085 | 1622590 |
| 5.00%, 06/15/52 | &nbsp;&nbsp; 2220 | 1994844 |
| 5.60%, 11/15/32 | &nbsp;&nbsp; 2795 | 2949953 |
| Clorox Co. (The) |  |  |
| 1.80%, 05/15/30 | &nbsp;&nbsp; 3254 | 2911548 |
| 3.10%, 10/01/27 | &nbsp;&nbsp; 3368 | 3303440 |
| 3.90%, 05/15/28 | &nbsp;&nbsp; 3613 | 3596963 |
| 4.40%, 05/01/29 | &nbsp;&nbsp; 3845 | 3872570 |
| 4.60%, 05/01/32 | &nbsp;&nbsp; 3459 | 3465515 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Household Products & Wares (continued)** | **Household Products & Wares (continued)** | **Household Products & Wares (continued)** |
| Kimberly-Clark Corp. |  |  |
| 1.05%, 09/15/27 | &nbsp;&nbsp; $3481 | $3292448 |
| 2.00%, 11/02/31<sup>(b)</sup> | &nbsp;&nbsp; 2883 | 2562275 |
| 2.88%, 02/07/50 | &nbsp;&nbsp; 2419 | 1552886 |
| 3.10%, 03/26/30 | &nbsp;&nbsp; 4058 | 3890958 |
| 3.20%, 04/25/29 | &nbsp;&nbsp; 4235 | 4129270 |
| 3.20%, 07/30/46 | &nbsp;&nbsp; 1915 | 1367067 |
| 3.90%, 05/04/47 | &nbsp;&nbsp; 2172 | 1709471 |
| 3.95%, 11/01/28 | &nbsp;&nbsp; 3357 | 3362750 |
| 4.50%, 02/16/33 | &nbsp;&nbsp; 2190 | 2203425 |
| 5.30%, 03/01/41 | &nbsp;&nbsp; 2480 | 2471890 |
| 6.63%, 08/01/37 | &nbsp;&nbsp; 3253 | 3763982 |
|  |  | 68135898 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| ACE Capital Trust II, Series N, 9.70%, <br> 04/01/30<br>| &nbsp;&nbsp; 2972 | 3579448 |
| Aegon Ltd., 5.50%, 04/11/48<sup>(a)</sup> | &nbsp;&nbsp; 3150 | 3176132 |
| Aflac Inc. |  |  |
| 2.88%, 10/15/26 | &nbsp;&nbsp; 3097 | 3054828 |
| 3.60%, 04/01/30 | &nbsp;&nbsp; 5773 | 5644529 |
| 4.00%, 10/15/46 | &nbsp;&nbsp; 2011 | 1581726 |
| 4.75%, 01/15/49 | &nbsp;&nbsp; 3568 | 3085959 |
| Alleghany Corp. |  |  |
| 3.25%, 08/15/51 | &nbsp;&nbsp; 3100 | 2079045 |
| 3.63%, 05/15/30 | &nbsp;&nbsp; 4474 | 4363877 |
| 4.90%, 09/15/44 | &nbsp;&nbsp; 2440 | 2235717 |
| Allstate Corp. (The) |  |  |
| 1.45%, 12/15/30 | &nbsp;&nbsp; 3194 | 2748488 |
| 3.28%, 12/15/26 | &nbsp;&nbsp; 2982 | 2947883 |
| 3.85%, 08/10/49 | &nbsp;&nbsp; 2708 | 2031230 |
| 4.20%, 12/15/46 | &nbsp;&nbsp; 3902 | 3183873 |
| 4.50%, 06/15/43 | &nbsp;&nbsp; 2698 | 2336400 |
| 5.05%, 06/24/29 | &nbsp;&nbsp; 2275 | 2342481 |
| 5.25%, 03/30/33 | &nbsp;&nbsp; 2220 | 2284596 |
| 5.35%, 06/01/33 | &nbsp;&nbsp; 2284 | 2365819 |
| 5.55%, 05/09/35 | &nbsp;&nbsp; 3361 | 3497410 |
| 5.95%, 04/01/36 | &nbsp;&nbsp; 2165 | 2310571 |
| 6.50%, 05/15/67<sup>(a)</sup> | &nbsp;&nbsp; 2495 | 2577357 |
| American Financial Group Inc./OH |  |  |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 1945 | 1592903 |
| 5.25%, 04/02/30<sup>(b)</sup> | &nbsp;&nbsp; 902 | 937220 |
| American International Group Inc. |  |  |
| 3.40%, 06/30/30 | &nbsp;&nbsp; 2655 | 2554077 |
| 3.88%, 01/15/35 | &nbsp;&nbsp; 1770 | 1630076 |
| 4.20%, 04/01/28 | &nbsp;&nbsp; 2610 | 2612221 |
| 4.38%, 06/30/50 | &nbsp;&nbsp; 5389 | 4424430 |
| 4.50%, 07/16/44 | &nbsp;&nbsp; 2190 | 1905729 |
| 4.75%, 04/01/48 | &nbsp;&nbsp; 6128 | 5391028 |
| 4.85%, 05/07/30<sup>(b)</sup> | &nbsp;&nbsp; 1640 | 1677852 |
| 5.13%, 03/27/33 | &nbsp;&nbsp; 3465 | 3536645 |
| 5.45%, 05/07/35 | &nbsp;&nbsp; 1660 | 1712547 |
| Series A-9, 5.75%, 04/01/48<sup>(a)(b)</sup> | &nbsp;&nbsp; 10 | 10182 |
| American National Group Inc. |  |  |
| 5.00%, 06/15/27 | &nbsp;&nbsp; 3116 | 3139288 |
| 5.75%, 10/01/29 | &nbsp;&nbsp; 730 | 754431 |
| 6.00%, 07/15/35 | &nbsp;&nbsp; 2250 | 2275556 |
| Aon Corp. |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 4841 | 4539846 |
| 3.75%, 05/02/29 | &nbsp;&nbsp; 4122 | 4059967 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 2937 | 2965184 |
| 6.25%, 09/30/40 | &nbsp;&nbsp; 3284 | 3533715 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 8.21%, 01/01/27 | &nbsp;&nbsp; $1121 | $1172176 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 2.05%, 08/23/31 | &nbsp;&nbsp; 2590 | 2263982 |
| 2.60%, 12/02/31 | &nbsp;&nbsp; 2400 | 2149249 |
| 2.85%, 05/28/27 | &nbsp;&nbsp; 2925 | 2865424 |
| 2.90%, 08/23/51 | &nbsp;&nbsp; 4350 | 2657931 |
| 3.90%, 02/28/52 | &nbsp;&nbsp; 3665 | 2684415 |
| 5.00%, 09/12/32 | &nbsp;&nbsp; 2305 | 2353179 |
| 5.35%, 02/28/33 | &nbsp;&nbsp; 2500 | 2585194 |
| Aon Global Ltd. |  |  |
| 4.60%, 06/14/44 | &nbsp;&nbsp; 3732 | 3232326 |
| 4.75%, 05/15/45 | &nbsp;&nbsp; 2549 | 2227844 |
| Aon North America Inc. |  |  |
| 5.13%, 03/01/27 | &nbsp;&nbsp; 3365 | 3411831 |
| 5.15%, 03/01/29 | &nbsp;&nbsp; 4555 | 4688071 |
| 5.30%, 03/01/31 | &nbsp;&nbsp; 3465 | 3611020 |
| 5.45%, 03/01/34 | &nbsp;&nbsp; 7483 | 7722719 |
| 5.75%, 03/01/54 | &nbsp;&nbsp; 5550 | 5407357 |
| Arch Capital Finance LLC |  |  |
| 4.01%, 12/15/26 | &nbsp;&nbsp; 3217 | 3209396 |
| 5.03%, 12/15/46 | &nbsp;&nbsp; 2614 | 2362744 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | &nbsp;&nbsp; 5037 | 3639448 |
| 7.35%, 05/01/34 | &nbsp;&nbsp; 1820 | 2103801 |
| Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | &nbsp;&nbsp; 2805 | 2608371 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31 | &nbsp;&nbsp; 2460 | 2176827 |
| 3.05%, 03/09/52 | &nbsp;&nbsp; 3845 | 2396307 |
| 3.50%, 05/20/51 | &nbsp;&nbsp; 6197 | 4265591 |
| 4.60%, 12/15/27 | &nbsp;&nbsp; 3365 | 3396124 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 1720 | 1752715 |
| 5.00%, 02/15/32 | &nbsp;&nbsp; 2300 | 2341487 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 4025 | 4036703 |
| 5.45%, 07/15/34 | &nbsp;&nbsp; 1988 | 2043941 |
| 5.50%, 03/02/33 | &nbsp;&nbsp; 1790 | 1850667 |
| 5.55%, 02/15/55 | &nbsp;&nbsp; 2515 | 2365840 |
| 5.75%, 03/02/53 | &nbsp;&nbsp; 2328 | 2245543 |
| 5.75%, 07/15/54 | &nbsp;&nbsp; 1890 | 1822612 |
| 6.50%, 02/15/34 | &nbsp;&nbsp; 2045 | 2243276 |
| 6.75%, 02/15/54 | &nbsp;&nbsp; 2405 | 2622570 |
| Aspen Insurance Holdings Ltd., 5.75%, <br> 07/01/30<br>| &nbsp;&nbsp; 40 | 41519 |
| Assurant Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 1985 | 1729286 |
| 3.70%, 02/22/30 | &nbsp;&nbsp; 2387 | 2311765 |
| 4.90%, 03/27/28<sup>(b)</sup> | &nbsp;&nbsp; 2465 | 2499215 |
| 5.55%, 02/15/36 | &nbsp;&nbsp; 1195 | 1193270 |
| Assured Guaranty U.S. Holdings Inc. |  |  |
| 3.15%, 06/15/31 | &nbsp;&nbsp; 2961 | 2768987 |
| 3.60%, 09/15/51 | &nbsp;&nbsp; 1800 | 1229398 |
| 6.13%, 09/15/28 | &nbsp;&nbsp; 1450 | 1525966 |
| Athene Holding Ltd. |  |  |
| 3.45%, 05/15/52 | &nbsp;&nbsp; 4010 | 2525343 |
| 3.50%, 01/15/31 | &nbsp;&nbsp; 3010 | 2849782 |
| 3.95%, 05/25/51 | &nbsp;&nbsp; 3445 | 2425524 |
| 4.13%, 01/12/28 | &nbsp;&nbsp; 5360 | 5346428 |
| 5.88%, 01/15/34 | &nbsp;&nbsp; 3493 | 3620259 |
| 6.15%, 04/03/30 | &nbsp;&nbsp; 2017 | 2151461 |
| 6.25%, 04/01/54 | &nbsp;&nbsp; 2880 | 2836880 |
| 6.63%, 10/15/54, (5-year CMT + 2.607%)<sup>(a)</sup> | &nbsp;&nbsp; 900 | 903407 |
| 6.63%, 05/19/55 | &nbsp;&nbsp; 2465 | 2538737 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 6.65%, 02/01/33<sup>(b)</sup> | &nbsp;&nbsp; $2205 | $2385317 |
| AXA SA, 8.60%, 12/15/30 | &nbsp;&nbsp; 385 | 457252 |
| Axis Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | &nbsp;&nbsp; 2189 | 2152405 |
| 4.90%, 01/15/40, (5-year CMT + 3.186%)<sup>(a)</sup> | &nbsp;&nbsp; 1821 | 1764156 |
| Axis Specialty Finance PLC, 4.00%, 12/06/27 | &nbsp;&nbsp; 2289 | 2273016 |
| Berkshire Hathaway Finance Corp. |  |  |
| 1.45%, 10/15/30 | &nbsp;&nbsp; 4591 | 4052731 |
| 1.85%, 03/12/30 | &nbsp;&nbsp; 2808 | 2561134 |
| 2.30%, 03/15/27 | &nbsp;&nbsp; 6770 | 6613419 |
| 2.50%, 01/15/51 | &nbsp;&nbsp; 5525 | 3255821 |
| 2.85%, 10/15/50 | &nbsp;&nbsp; 7564 | 4793233 |
| 2.88%, 03/15/32 | &nbsp;&nbsp; 4939 | 4584094 |
| 3.85%, 03/15/52 | &nbsp;&nbsp; 7470 | 5674693 |
| 4.20%, 08/15/48 | &nbsp;&nbsp; 10287 | 8524683 |
| 4.25%, 01/15/49 | &nbsp;&nbsp; 8104 | 6744485 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 3937 | 3463367 |
| 4.40%, 05/15/42 | &nbsp;&nbsp; 5083 | 4643825 |
| 5.75%, 01/15/40 | &nbsp;&nbsp; 4473 | 4817485 |
| Berkshire Hathaway Inc., 4.50%, 02/11/43<sup>(b)</sup> | &nbsp;&nbsp; 5380 | 4988792 |
| Brighthouse Financial Inc. |  |  |
| 3.70%, 06/22/27 | &nbsp;&nbsp; 145 | 143017 |
| 3.85%, 12/22/51 | &nbsp;&nbsp; 1290 | 799080 |
| 4.70%, 06/22/47 | &nbsp;&nbsp; 3577 | 2674232 |
| 5.63%, 05/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2794 | 2863743 |
| Brown & Brown Inc. |  |  |
| 2.38%, 03/15/31 | &nbsp;&nbsp; 4283 | 3805609 |
| 4.20%, 03/17/32 | &nbsp;&nbsp; 1610 | 1537782 |
| 4.50%, 03/15/29 | &nbsp;&nbsp; 2435 | 2442661 |
| 4.60%, 12/23/26 | &nbsp;&nbsp; 2045 | 2054949 |
| 4.70%, 06/23/28 | &nbsp;&nbsp; 2025 | 2045234 |
| 4.90%, 06/23/30 | &nbsp;&nbsp; 2475 | 2506978 |
| 4.95%, 03/17/52 | &nbsp;&nbsp; 3845 | 3270744 |
| 5.25%, 06/23/32 | &nbsp;&nbsp; 2155 | 2203618 |
| 5.55%, 06/23/35 | &nbsp;&nbsp; 1835 | 1870371 |
| 5.65%, 06/11/34 | &nbsp;&nbsp; 2380 | 2442620 |
| 6.25%, 06/23/55 | &nbsp;&nbsp; 1200 | 1228507 |
| Chubb Corp. (The) |  |  |
| 6.00%, 05/11/37 | &nbsp;&nbsp; 4814 | 5206265 |
| Series 1, 6.50%, 05/15/38 | &nbsp;&nbsp; 2000 | 2257850 |
| Chubb INA Holdings LLC |  |  |
| 1.38%, 09/15/30 | &nbsp;&nbsp; 2790 | 2443058 |
| 2.85%, 12/15/51 | &nbsp;&nbsp; 3040 | 1925277 |
| 3.05%, 12/15/61 | &nbsp;&nbsp; 3078 | 1855912 |
| 4.15%, 03/13/43 | &nbsp;&nbsp; 3275 | 2797169 |
| 4.35%, 11/03/45 | &nbsp;&nbsp; 7155 | 6135246 |
| 4.65%, 08/15/29 | &nbsp;&nbsp; 4225 | 4307422 |
| 4.90%, 08/15/35 | &nbsp;&nbsp; 3995 | 3974166 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 5840 | 5931717 |
| 6.70%, 05/15/36 | &nbsp;&nbsp; 715 | 810952 |
| Cincinnati Financial Corp. |  |  |
| 6.13%, 11/01/34 | &nbsp;&nbsp; 2144 | 2296482 |
| 6.92%, 05/15/28 | &nbsp;&nbsp; 1919 | 2054290 |
| CNA Financial Corp. |  |  |
| 2.05%, 08/15/30 | &nbsp;&nbsp; 2430 | 2160858 |
| 3.45%, 08/15/27 | &nbsp;&nbsp; 3312 | 3268423 |
| 3.90%, 05/01/29 | &nbsp;&nbsp; 5911 | 5828714 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 995 | 995933 |
| 5.20%, 08/15/35 | &nbsp;&nbsp; 1500 | 1483998 |
| 5.50%, 06/15/33 | &nbsp;&nbsp; 1265 | 1301957 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| CNO Financial Group Inc. |  |  |
| 5.25%, 05/30/29 | &nbsp;&nbsp; $2905 | $2961627 |
| 6.45%, 06/15/34 | &nbsp;&nbsp; 2360 | 2479528 |
| Corebridge Financial Inc. |  |  |
| 3.65%, 04/05/27 | &nbsp;&nbsp; 7201 | 7135970 |
| 3.85%, 04/05/29 | &nbsp;&nbsp; 4168 | 4108712 |
| 3.90%, 04/05/32 | &nbsp;&nbsp; 5845 | 5531985 |
| 4.35%, 04/05/42 | &nbsp;&nbsp; 2640 | 2222244 |
| 4.40%, 04/05/52<sup>(b)</sup> | &nbsp;&nbsp; 5120 | 4082368 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 3530 | 3688585 |
| 6.05%, 09/15/33 | &nbsp;&nbsp; 2680 | 2839407 |
| 6.38%, 09/15/54, (5-year CMT + 2.646%)<sup>(a)</sup> | &nbsp;&nbsp; 300 | 303919 |
| 6.88%, 12/15/52, (5-year CMT + 3.846%)<sup>(a)</sup> | &nbsp;&nbsp; 1975 | 2039348 |
| Enstar Finance LLC, 5.50%, 01/15/42, (5-year <br> CMT + 4.006%)<sup>(a)</sup><br>| &nbsp;&nbsp; 1275 | 1262513 |
| Enstar Group Ltd. |  |  |
| 3.10%, 09/01/31 | &nbsp;&nbsp; 2856 | 2552194 |
| 4.95%, 06/01/29 | &nbsp;&nbsp; 3051 | 3074293 |
| Equitable Holdings Inc. |  |  |
| 4.35%, 04/20/28 | &nbsp;&nbsp; 7488 | 7508033 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 4684 | 4178695 |
| 5.59%, 01/11/33 | &nbsp;&nbsp; 2505 | 2604655 |
| 6.70%, 03/28/55, (5-year CMT + 2.390%)<sup>(a)</sup> | &nbsp;&nbsp; 100 | 102406 |
| Essent Group Ltd., 6.25%, 07/01/29 | &nbsp;&nbsp; 1365 | 1431657 |
| Everest Reinsurance Holdings Inc. |  |  |
| 3.13%, 10/15/52 | &nbsp;&nbsp; 4893 | 3028742 |
| 3.50%, 10/15/50 | &nbsp;&nbsp; 4994 | 3396124 |
| 4.87%, 06/01/44 | &nbsp;&nbsp; 2431 | 2138428 |
| F&G Annuities & Life Inc. |  |  |
| 6.25%, 10/04/34 | &nbsp;&nbsp; 1975 | 1984767 |
| 6.50%, 06/04/29 | &nbsp;&nbsp; 2300 | 2395786 |
| 7.40%, 01/13/28 | &nbsp;&nbsp; 2726 | 2866778 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | &nbsp;&nbsp; 2102 | 1976848 |
| 4.63%, 04/29/30 | &nbsp;&nbsp; 2687 | 2695011 |
| 4.85%, 04/17/28 | &nbsp;&nbsp; 3049 | 3090046 |
| 5.63%, 08/16/32 | &nbsp;&nbsp; 2430 | 2506954 |
| 5.75%, 05/20/35<sup>(c)</sup> | &nbsp;&nbsp; 300 | 306539 |
| 6.00%, 12/07/33 | &nbsp;&nbsp; 3145 | 3309888 |
| 6.10%, 03/15/55 | &nbsp;&nbsp; 2205 | 2180847 |
| 6.35%, 03/22/54 | &nbsp;&nbsp; 1300 | 1321589 |
| Fidelity National Financial Inc. |  |  |
| 2.45%, 03/15/31 | &nbsp;&nbsp; 3534 | 3114226 |
| 3.20%, 09/17/51 | &nbsp;&nbsp; 3425 | 2119755 |
| 3.40%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 3515 | 3333196 |
| 4.50%, 08/15/28 | &nbsp;&nbsp; 2802 | 2810950 |
| First American Financial Corp. |  |  |
| 2.40%, 08/15/31 | &nbsp;&nbsp; 2547 | 2206343 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 2265 | 2167739 |
| 5.45%, 09/30/34 | &nbsp;&nbsp; 1920 | 1910559 |
| Globe Life Inc. |  |  |
| 2.15%, 08/15/30 | &nbsp;&nbsp; 3512 | 3140752 |
| 4.55%, 09/15/28 | &nbsp;&nbsp; 3850 | 3881707 |
| 4.80%, 06/15/32 | &nbsp;&nbsp; 2020 | 2013428 |
| 5.85%, 09/15/34 | &nbsp;&nbsp; 1850 | 1926543 |
| Hanover Insurance Group Inc. (The) |  |  |
| 2.50%, 09/01/30 | &nbsp;&nbsp; 2185 | 1970113 |
| 5.50%, 09/01/35 | &nbsp;&nbsp; 1075 | 1076003 |
| Hartford Financial Services Group Inc. (The) |  |  |
| 2.80%, 08/19/29 | &nbsp;&nbsp; 3580 | 3394434 |
| 2.90%, 09/15/51 | &nbsp;&nbsp; 3155 | 1975089 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 3.60%, 08/19/49 | &nbsp;&nbsp; $3936 | $2865992 |
| 4.30%, 04/15/43 | &nbsp;&nbsp; 1886 | 1595123 |
| 4.40%, 03/15/48 | &nbsp;&nbsp; 2643 | 2220909 |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 1975 | 2101594 |
| 6.10%, 10/01/41 | &nbsp;&nbsp; 2094 | 2178247 |
| Horace Mann Educators Corp., 7.25%, <br> 09/15/28<br>| &nbsp;&nbsp; 180 | 193497 |
| Jackson Financial Inc. |  |  |
| 3.13%, 11/23/31 | &nbsp;&nbsp; 3575 | 3228270 |
| 4.00%, 11/23/51 | &nbsp;&nbsp; 2670 | 1845362 |
| 5.17%, 06/08/27 | &nbsp;&nbsp; 3340 | 3383599 |
| 5.67%, 06/08/32 | &nbsp;&nbsp; 1360 | 1407494 |
| Kemper Corp. |  |  |
| 2.40%, 09/30/30 | &nbsp;&nbsp; 2905 | 2573132 |
| 3.80%, 02/23/32 | &nbsp;&nbsp; 1930 | 1765399 |
| Lincoln National Corp. |  |  |
| 3.05%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 2556 | 2429430 |
| 3.40%, 01/15/31 | &nbsp;&nbsp; 3014 | 2830829 |
| 3.40%, 03/01/32 | &nbsp;&nbsp; 584 | 534022 |
| 3.63%, 12/12/26 | &nbsp;&nbsp; 1763 | 1748572 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 2459 | 2429176 |
| 4.35%, 03/01/48 | &nbsp;&nbsp; 919 | 738294 |
| 5.85%, 03/15/34 | &nbsp;&nbsp; 1275 | 1322934 |
| 6.30%, 10/09/37 | &nbsp;&nbsp; 1560 | 1653834 |
| 7.00%, 06/15/40 | &nbsp;&nbsp; 2223 | 2498633 |
| Loews Corp. |  |  |
| 3.20%, 05/15/30 | &nbsp;&nbsp; 3250 | 3104301 |
| 4.13%, 05/15/43 | &nbsp;&nbsp; 4257 | 3525253 |
| 6.00%, 02/01/35 | &nbsp;&nbsp; 896 | 966693 |
| Manulife Financial Corp. |  |  |
| 2.48%, 05/19/27 | &nbsp;&nbsp; 3460 | 3365008 |
| 3.70%, 03/16/32 | &nbsp;&nbsp; 3800 | 3625715 |
| 4.06%, 02/24/32, (5-year USD ICE Swap + <br> 1.647%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4013 | 3972300 |
| 5.38%, 03/04/46 | &nbsp;&nbsp; 2988 | 2926086 |
| Markel Group Inc. |  |  |
| 3.35%, 09/17/29 | &nbsp;&nbsp; 2135 | 2064355 |
| 3.45%, 05/07/52 | &nbsp;&nbsp; 3160 | 2092822 |
| 3.50%, 11/01/27 | &nbsp;&nbsp; 2867 | 2822041 |
| 4.15%, 09/17/50 | &nbsp;&nbsp; 2651 | 2014132 |
| 4.30%, 11/01/47 | &nbsp;&nbsp; 2101 | 1671307 |
| 5.00%, 04/05/46 | &nbsp;&nbsp; 2680 | 2372694 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 2335 | 2035007 |
| 6.00%, 05/16/54 | &nbsp;&nbsp; 2480 | 2461269 |
| Marsh & McLennan Companies Inc. |  |  |
| 2.25%, 11/15/30 | &nbsp;&nbsp; 4620 | 4181015 |
| 2.38%, 12/15/31 | &nbsp;&nbsp; 755 | 669022 |
| 2.90%, 12/15/51 | &nbsp;&nbsp; 2595 | 1602998 |
| 4.20%, 03/01/48 | &nbsp;&nbsp; 4585 | 3735119 |
| 4.35%, 01/30/47 | &nbsp;&nbsp; 3052 | 2553237 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 8257 | 8337571 |
| 4.55%, 11/08/27 | &nbsp;&nbsp; 5060 | 5116929 |
| 4.65%, 03/15/30 | &nbsp;&nbsp; 6290 | 6400008 |
| 4.75%, 03/15/39 | &nbsp;&nbsp; 3378 | 3212185 |
| 4.85%, 11/15/31 | &nbsp;&nbsp; 5860 | 5997429 |
| 4.90%, 03/15/49 | &nbsp;&nbsp; 5451 | 4852276 |
| 5.00%, 03/15/35 | &nbsp;&nbsp; 9615 | 9640108 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 1691 | 1732751 |
| 5.35%, 11/15/44 | &nbsp;&nbsp; 2415 | 2324449 |
| 5.40%, 09/15/33 | &nbsp;&nbsp; 3005 | 3126981 |
| 5.40%, 03/15/55 | &nbsp;&nbsp; 6655 | 6304801 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 5.45%, 03/15/53 | &nbsp;&nbsp; $1795 | $1714662 |
| 5.45%, 03/15/54 | &nbsp;&nbsp; 1725 | 1645275 |
| 5.70%, 09/15/53 | &nbsp;&nbsp; 4485 | 4433673 |
| 5.75%, 11/01/32 | &nbsp;&nbsp; 1745 | 1861993 |
| 5.88%, 08/01/33 | &nbsp;&nbsp; 2140 | 2290744 |
| 6.25%, 11/01/52 | &nbsp;&nbsp; 1965 | 2088625 |
| Mercury General Corp., 4.40%, 03/15/27 | &nbsp;&nbsp; 2560 | 2543183 |
| MetLife Inc. |  |  |
| 4.05%, 03/01/45 | &nbsp;&nbsp; 4586 | 3734287 |
| 4.13%, 08/13/42 | &nbsp;&nbsp; 4123 | 3457901 |
| 4.55%, 03/23/30 | &nbsp;&nbsp; 5802 | 5902357 |
| 4.60%, 05/13/46 | &nbsp;&nbsp; 3529 | 3116170 |
| 4.72%, 12/15/44 | &nbsp;&nbsp; 2906 | 2585248 |
| 4.88%, 11/13/43 | &nbsp;&nbsp; 5060 | 4627592 |
| 5.00%, 07/15/52 | &nbsp;&nbsp; 4140 | 3721900 |
| 5.25%, 01/15/54 | &nbsp;&nbsp; 4420 | 4138967 |
| 5.30%, 12/15/34 | &nbsp;&nbsp; 4230 | 4354311 |
| 5.38%, 07/15/33 | &nbsp;&nbsp; 3555 | 3717122 |
| 5.70%, 06/15/35 | &nbsp;&nbsp; 6463 | 6842098 |
| 5.88%, 02/06/41 | &nbsp;&nbsp; 3957 | 4107966 |
| 6.38%, 06/15/34 | &nbsp;&nbsp; 3226 | 3574869 |
| 6.40%, 12/15/66 | &nbsp;&nbsp; 5297 | 5547232 |
| 6.50%, 12/15/32 | &nbsp;&nbsp; 2755 | 3091465 |
| 10.75%, 08/01/69 | &nbsp;&nbsp; 3007 | 4028960 |
| MGIC Investment Corp., 5.25%, 08/15/28 | &nbsp;&nbsp; 830 | 830344 |
| Munich Re America Corp., Series B, 7.45%, <br> 12/15/26<br>| &nbsp;&nbsp; 255 | 266064 |
| Nationwide Financial Services Inc., 6.75%, <br> 05/15/87<br>| &nbsp;&nbsp; 814 | 813860 |
| NMI Holdings Inc., 6.00%, 08/15/29 | &nbsp;&nbsp; 1180 | 1215323 |
| Old Republic International Corp. |  |  |
| 3.85%, 06/11/51 | &nbsp;&nbsp; 2764 | 1939012 |
| 5.75%, 03/28/34 | &nbsp;&nbsp; 2305 | 2370416 |
| PartnerRe Finance B LLC |  |  |
| 3.70%, 07/02/29 | &nbsp;&nbsp; 4076 | 3986797 |
| 4.50%, 10/01/50, (5-year CMT + 3.815%)<sup>(a)</sup> | &nbsp;&nbsp; 507 | 477409 |
| Primerica Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 2333 | 2102559 |
| Principal Financial Group Inc. |  |  |
| 2.13%, 06/15/30 | &nbsp;&nbsp; 3569 | 3228625 |
| 3.10%, 11/15/26 | &nbsp;&nbsp; 3025 | 2985423 |
| 3.70%, 05/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2920 | 2863333 |
| 4.30%, 11/15/46 | &nbsp;&nbsp; 1894 | 1567337 |
| 4.35%, 05/15/43 | &nbsp;&nbsp; 1853 | 1580546 |
| 4.63%, 09/15/42 | &nbsp;&nbsp; 1821 | 1620318 |
| 5.38%, 03/15/33 | &nbsp;&nbsp; 2290 | 2362839 |
| 5.50%, 03/15/53 | &nbsp;&nbsp; 1575 | 1511760 |
| 6.05%, 10/15/36 | &nbsp;&nbsp; 2450 | 2627044 |
| Progressive Corp. (The) |  |  |
| 2.45%, 01/15/27 | &nbsp;&nbsp; 3571 | 3498567 |
| 2.50%, 03/15/27 | &nbsp;&nbsp; 3515 | 3433966 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 1599 | 1468254 |
| 3.20%, 03/26/30 | &nbsp;&nbsp; 3556 | 3421767 |
| 3.70%, 01/26/45 | &nbsp;&nbsp; 1577 | 1229583 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 2160 | 1600213 |
| 3.95%, 03/26/50 | &nbsp;&nbsp; 2344 | 1820948 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 3452 | 3450424 |
| 4.13%, 04/15/47 | &nbsp;&nbsp; 4503 | 3677675 |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 2735 | 2255951 |
| 4.35%, 04/25/44 | &nbsp;&nbsp; 2318 | 1982487 |
| 4.95%, 06/15/33 | &nbsp;&nbsp; 1890 | 1924341 |
| 6.25%, 12/01/32 | &nbsp;&nbsp; 2086 | 2306855 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| 6.63%, 03/01/29 | &nbsp;&nbsp; $2426 | $2622808 |
| Prudential Financial Inc. |  |  |
| 2.10%, 03/10/30 | &nbsp;&nbsp; 3775 | 3476008 |
| 3.00%, 03/10/40 | &nbsp;&nbsp; 2817 | 2160435 |
| 3.70%, 10/01/50, (5-year CMT + 3.035%)<sup>(a)</sup> | &nbsp;&nbsp; 1195 | 1104099 |
| 3.70%, 03/13/51 | &nbsp;&nbsp; 6719 | 4894069 |
| 3.88%, 03/27/28 | &nbsp;&nbsp; 2892 | 2891469 |
| 3.91%, 12/07/47 | &nbsp;&nbsp; 4346 | 3389480 |
| 3.94%, 12/07/49 | &nbsp;&nbsp; 5166 | 3933444 |
| 4.35%, 02/25/50 | &nbsp;&nbsp; 4417 | 3621988 |
| 4.42%, 03/27/48 | &nbsp;&nbsp; 2198 | 1824112 |
| 4.50%, 09/15/47<sup>(a)</sup> | &nbsp;&nbsp; 3400 | 3348313 |
| 4.60%, 05/15/44 | &nbsp;&nbsp; 3646 | 3220804 |
| 5.13%, 03/01/52, (5-year CMT + 3.162%)<sup>(a)</sup> | &nbsp;&nbsp; 2630 | 2579096 |
| 5.20%, 03/14/35 | &nbsp;&nbsp; 2200 | 2238886 |
| 5.70%, 12/14/36 | &nbsp;&nbsp; 4249 | 4484612 |
| 5.70%, 09/15/48<sup>(a)</sup> | &nbsp;&nbsp; 4178 | 4247333 |
| 5.75%, 07/15/33 | &nbsp;&nbsp; 3187 | 3425332 |
| 6.00%, 09/01/52, (5-year CMT + 3.234%)<sup>(a)</sup> | &nbsp;&nbsp; 1356 | 1402557 |
| 6.50%, 03/15/54, (5-year CMT + 2.404%)<sup>(a)</sup> | &nbsp;&nbsp; 4670 | 4905167 |
| 6.63%, 12/01/37 | &nbsp;&nbsp; 2286 | 2570740 |
| 6.63%, 06/21/40 | &nbsp;&nbsp; 1855 | 2088859 |
| 6.75%, 03/01/53, (5-year CMT + 2.848%)<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 1718561 |
| Prudential Funding Asia PLC |  |  |
| 3.13%, 04/14/30 | &nbsp;&nbsp; 3706 | 3539520 |
| 3.63%, 03/24/32 | &nbsp;&nbsp; 2320 | 2185906 |
| Reinsurance Group of America Inc. |  |  |
| 3.15%, 06/15/30 | &nbsp;&nbsp; 4121 | 3892046 |
| 3.90%, 05/15/29 | &nbsp;&nbsp; 5403 | 5328832 |
| 3.95%, 09/15/26 | &nbsp;&nbsp; 2972 | 2960789 |
| 5.75%, 09/15/34 | &nbsp;&nbsp; 2080 | 2146632 |
| 6.00%, 09/15/33 | &nbsp;&nbsp; 1806 | 1907657 |
| RenaissanceRe Finance Inc., 3.45%, <br> 07/01/27<br>| &nbsp;&nbsp; 2468 | 2432539 |
| RenaissanceRe Holdings Ltd. |  |  |
| 3.60%, 04/15/29 | &nbsp;&nbsp; 3365 | 3277212 |
| 5.75%, 06/05/33 | &nbsp;&nbsp; 3980 | 4133123 |
| 5.80%, 04/01/35 | &nbsp;&nbsp; 1335 | 1380786 |
| Selective Insurance Group Inc. |  |  |
| 5.38%, 03/01/49 | &nbsp;&nbsp; 750 | 666128 |
| 5.90%, 04/15/35 | &nbsp;&nbsp; 1125 | 1159407 |
| SiriusPoint Ltd., 7.00%, 04/05/29 | &nbsp;&nbsp; 200 | 211661 |
| Stewart Information Services Corp., 3.60%, <br> 11/15/31<br>| &nbsp;&nbsp; 2645 | 2379801 |
| Transatlantic Holdings Inc., 8.00%, 11/30/39 | &nbsp;&nbsp; 2063 | 2582206 |
| Travelers Companies Inc. (The) |  |  |
| 2.55%, 04/27/50 | &nbsp;&nbsp; 2506 | 1481915 |
| 3.05%, 06/08/51 | &nbsp;&nbsp; 3889 | 2525344 |
| 3.75%, 05/15/46 | &nbsp;&nbsp; 2815 | 2190164 |
| 4.00%, 05/30/47 | &nbsp;&nbsp; 3364 | 2689926 |
| 4.05%, 03/07/48 | &nbsp;&nbsp; 2626 | 2110199 |
| 4.10%, 03/04/49 | &nbsp;&nbsp; 2921 | 2331974 |
| 4.30%, 08/25/45 | &nbsp;&nbsp; 2061 | 1737904 |
| 4.60%, 08/01/43<sup>(b)</sup> | &nbsp;&nbsp; 2210 | 1957185 |
| 5.05%, 07/24/35 | &nbsp;&nbsp; 1705 | 1716043 |
| 5.35%, 11/01/40 | &nbsp;&nbsp; 4197 | 4223993 |
| 5.45%, 05/25/53 | &nbsp;&nbsp; 2755 | 2673101 |
| 5.70%, 07/24/55 | &nbsp;&nbsp; 490 | 491096 |
| 6.25%, 06/15/37 | &nbsp;&nbsp; 4218 | 4651744 |
| 6.75%, 06/20/36 | &nbsp;&nbsp; 2342 | 2687136 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Travelers Property Casualty Corp., 6.38%, <br> 03/15/33<br>| &nbsp;&nbsp; $2603 | $2907668 |
| Unum Group |  |  |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 2811 | 2767273 |
| 4.13%, 06/15/51 | &nbsp;&nbsp; 2970 | 2181185 |
| 4.50%, 12/15/49 | &nbsp;&nbsp; 1595 | 1256450 |
| 5.75%, 08/15/42 | &nbsp;&nbsp; 3290 | 3204273 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 1295 | 1260616 |
| W R Berkley Corp. |  |  |
| 3.15%, 09/30/61 | &nbsp;&nbsp; 1325 | 804126 |
| 3.55%, 03/30/52 | &nbsp;&nbsp; 1373 | 941483 |
| 4.00%, 05/12/50 | &nbsp;&nbsp; 2606 | 1964593 |
| 4.75%, 08/01/44 | &nbsp;&nbsp; 2628 | 2319668 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 3964 | 3753622 |
| 3.88%, 09/15/49 | &nbsp;&nbsp; 3230 | 2364935 |
| 4.50%, 09/15/28 | &nbsp;&nbsp; 4403 | 4440332 |
| 4.65%, 06/15/27 | &nbsp;&nbsp; 4798 | 4829447 |
| 5.05%, 09/15/48<sup>(b)</sup> | &nbsp;&nbsp; 2315 | 2052474 |
| 5.35%, 05/15/33 | &nbsp;&nbsp; 1895 | 1949324 |
| 5.90%, 03/05/54 | &nbsp;&nbsp; 3790 | 3727340 |
| XL Group Ltd., 5.25%, 12/15/43 | &nbsp;&nbsp; 2220 | 2124342 |
|  |  | 1021262375 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.13%, 02/09/31<sup>(b)</sup> | &nbsp;&nbsp; 4770 | 4287290 |
| 2.70%, 02/09/41<sup>(b)</sup> | &nbsp;&nbsp; 4915 | 3545595 |
| 3.15%, 02/09/51 | &nbsp;&nbsp; 7210 | 4853638 |
| 3.25%, 02/09/61 | &nbsp;&nbsp; 4358 | 2786682 |
| 3.40%, 12/06/27 | &nbsp;&nbsp; 12144 | 11981172 |
| 4.00%, 12/06/37 | &nbsp;&nbsp; 5065 | 4618689 |
| 4.20%, 12/06/47 | &nbsp;&nbsp; 8215 | 6812655 |
| 4.40%, 12/06/57 | &nbsp;&nbsp; 4345 | 3579026 |
| 4.50%, 11/28/34<sup>(b)</sup> | &nbsp;&nbsp; 2952 | 2896199 |
| 4.88%, 05/26/30<sup>(c)</sup> | &nbsp;&nbsp; 370 | 380991 |
| 5.25%, 05/26/35<sup>(b)(c)</sup> | &nbsp;&nbsp; 960 | 993073 |
| 5.63%, 11/26/54<sup>(b)(c)</sup> | &nbsp;&nbsp; 2630 | 2649396 |
| Alphabet Inc. |  |  |
| 0.80%, 08/15/27 | &nbsp;&nbsp; 6335 | 5994604 |
| 1.10%, 08/15/30 | &nbsp;&nbsp; 12049 | 10532879 |
| 1.90%, 08/15/40 | &nbsp;&nbsp; 6628 | 4433063 |
| 2.05%, 08/15/50<sup>(b)</sup> | &nbsp;&nbsp; 12358 | 6747129 |
| 2.25%, 08/15/60<sup>(b)</sup> | &nbsp;&nbsp; 7715 | 4001158 |
| 4.00%, 05/15/30 | &nbsp;&nbsp; 4615 | 4641814 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 7050 | 6991080 |
| 5.25%, 05/15/55 | &nbsp;&nbsp; 2910 | 2821985 |
| 5.30%, 05/15/65 | &nbsp;&nbsp; 3750 | 3609589 |
| Amazon.com Inc. |  |  |
| 1.20%, 06/03/27 | &nbsp;&nbsp; 3308 | 3164482 |
| 1.50%, 06/03/30 | &nbsp;&nbsp; 10245 | 9147574 |
| 1.65%, 05/12/28 | &nbsp;&nbsp; 11762 | 11115382 |
| 2.10%, 05/12/31 | &nbsp;&nbsp; 11445 | 10259959 |
| 2.50%, 06/03/50 | &nbsp;&nbsp; 10351 | 6151731 |
| 2.70%, 06/03/60<sup>(b)</sup> | &nbsp;&nbsp; 9000 | 5136399 |
| 2.88%, 05/12/41 | &nbsp;&nbsp; 10229 | 7659889 |
| 3.10%, 05/12/51 | &nbsp;&nbsp; 13110 | 8799232 |
| 3.15%, 08/22/27 | &nbsp;&nbsp; 15828 | 15630318 |
| 3.25%, 05/12/61 | &nbsp;&nbsp; 7647 | 4931148 |
| 3.30%, 04/13/27 | &nbsp;&nbsp; 7255 | 7193916 |
| 3.45%, 04/13/29 | &nbsp;&nbsp; 5850 | 5763845 |
| 3.60%, 04/13/32 | &nbsp;&nbsp; 9990 | 9607438 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| 3.88%, 08/22/37 | &nbsp;&nbsp; $12767 | $11594503 |
| 3.95%, 04/13/52 | &nbsp;&nbsp; 10300 | 8068385 |
| 4.05%, 08/22/47 | &nbsp;&nbsp; 14221 | 11704481 |
| 4.10%, 04/13/62 | &nbsp;&nbsp; 5388 | 4180524 |
| 4.25%, 08/22/57 | &nbsp;&nbsp; 9531 | 7735391 |
| 4.55%, 12/01/27 | &nbsp;&nbsp; 4269 | 4330802 |
| 4.65%, 12/01/29 | &nbsp;&nbsp; 6390 | 6556408 |
| 4.70%, 12/01/32 | &nbsp;&nbsp; 8195 | 8377797 |
| 4.80%, 12/05/34 | &nbsp;&nbsp; 5997 | 6143380 |
| 4.95%, 12/05/44 | &nbsp;&nbsp; 6588 | 6363420 |
| Baidu Inc. |  |  |
| 1.63%, 02/23/27 | &nbsp;&nbsp; 1524 | 1469953 |
| 2.38%, 08/23/31<sup>(b)</sup> | &nbsp;&nbsp; 760 | 687797 |
| 3.43%, 04/07/30<sup>(b)</sup> | &nbsp;&nbsp; 1425 | 1379106 |
| 3.63%, 07/06/27 | &nbsp;&nbsp; 1964 | 1947196 |
| 4.38%, 03/29/28 | &nbsp;&nbsp; 2260 | 2273102 |
| 4.88%, 11/14/28 | &nbsp;&nbsp; 1965 | 2003830 |
| Booking Holdings Inc., 3.55%, 03/15/28 | &nbsp;&nbsp; 3269 | 3230547 |
| eBay Inc. |  |  |
| 2.60%, 05/10/31 | &nbsp;&nbsp; 4075 | 3700610 |
| 2.70%, 03/11/30 | &nbsp;&nbsp; 4725 | 4418960 |
| 3.60%, 06/05/27 | &nbsp;&nbsp; 4595 | 4558288 |
| 3.65%, 05/10/51 | &nbsp;&nbsp; 4724 | 3416307 |
| 4.00%, 07/15/42 | &nbsp;&nbsp; 4276 | 3508546 |
| 5.95%, 11/22/27 | &nbsp;&nbsp; 1855 | 1924977 |
| 6.30%, 11/22/32 | &nbsp;&nbsp; 1865 | 2045357 |
| Expedia Group Inc. |  |  |
| 2.95%, 03/15/31 | &nbsp;&nbsp; 2903 | 2680897 |
| 3.25%, 02/15/30 | &nbsp;&nbsp; 6044 | 5760467 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 3974 | 3935281 |
| 4.63%, 08/01/27 | &nbsp;&nbsp; 2111 | 2123993 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 3685 | 3742139 |
| JD.com Inc. |  |  |
| 3.38%, 01/14/30<sup>(b)</sup> | &nbsp;&nbsp; 2265 | 2191968 |
| 4.13%, 01/14/50<sup>(b)</sup> | &nbsp;&nbsp; 1900 | 1516675 |
| MercadoLibre Inc., 3.13%, 01/14/31 | &nbsp;&nbsp; 40 | 36421 |
| Meta Platforms Inc. |  |  |
| 3.50%, 08/15/27 | &nbsp;&nbsp; 16460 | 16362502 |
| 3.85%, 08/15/32 | &nbsp;&nbsp; 15840 | 15303611 |
| 4.30%, 08/15/29 | &nbsp;&nbsp; 5815 | 5889724 |
| 4.45%, 08/15/52 | &nbsp;&nbsp; 12925 | 10770348 |
| 4.55%, 08/15/31 | &nbsp;&nbsp; 6295 | 6418470 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 6045 | 6161688 |
| 4.65%, 08/15/62 | &nbsp;&nbsp; 6880 | 5732399 |
| 4.75%, 08/15/34 | &nbsp;&nbsp; 11985 | 12039073 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 5720 | 5903888 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 8745 | 8977344 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 11580 | 11095221 |
| 5.55%, 08/15/64 | &nbsp;&nbsp; 10940 | 10556294 |
| 5.60%, 05/15/53 | &nbsp;&nbsp; 11535 | 11392856 |
| 5.75%, 05/15/63 | &nbsp;&nbsp; 7670 | 7639874 |
| Netflix Inc. |  |  |
| 4.38%, 11/15/26 | &nbsp;&nbsp; 3670 | 3690503 |
| 4.88%, 04/15/28 | &nbsp;&nbsp; 4815 | 4923369 |
| 4.90%, 08/15/34 | &nbsp;&nbsp; 2360 | 2410261 |
| 5.40%, 08/15/54 | &nbsp;&nbsp; 2980 | 2904877 |
| 5.88%, 11/15/28 | &nbsp;&nbsp; 3290 | 3473763 |
| 6.38%, 05/15/29 | &nbsp;&nbsp; 4800 | 5179677 |
| Tencent Music Entertainment Group, 2.00%, <br> 09/03/30<br>| &nbsp;&nbsp; 3891 | 3481906 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Uber Technologies Inc. |  |  |
| 4.30%, 01/15/30 | &nbsp;&nbsp; $1150 | $1153431 |
| 4.80%, 09/15/34 | &nbsp;&nbsp; 6490 | 6413449 |
| 5.35%, 09/15/54 | &nbsp;&nbsp; 2820 | 2640750 |
| VeriSign Inc. |  |  |
| 2.70%, 06/15/31 | &nbsp;&nbsp; 4255 | 3830472 |
| 4.75%, 07/15/27 | &nbsp;&nbsp; 4065 | 4066047 |
| 5.25%, 06/01/32 | &nbsp;&nbsp; 305 | 311504 |
| Weibo Corp., 3.38%, 07/08/30<sup>(b)</sup> | &nbsp;&nbsp; 4764 | 4505800 |
|  |  | 520555629 |
| **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** | **Iron & Steel — 0.1%** |
| ArcelorMittal SA |  |  |
| 4.25%, 07/16/29 | &nbsp;&nbsp; 2727 | 2719896 |
| 6.00%, 06/17/34<sup>(b)</sup> | &nbsp;&nbsp; 2300 | 2421731 |
| 6.35%, 06/17/54<sup>(b)</sup> | &nbsp;&nbsp; 2650 | 2677785 |
| 6.55%, 11/29/27 | &nbsp;&nbsp; 6015 | 6271939 |
| 6.75%, 03/01/41 | &nbsp;&nbsp; 2340 | 2490501 |
| 6.80%, 11/29/32<sup>(b)</sup> | &nbsp;&nbsp; 4295 | 4752107 |
| 7.00%, 10/15/39 | &nbsp;&nbsp; 3045 | 3367088 |
| Gerdau Trade Inc., 5.75%, 06/09/35 | &nbsp;&nbsp; 60 | 61057 |
| Nucor Corp. |  |  |
| 2.70%, 06/01/30 | &nbsp;&nbsp; 3284 | 3065292 |
| 2.98%, 12/15/55 | &nbsp;&nbsp; 1622 | 983606 |
| 3.13%, 04/01/32<sup>(b)</sup> | &nbsp;&nbsp; 1775 | 1625317 |
| 3.85%, 04/01/52 | &nbsp;&nbsp; 3220 | 2415234 |
| 3.95%, 05/01/28 | &nbsp;&nbsp; 2573 | 2567094 |
| 4.30%, 05/23/27 | &nbsp;&nbsp; 4645 | 4658123 |
| 4.40%, 05/01/48 | &nbsp;&nbsp; 2054 | 1703452 |
| 4.65%, 06/01/30 | &nbsp;&nbsp; 2395 | 2431025 |
| 5.10%, 06/01/35 | &nbsp;&nbsp; 2220 | 2232899 |
| 5.20%, 08/01/43 | &nbsp;&nbsp; 1440 | 1382579 |
| 6.40%, 12/01/37 | &nbsp;&nbsp; 1611 | 1779118 |
| Reliance Inc., 2.15%, 08/15/30 | &nbsp;&nbsp; 765 | 685967 |
| Steel Dynamics Inc. |  |  |
| 1.65%, 10/15/27 | &nbsp;&nbsp; 1650 | 1563206 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 2781 | 2616036 |
| 3.25%, 10/15/50 | &nbsp;&nbsp; 2619 | 1729629 |
| 3.45%, 04/15/30 | &nbsp;&nbsp; 2484 | 2381774 |
| 5.00%, 12/15/26 | &nbsp;&nbsp; 5103 | 5108368 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 2575 | 2602857 |
| 5.38%, 08/15/34 | &nbsp;&nbsp; 2465 | 2520350 |
| 5.75%, 05/15/55 | &nbsp;&nbsp; 1375 | 1342923 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | &nbsp;&nbsp; 4764 | 4539002 |
| 6.13%, 06/12/33 | &nbsp;&nbsp; 6535 | 6885245 |
| 6.40%, 06/28/54 | &nbsp;&nbsp; 4910 | 4910154 |
| 6.88%, 11/21/36 | &nbsp;&nbsp; 2836 | 3122106 |
| 6.88%, 11/10/39<sup>(b)</sup> | &nbsp;&nbsp; 1431 | 1569898 |
| Vale SA, 5.63%, 09/11/42 | &nbsp;&nbsp; 1176 | 1168469 |
|  |  | 92351827 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/31 | &nbsp;&nbsp; 2214 | 1913143 |
| 4.40%, 09/15/32 | &nbsp;&nbsp; 2290 | 2153074 |
| 5.10%, 04/01/52 | &nbsp;&nbsp; 1885 | 1437120 |
| Brunswick Corp./DE, 5.85%, 03/18/29<sup>(b)</sup> | &nbsp;&nbsp; 1960 | 2030589 |
| Harley-Davidson Inc., 4.63%, 07/28/45 | &nbsp;&nbsp; 1754 | 1391623 |
| Polaris Inc., 6.95%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1330 | 1408559 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| Royal Caribbean Cruises Ltd. |  |  |
| 3.70%, 03/15/28 | &nbsp;&nbsp; $60 | $58933 |
| 7.50%, 10/15/27 | &nbsp;&nbsp; 80 | 84691 |
|  |  | 10477732 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Choice Hotels International Inc. |  |  |
| 3.70%, 12/01/29 | &nbsp;&nbsp; 2206 | 2106938 |
| 3.70%, 01/15/31 | &nbsp;&nbsp; 2220 | 2077593 |
| 5.85%, 08/01/34 | &nbsp;&nbsp; 2495 | 2524391 |
| Hyatt Hotels Corp. |  |  |
| 4.38%, 09/15/28 | &nbsp;&nbsp; 3125 | 3126874 |
| 5.05%, 03/30/28 | &nbsp;&nbsp; 1500 | 1524320 |
| 5.25%, 06/30/29 | &nbsp;&nbsp; 1840 | 1888451 |
| 5.38%, 12/15/31 | &nbsp;&nbsp; 2290 | 2345348 |
| 5.50%, 06/30/34 | &nbsp;&nbsp; 1560 | 1574020 |
| 5.75%, 01/30/27 | &nbsp;&nbsp; 2915 | 2967731 |
| 5.75%, 04/23/30 | &nbsp;&nbsp; 2302 | 2391544 |
| 5.75%, 03/30/32 | &nbsp;&nbsp; 1460 | 1513661 |
| Las Vegas Sands Corp. |  |  |
| 3.90%, 08/08/29 | &nbsp;&nbsp; 4490 | 4331773 |
| 5.63%, 06/15/28 | &nbsp;&nbsp; 2150 | 2199515 |
| 5.90%, 06/01/27 | &nbsp;&nbsp; 2350 | 2397197 |
| 6.00%, 08/15/29 | &nbsp;&nbsp; 2755 | 2861452 |
| 6.00%, 06/14/30 | &nbsp;&nbsp; 2575 | 2679918 |
| 6.20%, 08/15/34 | &nbsp;&nbsp; 2335 | 2417074 |
| Marriott International Inc., 5.50%, 04/15/37 | &nbsp;&nbsp; 6200 | 6215991 |
| Marriott International Inc./MD |  |  |
| 4.20%, 07/15/27 | &nbsp;&nbsp; 955 | 956480 |
| 4.50%, 10/15/31 | &nbsp;&nbsp; 1300 | 1289345 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 3075 | 3125907 |
| 4.88%, 05/15/29 | &nbsp;&nbsp; 1575 | 1603918 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 4520 | 4607184 |
| 5.00%, 10/15/27 | &nbsp;&nbsp; 3850 | 3912917 |
| 5.10%, 04/15/32 | &nbsp;&nbsp; 2430 | 2479129 |
| 5.25%, 10/15/35 | &nbsp;&nbsp; 1300 | 1291380 |
| 5.30%, 05/15/34 | &nbsp;&nbsp; 3235 | 3282899 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 2150 | 2169182 |
| 5.45%, 09/15/26 | &nbsp;&nbsp; 1175 | 1188902 |
| 5.55%, 10/15/28 | &nbsp;&nbsp; 3025 | 3140993 |
| Series AA, 4.65%, 12/01/28 | &nbsp;&nbsp; 2879 | 2912373 |
| Series FF, 4.63%, 06/15/30 | &nbsp;&nbsp; 5407 | 5446112 |
| Series GG, 3.50%, 10/15/32 | &nbsp;&nbsp; 4119 | 3777172 |
| Series HH, 2.85%, 04/15/31 | &nbsp;&nbsp; 2361 | 2166211 |
| Series II, 2.75%, 10/15/33 | &nbsp;&nbsp; 4205 | 3602553 |
| Series X, 4.00%, 04/15/28 | &nbsp;&nbsp; 2134 | 2125656 |
| Sands China Ltd. |  |  |
| 2.30%, 03/08/27 | &nbsp;&nbsp; 2640 | 2552381 |
| 2.85%, 03/08/29 | &nbsp;&nbsp; 3040 | 2842345 |
| 3.25%, 08/08/31 | &nbsp;&nbsp; 2860 | 2593230 |
| 4.38%, 06/18/30 | &nbsp;&nbsp; 3305 | 3223386 |
| 5.40%, 08/08/28 | &nbsp;&nbsp; 4650 | 4739573 |
|  |  | 112173019 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| AGCO Corp. |  |  |
| 5.45%, 03/21/27 | &nbsp;&nbsp; 3065 | 3106864 |
| 5.80%, 03/21/34 | &nbsp;&nbsp; 2915 | 2999329 |
| Caterpillar Financial Services Corp. |  |  |
| 1.10%, 09/14/27 | &nbsp;&nbsp; 2906 | 2750541 |
| 1.15%, 09/14/26 | &nbsp;&nbsp; 3650 | 3543002 |
| 1.70%, 01/08/27 | &nbsp;&nbsp; 4215 | 4093083 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 3.60%, 08/12/27 | &nbsp;&nbsp; $4105 | $4081454 |
| 4.38%, 08/16/29<sup>(b)</sup> | &nbsp;&nbsp; 1785 | 1810653 |
| 4.40%, 10/15/27 | &nbsp;&nbsp; 2255 | 2277821 |
| 4.40%, 03/03/28 | &nbsp;&nbsp; 1470 | 1486405 |
| 4.45%, 10/16/26 | &nbsp;&nbsp; 2945 | 2960485 |
| 4.50%, 01/07/27 | &nbsp;&nbsp; 1365 | 1375187 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 1955 | 1969279 |
| 4.60%, 11/15/27 | &nbsp;&nbsp; 2930 | 2970583 |
| 4.70%, 11/15/29 | &nbsp;&nbsp; 3895 | 3989802 |
| 4.80%, 01/08/30 | &nbsp;&nbsp; 1690 | 1742874 |
| 4.85%, 02/27/29 | &nbsp;&nbsp; 2345 | 2408040 |
| 5.00%, 05/14/27 | &nbsp;&nbsp; 3260 | 3315453 |
| Series K, 4.10%, 08/15/28 | &nbsp;&nbsp; 2430 | 2438509 |
| Caterpillar Inc. |  |  |
| 1.90%, 03/12/31 | &nbsp;&nbsp; 1965 | 1750164 |
| 2.60%, 09/19/29 | &nbsp;&nbsp; 3526 | 3338088 |
| 2.60%, 04/09/30 | &nbsp;&nbsp; 5080 | 4772706 |
| 3.25%, 09/19/49 | &nbsp;&nbsp; 4969 | 3477681 |
| 3.25%, 04/09/50 | &nbsp;&nbsp; 4617 | 3218852 |
| 3.80%, 08/15/42 | &nbsp;&nbsp; 7513 | 6187489 |
| 4.30%, 05/15/44 | &nbsp;&nbsp; 2517 | 2179290 |
| 4.75%, 05/15/64 | &nbsp;&nbsp; 2258 | 1967168 |
| 5.20%, 05/15/35 | &nbsp;&nbsp; 6780 | 6948976 |
| 5.20%, 05/27/41 | &nbsp;&nbsp; 3486 | 3450801 |
| 5.30%, 09/15/35 | &nbsp;&nbsp; 1645 | 1699225 |
| 5.50%, 05/15/55 | &nbsp;&nbsp; 1840 | 1822904 |
| 6.05%, 08/15/36 | &nbsp;&nbsp; 2538 | 2782520 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | &nbsp;&nbsp; 1140 | 1146548 |
| 4.55%, 04/10/28 | &nbsp;&nbsp; 3145 | 3171359 |
| 4.75%, 03/21/28 | &nbsp;&nbsp; 1975 | 1997209 |
| 5.10%, 04/20/29 | &nbsp;&nbsp; 2515 | 2579016 |
| 5.50%, 01/12/29 | &nbsp;&nbsp; 2150 | 2227056 |
| CNH Industrial NV, 3.85%, 11/15/27 | &nbsp;&nbsp; 3490 | 3472368 |
| Deere & Co. |  |  |
| 2.88%, 09/07/49 | &nbsp;&nbsp; 3630 | 2374045 |
| 3.10%, 04/15/30 | &nbsp;&nbsp; 3946 | 3777851 |
| 3.75%, 04/15/50 | &nbsp;&nbsp; 4731 | 3625288 |
| 3.90%, 06/09/42 | &nbsp;&nbsp; 5459 | 4626071 |
| 5.38%, 10/16/29 | &nbsp;&nbsp; 3230 | 3391525 |
| 5.45%, 01/16/35 | &nbsp;&nbsp; 4795 | 4995570 |
| 5.70%, 01/19/55 | &nbsp;&nbsp; 465 | 475176 |
| 7.13%, 03/03/31 | &nbsp;&nbsp; 2785 | 3181531 |
| Dover Corp. |  |  |
| 2.95%, 11/04/29 | &nbsp;&nbsp; 3310 | 3150351 |
| 5.38%, 10/15/35 | &nbsp;&nbsp; 532 | 553208 |
| 5.38%, 03/01/41 | &nbsp;&nbsp; 2540 | 2491456 |
| Eaton Capital ULC, 4.45%, 05/09/30 | &nbsp;&nbsp; 3280 | 3312195 |
| Flowserve Corp. |  |  |
| 2.80%, 01/15/32 | &nbsp;&nbsp; 2420 | 2122529 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 2598 | 2471591 |
| IDEX Corp. |  |  |
| 2.63%, 06/15/31 | &nbsp;&nbsp; 2540 | 2297842 |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 2959 | 2784529 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 560 | 572084 |
| Ingersoll Rand Inc. |  |  |
| 5.18%, 06/15/29 | &nbsp;&nbsp; 2270 | 2344958 |
| 5.20%, 06/15/27 | &nbsp;&nbsp; 3210 | 3265581 |
| 5.31%, 06/15/31 | &nbsp;&nbsp; 1130 | 1180105 |
| 5.40%, 08/14/28 | &nbsp;&nbsp; 995 | 1029142 |
| 5.45%, 06/15/34 | &nbsp;&nbsp; 3195 | 3302832 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| 5.70%, 08/14/33 | &nbsp;&nbsp; $4220 | $4446328 |
| 5.70%, 06/15/54 | &nbsp;&nbsp; 2040 | 2010069 |
| John Deere Capital Corp. |  |  |
| 1.30%, 10/13/26 | &nbsp;&nbsp; 3580 | 3477887 |
| 1.45%, 01/15/31 | &nbsp;&nbsp; 3370 | 2939825 |
| 1.50%, 03/06/28 | &nbsp;&nbsp; 2317 | 2184422 |
| 1.70%, 01/11/27 | &nbsp;&nbsp; 2660 | 2583150 |
| 1.75%, 03/09/27 | &nbsp;&nbsp; 3096 | 2994665 |
| 2.00%, 06/17/31 | &nbsp;&nbsp; 2654 | 2348406 |
| 2.25%, 09/14/26 | &nbsp;&nbsp; 2556 | 2510146 |
| 2.35%, 03/08/27 | &nbsp;&nbsp; 1388 | 1355595 |
| 2.45%, 01/09/30 | &nbsp;&nbsp; 3326 | 3110558 |
| 2.80%, 09/08/27 | &nbsp;&nbsp; 3262 | 3192822 |
| 2.80%, 07/18/29 | &nbsp;&nbsp; 3361 | 3211506 |
| 3.05%, 01/06/28 | &nbsp;&nbsp; 2015 | 1974761 |
| 3.35%, 04/18/29 | &nbsp;&nbsp; 3420 | 3343148 |
| 3.45%, 03/07/29 | &nbsp;&nbsp; 3869 | 3798432 |
| 3.90%, 06/07/32 | &nbsp;&nbsp; 2430 | 2356686 |
| 4.15%, 09/15/27 | &nbsp;&nbsp; 4115 | 4132323 |
| 4.20%, 07/15/27 | &nbsp;&nbsp; 3730 | 3752428 |
| 4.35%, 09/15/32 | &nbsp;&nbsp; 2860 | 2835384 |
| 4.38%, 10/15/30 | &nbsp;&nbsp; 2150 | 2165685 |
| 4.40%, 09/08/31 | &nbsp;&nbsp; 4185 | 4206122 |
| 4.50%, 01/08/27 | &nbsp;&nbsp; 2370 | 2388224 |
| 4.50%, 01/16/29 | &nbsp;&nbsp; 3690 | 3747523 |
| 4.65%, 01/07/28 | &nbsp;&nbsp; 2000 | 2034468 |
| 4.70%, 06/10/30 | &nbsp;&nbsp; 4185 | 4288653 |
| 4.75%, 01/20/28 | &nbsp;&nbsp; 2155 | 2194380 |
| 4.85%, 03/05/27 | &nbsp;&nbsp; 2135 | 2164048 |
| 4.85%, 06/11/29 | &nbsp;&nbsp; 3375 | 3471081 |
| 4.85%, 10/11/29 | &nbsp;&nbsp; 2910 | 3005295 |
| 4.90%, 06/11/27 | &nbsp;&nbsp; 2945 | 2997885 |
| 4.90%, 03/03/28 | &nbsp;&nbsp; 1450 | 1482538 |
| 4.90%, 03/07/31 | &nbsp;&nbsp; 4265 | 4396596 |
| 4.95%, 07/14/28 | &nbsp;&nbsp; 3195 | 3283157 |
| 5.10%, 04/11/34 | &nbsp;&nbsp; 4220 | 4321414 |
| 5.15%, 09/08/26 | &nbsp;&nbsp; 1545 | 1562675 |
| 5.15%, 09/08/33 | &nbsp;&nbsp; 3235 | 3351987 |
| Series ., 4.50%, 01/08/27<sup>(b)</sup> | &nbsp;&nbsp; 1960 | 1974174 |
| Series 1, 5.05%, 06/12/34 | &nbsp;&nbsp; 3135 | 3200134 |
| Series I, 4.25%, 06/05/28 | &nbsp;&nbsp; 3000 | 3025020 |
| Series I, 4.55%, 06/05/30 | &nbsp;&nbsp; 3255 | 3307003 |
| Nordson Corp. |  |  |
| 4.50%, 12/15/29 | &nbsp;&nbsp; 1960 | 1976360 |
| 5.60%, 09/15/28 | &nbsp;&nbsp; 1910 | 1981468 |
| 5.80%, 09/15/33 | &nbsp;&nbsp; 1525 | 1620705 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/31 | &nbsp;&nbsp; 1768 | 1570864 |
| 4.55%, 04/15/28 | &nbsp;&nbsp; 3474 | 3482298 |
| 5.65%, 05/15/33 | &nbsp;&nbsp; 1845 | 1899301 |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/30 | &nbsp;&nbsp; 1941 | 1825001 |
| 4.60%, 05/15/28 | &nbsp;&nbsp; 2358 | 2373069 |
| Otis Worldwide Corp. |  |  |
| 2.29%, 04/05/27 | &nbsp;&nbsp; 2258 | 2198311 |
| 2.57%, 02/15/30 | &nbsp;&nbsp; 7776 | 7246655 |
| 3.11%, 02/15/40 | &nbsp;&nbsp; 4328 | 3345013 |
| 3.36%, 02/15/50 | &nbsp;&nbsp; 4106 | 2842322 |
| 5.13%, 11/19/31 | &nbsp;&nbsp; 610 | 631488 |
| 5.25%, 08/16/28 | &nbsp;&nbsp; 3245 | 3346145 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/28 | &nbsp;&nbsp; $6215 | $6432047 |
| 6.30%, 02/15/30 | &nbsp;&nbsp; 4700 | 4973960 |
| 6.40%, 04/15/33 | &nbsp;&nbsp; 5725 | 6089403 |
| Rockwell Automation Inc. |  |  |
| 1.75%, 08/15/31 | &nbsp;&nbsp; 2415 | 2099926 |
| 2.80%, 08/15/61 | &nbsp;&nbsp; 2403 | 1382219 |
| 3.50%, 03/01/29 | &nbsp;&nbsp; 2798 | 2744237 |
| 4.20%, 03/01/49 | &nbsp;&nbsp; 4093 | 3343671 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 3.45%, 11/15/26 | &nbsp;&nbsp; 5323 | 5271723 |
| 4.70%, 09/15/28 | &nbsp;&nbsp; 7005 | 7094972 |
| 4.90%, 05/29/30 | &nbsp;&nbsp; 2480 | 2534147 |
| 5.50%, 05/29/35 | &nbsp;&nbsp; 3040 | 3119200 |
| 5.61%, 03/11/34 | &nbsp;&nbsp; 1035 | 1073673 |
| Xylem Inc./New York |  |  |
| 1.95%, 01/30/28 | &nbsp;&nbsp; 4947 | 4723268 |
| 2.25%, 01/30/31<sup>(b)</sup> | &nbsp;&nbsp; 3133 | 2814749 |
| 3.25%, 11/01/26 | &nbsp;&nbsp; 3843 | 3799064 |
| 4.38%, 11/01/46 | &nbsp;&nbsp; 2015 | 1661075 |
|  |  | 381457181 |
| **Manufacturing — 0.1%** | **Manufacturing — 0.1%** | **Manufacturing — 0.1%** |
| 3M Co. |  |  |
| 2.25%, 09/19/26 | &nbsp;&nbsp; 3970 | 3892762 |
| 2.38%, 08/26/29 | &nbsp;&nbsp; 5025 | 4702203 |
| 2.88%, 10/15/27 | &nbsp;&nbsp; 4483 | 4378641 |
| 3.05%, 04/15/30 | &nbsp;&nbsp; 3725 | 3540483 |
| 3.13%, 09/19/46 | &nbsp;&nbsp; 2657 | 1816702 |
| 3.25%, 08/26/49 | &nbsp;&nbsp; 4753 | 3221153 |
| 3.38%, 03/01/29 | &nbsp;&nbsp; 4228 | 4123631 |
| 3.63%, 09/14/28 | &nbsp;&nbsp; 3095 | 3058978 |
| 3.63%, 10/15/47 | &nbsp;&nbsp; 2716 | 2004761 |
| 3.70%, 04/15/50 | &nbsp;&nbsp; 3157 | 2292761 |
| 3.88%, 06/15/44 | &nbsp;&nbsp; 1845 | 1463889 |
| 4.00%, 09/14/48 | &nbsp;&nbsp; 4755 | 3749694 |
| 4.80%, 03/15/30 | &nbsp;&nbsp; 2200 | 2248785 |
| 5.15%, 03/15/35 | &nbsp;&nbsp; 2180 | 2213855 |
| 5.70%, 03/15/37 | &nbsp;&nbsp; 2742 | 2884316 |
| Carlisle Companies Inc. |  |  |
| 2.20%, 03/01/32<sup>(b)</sup> | &nbsp;&nbsp; 2490 | 2132244 |
| 2.75%, 03/01/30 | &nbsp;&nbsp; 4119 | 3851382 |
| 3.75%, 12/01/27 | &nbsp;&nbsp; 2855 | 2827980 |
| 5.25%, 09/15/35 | &nbsp;&nbsp; 820 | 821132 |
| 5.55%, 09/15/40 | &nbsp;&nbsp; 725 | 726192 |
| Eaton Corp. |  |  |
| 3.10%, 09/15/27 | &nbsp;&nbsp; 3272 | 3219361 |
| 3.92%, 09/15/47 | &nbsp;&nbsp; 2324 | 1840057 |
| 4.00%, 11/02/32 | &nbsp;&nbsp; 4819 | 4673861 |
| 4.15%, 03/15/33 | &nbsp;&nbsp; 4175 | 4075529 |
| 4.15%, 11/02/42 | &nbsp;&nbsp; 5129 | 4401428 |
| 4.35%, 05/18/28 | &nbsp;&nbsp; 1645 | 1659976 |
| 4.70%, 08/23/52 | &nbsp;&nbsp; 2935 | 2598033 |
| Illinois Tool Works Inc. |  |  |
| 2.65%, 11/15/26 | &nbsp;&nbsp; 6639 | 6544631 |
| 3.90%, 09/01/42 | &nbsp;&nbsp; 5367 | 4458371 |
| 4.88%, 09/15/41 | &nbsp;&nbsp; 3385 | 3185449 |
| Parker-Hannifin Corp. |  |  |
| 3.25%, 03/01/27 | &nbsp;&nbsp; 5681 | 5614511 |
| 3.25%, 06/14/29 | &nbsp;&nbsp; 4348 | 4214954 |
| 4.00%, 06/14/49 | &nbsp;&nbsp; 4161 | 3281755 |
| 4.10%, 03/01/47 | &nbsp;&nbsp; 3056 | 2482875 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
| 4.20%, 11/21/34 | &nbsp;&nbsp; $2310 | $2216151 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 4550 | 4566701 |
| 4.45%, 11/21/44 | &nbsp;&nbsp; 2742 | 2375496 |
| 4.50%, 09/15/29 | &nbsp;&nbsp; 4378 | 4436208 |
| 6.25%, 05/15/38 | &nbsp;&nbsp; 1546 | 1697735 |
| Pentair Finance SARL |  |  |
| 4.50%, 07/01/29 | &nbsp;&nbsp; 2833 | 2846573 |
| 5.90%, 07/15/32 | &nbsp;&nbsp; 1360 | 1433488 |
| Teledyne Technologies Inc. |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 1255 | 1195386 |
| 2.75%, 04/01/31 | &nbsp;&nbsp; 2825 | 2585972 |
| Textron Inc. |  |  |
| 2.45%, 03/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2628 | 2362487 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 3020 | 2834729 |
| 3.38%, 03/01/28 | &nbsp;&nbsp; 2073 | 2029547 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 3120 | 3088028 |
| 3.90%, 09/17/29 | &nbsp;&nbsp; 2404 | 2371032 |
| 5.50%, 05/15/35 | &nbsp;&nbsp; 2645 | 2695353 |
| 6.10%, 11/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1590 | 1702175 |
|  |  | 148639396 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications Operating LLC / <br> Charter Communications Operating Capital<br>|  |  |
| 5.85%, 12/01/35 | &nbsp;&nbsp; 3060 | 3066127 |
| 6.70%, 12/01/55 | &nbsp;&nbsp; 2150 | 2126091 |
| Charter Communications <br> Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 2.25%, 01/15/29 | &nbsp;&nbsp; 6281 | 5841236 |
| 2.30%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 5030 | 4258409 |
| 2.80%, 04/01/31 | &nbsp;&nbsp; 10689 | 9621263 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 6562 | 4708709 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 5840 | 4146349 |
| 3.70%, 04/01/51 | &nbsp;&nbsp; 9054 | 5826692 |
| 3.75%, 02/15/28 | &nbsp;&nbsp; 5809 | 5721585 |
| 3.85%, 04/01/61 | &nbsp;&nbsp; 8565 | 5222618 |
| 3.90%, 06/01/52 | &nbsp;&nbsp; 10710 | 7082602 |
| 3.95%, 06/30/62 | &nbsp;&nbsp; 6666 | 4127893 |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 6888 | 6846103 |
| 4.40%, 04/01/33 | &nbsp;&nbsp; 4490 | 4223235 |
| 4.40%, 12/01/61 | &nbsp;&nbsp; 6743 | 4587896 |
| 4.80%, 03/01/50 | &nbsp;&nbsp; 12381 | 9570692 |
| 5.05%, 03/30/29 | &nbsp;&nbsp; 3848 | 3907032 |
| 5.13%, 07/01/49 | &nbsp;&nbsp; 5585 | 4531744 |
| 5.25%, 04/01/53<sup>(b)</sup> | &nbsp;&nbsp; 6635 | 5418316 |
| 5.38%, 04/01/38 | &nbsp;&nbsp; 3608 | 3374921 |
| 5.38%, 05/01/47 | &nbsp;&nbsp; 11013 | 9365218 |
| 5.50%, 04/01/63 | &nbsp;&nbsp; 4510 | 3696107 |
| 5.75%, 04/01/48 | &nbsp;&nbsp; 10506 | 9368224 |
| 6.10%, 06/01/29 | &nbsp;&nbsp; 5870 | 6167554 |
| 6.15%, 11/10/26 | &nbsp;&nbsp; 6560 | 6705501 |
| 6.38%, 10/23/35 | &nbsp;&nbsp; 8955 | 9322411 |
| 6.48%, 10/23/45 | &nbsp;&nbsp; 15344 | 14916286 |
| 6.55%, 06/01/34 | &nbsp;&nbsp; 6760 | 7168183 |
| 6.65%, 02/01/34 | &nbsp;&nbsp; 4265 | 4548542 |
| 6.83%, 10/23/55 | &nbsp;&nbsp; 2358 | 2356879 |
| Comcast Corp. |  |  |
| 1.50%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 6940 | 5983343 |
| 1.95%, 01/15/31 | &nbsp;&nbsp; 8861 | 7848931 |
| 2.35%, 01/15/27 | &nbsp;&nbsp; 7046 | 6889963 |
| 2.45%, 08/15/52 | &nbsp;&nbsp; 6135 | 3278370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 2.65%, 02/01/30 | &nbsp;&nbsp; $8178 | $7663320 |
| 2.65%, 08/15/62 | &nbsp;&nbsp; 6494 | 3320546 |
| 2.80%, 01/15/51 | &nbsp;&nbsp; 9344 | 5517983 |
| 2.89%, 11/01/51 | &nbsp;&nbsp; 20545 | 12284723 |
| 2.94%, 11/01/56 | &nbsp;&nbsp; 24551 | 14111551 |
| 2.99%, 11/01/63 | &nbsp;&nbsp; 16098 | 8919762 |
| 3.15%, 02/15/28 | &nbsp;&nbsp; 8700 | 8523162 |
| 3.20%, 07/15/36 | &nbsp;&nbsp; 4800 | 4039517 |
| 3.25%, 11/01/39 | &nbsp;&nbsp; 5072 | 3982820 |
| 3.30%, 02/01/27 | &nbsp;&nbsp; 6701 | 6625533 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 4629 | 4575626 |
| 3.40%, 04/01/30 | &nbsp;&nbsp; 8060 | 7789486 |
| 3.40%, 07/15/46 | &nbsp;&nbsp; 5092 | 3606926 |
| 3.45%, 02/01/50 | &nbsp;&nbsp; 8440 | 5732304 |
| 3.55%, 05/01/28 | &nbsp;&nbsp; 4801 | 4742167 |
| 3.75%, 04/01/40 | &nbsp;&nbsp; 6924 | 5748938 |
| 3.90%, 03/01/38 | &nbsp;&nbsp; 5894 | 5128738 |
| 3.97%, 11/01/47 | &nbsp;&nbsp; 6662 | 5087244 |
| 4.00%, 08/15/47 | &nbsp;&nbsp; 3537 | 2720585 |
| 4.00%, 03/01/48 | &nbsp;&nbsp; 4621 | 3534668 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 8548 | 6419143 |
| 4.05%, 11/01/52 | &nbsp;&nbsp; 4399 | 3284023 |
| 4.15%, 10/15/28 | &nbsp;&nbsp; 12004 | 12037918 |
| 4.20%, 08/15/34 | &nbsp;&nbsp; 5010 | 4751679 |
| 4.25%, 10/15/30 | &nbsp;&nbsp; 6384 | 6388721 |
| 4.25%, 01/15/33 | &nbsp;&nbsp; 8026 | 7795993 |
| 4.40%, 08/15/35 | &nbsp;&nbsp; 4009 | 3816348 |
| 4.55%, 01/15/29 | &nbsp;&nbsp; 5420 | 5497716 |
| 4.60%, 10/15/38 | &nbsp;&nbsp; 4765 | 4433477 |
| 4.60%, 08/15/45 | &nbsp;&nbsp; 3176 | 2720131 |
| 4.65%, 02/15/33 | &nbsp;&nbsp; 5995 | 5980363 |
| 4.65%, 07/15/42 | &nbsp;&nbsp; 3542 | 3141501 |
| 4.70%, 10/15/48 | &nbsp;&nbsp; 8683 | 7405083 |
| 4.75%, 03/01/44 | &nbsp;&nbsp; 1914 | 1682662 |
| 4.80%, 05/15/33 | &nbsp;&nbsp; 4975 | 4981002 |
| 4.95%, 05/15/32 | &nbsp;&nbsp; 3065 | 3131467 |
| 4.95%, 10/15/58 | &nbsp;&nbsp; 5364 | 4561831 |
| 5.10%, 06/01/29 | &nbsp;&nbsp; 2400 | 2481580 |
| 5.30%, 06/01/34 | &nbsp;&nbsp; 4790 | 4929606 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 4325 | 4415339 |
| 5.35%, 11/15/27 | &nbsp;&nbsp; 4779 | 4910257 |
| 5.35%, 05/15/53 | &nbsp;&nbsp; 6160 | 5643332 |
| 5.50%, 11/15/32 | &nbsp;&nbsp; 5025 | 5291625 |
| 5.50%, 05/15/64 | &nbsp;&nbsp; 6090 | 5596609 |
| 5.65%, 06/15/35 | &nbsp;&nbsp; 3756 | 3934812 |
| 5.65%, 06/01/54 | &nbsp;&nbsp; 4840 | 4637681 |
| 6.05%, 05/15/55 | &nbsp;&nbsp; 7420 | 7507308 |
| 6.45%, 03/15/37 | &nbsp;&nbsp; 2235 | 2475102 |
| 6.50%, 11/15/35 | &nbsp;&nbsp; 3157 | 3512531 |
| 6.55%, 07/01/39 | &nbsp;&nbsp; 985 | 1091252 |
| 6.95%, 08/15/37 | &nbsp;&nbsp; 2300 | 2620479 |
| 7.05%, 03/15/33 | &nbsp;&nbsp; 3832 | 4380380 |
| FactSet Research Systems Inc. |  |  |
| 2.90%, 03/01/27 | &nbsp;&nbsp; 2750 | 2699195 |
| 3.45%, 03/01/32 | &nbsp;&nbsp; 2505 | 2308709 |
| Fox Corp. |  |  |
| 3.50%, 04/08/30<sup>(b)</sup> | &nbsp;&nbsp; 4033 | 3899068 |
| 4.71%, 01/25/29 | &nbsp;&nbsp; 10647 | 10768170 |
| 5.48%, 01/25/39 | &nbsp;&nbsp; 6246 | 6160209 |
| 5.58%, 01/25/49 | &nbsp;&nbsp; 6523 | 6141710 |
| 6.50%, 10/13/33 | &nbsp;&nbsp; 6210 | 6756244 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Grupo Televisa SAB |  |  |
| 5.00%, 05/13/45 | &nbsp;&nbsp; $2445 | $1704328 |
| 5.25%, 05/24/49<sup>(b)</sup> | &nbsp;&nbsp; 1195 | 837467 |
| 6.13%, 01/31/46 | &nbsp;&nbsp; 3674 | 2965379 |
| 6.63%, 01/15/40 | &nbsp;&nbsp; 3056 | 2821828 |
| 8.50%, 03/11/32 | &nbsp;&nbsp; 1845 | 2057735 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/43 | &nbsp;&nbsp; 3243 | 2779186 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 3046 | 3146352 |
| 6.40%, 04/30/40 | &nbsp;&nbsp; 2247 | 2450846 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | &nbsp;&nbsp; 1189 | 1162841 |
| 3.38%, 02/15/28 | &nbsp;&nbsp; 2494 | 2432609 |
| 3.70%, 06/01/28 | &nbsp;&nbsp; 2365 | 2320527 |
| 4.20%, 06/01/29 | &nbsp;&nbsp; 2010 | 1981359 |
| 4.20%, 05/19/32 | &nbsp;&nbsp; 4275 | 3986064 |
| 4.38%, 03/15/43 | &nbsp;&nbsp; 3966 | 3016312 |
| 4.60%, 01/15/45 | &nbsp;&nbsp; 2607 | 2005477 |
| 4.85%, 07/01/42 | &nbsp;&nbsp; 2237 | 1822104 |
| 4.90%, 08/15/44 | &nbsp;&nbsp; 2396 | 1920997 |
| 4.95%, 01/15/31 | &nbsp;&nbsp; 5125 | 5094105 |
| 4.95%, 05/19/50 | &nbsp;&nbsp; 3898 | 3053775 |
| 5.25%, 04/01/44 | &nbsp;&nbsp; 1495 | 1224138 |
| 5.50%, 05/15/33 | &nbsp;&nbsp; 1772 | 1749476 |
| 5.85%, 09/01/43 | &nbsp;&nbsp; 3424 | 3081568 |
| 5.90%, 10/15/40 | &nbsp;&nbsp; 1962 | 1842694 |
| 6.88%, 04/30/36 | &nbsp;&nbsp; 3636 | 3857709 |
| 7.88%, 07/30/30 | &nbsp;&nbsp; 3421 | 3861593 |
| TCI Communications Inc., 7.13%, 02/15/28 | &nbsp;&nbsp; 3977 | 4256205 |
| Time Warner Cable Enterprises LLC, 8.38%, <br> 07/15/33<br>| &nbsp;&nbsp; 5393 | 6296920 |
| Time Warner Cable LLC |  |  |
| 4.50%, 09/15/42 | &nbsp;&nbsp; 5496 | 4350246 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 5344 | 4822518 |
| 5.88%, 11/15/40 | &nbsp;&nbsp; 5443 | 5201702 |
| 6.55%, 05/01/37 | &nbsp;&nbsp; 6497 | 6730862 |
| 6.75%, 06/15/39 | &nbsp;&nbsp; 6581 | 6828077 |
| 7.30%, 07/01/38 | &nbsp;&nbsp; 6491 | 7069668 |
| TWDC Enterprises 18 Corp. |  |  |
| 2.95%, 06/15/27 | &nbsp;&nbsp; 4564 | 4494908 |
| 3.00%, 07/30/46 | &nbsp;&nbsp; 2404 | 1627096 |
| 3.70%, 12/01/42 | &nbsp;&nbsp; 2126 | 1696928 |
| 4.13%, 06/01/44 | &nbsp;&nbsp; 4297 | 3581206 |
| 4.38%, 08/16/41<sup>(b)</sup> | &nbsp;&nbsp; 1675 | 1474219 |
| Series B, 7.00%, 03/01/32 | &nbsp;&nbsp; 4307 | 4912696 |
| Series E, 4.13%, 12/01/41 | &nbsp;&nbsp; 2798 | 2395898 |
| Walt Disney Co. (The) |  |  |
| 2.00%, 09/01/29 | &nbsp;&nbsp; 10097 | 9351813 |
| 2.20%, 01/13/28 | &nbsp;&nbsp; 5587 | 5378332 |
| 2.65%, 01/13/31 | &nbsp;&nbsp; 10033 | 9322265 |
| 2.75%, 09/01/49 | &nbsp;&nbsp; 7807 | 4866756 |
| 3.38%, 11/15/26 | &nbsp;&nbsp; 3339 | 3317118 |
| 3.50%, 05/13/40 | &nbsp;&nbsp; 7952 | 6569463 |
| 3.60%, 01/13/51 | &nbsp;&nbsp; 12487 | 9159080 |
| 3.70%, 03/23/27 | &nbsp;&nbsp; 3917 | 3903608 |
| 3.80%, 03/22/30 | &nbsp;&nbsp; 6739 | 6663785 |
| 3.80%, 05/13/60 | &nbsp;&nbsp; 5887 | 4273677 |
| 4.63%, 03/23/40 | &nbsp;&nbsp; 3061 | 2913427 |
| 4.70%, 03/23/50<sup>(b)</sup> | &nbsp;&nbsp; 7755 | 6862931 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 2544 | 2304559 |
| 4.75%, 11/15/46 | &nbsp;&nbsp; 2028 | 1817224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 4.95%, 10/15/45 | &nbsp;&nbsp; $1771 | $1640962 |
| 5.40%, 10/01/43 | &nbsp;&nbsp; 3132 | 3114754 |
| 6.15%, 03/01/37 | &nbsp;&nbsp; 1990 | 2182773 |
| 6.15%, 02/15/41 | &nbsp;&nbsp; 2717 | 2929611 |
| 6.20%, 12/15/34 | &nbsp;&nbsp; 4740 | 5309359 |
| 6.40%, 12/15/35 | &nbsp;&nbsp; 4724 | 5325618 |
| 6.55%, 03/15/33 | &nbsp;&nbsp; 3044 | 3444187 |
| 6.65%, 11/15/37 | &nbsp;&nbsp; 5602 | 6425970 |
| 7.75%, 12/01/45 | &nbsp;&nbsp; 1565 | 1986608 |
|  |  | 753650378 |
| **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** | **Metal Fabricate & Hardware — 0.0%** |
| Precision Castparts Corp. |  |  |
| 3.90%, 01/15/43 | &nbsp;&nbsp; 3045 | 2492167 |
| 4.38%, 06/15/45 | &nbsp;&nbsp; 2238 | 1896262 |
| Timken Co. (The) |  |  |
| 4.13%, 04/01/32 | &nbsp;&nbsp; 1930 | 1826539 |
| 4.50%, 12/15/28 | &nbsp;&nbsp; 2860 | 2880995 |
| Valmont Industries Inc. |  |  |
| 5.00%, 10/01/44 | &nbsp;&nbsp; 2524 | 2300346 |
| 5.25%, 10/01/54 | &nbsp;&nbsp; 1574 | 1398363 |
|  |  | 12794672 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | &nbsp;&nbsp; 4070 | 3918417 |
| 3.75%, 10/01/30 | &nbsp;&nbsp; 2943 | 2778425 |
| Barrick Mining Corp. |  |  |
| 5.25%, 04/01/42 | &nbsp;&nbsp; 1125 | 1081684 |
| 6.45%, 10/15/35 | &nbsp;&nbsp; 1593 | 1750351 |
| Barrick North America Finance LLC |  |  |
| 5.70%, 05/30/41 | &nbsp;&nbsp; 4333 | 4366074 |
| 5.75%, 05/01/43 | &nbsp;&nbsp; 3942 | 3999963 |
| Barrick PD Australia Finance Pty. Ltd., 5.95%, <br> 10/15/39<br>| &nbsp;&nbsp; 3893 | 4054989 |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.13%, 02/24/42 | &nbsp;&nbsp; 4121 | 3544337 |
| 4.75%, 02/28/28 | &nbsp;&nbsp; 4460 | 4536796 |
| 4.90%, 02/28/33 | &nbsp;&nbsp; 2895 | 2928749 |
| 5.00%, 02/21/30 | &nbsp;&nbsp; 4250 | 4388157 |
| 5.00%, 09/30/43 | &nbsp;&nbsp; 11048 | 10476773 |
| 5.10%, 09/08/28 | &nbsp;&nbsp; 5363 | 5521832 |
| 5.13%, 02/21/32 | &nbsp;&nbsp; 3525 | 3639412 |
| 5.25%, 09/08/26 | &nbsp;&nbsp; 6260 | 6328060 |
| 5.25%, 09/08/30 | &nbsp;&nbsp; 4410 | 4601908 |
| 5.25%, 09/08/33 | &nbsp;&nbsp; 5950 | 6139949 |
| 5.30%, 02/21/35 | &nbsp;&nbsp; 5175 | 5316497 |
| 5.50%, 09/08/53 | &nbsp;&nbsp; 2480 | 2447375 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | &nbsp;&nbsp; 3487 | 3469823 |
| 4.25%, 03/01/30 | &nbsp;&nbsp; 2671 | 2638422 |
| 4.38%, 08/01/28 | &nbsp;&nbsp; 3926 | 3926773 |
| 4.63%, 08/01/30 | &nbsp;&nbsp; 3726 | 3732130 |
| 5.00%, 09/01/27 | &nbsp;&nbsp; 3688 | 3688783 |
| 5.25%, 09/01/29 | &nbsp;&nbsp; 3245 | 3291816 |
| 5.40%, 11/14/34 | &nbsp;&nbsp; 3596 | 3666724 |
| 5.45%, 03/15/43 | &nbsp;&nbsp; 7935 | 7495806 |
| Kinross Gold Corp. |  |  |
| 4.50%, 07/15/27 | &nbsp;&nbsp; 3515 | 3522082 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 860 | 929683 |
| Newmont Corp. |  |  |
| 2.25%, 10/01/30 | &nbsp;&nbsp; 2461 | 2238638 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| 2.60%, 07/15/32<sup>(b)</sup> | &nbsp;&nbsp; $4045 | $3615838 |
| 4.88%, 03/15/42 | &nbsp;&nbsp; 2301 | 2162928 |
| 5.45%, 06/09/44 | &nbsp;&nbsp; 2447 | 2407244 |
| 5.88%, 04/01/35 | &nbsp;&nbsp; 2820 | 3015143 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 3.25%, 05/13/30 | &nbsp;&nbsp; 1700 | 1627877 |
| 4.20%, 05/13/50 | &nbsp;&nbsp; 860 | 696742 |
| 5.35%, 03/15/34 | &nbsp;&nbsp; 4199 | 4333908 |
| 5.75%, 11/15/41 | &nbsp;&nbsp; 810 | 818340 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | &nbsp;&nbsp; 2718 | 2888789 |
| 6.13%, 12/15/33 | &nbsp;&nbsp; 4678 | 5084659 |
| 7.25%, 03/15/31 | &nbsp;&nbsp; 2623 | 3027501 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75%, 11/02/51 | &nbsp;&nbsp; 6109 | 3701138 |
| 5.20%, 11/02/40 | &nbsp;&nbsp; 5034 | 4970102 |
| 7.13%, 07/15/28 | &nbsp;&nbsp; 3856 | 4175507 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13%, 08/21/42 | &nbsp;&nbsp; 3164 | 2679813 |
| 4.38%, 03/12/27 | &nbsp;&nbsp; 1860 | 1870905 |
| 4.50%, 03/14/28 | &nbsp;&nbsp; 3020 | 3051457 |
| 4.75%, 03/22/42 | &nbsp;&nbsp; 3540 | 3234018 |
| 4.88%, 03/14/30 | &nbsp;&nbsp; 4805 | 4925970 |
| 5.00%, 03/14/32 | &nbsp;&nbsp; 2900 | 2971982 |
| 5.00%, 03/09/33 | &nbsp;&nbsp; 2535 | 2587757 |
| 5.13%, 03/09/53 | &nbsp;&nbsp; 4103 | 3768981 |
| 5.25%, 03/14/35 | &nbsp;&nbsp; 5665 | 5768681 |
| 5.75%, 03/14/55 | &nbsp;&nbsp; 2280 | 2273575 |
| 5.88%, 03/14/65 | &nbsp;&nbsp; 590 | 590789 |
| Southern Copper Corp. |  |  |
| 5.25%, 11/08/42 | &nbsp;&nbsp; 7612 | 7135539 |
| 5.88%, 04/23/45 | &nbsp;&nbsp; 4018 | 4033532 |
| 6.75%, 04/16/40 | &nbsp;&nbsp; 5811 | 6422983 |
| 7.50%, 07/27/35 | &nbsp;&nbsp; 4513 | 5240549 |
| Yamana Gold Inc., 2.63%, 08/15/31 | &nbsp;&nbsp; 1735 | 1540697 |
|  |  | 221043372 |
| **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** | **Office & Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/26 | &nbsp;&nbsp; 5624 | 5504466 |
| 3.25%, 02/15/29 | &nbsp;&nbsp; 4774 | 4568515 |
| 3.28%, 12/01/28 | &nbsp;&nbsp; 3400 | 3276619 |
| 3.57%, 12/01/31 | &nbsp;&nbsp; 5285 | 4922843 |
| 4.25%, 04/01/28 | &nbsp;&nbsp; 5067 | 5040909 |
| 5.10%, 03/01/30 | &nbsp;&nbsp; 650 | 661406 |
| 5.55%, 08/22/34 | &nbsp;&nbsp; 840 | 851884 |
|  |  | 24826642 |
| **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
| APA Corp. |  |  |
| 4.25%, 01/15/30<sup>(c)</sup> | &nbsp;&nbsp; 2230 | 2157204 |
| 5.10%, 09/01/40<sup>(c)</sup> | &nbsp;&nbsp; 1080 | 918220 |
| 5.35%, 07/01/49<sup>(c)</sup> | &nbsp;&nbsp; 2460 | 1952000 |
| 6.10%, 02/15/35<sup>(c)</sup> | &nbsp;&nbsp; 1765 | 1767383 |
| 6.75%, 02/15/55<sup>(c)</sup> | &nbsp;&nbsp; 1850 | 1756068 |
| BP Capital Markets America Inc. |  |  |
| 1.75%, 08/10/30 | &nbsp;&nbsp; 4936 | 4387671 |
| 2.72%, 01/12/32 | &nbsp;&nbsp; 9275 | 8355976 |
| 2.77%, 11/10/50 | &nbsp;&nbsp; 7210 | 4357845 |
| 2.94%, 06/04/51 | &nbsp;&nbsp; 10065 | 6245703 |
| 3.00%, 02/24/50 | &nbsp;&nbsp; 9170 | 5841750 |
| 3.00%, 03/17/52 | &nbsp;&nbsp; 5725 | 3579022 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 3.02%, 01/16/27 | &nbsp;&nbsp; $4886 | $4824820 |
| 3.06%, 06/17/41 | &nbsp;&nbsp; 6480 | 4799534 |
| 3.38%, 02/08/61 | &nbsp;&nbsp; 8383 | 5369670 |
| 3.54%, 04/06/27 | &nbsp;&nbsp; 3424 | 3399581 |
| 3.59%, 04/14/27 | &nbsp;&nbsp; 4678 | 4648224 |
| 3.63%, 04/06/30 | &nbsp;&nbsp; 5657 | 5533605 |
| 3.94%, 09/21/28 | &nbsp;&nbsp; 5153 | 5138192 |
| 4.23%, 11/06/28 | &nbsp;&nbsp; 7315 | 7349406 |
| 4.70%, 04/10/29 | &nbsp;&nbsp; 6225 | 6344824 |
| 4.81%, 02/13/33 | &nbsp;&nbsp; 5705 | 5727213 |
| 4.87%, 11/25/29 | &nbsp;&nbsp; 3305 | 3396648 |
| 4.89%, 09/11/33 | &nbsp;&nbsp; 4535 | 4564145 |
| 4.97%, 10/17/29 | &nbsp;&nbsp; 3805 | 3920756 |
| 4.99%, 04/10/34 | &nbsp;&nbsp; 7545 | 7625907 |
| 5.02%, 11/17/27 | &nbsp;&nbsp; 5320 | 5429283 |
| 5.23%, 11/17/34 | &nbsp;&nbsp; 7040 | 7185191 |
| BP Capital Markets PLC |  |  |
| 3.28%, 09/19/27 | &nbsp;&nbsp; 7070 | 6967598 |
| 3.72%, 11/28/28 | &nbsp;&nbsp; 4032 | 3988709 |
| Burlington Resources LLC |  |  |
| 5.95%, 10/15/36 | &nbsp;&nbsp; 810 | 863227 |
| 7.20%, 08/15/31 | &nbsp;&nbsp; 1570 | 1791729 |
| Canadian Natural Resources Ltd. |  |  |
| 2.95%, 07/15/30 | &nbsp;&nbsp; 2800 | 2609538 |
| 3.85%, 06/01/27 | &nbsp;&nbsp; 6326 | 6278965 |
| 4.95%, 06/01/47 | &nbsp;&nbsp; 4568 | 3957741 |
| 5.00%, 12/15/29<sup>(c)</sup> | &nbsp;&nbsp; 1200 | 1222317 |
| 5.40%, 12/15/34<sup>(c)</sup> | &nbsp;&nbsp; 1000 | 1002013 |
| 5.85%, 02/01/35<sup>(b)</sup> | &nbsp;&nbsp; 2055 | 2109785 |
| 6.25%, 03/15/38 | &nbsp;&nbsp; 5053 | 5294149 |
| 6.45%, 06/30/33 | &nbsp;&nbsp; 1915 | 2045607 |
| 6.50%, 02/15/37 | &nbsp;&nbsp; 2404 | 2566925 |
| 6.75%, 02/01/39 | &nbsp;&nbsp; 2325 | 2499662 |
| 7.20%, 01/15/32 | &nbsp;&nbsp; 1995 | 2221142 |
| Cenovus Energy Inc. |  |  |
| 2.65%, 01/15/32 | &nbsp;&nbsp; 1846 | 1620776 |
| 3.75%, 02/15/52 | &nbsp;&nbsp; 4095 | 2780944 |
| 4.25%, 04/15/27 | &nbsp;&nbsp; 2345 | 2343424 |
| 5.25%, 06/15/37 | &nbsp;&nbsp; 2690 | 2560561 |
| 5.40%, 06/15/47 | &nbsp;&nbsp; 3184 | 2842483 |
| 6.75%, 11/15/39 | &nbsp;&nbsp; 1890 | 2046938 |
| Chevron Corp. |  |  |
| 2.00%, 05/11/27 | &nbsp;&nbsp; 6050 | 5870012 |
| 2.24%, 05/11/30 | &nbsp;&nbsp; 7556 | 6966441 |
| 3.08%, 05/11/50 | &nbsp;&nbsp; 5156 | 3442300 |
| Chevron USA Inc. |  |  |
| 1.02%, 08/12/27 | &nbsp;&nbsp; 4584 | 4346979 |
| 2.34%, 08/12/50<sup>(b)</sup> | &nbsp;&nbsp; 4063 | 2318556 |
| 3.25%, 10/15/29 | &nbsp;&nbsp; 3661 | 3555490 |
| 3.85%, 01/15/28 | &nbsp;&nbsp; 4046 | 4050871 |
| 3.95%, 08/13/27 | &nbsp;&nbsp; 2050 | 2056245 |
| 4.05%, 08/13/28 | &nbsp;&nbsp; 2300 | 2313298 |
| 4.30%, 10/15/30 | &nbsp;&nbsp; 4375 | 4399053 |
| 4.41%, 02/26/27 | &nbsp;&nbsp; 1140 | 1148939 |
| 4.48%, 02/26/28 | &nbsp;&nbsp; 3010 | 3053691 |
| 4.50%, 10/15/32 | &nbsp;&nbsp; 4375 | 4385773 |
| 4.69%, 04/15/30 | &nbsp;&nbsp; 2900 | 2964634 |
| 4.82%, 04/15/32 | &nbsp;&nbsp; 3330 | 3410409 |
| 4.85%, 10/15/35 | &nbsp;&nbsp; 3500 | 3486005 |
| 4.98%, 04/15/35 | &nbsp;&nbsp; 3300 | 3352719 |
| 5.25%, 11/15/43 | &nbsp;&nbsp; 1790 | 1772576 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 6.00%, 03/01/41 | &nbsp;&nbsp; $1695 | $1816242 |
| CNOOC Finance 2013 Ltd. |  |  |
| 2.88%, 09/30/29 | &nbsp;&nbsp; 1249 | 1201152 |
| 3.30%, 09/30/49 | &nbsp;&nbsp; 1315 | 990410 |
| 4.25%, 05/09/43<sup>(b)</sup> | &nbsp;&nbsp; 3599 | 3257330 |
| CNOOC Finance 2015 Australia Pty. Ltd., <br> 4.20%, 05/05/45<br>| &nbsp;&nbsp; 500 | 446122 |
| CNOOC Finance 2015 USA LLC, 4.38%, <br> 05/02/28<br>| &nbsp;&nbsp; 3772 | 3801099 |
| CNOOC Petroleum North America ULC |  |  |
| 5.88%, 03/10/35 | &nbsp;&nbsp; 2000 | 2220702 |
| 6.40%, 05/15/37 | &nbsp;&nbsp; 3000 | 3524095 |
| 7.88%, 03/15/32 | &nbsp;&nbsp; 3000 | 3575281 |
| ConocoPhillips Co. |  |  |
| 3.76%, 03/15/42 | &nbsp;&nbsp; 7690 | 6147592 |
| 3.80%, 03/15/52 | &nbsp;&nbsp; 5375 | 3891474 |
| 4.03%, 03/15/62 | &nbsp;&nbsp; 9142 | 6564468 |
| 4.30%, 11/15/44 | &nbsp;&nbsp; 3640 | 3061655 |
| 4.70%, 01/15/30 | &nbsp;&nbsp; 6445 | 6569385 |
| 4.85%, 01/15/32 | &nbsp;&nbsp; 3255 | 3310607 |
| 4.88%, 10/01/47 | &nbsp;&nbsp; 1010 | 898984 |
| 5.00%, 01/15/35<sup>(b)</sup> | &nbsp;&nbsp; 5495 | 5493884 |
| 5.05%, 09/15/33 | &nbsp;&nbsp; 4260 | 4351299 |
| 5.30%, 05/15/53 | &nbsp;&nbsp; 4455 | 4085610 |
| 5.50%, 01/15/55 | &nbsp;&nbsp; 4245 | 3999157 |
| 5.55%, 03/15/54 | &nbsp;&nbsp; 3445 | 3271117 |
| 5.65%, 01/15/65 | &nbsp;&nbsp; 4055 | 3827004 |
| 5.70%, 09/15/63 | &nbsp;&nbsp; 2775 | 2641392 |
| 5.90%, 10/15/32 | &nbsp;&nbsp; 2316 | 2506191 |
| 5.90%, 05/15/38 | &nbsp;&nbsp; 1062 | 1125586 |
| 5.95%, 03/15/46 | &nbsp;&nbsp; 1015 | 1061769 |
| 6.50%, 02/01/39 | &nbsp;&nbsp; 3074 | 3428063 |
| 6.95%, 04/15/29 | &nbsp;&nbsp; 1728 | 1891319 |
| Continental Resources Inc./OK |  |  |
| 4.38%, 01/15/28 | &nbsp;&nbsp; 5270 | 5237611 |
| 4.90%, 06/01/44 | &nbsp;&nbsp; 4035 | 3184408 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | &nbsp;&nbsp; 5508 | 5472250 |
| 4.38%, 03/15/29 | &nbsp;&nbsp; 3265 | 3257614 |
| 5.40%, 02/15/35 | &nbsp;&nbsp; 3400 | 3384700 |
| 5.60%, 03/15/34 | &nbsp;&nbsp; 2445 | 2480256 |
| 5.90%, 02/15/55 | &nbsp;&nbsp; 2220 | 2068159 |
| Devon Energy Corp. |  |  |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 4635 | 4635711 |
| 4.75%, 05/15/42<sup>(b)</sup> | &nbsp;&nbsp; 4078 | 3438284 |
| 5.00%, 06/15/45 | &nbsp;&nbsp; 3782 | 3176647 |
| 5.20%, 09/15/34<sup>(b)</sup> | &nbsp;&nbsp; 3975 | 3896090 |
| 5.25%, 10/15/27 | &nbsp;&nbsp; 4865 | 4873064 |
| 5.60%, 07/15/41 | &nbsp;&nbsp; 5437 | 5089481 |
| 5.75%, 09/15/54 | &nbsp;&nbsp; 4765 | 4266284 |
| 5.88%, 06/15/28 | &nbsp;&nbsp; 2765 | 2765712 |
| 7.88%, 09/30/31 | &nbsp;&nbsp; 2622 | 3028776 |
| 7.95%, 04/15/32 | &nbsp;&nbsp; 1875 | 2168079 |
| Diamondback Energy Inc. |  |  |
| 3.13%, 03/24/31 | &nbsp;&nbsp; 4602 | 4264378 |
| 3.25%, 12/01/26 | &nbsp;&nbsp; 5461 | 5396955 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 4623 | 4455309 |
| 4.25%, 03/15/52 | &nbsp;&nbsp; 4124 | 3092907 |
| 4.40%, 03/24/51 | &nbsp;&nbsp; 3685 | 2856401 |
| 5.15%, 01/30/30 | &nbsp;&nbsp; 4460 | 4582786 |
| 5.20%, 04/18/27 | &nbsp;&nbsp; 5970 | 6058935 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.40%, 04/18/34 | &nbsp;&nbsp; $5700 | $5758692 |
| 5.55%, 04/01/35 | &nbsp;&nbsp; 3780 | 3825554 |
| 5.75%, 04/18/54 | &nbsp;&nbsp; 5590 | 5174863 |
| 5.90%, 04/18/64 | &nbsp;&nbsp; 4240 | 3921381 |
| 6.25%, 03/15/33 | &nbsp;&nbsp; 4415 | 4718272 |
| 6.25%, 03/15/53 | &nbsp;&nbsp; 3305 | 3266888 |
| Eni USA Inc., 7.30%, 11/15/27 | &nbsp;&nbsp; 1190 | 1265513 |
| EOG Resources Inc. |  |  |
| 3.90%, 04/01/35 | &nbsp;&nbsp; 2663 | 2440689 |
| 4.38%, 04/15/30 | &nbsp;&nbsp; 4099 | 4123103 |
| 4.40%, 07/15/28 | &nbsp;&nbsp; 3925 | 3963192 |
| 4.95%, 04/15/50 | &nbsp;&nbsp; 5059 | 4455007 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 4385 | 4461166 |
| 5.35%, 01/15/36 | &nbsp;&nbsp; 4755 | 4830610 |
| 5.65%, 12/01/54 | &nbsp;&nbsp; 2235 | 2161891 |
| 5.95%, 07/15/55 | &nbsp;&nbsp; 2595 | 2617366 |
| EQT Corp. |  |  |
| 3.90%, 10/01/27 | &nbsp;&nbsp; 5656 | 5601782 |
| 4.75%, 01/15/31<sup>(c)</sup> | &nbsp;&nbsp; 170 | 168852 |
| 5.00%, 01/15/29 | &nbsp;&nbsp; 2360 | 2387547 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 2510 | 2594875 |
| 5.75%, 02/01/34 | &nbsp;&nbsp; 2780 | 2879034 |
| 7.00%, 02/01/30 | &nbsp;&nbsp; 3020 | 3284889 |
| 7.50%, 06/01/30<sup>(c)</sup> | &nbsp;&nbsp; 430 | 473523 |
| Equinor ASA |  |  |
| 2.38%, 05/22/30 | &nbsp;&nbsp; 4602 | 4259792 |
| 3.00%, 04/06/27 | &nbsp;&nbsp; 921 | 908175 |
| 3.13%, 04/06/30 | &nbsp;&nbsp; 5646 | 5413027 |
| 3.25%, 11/18/49 | &nbsp;&nbsp; 3909 | 2718920 |
| 3.63%, 09/10/28 | &nbsp;&nbsp; 4991 | 4945683 |
| 3.63%, 04/06/40 | &nbsp;&nbsp; 2099 | 1776955 |
| 3.70%, 04/06/50 | &nbsp;&nbsp; 3905 | 2952211 |
| 3.95%, 05/15/43 | &nbsp;&nbsp; 3552 | 2979794 |
| 4.25%, 06/02/28 | &nbsp;&nbsp; 1400 | 1411261 |
| 4.25%, 11/23/41 | &nbsp;&nbsp; 2330 | 2062762 |
| 4.80%, 11/08/43 | &nbsp;&nbsp; 3025 | 2805311 |
| 5.10%, 08/17/40 | &nbsp;&nbsp; 3102 | 3083940 |
| 5.13%, 06/03/35 | &nbsp;&nbsp; 2825 | 2878515 |
| 7.25%, 09/23/27 | &nbsp;&nbsp; 540 | 574416 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/32 | &nbsp;&nbsp; 2050 | 1996552 |
| 5.38%, 02/01/29 | &nbsp;&nbsp; 1130 | 1133157 |
| 5.38%, 03/15/30 | &nbsp;&nbsp; 3370 | 3406831 |
| 5.70%, 01/15/35 | &nbsp;&nbsp; 2565 | 2603132 |
| Exxon Mobil Corp. |  |  |
| 2.44%, 08/16/29 | &nbsp;&nbsp; 8141 | 7735583 |
| 2.61%, 10/15/30 | &nbsp;&nbsp; 7735 | 7211882 |
| 3.00%, 08/16/39 | &nbsp;&nbsp; 6860 | 5380127 |
| 3.10%, 08/16/49 | &nbsp;&nbsp; 8931 | 5973482 |
| 3.29%, 03/19/27 | &nbsp;&nbsp; 4100 | 4072540 |
| 3.45%, 04/15/51 | &nbsp;&nbsp; 11263 | 7948585 |
| 3.48%, 03/19/30 | &nbsp;&nbsp; 6774 | 6626124 |
| 3.57%, 03/06/45 | &nbsp;&nbsp; 3987 | 3060963 |
| 4.11%, 03/01/46 | &nbsp;&nbsp; 11951 | 9831051 |
| 4.23%, 03/19/40<sup>(b)</sup> | &nbsp;&nbsp; 7321 | 6589896 |
| 4.33%, 03/19/50 | &nbsp;&nbsp; 11110 | 9199284 |
| Helmerich & Payne Inc. |  |  |
| 2.90%, 09/29/31<sup>(b)</sup> | &nbsp;&nbsp; 2765 | 2412987 |
| 4.65%, 12/01/27<sup>(b)</sup> | &nbsp;&nbsp; 900 | 899888 |
| 4.85%, 12/01/29<sup>(b)</sup> | &nbsp;&nbsp; 400 | 398505 |
| 5.50%, 12/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1080 | 1039630 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Hess Corp. |  |  |
| 4.30%, 04/01/27 | &nbsp;&nbsp; $6782 | $6798904 |
| 5.60%, 02/15/41 | &nbsp;&nbsp; 6253 | 6333117 |
| 5.80%, 04/01/47 | &nbsp;&nbsp; 2679 | 2705371 |
| 6.00%, 01/15/40 | &nbsp;&nbsp; 4163 | 4455775 |
| 7.13%, 03/15/33 | &nbsp;&nbsp; 2657 | 3061140 |
| 7.30%, 08/15/31 | &nbsp;&nbsp; 3214 | 3707287 |
| 7.88%, 10/01/29 | &nbsp;&nbsp; 2907 | 3302486 |
| HF Sinclair Corp. |  |  |
| 4.50%, 10/01/30 | &nbsp;&nbsp; 1947 | 1903428 |
| 5.00%, 02/01/28 | &nbsp;&nbsp; 2795 | 2798779 |
| 5.50%, 09/01/32 | &nbsp;&nbsp; 1165 | 1168971 |
| 5.75%, 01/15/31 | &nbsp;&nbsp; 1835 | 1893526 |
| 6.25%, 01/15/35 | &nbsp;&nbsp; 1395 | 1436568 |
| Marathon Petroleum Corp. |  |  |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 3413 | 3378536 |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 3092 | 2408659 |
| 4.75%, 09/15/44 | &nbsp;&nbsp; 4676 | 3936710 |
| 5.00%, 09/15/54 | &nbsp;&nbsp; 2728 | 2221737 |
| 5.13%, 12/15/26 | &nbsp;&nbsp; 5899 | 5947623 |
| 5.15%, 03/01/30 | &nbsp;&nbsp; 2605 | 2679829 |
| 5.70%, 03/01/35 | &nbsp;&nbsp; 2575 | 2630625 |
| 6.50%, 03/01/41 | &nbsp;&nbsp; 4056 | 4259451 |
| Occidental Petroleum Corp. |  |  |
| 4.20%, 03/15/48 | &nbsp;&nbsp; 1905 | 1344584 |
| 4.40%, 04/15/46 | &nbsp;&nbsp; 2672 | 2026745 |
| 5.00%, 08/01/27 | &nbsp;&nbsp; 4780 | 4830095 |
| 5.20%, 08/01/29 | &nbsp;&nbsp; 6750 | 6844116 |
| 5.38%, 01/01/32 | &nbsp;&nbsp; 5090 | 5120239 |
| 5.55%, 10/01/34<sup>(b)</sup> | &nbsp;&nbsp; 5155 | 5129200 |
| 6.05%, 10/01/54 | &nbsp;&nbsp; 4517 | 4210409 |
| 6.13%, 01/01/31 | &nbsp;&nbsp; 6020 | 6293877 |
| 6.20%, 03/15/40 | &nbsp;&nbsp; 3785 | 3735580 |
| 6.38%, 09/01/28 | &nbsp;&nbsp; 1525 | 1592087 |
| 6.45%, 09/15/36 | &nbsp;&nbsp; 8125 | 8412026 |
| 6.60%, 03/15/46 | &nbsp;&nbsp; 5170 | 5193304 |
| 6.63%, 09/01/30 | &nbsp;&nbsp; 7510 | 7989383 |
| 7.50%, 05/01/31 | &nbsp;&nbsp; 3995 | 4465877 |
| 7.88%, 09/15/31 | &nbsp;&nbsp; 2002 | 2262586 |
| 7.95%, 06/15/39 | &nbsp;&nbsp; 1920 | 2188227 |
| 8.50%, 07/15/27 | &nbsp;&nbsp; 3395 | 3575375 |
| 8.88%, 07/15/30 | &nbsp;&nbsp; 5240 | 6029251 |
| Ovintiv Inc. |  |  |
| 5.65%, 05/15/28 | &nbsp;&nbsp; 2535 | 2608982 |
| 6.25%, 07/15/33 | &nbsp;&nbsp; 3040 | 3163092 |
| 6.50%, 08/15/34 | &nbsp;&nbsp; 2949 | 3105069 |
| 6.50%, 02/01/38 | &nbsp;&nbsp; 2575 | 2648762 |
| 6.63%, 08/15/37 | &nbsp;&nbsp; 2525 | 2620751 |
| 7.10%, 07/15/53 | &nbsp;&nbsp; 2600 | 2686014 |
| 7.20%, 11/01/31 | &nbsp;&nbsp; 1950 | 2138646 |
| 7.38%, 11/01/31 | &nbsp;&nbsp; 2325 | 2574415 |
| 8.13%, 09/15/30 | &nbsp;&nbsp; 1430 | 1638084 |
| Patterson-UTI Energy Inc. |  |  |
| 3.95%, 02/01/28 | &nbsp;&nbsp; 910 | 887862 |
| 5.15%, 11/15/29<sup>(b)</sup> | &nbsp;&nbsp; 1450 | 1445660 |
| 7.15%, 10/01/33 | &nbsp;&nbsp; 1795 | 1873940 |
| Phillips 66 |  |  |
| 2.15%, 12/15/30 | &nbsp;&nbsp; 4025 | 3583784 |
| 3.30%, 03/15/52 | &nbsp;&nbsp; 4970 | 3195693 |
| 3.90%, 03/15/28 | &nbsp;&nbsp; 4066 | 4042784 |
| 4.65%, 11/15/34 | &nbsp;&nbsp; 4941 | 4766461 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 4.88%, 11/15/44 | &nbsp;&nbsp; $7268 | $6362136 |
| 5.88%, 05/01/42 | &nbsp;&nbsp; 6644 | 6657951 |
| Phillips 66 Co. |  |  |
| 3.15%, 12/15/29 | &nbsp;&nbsp; 2991 | 2864613 |
| 3.55%, 10/01/26 | &nbsp;&nbsp; 3260 | 3234141 |
| 3.75%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3131 | 3105364 |
| 4.68%, 02/15/45 | &nbsp;&nbsp; 2445 | 2048243 |
| 4.90%, 10/01/46 | &nbsp;&nbsp; 3187 | 2744113 |
| 4.95%, 12/01/27 | &nbsp;&nbsp; 4515 | 4585937 |
| 4.95%, 03/15/35<sup>(b)</sup> | &nbsp;&nbsp; 3180 | 3114019 |
| 5.25%, 06/15/31 | &nbsp;&nbsp; 4215 | 4370083 |
| 5.30%, 06/30/33 | &nbsp;&nbsp; 4205 | 4292239 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 2070 | 1892938 |
| 5.65%, 06/15/54 | &nbsp;&nbsp; 2610 | 2429796 |
| Pioneer Natural Resources Co. |  |  |
| 1.90%, 08/15/30 | &nbsp;&nbsp; 5755 | 5152150 |
| 2.15%, 01/15/31 | &nbsp;&nbsp; 1110 | 995946 |
| Shell Finance U.S. Inc. |  |  |
| 2.38%, 11/07/29 | &nbsp;&nbsp; 7616 | 7125362 |
| 2.75%, 04/06/30 | &nbsp;&nbsp; 5103 | 4819929 |
| 3.25%, 04/06/50 | &nbsp;&nbsp; 7648 | 5235125 |
| 3.75%, 09/12/46 | &nbsp;&nbsp; 5046 | 3890250 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 6489 | 5168776 |
| 4.13%, 05/11/35 | &nbsp;&nbsp; 7018 | 6663568 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 11008 | 9378158 |
| 4.55%, 08/12/43 | &nbsp;&nbsp; 4463 | 3937255 |
| Shell International Finance BV |  |  |
| 2.38%, 11/07/29<sup>(b)</sup> | &nbsp;&nbsp; 820 | 778069 |
| 2.50%, 09/12/26 | &nbsp;&nbsp; 7586 | 7470789 |
| 2.75%, 04/06/30<sup>(b)</sup> | &nbsp;&nbsp; 1450 | 1371046 |
| 2.88%, 11/26/41 | &nbsp;&nbsp; 2840 | 2041206 |
| 3.00%, 11/26/51 | &nbsp;&nbsp; 5170 | 3318493 |
| 3.13%, 11/07/49 | &nbsp;&nbsp; 6058 | 4040050 |
| 3.25%, 04/06/50<sup>(b)</sup> | &nbsp;&nbsp; 350 | 235307 |
| 3.63%, 08/21/42 | &nbsp;&nbsp; 2813 | 2220328 |
| 3.88%, 11/13/28 | &nbsp;&nbsp; 6325 | 6316054 |
| 4.00%, 05/10/46 | &nbsp;&nbsp; 1060 | 849250 |
| 4.13%, 05/11/35<sup>(b)</sup> | &nbsp;&nbsp; 1270 | 1242104 |
| 4.38%, 05/11/45 | &nbsp;&nbsp; 1220 | 1038132 |
| 5.50%, 03/25/40 | &nbsp;&nbsp; 5563 | 5675253 |
| 6.38%, 12/15/38 | &nbsp;&nbsp; 10716 | 11945467 |
| Suncor Energy Inc. |  |  |
| 3.75%, 03/04/51 | &nbsp;&nbsp; 4023 | 2801004 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 4252 | 3137466 |
| 5.95%, 12/01/34 | &nbsp;&nbsp; 2485 | 2585133 |
| 6.50%, 06/15/38 | &nbsp;&nbsp; 320 | 341094 |
| 6.80%, 05/15/38 | &nbsp;&nbsp; 2746 | 2967451 |
| 6.85%, 06/01/39 | &nbsp;&nbsp; 4116 | 4506676 |
| 7.15%, 02/01/32 | &nbsp;&nbsp; 2352 | 2626449 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 01/10/30 | &nbsp;&nbsp; 6059 | 5790715 |
| 2.99%, 06/29/41 | &nbsp;&nbsp; 4868 | 3613813 |
| 3.13%, 05/29/50 | &nbsp;&nbsp; 11341 | 7460038 |
| 3.39%, 06/29/60 | &nbsp;&nbsp; 3305 | 2129686 |
| 3.46%, 02/19/29 | &nbsp;&nbsp; 6014 | 5921164 |
| 3.46%, 07/12/49 | &nbsp;&nbsp; 6405 | 4514496 |
| TotalEnergies Capital SA |  |  |
| 3.88%, 10/11/28 | &nbsp;&nbsp; 5232 | 5226362 |
| 4.72%, 09/10/34 | &nbsp;&nbsp; 3380 | 3377672 |
| 5.15%, 04/05/34 | &nbsp;&nbsp; 5590 | 5760786 |
| 5.28%, 09/10/54 | &nbsp;&nbsp; 3640 | 3362571 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| 5.43%, 09/10/64 | &nbsp;&nbsp; $3950 | $3664700 |
| 5.49%, 04/05/54 | &nbsp;&nbsp; 5470 | 5209652 |
| 5.64%, 04/05/64 | &nbsp;&nbsp; 3695 | 3536666 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/27 | &nbsp;&nbsp; 3240 | 3109289 |
| 2.80%, 12/01/31 | &nbsp;&nbsp; 2805 | 2530254 |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 1105 | 1095032 |
| 3.65%, 12/01/51 | &nbsp;&nbsp; 4405 | 2969618 |
| 4.00%, 04/01/29 | &nbsp;&nbsp; 2225 | 2199830 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 2540 | 1813805 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 4151 | 4165654 |
| 4.90%, 03/15/45 | &nbsp;&nbsp; 3201 | 2798554 |
| 5.15%, 02/15/30 | &nbsp;&nbsp; 1330 | 1369804 |
| 6.63%, 06/15/37 | &nbsp;&nbsp; 7495 | 8180438 |
| 7.50%, 04/15/32 | &nbsp;&nbsp; 3028 | 3486850 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | &nbsp;&nbsp; 1065 | 1073026 |
| 5.70%, 08/01/35 | &nbsp;&nbsp; 1690 | 1696071 |
| Woodside Finance Ltd. |  |  |
| 4.90%, 05/19/28 | &nbsp;&nbsp; 515 | 521637 |
| 5.10%, 09/12/34 | &nbsp;&nbsp; 4650 | 4553813 |
| 5.40%, 05/19/30 | &nbsp;&nbsp; 740 | 760321 |
| 5.70%, 05/19/32 | &nbsp;&nbsp; 620 | 640641 |
| 5.70%, 09/12/54 | &nbsp;&nbsp; 4220 | 3876101 |
| 6.00%, 05/19/35 | &nbsp;&nbsp; 1114 | 1150520 |
|  |  | 1098225475 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Baker Hughes Holdings LLC, 5.13%, 09/15/40 | &nbsp;&nbsp; 5659 | 5444270 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor Inc.<br>|  |  |
| 2.06%, 12/15/26 | &nbsp;&nbsp; 5145 | 5007200 |
| 3.14%, 11/07/29 | &nbsp;&nbsp; 2521 | 2425693 |
| 3.34%, 12/15/27 | &nbsp;&nbsp; 7291 | 7175697 |
| 4.08%, 12/15/47 | &nbsp;&nbsp; 6483 | 5046851 |
| 4.49%, 05/01/30 | &nbsp;&nbsp; 2859 | 2885155 |
| Halliburton Co. |  |  |
| 2.92%, 03/01/30 | &nbsp;&nbsp; 3613 | 3397549 |
| 4.50%, 11/15/41 | &nbsp;&nbsp; 2770 | 2375764 |
| 4.75%, 08/01/43 | &nbsp;&nbsp; 4555 | 3948986 |
| 4.85%, 11/15/35 | &nbsp;&nbsp; 4987 | 4841672 |
| 5.00%, 11/15/45 | &nbsp;&nbsp; 8401 | 7418139 |
| 6.70%, 09/15/38 | &nbsp;&nbsp; 3811 | 4185278 |
| 7.45%, 09/15/39 | &nbsp;&nbsp; 4561 | 5342424 |
| NOV Inc. |  |  |
| 3.60%, 12/01/29 | &nbsp;&nbsp; 3702 | 3576271 |
| 3.95%, 12/01/42 | &nbsp;&nbsp; 5976 | 4523654 |
| Schlumberger Investment SA, 2.65%, <br> 06/26/30<br>| &nbsp;&nbsp; 3358 | 3122395 |
|  |  | 70716998 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Finance USA Inc. |  |  |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 2240 | 2250327 |
| 5.63%, 05/26/33 | &nbsp;&nbsp; 2575 | 2674534 |
| Amcor Flexibles North America Inc. |  |  |
| 2.63%, 06/19/30 | &nbsp;&nbsp; 2730 | 2511242 |
| 2.69%, 05/25/31 | &nbsp;&nbsp; 3725 | 3371650 |
| 4.80%, 03/17/28 | &nbsp;&nbsp; 3060 | 3093245 |
| 5.10%, 03/17/30 | &nbsp;&nbsp; 1285 | 1313732 |
| 5.50%, 03/17/35 | &nbsp;&nbsp; 1705 | 1744381 |
| Amcor Group Finance PLC, 5.45%, 05/23/29 | &nbsp;&nbsp; 990 | 1024568 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| AptarGroup Inc., 3.60%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; $1370 | $1260127 |
| Berry Global Inc. |  |  |
| 1.65%, 01/15/27<sup>(b)</sup> | &nbsp;&nbsp; 3825 | 3692309 |
| 5.50%, 04/15/28 | &nbsp;&nbsp; 2741 | 2824919 |
| 5.65%, 01/15/34 | &nbsp;&nbsp; 2790 | 2900096 |
| 5.80%, 06/15/31 | &nbsp;&nbsp; 3720 | 3936789 |
| Packaging Corp. of America |  |  |
| 3.00%, 12/15/29 | &nbsp;&nbsp; 2744 | 2617778 |
| 3.05%, 10/01/51 | &nbsp;&nbsp; 2715 | 1703219 |
| 3.40%, 12/15/27 | &nbsp;&nbsp; 3144 | 3087340 |
| 4.05%, 12/15/49 | &nbsp;&nbsp; 2812 | 2141130 |
| 5.20%, 08/15/35 | &nbsp;&nbsp; 930 | 935771 |
| 5.70%, 12/01/33 | &nbsp;&nbsp; 1871 | 1965362 |
| Smurfit Kappa Treasury ULC |  |  |
| 5.20%, 01/15/30 | &nbsp;&nbsp; 2450 | 2527381 |
| 5.44%, 04/03/34 | &nbsp;&nbsp; 5125 | 5263713 |
| 5.78%, 04/03/54<sup>(b)</sup> | &nbsp;&nbsp; 2800 | 2753573 |
| Smurfit Westrock Financing DAC, 5.42%, <br> 01/15/35<br>| &nbsp;&nbsp; 2555 | 2606249 |
| Sonoco Products Co. |  |  |
| 2.25%, 02/01/27 | &nbsp;&nbsp; 2880 | 2796324 |
| 2.85%, 02/01/32<sup>(b)</sup> | &nbsp;&nbsp; 2513 | 2239548 |
| 3.13%, 05/01/30 | &nbsp;&nbsp; 2945 | 2771888 |
| 4.45%, 09/01/26 | &nbsp;&nbsp; 1755 | 1754037 |
| 4.60%, 09/01/29 | &nbsp;&nbsp; 1695 | 1701275 |
| 5.00%, 09/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1390 | 1361094 |
| 5.75%, 11/01/40 | &nbsp;&nbsp; 865 | 874816 |
| WestRock MWV LLC |  |  |
| 7.95%, 02/15/31 | &nbsp;&nbsp; 1593 | 1849099 |
| 8.20%, 01/15/30 | &nbsp;&nbsp; 3026 | 3485018 |
| WRKCo Inc. |  |  |
| 3.00%, 06/15/33 | &nbsp;&nbsp; 3073 | 2705558 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 2199 | 2169243 |
| 3.90%, 06/01/28 | &nbsp;&nbsp; 3081 | 3058938 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 2936 | 2921750 |
| 4.20%, 06/01/32 | &nbsp;&nbsp; 2326 | 2249733 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 3834 | 3912210 |
|  |  | 94049966 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| AbbVie Inc. |  |  |
| 2.95%, 11/21/26 | &nbsp;&nbsp; 12202 | 12044971 |
| 3.20%, 11/21/29 | &nbsp;&nbsp; 25059 | 24151774 |
| 4.05%, 11/21/39 | &nbsp;&nbsp; 17026 | 14979115 |
| 4.25%, 11/14/28 | &nbsp;&nbsp; 3771 | 3800977 |
| 4.25%, 11/21/49 | &nbsp;&nbsp; 24698 | 20093301 |
| 4.30%, 05/14/36<sup>(b)</sup> | &nbsp;&nbsp; 5085 | 4815383 |
| 4.40%, 11/06/42 | &nbsp;&nbsp; 11207 | 9845448 |
| 4.45%, 05/14/46 | &nbsp;&nbsp; 9458 | 8124800 |
| 4.50%, 05/14/35 | &nbsp;&nbsp; 11361 | 11004514 |
| 4.55%, 03/15/35 | &nbsp;&nbsp; 7492 | 7309762 |
| 4.63%, 10/01/42 | &nbsp;&nbsp; 2263 | 2055670 |
| 4.65%, 03/15/28 | &nbsp;&nbsp; 5275 | 5360102 |
| 4.70%, 05/14/45 | &nbsp;&nbsp; 11393 | 10200967 |
| 4.75%, 03/15/45 | &nbsp;&nbsp; 4624 | 4171623 |
| 4.80%, 03/15/27 | &nbsp;&nbsp; 11120 | 11238015 |
| 4.80%, 03/15/29 | &nbsp;&nbsp; 15500 | 15860853 |
| 4.85%, 06/15/44 | &nbsp;&nbsp; 4873 | 4473858 |
| 4.88%, 03/15/30 | &nbsp;&nbsp; 5175 | 5328310 |
| 4.88%, 11/14/48 | &nbsp;&nbsp; 8130 | 7335371 |
| 4.95%, 03/15/31 | &nbsp;&nbsp; 8245 | 8512444 |
| 5.05%, 03/15/34 | &nbsp;&nbsp; 13075 | 13318708 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.20%, 03/15/35 | &nbsp;&nbsp; $4755 | $4865150 |
| 5.35%, 03/15/44 | &nbsp;&nbsp; 3650 | 3571405 |
| 5.40%, 03/15/54 | &nbsp;&nbsp; 11010 | 10580071 |
| 5.50%, 03/15/64 | &nbsp;&nbsp; 5035 | 4826846 |
| 5.60%, 03/15/55 | &nbsp;&nbsp; 3120 | 3081741 |
| Astrazeneca Finance LLC |  |  |
| 1.75%, 05/28/28 | &nbsp;&nbsp; 6854 | 6482418 |
| 2.25%, 05/28/31 | &nbsp;&nbsp; 3887 | 3513470 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 6015 | 6087453 |
| 4.85%, 02/26/29<sup>(b)</sup> | &nbsp;&nbsp; 5275 | 5414818 |
| 4.88%, 03/03/28 | &nbsp;&nbsp; 6005 | 6140137 |
| 4.88%, 03/03/33 | &nbsp;&nbsp; 2129 | 2175738 |
| 4.90%, 03/03/30 | &nbsp;&nbsp; 3520 | 3633539 |
| 4.90%, 02/26/31 | &nbsp;&nbsp; 4675 | 4831587 |
| 5.00%, 02/26/34 | &nbsp;&nbsp; 5415 | 5533904 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | &nbsp;&nbsp; 6676 | 5861952 |
| 2.13%, 08/06/50 | &nbsp;&nbsp; 1974 | 1084327 |
| 3.00%, 05/28/51 | &nbsp;&nbsp; 3355 | 2223666 |
| 3.13%, 06/12/27 | &nbsp;&nbsp; 5516 | 5448295 |
| 4.00%, 01/17/29 | &nbsp;&nbsp; 4970 | 4971931 |
| 4.00%, 09/18/42 | &nbsp;&nbsp; 4929 | 4190088 |
| 4.38%, 11/16/45 | &nbsp;&nbsp; 4264 | 3710555 |
| 4.38%, 08/17/48 | &nbsp;&nbsp; 3902 | 3347747 |
| 6.45%, 09/15/37 | &nbsp;&nbsp; 12337 | 13913437 |
| Becton Dickinson & Co. |  |  |
| 1.96%, 02/11/31 | &nbsp;&nbsp; 5295 | 4654389 |
| 2.82%, 05/20/30 | &nbsp;&nbsp; 3947 | 3693966 |
| 3.70%, 06/06/27 | &nbsp;&nbsp; 8993 | 8925166 |
| 3.79%, 05/20/50 | &nbsp;&nbsp; 2712 | 2005330 |
| 4.30%, 08/22/32 | &nbsp;&nbsp; 3075 | 3001244 |
| 4.67%, 06/06/47 | &nbsp;&nbsp; 6142 | 5286910 |
| 4.69%, 02/13/28 | &nbsp;&nbsp; 4500 | 4557460 |
| 4.69%, 12/15/44 | &nbsp;&nbsp; 4735 | 4137607 |
| 4.87%, 02/08/29 | &nbsp;&nbsp; 3015 | 3074589 |
| 5.08%, 06/07/29 | &nbsp;&nbsp; 3790 | 3898176 |
| 5.11%, 02/08/34 | &nbsp;&nbsp; 1455 | 1472506 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13%, 11/13/27 | &nbsp;&nbsp; 4086 | 3853969 |
| 1.45%, 11/13/30 | &nbsp;&nbsp; 5485 | 4794803 |
| 2.35%, 11/13/40 | &nbsp;&nbsp; 3179 | 2185738 |
| 2.55%, 11/13/50 | &nbsp;&nbsp; 8257 | 4787328 |
| 2.95%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 6175 | 5630320 |
| 3.25%, 02/27/27 | &nbsp;&nbsp; 1975 | 1955593 |
| 3.25%, 08/01/42 | &nbsp;&nbsp; 3383 | 2548794 |
| 3.40%, 07/26/29 | &nbsp;&nbsp; 11767 | 11468383 |
| 3.45%, 11/15/27 | &nbsp;&nbsp; 3465 | 3436359 |
| 3.55%, 03/15/42 | &nbsp;&nbsp; 4665 | 3684596 |
| 3.70%, 03/15/52 | &nbsp;&nbsp; 9715 | 7006167 |
| 3.90%, 02/20/28 | &nbsp;&nbsp; 8708 | 8703209 |
| 3.90%, 03/15/62 | &nbsp;&nbsp; 5442 | 3845878 |
| 4.13%, 06/15/39 | &nbsp;&nbsp; 10486 | 9319746 |
| 4.25%, 10/26/49 | &nbsp;&nbsp; 15832 | 12675621 |
| 4.35%, 11/15/47 | &nbsp;&nbsp; 6189 | 5123646 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 1435 | 1247553 |
| 4.55%, 02/20/48 | &nbsp;&nbsp; 6711 | 5711128 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 2785 | 2458542 |
| 4.90%, 02/22/27 | &nbsp;&nbsp; 3335 | 3377325 |
| 4.90%, 02/22/29 | &nbsp;&nbsp; 5955 | 6115012 |
| 5.00%, 08/15/45 | &nbsp;&nbsp; 3200 | 2975495 |
| 5.10%, 02/22/31 | &nbsp;&nbsp; 4875 | 5073481 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 5.20%, 02/22/34 | &nbsp;&nbsp; $10870 | $11159905 |
| 5.50%, 02/22/44 | &nbsp;&nbsp; 1720 | 1703555 |
| 5.55%, 02/22/54 | &nbsp;&nbsp; 9015 | 8689737 |
| 5.65%, 02/22/64 | &nbsp;&nbsp; 7715 | 7384053 |
| 5.75%, 02/01/31 | &nbsp;&nbsp; 4225 | 4518910 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 4595 | 4946266 |
| 6.25%, 11/15/53 | &nbsp;&nbsp; 4665 | 4934020 |
| 6.40%, 11/15/63 | &nbsp;&nbsp; 4411 | 4714896 |
| Cardinal Health Inc. |  |  |
| 3.41%, 06/15/27 | &nbsp;&nbsp; 3935 | 3884255 |
| 4.37%, 06/15/47 | &nbsp;&nbsp; 2694 | 2172828 |
| 4.50%, 09/15/30 | &nbsp;&nbsp; 1725 | 1727879 |
| 4.50%, 11/15/44 | &nbsp;&nbsp; 2215 | 1840894 |
| 4.60%, 03/15/43 | &nbsp;&nbsp; 1835 | 1563237 |
| 4.70%, 11/15/26 | &nbsp;&nbsp; 1640 | 1650451 |
| 4.90%, 09/15/45 | &nbsp;&nbsp; 2627 | 2305781 |
| 5.00%, 11/15/29 | &nbsp;&nbsp; 2480 | 2539779 |
| 5.13%, 02/15/29 | &nbsp;&nbsp; 3925 | 4034674 |
| 5.15%, 09/15/35 | &nbsp;&nbsp; 2005 | 1990794 |
| 5.35%, 11/15/34 | &nbsp;&nbsp; 1920 | 1948266 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 2035 | 2089888 |
| 5.75%, 11/15/54 | &nbsp;&nbsp; 2505 | 2416845 |
| Cencora Inc. |  |  |
| 2.70%, 03/15/31 | &nbsp;&nbsp; 5210 | 4764025 |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 2097 | 1964382 |
| 3.45%, 12/15/27 | &nbsp;&nbsp; 5606 | 5521959 |
| 4.25%, 03/01/45 | &nbsp;&nbsp; 2660 | 2170371 |
| 4.30%, 12/15/47 | &nbsp;&nbsp; 2615 | 2111400 |
| 4.63%, 12/15/27 | &nbsp;&nbsp; 830 | 838151 |
| 4.85%, 12/15/29 | &nbsp;&nbsp; 2215 | 2260484 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 1265 | 1279110 |
| 5.15%, 02/15/35 | &nbsp;&nbsp; 1650 | 1663148 |
| CVS Health Corp. |  |  |
| 1.30%, 08/21/27 | &nbsp;&nbsp; 11021 | 10402550 |
| 1.75%, 08/21/30 | &nbsp;&nbsp; 5925 | 5176797 |
| 1.88%, 02/28/31 | &nbsp;&nbsp; 5665 | 4904726 |
| 2.13%, 09/15/31 | &nbsp;&nbsp; 4470 | 3858502 |
| 2.70%, 08/21/40 | &nbsp;&nbsp; 460 | 322631 |
| 3.25%, 08/15/29 | &nbsp;&nbsp; 7863 | 7521254 |
| 3.63%, 04/01/27 | &nbsp;&nbsp; 3638 | 3602681 |
| 3.75%, 04/01/30 | &nbsp;&nbsp; 5578 | 5389582 |
| 4.13%, 04/01/40 | &nbsp;&nbsp; 2951 | 2473024 |
| 4.25%, 04/01/50 | &nbsp;&nbsp; 2038 | 1538151 |
| 4.30%, 03/25/28 | &nbsp;&nbsp; 15760 | 15752302 |
| 4.78%, 03/25/38 | &nbsp;&nbsp; 21620 | 19918661 |
| 4.88%, 07/20/35 | &nbsp;&nbsp; 3299 | 3165495 |
| 5.00%, 01/30/29 | &nbsp;&nbsp; 4860 | 4956429 |
| 5.00%, 09/15/32 | &nbsp;&nbsp; 2715 | 2726999 |
| 5.05%, 03/25/48 | &nbsp;&nbsp; 34069 | 29250794 |
| 5.13%, 02/21/30 | &nbsp;&nbsp; 4685 | 4795037 |
| 5.13%, 07/20/45 | &nbsp;&nbsp; 14539 | 12784702 |
| 5.25%, 01/30/31 | &nbsp;&nbsp; 3550 | 3651216 |
| 5.25%, 02/21/33 | &nbsp;&nbsp; 7531 | 7617919 |
| 5.30%, 06/01/33 | &nbsp;&nbsp; 5411 | 5477189 |
| 5.30%, 12/05/43 | &nbsp;&nbsp; 3532 | 3214705 |
| 5.40%, 06/01/29 | &nbsp;&nbsp; 4285 | 4427269 |
| 5.45%, 09/15/35 | &nbsp;&nbsp; 4030 | 4039496 |
| 5.55%, 06/01/31 | &nbsp;&nbsp; 4655 | 4860723 |
| 5.63%, 02/21/53 | &nbsp;&nbsp; 5600 | 5115299 |
| 5.70%, 06/01/34 | &nbsp;&nbsp; 5540 | 5712847 |
| 5.88%, 06/01/53 | &nbsp;&nbsp; 5737 | 5429084 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 6.00%, 06/01/44 | &nbsp;&nbsp; $3365 | $3324665 |
| 6.00%, 06/01/63 | &nbsp;&nbsp; 3295 | 3123571 |
| 6.05%, 06/01/54 | &nbsp;&nbsp; 4525 | 4392411 |
| 6.13%, 09/15/39 | &nbsp;&nbsp; 2363 | 2425954 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 4690 | 4619507 |
| 6.25%, 06/01/27 | &nbsp;&nbsp; 1500 | 1548481 |
| 6.25%, 09/15/65 | &nbsp;&nbsp; 2500 | 2443375 |
| Eli Lilly & Co. |  |  |
| 2.25%, 05/15/50 | &nbsp;&nbsp; 7022 | 3929963 |
| 2.50%, 09/15/60 | &nbsp;&nbsp; 4655 | 2538066 |
| 3.10%, 05/15/27 | &nbsp;&nbsp; 4044 | 3991643 |
| 3.38%, 03/15/29 | &nbsp;&nbsp; 5525 | 5420507 |
| 3.70%, 03/01/45 | &nbsp;&nbsp; 4235 | 3340430 |
| 3.95%, 05/15/47 | &nbsp;&nbsp; 2708 | 2178529 |
| 3.95%, 03/15/49 | &nbsp;&nbsp; 2140 | 1689552 |
| 4.00%, 10/15/28 | &nbsp;&nbsp; 5485 | 5498247 |
| 4.15%, 08/14/27 | &nbsp;&nbsp; 4355 | 4381647 |
| 4.15%, 03/15/59 | &nbsp;&nbsp; 3151 | 2453997 |
| 4.20%, 08/14/29 | &nbsp;&nbsp; 5625 | 5670192 |
| 4.25%, 03/15/31 | &nbsp;&nbsp; 5175 | 5187557 |
| 4.50%, 02/09/27 | &nbsp;&nbsp; 5185 | 5226055 |
| 4.50%, 02/09/29 | &nbsp;&nbsp; 4665 | 4741447 |
| 4.55%, 02/12/28 | &nbsp;&nbsp; 3545 | 3598488 |
| 4.55%, 10/15/32 | &nbsp;&nbsp; 4605 | 4629702 |
| 4.60%, 08/14/34 | &nbsp;&nbsp; 5745 | 5705912 |
| 4.70%, 02/27/33 | &nbsp;&nbsp; 4130 | 4181598 |
| 4.70%, 02/09/34 | &nbsp;&nbsp; 6855 | 6875717 |
| 4.75%, 02/12/30 | &nbsp;&nbsp; 4355 | 4478807 |
| 4.88%, 02/27/53 | &nbsp;&nbsp; 4289 | 3865480 |
| 4.90%, 02/12/32 | &nbsp;&nbsp; 3165 | 3265991 |
| 4.90%, 10/15/35 | &nbsp;&nbsp; 5175 | 5198307 |
| 4.95%, 02/27/63 | &nbsp;&nbsp; 3795 | 3379129 |
| 5.00%, 02/09/54 | &nbsp;&nbsp; 5445 | 4987052 |
| 5.05%, 08/14/54 | &nbsp;&nbsp; 4475 | 4143838 |
| 5.10%, 02/12/35 | &nbsp;&nbsp; 4915 | 5031234 |
| 5.10%, 02/09/64 | &nbsp;&nbsp; 5780 | 5259080 |
| 5.20%, 08/14/64 | &nbsp;&nbsp; 2435 | 2251122 |
| 5.50%, 03/15/27 | &nbsp;&nbsp; 960 | 983412 |
| 5.50%, 02/12/55 | &nbsp;&nbsp; 3240 | 3201252 |
| 5.55%, 03/15/37 | &nbsp;&nbsp; 3000 | 3187893 |
| 5.55%, 10/15/55 | &nbsp;&nbsp; 1155 | 1147011 |
| 5.60%, 02/12/65 | &nbsp;&nbsp; 4030 | 3994876 |
| 5.65%, 10/15/65 | &nbsp;&nbsp; 2445 | 2426770 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | &nbsp;&nbsp; 9438 | 9433622 |
| 4.20%, 03/18/43 | &nbsp;&nbsp; 3504 | 3009354 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 2020 | 2043921 |
| 4.88%, 04/15/35 | &nbsp;&nbsp; 1900 | 1898950 |
| 5.38%, 04/15/34 | &nbsp;&nbsp; 3006 | 3147653 |
| 6.38%, 05/15/38 | &nbsp;&nbsp; 11333 | 12612477 |
| GlaxoSmithKline Capital PLC |  |  |
| 3.38%, 06/01/29 | &nbsp;&nbsp; 5853 | 5714062 |
| 4.32%, 03/12/27 | &nbsp;&nbsp; 1830 | 1841366 |
| Johnson & Johnson |  |  |
| 0.95%, 09/01/27 | &nbsp;&nbsp; 4886 | 4632212 |
| 1.30%, 09/01/30 | &nbsp;&nbsp; 7173 | 6319587 |
| 2.10%, 09/01/40 | &nbsp;&nbsp; 4816 | 3341287 |
| 2.25%, 09/01/50<sup>(b)</sup> | &nbsp;&nbsp; 4501 | 2602666 |
| 2.45%, 09/01/60<sup>(b)</sup> | &nbsp;&nbsp; 5493 | 3009152 |
| 2.90%, 01/15/28 | &nbsp;&nbsp; 8991 | 8825211 |
| 2.95%, 03/03/27 | &nbsp;&nbsp; 3905 | 3858053 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| 3.40%, 01/15/38 | &nbsp;&nbsp; $4785 | $4139492 |
| 3.50%, 01/15/48 | &nbsp;&nbsp; 3285 | 2495992 |
| 3.55%, 03/01/36 | &nbsp;&nbsp; 4796 | 4335786 |
| 3.63%, 03/03/37 | &nbsp;&nbsp; 6896 | 6189039 |
| 3.70%, 03/01/46 | &nbsp;&nbsp; 9009 | 7197224 |
| 3.75%, 03/03/47 | &nbsp;&nbsp; 4636 | 3704933 |
| 4.38%, 12/05/33 | &nbsp;&nbsp; 4008 | 4019031 |
| 4.50%, 03/01/27 | &nbsp;&nbsp; 4600 | 4645650 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 2722 | 2603595 |
| 4.50%, 12/05/43 | &nbsp;&nbsp; 1938 | 1791052 |
| 4.55%, 03/01/28 | &nbsp;&nbsp; 2650 | 2699819 |
| 4.70%, 03/01/30 | &nbsp;&nbsp; 3820 | 3934814 |
| 4.80%, 06/01/29 | &nbsp;&nbsp; 5030 | 5189990 |
| 4.85%, 03/01/32 | &nbsp;&nbsp; 3570 | 3697096 |
| 4.85%, 05/15/41 | &nbsp;&nbsp; 1567 | 1526227 |
| 4.90%, 06/01/31 | &nbsp;&nbsp; 5770 | 6025276 |
| 4.95%, 05/15/33 | &nbsp;&nbsp; 2384 | 2481981 |
| 4.95%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 3915 | 4090422 |
| 5.00%, 03/01/35 | &nbsp;&nbsp; 4430 | 4554016 |
| 5.25%, 06/01/54<sup>(b)</sup> | &nbsp;&nbsp; 3470 | 3422536 |
| 5.85%, 07/15/38 | &nbsp;&nbsp; 3433 | 3754763 |
| 5.95%, 08/15/37 | &nbsp;&nbsp; 4304 | 4757640 |
| 6.95%, 09/01/29 | &nbsp;&nbsp; 2873 | 3204009 |
| McKesson Corp. |  |  |
| 3.95%, 02/16/28 | &nbsp;&nbsp; 3202 | 3195590 |
| 4.25%, 09/15/29 | &nbsp;&nbsp; 2460 | 2468625 |
| 4.65%, 05/30/30 | &nbsp;&nbsp; 3230 | 3282532 |
| 4.90%, 07/15/28 | &nbsp;&nbsp; 2971 | 3035702 |
| 4.95%, 05/30/32 | &nbsp;&nbsp; 3740 | 3813669 |
| 5.10%, 07/15/33 | &nbsp;&nbsp; 2140 | 2193494 |
| 5.25%, 05/30/35 | &nbsp;&nbsp; 3150 | 3207217 |
| Mead Johnson Nutrition Co. |  |  |
| 4.60%, 06/01/44 | &nbsp;&nbsp; 3343 | 2939011 |
| 5.90%, 11/01/39 | &nbsp;&nbsp; 1585 | 1667837 |
| Merck & Co. Inc. |  |  |
| 1.45%, 06/24/30 | &nbsp;&nbsp; 5399 | 4770047 |
| 1.70%, 06/10/27 | &nbsp;&nbsp; 8850 | 8528129 |
| 1.90%, 12/10/28 | &nbsp;&nbsp; 5399 | 5067663 |
| 2.15%, 12/10/31<sup>(b)</sup> | &nbsp;&nbsp; 9445 | 8306928 |
| 2.35%, 06/24/40<sup>(b)</sup> | &nbsp;&nbsp; 5751 | 4047409 |
| 2.45%, 06/24/50 | &nbsp;&nbsp; 5575 | 3212513 |
| 2.75%, 12/10/51 | &nbsp;&nbsp; 8945 | 5423799 |
| 2.90%, 12/10/61 | &nbsp;&nbsp; 7036 | 4049458 |
| 3.40%, 03/07/29 | &nbsp;&nbsp; 8511 | 8347106 |
| 3.60%, 09/15/42 | &nbsp;&nbsp; 2450 | 1941777 |
| 3.70%, 02/10/45 | &nbsp;&nbsp; 8639 | 6763714 |
| 3.90%, 03/07/39 | &nbsp;&nbsp; 4405 | 3877432 |
| 4.00%, 03/07/49 | &nbsp;&nbsp; 6693 | 5264199 |
| 4.05%, 05/17/28 | &nbsp;&nbsp; 3210 | 3226061 |
| 4.15%, 05/18/43 | &nbsp;&nbsp; 5422 | 4605713 |
| 4.30%, 05/17/30 | &nbsp;&nbsp; 4524 | 4563759 |
| 4.50%, 05/17/33 | &nbsp;&nbsp; 3630 | 3629700 |
| 4.90%, 05/17/44 | &nbsp;&nbsp; 3340 | 3108655 |
| 5.00%, 05/17/53 | &nbsp;&nbsp; 6820 | 6179870 |
| 5.15%, 05/17/63 | &nbsp;&nbsp; 2905 | 2634644 |
| 6.50%, 12/01/33 | &nbsp;&nbsp; 2698 | 3051591 |
| 6.55%, 09/15/37 | &nbsp;&nbsp; 2100 | 2387979 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.75%, 11/15/36 | &nbsp;&nbsp; 2095 | 2239959 |
| 5.95%, 12/01/28 | &nbsp;&nbsp; 1488 | 1577742 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Mylan Inc. |  |  |
| 4.55%, 04/15/28 | &nbsp;&nbsp; $3475 | $3453040 |
| 5.20%, 04/15/48 | &nbsp;&nbsp; 3275 | 2625360 |
| 5.40%, 11/29/43 | &nbsp;&nbsp; 2239 | 1893227 |
| Novartis Capital Corp. |  |  |
| 2.00%, 02/14/27 | &nbsp;&nbsp; 7131 | 6950412 |
| 2.20%, 08/14/30 | &nbsp;&nbsp; 5808 | 5331056 |
| 2.75%, 08/14/50 | &nbsp;&nbsp; 6138 | 3867713 |
| 3.10%, 05/17/27 | &nbsp;&nbsp; 4449 | 4394672 |
| 3.70%, 09/21/42 | &nbsp;&nbsp; 2970 | 2420634 |
| 3.80%, 09/18/29 | &nbsp;&nbsp; 4055 | 4041691 |
| 4.00%, 09/18/31 | &nbsp;&nbsp; 3935 | 3906955 |
| 4.00%, 11/20/45 | &nbsp;&nbsp; 5571 | 4590890 |
| 4.20%, 09/18/34<sup>(b)</sup> | &nbsp;&nbsp; 3705 | 3586530 |
| 4.40%, 05/06/44 | &nbsp;&nbsp; 8438 | 7468899 |
| 4.70%, 09/18/54 | &nbsp;&nbsp; 2165 | 1911869 |
| Pfizer Inc. |  |  |
| 1.70%, 05/28/30 | &nbsp;&nbsp; 5936 | 5314882 |
| 1.75%, 08/18/31 | &nbsp;&nbsp; 5160 | 4503414 |
| 2.55%, 05/28/40 | &nbsp;&nbsp; 5010 | 3613632 |
| 2.63%, 04/01/30 | &nbsp;&nbsp; 6173 | 5794463 |
| 2.70%, 05/28/50 | &nbsp;&nbsp; 5620 | 3431891 |
| 3.00%, 12/15/26 | &nbsp;&nbsp; 8990 | 8888941 |
| 3.45%, 03/15/29 | &nbsp;&nbsp; 8523 | 8392632 |
| 3.60%, 09/15/28 | &nbsp;&nbsp; 4603 | 4576753 |
| 3.90%, 03/15/39 | &nbsp;&nbsp; 3698 | 3224800 |
| 4.00%, 12/15/36<sup>(b)</sup> | &nbsp;&nbsp; 4742 | 4359623 |
| 4.00%, 03/15/49 | &nbsp;&nbsp; 7347 | 5741226 |
| 4.10%, 09/15/38 | &nbsp;&nbsp; 3567 | 3205754 |
| 4.13%, 12/15/46<sup>(b)</sup> | &nbsp;&nbsp; 5822 | 4728913 |
| 4.20%, 09/15/48 | &nbsp;&nbsp; 5590 | 4559820 |
| 4.30%, 06/15/43 | &nbsp;&nbsp; 3318 | 2845117 |
| 4.40%, 05/15/44 | &nbsp;&nbsp; 5154 | 4490174 |
| 5.60%, 09/15/40 | &nbsp;&nbsp; 3489 | 3577280 |
| 7.20%, 03/15/39 | &nbsp;&nbsp; 11043 | 13084127 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| 4.45%, 05/19/28 | &nbsp;&nbsp; 17955 | 18161385 |
| 4.65%, 05/19/30 | &nbsp;&nbsp; 8355 | 8511550 |
| 4.75%, 05/19/33 | &nbsp;&nbsp; 22116 | 22167537 |
| 5.11%, 05/19/43 | &nbsp;&nbsp; 7450 | 7047765 |
| 5.30%, 05/19/53 | &nbsp;&nbsp; 26355 | 24545327 |
| 5.34%, 05/19/63 | &nbsp;&nbsp; 11874 | 10808496 |
| Pharmacia LLC, 6.60%, 12/01/28 | &nbsp;&nbsp; 6449 | 6937591 |
| Sanofi SA, 3.63%, 06/19/28 | &nbsp;&nbsp; 6686 | 6648543 |
| Shire Acquisitions Investments Ireland DAC, <br> 3.20%, 09/23/26<br>| &nbsp;&nbsp; 693 | 685698 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 2.05%, 03/31/30 | &nbsp;&nbsp; 11233 | 10183506 |
| 3.03%, 07/09/40 | &nbsp;&nbsp; 6331 | 4767285 |
| 3.18%, 07/09/50 | &nbsp;&nbsp; 8970 | 5850696 |
| 3.38%, 07/09/60 | &nbsp;&nbsp; 4246 | 2679238 |
| 5.00%, 11/26/28 | &nbsp;&nbsp; 8456 | 8647568 |
| 5.30%, 07/05/34 | &nbsp;&nbsp; 3240 | 3311145 |
| 5.65%, 07/05/44 | &nbsp;&nbsp; 2670 | 2671351 |
| 5.65%, 07/05/54 | &nbsp;&nbsp; 2970 | 2874542 |
| 5.80%, 07/05/64 | &nbsp;&nbsp; 2255 | 2187645 |
| Takeda U.S. Financing Inc. |  |  |
| 5.20%, 07/07/35 | &nbsp;&nbsp; 5210 | 5231876 |
| 5.90%, 07/07/55 | &nbsp;&nbsp; 6600 | 6577421 |
| Utah Acquisition Sub Inc., 5.25%, 06/15/46 | &nbsp;&nbsp; 4417 | 3601671 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | &nbsp;&nbsp; $3953 | $3795475 |
| 2.70%, 06/22/30 | &nbsp;&nbsp; 5975 | 5367917 |
| 3.85%, 06/22/40 | &nbsp;&nbsp; 6566 | 4913014 |
| 4.00%, 06/22/50 | &nbsp;&nbsp; 8401 | 5537724 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | &nbsp;&nbsp; 9128 | 9727213 |
| 6.00%, 02/15/36 | &nbsp;&nbsp; 2619 | 2826021 |
| 6.50%, 02/01/34 | &nbsp;&nbsp; 3934 | 4399423 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | &nbsp;&nbsp; 4765 | 4321666 |
| 3.00%, 09/12/27 | &nbsp;&nbsp; 5071 | 4972187 |
| 3.00%, 05/15/50 | &nbsp;&nbsp; 2610 | 1690112 |
| 3.90%, 08/20/28 | &nbsp;&nbsp; 3489 | 3483837 |
| 3.95%, 09/12/47 | &nbsp;&nbsp; 2474 | 1949992 |
| 4.15%, 08/17/28 | &nbsp;&nbsp; 2310 | 2315915 |
| 4.45%, 08/20/48 | &nbsp;&nbsp; 2114 | 1778372 |
| 4.70%, 02/01/43 | &nbsp;&nbsp; 5210 | 4706837 |
| 5.00%, 08/17/35 | &nbsp;&nbsp; 2250 | 2240578 |
| 5.60%, 11/16/32 | &nbsp;&nbsp; 1985 | 2101916 |
|  |  | 1607358649 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Boardwalk Pipelines LP |  |  |
| 3.40%, 02/15/31 | &nbsp;&nbsp; 1932 | 1799176 |
| 3.60%, 09/01/32 | &nbsp;&nbsp; 1910 | 1749025 |
| 4.45%, 07/15/27 | &nbsp;&nbsp; 1847 | 1850247 |
| 4.80%, 05/03/29 | &nbsp;&nbsp; 3181 | 3226559 |
| 5.63%, 08/01/34 | &nbsp;&nbsp; 2135 | 2185710 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.74%, 12/31/39 | &nbsp;&nbsp; 3025 | 2487271 |
| 3.70%, 11/15/29 | &nbsp;&nbsp; 5645 | 5484735 |
| 5.13%, 06/30/27 | &nbsp;&nbsp; 4757 | 4807257 |
| Cheniere Energy Inc. |  |  |
| 4.63%, 10/15/28 | &nbsp;&nbsp; 5162 | 5156749 |
| 5.65%, 04/15/34 | &nbsp;&nbsp; 5790 | 5909912 |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/32 | &nbsp;&nbsp; 6157 | 5572256 |
| 4.00%, 03/01/31 | &nbsp;&nbsp; 4749 | 4578182 |
| 4.50%, 10/01/29 | &nbsp;&nbsp; 8490 | 8470287 |
| 5.55%, 10/30/35<sup>(c)</sup> | &nbsp;&nbsp; 1935 | 1953586 |
| 5.75%, 08/15/34 | &nbsp;&nbsp; 4755 | 4882473 |
| 5.95%, 06/30/33 | &nbsp;&nbsp; 4499 | 4711917 |
| Columbia Pipeline Group Inc., 5.80%, <br> 06/01/45<br>| &nbsp;&nbsp; 2992 | 2930150 |
| DCP Midstream Operating LP |  |  |
| 3.25%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 1805 | 1623452 |
| 5.13%, 05/15/29 | &nbsp;&nbsp; 200 | 204343 |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 1655 | 1546671 |
| 5.63%, 07/15/27 | &nbsp;&nbsp; 140 | 142941 |
| 8.13%, 08/16/30 | &nbsp;&nbsp; 1840 | 2112982 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/54 | &nbsp;&nbsp; 2585 | 2463131 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 2115 | 2204315 |
| 6.20%, 01/15/55 | &nbsp;&nbsp; 970 | 992366 |
| Eastern Gas Transmission & Storage Inc. |  |  |
| 3.00%, 11/15/29 | &nbsp;&nbsp; 3394 | 3228455 |
| 4.60%, 12/15/44 | &nbsp;&nbsp; 2881 | 2442087 |
| 4.80%, 11/01/43 | &nbsp;&nbsp; 2598 | 2272815 |
| Enbridge Energy Partners LP |  |  |
| 5.50%, 09/15/40 | &nbsp;&nbsp; 3060 | 2984813 |
| 7.38%, 10/15/45 | &nbsp;&nbsp; 3074 | 3536977 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Series B, 7.50%, 04/15/38 | &nbsp;&nbsp; $2515 | $2935319 |
| Enbridge Inc. |  |  |
| 1.60%, 10/04/26 | &nbsp;&nbsp; 2973 | 2888917 |
| 2.50%, 08/01/33 | &nbsp;&nbsp; 4690 | 3940235 |
| 3.13%, 11/15/29 | &nbsp;&nbsp; 4805 | 4576833 |
| 3.40%, 08/01/51 | &nbsp;&nbsp; 3260 | 2149847 |
| 3.70%, 07/15/27 | &nbsp;&nbsp; 4002 | 3966006 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 2218 | 1640646 |
| 4.25%, 12/01/26 | &nbsp;&nbsp; 5621 | 5619812 |
| 4.50%, 06/10/44 | &nbsp;&nbsp; 1823 | 1519563 |
| 4.60%, 06/20/28 | &nbsp;&nbsp; 1520 | 1535894 |
| 4.90%, 06/20/30<sup>(b)</sup> | &nbsp;&nbsp; 2710 | 2766052 |
| 5.25%, 04/05/27 | &nbsp;&nbsp; 2300 | 2337101 |
| 5.30%, 04/05/29 | &nbsp;&nbsp; 2165 | 2232997 |
| 5.50%, 12/01/46 | &nbsp;&nbsp; 1156 | 1109819 |
| 5.55%, 06/20/35 | &nbsp;&nbsp; 3395 | 3458321 |
| 5.63%, 04/05/34 | &nbsp;&nbsp; 5220 | 5385273 |
| 5.70%, 03/08/33 | &nbsp;&nbsp; 10125 | 10555165 |
| 5.90%, 11/15/26 | &nbsp;&nbsp; 3560 | 3622587 |
| 5.95%, 04/05/54 | &nbsp;&nbsp; 3770 | 3720392 |
| 6.00%, 11/15/28 | &nbsp;&nbsp; 3130 | 3298087 |
| 6.20%, 11/15/30 | &nbsp;&nbsp; 2515 | 2707075 |
| 6.70%, 11/15/53 | &nbsp;&nbsp; 4319 | 4650890 |
| 7.20%, 06/27/54, (5-year CMT + 2.970%)<sup>(a)</sup> | &nbsp;&nbsp; 2921 | 3038540 |
| 7.38%, 03/15/55, (5-year CMT + 3.122%)<sup>(a)</sup> | &nbsp;&nbsp; 160 | 168225 |
| Energy Transfer LP |  |  |
| 3.75%, 05/15/30 | &nbsp;&nbsp; 6046 | 5855769 |
| 4.00%, 10/01/27 | &nbsp;&nbsp; 4246 | 4224827 |
| 4.15%, 09/15/29 | &nbsp;&nbsp; 3142 | 3112795 |
| 4.20%, 04/15/27 | &nbsp;&nbsp; 2897 | 2893580 |
| 4.40%, 03/15/27 | &nbsp;&nbsp; 3899 | 3906311 |
| 4.90%, 03/15/35 | &nbsp;&nbsp; 2375 | 2283625 |
| 4.95%, 05/15/28 | &nbsp;&nbsp; 4183 | 4250593 |
| 4.95%, 06/15/28 | &nbsp;&nbsp; 5019 | 5103672 |
| 4.95%, 01/15/43<sup>(b)</sup> | &nbsp;&nbsp; 2645 | 2288602 |
| 5.00%, 05/15/44 | &nbsp;&nbsp; 2025 | 1748681 |
| 5.00%, 05/15/50 | &nbsp;&nbsp; 9129 | 7585550 |
| 5.15%, 02/01/43 | &nbsp;&nbsp; 2611 | 2317097 |
| 5.15%, 03/15/45 | &nbsp;&nbsp; 3382 | 2974920 |
| 5.20%, 04/01/30 | &nbsp;&nbsp; 3000 | 3085072 |
| 5.25%, 04/15/29 | &nbsp;&nbsp; 6437 | 6617114 |
| 5.25%, 07/01/29 | &nbsp;&nbsp; 3890 | 4008587 |
| 5.30%, 04/01/44 | &nbsp;&nbsp; 3839 | 3438232 |
| 5.30%, 04/15/47 | &nbsp;&nbsp; 4235 | 3733439 |
| 5.35%, 05/15/45 | &nbsp;&nbsp; 4208 | 3770117 |
| 5.40%, 10/01/47 | &nbsp;&nbsp; 6073 | 5407174 |
| 5.50%, 06/01/27 | &nbsp;&nbsp; 4388 | 4464407 |
| 5.55%, 02/15/28 | &nbsp;&nbsp; 4790 | 4931809 |
| 5.55%, 05/15/34 | &nbsp;&nbsp; 5585 | 5674373 |
| 5.60%, 09/01/34 | &nbsp;&nbsp; 5355 | 5440643 |
| 5.70%, 04/01/35 | &nbsp;&nbsp; 1230 | 1253137 |
| 5.75%, 02/15/33 | &nbsp;&nbsp; 6805 | 7073587 |
| 5.95%, 10/01/43 | &nbsp;&nbsp; 1714 | 1664393 |
| 5.95%, 05/15/54 | &nbsp;&nbsp; 6904 | 6478125 |
| 6.00%, 06/15/48 | &nbsp;&nbsp; 4955 | 4757532 |
| 6.05%, 12/01/26 | &nbsp;&nbsp; 5300 | 5402770 |
| 6.05%, 06/01/41 | &nbsp;&nbsp; 2954 | 2951359 |
| 6.05%, 09/01/54 | &nbsp;&nbsp; 4985 | 4740804 |
| 6.10%, 12/01/28 | &nbsp;&nbsp; 1895 | 1995345 |
| 6.10%, 02/15/42 | &nbsp;&nbsp; 2035 | 2030385 |
| 6.13%, 12/15/45 | &nbsp;&nbsp; 4623 | 4547353 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.20%, 04/01/55 | &nbsp;&nbsp; $1770 | $1719018 |
| 6.25%, 04/15/49 | &nbsp;&nbsp; 8059 | 7901034 |
| 6.40%, 12/01/30 | &nbsp;&nbsp; 3690 | 3991623 |
| 6.50%, 02/01/42 | &nbsp;&nbsp; 3437 | 3567972 |
| 6.55%, 12/01/33 | &nbsp;&nbsp; 6651 | 7209830 |
| 6.63%, 10/15/36 | &nbsp;&nbsp; 2395 | 2579985 |
| 7.50%, 07/01/38 | &nbsp;&nbsp; 2610 | 2996536 |
| Series 20Y, 5.80%, 06/15/38 | &nbsp;&nbsp; 2874 | 2896228 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | &nbsp;&nbsp; 5291 | 4992898 |
| 3.13%, 07/31/29<sup>(b)</sup> | &nbsp;&nbsp; 6616 | 6372786 |
| 3.20%, 02/15/52 | &nbsp;&nbsp; 5170 | 3359871 |
| 3.30%, 02/15/53 | &nbsp;&nbsp; 4065 | 2663721 |
| 3.70%, 01/31/51 | &nbsp;&nbsp; 5082 | 3641316 |
| 3.95%, 02/15/27 | &nbsp;&nbsp; 4847 | 4838177 |
| 3.95%, 01/31/60 | &nbsp;&nbsp; 4709 | 3388856 |
| 4.15%, 10/16/28 | &nbsp;&nbsp; 5046 | 5066342 |
| 4.20%, 01/31/50 | &nbsp;&nbsp; 5820 | 4578966 |
| 4.25%, 02/15/48 | &nbsp;&nbsp; 5825 | 4703013 |
| 4.30%, 06/20/28 | &nbsp;&nbsp; 3225 | 3247089 |
| 4.45%, 02/15/43 | &nbsp;&nbsp; 5191 | 4477949 |
| 4.60%, 01/11/27 | &nbsp;&nbsp; 4050 | 4075450 |
| 4.60%, 01/15/31 | &nbsp;&nbsp; 6460 | 6522564 |
| 4.80%, 02/01/49 | &nbsp;&nbsp; 5858 | 5067387 |
| 4.85%, 01/31/34 | &nbsp;&nbsp; 2950 | 2945736 |
| 4.85%, 08/15/42 | &nbsp;&nbsp; 3854 | 3499515 |
| 4.85%, 03/15/44 | &nbsp;&nbsp; 5697 | 5145914 |
| 4.90%, 05/15/46 | &nbsp;&nbsp; 4777 | 4278436 |
| 4.95%, 02/15/35 | &nbsp;&nbsp; 5230 | 5220463 |
| 4.95%, 10/15/54 | &nbsp;&nbsp; 2127 | 1843021 |
| 5.10%, 02/15/45 | &nbsp;&nbsp; 5669 | 5241309 |
| 5.20%, 01/15/36 | &nbsp;&nbsp; 6520 | 6572051 |
| 5.35%, 01/31/33 | &nbsp;&nbsp; 4687 | 4860207 |
| 5.38%, 02/15/78, (3-mo. CME Term SOFR <br> + 2.832%)<sup>(a)</sup><br>| &nbsp;&nbsp; 3385 | 3347760 |
| 5.55%, 02/16/55 | &nbsp;&nbsp; 3390 | 3236407 |
| 5.70%, 02/15/42 | &nbsp;&nbsp; 2167 | 2176011 |
| 5.95%, 02/01/41 | &nbsp;&nbsp; 3389 | 3509837 |
| 6.13%, 10/15/39 | &nbsp;&nbsp; 3112 | 3317352 |
| 6.45%, 09/01/40 | &nbsp;&nbsp; 2690 | 2951243 |
| 7.55%, 04/15/38 | &nbsp;&nbsp; 2769 | 3282385 |
| Series D, 6.88%, 03/01/33 | &nbsp;&nbsp; 1860 | 2093356 |
| Series E, 5.25%, 08/16/77, (3-mo. CME <br> Term SOFR + 3.295%)<sup>(a)</sup><br>| &nbsp;&nbsp; 4416 | 4378419 |
| Series H, 6.65%, 10/15/34 | &nbsp;&nbsp; 2370 | 2669195 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.70%, 11/01/42 | &nbsp;&nbsp; 2452 | 2108727 |
| 5.00%, 08/15/42 | &nbsp;&nbsp; 2935 | 2628466 |
| 5.00%, 03/01/43 | &nbsp;&nbsp; 2650 | 2371655 |
| 5.40%, 09/01/44 | &nbsp;&nbsp; 2590 | 2399131 |
| 5.50%, 03/01/44<sup>(b)</sup> | &nbsp;&nbsp; 3095 | 2915070 |
| 5.63%, 09/01/41 | &nbsp;&nbsp; 2032 | 1971324 |
| 5.80%, 03/15/35 | &nbsp;&nbsp; 2466 | 2543904 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 2836 | 2966942 |
| 6.50%, 02/01/37 | &nbsp;&nbsp; 2001 | 2137621 |
| 6.50%, 09/01/39 | &nbsp;&nbsp; 3002 | 3211635 |
| 6.55%, 09/15/40 | &nbsp;&nbsp; 2338 | 2500378 |
| 6.95%, 01/15/38 | &nbsp;&nbsp; 5853 | 6511845 |
| 7.30%, 08/15/33 | &nbsp;&nbsp; 2485 | 2811347 |
| 7.40%, 03/15/31 | &nbsp;&nbsp; 1261 | 1424960 |
| 7.50%, 11/15/40 | &nbsp;&nbsp; 2014 | 2340682 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 7.75%, 03/15/32 | &nbsp;&nbsp; $1666 | $1928236 |
| Kinder Morgan Inc. |  |  |
| 1.75%, 11/15/26 | &nbsp;&nbsp; 3260 | 3165951 |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 2400 | 2114463 |
| 3.25%, 08/01/50 | &nbsp;&nbsp; 2737 | 1741481 |
| 3.60%, 02/15/51 | &nbsp;&nbsp; 3900 | 2652715 |
| 4.30%, 03/01/28 | &nbsp;&nbsp; 7001 | 7027200 |
| 4.80%, 02/01/33 | &nbsp;&nbsp; 3936 | 3891982 |
| 5.00%, 02/01/29 | &nbsp;&nbsp; 4800 | 4903548 |
| 5.05%, 02/15/46 | &nbsp;&nbsp; 3133 | 2753673 |
| 5.10%, 08/01/29 | &nbsp;&nbsp; 2970 | 3050538 |
| 5.15%, 06/01/30 | &nbsp;&nbsp; 965 | 993079 |
| 5.20%, 06/01/33 | &nbsp;&nbsp; 4635 | 4688941 |
| 5.20%, 03/01/48 | &nbsp;&nbsp; 3893 | 3471745 |
| 5.30%, 12/01/34 | &nbsp;&nbsp; 3923 | 3946286 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 4650 | 4733051 |
| 5.45%, 08/01/52 | &nbsp;&nbsp; 3710 | 3365644 |
| 5.55%, 06/01/45 | &nbsp;&nbsp; 7090 | 6669425 |
| 5.85%, 06/01/35 | &nbsp;&nbsp; 990 | 1028504 |
| 5.95%, 08/01/54 | &nbsp;&nbsp; 2655 | 2578213 |
| 7.75%, 01/15/32 | &nbsp;&nbsp; 4689 | 5413902 |
| 7.80%, 08/01/31 | &nbsp;&nbsp; 2672 | 3091761 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | &nbsp;&nbsp; 6738 | 6159403 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 6125 | 6089693 |
| 4.13%, 03/01/27 | &nbsp;&nbsp; 6642 | 6625410 |
| 4.25%, 12/01/27 | &nbsp;&nbsp; 4247 | 4248824 |
| 4.50%, 04/15/38 | &nbsp;&nbsp; 8745 | 7786172 |
| 4.70%, 04/15/48 | &nbsp;&nbsp; 7144 | 5790015 |
| 4.80%, 02/15/29 | &nbsp;&nbsp; 4455 | 4513782 |
| 4.80%, 02/15/31 | &nbsp;&nbsp; 3280 | 3281933 |
| 4.90%, 04/15/58 | &nbsp;&nbsp; 1774 | 1424498 |
| 4.95%, 09/01/32 | &nbsp;&nbsp; 4465 | 4437570 |
| 4.95%, 03/14/52 | &nbsp;&nbsp; 7100 | 5842386 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 3000 | 2974168 |
| 5.00%, 03/01/33 | &nbsp;&nbsp; 3455 | 3423150 |
| 5.20%, 03/01/47 | &nbsp;&nbsp; 5048 | 4392870 |
| 5.20%, 12/01/47 | &nbsp;&nbsp; 2926 | 2533160 |
| 5.40%, 04/01/35 | &nbsp;&nbsp; 2865 | 2847240 |
| 5.40%, 09/15/35 | &nbsp;&nbsp; 4315 | 4260588 |
| 5.50%, 06/01/34 | &nbsp;&nbsp; 5725 | 5769964 |
| 5.50%, 02/15/49 | &nbsp;&nbsp; 7421 | 6674407 |
| 5.65%, 03/01/53 | &nbsp;&nbsp; 2150 | 1952517 |
| 5.95%, 04/01/55 | &nbsp;&nbsp; 2825 | 2663162 |
| 6.20%, 09/15/55 | &nbsp;&nbsp; 3660 | 3563450 |
| Northwest Pipeline LLC, 4.00%, 04/01/27 | &nbsp;&nbsp; 2924 | 2913353 |
| ONEOK Inc. |  |  |
| 3.10%, 03/15/30 | &nbsp;&nbsp; 2933 | 2764151 |
| 3.25%, 06/01/30 | &nbsp;&nbsp; 2367 | 2237930 |
| 3.40%, 09/01/29 | &nbsp;&nbsp; 3568 | 3428763 |
| 3.95%, 03/01/50 | &nbsp;&nbsp; 4729 | 3346972 |
| 4.00%, 07/13/27 | &nbsp;&nbsp; 3096 | 3084432 |
| 4.20%, 10/03/47 | &nbsp;&nbsp; 2928 | 2204534 |
| 4.25%, 09/24/27 | &nbsp;&nbsp; 1670 | 1671754 |
| 4.25%, 09/15/46 | &nbsp;&nbsp; 2218 | 1685765 |
| 4.35%, 03/15/29 | &nbsp;&nbsp; 3393 | 3386209 |
| 4.40%, 10/15/29 | &nbsp;&nbsp; 750 | 749434 |
| 4.45%, 09/01/49 | &nbsp;&nbsp; 3088 | 2406793 |
| 4.50%, 03/15/50 | &nbsp;&nbsp; 2506 | 1956098 |
| 4.55%, 07/15/28 | &nbsp;&nbsp; 4456 | 4490145 |
| 4.75%, 10/15/31 | &nbsp;&nbsp; 5985 | 5985099 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.85%, 02/01/49 | &nbsp;&nbsp; $2738 | $2232356 |
| 4.95%, 10/15/32 | &nbsp;&nbsp; 2000 | 1987814 |
| 4.95%, 07/13/47 | &nbsp;&nbsp; 3415 | 2899620 |
| 5.05%, 11/01/34 | &nbsp;&nbsp; 6650 | 6486170 |
| 5.05%, 04/01/45 | &nbsp;&nbsp; 1610 | 1394081 |
| 5.15%, 10/15/43<sup>(b)</sup> | &nbsp;&nbsp; 3141 | 2785423 |
| 5.20%, 07/15/48 | &nbsp;&nbsp; 4534 | 3958905 |
| 5.38%, 06/01/29 | &nbsp;&nbsp; 990 | 1018948 |
| 5.40%, 10/15/35 | &nbsp;&nbsp; 2240 | 2219460 |
| 5.45%, 06/01/47 | &nbsp;&nbsp; 1575 | 1406370 |
| 5.55%, 11/01/26 | &nbsp;&nbsp; 4815 | 4872838 |
| 5.60%, 04/01/44 | &nbsp;&nbsp; 1820 | 1686689 |
| 5.65%, 11/01/28 | &nbsp;&nbsp; 3690 | 3833085 |
| 5.65%, 09/01/34 | &nbsp;&nbsp; 1410 | 1433860 |
| 5.70%, 11/01/54 | &nbsp;&nbsp; 4050 | 3691557 |
| 5.80%, 11/01/30 | &nbsp;&nbsp; 2400 | 2524135 |
| 5.85%, 11/01/64 | &nbsp;&nbsp; 1655 | 1511484 |
| 6.00%, 06/15/35 | &nbsp;&nbsp; 1299 | 1345469 |
| 6.05%, 09/01/33 | &nbsp;&nbsp; 6925 | 7282550 |
| 6.10%, 11/15/32 | &nbsp;&nbsp; 2555 | 2715022 |
| 6.25%, 10/15/55 | &nbsp;&nbsp; 5870 | 5736208 |
| 6.35%, 01/15/31 | &nbsp;&nbsp; 2890 | 3101275 |
| 6.63%, 09/01/53 | &nbsp;&nbsp; 5425 | 5565422 |
| 7.15%, 01/15/51 | &nbsp;&nbsp; 2125 | 2282659 |
| ONEOK Partners LP |  |  |
| 6.13%, 02/01/41 | &nbsp;&nbsp; 3006 | 3031239 |
| 6.20%, 09/15/43 | &nbsp;&nbsp; 1992 | 1994842 |
| 6.65%, 10/01/36 | &nbsp;&nbsp; 3293 | 3556518 |
| 6.85%, 10/15/37 | &nbsp;&nbsp; 2515 | 2743767 |
| Plains All American Pipeline LP, 5.95%, <br> 06/15/35<br>| &nbsp;&nbsp; 3545 | 3650540 |
| Plains All American Pipeline LP/PAA <br> Finance Corp.<br>|  |  |
| 3.55%, 12/15/29 | &nbsp;&nbsp; 4223 | 4071200 |
| 3.80%, 09/15/30 | &nbsp;&nbsp; 3804 | 3669221 |
| 4.30%, 01/31/43 | &nbsp;&nbsp; 1922 | 1522933 |
| 4.50%, 12/15/26 | &nbsp;&nbsp; 5719 | 5723253 |
| 4.70%, 06/15/44 | &nbsp;&nbsp; 3250 | 2687558 |
| 4.90%, 02/15/45 | &nbsp;&nbsp; 3166 | 2687815 |
| 5.15%, 06/01/42 | &nbsp;&nbsp; 2594 | 2315131 |
| 5.70%, 09/15/34 | &nbsp;&nbsp; 3010 | 3071954 |
| 6.65%, 01/15/37 | &nbsp;&nbsp; 3537 | 3829780 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/28 | &nbsp;&nbsp; 7399 | 7396539 |
| 4.50%, 05/15/30 | &nbsp;&nbsp; 4347 | 4360504 |
| 5.00%, 03/15/27 | &nbsp;&nbsp; 8898 | 8949022 |
| 5.88%, 06/30/26 | &nbsp;&nbsp; 1186 | 1191268 |
| 5.90%, 09/15/37 | &nbsp;&nbsp; 3154 | 3315456 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | &nbsp;&nbsp; 2790 | 2814862 |
| 5.03%, 10/01/29 | &nbsp;&nbsp; 1590 | 1610632 |
| 5.58%, 10/01/34 | &nbsp;&nbsp; 5600 | 5556362 |
| 6.18%, 10/01/54 | &nbsp;&nbsp; 2190 | 2080545 |
| Spectra Energy Partners LP |  |  |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 3403 | 3367224 |
| 4.50%, 03/15/45 | &nbsp;&nbsp; 4732 | 3953723 |
| 5.95%, 09/25/43 | &nbsp;&nbsp; 2271 | 2250886 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | &nbsp;&nbsp; 4345 | 4095971 |
| 4.90%, 09/15/30 | &nbsp;&nbsp; 3225 | 3273967 |
| 4.95%, 04/15/52 | &nbsp;&nbsp; 3560 | 2947072 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 5.20%, 07/01/27 | &nbsp;&nbsp; $4865 | $4943663 |
| 5.50%, 02/15/35 | &nbsp;&nbsp; 2465 | 2486421 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 4090 | 4115572 |
| 5.65%, 02/15/36 | &nbsp;&nbsp; 3245 | 3281756 |
| 6.13%, 03/15/33 | &nbsp;&nbsp; 3260 | 3449365 |
| 6.13%, 05/15/55 | &nbsp;&nbsp; 3035 | 2947093 |
| 6.15%, 03/01/29 | &nbsp;&nbsp; 3025 | 3193612 |
| 6.25%, 07/01/52 | &nbsp;&nbsp; 2552 | 2515585 |
| 6.50%, 03/30/34 | &nbsp;&nbsp; 3970 | 4291676 |
| 6.50%, 02/15/53 | &nbsp;&nbsp; 4215 | 4305890 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/32 | &nbsp;&nbsp; 5325 | 5009137 |
| 4.88%, 02/01/31 | &nbsp;&nbsp; 6890 | 6862230 |
| 5.00%, 01/15/28 | &nbsp;&nbsp; 5980 | 5987486 |
| 5.50%, 03/01/30 | &nbsp;&nbsp; 6210 | 6331890 |
| 6.88%, 01/15/29 | &nbsp;&nbsp; 2960 | 3017775 |
| TC PipeLines LP, 3.90%, 05/25/27 | &nbsp;&nbsp; 5590 | 5554635 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| 7.00%, 03/15/27 | &nbsp;&nbsp; 2793 | 2900736 |
| 7.00%, 10/15/28 | &nbsp;&nbsp; 1720 | 1851179 |
| 7.63%, 04/01/37 | &nbsp;&nbsp; 830 | 979936 |
| Texas Eastern Transmission LP, 7.00%, <br> 07/15/32<br>| &nbsp;&nbsp; 1532 | 1706139 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10%, 04/15/30 | &nbsp;&nbsp; 2855 | 2811817 |
| 4.25%, 05/15/28 | &nbsp;&nbsp; 7949 | 7955496 |
| 4.63%, 03/01/34 | &nbsp;&nbsp; 5494 | 5296055 |
| 5.00%, 10/16/43 | &nbsp;&nbsp; 30 | 27613 |
| 5.10%, 03/15/49 | &nbsp;&nbsp; 3593 | 3236749 |
| 5.60%, 03/31/34 | &nbsp;&nbsp; 2171 | 2224326 |
| 5.85%, 03/15/36 | &nbsp;&nbsp; 2793 | 2892462 |
| 6.10%, 06/01/40 | &nbsp;&nbsp; 3291 | 3406825 |
| 6.20%, 10/15/37 | &nbsp;&nbsp; 5508 | 5807518 |
| 7.25%, 08/15/38 | &nbsp;&nbsp; 3646 | 4143199 |
| 7.63%, 01/15/39 | &nbsp;&nbsp; 4549 | 5341821 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 3944 | 3753720 |
| 3.95%, 05/15/50 | &nbsp;&nbsp; 2394 | 1794952 |
| 4.00%, 03/15/28 | &nbsp;&nbsp; 2459 | 2452027 |
| 4.45%, 08/01/42 | &nbsp;&nbsp; 1843 | 1565661 |
| 4.60%, 03/15/48 | &nbsp;&nbsp; 2905 | 2443569 |
| 5.40%, 08/15/41 | &nbsp;&nbsp; 1867 | 1791651 |
| Valero Energy Partners LP, 4.50%, 03/15/28 | &nbsp;&nbsp; 3560 | 3582045 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | &nbsp;&nbsp; 6530 | 6344625 |
| 4.50%, 03/01/28 | &nbsp;&nbsp; 1724 | 1721975 |
| 4.75%, 08/15/28 | &nbsp;&nbsp; 1305 | 1311898 |
| 5.25%, 02/01/50 | &nbsp;&nbsp; 4850 | 4058735 |
| 5.30%, 03/01/48 | &nbsp;&nbsp; 3175 | 2672872 |
| 5.45%, 11/15/34 | &nbsp;&nbsp; 3680 | 3631319 |
| 5.45%, 04/01/44 | &nbsp;&nbsp; 1885 | 1655064 |
| 5.50%, 08/15/48 | &nbsp;&nbsp; 2690 | 2312080 |
| 6.15%, 04/01/33 | &nbsp;&nbsp; 3480 | 3644443 |
| 6.35%, 01/15/29 | &nbsp;&nbsp; 2260 | 2377008 |
| Williams Companies Inc. (The) |  |  |
| 2.60%, 03/15/31 | &nbsp;&nbsp; 7562 | 6836124 |
| 3.50%, 11/15/30 | &nbsp;&nbsp; 3504 | 3337651 |
| 3.50%, 10/15/51 | &nbsp;&nbsp; 3325 | 2251715 |
| 3.75%, 06/15/27 | &nbsp;&nbsp; 7559 | 7497003 |
| 4.63%, 06/30/30 | &nbsp;&nbsp; 2760 | 2774824 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 4.65%, 08/15/32 | &nbsp;&nbsp; $4715 | $4653402 |
| 4.80%, 11/15/29 | &nbsp;&nbsp; 1705 | 1733614 |
| 4.85%, 03/01/48 | &nbsp;&nbsp; 4131 | 3554298 |
| 4.90%, 03/15/29 | &nbsp;&nbsp; 4920 | 5013181 |
| 4.90%, 01/15/45 | &nbsp;&nbsp; 2456 | 2155306 |
| 5.10%, 09/15/45 | &nbsp;&nbsp; 4388 | 3961578 |
| 5.15%, 03/15/34 | &nbsp;&nbsp; 6455 | 6469479 |
| 5.30%, 08/15/28 | &nbsp;&nbsp; 5675 | 5855959 |
| 5.30%, 09/30/35 | &nbsp;&nbsp; 3490 | 3488952 |
| 5.30%, 08/15/52 | &nbsp;&nbsp; 3215 | 2906841 |
| 5.40%, 03/04/44 | &nbsp;&nbsp; 2386 | 2248278 |
| 5.60%, 03/15/35 | &nbsp;&nbsp; 2745 | 2817819 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 4065 | 4234998 |
| 5.75%, 06/24/44 | &nbsp;&nbsp; 3021 | 2967457 |
| 5.80%, 11/15/43 | &nbsp;&nbsp; 1980 | 1961961 |
| 5.80%, 11/15/54 | &nbsp;&nbsp; 1290 | 1246304 |
| 6.00%, 03/15/55 | &nbsp;&nbsp; 1850 | 1840288 |
| 6.30%, 04/15/40 | &nbsp;&nbsp; 5914 | 6268164 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 1575 | 1902101 |
| Series A, 7.50%, 01/15/31 | &nbsp;&nbsp; 1730 | 1958846 |
|  |  | 1171009890 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| Brookfield Finance Inc., 5.81%, 03/03/55 | &nbsp;&nbsp; 1510 | 1481370 |
| KKR & Co. Inc., 5.10%, 08/07/35 | &nbsp;&nbsp; 2465 | 2446385 |
|  |  | 3927755 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services Inc. |  |  |
| 2.50%, 04/01/31 | &nbsp;&nbsp; 2923 | 2632255 |
| 4.80%, 06/15/30 | &nbsp;&nbsp; 2035 | 2064359 |
| 5.50%, 04/01/29 | &nbsp;&nbsp; 2070 | 2146788 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 1835 | 1872458 |
| 5.95%, 08/15/34 | &nbsp;&nbsp; 3115 | 3302266 |
| Jones Lang LaSalle Inc., 6.88%, 12/01/28 | &nbsp;&nbsp; 1130 | 1214719 |
|  |  | 13232845 |
| **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
| Agree LP |  |  |
| 2.00%, 06/15/28 | &nbsp;&nbsp; 2470 | 2328413 |
| 2.60%, 06/15/33 | &nbsp;&nbsp; 1451 | 1227299 |
| 2.90%, 10/01/30 | &nbsp;&nbsp; 1594 | 1488539 |
| 4.80%, 10/01/32 | &nbsp;&nbsp; 785 | 782934 |
| 5.60%, 06/15/35 | &nbsp;&nbsp; 1290 | 1328255 |
| 5.63%, 06/15/34 | &nbsp;&nbsp; 680 | 700947 |
| Alexandria Real Estate Equities Inc. |  |  |
| 1.88%, 02/01/33 | &nbsp;&nbsp; 4650 | 3771165 |
| 2.00%, 05/18/32 | &nbsp;&nbsp; 4346 | 3642483 |
| 2.75%, 12/15/29 | &nbsp;&nbsp; 2377 | 2228227 |
| 2.95%, 03/15/34 | &nbsp;&nbsp; 3320 | 2833486 |
| 3.00%, 05/18/51 | &nbsp;&nbsp; 4040 | 2455435 |
| 3.38%, 08/15/31 | &nbsp;&nbsp; 3325 | 3103090 |
| 3.55%, 03/15/52 | &nbsp;&nbsp; 4450 | 3004947 |
| 3.95%, 01/15/27 | &nbsp;&nbsp; 1792 | 1783789 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 2747 | 2729383 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 3322 | 2467502 |
| 4.50%, 07/30/29 | &nbsp;&nbsp; 2191 | 2199671 |
| 4.70%, 07/01/30 | &nbsp;&nbsp; 2452 | 2469612 |
| 4.75%, 04/15/35 | &nbsp;&nbsp; 2470 | 2383362 |
| 4.85%, 04/15/49 | &nbsp;&nbsp; 1503 | 1265045 |
| 4.90%, 12/15/30 | &nbsp;&nbsp; 3395 | 3447249 |
| 5.15%, 04/15/53 | &nbsp;&nbsp; 2275 | 1985146 |
| 5.25%, 05/15/36 | &nbsp;&nbsp; 1190 | 1178812 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.50%, 10/01/35 | &nbsp;&nbsp; $2290 | $2323453 |
| 5.63%, 05/15/54 | &nbsp;&nbsp; 2850 | 2666271 |
| American Assets Trust LP |  |  |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 1750 | 1579460 |
| 6.15%, 10/01/34 | &nbsp;&nbsp; 870 | 875078 |
| American Homes 4 Rent LP |  |  |
| 2.38%, 07/15/31 | &nbsp;&nbsp; 1110 | 980830 |
| 3.38%, 07/15/51 | &nbsp;&nbsp; 2275 | 1487644 |
| 3.63%, 04/15/32 | &nbsp;&nbsp; 925 | 859880 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 3010 | 3005305 |
| 4.30%, 04/15/52 | &nbsp;&nbsp; 1050 | 808335 |
| 4.90%, 02/15/29 | &nbsp;&nbsp; 2126 | 2164340 |
| 4.95%, 06/15/30 | &nbsp;&nbsp; 1815 | 1847756 |
| 5.25%, 03/15/35 | &nbsp;&nbsp; 915 | 915388 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 2735 | 2803005 |
| 5.50%, 07/15/34 | &nbsp;&nbsp; 2200 | 2248143 |
| American Tower Corp. |  |  |
| 1.45%, 09/15/26 | &nbsp;&nbsp; 3062 | 2973433 |
| 1.50%, 01/31/28 | &nbsp;&nbsp; 3223 | 3023685 |
| 1.88%, 10/15/30 | &nbsp;&nbsp; 3971 | 3498209 |
| 2.10%, 06/15/30 | &nbsp;&nbsp; 4492 | 4038904 |
| 2.30%, 09/15/31 | &nbsp;&nbsp; 4245 | 3736510 |
| 2.70%, 04/15/31 | &nbsp;&nbsp; 4187 | 3798087 |
| 2.75%, 01/15/27 | &nbsp;&nbsp; 3433 | 3366310 |
| 2.90%, 01/15/30 | &nbsp;&nbsp; 3350 | 3147399 |
| 2.95%, 01/15/51 | &nbsp;&nbsp; 4690 | 2934873 |
| 3.10%, 06/15/50 | &nbsp;&nbsp; 4485 | 2906432 |
| 3.13%, 01/15/27 | &nbsp;&nbsp; 2518 | 2480084 |
| 3.38%, 10/15/26 | &nbsp;&nbsp; 4697 | 4651366 |
| 3.55%, 07/15/27 | &nbsp;&nbsp; 4141 | 4095794 |
| 3.60%, 01/15/28 | &nbsp;&nbsp; 4286 | 4228846 |
| 3.65%, 03/15/27 | &nbsp;&nbsp; 3700 | 3671372 |
| 3.70%, 10/15/49 | &nbsp;&nbsp; 3111 | 2257163 |
| 3.80%, 08/15/29 | &nbsp;&nbsp; 7853 | 7691479 |
| 3.95%, 03/15/29 | &nbsp;&nbsp; 3158 | 3123070 |
| 4.05%, 03/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3750 | 3611531 |
| 4.90%, 03/15/30 | &nbsp;&nbsp; 3855 | 3932560 |
| 5.00%, 01/31/30 | &nbsp;&nbsp; 2905 | 2973283 |
| 5.20%, 02/15/29 | &nbsp;&nbsp; 3540 | 3640930 |
| 5.25%, 07/15/28 | &nbsp;&nbsp; 4300 | 4422361 |
| 5.35%, 03/15/35 | &nbsp;&nbsp; 2725 | 2794819 |
| 5.40%, 01/31/35 | &nbsp;&nbsp; 2895 | 2968679 |
| 5.45%, 02/15/34 | &nbsp;&nbsp; 3600 | 3712163 |
| 5.50%, 03/15/28 | &nbsp;&nbsp; 4180 | 4307693 |
| 5.55%, 07/15/33 | &nbsp;&nbsp; 4511 | 4684394 |
| 5.65%, 03/15/33 | &nbsp;&nbsp; 4105 | 4288151 |
| 5.80%, 11/15/28 | &nbsp;&nbsp; 4645 | 4856693 |
| 5.90%, 11/15/33 | &nbsp;&nbsp; 3535 | 3754380 |
| Americold Realty Operating Partnership LP |  |  |
| 5.41%, 09/12/34 | &nbsp;&nbsp; 1435 | 1408663 |
| 5.60%, 05/15/32 | &nbsp;&nbsp; 1800 | 1821996 |
| AvalonBay Communities Inc. |  |  |
| 1.90%, 12/01/28 | &nbsp;&nbsp; 2745 | 2567976 |
| 2.05%, 01/15/32 | &nbsp;&nbsp; 3055 | 2655475 |
| 2.30%, 03/01/30<sup>(b)</sup> | &nbsp;&nbsp; 3908 | 3594917 |
| 2.45%, 01/15/31 | &nbsp;&nbsp; 3724 | 3384602 |
| 2.90%, 10/15/26 | &nbsp;&nbsp; 1862 | 1838631 |
| 3.20%, 01/15/28 | &nbsp;&nbsp; 2423 | 2378944 |
| 3.30%, 06/01/29 | &nbsp;&nbsp; 1998 | 1939162 |
| 3.35%, 05/15/27 | &nbsp;&nbsp; 2077 | 2052927 |
| 3.90%, 10/15/46 | &nbsp;&nbsp; 1325 | 1033526 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.15%, 07/01/47 | &nbsp;&nbsp; $1100 | $891423 |
| 4.35%, 04/15/48 | &nbsp;&nbsp; 2015 | 1682642 |
| 5.00%, 02/15/33 | &nbsp;&nbsp; 1390 | 1415184 |
| 5.00%, 08/01/35 | &nbsp;&nbsp; 945 | 941553 |
| 5.30%, 12/07/33 | &nbsp;&nbsp; 2015 | 2080074 |
| 5.35%, 06/01/34 | &nbsp;&nbsp; 825 | 850872 |
| Boston Properties LP |  |  |
| 2.45%, 10/01/33 | &nbsp;&nbsp; 6070 | 4927790 |
| 2.55%, 04/01/32 | &nbsp;&nbsp; 4865 | 4171863 |
| 2.75%, 10/01/26 | &nbsp;&nbsp; 4931 | 4845506 |
| 2.90%, 03/15/30 | &nbsp;&nbsp; 3622 | 3359001 |
| 3.25%, 01/30/31<sup>(b)</sup> | &nbsp;&nbsp; 5731 | 5326364 |
| 3.40%, 06/21/29 | &nbsp;&nbsp; 3710 | 3556112 |
| 4.50%, 12/01/28 | &nbsp;&nbsp; 5397 | 5398596 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 3500 | 3549372 |
| 6.50%, 01/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2465 | 2647752 |
| 6.75%, 12/01/27 | &nbsp;&nbsp; 2855 | 3003529 |
| Brixmor Operating Partnership LP |  |  |
| 2.25%, 04/01/28 | &nbsp;&nbsp; 1178 | 1121607 |
| 2.50%, 08/16/31 | &nbsp;&nbsp; 2665 | 2362672 |
| 3.90%, 03/15/27 | &nbsp;&nbsp; 1696 | 1686308 |
| 4.05%, 07/01/30 | &nbsp;&nbsp; 3852 | 3774448 |
| 4.13%, 05/15/29 | &nbsp;&nbsp; 3094 | 3065727 |
| 5.20%, 04/01/32 | &nbsp;&nbsp; 130 | 132540 |
| 5.50%, 02/15/34 | &nbsp;&nbsp; 1775 | 1808291 |
| 5.75%, 02/15/35 | &nbsp;&nbsp; 763 | 791481 |
| Broadstone Net Lease LLC, 2.60%, 09/15/31 | &nbsp;&nbsp; 2152 | 1858563 |
| Camden Property Trust |  |  |
| 2.80%, 05/15/30 | &nbsp;&nbsp; 3900 | 3659417 |
| 3.15%, 07/01/29 | &nbsp;&nbsp; 3532 | 3394188 |
| 3.35%, 11/01/49 | &nbsp;&nbsp; 2200 | 1526937 |
| 4.10%, 10/15/28 | &nbsp;&nbsp; 2247 | 2249651 |
| 4.90%, 01/15/34 | &nbsp;&nbsp; 1290 | 1293857 |
| 5.85%, 11/03/26 | &nbsp;&nbsp; 2030 | 2066661 |
| COPT Defense Properties LP |  |  |
| 2.00%, 01/15/29 | &nbsp;&nbsp; 2189 | 2021822 |
| 2.75%, 04/15/31 | &nbsp;&nbsp; 2295 | 2067935 |
| 2.90%, 12/01/33 | &nbsp;&nbsp; 1850 | 1552535 |
| Cousins Properties LP |  |  |
| 5.25%, 07/15/30 | &nbsp;&nbsp; 1485 | 1523926 |
| 5.38%, 02/15/32 | &nbsp;&nbsp; 520 | 530546 |
| 5.88%, 10/01/34 | &nbsp;&nbsp; 2300 | 2378630 |
| Crown Castle Inc. |  |  |
| 2.10%, 04/01/31 | &nbsp;&nbsp; 6097 | 5315128 |
| 2.25%, 01/15/31 | &nbsp;&nbsp; 5017 | 4442899 |
| 2.50%, 07/15/31 | &nbsp;&nbsp; 2615 | 2314566 |
| 2.90%, 03/15/27 | &nbsp;&nbsp; 4570 | 4475911 |
| 2.90%, 04/01/41 | &nbsp;&nbsp; 5530 | 3950149 |
| 3.10%, 11/15/29 | &nbsp;&nbsp; 2633 | 2497011 |
| 3.25%, 01/15/51 | &nbsp;&nbsp; 3885 | 2536923 |
| 3.30%, 07/01/30 | &nbsp;&nbsp; 4830 | 4561871 |
| 3.65%, 09/01/27 | &nbsp;&nbsp; 5670 | 5598517 |
| 3.80%, 02/15/28 | &nbsp;&nbsp; 5716 | 5644992 |
| 4.00%, 03/01/27 | &nbsp;&nbsp; 3115 | 3100344 |
| 4.00%, 11/15/49 | &nbsp;&nbsp; 2053 | 1527613 |
| 4.15%, 07/01/50 | &nbsp;&nbsp; 2183 | 1668062 |
| 4.30%, 02/15/29 | &nbsp;&nbsp; 3555 | 3536001 |
| 4.75%, 05/15/47 | &nbsp;&nbsp; 2053 | 1774688 |
| 4.80%, 09/01/28 | &nbsp;&nbsp; 3820 | 3863809 |
| 4.90%, 09/01/29 | &nbsp;&nbsp; 3780 | 3829031 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 5700 | 5776898 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.10%, 05/01/33 | &nbsp;&nbsp; $3975 | $3986722 |
| 5.20%, 09/01/34 | &nbsp;&nbsp; 4260 | 4253483 |
| 5.20%, 02/15/49 | &nbsp;&nbsp; 2058 | 1836878 |
| 5.60%, 06/01/29 | &nbsp;&nbsp; 4155 | 4316890 |
| 5.80%, 03/01/34 | &nbsp;&nbsp; 3890 | 4059237 |
| CubeSmart LP |  |  |
| 2.00%, 02/15/31 | &nbsp;&nbsp; 2185 | 1904187 |
| 2.25%, 12/15/28 | &nbsp;&nbsp; 2532 | 2383196 |
| 2.50%, 02/15/32 | &nbsp;&nbsp; 2435 | 2119943 |
| 3.00%, 02/15/30 | &nbsp;&nbsp; 1490 | 1405261 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 3262 | 3216872 |
| 4.38%, 02/15/29 | &nbsp;&nbsp; 1956 | 1954481 |
| 5.13%, 11/01/35 | &nbsp;&nbsp; 590 | 580354 |
| Digital Realty Trust LP |  |  |
| 3.60%, 07/01/29 | &nbsp;&nbsp; 4884 | 4764660 |
| 3.70%, 08/15/27 | &nbsp;&nbsp; 4515 | 4479764 |
| 4.45%, 07/15/28 | &nbsp;&nbsp; 2885 | 2905461 |
| 5.55%, 01/15/28 | &nbsp;&nbsp; 4642 | 4781896 |
| DOC DR LLC |  |  |
| 2.63%, 11/01/31 | &nbsp;&nbsp; 2933 | 2614333 |
| 3.95%, 01/15/28 | &nbsp;&nbsp; 2433 | 2419875 |
| 4.30%, 03/15/27 | &nbsp;&nbsp; 1606 | 1606391 |
| EPR Properties |  |  |
| 3.60%, 11/15/31 | &nbsp;&nbsp; 75 | 68793 |
| 3.75%, 08/15/29 | &nbsp;&nbsp; 1900 | 1824285 |
| 4.50%, 06/01/27 | &nbsp;&nbsp; 1500 | 1496055 |
| 4.75%, 12/15/26 | &nbsp;&nbsp; 1500 | 1502131 |
| 4.95%, 04/15/28 | &nbsp;&nbsp; 1000 | 1004049 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, <br> 06/15/34<br>| &nbsp;&nbsp; 2670 | 2738823 |
| Equinix Inc. |  |  |
| 1.55%, 03/15/28 | &nbsp;&nbsp; 2708 | 2538494 |
| 1.80%, 07/15/27 | &nbsp;&nbsp; 3053 | 2924439 |
| 2.00%, 05/15/28 | &nbsp;&nbsp; 2508 | 2370318 |
| 2.15%, 07/15/30 | &nbsp;&nbsp; 3440 | 3100497 |
| 2.50%, 05/15/31 | &nbsp;&nbsp; 3555 | 3190462 |
| 2.90%, 11/18/26 | &nbsp;&nbsp; 4058 | 3991222 |
| 2.95%, 09/15/51 | &nbsp;&nbsp; 2755 | 1689559 |
| 3.00%, 07/15/50 | &nbsp;&nbsp; 2599 | 1633036 |
| 3.20%, 11/18/29 | &nbsp;&nbsp; 6677 | 6378348 |
| 3.40%, 02/15/52 | &nbsp;&nbsp; 2615 | 1745969 |
| 3.90%, 04/15/32 | &nbsp;&nbsp; 3990 | 3797916 |
| ERP Operating LP |  |  |
| 1.85%, 08/01/31 | &nbsp;&nbsp; 1815 | 1584557 |
| 2.50%, 02/15/30 | &nbsp;&nbsp; 3148 | 2935506 |
| 2.85%, 11/01/26 | &nbsp;&nbsp; 1786 | 1761060 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 3093 | 2967904 |
| 3.25%, 08/01/27 | &nbsp;&nbsp; 2169 | 2138297 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 3133 | 3091790 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 1341 | 1048250 |
| 4.15%, 12/01/28 | &nbsp;&nbsp; 2605 | 2611510 |
| 4.50%, 07/01/44 | &nbsp;&nbsp; 1820 | 1579547 |
| 4.50%, 06/01/45 | &nbsp;&nbsp; 1800 | 1550738 |
| 4.65%, 09/15/34 | &nbsp;&nbsp; 1410 | 1378856 |
| 4.95%, 06/15/32 | &nbsp;&nbsp; 2995 | 3058485 |
| Essential Properties LP |  |  |
| 2.95%, 07/15/31 | &nbsp;&nbsp; 2077 | 1868727 |
| 5.40%, 12/01/35 | &nbsp;&nbsp; 1300 | 1283649 |
| Essex Portfolio LP |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 1340 | 1148556 |
| 1.70%, 03/01/28 | &nbsp;&nbsp; 1770 | 1665768 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 2.55%, 06/15/31 | &nbsp;&nbsp; $1220 | $1089588 |
| 2.65%, 03/15/32 | &nbsp;&nbsp; 3028 | 2673320 |
| 2.65%, 09/01/50 | &nbsp;&nbsp; 1260 | 735915 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 2960 | 2797178 |
| 3.63%, 05/01/27 | &nbsp;&nbsp; 2120 | 2100645 |
| 4.00%, 03/01/29 | &nbsp;&nbsp; 3816 | 3778850 |
| 4.50%, 03/15/48 | &nbsp;&nbsp; 2135 | 1795854 |
| 5.38%, 04/01/35 | &nbsp;&nbsp; 785 | 801731 |
| 5.50%, 04/01/34 | &nbsp;&nbsp; 1920 | 1978165 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | &nbsp;&nbsp; 2921 | 2622004 |
| 2.35%, 03/15/32 | &nbsp;&nbsp; 2150 | 1848547 |
| 2.40%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp; 3010 | 2640332 |
| 2.55%, 06/01/31 | &nbsp;&nbsp; 2565 | 2298885 |
| 3.88%, 12/15/27 | &nbsp;&nbsp; 3421 | 3391108 |
| 3.90%, 04/01/29 | &nbsp;&nbsp; 1220 | 1201984 |
| 4.00%, 06/15/29 | &nbsp;&nbsp; 2503 | 2477302 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 715 | 717132 |
| 5.35%, 01/15/35 | &nbsp;&nbsp; 960 | 968570 |
| 5.40%, 02/01/34 | &nbsp;&nbsp; 2895 | 2947266 |
| 5.40%, 06/15/35 | &nbsp;&nbsp; 2150 | 2170456 |
| 5.50%, 07/01/30 | &nbsp;&nbsp; 3580 | 3739951 |
| 5.70%, 04/01/28 | &nbsp;&nbsp; 2495 | 2577535 |
| 5.90%, 01/15/31 | &nbsp;&nbsp; 2190 | 2324517 |
| Federal Realty OP LP |  |  |
| 3.20%, 06/15/29 | &nbsp;&nbsp; 2183 | 2095896 |
| 3.25%, 07/15/27 | &nbsp;&nbsp; 2719 | 2670736 |
| 3.50%, 06/01/30 | &nbsp;&nbsp; 751 | 723145 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 2096 | 1782606 |
| 5.38%, 05/01/28 | &nbsp;&nbsp; 1995 | 2051074 |
| First Industrial LP, 5.25%, 01/15/31 | &nbsp;&nbsp; 1380 | 1407612 |
| GLP Capital LP / GLP Financing II Inc. |  |  |
| 5.25%, 02/15/33 | &nbsp;&nbsp; 1075 | 1073111 |
| 5.75%, 11/01/37 | &nbsp;&nbsp; 1075 | 1057551 |
| GLP Capital LP/GLP Financing II Inc. |  |  |
| 3.25%, 01/15/32 | &nbsp;&nbsp; 3725 | 3323527 |
| 4.00%, 01/15/30 | &nbsp;&nbsp; 3493 | 3375716 |
| 4.00%, 01/15/31 | &nbsp;&nbsp; 4002 | 3818070 |
| 5.30%, 01/15/29 | &nbsp;&nbsp; 4110 | 4188010 |
| 5.63%, 09/15/34 | &nbsp;&nbsp; 3450 | 3463720 |
| 5.75%, 06/01/28 | &nbsp;&nbsp; 2819 | 2900562 |
| 6.25%, 09/15/54<sup>(b)</sup> | &nbsp;&nbsp; 2705 | 2647140 |
| 6.75%, 12/01/33 | &nbsp;&nbsp; 2060 | 2214555 |
| Healthcare Realty Holdings LP |  |  |
| 2.00%, 03/15/31 | &nbsp;&nbsp; 2773 | 2406443 |
| 3.10%, 02/15/30 | &nbsp;&nbsp; 2160 | 2030911 |
| 3.75%, 07/01/27 | &nbsp;&nbsp; 2663 | 2638501 |
| Healthpeak OP LLC |  |  |
| 1.35%, 02/01/27 | &nbsp;&nbsp; 3275 | 3149180 |
| 2.13%, 12/01/28 | &nbsp;&nbsp; 3465 | 3241429 |
| 2.88%, 01/15/31 | &nbsp;&nbsp; 2273 | 2090539 |
| 3.00%, 01/15/30 | &nbsp;&nbsp; 4259 | 4032444 |
| 3.50%, 07/15/29 | &nbsp;&nbsp; 2666 | 2591172 |
| 4.75%, 01/15/33 | &nbsp;&nbsp; 1200 | 1192280 |
| 5.25%, 12/15/32 | &nbsp;&nbsp; 3385 | 3459502 |
| 5.38%, 02/15/35 | &nbsp;&nbsp; 810 | 819659 |
| 6.75%, 02/01/41 | &nbsp;&nbsp; 1868 | 2041433 |
| Highwoods Realty LP |  |  |
| 2.60%, 02/01/31 | &nbsp;&nbsp; 841 | 738421 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 1802 | 1663791 |
| 3.88%, 03/01/27 | &nbsp;&nbsp; 1470 | 1453076 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.13%, 03/15/28 | &nbsp;&nbsp; $1608 | $1584210 |
| 4.20%, 04/15/29 | &nbsp;&nbsp; 1610 | 1576157 |
| 7.65%, 02/01/34 | &nbsp;&nbsp; 535 | 605276 |
| Host Hotels & Resorts LP |  |  |
| 5.50%, 04/15/35 | &nbsp;&nbsp; 2505 | 2493763 |
| 5.70%, 06/15/32 | &nbsp;&nbsp; 1540 | 1582466 |
| 5.70%, 07/01/34 | &nbsp;&nbsp; 2575 | 2619151 |
| Series H, 3.38%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3359 | 3185660 |
| Series I, 3.50%, 09/15/30 | &nbsp;&nbsp; 1780 | 1673493 |
| Series J, 2.90%, 12/15/31 | &nbsp;&nbsp; 2285 | 2027237 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.00%, 08/15/31 | &nbsp;&nbsp; 2693 | 2316807 |
| 2.30%, 11/15/28 | &nbsp;&nbsp; 3160 | 2983874 |
| 2.70%, 01/15/34 | &nbsp;&nbsp; 2140 | 1794199 |
| 4.15%, 04/15/32<sup>(b)</sup> | &nbsp;&nbsp; 2620 | 2509315 |
| 4.88%, 02/01/35 | &nbsp;&nbsp; 915 | 894787 |
| 4.95%, 01/15/33 | &nbsp;&nbsp; 1855 | 1852232 |
| 5.45%, 08/15/30 | &nbsp;&nbsp; 2335 | 2428418 |
| 5.50%, 08/15/33 | &nbsp;&nbsp; 1650 | 1694125 |
| Kilroy Realty LP |  |  |
| 2.50%, 11/15/32 | &nbsp;&nbsp; 3518 | 2883864 |
| 2.65%, 11/15/33 | &nbsp;&nbsp; 3235 | 2614713 |
| 3.05%, 02/15/30 | &nbsp;&nbsp; 2414 | 2220611 |
| 4.25%, 08/15/29 | &nbsp;&nbsp; 2163 | 2113920 |
| 4.75%, 12/15/28 | &nbsp;&nbsp; 3029 | 3034342 |
| 6.25%, 01/15/36 | &nbsp;&nbsp; 820 | 837113 |
| Kimco Realty OP LLC |  |  |
| 1.90%, 03/01/28 | &nbsp;&nbsp; 1683 | 1597674 |
| 2.25%, 12/01/31<sup>(b)</sup> | &nbsp;&nbsp; 1316 | 1154610 |
| 2.70%, 10/01/30 | &nbsp;&nbsp; 1755 | 1619288 |
| 2.80%, 10/01/26 | &nbsp;&nbsp; 2855 | 2810905 |
| 3.20%, 04/01/32 | &nbsp;&nbsp; 586 | 536119 |
| 3.70%, 10/01/49 | &nbsp;&nbsp; 1227 | 888532 |
| 3.80%, 04/01/27 | &nbsp;&nbsp; 3159 | 3139178 |
| 4.13%, 12/01/46 | &nbsp;&nbsp; 1671 | 1325002 |
| 4.25%, 04/01/45 | &nbsp;&nbsp; 1997 | 1644394 |
| 4.45%, 09/01/47 | &nbsp;&nbsp; 2525 | 2104914 |
| 4.60%, 02/01/33 | &nbsp;&nbsp; 3065 | 3019328 |
| 4.85%, 03/01/35 | &nbsp;&nbsp; 1540 | 1517931 |
| 5.30%, 02/01/36 | &nbsp;&nbsp; 1725 | 1742481 |
| 6.40%, 03/01/34 | &nbsp;&nbsp; 2392 | 2620905 |
| Kite Realty Group LP |  |  |
| 4.00%, 10/01/26 | &nbsp;&nbsp; 2117 | 2107534 |
| 4.95%, 12/15/31 | &nbsp;&nbsp; 870 | 880287 |
| 5.20%, 08/15/32 | &nbsp;&nbsp; 650 | 659906 |
| 5.50%, 03/01/34 | &nbsp;&nbsp; 350 | 357806 |
| Kite Realty Group Trust, 4.75%, 09/15/30 | &nbsp;&nbsp; 2425 | 2432546 |
| Ladder Capital Finance Holdings LLLP / <br> Ladder Capital Finance Corp., 5.50%, <br> 08/01/30<br>| &nbsp;&nbsp; 130 | 132516 |
| Lineage OP LP, 5.25%, 07/15/30<sup>(c)</sup> | &nbsp;&nbsp; 555 | 559743 |
| LXP Industrial Trust |  |  |
| 2.38%, 10/01/31 | &nbsp;&nbsp; 675 | 583020 |
| 2.70%, 09/15/30 | &nbsp;&nbsp; 888 | 808387 |
| 6.75%, 11/15/28 | &nbsp;&nbsp; 1445 | 1535301 |
| Mid-America Apartments LP |  |  |
| 1.10%, 09/15/26 | &nbsp;&nbsp; 2145 | 2078159 |
| 1.70%, 02/15/31 | &nbsp;&nbsp; 2896 | 2522454 |
| 2.75%, 03/15/30 | &nbsp;&nbsp; 1705 | 1600882 |
| 2.88%, 09/15/51 | &nbsp;&nbsp; 1380 | 864256 |
| 3.60%, 06/01/27 | &nbsp;&nbsp; 3730 | 3703244 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 3.95%, 03/15/29 | &nbsp;&nbsp; $3140 | $3118969 |
| 4.20%, 06/15/28 | &nbsp;&nbsp; 2093 | 2098106 |
| 4.95%, 03/01/35 | &nbsp;&nbsp; 660 | 660087 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 1070 | 1077470 |
| 5.30%, 02/15/32 | &nbsp;&nbsp; 1535 | 1596554 |
| National Health Investors Inc., 3.00%, <br> 02/01/31<br>| &nbsp;&nbsp; 2268 | 2023534 |
| NNN REIT Inc. |  |  |
| 2.50%, 04/15/30 | &nbsp;&nbsp; 2577 | 2377368 |
| 3.00%, 04/15/52 | &nbsp;&nbsp; 2148 | 1313168 |
| 3.10%, 04/15/50 | &nbsp;&nbsp; 1972 | 1248856 |
| 3.50%, 10/15/27 | &nbsp;&nbsp; 2080 | 2052193 |
| 3.50%, 04/15/51 | &nbsp;&nbsp; 2427 | 1653042 |
| 3.60%, 12/15/26 | &nbsp;&nbsp; 2437 | 2421547 |
| 4.30%, 10/15/28 | &nbsp;&nbsp; 1940 | 1945542 |
| 4.60%, 02/15/31 | &nbsp;&nbsp; 1830 | 1835130 |
| 4.80%, 10/15/48 | &nbsp;&nbsp; 1475 | 1271849 |
| 5.50%, 06/15/34 | &nbsp;&nbsp; 2030 | 2088615 |
| 5.60%, 10/15/33 | &nbsp;&nbsp; 2105 | 2185749 |
| Omega Healthcare Investors Inc. |  |  |
| 3.25%, 04/15/33 | &nbsp;&nbsp; 2978 | 2590623 |
| 3.38%, 02/01/31 | &nbsp;&nbsp; 3409 | 3150153 |
| 3.63%, 10/01/29 | &nbsp;&nbsp; 2547 | 2436903 |
| 4.50%, 04/01/27 | &nbsp;&nbsp; 3570 | 3574674 |
| 4.75%, 01/15/28 | &nbsp;&nbsp; 2882 | 2906170 |
| 5.20%, 07/01/30 | &nbsp;&nbsp; 1470 | 1491096 |
| Phillips Edison Grocery Center Operating <br> Partnership I LP<br>|  |  |
| 2.63%, 11/15/31 | &nbsp;&nbsp; 2110 | 1866895 |
| 4.95%, 01/15/35 | &nbsp;&nbsp; 1030 | 1005908 |
| 5.25%, 08/15/32 | &nbsp;&nbsp; 910 | 927636 |
| 5.75%, 07/15/34 | &nbsp;&nbsp; 1430 | 1476429 |
| Piedmont Operating Partnership LP |  |  |
| 2.75%, 04/01/32 | &nbsp;&nbsp; 755 | 639437 |
| 3.15%, 08/15/30 | &nbsp;&nbsp; 2088 | 1888757 |
| 6.88%, 07/15/29 | &nbsp;&nbsp; 200 | 211541 |
| 9.25%, 07/20/28 | &nbsp;&nbsp; 650 | 722313 |
| Prologis LP |  |  |
| 1.25%, 10/15/30 | &nbsp;&nbsp; 3378 | 2922363 |
| 1.63%, 03/15/31 | &nbsp;&nbsp; 2174 | 1888220 |
| 1.75%, 07/01/30 | &nbsp;&nbsp; 1837 | 1634847 |
| 1.75%, 02/01/31 | &nbsp;&nbsp; 2550 | 2237852 |
| 2.13%, 04/15/27 | &nbsp;&nbsp; 2936 | 2849197 |
| 2.13%, 10/15/50 | &nbsp;&nbsp; 2917 | 1542857 |
| 2.25%, 04/15/30 | &nbsp;&nbsp; 4032 | 3708212 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 2807 | 2456136 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 2020 | 1918852 |
| 3.00%, 04/15/50 | &nbsp;&nbsp; 3563 | 2294156 |
| 3.05%, 03/01/50 | &nbsp;&nbsp; 2003 | 1299263 |
| 3.25%, 10/01/26 | &nbsp;&nbsp; 4240 | 4203143 |
| 3.38%, 12/15/27 | &nbsp;&nbsp; 2320 | 2288864 |
| 3.88%, 09/15/28 | &nbsp;&nbsp; 2267 | 2254005 |
| 4.00%, 09/15/28 | &nbsp;&nbsp; 2331 | 2329730 |
| 4.38%, 02/01/29 | &nbsp;&nbsp; 1906 | 1922524 |
| 4.38%, 09/15/48 | &nbsp;&nbsp; 1064 | 880912 |
| 4.63%, 01/15/33 | &nbsp;&nbsp; 2980 | 2970777 |
| 4.75%, 01/15/31 | &nbsp;&nbsp; 2785 | 2839769 |
| 4.75%, 06/15/33 | &nbsp;&nbsp; 2708 | 2709921 |
| 4.88%, 06/15/28 | &nbsp;&nbsp; 3475 | 3554566 |
| 5.00%, 03/15/34 | &nbsp;&nbsp; 2899 | 2922729 |
| 5.00%, 01/31/35 | &nbsp;&nbsp; 2620 | 2631765 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 5.13%, 01/15/34 | &nbsp;&nbsp; $3180 | $3249310 |
| 5.25%, 05/15/35 | &nbsp;&nbsp; 3330 | 3396147 |
| 5.25%, 06/15/53 | &nbsp;&nbsp; 4130 | 3861291 |
| 5.25%, 03/15/54 | &nbsp;&nbsp; 4075 | 3801630 |
| Public Storage Operating Co. |  |  |
| 1.50%, 11/09/26 | &nbsp;&nbsp; 4072 | 3953543 |
| 1.85%, 05/01/28 | &nbsp;&nbsp; 3180 | 3009040 |
| 1.95%, 11/09/28 | &nbsp;&nbsp; 2970 | 2787746 |
| 2.25%, 11/09/31 | &nbsp;&nbsp; 2800 | 2474461 |
| 2.30%, 05/01/31 | &nbsp;&nbsp; 2980 | 2668747 |
| 3.09%, 09/15/27 | &nbsp;&nbsp; 2210 | 2171227 |
| 3.39%, 05/01/29 | &nbsp;&nbsp; 2726 | 2658824 |
| 4.38%, 07/01/30<sup>(b)</sup> | &nbsp;&nbsp; 2150 | 2161174 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 1700 | 1697784 |
| 5.10%, 08/01/33 | &nbsp;&nbsp; 1070 | 1102910 |
| 5.13%, 01/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2831 | 2930730 |
| 5.35%, 08/01/53 | &nbsp;&nbsp; 3449 | 3275078 |
| Rayonier LP, 2.75%, 05/17/31 | &nbsp;&nbsp; 2642 | 2370603 |
| Realty Income Corp. |  |  |
| 1.80%, 03/15/33 | &nbsp;&nbsp; 2098 | 1719067 |
| 2.10%, 03/15/28 | &nbsp;&nbsp; 2476 | 2360807 |
| 2.20%, 06/15/28 | &nbsp;&nbsp; 2030 | 1933244 |
| 2.70%, 02/15/32 | &nbsp;&nbsp; 1675 | 1491143 |
| 2.85%, 12/15/32 | &nbsp;&nbsp; 2136 | 1895359 |
| 3.00%, 01/15/27 | &nbsp;&nbsp; 3419 | 3367034 |
| 3.10%, 12/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2959 | 2831671 |
| 3.20%, 02/15/31 | &nbsp;&nbsp; 1630 | 1530623 |
| 3.25%, 06/15/29 | &nbsp;&nbsp; 1922 | 1860461 |
| 3.25%, 01/15/31 | &nbsp;&nbsp; 5149 | 4864414 |
| 3.40%, 01/15/28 | &nbsp;&nbsp; 3015 | 2976709 |
| 3.40%, 01/15/30 | &nbsp;&nbsp; 2405 | 2322844 |
| 3.65%, 01/15/28 | &nbsp;&nbsp; 2689 | 2666617 |
| 3.95%, 08/15/27 | &nbsp;&nbsp; 3121 | 3114375 |
| 4.00%, 07/15/29 | &nbsp;&nbsp; 2382 | 2365375 |
| 4.13%, 10/15/26 | &nbsp;&nbsp; 3141 | 3137972 |
| 4.65%, 03/15/47 | &nbsp;&nbsp; 3454 | 3004091 |
| 4.70%, 12/15/28 | &nbsp;&nbsp; 2280 | 2318794 |
| 4.75%, 02/15/29 | &nbsp;&nbsp; 2505 | 2552903 |
| 4.85%, 03/15/30 | &nbsp;&nbsp; 1920 | 1968789 |
| 4.90%, 07/15/33 | &nbsp;&nbsp; 3505 | 3517989 |
| 5.13%, 02/15/34 | &nbsp;&nbsp; 3055 | 3109617 |
| 5.13%, 04/15/35 | &nbsp;&nbsp; 1325 | 1333358 |
| 5.38%, 09/01/54 | &nbsp;&nbsp; 1045 | 987665 |
| 5.63%, 10/13/32 | &nbsp;&nbsp; 3250 | 3419290 |
| Regency Centers LP |  |  |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 2270 | 2164267 |
| 3.60%, 02/01/27 | &nbsp;&nbsp; 1556 | 1543527 |
| 3.70%, 06/15/30 | &nbsp;&nbsp; 1733 | 1687822 |
| 4.13%, 03/15/28 | &nbsp;&nbsp; 1911 | 1907408 |
| 4.40%, 02/01/47 | &nbsp;&nbsp; 1923 | 1606410 |
| 4.65%, 03/15/49 | &nbsp;&nbsp; 1886 | 1605538 |
| 5.00%, 07/15/32 | &nbsp;&nbsp; 1450 | 1478648 |
| 5.10%, 01/15/35 | &nbsp;&nbsp; 765 | 768529 |
| 5.25%, 01/15/34 | &nbsp;&nbsp; 1030 | 1051811 |
| Rexford Industrial Realty LP |  |  |
| 2.13%, 12/01/30 | &nbsp;&nbsp; 2288 | 2024305 |
| 2.15%, 09/01/31 | &nbsp;&nbsp; 2255 | 1957506 |
| 5.00%, 06/15/28 | &nbsp;&nbsp; 1640 | 1672263 |
| Sabra Health Care LP |  |  |
| 3.20%, 12/01/31 | &nbsp;&nbsp; 4027 | 3635355 |
| 3.90%, 10/15/29 | &nbsp;&nbsp; 2488 | 2408677 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Safehold GL Holdings LLC |  |  |
| 2.80%, 06/15/31<sup>(b)</sup> | &nbsp;&nbsp; $2575 | $2353749 |
| 2.85%, 01/15/32 | &nbsp;&nbsp; 1115 | 979375 |
| 5.65%, 01/15/35 | &nbsp;&nbsp; 1410 | 1424794 |
| 6.10%, 04/01/34 | &nbsp;&nbsp; 1125 | 1180139 |
| Simon Property Group LP |  |  |
| 1.38%, 01/15/27 | &nbsp;&nbsp; 3374 | 3251850 |
| 1.75%, 02/01/28 | &nbsp;&nbsp; 3615 | 3429779 |
| 2.20%, 02/01/31 | &nbsp;&nbsp; 3374 | 3023176 |
| 2.25%, 01/15/32 | &nbsp;&nbsp; 3610 | 3144629 |
| 2.45%, 09/13/29 | &nbsp;&nbsp; 6608 | 6196637 |
| 2.65%, 07/15/30 | &nbsp;&nbsp; 3058 | 2841703 |
| 2.65%, 02/01/32 | &nbsp;&nbsp; 2825 | 2516317 |
| 3.25%, 11/30/26 | &nbsp;&nbsp; 4323 | 4277952 |
| 3.25%, 09/13/49 | &nbsp;&nbsp; 5763 | 3886615 |
| 3.38%, 06/15/27 | &nbsp;&nbsp; 3572 | 3534852 |
| 3.38%, 12/01/27 | &nbsp;&nbsp; 4488 | 4430404 |
| 3.80%, 07/15/50 | &nbsp;&nbsp; 3295 | 2449154 |
| 4.25%, 10/01/44 | &nbsp;&nbsp; 2110 | 1754419 |
| 4.25%, 11/30/46 | &nbsp;&nbsp; 2437 | 1999639 |
| 4.38%, 10/01/30 | &nbsp;&nbsp; 1550 | 1553921 |
| 4.75%, 09/26/34 | &nbsp;&nbsp; 2935 | 2885366 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 2601 | 2349089 |
| 5.13%, 10/01/35 | &nbsp;&nbsp; 2575 | 2573486 |
| 5.50%, 03/08/33 | &nbsp;&nbsp; 2950 | 3090571 |
| 5.85%, 03/08/53 | &nbsp;&nbsp; 3055 | 3048333 |
| 6.25%, 01/15/34 | &nbsp;&nbsp; 1245 | 1362155 |
| 6.65%, 01/15/54 | &nbsp;&nbsp; 2284 | 2523113 |
| 6.75%, 02/01/40 | &nbsp;&nbsp; 2758 | 3137501 |
| Store Capital LLC |  |  |
| 2.70%, 12/01/31 | &nbsp;&nbsp; 2090 | 1820550 |
| 2.75%, 11/18/30 | &nbsp;&nbsp; 1444 | 1303889 |
| 4.50%, 03/15/28 | &nbsp;&nbsp; 1827 | 1816354 |
| 4.63%, 03/15/29 | &nbsp;&nbsp; 1936 | 1922484 |
| 5.40%, 04/30/30<sup>(c)</sup> | &nbsp;&nbsp; 985 | 1002876 |
| Sun Communities Operating LP |  |  |
| 2.30%, 11/01/28 | &nbsp;&nbsp; 1823 | 1725171 |
| 2.70%, 07/15/31 | &nbsp;&nbsp; 3462 | 3130000 |
| 4.20%, 04/15/32 | &nbsp;&nbsp; 2390 | 2297154 |
| Tanger Properties LP |  |  |
| 2.75%, 09/01/31 | &nbsp;&nbsp; 2010 | 1797870 |
| 3.13%, 09/01/26 | &nbsp;&nbsp; 2058 | 2027884 |
| 3.88%, 07/15/27 | &nbsp;&nbsp; 2081 | 2058029 |
| UDR Inc. |  |  |
| 1.90%, 03/15/33 | &nbsp;&nbsp; 1885 | 1528319 |
| 2.10%, 08/01/32 | &nbsp;&nbsp; 1955 | 1649196 |
| 2.10%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 1120 | 917783 |
| 2.95%, 09/01/26 | &nbsp;&nbsp; 1875 | 1849116 |
| 3.00%, 08/15/31 | &nbsp;&nbsp; 2668 | 2450314 |
| 3.10%, 11/01/34 | &nbsp;&nbsp; 1648 | 1408484 |
| 3.20%, 01/15/30 | &nbsp;&nbsp; 4178 | 3996053 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 1868 | 1845927 |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 2270 | 2237657 |
| 4.40%, 01/26/29 | &nbsp;&nbsp; 2045 | 2049974 |
| 5.13%, 09/01/34 | &nbsp;&nbsp; 1130 | 1135481 |
| Ventas Realty LP |  |  |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 3480 | 3101121 |
| 3.00%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 3160 | 2987578 |
| 3.25%, 10/15/26 | &nbsp;&nbsp; 1404 | 1387213 |
| 3.85%, 04/01/27 | &nbsp;&nbsp; 1760 | 1750507 |
| 4.00%, 03/01/28 | &nbsp;&nbsp; 1958 | 1947137 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| 4.38%, 02/01/45 | &nbsp;&nbsp; $1218 | $997708 |
| 4.40%, 01/15/29 | &nbsp;&nbsp; 2544 | 2551974 |
| 4.75%, 11/15/30 | &nbsp;&nbsp; 1325 | 1336314 |
| 4.88%, 04/15/49 | &nbsp;&nbsp; 1887 | 1609739 |
| 5.00%, 01/15/35 | &nbsp;&nbsp; 1810 | 1790466 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 2930 | 2996676 |
| 5.63%, 07/01/34 | &nbsp;&nbsp; 1745 | 1804521 |
| 5.70%, 09/30/43 | &nbsp;&nbsp; 1800 | 1752863 |
| VICI Properties LP |  |  |
| 4.75%, 02/15/28 | &nbsp;&nbsp; 6325 | 6378287 |
| 4.75%, 04/01/28 | &nbsp;&nbsp; 465 | 470153 |
| 4.95%, 02/15/30 | &nbsp;&nbsp; 4900 | 4955854 |
| 5.13%, 11/15/31 | &nbsp;&nbsp; 1945 | 1964992 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 6790 | 6806876 |
| 5.63%, 04/01/35 | &nbsp;&nbsp; 2935 | 2968033 |
| 5.63%, 05/15/52 | &nbsp;&nbsp; 3718 | 3389769 |
| 5.75%, 04/01/34 | &nbsp;&nbsp; 1670 | 1718436 |
| 6.13%, 04/01/54 | &nbsp;&nbsp; 2660 | 2586142 |
| Welltower OP LLC |  |  |
| 2.05%, 01/15/29 | &nbsp;&nbsp; 2433 | 2273542 |
| 2.70%, 02/15/27 | &nbsp;&nbsp; 4199 | 4122044 |
| 2.75%, 01/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2021 | 1861775 |
| 2.75%, 01/15/32 | &nbsp;&nbsp; 2535 | 2281564 |
| 2.80%, 06/01/31 | &nbsp;&nbsp; 3925 | 3602281 |
| 3.10%, 01/15/30 | &nbsp;&nbsp; 3780 | 3603915 |
| 3.85%, 06/15/32 | &nbsp;&nbsp; 2260 | 2159977 |
| 4.13%, 03/15/29 | &nbsp;&nbsp; 2761 | 2760484 |
| 4.25%, 04/15/28 | &nbsp;&nbsp; 4453 | 4477571 |
| 4.50%, 07/01/30 | &nbsp;&nbsp; 3520 | 3554010 |
| 4.95%, 09/01/48 | &nbsp;&nbsp; 2085 | 1909119 |
| 5.13%, 07/01/35 | &nbsp;&nbsp; 4120 | 4144854 |
| 6.50%, 03/15/41 | &nbsp;&nbsp; 2497 | 2747704 |
| Weyerhaeuser Co. |  |  |
| 3.38%, 03/09/33 | &nbsp;&nbsp; 1360 | 1225706 |
| 4.00%, 11/15/29 | &nbsp;&nbsp; 3644 | 3603686 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 3790 | 3736132 |
| 4.00%, 03/09/52 | &nbsp;&nbsp; 2244 | 1692040 |
| 6.95%, 10/01/27 | &nbsp;&nbsp; 3029 | 3195141 |
| 7.38%, 03/15/32 | &nbsp;&nbsp; 2933 | 3343694 |
| WP Carey Inc. |  |  |
| 2.25%, 04/01/33 | &nbsp;&nbsp; 1935 | 1602938 |
| 2.40%, 02/01/31 | &nbsp;&nbsp; 2903 | 2589417 |
| 2.45%, 02/01/32 | &nbsp;&nbsp; 2430 | 2107253 |
| 3.85%, 07/15/29 | &nbsp;&nbsp; 2671 | 2627394 |
| 4.25%, 10/01/26 | &nbsp;&nbsp; 2170 | 2167345 |
| 4.65%, 07/15/30 | &nbsp;&nbsp; 1100 | 1106181 |
| 5.38%, 06/30/34 | &nbsp;&nbsp; 1715 | 1738415 |
|  |  | 1209401421 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| AutoNation Inc. |  |  |
| 1.95%, 08/01/28 | &nbsp;&nbsp; 1467 | 1372425 |
| 2.40%, 08/01/31 | &nbsp;&nbsp; 2230 | 1942242 |
| 3.80%, 11/15/27 | &nbsp;&nbsp; 2177 | 2147633 |
| 3.85%, 03/01/32 | &nbsp;&nbsp; 3120 | 2902532 |
| 4.75%, 06/01/30 | &nbsp;&nbsp; 2308 | 2316660 |
| 5.89%, 03/15/35 | &nbsp;&nbsp; 675 | 690323 |
| AutoZone Inc. |  |  |
| 1.65%, 01/15/31 | &nbsp;&nbsp; 1881 | 1628324 |
| 3.75%, 06/01/27 | &nbsp;&nbsp; 3819 | 3791824 |
| 3.75%, 04/18/29 | &nbsp;&nbsp; 2330 | 2291694 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 3795 | 3742486 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 4.50%, 02/01/28 | &nbsp;&nbsp; $2720 | $2747740 |
| 4.75%, 08/01/32 | &nbsp;&nbsp; 3500 | 3501572 |
| 4.75%, 02/01/33 | &nbsp;&nbsp; 2345 | 2330174 |
| 5.10%, 07/15/29 | &nbsp;&nbsp; 2465 | 2537686 |
| 5.13%, 06/15/30 | &nbsp;&nbsp; 850 | 877275 |
| 5.20%, 08/01/33 | &nbsp;&nbsp; 1315 | 1340542 |
| 5.40%, 07/15/34<sup>(b)</sup> | &nbsp;&nbsp; 2815 | 2897569 |
| 6.25%, 11/01/28<sup>(b)</sup> | &nbsp;&nbsp; 2565 | 2722326 |
| 6.55%, 11/01/33 | &nbsp;&nbsp; 2085 | 2308690 |
| Best Buy Co. Inc. |  |  |
| 1.95%, 10/01/30 | &nbsp;&nbsp; 3829 | 3403164 |
| 4.45%, 10/01/28 | &nbsp;&nbsp; 3244 | 3267268 |
| Costco Wholesale Corp. |  |  |
| 1.38%, 06/20/27 | &nbsp;&nbsp; 6466 | 6192340 |
| 1.60%, 04/20/30 | &nbsp;&nbsp; 8239 | 7410456 |
| 1.75%, 04/20/32 | &nbsp;&nbsp; 4370 | 3754403 |
| 3.00%, 05/18/27 | &nbsp;&nbsp; 5237 | 5167733 |
| Darden Restaurants Inc. |  |  |
| 3.85%, 05/01/27 | &nbsp;&nbsp; 3389 | 3365879 |
| 4.35%, 10/15/27 | &nbsp;&nbsp; 2090 | 2098902 |
| 4.55%, 10/15/29 | &nbsp;&nbsp; 2260 | 2265263 |
| 4.55%, 02/15/48 | &nbsp;&nbsp; 2665 | 2176713 |
| 6.30%, 10/10/33 | &nbsp;&nbsp; 1420 | 1525567 |
| Dick's Sporting Goods Inc. |  |  |
| 3.15%, 01/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3650 | 3317249 |
| 4.10%, 01/15/52 | &nbsp;&nbsp; 4670 | 3316912 |
| Dollar General Corp. |  |  |
| 3.50%, 04/03/30 | &nbsp;&nbsp; 3538 | 3399755 |
| 3.88%, 04/15/27 | &nbsp;&nbsp; 3331 | 3312252 |
| 4.13%, 05/01/28 | &nbsp;&nbsp; 2477 | 2467394 |
| 4.13%, 04/03/50 | &nbsp;&nbsp; 3170 | 2413333 |
| 4.63%, 11/01/27 | &nbsp;&nbsp; 2782 | 2802511 |
| 5.00%, 11/01/32<sup>(b)</sup> | &nbsp;&nbsp; 4235 | 4269161 |
| 5.20%, 07/05/28 | &nbsp;&nbsp; 1885 | 1931933 |
| 5.45%, 07/05/33<sup>(b)</sup> | &nbsp;&nbsp; 2395 | 2472098 |
| 5.50%, 11/01/52<sup>(b)</sup> | &nbsp;&nbsp; 1501 | 1400146 |
| Dollar Tree Inc. |  |  |
| 2.65%, 12/01/31 | &nbsp;&nbsp; 3885 | 3463420 |
| 3.38%, 12/01/51 | &nbsp;&nbsp; 3340 | 2142231 |
| 4.20%, 05/15/28 | &nbsp;&nbsp; 6288 | 6272769 |
| Ferguson Enterprises Inc., 5.00%, 10/03/34 | &nbsp;&nbsp; 390 | 386266 |
| Genuine Parts Co. |  |  |
| 1.88%, 11/01/30 | &nbsp;&nbsp; 3400 | 2986117 |
| 2.75%, 02/01/32 | &nbsp;&nbsp; 1570 | 1386133 |
| 4.95%, 08/15/29 | &nbsp;&nbsp; 3665 | 3738974 |
| 6.50%, 11/01/28 | &nbsp;&nbsp; 2465 | 2622273 |
| 6.88%, 11/01/33 | &nbsp;&nbsp; 1545 | 1734176 |
| Home Depot Inc. (The) |  |  |
| 0.90%, 03/15/28 | &nbsp;&nbsp; 2787 | 2590350 |
| 1.38%, 03/15/31 | &nbsp;&nbsp; 5935 | 5098244 |
| 1.50%, 09/15/28<sup>(b)</sup> | &nbsp;&nbsp; 2800 | 2610891 |
| 1.88%, 09/15/31 | &nbsp;&nbsp; 3810 | 3315708 |
| 2.13%, 09/15/26 | &nbsp;&nbsp; 5005 | 4911025 |
| 2.38%, 03/15/51 | &nbsp;&nbsp; 5915 | 3322204 |
| 2.50%, 04/15/27 | &nbsp;&nbsp; 4039 | 3950640 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 7371 | 6932630 |
| 2.75%, 09/15/51 | &nbsp;&nbsp; 4480 | 2720023 |
| 2.80%, 09/14/27 | &nbsp;&nbsp; 4904 | 4798254 |
| 2.88%, 04/15/27 | &nbsp;&nbsp; 3840 | 3777281 |
| 2.95%, 06/15/29 | &nbsp;&nbsp; 6176 | 5954460 |
| 3.13%, 12/15/49 | &nbsp;&nbsp; 6584 | 4422623 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 3.25%, 04/15/32 | &nbsp;&nbsp; $6265 | $5832567 |
| 3.30%, 04/15/40 | &nbsp;&nbsp; 5307 | 4259091 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 6511 | 4527217 |
| 3.50%, 09/15/56 | &nbsp;&nbsp; 4395 | 3027791 |
| 3.63%, 04/15/52 | &nbsp;&nbsp; 7425 | 5378300 |
| 3.90%, 12/06/28 | &nbsp;&nbsp; 6018 | 6029010 |
| 3.90%, 06/15/47 | &nbsp;&nbsp; 5401 | 4246345 |
| 4.20%, 04/01/43<sup>(b)</sup> | &nbsp;&nbsp; 5004 | 4263046 |
| 4.25%, 04/01/46 | &nbsp;&nbsp; 7230 | 6066660 |
| 4.40%, 03/15/45 | &nbsp;&nbsp; 4777 | 4110753 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 2590 | 2612766 |
| 4.50%, 12/06/48 | &nbsp;&nbsp; 7243 | 6184015 |
| 4.75%, 06/25/29 | &nbsp;&nbsp; 4405 | 4511261 |
| 4.85%, 06/25/31 | &nbsp;&nbsp; 5080 | 5240401 |
| 4.88%, 06/25/27 | &nbsp;&nbsp; 4590 | 4665870 |
| 4.88%, 02/15/44 | &nbsp;&nbsp; 5000 | 4615099 |
| 4.90%, 04/15/29 | &nbsp;&nbsp; 3120 | 3213932 |
| 4.95%, 09/30/26 | &nbsp;&nbsp; 3740 | 3775106 |
| 4.95%, 06/25/34 | &nbsp;&nbsp; 6210 | 6314085 |
| 4.95%, 09/15/52 | &nbsp;&nbsp; 3930 | 3547264 |
| 5.30%, 06/25/54 | &nbsp;&nbsp; 2715 | 2581864 |
| 5.40%, 09/15/40 | &nbsp;&nbsp; 2828 | 2870112 |
| 5.40%, 06/25/64 | &nbsp;&nbsp; 2138 | 2032910 |
| 5.88%, 12/16/36 | &nbsp;&nbsp; 13665 | 14733953 |
| 5.95%, 04/01/41 | &nbsp;&nbsp; 4595 | 4852156 |
| Lowe's Companies Inc. |  |  |
| 1.30%, 04/15/28 | &nbsp;&nbsp; 4692 | 4378822 |
| 1.70%, 09/15/28 | &nbsp;&nbsp; 4803 | 4476125 |
| 1.70%, 10/15/30<sup>(b)</sup> | &nbsp;&nbsp; 5353 | 4705780 |
| 2.63%, 04/01/31 | &nbsp;&nbsp; 7207 | 6561808 |
| 2.80%, 09/15/41 | &nbsp;&nbsp; 4721 | 3313175 |
| 3.00%, 10/15/50 | &nbsp;&nbsp; 7763 | 4806047 |
| 3.10%, 05/03/27 | &nbsp;&nbsp; 6331 | 6228440 |
| 3.35%, 04/01/27 | &nbsp;&nbsp; 3313 | 3274562 |
| 3.50%, 04/01/51 | &nbsp;&nbsp; 2347 | 1596497 |
| 3.65%, 04/05/29 | &nbsp;&nbsp; 6743 | 6623489 |
| 3.70%, 04/15/46 | &nbsp;&nbsp; 6126 | 4550933 |
| 3.75%, 04/01/32 | &nbsp;&nbsp; 6390 | 6066405 |
| 4.05%, 05/03/47 | &nbsp;&nbsp; 6694 | 5200502 |
| 4.25%, 04/01/52 | &nbsp;&nbsp; 6160 | 4761480 |
| 4.38%, 09/15/45 | &nbsp;&nbsp; 2130 | 1752033 |
| 4.45%, 04/01/62 | &nbsp;&nbsp; 4250 | 3256587 |
| 4.50%, 04/15/30 | &nbsp;&nbsp; 5749 | 5825722 |
| 4.55%, 04/05/49 | &nbsp;&nbsp; 2923 | 2393122 |
| 4.65%, 04/15/42 | &nbsp;&nbsp; 2440 | 2158505 |
| 5.00%, 04/15/33 | &nbsp;&nbsp; 4330 | 4401037 |
| 5.00%, 04/15/40 | &nbsp;&nbsp; 1916 | 1823437 |
| 5.13%, 04/15/50 | &nbsp;&nbsp; 2055 | 1818693 |
| 5.15%, 07/01/33 | &nbsp;&nbsp; 4095 | 4196962 |
| 5.50%, 10/15/35 | &nbsp;&nbsp; 1783 | 1839748 |
| 5.63%, 04/15/53 | &nbsp;&nbsp; 6625 | 6320787 |
| 5.75%, 07/01/53 | &nbsp;&nbsp; 2415 | 2346093 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 4375 | 4209592 |
| 5.85%, 04/01/63 | &nbsp;&nbsp; 2955 | 2864043 |
| 6.50%, 03/15/29 | &nbsp;&nbsp; 3635 | 3924540 |
| McDonald's Corp. |  |  |
| 2.13%, 03/01/30 | &nbsp;&nbsp; 3695 | 3382859 |
| 2.63%, 09/01/29 | &nbsp;&nbsp; 4908 | 4646971 |
| 3.50%, 03/01/27 | &nbsp;&nbsp; 5199 | 5154492 |
| 3.50%, 07/01/27 | &nbsp;&nbsp; 5008 | 4965443 |
| 3.60%, 07/01/30 | &nbsp;&nbsp; 4695 | 4578271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 3.63%, 05/01/43 | &nbsp;&nbsp; $2331 | $1814075 |
| 3.63%, 09/01/49 | &nbsp;&nbsp; 8087 | 5861960 |
| 3.70%, 02/15/42 | &nbsp;&nbsp; 2436 | 1940249 |
| 3.80%, 04/01/28 | &nbsp;&nbsp; 5256 | 5233467 |
| 4.20%, 04/01/50 | &nbsp;&nbsp; 3366 | 2678481 |
| 4.40%, 02/12/31 | &nbsp;&nbsp; 1705 | 1710972 |
| 4.45%, 03/01/47 | &nbsp;&nbsp; 4789 | 4042261 |
| 4.45%, 09/01/48 | &nbsp;&nbsp; 3570 | 2989922 |
| 4.60%, 05/15/30 | &nbsp;&nbsp; 1860 | 1891173 |
| 4.60%, 09/09/32 | &nbsp;&nbsp; 1695 | 1710412 |
| 4.60%, 05/26/45 | &nbsp;&nbsp; 2819 | 2464850 |
| 4.70%, 12/09/35 | &nbsp;&nbsp; 3611 | 3552591 |
| 4.80%, 08/14/28 | &nbsp;&nbsp; 2890 | 2954223 |
| 4.88%, 07/15/40 | &nbsp;&nbsp; 1447 | 1372390 |
| 4.88%, 12/09/45 | &nbsp;&nbsp; 7710 | 6965623 |
| 4.95%, 08/14/33<sup>(b)</sup> | &nbsp;&nbsp; 3055 | 3129255 |
| 4.95%, 03/03/35<sup>(b)</sup> | &nbsp;&nbsp; 1920 | 1930724 |
| 5.00%, 05/17/29 | &nbsp;&nbsp; 2720 | 2802533 |
| 5.00%, 02/13/36 | &nbsp;&nbsp; 1625 | 1626065 |
| 5.15%, 09/09/52 | &nbsp;&nbsp; 3155 | 2896557 |
| 5.20%, 05/17/34 | &nbsp;&nbsp; 1940 | 2002261 |
| 5.45%, 08/14/53 | &nbsp;&nbsp; 3805 | 3650159 |
| 5.70%, 02/01/39 | &nbsp;&nbsp; 1684 | 1757997 |
| 6.30%, 10/15/37 | &nbsp;&nbsp; 3898 | 4298477 |
| 6.30%, 03/01/38 | &nbsp;&nbsp; 3363 | 3682540 |
| O'Reilly Automotive Inc. |  |  |
| 1.75%, 03/15/31 | &nbsp;&nbsp; 1575 | 1368173 |
| 3.60%, 09/01/27 | &nbsp;&nbsp; 3811 | 3773811 |
| 3.90%, 06/01/29 | &nbsp;&nbsp; 2747 | 2720487 |
| 4.20%, 04/01/30 | &nbsp;&nbsp; 2716 | 2708763 |
| 4.35%, 06/01/28 | &nbsp;&nbsp; 1940 | 1948382 |
| 4.70%, 06/15/32 | &nbsp;&nbsp; 3700 | 3704937 |
| 5.00%, 08/19/34 | &nbsp;&nbsp; 2025 | 2026005 |
| 5.75%, 11/20/26 | &nbsp;&nbsp; 3150 | 3203735 |
| Ross Stores Inc., 1.88%, 04/15/31 | &nbsp;&nbsp; 2335 | 2029193 |
| Starbucks Corp. |  |  |
| 2.00%, 03/12/27 | &nbsp;&nbsp; 3706 | 3589989 |
| 2.25%, 03/12/30 | &nbsp;&nbsp; 3665 | 3364062 |
| 2.55%, 11/15/30 | &nbsp;&nbsp; 5991 | 5493207 |
| 3.00%, 02/14/32 | &nbsp;&nbsp; 4795 | 4378469 |
| 3.35%, 03/12/50 | &nbsp;&nbsp; 3098 | 2071392 |
| 3.50%, 03/01/28 | &nbsp;&nbsp; 3336 | 3294667 |
| 3.50%, 11/15/50 | &nbsp;&nbsp; 5155 | 3535059 |
| 3.55%, 08/15/29 | &nbsp;&nbsp; 4305 | 4223699 |
| 3.75%, 12/01/47 | &nbsp;&nbsp; 2629 | 1930772 |
| 4.00%, 11/15/28 | &nbsp;&nbsp; 4445 | 4434904 |
| 4.30%, 06/15/45 | &nbsp;&nbsp; 1971 | 1609463 |
| 4.45%, 08/15/49 | &nbsp;&nbsp; 4409 | 3597077 |
| 4.50%, 05/15/28 | &nbsp;&nbsp; 2840 | 2869510 |
| 4.50%, 11/15/48 | &nbsp;&nbsp; 5270 | 4369289 |
| 4.80%, 05/15/30 | &nbsp;&nbsp; 1470 | 1500016 |
| 4.80%, 02/15/33 | &nbsp;&nbsp; 2285 | 2301334 |
| 4.85%, 02/08/27 | &nbsp;&nbsp; 3225 | 3258781 |
| 4.90%, 02/15/31<sup>(b)</sup> | &nbsp;&nbsp; 2095 | 2155282 |
| 5.00%, 02/15/34<sup>(b)</sup> | &nbsp;&nbsp; 1935 | 1956617 |
| 5.40%, 05/15/35 | &nbsp;&nbsp; 1220 | 1248633 |
| Target Corp. |  |  |
| 1.95%, 01/15/27 | &nbsp;&nbsp; 6172 | 6011398 |
| 2.35%, 02/15/30 | &nbsp;&nbsp; 3856 | 3586978 |
| 2.65%, 09/15/30 | &nbsp;&nbsp; 3179 | 2963654 |
| 2.95%, 01/15/52<sup>(b)</sup> | &nbsp;&nbsp; 5635 | 3534440 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| 3.38%, 04/15/29 | &nbsp;&nbsp; $4868 | $4766249 |
| 3.63%, 04/15/46 | &nbsp;&nbsp; 3948 | 2955488 |
| 3.90%, 11/15/47 | &nbsp;&nbsp; 3922 | 3040815 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 4361 | 3653512 |
| 4.35%, 06/15/28 | &nbsp;&nbsp; 1275 | 1287860 |
| 4.40%, 01/15/33 | &nbsp;&nbsp; 2555 | 2535233 |
| 4.50%, 09/15/32<sup>(b)</sup> | &nbsp;&nbsp; 4545 | 4549197 |
| 4.50%, 09/15/34<sup>(b)</sup> | &nbsp;&nbsp; 3015 | 2946763 |
| 4.80%, 01/15/53<sup>(b)</sup> | &nbsp;&nbsp; 3876 | 3404999 |
| 5.00%, 04/15/35 | &nbsp;&nbsp; 2430 | 2437920 |
| 5.25%, 02/15/36 | &nbsp;&nbsp; 1780 | 1813528 |
| 6.35%, 11/01/32 | &nbsp;&nbsp; 1201 | 1332554 |
| 6.50%, 10/15/37 | &nbsp;&nbsp; 2168 | 2443656 |
| 7.00%, 01/15/38 | &nbsp;&nbsp; 1769 | 2069830 |
| TJX Companies Inc. (The) |  |  |
| 1.15%, 05/15/28 | &nbsp;&nbsp; 1756 | 1633379 |
| 1.60%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 635 | 554228 |
| 2.25%, 09/15/26 | &nbsp;&nbsp; 5960 | 5857965 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 3240 | 3213938 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 3135 | 2680386 |
| Tractor Supply Co. |  |  |
| 1.75%, 11/01/30 | &nbsp;&nbsp; 3265 | 2862183 |
| 5.25%, 05/15/33 | &nbsp;&nbsp; 1270 | 1302374 |
| Walmart Inc. |  |  |
| 2.38%, 09/24/29 | &nbsp;&nbsp; 1542 | 1455435 |
| 2.50%, 09/22/41 | &nbsp;&nbsp; 6346 | 4464794 |
| 2.65%, 09/22/51 | &nbsp;&nbsp; 7835 | 4812820 |
| 2.95%, 09/24/49 | &nbsp;&nbsp; 3608 | 2405993 |
| 3.25%, 07/08/29 | &nbsp;&nbsp; 3473 | 3397370 |
| 3.63%, 12/15/47 | &nbsp;&nbsp; 2105 | 1611376 |
| 3.70%, 06/26/28 | &nbsp;&nbsp; 5367 | 5360196 |
| 3.90%, 04/15/28 | &nbsp;&nbsp; 4900 | 4915833 |
| 3.95%, 06/28/38 | &nbsp;&nbsp; 2920 | 2672161 |
| 4.00%, 04/15/30 | &nbsp;&nbsp; 3904 | 3928203 |
| 4.00%, 04/11/43 | &nbsp;&nbsp; 1185 | 1001214 |
| 4.05%, 06/29/48 | &nbsp;&nbsp; 4615 | 3779883 |
| 4.10%, 04/28/27 | &nbsp;&nbsp; 2155 | 2164864 |
| 4.10%, 04/15/33 | &nbsp;&nbsp; 4695 | 4610350 |
| 4.15%, 09/09/32 | &nbsp;&nbsp; 5340 | 5295704 |
| 4.30%, 04/22/44 | &nbsp;&nbsp; 2010 | 1760121 |
| 4.35%, 04/28/30 | &nbsp;&nbsp; 2800 | 2840294 |
| 4.50%, 09/09/52 | &nbsp;&nbsp; 3630 | 3138197 |
| 4.50%, 04/15/53 | &nbsp;&nbsp; 9125 | 7908602 |
| 4.90%, 04/28/35 | &nbsp;&nbsp; 3995 | 4059052 |
| 5.00%, 10/25/40 | &nbsp;&nbsp; 1895 | 1897495 |
| 5.25%, 09/01/35 | &nbsp;&nbsp; 2920 | 3052989 |
| 5.63%, 04/01/40 | &nbsp;&nbsp; 1826 | 1942108 |
| 5.63%, 04/15/41 | &nbsp;&nbsp; 995 | 1038654 |
| 5.88%, 04/05/27 | &nbsp;&nbsp; 350 | 361376 |
| 6.20%, 04/15/38 | &nbsp;&nbsp; 2394 | 2686304 |
| 6.50%, 08/15/37 | &nbsp;&nbsp; 6024 | 6901768 |
| 7.55%, 02/15/30 | &nbsp;&nbsp; 4440 | 5082935 |
|  |  | 780460960 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| Advanced Micro Devices Inc. |  |  |
| 3.92%, 06/01/32 | &nbsp;&nbsp; 3715 | 3611939 |
| 4.32%, 03/24/28 | &nbsp;&nbsp; 2425 | 2449230 |
| 4.39%, 06/01/52 | &nbsp;&nbsp; 3220 | 2700050 |
| Analog Devices Inc. |  |  |
| 1.70%, 10/01/28 | &nbsp;&nbsp; 4804 | 4487972 |
| 2.10%, 10/01/31 | &nbsp;&nbsp; 4215 | 3722690 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 2.80%, 10/01/41 | &nbsp;&nbsp; $3545 | $2571510 |
| 2.95%, 10/01/51 | &nbsp;&nbsp; 5115 | 3281928 |
| 3.45%, 06/15/27 | &nbsp;&nbsp; 3537 | 3509217 |
| 3.50%, 12/05/26 | &nbsp;&nbsp; 5583 | 5549819 |
| 4.25%, 06/15/28 | &nbsp;&nbsp; 3235 | 3259742 |
| 4.50%, 06/15/30 | &nbsp;&nbsp; 3420 | 3465841 |
| 5.05%, 04/01/34 | &nbsp;&nbsp; 2535 | 2607866 |
| 5.30%, 12/15/45 | &nbsp;&nbsp; 1870 | 1805595 |
| 5.30%, 04/01/54 | &nbsp;&nbsp; 2470 | 2362240 |
| Applied Materials Inc. |  |  |
| 1.75%, 06/01/30 | &nbsp;&nbsp; 5725 | 5136541 |
| 2.75%, 06/01/50 | &nbsp;&nbsp; 3516 | 2194119 |
| 3.30%, 04/01/27 | &nbsp;&nbsp; 6935 | 6872555 |
| 4.35%, 04/01/47 | &nbsp;&nbsp; 4997 | 4256721 |
| 4.80%, 06/15/29 | &nbsp;&nbsp; 3590 | 3686785 |
| 5.10%, 10/01/35 | &nbsp;&nbsp; 3324 | 3414373 |
| 5.85%, 06/15/41 | &nbsp;&nbsp; 3109 | 3248245 |
| Broadcom Corp./Broadcom Cayman <br> Finance Ltd.<br>|  |  |
| 3.50%, 01/15/28 | &nbsp;&nbsp; 4809 | 4745306 |
| 3.88%, 01/15/27 | &nbsp;&nbsp; 14352 | 14291911 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 1760 | 1673792 |
| 2.45%, 02/15/31<sup>(c)</sup> | &nbsp;&nbsp; 11420 | 10321729 |
| 2.60%, 02/15/33<sup>(c)</sup> | &nbsp;&nbsp; 7315 | 6316586 |
| 3.14%, 11/15/35<sup>(c)</sup> | &nbsp;&nbsp; 11145 | 9419470 |
| 3.19%, 11/15/36<sup>(c)</sup> | &nbsp;&nbsp; 5590 | 4650762 |
| 3.42%, 04/15/33<sup>(c)</sup> | &nbsp;&nbsp; 11021 | 10037769 |
| 3.46%, 09/15/26 | &nbsp;&nbsp; 2865 | 2843830 |
| 3.47%, 04/15/34<sup>(c)</sup> | &nbsp;&nbsp; 13830 | 12384573 |
| 3.50%, 02/15/41<sup>(c)</sup> | &nbsp;&nbsp; 13403 | 10632209 |
| 3.75%, 02/15/51<sup>(c)</sup> | &nbsp;&nbsp; 7961 | 5932956 |
| 4.00%, 04/15/29<sup>(c)</sup> | &nbsp;&nbsp; 6210 | 6164361 |
| 4.11%, 09/15/28 | &nbsp;&nbsp; 2280 | 2278642 |
| 4.15%, 02/15/28 | &nbsp;&nbsp; 3725 | 3727993 |
| 4.15%, 11/15/30 | &nbsp;&nbsp; 6375 | 6312227 |
| 4.15%, 04/15/32<sup>(c)</sup> | &nbsp;&nbsp; 5320 | 5150497 |
| 4.30%, 11/15/32 | &nbsp;&nbsp; 8044 | 7834500 |
| 4.35%, 02/15/30 | &nbsp;&nbsp; 5160 | 5168646 |
| 4.60%, 07/15/30 | &nbsp;&nbsp; 5345 | 5397386 |
| 4.75%, 04/15/29 | &nbsp;&nbsp; 3805 | 3872880 |
| 4.80%, 04/15/28 | &nbsp;&nbsp; 3065 | 3121097 |
| 4.80%, 10/15/34 | &nbsp;&nbsp; 7690 | 7601968 |
| 4.90%, 07/15/32 | &nbsp;&nbsp; 7500 | 7588594 |
| 4.93%, 05/15/37<sup>(c)</sup> | &nbsp;&nbsp; 20050 | 19488489 |
| 5.00%, 04/15/30 | &nbsp;&nbsp; 1570 | 1614574 |
| 5.05%, 07/12/27 | &nbsp;&nbsp; 6400 | 6501175 |
| 5.05%, 07/12/29 | &nbsp;&nbsp; 6385 | 6564022 |
| 5.05%, 04/15/30 | &nbsp;&nbsp; 3185 | 3280967 |
| 5.15%, 11/15/31 | &nbsp;&nbsp; 10185 | 10528054 |
| 5.20%, 04/15/32 | &nbsp;&nbsp; 3435 | 3545526 |
| 5.20%, 07/15/35 | &nbsp;&nbsp; 9000 | 9086404 |
| Series ., 4.55%, 02/15/32 | &nbsp;&nbsp; 3950 | 3934784 |
| Intel Corp. |  |  |
| 1.60%, 08/12/28 | &nbsp;&nbsp; 5243 | 4862041 |
| 2.00%, 08/12/31 | &nbsp;&nbsp; 5460 | 4728987 |
| 2.45%, 11/15/29 | &nbsp;&nbsp; 8407 | 7749273 |
| 2.80%, 08/12/41 | &nbsp;&nbsp; 4750 | 3185192 |
| 3.05%, 08/12/51 | &nbsp;&nbsp; 4710 | 2785202 |
| 3.10%, 02/15/60 | &nbsp;&nbsp; 5290 | 2921621 |
| 3.15%, 05/11/27 | &nbsp;&nbsp; 5248 | 5146049 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 3.20%, 08/12/61 | &nbsp;&nbsp; $4290 | $2413396 |
| 3.25%, 11/15/49 | &nbsp;&nbsp; 8783 | 5506692 |
| 3.73%, 12/08/47 | &nbsp;&nbsp; 8985 | 6259110 |
| 3.75%, 03/25/27 | &nbsp;&nbsp; 5580 | 5527266 |
| 3.75%, 08/05/27 | &nbsp;&nbsp; 5760 | 5701537 |
| 3.90%, 03/25/30 | &nbsp;&nbsp; 7159 | 6974395 |
| 4.00%, 08/05/29 | &nbsp;&nbsp; 3600 | 3546429 |
| 4.00%, 12/15/32 | &nbsp;&nbsp; 4486 | 4211588 |
| 4.10%, 05/19/46 | &nbsp;&nbsp; 5752 | 4306679 |
| 4.10%, 05/11/47 | &nbsp;&nbsp; 6858 | 5074936 |
| 4.15%, 08/05/32 | &nbsp;&nbsp; 4525 | 4304554 |
| 4.25%, 12/15/42 | &nbsp;&nbsp; 2437 | 1949551 |
| 4.60%, 03/25/40 | &nbsp;&nbsp; 4249 | 3734592 |
| 4.75%, 03/25/50 | &nbsp;&nbsp; 8899 | 7125996 |
| 4.80%, 10/01/41 | &nbsp;&nbsp; 3220 | 2794678 |
| 4.88%, 02/10/28 | &nbsp;&nbsp; 7601 | 7697491 |
| 4.90%, 07/29/45 | &nbsp;&nbsp; 4286 | 3632007 |
| 4.90%, 08/05/52 | &nbsp;&nbsp; 5360 | 4358033 |
| 4.95%, 03/25/60 | &nbsp;&nbsp; 4614 | 3701569 |
| 5.00%, 02/21/31 | &nbsp;&nbsp; 2560 | 2608772 |
| 5.05%, 08/05/62 | &nbsp;&nbsp; 4886 | 3921665 |
| 5.13%, 02/10/30 | &nbsp;&nbsp; 5745 | 5884888 |
| 5.15%, 02/21/34<sup>(b)</sup> | &nbsp;&nbsp; 3235 | 3231841 |
| 5.20%, 02/10/33<sup>(b)</sup> | &nbsp;&nbsp; 10375 | 10447038 |
| 5.60%, 02/21/54 | &nbsp;&nbsp; 3060 | 2777281 |
| 5.63%, 02/10/43 | &nbsp;&nbsp; 4620 | 4375506 |
| 5.70%, 02/10/53 | &nbsp;&nbsp; 7770 | 7135531 |
| 5.90%, 02/10/63 | &nbsp;&nbsp; 5620 | 5188729 |
| KLA Corp. |  |  |
| 3.30%, 03/01/50 | &nbsp;&nbsp; 4023 | 2781874 |
| 4.10%, 03/15/29 | &nbsp;&nbsp; 4033 | 4039079 |
| 4.65%, 07/15/32 | &nbsp;&nbsp; 3065 | 3091432 |
| 4.70%, 02/01/34 | &nbsp;&nbsp; 1660 | 1656384 |
| 4.95%, 07/15/52 | &nbsp;&nbsp; 6440 | 5827671 |
| 5.00%, 03/15/49 | &nbsp;&nbsp; 2079 | 1906299 |
| 5.25%, 07/15/62 | &nbsp;&nbsp; 4135 | 3835155 |
| Lam Research Corp. |  |  |
| 1.90%, 06/15/30 | &nbsp;&nbsp; 7910 | 7146235 |
| 2.88%, 06/15/50 | &nbsp;&nbsp; 3894 | 2481090 |
| 3.13%, 06/15/60 | &nbsp;&nbsp; 3386 | 2080997 |
| 4.00%, 03/15/29 | &nbsp;&nbsp; 3636 | 3633979 |
| 4.88%, 03/15/49 | &nbsp;&nbsp; 3395 | 3066045 |
| Marvell Technology Inc. |  |  |
| 2.45%, 04/15/28 | &nbsp;&nbsp; 4342 | 4157361 |
| 2.95%, 04/15/31 | &nbsp;&nbsp; 3620 | 3324420 |
| 4.75%, 07/15/30 | &nbsp;&nbsp; 1745 | 1761441 |
| 4.88%, 06/22/28 | &nbsp;&nbsp; 1800 | 1825520 |
| 5.45%, 07/15/35 | &nbsp;&nbsp; 2205 | 2242101 |
| 5.75%, 02/15/29 | &nbsp;&nbsp; 1335 | 1393467 |
| 5.95%, 09/15/33 | &nbsp;&nbsp; 1755 | 1864312 |
| Microchip Technology Inc. |  |  |
| 4.90%, 03/15/28 | &nbsp;&nbsp; 3135 | 3179663 |
| 5.05%, 03/15/29 | &nbsp;&nbsp; 4125 | 4205440 |
| 5.05%, 02/15/30 | &nbsp;&nbsp; 2835 | 2892403 |
| Micron Technology Inc. |  |  |
| 2.70%, 04/15/32 | &nbsp;&nbsp; 4587 | 4034462 |
| 3.37%, 11/01/41 | &nbsp;&nbsp; 2695 | 2013535 |
| 3.48%, 11/01/51 | &nbsp;&nbsp; 2350 | 1598770 |
| 4.66%, 02/15/30 | &nbsp;&nbsp; 4347 | 4371686 |
| 5.30%, 01/15/31 | &nbsp;&nbsp; 3805 | 3924043 |
| 5.33%, 02/06/29 | &nbsp;&nbsp; 3119 | 3206473 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 5.38%, 04/15/28 | &nbsp;&nbsp; $3200 | $3296942 |
| 5.80%, 01/15/35 | &nbsp;&nbsp; 1700 | 1757361 |
| 5.88%, 02/09/33 | &nbsp;&nbsp; 3630 | 3814684 |
| 5.88%, 09/15/33 | &nbsp;&nbsp; 4995 | 5253153 |
| 6.05%, 11/01/35 | &nbsp;&nbsp; 3580 | 3761397 |
| 6.75%, 11/01/29 | &nbsp;&nbsp; 9040 | 9808326 |
| NVIDIA Corp. |  |  |
| 1.55%, 06/15/28 | &nbsp;&nbsp; 8155 | 7681370 |
| 2.00%, 06/15/31 | &nbsp;&nbsp; 7403 | 6628801 |
| 2.85%, 04/01/30 | &nbsp;&nbsp; 6862 | 6561268 |
| 3.20%, 09/16/26 | &nbsp;&nbsp; 5877 | 5830024 |
| 3.50%, 04/01/40 | &nbsp;&nbsp; 5028 | 4250967 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 9722 | 7232331 |
| 3.70%, 04/01/60 | &nbsp;&nbsp; 2050 | 1493030 |
| NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| 2.50%, 05/11/31 | &nbsp;&nbsp; 5664 | 5079863 |
| 2.65%, 02/15/32 | &nbsp;&nbsp; 4581 | 4035219 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 2690 | 1932692 |
| 3.15%, 05/01/27 | &nbsp;&nbsp; 3035 | 2982691 |
| 3.25%, 05/11/41 | &nbsp;&nbsp; 4780 | 3534691 |
| 3.25%, 11/30/51 | &nbsp;&nbsp; 2590 | 1669720 |
| 3.40%, 05/01/30 | &nbsp;&nbsp; 4943 | 4729711 |
| 4.30%, 08/19/28 | &nbsp;&nbsp; 1310 | 1312645 |
| 4.30%, 06/18/29 | &nbsp;&nbsp; 5254 | 5246170 |
| 4.40%, 06/01/27 | &nbsp;&nbsp; 1480 | 1483585 |
| 4.85%, 08/19/32 | &nbsp;&nbsp; 1300 | 1299185 |
| 5.00%, 01/15/33 | &nbsp;&nbsp; 5000 | 5006660 |
| 5.25%, 08/19/35 | &nbsp;&nbsp; 2575 | 2559358 |
| 5.55%, 12/01/28 | &nbsp;&nbsp; 3032 | 3141343 |
| Qorvo Inc., 4.38%, 10/15/29 | &nbsp;&nbsp; 4795 | 4699985 |
| Qualcomm Inc. |  |  |
| 1.30%, 05/20/28 | &nbsp;&nbsp; 5685 | 5314762 |
| 1.65%, 05/20/32<sup>(b)</sup> | &nbsp;&nbsp; 5883 | 4946749 |
| 2.15%, 05/20/30 | &nbsp;&nbsp; 7365 | 6758377 |
| 3.25%, 05/20/27 | &nbsp;&nbsp; 9872 | 9774035 |
| 3.25%, 05/20/50 | &nbsp;&nbsp; 4114 | 2816460 |
| 4.25%, 05/20/32 | &nbsp;&nbsp; 3286 | 3265087 |
| 4.30%, 05/20/47 | &nbsp;&nbsp; 7070 | 5912688 |
| 4.50%, 05/20/30 | &nbsp;&nbsp; 2485 | 2524689 |
| 4.50%, 05/20/52 | &nbsp;&nbsp; 4755 | 3990727 |
| 4.65%, 05/20/35<sup>(b)</sup> | &nbsp;&nbsp; 5767 | 5736451 |
| 4.75%, 05/20/32 | &nbsp;&nbsp; 3040 | 3093155 |
| 4.80%, 05/20/45 | &nbsp;&nbsp; 6541 | 5969233 |
| 5.40%, 05/20/33 | &nbsp;&nbsp; 3295 | 3481071 |
| 6.00%, 05/20/53 | &nbsp;&nbsp; 5820 | 6080584 |
| QUALCOMM Inc., 5.00%, 05/20/35 | &nbsp;&nbsp; 2470 | 2493521 |
| Skyworks Solutions Inc., 3.00%, 06/01/31 | &nbsp;&nbsp; 3040 | 2738828 |
| Texas Instruments Inc. |  |  |
| 1.13%, 09/15/26 | &nbsp;&nbsp; 3135 | 3046604 |
| 1.75%, 05/04/30 | &nbsp;&nbsp; 4635 | 4179064 |
| 1.90%, 09/15/31 | &nbsp;&nbsp; 3445 | 3029048 |
| 2.25%, 09/04/29 | &nbsp;&nbsp; 4643 | 4344061 |
| 2.70%, 09/15/51 | &nbsp;&nbsp; 3045 | 1836787 |
| 2.90%, 11/03/27 | &nbsp;&nbsp; 3591 | 3518720 |
| 3.65%, 08/16/32 | &nbsp;&nbsp; 3890 | 3701285 |
| 3.88%, 03/15/39 | &nbsp;&nbsp; 5028 | 4428373 |
| 4.10%, 08/16/52 | &nbsp;&nbsp; 2171 | 1703654 |
| 4.15%, 05/15/48 | &nbsp;&nbsp; 7096 | 5799632 |
| 4.50%, 05/23/30 | &nbsp;&nbsp; 2180 | 2213930 |
| 4.60%, 02/08/27 | &nbsp;&nbsp; 2625 | 2650301 |
| 4.60%, 02/15/28 | &nbsp;&nbsp; 4260 | 4330159 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 4.60%, 02/08/29 | &nbsp;&nbsp; $1955 | $1998020 |
| 4.85%, 02/08/34 | &nbsp;&nbsp; 2105 | 2142782 |
| 4.90%, 03/14/33 | &nbsp;&nbsp; 2820 | 2891381 |
| 5.00%, 03/14/53 | &nbsp;&nbsp; 3455 | 3153972 |
| 5.05%, 05/18/63 | &nbsp;&nbsp; 4350 | 3907164 |
| 5.10%, 05/23/35 | &nbsp;&nbsp; 2100 | 2145512 |
| 5.15%, 02/08/54 | &nbsp;&nbsp; 2055 | 1925097 |
| TSMC Arizona Corp. |  |  |
| 1.75%, 10/25/26 | &nbsp;&nbsp; 7780 | 7574792 |
| 2.50%, 10/25/31 | &nbsp;&nbsp; 7790 | 7076088 |
| 3.13%, 10/25/41 | &nbsp;&nbsp; 6130 | 4833205 |
| 3.25%, 10/25/51<sup>(b)</sup> | &nbsp;&nbsp; 4500 | 3336440 |
| 3.88%, 04/22/27 | &nbsp;&nbsp; 3715 | 3711047 |
| 4.13%, 04/22/29 | &nbsp;&nbsp; 1475 | 1479402 |
| 4.25%, 04/22/32<sup>(b)</sup> | &nbsp;&nbsp; 2395 | 2384843 |
| 4.50%, 04/22/52<sup>(b)</sup> | &nbsp;&nbsp; 1835 | 1680752 |
| Xilinx Inc., 2.38%, 06/01/30 | &nbsp;&nbsp; 5436 | 5030856 |
|  |  | 840552669 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries Inc. |  |  |
| 2.04%, 08/16/28 | &nbsp;&nbsp; 3054 | 2862468 |
| 3.48%, 12/01/27 | &nbsp;&nbsp; 3581 | 3518503 |
| 4.20%, 05/01/30 | &nbsp;&nbsp; 2615 | 2580601 |
| 5.35%, 01/15/30 | &nbsp;&nbsp; 1965 | 2026979 |
| 5.75%, 01/15/35 | &nbsp;&nbsp; 2265 | 2350035 |
|  |  | 13338586 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Adobe Inc. |  |  |
| 2.15%, 02/01/27 | &nbsp;&nbsp; 5401 | 5274371 |
| 2.30%, 02/01/30 | &nbsp;&nbsp; 7816 | 7263082 |
| 4.75%, 01/17/28 | &nbsp;&nbsp; 610 | 622079 |
| 4.80%, 04/04/29 | &nbsp;&nbsp; 3080 | 3166807 |
| 4.85%, 04/04/27 | &nbsp;&nbsp; 3790 | 3846016 |
| 4.95%, 01/17/30 | &nbsp;&nbsp; 940 | 975406 |
| 4.95%, 04/04/34 | &nbsp;&nbsp; 2145 | 2194324 |
| 5.30%, 01/17/35<sup>(b)</sup> | &nbsp;&nbsp; 780 | 814933 |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | &nbsp;&nbsp; 3855 | 3938863 |
| 5.38%, 12/01/31 | &nbsp;&nbsp; 1295 | 1332037 |
| 5.50%, 12/01/34 | &nbsp;&nbsp; 3140 | 3200377 |
| 5.95%, 12/01/54 | &nbsp;&nbsp; 2160 | 2105359 |
| Atlassian Corp. |  |  |
| 5.25%, 05/15/29 | &nbsp;&nbsp; 2210 | 2275470 |
| 5.50%, 05/15/34 | &nbsp;&nbsp; 1950 | 1993677 |
| Autodesk Inc. |  |  |
| 2.40%, 12/15/31<sup>(b)</sup> | &nbsp;&nbsp; 5248 | 4622138 |
| 2.85%, 01/15/30 | &nbsp;&nbsp; 3712 | 3504238 |
| 3.50%, 06/15/27 | &nbsp;&nbsp; 4285 | 4237047 |
| 5.30%, 06/15/35 | &nbsp;&nbsp; 1720 | 1750988 |
| Broadridge Financial Solutions Inc. |  |  |
| 2.60%, 05/01/31 | &nbsp;&nbsp; 5576 | 5023234 |
| 2.90%, 12/01/29 | &nbsp;&nbsp; 4913 | 4648186 |
| Cadence Design Systems Inc. |  |  |
| 4.20%, 09/10/27 | &nbsp;&nbsp; 1855 | 1861505 |
| 4.30%, 09/10/29 | &nbsp;&nbsp; 4305 | 4329521 |
| 4.70%, 09/10/34 | &nbsp;&nbsp; 2120 | 2097743 |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/28<sup>(b)</sup> | &nbsp;&nbsp; 4600 | 4866110 |
| 6.85%, 08/02/33<sup>(b)</sup> | &nbsp;&nbsp; 2825 | 2969978 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Electronic Arts Inc. |  |  |
| 1.85%, 02/15/31 | &nbsp;&nbsp; $5297 | $4651047 |
| 2.95%, 02/15/51 | &nbsp;&nbsp; 3428 | 2135024 |
| Fidelity National Information Services Inc. |  |  |
| 1.65%, 03/01/28 | &nbsp;&nbsp; 4249 | 4000433 |
| 2.25%, 03/01/31 | &nbsp;&nbsp; 190 | 168681 |
| 3.10%, 03/01/41 | &nbsp;&nbsp; 3730 | 2734945 |
| 3.75%, 05/21/29 | &nbsp;&nbsp; 2690 | 2638364 |
| 4.50%, 08/15/46 | &nbsp;&nbsp; 2122 | 1738795 |
| 5.10%, 07/15/32 | &nbsp;&nbsp; 3740 | 3819866 |
| Fiserv Inc. |  |  |
| 2.25%, 06/01/27 | &nbsp;&nbsp; 3935 | 3811670 |
| 2.65%, 06/01/30 | &nbsp;&nbsp; 5109 | 4718202 |
| 3.50%, 07/01/29 | &nbsp;&nbsp; 13945 | 13530183 |
| 4.20%, 10/01/28 | &nbsp;&nbsp; 5377 | 5371187 |
| 4.40%, 07/01/49 | &nbsp;&nbsp; 9920 | 7928693 |
| 4.55%, 02/15/31 | &nbsp;&nbsp; 1505 | 1504494 |
| 4.75%, 03/15/30 | &nbsp;&nbsp; 3080 | 3123193 |
| 5.15%, 03/15/27 | &nbsp;&nbsp; 4900 | 4962959 |
| 5.15%, 08/12/34 | &nbsp;&nbsp; 4330 | 4339223 |
| 5.25%, 08/11/35 | &nbsp;&nbsp; 2945 | 2934640 |
| 5.35%, 03/15/31 | &nbsp;&nbsp; 2970 | 3090014 |
| 5.38%, 08/21/28 | &nbsp;&nbsp; 4070 | 4196265 |
| 5.45%, 03/02/28 | &nbsp;&nbsp; 4729 | 4862393 |
| 5.45%, 03/15/34 | &nbsp;&nbsp; 2980 | 3052858 |
| 5.60%, 03/02/33 | &nbsp;&nbsp; 2970 | 3079930 |
| 5.63%, 08/21/33 | &nbsp;&nbsp; 4820 | 5003422 |
| Intuit Inc. |  |  |
| 1.35%, 07/15/27 | &nbsp;&nbsp; 3659 | 3492923 |
| 1.65%, 07/15/30 | &nbsp;&nbsp; 4212 | 3749112 |
| 5.13%, 09/15/28 | &nbsp;&nbsp; 4545 | 4697106 |
| 5.20%, 09/15/33 | &nbsp;&nbsp; 4585 | 4750126 |
| 5.25%, 09/15/26 | &nbsp;&nbsp; 5305 | 5360246 |
| 5.50%, 09/15/53 | &nbsp;&nbsp; 2955 | 2896287 |
| Microsoft Corp. |  |  |
| 1.35%, 09/15/30 | &nbsp;&nbsp; 4035 | 3573594 |
| 2.50%, 09/15/50 | &nbsp;&nbsp; 7343 | 4459707 |
| 2.53%, 06/01/50 | &nbsp;&nbsp; 27540 | 16823645 |
| 2.68%, 06/01/60<sup>(b)</sup> | &nbsp;&nbsp; 16182 | 9371294 |
| 2.92%, 03/17/52 | &nbsp;&nbsp; 25951 | 17011226 |
| 3.04%, 03/17/62 | &nbsp;&nbsp; 8189 | 5148812 |
| 3.30%, 02/06/27 | &nbsp;&nbsp; 15810 | 15693038 |
| 3.40%, 09/15/26 | &nbsp;&nbsp; 6430 | 6401426 |
| 3.40%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 4025 | 4011690 |
| 3.45%, 08/08/36 | &nbsp;&nbsp; 8346 | 7530853 |
| 3.50%, 02/12/35<sup>(b)</sup> | &nbsp;&nbsp; 8576 | 8049155 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 3545 | 2873323 |
| 3.70%, 08/08/46 | &nbsp;&nbsp; 5520 | 4444669 |
| 3.75%, 02/12/45 | &nbsp;&nbsp; 2995 | 2483425 |
| 3.95%, 08/08/56 | &nbsp;&nbsp; 2080 | 1632564 |
| 4.00%, 02/12/55 | &nbsp;&nbsp; 2845 | 2277791 |
| 4.10%, 02/06/37 | &nbsp;&nbsp; 1491 | 1435984 |
| 4.20%, 11/03/35<sup>(b)</sup> | &nbsp;&nbsp; 3455 | 3427249 |
| 4.25%, 02/06/47 | &nbsp;&nbsp; 2577 | 2283625 |
| 4.45%, 11/03/45 | &nbsp;&nbsp; 2096 | 1921608 |
| 4.50%, 10/01/40 | &nbsp;&nbsp; 3710 | 3573035 |
| 4.50%, 06/15/47 | &nbsp;&nbsp; 2528 | 2270530 |
| 4.50%, 02/06/57 | &nbsp;&nbsp; 1910 | 1701891 |
| 5.20%, 06/01/39 | &nbsp;&nbsp; 2780 | 2924192 |
| 5.30%, 02/08/41 | &nbsp;&nbsp; 4455 | 4628930 |
| MSCI Inc., 5.25%, 09/01/35 | &nbsp;&nbsp; 1050 | 1042398 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Oracle Corp. |  |  |
| 2.30%, 03/25/28 | &nbsp;&nbsp; $9030 | $8623949 |
| 2.80%, 04/01/27 | &nbsp;&nbsp; 11882 | 11630318 |
| 2.88%, 03/25/31 | &nbsp;&nbsp; 14226 | 13046208 |
| 2.95%, 04/01/30 | &nbsp;&nbsp; 13785 | 12971827 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 11702 | 11473569 |
| 3.25%, 05/15/30 | &nbsp;&nbsp; 3424 | 3260273 |
| 3.60%, 04/01/40 | &nbsp;&nbsp; 12620 | 10000735 |
| 3.60%, 04/01/50 | &nbsp;&nbsp; 19513 | 13328845 |
| 3.65%, 03/25/41 | &nbsp;&nbsp; 9773 | 7645067 |
| 3.80%, 11/15/37 | &nbsp;&nbsp; 7478 | 6371040 |
| 3.85%, 07/15/36 | &nbsp;&nbsp; 4842 | 4254843 |
| 3.85%, 04/01/60 | &nbsp;&nbsp; 15136 | 10136498 |
| 3.90%, 05/15/35 | &nbsp;&nbsp; 5815 | 5239253 |
| 3.95%, 03/25/51 | &nbsp;&nbsp; 14192 | 10225387 |
| 4.00%, 07/15/46 | &nbsp;&nbsp; 12639 | 9622949 |
| 4.00%, 11/15/47 | &nbsp;&nbsp; 9573 | 7246753 |
| 4.10%, 03/25/61 | &nbsp;&nbsp; 6791 | 4751253 |
| 4.13%, 05/15/45 | &nbsp;&nbsp; 9164 | 7209614 |
| 4.20%, 09/27/29 | &nbsp;&nbsp; 7720 | 7700474 |
| 4.30%, 07/08/34 | &nbsp;&nbsp; 8067 | 7637943 |
| 4.38%, 05/15/55 | &nbsp;&nbsp; 5349 | 4065100 |
| 4.50%, 05/06/28 | &nbsp;&nbsp; 3260 | 3287445 |
| 4.50%, 07/08/44 | &nbsp;&nbsp; 4568 | 3818860 |
| 4.65%, 05/06/30 | &nbsp;&nbsp; 3175 | 3216826 |
| 4.70%, 09/27/34 | &nbsp;&nbsp; 10055 | 9710059 |
| 4.80%, 08/03/28 | &nbsp;&nbsp; 7050 | 7179837 |
| 4.90%, 02/06/33 | &nbsp;&nbsp; 6640 | 6637158 |
| 5.25%, 02/03/32 | &nbsp;&nbsp; 5500 | 5655059 |
| 5.38%, 07/15/40 | &nbsp;&nbsp; 9799 | 9470306 |
| 5.38%, 09/27/54 | &nbsp;&nbsp; 7930 | 7056748 |
| 5.50%, 08/03/35 | &nbsp;&nbsp; 8930 | 9102117 |
| 5.50%, 09/27/64 | &nbsp;&nbsp; 6605 | 5851005 |
| 5.55%, 02/06/53 | &nbsp;&nbsp; 9945 | 9125610 |
| 6.00%, 08/03/55 | &nbsp;&nbsp; 8360 | 8147755 |
| 6.13%, 07/08/39 | &nbsp;&nbsp; 5908 | 6167485 |
| 6.13%, 08/03/65 | &nbsp;&nbsp; 5395 | 5235237 |
| 6.15%, 11/09/29 | &nbsp;&nbsp; 6190 | 6614769 |
| 6.25%, 11/09/32 | &nbsp;&nbsp; 8507 | 9188053 |
| 6.50%, 04/15/38 | &nbsp;&nbsp; 5740 | 6221822 |
| 6.90%, 11/09/52 | &nbsp;&nbsp; 10780 | 11663415 |
| Paychex Inc. |  |  |
| 5.10%, 04/15/30 | &nbsp;&nbsp; 3100 | 3189966 |
| 5.35%, 04/15/32 | &nbsp;&nbsp; 3900 | 4030084 |
| 5.60%, 04/15/35 | &nbsp;&nbsp; 2895 | 2990703 |
| Roper Technologies Inc. |  |  |
| 1.40%, 09/15/27 | &nbsp;&nbsp; 4051 | 3836581 |
| 1.75%, 02/15/31 | &nbsp;&nbsp; 4678 | 4057370 |
| 2.00%, 06/30/30 | &nbsp;&nbsp; 3339 | 2996513 |
| 2.95%, 09/15/29 | &nbsp;&nbsp; 3628 | 3460464 |
| 3.80%, 12/15/26 | &nbsp;&nbsp; 4942 | 4912407 |
| 4.20%, 09/15/28 | &nbsp;&nbsp; 4629 | 4635607 |
| 4.25%, 09/15/28 | &nbsp;&nbsp; 790 | 792919 |
| 4.45%, 09/15/30 | &nbsp;&nbsp; 1500 | 1503114 |
| 4.50%, 10/15/29 | &nbsp;&nbsp; 2390 | 2409303 |
| 4.75%, 02/15/32 | &nbsp;&nbsp; 2970 | 2985448 |
| 4.90%, 10/15/34 | &nbsp;&nbsp; 4675 | 4623264 |
| 5.10%, 09/15/35 | &nbsp;&nbsp; 2025 | 2019967 |
| Salesforce Inc. |  |  |
| 1.50%, 07/15/28 | &nbsp;&nbsp; 3800 | 3560768 |
| 1.95%, 07/15/31 | &nbsp;&nbsp; 6342 | 5616961 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| 2.70%, 07/15/41 | &nbsp;&nbsp; $4640 | $3331439 |
| 2.90%, 07/15/51 | &nbsp;&nbsp; 8960 | 5675036 |
| 3.05%, 07/15/61 | &nbsp;&nbsp; 5810 | 3516023 |
| 3.70%, 04/11/28 | &nbsp;&nbsp; 9666 | 9631985 |
| ServiceNow Inc., 1.40%, 09/01/30 | &nbsp;&nbsp; 8589 | 7522749 |
| Synopsys Inc. |  |  |
| 4.55%, 04/01/27 | &nbsp;&nbsp; 6565 | 6602452 |
| 4.65%, 04/01/28 | &nbsp;&nbsp; 3500 | 3545835 |
| 4.85%, 04/01/30 | &nbsp;&nbsp; 7205 | 7349622 |
| 5.00%, 04/01/32 | &nbsp;&nbsp; 7205 | 7347476 |
| 5.15%, 04/01/35 | &nbsp;&nbsp; 6270 | 6320935 |
| 5.70%, 04/01/55 | &nbsp;&nbsp; 2650 | 2597992 |
| Take-Two Interactive Software Inc. |  |  |
| 3.70%, 04/14/27 | &nbsp;&nbsp; 4345 | 4312938 |
| 4.00%, 04/14/32 | &nbsp;&nbsp; 3188 | 3040179 |
| 4.95%, 03/28/28 | &nbsp;&nbsp; 4460 | 4544102 |
| 5.40%, 06/12/29 | &nbsp;&nbsp; 2735 | 2838056 |
| 5.60%, 06/12/34 | &nbsp;&nbsp; 2135 | 2216486 |
| VMware LLC |  |  |
| 1.80%, 08/15/28 | &nbsp;&nbsp; 4139 | 3869344 |
| 2.20%, 08/15/31 | &nbsp;&nbsp; 4603 | 4037409 |
| 3.90%, 08/21/27 | &nbsp;&nbsp; 5571 | 5541932 |
| 4.65%, 05/15/27 | &nbsp;&nbsp; 3996 | 4020495 |
| 4.70%, 05/15/30 | &nbsp;&nbsp; 4205 | 4254766 |
| Workday Inc. |  |  |
| 3.50%, 04/01/27 | &nbsp;&nbsp; 4780 | 4732966 |
| 3.70%, 04/01/29 | &nbsp;&nbsp; 3463 | 3409763 |
| 3.80%, 04/01/32 | &nbsp;&nbsp; 5570 | 5280959 |
|  |  | 821205266 |
| **Telecommunications — 1.1%** | **Telecommunications — 1.1%** | **Telecommunications — 1.1%** |
| America Movil SAB de CV |  |  |
| 2.88%, 05/07/30 | &nbsp;&nbsp; 5105 | 4760661 |
| 3.63%, 04/22/29 | &nbsp;&nbsp; 6216 | 6064536 |
| 4.38%, 07/16/42 | &nbsp;&nbsp; 4935 | 4214485 |
| 4.38%, 04/22/49 | &nbsp;&nbsp; 5376 | 4411367 |
| 4.70%, 07/21/32 | &nbsp;&nbsp; 4665 | 4628393 |
| 5.00%, 01/20/33 | &nbsp;&nbsp; 1090 | 1098224 |
| 6.13%, 11/15/37 | &nbsp;&nbsp; 2570 | 2722816 |
| 6.13%, 03/30/40 | &nbsp;&nbsp; 9872 | 10424758 |
| 6.38%, 03/01/35 | &nbsp;&nbsp; 5978 | 6522877 |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | &nbsp;&nbsp; 10446 | 9855988 |
| 2.25%, 02/01/32 | &nbsp;&nbsp; 12406 | 10741971 |
| 2.30%, 06/01/27 | &nbsp;&nbsp; 11307 | 10951132 |
| 2.55%, 12/01/33 | &nbsp;&nbsp; 16483 | 13863153 |
| 2.75%, 06/01/31 | &nbsp;&nbsp; 16846 | 15403430 |
| 3.10%, 02/01/43 | &nbsp;&nbsp; 2710 | 1959607 |
| 3.30%, 02/01/52 | &nbsp;&nbsp; 3790 | 2453792 |
| 3.50%, 06/01/41 | &nbsp;&nbsp; 10855 | 8488615 |
| 3.50%, 09/15/53 | &nbsp;&nbsp; 34846 | 23296763 |
| 3.50%, 02/01/61 | &nbsp;&nbsp; 3115 | 1983722 |
| 3.55%, 09/15/55<sup>(b)</sup> | &nbsp;&nbsp; 31848 | 21171725 |
| 3.65%, 06/01/51 | &nbsp;&nbsp; 12921 | 9017142 |
| 3.65%, 09/15/59 | &nbsp;&nbsp; 25587 | 16912267 |
| 3.80%, 02/15/27 | &nbsp;&nbsp; 4739 | 4714681 |
| 3.80%, 12/01/57 | &nbsp;&nbsp; 25591 | 17603947 |
| 3.85%, 06/01/60 | &nbsp;&nbsp; 6440 | 4422447 |
| 4.10%, 02/15/28 | &nbsp;&nbsp; 4435 | 4430111 |
| 4.25%, 03/01/27 | &nbsp;&nbsp; 5884 | 5887670 |
| 4.30%, 02/15/30 | &nbsp;&nbsp; 15542 | 15546700 |
| 4.30%, 12/15/42 | &nbsp;&nbsp; 5733 | 4842888 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.35%, 03/01/29 | &nbsp;&nbsp; $14514 | $14572960 |
| 4.35%, 06/15/45 | &nbsp;&nbsp; 3890 | 3214116 |
| 4.50%, 05/15/35 | &nbsp;&nbsp; 12299 | 11749025 |
| 4.50%, 03/09/48 | &nbsp;&nbsp; 7900 | 6514821 |
| 4.55%, 03/09/49 | &nbsp;&nbsp; 4209 | 3457887 |
| 4.65%, 06/01/44 | &nbsp;&nbsp; 2444 | 2104983 |
| 4.70%, 08/15/30 | &nbsp;&nbsp; 6705 | 6802561 |
| 4.75%, 05/15/46 | &nbsp;&nbsp; 6201 | 5386052 |
| 4.80%, 06/15/44 | &nbsp;&nbsp; 1600 | 1419197 |
| 4.85%, 03/01/39 | &nbsp;&nbsp; 5277 | 4993934 |
| 4.85%, 07/15/45 | &nbsp;&nbsp; 1944 | 1709701 |
| 4.90%, 08/15/37 | &nbsp;&nbsp; 3973 | 3822289 |
| 5.15%, 03/15/42 | &nbsp;&nbsp; 1220 | 1149181 |
| 5.15%, 11/15/46 | &nbsp;&nbsp; 3121 | 2859879 |
| 5.15%, 02/15/50 | &nbsp;&nbsp; 2367 | 2120943 |
| 5.25%, 03/01/37 | &nbsp;&nbsp; 4390 | 4398444 |
| 5.35%, 09/01/40 | &nbsp;&nbsp; 1723 | 1696382 |
| 5.38%, 08/15/35 | &nbsp;&nbsp; 6165 | 6280269 |
| 5.40%, 02/15/34 | &nbsp;&nbsp; 12115 | 12468998 |
| 5.45%, 03/01/47 | &nbsp;&nbsp; 2267 | 2141873 |
| 5.55%, 08/15/41 | &nbsp;&nbsp; 2872 | 2823598 |
| 5.65%, 02/15/47 | &nbsp;&nbsp; 1922 | 1915065 |
| 5.70%, 03/01/57<sup>(b)</sup> | &nbsp;&nbsp; 1576 | 1509900 |
| 6.00%, 08/15/40 | &nbsp;&nbsp; 3004 | 3121944 |
| 6.05%, 08/15/56 | &nbsp;&nbsp; 7240 | 7282947 |
| 6.30%, 01/15/38 | &nbsp;&nbsp; 1675 | 1801529 |
| 6.38%, 03/01/41 | &nbsp;&nbsp; 1979 | 2106755 |
| 6.55%, 02/15/39 | &nbsp;&nbsp; 1350 | 1478887 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 3.65%, 08/15/52 | &nbsp;&nbsp; 2580 | 1766764 |
| 4.30%, 07/29/49 | &nbsp;&nbsp; 2515 | 1946963 |
| 4.46%, 04/01/48 | &nbsp;&nbsp; 5716 | 4627720 |
| 5.10%, 05/11/33<sup>(b)</sup> | &nbsp;&nbsp; 5285 | 5334875 |
| 5.20%, 02/15/34 | &nbsp;&nbsp; 2725 | 2732715 |
| 5.55%, 02/15/54<sup>(b)</sup> | &nbsp;&nbsp; 3835 | 3602383 |
| Series US-4, 3.65%, 03/17/51 | &nbsp;&nbsp; 2549 | 1779792 |
| Series US-5, 2.15%, 02/15/32<sup>(b)</sup> | &nbsp;&nbsp; 3765 | 3218682 |
| British Telecommunications PLC |  |  |
| 5.13%, 12/04/28 | &nbsp;&nbsp; 5128 | 5254941 |
| 9.63%, 12/15/30 | &nbsp;&nbsp; 12531 | 15426046 |
| Cisco Systems Inc. |  |  |
| 2.50%, 09/20/26 | &nbsp;&nbsp; 6162 | 6069184 |
| 4.55%, 02/24/28 | &nbsp;&nbsp; 4435 | 4501644 |
| 4.75%, 02/24/30 | &nbsp;&nbsp; 4620 | 4741793 |
| 4.80%, 02/26/27 | &nbsp;&nbsp; 8005 | 8108626 |
| 4.85%, 02/26/29 | &nbsp;&nbsp; 10096 | 10368513 |
| 4.95%, 02/26/31 | &nbsp;&nbsp; 6975 | 7219024 |
| 4.95%, 02/24/32 | &nbsp;&nbsp; 4250 | 4387111 |
| 5.05%, 02/26/34 | &nbsp;&nbsp; 9100 | 9344025 |
| 5.10%, 02/24/35 | &nbsp;&nbsp; 5110 | 5230188 |
| 5.30%, 02/26/54 | &nbsp;&nbsp; 7395 | 7093363 |
| 5.35%, 02/26/64 | &nbsp;&nbsp; 4855 | 4630702 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 8576 | 8861369 |
| 5.50%, 02/24/55 | &nbsp;&nbsp; 3720 | 3669891 |
| 5.90%, 02/15/39 | &nbsp;&nbsp; 9865 | 10612705 |
| Corning Inc. |  |  |
| 3.90%, 11/15/49 | &nbsp;&nbsp; 2013 | 1532242 |
| 4.38%, 11/15/57 | &nbsp;&nbsp; 4052 | 3245661 |
| 4.70%, 03/15/37 | &nbsp;&nbsp; 1517 | 1467549 |
| 4.75%, 03/15/42 | &nbsp;&nbsp; 2470 | 2233800 |
| 5.35%, 11/15/48 | &nbsp;&nbsp; 2864 | 2705957 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 5.45%, 11/15/79 | &nbsp;&nbsp; $4283 | $3889329 |
| 5.75%, 08/15/40 | &nbsp;&nbsp; 2467 | 2521941 |
| 5.85%, 11/15/68 | &nbsp;&nbsp; 1947 | 1867490 |
| Deutsche Telekom International Finance BV |  |  |
| 8.75%, 06/15/30 | &nbsp;&nbsp; 17225 | 20378238 |
| 9.25%, 06/01/32 | &nbsp;&nbsp; 4182 | 5234042 |
| Juniper Networks Inc. |  |  |
| 2.00%, 12/10/30 | &nbsp;&nbsp; 2961 | 2595967 |
| 3.75%, 08/15/29<sup>(b)</sup> | &nbsp;&nbsp; 2951 | 2883707 |
| 5.95%, 03/15/41 | &nbsp;&nbsp; 2219 | 2193052 |
| Koninklijke KPN NV, 8.38%, 10/01/30 | &nbsp;&nbsp; 1742 | 2043502 |
| Motorola Solutions Inc. |  |  |
| 2.30%, 11/15/30 | &nbsp;&nbsp; 3491 | 3137318 |
| 2.75%, 05/24/31 | &nbsp;&nbsp; 4490 | 4089364 |
| 4.60%, 02/23/28 | &nbsp;&nbsp; 4240 | 4283895 |
| 4.60%, 05/23/29 | &nbsp;&nbsp; 4671 | 4719041 |
| 4.85%, 08/15/30 | &nbsp;&nbsp; 2030 | 2068210 |
| 5.00%, 04/15/29 | &nbsp;&nbsp; 2445 | 2500605 |
| 5.20%, 08/15/32 | &nbsp;&nbsp; 1670 | 1709970 |
| 5.40%, 04/15/34 | &nbsp;&nbsp; 3540 | 3632576 |
| 5.50%, 09/01/44 | &nbsp;&nbsp; 1788 | 1744477 |
| 5.55%, 08/15/35 | &nbsp;&nbsp; 2300 | 2370677 |
| 5.60%, 06/01/32 | &nbsp;&nbsp; 3240 | 3385740 |
| Nokia OYJ |  |  |
| 4.38%, 06/12/27 | &nbsp;&nbsp; 3698 | 3671503 |
| 6.63%, 05/15/39 | &nbsp;&nbsp; 2721 | 2786071 |
| Orange SA |  |  |
| 5.38%, 01/13/42 | &nbsp;&nbsp; 4179 | 4098531 |
| 5.50%, 02/06/44 | &nbsp;&nbsp; 3444 | 3410069 |
| 9.00%, 03/01/31 | &nbsp;&nbsp; 12805 | 15596749 |
| Rogers Communications Inc. |  |  |
| 2.90%, 11/15/26 | &nbsp;&nbsp; 4062 | 3990490 |
| 3.20%, 03/15/27 | &nbsp;&nbsp; 4190 | 4123146 |
| 3.70%, 11/15/49 | &nbsp;&nbsp; 2399 | 1746304 |
| 3.80%, 03/15/32 | &nbsp;&nbsp; 5035 | 4722215 |
| 4.30%, 02/15/48 | &nbsp;&nbsp; 3402 | 2738596 |
| 4.50%, 03/15/42 | &nbsp;&nbsp; 3485 | 2977727 |
| 4.50%, 03/15/43 | &nbsp;&nbsp; 2603 | 2198967 |
| 4.55%, 03/15/52 | &nbsp;&nbsp; 7230 | 5823782 |
| 5.00%, 02/15/29 | &nbsp;&nbsp; 4956 | 5056423 |
| 5.00%, 03/15/44 | &nbsp;&nbsp; 4543 | 4084884 |
| 5.30%, 02/15/34 | &nbsp;&nbsp; 5375 | 5410301 |
| 5.45%, 10/01/43 | &nbsp;&nbsp; 2743 | 2582308 |
| 7.50%, 08/15/38 | &nbsp;&nbsp; 2471 | 2860562 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/28 | &nbsp;&nbsp; 4075 | 4383227 |
| 8.75%, 03/15/32 | &nbsp;&nbsp; 9900 | 12008187 |
| Telefonica Emisiones SA |  |  |
| 4.10%, 03/08/27 | &nbsp;&nbsp; 5864 | 5846084 |
| 4.67%, 03/06/38 | &nbsp;&nbsp; 2626 | 2382461 |
| 4.90%, 03/06/48 | &nbsp;&nbsp; 5608 | 4720582 |
| 5.21%, 03/08/47 | &nbsp;&nbsp; 10995 | 9675516 |
| 5.52%, 03/01/49 | &nbsp;&nbsp; 5247 | 4761617 |
| 7.05%, 06/20/36 | &nbsp;&nbsp; 9239 | 10288431 |
| Telefonica Europe BV, 8.25%, 09/15/30 | &nbsp;&nbsp; 6778 | 7836420 |
| TELUS Corp. |  |  |
| 2.80%, 02/16/27 | &nbsp;&nbsp; 3870 | 3790130 |
| 3.40%, 05/13/32 | &nbsp;&nbsp; 5235 | 4797566 |
| 3.70%, 09/15/27 | &nbsp;&nbsp; 3298 | 3265396 |
| T-Mobile USA Inc. |  |  |
| 2.05%, 02/15/28 | &nbsp;&nbsp; 9425 | 8968782 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 2.25%, 11/15/31 | &nbsp;&nbsp; $6419 | $5617764 |
| 2.40%, 03/15/29 | &nbsp;&nbsp; 3198 | 3005204 |
| 2.55%, 02/15/31 | &nbsp;&nbsp; 13069 | 11826801 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 4965 | 4705581 |
| 2.70%, 03/15/32 | &nbsp;&nbsp; 5140 | 4553179 |
| 2.88%, 02/15/31 | &nbsp;&nbsp; 6690 | 6146111 |
| 3.00%, 02/15/41 | &nbsp;&nbsp; 13311 | 9723171 |
| 3.30%, 02/15/51 | &nbsp;&nbsp; 13184 | 8649820 |
| 3.38%, 04/15/29 | &nbsp;&nbsp; 8985 | 8705818 |
| 3.40%, 10/15/52 | &nbsp;&nbsp; 13430 | 8887134 |
| 3.50%, 04/15/31 | &nbsp;&nbsp; 16775 | 15879248 |
| 3.60%, 11/15/60 | &nbsp;&nbsp; 6473 | 4231097 |
| 3.75%, 04/15/27 | &nbsp;&nbsp; 18072 | 17951863 |
| 3.88%, 04/15/30 | &nbsp;&nbsp; 29952 | 29331648 |
| 4.20%, 10/01/29 | &nbsp;&nbsp; 4035 | 4032880 |
| 4.38%, 04/15/40 | &nbsp;&nbsp; 9360 | 8303819 |
| 4.50%, 04/15/50 | &nbsp;&nbsp; 12327 | 10055837 |
| 4.70%, 01/15/35 | &nbsp;&nbsp; 5530 | 5357496 |
| 4.75%, 02/01/28 | &nbsp;&nbsp; 8690 | 8707628 |
| 4.80%, 07/15/28 | &nbsp;&nbsp; 5355 | 5454386 |
| 4.85%, 01/15/29 | &nbsp;&nbsp; 4735 | 4828709 |
| 4.95%, 03/15/28 | &nbsp;&nbsp; 5555 | 5657084 |
| 5.05%, 07/15/33 | &nbsp;&nbsp; 11772 | 11895002 |
| 5.13%, 05/15/32 | &nbsp;&nbsp; 2060 | 2109510 |
| 5.15%, 04/15/34 | &nbsp;&nbsp; 4205 | 4249039 |
| 5.20%, 01/15/33 | &nbsp;&nbsp; 3595 | 3662023 |
| 5.25%, 06/15/55 | &nbsp;&nbsp; 4350 | 3910154 |
| 5.30%, 05/15/35 | &nbsp;&nbsp; 4530 | 4573225 |
| 5.38%, 04/15/27 | &nbsp;&nbsp; 195 | 195000 |
| 5.50%, 01/15/55<sup>(b)</sup> | &nbsp;&nbsp; 2930 | 2736633 |
| 5.65%, 01/15/53 | &nbsp;&nbsp; 7835 | 7489406 |
| 5.75%, 01/15/34 | &nbsp;&nbsp; 6855 | 7188963 |
| 5.75%, 01/15/54 | &nbsp;&nbsp; 5345 | 5175035 |
| 5.80%, 09/15/62 | &nbsp;&nbsp; 2985 | 2888441 |
| 5.88%, 11/15/55 | &nbsp;&nbsp; 4440 | 4377829 |
| 6.00%, 06/15/54 | &nbsp;&nbsp; 3180 | 3195115 |
| 6.70%, 12/15/33<sup>(b)</sup> | &nbsp;&nbsp; 750 | 830375 |
| Verizon Communications Inc. |  |  |
| 1.50%, 09/18/30 | &nbsp;&nbsp; 5917 | 5158249 |
| 1.68%, 10/30/30 | &nbsp;&nbsp; 6448 | 5654244 |
| 1.75%, 01/20/31 | &nbsp;&nbsp; 11000 | 9592271 |
| 2.10%, 03/22/28 | &nbsp;&nbsp; 13405 | 12758120 |
| 2.36%, 03/15/32 | &nbsp;&nbsp; 21212 | 18412056 |
| 2.55%, 03/21/31 | &nbsp;&nbsp; 13621 | 12352528 |
| 2.65%, 11/20/40 | &nbsp;&nbsp; 13943 | 9891771 |
| 2.85%, 09/03/41 | &nbsp;&nbsp; 5182 | 3681655 |
| 2.88%, 11/20/50 | &nbsp;&nbsp; 12729 | 7855143 |
| 2.99%, 10/30/56 | &nbsp;&nbsp; 17199 | 10214867 |
| 3.00%, 03/22/27 | &nbsp;&nbsp; 5785 | 5685951 |
| 3.00%, 11/20/60<sup>(b)</sup> | &nbsp;&nbsp; 9382 | 5482050 |
| 3.15%, 03/22/30 | &nbsp;&nbsp; 8429 | 8045840 |
| 3.40%, 03/22/41 | &nbsp;&nbsp; 14500 | 11206231 |
| 3.55%, 03/22/51 | &nbsp;&nbsp; 19703 | 13974284 |
| 3.70%, 03/22/61 | &nbsp;&nbsp; 14190 | 9695675 |
| 3.85%, 11/01/42 | &nbsp;&nbsp; 3546 | 2817918 |
| 3.88%, 02/08/29 | &nbsp;&nbsp; 7232 | 7179614 |
| 3.88%, 03/01/52 | &nbsp;&nbsp; 4240 | 3136615 |
| 4.00%, 03/22/50 | &nbsp;&nbsp; 6107 | 4679375 |
| 4.02%, 12/03/29 | &nbsp;&nbsp; 15774 | 15644333 |
| 4.13%, 08/15/46 | &nbsp;&nbsp; 4637 | 3706200 |
| 4.27%, 01/15/36 | &nbsp;&nbsp; 2810 | 2610819 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| 4.33%, 09/21/28 | &nbsp;&nbsp; $15391 | $15493003 |
| 4.40%, 11/01/34 | &nbsp;&nbsp; 10304 | 9826794 |
| 4.50%, 08/10/33 | &nbsp;&nbsp; 10442 | 10197547 |
| 4.52%, 09/15/48 | &nbsp;&nbsp; 4540 | 3801831 |
| 4.67%, 03/15/55 | &nbsp;&nbsp; 3763 | 3159474 |
| 4.75%, 11/01/41 | &nbsp;&nbsp; 2688 | 2424066 |
| 4.78%, 02/15/35 | &nbsp;&nbsp; 3580 | 3488968 |
| 4.81%, 03/15/39 | &nbsp;&nbsp; 5072 | 4757988 |
| 4.86%, 08/21/46 | &nbsp;&nbsp; 10984 | 9765275 |
| 5.01%, 04/15/49 | &nbsp;&nbsp; 3585 | 3235551 |
| 5.01%, 08/21/54 | &nbsp;&nbsp; 3873 | 3434935 |
| 5.05%, 05/09/33 | &nbsp;&nbsp; 4355 | 4427861 |
| 5.25%, 04/02/35 | &nbsp;&nbsp; 7555 | 7615155 |
| 5.25%, 03/16/37 | &nbsp;&nbsp; 7542 | 7550782 |
| 5.40%, 07/02/37<sup>(c)</sup> | &nbsp;&nbsp; 12261 | 12307495 |
| 5.50%, 03/16/47 | &nbsp;&nbsp; 2506 | 2416168 |
| 5.50%, 02/23/54<sup>(b)</sup> | &nbsp;&nbsp; 3673 | 3517576 |
| 5.85%, 09/15/35 | &nbsp;&nbsp; 3077 | 3251453 |
| 6.40%, 09/15/33 | &nbsp;&nbsp; 1770 | 1944978 |
| 6.55%, 09/15/43 | &nbsp;&nbsp; 4078 | 4471073 |
| 7.75%, 12/01/30 | &nbsp;&nbsp; 3747 | 4322533 |
| Vodafone Group PLC |  |  |
| 4.25%, 09/17/50 | &nbsp;&nbsp; 4299 | 3348688 |
| 4.88%, 06/19/49 | &nbsp;&nbsp; 6733 | 5840439 |
| 5.00%, 05/30/38 | &nbsp;&nbsp; 2643 | 2568555 |
| 5.25%, 05/30/48 | &nbsp;&nbsp; 3745 | 3451171 |
| 5.63%, 02/10/53 | &nbsp;&nbsp; 4685 | 4414830 |
| 5.75%, 06/28/54 | &nbsp;&nbsp; 7430 | 7096353 |
| 5.75%, 02/10/63 | &nbsp;&nbsp; 2065 | 1938872 |
| 5.88%, 06/28/64 | &nbsp;&nbsp; 4380 | 4208478 |
| 6.15%, 02/27/37 | &nbsp;&nbsp; 4717 | 5080480 |
| 6.25%, 11/30/32 | &nbsp;&nbsp; 3383 | 3659951 |
| 7.88%, 02/15/30 | &nbsp;&nbsp; 4020 | 4594115 |
|  |  | 1372002659 |
| **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** | **Toys, Games & Hobbies — 0.0%** |
| Hasbro Inc. |  |  |
| 3.50%, 09/15/27 | &nbsp;&nbsp; 2974 | 2927994 |
| 3.55%, 11/19/26 | &nbsp;&nbsp; 4114 | 4071467 |
| 3.90%, 11/19/29 | &nbsp;&nbsp; 4264 | 4152972 |
| 5.10%, 05/15/44 | &nbsp;&nbsp; 1156 | 1017373 |
| 6.05%, 05/14/34 | &nbsp;&nbsp; 2525 | 2624579 |
| 6.35%, 03/15/40 | &nbsp;&nbsp; 2734 | 2838291 |
| Mattel Inc., 5.45%, 11/01/41 | &nbsp;&nbsp; 1465 | 1316518 |
|  |  | 18949194 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| Burlington Northern Santa Fe LLC |  |  |
| 2.88%, 06/15/52 | &nbsp;&nbsp; 3239 | 2004320 |
| 3.05%, 02/15/51 | &nbsp;&nbsp; 2947 | 1922398 |
| 3.25%, 06/15/27 | &nbsp;&nbsp; 5806 | 5739035 |
| 3.30%, 09/15/51 | &nbsp;&nbsp; 4530 | 3095237 |
| 3.55%, 02/15/50 | &nbsp;&nbsp; 4061 | 2936736 |
| 3.90%, 08/01/46 | &nbsp;&nbsp; 3673 | 2907766 |
| 4.05%, 06/15/48 | &nbsp;&nbsp; 3694 | 2959730 |
| 4.13%, 06/15/47 | &nbsp;&nbsp; 3855 | 3156256 |
| 4.15%, 04/01/45 | &nbsp;&nbsp; 4593 | 3823606 |
| 4.15%, 12/15/48 | &nbsp;&nbsp; 3430 | 2789553 |
| 4.38%, 09/01/42 | &nbsp;&nbsp; 2237 | 1953025 |
| 4.40%, 03/15/42 | &nbsp;&nbsp; 2862 | 2517669 |
| 4.45%, 03/15/43 | &nbsp;&nbsp; 3770 | 3309056 |
| 4.45%, 01/15/53 | &nbsp;&nbsp; 3075 | 2552136 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.55%, 09/01/44 | &nbsp;&nbsp; $3838 | $3380025 |
| 4.70%, 09/01/45 | &nbsp;&nbsp; 3039 | 2731567 |
| 4.90%, 04/01/44 | &nbsp;&nbsp; 3684 | 3437149 |
| 4.95%, 09/15/41 | &nbsp;&nbsp; 2213 | 2090490 |
| 5.05%, 03/01/41 | &nbsp;&nbsp; 2589 | 2488813 |
| 5.15%, 09/01/43 | &nbsp;&nbsp; 3385 | 3251999 |
| 5.20%, 04/15/54 | &nbsp;&nbsp; 6050 | 5633915 |
| 5.40%, 06/01/41 | &nbsp;&nbsp; 2482 | 2475753 |
| 5.50%, 03/15/55 | &nbsp;&nbsp; 5250 | 5098637 |
| 5.75%, 05/01/40 | &nbsp;&nbsp; 3756 | 3926547 |
| 5.80%, 03/15/56 | &nbsp;&nbsp; 4090 | 4140894 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 3398 | 3735254 |
| 6.20%, 08/15/36 | &nbsp;&nbsp; 2075 | 2289956 |
| Canadian National Railway Co. |  |  |
| 2.45%, 05/01/50 | &nbsp;&nbsp; 2907 | 1696423 |
| 3.20%, 08/02/46 | &nbsp;&nbsp; 2844 | 2020951 |
| 3.65%, 02/03/48 | &nbsp;&nbsp; 3109 | 2358089 |
| 3.85%, 08/05/32 | &nbsp;&nbsp; 3855 | 3685615 |
| 4.38%, 09/18/34 | &nbsp;&nbsp; 2545 | 2472294 |
| 4.40%, 08/05/52 | &nbsp;&nbsp; 2640 | 2207921 |
| 4.45%, 01/20/49 | &nbsp;&nbsp; 3337 | 2854843 |
| 5.85%, 11/01/33 | &nbsp;&nbsp; 1595 | 1726504 |
| 6.13%, 11/01/53 | &nbsp;&nbsp; 1440 | 1541115 |
| 6.20%, 06/01/36 | &nbsp;&nbsp; 2200 | 2442350 |
| 6.25%, 08/01/34 | &nbsp;&nbsp; 3120 | 3449852 |
| 6.38%, 11/15/37 | &nbsp;&nbsp; 2282 | 2555166 |
| 6.90%, 07/15/28 | &nbsp;&nbsp; 3725 | 4011509 |
| Canadian Pacific Railway Co. |  |  |
| 1.75%, 12/02/26 | &nbsp;&nbsp; 4250 | 4129498 |
| 2.05%, 03/05/30 | &nbsp;&nbsp; 3021 | 2750401 |
| 2.45%, 12/02/31 | &nbsp;&nbsp; 5335 | 4727413 |
| 2.88%, 11/15/29 | &nbsp;&nbsp; 2858 | 2715637 |
| 3.00%, 12/02/41 | &nbsp;&nbsp; 4752 | 3469563 |
| 3.10%, 12/02/51 | &nbsp;&nbsp; 7872 | 5119478 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 2700 | 1911800 |
| 4.00%, 06/01/28 | &nbsp;&nbsp; 3325 | 3320569 |
| 4.20%, 11/15/69 | &nbsp;&nbsp; 1877 | 1403132 |
| 4.30%, 05/15/43 | &nbsp;&nbsp; 2226 | 1887518 |
| 4.70%, 05/01/48 | &nbsp;&nbsp; 2395 | 2102298 |
| 4.80%, 03/30/30 | &nbsp;&nbsp; 2675 | 2738917 |
| 4.80%, 09/15/35 | &nbsp;&nbsp; 2078 | 2037136 |
| 4.80%, 08/01/45 | &nbsp;&nbsp; 2597 | 2327089 |
| 4.95%, 08/15/45 | &nbsp;&nbsp; 2272 | 2073115 |
| 5.20%, 03/30/35 | &nbsp;&nbsp; 2675 | 2726465 |
| 5.95%, 05/15/37 | &nbsp;&nbsp; 2373 | 2526496 |
| 6.13%, 09/15/2115 | &nbsp;&nbsp; 3894 | 3939751 |
| 7.13%, 10/15/31 | &nbsp;&nbsp; 1878 | 2134971 |
| CH Robinson Worldwide Inc., 4.20%, <br> 04/15/28<br>| &nbsp;&nbsp; 4370 | 4372914 |
| CSX Corp. |  |  |
| 2.40%, 02/15/30 | &nbsp;&nbsp; 2918 | 2712319 |
| 2.50%, 05/15/51<sup>(b)</sup> | &nbsp;&nbsp; 2366 | 1360476 |
| 2.60%, 11/01/26 | &nbsp;&nbsp; 6623 | 6511122 |
| 3.25%, 06/01/27 | &nbsp;&nbsp; 6026 | 5944295 |
| 3.35%, 09/15/49 | &nbsp;&nbsp; 2874 | 1993591 |
| 3.80%, 03/01/28 | &nbsp;&nbsp; 4131 | 4109608 |
| 3.80%, 11/01/46 | &nbsp;&nbsp; 3934 | 3046543 |
| 3.80%, 04/15/50 | &nbsp;&nbsp; 2436 | 1827467 |
| 3.95%, 05/01/50 | &nbsp;&nbsp; 2821 | 2172439 |
| 4.10%, 11/15/32 | &nbsp;&nbsp; 3551 | 3453101 |
| 4.10%, 03/15/44 | &nbsp;&nbsp; 3688 | 3045063 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.25%, 03/15/29 | &nbsp;&nbsp; $5440 | $5461853 |
| 4.25%, 11/01/66 | &nbsp;&nbsp; 2733 | 2074036 |
| 4.30%, 03/01/48 | &nbsp;&nbsp; 3870 | 3199513 |
| 4.40%, 03/01/43 | &nbsp;&nbsp; 1505 | 1309028 |
| 4.50%, 03/15/49 | &nbsp;&nbsp; 1791 | 1510107 |
| 4.50%, 11/15/52 | &nbsp;&nbsp; 3786 | 3156954 |
| 4.50%, 08/01/54 | &nbsp;&nbsp; 1854 | 1531278 |
| 4.65%, 03/01/68<sup>(b)</sup> | &nbsp;&nbsp; 2130 | 1733957 |
| 4.75%, 05/30/42 | &nbsp;&nbsp; 2775 | 2530791 |
| 4.75%, 11/15/48 | &nbsp;&nbsp; 3046 | 2676922 |
| 4.90%, 03/15/55<sup>(b)</sup> | &nbsp;&nbsp; 750 | 663728 |
| 5.05%, 06/15/35<sup>(b)</sup> | &nbsp;&nbsp; 2755 | 2780839 |
| 5.20%, 11/15/33 | &nbsp;&nbsp; 3500 | 3622370 |
| 5.50%, 04/15/41 | &nbsp;&nbsp; 2594 | 2601694 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 2327 | 2507830 |
| 6.15%, 05/01/37 | &nbsp;&nbsp; 3220 | 3509068 |
| 6.22%, 04/30/40 | &nbsp;&nbsp; 2978 | 3224977 |
| FedEx Corp. |  |  |
| 2.40%, 05/15/31<sup>(b)</sup> | &nbsp;&nbsp; 3400 | 3049774 |
| 2.40%, 05/15/31<sup>(c)</sup> | &nbsp;&nbsp; 1205 | 1070915 |
| 3.10%, 08/05/29<sup>(b)</sup> | &nbsp;&nbsp; 4709 | 4514799 |
| 3.10%, 08/05/29<sup>(c)</sup> | &nbsp;&nbsp; 10 | 9559 |
| 3.25%, 05/15/41<sup>(b)(c)</sup> | &nbsp;&nbsp; 925 | 667536 |
| 3.40%, 02/15/28<sup>(c)</sup> | &nbsp;&nbsp; 70 | 68863 |
| 3.90%, 02/01/35<sup>(c)</sup> | &nbsp;&nbsp; 800 | 721769 |
| 4.05%, 02/15/48 | &nbsp;&nbsp; 2775 | 2027697 |
| 4.05%, 02/15/48<sup>(c)</sup> | &nbsp;&nbsp; 225 | 166645 |
| 4.10%, 04/15/43<sup>(c)</sup> | &nbsp;&nbsp; 20 | 15576 |
| 4.25%, 05/15/30 | &nbsp;&nbsp; 3715 | 3729172 |
| 4.25%, 05/15/30<sup>(c)</sup> | &nbsp;&nbsp; 180 | 177988 |
| 4.40%, 01/15/47<sup>(c)</sup> | &nbsp;&nbsp; 530 | 418274 |
| 4.55%, 04/01/46<sup>(c)</sup> | &nbsp;&nbsp; 1080 | 881154 |
| 4.75%, 11/15/45 | &nbsp;&nbsp; 5467 | 4557910 |
| 4.75%, 11/15/45<sup>(c)</sup> | &nbsp;&nbsp; 1439 | 1205626 |
| 4.90%, 01/15/34<sup>(c)</sup> | &nbsp;&nbsp; 795 | 772215 |
| 4.95%, 10/17/48<sup>(b)</sup> | &nbsp;&nbsp; 3116 | 2604803 |
| 4.95%, 10/17/48<sup>(c)</sup> | &nbsp;&nbsp; 675 | 571840 |
| 5.25%, 05/15/50<sup>(b)</sup> | &nbsp;&nbsp; 3471 | 3078658 |
| 5.25%, 05/15/50<sup>(b)(c)</sup> | &nbsp;&nbsp; 2165 | 1908577 |
| FedEx Corp. Pass-Through Trust, Series <br> 2020-1, Class AA, 1.88%, 08/20/35<br>| &nbsp;&nbsp; 5644 | 4899198 |
| JB Hunt Transport Services Inc., 4.90%, <br> 03/15/30<br>| &nbsp;&nbsp; 60 | 61412 |
| Kirby Corp., 4.20%, 03/01/28 | &nbsp;&nbsp; 3117 | 3111368 |
| Norfolk Southern Corp. |  |  |
| 2.30%, 05/15/31 | &nbsp;&nbsp; 3020 | 2716118 |
| 2.55%, 11/01/29 | &nbsp;&nbsp; 2556 | 2405181 |
| 2.90%, 08/25/51 | &nbsp;&nbsp; 2968 | 1855360 |
| 3.00%, 03/15/32 | &nbsp;&nbsp; 3290 | 2995865 |
| 3.05%, 05/15/50 | &nbsp;&nbsp; 3287 | 2141954 |
| 3.15%, 06/01/27 | &nbsp;&nbsp; 1989 | 1958519 |
| 3.16%, 05/15/55 | &nbsp;&nbsp; 3676 | 2338123 |
| 3.40%, 11/01/49 | &nbsp;&nbsp; 1894 | 1320059 |
| 3.70%, 03/15/53 | &nbsp;&nbsp; 2376 | 1715290 |
| 3.80%, 08/01/28 | &nbsp;&nbsp; 3779 | 3761762 |
| 3.94%, 11/01/47 | &nbsp;&nbsp; 3409 | 2675874 |
| 3.95%, 10/01/42 | &nbsp;&nbsp; 2952 | 2420580 |
| 4.05%, 08/15/52 | &nbsp;&nbsp; 2354 | 1821078 |
| 4.10%, 05/15/49 | &nbsp;&nbsp; 1980 | 1558229 |
| 4.10%, 05/15/2121 | &nbsp;&nbsp; 2615 | 1801474 |
| 4.15%, 02/28/48 | &nbsp;&nbsp; 3425 | 2759744 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.45%, 03/01/33 | &nbsp;&nbsp; $2684 | $2642812 |
| 4.45%, 06/15/45 | &nbsp;&nbsp; 2692 | 2309624 |
| 4.55%, 06/01/53 | &nbsp;&nbsp; 2835 | 2370587 |
| 4.65%, 01/15/46 | &nbsp;&nbsp; 2529 | 2229094 |
| 4.84%, 10/01/41 | &nbsp;&nbsp; 2667 | 2476500 |
| 5.05%, 08/01/30 | &nbsp;&nbsp; 3305 | 3425081 |
| 5.10%, 05/01/35 | &nbsp;&nbsp; 2190 | 2213205 |
| 5.10%, 08/01/2118 | &nbsp;&nbsp; 1585 | 1334385 |
| 5.35%, 08/01/54<sup>(b)</sup> | &nbsp;&nbsp; 4135 | 3927446 |
| 5.55%, 03/15/34 | &nbsp;&nbsp; 2257 | 2366104 |
| 5.95%, 03/15/64 | &nbsp;&nbsp; 2647 | 2699250 |
| 7.80%, 05/15/27 | &nbsp;&nbsp; 3142 | 3330204 |
| Ryder System Inc. |  |  |
| 1.75%, 09/01/26 | &nbsp;&nbsp; 2665 | 2596514 |
| 2.85%, 03/01/27 | &nbsp;&nbsp; 2869 | 2811644 |
| 2.90%, 12/01/26 | &nbsp;&nbsp; 2690 | 2643097 |
| 4.30%, 06/15/27 | &nbsp;&nbsp; 2160 | 2162769 |
| 4.85%, 06/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1885 | 1921000 |
| 4.90%, 12/01/29 | &nbsp;&nbsp; 1215 | 1239389 |
| 4.95%, 09/01/29 | &nbsp;&nbsp; 1450 | 1482265 |
| 5.00%, 03/15/30 | &nbsp;&nbsp; 980 | 1003178 |
| 5.25%, 06/01/28 | &nbsp;&nbsp; 2922 | 3001484 |
| 5.30%, 03/15/27 | &nbsp;&nbsp; 2143 | 2174492 |
| 5.38%, 03/15/29 | &nbsp;&nbsp; 2525 | 2610740 |
| 5.50%, 06/01/29 | &nbsp;&nbsp; 1775 | 1849621 |
| 5.65%, 03/01/28 | &nbsp;&nbsp; 3231 | 3342161 |
| 6.30%, 12/01/28 | &nbsp;&nbsp; 2240 | 2385107 |
| 6.60%, 12/01/33 | &nbsp;&nbsp; 2865 | 3171673 |
| Union Pacific Corp. |  |  |
| 2.15%, 02/05/27 | &nbsp;&nbsp; 3563 | 3471933 |
| 2.38%, 05/20/31 | &nbsp;&nbsp; 4230 | 3846619 |
| 2.40%, 02/05/30 | &nbsp;&nbsp; 4490 | 4182371 |
| 2.80%, 02/14/32<sup>(b)</sup> | &nbsp;&nbsp; 6312 | 5728709 |
| 2.89%, 04/06/36 | &nbsp;&nbsp; 3582 | 2974088 |
| 2.95%, 03/10/52 | &nbsp;&nbsp; 4180 | 2622100 |
| 2.97%, 09/16/62 | &nbsp;&nbsp; 4250 | 2457185 |
| 3.00%, 04/15/27 | &nbsp;&nbsp; 4030 | 3964063 |
| 3.20%, 05/20/41 | &nbsp;&nbsp; 4375 | 3350456 |
| 3.25%, 02/05/50 | &nbsp;&nbsp; 7676 | 5219158 |
| 3.35%, 08/15/46 | &nbsp;&nbsp; 1541 | 1106114 |
| 3.38%, 02/01/35 | &nbsp;&nbsp; 2356 | 2104682 |
| 3.38%, 02/14/42 | &nbsp;&nbsp; 2400 | 1851996 |
| 3.50%, 02/14/53 | &nbsp;&nbsp; 6125 | 4276953 |
| 3.55%, 08/15/39 | &nbsp;&nbsp; 2565 | 2145928 |
| 3.55%, 05/20/61 | &nbsp;&nbsp; 2399 | 1593009 |
| 3.60%, 09/15/37 | &nbsp;&nbsp; 2651 | 2304527 |
| 3.70%, 03/01/29 | &nbsp;&nbsp; 5103 | 5040382 |
| 3.75%, 02/05/70 | &nbsp;&nbsp; 3200 | 2142068 |
| 3.80%, 10/01/51 | &nbsp;&nbsp; 4453 | 3320313 |
| 3.80%, 04/06/71 | &nbsp;&nbsp; 3805 | 2570974 |
| 3.84%, 03/20/60 | &nbsp;&nbsp; 7751 | 5528457 |
| 3.85%, 02/14/72 | &nbsp;&nbsp; 2135 | 1458762 |
| 3.88%, 02/01/55 | &nbsp;&nbsp; 2020 | 1500086 |
| 3.95%, 09/10/28 | &nbsp;&nbsp; 5919 | 5913180 |
| 3.95%, 08/15/59 | &nbsp;&nbsp; 2506 | 1824657 |
| 4.00%, 04/15/47 | &nbsp;&nbsp; 2604 | 2056115 |
| 4.05%, 11/15/45 | &nbsp;&nbsp; 2281 | 1842931 |
| 4.05%, 03/01/46 | &nbsp;&nbsp; 2555 | 2052231 |
| 4.10%, 09/15/67 | &nbsp;&nbsp; 2481 | 1814681 |
| 4.30%, 03/01/49 | &nbsp;&nbsp; 3006 | 2455802 |
| 4.50%, 01/20/33 | &nbsp;&nbsp; 4985 | 4959300 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| 4.50%, 09/10/48 | &nbsp;&nbsp; $1948 | $1643370 |
| 4.95%, 09/09/52 | &nbsp;&nbsp; 495 | 446245 |
| 4.95%, 05/15/53 | &nbsp;&nbsp; 2390 | 2150167 |
| 5.10%, 02/20/35 | &nbsp;&nbsp; 3895 | 3964395 |
| 5.15%, 01/20/63 | &nbsp;&nbsp; 1953 | 1763757 |
| 5.60%, 12/01/54 | &nbsp;&nbsp; 3445 | 3388775 |
| 6.63%, 02/01/29 | &nbsp;&nbsp; 4015 | 4330786 |
| United Parcel Service Inc. |  |  |
| 2.40%, 11/15/26 | &nbsp;&nbsp; 3877 | 3804066 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 2905 | 2736012 |
| 3.05%, 11/15/27 | &nbsp;&nbsp; 7271 | 7144738 |
| 3.40%, 03/15/29 | &nbsp;&nbsp; 4361 | 4279895 |
| 3.40%, 11/15/46 | &nbsp;&nbsp; 1891 | 1368432 |
| 3.40%, 09/01/49<sup>(b)</sup> | &nbsp;&nbsp; 3316 | 2292641 |
| 3.63%, 10/01/42 | &nbsp;&nbsp; 2720 | 2140941 |
| 3.75%, 11/15/47 | &nbsp;&nbsp; 4537 | 3423796 |
| 4.25%, 03/15/49 | &nbsp;&nbsp; 3348 | 2707385 |
| 4.45%, 04/01/30 | &nbsp;&nbsp; 2922 | 2971279 |
| 4.65%, 10/15/30 | &nbsp;&nbsp; 2450 | 2502589 |
| 4.88%, 03/03/33<sup>(b)</sup> | &nbsp;&nbsp; 4575 | 4668524 |
| 4.88%, 11/15/40 | &nbsp;&nbsp; 3453 | 3255884 |
| 5.05%, 03/03/53<sup>(b)</sup> | &nbsp;&nbsp; 4680 | 4205756 |
| 5.15%, 05/22/34 | &nbsp;&nbsp; 3965 | 4083784 |
| 5.20%, 04/01/40 | &nbsp;&nbsp; 2779 | 2753088 |
| 5.25%, 05/14/35 | &nbsp;&nbsp; 2280 | 2335194 |
| 5.30%, 04/01/50<sup>(b)</sup> | &nbsp;&nbsp; 5307 | 4989306 |
| 5.50%, 05/22/54 | &nbsp;&nbsp; 4465 | 4274288 |
| 5.60%, 05/22/64<sup>(b)</sup> | &nbsp;&nbsp; 2860 | 2708712 |
| 5.95%, 05/14/55 | &nbsp;&nbsp; 5670 | 5739108 |
| 6.05%, 05/14/65 | &nbsp;&nbsp; 3965 | 4013576 |
| 6.20%, 01/15/38 | &nbsp;&nbsp; 6927 | 7545426 |
| Walmart Inc. |  |  |
| 1.05%, 09/17/26 | &nbsp;&nbsp; 7340 | 7126751 |
| 1.50%, 09/22/28 | &nbsp;&nbsp; 6618 | 6186374 |
| 1.80%, 09/22/31 | &nbsp;&nbsp; 8707 | 7655703 |
| 3.95%, 09/09/27<sup>(b)</sup> | &nbsp;&nbsp; 4025 | 4037461 |
|  |  | 626629282 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| GATX Corp. |  |  |
| 1.90%, 06/01/31 | &nbsp;&nbsp; 1941 | 1681126 |
| 3.10%, 06/01/51 | &nbsp;&nbsp; 1775 | 1102340 |
| 3.25%, 09/15/26 | &nbsp;&nbsp; 2856 | 2817943 |
| 3.50%, 03/15/28 | &nbsp;&nbsp; 1842 | 1806299 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 1843 | 1695767 |
| 3.85%, 03/30/27 | &nbsp;&nbsp; 2682 | 2660732 |
| 4.00%, 06/30/30 | &nbsp;&nbsp; 2160 | 2120617 |
| 4.55%, 11/07/28 | &nbsp;&nbsp; 1293 | 1300705 |
| 4.70%, 04/01/29 | &nbsp;&nbsp; 2182 | 2206284 |
| 4.90%, 03/15/33 | &nbsp;&nbsp; 2615 | 2613593 |
| 5.20%, 03/15/44 | &nbsp;&nbsp; 1147 | 1063870 |
| 5.40%, 03/15/27 | &nbsp;&nbsp; 1095 | 1111332 |
| 5.45%, 09/15/33 | &nbsp;&nbsp; 2375 | 2435862 |
| 5.50%, 06/15/35 | &nbsp;&nbsp; 1175 | 1195960 |
| 6.05%, 03/15/34 | &nbsp;&nbsp; 2632 | 2803037 |
| 6.05%, 06/05/54 | &nbsp;&nbsp; 1455 | 1458138 |
| 6.90%, 05/01/34 | &nbsp;&nbsp; 2075 | 2315092 |
|  |  | 32388697 |
| **Venture Capital — 0.0%** | **Venture Capital — 0.0%** | **Venture Capital — 0.0%** |
| Hercules Capital Inc. |  |  |
| 2.63%, 09/16/26 | &nbsp;&nbsp; 1714 | 1674921 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Venture Capital (continued)** | **Venture Capital (continued)** | **Venture Capital (continued)** |
| 3.38%, 01/20/27<sup>(b)</sup> | &nbsp;&nbsp; $1682 | $1643119 |
| 6.00%, 06/16/30 | &nbsp;&nbsp; 900 | 913342 |
|  |  | 4231382 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.30%, 06/01/31 | &nbsp;&nbsp; 2685 | 2392828 |
| 2.80%, 05/01/30 | &nbsp;&nbsp; 3249 | 3050518 |
| 2.95%, 09/01/27 | &nbsp;&nbsp; 2530 | 2477882 |
| 3.25%, 06/01/51 | &nbsp;&nbsp; 3471 | 2327576 |
| 3.45%, 06/01/29 | &nbsp;&nbsp; 3926 | 3834622 |
| 3.45%, 05/01/50 | &nbsp;&nbsp; 3599 | 2528064 |
| 3.75%, 09/01/28 | &nbsp;&nbsp; 2417 | 2399438 |
| 3.75%, 09/01/47 | &nbsp;&nbsp; 4495 | 3400533 |
| 4.00%, 12/01/46 | &nbsp;&nbsp; 2175 | 1739885 |
| 4.15%, 06/01/49 | &nbsp;&nbsp; 3406 | 2693203 |
| 4.20%, 09/01/48 | &nbsp;&nbsp; 2192 | 1760342 |
| 4.30%, 12/01/42 | &nbsp;&nbsp; 1529 | 1305865 |
| 4.30%, 09/01/45 | &nbsp;&nbsp; 2421 | 2059613 |
| 4.45%, 06/01/32 | &nbsp;&nbsp; 3015 | 2999341 |
| 5.15%, 03/01/34 | &nbsp;&nbsp; 1925 | 1968653 |
| 5.25%, 03/01/35 | &nbsp;&nbsp; 3725 | 3793145 |
| 5.45%, 03/01/54 | &nbsp;&nbsp; 2460 | 2364061 |
| 5.70%, 09/01/55 | &nbsp;&nbsp; 4120 | 4055284 |
| 6.59%, 10/15/37 | &nbsp;&nbsp; 1180 | 1325471 |
| Essential Utilities Inc. |  |  |
| 2.40%, 05/01/31 | &nbsp;&nbsp; 2824 | 2520987 |
| 2.70%, 04/15/30 | &nbsp;&nbsp; 2611 | 2424405 |
| 3.35%, 04/15/50 | &nbsp;&nbsp; 3404 | 2247175 |
| 3.57%, 05/01/29 | &nbsp;&nbsp; 1517 | 1475698 |
| 4.28%, 05/01/49 | &nbsp;&nbsp; 3455 | 2696961 |
| 4.80%, 08/15/27 | &nbsp;&nbsp; 1625 | 1642622 |
| 5.25%, 08/15/35 | &nbsp;&nbsp; 1200 | 1193730 |
| 5.30%, 05/01/52 | &nbsp;&nbsp; 2720 | 2463369 |
| 5.38%, 01/15/34 | &nbsp;&nbsp; 1075 | 1094539 |
| United Utilities PLC, 6.88%, 08/15/28 | &nbsp;&nbsp; 1071 | 1143774 |
|  |  | 67379584 |
| **Total Corporate Bonds & Notes — 24.4%** <br>**(Cost: $33,690,724,579)** | **Total Corporate Bonds & Notes — 24.4%** <br>**(Cost: $33,690,724,579)** | 31905404134 |
| **Foreign Government Obligations**<sup>(f)</sup> | **Foreign Government Obligations**<sup>(f)</sup> | **Foreign Government Obligations**<sup>(f)</sup> |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |
| Canada Government International Bonds |  |  |
| 3.75%, 04/26/28 | &nbsp;&nbsp; 1225 | 1229236 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 10160 | 10286187 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 1590 | 1642147 |
| Export Development Canada |  |  |
| 3.00%, 05/25/27<sup>(b)</sup> | &nbsp;&nbsp; 985 | 972530 |
| 3.75%, 09/07/27 | &nbsp;&nbsp; 320 | 320291 |
| 3.88%, 02/14/28 | &nbsp;&nbsp; 835 | 839485 |
| 4.00%, 06/20/30 | &nbsp;&nbsp; 5320 | 5380783 |
| 4.13%, 02/13/29 | &nbsp;&nbsp; 15460 | 15694634 |
| 4.75%, 06/05/34<sup>(b)</sup> | &nbsp;&nbsp; 4120 | 4283424 |
| Hydro-Quebec |  |  |
| Series HH, 8.50%, 12/01/29 | &nbsp;&nbsp; 1180 | 1385824 |
| Series HK, 9.38%, 04/15/30 | &nbsp;&nbsp; 1595 | 1948680 |
| Series HQ, 9.50%, 11/15/30 | &nbsp;&nbsp; 240 | 299371 |
| Province of Alberta Canada |  |  |
| 1.30%, 07/22/30 | &nbsp;&nbsp; 6217 | 5517903 |
| 3.30%, 03/15/28 | &nbsp;&nbsp; 6030 | 5964509 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 4.50%, 06/26/29 | &nbsp;&nbsp; $7370 | $7551826 |
| 4.50%, 01/24/34 | &nbsp;&nbsp; 5230 | 5256588 |
| Province of British Columbia Canada |  |  |
| 1.30%, 01/29/31<sup>(b)</sup> | &nbsp;&nbsp; 4405 | 3842828 |
| 4.20%, 07/06/33 | &nbsp;&nbsp; 12205 | 12097126 |
| 4.70%, 01/24/28 | &nbsp;&nbsp; 20 | 20445 |
| 4.75%, 06/12/34 | &nbsp;&nbsp; 10830 | 11040123 |
| 4.80%, 11/15/28<sup>(b)</sup> | &nbsp;&nbsp; 8830 | 9109332 |
| 4.80%, 06/11/35 | &nbsp;&nbsp; 10425 | 10597349 |
| 4.90%, 04/24/29 | &nbsp;&nbsp; 10760 | 11169769 |
| 7.25%, 09/01/36 | &nbsp;&nbsp; 388 | 469323 |
| Province of Manitoba Canada |  |  |
| 1.50%, 10/25/28 | &nbsp;&nbsp; 380 | 354467 |
| 4.30%, 07/27/33 | &nbsp;&nbsp; 75 | 74610 |
| 4.90%, 05/31/34 | &nbsp;&nbsp; 7300 | 7511646 |
| Province of New Brunswick Canada, 3.63%, <br> 02/24/28<br>| &nbsp;&nbsp; 1991 | 1981840 |
| Province of Ontario Canada |  |  |
| 1.05%, 05/21/27 | &nbsp;&nbsp; 1585 | 1512564 |
| 1.13%, 10/07/30 | &nbsp;&nbsp; 6722 | 5873464 |
| 1.60%, 02/25/31 | &nbsp;&nbsp; 6735 | 5968933 |
| 1.80%, 10/14/31 | &nbsp;&nbsp; 3965 | 3483030 |
| 2.00%, 10/02/29 | &nbsp;&nbsp; 5195 | 4846712 |
| 2.13%, 01/21/32 | &nbsp;&nbsp; 6195 | 5499577 |
| 3.10%, 05/19/27<sup>(b)</sup> | &nbsp;&nbsp; 6635 | 6557120 |
| 3.70%, 09/17/29 | &nbsp;&nbsp; 10000 | 9968092 |
| 4.20%, 01/18/29 | &nbsp;&nbsp; 10330 | 10479877 |
| 4.70%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 1315 | 1361048 |
| 4.85%, 06/11/35 | &nbsp;&nbsp; 9210 | 9413917 |
| 5.05%, 04/24/34 | &nbsp;&nbsp; 8450 | 8814032 |
| Province of Quebec Canada |  |  |
| 1.35%, 05/28/30 | &nbsp;&nbsp; 6873 | 6132987 |
| 1.90%, 04/21/31 | &nbsp;&nbsp; 2135 | 1909906 |
| 2.75%, 04/12/27 | &nbsp;&nbsp; 6392 | 6281942 |
| 3.63%, 04/13/28 | &nbsp;&nbsp; 8335 | 8313719 |
| 4.25%, 09/05/34<sup>(b)</sup> | &nbsp;&nbsp; 10120 | 9937446 |
| 4.50%, 04/03/29 | &nbsp;&nbsp; 16650 | 17059482 |
| 4.50%, 09/08/33 | &nbsp;&nbsp; 685 | 691956 |
| 4.63%, 08/28/35 | &nbsp;&nbsp; 8000 | 8015574 |
| Series PD, 7.50%, 09/15/29 | &nbsp;&nbsp; 7182 | 8161721 |
| Province of Saskatchewan Canada |  |  |
| 3.25%, 06/08/27 | &nbsp;&nbsp; 40 | 39580 |
| 4.65%, 01/28/30 | &nbsp;&nbsp; 1825 | 1884397 |
|  |  | 279049352 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Chile Government International Bonds |  |  |
| 2.45%, 01/31/31 | &nbsp;&nbsp; 10247 | 9262994 |
| 2.55%, 01/27/32 | &nbsp;&nbsp; 9876 | 8747835 |
| 2.55%, 07/27/33 | &nbsp;&nbsp; 13738 | 11716889 |
| 2.75%, 01/31/27 | &nbsp;&nbsp; 5279 | 5174777 |
| 3.10%, 05/07/41 | &nbsp;&nbsp; 12791 | 9585617 |
| 3.10%, 01/22/61 | &nbsp;&nbsp; 8765 | 5248101 |
| 3.24%, 02/06/28 | &nbsp;&nbsp; 10500 | 10271267 |
| 3.25%, 09/21/71 | &nbsp;&nbsp; 4733 | 2845410 |
| 3.50%, 01/31/34 | &nbsp;&nbsp; 7828 | 7101008 |
| 3.50%, 01/25/50 | &nbsp;&nbsp; 11085 | 7822973 |
| 3.63%, 10/30/42 | &nbsp;&nbsp; 700 | 564842 |
| 3.86%, 06/21/47 | &nbsp;&nbsp; 5558 | 4286485 |
| 4.00%, 01/31/52 | &nbsp;&nbsp; 3658 | 2791654 |
| 4.34%, 03/07/42 | &nbsp;&nbsp; 6781 | 5907913 |
| 4.85%, 01/22/29 | &nbsp;&nbsp; 10270 | 10483118 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Chile (continued)** | **Chile (continued)** | **Chile (continued)** |
| 4.95%, 01/05/36 | &nbsp;&nbsp; $8549 | $8472732 |
| 5.33%, 01/05/54<sup>(b)</sup> | &nbsp;&nbsp; 5287 | 4970675 |
| 5.65%, 01/13/37 | &nbsp;&nbsp; 4560 | 4739301 |
|  |  | 119993591 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| Hong Kong Government International Bonds, <br> 1.75%, 11/24/31<sup>(g)</sup><br>| &nbsp;&nbsp; 4900 | 4349920 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Hungary Government International Bonds, <br> 7.63%, 03/29/41<br>| &nbsp;&nbsp; 6507 | 7517816 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Indonesia Government International Bonds |  |  |
| 1.85%, 03/12/31 | &nbsp;&nbsp; 1515 | 1320447 |
| 2.15%, 07/28/31 | &nbsp;&nbsp; 7195 | 6315910 |
| 2.85%, 02/14/30 | &nbsp;&nbsp; 7211 | 6790339 |
| 3.05%, 03/12/51 | &nbsp;&nbsp; 6085 | 3995099 |
| 3.20%, 09/23/61 | &nbsp;&nbsp; 2875 | 1801579 |
| 3.35%, 03/12/71 | &nbsp;&nbsp; 3640 | 2322905 |
| 3.40%, 09/18/29 | &nbsp;&nbsp; 4280 | 4156458 |
| 3.50%, 01/11/28 | &nbsp;&nbsp; 5367 | 5295628 |
| 3.50%, 02/14/50 | &nbsp;&nbsp; 3676 | 2651332 |
| 3.55%, 03/31/32 | &nbsp;&nbsp; 4635 | 4351592 |
| 3.70%, 10/30/49 | &nbsp;&nbsp; 4571 | 3434830 |
| 3.85%, 10/15/30 | &nbsp;&nbsp; 9341 | 9147005 |
| 4.10%, 04/24/28 | &nbsp;&nbsp; 6505 | 6507546 |
| 4.15%, 09/20/27 | &nbsp;&nbsp; 5340 | 5345620 |
| 4.20%, 10/15/50 | &nbsp;&nbsp; 7640 | 6201853 |
| 4.30%, 03/31/52 | &nbsp;&nbsp; 3520 | 2868861 |
| 4.35%, 01/11/48 | &nbsp;&nbsp; 7715 | 6558067 |
| 4.40%, 03/10/29 | &nbsp;&nbsp; 2320 | 2336093 |
| 4.45%, 04/15/70 | &nbsp;&nbsp; 4575 | 3651958 |
| 4.55%, 01/11/28 | &nbsp;&nbsp; 4585 | 4626356 |
| 4.65%, 09/20/32 | &nbsp;&nbsp; 7715 | 7708036 |
| 4.70%, 02/10/34 | &nbsp;&nbsp; 4130 | 4095075 |
| 4.75%, 02/11/29 | &nbsp;&nbsp; 5603 | 5698313 |
| 4.75%, 09/10/34 | &nbsp;&nbsp; 5860 | 5811514 |
| 4.85%, 01/11/33<sup>(b)</sup> | &nbsp;&nbsp; 7045 | 7087683 |
| 5.10%, 02/10/54<sup>(b)</sup> | &nbsp;&nbsp; 3100 | 2901908 |
| 5.15%, 09/10/54<sup>(b)</sup> | &nbsp;&nbsp; 2770 | 2611476 |
| 5.25%, 01/15/30<sup>(b)</sup> | &nbsp;&nbsp; 870 | 904785 |
| 5.35%, 02/11/49<sup>(b)</sup> | &nbsp;&nbsp; 4450 | 4355926 |
| 5.45%, 09/20/52 | &nbsp;&nbsp; 2765 | 2682295 |
| 5.60%, 01/15/35<sup>(b)</sup> | &nbsp;&nbsp; 5500 | 5781932 |
| 5.65%, 01/11/53 | &nbsp;&nbsp; 3480 | 3458147 |
|  |  | 142776568 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Israel Government International Bonds |  |  |
| 2.75%, 07/03/30 | &nbsp;&nbsp; 11070 | 10120460 |
| 3.25%, 01/17/28 | &nbsp;&nbsp; 4035 | 3923630 |
| 3.88%, 07/03/50 | &nbsp;&nbsp; 9090 | 6409324 |
| 4.13%, 01/17/48 | &nbsp;&nbsp; 2870 | 2183563 |
| 4.50%, 01/17/33 | &nbsp;&nbsp; 8620 | 8316101 |
| 4.50%, 01/30/43 | &nbsp;&nbsp; 5983 | 5064370 |
| 4.50%, 04/03/2120 | &nbsp;&nbsp; 4433 | 3186180 |
| 5.38%, 03/12/29 | &nbsp;&nbsp; 330 | 337727 |
| 5.38%, 02/19/30 | &nbsp;&nbsp; 100 | 102657 |
| 5.50%, 03/12/34 | &nbsp;&nbsp; 14450 | 14706474 |
| 5.63%, 02/19/35 | &nbsp;&nbsp; 10000 | 10231046 |
| 5.75%, 03/12/54 | &nbsp;&nbsp; 7155 | 6610490 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| State of Israel |  |  |
| 2.50%, 01/15/30 | &nbsp;&nbsp; $2930 | $2676479 |
| 3.38%, 01/15/50 | &nbsp;&nbsp; 7243 | 4728748 |
|  |  | 78597249 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Republic of Italy Government <br> International Bonds<br>|  |  |
| 2.88%, 10/17/29 | &nbsp;&nbsp; 8130 | 7737595 |
| 3.88%, 05/06/51 | &nbsp;&nbsp; 9414 | 6488888 |
| 4.00%, 10/17/49 | &nbsp;&nbsp; 10795 | 7772345 |
| 5.38%, 06/15/33<sup>(b)</sup> | &nbsp;&nbsp; 7902 | 8353715 |
|  |  | 30352543 |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Japan Bank for International Cooperation |  |  |
| 1.25%, 01/21/31 | &nbsp;&nbsp; 7225 | 6275309 |
| 1.63%, 01/20/27 | &nbsp;&nbsp; 860 | 833489 |
| 1.88%, 04/15/31 | &nbsp;&nbsp; 14414 | 12883487 |
| 2.00%, 10/17/29 | &nbsp;&nbsp; 5137 | 4773777 |
| 2.13%, 02/16/29 | &nbsp;&nbsp; 4585 | 4332387 |
| 2.25%, 11/04/26 | &nbsp;&nbsp; 7489 | 7341354 |
| 2.75%, 11/16/27 | &nbsp;&nbsp; 6145 | 6005959 |
| 2.88%, 06/01/27 | &nbsp;&nbsp; 6215 | 6111367 |
| 2.88%, 07/21/27 | &nbsp;&nbsp; 4797 | 4710697 |
| 3.25%, 07/20/28 | &nbsp;&nbsp; 4921 | 4850018 |
| 3.50%, 10/31/28 | &nbsp;&nbsp; 4005 | 3969017 |
| 4.38%, 10/05/27 | &nbsp;&nbsp; 1200 | 1213164 |
| 4.38%, 01/24/31 | &nbsp;&nbsp; 1940 | 1976005 |
| 4.63%, 07/22/27 | &nbsp;&nbsp; 10 | 10135 |
| 4.63%, 07/19/28 | &nbsp;&nbsp; 1830 | 1872024 |
| 4.63%, 04/17/34 | &nbsp;&nbsp; 4220 | 4296412 |
| 4.88%, 10/18/28 | &nbsp;&nbsp; 1170 | 1207916 |
| Japan International Cooperation Agency |  |  |
| 1.00%, 07/22/30<sup>(b)</sup> | &nbsp;&nbsp; 2794 | 2419421 |
| 2.13%, 10/20/26 | &nbsp;&nbsp; 1134 | 1109461 |
| 2.75%, 04/27/27 | &nbsp;&nbsp; 1640 | 1607652 |
| 3.25%, 05/25/27 | &nbsp;&nbsp; 1920 | 1897134 |
| 3.38%, 06/12/28 | &nbsp;&nbsp; 745 | 735064 |
| 4.00%, 05/23/28 | &nbsp;&nbsp; 370 | 371293 |
| 4.25%, 05/22/30 | &nbsp;&nbsp; 1170 | 1186050 |
| 4.75%, 05/21/29 | &nbsp;&nbsp; 950 | 976979 |
|  |  | 82965571 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Mexico Government International Bonds |  |  |
| 2.66%, 05/24/31 | &nbsp;&nbsp; 15317 | 13489144 |
| 3.25%, 04/16/30 | &nbsp;&nbsp; 10880 | 10175695 |
| 3.50%, 02/12/34 | &nbsp;&nbsp; 12903 | 11007514 |
| 3.75%, 01/11/28 | &nbsp;&nbsp; 10315 | 10159490 |
| 3.77%, 05/24/61 | &nbsp;&nbsp; 13551 | 8087717 |
| 4.15%, 03/28/27 | &nbsp;&nbsp; 13210 | 13158696 |
| 4.28%, 08/14/41 | &nbsp;&nbsp; 12801 | 10003033 |
| 4.35%, 01/15/47 | &nbsp;&nbsp; 5572 | 4092991 |
| 4.40%, 02/12/52 | &nbsp;&nbsp; 9107 | 6461180 |
| 4.50%, 04/22/29 | &nbsp;&nbsp; 15225 | 15165454 |
| 4.50%, 01/31/50 | &nbsp;&nbsp; 9701 | 7157222 |
| 4.60%, 01/23/46 | &nbsp;&nbsp; 11914 | 9148936 |
| 4.60%, 02/10/48 | &nbsp;&nbsp; 8766 | 6615127 |
| 4.75%, 04/27/32 | &nbsp;&nbsp; 13002 | 12529132 |
| 4.75%, 03/08/44 | &nbsp;&nbsp; 17953 | 14318296 |
| 4.88%, 05/19/33 | &nbsp;&nbsp; 10498 | 10023110 |
| 5.00%, 05/07/29 | &nbsp;&nbsp; 3049 | 3085450 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| 5.00%, 04/27/51 | &nbsp;&nbsp; $12409 | $9729318 |
| 5.40%, 02/09/28 | &nbsp;&nbsp; 4037 | 4119484 |
| 5.55%, 01/21/45<sup>(b)</sup> | &nbsp;&nbsp; 13800 | 12334630 |
| 5.75%, 10/12/2110 | &nbsp;&nbsp; 11661 | 9465014 |
| 5.85%, 07/02/32 | &nbsp;&nbsp; 7055 | 7201900 |
| 6.00%, 05/13/30 | &nbsp;&nbsp; 8582 | 8974815 |
| 6.00%, 05/07/36 | &nbsp;&nbsp; 7133 | 7153269 |
| 6.05%, 01/11/40 | &nbsp;&nbsp; 12906 | 12475855 |
| 6.34%, 05/04/53 | &nbsp;&nbsp; 12971 | 11996917 |
| 6.35%, 02/09/35 | &nbsp;&nbsp; 12025 | 12433982 |
| 6.40%, 05/07/54 | &nbsp;&nbsp; 6295 | 5843060 |
| 6.63%, 01/29/38 | &nbsp;&nbsp; 4696 | 4809090 |
| 6.75%, 09/27/34 | &nbsp;&nbsp; 9867 | 10582662 |
| 6.88%, 05/13/37 | &nbsp;&nbsp; 16550 | 17417298 |
| 7.38%, 05/13/55 | &nbsp;&nbsp; 10285 | 10752180 |
| 7.50%, 04/08/33 | &nbsp;&nbsp; 6162 | 6899380 |
| 8.30%, 08/15/31 | &nbsp;&nbsp; 7346 | 8734529 |
|  |  | 325601570 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Panama Government International Bonds |  |  |
| 2.25%, 09/29/32 | &nbsp;&nbsp; 13070 | 10329871 |
| 3.16%, 01/23/30 | &nbsp;&nbsp; 7413 | 6813684 |
| 3.30%, 01/19/33 | &nbsp;&nbsp; 6580 | 5547070 |
| 3.87%, 07/23/60<sup>(b)</sup> | &nbsp;&nbsp; 13578 | 8187596 |
| 3.88%, 03/17/28 | &nbsp;&nbsp; 5702 | 5578415 |
| 4.30%, 04/29/53 | &nbsp;&nbsp; 7214 | 4949766 |
| 4.50%, 05/15/47 | &nbsp;&nbsp; 4921 | 3605404 |
| 4.50%, 04/16/50 | &nbsp;&nbsp; 10784 | 7644204 |
| 4.50%, 04/01/56 | &nbsp;&nbsp; 10600 | 7290940 |
| 4.50%, 01/19/63<sup>(b)</sup> | &nbsp;&nbsp; 6665 | 4547133 |
| 6.40%, 02/14/35 | &nbsp;&nbsp; 10750 | 10812407 |
| 6.70%, 01/26/36 | &nbsp;&nbsp; 10241 | 10499649 |
| 6.85%, 03/28/54<sup>(b)</sup> | &nbsp;&nbsp; 5815 | 5588850 |
| 6.88%, 01/31/36 | &nbsp;&nbsp; 3337 | 3440788 |
| 7.50%, 03/01/31 | &nbsp;&nbsp; 4980 | 5410534 |
| 7.88%, 03/01/57 | &nbsp;&nbsp; 1957 | 2093718 |
| 8.00%, 03/01/38 | &nbsp;&nbsp; 5230 | 5782400 |
| 8.88%, 09/30/27 | &nbsp;&nbsp; 5956 | 6448990 |
| 9.38%, 04/01/29 | &nbsp;&nbsp; 6442 | 7279450 |
|  |  | 121850869 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru Government International Bonds |  |  |
| 1.86%, 12/01/32 | &nbsp;&nbsp; 6335 | 5169665 |
| 2.78%, 01/23/31 | &nbsp;&nbsp; 15299 | 14005858 |
| 2.78%, 12/01/60 | &nbsp;&nbsp; 8748 | 4668134 |
| 2.84%, 06/20/30 | &nbsp;&nbsp; 2493 | 2330010 |
| 3.00%, 01/15/34 | &nbsp;&nbsp; 11400 | 9778930 |
| 3.23%, 07/28/2121 | &nbsp;&nbsp; 4593 | 2451625 |
| 3.30%, 03/11/41 | &nbsp;&nbsp; 5056 | 3819863 |
| 3.55%, 03/10/51 | &nbsp;&nbsp; 6698 | 4598260 |
| 3.60%, 01/15/72 | &nbsp;&nbsp; 4515 | 2749543 |
| 4.13%, 08/25/27<sup>(b)</sup> | &nbsp;&nbsp; 1604 | 1609094 |
| 5.38%, 02/08/35 | &nbsp;&nbsp; 5945 | 6012803 |
| 5.63%, 11/18/50 | &nbsp;&nbsp; 10730 | 10271023 |
| 5.88%, 08/08/54 | &nbsp;&nbsp; 7440 | 7240925 |
| 6.55%, 03/14/37 | &nbsp;&nbsp; 4821 | 5294517 |
| 8.75%, 11/21/33 | &nbsp;&nbsp; 11040 | 13723137 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Peru (continued)** | **Peru (continued)** | **Peru (continued)** |
| Peruvian Government International Bonds |  |  |
| 5.50%, 03/30/36 | &nbsp;&nbsp; $8020 | $8091253 |
| 6.20%, 06/30/55 | &nbsp;&nbsp; 5025 | 5085203 |
|  |  | 106899843 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Bangko Sentral ng Pilipinas International <br> Bonds, 8.60%, 06/15/27<br>| &nbsp;&nbsp; 765 | 823186 |
| Philippines Government International Bonds |  |  |
| 1.65%, 06/10/31 | &nbsp;&nbsp; 7911 | 6836394 |
| 1.95%, 01/06/32 | &nbsp;&nbsp; 2700 | 2318911 |
| 2.46%, 05/05/30 | &nbsp;&nbsp; 7354 | 6790549 |
| 2.65%, 12/10/45 | &nbsp;&nbsp; 6700 | 4403867 |
| 2.95%, 05/05/45 | &nbsp;&nbsp; 5902 | 4117330 |
| 3.00%, 02/01/28 | &nbsp;&nbsp; 10221 | 9932025 |
| 3.20%, 07/06/46 | &nbsp;&nbsp; 9983 | 7129986 |
| 3.23%, 03/29/27 | &nbsp;&nbsp; 3995 | 3934257 |
| 3.56%, 09/29/32 | &nbsp;&nbsp; 4778 | 4486263 |
| 3.70%, 03/01/41 | &nbsp;&nbsp; 8609 | 7161572 |
| 3.70%, 02/02/42 | &nbsp;&nbsp; 9389 | 7666853 |
| 3.75%, 01/14/29 | &nbsp;&nbsp; 7981 | 7846117 |
| 3.95%, 01/20/40 | &nbsp;&nbsp; 8750 | 7712282 |
| 4.20%, 03/29/47 | &nbsp;&nbsp; 4285 | 3586663 |
| 4.38%, 03/05/30<sup>(b)</sup> | &nbsp;&nbsp; 2438 | 2460965 |
| 4.63%, 07/17/28<sup>(b)</sup> | &nbsp;&nbsp; 2275 | 2305581 |
| 4.75%, 03/05/35 | &nbsp;&nbsp; 5900 | 5871834 |
| 5.00%, 07/17/33 | &nbsp;&nbsp; 6605 | 6736963 |
| 5.00%, 01/13/37 | &nbsp;&nbsp; 5765 | 5808570 |
| 5.17%, 10/13/27 | &nbsp;&nbsp; 3414 | 3480467 |
| 5.18%, 09/05/49 | &nbsp;&nbsp; 3050 | 2883749 |
| 5.25%, 05/14/34 | &nbsp;&nbsp; 5305 | 5470998 |
| 5.50%, 02/04/35<sup>(b)</sup> | &nbsp;&nbsp; 6320 | 6655363 |
| 5.50%, 01/17/48 | &nbsp;&nbsp; 5465 | 5459423 |
| 5.60%, 05/14/49 | &nbsp;&nbsp; 2825 | 2829675 |
| 5.61%, 04/13/33 | &nbsp;&nbsp; 4545 | 4815212 |
| 5.90%, 02/04/50 | &nbsp;&nbsp; 3270 | 3399393 |
| 5.95%, 10/13/47 | &nbsp;&nbsp; 3160 | 3327603 |
| 6.38%, 01/15/32 | &nbsp;&nbsp; 5882 | 6471968 |
| 6.38%, 10/23/34 | &nbsp;&nbsp; 8536 | 9508565 |
| 7.75%, 01/14/31 | &nbsp;&nbsp; 7713 | 8966075 |
| 9.50%, 02/02/30 | &nbsp;&nbsp; 6324 | 7629192 |
|  |  | 178827851 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland Government <br> International Bonds<br>|  |  |
| 4.63%, 03/18/29 | &nbsp;&nbsp; 5230 | 5307211 |
| 4.88%, 02/12/30 | &nbsp;&nbsp; 13690 | 14061724 |
| 4.88%, 10/04/33 | &nbsp;&nbsp; 14030 | 14051828 |
| 5.13%, 09/18/34 | &nbsp;&nbsp; 13604 | 13709707 |
| 5.38%, 02/12/35 | &nbsp;&nbsp; 12520 | 12799490 |
| 5.50%, 11/16/27 | &nbsp;&nbsp; 8386 | 8659696 |
| 5.50%, 04/04/53 | &nbsp;&nbsp; 13065 | 12240857 |
| 5.50%, 03/18/54 | &nbsp;&nbsp; 10330 | 9679548 |
| 5.75%, 11/16/32 | &nbsp;&nbsp; 9240 | 9797739 |
|  |  | 100307800 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Export-Import Bank of Korea |  |  |
| 1.13%, 12/29/26 | &nbsp;&nbsp; 2480 | 2386953 |
| 1.25%, 09/21/30 | &nbsp;&nbsp; 4011 | 3512323 |
| 1.38%, 02/09/31<sup>(b)</sup> | &nbsp;&nbsp; 1710 | 1491724 |
| 1.63%, 01/18/27 | &nbsp;&nbsp; 3555 | 3446474 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| 2.13%, 01/18/32 | &nbsp;&nbsp; $3025 | $2640217 |
| 2.38%, 04/21/27 | &nbsp;&nbsp; 4472 | 4363404 |
| 2.50%, 06/29/41 | &nbsp;&nbsp; 5648 | 4021196 |
| 4.00%, 09/11/27 | &nbsp;&nbsp; 1650 | 1652363 |
| 4.00%, 09/11/29<sup>(b)</sup> | &nbsp;&nbsp; 2865 | 2865931 |
| 4.13%, 10/17/27 | &nbsp;&nbsp; 810 | 813335 |
| 4.25%, 09/15/27 | &nbsp;&nbsp; 3087 | 3105172 |
| 4.50%, 01/11/29 | &nbsp;&nbsp; 1340 | 1360589 |
| 4.50%, 09/15/32 | &nbsp;&nbsp; 3195 | 3207071 |
| 4.63%, 01/11/27 | &nbsp;&nbsp; 2735 | 2759852 |
| 4.63%, 01/14/28 | &nbsp;&nbsp; 2680 | 2721650 |
| 4.63%, 01/11/34<sup>(b)</sup> | &nbsp;&nbsp; 3288 | 3315765 |
| 4.88%, 01/14/30 | &nbsp;&nbsp; 1065 | 1102334 |
| 5.00%, 01/11/28 | &nbsp;&nbsp; 4595 | 4704255 |
| 5.13%, 09/18/28 | &nbsp;&nbsp; 3980 | 4113479 |
| 5.13%, 01/11/33 | &nbsp;&nbsp; 5070 | 5266956 |
| 5.13%, 09/18/33 | &nbsp;&nbsp; 2610 | 2720125 |
| 5.25%, 01/14/35 | &nbsp;&nbsp; 2385 | 2519781 |
| Korea Development Bank (The) |  |  |
| 1.38%, 04/25/27 | &nbsp;&nbsp; 3815 | 3660747 |
| 4.13%, 10/16/27 | &nbsp;&nbsp; 790 | 793080 |
| 4.25%, 09/08/32 | &nbsp;&nbsp; 5700 | 5631901 |
| 4.38%, 02/15/28 | &nbsp;&nbsp; 4846 | 4891526 |
| 4.38%, 02/15/33 | &nbsp;&nbsp; 7703 | 7640578 |
| 4.50%, 02/15/29<sup>(b)</sup> | &nbsp;&nbsp; 3495 | 3552332 |
| 4.63%, 02/15/27 | &nbsp;&nbsp; 1115 | 1125642 |
| 4.63%, 02/03/28 | &nbsp;&nbsp; 1565 | 1588481 |
| 4.88%, 02/03/30 | &nbsp;&nbsp; 565 | 585075 |
| 5.38%, 10/23/26 | &nbsp;&nbsp; 1195 | 1212258 |
| 5.38%, 10/23/28 | &nbsp;&nbsp; 2060 | 2146520 |
| 5.63%, 10/23/33 | &nbsp;&nbsp; 2065 | 2221422 |
| Korea International Bonds |  |  |
| 1.00%, 09/16/30<sup>(b)</sup> | &nbsp;&nbsp; 3915 | 3413267 |
| 1.75%, 10/15/31<sup>(b)</sup> | &nbsp;&nbsp; 3485 | 3075266 |
| 2.50%, 06/19/29 | &nbsp;&nbsp; 5595 | 5331844 |
| 2.75%, 01/19/27 | &nbsp;&nbsp; 7247 | 7142330 |
| 3.50%, 09/20/28 | &nbsp;&nbsp; 1935 | 1915159 |
| 3.88%, 09/20/48<sup>(b)</sup> | &nbsp;&nbsp; 1313 | 1080741 |
| 4.13%, 06/10/44 | &nbsp;&nbsp; 981 | 854853 |
| 4.50%, 07/03/29<sup>(b)</sup> | &nbsp;&nbsp; 3320 | 3397133 |
|  |  | 125351104 |
| **Supranational — 0.9%** | **Supranational — 0.9%** | **Supranational — 0.9%** |
| African Development Bank |  |  |
| 3.50%, 09/18/29 | &nbsp;&nbsp; 350 | 347346 |
| 3.88%, 06/12/28 | &nbsp;&nbsp; 1710 | 1721293 |
| 4.00%, 03/18/30 | &nbsp;&nbsp; 9909 | 10021196 |
| 4.13%, 02/25/27 | &nbsp;&nbsp; 3770 | 3788955 |
| 4.38%, 11/03/27 | &nbsp;&nbsp; 4075 | 4134409 |
| 4.38%, 03/14/28 | &nbsp;&nbsp; 2735 | 2783671 |
| 4.50%, 06/12/35 | &nbsp;&nbsp; 2360 | 2400111 |
| 4.63%, 01/04/27 | &nbsp;&nbsp; 4240 | 4284824 |
| 5.75%, , (5-year CMT + 1.575%)<sup>(a)(h)</sup> | &nbsp;&nbsp; 3833 | 3827034 |
| Arab Energy Fund (The), 1.48%, 10/06/26<sup>(c)</sup> | &nbsp;&nbsp; 230 | 222877 |
| Asian Development Bank |  |  |
| 0.75%, 10/08/30<sup>(b)</sup> | &nbsp;&nbsp; 2729 | 2350652 |
| 1.25%, 06/09/28<sup>(b)</sup> | &nbsp;&nbsp; 2955 | 2771433 |
| 1.50%, 01/20/27 | &nbsp;&nbsp; 11009 | 10671982 |
| 1.50%, 03/04/31 | &nbsp;&nbsp; 2699 | 2392420 |
| 1.75%, 09/19/29 | &nbsp;&nbsp; 8202 | 7610825 |
| 1.88%, 03/15/29 | &nbsp;&nbsp; 1405 | 1322445 |
| 1.88%, 01/24/30<sup>(b)</sup> | &nbsp;&nbsp; 7926 | 7341859 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 2.38%, 08/10/27 | &nbsp;&nbsp; $1090 | $1063530 |
| 2.50%, 11/02/27<sup>(b)</sup> | &nbsp;&nbsp; 8009 | 7814551 |
| 2.63%, 01/12/27 | &nbsp;&nbsp; 9306 | 9162920 |
| 2.75%, 01/19/28 | &nbsp;&nbsp; 7035 | 6894566 |
| 3.13%, 08/20/27 | &nbsp;&nbsp; 8918 | 8824817 |
| 3.13%, 09/26/28 | &nbsp;&nbsp; 1279 | 1260144 |
| 3.13%, 04/27/32 | &nbsp;&nbsp; 1700 | 1617176 |
| 3.63%, 08/28/29<sup>(b)</sup> | &nbsp;&nbsp; 15160 | 15137728 |
| 3.75%, 04/25/28<sup>(b)</sup> | &nbsp;&nbsp; 11829 | 11865322 |
| 3.75%, 08/28/30 | &nbsp;&nbsp; 6420 | 6425235 |
| 3.88%, 09/28/32 | &nbsp;&nbsp; 3435 | 3411210 |
| 3.88%, 06/14/33<sup>(b)</sup> | &nbsp;&nbsp; 8960 | 8859111 |
| 4.00%, 01/12/33 | &nbsp;&nbsp; 16539 | 16517848 |
| 4.13%, 01/12/27<sup>(b)</sup> | &nbsp;&nbsp; 15559 | 15626509 |
| 4.13%, 05/30/30 | &nbsp;&nbsp; 7680 | 7813458 |
| 4.13%, 01/12/34<sup>(b)</sup> | &nbsp;&nbsp; 9431 | 9406338 |
| 4.38%, 01/14/28 | &nbsp;&nbsp; 3930 | 3996034 |
| 4.38%, 03/06/29<sup>(b)</sup> | &nbsp;&nbsp; 10606 | 10857464 |
| 4.38%, 03/22/35 | &nbsp;&nbsp; 11962 | 12084757 |
| 4.50%, 08/25/28 | &nbsp;&nbsp; 14685 | 15045169 |
| 4.75%, 02/12/30 | &nbsp;&nbsp; 150 | 150834 |
| 4.88%, 09/26/28 | &nbsp;&nbsp; 660 | 663824 |
| 5.82%, 06/16/28 | &nbsp;&nbsp; 7150 | 7545337 |
| 6.22%, 08/15/27 | &nbsp;&nbsp; 2370 | 2466365 |
| 6.38%, 10/01/28<sup>(b)</sup> | &nbsp;&nbsp; 3125 | 3333367 |
| Asian Infrastructure Investment Bank (The) |  |  |
| 3.75%, 09/14/27 | &nbsp;&nbsp; 3612 | 3617436 |
| 4.00%, 01/18/28 | &nbsp;&nbsp; 4854 | 4894276 |
| 4.13%, 01/18/29 | &nbsp;&nbsp; 1680 | 1704091 |
| 4.25%, 03/13/34 | &nbsp;&nbsp; 7155 | 7187526 |
| 4.50%, 01/16/30 | &nbsp;&nbsp; 6922 | 7139962 |
| 4.50%, 05/21/35 | &nbsp;&nbsp; 3415 | 3487772 |
| 4.88%, 09/14/26 | &nbsp;&nbsp; 2740 | 2767431 |
| Corp. Andina de Fomento |  |  |
| 2.25%, 02/08/27 | &nbsp;&nbsp; 985 | 960102 |
| 5.00%, 01/24/29 | &nbsp;&nbsp; 6670 | 6879210 |
| 5.00%, 01/22/30 | &nbsp;&nbsp; 8830 | 9159300 |
| Council of Europe Development Bank |  |  |
| 0.88%, 09/22/26 | &nbsp;&nbsp; 480 | 465301 |
| 3.63%, 01/26/28 | &nbsp;&nbsp; 1060 | 1059485 |
| 3.63%, 05/08/28 | &nbsp;&nbsp; 40 | 39999 |
| 4.13%, 01/24/29 | &nbsp;&nbsp; 1365 | 1385318 |
| 4.50%, 01/15/30 | &nbsp;&nbsp; 2363 | 2436813 |
| 4.63%, 06/11/27 | &nbsp;&nbsp; 945 | 959101 |
| European Bank for Reconstruction & <br> Development<br>|  |  |
| 4.13%, 01/25/29 | &nbsp;&nbsp; 1988 | 2018582 |
| 4.25%, 03/13/34 | &nbsp;&nbsp; 7820 | 7847291 |
| 4.38%, 03/09/28 | &nbsp;&nbsp; 1235 | 1256858 |
| European Investment Bank |  |  |
| 0.63%, 10/21/27 | &nbsp;&nbsp; 252 | 236428 |
| 0.75%, 10/26/26 | &nbsp;&nbsp; 7305 | 7054409 |
| 0.75%, 09/23/30 | &nbsp;&nbsp; 3105 | 2682233 |
| 0.88%, 05/17/30 | &nbsp;&nbsp; 4620 | 4059729 |
| 1.25%, 02/14/31 | &nbsp;&nbsp; 11729 | 10285920 |
| 1.38%, 03/15/27 | &nbsp;&nbsp; 19550 | 18869702 |
| 1.63%, 10/09/29 | &nbsp;&nbsp; 4540 | 4190393 |
| 1.63%, 05/13/31 | &nbsp;&nbsp; 745 | 663104 |
| 1.75%, 03/15/29<sup>(b)</sup> | &nbsp;&nbsp; 7655 | 7177495 |
| 2.38%, 05/24/27 | &nbsp;&nbsp; 3841 | 3755768 |
| 3.25%, 11/15/27 | &nbsp;&nbsp; 3040 | 3014724 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 3.63%, 07/15/30 | &nbsp;&nbsp; $18985 | $18906516 |
| 3.75%, 11/15/29 | &nbsp;&nbsp; 12040 | 12075157 |
| 3.75%, 02/14/33 | &nbsp;&nbsp; 21525 | 21207475 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 5528 | 5563160 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 660 | 664581 |
| 3.88%, 10/15/30 | &nbsp;&nbsp; 6495 | 6537637 |
| 4.00%, 02/15/29 | &nbsp;&nbsp; 3690 | 3732955 |
| 4.13%, 02/13/34 | &nbsp;&nbsp; 23810 | 23781348 |
| 4.25%, 08/16/32 | &nbsp;&nbsp; 22580 | 22959181 |
| 4.38%, 03/19/27 | &nbsp;&nbsp; 2930 | 2958302 |
| 4.38%, 10/10/31 | &nbsp;&nbsp; 14580 | 15022522 |
| 4.50%, 10/16/28 | &nbsp;&nbsp; 1355 | 1390018 |
| 4.50%, 03/14/30 | &nbsp;&nbsp; 25235 | 26072520 |
| 4.63%, 02/12/35 | &nbsp;&nbsp; 13290 | 13696132 |
| 4.75%, 06/15/29 | &nbsp;&nbsp; 25450 | 26429591 |
| 4.88%, 02/15/36 | &nbsp;&nbsp; 7346 | 7713257 |
| Inter-American Development Bank |  |  |
| 0.63%, 09/16/27<sup>(b)</sup> | &nbsp;&nbsp; 2725 | 2562804 |
| 1.13%, 07/20/28 | &nbsp;&nbsp; 10320 | 9615896 |
| 1.13%, 01/13/31<sup>(b)</sup> | &nbsp;&nbsp; 12236 | 10664549 |
| 1.50%, 01/13/27 | &nbsp;&nbsp; 1180 | 1144228 |
| 2.25%, 06/18/29 | &nbsp;&nbsp; 9417 | 8946558 |
| 2.38%, 07/07/27<sup>(b)</sup> | &nbsp;&nbsp; 8569 | 8366843 |
| 3.13%, 09/18/28 | &nbsp;&nbsp; 9920 | 9774362 |
| 3.20%, 08/07/42 | &nbsp;&nbsp; 3925 | 3156262 |
| 3.50%, 09/14/29<sup>(b)</sup> | &nbsp;&nbsp; 3035 | 3014584 |
| 3.50%, 04/12/33<sup>(b)</sup> | &nbsp;&nbsp; 13242 | 12775213 |
| 3.63%, 09/17/31 | &nbsp;&nbsp; 8363 | 8254446 |
| 3.75%, 06/14/30<sup>(b)</sup> | &nbsp;&nbsp; 3651 | 3654623 |
| 3.88%, 10/28/41 | &nbsp;&nbsp; 6891 | 6074125 |
| 4.00%, 01/12/28<sup>(b)</sup> | &nbsp;&nbsp; 6661 | 6713874 |
| 4.13%, 02/15/29 | &nbsp;&nbsp; 14050 | 14262799 |
| 4.38%, 02/01/27 | &nbsp;&nbsp; 6417 | 6467118 |
| 4.38%, 07/17/34 | &nbsp;&nbsp; 14085 | 14263090 |
| 4.38%, 07/16/35 | &nbsp;&nbsp; 7995 | 8046713 |
| 4.38%, 01/24/44 | &nbsp;&nbsp; 3334 | 3085587 |
| 4.50%, 02/15/30 | &nbsp;&nbsp; 7237 | 7469398 |
| 4.50%, 09/13/33 | &nbsp;&nbsp; 6505 | 6688994 |
| Inter-American Investment Corp. |  |  |
| 3.63%, 02/17/27 | &nbsp;&nbsp; 3205 | 3193847 |
| 4.13%, 02/15/28 | &nbsp;&nbsp; 985 | 993889 |
| 4.25%, 02/14/29 | &nbsp;&nbsp; 1970 | 1999836 |
| 4.25%, 04/01/30 | &nbsp;&nbsp; 6220 | 6327658 |
| 4.75%, 09/19/28 | &nbsp;&nbsp; 1953 | 2009062 |
| International Bank for Reconstruction & <br> Development<br>|  |  |
| 0.75%, 11/24/27 | &nbsp;&nbsp; 12885 | 12089651 |
| 0.75%, 08/26/30<sup>(b)</sup> | &nbsp;&nbsp; 12624 | 10921163 |
| 0.85%, 02/10/27<sup>(b)</sup> | &nbsp;&nbsp; 308 | 294667 |
| 0.88%, 05/14/30<sup>(b)</sup> | &nbsp;&nbsp; 17095 | 15016489 |
| 1.13%, 09/13/28 | &nbsp;&nbsp; 25316 | 23504439 |
| 1.25%, 02/10/31<sup>(b)</sup> | &nbsp;&nbsp; 17680 | 15476732 |
| 1.38%, 04/20/28 | &nbsp;&nbsp; 20765 | 19597492 |
| 1.63%, 11/03/31 | &nbsp;&nbsp; 23785 | 20862524 |
| 1.75%, 10/23/29<sup>(b)</sup> | &nbsp;&nbsp; 13186 | 12210314 |
| 1.88%, 10/27/26 | &nbsp;&nbsp; 6895 | 6742884 |
| 2.50%, 11/22/27 | &nbsp;&nbsp; 21516 | 20987907 |
| 2.50%, 03/29/32 | &nbsp;&nbsp; 3517 | 3222625 |
| 3.13%, 06/15/27<sup>(b)</sup> | &nbsp;&nbsp; 13935 | 13797531 |
| 3.50%, 07/12/28 | &nbsp;&nbsp; 20066 | 19996479 |
| 3.63%, 05/05/28 | &nbsp;&nbsp; 1409 | 1409420 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| 3.63%, 09/21/29<sup>(b)</sup> | &nbsp;&nbsp; $9235 | $9213481 |
| 3.88%, 10/16/29<sup>(b)</sup> | &nbsp;&nbsp; 20665 | 20809397 |
| 3.88%, 02/14/30 | &nbsp;&nbsp; 17928 | 18049160 |
| 3.88%, 08/28/34 | &nbsp;&nbsp; 25890 | 25264678 |
| 4.00%, 07/25/30<sup>(b)</sup> | &nbsp;&nbsp; 8400 | 8497690 |
| 4.00%, 01/10/31<sup>(b)</sup> | &nbsp;&nbsp; 23732 | 23971689 |
| 4.00%, 05/06/32 | &nbsp;&nbsp; 4539 | 4547316 |
| 4.13%, 03/20/30 | &nbsp;&nbsp; 13805 | 14040119 |
| 4.38%, 08/27/35 | &nbsp;&nbsp; 22595 | 22746275 |
| 4.50%, 04/10/31<sup>(b)</sup> | &nbsp;&nbsp; 14284 | 14771471 |
| 4.63%, 08/01/28 | &nbsp;&nbsp; 11135 | 11436120 |
| 4.63%, 01/15/32 | &nbsp;&nbsp; 23185 | 24073326 |
| 4.75%, 11/14/33 | &nbsp;&nbsp; 16108 | 16847284 |
| 4.75%, 02/15/35<sup>(b)</sup> | &nbsp;&nbsp; 2127 | 2207190 |
| 5.67%, 02/01/34 | &nbsp;&nbsp; 210 | 211400 |
| International Finance Corp. |  |  |
| 0.75%, 10/08/26 | &nbsp;&nbsp; 3010 | 2910186 |
| 0.75%, 08/27/30 | &nbsp;&nbsp; 985 | 852102 |
| 3.88%, 07/02/30 | &nbsp;&nbsp; 600 | 604084 |
| 4.25%, 07/02/29<sup>(b)</sup> | &nbsp;&nbsp; 1015 | 1035648 |
| 4.38%, 01/15/27 | &nbsp;&nbsp; 2235 | 2252014 |
| 4.50%, 01/21/28<sup>(b)</sup> | &nbsp;&nbsp; 1400 | 1427663 |
| 4.50%, 07/13/28<sup>(b)</sup> | &nbsp;&nbsp; 1220 | 1248681 |
| Nordic Investment Bank |  |  |
| 3.38%, 09/08/27<sup>(b)</sup> | &nbsp;&nbsp; 1025 | 1018954 |
| 3.75%, 05/09/30 | &nbsp;&nbsp; 2245 | 2247791 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 990 | 1009025 |
| 4.38%, 03/14/28 | &nbsp;&nbsp; 1260 | 1282169 |
|  |  | 1190034645 |
| **Sweden — 0.0%** | **Sweden — 0.0%** | **Sweden — 0.0%** |
| Svensk Exportkredit AB |  |  |
| 0.00%, 05/11/37<sup>(d)</sup> | &nbsp;&nbsp; 155 | 86423 |
| 2.25%, 03/22/27 | &nbsp;&nbsp; 2121 | 2069201 |
| 3.75%, 09/13/27 | &nbsp;&nbsp; 400 | 399957 |
| 3.75%, 05/08/28 | &nbsp;&nbsp; 363 | 363461 |
| 3.88%, 08/04/27 | &nbsp;&nbsp; 41 | 41092 |
| 4.13%, 06/14/28 | &nbsp;&nbsp; 2315 | 2339656 |
| 4.25%, 02/01/29 | &nbsp;&nbsp; 2440 | 2478987 |
| 4.88%, 09/14/26 | &nbsp;&nbsp; 3795 | 3830588 |
| 4.88%, 10/04/30 | &nbsp;&nbsp; 4342 | 4544136 |
|  |  | 16153501 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| Oriental Republic of Uruguay, 5.25%, <br> 09/10/60<br>| &nbsp;&nbsp; 2680 | 2435784 |
| Uruguay Government International Bonds |  |  |
| 4.13%, 11/20/45 | &nbsp;&nbsp; 2587 | 2216168 |
| 4.38%, 10/27/27 | &nbsp;&nbsp; 13830 | 13886374 |
| 4.38%, 01/23/31 | &nbsp;&nbsp; 13826 | 13882963 |
| 4.98%, 04/20/55 | &nbsp;&nbsp; 11071 | 9816687 |
| 5.10%, 06/18/50 | &nbsp;&nbsp; 17057 | 15742940 |
| 5.44%, 02/14/37 | &nbsp;&nbsp; 6390 | 6601395 |
| 5.75%, 10/28/34 | &nbsp;&nbsp; 12895 | 13668988 |
| 7.63%, 03/21/36 | &nbsp;&nbsp; 4816 | 5775161 |
|  |  | 84026460 |
| **Total Foreign Government Obligations — 2.3%** <br>**(Cost: $3,127,013,397)** | **Total Foreign Government Obligations — 2.3%** <br>**(Cost: $3,127,013,397)** | 2994656253 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Municipal Debt Obligations** | **Municipal Debt Obligations** | **Municipal Debt Obligations** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
| Salt River Project Agricultural Improvement & <br> Power District RB BAB, 4.84%, 01/01/41<br>| &nbsp;&nbsp; $1875 | $1800401 |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
| Alameda County Joint Powers Authority RB <br> BAB, Series A, 7.05%, 12/01/44<br>| &nbsp;&nbsp; 1500 | 1693215 |
| Bay Area Toll Authority RB, 3.13%, 04/01/55 | &nbsp;&nbsp; 470 | 300826 |
| Bay Area Toll Authority RB BAB |  |  |
| Series F-2, 6.26%, 04/01/49 | &nbsp;&nbsp; 4735 | 4941487 |
| Series S-1, 7.04%, 04/01/50 | &nbsp;&nbsp; 4300 | 4864828 |
| Series S-3, 6.91%, 10/01/50 | &nbsp;&nbsp; 3205 | 3585090 |
| California Health Facilities Financing <br> Authority RB<br>|  |  |
| 4.19%, 06/01/37 | &nbsp;&nbsp; 325 | 305806 |
| 4.35%, 06/01/41<sup>(b)</sup> | &nbsp;&nbsp; 1905 | 1739477 |
| California State University RB |  |  |
| Class B, 2.72%, 11/01/52 | &nbsp;&nbsp; 910 | 586913 |
| Class B, 2.94%, 11/01/52 | &nbsp;&nbsp; 1000 | 663238 |
| Class B, 2.98%, 11/01/51 | &nbsp;&nbsp; 3315 | 2238237 |
| 5.18%, 11/01/53 | &nbsp;&nbsp; 2535 | 2382757 |
| Series E, 2.90%, 11/01/51 | &nbsp;&nbsp; 1895 | 1324880 |
| City of Los Angeles Department of Airports <br> Customer Facility Charge Revenue RB, <br> Class A, 4.24%, 05/15/48 (AGM)<sup>(b)</sup><br>| &nbsp;&nbsp; 455 | 384902 |
| East Bay Municipal Utility District Water <br> System Revenue RB BAB, Series B, 5.87%, <br> 06/01/40<br>| &nbsp;&nbsp; 4480 | 4742278 |
| Foothill-Eastern Transportation Corridor <br> Agency RB<br>|  |  |
| 3.92%, 01/15/53 | &nbsp;&nbsp; 1025 | 762994 |
| Series A, 4.09%, 01/15/49 | &nbsp;&nbsp; 2040 | 1643338 |
| Golden State Tobacco Securitization Corp. RB |  |  |
| Class B, 2.75%, 06/01/34<sup>(b)</sup> | &nbsp;&nbsp; 1270 | 1133409 |
| Class B, 3.00%, 06/01/46 | &nbsp;&nbsp; 540 | 481340 |
| 3.12%, 06/01/38 (SAP) | &nbsp;&nbsp; 2250 | 1879279 |
| Class B, 3.29%, 06/01/42 | &nbsp;&nbsp; 3790 | 2909411 |
| 3.49%, 06/01/36 | &nbsp;&nbsp; 230 | 191736 |
| 3.71%, 06/01/41 | &nbsp;&nbsp; 830 | 632473 |
| 4.21%, 06/01/50 | &nbsp;&nbsp; 1535 | 1114486 |
| Los Angeles Community College <br> District/California GO BAB, 6.75%, <br> 08/01/49<br>| &nbsp;&nbsp; 1100 | 1207272 |
| Los Angeles County Public Works Financing <br> Authority RB BAB, 7.62%, 08/01/40<br>| &nbsp;&nbsp; 1150 | 1336427 |
| Los Angeles Department of Water & Power <br> RB BAB<br>|  |  |
| Series A, 6.60%, 07/01/50<sup>(b)</sup> | &nbsp;&nbsp; 385 | 405187 |
| Series D, 6.57%, 07/01/45 | &nbsp;&nbsp; 2970 | 3116283 |
| Regents of the University of California Medical <br> Center Pooled Revenue RB<br>|  |  |
| 3.01%, 05/15/50 | &nbsp;&nbsp; 1400 | 892688 |
| 3.71%, 05/15/20 | &nbsp;&nbsp; 2600 | 1599149 |
| 4.13%, 05/15/32 | &nbsp;&nbsp; 1550 | 1520095 |
| 4.56%, 05/15/53 | &nbsp;&nbsp; 895 | 751911 |
| Series N, 3.26%, 05/15/60<sup>(b)</sup> | &nbsp;&nbsp; 1835 | 1151402 |
| Regents of the University of California Medical <br> Center Pooled Revenue RB BAB<br>|  |  |
| Series H, Class H, 6.55%, 05/15/48 | &nbsp;&nbsp; 4575 | 4890936 |
| Series F, 6.58%, 05/15/49 | &nbsp;&nbsp; 3015 | 3227394 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |
| San Diego County Regional Transportation <br> Commission RB BAB, 5.91%, 04/01/48<br>| &nbsp;&nbsp; $1905 | $1909931 |
| San Diego County Water Authority RB BAB, <br> Series B, Class B, 6.14%, 05/01/49<br>| &nbsp;&nbsp; 2345 | 2391714 |
| San Francisco City & County Public Utilities <br> Commission Wastewater Revenue RB, <br> Class A, 4.66%, 10/01/27<br>| &nbsp;&nbsp; 1920 | 1948445 |
| San Joaquin Hills Transportation Corridor <br> Agency RB, Class B, 3.49%, 01/15/50<br>| &nbsp;&nbsp; 1600 | 1166034 |
| State of California GO |  |  |
| 1.70%, 02/01/28<sup>(b)</sup> | &nbsp;&nbsp; 140 | 133311 |
| 2.50%, 10/01/29 | &nbsp;&nbsp; 6000 | 5698825 |
| 3.50%, 04/01/28<sup>(b)</sup> | &nbsp;&nbsp; 910 | 903615 |
| 4.50%, 08/01/29 | &nbsp;&nbsp; 1350 | 1383081 |
| 4.50%, 04/01/33 | &nbsp;&nbsp; 2115 | 2114895 |
| 4.60%, 04/01/38 | &nbsp;&nbsp; 2170 | 2212024 |
| 5.10%, 09/01/35 | &nbsp;&nbsp; 2250 | 2317189 |
| 5.13%, 09/01/29 | &nbsp;&nbsp; 1700 | 1781246 |
| 5.13%, 03/01/38 | &nbsp;&nbsp; 1000 | 1002509 |
| 5.15%, 09/01/34 | &nbsp;&nbsp; 5000 | 5188744 |
| 5.20%, 03/01/43 | &nbsp;&nbsp; 3790 | 3689649 |
| 5.75%, 10/01/31 | &nbsp;&nbsp; 1400 | 1527570 |
| 5.88%, 10/01/41 | &nbsp;&nbsp; 5000 | 5185223 |
| Series A, Class A, 3.05%, 04/01/29 | &nbsp;&nbsp; 1110 | 1081871 |
| State of California GO BAB |  |  |
| 7.30%, 10/01/39 | &nbsp;&nbsp; 5220 | 6050422 |
| 7.35%, 11/01/39 | &nbsp;&nbsp; 3130 | 3642185 |
| 7.50%, 04/01/34 | &nbsp;&nbsp; 8325 | 9670625 |
| 7.55%, 04/01/39 | &nbsp;&nbsp; 12470 | 14986464 |
| 7.60%, 11/01/40 | &nbsp;&nbsp; 7575 | 9225497 |
| 7.63%, 03/01/40 | &nbsp;&nbsp; 6850 | 8243956 |
| University of California RB |  |  |
| Series AD, 4.86%, 05/15/12 | &nbsp;&nbsp; 3285 | 2727484 |
| Series AQ, 4.77%, 05/15/15 | &nbsp;&nbsp; 835 | 671405 |
| Series BD, 3.35%, 07/01/29<sup>(b)</sup> | &nbsp;&nbsp; 4730 | 4645602 |
| Series BG, 1.32%, 05/15/27<sup>(b)</sup> | &nbsp;&nbsp; 775 | 743432 |
| Series BG, 1.61%, 05/15/30 | &nbsp;&nbsp; 2990 | 2689247 |
| Series BG, 3.07%, 05/15/51 | &nbsp;&nbsp; 3110 | 1959215 |
|  |  | 167492554 |
| **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |
| Regional Transportation District Sales Tax <br> Revenue RB BAB, Series B, 5.84%, <br> 11/01/50<br>| &nbsp;&nbsp; 700 | 704517 |
| **Connecticut — 0.0%** | **Connecticut — 0.0%** | **Connecticut — 0.0%** |
| State of Connecticut GO, Series A, Class A, <br> 5.85%, 03/15/32<br>| &nbsp;&nbsp; 4765 | 5155881 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |
| District of Columbia Water & Sewer Authority <br> RB, 4.81%, 10/01/14<br>| &nbsp;&nbsp; 1690 | 1415420 |
| Metropolitan Washington Airports Authority <br> Dulles Toll Road Revenue RB BAB, 7.46%, <br> 10/01/46<br>| &nbsp;&nbsp; 1300 | 1534328 |
|  |  | 2949748 |
| **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** |
| County of Broward Florida Airport System <br> Revenue RB, 3.48%, 10/01/43<br>| &nbsp;&nbsp; 250 | 205362 |
| County of Miami-Dade Florida Aviation <br> Revenue RB, Series C, 4.28%, 10/01/41<br>| &nbsp;&nbsp; 985 | 893027 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| County of Miami-Dade Florida Transit System <br> RB, Series B, 2.60%, 07/01/42<br>| &nbsp;&nbsp; $1300 | $982771 |
| County of Miami-Dade Seaport Department <br> RB, 6.22%, 11/01/55<br>| &nbsp;&nbsp; 245 | 251277 |
| State Board of Administration Finance <br> Corp. RB<br>|  |  |
| 1.71%, 07/01/27<sup>(b)</sup> | &nbsp;&nbsp; 3250 | 3121495 |
| 2.15%, 07/01/30 | &nbsp;&nbsp; 5902 | 5381764 |
| Class A, 5.53%, 07/01/34<sup>(b)</sup> | &nbsp;&nbsp; 4980 | 5142445 |
|  |  | 15978141 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
| City of Atlanta Georgia Water & Wastewater <br> Revenue RB, 2.26%, 11/01/35<br>| &nbsp;&nbsp; 1330 | 1111809 |
| Municipal Electric Authority of Georgia <br> RB BAB<br>|  |  |
| Project J, Series 2010-A, 6.64%, 04/01/57 | &nbsp;&nbsp; 3691 | 3956898 |
| Project M, Series 2010-A, 6.66%, 04/01/57 | &nbsp;&nbsp; 3230 | 3410479 |
| Project P, Series 2010-A, 7.06%, 04/01/57 | &nbsp;&nbsp; 3317 | 3681051 |
|  |  | 12160237 |
| **Idaho — 0.0%** | **Idaho — 0.0%** | **Idaho — 0.0%** |
| Idaho Energy Resources Authority RB, 2.86%, <br> 09/01/46<br>| &nbsp;&nbsp; 580 | 399879 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| Chicago O'Hare International Airport RB |  |  |
| Series C, Class C, 4.47%, 01/01/49<sup>(b)</sup> | &nbsp;&nbsp; 1050 | 897094 |
| Series C, Class C, 4.57%, 01/01/54 | &nbsp;&nbsp; 2450 | 2080995 |
| Chicago O'Hare International Airport RB BAB, <br> Series B, Class B, 6.40%, 01/01/40<br>| &nbsp;&nbsp; 1100 | 1217739 |
| Chicago Transit Authority Sales & Transfer Tax <br> Receipts Revenue RB<br>|  |  |
| Series A, Class A, 6.90%, 12/01/40 | &nbsp;&nbsp; 4158 | 4633438 |
| Series B, Class B, 6.90%, 12/01/40<sup>(b)</sup> | &nbsp;&nbsp; 4608 | 5137759 |
| Illinois State Toll Highway Authority RB BAB, <br> Series A, 6.18%, 01/01/34<br>| &nbsp;&nbsp; 1820 | 1945516 |
| Sales Tax Securitization Corp. RB |  |  |
| 3.24%, 01/01/42 | &nbsp;&nbsp; 5125 | 4175548 |
| 3.82%, 01/01/48 | &nbsp;&nbsp; 135 | 106949 |
| 4.79%, 01/01/48 | &nbsp;&nbsp; 2380 | 2164090 |
| State of Illinois GO, 5.10%, 06/01/33 | &nbsp;&nbsp; 28727 | 29044535 |
| State of Illinois GO BAB, Series 5, 7.35%, <br> 07/01/35<br>| &nbsp;&nbsp; 2786 | 3049993 |
|  |  | 54453656 |
| **Indiana — 0.0%** | **Indiana — 0.0%** | **Indiana — 0.0%** |
| Indiana Finance Authority RB, 3.05%, <br> 01/01/51<sup>(b)</sup><br>| &nbsp;&nbsp; 645 | 456859 |
| **Kansas — 0.0%** | **Kansas — 0.0%** | **Kansas — 0.0%** |
| Kansas Development Finance Authority RB, <br> 2.77%, 05/01/51<br>| &nbsp;&nbsp; 605 | 415864 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |
| Louisiana Local Government Environmental <br> Facilities & Community Development <br> Authority RB<br>|  |  |
| 4.15%, 02/01/33 | &nbsp;&nbsp; 2280 | 2266293 |
| 4.28%, 02/01/36 | &nbsp;&nbsp; 1560 | 1524873 |
| 4.48%, 08/01/39 | &nbsp;&nbsp; 4415 | 4246526 |
| 5.05%, 12/01/34 | &nbsp;&nbsp; 1705 | 1739332 |
| 5.08%, 06/01/31 | &nbsp;&nbsp; 1148 | 1164787 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Louisiana (continued)** | **Louisiana (continued)** | **Louisiana (continued)** |
| 5.20%, 12/01/39 | &nbsp;&nbsp; $3975 | $4037725 |
|  |  | 14979536 |
| **Maryland — 0.0%** | **Maryland — 0.0%** | **Maryland — 0.0%** |
| Maryland Economic Development Corp. RB |  |  |
| 5.43%, 05/31/56 | &nbsp;&nbsp; 2785 | 2624571 |
| 5.94%, 05/31/57 | &nbsp;&nbsp; 1370 | 1363480 |
| Maryland Health & Higher Educational <br> Facilities Authority RB, Class D, 3.05%, <br> 07/01/40<br>| &nbsp;&nbsp; 2500 | 1898211 |
|  |  | 5886262 |
| **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |
| Commonwealth of Massachusetts GOL, <br> 2.90%, 09/01/49<br>| &nbsp;&nbsp; 2675 | 1777406 |
| Commonwealth of Massachusetts GOL BAB |  |  |
| 4.91%, 05/01/29<sup>(b)</sup> | &nbsp;&nbsp; 1950 | 1977850 |
| Series E, 5.46%, 12/01/39 | &nbsp;&nbsp; 3700 | 3776176 |
| Commonwealth of Massachusetts RB, 3.77%, <br> 07/15/29<br>| &nbsp;&nbsp; 2900 | 2878181 |
| Commonwealth of Massachusetts <br> Transportation Fund Revenue RB BAB, <br> Series A, 5.73%, 06/01/40<br>| &nbsp;&nbsp; 2435 | 2484887 |
| Massachusetts School Building Authority RB |  |  |
| 2.95%, 05/15/43 | &nbsp;&nbsp; 1700 | 1285285 |
| 3.40%, 10/15/40 | &nbsp;&nbsp; 1755 | 1501603 |
| Series B, Class B, 1.75%, 08/15/30 | &nbsp;&nbsp; 2250 | 2058800 |
| Massachusetts School Building Authority RB <br> BAB, Series B, 5.72%, 08/15/39<br>| &nbsp;&nbsp; 1060 | 1094492 |
|  |  | 18834680 |
| **Michigan — 0.0%** | **Michigan — 0.0%** | **Michigan — 0.0%** |
| Michigan Finance Authority RB |  |  |
| 3.08%, 12/01/34 | &nbsp;&nbsp; 2110 | 1924055 |
| 3.38%, 12/01/40 | &nbsp;&nbsp; 845 | 707419 |
| Michigan State University RB, 4.17%, <br> 08/15/22<sup>(b)</sup><br>| &nbsp;&nbsp; 4035 | 2916482 |
| Michigan Strategic Fund RB, 3.23%, 09/01/47 | &nbsp;&nbsp; 460 | 340967 |
| University of Michigan RB |  |  |
| 2.56%, 04/01/50<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 1834856 |
| Class A, 3.50%, 04/01/52 | &nbsp;&nbsp; 614 | 445751 |
| Class B, 3.50%, 04/01/52 | &nbsp;&nbsp; 475 | 342564 |
| Class C, 3.60%, 04/01/47 | &nbsp;&nbsp; 1800 | 1505156 |
| Class A, 4.45%, 04/01/22<sup>(b)</sup> | &nbsp;&nbsp; 5580 | 4318723 |
| Series B, 2.44%, 04/01/40<sup>(b)</sup> | &nbsp;&nbsp; 2862 | 2108388 |
|  |  | 16444361 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** | **Minnesota — 0.0%** |
| University of Minnesota RB, 4.05%, 04/01/52 | &nbsp;&nbsp; 1924 | 1526483 |
| **Mississippi — 0.0%** | **Mississippi — 0.0%** | **Mississippi — 0.0%** |
| State of Mississippi GO BAB, Series F, 5.25%, <br> 11/01/34<br>| &nbsp;&nbsp; 1000 | 1022331 |
| **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
| Health & Educational Facilities Authority of the <br> State of Missouri RB, Series A, Class A, <br> 3.65%, 08/15/57<br>| &nbsp;&nbsp; 4730 | 3431168 |
| **Nebraska — 0.0%** | **Nebraska — 0.0%** | **Nebraska — 0.0%** |
| University of Nebraska Facilities Corp. (The) <br> RB, Series A, Class A, 3.04%, 10/01/49<sup>(b)</sup><br>| &nbsp;&nbsp; 2000 | 1407937 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Nevada — 0.0%** | **Nevada — 0.0%** | **Nevada — 0.0%** |
| County of Clark Department of Aviation RB <br> BAB, Series C, 6.82%, 07/01/45<br>| &nbsp;&nbsp; $850 | $944652 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |
| New Jersey Economic Development Authority <br> RB, Series A, Class A, 7.43%, 02/15/29 <br> (NPFGC)<br>| &nbsp;&nbsp; 5874 | 6187462 |
| New Jersey State Turnpike Authority RB BAB, <br> Series F, 7.41%, 01/01/40<br>| &nbsp;&nbsp; 6979 | 8357830 |
| New Jersey Transportation Trust Fund <br> Authority RB BAB, Series B, 6.56%, <br> 12/15/40<br>| &nbsp;&nbsp; 2650 | 2928201 |
| New Jersey Turnpike Authority RB BAB, <br> Series A, 7.10%, 01/01/41<sup>(b)</sup><br>| &nbsp;&nbsp; 4730 | 5450287 |
| Rutgers The State University of New <br> Jersey RB<br>|  |  |
| 3.27%, 05/01/43<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 793991 |
| Series P, 3.92%, 05/01/19<sup>(b)</sup> | &nbsp;&nbsp; 1475 | 968920 |
| Rutgers The State University of New Jersey <br> RB BAB, Class H, 5.67%, 05/01/40<br>| &nbsp;&nbsp; 900 | 910599 |
|  |  | 25597290 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| City of New York GO |  |  |
| 4.61%, 09/01/37 | &nbsp;&nbsp; 1000 | 988163 |
| 5.11%, 10/01/54<sup>(b)</sup> | &nbsp;&nbsp; 3775 | 3519082 |
| 5.26%, 10/01/44 | &nbsp;&nbsp; 1200 | 1171190 |
| 5.26%, 10/01/52 | &nbsp;&nbsp; 500 | 476983 |
| 5.83%, 10/01/53 | &nbsp;&nbsp; 5500 | 5662286 |
| 5.94%, 02/01/55<sup>(b)</sup> | &nbsp;&nbsp; 130 | 134580 |
| 6.29%, 02/01/45<sup>(b)</sup> | &nbsp;&nbsp; 300 | 315029 |
| 6.39%, 02/01/55 | &nbsp;&nbsp; 835 | 868603 |
| City of New York GO BAB |  |  |
| Series A-2, 5.21%, 10/01/31 | &nbsp;&nbsp; 2000 | 2013821 |
| Series C-1, 5.52%, 10/01/37 | &nbsp;&nbsp; 3000 | 3051759 |
| Series F1, 6.27%, 12/01/37 | &nbsp;&nbsp; 2755 | 2976544 |
| Empire State Development Corp. RB BABA, <br> 5.77%, 03/15/39<br>| &nbsp;&nbsp; 4715 | 4894722 |
| Metropolitan Transportation Authority <br> Dedicated Tax Fund RB BAB, 7.34%, <br> 11/15/39<br>| &nbsp;&nbsp; 3870 | 4530355 |
| Metropolitan Transportation Authority RB BAB |  |  |
| Series 2010-A, 6.67%, 11/15/39 | &nbsp;&nbsp; 50 | 53816 |
| Series B, 6.65%, 11/15/39 | &nbsp;&nbsp; 220 | 237027 |
| Series E, 6.81%, 11/15/40 | &nbsp;&nbsp; 1165 | 1265177 |
| New York City Municipal Water Finance <br> Authority RB, 5.88%, 06/15/44<br>| &nbsp;&nbsp; 3200 | 3238323 |
| New York City Municipal Water Finance <br> Authority RB BAB<br>|  |  |
| 5.44%, 06/15/43<sup>(b)</sup> | &nbsp;&nbsp; 1385 | 1354916 |
| 5.72%, 06/15/42 | &nbsp;&nbsp; 3145 | 3160419 |
| 5.95%, 06/15/42 | &nbsp;&nbsp; 3000 | 3093232 |
| 6.01%, 06/15/42 | &nbsp;&nbsp; 1860 | 1904558 |
| New York State Dormitory Authority RB |  |  |
| 5.23%, 07/01/35 | &nbsp;&nbsp; 4250 | 4362087 |
| 5.83%, 07/01/55 | &nbsp;&nbsp; 2500 | 2584646 |
| New York State Dormitory Authority RB BAB |  |  |
| Series D, 5.60%, 03/15/40 | &nbsp;&nbsp; 2325 | 2386213 |
| Series F, 5.63%, 03/15/39<sup>(b)</sup> | &nbsp;&nbsp; 2725 | 2810869 |
| Port Authority of New York & New Jersey RB |  |  |
| 3.14%, 02/15/51 | &nbsp;&nbsp; 1145 | 818618 |
| 3.29%, 08/01/69<sup>(b)</sup> | &nbsp;&nbsp; 1300 | 810640 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| 4.03%, 09/01/48<sup>(b)</sup> | &nbsp;&nbsp; $1440 | $1176460 |
| 4.23%, 10/15/57 | &nbsp;&nbsp; 865 | 696722 |
| 5.07%, 07/15/53 | &nbsp;&nbsp; 2820 | 2636408 |
| Series 164, 5.65%, 11/01/40<sup>(b)</sup> | &nbsp;&nbsp; 6255 | 6606022 |
| Series 165, 5.65%, 11/01/40 | &nbsp;&nbsp; 1795 | 1893861 |
| Series 168, 4.93%, 10/01/51 | &nbsp;&nbsp; 4165 | 3809100 |
| Series 174, 4.46%, 10/01/62<sup>(b)</sup> | &nbsp;&nbsp; 6585 | 5479332 |
| Series 181, 4.96%, 08/01/46 | &nbsp;&nbsp; 2000 | 1892689 |
| Series 182, 5.31%, 08/01/46 | &nbsp;&nbsp; 1000 | 973121 |
| Series 192, 4.81%, 10/15/65<sup>(b)</sup> | &nbsp;&nbsp; 4235 | 3756826 |
| Series 225, 3.18%, 07/15/60<sup>(b)</sup> | &nbsp;&nbsp; 675 | 425707 |
| United Nations Development Corp. RB, 6.54%, <br> 08/01/55<br>| &nbsp;&nbsp; 765 | 795337 |
|  |  | 88825243 |
| **North Carolina — 0.0%** | **North Carolina — 0.0%** | **North Carolina — 0.0%** |
| Charlotte-Mecklenburg Hospital Authority <br> (The) RB, 3.20%, 01/15/51<br>| &nbsp;&nbsp; 1100 | 730699 |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
| American Municipal Power Inc. RB, Series B, <br> 8.08%, 02/15/50<br>| &nbsp;&nbsp; 6075 | 7599926 |
| JobsOhio Beverage System RB |  |  |
| 2.83%, 01/01/38 | &nbsp;&nbsp; 1950 | 1611479 |
| 4.43%, 01/01/33 | &nbsp;&nbsp; 260 | 261966 |
| Series B, Class B, 4.53%, 01/01/35 | &nbsp;&nbsp; 2400 | 2407690 |
| Ohio State University (The) RB, Series A, <br> 4.80%, 06/01/11<br>| &nbsp;&nbsp; 350 | 287795 |
| Ohio State University (The) RB BAB, Series C, <br> 4.91%, 06/01/40<br>| &nbsp;&nbsp; 2005 | 1938083 |
| Ohio Turnpike & Infrastructure Commission <br> RB, Series A, Class A, 3.22%, 02/15/48<br>| &nbsp;&nbsp; 1775 | 1273696 |
|  |  | 15380635 |
| **Oklahoma — 0.0%** | **Oklahoma — 0.0%** | **Oklahoma — 0.0%** |
| Oklahoma Development Finance Authority RB |  |  |
| 4.38%, 11/01/45 | &nbsp;&nbsp; 715 | 676770 |
| 4.62%, 06/01/44 | &nbsp;&nbsp; 1655 | 1580102 |
| 4.71%, 05/01/52 | &nbsp;&nbsp; 3280 | 2959908 |
| 5.09%, 02/01/52 | &nbsp;&nbsp; 3680 | 3448515 |
|  |  | 8665295 |
| **Oregon — 0.0%** | **Oregon — 0.0%** | **Oregon — 0.0%** |
| Oregon School Boards Association GOL |  |  |
| Series B, 5.55%, 06/30/28 (NPFGC) | &nbsp;&nbsp; 30 | 30988 |
| Series B, 5.68%, 06/30/28 (NPFGC) | &nbsp;&nbsp; 748 | 764217 |
| Oregon State University RB, 3.42%, 03/01/60 <br> (BAM)<br>| &nbsp;&nbsp; 1100 | 749688 |
| State of Oregon GO, 5.89%, 06/01/27 | &nbsp;&nbsp; 4426 | 4527902 |
|  |  | 6072795 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |
| Commonwealth Financing Authority RB |  |  |
| Class A, 2.99%, 06/01/42<sup>(b)</sup> | &nbsp;&nbsp; 1130 | 851861 |
| Class A, 3.86%, 06/01/38<sup>(b)</sup> | &nbsp;&nbsp; 4200 | 3872434 |
| Series A, 4.14%, 06/01/38 | &nbsp;&nbsp; 50 | 46848 |
| Pennsylvania Economic Development <br> Financing Authority RB, 5.69%, 06/01/54<br>| &nbsp;&nbsp; 2665 | 2651571 |
| Pennsylvania State University (The) RB |  |  |
| 2.79%, 09/01/43 | &nbsp;&nbsp; 1750 | 1315945 |
| 2.84%, 09/01/50 | &nbsp;&nbsp; 975 | 636419 |
| Pennsylvania Turnpike Commission RB BAB, <br> Series B, Class B, 5.51%, 12/01/45<br>| &nbsp;&nbsp; 1000 | 983477 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| University of Pittsburgh-of the Commonwealth <br> System of Higher Education RB, 3.56%, <br> 09/15/19<sup>(b)</sup><br>| &nbsp;&nbsp; $2000 | $1240506 |
|  |  | 11599061 |
| **South Carolina — 0.0%** | **South Carolina — 0.0%** | **South Carolina — 0.0%** |
| South Carolina Public Service Authority RB <br> BAB, Series C, 6.45%, 01/01/50<br>| &nbsp;&nbsp; 1000 | 1044688 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| Board of Regents of the University of Texas <br> System RB, Series B, Class B, 2.44%, <br> 08/15/49<br>| &nbsp;&nbsp; 765 | 460169 |
| Board of Regents of the University of Texas <br> System RB BAB, Series C, 4.79%, <br> 08/15/46<br>| &nbsp;&nbsp; 2400 | 2226549 |
| City of San Antonio Texas Electric & Gas <br> Systems Revenue RB BAB<br>|  |  |
| 5.81%, 02/01/41 | &nbsp;&nbsp; 1875 | 1916815 |
| Series C, 5.99%, 02/01/39 | &nbsp;&nbsp; 1993 | 2086239 |
| Dallas Area Rapid Transit RB, Class A, 2.61%, <br> 12/01/48<br>| &nbsp;&nbsp; 2895 | 1911482 |
| Dallas Area Rapid Transit RB BAB |  |  |
| 5.02%, 12/01/48<sup>(b)</sup> | &nbsp;&nbsp; 3250 | 2900853 |
| Series B, 6.00%, 12/01/44<sup>(b)</sup> | &nbsp;&nbsp; 400 | 408261 |
| Dallas Convention Center Hotel Development <br> Corp. RB BAB, 7.09%, 01/01/42<br>| &nbsp;&nbsp; 700 | 787360 |
| Dallas County Hospital District GOL BAB, <br> Series C, Class C, 5.62%, 08/15/44<br>| &nbsp;&nbsp; 1250 | 1252045 |
| Dallas Fort Worth International Airport RB |  |  |
| 2.84%, 11/01/46 | &nbsp;&nbsp; 220 | 158094 |
| Class A, 2.99%, 11/01/38<sup>(b)</sup> | &nbsp;&nbsp; 1200 | 1023208 |
| Class A, 4.09%, 11/01/51<sup>(b)</sup> | &nbsp;&nbsp; 1245 | 997411 |
| Class A, 4.51%, 11/01/51<sup>(b)</sup> | &nbsp;&nbsp; 4305 | 3670732 |
| Series A, Class A, 3.14%, 11/01/45<sup>(b)</sup> | &nbsp;&nbsp; 1405 | 1047996 |
| Series C, Class C, 2.92%, 11/01/50 | &nbsp;&nbsp; 2670 | 1852773 |
| Series C, Class C, 3.09%, 11/01/40 | &nbsp;&nbsp; 340 | 270478 |
| Dallas Independent School District GO BAB, <br> Series C, 6.45%, 02/15/35 (PSF)<br>| &nbsp;&nbsp; 400 | 401409 |
| Grand Parkway Transportation Corp. RB, <br> 3.24%, 10/01/52<br>| &nbsp;&nbsp; 4805 | 3175572 |
| North Texas Tollway Authority RB BAB, <br> Series B, Class B, 6.72%, 01/01/49<br>| &nbsp;&nbsp; 4120 | 4535426 |
| Permanent University Fund - Texas A&M <br> University System RB, Series B, Class B, <br> 3.66%, 07/01/47<br>| &nbsp;&nbsp; 2000 | 1609185 |
| Permanent University Fund - University of <br> Texas System RB, Series A, 3.38%, <br> 07/01/47<br>| &nbsp;&nbsp; 2125 | 1599646 |
| State of Texas GO BAB |  |  |
| 5.52%, 04/01/39 | &nbsp;&nbsp; 5300 | 5507677 |
| Series A, Class A, 4.68%, 04/01/40 | &nbsp;&nbsp; 2550 | 2475909 |
| Texas Department of Transportation State <br> Highway Fund RB, First Class, 5.18%, <br> 04/01/30<br>| &nbsp;&nbsp; 5115 | 5232875 |
| Texas Natural Gas Securitization Finance <br> Corp. RB<br>|  |  |
| 5.10%, 04/01/35<sup>(b)</sup> | &nbsp;&nbsp; 7498 | 7705975 |
| 5.17%, 04/01/41 | &nbsp;&nbsp; 6200 | 6321894 |
| Texas Private Activity Bond Surface <br> Transportation Corp. RB, Series B, Class B, <br> 3.92%, 12/31/49<br>| &nbsp;&nbsp; 3350 | 2636182 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Texas Transportation Commission GO, 2.47%, <br> 10/01/44<br>| &nbsp;&nbsp; $2505 | $1727122 |
|  |  | 65899337 |
| **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
| University of Virginia RB |  |  |
| 2.26%, 09/01/50<sup>(b)</sup> | &nbsp;&nbsp; 2790 | 1586811 |
| 2.58%, 11/01/51 | &nbsp;&nbsp; 2915 | 1761495 |
| Series A, 3.23%, 09/01/19 | &nbsp;&nbsp; 790 | 446166 |
| Series C, 4.18%, 09/01/17 | &nbsp;&nbsp; 840 | 614845 |
|  |  | 4409317 |
| **Washington — 0.0%** | **Washington — 0.0%** | **Washington — 0.0%** |
| Central Puget Sound Regional Transit <br> Authority RB BAB, 5.49%, 11/01/39<br>| &nbsp;&nbsp; 1200 | 1228959 |
| **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |
| State of Wisconsin RB, Series C, 3.15%, <br> 05/01/27<br>| &nbsp;&nbsp; 2580 | 2552257 |
| **Total Municipal Debt Obligations — 0.5%** <br>**(Cost: $627,759,596)** | **Total Municipal Debt Obligations — 0.5%** <br>**(Cost: $627,759,596)** | 558450723 |
| **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
| **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.50%, 10/01/27 | &nbsp;&nbsp; 32 | 31797 |
| 2.50%, 02/01/28 | &nbsp;&nbsp; 426 | 417949 |
| 2.50%, 01/01/30 | &nbsp;&nbsp; 5030 | 4895886 |
| 2.50%, 03/01/31 | &nbsp;&nbsp; 53 | 51320 |
| 2.50%, 08/01/31 | &nbsp;&nbsp; 1703 | 1648434 |
| 2.50%, 10/01/31 | &nbsp;&nbsp; 4048 | 3907232 |
| 2.50%, 11/01/31 | &nbsp;&nbsp; 24 | 23351 |
| 2.50%, 12/01/31 | &nbsp;&nbsp; 6263 | 6042711 |
| 2.50%, 02/01/32 | &nbsp;&nbsp; 7663 | 7393044 |
| 2.50%, 08/01/32 | &nbsp;&nbsp; 91 | 87535 |
| 2.50%, 01/01/33 | &nbsp;&nbsp; 6720 | 6458664 |
| 2.50%, 02/01/33 | &nbsp;&nbsp; 18 | 17505 |
| 2.50%, 04/01/33 | &nbsp;&nbsp; 842 | 805103 |
| 3.00%, 11/01/26 | &nbsp;&nbsp; 44 | 43389 |
| 3.00%, 01/01/27 | &nbsp;&nbsp; 21 | 21132 |
| 3.00%, 02/01/27 | &nbsp;&nbsp; 55 | 54213 |
| 3.00%, 04/01/27 | &nbsp;&nbsp; 52 | 51271 |
| 3.00%, 05/01/27 | &nbsp;&nbsp; 384 | 379378 |
| 3.00%, 06/01/27 | &nbsp;&nbsp; 371 | 366511 |
| 3.00%, 07/01/27 | &nbsp;&nbsp; 24 | 23658 |
| 3.00%, 08/01/27 | &nbsp;&nbsp; 57 | 56044 |
| 3.00%, 09/01/27 | &nbsp;&nbsp; 235 | 233049 |
| 3.00%, 11/01/27 | &nbsp;&nbsp; 97 | 95586 |
| 3.00%, 12/01/27 | &nbsp;&nbsp; 53 | 52538 |
| 3.00%, 01/01/28 | &nbsp;&nbsp; 10 | 9462 |
| 3.00%, 11/01/28 | &nbsp;&nbsp; 55 | 54740 |
| 3.00%, 01/01/29 | &nbsp;&nbsp; 52 | 51521 |
| 3.00%, 03/01/29 | &nbsp;&nbsp; 275 | 270024 |
| 3.00%, 05/01/29 | &nbsp;&nbsp; 9131 | 9004184 |
| 3.00%, 05/01/30 | &nbsp;&nbsp; 1982 | 1943530 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 946 | 929693 |
| 3.00%, 07/01/30 | &nbsp;&nbsp; 2495 | 2445577 |
| 3.00%, 12/01/30 | &nbsp;&nbsp; 5730 | 5610723 |
| 3.00%, 02/01/31 | &nbsp;&nbsp; 1858 | 1818746 |
| 3.00%, 05/01/31 | &nbsp;&nbsp; 3905 | 3819814 |
| 3.00%, 06/01/31 | &nbsp;&nbsp; 2907 | 2841854 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 08/01/31 | &nbsp;&nbsp; $23 | $22341 |
| 3.00%, 12/01/31 | &nbsp;&nbsp; 14 | 13955 |
| 3.00%, 02/01/32 | &nbsp;&nbsp; 51 | 49695 |
| 3.00%, 07/01/32 | &nbsp;&nbsp; 4492 | 4377807 |
| 3.00%, 09/01/32 | &nbsp;&nbsp; 6 | 6098 |
| 3.00%, 02/01/33 | &nbsp;&nbsp; 9 | 9114 |
| 3.00%, 05/01/33 | &nbsp;&nbsp; 1158 | 1121573 |
| 3.00%, 06/01/42 | &nbsp;&nbsp; 364 | 333327 |
| 3.00%, 10/01/42 | &nbsp;&nbsp; 165 | 150857 |
| 3.00%, 01/01/43 | &nbsp;&nbsp; 391 | 357803 |
| 3.00%, 02/01/43 | &nbsp;&nbsp; 9808 | 8978253 |
| 3.00%, 12/01/44 | &nbsp;&nbsp; 29 | 25730 |
| 3.00%, 04/01/45 | &nbsp;&nbsp; 239 | 215528 |
| 3.00%, 08/01/45 | &nbsp;&nbsp; 150 | 135373 |
| 3.00%, 12/01/45 | &nbsp;&nbsp; 12 | 10547 |
| 3.00%, 01/01/46 | &nbsp;&nbsp; 872 | 784967 |
| 3.00%, 02/01/46 | &nbsp;&nbsp; 100 | 89688 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 1851 | 1654920 |
| 3.00%, 08/01/46 | &nbsp;&nbsp; 34931 | 31232130 |
| 3.00%, 09/01/46 | &nbsp;&nbsp; 13784 | 12482405 |
| 3.00%, 10/01/46 | &nbsp;&nbsp; 26664 | 23931841 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 20529 | 18355796 |
| 3.00%, 12/01/46 | &nbsp;&nbsp; 47057 | 42094078 |
| 3.00%, 01/01/47 | &nbsp;&nbsp; 10986 | 9823264 |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 23591 | 21093868 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 118 | 105847 |
| 3.00%, 04/01/47 | &nbsp;&nbsp; 305 | 272671 |
| 3.00%, 05/01/47 | &nbsp;&nbsp; 18006 | 16193156 |
| 3.00%, 06/01/47 | &nbsp;&nbsp; 19601 | 17526252 |
| 3.00%, 08/01/47 | &nbsp;&nbsp; 2442 | 2183206 |
| 3.00%, 09/01/47 | &nbsp;&nbsp; 550 | 495571 |
| 3.00%, 10/01/47 | &nbsp;&nbsp; 6144 | 5493747 |
| 3.00%, 11/01/47 | &nbsp;&nbsp; 9 | 8432 |
| 3.00%, 01/01/48 | &nbsp;&nbsp; 13 | 11722 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 891 | 788803 |
| 3.00%, 03/01/49 | &nbsp;&nbsp; 175 | 154446 |
| 3.00%, 05/01/49 | &nbsp;&nbsp; 207 | 184415 |
| 3.00%, 06/01/49 | &nbsp;&nbsp; 141 | 124381 |
| 3.50%, 11/01/25 | &nbsp;&nbsp; 25 | 24700 |
| 3.50%, 03/01/26 | &nbsp;&nbsp; 56 | 55307 |
| 3.50%, 06/01/26 | &nbsp;&nbsp; 18 | 18294 |
| 3.50%, 03/01/32 | &nbsp;&nbsp; 406 | 399744 |
| 3.50%, 05/01/32 | &nbsp;&nbsp; 1209 | 1192615 |
| 3.50%, 09/01/32 | &nbsp;&nbsp; 914 | 901126 |
| 3.50%, 06/01/33 | &nbsp;&nbsp; 81 | 79650 |
| 3.50%, 07/01/33 | &nbsp;&nbsp; 3804 | 3740420 |
| 3.50%, 11/01/33 | &nbsp;&nbsp; 11 | 10861 |
| 3.50%, 06/01/34 | &nbsp;&nbsp; 3378 | 3311678 |
| 3.50%, 03/01/38 | &nbsp;&nbsp; 2731 | 2638020 |
| 3.50%, 06/01/38 | &nbsp;&nbsp; 730 | 704581 |
| 3.50%, 09/01/38 | &nbsp;&nbsp; 480 | 464384 |
| 3.50%, 02/01/42 | &nbsp;&nbsp; 46 | 43108 |
| 3.50%, 05/01/42 | &nbsp;&nbsp; 5 | 4374 |
| 3.50%, 09/01/42 | &nbsp;&nbsp; 7 | 6588 |
| 3.50%, 10/01/42 | &nbsp;&nbsp; 5886 | 5542897 |
| 3.50%, 11/01/42 | &nbsp;&nbsp; 449 | 422539 |
| 3.50%, 01/01/43 | &nbsp;&nbsp; 9 | 8011 |
| 3.50%, 04/01/43 | &nbsp;&nbsp; 3272 | 3071915 |
| 3.50%, 06/01/43 | &nbsp;&nbsp; 616 | 578656 |
| 3.50%, 07/01/43 | &nbsp;&nbsp; 1027 | 963786 |
| 3.50%, 08/01/43 | &nbsp;&nbsp; 3764 | 3533276 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 10/01/43 | &nbsp;&nbsp; $851 | $799629 |
| 3.50%, 01/01/44 | &nbsp;&nbsp; 9818 | 9241634 |
| 3.50%, 02/01/44 | &nbsp;&nbsp; 4986 | 4685775 |
| 3.50%, 09/01/44 | &nbsp;&nbsp; 3834 | 3591868 |
| 3.50%, 10/01/44 | &nbsp;&nbsp; 5693 | 5312688 |
| 3.50%, 11/01/44 | &nbsp;&nbsp; 80 | 74079 |
| 3.50%, 12/01/45 | &nbsp;&nbsp; 7736 | 7115276 |
| 3.50%, 01/01/46 | &nbsp;&nbsp; 149 | 138677 |
| 3.50%, 03/01/46 | &nbsp;&nbsp; 20676 | 19185693 |
| 3.50%, 05/01/46 | &nbsp;&nbsp; 2703 | 2503288 |
| 3.50%, 06/01/46 | &nbsp;&nbsp; 80 | 74388 |
| 3.50%, 07/01/46 | &nbsp;&nbsp; 3660 | 3389726 |
| 3.50%, 08/01/46 | &nbsp;&nbsp; 2638 | 2449346 |
| 3.50%, 09/01/46 | &nbsp;&nbsp; 4099 | 3795367 |
| 3.50%, 10/01/46 | &nbsp;&nbsp; 822 | 761211 |
| 3.50%, 11/01/46 | &nbsp;&nbsp; 601 | 556191 |
| 3.50%, 12/01/46 | &nbsp;&nbsp; 3118 | 2881278 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 1613 | 1493532 |
| 3.50%, 02/01/47 | &nbsp;&nbsp; 4204 | 3892780 |
| 3.50%, 03/01/47 | &nbsp;&nbsp; 2691 | 2492418 |
| 3.50%, 04/01/47 | &nbsp;&nbsp; 6094 | 5614213 |
| 3.50%, 05/01/47 | &nbsp;&nbsp; 1238 | 1142653 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 5032 | 4633806 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 14815 | 13783576 |
| 3.50%, 09/01/47 | &nbsp;&nbsp; 19726 | 18153661 |
| 3.50%, 12/01/47 | &nbsp;&nbsp; 3335 | 3071962 |
| 3.50%, 01/01/48 | &nbsp;&nbsp; 14822 | 13746583 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 16269 | 14968319 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 6709 | 6173440 |
| 3.50%, 04/01/48 | &nbsp;&nbsp; 1570 | 1454721 |
| 3.50%, 05/01/48 | &nbsp;&nbsp; 7421 | 6825684 |
| 3.50%, 04/01/49 | &nbsp;&nbsp; 974 | 896267 |
| 3.50%, 05/01/49 | &nbsp;&nbsp; 2783 | 2552150 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 1413 | 1300867 |
| 4.00%, 10/01/25 | &nbsp;&nbsp; 8 | 7644 |
| 4.00%, 02/01/26 | &nbsp;&nbsp; 15 | 14703 |
| 4.00%, 05/01/26 | &nbsp;&nbsp; 49 | 48767 |
| 4.00%, 12/01/32 | &nbsp;&nbsp; 914 | 912857 |
| 4.00%, 05/01/33 | &nbsp;&nbsp; 1252 | 1247850 |
| 4.00%, 09/01/41 | &nbsp;&nbsp; 2127 | 2069411 |
| 4.00%, 02/01/42 | &nbsp;&nbsp; 1895 | 1843474 |
| 4.00%, 03/01/42 | &nbsp;&nbsp; 403 | 390939 |
| 4.00%, 06/01/42 | &nbsp;&nbsp; 2497 | 2427027 |
| 4.00%, 08/01/42 | &nbsp;&nbsp; 1120 | 1086028 |
| 4.00%, 07/01/44 | &nbsp;&nbsp; 2785 | 2689678 |
| 4.00%, 01/01/45 | &nbsp;&nbsp; 717 | 689827 |
| 4.00%, 02/01/45 | &nbsp;&nbsp; 1053 | 1016994 |
| 4.00%, 06/01/45 | &nbsp;&nbsp; 1673 | 1602700 |
| 4.00%, 08/01/45 | &nbsp;&nbsp; 2886 | 2765399 |
| 4.00%, 09/01/45 | &nbsp;&nbsp; 4596 | 4403240 |
| 4.00%, 01/01/46 | &nbsp;&nbsp; 1246 | 1193992 |
| 4.00%, 02/01/46 | &nbsp;&nbsp; 139 | 132764 |
| 4.00%, 03/01/46 | &nbsp;&nbsp; 295 | 281790 |
| 4.00%, 05/01/46 | &nbsp;&nbsp; 2708 | 2583364 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 64 | 60357 |
| 4.00%, 07/01/46 | &nbsp;&nbsp; 2503 | 2407624 |
| 4.00%, 08/01/46 | &nbsp;&nbsp; 79 | 76224 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 2195 | 2102747 |
| 4.00%, 11/01/46 | &nbsp;&nbsp; 6245 | 5958292 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 2697 | 2573948 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 204 | 194280 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 10/01/47 | &nbsp;&nbsp; $596 | $566425 |
| 4.00%, 11/01/47 | &nbsp;&nbsp; 1098 | 1043775 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 4265 | 4055208 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 6366 | 6066669 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 105 | 99214 |
| 4.00%, 06/01/48 | &nbsp;&nbsp; 11704 | 11191092 |
| 4.00%, 07/01/48 | &nbsp;&nbsp; 10900 | 10344457 |
| 4.00%, 08/01/48 | &nbsp;&nbsp; 1437 | 1363500 |
| 4.00%, 09/01/48 | &nbsp;&nbsp; 2849 | 2703577 |
| 4.00%, 10/01/48 | &nbsp;&nbsp; 1544 | 1471083 |
| 4.00%, 12/01/48 | &nbsp;&nbsp; 7281 | 6944609 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 1206 | 1144007 |
| 4.50%, 08/01/30 | &nbsp;&nbsp; 581 | 584080 |
| 4.50%, 03/01/39 | &nbsp;&nbsp; 672 | 673326 |
| 4.50%, 05/01/39 | &nbsp;&nbsp; 877 | 878174 |
| 4.50%, 10/01/39 | &nbsp;&nbsp; 525 | 525523 |
| 4.50%, 01/01/40 | &nbsp;&nbsp; 161 | 160826 |
| 4.50%, 02/01/41 | &nbsp;&nbsp; 1029 | 1029148 |
| 4.50%, 04/01/41 | &nbsp;&nbsp; 33 | 33037 |
| 4.50%, 05/01/41 | &nbsp;&nbsp; 2701 | 2705828 |
| 4.50%, 05/01/42 | &nbsp;&nbsp; 2784 | 2789641 |
| 4.50%, 01/01/45 | &nbsp;&nbsp; 2129 | 2105228 |
| 4.50%, 11/01/45 | &nbsp;&nbsp; 161 | 158349 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 96 | 96100 |
| 4.50%, 01/01/46 | &nbsp;&nbsp; 3333 | 3295190 |
| 4.50%, 03/01/46 | &nbsp;&nbsp; 167 | 164879 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 423 | 415838 |
| 4.50%, 05/01/46 | &nbsp;&nbsp; 291 | 286119 |
| 4.50%, 07/01/46 | &nbsp;&nbsp; 65 | 64177 |
| 4.50%, 08/01/46 | &nbsp;&nbsp; 256 | 251914 |
| 4.50%, 09/01/46 | &nbsp;&nbsp; 2008 | 1984986 |
| 4.50%, 05/01/47 | &nbsp;&nbsp; 1698 | 1664608 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 928 | 907628 |
| 4.50%, 11/01/47 | &nbsp;&nbsp; 105 | 103159 |
| 4.50%, 05/01/48 | &nbsp;&nbsp; 5434 | 5323828 |
| 4.50%, 06/01/48 | &nbsp;&nbsp; 4361 | 4270864 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 2983 | 2921866 |
| 4.50%, 09/01/48 | &nbsp;&nbsp; 151 | 148022 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 5865 | 5767022 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 28 | 27820 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 5325 | 5216449 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 1227 | 1202342 |
| 4.50%, 05/01/49 | &nbsp;&nbsp; 11 | 10453 |
| 5.00%, 04/01/33 | &nbsp;&nbsp; 1724 | 1756673 |
| 5.00%, 06/01/33 | &nbsp;&nbsp; 210 | 214073 |
| 5.00%, 12/01/33 | &nbsp;&nbsp; 388 | 395143 |
| 5.00%, 07/01/35 | &nbsp;&nbsp; 851 | 867447 |
| 5.00%, 01/01/36 | &nbsp;&nbsp; 428 | 436926 |
| 5.00%, 01/01/37 | &nbsp;&nbsp; 48 | 49412 |
| 5.00%, 02/01/37 | &nbsp;&nbsp; 49 | 49545 |
| 5.00%, 02/01/38 | &nbsp;&nbsp; 256 | 260695 |
| 5.00%, 03/01/38 | &nbsp;&nbsp; 1910 | 1947148 |
| 5.00%, 12/01/38 | &nbsp;&nbsp; 228 | 232432 |
| 5.00%, 03/01/40 | &nbsp;&nbsp; 59 | 60718 |
| 5.00%, 08/01/40 | &nbsp;&nbsp; 300 | 305198 |
| 5.00%, 09/01/40 | &nbsp;&nbsp; 1316 | 1338728 |
| 5.00%, 08/01/41 | &nbsp;&nbsp; 375 | 380930 |
| 5.00%, 09/01/47 | &nbsp;&nbsp; 255 | 256345 |
| 5.00%, 03/01/48 | &nbsp;&nbsp; 224 | 225834 |
| 5.00%, 04/01/48 | &nbsp;&nbsp; 3285 | 3300773 |
| 5.00%, 05/01/48 | &nbsp;&nbsp; 1034 | 1040165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 07/01/48 | &nbsp;&nbsp; $701 | $705187 |
| 5.00%, 10/01/48 | &nbsp;&nbsp; 577 | 579979 |
| 5.00%, 11/01/48 | &nbsp;&nbsp; 838 | 843523 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 350 | 352218 |
| 5.00%, 06/01/49 | &nbsp;&nbsp; 267 | 267098 |
| 5.50%, 02/01/34 | &nbsp;&nbsp; 663 | 683173 |
| 5.50%, 05/01/35 | &nbsp;&nbsp; 641 | 666624 |
| 5.50%, 06/01/35 | &nbsp;&nbsp; 360 | 374256 |
| 5.50%, 05/01/36 | &nbsp;&nbsp; 468 | 486005 |
| 5.50%, 07/01/36 | &nbsp;&nbsp; 787 | 816914 |
| 5.50%, 03/01/38 | &nbsp;&nbsp; 822 | 854410 |
| 5.50%, 04/01/38 | &nbsp;&nbsp; 135 | 139805 |
| 5.50%, 01/01/39 | &nbsp;&nbsp; 383 | 398060 |
| 5.50%, 11/01/39 | &nbsp;&nbsp; 403 | 418540 |
| 6.00%, 10/01/36 | &nbsp;&nbsp; 407 | 424029 |
| 6.00%, 02/01/37 | &nbsp;&nbsp; 342 | 359454 |
| 6.00%, 11/01/37 | &nbsp;&nbsp; 1354 | 1428352 |
| 6.00%, 09/01/38 | &nbsp;&nbsp; 20 | 20671 |
| 6.40%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 6 | 5648 |
| 6.57%, 11/01/41<sup>(a)</sup> | &nbsp;&nbsp; 130 | 131281 |
| 6.65%, 12/01/38<sup>(a)</sup> | &nbsp;&nbsp; 376 | 380243 |
| 6.65%, 08/01/41<sup>(a)</sup> | &nbsp;&nbsp; 102 | 103233 |
| 6.77%, 05/01/42<sup>(a)</sup> | &nbsp;&nbsp; 200 | 204575 |
| 6.78%, 01/01/42<sup>(a)</sup> | &nbsp;&nbsp; 3 | 3393 |
| 6.89%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 104 | 105288 |
| 6.90%, 11/01/40<sup>(a)</sup> | &nbsp;&nbsp; 75 | 75303 |
| 7.38%, 09/01/41<sup>(a)</sup> | &nbsp;&nbsp; 200 | 202812 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.03%, 09/25/28 | &nbsp;&nbsp; 3000 | 2839255 |
| Class A2, 2.92%, 06/25/32 | &nbsp;&nbsp; 23000 | 21183513 |
| Series K063, Class A2, 3.43%, 01/25/27<sup>(a)</sup> | &nbsp;&nbsp; 20000 | 19823191 |
| Series K069, Class A2, 3.19%, 09/25/27<sup>(a)</sup> | &nbsp;&nbsp; 6997 | 6893302 |
| Series K070, Class A2, 3.30%, 11/25/27<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1973071 |
| Series K072, Class A2, 3.44%, 12/25/27 | &nbsp;&nbsp; 17760 | 17562914 |
| Series K074, Class A2, 3.60%, 01/25/28 | &nbsp;&nbsp; 10000 | 9925696 |
| Series K076, Class A2, 3.90%, 04/25/28 | &nbsp;&nbsp; 5000 | 4995633 |
| Series K081, Class A2, 3.90%, 08/25/28<sup>(a)</sup> | &nbsp;&nbsp; 19091 | 19075626 |
| Series K085, Class A2, 4.06%, 10/25/28<sup>(a)</sup> | &nbsp;&nbsp; 20000 | 20069280 |
| Series K086, Class A2, 3.86%, 11/25/28<sup>(a)</sup> | &nbsp;&nbsp; 17500 | 17458267 |
| Series K089, Class A2, 3.56%, 01/25/29 | &nbsp;&nbsp; 10000 | 9882292 |
| Series K092, Class A2, 3.30%, 04/25/29 | &nbsp;&nbsp; 414 | 404811 |
| Series K098, Class A2, 2.43%, 08/25/29 | &nbsp;&nbsp; 20000 | 18899827 |
| Series K100, Class A2, 2.67%, 09/25/29 | &nbsp;&nbsp; 27650 | 26305790 |
| Series K101, Class A2, 2.52%, 10/25/29 | &nbsp;&nbsp; 31000 | 29299536 |
| Series K105, Class A2, 1.87%, 01/25/30 | &nbsp;&nbsp; 4775 | 4373213 |
| Series K108, Class A2, 1.52%, 03/25/30 | &nbsp;&nbsp; 2000 | 1800680 |
| Series K110, Class A2, 1.48%, 04/25/30 | &nbsp;&nbsp; 13200 | 11836605 |
| Series K111, Class A2, 1.35%, 05/25/30 | &nbsp;&nbsp; 5000 | 4440653 |
| Series K114, Class A2, 1.37%, 06/25/30 | &nbsp;&nbsp; 7000 | 6192143 |
| Series K117, Class A2, 1.41%, 08/25/30 | &nbsp;&nbsp; 15000 | 13244737 |
| Series K120, Class A2, 1.50%, 10/25/30 | &nbsp;&nbsp; 1150 | 1013979 |
| Series K124, Class A2, 1.66%, 12/25/30 | &nbsp;&nbsp; 3435 | 3039861 |
| Series K126, Class A2, 2.07%, 01/25/31 | &nbsp;&nbsp; 17440 | 15762950 |
| Series K128, Class A2, 2.02%, 03/25/31 | &nbsp;&nbsp; 5500 | 4950855 |
| Series K130, Class A2, 1.72%, 06/25/31 | &nbsp;&nbsp; 7000 | 6149244 |
| Series K135, CLASS A2, 2.15%, <br> 10/25/31<sup>(a)</sup><br>| &nbsp;&nbsp; 4670 | 4161103 |
| Series K1510, Class A3, 3.79%, 01/25/34 | &nbsp;&nbsp; 20000 | 19116283 |
| Series K-1512, Class A2, 2.99%, 05/25/31 | &nbsp;&nbsp; 10960 | 10338419 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| Series K-1512, Class A3, 3.06%, 04/25/34 | &nbsp;&nbsp; $16190 | $14505275 |
| Series K-1514, Class A2, 2.86%, 10/25/34 | &nbsp;&nbsp; 15500 | 13510226 |
| Series K-1520, Class A2, 2.44%, 02/25/36 | &nbsp;&nbsp; 7564 | 6191648 |
| Series K-1521, Class A2, 2.18%, 08/25/36 | &nbsp;&nbsp; 2125 | 1676184 |
| Series K154, Class A2, 3.42%, 04/25/32 | &nbsp;&nbsp; 2000 | 1960381 |
| Series K739, Class A2, 1.34%, 09/25/27 | &nbsp;&nbsp; 25099 | 23960233 |
| Federal National Mortgage Association |  |  |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 7099 | 6383130 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 6039 | 5318895 |
| 3.50%, 11/01/51 | &nbsp;&nbsp; 4861 | 4527999 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 7523 | 7199865 |
| 4.00%, 01/01/57 | &nbsp;&nbsp; 5554 | 5185992 |
| 4.00%, 02/01/57 | &nbsp;&nbsp; 6116 | 5710364 |
| 6.46%, 08/01/41<sup>(a)</sup> | &nbsp;&nbsp; 84 | 84650 |
| 6.59%, 04/01/44<sup>(a)</sup> | &nbsp;&nbsp; 126 | 127088 |
| 6.71%, 02/01/42<sup>(a)</sup> | &nbsp;&nbsp; 56 | 56199 |
| 7.25%, 10/01/41<sup>(a)</sup> | &nbsp;&nbsp; 256 | 260276 |
| Federal National Mortgage Association-ACES |  |  |
| Series 2015-M10, Class A2, 3.09%, <br> 04/25/27<sup>(a)</sup><br>| &nbsp;&nbsp; 2111 | 2081041 |
| Series 2016-M6, Class A2, 2.49%, <br> 05/25/26<br>| &nbsp;&nbsp; 6071 | 5991506 |
| Series 2017-M4, Class A2, 2.66%, <br> 12/25/26<sup>(a)</sup><br>| &nbsp;&nbsp; 17040 | 16704995 |
| Series 2017-M7, Class A2, 2.96%, <br> 02/25/27<sup>(a)</sup><br>| &nbsp;&nbsp; 13251 | 13038434 |
| Series 2017-M8, Class A2, 3.06%, <br> 05/25/27<sup>(a)</sup><br>| &nbsp;&nbsp; 7171 | 7056510 |
| Series 2018-M10, Class A2, 3.47%, <br> 07/25/28<sup>(a)</sup><br>| &nbsp;&nbsp; 2906 | 2865669 |
| Series 2018-M12, Class A2, 3.75%, <br> 08/25/30<sup>(a)</sup><br>| &nbsp;&nbsp; 12300 | 12080993 |
| Series 2018-M13, Class A2, 3.87%, <br> 09/25/30<sup>(a)</sup><br>| &nbsp;&nbsp; 7115 | 7023871 |
| Series 2018-M2, Class A2, 3.00%, <br> 01/25/28<sup>(a)</sup><br>| &nbsp;&nbsp; 8111 | 7936504 |
| Series 2019-M2, Class A2, 3.74%, <br> 11/25/28<sup>(a)</sup><br>| &nbsp;&nbsp; 4984 | 4942840 |
| Series 2019-M22, Class A2, 2.52%, <br> 08/25/29<br>| &nbsp;&nbsp; 21913 | 20805293 |
| Series 2019-M5, Class A2, 3.27%, <br> 02/25/29<br>| &nbsp;&nbsp; 13910 | 13626897 |
| Series 2019-M9, Class A2, 2.94%, <br> 06/25/29<br>| &nbsp;&nbsp; 3620 | 3507632 |
| Series 2021-M13, Class A2, 1.65%, <br> 04/25/31<sup>(a)</sup><br>| &nbsp;&nbsp; 17050 | 14876639 |
| Series 2021-M17, Class A2, 1.71%, <br> 07/25/31<sup>(a)</sup><br>| &nbsp;&nbsp; 20500 | 17969283 |
| Series 2022-M1, Class A2, 1.72%, <br> 10/25/31<sup>(a)</sup><br>| &nbsp;&nbsp; 29670 | 25585333 |
| Government National Mortgage Association |  |  |
| 1.50%, 10/20/51 | &nbsp;&nbsp; 3858 | 3004210 |
| 2.00%, 07/20/50 | &nbsp;&nbsp; 4513 | 3697114 |
| 2.00%, 08/20/50 | &nbsp;&nbsp; 65266 | 53466931 |
| 2.00%, 09/20/50 | &nbsp;&nbsp; 10133 | 8300561 |
| 2.00%, 10/20/50 | &nbsp;&nbsp; 44566 | 36502500 |
| 2.00%, 11/20/50 | &nbsp;&nbsp; 36228 | 29670221 |
| 2.00%, 12/20/50 | &nbsp;&nbsp; 65520 | 53654417 |
| 2.00%, 01/20/51 | &nbsp;&nbsp; 27030 | 22133084 |
| 2.00%, 02/20/51 | &nbsp;&nbsp; 179792 | 147231264 |
| 2.00%, 05/20/51 | &nbsp;&nbsp; 2636 | 2158420 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.00%, 06/20/51 | &nbsp;&nbsp; $5985 | $4900467 |
| 2.00%, 08/20/51 | &nbsp;&nbsp; 107335 | 87883727 |
| 2.00%, 10/20/51 | &nbsp;&nbsp; 75957 | 62188913 |
| 2.00%, 11/20/51 | &nbsp;&nbsp; 59506 | 48719173 |
| 2.00%, 12/20/51 | &nbsp;&nbsp; 197075 | 161345692 |
| 2.00%, 01/20/52 | &nbsp;&nbsp; 114168 | 93466863 |
| 2.00%, 02/20/52 | &nbsp;&nbsp; 105664 | 86492626 |
| 2.00%, 03/20/52 | &nbsp;&nbsp; 170048 | 139195694 |
| 2.00%, 04/20/52 | &nbsp;&nbsp; 40315 | 33000356 |
| 2.00%, 06/20/52 | &nbsp;&nbsp; 31955 | 26156958 |
| 2.00%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 1243 | 1017980 |
| 2.50%, 02/15/28 | &nbsp;&nbsp; 22 | 21773 |
| 2.50%, 10/20/31 | &nbsp;&nbsp; 43 | 41874 |
| 2.50%, 05/20/45 | &nbsp;&nbsp; 2625 | 2275482 |
| 2.50%, 11/20/46 | &nbsp;&nbsp; 353 | 306280 |
| 2.50%, 12/20/46 | &nbsp;&nbsp; 10940 | 9484094 |
| 2.50%, 01/20/47 | &nbsp;&nbsp; 5107 | 4427577 |
| 2.50%, 06/20/50 | &nbsp;&nbsp; 13151 | 11223794 |
| 2.50%, 08/20/50 | &nbsp;&nbsp; 14545 | 12322254 |
| 2.50%, 09/20/50 | &nbsp;&nbsp; 32690 | 27691055 |
| 2.50%, 01/20/51 | &nbsp;&nbsp; 68536 | 58453576 |
| 2.50%, 02/20/51 | &nbsp;&nbsp; 115009 | 98007290 |
| 2.50%, 04/20/51 | &nbsp;&nbsp; 3640 | 3101555 |
| 2.50%, 05/20/51 | &nbsp;&nbsp; 237753 | 202574029 |
| 2.50%, 06/20/51 | &nbsp;&nbsp; 7261 | 6186037 |
| 2.50%, 07/20/51 | &nbsp;&nbsp; 194804 | 165961422 |
| 2.50%, 08/20/51 | &nbsp;&nbsp; 182951 | 155854999 |
| 2.50%, 09/20/51 | &nbsp;&nbsp; 3930 | 3348064 |
| 2.50%, 10/20/51 | &nbsp;&nbsp; 3572 | 3042544 |
| 2.50%, 11/20/51 | &nbsp;&nbsp; 29247 | 24910899 |
| 2.50%, 12/20/51 | &nbsp;&nbsp; 83023 | 70715206 |
| 2.50%, 01/20/52 | &nbsp;&nbsp; 37727 | 32132735 |
| 2.50%, 02/20/52 | &nbsp;&nbsp; 3005 | 2559141 |
| 2.50%, 03/20/52 | &nbsp;&nbsp; 161421 | 137501999 |
| 2.50%, 04/20/52 | &nbsp;&nbsp; 79971 | 68121237 |
| 2.50%, 05/20/52 | &nbsp;&nbsp; 23259 | 19812598 |
| 2.50%, 07/20/52 | &nbsp;&nbsp; 7455 | 6350190 |
| 2.50%, 08/20/52 | &nbsp;&nbsp; 14711 | 12531118 |
| 2.50%, 09/20/52 | &nbsp;&nbsp; 27474 | 23403068 |
| 2.50%, 12/20/52 | &nbsp;&nbsp; 6405 | 5455557 |
| 2.50%, 10/20/53 | &nbsp;&nbsp; 2297 | 1956362 |
| 2.50%, 03/20/54 | &nbsp;&nbsp; 4216 | 3591391 |
| 2.50%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 12798 | 10907624 |
| 3.00%, 08/20/42 | &nbsp;&nbsp; 3883 | 3549418 |
| 3.00%, 09/15/42 | &nbsp;&nbsp; 8 | 7506 |
| 3.00%, 10/15/42 | &nbsp;&nbsp; 23 | 21363 |
| 3.00%, 03/15/43 | &nbsp;&nbsp; 129 | 117317 |
| 3.00%, 06/15/43 | &nbsp;&nbsp; 21 | 19416 |
| 3.00%, 07/15/43 | &nbsp;&nbsp; 56 | 50851 |
| 3.00%, 09/20/43 | &nbsp;&nbsp; 4504 | 4110331 |
| 3.00%, 11/15/43 | &nbsp;&nbsp; 426 | 388265 |
| 3.00%, 01/15/44 | &nbsp;&nbsp; 3912 | 3572418 |
| 3.00%, 08/20/44 | &nbsp;&nbsp; 11444 | 10444318 |
| 3.00%, 10/15/44 | &nbsp;&nbsp; 93 | 89825 |
| 3.00%, 03/20/45 | &nbsp;&nbsp; 3728 | 3349274 |
| 3.00%, 05/20/45 | &nbsp;&nbsp; 15412 | 13847307 |
| 3.00%, 06/20/45 | &nbsp;&nbsp; 5060 | 4546087 |
| 3.00%, 07/20/45 | &nbsp;&nbsp; 10199 | 9163539 |
| 3.00%, 10/20/45 | &nbsp;&nbsp; 3484 | 3130276 |
| 3.00%, 11/20/45 | &nbsp;&nbsp; 2221 | 1995990 |
| 3.00%, 12/20/45 | &nbsp;&nbsp; 4086 | 3671148 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 02/20/46 | &nbsp;&nbsp; $12214 | $10974537 |
| 3.00%, 04/20/46 | &nbsp;&nbsp; 5539 | 4969817 |
| 3.00%, 05/20/46 | &nbsp;&nbsp; 9155 | 8214057 |
| 3.00%, 06/20/46 | &nbsp;&nbsp; 10916 | 9807369 |
| 3.00%, 07/20/46 | &nbsp;&nbsp; 15309 | 13735227 |
| 3.00%, 08/20/46 | &nbsp;&nbsp; 26968 | 24195427 |
| 3.00%, 09/20/46 | &nbsp;&nbsp; 20179 | 18152923 |
| 3.00%, 11/20/46 | &nbsp;&nbsp; 5468 | 4916009 |
| 3.00%, 12/15/46 | &nbsp;&nbsp; 6926 | 6140515 |
| 3.00%, 12/20/46 | &nbsp;&nbsp; 31558 | 28314076 |
| 3.00%, 01/20/47 | &nbsp;&nbsp; 1658 | 1487480 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 9819 | 8808382 |
| 3.00%, 02/20/47 | &nbsp;&nbsp; 10127 | 9085594 |
| 3.00%, 03/20/47 | &nbsp;&nbsp; 9252 | 8301206 |
| 3.00%, 04/20/47 | &nbsp;&nbsp; 204 | 182866 |
| 3.00%, 06/20/47 | &nbsp;&nbsp; 4434 | 3984151 |
| 3.00%, 09/20/47 | &nbsp;&nbsp; 263 | 235585 |
| 3.00%, 10/20/47 | &nbsp;&nbsp; 5400 | 4842117 |
| 3.00%, 11/20/47 | &nbsp;&nbsp; 98 | 88063 |
| 3.00%, 12/20/47 | &nbsp;&nbsp; 2362 | 2117831 |
| 3.00%, 02/20/48 | &nbsp;&nbsp; 4400 | 3924605 |
| 3.00%, 03/20/48 | &nbsp;&nbsp; 15 | 13346 |
| 3.00%, 03/20/49 | &nbsp;&nbsp; 9191 | 8246184 |
| 3.00%, 07/20/49 | &nbsp;&nbsp; 7344 | 6541300 |
| 3.00%, 09/20/49 | &nbsp;&nbsp; 22455 | 19981843 |
| 3.00%, 10/15/49 | &nbsp;&nbsp; 7671 | 6796712 |
| 3.00%, 10/20/49 | &nbsp;&nbsp; 11949 | 10641322 |
| 3.00%, 11/20/49 | &nbsp;&nbsp; 133 | 118392 |
| 3.00%, 12/20/49 | &nbsp;&nbsp; 71016 | 63212079 |
| 3.00%, 01/20/50 | &nbsp;&nbsp; 37842 | 33645683 |
| 3.00%, 02/20/50 | &nbsp;&nbsp; 47047 | 41820558 |
| 3.00%, 07/20/50 | &nbsp;&nbsp; 24434 | 21710164 |
| 3.00%, 02/20/51 | &nbsp;&nbsp; 1506 | 1336251 |
| 3.00%, 03/20/51 | &nbsp;&nbsp; 8980 | 7975272 |
| 3.00%, 06/20/51 | &nbsp;&nbsp; 571 | 505926 |
| 3.00%, 08/20/51 | &nbsp;&nbsp; 62651 | 55547669 |
| 3.00%, 09/20/51 | &nbsp;&nbsp; 20581 | 18245899 |
| 3.00%, 10/20/51 | &nbsp;&nbsp; 23574 | 20897698 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; 40396 | 35806976 |
| 3.00%, 12/20/51 | &nbsp;&nbsp; 48301 | 42810315 |
| 3.00%, 02/20/52 | &nbsp;&nbsp; 45666 | 40467610 |
| 3.00%, 03/20/52 | &nbsp;&nbsp; 38306 | 33723172 |
| 3.00%, 04/20/52 | &nbsp;&nbsp; 32508 | 28591471 |
| 3.00%, 05/20/52 | &nbsp;&nbsp; 45739 | 40512501 |
| 3.00%, 06/20/52 | &nbsp;&nbsp; 48437 | 42902815 |
| 3.00%, 07/20/52 | &nbsp;&nbsp; 22759 | 20158744 |
| 3.00%, 08/20/52 | &nbsp;&nbsp; 11073 | 9807661 |
| 3.00%, 09/20/52 | &nbsp;&nbsp; 15064 | 13342430 |
| 3.00%, 11/20/52 | &nbsp;&nbsp; 2138 | 1894333 |
| 3.00%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 13307 | 11782368 |
| 3.50%, 11/20/40 | &nbsp;&nbsp; 49 | 45886 |
| 3.50%, 12/20/40 | &nbsp;&nbsp; 35 | 33052 |
| 3.50%, 05/20/41 | &nbsp;&nbsp; 69 | 64676 |
| 3.50%, 09/15/41 | &nbsp;&nbsp; 119 | 111981 |
| 3.50%, 10/15/41 | &nbsp;&nbsp; 178 | 166840 |
| 3.50%, 12/15/41 | &nbsp;&nbsp; 1192 | 1118161 |
| 3.50%, 04/15/42 | &nbsp;&nbsp; 79 | 74370 |
| 3.50%, 08/20/42 | &nbsp;&nbsp; 6928 | 6494423 |
| 3.50%, 09/15/42 | &nbsp;&nbsp; 245 | 229558 |
| 3.50%, 09/20/42 | &nbsp;&nbsp; 8246 | 7729794 |
| 3.50%, 10/15/42 | &nbsp;&nbsp; 197 | 183865 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 10/20/42 | &nbsp;&nbsp; $22118 | $20733813 |
| 3.50%, 11/15/42 | &nbsp;&nbsp; 331 | 310730 |
| 3.50%, 11/20/42 | &nbsp;&nbsp; 19264 | 18059250 |
| 3.50%, 12/15/42 | &nbsp;&nbsp; 491 | 460855 |
| 3.50%, 12/20/42 | &nbsp;&nbsp; 6787 | 6362195 |
| 3.50%, 02/15/43 | &nbsp;&nbsp; 318 | 297734 |
| 3.50%, 02/20/43 | &nbsp;&nbsp; 131 | 122668 |
| 3.50%, 03/15/43 | &nbsp;&nbsp; 319 | 298937 |
| 3.50%, 03/20/43 | &nbsp;&nbsp; 584 | 547401 |
| 3.50%, 04/15/43 | &nbsp;&nbsp; 16 | 14941 |
| 3.50%, 04/20/43 | &nbsp;&nbsp; 155 | 145748 |
| 3.50%, 05/15/43 | &nbsp;&nbsp; 606 | 567225 |
| 3.50%, 06/15/43 | &nbsp;&nbsp; 8479 | 7804283 |
| 3.50%, 08/20/43 | &nbsp;&nbsp; 107 | 100396 |
| 3.50%, 09/20/43 | &nbsp;&nbsp; 53 | 49289 |
| 3.50%, 10/20/43 | &nbsp;&nbsp; 144 | 134570 |
| 3.50%, 01/15/44 | &nbsp;&nbsp; 96 | 89529 |
| 3.50%, 01/20/44 | &nbsp;&nbsp; 4399 | 4123592 |
| 3.50%, 02/20/44 | &nbsp;&nbsp; 1430 | 1340411 |
| 3.50%, 03/20/44 | &nbsp;&nbsp; 856 | 802466 |
| 3.50%, 07/20/44 | &nbsp;&nbsp; 24 | 22422 |
| 3.50%, 08/15/44 | &nbsp;&nbsp; 21 | 19208 |
| 3.50%, 08/20/44 | &nbsp;&nbsp; 4644 | 4330811 |
| 3.50%, 09/15/44 | &nbsp;&nbsp; 58 | 54029 |
| 3.50%, 09/20/44 | &nbsp;&nbsp; 8440 | 7871970 |
| 3.50%, 10/15/44 | &nbsp;&nbsp; 136 | 126773 |
| 3.50%, 10/20/44 | &nbsp;&nbsp; 1300 | 1212261 |
| 3.50%, 11/20/44 | &nbsp;&nbsp; 12 | 10968 |
| 3.50%, 12/20/44 | &nbsp;&nbsp; 789 | 736188 |
| 3.50%, 01/15/45 | &nbsp;&nbsp; 49 | 46234 |
| 3.50%, 01/20/45 | &nbsp;&nbsp; 113 | 105193 |
| 3.50%, 03/15/45 | &nbsp;&nbsp; 71 | 65001 |
| 3.50%, 04/20/45 | &nbsp;&nbsp; 8130 | 7537241 |
| 3.50%, 05/20/45 | &nbsp;&nbsp; 3087 | 2862060 |
| 3.50%, 06/15/45 | &nbsp;&nbsp; 32 | 29660 |
| 3.50%, 06/20/45 | &nbsp;&nbsp; 4577 | 4243444 |
| 3.50%, 07/20/45 | &nbsp;&nbsp; 139 | 128690 |
| 3.50%, 08/20/45 | &nbsp;&nbsp; 372 | 344627 |
| 3.50%, 09/20/45 | &nbsp;&nbsp; 11824 | 10961092 |
| 3.50%, 10/20/45 | &nbsp;&nbsp; 1159 | 1074597 |
| 3.50%, 11/20/45 | &nbsp;&nbsp; 8507 | 7886030 |
| 3.50%, 12/20/45 | &nbsp;&nbsp; 4703 | 4360206 |
| 3.50%, 03/20/46 | &nbsp;&nbsp; 17274 | 16014265 |
| 3.50%, 04/20/46 | &nbsp;&nbsp; 7648 | 7079842 |
| 3.50%, 06/20/46 | &nbsp;&nbsp; 33608 | 31111471 |
| 3.50%, 07/20/46 | &nbsp;&nbsp; 199 | 183951 |
| 3.50%, 08/15/46 | &nbsp;&nbsp; 44 | 40504 |
| 3.50%, 11/20/46 | &nbsp;&nbsp; 345 | 319816 |
| 3.50%, 12/20/46 | &nbsp;&nbsp; 9827 | 9096963 |
| 3.50%, 01/15/47 | &nbsp;&nbsp; 35 | 32240 |
| 3.50%, 01/20/47 | &nbsp;&nbsp; 2326 | 2152783 |
| 3.50%, 02/20/47 | &nbsp;&nbsp; 39462 | 36530493 |
| 3.50%, 03/20/47 | &nbsp;&nbsp; 14724 | 13627940 |
| 3.50%, 04/20/47 | &nbsp;&nbsp; 13076 | 12102630 |
| 3.50%, 06/20/47 | &nbsp;&nbsp; 2888 | 2673238 |
| 3.50%, 07/20/47 | &nbsp;&nbsp; 364 | 336496 |
| 3.50%, 08/20/47 | &nbsp;&nbsp; 18987 | 17575198 |
| 3.50%, 09/15/47 | &nbsp;&nbsp; 41 | 37489 |
| 3.50%, 09/20/47 | &nbsp;&nbsp; 27488 | 25442187 |
| 3.50%, 10/20/47 | &nbsp;&nbsp; 11700 | 10714722 |
| 3.50%, 11/15/47 | &nbsp;&nbsp; 16 | 14638 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 11/20/47 | &nbsp;&nbsp; $16514 | $15284745 |
| 3.50%, 12/15/47 | &nbsp;&nbsp; 5 | 4740 |
| 3.50%, 12/20/47 | &nbsp;&nbsp; 8677 | 7841217 |
| 3.50%, 01/20/48 | &nbsp;&nbsp; 7977 | 7382892 |
| 3.50%, 02/20/48 | &nbsp;&nbsp; 2695 | 2494380 |
| 3.50%, 04/20/48 | &nbsp;&nbsp; 26424 | 24342573 |
| 3.50%, 05/15/48 | &nbsp;&nbsp; 233 | 214694 |
| 3.50%, 05/20/48 | &nbsp;&nbsp; 18276 | 16916080 |
| 3.50%, 08/20/48 | &nbsp;&nbsp; 3434 | 3164921 |
| 3.50%, 09/20/48 | &nbsp;&nbsp; 1620 | 1499336 |
| 3.50%, 11/20/48 | &nbsp;&nbsp; 2785 | 2566160 |
| 3.50%, 01/20/49 | &nbsp;&nbsp; 4519 | 4182992 |
| 3.50%, 06/20/49 | &nbsp;&nbsp; 559 | 514792 |
| 3.50%, 09/20/49 | &nbsp;&nbsp; 4535 | 4174099 |
| 3.50%, 10/20/49 | &nbsp;&nbsp; 5774 | 5315166 |
| 3.50%, 01/20/50 | &nbsp;&nbsp; 22868 | 21049391 |
| 3.50%, 03/20/50 | &nbsp;&nbsp; 6403 | 5894018 |
| 3.50%, 08/20/50 | &nbsp;&nbsp; 5138 | 4727554 |
| 3.50%, 10/20/51 | &nbsp;&nbsp; 2140 | 1959931 |
| 3.50%, 01/20/52 | &nbsp;&nbsp; 8347 | 7646094 |
| 3.50%, 02/20/52 | &nbsp;&nbsp; 15559 | 14251865 |
| 3.50%, 04/20/52 | &nbsp;&nbsp; 1540 | 1409039 |
| 3.50%, 05/20/52 | &nbsp;&nbsp; 29268 | 26779320 |
| 3.50%, 07/20/52 | &nbsp;&nbsp; 38567 | 35281837 |
| 3.50%, 08/20/52 | &nbsp;&nbsp; 7152 | 6542965 |
| 3.50%, 10/20/52 | &nbsp;&nbsp; 12701 | 11616480 |
| 3.50%, 12/20/52 | &nbsp;&nbsp; 9293 | 8500986 |
| 3.50%, 01/20/53 | &nbsp;&nbsp; 33691 | 30818753 |
| 3.50%, 05/20/53 | &nbsp;&nbsp; 21958 | 20211688 |
| 3.50%, 06/20/53 | &nbsp;&nbsp; 20518 | 18878625 |
| 3.50%, 07/20/53 | &nbsp;&nbsp; 39318 | 36176917 |
| 3.50%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 51776 | 47118749 |
| 4.00%, 06/15/39 | &nbsp;&nbsp; 4 | 4280 |
| 4.00%, 09/20/40 | &nbsp;&nbsp; 1758 | 1693301 |
| 4.00%, 01/15/41 | &nbsp;&nbsp; 1 | 618 |
| 4.00%, 01/20/41 | &nbsp;&nbsp; 577 | 555454 |
| 4.00%, 02/15/41 | &nbsp;&nbsp; 1433 | 1378963 |
| 4.00%, 05/20/41 | &nbsp;&nbsp; 11 | 10676 |
| 4.00%, 07/15/41 | &nbsp;&nbsp; 667 | 641063 |
| 4.00%, 09/15/41 | &nbsp;&nbsp; 15 | 14835 |
| 4.00%, 09/20/41 | &nbsp;&nbsp; 771 | 741191 |
| 4.00%, 10/15/41 | &nbsp;&nbsp; 276 | 264554 |
| 4.00%, 11/15/41 | &nbsp;&nbsp; 148 | 142301 |
| 4.00%, 12/15/41 | &nbsp;&nbsp; 613 | 589663 |
| 4.00%, 12/20/41 | &nbsp;&nbsp; 2576 | 2477376 |
| 4.00%, 01/15/42 | &nbsp;&nbsp; 61 | 58385 |
| 4.00%, 01/20/42 | &nbsp;&nbsp; 1128 | 1085149 |
| 4.00%, 02/15/42 | &nbsp;&nbsp; 271 | 260852 |
| 4.00%, 03/15/42 | &nbsp;&nbsp; 1354 | 1298976 |
| 4.00%, 04/15/42 | &nbsp;&nbsp; 439 | 421131 |
| 4.00%, 09/20/42 | &nbsp;&nbsp; 557 | 534422 |
| 4.00%, 08/15/43 | &nbsp;&nbsp; 11 | 10493 |
| 4.00%, 10/20/43 | &nbsp;&nbsp; 2790 | 2677847 |
| 4.00%, 03/15/44 | &nbsp;&nbsp; 69 | 66005 |
| 4.00%, 04/15/44 | &nbsp;&nbsp; 28 | 26884 |
| 4.00%, 06/15/44 | &nbsp;&nbsp; 100 | 95628 |
| 4.00%, 08/15/44 | &nbsp;&nbsp; 9 | 8213 |
| 4.00%, 08/20/44 | &nbsp;&nbsp; 199 | 189808 |
| 4.00%, 09/15/44 | &nbsp;&nbsp; 2 | 1778 |
| 4.00%, 10/15/44 | &nbsp;&nbsp; 9 | 8529 |
| 4.00%, 10/20/44 | &nbsp;&nbsp; 3721 | 3556018 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 12/20/44 | &nbsp;&nbsp; $249 | $238025 |
| 4.00%, 01/20/45 | &nbsp;&nbsp; 5867 | 5607528 |
| 4.00%, 08/20/45 | &nbsp;&nbsp; 3271 | 3125750 |
| 4.00%, 09/20/45 | &nbsp;&nbsp; 3849 | 3678136 |
| 4.00%, 10/20/45 | &nbsp;&nbsp; 458 | 437372 |
| 4.00%, 01/20/46 | &nbsp;&nbsp; 1741 | 1663416 |
| 4.00%, 03/20/46 | &nbsp;&nbsp; 8499 | 8124300 |
| 4.00%, 07/20/46 | &nbsp;&nbsp; 1846 | 1760795 |
| 4.00%, 08/20/46 | &nbsp;&nbsp; 18 | 16915 |
| 4.00%, 09/20/46 | &nbsp;&nbsp; 420 | 400782 |
| 4.00%, 11/20/46 | &nbsp;&nbsp; 4079 | 3894102 |
| 4.00%, 12/15/46 | &nbsp;&nbsp; 3404 | 3250615 |
| 4.00%, 04/20/47 | &nbsp;&nbsp; 13807 | 13102469 |
| 4.00%, 06/20/47 | &nbsp;&nbsp; 5584 | 5299239 |
| 4.00%, 07/20/47 | &nbsp;&nbsp; 24376 | 23132676 |
| 4.00%, 08/20/47 | &nbsp;&nbsp; 1188 | 1127538 |
| 4.00%, 11/20/47 | &nbsp;&nbsp; 14805 | 14050273 |
| 4.00%, 12/20/47 | &nbsp;&nbsp; 34 | 32568 |
| 4.00%, 01/20/48 | &nbsp;&nbsp; 118 | 112267 |
| 4.00%, 03/15/48 | &nbsp;&nbsp; 35 | 33463 |
| 4.00%, 03/20/48 | &nbsp;&nbsp; 17054 | 16184631 |
| 4.00%, 04/20/48 | &nbsp;&nbsp; 9247 | 8765334 |
| 4.00%, 05/15/48 | &nbsp;&nbsp; 1456 | 1378720 |
| 4.00%, 05/20/48 | &nbsp;&nbsp; 9877 | 9364077 |
| 4.00%, 08/20/48 | &nbsp;&nbsp; 15260 | 14469294 |
| 4.00%, 09/20/48 | &nbsp;&nbsp; 7872 | 7465920 |
| 4.00%, 10/20/48 | &nbsp;&nbsp; 465 | 440859 |
| 4.00%, 11/20/48 | &nbsp;&nbsp; 13046 | 12367199 |
| 4.00%, 02/20/49 | &nbsp;&nbsp; 5689 | 5393878 |
| 4.00%, 03/20/49 | &nbsp;&nbsp; 231 | 218895 |
| 4.00%, 05/20/49 | &nbsp;&nbsp; 990 | 935251 |
| 4.00%, 06/15/49 | &nbsp;&nbsp; 606 | 572791 |
| 4.00%, 06/20/49 | &nbsp;&nbsp; 1406 | 1328190 |
| 4.00%, 09/15/49 | &nbsp;&nbsp; 1597 | 1514544 |
| 4.00%, 01/20/50 | &nbsp;&nbsp; 57337 | 54192255 |
| 4.00%, 02/20/50 | &nbsp;&nbsp; 22960 | 21700626 |
| 4.00%, 07/20/50 | &nbsp;&nbsp; 4192 | 3976955 |
| 4.00%, 07/20/52 | &nbsp;&nbsp; 7637 | 7182264 |
| 4.00%, 09/20/52 | &nbsp;&nbsp; 70897 | 66678769 |
| 4.00%, 10/20/52 | &nbsp;&nbsp; 34748 | 32680043 |
| 4.00%, 12/20/52 | &nbsp;&nbsp; 14859 | 13975137 |
| 4.00%, 03/20/53 | &nbsp;&nbsp; 8431 | 7929077 |
| 4.00%, 10/20/53 | &nbsp;&nbsp; 6320 | 5957779 |
| 4.00%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 122261 | 114038486 |
| 4.50%, 04/15/39 | &nbsp;&nbsp; 236 | 235746 |
| 4.50%, 08/15/39 | &nbsp;&nbsp; 1141 | 1140421 |
| 4.50%, 11/20/39 | &nbsp;&nbsp; 600 | 596557 |
| 4.50%, 01/20/40 | &nbsp;&nbsp; 162 | 161376 |
| 4.50%, 06/15/40 | &nbsp;&nbsp; 1140 | 1133188 |
| 4.50%, 07/15/40 | &nbsp;&nbsp; 555 | 552052 |
| 4.50%, 08/15/40 | &nbsp;&nbsp; 821 | 815710 |
| 4.50%, 08/20/40 | &nbsp;&nbsp; 1001 | 995242 |
| 4.50%, 09/15/40 | &nbsp;&nbsp; 959 | 953367 |
| 4.50%, 10/20/40 | &nbsp;&nbsp; 2437 | 2423312 |
| 4.50%, 06/20/41 | &nbsp;&nbsp; 2163 | 2150762 |
| 4.50%, 07/20/41 | &nbsp;&nbsp; 11149 | 11086367 |
| 4.50%, 09/20/41 | &nbsp;&nbsp; 1486 | 1477446 |
| 4.50%, 12/20/41 | &nbsp;&nbsp; 303 | 301076 |
| 4.50%, 11/20/45 | &nbsp;&nbsp; 2579 | 2548353 |
| 4.50%, 02/15/46 | &nbsp;&nbsp; 3 | 2894 |
| 4.50%, 08/20/46 | &nbsp;&nbsp; 3157 | 3120356 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 09/20/46 | &nbsp;&nbsp; $496 | $491425 |
| 4.50%, 10/20/46 | &nbsp;&nbsp; 2338 | 2310673 |
| 4.50%, 11/20/46 | &nbsp;&nbsp; 877 | 866422 |
| 4.50%, 12/20/46 | &nbsp;&nbsp; 366 | 362131 |
| 4.50%, 02/20/47 | &nbsp;&nbsp; 381 | 376273 |
| 4.50%, 04/20/47 | &nbsp;&nbsp; 435 | 429028 |
| 4.50%, 05/20/47 | &nbsp;&nbsp; 424 | 418016 |
| 4.50%, 06/20/47 | &nbsp;&nbsp; 981 | 966788 |
| 4.50%, 07/20/47 | &nbsp;&nbsp; 2188 | 2157139 |
| 4.50%, 10/20/47 | &nbsp;&nbsp; 685 | 675657 |
| 4.50%, 04/20/48 | &nbsp;&nbsp; 1650 | 1622071 |
| 4.50%, 05/20/48 | &nbsp;&nbsp; 4170 | 4099752 |
| 4.50%, 06/20/48 | &nbsp;&nbsp; 4540 | 4455491 |
| 4.50%, 07/20/48 | &nbsp;&nbsp; 5920 | 5809940 |
| 4.50%, 08/20/48 | &nbsp;&nbsp; 9490 | 9313539 |
| 4.50%, 09/20/48 | &nbsp;&nbsp; 477 | 468120 |
| 4.50%, 10/20/48 | &nbsp;&nbsp; 493 | 483599 |
| 4.50%, 11/20/48 | &nbsp;&nbsp; 137 | 134305 |
| 4.50%, 12/20/48 | &nbsp;&nbsp; 5096 | 5003489 |
| 4.50%, 01/20/49 | &nbsp;&nbsp; 137 | 134302 |
| 4.50%, 02/20/49 | &nbsp;&nbsp; 1415 | 1386848 |
| 4.50%, 03/20/49 | &nbsp;&nbsp; 2039 | 2000873 |
| 4.50%, 05/20/49 | &nbsp;&nbsp; 476 | 467352 |
| 4.50%, 06/20/49 | &nbsp;&nbsp; 6450 | 6329852 |
| 4.50%, 07/20/49 | &nbsp;&nbsp; 4809 | 4719412 |
| 4.50%, 08/20/49 | &nbsp;&nbsp; 1910 | 1874368 |
| 4.50%, 07/20/52 | &nbsp;&nbsp; 3951 | 3840606 |
| 4.50%, 08/20/52 | &nbsp;&nbsp; 87588 | 85149942 |
| 4.50%, 04/20/53 | &nbsp;&nbsp; 66323 | 64259264 |
| 4.50%, 05/20/53 | &nbsp;&nbsp; 33932 | 32922802 |
| 4.50%, 06/20/53 | &nbsp;&nbsp; 55693 | 53986069 |
| 4.50%, 04/20/54 | &nbsp;&nbsp; 29737 | 28664246 |
| 4.50%, 10/20/54 | &nbsp;&nbsp; 94974 | 91592173 |
| 4.50%, 11/20/54 | &nbsp;&nbsp; 43030 | 41498172 |
| 4.50%, 09/22/55<sup>(i)</sup> | &nbsp;&nbsp; 89236 | 85932248 |
| 5.00%, 12/15/36 | &nbsp;&nbsp; 295 | 301738 |
| 5.00%, 01/15/39 | &nbsp;&nbsp; 977 | 1002776 |
| 5.00%, 07/15/39 | &nbsp;&nbsp; 1682 | 1725233 |
| 5.00%, 05/15/40 | &nbsp;&nbsp; 643 | 658152 |
| 5.00%, 07/20/40 | &nbsp;&nbsp; 3334 | 3406538 |
| 5.00%, 08/20/40 | &nbsp;&nbsp; 1270 | 1297453 |
| 5.00%, 05/15/47 | &nbsp;&nbsp; 937 | 943563 |
| 5.00%, 06/15/47 | &nbsp;&nbsp; 151 | 152450 |
| 5.00%, 11/15/47 | &nbsp;&nbsp; 342 | 344205 |
| 5.00%, 12/15/47 | &nbsp;&nbsp; 247 | 249167 |
| 5.00%, 01/15/48 | &nbsp;&nbsp; 323 | 325249 |
| 5.00%, 02/15/48 | &nbsp;&nbsp; 466 | 469122 |
| 5.00%, 03/20/48 | &nbsp;&nbsp; 888 | 896511 |
| 5.00%, 04/20/48 | &nbsp;&nbsp; 3067 | 3083976 |
| 5.00%, 05/20/48 | &nbsp;&nbsp; 3303 | 3318917 |
| 5.00%, 10/20/48 | &nbsp;&nbsp; 67 | 67818 |
| 5.00%, 11/20/48 | &nbsp;&nbsp; 1177 | 1182996 |
| 5.00%, 12/20/48 | &nbsp;&nbsp; 2178 | 2188837 |
| 5.00%, 01/20/49 | &nbsp;&nbsp; 3694 | 3712140 |
| 5.00%, 04/20/49 | &nbsp;&nbsp; 8551 | 8592237 |
| 5.00%, 05/20/49 | &nbsp;&nbsp; 995 | 1000254 |
| 5.00%, 06/20/49 | &nbsp;&nbsp; 7597 | 7633535 |
| 5.00%, 07/20/52 | &nbsp;&nbsp; 4027 | 4000178 |
| 5.00%, 09/20/52 | &nbsp;&nbsp; 5088 | 5054607 |
| 5.00%, 11/20/52 | &nbsp;&nbsp; 4377 | 4348218 |
| 5.00%, 12/20/52 | &nbsp;&nbsp; 35354 | 35122381 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 01/20/53 | &nbsp;&nbsp; $37000 | $36757649 |
| 5.00%, 02/20/53 | &nbsp;&nbsp; 6639 | 6595567 |
| 5.00%, 04/20/53 | &nbsp;&nbsp; 27293 | 27155430 |
| 5.00%, 05/20/53 | &nbsp;&nbsp; 69587 | 69126766 |
| 5.00%, 06/20/53 | &nbsp;&nbsp; 7523 | 7473546 |
| 5.00%, 07/20/53 | &nbsp;&nbsp; 80044 | 79515034 |
| 5.00%, 11/20/53 | &nbsp;&nbsp; 13355 | 13266307 |
| 5.00%, 05/20/54 | &nbsp;&nbsp; 545 | 539565 |
| 5.00%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 54355 | 53802867 |
| 5.00%, 09/20/54 | &nbsp;&nbsp; 31565 | 31226733 |
| 5.00%, 10/20/54 | &nbsp;&nbsp; 51056 | 50508473 |
| 5.00%, 11/20/54 | &nbsp;&nbsp; 110817 | 109628353 |
| 5.00%, 12/20/54 | &nbsp;&nbsp; 187891 | 185875708 |
| 5.00%, 06/20/55 | &nbsp;&nbsp; 2988 | 2956463 |
| 5.50%, 03/15/36 | &nbsp;&nbsp; 460 | 478177 |
| 5.50%, 06/20/38 | &nbsp;&nbsp; 531 | 553242 |
| 5.50%, 03/20/39 | &nbsp;&nbsp; 781 | 814854 |
| 5.50%, 12/15/39 | &nbsp;&nbsp; 190 | 198870 |
| 5.50%, 01/15/40 | &nbsp;&nbsp; 1891 | 1982630 |
| 5.50%, 04/20/48 | &nbsp;&nbsp; 187 | 193640 |
| 5.50%, 12/20/52 | &nbsp;&nbsp; 62080 | 62913826 |
| 5.50%, 01/20/53 | &nbsp;&nbsp; 19378 | 19636151 |
| 5.50%, 03/20/53 | &nbsp;&nbsp; 32579 | 32979160 |
| 5.50%, 04/20/53 | &nbsp;&nbsp; 95956 | 97110196 |
| 5.50%, 05/20/53 | &nbsp;&nbsp; 9002 | 9108982 |
| 5.50%, 06/20/53 | &nbsp;&nbsp; 31369 | 31739027 |
| 5.50%, 07/20/53 | &nbsp;&nbsp; 18982 | 19262133 |
| 5.50%, 09/20/53 | &nbsp;&nbsp; 125360 | 126790567 |
| 5.50%, 10/20/53 | &nbsp;&nbsp; 40200 | 40653731 |
| 5.50%, 04/20/54 | &nbsp;&nbsp; 26824 | 27052097 |
| 5.50%, 05/20/54 | &nbsp;&nbsp; 1826 | 1842370 |
| 5.50%, 07/20/54 | &nbsp;&nbsp; 7313 | 7376251 |
| 5.50%, 08/20/54 | &nbsp;&nbsp; 87575 | 88318103 |
| 5.50%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 94074 | 94764546 |
| 5.50%, 10/20/54 | &nbsp;&nbsp; 60458 | 60953015 |
| 5.50%, 11/20/54 | &nbsp;&nbsp; 66079 | 66609276 |
| 5.50%, 12/20/54 | &nbsp;&nbsp; 36241 | 36526518 |
| 5.50%, 02/20/55 | &nbsp;&nbsp; 49990 | 50367520 |
| 5.50%, 08/20/55 | &nbsp;&nbsp; 2000 | 2015101 |
| 6.00%, 03/15/37 | &nbsp;&nbsp; 1438 | 1526756 |
| 6.00%, 09/20/38 | &nbsp;&nbsp; 594 | 627198 |
| 6.00%, 11/15/39 | &nbsp;&nbsp; 254 | 271443 |
| 6.00%, 02/20/53 | &nbsp;&nbsp; 8278 | 8490807 |
| 6.00%, 09/20/53 | &nbsp;&nbsp; 20677 | 21208644 |
| 6.00%, 10/20/53 | &nbsp;&nbsp; 31708 | 32523208 |
| 6.00%, 06/20/54 | &nbsp;&nbsp; 45567 | 46624883 |
| 6.00%, 07/20/54 | &nbsp;&nbsp; 74886 | 76547992 |
| 6.00%, 08/20/54 | &nbsp;&nbsp; 162219 | 165705495 |
| 6.00%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 94300 | 96169720 |
| 6.00%, 09/20/54 | &nbsp;&nbsp; 141969 | 145020070 |
| 6.00%, 01/20/55 | &nbsp;&nbsp; 63600 | 64886920 |
| 6.00%, 03/20/55 | &nbsp;&nbsp; 2956 | 3016618 |
| 6.00%, 04/20/55 | &nbsp;&nbsp; 61957 | 63237290 |
| 6.50%, 10/20/38 | &nbsp;&nbsp; 878 | 941691 |
| 6.50%, 03/20/53 | &nbsp;&nbsp; 11034 | 11367822 |
| 6.50%, 05/20/53 | &nbsp;&nbsp; 9526 | 9814413 |
| 6.50%, 06/20/54 | &nbsp;&nbsp; 16832 | 17319142 |
| 6.50%, 07/20/54 | &nbsp;&nbsp; 54315 | 55886085 |
| 6.50%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 129074 | 132802319 |
| 6.50%, 01/20/55 | &nbsp;&nbsp; 0 |  |
| 6.50%, 02/20/55 | &nbsp;&nbsp; 147716 | 151898886 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.50%, 03/20/55 | &nbsp;&nbsp; $37606 | $38721612 |
| 6.50%, 06/20/55 | &nbsp;&nbsp; 29838 | 30748162 |
| 6.50%, 08/20/55 | &nbsp;&nbsp; 31927 | 32907283 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 03/01/36 | &nbsp;&nbsp; 14158 | 12678173 |
| 1.50%, 04/01/36 | &nbsp;&nbsp; 252 | 225613 |
| 1.50%, 07/01/36 | &nbsp;&nbsp; 2585 | 2312780 |
| 1.50%, 10/01/36 | &nbsp;&nbsp; 10408 | 9303239 |
| 1.50%, 01/01/37 | &nbsp;&nbsp; 4397 | 3926901 |
| 1.50%, 02/01/37 | &nbsp;&nbsp; 126238 | 112726005 |
| 1.50%, 03/01/37 | &nbsp;&nbsp; 129539 | 115633241 |
| 1.50%, 04/01/37 | &nbsp;&nbsp; 19897 | 17761295 |
| 1.50%, 05/01/37 | &nbsp;&nbsp; 5585 | 4985310 |
| 1.50%, 08/01/37 | &nbsp;&nbsp; 10318 | 9213372 |
| 1.50%, 11/01/37 | &nbsp;&nbsp; 43358 | 38703793 |
| 1.50%, 09/18/40<sup>(i)</sup> | &nbsp;&nbsp; 123138 | 110060657 |
| 1.50%, 11/01/50 | &nbsp;&nbsp; 79659 | 60257086 |
| 1.50%, 01/01/51 | &nbsp;&nbsp; 22300 | 16867200 |
| 1.50%, 04/01/51 | &nbsp;&nbsp; 8070 | 6103529 |
| 1.50%, 05/01/51 | &nbsp;&nbsp; 90231 | 68236435 |
| 1.50%, 07/01/51 | &nbsp;&nbsp; 124158 | 93890451 |
| 1.50%, 11/01/51 | &nbsp;&nbsp; 81074 | 61292228 |
| 1.50%, 04/01/52 | &nbsp;&nbsp; 8386 | 6341111 |
| 1.50%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 64650 | 48811914 |
| 2.00%, 10/01/35 | &nbsp;&nbsp; 23097 | 21423542 |
| 2.00%, 11/01/35 | &nbsp;&nbsp; 10610 | 9859792 |
| 2.00%, 12/01/35 | &nbsp;&nbsp; 52476 | 48503422 |
| 2.00%, 01/01/36 | &nbsp;&nbsp; 3748 | 3459905 |
| 2.00%, 02/01/36 | &nbsp;&nbsp; 263446 | 243754483 |
| 2.00%, 03/01/36 | &nbsp;&nbsp; 53927 | 49724231 |
| 2.00%, 04/01/36 | &nbsp;&nbsp; 366 | 338420 |
| 2.00%, 05/01/36 | &nbsp;&nbsp; 59357 | 54772152 |
| 2.00%, 06/01/36 | &nbsp;&nbsp; 32659 | 30020298 |
| 2.00%, 07/01/36 | &nbsp;&nbsp; 12813 | 11770377 |
| 2.00%, 08/01/36 | &nbsp;&nbsp; 20117 | 18536537 |
| 2.00%, 09/01/36 | &nbsp;&nbsp; 22194 | 20373202 |
| 2.00%, 10/01/36 | &nbsp;&nbsp; 28412 | 26107428 |
| 2.00%, 11/01/36 | &nbsp;&nbsp; 38782 | 35697550 |
| 2.00%, 12/01/36 | &nbsp;&nbsp; 68320 | 62820166 |
| 2.00%, 01/01/37 | &nbsp;&nbsp; 104301 | 95955779 |
| 2.00%, 02/01/37 | &nbsp;&nbsp; 59328 | 54508744 |
| 2.00%, 03/01/37 | &nbsp;&nbsp; 27637 | 25365377 |
| 2.00%, 04/01/37 | &nbsp;&nbsp; 121643 | 111556417 |
| 2.00%, 05/01/37 | &nbsp;&nbsp; 50884 | 46650222 |
| 2.00%, 06/01/37 | &nbsp;&nbsp; 107004 | 98256853 |
| 2.00%, 08/01/37 | &nbsp;&nbsp; 15188 | 13946547 |
| 2.00%, 10/01/37 | &nbsp;&nbsp; 7881 | 7225128 |
| 2.00%, 09/18/40<sup>(i)</sup> | &nbsp;&nbsp; 208264 | 191051584 |
| 2.00%, 05/01/50 | &nbsp;&nbsp; 27039 | 21753272 |
| 2.00%, 06/01/50 | &nbsp;&nbsp; 60227 | 48431662 |
| 2.00%, 07/01/50 | &nbsp;&nbsp; 52192 | 41952623 |
| 2.00%, 09/01/50 | &nbsp;&nbsp; 57340 | 46186050 |
| 2.00%, 10/01/50 | &nbsp;&nbsp; 139946 | 112538477 |
| 2.00%, 11/01/50 | &nbsp;&nbsp; 2219 | 1779524 |
| 2.00%, 12/01/50 | &nbsp;&nbsp; 203342 | 164421930 |
| 2.00%, 01/01/51 | &nbsp;&nbsp; 87242 | 70723214 |
| 2.00%, 02/01/51 | &nbsp;&nbsp; 407927 | 326771931 |
| 2.00%, 03/01/51 | &nbsp;&nbsp; 429940 | 345047951 |
| 2.00%, 04/01/51 | &nbsp;&nbsp; 509823 | 409319711 |
| 2.00%, 05/01/51 | &nbsp;&nbsp; 108554 | 87273348 |
| 2.00%, 06/01/51 | &nbsp;&nbsp; 254011 | 204056683 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.00%, 07/01/51 | &nbsp;&nbsp; $314088 | $251827614 |
| 2.00%, 08/01/51 | &nbsp;&nbsp; 146999 | 117252806 |
| 2.00%, 09/01/51 | &nbsp;&nbsp; 48777 | 38961695 |
| 2.00%, 10/01/51 | &nbsp;&nbsp; 609892 | 488454334 |
| 2.00%, 11/01/51 | &nbsp;&nbsp; 475484 | 380796981 |
| 2.00%, 12/01/51 | &nbsp;&nbsp; 406477 | 325101981 |
| 2.00%, 01/01/52 | &nbsp;&nbsp; 227122 | 181388346 |
| 2.00%, 02/01/52 | &nbsp;&nbsp; 538801 | 429751926 |
| 2.00%, 03/01/52 | &nbsp;&nbsp; 444614 | 354468075 |
| 2.00%, 04/01/52 | &nbsp;&nbsp; 77391 | 61751775 |
| 2.00%, 05/01/52 | &nbsp;&nbsp; 50191 | 40083776 |
| 2.00%, 06/01/52 | &nbsp;&nbsp; 71069 | 56706308 |
| 2.00%, 07/01/52 | &nbsp;&nbsp; 9082 | 7247896 |
| 2.00%, 08/01/52 | &nbsp;&nbsp; 7576 | 6042414 |
| 2.00%, 10/01/52 | &nbsp;&nbsp; 148977 | 118829316 |
| 2.00%, 07/01/53 | &nbsp;&nbsp; 18135 | 14504788 |
| 2.00%, 12/01/53 | &nbsp;&nbsp; 22015 | 17557693 |
| 2.00%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 65356 | 51906053 |
| 2.50%, 05/01/27 | &nbsp;&nbsp; 252 | 248479 |
| 2.50%, 10/01/27 | &nbsp;&nbsp; 336 | 330677 |
| 2.50%, 01/01/28 | &nbsp;&nbsp; 47 | 46576 |
| 2.50%, 03/01/28 | &nbsp;&nbsp; 72 | 70678 |
| 2.50%, 06/01/28 | &nbsp;&nbsp; 13 | 12705 |
| 2.50%, 09/01/28 | &nbsp;&nbsp; 37 | 36413 |
| 2.50%, 12/01/28 | &nbsp;&nbsp; 17 | 16701 |
| 2.50%, 09/01/29 | &nbsp;&nbsp; 32 | 31163 |
| 2.50%, 12/01/29 | &nbsp;&nbsp; 600 | 588474 |
| 2.50%, 02/01/30 | &nbsp;&nbsp; 596 | 578798 |
| 2.50%, 03/01/30 | &nbsp;&nbsp; 2134 | 2072459 |
| 2.50%, 04/01/30 | &nbsp;&nbsp; 119 | 115824 |
| 2.50%, 06/01/30 | &nbsp;&nbsp; 334 | 324304 |
| 2.50%, 07/01/30 | &nbsp;&nbsp; 658 | 638547 |
| 2.50%, 08/01/30 | &nbsp;&nbsp; 1886 | 1828742 |
| 2.50%, 09/01/30 | &nbsp;&nbsp; 696 | 675168 |
| 2.50%, 12/01/30 | &nbsp;&nbsp; 1317 | 1274827 |
| 2.50%, 01/01/31 | &nbsp;&nbsp; 939 | 910700 |
| 2.50%, 04/01/31 | &nbsp;&nbsp; 505 | 488706 |
| 2.50%, 05/01/31 | &nbsp;&nbsp; 15 | 14274 |
| 2.50%, 09/01/31 | &nbsp;&nbsp; 2820 | 2719970 |
| 2.50%, 10/01/31 | &nbsp;&nbsp; 23959 | 23179009 |
| 2.50%, 12/01/31 | &nbsp;&nbsp; 4792 | 4623475 |
| 2.50%, 01/01/32 | &nbsp;&nbsp; 9442 | 9105887 |
| 2.50%, 02/01/32 | &nbsp;&nbsp; 10878 | 10500004 |
| 2.50%, 03/01/32 | &nbsp;&nbsp; 4484 | 4320034 |
| 2.50%, 04/01/32 | &nbsp;&nbsp; 25567 | 24685465 |
| 2.50%, 05/01/32 | &nbsp;&nbsp; 17036 | 16441780 |
| 2.50%, 06/01/32 | &nbsp;&nbsp; 458 | 443002 |
| 2.50%, 07/01/32 | &nbsp;&nbsp; 6884 | 6652341 |
| 2.50%, 09/01/32 | &nbsp;&nbsp; 2751 | 2658047 |
| 2.50%, 10/01/32 | &nbsp;&nbsp; 525 | 504498 |
| 2.50%, 11/01/32 | &nbsp;&nbsp; 553 | 528205 |
| 2.50%, 12/01/32 | &nbsp;&nbsp; 5080 | 4871220 |
| 2.50%, 01/01/33 | &nbsp;&nbsp; 13111 | 12719394 |
| 2.50%, 03/01/33 | &nbsp;&nbsp; 82 | 78604 |
| 2.50%, 07/01/33 | &nbsp;&nbsp; 84 | 80455 |
| 2.50%, 08/01/34 | &nbsp;&nbsp; 300 | 288595 |
| 2.50%, 10/01/34 | &nbsp;&nbsp; 84 | 79445 |
| 2.50%, 11/01/34 | &nbsp;&nbsp; 16481 | 15556012 |
| 2.50%, 07/01/35 | &nbsp;&nbsp; 9382 | 8880278 |
| 2.50%, 09/01/35 | &nbsp;&nbsp; 18158 | 17142550 |
| 2.50%, 10/01/35 | &nbsp;&nbsp; 57623 | 54445036 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 2.50%, 03/01/36 | &nbsp;&nbsp; $17021 | $16068775 |
| 2.50%, 04/01/36 | &nbsp;&nbsp; 1115 | 1051240 |
| 2.50%, 05/01/36 | &nbsp;&nbsp; 14995 | 14107879 |
| 2.50%, 07/01/36 | &nbsp;&nbsp; 25389 | 23873065 |
| 2.50%, 08/01/36 | &nbsp;&nbsp; 29515 | 27723843 |
| 2.50%, 10/01/36 | &nbsp;&nbsp; 1004 | 946785 |
| 2.50%, 02/01/37 | &nbsp;&nbsp; 3312 | 3111126 |
| 2.50%, 03/01/37 | &nbsp;&nbsp; 11198 | 10501474 |
| 2.50%, 04/01/37 | &nbsp;&nbsp; 39470 | 37032084 |
| 2.50%, 05/01/37 | &nbsp;&nbsp; 52605 | 49328072 |
| 2.50%, 06/01/37 | &nbsp;&nbsp; 25806 | 24218963 |
| 2.50%, 09/18/40<sup>(i)</sup> | &nbsp;&nbsp; 190652 | 178865118 |
| 2.50%, 05/01/43 | &nbsp;&nbsp; 181 | 159776 |
| 2.50%, 02/01/47 | &nbsp;&nbsp; 641 | 549981 |
| 2.50%, 04/01/47 | &nbsp;&nbsp; 7970 | 6835500 |
| 2.50%, 12/01/47 | &nbsp;&nbsp; 154 | 132414 |
| 2.50%, 05/01/50 | &nbsp;&nbsp; 79447 | 66686816 |
| 2.50%, 07/01/50 | &nbsp;&nbsp; 36712 | 31201289 |
| 2.50%, 08/01/50 | &nbsp;&nbsp; 52835 | 44817496 |
| 2.50%, 09/01/50 | &nbsp;&nbsp; 129545 | 109406964 |
| 2.50%, 10/01/50 | &nbsp;&nbsp; 157619 | 132781142 |
| 2.50%, 11/01/50 | &nbsp;&nbsp; 184056 | 154956890 |
| 2.50%, 12/01/50 | &nbsp;&nbsp; 70883 | 59168962 |
| 2.50%, 01/01/51 | &nbsp;&nbsp; 132545 | 110679844 |
| 2.50%, 02/01/51 | &nbsp;&nbsp; 50613 | 42426530 |
| 2.50%, 03/01/51 | &nbsp;&nbsp; 64510 | 53728385 |
| 2.50%, 04/01/51 | &nbsp;&nbsp; 48343 | 40366347 |
| 2.50%, 05/01/51 | &nbsp;&nbsp; 58263 | 48891373 |
| 2.50%, 06/01/51 | &nbsp;&nbsp; 6257 | 5230850 |
| 2.50%, 07/01/51 | &nbsp;&nbsp; 329212 | 275334663 |
| 2.50%, 08/01/51 | &nbsp;&nbsp; 273339 | 229308227 |
| 2.50%, 09/01/51 | &nbsp;&nbsp; 126870 | 106255638 |
| 2.50%, 10/01/51 | &nbsp;&nbsp; 203207 | 170255192 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; 85139 | 71487361 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; 376557 | 315944094 |
| 2.50%, 01/01/52 | &nbsp;&nbsp; 422244 | 352397615 |
| 2.50%, 02/01/52 | &nbsp;&nbsp; 330629 | 276193589 |
| 2.50%, 03/01/52 | &nbsp;&nbsp; 142898 | 119299336 |
| 2.50%, 04/01/52 | &nbsp;&nbsp; 281897 | 235321915 |
| 2.50%, 05/01/52 | &nbsp;&nbsp; 117923 | 98431050 |
| 2.50%, 06/01/52 | &nbsp;&nbsp; 11985 | 9994618 |
| 2.50%, 07/01/52 | &nbsp;&nbsp; 168264 | 140333483 |
| 2.50%, 08/01/52 | &nbsp;&nbsp; 10315 | 8600854 |
| 2.50%, 04/01/53 | &nbsp;&nbsp; 126103 | 105168118 |
| 2.50%, 01/01/54 | &nbsp;&nbsp; 49831 | 41617126 |
| 2.50%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 111352 | 92437015 |
| 3.00%, 11/01/25 | &nbsp;&nbsp; 2 | 2370 |
| 3.00%, 10/01/26 | &nbsp;&nbsp; 12 | 11411 |
| 3.00%, 01/01/27 | &nbsp;&nbsp; 329 | 325139 |
| 3.00%, 02/01/27 | &nbsp;&nbsp; 2 | 1808 |
| 3.00%, 10/01/27 | &nbsp;&nbsp; 746 | 736044 |
| 3.00%, 11/01/27 | &nbsp;&nbsp; 404 | 398354 |
| 3.00%, 12/01/27 | &nbsp;&nbsp; 26 | 25403 |
| 3.00%, 03/01/29 | &nbsp;&nbsp; 66 | 64465 |
| 3.00%, 07/01/29 | &nbsp;&nbsp; 97 | 94979 |
| 3.00%, 09/01/29 | &nbsp;&nbsp; 53 | 52165 |
| 3.00%, 10/01/29 | &nbsp;&nbsp; 14 | 13541 |
| 3.00%, 01/01/30 | &nbsp;&nbsp; 38 | 37461 |
| 3.00%, 03/01/30 | &nbsp;&nbsp; 13257 | 13053429 |
| 3.00%, 04/01/30 | &nbsp;&nbsp; 1855 | 1816791 |
| 3.00%, 06/01/30 | &nbsp;&nbsp; 250 | 246299 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 07/01/30 | &nbsp;&nbsp; $1479 | $1447957 |
| 3.00%, 08/01/30 | &nbsp;&nbsp; 5602 | 5483349 |
| 3.00%, 09/01/30 | &nbsp;&nbsp; 7276 | 7123756 |
| 3.00%, 10/01/30 | &nbsp;&nbsp; 3211 | 3142427 |
| 3.00%, 11/01/30 | &nbsp;&nbsp; 820 | 802562 |
| 3.00%, 12/01/30 | &nbsp;&nbsp; 2339 | 2286108 |
| 3.00%, 01/01/31 | &nbsp;&nbsp; 7244 | 7099333 |
| 3.00%, 02/01/31 | &nbsp;&nbsp; 5260 | 5149460 |
| 3.00%, 03/01/31 | &nbsp;&nbsp; 3672 | 3591232 |
| 3.00%, 04/01/31 | &nbsp;&nbsp; 580 | 567490 |
| 3.00%, 05/01/31 | &nbsp;&nbsp; 166 | 162376 |
| 3.00%, 06/01/31 | &nbsp;&nbsp; 3235 | 3161804 |
| 3.00%, 07/01/31 | &nbsp;&nbsp; 963 | 939085 |
| 3.00%, 09/01/31 | &nbsp;&nbsp; 3085 | 3014100 |
| 3.00%, 10/01/31 | &nbsp;&nbsp; 626 | 611245 |
| 3.00%, 12/01/31 | &nbsp;&nbsp; 4128 | 4060170 |
| 3.00%, 01/01/32 | &nbsp;&nbsp; 5531 | 5400531 |
| 3.00%, 02/01/32 | &nbsp;&nbsp; 10197 | 9963141 |
| 3.00%, 03/01/32 | &nbsp;&nbsp; 1492 | 1454268 |
| 3.00%, 04/01/32 | &nbsp;&nbsp; 102 | 99458 |
| 3.00%, 05/01/32 | &nbsp;&nbsp; 2370 | 2304055 |
| 3.00%, 06/01/32 | &nbsp;&nbsp; 3321 | 3247142 |
| 3.00%, 08/01/32 | &nbsp;&nbsp; 2067 | 2014385 |
| 3.00%, 09/01/32 | &nbsp;&nbsp; 566 | 553439 |
| 3.00%, 11/01/32 | &nbsp;&nbsp; 3474 | 3383479 |
| 3.00%, 12/01/32 | &nbsp;&nbsp; 6871 | 6685943 |
| 3.00%, 02/01/33 | &nbsp;&nbsp; 3734 | 3634024 |
| 3.00%, 05/01/33 | &nbsp;&nbsp; 349 | 337909 |
| 3.00%, 09/01/33 | &nbsp;&nbsp; 258 | 250526 |
| 3.00%, 10/01/33 | &nbsp;&nbsp; 3379 | 3276880 |
| 3.00%, 07/01/34 | &nbsp;&nbsp; 2579 | 2492928 |
| 3.00%, 08/01/34 | &nbsp;&nbsp; 321 | 309565 |
| 3.00%, 09/01/34 | &nbsp;&nbsp; 3961 | 3828366 |
| 3.00%, 11/01/34 | &nbsp;&nbsp; 2762 | 2667100 |
| 3.00%, 12/01/34 | &nbsp;&nbsp; 10096 | 9732335 |
| 3.00%, 03/01/35 | &nbsp;&nbsp; 2639 | 2547971 |
| 3.00%, 04/01/35 | &nbsp;&nbsp; 16410 | 15818134 |
| 3.00%, 06/01/35 | &nbsp;&nbsp; 333 | 320605 |
| 3.00%, 07/01/35 | &nbsp;&nbsp; 2137 | 2062660 |
| 3.00%, 09/01/35 | &nbsp;&nbsp; 10151 | 9922301 |
| 3.00%, 10/01/35 | &nbsp;&nbsp; 6973 | 6720730 |
| 3.00%, 12/01/35 | &nbsp;&nbsp; 4175 | 4048279 |
| 3.00%, 02/01/37 | &nbsp;&nbsp; 5134 | 4915523 |
| 3.00%, 04/01/37 | &nbsp;&nbsp; 8830 | 8440654 |
| 3.00%, 06/01/37 | &nbsp;&nbsp; 1540 | 1490552 |
| 3.00%, 07/01/37 | &nbsp;&nbsp; 13212 | 12699209 |
| 3.00%, 09/01/37 | &nbsp;&nbsp; 2139 | 2048128 |
| 3.00%, 07/01/38 | &nbsp;&nbsp; 17106 | 16351236 |
| 3.00%, 11/01/38 | &nbsp;&nbsp; 56594 | 54096108 |
| 3.00%, 08/01/42 | &nbsp;&nbsp; 191 | 174746 |
| 3.00%, 09/01/42 | &nbsp;&nbsp; 65 | 59507 |
| 3.00%, 10/01/42 | &nbsp;&nbsp; 2769 | 2531313 |
| 3.00%, 11/01/42 | &nbsp;&nbsp; 2147 | 1962653 |
| 3.00%, 12/01/42 | &nbsp;&nbsp; 11506 | 10519851 |
| 3.00%, 01/01/43 | &nbsp;&nbsp; 5404 | 4941097 |
| 3.00%, 02/01/43 | &nbsp;&nbsp; 198 | 180604 |
| 3.00%, 03/01/43 | &nbsp;&nbsp; 8317 | 7589263 |
| 3.00%, 04/01/43 | &nbsp;&nbsp; 8877 | 8100070 |
| 3.00%, 05/01/43 | &nbsp;&nbsp; 3310 | 3020342 |
| 3.00%, 06/01/43 | &nbsp;&nbsp; 1764 | 1608840 |
| 3.00%, 07/01/43 | &nbsp;&nbsp; 1265 | 1154338 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 08/01/43 | &nbsp;&nbsp; $2189 | $1996840 |
| 3.00%, 09/01/43 | &nbsp;&nbsp; 5289 | 4825058 |
| 3.00%, 01/01/44 | &nbsp;&nbsp; 7340 | 6696435 |
| 3.00%, 10/01/44 | &nbsp;&nbsp; 23095 | 21070818 |
| 3.00%, 12/01/44 | &nbsp;&nbsp; 6 | 5284 |
| 3.00%, 01/01/45 | &nbsp;&nbsp; 2333 | 2127731 |
| 3.00%, 02/01/45 | &nbsp;&nbsp; 228 | 206002 |
| 3.00%, 03/01/45 | &nbsp;&nbsp; 9924 | 9053719 |
| 3.00%, 04/01/45 | &nbsp;&nbsp; 79 | 71227 |
| 3.00%, 05/01/45 | &nbsp;&nbsp; 9670 | 8738648 |
| 3.00%, 06/01/45 | &nbsp;&nbsp; 51 | 45694 |
| 3.00%, 08/01/45 | &nbsp;&nbsp; 105 | 94405 |
| 3.00%, 09/01/45 | &nbsp;&nbsp; 760 | 683225 |
| 3.00%, 11/01/45 | &nbsp;&nbsp; 1676 | 1506261 |
| 3.00%, 12/01/45 | &nbsp;&nbsp; 170 | 152777 |
| 3.00%, 01/01/46 | &nbsp;&nbsp; 436 | 392768 |
| 3.00%, 04/01/46 | &nbsp;&nbsp; 2524 | 2269375 |
| 3.00%, 06/01/46 | &nbsp;&nbsp; 50 | 44290 |
| 3.00%, 07/01/46 | &nbsp;&nbsp; 62675 | 56350158 |
| 3.00%, 08/01/46 | &nbsp;&nbsp; 10807 | 9666315 |
| 3.00%, 10/01/46 | &nbsp;&nbsp; 3328 | 2976622 |
| 3.00%, 11/01/46 | &nbsp;&nbsp; 41350 | 37019706 |
| 3.00%, 12/01/46 | &nbsp;&nbsp; 93585 | 83612246 |
| 3.00%, 01/01/47 | &nbsp;&nbsp; 34586 | 30968400 |
| 3.00%, 02/01/47 | &nbsp;&nbsp; 56987 | 50889782 |
| 3.00%, 03/01/47 | &nbsp;&nbsp; 31077 | 27750580 |
| 3.00%, 05/01/47 | &nbsp;&nbsp; 1190 | 1057058 |
| 3.00%, 07/01/47 | &nbsp;&nbsp; 14198 | 12679023 |
| 3.00%, 08/01/47 | &nbsp;&nbsp; 4414 | 3941260 |
| 3.00%, 12/01/47 | &nbsp;&nbsp; 22450 | 20016570 |
| 3.00%, 03/01/48 | &nbsp;&nbsp; 3664 | 3254857 |
| 3.00%, 04/01/48 | &nbsp;&nbsp; 108 | 93677 |
| 3.00%, 09/01/48 | &nbsp;&nbsp; 348 | 310606 |
| 3.00%, 11/01/48 | &nbsp;&nbsp; 39760 | 35400108 |
| 3.00%, 02/01/49 | &nbsp;&nbsp; 18173 | 16338463 |
| 3.00%, 09/01/49 | &nbsp;&nbsp; 8236 | 7295416 |
| 3.00%, 11/01/49 | &nbsp;&nbsp; 13321 | 11742707 |
| 3.00%, 12/01/49 | &nbsp;&nbsp; 25921 | 22817550 |
| 3.00%, 02/01/50 | &nbsp;&nbsp; 6802 | 5917127 |
| 3.00%, 03/01/50 | &nbsp;&nbsp; 16794 | 14786773 |
| 3.00%, 04/01/50 | &nbsp;&nbsp; 13933 | 12269675 |
| 3.00%, 06/01/50 | &nbsp;&nbsp; 46258 | 40602057 |
| 3.00%, 07/01/50 | &nbsp;&nbsp; 45826 | 40203586 |
| 3.00%, 08/01/50 | &nbsp;&nbsp; 42683 | 37741454 |
| 3.00%, 09/01/50 | &nbsp;&nbsp; 8714 | 7639855 |
| 3.00%, 10/01/50 | &nbsp;&nbsp; 123011 | 107155174 |
| 3.00%, 11/01/50 | &nbsp;&nbsp; 16693 | 14634789 |
| 3.00%, 12/01/50 | &nbsp;&nbsp; 7686 | 6735983 |
| 3.00%, 01/01/51 | &nbsp;&nbsp; 23860 | 21001832 |
| 3.00%, 03/01/51 | &nbsp;&nbsp; 3618 | 3167075 |
| 3.00%, 05/01/51 | &nbsp;&nbsp; 58430 | 51753259 |
| 3.00%, 06/01/51 | &nbsp;&nbsp; 68158 | 59736376 |
| 3.00%, 07/01/51 | &nbsp;&nbsp; 38465 | 33713779 |
| 3.00%, 08/01/51 | &nbsp;&nbsp; 54047 | 47085860 |
| 3.00%, 10/01/51 | &nbsp;&nbsp; 7606 | 6592706 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; 15840 | 13830056 |
| 3.00%, 12/01/51 | &nbsp;&nbsp; 21959 | 19272017 |
| 3.00%, 01/01/52 | &nbsp;&nbsp; 69247 | 60429490 |
| 3.00%, 02/01/52 | &nbsp;&nbsp; 83338 | 73117391 |
| 3.00%, 03/01/52 | &nbsp;&nbsp; 128738 | 112311720 |
| 3.00%, 04/01/52 | &nbsp;&nbsp; 168420 | 147329129 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.00%, 05/01/52 | &nbsp;&nbsp; $144646 | $125972363 |
| 3.00%, 07/01/52 | &nbsp;&nbsp; 208037 | 180703515 |
| 3.00%, 08/01/52 | &nbsp;&nbsp; 26018 | 22770543 |
| 3.00%, 10/01/53 | &nbsp;&nbsp; 26453 | 22969381 |
| 3.00%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 129397 | 112084915 |
| 3.50%, 10/01/25 | &nbsp;&nbsp; 2 | 1681 |
| 3.50%, 01/01/27 | &nbsp;&nbsp; 52 | 51621 |
| 3.50%, 11/01/28 | &nbsp;&nbsp; 39 | 38629 |
| 3.50%, 01/01/29 | &nbsp;&nbsp; 95 | 93979 |
| 3.50%, 11/01/29 | &nbsp;&nbsp; 44 | 43187 |
| 3.50%, 12/01/29 | &nbsp;&nbsp; 405 | 400722 |
| 3.50%, 07/01/30 | &nbsp;&nbsp; 2365 | 2338476 |
| 3.50%, 10/01/30 | &nbsp;&nbsp; 642 | 634370 |
| 3.50%, 11/01/30 | &nbsp;&nbsp; 174 | 172036 |
| 3.50%, 03/01/31 | &nbsp;&nbsp; 1292 | 1276144 |
| 3.50%, 06/01/31 | &nbsp;&nbsp; 3400 | 3359498 |
| 3.50%, 01/01/32 | &nbsp;&nbsp; 4759 | 4696785 |
| 3.50%, 02/01/32 | &nbsp;&nbsp; 620 | 610748 |
| 3.50%, 05/01/32 | &nbsp;&nbsp; 2460 | 2423947 |
| 3.50%, 06/01/32 | &nbsp;&nbsp; 2337 | 2303083 |
| 3.50%, 07/01/32 | &nbsp;&nbsp; 906 | 891312 |
| 3.50%, 08/01/32 | &nbsp;&nbsp; 559 | 551397 |
| 3.50%, 09/01/32 | &nbsp;&nbsp; 1168 | 1153063 |
| 3.50%, 10/01/32 | &nbsp;&nbsp; 514 | 506448 |
| 3.50%, 11/01/32 | &nbsp;&nbsp; 649 | 639678 |
| 3.50%, 12/01/32 | &nbsp;&nbsp; 81 | 79412 |
| 3.50%, 02/01/33 | &nbsp;&nbsp; 404 | 396607 |
| 3.50%, 03/01/33 | &nbsp;&nbsp; 2856 | 2814287 |
| 3.50%, 04/01/33 | &nbsp;&nbsp; 3389 | 3339246 |
| 3.50%, 05/01/33 | &nbsp;&nbsp; 2503 | 2461214 |
| 3.50%, 06/01/33 | &nbsp;&nbsp; 3063 | 3009484 |
| 3.50%, 10/01/33 | &nbsp;&nbsp; 417 | 409519 |
| 3.50%, 01/01/34 | &nbsp;&nbsp; 807 | 791416 |
| 3.50%, 02/01/34 | &nbsp;&nbsp; 14750 | 14498574 |
| 3.50%, 03/01/34 | &nbsp;&nbsp; 443 | 433344 |
| 3.50%, 04/01/34 | &nbsp;&nbsp; 1105 | 1086105 |
| 3.50%, 05/01/34 | &nbsp;&nbsp; 1415 | 1384767 |
| 3.50%, 07/01/34 | &nbsp;&nbsp; 1431 | 1415740 |
| 3.50%, 08/01/34 | &nbsp;&nbsp; 3797 | 3716402 |
| 3.50%, 01/01/35 | &nbsp;&nbsp; 2606 | 2550814 |
| 3.50%, 05/01/35 | &nbsp;&nbsp; 201 | 198029 |
| 3.50%, 09/01/37 | &nbsp;&nbsp; 21592 | 20969409 |
| 3.50%, 07/01/38 | &nbsp;&nbsp; 29814 | 28914746 |
| 3.50%, 08/01/38 | &nbsp;&nbsp; 748 | 720039 |
| 3.50%, 09/01/38 | &nbsp;&nbsp; 1293 | 1244812 |
| 3.50%, 11/01/38 | &nbsp;&nbsp; 18656 | 18093153 |
| 3.50%, 09/18/40<sup>(i)</sup> | &nbsp;&nbsp; 4166 | 4032811 |
| 3.50%, 11/01/40 | &nbsp;&nbsp; 194 | 183210 |
| 3.50%, 02/01/41 | &nbsp;&nbsp; 212 | 200593 |
| 3.50%, 02/01/42 | &nbsp;&nbsp; 6223 | 5852577 |
| 3.50%, 03/01/42 | &nbsp;&nbsp; 47 | 43903 |
| 3.50%, 04/01/42 | &nbsp;&nbsp; 23 | 21534 |
| 3.50%, 05/01/42 | &nbsp;&nbsp; 2131 | 2004668 |
| 3.50%, 08/01/42 | &nbsp;&nbsp; 359 | 337587 |
| 3.50%, 09/01/42 | &nbsp;&nbsp; 12546 | 11800107 |
| 3.50%, 11/01/42 | &nbsp;&nbsp; 7780 | 7317821 |
| 3.50%, 12/01/42 | &nbsp;&nbsp; 2769 | 2605218 |
| 3.50%, 01/01/43 | &nbsp;&nbsp; 77 | 72706 |
| 3.50%, 02/01/43 | &nbsp;&nbsp; 393 | 370771 |
| 3.50%, 04/01/43 | &nbsp;&nbsp; 72 | 68190 |
| 3.50%, 05/01/43 | &nbsp;&nbsp; 102 | 95831 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 06/01/43 | &nbsp;&nbsp; $2840 | $2662325 |
| 3.50%, 08/01/43 | &nbsp;&nbsp; 56 | 52815 |
| 3.50%, 10/01/43 | &nbsp;&nbsp; 3096 | 2911579 |
| 3.50%, 09/01/44 | &nbsp;&nbsp; 175 | 163923 |
| 3.50%, 10/01/44 | &nbsp;&nbsp; 3714 | 3481883 |
| 3.50%, 01/01/45 | &nbsp;&nbsp; 82 | 76474 |
| 3.50%, 02/01/45 | &nbsp;&nbsp; 4458 | 4179699 |
| 3.50%, 03/01/45 | &nbsp;&nbsp; 16811 | 15602601 |
| 3.50%, 05/01/45 | &nbsp;&nbsp; 19388 | 18042932 |
| 3.50%, 06/01/45 | &nbsp;&nbsp; 75 | 69526 |
| 3.50%, 07/01/45 | &nbsp;&nbsp; 7997 | 7440944 |
| 3.50%, 08/01/45 | &nbsp;&nbsp; 3070 | 2857259 |
| 3.50%, 10/01/45 | &nbsp;&nbsp; 1571 | 1476710 |
| 3.50%, 11/01/45 | &nbsp;&nbsp; 225 | 208510 |
| 3.50%, 12/01/45 | &nbsp;&nbsp; 29552 | 27436497 |
| 3.50%, 01/01/46 | &nbsp;&nbsp; 12746 | 11901996 |
| 3.50%, 02/01/46 | &nbsp;&nbsp; 13615 | 12625709 |
| 3.50%, 03/01/46 | &nbsp;&nbsp; 16241 | 15122757 |
| 3.50%, 04/01/46 | &nbsp;&nbsp; 2243 | 2061392 |
| 3.50%, 05/01/46 | &nbsp;&nbsp; 13636 | 12619181 |
| 3.50%, 06/01/46 | &nbsp;&nbsp; 2620 | 2415544 |
| 3.50%, 07/01/46 | &nbsp;&nbsp; 21997 | 20356977 |
| 3.50%, 08/01/46 | &nbsp;&nbsp; 7020 | 6488089 |
| 3.50%, 09/01/46 | &nbsp;&nbsp; 5586 | 5119255 |
| 3.50%, 10/01/46 | &nbsp;&nbsp; 7999 | 7401260 |
| 3.50%, 11/01/46 | &nbsp;&nbsp; 11242 | 10409528 |
| 3.50%, 12/01/46 | &nbsp;&nbsp; 48719 | 45221808 |
| 3.50%, 01/01/47 | &nbsp;&nbsp; 25421 | 23570467 |
| 3.50%, 02/01/47 | &nbsp;&nbsp; 10936 | 10137439 |
| 3.50%, 04/01/47 | &nbsp;&nbsp; 10179 | 9398693 |
| 3.50%, 05/01/47 | &nbsp;&nbsp; 11513 | 10649577 |
| 3.50%, 06/01/47 | &nbsp;&nbsp; 3703 | 3429011 |
| 3.50%, 07/01/47 | &nbsp;&nbsp; 50675 | 46685462 |
| 3.50%, 08/01/47 | &nbsp;&nbsp; 12138 | 11183003 |
| 3.50%, 09/01/47 | &nbsp;&nbsp; 2953 | 2716127 |
| 3.50%, 10/01/47 | &nbsp;&nbsp; 9766 | 9027256 |
| 3.50%, 11/01/47 | &nbsp;&nbsp; 7943 | 7366335 |
| 3.50%, 12/01/47 | &nbsp;&nbsp; 13745 | 12644856 |
| 3.50%, 01/01/48 | &nbsp;&nbsp; 30104 | 27735968 |
| 3.50%, 02/01/48 | &nbsp;&nbsp; 63445 | 58441410 |
| 3.50%, 03/01/48 | &nbsp;&nbsp; 2034 | 1869395 |
| 3.50%, 04/01/48 | &nbsp;&nbsp; 9293 | 8565967 |
| 3.50%, 05/01/48 | &nbsp;&nbsp; 25329 | 23290687 |
| 3.50%, 06/01/48 | &nbsp;&nbsp; 2752 | 2528989 |
| 3.50%, 07/01/48 | &nbsp;&nbsp; 2125 | 1965149 |
| 3.50%, 11/01/48 | &nbsp;&nbsp; 37154 | 34167525 |
| 3.50%, 02/01/49 | &nbsp;&nbsp; 85 | 77713 |
| 3.50%, 03/01/49 | &nbsp;&nbsp; 1206 | 1104332 |
| 3.50%, 04/01/49 | &nbsp;&nbsp; 1789 | 1639185 |
| 3.50%, 05/01/49 | &nbsp;&nbsp; 1423 | 1291381 |
| 3.50%, 06/01/49 | &nbsp;&nbsp; 69167 | 63642964 |
| 3.50%, 07/01/49 | &nbsp;&nbsp; 10515 | 9603387 |
| 3.50%, 09/01/49 | &nbsp;&nbsp; 15107 | 13798090 |
| 3.50%, 04/01/50 | &nbsp;&nbsp; 38730 | 35543612 |
| 3.50%, 05/01/50 | &nbsp;&nbsp; 15208 | 13890167 |
| 3.50%, 06/01/50 | &nbsp;&nbsp; 4371 | 3990262 |
| 3.50%, 07/01/50 | &nbsp;&nbsp; 19496 | 17735996 |
| 3.50%, 02/01/51 | &nbsp;&nbsp; 24619 | 22488447 |
| 3.50%, 05/01/51 | &nbsp;&nbsp; 6179 | 5647376 |
| 3.50%, 07/01/51 | &nbsp;&nbsp; 3234 | 2937421 |
| 3.50%, 09/01/51 | &nbsp;&nbsp; 1142 | 1042944 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 3.50%, 10/01/51 | &nbsp;&nbsp; $9403 | $8649922 |
| 3.50%, 01/01/52 | &nbsp;&nbsp; 3476 | 3172539 |
| 3.50%, 04/01/52 | &nbsp;&nbsp; 151081 | 137967019 |
| 3.50%, 05/01/52 | &nbsp;&nbsp; 135361 | 122839019 |
| 3.50%, 06/01/52 | &nbsp;&nbsp; 62100 | 56605930 |
| 3.50%, 07/01/52 | &nbsp;&nbsp; 37555 | 34230131 |
| 3.50%, 08/01/52 | &nbsp;&nbsp; 3853 | 3508690 |
| 3.50%, 09/01/52 | &nbsp;&nbsp; 71681 | 64853370 |
| 3.50%, 04/01/53 | &nbsp;&nbsp; 8101 | 7391878 |
| 3.50%, 05/01/53 | &nbsp;&nbsp; 48726 | 44115778 |
| 3.50%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 144436 | 130466513 |
| 4.00%, 10/01/25 | &nbsp;&nbsp; 3 | 2734 |
| 4.00%, 03/01/26 | &nbsp;&nbsp; 13 | 13194 |
| 4.00%, 06/01/26 | &nbsp;&nbsp; 40 | 40087 |
| 4.00%, 09/01/26 | &nbsp;&nbsp; 16 | 16194 |
| 4.00%, 12/01/30 | &nbsp;&nbsp; 626 | 623848 |
| 4.00%, 01/01/31 | &nbsp;&nbsp; 221 | 220082 |
| 4.00%, 02/01/31 | &nbsp;&nbsp; 161 | 160524 |
| 4.00%, 10/01/31 | &nbsp;&nbsp; 739 | 736061 |
| 4.00%, 02/01/32 | &nbsp;&nbsp; 979 | 975233 |
| 4.00%, 07/01/32 | &nbsp;&nbsp; 438 | 436100 |
| 4.00%, 05/01/33 | &nbsp;&nbsp; 2970 | 2956354 |
| 4.00%, 06/01/33 | &nbsp;&nbsp; 504 | 501555 |
| 4.00%, 07/01/33 | &nbsp;&nbsp; 880 | 876281 |
| 4.00%, 12/01/33 | &nbsp;&nbsp; 360 | 358420 |
| 4.00%, 07/01/37 | &nbsp;&nbsp; 3793 | 3734437 |
| 4.00%, 08/01/37 | &nbsp;&nbsp; 3917 | 3856507 |
| 4.00%, 09/01/37 | &nbsp;&nbsp; 5218 | 5137184 |
| 4.00%, 11/01/37 | &nbsp;&nbsp; 7613 | 7495554 |
| 4.00%, 02/01/38 | &nbsp;&nbsp; 3957 | 3895775 |
| 4.00%, 04/01/38 | &nbsp;&nbsp; 3321 | 3268545 |
| 4.00%, 05/01/38 | &nbsp;&nbsp; 6214 | 6115552 |
| 4.00%, 06/01/38 | &nbsp;&nbsp; 5242 | 5156922 |
| 4.00%, 07/01/38 | &nbsp;&nbsp; 12835 | 12631557 |
| 4.00%, 11/01/38 | &nbsp;&nbsp; 2032 | 2000080 |
| 4.00%, 09/15/39<sup>(i)</sup> | &nbsp;&nbsp; 21865 | 21465280 |
| 4.00%, 11/01/39 | &nbsp;&nbsp; 47746 | 46916810 |
| 4.00%, 12/01/39 | &nbsp;&nbsp; 80958 | 79552063 |
| 4.00%, 02/01/40 | &nbsp;&nbsp; 949 | 932438 |
| 4.00%, 12/01/40 | &nbsp;&nbsp; 17 | 16430 |
| 4.00%, 12/01/41 | &nbsp;&nbsp; 902 | 876044 |
| 4.00%, 03/01/42 | &nbsp;&nbsp; 1867 | 1807853 |
| 4.00%, 06/01/42 | &nbsp;&nbsp; 1518 | 1474735 |
| 4.00%, 07/01/42 | &nbsp;&nbsp; 53 | 51535 |
| 4.00%, 09/01/43 | &nbsp;&nbsp; 93 | 90229 |
| 4.00%, 10/01/43 | &nbsp;&nbsp; 63 | 60562 |
| 4.00%, 04/01/44 | &nbsp;&nbsp; 31 | 29976 |
| 4.00%, 05/01/44 | &nbsp;&nbsp; 2070 | 1996287 |
| 4.00%, 06/01/44 | &nbsp;&nbsp; 3302 | 3209433 |
| 4.00%, 10/01/44 | &nbsp;&nbsp; 962 | 927618 |
| 4.00%, 12/01/44 | &nbsp;&nbsp; 7160 | 6898704 |
| 4.00%, 01/01/45 | &nbsp;&nbsp; 9969 | 9634232 |
| 4.00%, 02/01/45 | &nbsp;&nbsp; 30465 | 29442445 |
| 4.00%, 03/01/45 | &nbsp;&nbsp; 4802 | 4615731 |
| 4.00%, 05/01/45 | &nbsp;&nbsp; 8779 | 8444898 |
| 4.00%, 06/01/45 | &nbsp;&nbsp; 4820 | 4648814 |
| 4.00%, 07/01/45 | &nbsp;&nbsp; 394 | 376559 |
| 4.00%, 08/01/45 | &nbsp;&nbsp; 329 | 314357 |
| 4.00%, 09/01/45 | &nbsp;&nbsp; 687 | 659667 |
| 4.00%, 11/01/45 | &nbsp;&nbsp; 110 | 105481 |
| 4.00%, 12/01/45 | &nbsp;&nbsp; 710 | 681722 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 01/01/46 | &nbsp;&nbsp; $615 | $588545 |
| 4.00%, 02/01/46 | &nbsp;&nbsp; 1122 | 1069802 |
| 4.00%, 03/01/46 | &nbsp;&nbsp; 1398 | 1333560 |
| 4.00%, 04/01/46 | &nbsp;&nbsp; 1857 | 1770374 |
| 4.00%, 05/01/46 | &nbsp;&nbsp; 2424 | 2311075 |
| 4.00%, 06/01/46 | &nbsp;&nbsp; 15077 | 14539080 |
| 4.00%, 07/01/46 | &nbsp;&nbsp; 17954 | 17174917 |
| 4.00%, 08/01/46 | &nbsp;&nbsp; 3229 | 3080075 |
| 4.00%, 09/01/46 | &nbsp;&nbsp; 128 | 122198 |
| 4.00%, 10/01/46 | &nbsp;&nbsp; 3353 | 3229083 |
| 4.00%, 11/01/46 | &nbsp;&nbsp; 1089 | 1047734 |
| 4.00%, 02/01/47 | &nbsp;&nbsp; 2351 | 2249824 |
| 4.00%, 03/01/47 | &nbsp;&nbsp; 1939 | 1837451 |
| 4.00%, 04/01/47 | &nbsp;&nbsp; 5176 | 4930891 |
| 4.00%, 05/01/47 | &nbsp;&nbsp; 4770 | 4551647 |
| 4.00%, 06/01/47 | &nbsp;&nbsp; 9313 | 8896134 |
| 4.00%, 07/01/47 | &nbsp;&nbsp; 14641 | 13937865 |
| 4.00%, 08/01/47 | &nbsp;&nbsp; 12227 | 11650737 |
| 4.00%, 09/01/47 | &nbsp;&nbsp; 12682 | 12066289 |
| 4.00%, 10/01/47 | &nbsp;&nbsp; 10941 | 10470700 |
| 4.00%, 11/01/47 | &nbsp;&nbsp; 5674 | 5387581 |
| 4.00%, 12/01/47 | &nbsp;&nbsp; 8573 | 8144388 |
| 4.00%, 01/01/48 | &nbsp;&nbsp; 1734 | 1647383 |
| 4.00%, 02/01/48 | &nbsp;&nbsp; 18254 | 17334351 |
| 4.00%, 04/01/48 | &nbsp;&nbsp; 19074 | 18079477 |
| 4.00%, 05/01/48 | &nbsp;&nbsp; 1536 | 1454850 |
| 4.00%, 07/01/48 | &nbsp;&nbsp; 2358 | 2234861 |
| 4.00%, 09/01/48 | &nbsp;&nbsp; 9442 | 8948505 |
| 4.00%, 10/01/48 | &nbsp;&nbsp; 6753 | 6420090 |
| 4.00%, 11/01/48 | &nbsp;&nbsp; 20092 | 19042376 |
| 4.00%, 01/01/49 | &nbsp;&nbsp; 2570 | 2448176 |
| 4.00%, 02/01/49 | &nbsp;&nbsp; 2747 | 2603740 |
| 4.00%, 03/01/49 | &nbsp;&nbsp; 32120 | 30444082 |
| 4.00%, 04/01/49 | &nbsp;&nbsp; 9138 | 8714937 |
| 4.00%, 05/01/49 | &nbsp;&nbsp; 6967 | 6646594 |
| 4.00%, 06/01/49 | &nbsp;&nbsp; 27440 | 26110999 |
| 4.00%, 07/01/49 | &nbsp;&nbsp; 48671 | 46194185 |
| 4.00%, 08/01/49 | &nbsp;&nbsp; 715 | 683388 |
| 4.00%, 10/01/49 | &nbsp;&nbsp; 1516 | 1434466 |
| 4.00%, 11/01/49 | &nbsp;&nbsp; 36695 | 34520900 |
| 4.00%, 12/01/49 | &nbsp;&nbsp; 2971 | 2811781 |
| 4.00%, 01/01/50 | &nbsp;&nbsp; 16713 | 15839840 |
| 4.00%, 02/01/50 | &nbsp;&nbsp; 493 | 466707 |
| 4.00%, 05/01/50 | &nbsp;&nbsp; 8609 | 8148105 |
| 4.00%, 11/01/50 | &nbsp;&nbsp; 3666 | 3469867 |
| 4.00%, 03/01/51 | &nbsp;&nbsp; 6768 | 6405751 |
| 4.00%, 05/01/51 | &nbsp;&nbsp; 17347 | 16441019 |
| 4.00%, 08/01/51 | &nbsp;&nbsp; 1167 | 1104541 |
| 4.00%, 10/01/51 | &nbsp;&nbsp; 3317 | 3139359 |
| 4.00%, 11/01/51 | &nbsp;&nbsp; 7940 | 7514422 |
| 4.00%, 04/01/52 | &nbsp;&nbsp; 14103 | 13212532 |
| 4.00%, 05/01/52 | &nbsp;&nbsp; 33826 | 31770574 |
| 4.00%, 06/01/52 | &nbsp;&nbsp; 42716 | 40062183 |
| 4.00%, 07/01/52 | &nbsp;&nbsp; 121122 | 113691996 |
| 4.00%, 08/01/52 | &nbsp;&nbsp; 178124 | 166929688 |
| 4.00%, 09/01/52 | &nbsp;&nbsp; 18604 | 17436323 |
| 4.00%, 10/01/52 | &nbsp;&nbsp; 27842 | 26255276 |
| 4.00%, 11/01/52 | &nbsp;&nbsp; 3826 | 3587690 |
| 4.00%, 12/01/52 | &nbsp;&nbsp; 53100 | 49691764 |
| 4.00%, 02/01/53 | &nbsp;&nbsp; 39916 | 37608762 |
| 4.00%, 03/01/53 | &nbsp;&nbsp; 4918 | 4599327 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.00%, 04/01/53 | &nbsp;&nbsp; $3768 | $3541590 |
| 4.00%, 07/01/53 | &nbsp;&nbsp; 5799 | 5428719 |
| 4.00%, 01/01/54 | &nbsp;&nbsp; 11825 | 11062776 |
| 4.00%, 06/01/54 | &nbsp;&nbsp; 31969 | 29831987 |
| 4.00%, 09/01/54 | &nbsp;&nbsp; 2565 | 2393983 |
| 4.00%, 03/01/55 | &nbsp;&nbsp; 48561 | 45315261 |
| 4.00%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 168890 | 157617268 |
| 4.50%, 08/01/31 | &nbsp;&nbsp; 665 | 668975 |
| 4.50%, 08/01/34 | &nbsp;&nbsp; 225 | 225615 |
| 4.50%, 09/15/39<sup>(i)</sup> | &nbsp;&nbsp; 4200 | 4190818 |
| 4.50%, 09/01/40 | &nbsp;&nbsp; 2228 | 2230303 |
| 4.50%, 12/01/40 | &nbsp;&nbsp; 1199 | 1200073 |
| 4.50%, 01/01/41 | &nbsp;&nbsp; 2489 | 2491511 |
| 4.50%, 05/01/41 | &nbsp;&nbsp; 1520 | 1517805 |
| 4.50%, 06/01/41 | &nbsp;&nbsp; 8639 | 8680616 |
| 4.50%, 08/01/41 | &nbsp;&nbsp; 3437 | 3422465 |
| 4.50%, 09/01/41 | &nbsp;&nbsp; 1078 | 1073782 |
| 4.50%, 01/01/42 | &nbsp;&nbsp; 1150 | 1144362 |
| 4.50%, 09/01/42 | &nbsp;&nbsp; 1059 | 1056674 |
| 4.50%, 08/01/43 | &nbsp;&nbsp; 1955 | 1937933 |
| 4.50%, 12/01/43 | &nbsp;&nbsp; 60 | 59504 |
| 4.50%, 03/01/44 | &nbsp;&nbsp; 11 | 10887 |
| 4.50%, 04/01/44 | &nbsp;&nbsp; 3113 | 3074431 |
| 4.50%, 06/01/44 | &nbsp;&nbsp; 593 | 590657 |
| 4.50%, 12/01/44 | &nbsp;&nbsp; 225 | 222533 |
| 4.50%, 02/01/45 | &nbsp;&nbsp; 1235 | 1219692 |
| 4.50%, 08/01/45 | &nbsp;&nbsp; 1716 | 1693598 |
| 4.50%, 10/01/45 | &nbsp;&nbsp; 299 | 296080 |
| 4.50%, 11/01/45 | &nbsp;&nbsp; 175 | 172706 |
| 4.50%, 12/01/45 | &nbsp;&nbsp; 548 | 540773 |
| 4.50%, 01/01/46 | &nbsp;&nbsp; 70 | 68666 |
| 4.50%, 02/01/46 | &nbsp;&nbsp; 6180 | 6185465 |
| 4.50%, 03/01/46 | &nbsp;&nbsp; 1048 | 1047191 |
| 4.50%, 04/01/46 | &nbsp;&nbsp; 216 | 213651 |
| 4.50%, 05/01/46 | &nbsp;&nbsp; 71 | 68926 |
| 4.50%, 06/01/46 | &nbsp;&nbsp; 4 | 3718 |
| 4.50%, 07/01/46 | &nbsp;&nbsp; 26 | 25375 |
| 4.50%, 08/01/46 | &nbsp;&nbsp; 1595 | 1573168 |
| 4.50%, 09/01/46 | &nbsp;&nbsp; 610 | 601465 |
| 4.50%, 10/01/46 | &nbsp;&nbsp; 735 | 722525 |
| 4.50%, 01/01/47 | &nbsp;&nbsp; 305 | 299857 |
| 4.50%, 02/01/47 | &nbsp;&nbsp; 121 | 119149 |
| 4.50%, 03/01/47 | &nbsp;&nbsp; 1415 | 1390243 |
| 4.50%, 04/01/47 | &nbsp;&nbsp; 4271 | 4196612 |
| 4.50%, 06/01/47 | &nbsp;&nbsp; 2394 | 2348812 |
| 4.50%, 07/01/47 | &nbsp;&nbsp; 15 | 14630 |
| 4.50%, 08/01/47 | &nbsp;&nbsp; 187 | 182647 |
| 4.50%, 10/01/47 | &nbsp;&nbsp; 5612 | 5516289 |
| 4.50%, 01/01/48 | &nbsp;&nbsp; 8158 | 7989179 |
| 4.50%, 02/01/48 | &nbsp;&nbsp; 818 | 803717 |
| 4.50%, 03/01/48 | &nbsp;&nbsp; 4364 | 4272679 |
| 4.50%, 04/01/48 | &nbsp;&nbsp; 2066 | 2027351 |
| 4.50%, 05/01/48 | &nbsp;&nbsp; 4533 | 4442531 |
| 4.50%, 06/01/48 | &nbsp;&nbsp; 2752 | 2702208 |
| 4.50%, 07/01/48 | &nbsp;&nbsp; 1779 | 1740401 |
| 4.50%, 08/01/48 | &nbsp;&nbsp; 7815 | 7672758 |
| 4.50%, 09/01/48 | &nbsp;&nbsp; 229 | 223553 |
| 4.50%, 10/01/48 | &nbsp;&nbsp; 9894 | 9685747 |
| 4.50%, 11/01/48 | &nbsp;&nbsp; 3790 | 3707606 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; 14296 | 14014133 |
| 4.50%, 01/01/49 | &nbsp;&nbsp; 4647 | 4546953 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 4.50%, 02/01/49 | &nbsp;&nbsp; $9032 | $8835875 |
| 4.50%, 03/01/49 | &nbsp;&nbsp; 587 | 576386 |
| 4.50%, 04/01/49 | &nbsp;&nbsp; 10398 | 10208878 |
| 4.50%, 05/01/49 | &nbsp;&nbsp; 8534 | 8336492 |
| 4.50%, 07/01/49 | &nbsp;&nbsp; 771 | 749342 |
| 4.50%, 08/01/49 | &nbsp;&nbsp; 140 | 136240 |
| 4.50%, 05/01/50 | &nbsp;&nbsp; 2251 | 2208674 |
| 4.50%, 09/01/50 | &nbsp;&nbsp; 30796 | 30132199 |
| 4.50%, 05/01/52 | &nbsp;&nbsp; 8328 | 8133982 |
| 4.50%, 06/01/52 | &nbsp;&nbsp; 69982 | 67738148 |
| 4.50%, 07/01/52 | &nbsp;&nbsp; 6389 | 6181642 |
| 4.50%, 08/01/52 | &nbsp;&nbsp; 24678 | 23925998 |
| 4.50%, 09/01/52 | &nbsp;&nbsp; 62248 | 60304716 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; 88793 | 86140074 |
| 4.50%, 11/01/52 | &nbsp;&nbsp; 40060 | 38700757 |
| 4.50%, 12/01/52 | &nbsp;&nbsp; 147585 | 143067793 |
| 4.50%, 02/01/53 | &nbsp;&nbsp; 23960 | 23161295 |
| 4.50%, 04/01/53 | &nbsp;&nbsp; 26669 | 25794412 |
| 4.50%, 05/01/53 | &nbsp;&nbsp; 9982 | 9644944 |
| 4.50%, 07/01/53 | &nbsp;&nbsp; 5097 | 4927776 |
| 4.50%, 08/01/53 | &nbsp;&nbsp; 21453 | 20739277 |
| 4.50%, 09/01/53 | &nbsp;&nbsp; 3956 | 3821562 |
| 4.50%, 11/01/53 | &nbsp;&nbsp; 22171 | 21375479 |
| 4.50%, 03/01/54 | &nbsp;&nbsp; 3764 | 3628697 |
| 4.50%, 04/01/54 | &nbsp;&nbsp; 31450 | 30248555 |
| 4.50%, 11/01/54 | &nbsp;&nbsp; 39467 | 37959475 |
| 4.50%, 12/01/54 | &nbsp;&nbsp; 41018 | 39490661 |
| 4.50%, 03/01/55 | &nbsp;&nbsp; 36581 | 35184147 |
| 4.50%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 81495 | 78385966 |
| 5.00%, 09/01/33 | &nbsp;&nbsp; 60 | 60922 |
| 5.00%, 11/01/33 | &nbsp;&nbsp; 1735 | 1766024 |
| 5.00%, 06/01/35 | &nbsp;&nbsp; 90 | 91486 |
| 5.00%, 10/01/35 | &nbsp;&nbsp; 37 | 37263 |
| 5.00%, 12/01/36 | &nbsp;&nbsp; 26 | 26953 |
| 5.00%, 05/01/39 | &nbsp;&nbsp; 18 | 17825 |
| 5.00%, 06/01/39 | &nbsp;&nbsp; 359 | 365403 |
| 5.00%, 09/15/39<sup>(i)</sup> | &nbsp;&nbsp; 975 | 984971 |
| 5.00%, 12/01/39 | &nbsp;&nbsp; 63 | 63699 |
| 5.00%, 01/01/40 | &nbsp;&nbsp; 1 | 1445 |
| 5.00%, 03/01/40 | &nbsp;&nbsp; 1014 | 1030106 |
| 5.00%, 04/01/40 | &nbsp;&nbsp; 161 | 163136 |
| 5.00%, 05/01/40 | &nbsp;&nbsp; 11 | 10668 |
| 5.00%, 06/01/40 | &nbsp;&nbsp; 83 | 84489 |
| 5.00%, 07/01/40 | &nbsp;&nbsp; 703 | 713921 |
| 5.00%, 08/01/40 | &nbsp;&nbsp; 848 | 863445 |
| 5.00%, 09/01/40 | &nbsp;&nbsp; 7 | 6866 |
| 5.00%, 10/01/40 | &nbsp;&nbsp; 31 | 31098 |
| 5.00%, 04/01/41 | &nbsp;&nbsp; 429 | 436440 |
| 5.00%, 05/01/41 | &nbsp;&nbsp; 1713 | 1741065 |
| 5.00%, 06/01/41 | &nbsp;&nbsp; 445 | 451661 |
| 5.00%, 08/01/41 | &nbsp;&nbsp; 867 | 881157 |
| 5.00%, 10/01/41 | &nbsp;&nbsp; 2157 | 2190464 |
| 5.00%, 01/01/42 | &nbsp;&nbsp; 11362 | 11545922 |
| 5.00%, 05/01/42 | &nbsp;&nbsp; 4099 | 4165474 |
| 5.00%, 09/01/47 | &nbsp;&nbsp; 314 | 316038 |
| 5.00%, 02/01/48 | &nbsp;&nbsp; 1490 | 1497399 |
| 5.00%, 03/01/48 | &nbsp;&nbsp; 1238 | 1244125 |
| 5.00%, 04/01/48 | &nbsp;&nbsp; 1778 | 1785705 |
| 5.00%, 05/01/48 | &nbsp;&nbsp; 1443 | 1449697 |
| 5.00%, 07/01/48 | &nbsp;&nbsp; 1870 | 1878656 |
| 5.00%, 09/01/48 | &nbsp;&nbsp; 1258 | 1262563 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.00%, 01/01/49 | &nbsp;&nbsp; $106 | $105959 |
| 5.00%, 04/01/49 | &nbsp;&nbsp; 5533 | 5561477 |
| 5.00%, 05/01/49 | &nbsp;&nbsp; 22 | 22485 |
| 5.00%, 06/01/49 | &nbsp;&nbsp; 200 | 200615 |
| 5.00%, 09/01/49 | &nbsp;&nbsp; 58 | 57930 |
| 5.00%, 10/01/49 | &nbsp;&nbsp; 173 | 173384 |
| 5.00%, 07/01/50 | &nbsp;&nbsp; 3408 | 3424203 |
| 5.00%, 08/01/52 | &nbsp;&nbsp; 12622 | 12571186 |
| 5.00%, 09/01/52 | &nbsp;&nbsp; 21990 | 21928641 |
| 5.00%, 10/01/52 | &nbsp;&nbsp; 27543 | 27427007 |
| 5.00%, 11/01/52 | &nbsp;&nbsp; 37682 | 37497066 |
| 5.00%, 12/01/52 | &nbsp;&nbsp; 47722 | 47459097 |
| 5.00%, 01/01/53 | &nbsp;&nbsp; 40915 | 40679120 |
| 5.00%, 02/01/53 | &nbsp;&nbsp; 66066 | 65399949 |
| 5.00%, 03/01/53 | &nbsp;&nbsp; 47923 | 47623185 |
| 5.00%, 04/01/53 | &nbsp;&nbsp; 88852 | 87990408 |
| 5.00%, 05/01/53 | &nbsp;&nbsp; 68110 | 67384278 |
| 5.00%, 06/01/53 | &nbsp;&nbsp; 136818 | 135773844 |
| 5.00%, 07/01/53 | &nbsp;&nbsp; 55078 | 54692457 |
| 5.00%, 08/01/53 | &nbsp;&nbsp; 40104 | 39723940 |
| 5.00%, 09/01/53 | &nbsp;&nbsp; 24404 | 24145427 |
| 5.00%, 10/01/53 | &nbsp;&nbsp; 4961 | 4932140 |
| 5.00%, 11/01/53 | &nbsp;&nbsp; 11559 | 11431157 |
| 5.00%, 12/01/53 | &nbsp;&nbsp; 14137 | 13969530 |
| 5.00%, 01/01/54 | &nbsp;&nbsp; 6256 | 6180069 |
| 5.00%, 02/01/54 | &nbsp;&nbsp; 46811 | 46244587 |
| 5.00%, 04/01/54 | &nbsp;&nbsp; 16930 | 16840657 |
| 5.00%, 06/01/54 | &nbsp;&nbsp; 17335 | 17151169 |
| 5.00%, 10/01/54 | &nbsp;&nbsp; 82734 | 81667566 |
| 5.00%, 11/01/54 | &nbsp;&nbsp; 77192 | 76156477 |
| 5.00%, 12/01/54 | &nbsp;&nbsp; 72931 | 72275664 |
| 5.00%, 01/01/55 | &nbsp;&nbsp; 105044 | 103759601 |
| 5.00%, 02/01/55 | &nbsp;&nbsp; 9731 | 9620197 |
| 5.00%, 04/01/55 | &nbsp;&nbsp; 6972 | 6885758 |
| 5.00%, 09/15/55<sup>(i)</sup> | &nbsp;&nbsp; 76320 | 75266448 |
| 5.50%, 05/01/33 | &nbsp;&nbsp; 636 | 654299 |
| 5.50%, 11/01/33 | &nbsp;&nbsp; 1329 | 1366931 |
| 5.50%, 09/01/34 | &nbsp;&nbsp; 2050 | 2127697 |
| 5.50%, 09/01/36 | &nbsp;&nbsp; 141 | 144810 |
| 5.50%, 03/01/38 | &nbsp;&nbsp; 132 | 136828 |
| 5.50%, 06/01/38 | &nbsp;&nbsp; 3652 | 3783861 |
| 5.50%, 11/01/38 | &nbsp;&nbsp; 279 | 290050 |
| 5.50%, 07/01/40 | &nbsp;&nbsp; 869 | 901395 |
| 5.50%, 09/01/41 | &nbsp;&nbsp; 21332 | 21956748 |
| 5.50%, 01/01/47 | &nbsp;&nbsp; 1752 | 1818753 |
| 5.50%, 12/01/48 | &nbsp;&nbsp; 167 | 171294 |
| 5.50%, 09/01/52 | &nbsp;&nbsp; 10933 | 11184797 |
| 5.50%, 11/01/52 | &nbsp;&nbsp; 20893 | 21234726 |
| 5.50%, 12/01/52 | &nbsp;&nbsp; 52225 | 53208857 |
| 5.50%, 01/01/53 | &nbsp;&nbsp; 119966 | 121921764 |
| 5.50%, 02/01/53 | &nbsp;&nbsp; 89892 | 91081333 |
| 5.50%, 03/01/53 | &nbsp;&nbsp; 69460 | 70601667 |
| 5.50%, 04/01/53 | &nbsp;&nbsp; 93244 | 94339074 |
| 5.50%, 05/01/53 | &nbsp;&nbsp; 139727 | 140965338 |
| 5.50%, 06/01/53 | &nbsp;&nbsp; 33910 | 34398718 |
| 5.50%, 07/01/53 | &nbsp;&nbsp; 45731 | 46464884 |
| 5.50%, 08/01/53 | &nbsp;&nbsp; 36603 | 36939770 |
| 5.50%, 09/01/53 | &nbsp;&nbsp; 82943 | 83533906 |
| 5.50%, 10/01/53 | &nbsp;&nbsp; 44693 | 45047983 |
| 5.50%, 11/01/53 | &nbsp;&nbsp; 33556 | 33995388 |
| 5.50%, 12/01/53 | &nbsp;&nbsp; 5822 | 5893207 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 5.50%, 02/01/54 | &nbsp;&nbsp; $85895 | $86533975 |
| 5.50%, 03/01/54 | &nbsp;&nbsp; 110670 | 111670995 |
| 5.50%, 04/01/54 | &nbsp;&nbsp; 74403 | 75023580 |
| 5.50%, 05/01/54 | &nbsp;&nbsp; 80599 | 81339407 |
| 5.50%, 06/01/54 | &nbsp;&nbsp; 48253 | 48636530 |
| 5.50%, 07/01/54 | &nbsp;&nbsp; 12796 | 13025544 |
| 5.50%, 08/01/54 | &nbsp;&nbsp; 60428 | 61099622 |
| 5.50%, 09/01/54 | &nbsp;&nbsp; 7266 | 7403556 |
| 5.50%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 246455 | 247842478 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; 83386 | 83917294 |
| 5.50%, 11/01/54 | &nbsp;&nbsp; 100302 | 101959685 |
| 5.50%, 01/01/55 | &nbsp;&nbsp; 53090 | 53403824 |
| 5.50%, 03/01/55 | &nbsp;&nbsp; 10816 | 10941387 |
| 5.50%, 04/01/55 | &nbsp;&nbsp; 50903 | 51515581 |
| 5.50%, 05/01/55 | &nbsp;&nbsp; 18457 | 18610384 |
| 5.50%, 07/01/55 | &nbsp;&nbsp; 29029 | 29270598 |
| 6.00%, 03/01/34 | &nbsp;&nbsp; 1086 | 1129153 |
| 6.00%, 05/01/34 | &nbsp;&nbsp; 86 | 89249 |
| 6.00%, 08/01/34 | &nbsp;&nbsp; 186 | 193890 |
| 6.00%, 11/01/34 | &nbsp;&nbsp; 60 | 62862 |
| 6.00%, 09/01/36 | &nbsp;&nbsp; 279 | 293227 |
| 6.00%, 08/01/37 | &nbsp;&nbsp; 697 | 734162 |
| 6.00%, 03/01/38 | &nbsp;&nbsp; 237 | 249900 |
| 6.00%, 05/01/38 | &nbsp;&nbsp; 110 | 115871 |
| 6.00%, 09/01/38 | &nbsp;&nbsp; 91 | 95894 |
| 6.00%, 06/01/39 | &nbsp;&nbsp; 1592 | 1662539 |
| 6.00%, 10/01/39 | &nbsp;&nbsp; 114 | 120397 |
| 6.00%, 07/01/41 | &nbsp;&nbsp; 905 | 951432 |
| 6.00%, 02/01/49 | &nbsp;&nbsp; 4494 | 4722747 |
| 6.00%, 11/01/52 | &nbsp;&nbsp; 2589 | 2667551 |
| 6.00%, 12/01/52 | &nbsp;&nbsp; 1961 | 2012235 |
| 6.00%, 01/01/53 | &nbsp;&nbsp; 11989 | 12494452 |
| 6.00%, 02/01/53 | &nbsp;&nbsp; 85915 | 88132179 |
| 6.00%, 04/01/53 | &nbsp;&nbsp; 2360 | 2461455 |
| 6.00%, 05/01/53 | &nbsp;&nbsp; 3074 | 3197319 |
| 6.00%, 06/01/53 | &nbsp;&nbsp; 14067 | 14495374 |
| 6.00%, 07/01/53 | &nbsp;&nbsp; 86470 | 89052069 |
| 6.00%, 08/01/53 | &nbsp;&nbsp; 179667 | 185430011 |
| 6.00%, 09/01/53 | &nbsp;&nbsp; 82505 | 84936440 |
| 6.00%, 10/01/53 | &nbsp;&nbsp; 19693 | 20188290 |
| 6.00%, 11/01/53 | &nbsp;&nbsp; 90245 | 92667003 |
| 6.00%, 12/01/53 | &nbsp;&nbsp; 13161 | 13550163 |
| 6.00%, 01/01/54 | &nbsp;&nbsp; 41314 | 42361592 |
| 6.00%, 02/01/54 | &nbsp;&nbsp; 40617 | 41611120 |
| 6.00%, 03/01/54 | &nbsp;&nbsp; 19807 | 20363912 |
| 6.00%, 04/01/54 | &nbsp;&nbsp; 48037 | 49413725 |
| 6.00%, 05/01/54 | &nbsp;&nbsp; 14702 | 15067277 |
| 6.00%, 06/01/54 | &nbsp;&nbsp; 21446 | 21975054 |
| 6.00%, 07/01/54 | &nbsp;&nbsp; 22873 | 23525969 |
| 6.00%, 08/01/54 | &nbsp;&nbsp; 119864 | 123176704 |
| 6.00%, 09/01/54 | &nbsp;&nbsp; 71541 | 73562940 |
| 6.00%, 09/15/54<sup>(i)</sup> | &nbsp;&nbsp; 346780 | 354273916 |
| 6.00%, 10/01/54 | &nbsp;&nbsp; 151490 | 155221207 |
| 6.00%, 11/01/54 | &nbsp;&nbsp; 18553 | 19000062 |
| 6.00%, 01/01/55 | &nbsp;&nbsp; 18035 | 18483332 |
| 6.00%, 02/01/55 | &nbsp;&nbsp; 73816 | 75696168 |
| 6.00%, 03/01/55 | &nbsp;&nbsp; 40133 | 41144915 |
| 6.00%, 04/01/55 | &nbsp;&nbsp; 51258 | 52510857 |
| 6.00%, 05/01/55 | &nbsp;&nbsp; 54892 | 56141883 |
| 6.00%, 06/01/55 | &nbsp;&nbsp; 7513 | 7698254 |
| 6.00%, 07/01/55 | &nbsp;&nbsp; 13656 | 13951550 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| 6.00%, 08/01/55 | &nbsp;&nbsp; $15134 | $15478786 |
| 6.50%, 08/01/36 | &nbsp;&nbsp; 18 | 19179 |
| 6.50%, 09/01/36 | &nbsp;&nbsp; 127 | 135835 |
| 6.50%, 10/01/36 | &nbsp;&nbsp; 18 | 18833 |
| 6.50%, 12/01/36 | &nbsp;&nbsp; 30 | 32387 |
| 6.50%, 07/01/37 | &nbsp;&nbsp; 31 | 33422 |
| 6.50%, 08/01/37 | &nbsp;&nbsp; 1459 | 1568358 |
| 6.50%, 10/01/37 | &nbsp;&nbsp; 53 | 57068 |
| 6.50%, 11/01/37 | &nbsp;&nbsp; 13 | 14343 |
| 6.50%, 12/01/37 | &nbsp;&nbsp; 425 | 454133 |
| 6.50%, 06/01/38 | &nbsp;&nbsp; 14 | 15183 |
| 6.50%, 10/01/39 | &nbsp;&nbsp; 387 | 415604 |
| 6.50%, 05/01/40 | &nbsp;&nbsp; 12 | 13173 |
| 6.50%, 07/01/53 | &nbsp;&nbsp; 6292 | 6593073 |
| 6.50%, 09/01/53 | &nbsp;&nbsp; 30964 | 32269907 |
| 6.50%, 10/01/53 | &nbsp;&nbsp; 68685 | 71835178 |
| 6.50%, 11/01/53 | &nbsp;&nbsp; 89284 | 92991599 |
| 6.50%, 12/01/53 | &nbsp;&nbsp; 170904 | 178886703 |
| 6.50%, 01/01/54 | &nbsp;&nbsp; 78808 | 82436519 |
| 6.50%, 02/01/54 | &nbsp;&nbsp; 39033 | 40982970 |
| 6.50%, 03/01/54 | &nbsp;&nbsp; 43707 | 45503146 |
| 6.50%, 04/01/54 | &nbsp;&nbsp; 16874 | 17591523 |
| 6.50%, 05/01/54 | &nbsp;&nbsp; 4796 | 4977315 |
| 6.50%, 06/01/54 | &nbsp;&nbsp; 21646 | 22585555 |
| 6.50%, 07/01/54 | &nbsp;&nbsp; 16994 | 17762125 |
| 6.50%, 08/01/54 | &nbsp;&nbsp; 44609 | 46393194 |
| 6.50%, 09/01/54 | &nbsp;&nbsp; 6816 | 7121037 |
| 6.50%, 09/17/54<sup>(i)</sup> | &nbsp;&nbsp; 148950 | 154352484 |
| 6.50%, 01/01/55 | &nbsp;&nbsp; 20718 | 21535340 |
| 6.50%, 02/01/55 | &nbsp;&nbsp; 32193 | 33721526 |
| 6.50%, 03/01/55 | &nbsp;&nbsp; 3871 | 4046574 |
| 6.50%, 04/01/55 | &nbsp;&nbsp; 13938 | 14477998 |
| 6.50%, 07/01/55 | &nbsp;&nbsp; 15315 | 15949819 |
| 7.00%, 04/01/37 | &nbsp;&nbsp; 463 | 502204 |
|  |  | 32361130677 |
| **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** |
| Federal Home Loan Banks |  |  |
| 1.25%, 12/21/26 | &nbsp;&nbsp; 180 | 174273 |
| 2.13%, 12/14/29 | &nbsp;&nbsp; 70 | 65549 |
| 3.25%, 11/16/28<sup>(b)</sup> | &nbsp;&nbsp; 25470 | 25199310 |
| 4.25%, 12/10/27 | &nbsp;&nbsp; 75 | 75901 |
| 5.50%, 07/15/36 | &nbsp;&nbsp; 7900 | 8587608 |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.25%, 07/15/32 | &nbsp;&nbsp; 73453 | 83429390 |
| 6.75%, 03/15/31 | &nbsp;&nbsp; 21820 | 25014727 |
| Federal National Mortgage Association |  |  |
| 0.88%, 08/05/30 | &nbsp;&nbsp; 17530 | 15296867 |
| 1.88%, 09/24/26 | &nbsp;&nbsp; 1285 | 1258168 |
| 5.63%, 07/15/37 | &nbsp;&nbsp; 795 | 870523 |
| 6.25%, 05/15/29 | &nbsp;&nbsp; 580 | 631740 |
| 6.63%, 11/15/30 | &nbsp;&nbsp; 8180 | 9274287 |
| 7.13%, 01/15/30 | &nbsp;&nbsp; 10000 | 11365545 |
| 7.25%, 05/15/30 | &nbsp;&nbsp; 17396 | 20033087 |
| Tennessee Valley Authority |  |  |
| 1.50%, 09/15/31<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 864535 |
| 3.50%, 12/15/42 | &nbsp;&nbsp; 525 | 426505 |
| 4.63%, 09/15/60 | &nbsp;&nbsp; 1000 | 861517 |
| 4.88%, 05/15/35 | &nbsp;&nbsp; 4000 | 4105317 |
| 4.88%, 01/15/48 | &nbsp;&nbsp; 8035 | 7557867 |
| 5.25%, 09/15/39 | &nbsp;&nbsp; 458 | 479881 |
| 5.25%, 02/01/55 | &nbsp;&nbsp; 1600 | 1545118 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Agency Obligations (continued)** | **U.S. Government Agency Obligations (continued)** | **U.S. Government Agency Obligations (continued)** |
| 5.50%, 06/15/38 | &nbsp;&nbsp; $10000 | $10693535 |
| 5.88%, 04/01/36 | &nbsp;&nbsp; 95 | 105244 |
| 6.15%, 01/15/38 | &nbsp;&nbsp; 3553 | 4038192 |
| 7.13%, 05/01/30 | &nbsp;&nbsp; 3556 | 4058847 |
| Series B, 4.70%, 07/15/33 | &nbsp;&nbsp; 1500 | 1543402 |
|  |  | 237556935 |
| **U.S. Government Obligations — 45.1%** | **U.S. Government Obligations — 45.1%** | **U.S. Government Obligations — 45.1%** |
| U.S. Treasury Note/Bond |  |  |
| 0.38%, 07/31/27 | &nbsp;&nbsp; 119701 | 112565699 |
| 0.38%, 09/30/27 | &nbsp;&nbsp; 105000 | 98248829 |
| 0.50%, 04/30/27 | &nbsp;&nbsp; 114800 | 108979282 |
| 0.50%, 05/31/27 | &nbsp;&nbsp; 108400 | 102666657 |
| 0.50%, 06/30/27 | &nbsp;&nbsp; 136901 | 129350054 |
| 0.50%, 08/31/27 | &nbsp;&nbsp; 155022 | 145781706 |
| 0.50%, 10/31/27 | &nbsp;&nbsp; 202200 | 189230767 |
| 0.63%, 03/31/27 | &nbsp;&nbsp; 81600 | 77800500 |
| 0.63%, 11/30/27 | &nbsp;&nbsp; 197000 | 184487423 |
| 0.63%, 12/31/27 | &nbsp;&nbsp; 187400 | 175028673 |
| 0.63%, 05/15/30 | &nbsp;&nbsp; 292641 | 254346183 |
| 0.63%, 08/15/30 | &nbsp;&nbsp; 396000 | 341240625 |
| 0.75%, 08/31/26 | &nbsp;&nbsp; 244200 | 236807226 |
| 0.75%, 01/31/28 | &nbsp;&nbsp; 354825 | 331650492 |
| 0.88%, 09/30/26 | &nbsp;&nbsp; 190610 | 184675775 |
| 0.88%, 11/15/30 | &nbsp;&nbsp; 263800 | 228702236 |
| 1.00%, 07/31/28 | &nbsp;&nbsp; 265704 | 246855623 |
| 1.13%, 10/31/26 | &nbsp;&nbsp; 171100 | 165873431 |
| 1.13%, 02/28/27 | &nbsp;&nbsp; 40300 | 38796621 |
| 1.13%, 02/29/28 | &nbsp;&nbsp; 143340 | 134974768 |
| 1.13%, 08/31/28 | &nbsp;&nbsp; 273600 | 254576250 |
| 1.13%, 02/15/31 | &nbsp;&nbsp; 257200 | 224668220 |
| 1.13%, 05/15/40 | &nbsp;&nbsp; 169599 | 105522378 |
| 1.13%, 08/15/40 | &nbsp;&nbsp; 133050 | 81867328 |
| 1.25%, 11/30/26 | &nbsp;&nbsp; 214900 | 208318688 |
| 1.25%, 12/31/26 | &nbsp;&nbsp; 191230 | 185029966 |
| 1.25%, 03/31/28 | &nbsp;&nbsp; 225000 | 212132813 |
| 1.25%, 04/30/28 | &nbsp;&nbsp; 245585 | 231156881 |
| 1.25%, 05/31/28 | &nbsp;&nbsp; 269485 | 253126420 |
| 1.25%, 06/30/28 | &nbsp;&nbsp; 274615 | 257515927 |
| 1.25%, 09/30/28 | &nbsp;&nbsp; 317000 | 295528205 |
| 1.25%, 08/15/31 | &nbsp;&nbsp; 468900 | 405195541 |
| 1.25%, 05/15/50 | &nbsp;&nbsp; 186752 | 88006880 |
| 1.38%, 10/31/28 | &nbsp;&nbsp; 241616 | 225703322 |
| 1.38%, 12/31/28 | &nbsp;&nbsp; 196730 | 183143334 |
| 1.38%, 11/15/31 | &nbsp;&nbsp; 611337 | 528281140 |
| 1.38%, 11/15/40 | &nbsp;&nbsp; 284800 | 181426500 |
| 1.38%, 08/15/50 | &nbsp;&nbsp; 156410 | 75565581 |
| 1.50%, 01/31/27 | &nbsp;&nbsp; 325280 | 315280180 |
| 1.50%, 11/30/28 | &nbsp;&nbsp; 284200 | 266082250 |
| 1.50%, 02/15/30 | &nbsp;&nbsp; 83185 | 75893315 |
| 1.63%, 09/30/26 | &nbsp;&nbsp; 44500 | 43467461 |
| 1.63%, 10/31/26 | &nbsp;&nbsp; 76400 | 74513875 |
| 1.63%, 11/30/26 | &nbsp;&nbsp; 81200 | 79090703 |
| 1.63%, 08/15/29 | &nbsp;&nbsp; 54000 | 50131407 |
| 1.63%, 05/15/31 | &nbsp;&nbsp; 390910 | 348001521 |
| 1.63%, 11/15/50 | &nbsp;&nbsp; 270359 | 139488553 |
| 1.75%, 12/31/26 | &nbsp;&nbsp; 91870 | 89497888 |
| 1.75%, 01/31/29 | &nbsp;&nbsp; 214451 | 201768235 |
| 1.75%, 11/15/29 | &nbsp;&nbsp; 125000 | 116025391 |
| 1.75%, 08/15/41 | &nbsp;&nbsp; 401515 | 265815477 |
| 1.88%, 02/28/27 | &nbsp;&nbsp; 178100 | 173341391 |
| 1.88%, 02/28/29 | &nbsp;&nbsp; 259200 | 244559251 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 1.88%, 02/15/32 | &nbsp;&nbsp; $447773 | $396733877 |
| 1.88%, 02/15/41 | &nbsp;&nbsp; 249900 | 171689109 |
| 1.88%, 02/15/51 | &nbsp;&nbsp; 497147 | 273430960 |
| 1.88%, 11/15/51 | &nbsp;&nbsp; 366985 | 199720118 |
| 2.00%, 11/15/26 | &nbsp;&nbsp; 181000 | 177196173 |
| 2.00%, 11/15/41 | &nbsp;&nbsp; 213663 | 146459310 |
| 2.00%, 02/15/50 | &nbsp;&nbsp; 203854 | 117693717 |
| 2.00%, 08/15/51 | &nbsp;&nbsp; 429990 | 242675381 |
| 2.25%, 02/15/27 | &nbsp;&nbsp; 161206 | 157855840 |
| 2.25%, 08/15/27 | &nbsp;&nbsp; 146750 | 142932208 |
| 2.25%, 11/15/27 | &nbsp;&nbsp; 153750 | 149341700 |
| 2.25%, 05/15/41 | &nbsp;&nbsp; 321558 | 232978820 |
| 2.25%, 08/15/46 | &nbsp;&nbsp; 118960 | 77026600 |
| 2.25%, 08/15/49 | &nbsp;&nbsp; 107706 | 66457659 |
| 2.25%, 02/15/52 | &nbsp;&nbsp; 252900 | 151186781 |
| 2.38%, 05/15/27 | &nbsp;&nbsp; 210870 | 206397249 |
| 2.38%, 03/31/29 | &nbsp;&nbsp; 244200 | 234164906 |
| 2.38%, 05/15/29 | &nbsp;&nbsp; 191600 | 183412095 |
| 2.38%, 02/15/42 | &nbsp;&nbsp; 168134 | 121660712 |
| 2.38%, 11/15/49 | &nbsp;&nbsp; 241840 | 153001588 |
| 2.38%, 05/15/51 | &nbsp;&nbsp; 249989 | 155305666 |
| 2.50%, 03/31/27 | &nbsp;&nbsp; 125200 | 122906297 |
| 2.50%, 02/15/45 | &nbsp;&nbsp; 50824 | 35410034 |
| 2.50%, 02/15/46 | &nbsp;&nbsp; 144767 | 99255874 |
| 2.50%, 05/15/46 | &nbsp;&nbsp; 123517 | 84416150 |
| 2.63%, 05/31/27 | &nbsp;&nbsp; 197927 | 194440082 |
| 2.63%, 02/15/29 | &nbsp;&nbsp; 211491 | 204799294 |
| 2.63%, 07/31/29 | &nbsp;&nbsp; 278779 | 268629702 |
| 2.75%, 04/30/27 | &nbsp;&nbsp; 203035 | 200005338 |
| 2.75%, 07/31/27 | &nbsp;&nbsp; 209364 | 205920944 |
| 2.75%, 02/15/28 | &nbsp;&nbsp; 222702 | 218300157 |
| 2.75%, 05/31/29 | &nbsp;&nbsp; 285900 | 277233656 |
| 2.75%, 08/15/32 | &nbsp;&nbsp; 407350 | 378199016 |
| 2.75%, 08/15/42 | &nbsp;&nbsp; 92186 | 70003744 |
| 2.75%, 11/15/42 | &nbsp;&nbsp; 128580 | 97138172 |
| 2.75%, 08/15/47 | &nbsp;&nbsp; 219000 | 154155469 |
| 2.75%, 11/15/47 | &nbsp;&nbsp; 158550 | 111307055 |
| 2.88%, 05/15/28 | &nbsp;&nbsp; 252994 | 248329423 |
| 2.88%, 08/15/28 | &nbsp;&nbsp; 219930 | 215582947 |
| 2.88%, 04/30/29 | &nbsp;&nbsp; 201320 | 196224088 |
| 2.88%, 05/15/32 | &nbsp;&nbsp; 489500 | 459824062 |
| 2.88%, 05/15/43 | &nbsp;&nbsp; 121184 | 92630020 |
| 2.88%, 08/15/45 | &nbsp;&nbsp; 119644 | 88480477 |
| 2.88%, 11/15/46 | &nbsp;&nbsp; 54000 | 39301875 |
| 2.88%, 05/15/49 | &nbsp;&nbsp; 42000 | 29695313 |
| 2.88%, 05/15/52 | &nbsp;&nbsp; 247083 | 170371450 |
| 3.00%, 05/15/42 | &nbsp;&nbsp; 53150 | 42137984 |
| 3.00%, 11/15/44 | &nbsp;&nbsp; 99727 | 76088585 |
| 3.00%, 05/15/45 | &nbsp;&nbsp; 27414 | 20783239 |
| 3.00%, 11/15/45 | &nbsp;&nbsp; 65100 | 49069125 |
| 3.00%, 02/15/47 | &nbsp;&nbsp; 116190 | 86252920 |
| 3.00%, 05/15/47 | &nbsp;&nbsp; 152118 | 112591088 |
| 3.00%, 02/15/48 | &nbsp;&nbsp; 154550 | 113376914 |
| 3.00%, 08/15/48 | &nbsp;&nbsp; 161252 | 117688472 |
| 3.00%, 02/15/49 | &nbsp;&nbsp; 33660 | 24445285 |
| 3.00%, 08/15/52 | &nbsp;&nbsp; 233522 | 165107352 |
| 3.13%, 08/31/27 | &nbsp;&nbsp; 239200 | 236929468 |
| 3.13%, 11/15/28 | &nbsp;&nbsp; 207515 | 204548185 |
| 3.13%, 08/31/29 | &nbsp;&nbsp; 208900 | 204999446 |
| 3.13%, 11/15/41 | &nbsp;&nbsp; 53901 | 43920893 |
| 3.13%, 02/15/42 | &nbsp;&nbsp; 71800 | 58214094 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.13%, 02/15/43 | &nbsp;&nbsp; $76200 | $60745688 |
| 3.13%, 08/15/44 | &nbsp;&nbsp; 60519 | 47280469 |
| 3.13%, 05/15/48 | &nbsp;&nbsp; 150667 | 112812066 |
| 3.25%, 06/30/27 | &nbsp;&nbsp; 293918 | 291862869 |
| 3.25%, 06/30/29 | &nbsp;&nbsp; 316525 | 312271695 |
| 3.25%, 05/15/42 | &nbsp;&nbsp; 155200 | 127603500 |
| 3.38%, 09/15/27 | &nbsp;&nbsp; 326860 | 325353381 |
| 3.38%, 05/15/33 | &nbsp;&nbsp; 485819 | 465703057 |
| 3.38%, 08/15/42 | &nbsp;&nbsp; 120583 | 100554917 |
| 3.38%, 05/15/44 | &nbsp;&nbsp; 84200 | 68596688 |
| 3.38%, 11/15/48 | &nbsp;&nbsp; 249432 | 194674193 |
| 3.50%, 09/30/26 | &nbsp;&nbsp; 294603 | 293532763 |
| 3.50%, 01/31/28 | &nbsp;&nbsp; 234655 | 234123361 |
| 3.50%, 04/30/28 | &nbsp;&nbsp; 184772 | 184324506 |
| 3.50%, 09/30/29 | &nbsp;&nbsp; 271844 | 270421068 |
| 3.50%, 01/31/30 | &nbsp;&nbsp; 278767 | 276894034 |
| 3.50%, 04/30/30 | &nbsp;&nbsp; 202861 | 201291998 |
| 3.50%, 02/15/33 | &nbsp;&nbsp; 501612 | 486250132 |
| 3.50%, 02/15/39 | &nbsp;&nbsp; 24000 | 21630000 |
| 3.63%, 03/31/28 | &nbsp;&nbsp; 196026 | 196225090 |
| 3.63%, 05/31/28 | &nbsp;&nbsp; 192612 | 192777527 |
| 3.63%, 08/15/28 | &nbsp;&nbsp; 50633 | 50700247 |
| 3.63%, 08/31/29 | &nbsp;&nbsp; 268674 | 268590039 |
| 3.63%, 03/31/30 | &nbsp;&nbsp; 198200 | 197766438 |
| 3.63%, 09/30/31 | &nbsp;&nbsp; 155183 | 153449316 |
| 3.63%, 08/15/43 | &nbsp;&nbsp; 73600 | 62755500 |
| 3.63%, 02/15/44 | &nbsp;&nbsp; 83950 | 71186977 |
| 3.63%, 02/15/53 | &nbsp;&nbsp; 252636 | 202227383 |
| 3.63%, 05/15/53 | &nbsp;&nbsp; 268228 | 214456668 |
| 3.75%, 08/31/26 | &nbsp;&nbsp; 175301 | 175088721 |
| 3.75%, 04/30/27 | &nbsp;&nbsp; 212293 | 212525195 |
| 3.75%, 06/30/27 | &nbsp;&nbsp; 326913 | 327487651 |
| 3.75%, 08/15/27 | &nbsp;&nbsp; 326609 | 327297942 |
| 3.75%, 04/15/28 | &nbsp;&nbsp; 246207 | 247149512 |
| 3.75%, 05/15/28 | &nbsp;&nbsp; 329879 | 331270677 |
| 3.75%, 12/31/28 | &nbsp;&nbsp; 238623 | 239704260 |
| 3.75%, 05/31/30 | &nbsp;&nbsp; 184698 | 185188604 |
| 3.75%, 06/30/30 | &nbsp;&nbsp; 184750 | 185240742 |
| 3.75%, 12/31/30 | &nbsp;&nbsp; 188697 | 188770711 |
| 3.75%, 08/31/31 | &nbsp;&nbsp; 191781 | 191076805 |
| 3.75%, 08/15/41 | &nbsp;&nbsp; 52000 | 46320625 |
| 3.75%, 11/15/43 | &nbsp;&nbsp; 36600 | 31687594 |
| 3.88%, 03/31/27 | &nbsp;&nbsp; 93854 | 94103300 |
| 3.88%, 05/31/27 | &nbsp;&nbsp; 333077 | 334221952 |
| 3.88%, 07/31/27 | &nbsp;&nbsp; 229155 | 230121748 |
| 3.88%, 10/15/27 | &nbsp;&nbsp; 332999 | 334716026 |
| 3.88%, 11/30/27 | &nbsp;&nbsp; 162801 | 163704038 |
| 3.88%, 12/31/27 | &nbsp;&nbsp; 162637 | 163628069 |
| 3.88%, 03/15/28 | &nbsp;&nbsp; 275882 | 277864902 |
| 3.88%, 06/15/28 | &nbsp;&nbsp; 134260 | 135308906 |
| 3.88%, 07/15/28 | &nbsp;&nbsp; 111814 | 112687547 |
| 3.88%, 09/30/29 | &nbsp;&nbsp; 280787 | 283287759 |
| 3.88%, 11/30/29 | &nbsp;&nbsp; 192418 | 194056560 |
| 3.88%, 12/31/29 | &nbsp;&nbsp; 274278 | 276677933 |
| 3.88%, 04/30/30 | &nbsp;&nbsp; 292824 | 295317581 |
| 3.88%, 06/30/30 | &nbsp;&nbsp; 398270 | 401599290 |
| 3.88%, 07/31/30 | &nbsp;&nbsp; 335718 | 338471938 |
| 3.88%, 08/15/33 | &nbsp;&nbsp; 532628 | 527135274 |
| 3.88%, 08/15/34 | &nbsp;&nbsp; 569018 | 557904367 |
| 3.88%, 08/15/40 | &nbsp;&nbsp; 50516 | 46261606 |
| 3.88%, 02/15/43 | &nbsp;&nbsp; 184663 | 164061534 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 3.88%, 05/15/43 | &nbsp;&nbsp; $185341 | $164316380 |
| 4.00%, 01/15/27 | &nbsp;&nbsp; 250423 | 251205572 |
| 4.00%, 12/15/27 | &nbsp;&nbsp; 335547 | 338509253 |
| 4.00%, 02/29/28 | &nbsp;&nbsp; 232563 | 234797786 |
| 4.00%, 06/30/28 | &nbsp;&nbsp; 200945 | 203189933 |
| 4.00%, 01/31/29 | &nbsp;&nbsp; 231306 | 234215397 |
| 4.00%, 07/31/29 | &nbsp;&nbsp; 266281 | 269817545 |
| 4.00%, 10/31/29 | &nbsp;&nbsp; 278535 | 282343097 |
| 4.00%, 02/28/30 | &nbsp;&nbsp; 559636 | 567549606 |
| 4.00%, 03/31/30 | &nbsp;&nbsp; 304708 | 308897735 |
| 4.00%, 05/31/30 | &nbsp;&nbsp; 409084 | 414804786 |
| 4.00%, 07/31/30 | &nbsp;&nbsp; 181844 | 184259116 |
| 4.00%, 01/31/31 | &nbsp;&nbsp; 187728 | 189986603 |
| 4.00%, 04/30/32 | &nbsp;&nbsp; 160198 | 161149176 |
| 4.00%, 06/30/32 | &nbsp;&nbsp; 150000 | 150796875 |
| 4.00%, 07/31/32 | &nbsp;&nbsp; 223323 | 224369827 |
| 4.00%, 02/15/34 | &nbsp;&nbsp; 576750 | 573505781 |
| 4.00%, 11/15/42 | &nbsp;&nbsp; 166665 | 150935991 |
| 4.00%, 11/15/52 | &nbsp;&nbsp; 234889 | 201564123 |
| 4.13%, 10/31/26 | &nbsp;&nbsp; 320650 | 321677084 |
| 4.13%, 01/31/27 | &nbsp;&nbsp; 351903 | 353662515 |
| 4.13%, 02/15/27 | &nbsp;&nbsp; 277031 | 278491906 |
| 4.13%, 02/28/27 | &nbsp;&nbsp; 382991 | 385190207 |
| 4.13%, 09/30/27 | &nbsp;&nbsp; 267000 | 269690861 |
| 4.13%, 10/31/27 | &nbsp;&nbsp; 154214 | 155816381 |
| 4.13%, 11/15/27 | &nbsp;&nbsp; 325289 | 328770610 |
| 4.13%, 07/31/28 | &nbsp;&nbsp; 192105 | 194926542 |
| 4.13%, 03/31/29 | &nbsp;&nbsp; 264770 | 269279364 |
| 4.13%, 10/31/29 | &nbsp;&nbsp; 298820 | 304259459 |
| 4.13%, 11/30/29 | &nbsp;&nbsp; 302584 | 308162892 |
| 4.13%, 08/31/30 | &nbsp;&nbsp; 177479 | 180820598 |
| 4.13%, 03/31/31 | &nbsp;&nbsp; 181787 | 185025081 |
| 4.13%, 07/31/31 | &nbsp;&nbsp; 180913 | 183909372 |
| 4.13%, 10/31/31 | &nbsp;&nbsp; 152228 | 154570885 |
| 4.13%, 11/30/31 | &nbsp;&nbsp; 146902 | 149117007 |
| 4.13%, 02/29/32 | &nbsp;&nbsp; 153207 | 155325566 |
| 4.13%, 03/31/32 | &nbsp;&nbsp; 154122 | 156217096 |
| 4.13%, 05/31/32 | &nbsp;&nbsp; 157681 | 159701288 |
| 4.13%, 11/15/32 | &nbsp;&nbsp; 393696 | 398125080 |
| 4.13%, 08/15/44 | &nbsp;&nbsp; 205370 | 186565809 |
| 4.13%, 08/15/53 | &nbsp;&nbsp; 295417 | 258766828 |
| 4.25%, 11/30/26 | &nbsp;&nbsp; 222304 | 223493673 |
| 4.25%, 12/31/26 | &nbsp;&nbsp; 183865 | 184971064 |
| 4.25%, 03/15/27 | &nbsp;&nbsp; 298724 | 301092789 |
| 4.25%, 01/15/28 | &nbsp;&nbsp; 291530 | 295743521 |
| 4.25%, 02/15/28 | &nbsp;&nbsp; 330198 | 335202563 |
| 4.25%, 02/28/29 | &nbsp;&nbsp; 464553 | 474279578 |
| 4.25%, 06/30/29 | &nbsp;&nbsp; 310552 | 317369588 |
| 4.25%, 01/31/30 | &nbsp;&nbsp; 321958 | 329579351 |
| 4.25%, 02/28/31 | &nbsp;&nbsp; 191977 | 196626443 |
| 4.25%, 06/30/31 | &nbsp;&nbsp; 203146 | 207859623 |
| 4.25%, 11/15/34 | &nbsp;&nbsp; 576071 | 579941477 |
| 4.25%, 05/15/35 | &nbsp;&nbsp; 507601 | 509345878 |
| 4.25%, 08/15/35 | &nbsp;&nbsp; 203366 | 203779087 |
| 4.25%, 05/15/39 | &nbsp;&nbsp; 37340 | 36237303 |
| 4.25%, 11/15/40 | &nbsp;&nbsp; 28889 | 27561912 |
| 4.25%, 02/15/54 | &nbsp;&nbsp; 348118 | 311511217 |
| 4.25%, 08/15/54 | &nbsp;&nbsp; 352011 | 314994843 |
| 4.38%, 12/15/26 | &nbsp;&nbsp; 249112 | 250931686 |
| 4.38%, 07/15/27 | &nbsp;&nbsp; 350738 | 355272934 |
| 4.38%, 08/31/28 | &nbsp;&nbsp; 199192 | 203596012 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| 4.38%, 11/30/28 | &nbsp;&nbsp; $238527 | $244136113 |
| 4.38%, 12/31/29 | &nbsp;&nbsp; 271409 | 279127193 |
| 4.38%, 11/30/30 | &nbsp;&nbsp; 171290 | 176468847 |
| 4.38%, 01/31/32 | &nbsp;&nbsp; 160915 | 165440734 |
| 4.38%, 05/15/34 | &nbsp;&nbsp; 574618 | 585930792 |
| 4.38%, 02/15/38 | &nbsp;&nbsp; 32000 | 31900000 |
| 4.38%, 11/15/39 | &nbsp;&nbsp; 50933 | 49739258 |
| 4.38%, 05/15/40 | &nbsp;&nbsp; 32403 | 31522043 |
| 4.38%, 05/15/41 | &nbsp;&nbsp; 15949 | 15368357 |
| 4.38%, 08/15/43 | &nbsp;&nbsp; 209492 | 198068139 |
| 4.50%, 04/15/27 | &nbsp;&nbsp; 299493 | 303213266 |
| 4.50%, 05/15/27 | &nbsp;&nbsp; 299889 | 303895331 |
| 4.50%, 05/31/29 | &nbsp;&nbsp; 268734 | 276859006 |
| 4.50%, 12/31/31 | &nbsp;&nbsp; 339229 | 351314033 |
| 4.50%, 11/15/33 | &nbsp;&nbsp; 546868 | 564043073 |
| 4.50%, 02/15/36 | &nbsp;&nbsp; 27685 | 28377125 |
| 4.50%, 05/15/38 | &nbsp;&nbsp; 47000 | 47462656 |
| 4.50%, 08/15/39 | &nbsp;&nbsp; 50707 | 50318775 |
| 4.50%, 02/15/44 | &nbsp;&nbsp; 209249 | 200584784 |
| 4.50%, 11/15/54 | &nbsp;&nbsp; 284211 | 265382021 |
| 4.63%, 09/15/26 | &nbsp;&nbsp; 260811 | 262858773 |
| 4.63%, 10/15/26 | &nbsp;&nbsp; 263056 | 265337190 |
| 4.63%, 11/15/26 | &nbsp;&nbsp; 263612 | 266093659 |
| 4.63%, 06/15/27 | &nbsp;&nbsp; 288111 | 292849075 |
| 4.63%, 09/30/28 | &nbsp;&nbsp; 197522 | 203416797 |
| 4.63%, 04/30/29 | &nbsp;&nbsp; 287750 | 297596445 |
| 4.63%, 09/30/30 | &nbsp;&nbsp; 182484 | 190082749 |
| 4.63%, 04/30/31 | &nbsp;&nbsp; 199727 | 208246605 |
| 4.63%, 05/31/31 | &nbsp;&nbsp; 197795 | 206216741 |
| 4.63%, 02/15/35 | &nbsp;&nbsp; 567826 | 587345019 |
| 4.63%, 02/15/40 | &nbsp;&nbsp; 45950 | 46021797 |
| 4.63%, 05/15/44 | &nbsp;&nbsp; 209746 | 204043531 |
| 4.63%, 11/15/44 | &nbsp;&nbsp; 201758 | 195768309 |
| 4.63%, 05/15/54 | &nbsp;&nbsp; 345976 | 329650257 |
| 4.63%, 02/15/55 | &nbsp;&nbsp; 283420 | 270223256 |
| 4.75%, 02/15/37 | &nbsp;&nbsp; 21977 | 22856080 |
| 4.75%, 02/15/41 | &nbsp;&nbsp; 56158 | 56614284 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; 204910 | 203020986 |
| 4.75%, 02/15/45 | &nbsp;&nbsp; 169168 | 166656913 |
| 4.75%, 11/15/53 | &nbsp;&nbsp; 319670 | 310779178 |
| 4.75%, 05/15/55 | &nbsp;&nbsp; 283846 | 276173288 |
| 4.75%, 08/15/55 | &nbsp;&nbsp; 105508 | 102688958 |
| 4.88%, 10/31/28 | &nbsp;&nbsp; 203733 | 211436654 |
| 4.88%, 10/31/30 | &nbsp;&nbsp; 178613 | 188171587 |
| 4.88%, 08/15/45 | &nbsp;&nbsp; 8921 | 8931803 |
| 5.00%, 05/15/37 | &nbsp;&nbsp; 53658 | 56986473 |
| 5.00%, 05/15/45 | &nbsp;&nbsp; 164367 | 167140693 |
| 5.25%, 11/15/28 | &nbsp;&nbsp; 29377 | 30774703 |
| 5.25%, 02/15/29 | &nbsp;&nbsp; 60090 | 63333921 |
| 5.50%, 08/15/28 | &nbsp;&nbsp; 77000 | 81048516 |
| 6.13%, 08/15/29 | &nbsp;&nbsp; 14600 | 15902594 |
| 6.25%, 05/15/30 | &nbsp;&nbsp; 5000 | 5541797 |
| 6.50%, 11/15/26 | &nbsp;&nbsp; 16950 | 17508820 |
| 6.63%, 02/15/27 | &nbsp;&nbsp; 28800 | 30006000 |
|  |  | 58963972491 |
| **Total U.S. Government & Agency Obligations — 70.1%** <br>**(Cost: $96,839,560,397)** | **Total U.S. Government & Agency Obligations — 70.1%** <br>**(Cost: $96,839,560,397)** | 91562660103 |
| **Total Long-Term Investments — 98.7%** <br>**(Cost: $136,165,806,429)** | **Total Long-Term Investments — 98.7%** <br>**(Cost: $136,165,806,429)** | 128880765769 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.0%** | **Money Market Funds — 3.0%** | **Money Market Funds — 3.0%** |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares, 4.44%<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp; 3492463952 | $3494210184 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(j)(k)(m)</sup><br>| &nbsp;&nbsp; 486996008 | 486996008 |
| **Total Short-Term Securities — 3.0%** <br>**(Cost: $3,979,616,910)** | **Total Short-Term Securities — 3.0%** <br>**(Cost: $3,979,616,910)** | 3981206192 |
| **Total Investments Before TBA Sales Commitments — 101.7%** <br>**(Cost: $140,145,423,339)** | **Total Investments Before TBA Sales Commitments — 101.7%** <br>**(Cost: $140,145,423,339)** | 132861971961 |
|  | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>|  |
| **TBA Sales Commitments**<sup>(i)</sup> | **TBA Sales Commitments**<sup>(i)</sup> | **TBA Sales Commitments**<sup>(i)</sup> |
| **Mortgage-Backed Securities — (0.1)%**  | **Mortgage-Backed Securities — (0.1)%**  | **Mortgage-Backed Securities — (0.1)%**  |
| Government National Mortgage Association, <br> 6.50%, 09/15/54<br>| &nbsp;&nbsp; $(10420)<br>| (10720989)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 2.50%, 09/15/55 | &nbsp;&nbsp; (23250)<br>| (19300688)<br>|
| 5.50%, 09/15/54 | &nbsp;&nbsp; (17775)<br>| (17875069)<br>|
| 6.00%, 09/15/54 | &nbsp;&nbsp; (72275)<br>| (73836863)<br>|
| 6.50%, 09/17/54 | &nbsp;&nbsp; (21600)<br>| (22383442)<br>|
| **Total TBA Sales Commitments — (0.1)%** <br>**(Proceeds: $(143811605))** | **Total TBA Sales Commitments — (0.1)%** <br>**(Proceeds: $(143811605))** | (144117051)<br>|
| **Total Investments, Net of TBA Sales Commitments — 101.6%** <br>**(Cost: $140,001,611,734)** | **Total Investments, Net of TBA Sales Commitments — 101.6%** <br>**(Cost: $140,001,611,734)** | 132717854910 |
| **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | (2081427143)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $130636427767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Zero-coupon bond.

<sup>(e)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(f)</sup> U.S. dollar denominated security issued by foreign domiciled entity.

<sup>(g)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(h)</sup> Perpetual security with no stated maturity date.

<sup>(i)</sup> Represents or includes a TBA transaction.

<sup>(j)</sup> Affiliate of the Fund.

<sup>(k)</sup> Annualized 7-day yield as of period end.

<sup>(l)</sup> All or a portion of this security represents an investment of TBA cash collateral.

<sup>(m)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

August 31, 2025

**iShares® Core U.S. Aggregate Bond ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*02/28/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Insti-<br> tutional, SL Agency <br> Shares<br>| $3816842038 | $— | &nbsp;&nbsp; $(322758434 )<sup>(a)</sup><br>| $271659 | $(145079)<br>| $3494210184 | 3492463952 | $68263778 | $— |
| BlackRock Cash Funds: Trea-<br> sury, SL Agency Shares<br>| 469507208 | 17488800 <br><sup>(a)</sup><br>|  |  |  | 486996008 | 486996008 | 1462471 <br><sup>(b)</sup><br>|  |
|  |  |  |  | $271659 | $(145079) | $3981206192 |  | $69726249 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $541041639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $541041639 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1318552917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1318552917 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 31905404134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31905404134 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2994656253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2994656253 |
| Municipal Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 558450723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 558450723 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 91562660103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91562660103 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3981206192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3981206192 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sales Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; (144117051)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (144117051)<br>|
|  | &nbsp;&nbsp; $3981206192 | &nbsp;&nbsp; $128736648718 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132717854910 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Core <br> U.S. Aggregate <br> Bond ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $128880765769 |
| Investments, at value—affiliated<sup>(c)</sup> | 3981206192 |
| Cash | 13623180 |
| Foreign currency, at value<sup>(d)</sup> | 145 |
| Receivables: |  |
| Investments sold | 774201489 |
| Securities lending income—affiliated | 202506 |
| TBA sales commitments | 143811605 |
| Capital shares sold | 2651254 |
| Dividends—affiliated | 11317589 |
| Interest—unaffiliated | 1040039282 |
| Total assets | 134847819011 |
| **LIABILITIES** |  |
| Cash received as collateral for TBA commitments | 6100000 |
| Collateral on securities loaned, at value | 486896008 |
| TBA sales commitments, at value<sup>(e)</sup> | 144117051 |
| Payables: |  |
| Investments purchased | 3571214498 |
| Investment advisory fees | 3063687 |
| Total liabilities | 4211391244 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $130636427767 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $139699922873 |
| Accumulated loss | (9063495106) |
| NET ASSETS | $130636427767 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 1313600000 |
| Net asset value | $99.45 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $136165806429 |
| <sup>(b)</sup> Securities loaned, at value | $474926698 |
| <sup>(c)</sup> Investments, at cost—affiliated | $3979616910 |
| <sup>(d)</sup> Foreign currency, at cost | $136 |
| <sup>(e)</sup> Proceeds from TBA sales commitments | $143811605 |

---

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>Core <br> U.S. Aggregate <br> Bond ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—affiliated | &nbsp;&nbsp; $68265937 |
| Interest—unaffiliated | &nbsp;&nbsp; 2446013428 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1460312 |
| Other income—unaffiliated | &nbsp;&nbsp; 974008 |
| Total investment income | &nbsp;&nbsp; 2516713685 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 19026986 |
| Interest expense | &nbsp;&nbsp; 102 |
| Total expenses | &nbsp;&nbsp; 19027088 |
| Less: |  |
| Investment advisory fees waived | &nbsp;&nbsp; (1379161)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 17647927 |
| Net investment income | &nbsp;&nbsp; 2499065758 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (119850714)<br>|
| Investments—affiliated | &nbsp;&nbsp; 271659 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (61196105)<br>|
|  | &nbsp;&nbsp; (180775160)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 474253347 |
| Investments—affiliated | &nbsp;&nbsp; (145079)<br>|
| Foreign currency translations | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp; 474108283 |
| Net realized and unrealized gain | &nbsp;&nbsp; 293333123 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2792398881 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Core U.S. Aggregate Bond ETF  | iShares <br>Core U.S. Aggregate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $2499065758 | &nbsp;&nbsp;&nbsp; $4318320983 |
| Net realized loss | &nbsp;&nbsp; (180775160)<br>| &nbsp;&nbsp;&nbsp; (359297543)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 474108283 | &nbsp;&nbsp;&nbsp; 2474149366 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2792398881 | &nbsp;&nbsp;&nbsp; 6433172806 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2455023043 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4235969878)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 4771812916 | &nbsp;&nbsp;&nbsp; 21689128006 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 5109188754 | &nbsp;&nbsp;&nbsp; 23886330934 |
| Beginning of period | &nbsp;&nbsp; 125527239013 | &nbsp;&nbsp;&nbsp; 101640908079 |
| End of period | &nbsp;&nbsp; $130636427767 | &nbsp;&nbsp;&nbsp; $125527239013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core U.S. Aggregate Bond ETF  | iShares Core U.S. Aggregate Bond ETF  | iShares Core U.S. Aggregate Bond ETF  | iShares Core U.S. Aggregate Bond ETF  | iShares Core U.S. Aggregate Bond ETF  | iShares Core U.S. Aggregate Bond ETF  |
|  | Six Months Ended <br>08/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>02/28/25<br>| &nbsp;&nbsp; Year Ended <br>02/29/24<br>| &nbsp;&nbsp; Year Ended <br>02/28/23<br>| &nbsp;&nbsp; Year Ended <br>02/28/22<br>| &nbsp;&nbsp; Year Ended <br>02/28/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $99.22 | &nbsp;&nbsp;&nbsp; $97.35 | &nbsp;&nbsp;&nbsp; $97.33 | &nbsp;&nbsp;&nbsp; $110.34 | &nbsp;&nbsp;&nbsp; $115.40 | &nbsp;&nbsp;&nbsp; $116.32 |
| Net investment income<sup>(a)</sup> | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (13.11)<br>| &nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>|
| Net increase (decrease) from investment operations | 2.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.92 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $99.45 | &nbsp;&nbsp;&nbsp; $99.22 | &nbsp;&nbsp;&nbsp; $97.35 | &nbsp;&nbsp;&nbsp; $97.33 | &nbsp;&nbsp;&nbsp; $110.34 | &nbsp;&nbsp;&nbsp; $115.40 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.18 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp; (9.67 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; (2.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Total expenses after fees waived | 0.03 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Net investment income | 3.94 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $130636428 | &nbsp;&nbsp;&nbsp; $125527239 | &nbsp;&nbsp;&nbsp; $101640908 | &nbsp;&nbsp;&nbsp; $85719356 | &nbsp;&nbsp;&nbsp; $87922461 | &nbsp;&nbsp;&nbsp; $85958288 |
| Portfolio turnover rate<sup>(j)(k)</sup> | &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 89<br> %<br>| &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 163<br> %<br>| &nbsp;&nbsp;&nbsp; 179<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |
| <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). | <sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> Core U.S. Aggregate Bond Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund's tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of the Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the "in-the-money" party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Fund's investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statement of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

**Mortgage Dollar Roll Transactions:** The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Core U.S. Aggregate Bond |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $68087534 | &nbsp;&nbsp;&nbsp; $(68087534) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 4901551 | &nbsp;&nbsp;&nbsp; (4901551) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 1583499 | &nbsp;&nbsp;&nbsp; (1583499) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 35380673 | &nbsp;&nbsp;&nbsp; (35380673) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 12004623 | &nbsp;&nbsp;&nbsp; (12004623) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 15741 | &nbsp;&nbsp;&nbsp; (15741) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 14090926 | &nbsp;&nbsp;&nbsp; (14090926) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 9877603 | &nbsp;&nbsp;&nbsp; (9877603) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 18589030 | &nbsp;&nbsp;&nbsp; (18431420) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 157610<sup>(b)</sup> <br>|
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; 194637 | &nbsp;&nbsp;&nbsp; (194637) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 109640956 | &nbsp;&nbsp;&nbsp; (109097920) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 543036<sup>(b)</sup> <br>|
| Jefferies LLC | &nbsp;&nbsp; 10729621 | &nbsp;&nbsp;&nbsp; (10729621) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 7259875 | &nbsp;&nbsp;&nbsp; (7259875) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 36059619 | &nbsp;&nbsp;&nbsp; (36059619) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 36204342 | &nbsp;&nbsp;&nbsp; (36204342) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 6055508 | &nbsp;&nbsp;&nbsp; (6055508) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 14406626 | &nbsp;&nbsp;&nbsp; (14406626) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 15249860 | &nbsp;&nbsp;&nbsp; (15249860) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 7573332 | &nbsp;&nbsp;&nbsp; (7573332) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 15107417 | &nbsp;&nbsp;&nbsp; (15107417) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 2176619 | &nbsp;&nbsp;&nbsp; (2176619) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 4121174 | &nbsp;&nbsp;&nbsp; (4121174) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 31840 | &nbsp;&nbsp;&nbsp; (31840) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 328272 | &nbsp;&nbsp;&nbsp; (328272) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1389276 | &nbsp;&nbsp;&nbsp; (1389276) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 43866544 | &nbsp;&nbsp;&nbsp; (43866544) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $474926698 | &nbsp;&nbsp;&nbsp; $(474226052) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $700646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of August 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.03%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Core U.S. Aggregate Bond | &nbsp;&nbsp; $1379161 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

**ETF Servicing Fees:** The Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Fund does not pay BRIL for ETF Services.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended August 31, 2025, the Fund paid BTC $436,171 for securities lending agent services.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6. PURCHASES AND SALES***

For the six months ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *U.S. Government Securities* | *U.S. Government Securities* | *Other Securities* | *Other Securities* |
| *iShares ETF* | &nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* | &nbsp;&nbsp;&nbsp; *Purchases* | &nbsp;&nbsp;&nbsp; *Sales* |
| Core U.S. Aggregate Bond | &nbsp;&nbsp; $36636118766 | &nbsp;&nbsp;&nbsp; $35570729469 | &nbsp;&nbsp;&nbsp; $2292906322 | &nbsp;&nbsp;&nbsp; $2744236161 |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

For the six months ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Core U.S. Aggregate Bond | &nbsp;&nbsp; $6548299754 | &nbsp;&nbsp;&nbsp; $2661804503 |

---

***7. INCOME TAX INFORMATION***

The Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of February 28, 2025, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| Core U.S. Aggregate Bond | &nbsp;&nbsp; $(2013587534)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Core U.S. Aggregate Bond | &nbsp;&nbsp; $140161933600 | &nbsp;&nbsp;&nbsp; $853261344 | &nbsp;&nbsp;&nbsp; $(8153528429) | &nbsp;&nbsp;&nbsp; $(7300267085) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***9. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>08/31/25 | Six Months Ended <br>08/31/25 | Year Ended <br>02/28/25 | Year Ended <br>02/28/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Core U.S. Aggregate Bond |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 84800000 | &nbsp;&nbsp;&nbsp; $8333011042 | &nbsp;&nbsp;&nbsp; 282200000 | &nbsp;&nbsp;&nbsp; $27698909724 |
| Shares redeemed | &nbsp;&nbsp; (36300000)<br>| &nbsp;&nbsp;&nbsp; (3561198126)<br>| &nbsp;&nbsp;&nbsp; (61200000)<br>| &nbsp;&nbsp;&nbsp; (6009781718)<br>|
|  | &nbsp;&nbsp; 48500000 | &nbsp;&nbsp;&nbsp; $4771812916 | &nbsp;&nbsp;&nbsp; 221000000 | &nbsp;&nbsp;&nbsp; $21689128006 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized

2025 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

Participant, the Fund's custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Fund from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Core U.S. Aggregate Bond ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Semi-Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity Treasury |
| GO | General Obligation |
| GOL | General Obligation Limited |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SAP | Subject to Appropriations |
| SCA | Svenska Celluosa Aktiebolaget |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

---

2025 iShares Semi-Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

![](g98161imgd19584502.gif)

![](g98161img701679213.gif)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are

------

effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d98161dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d98161dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

---

| | |
|:---|:---|
| By: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of iShares Trust |

---

Date: October 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of<br>iShares Trust |

---

 <br> Date: October 22, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of<br>iShares Trust |

---

 <br> Date: October 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following eighteen series: iShares 10+ Year Investment Grade Corporate Bond ETF, iShares 1-5 Year Investment Grade Corporate Bond ETF, iShares 5-10 Year Investment Grade Corporate Bond ETF, iShares Broad USD Investment Grade Corporate Bond ETF, iShares Core 10+ Year USD Bond ETF, iShares Core 5-10 Year USD Bond ETF, iShares Core U.S. Aggregate Bond ETF, iShares ESG Advanced Total USD Bond Market ETF, iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware USD Corporate Bond ETF, iShares ESG Aware U.S. Aggregate Bond ETF, iShares Government/Credit Bond ETF, iShares High Yield Systematic Bond ETF, iShares iBoxx $ High Yield Corporate Bond ETF, iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares Intermediate Government/Credit Bond ETF, iShares Investment Grade Systematic Bond ETF and iShares MBS ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| |
|:---|
| Date: October 22, 2025 |
| <u>/s/ Jessica Tan</u> |
| Jessica Tan |
| President (principal executive officer) of<br>iShares Trust |

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following eighteen series: iShares 10+ Year Investment Grade Corporate Bond ETF, iShares 1-5 Year Investment Grade Corporate Bond ETF, iShares 5-10 Year Investment Grade Corporate Bond ETF, iShares Broad USD Investment Grade Corporate Bond ETF, iShares Core 10+ Year USD Bond ETF, iShares Core 5-10 Year USD Bond ETF, iShares Core U.S. Aggregate Bond ETF, iShares ESG Advanced Total USD Bond Market ETF, iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware USD Corporate Bond ETF, iShares ESG Aware U.S. Aggregate Bond ETF, iShares Government/Credit Bond ETF, iShares High Yield Systematic Bond ETF, iShares iBoxx $ High Yield Corporate Bond ETF, iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares Intermediate Government/Credit Bond ETF, iShares Investment Grade Systematic Bond ETF and iShares MBS ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| |
|:---|
| Date: October 22, 2025 |
| <u>/s/ Trent Walker</u> |
| Trent Walker |
| Treasurer and Chief Financial Officer (principal financial officer) of<br>iShares Trust |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended August 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Date: October 22, 2025 |
| <u>/s/ Jessica Tan</u> |
| Jessica Tan |
| President (principal executive officer) of<br>iShares Trust |

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended August 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Date: October 22, 2025 |
| <u>/s/ Trent Walker</u> |
| Trent Walker |
| Treasurer and Chief Financial Officer (principal financial officer) of<br>iShares Trust |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**